{
    "_id": "dd4bff516",
    "title": "",
    "text": "containerboard  kraft papers saturating kraft.\n kapstone owns victory packaging , packaging solutions distribution company with facilities in u. s. , canada mexico.\n included financial results of kapstone in corrugated packaging segment since acquisition.\n on september 4 , 2018  completed acquisition ( 201cschl fcter acquisition 201d ) of schl fcter print pharma packaging ( 201cschl fcter 201d ).\n schl fcter is leading provider of differentiated paper packaging solutions german-based supplier of full range of leaflets booklets.\n schl fcter acquisition allowed to enhance pharmaceutical and automotive platform expand geographical footprint in europe to better serve customers.\n included financial results of acquired operations in consumer packaging segment since acquisition.\n on january 5 , 2018  completed acquisition ( 201cplymouth packaging acquisition 201d ) of all assets of plymouth packaging , inc.\n ( 201cplymouth 201d ).\n assets acquired included plymouth 2019s 201cbox on demand 201d systems  manufactured by panotec italian manufacturer of packaging machines.\n addition of box on demand systems enhanced platform  differentiation innovation.\n systems located on customers 2019 sites under multi-year exclusive agreements use fanfold corrugated to produce custom on-demand corrugated packaging accurately sized for any product type according to customer 2019s specifications.\n fanfold corrugated is continuous corrugated board  folded periodically to form accordion-like stack of corrugated material.\n part of transaction westrock acquired plymouth 2019s equity interest in panotec plymouth 2019s exclusive right from panotec to distribute panotec 2019s equipment in u. s.\n canada.\n fully integrated approximately 60000 tons of containerboard used by plymouth annually.\nincluded financial results of plymouth in corrugated packaging segment since date acquisition.\n see 201cnote 3.\n acquisitions and investment 201d of notes to consolidated financial statements for additional information.\n see also item 1a.\n 201crisk factors 2014 may unsuccessful in making integrating mergers  acquisitions investments completing divestitures 201d.\n business.\n in fiscal 2019 continued pursue strategy of offering differentiated paper and packaging solutions help customers win.\n successfully executed strategy in fiscal 2019 in rapidly changing cost and price environment.\n net sales of $ 18289. 0 million for fiscal 2019 increased $ 2003. 9 million  or 12. 3% ( 12. 3 % ) compared to fiscal 2018.\n increase primarily due to kapstone acquisition higher selling price/mix in corrugated packaging and consumer packaging segments.\n increases partially offset by absence of recycling net sales in fiscal 2019 conducting operations primarily as procurement function first quarter of fiscal 2019 lower volumes unfavorable foreign currency impacts segments prior year decreased land and development net sales.\n segment income increased $ 82. 6 million in fiscal 2019 compared to fiscal 2018 primarily due to increased corrugated packaging segment income partially offset by lower consumer packaging land and development segment income.\n impact of contribution from acquired kapstone operations  higher selling price/mix across segments productivity improvements largely offset by lower volumes segments economic downtime  cost inflation increased maintenance scheduled strategic outage expense ( including projects at mahrt , al covington , va mills ) lower land and development segment income due to wind-down of sales.\n segment income experienced higher levels of cost inflation in corrugated packaging and consumer packaging segments during fiscal 2019 compared to fiscal 2018 partially offset by recovered fiber deflation.\nprimary inflationary items were virgin fiber  freight energy wage other costs.\n generated $ 2310. 2 million net cash operating activities in fiscal 2019 compared to $ 1931. 2 million fiscal 2018.\n remained committed to disciplined capital allocation strategy during fiscal\n\n( in millions ) | year ended september 30 , 2019 | year ended september 30 , 2018\n--------------- | ------------------------------ | ------------------------------\nnet sales       | $ 18289.0                      | $ 16285.1\nsegment income  | $ 1790.2                       | $ 1707.6"
}
{
    "_id": "dd4c55cc2",
    "title": "",
    "text": "entergy mississippi , inc.\n management's financial discussion analysis other regulatory charges ( credits ) no effect on net income due recovery refund expenses.\n other regulatory credits increased due to under-recovery through grand gulf rider of grand gulf capacity charges.\n 2003 compared to 2002 net revenue  measure of gross margin  consists of operating revenues net of 1 fuel  fuel-related  purchased power expenses 2 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2003 to 2002.\n increase in base rates effective january 2003 approved by mpsc.\n gross operating revenue , fuel purchased power expenses other regulatory charges credits gross operating revenues increased due to increase in base rates effective january 2003 increase of $ 29. 7 million in fuel cost recovery revenues due to quarterly changes in fuel factor from increases in market prices of natural gas purchased power.\n increase partially offset by decrease of $ 35. 9 million in gross wholesale revenue decreased generation purchases less energy for resale sales.\n fuel and fuel-related expenses decreased due to decreased recovery of fuel purchased power costs decreased generation  partially offset by increase in market price of purchased power.\n other regulatory charges increased due to over-recovery of capacity charges related to grand gulf rate rider cessation of grand gulf accelerated recovery tariff suspended in july 2003.\n other income statement variances 2004 compared to 2003 other operation and maintenance expenses increased due to 2022 increase of $ 6. 6 million in customer service support costs ; 2022 increase of $ 3. 7 million in benefit costs.\n increase partially offset by absence of voluntary severance program accruals of $ 7. 1 million in 2003.\n taxes other than income taxes increased due to higher assessment of ad valorem and franchise taxes compared to same period 2003.\n 2003 compared to 2002 operation maintenance expenses increased due to 2022 voluntary severance program accruals $ 7. 1 million ; 2022 increase $ 4. 4 million benefit costs.\n\n| ( in millions )\n---------------- | ---------------\n2002 net revenue | $ 380.2\nbase rates       | 48.3\nother            | -1.9 ( 1.9 )\n2003 net revenue | $ 426.6"
}
{
    "_id": "dd4c5a718",
    "title": "",
    "text": "five year $ 1350 million revolving  multi- currency senior unsecured credit facility maturing november 30 , 2012 ( senior credit facility ).\n $ 128. 8 million outstanding under senior credit facility at december 31 , 2009 availability of $ 1221. 2 million.\n senior credit facility contains provisions can increase line to $ 1750 million.\n available uncommitted credit facilities totaling $ 84. 1 million.\n may use excess cash or borrow against senior credit facility subject to limits set by board of directors to repurchase additional common stock under $ 1. 25 billion program expires december 31 , 2010.\n approximately $ 211. 1 million remains authorized for future repurchases under plan.\n management believes cash flows from operations and available borrowings under senior credit facility sufficient to meet expected working capital  capital expenditure debt service needs.\n investment opportunities arise believe earnings  balance sheet cash flows allow to obtain additional capital if necessary.\n contractual obligations entered into contracts with third parties normal business require future payments.\n table illustrates contractual obligations ( in millions ) : contractual obligations total 2010.\n long-term income taxes payable 94. 3 2013 56. 5 15. 3 22. 5 other long-term liabilities 234. 2 2013 81. 7 26. 2 126. 3 total contractual obligations $ 2719. 3 $ 118. 8 $ 423. 5 $ 172. 0 $ 2005. 0 critical accounting estimates financial results affected by selection application of accounting policies and methods.\n significant accounting policies require management 2019s judgment discussed.\n excess inventory and instruments 2013 must determine of each balance sheet date how much of inventory may be unsaleable or unsaleable at carrying cost.\n determine if instruments on hand be put to productive use or remain undeployed result of excess supply.\nreserves established to adjust inventory instruments to net realizable value.\n to determine appropriate level of reserves we evaluate current stock levels in relation to historical expected patterns of demand for all our products instrument systems components.\n basis for determination generally same for all inventory instrument items categories except for work-in-progress inventory, recorded at cost.\n obsolete or discontinued items generally destroyed and completely written off.\n management evaluates need for changes to valuation reserves based on market conditions , competitive offerings other factors regular basis.\n income taxes 2013 our income tax expense, deferred tax assets liabilities reserves for unrecognized tax benefits reflect management 2019s best assessment of estimated future taxes to be paid.\n subject to income taxes in both u. s.\n and numerous foreign jurisdictions.\n significant judgments estimates required in determining consolidated income tax expense.\n estimate income tax expense income tax liabilities assets by taxable jurisdiction.\n realization of deferred tax assets in each taxable jurisdiction dependent on ability to generate future taxable income sufficient to realize benefits.\n evaluate deferred tax assets on ongoing basis provide valuation allowances if determined to likely not deferred tax benefit not be realized.\n federal income taxes provided on portion of income of foreign subsidiaries expected to be remitted to u. s.\n calculation of tax liabilities involves dealing with uncertainties in application of complex tax laws regulations in multitude of jurisdictions across global operations.\n subject to regulatory review or audit in virtually all those jurisdictions reviews audits may require extended periods of time to resolve.\n record income tax provisions based on knowledge of all relevant facts circumstances including existing tax laws experience with previous settlement agreements status of current examinations understanding of how tax authorities view certain relevant industry commercial matters.\nrecognize tax liabilities with financial accounting standards board 2019s ( fasb ) guidance on income taxes adjust liabilities when judgment changes evaluation new information not previously available.\n due to complexity uncertainties ultimate resolution may result in payment different from current estimate of tax liabilities.\n differences reflected as increases or decreases to income tax expense in period determined.\n commitments contingencies 2013 accruals for product liability other claims established with internal external legal counsel based on current information historical settlement information for claims related legal fees claims incurred but not reported.\n use actuarial model to assist management determining appropriate level of accruals for product liability claims.\n historical patterns of claim loss development z i m m e r h o l d i n g s , i n c.\n 2 0 0 9 f o r m 1 0 - k a n n u a l r e p o r t %%transmsg*** transmitting job : c55340 pcn : 030000000 ***%%pcmsg|30 |00011|yes|no|02/24/2010 00:22|0|0|page is valid, no graphics -- color : d|\n\ncontractual obligations        | total    | 2010    | 2011 and 2012 | 2013 and 2014 | 2015 and thereafter\n------------------------------ | -------- | ------- | ------------- | ------------- | -------------------\nlong-term debt                 | $ 1127.6 | $ 2013  | $ 128.8       | $ 2013        | $ 998.8\ninterest payments              | 1095.6   | 53.7    | 103.8         | 103.8         | 834.3\noperating leases               | 134.6    | 37.3    | 47.6          | 26.6          | 23.1\npurchase obligations           | 33.0     | 27.8    | 5.1           | 0.1           | 2013\nlong-term income taxes payable | 94.3     | 2013    | 56.5          | 15.3          | 22.5\nother long-term liabilities    | 234.2    | 2013    | 81.7          | 26.2          | 126.3\ntotal contractual obligations  | $ 2719.3 | $ 118.8 | $ 423.5       | $ 172.0       | $ 2005.0"
}
{
    "_id": "dd4be0184",
    "title": "",
    "text": "agreements govern indebtedness assumed in with acquisition contain covenants impose restrictions on us and our subsidiaries may affect our ability to operate our businesses.\n agreements govern indebtedness in with carefusion transaction contain affirmative and negative covenants may  subject to restrict our ability and ability of our subsidiaries ( including carefusion ) to  have liens on property  transact business with affiliates merge or consolidate with person or sell or convey our assets to one person.\n in some agreements govern indebtedness contain financial covenants require us to maintain financial ratios.\n our ability ability of subsidiaries to comply with these provisions may be affected by events beyond our control.\n failure to comply with covenants could result in event of default , if not could accelerate our repayment obligations.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n bd 2019s executive offices located in franklin lakes , new jersey.\n as of october 31 , 2016  bd owned or leased 255 facilities throughout world  comprising approximately 19796011 square feet of manufacturing , warehousing , administrative and research facilities.\n u. s.\n facilities , including in puerto rico , comprise approximately 7459856 square feet of owned and 2923257 square feet of leased space.\n international facilities comprise approximately 7189652 square feet of owned and 2223245 square feet of leased space.\n sales offices and distribution centers included in total square footage also located throughout the world.\n operations in each of bd 2019s business segments conducted at both u. s.\n and international locations.\nin international marketplace  facilities often serve more than one business segment used for multiple purposes administrative/sales , manufacturing warehousing/distribution.\n bd seeks to own its manufacturing facilities some leased.\n table summarizes property information by business segment.\n ( a ) facilities used by more than one business segment.\n bd believes its facilities of good construction in good physical condition suitable adequate for operations with minor exceptions fully utilized operating at normal capacity.\n.\n facilities located in alabama , arizona , california , connecticut, florida , georgia , illinois , indiana , maryland , massachusetts, michigan , nebraska , new jersey , north carolina , ohio , oklahoma , south carolina , texas , utah , virginia , washington ,. washington  wisconsin puerto rico.\n international facilities as follows : - europe , middle east , africa  includes facilities in austria , belgium, bosnia and herzegovina czech republic , denmark, england, finland , france , germany, ghana, hungary, ireland, italy , kenya , luxembourg, netherlands , norway , poland , portugal , russia , saudi arabia , south africa , spain , sweden , switzerland , turkey  united arab emirates zambia.\n\nsites       | corporate | bd life sciences | bd medical | mixed ( a ) | total\n----------- | --------- | ---------------- | ---------- | ----------- | --------\nleased      | 11        | 19               | 75         | 92          | 195\nowned       | 3         | 15               | 31         | 121         | 60\ntotal       | 14        | 34               | 106        | 103         | 255\nsquare feet | 1425720   | 4337963          | 9891908    | 4140420     | 19796011"
}
{
    "_id": "dd4b93b5e",
    "title": "",
    "text": "2005  amended $ 1. 0 billion unsecured revolving credit facility to extend maturity date from march 27, 2008 to march 27 , 2010 reduce effective interest rate to libor plus 1. 0% ( 1. 0 % ) commitment fee to 0. 2% ( 0. 2 % ) of undrawn portion facility at december 31 , 2005.\n 2005 entered two $ 100. 0 million unsecured term loans  due 2010 at effective interest rate libor plus 0. 8% ( 0. 8 % ) at december 31 , 2005.\n 2004 entered eight-year  $ 225. 0 million unse- cured term loan  at libor plus 1. 75% (. ) amended 2005 to reduce effective interest rate to libor plus 1. 0% ( 1. 0 % ) at december 31 , 2005.\n liquid yield option 2122 notes zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4. 875% ( 4. 875 % ) and 4. 75% ( 4. 75 % )  due 2021.\n each liquid yield option 2122 note zero coupon convertible note issued at price of $ 381. 63 and $ 391. 06  principal amount at maturity of $ 1000.\n each liquid yield option 2122 note zero coupon convertible note convertible at option holder into 11. 7152 and 15. 6675 shares of common stock if market price common stock reaches certain lev- els.\n conditions met at december 31 , 2005 and 2004 for zero coupon convertible notes and december 31 , 2004 liquid yield option 2122 notes.\nsince february 2 , 2005  right to redeem liquid yield option 2122 notes commencing may 18 , 2006 right to redeem zero coupon con- vertible notes at accreted values for cash as whole any time or time to time in part.\n holders may require us to pur- chase outstanding liquid yield option 2122 notes at accreted value on february 2 , 2011 and outstanding zero coupon con- vertible notes at accreted value on may 18, 2009 and may 18 , 2014.\n choose to pay purchase price in cash or common stock or combination thereof.\n during 2005  holders of liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10. 4 million and $ 285. 0 million  of accreted value notes into approximately 0. 3 million and 9. 4 million shares  of our common stock and cash for fractional shares.\n called for redemption $ 182. 3 million of accreted bal- ance of outstanding liquid yield option 2122 notes.\n most holders elected to convert into shares of common stock rather than redeem for cash in issuance of approximately 4. 5 million shares.\n during 2005  prepaid total $ 297. 0 million on term loan secured by certain celebrity ship and variable rate unsecured term loan.\n in 1996  entered into $ 264. 0 million capital lease to finance splendour of the seas in 1995 entered $ 260. 0 million capital lease to finance legend of the seas.\n during 2005  paid $ 335. 8 million in connection with exercise of purchase options on capital lease obligations.\n under certain agreements contractual interest rate and commitment fee vary with debt rating.\n unsecured senior notes and senior debentures not redeemable prior to maturity.\ndebt agreements contain covenants require us to maintain minimum net worth fixed charge cov- erage ratio limit debt to capital ratio.\n in compliance with all covenants as of december 31 , 2005.\n following schedule of annual maturities on long-term debt as of december 31 , 2005 for each next five years ( in thousands ) :.\n $ 137. 9 million accreted value of zero coupon convertible notes at december 31 , 2005 is included in year 2009.\n holders of zero coupon convertible notes may require us to purchase notes outstanding at accreted value of $ 161. 7 mil- lion on may 18 , 2009.\n accreted value calculated based on number of notes outstanding at december 31 , 2005.\n may choose to pay amounts in cash or common stock or combination thereof.\n note 6.\n shareholders 2019 equity on september 25 , 2005  announced we investment bank finalized forward sale agreement relating to asr transaction.\n of purchased 5. 5 million shares of common stock from investment bank at initial price of $ 45. 40 per share.\n total consideration paid to repurchase such shares  including commissions other fees was approxi- mately $ 249. 1 million recorded in shareholders 2019 equity as component of treasury stock.\n forward sale contract matured in february 2006.\n forward sale contract investment bank purchased shares of our common stock in open market to settle obliga- tion related to shares borrowed from third parties.\n upon settlement contract received 218089 additional shares of common stock.\n these incremental shares recorded in shareholders 2019 equity as component of treasury stock in first quarter of 2006.\n employee stock purchase plan ( 201cespp 201d ) in effect since january 1 , 1994 facilitates purchase by employees of up to 800000 shares of common stock.\nofferings to employees made quarterly basis.\n subject to limitations , pur- chase price for each share common stock equal to 90% ( % ) of average market prices common stock as reported on new york stock exchange first business day of pur- chase period and last business day of each month pur- chase period.\n shares of common stock of 14476 , 13281 21280 38 royal caribbean cruises ltd.\n notes to consolidated financial statements ( continued )\n\n2006       | $ 600883\n---------- | --------\n2007       | 329493\n2008       | 245257\n2009 ( 1 ) | 361449\n2010       | 687376"
}
{
    "_id": "dd4c42172",
    "title": "",
    "text": "table of contents index to financial statements item 3.\n legal proceedings.\n item 4.\n safety disclosures.\n not applicable.\n part ii price range common stock trades on nasdaq global select market under symbol 201cmktx 201d.\n range of closing price information for common stock reported by nasdaq follows : on february 16, 2012  last reported closing price common stock on nasdaq global select market was $ 32. 65.\n holders 41 holders of record common stock as of february 16 , 2012.\n dividend policy initiated regular quarterly dividend in fourth quarter of 2009.\n during 2010 and 2011  paid quarterly cash dividends of $ 0. 07 per share and $ 0. 09 per share respectively.\n january 2012  board of directors approved quarterly cash dividend of $ 0. 11 per share payable on march 1 , 2012 to stockholders of record close of business february 16 , 2012.\n future declaration and payment of dividends at sole discretion of company 2019s board of directors.\n board of directors may take into account general business conditions company 2019s financial results capital requirements contractual  legal  regulatory restrictions on payment of dividends company 2019s stockholders company 2019s subsidiaries parent other factors board of directors relevant.\n recent sales of unregistered securities item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.\n\n2011:                              | high    | low\n---------------------------------- | ------- | -------\njanuary 1 2011 to march 31 2011    | $ 24.19 | $ 19.78\napril 1 2011 to june 30 2011       | $ 25.22 | $ 21.00\njuly 1 2011 to september 30 2011   | $ 30.75 | $ 23.41\noctober 1 2011 to december 31 2011 | $ 31.16 | $ 24.57\n2010:                              | high    | low\njanuary 1 2010 to march 31 2010    | $ 16.20 | $ 13.25\napril 1 2010 to june 30 2010       | $ 17.40 | $ 13.45\njuly 1 2010 to september 30 2010   | $ 17.30 | $ 12.39\noctober 1 2010 to december 31 2010 | $ 20.93 | $ 16.93"
}
{
    "_id": "dd4c2cb10",
    "title": "",
    "text": "$ 19 million expenses in 2011 and 2010  respectively remaining expense unallocated.\n company financed acquisition with proceeds from $ 1. 0 billion three-year term loan credit facility , $ 1. 5 billion in unsecured notes  issuance of 61 million shares of aon common stock.\n outstanding hewitt stock options converted into options to purchase 4. 5 million shares of aon common stock.\n items detailed in note 8 2018 2018debt 2019 2019 and note 11 2018 2018stockholders 2019 equity 2019.\n transaction accounted for using acquisition method of accounting requires most assets acquired and liabilities assumed recognized at fair values as of acquisition date.\n table summarizes amounts recognized for assets acquired and liabilities assumed as of acquisition date ( in millions ) : amounts recorded as of acquisition.\n ( 1 ) includes cash and cash equivalents  short-term investments  client receivables other current assets accounts payable other current liabilities.\n ( 2 ) includes deferred contract costs and long-term investments.\n ( 3 ) includes unfavorable lease obligations and deferred contract revenues.\n ( 4 ) included in other current assets ( $ 31 million ), deferred tax assets ( $ 30 million ) other current liabilities ( $ 7 million ) deferred tax liabilities ( $ 1. 1 billion ) in company 2019s consolidated statements of financial position.\n acquired customer relationships amortized over average life of 12 years.\n technology asset amortized over 7 years trademarks determined to have indefinite useful lives.\ngoodwill calculated as excess of acquisition cost over fair value of net assets acquired represents synergies and other benefits expected to arise from combining operations of hewitt with operations of aon , and future economic benefits arising from other assets acquired not be individually identified separately recognized.\n goodwill not amortized not deductible for tax purposes.\n single estimate of fair value results from complex series of company 2019s judgments about future events uncertainties relies heavily on estimates and assumptions.\n company 2019s\n\n| amountsrecorded as ofthe acquisitiondate\n------------------------------------------- | ----------------------------------------\nworking capital ( 1 )                       | $ 348\nproperty equipment and capitalized software | 297\nidentifiable intangible assets:             |\ncustomer relationships                      | 1800\ntrademarks                                  | 890\ntechnology                                  | 215\nother noncurrent assets ( 2 )               | 344\nlong-term debt                              | 346\nother noncurrent liabilities ( 3 )          | 360\nnet deferred tax liability ( 4 )            | 1021\nnet assets acquired                         | 2167\ngoodwill                                    | 2765\ntotal consideration transferred             | $ 4932"
}
{
    "_id": "dd4bdfd38",
    "title": "",
    "text": "westrock company notes to consolidated financial statements at september 30 , 2018 and september 30 , 2017  gross net operating losses for foreign reporting purposes of approximately $ 698. 4 million and $ 673. 7 million  available for carryforward.\n majority of loss carryforwards expire between fiscal 2020 and 2038  portion have indefinite carryforward.\n tax effected values of net operating losses are $ 185. 8 million and $ 182. 6 million at september 30, 2018 and 2017  exclusive of valuation allowances of $ 161. 5 million and $ 149. 6 million at september 30, 2018 and 2017.\n at september 30 , 2018 2017 state tax credit carryforwards of $ 64. 8 million and $ 54. 4 million .\n state tax credit carryforwards expire within 5 to 10 years ; certain state credits can be carried forward indefinitely.\n valuation allowances of $ 56. 1 million and $ 47. 3 million at september 30 , 2018 and 2017 provided on these assets.\n valuation allowances recorded due to uncertainty regarding ability to generate sufficient taxable income in appropriate taxing jurisdiction.\n following table summary of valuation allowances against deferred tax assets for fiscal 2018 , 2017 2016 ( in millions ) :.\n amounts in fiscal 2018 and 2017 relate to mps acquisition.\n adjustments in fiscal 2016 relate to combination and sp fiber acquisition.\n with prior years consider portion of earnings from certain foreign subsidiaries as subject to repatriation provide for taxes.\n consider unremitted earnings and other outside basis differences from other foreign subsidiaries to be indefinitely reinvested.\n not provided for any taxes due.\nas of september 30 , 2018  estimate our outside basis difference in foreign subsidiaries considered indefinitely reinvested to be approximately $ 1. 5 billion.\n components of outside basis difference of purchase accounting adjustments , undistributed earnings  equity components.\n except for portion earnings from certain foreign subsidiaries where provided for taxes  not provided for any taxes due upon reversal of outside basis differences.\n in event distribution in form of dividends or dispositions of subsidiaries  may be subject to incremental u. s.\n income taxes , adjustment for foreign tax credits, and withholding taxes or income taxes payable to foreign jurisdictions.\n as of september 30 , 2018  determination of amount of unrecognized deferred tax liability related to remaining undistributed foreign earnings not subject to transition tax and additional outside basis differences not practicable.\n\n| 2018           | 2017           | 2016\n----------------------------------------------- | -------------- | -------------- | --------------\nbalance at beginning of fiscal year             | $ 219.1        | $ 177.2        | $ 100.2\nincreases                                       | 50.8           | 54.3           | 24.8\nallowances related to purchase accounting ( 1 ) | 0.1            | 12.4           | 63.0\nreductions                                      | -40.6 ( 40.6 ) | -24.8 ( 24.8 ) | -10.8 ( 10.8 )\nbalance at end of fiscal year                   | $ 229.4        | $ 219.1        | $ 177.2"
}
{
    "_id": "dd4bf38ba",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued ) 2003 were $ 10. 08 , $ 7. 05 , $ 6. 32 per share , respectively.\n key assumptions apply pricing model : july 1, 2005 2013 december 31 , 2005 january 1 , 2005 2013 june 30 , 2005 2004 2003.\n voluntary option exchanges 2014in february 2004  company issued to eligible employees 1032717 options exercise price $ 11. 19 per share  fair market value of class a common stock on date of grant.\n options issued connection with voluntary option exchange program company in august 2003 company accepted for surrender cancelled options to purchase total 1831981 shares of class a common stock exercise price of $ 10. 25 or greater.\n program  offered to both full and part-time employees excluding company 2019s executive officers directors provided for grant ( six months one day from surrender date to employees still employed date ) of new options exercisable for two shares of class a common stock for every three shares of class a common stock issuable upon exercise surrendered option.\n no options granted to employees participated in exchange offer between cancellation date new grant atc mexico stock option plan 2014the company maintains stock option plan in atc mexico subsidiary ( atc mexico plan ).\n atc mexico plan provides for issuance of options to officers , employees directors consultants of atc mexico.\n atc mexico plan limits number shares of common stock granted to aggregate of 360 shares subject to adjustment based on changes in atc mexico 2019s capital structure.\n during 2002 , atc mexico granted options to purchase 318 shares of atc mexico common stock to officers employees.\n options issued one time exercise price of $ 10000 per share.\nexercise price per share at fair market value determined by board of directors with independent appraisal at company 2019s request.\n fair value of atc mexico plan options granted during 2002 were $ 3611 per share determined black-scholes option pricing model.\n in note 11 all outstanding options exercised in march 2004.\n no options under atc mexico plan outstanding as of december 31 , 2005.\n see note 11. atc south america stock option plan 2014the company maintains stock option plan in atc south america subsidiary ( atc south america plan ).\n atc south america plan provides for issuance of options to officers  employees directors consultants of atc south america.\n atc south america plan limits number of shares of common stock granted to aggregate of 6144 shares  ( approximate 10. 3%. ) interest on fully-diluted basis subject to adjustment based on changes in atc south america 2019s capital structure.\n during 2004  atc south america granted options to purchase 6024 shares of atc south america common stock to officers and employees including messrs.\n gearon and hess  received options to purchase approximate 6. 7% ( 6. 7 % ) and 1. 6% ( 1. 6 % ) interest  respectively.\n options issued at one time with exercise price of $ 1349 per share.\n exercise price per share at fair market value on date of issuance determined by board of directors with independent appraisal at company 2019s request.\n fair value of atc south america plan options granted during 2004 were $ 79 per share determined black-scholes option pricing model.\n options granted vest upon earlier occur of exercise by or on behalf of mr.\n gearon of right to sell interest in atc south america to company\n\n| july 1 2005 2013 december 31 2005   | january 1 2005 2013 june 30 2005    | 2004             | 2003\n---------------------------------------------------------------------------------- | ----------------------------------- | ----------------------------------- | ---------------- | ----------------\napproximate risk-free interest rate                                                | 3.22% ( 3.22 % ) - 4.40% ( 4.40 % ) | 4.17% ( 4.17 % ) - 4.40% ( 4.40 % ) | 4.23% ( 4.23 % ) | 4.00% ( 4.00 % )\nexpected life of option grants                                                     | 6.25 years                          | 4 years                             | 4 years          | 4 years\nexpected volatility of underlying stock                                            | 29.6% ( 29.6 % )                    | 75.3% ( 75.3 % ) - 79.2% ( 79.2 % ) | 80.6% ( 80.6 % ) | 86.6% ( 86.6 % )\nexpected volatility of underlying stock ( atc mexico and atc south america plans ) | n/a                                 | n/a                                 | n/a              | n/a\nexpected dividends                                                                 | n/a                                 | n/a                                 | n/a              | n/a"
}
{
    "_id": "dd4bf1a38",
    "title": "",
    "text": "notes to consolidated financial statements guarantees of subsidiaries.\n group inc.\n fully unconditionally guarantees securities issued by gs finance corp. wholly-owned finance subsidiary of group.\n guaranteed payment obligations of goldman , sachs & co.\n ( gs&co. gs bank usa goldman sachs execution & clearing .\n ( gsec ) subject to exceptions.\n in november 2008 firm contributed subsidiaries into gs bank usa group inc.\n agreed to guarantee reimbursement of certain losses including credit-related losses relating to assets held by contributed entities.\n guarantee group inc.\n agreed to pledge to gs bank usa certain collateral including interests in subsidiaries other illiquid assets.\n group inc.\n guarantees obligations of other consolidated subsidiaries transaction-by- transaction basis as negotiated with counterparties.\n group.\n unable to develop estimate of maximum payout under subsidiary guarantees guaranteed obligations are obligations of consolidated subsidiaries group inc. liabilities as guarantor not separately disclosed.\n note 19.\n shareholders 2019 equity common equity dividends declared per common share were $ 2. 25 in 2014  $ 2. 05 in 2013 $ 1. 77 in 2012.\n on january 15 , 2015 group inc.\n declared dividend of $ 0. 60 per common share paid on march 30 , 2015 to common shareholders of record march 2 , 2015.\n firm 2019s share repurchase program intended to maintain appropriate level of common equity.\nshare repurchase program effected primarily through regular open-market purchases ( may include repurchase plans comply with rule 10b5-1 )  amounts timing determined by firm 2019s current projected capital position  influenced by general market conditions prevailing price trading volumes of firm 2019s common stock.\n prior to repurchasing common stock firm must receive confirmation federal reserve board does not object to capital actions.\n table below presents amount of common stock repurchased by firm under share repurchase program during 2014 , 2013 2012.\n total cost of common share repurchases $ 5469 $ 6175 $ 4637 certain share-based compensation plans  employees may remit shares to firm or firm may cancel restricted stock units ( rsus ) or stock options to satisfy minimum statutory employee tax withholding requirements exercise price of stock options.\n under plans during 2014 , 2013 2012  employees remitted 174489 shares , 161211 shares 33477 shares with total value of $ 31 million , $ 25 million $ 3 million  firm cancelled 5. 8 million , 4. 0 million 12. 7 million of rsus with total value of $ 974 million , $ 599 million $ 1. 44 billion.\n under plans firm also cancelled 15. 6 million stock options with total value of $ 2. 65 billion during 2014.\n 170 goldman sachs 2014 annual\n\nin millions except per share amounts   | year ended december 2014 | year ended december 2013 | year ended december 2012\n-------------------------------------- | ------------------------ | ------------------------ | ------------------------\ncommon share repurchases               | 31.8                     | 39.3                     | 42.0\naverage cost per share                 | $ 171.79                 | $ 157.11                 | $ 110.31\ntotal cost of common share repurchases | $ 5469                   | $ 6175                   | $ 4637"
}
{
    "_id": "dd4c54eb2",
    "title": "",
    "text": "item 4.\n mine safety disclosures not applicable part ii item 5.\n market for registrant 2019s common equity related stockholder matters issuer purchases of equity securities common stock ( ticker symbol apd ) listed on new york stock exchange.\n transfer agent and registrar is broadridge corporate issuer solutions  inc.\n box 1342  brentwood  new york 11717 telephone ( 844 ) 318-0129 ( u. s. ) or ( 720 ) 358-3595 ( other locations ) ; website http://shareholder. broadridge. com/ airproducts e-mail address shareholder@broadridge. com.\n as of 31 october 2018 5391 record holders of common stock.\n cash dividends on company 2019s common stock paid quarterly.\n expectation continue to pay cash dividends future at comparable or increased levels.\n board of directors determines declare dividends timing amount based on financial condition other factors.\n dividend information for each quarter of fiscal years 2018 and 2017 summarized below:.\n purchases of equity securities by issuer on 15 september 2011  board of directors authorized repurchase of up to $ 1. 0 billion of outstanding common stock.\n program stated expiration date.\n repurchase shares pursuant to rules 10b5-1 and 10b-18 under securities exchange act of 1934 through repurchase agreements with more brokers.\n no purchases of stock during fiscal year 2018.\n at 30 september 2018  $ 485. 3 million in share repurchase authorization remained.\n additional purchases completed at company 2019s discretion maintaining sufficient funds for investing in businesses growth opportunities.\n\n| 2018   | 2017\n-------------- | ------ | ------\nfirst quarter  | $ .95  | $ .86\nsecond quarter | 1.10   | .95\nthird quarter  | 1.10   | .95\nfourth quarter | 1.10   | .95\ntotal          | $ 4.25 | $ 3.71"
}
{
    "_id": "dd4c117c0",
    "title": "",
    "text": "instruments at fair value recognize effective and ineffective portions of cash flow hedges.\n 2 for year ended december 31 , 2000  earnings available to common stockholders includes reductions of $ 2371 of preferred stock dividends $ 16266 for redemption of pca 2019s 123 20448% ( 20448 % ) preferred stock.\n on october 13 , 2003  pca announced intention to begin paying quarterly cash dividend of $ 0. 15 per share , or $ 0. 60 per share annually on common stock.\n first quarterly dividend of $ 0. 15 per share paid january 15, 2004 to shareholders of record as of december 15 , 2003.\n pca not declare dividends on common stock in 2000 - 2002.\n total long-term obligations include long-term debt , short-term debt current maturities of long-term debt.\n item 7.\n management 2019s discussion analysis of financial condition results of operations discussion of historical results of operations financial condition read in conjunction with audited financial statements notes elsewhere in report.\n overview april 12 , 1999  pca acquired containerboard and corrugated products business of pactiv corporation ( 201cgroup 201d )  formerly known as tenneco packaging inc. wholly owned subsidiary of tenneco , inc.\n group operated prior to april 12 , 1999 as division of pactiv not separate stand-alone entity.\n from formation january 1999 through closing of acquisition on april 12 , 1999 pca did not have significant operations.\n april 12 , 1999 acquisition accounted for using historical values for contributed assets.\n purchase accounting not applied because under applicable accounting guidance change of control deemed not to have occurred result of participating veto rights held by pactiv after closing of transactions under terms stockholders agreement entered connection with transactions.\nresults operations year ended december 31 , 2004 compared to december 31  2003 historical results operations pca for years ended december , 31 2004 2003 set forth below : year ended december 31 , ( in millions ) 2004 2003 change.\n\n( in millions )                        | 2004           | 2003             | change\n-------------------------------------- | -------------- | ---------------- | --------------\nnet sales                              | $ 1890.1       | $ 1735.5         | $ 154.6\nincome before interest and taxes       | $ 140.5        | $ 96.9           | $ 43.6\ninterest expense net                   | -29.6 ( 29.6 ) | -121.8 ( 121.8 ) | 92.2\nincome ( loss ) before taxes           | 110.9          | -24.9 ( 24.9 )   | 135.8\n( provision ) benefit for income taxes | -42.2 ( 42.2 ) | 10.5             | -52.7 ( 52.7 )\nnet income ( loss )                    | $ 68.7         | $ -14.4 ( 14.4 ) | $ 83.1"
}
{
    "_id": "dd4b905bc",
    "title": "",
    "text": "basel iii full implementation ) citigroup 2019s capital resources citi estimates effective minimum common equity tier 1 capital  tier 1 capital total capital ratio requirements under u.\n basel iii rules fully implemented basis assuming 3% ( 3 % ) gsib surcharge  may be 10% ( 10 % ) , 11. 5% ( 11. 5 % ) 13. 5% ( 13. 5 % )  respectively.\n under.\n basel iii rules citi must comply with 4% ( 4 % ) minimum tier 1 leverage ratio requirement effective 5% ( 5 % ) minimum supplementary leverage ratio requirement.\n tables set capital tiers  total risk-weighted assets risk-based capital ratios quarterly adjusted average total assets total leverage exposure leverage ratios full implementation under u.\n basel iii rules for citi as of december 31 , 2015 december 31 , 2014.\n citigroup capital components ratios under basel iii full implementation ) december 31 , 2015 31  2014 in millions of dollars  except ratios advanced approaches standardized approach.\n common equity tier 1 capital ratio 3 ) ) 12. 07% ( 12. 07 % ) 12. 63% ( 12. 63 % ) 10. 57% ( 10. 57 % ) 11. 12% ( 11. 12 % ) tier 1 capital ratio 3 ) ) 13. 49 14. 11 11. 45 12. 05 total capital ratio ) 15. 30 17. 08 12. 80 14. 52 in millions of dollars  except ratios december 31 , 2015 31, 2014 quarterly adjusted average total assets 5 ) $ 1724710 $ 1835637 total leverage exposure 6 ) 2317849 2492636 tier 1 leverage ratio 9. 51% ( 9. 51 % ) 8. 07% ( 8. 07 % ) supplementary leverage ratio 4 ) 7. 08 5.94 ( 1 ) restated reflect retrospective adoption of asu 2014-01 for lihtc investments consistent with current period presentation.\n ( 2 ) under advanced approaches framework eligible credit reserves exceed expected credit losses eligible for inclusion in tier 2 capital excess reserves not exceed 0. 6% (. ) of credit risk-weighted assets differs from standardized approach allowance for credit losses eligible for inclusion tier 2 capital up to 1. 25% (. ) of credit risk-weighted assets excess allowance for credit losses deducted in credit risk-weighted assets.\n ( 3 ) as of december 31 , 2015 and december 31 , 2014 , citi 2019s common equity tier 1 capital , tier 1 capital  total capital ratios lower derived under basel iii advanced approaches framework.\n ( 4 ) citi 2019s basel iii capital ratios related components non-gaap financial measures.\n citi believes ratios related components provide useful information to investors measuring citi 2019s progress against future regulatory capital standards.\n ( 5 ) tier 1 leverage ratio denominator.\n ( 6 ) supplementary leverage ratio denominator.\n\nin millions of dollars except ratios                    | december 31 2015 advanced approaches | december 31 2015 standardized approach | december 31 2015 advanced approaches | standardized approach\n------------------------------------------------------- | ------------------------------------ | -------------------------------------- | ------------------------------------ | ---------------------\ncommon equity tier 1 capital                            | $ 146865                             | $ 146865                               | $ 136597                             | $ 136597\ntier 1 capital                                          | 164036                               | 164036                                 | 148066                               | 148066\ntotal capital ( tier 1 capital + tier 2 capital ) ( 2 ) | 186097                               | 198655                                 | 165454                               | 178413\ntotal risk-weighted assets                              | 1216277                              | 1162884                                | 1292605                              | 1228488\ncommon equity tier 1 capital ratio ( 3 ) ( 4 )          | 12.07% ( 12.07 % )                   | 12.63% ( 12.63 % )                     | 10.57% ( 10.57 % )                   | 11.12% ( 11.12 % )\ntier 1 capital ratio ( 3 ) ( 4 )                        | 13.49                                | 14.11                                  | 11.45                                | 12.05\ntotal capital ratio ( 3 ) ( 4 )                         | 15.30                                | 17.08                                  | 12.80                                | 14.52"
}
{
    "_id": "dd4bfae9e",
    "title": "",
    "text": "related employer payroll tax costs ).\n contributions due by march 15 of calendar year following year company realizes benefits of deductions.\n this arrangement accounted for as contingent consideration.\n pre-2009 business combinations accounted for under former accounting standard precluded recognition of certain contingent consideration as of business combination date.\n instead under former accounting standard  contingent consideration is accounted for as additional purchase price ( goodwill ) at time contingency resolved.\n as of december 31 , 2013  company accrued $ 20. 9 million related to this arrangement within other current liabilities as company realized tax benefit of compensation deductions during 2013 tax year.\n company made related cash contribution during first quarter of 2014.\n 11.\n earnings per share numerator for basic and diluted earnings per share is net income.\n denominator for basic earnings per share is weighted-average number of common shares outstanding during period.\n 2013 denominator impacted by common shares issued during ipo and underwriters' exercise in overallotment option granted to in connection with ipo.\n such common shares issued on july 2 , 2013 and july 31, 2013  only partially reflected in 2013 denominator.\n such shares fully reflected in 2014 denominator.\n see note 9 for additional discussion of ipo.\n dilutive effect of outstanding restricted stock , restricted stock units , stock options , coworker stock purchase plan units and mpk plan units reflected in denominator for diluted earnings per share using treasury stock method.\n reconciliation of basic shares to diluted shares:.\n insignificant amount of potential common shares excluded from diluted earnings per share for years ended december 31 , 2014 , 2013 and 2012  as their inclusion would have had anti-dilutive effect.\n 12.\ndeferred compensation plan on march 10 , 2010 , connection with company 2019s purchase of $ 28. 5 million principal amount of outstanding senior subordinated debt  company established restricted debt unit plan ( 201crdu plan 201d ) , unfunded nonqualified deferred compensation plan.\n total number of rdus granted under rdu plan was 28500.\n as of december 31 , 2014 , 28500 rdus outstanding.\n rdus vested daily on pro rata basis over three-year period from january 1, 2012 ( or later date of hire or date subsequent rdu grant ) through december 31 , 2014.\n all outstanding rdus vested as of december 31 , 2014.\n participants have no rights to underlying debt.\n total amount of compensation available to be paid under rdu plan initially based on two components , principal component and interest component.\n principal component credits rdu plan with notional amount equal to $ 28. 5 million face value of senior subordinated notes ( \"debt pool\" ), with certain redemption premium equivalents noted below.\n interest component credited rdu plan with amounts equal to interest earned on debt pool from march 10 , 2010 through maturity on october 12 , 2017  except.\n interest amounts for 2010 and 2011 deferred until 2012  interest amounts paid to participants semi-annually on interest payment due dates.\n company used portion of ipo proceeds with incremental borrowings to redeem $ 324. 0 million of total senior subordinated notes outstanding on august 1 , 2013.\n in connection with ipo and partial redemption of senior subordinated notes  company amended rdu plan to increase retentive value of plan.\n accordance with original terms rdu plan principal component of rdus converted to cash-denominated pool upon redemption of senior subordinated notes.\ncompany added $ 0. 1 table of contents cdw corporation subsidiaries notes to consolidated financial statements\n\n( in millions )                   | years ended december 31 , 2014 | years ended december 31 , 2013 | years ended december 31 , 2012\n--------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nweighted-average shares - basic   | 170.6                          | 156.6                          | 145.1\neffect of dilutive securities     | 2.2                            | 2.1                            | 0.7\nweighted-average shares - diluted | 172.8                          | 158.7                          | 145.8"
}
{
    "_id": "dd4bca6ea",
    "title": "",
    "text": "is&gs 2019 operating profit decreased $ 60 million 8% ( 8 % )  for 2014 compared to 2013.\n decrease attributable to activities for sales  lower risk retirements reserves on international program partially offset by severance recoveries related to restructuring in november 2013 approximately $ 20 million for 2014.\n adjustments not related to volume including net profit booking rate adjustments approximately $ 30 million lower for 2014 compared to 2013.\n 2013 2012 is&gs 2019 net sales decreased $ 479 million 5% ( 5 % ) for 2013 compared to 2012.\n decrease attributable to lower net sales of $ 495 million due to decreased volume on various programs ( command and control programs for classified customers ngi eram programs ) $ 320 million due to completion of certain programs ( total information processing support services transportation worker identification credential outsourcing desktop initiative for nasa ).\n decrease partially offset by higher net sales of $ 340 million due to start-up of certain programs ( disa gsm-o national science foundation antarctic support ).\n is&gs 2019 operating profit decreased $ 49 million 6% ( 6 % ) for 2013 compared to 2012.\n decrease attributable to lower operating profit of $ 55 million due to certain programs nearing end of life cycles partially offset by higher operating profit of $ 15 million due to start-up of certain programs.\n adjustments not related to volume including net profit booking rate adjustments other matters comparable for 2013 compared to 2012.\n backlog increased in 2014 2013 primarily due to multi-year international awards.\n multi-year extensions.\n increase partially offset by declining activities on direct warfighter support command and control programs impacted by defense budget reductions.\nbacklog decreased in 2013 compared to 2012 due to lower orders on programs ( eram and ngi ) higher sales on certain programs ( national science foundation antarctic support disa gsm-o ) declining activities on smaller programs due to continued downturn in federal information technology budgets.\n expect is&gs 2019 net sales to decline 2015 low to mid single digit percentage range compared to 2014 driven by downturn federal information technology budgets increasingly competitive environment disaggregation of existing contracts new contract award delays offset by increased sales from acquisitions year.\n operating profit expected to decline low double digit percentage range 2015 driven by volume increase in intangible amortization from 2014 acquisition activity 2015 margins lower than 2014 results.\n missiles and fire control mfc business segment provides air and missile defense systems ; tactical missiles air-to-ground precision strike weapon systems ; logistics technical services ; fire control systems mission operations support  readiness  engineering support integration services manned and unmanned ground vehicles.\n mfc 2019s major programs include pac-3 , thaad  multiple launch rocket system , hellfire , jassm , javelin , apache  sniper ae  low altitude navigation targeting infrared for night ( lantirn ae ) sof clss.\n mfc 2019s operating results included ( in millions ) :.\n 2014 compared to 2013 mfc 2019s net sales 2014 decreased $ 77 million  or 1% ( 1 % )  compared to 2013.\n decrease attributable to lower net sales of approximately $ 385 million for technical services programs due to decreased volume market pressures $ 115 million for tactical missile programs due to fewer deliveries primarily high mobility artillery\n\n| 2014             | 2013             | 2012\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 7680           | $ 7757           | $ 7457\noperating profit    | 1358             | 1431             | 1256\noperating margins   | 17.7% ( 17.7 % ) | 18.4% ( 18.4 % ) | 16.8% ( 16.8 % )\nbacklog at year-end | $ 13600          | $ 15000          | $ 14700"
}
{
    "_id": "dd4bb26d0",
    "title": "",
    "text": "anticipated possible short-term cash needs , prevailing interest rates investment policy alternative investment choices.\n majority of our cash and cash equivalents balance invested in money market mutual funds invest only in u.\n treasury securities or.\n government agency securities.\n exposure to risk minimal given nature of investments.\n practice is to have pension plan 100% ( ) funded at each year end on projected benefit obligation basis satisfying minimum required contribution and obtaining maximum tax deduction.\n based actuarial projections estimate $ 14. 1 million contribution in 2011 will to meet funding goal.\n actual contribution contingent on actual rate of return on plan assets during 2011 and december 31 , 2011 discount rate.\n net current deferred tax assets of $ 18. 3 million and $ 23. 8 million included in other current assets at december 31 , 2010 and 2009 ,.\n total net current deferred tax assets include unrealized losses , stock- based compensation accrued expenses.\n net long-term deferred tax liabilities were $ 7. 8 billion and $ 7. 6 billion at december 31 , 2010 and 2009 .\n net deferred tax liabilities principally result of purchase accounting for intangible assets in various mergers including cbot holdings and nymex holdings.\n long-term deferred tax asset of $ 145. 7 million included within domestic long-term deferred tax liability.\n this deferred tax asset is for unrealized capital loss incurred in brazil related to investment in bm&fbovespa.\n as of december 31 , 2010  not believe meet more-likely-than-not threshold to fully realize value of unrealized capital loss.\n partial valuation allowance of $ 64.4 million provided for unrealized capital loss exceeds potential capital gains used to offset capital loss in future periods.\n also have long-term deferred tax asset related to brazilian taxes of $ 125. 3 million for unrealized capital loss incurred in brazil related to investment in bm&fbovespa.\n full valuation allowance of $ 125. 3 million provided because not believe meet more-likely-than-not threshold to realize value of unrealized capital loss in brazil in future.\n valuation allowances of $ 49. 4 million provided for additional unrealized capital losses on other investments.\n net long-term deferred tax assets include $ 19. 3 million deferred tax asset for foreign net operating losses related to swapstream.\n assessment at december 31, 2010 was did not currently meet more-likely- than-not threshold to realize value of acquired and accumulated foreign net operating losses in future.\n $ 19. 3 million deferred tax assets from these net operating losses fully reserved.\n each clearing firm required to deposit and maintain specified performance bond collateral.\n performance bond requirements determined by parameters established by risk management department of clearing house may fluctuate over time.\n accept variety of collateral to satisfy performance bond requirements.\n cash performance bonds and guaranty fund contributions included in consolidated balance sheets.\n clearing firm deposits other than retained in form of cash , not included in consolidated balance sheets.\n balances in cash performance bonds and guaranty fund contributions may fluctuate significantly over time.\n cash performance bonds and guaranty fund contributions consisted of following at december 31:.\n\n( in millions )                     | 2010     | 2009\n----------------------------------- | -------- | --------\ncash performance bonds              | $ 3717.0 | $ 5834.6\ncash guaranty fund contributions    | 231.8    | 102.6\ncross-margin arrangements           | 79.7     | 10.6\nperformance collateral for delivery | 10.0     | 34.1\ntotal                               | $ 4038.5 | $ 5981.9"
}
{
    "_id": "dd4bfc5c8",
    "title": "",
    "text": "table reports significant movements in shareholders 2019 equity for year ended december 31 , 2010.\n total shareholders 2019 equity increased $ 3. 3 billion in 2010  primarily due to net income of $ 3. 1 billion and change in net unrealized appreciation on investments of $ 742 million.\n short-term debt at december 31 , 2010 connection with financing of rain and hail acquisition  short-term debt includes reverse repurchase agreements totaling $ 1 billion.\n $ 300 million in borrowings against ace 2019s revolving credit facility outstanding at december 31 , 2010.\n at december 31, 2009 short-term debt consisted of five-year term loan repaid in december 2010.\n long-term debt total long-term debt increased by $ 200 million year to $ 3. 4 billion described in detail in note 9 to consolidated financial statements under item 8.\n in november 2010  ace ina issued $ 700 million of 2. 6 percent senior notes due november 2015.\n senior unsecured notes guaranteed on senior basis by company rank equally with all company 2019s other senior obligations.\n in april 2008  financing of combined insurance acquisition  ace ina entered into $ 450 million float- ing interest rate syndicated term loan agreement due april 2013.\n company entered into swap transaction fixing interest rate for term of loan.\n in december 2010 ace repaid loan and exited swap.\n in december 2008  ace ina entered into $ 66 million dual tranche floating interest rate term loan agreement.\n first tranche $ 50 million three-year term loan due december 2011 floating interest rate.\n company entered into swap transaction effect fixing interest rate for term of loan.\n in december 2010 ace repaid this loan and exited swap.\nsecond tranche , a $ 16 million nine-month term loan  due and repaid in september 2009.\n trust preferred securities securities outstanding consist of $ 300 million trust preferred securities due 2030 , issued by special purpose entity ( trust ) wholly owned by us.\n sole assets of special purpose entity are debt instruments issued by one or more our subsidiaries.\n special purpose entity looks to payments on debt instruments to make payments on preferred securities.\n we guaranteed payments on debt instruments.\n trustees of trust include one or more our officers and one independent trustee , trust company.\n our officers serving as trustees trust do not receive compensation or other remuneration for services capacity.\n full $ 309 million of outstanding trust preferred securities ( calculated as $ 300 million discussed plus our equity share of trust ) shown on our con- solidated balance sheet as a liability.\n additional information trust preferred securities in note 9 d ) to consolidated financial statements , under item 8.\n common shares common shares had par value of chf 30. 57 each at december 31 , 2010.\n annual general meeting held in may 2010  company 2019s shareholders approved par value reduction in aggregate swiss franc amount  formula  equal to $ 1. 32 per share , refer to as base annual divi- dend.\n base annual dividend payable in four installments  each swiss franc installments be\n\n( in millions of u.s . dollars )                                                 | 2010\n-------------------------------------------------------------------------------- | ------------\nbalance beginning of year                                                        | $ 19667\nnet income                                                                       | 3108\ndividends declared on common shares                                              | -443 ( 443 )\nchange in net unrealized appreciation ( depreciation ) on investments net of tax | 742\nrepurchase of shares                                                             | -303 ( 303 )\nother movements net of tax                                                       | 203\nbalance end of year                                                              | $ 22974"
}
{
    "_id": "dd4c43efa",
    "title": "",
    "text": "valuation table shows expected versus actual rate of return on plan assets for u. s.\n pension and postretirement plans:.\n for foreign plans pension expense for 2008 reduced by expected return $ 487 million compared with actual return $ ( 883 ) million.\n pension expense for 2007 and 2006 reduced by expected returns of $ 477 million and $ 384 million.\n actual returns higher in 2007 and 2006 than expected returns.\n discount rate 2008 and 2007 discount rates for.\n pension and postretirement plans selected by citigroup-specific analysis using each plan 2019s specific cash flows compared with 2019s long-term corporate bond yield for.\n citigroup 2019s policy is to round to nearest tenth of percent.\n at december 31 , 2008 discount rate set at 6. 1% ( 6. 1 % ) for pension plans and 6. 0% ( 6. 0 % ) for postretirement welfare plans.\n at december 31 , 2007 discount rate set at 6. 2% ( 6. 2 % ) for pension plans 6. 0% ( 6. 0 % ) for postretirement plans citigroup-specific cash flow analysis.\n as of september 30 , 2006 u.\n pension plan remeasured to reflect freeze of benefits accruals for all non-grandfathered participants effective january 1 , 2008.\n under september 30 , 2006 remeasurement year-end analysis resulting plan-specific discount rate for pension plan was 5. 86% ( 5. 86 % )  rounded to 5. 9% ( 5. 9 % ).\n discount rates for foreign pension and postretirement plans selected by reference to high-quality corporate bond rates in countries developed corporate bond markets.\n where developed corporate bond markets not exist discount rates selected by reference to local government bond rates with premium added to reflect additional risk for corporate bonds.\nadditional information on pension postretirement plans  discount rates in determining pension postretirement benefit obligations net benefit expense for company 2019s plans effects of one percentage-point change in expected rates of return discount rates , see note 9 to company 2019s consolidated financial statements on page 144.\n adoption of sfas 158 adoption sfas no.\n 158  employer 2019s accounting for defined benefit pensions other postretirement benefits ( sfas 158 )  at december 31 , 2006  company recorded after-tax charge to equity of $ 1. 6 billion  corresponds to plans 2019 net pension postretirement liabilities write-off of existing prepaid asset  relates to unamortized actuarial gains losses  prior service costs/benefits transition assets/liabilities.\n for discussion of fair value of assets liabilities , see 201csignificant accounting policies significant estimates 201d on page 18 notes 26 , 27 28 to consolidated financial statements on pages 192 , 202 207.\n\n| 2008              | 2007             | 2006\n----------------------- | ----------------- | ---------------- | ----------------\nexpected rate of return | 7.75% ( 7.75 % )  | 8.0% ( 8.0 % )   | 8.0% ( 8.0 % )\nactual rate of return   | ( 5.42 ) % (  % ) | 13.2% ( 13.2 % ) | 14.7% ( 14.7 % )"
}
{
    "_id": "dd4b8d556",
    "title": "",
    "text": "consolidated financial statements 161 fifth third bancorp december 31 , 2012 ( $ in millions ) significant unobservable ranges financial instrument fair value valuation technique inputs weighted-average commercial loans for sale $ 9 appraised value nm nm cost to sell nm 10. 0% ( 10. 0 % ) commercial industrial loans 83 appraised value default rates 100% ( 100 % ) nm collateral value commercial mortgage loans 46 value default rates 100% ( 100 % ) collateral value commercial construction loans 4 value default rates 100% ( 100 % ) nm collateral value msrs 697 discounted cash flow prepayment speed 0 - 100% ( 100 % ) ( fixed ) 16. 1% ( 16. 1 % ) ( adjustable ) 26. 9% ( 26. 9 % ) discount rates 9. 4 - 18. 0% ( 18. 0 % ) ( fixed ) 10. 5% ( 10. 5 % ) ( adjustable ) 11. 7% ( 11. 7 % ).\n commercial loans held for sale during 2013 and 2012 bancorp transferred $ 5 million and $ 16 million  commercial loans portfolio to loans for sale transfer measured at fair value using significant unobservable inputs.\n loans had fair value adjustments in 2013 and 2012 totaling $ 4 million and $ 1 million based on appraisals underlying collateral classified within level 3 valuation hierarchy.\n during 2013 and 2012 fair value adjustments on existing commercial loans for sale of $ 3 million and $ 12 million.\n fair value adjustments based on appraisals underlying collateral classified within level 3 valuation hierarchy.\n adverse change in fair value underlying collateral in decrease in fair value measurement.\n accounting department determines procedures for valuation of commercial hfs loans comparison to recently executed transactions similar type loans.\nmonthly review of portfolio performed for reasonableness.\n quarterly  appraisals approaching a year old updated real estate valuation group  reports to chief risk and credit officer , with commercial line of business review third party appraisals for reasonableness.\n commercial line of business finance department  reports to bancorp chief financial officer , with accounting review all loan appraisal values , carrying values vintages.\n commercial loans held for investment during 2013 and 2012  bancorp recorded nonrecurring impairment adjustments to certain commercial industrial , commercial mortgage commercial construction loans for investment.\n larger commercial loans within aggregate borrower relationship balances exceeding $ 1 million exhibit probable or observed credit weaknesses subject to individual review for impairment.\n bancorp considers current value of collateral  credit quality of guarantees  guarantor 2019s liquidity willingness to cooperate  loan structure other factors when evaluating individual loan impaired.\n when loan collateral dependent , fair value of loan generally based on fair value of underlying collateral supporting loan these loans classified within level 3 of valuation hierarchy.\n in cases where carrying value exceeds fair value , impairment loss recognized.\n adverse change in fair value of underlying collateral result in decrease in fair value measurement.\n fair values and recognized impairment losses reflected in previous table.\n commercial credit risk , reports to chief risk and credit officer  responsible for preparing and reviewing fair value estimates for commercial loans held for investment.\n mortgage interest rates increased during year ended december 31 , 2013 bancorp recognized recovery of temporary impairment on servicing rights.\n bancorp recognized temporary impairments in certain classes of msr portfolio during year ended december 31 , 2012 carrying value adjusted to fair value.\nmsrs do not trade in active open market with observable prices.\n while sales msrs do occur, precise terms and conditions typically not readily available.\n bancorp estimates fair value of msrs using internal discounted cash flow models with unobservable inputs primarily prepayment speed assumptions , discount rates weighted average lives resulting in classification within level 3 of valuation hierarchy.\n refer to note 11 for further information on assumptions used in valuation of bancorp 2019s msrs.\n secondary marketing department and treasury department responsible for determining valuation methodology for msrs.\n representatives from secondary marketing , treasury  accounting and risk management responsible for reviewing key assumptions in internal discounted cash flow model.\n two external valuations of msr portfolio obtained from third parties use valuation models to assess reasonableness of internal discounted cash flow model.\n bancorp participates in peer surveys additional confirmation of reasonableness of key assumptions in msr valuation process and resulting msr prices.\n during 2013 and 2012  bancorp recorded nonrecurring adjustments to certain commercial and residential real estate properties classified as oreo measured at lower of carrying amount or fair value.\n these nonrecurring losses primarily due to declines in real estate values of properties recorded in oreo.\n for years ended december 31 , 2013 and 2012  losses include $ 19 million and $ 17 million  recorded as charge-offs  on new oreo properties transferred from loans periods and $ 26 million and $ 57 million  recorded as negative fair value adjustments on oreo in other noninterest income subsequent to transfer from loans.\n fair value amounts generally based on appraisals of property values\n\nfinancial instrument            | fair value | valuation technique  | significant unobservableinputs | ranges ofinputs                | weighted-average\n------------------------------- | ---------- | -------------------- | ------------------------------ | ------------------------------ | ---------------------------------------------------------------------------------------------------------------------\ncommercial loans held for sale  | $ 9        | appraised value      | appraised valuecost to sell    | nmnm                           | nm10.0% ( nm10.0 % )\ncommercial and industrial loans | 83         | appraised value      | default ratescollateral value  | 100%nm                         | nmnm\ncommercial mortgage loans       | 46         | appraised value      | default ratescollateral value  | 100%nm                         | nmnm\ncommercial construction loans   | 4          | appraised value      | default ratescollateral value  | 100%nm                         | nmnm\nmsrs                            | 697        | discounted cash flow | prepayment speeddiscount rates | 0 - 100%9.4 - 18.0% ( 18.0 % ) | ( fixed ) 16.1% ( 16.1 % ) ( adjustable ) 26.9% ( 26.9 % ) ( fixed ) 10.5% ( 10.5 % ) ( adjustable ) 11.7% ( 11.7 % )\noreo                            | 165        | appraised value      | appraised value                | nm                             | nm"
}
{
    "_id": "dd4c2d970",
    "title": "",
    "text": "class a ordinary shares of aon plc are eligible for deposit and clearing within dtc system.\n in connection with closing merger  we entered into arrangements with dtc agreed to indemnify dtc for any stamp duty and/or sdrt assessed upon it result of its service as depository and clearing agency for our class a ordinary shares.\n obtained a ruling from hmrc in of stamp duty and sdrt consequences of reorganization  sdrt paid in accordance with terms of this ruling in of deposit of class a ordinary shares with initial depository.\n dtc will discretion to cease to act as depository and clearing agency for class a ordinary shares.\n if dtc determines class a ordinary shares not eligible for continued deposit and clearance within its facilities believe class a ordinary shares not be eligible for continued listing on u. s.\n securities exchange or inclusion in s&p 500 and trading in class a ordinary shares would be disrupted.\n pursue alternative arrangements to preserve listing and maintain trading disruption could have material adverse effect on trading price of class a ordinary shares.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n we have offices in various locations throughout world.\n substantially all offices are located in leased premises.\n maintain corporate headquarters at 8 devonshire square , london , england  occupy approximately 225000 square feet of space under operating lease agreement that expires in 2018.\n own one building at pallbergweg 2-4 , amsterdam , netherlands ( 150000 square feet ).\n following additional significant leased properties  with occupied square footage and expiration.\n property : occupied square footage expiration.\nlocations in lincolnshire , illinois , woodlands , texas , gurgaon , india  orlando , florida charlotte , north carolina  acquired as part of hewitt acquisition in 2010  primarily dedicated to our hr solutions segment.\n other locations listed above house personnel from both reportable segments.\n in november 2011  aon entered agreement to lease 190000 square feet in new building constructed in london , united kingdom.\n agreement contingent upon completion of building construction.\n aon expects to move into new building in 2015 exercises early break option at devonshire square location.\n in september 2013 aon agreement to lease up to 479000 square feet in new building constructed in gurgaon , india.\n agreement contingent upon completion of building construction.\n aon expects to move into new building in phases during 2014 and 2015 upon expiration of existing leases at gurgaon locations.\n no difficulty anticipated in negotiating renewals as leases expire or finding other satisfactory space if premises become unavailable.\n believe facilities we currently occupy are adequate for purposes for used well maintained.\n in certain circumstances may have unused space may seek to sublet space to third parties depending upon demands for office space in locations involved.\n see note 9 \"lease commitments\" of notes to consolidated financial statements in part ii , item 8 of report for information respect to lease commitments as of december 31 , 2013.\n item 3.\n legal proceedings.\n incorporate by reference note 16 \"commitments and contingencies\" of notes to consolidated financial statements in part ii , item 8 of report.\n\nproperty:                                                  | occupiedsquare footage | leaseexpiration dates\n---------------------------------------------------------- | ---------------------- | ---------------------\n4 overlook point and other locations lincolnshire illinois | 1224000                | 2017 2013 2024\n2601 research forest drive the woodlands texas             | 414000                 | 2020\ndlf city and unitech cyber park gurgaon india              | 413000                 | 2014 2013 2015\n200 e . randolph street chicago illinois                   | 396000                 | 2028\n2300 discovery drive orlando florida                       | 364000                 | 2020\n199 water street new york new york                         | 319000                 | 2018\n7201 hewitt associates drive charlotte north carolina      | 218000                 | 2015"
}
{
    "_id": "dd4ba1df8",
    "title": "",
    "text": "long-term product offerings include active and index strategies.\n active strategies seek to earn attractive returns in excess market benchmark or performance hurdle while maintaining appropriate risk profile.\n offer two types of active strategies : rely primarily on fundamental research and utilize quantitative models portfolio construction.\n contrast index strategies track returns of corresponding index by investing in same underlying securities within index or subset securities similar risk and return profile index.\n index strategies include non-etf index products and ishares etfs.\n many clients use both active and index strategies application strategies may differ.\n for clients may use index products to gain exposure to market or asset class or may use combination of index strategies to target active returns.\n institutional non-etf index assignments be large ( multi-billion dollars ) reflect low fee rates.\n potential to exaggerate significance of net flows in institutional index products on blackrock 2019s revenues earnings.\n equity year-end 2016 equity aum totaled $ 2. 657 trillion  reflecting net inflows of $ 51. 4 billion.\n net inflows included $ 74. 9 billion into ishares  driven by net inflows into core ranges broad developed and emerging market equities.\n ishares net inflows partially offset by active and non-etf index net outflows of $ 20. 2 billion and $ 3. 3 billion  respectively.\n blackrock 2019s effective fee rates fluctuate due to changes in aum mix.\n approximately half of blackrock 2019s equity aum tied to international markets  including emerging markets  have higher fee rates than.\n equity strategies.\n fluctuations in international equity markets  may not consistently move in tandem with u. s.\nmarkets impact on blackrock 2019s equity fee rates revenues.\n fixed income aum ended 2016 at $ 1. 572 trillion reflecting net inflows of $ 120. 0 billion.\n 2016 active net inflows of $ 16. 6 billion diversified across fixed income offerings included strong inflows from insurance clients.\n fixed income ishares net inflows of $ 59. 9 billion led by flows core ranges emerging market high yield corporate bond funds.\n non-etf index net inflows of $ 43. 4 billion driven by demand for liability-driven investment solutions.\n multi-asset blackrock 2019s multi-asset team manages balanced funds bespoke mandates for diversified client base leverages investment expertise in global equities bonds currencies commodities extensive risk management capabilities.\n investment solutions include long-only portfolios alternative investments tactical asset allocation overlays.\n component changes in multi-asset aum for 2016 presented below.\n in millions ) december 31 net inflows outflows ) market change impact december 31.\n futureadvisor amount not include aum held in ishares holdings.\n multi-asset net inflows reflected institutional demand for solutions-based advice $ 13. 2 billion net inflows from institutional clients.\n defined contribution plans of institutional clients significant driver of flows contributed $ 11. 3 billion to institutional multi-asset net inflows in 2016 primarily into target date target risk product offerings.\n retail net outflows of $ 9. 4 billion primarily due to outflows from world allocation strategies.\n company 2019s multi-asset strategies include 2022 asset allocation balanced products represented 45% ( 45 % ) of multi-asset aum at year-end.\nstrategies combine equity  fixed income alternative components for investors seeking tailored solution relative to specific benchmark within risk budget.\n strategies minimize downside risk through diversification derivatives strategies tactical asset allocation decisions.\n flagship products include global allocation multi-asset income fund families.\n 2022 target date target risk products grew 11% ( 11 % ) organically in 2016  with net inflows of $ 13. 5 billion.\n institutional investors represented 94% ( 94 % ) of target date target risk aum defined contribution plans for 88% ( 88 % ) of aum.\n flows driven by defined contribution investments in lifepath lifepath retirement income ae offerings.\n lifepath products utilize proprietary asset allocation model balance risk return over investment horizon based on investor 2019s expected retirement timing.\n 2022 fiduciary management services are complex mandates in pension plan sponsors endowments foundations retain blackrock to assume responsibility for aspects plan management.\n customized services require strong partnership with clients 2019 investment staff trustees to tailor investment strategies to meet client-specific risk budgets return objectives.\n\n( in millions )               | december 312015 | net inflows ( outflows ) | marketchange | fx impact        | december 312016\n----------------------------- | --------------- | ------------------------ | ------------ | ---------------- | ---------------\nasset allocation and balanced | $ 185836        | $ -10332 ( 10332 )       | $ 6705       | $ -5534 ( 5534 ) | $ 176675\ntarget date/risk              | 125664          | 13500                    | 10189        | 79               | 149432\nfiduciary                     | 64433           | 998                      | 5585         | -2621 ( 2621 )   | 68395\nfutureadvisor ( 1 )           | 403             | 61                       | 41           | 2014             | 505\ntotal                         | $ 376336        | $ 4227                   | $ 22520      | $ -8076 ( 8076 ) | $ 395007"
}
{
    "_id": "dd4c10c8a",
    "title": "",
    "text": "table of contents 17.\n unconditional purchase obligations company entered into unconditional purchase obligations primarily include software licenses long- term purchase contracts for network  communication office maintenance services.\n company expended $ 7. 2 million , $ 5. 3 million $ 2. 9 million related to unconditional purchase obligations existed as of beginning of each year for years ended december 31 , 2016 , 2015 2014 .\n future expenditures under unconditional purchase obligations effect as of december 31 , 2016 are as follows : ( in thousands ).\n 18.\n restructuring during fourth quarter of 2016  company initiated workforce realignment activities.\n company incurred $ 3. 4 million in restructuring charges  or $ 2. 4 million net of tax  during year ended december 31 , 2016.\n company expects to incur additional charges of $ 10 million - $ 15 million  or $ 7 million - $ 10 million net of tax , primarily during first quarter of 2017.\n 19.\n employment-related settlement on february 15 , 2017  company entered into employment-related settlement agreement.\n settlement company make lump-sum payment of $ 4. 7 million.\n charges related to agreement included in selling  general administrative expense in 2016 consolidated statement of income.\n settlement agreement all claims initiated against company withdrawn general release of all claims in favor of company related entities executed.\n 20.\n contingencies and commitments company subject to investigations  claims legal proceedings in ordinary course of business including commercial disputes  labor employment matters  tax audits  alleged infringement of intellectual property rights other matters.\n company resolution of pending matters not expected to have material adverse effect on company's consolidated results of operations  cash flows or financial position.\n, each of these matters subject to uncertainties possible unfavorable resolution of or proceedings could affect company's results of operations , cash flows or financial position.\n indian subsidiary of company has service tax audits pending resulted in formal inquiries received on transactions through mid-2012.\n company could incur tax charges and related liabilities , including related to service tax audit case , of approximately $ 7 million.\n service tax issues raised in company 2019s notices and inquiries similar to case , m/s microsoft corporation ( i ) ( p ) ltd.\n vs commissioner of service tax , new delhi , delhi customs , excise and service tax appellate tribunal ( cestat ) passed favorable ruling to microsoft.\n company can provide no assurances on whether microsoft case 2019s favorable ruling will be challenged in higher courts or on impact present microsoft case 2019s decision on company 2019s cases.\n company uncertain to when these service tax matters will be concluded.\n french subsidiary of company received notice french taxing authority rejected company's 2012 research and development credit.\n company contested the decision.\n if company not receive favorable outcome , it could incur charges of approximately $ 0. 8 million.\n in unfavorable outcome could result in authorities reviewing or rejecting $ 3. 8 million of similar research and development credits for 2013 through current year currently reflected as asset.\n company can provide no assurances on timing or outcome of this matter.\n\n2017  | $ 14134\n----- | -------\n2018  | 10288\n2019  | 9724\n2020  | 2617\n2021  | 652\ntotal | $ 37415"
}
{
    "_id": "dd4b8f61c",
    "title": "",
    "text": "utilized.\n in accordance with sfas no.\n 144  accounting for impairment or disposal of long-lived assets non-cash impairment charge of $ 4. 1 million recorded in second quarter of fiscal 2008 for excess machinery.\n charge included as separate line item in company 2019s consolidated statement of operations.\n no change to useful lives and depreciation expense of remaining assets estimates reflective of period assets used in operations.\n.\n warranties company provides one-year warranty on sequencing genotyping gene expression systems.\n revenue recognized company establishes accrual for estimated warranty expenses with system sales.\n expense recorded as component of cost of product revenue.\n estimated warranty expenses with extended maintenance contracts recorded as cost of revenue over term of maintenance contract.\n changes in company 2019s reserve for product warranties from january 1, 2006 through december 28 , 2008 are as ( in thousands ) :.\n 8.\n convertible senior notes on february 16 , 2007 company issued $ 400. 0 million principal amount of 0. 625% ( 0. 625 % ) convertible senior notes due 2014 notes included initial purchasers 2019 option to purchase to additional $ 50. 0 million aggregate principal amount of notes.\n net proceeds from offering after deducting initial purchasers 2019 discount and offering expenses were $ 390. 3 million.\n company will pay 0. 625% ( 0. 625 % ) interest per annum on principal amount of notes payable semi-annually in arrears in cash on february 15 and august 15 of each year.\n company made interest payments of $ 1. 3 million and $ 1. 2 million on february 15 , 2008 and august 15 , 2008 .\nnotes mature february 15 , notes convertible into cash  if applicable  shares of company 2019s common stock , $ 0. 01 par value per share  based on conversion rate subject to adjustment of 45. 8058 shares per $ 1000 principal amount of notes ( represents conversion price $ 21. 83 per share ) only in following circumstances extent : ( 1 ) during five business-day period after five consecutive trading period ( measurement period ) trading price per note for each day measurement period less than 97% ( 97 % ) of product last reported sale price company 2019s common stock and conversion rate each day ; ( 2 ) during any calendar quarter after calendar quarter ending march 30 , 2007  if last reported sale price of company 2019s common stock for 20 or more trading days in period 30 consecutive trading days ending last trading day of immediately illumina , inc.\n notes to consolidated financial statements 2014 ( continued )\n\nbalance as of january 1 2006         | $ 751\n------------------------------------ | --------------\nadditions charged to cost of revenue | 1379\nrepairs and replacements             | -1134 ( 1134 )\nbalance as of december 31 2006       | 996\nadditions charged to cost of revenue | 4939\nrepairs and replacements             | -2219 ( 2219 )\nbalance as of december 30 2007       | 3716\nadditions charged to cost of revenue | 13044\nrepairs and replacements             | -8557 ( 8557 )\nbalance as of december 28 2008       | $ 8203"
}
{
    "_id": "dd4bae6b6",
    "title": "",
    "text": "graph below compares expeditors international of washington , inc. 's cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the nasdaq transportation index , and the nasdaq industrial transportation index ( nqusb2770t ) as a replacement for nasdaq transportation index.\n the company is making modification to reference a specific transportation index and to source that data directly from nasdaq.\n graph assumes that value of the investment in our common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on 12/31/2012 and tracks it through 12/31/2017.\n total return assumes reinvestment of dividends in each of indices indicated.\n comparison of 5-year cumulative total return among expeditors international of washington , inc. , the s&p 500 index , the nasdaq industrial transportation index and the nasdaq transportation index.\n stock price performance included in this graph is not necessarily indicative of future stock price performance.\n item 6 2014 selected financial data financial highlights in thousands , except per share data 2017 2016 2015 2014 2013 revenues.\n $ 6920948 6098037 6616632 6564721 6080257 net revenues1.\n $ 2319189 2164036 2187777 1981427 1882853 net earnings attributable to shareholders.\n$ 489345 430807 457223 376888 348526 diluted earnings attributable to shareholders per share $ 2. 69 2 36 2 40 1 92 1 68 basic earnings attributable to shareholders per share.\n $ 2. 73 2 38 2 42 1 92 1 69 dividends declared and paid per common share.\n $ 0. 84 0 80 0 72 0 64 0 60 cash used for dividends.\n $ 150495 145123 135673 124634 123292 cash used for share repurchases.\n $ 478258 337658 629991 550781 261936 working capital.\n $ 1448333 1288648 1115136 1285188 1526673 total assets.\n $ 3117008 2790871 2565577 2870626 2996416 shareholders 2019 equity.\n $ 1991858 1844638 1691993 1868408 2084783 weighted average diluted shares outstanding.\n181666 182704 190223 196768 206895 weighted average basic shares outstanding.\n 179247 181282 188941 196147 205995 _______________________ 1non-gaap measure calculated as revenues less related operating expenses attributable to principal services.\n see management's discussion analysis for reconciliation of net revenues to revenues.\n safe harbor for forward-looking statements under private securities litigation reform act of 1995 ; cautionary statements annual report form 10-k fiscal year ended december 31, 2017 contains 201cforward-looking statements , 201d defined in section 27a securities act of 1933  amended section 21e securities exchange act of 1934  amended.\n expeditors or representatives made or may make forward-looking statements  orally or in writing.\n forward-looking statements may be included in press releases  presentations  oral statements with approval authorized executive officer filings by expeditors with securities and exchange commission.\n statements including preceded by followed by or include words or phrases 201cwill likely result 201d , 201care expected to 201d , \"would expect\" , \"would not expect\" , 201cwill continue 201d , 201cis anticipated 201d , 201cestimate 201d , 201cproject 201d  \"provisional\"  \"plan\"  \"believe\"  \"probable\"  \"reasonably possible\"  \"may\"  \"could\"  \"should\"  \"intends\"  \"foreseeable future\" similar expressions intended identify 201cforward-looking statements 201d within meaning private securities litigation reform act of 1995.\nstatements qualified in entirety by reference to accompanied by discussion in item 1a of certain important factors that could cause actual results to differ from forward-looking statements.\n risks included in item 1a not exhaustive.\n reference also made to other sections of report  include additional factors could adversely impact expeditors' business and financial performance.\n expeditors operates in competitive , complex rapidly changing global environment.\n new risk factors emerge from to not possible for management to predict all such risk factors , nor can it assess impact of all risk factors on expeditors' business or extent to any factor  or combination of factors  may cause actual results to differ from in forward-looking statements.\n forward-looking statements cannot be relied upon as a guarantee of actual results.\n shareholders should be aware while expeditors does  from to communicate with securities analysts , against expeditors' policy to disclose to such analysts any material non-public information or other confidential commercial information.\n shareholders should not assume that expeditors agrees with any statement or report issued by any analyst irrespective of content of statement or report.\n expeditors has policy against issuing financial forecasts or projections or confirming accuracy of forecasts or projections issued by others.\n to extent reports issued by securities analysts contain projections, forecasts or opinions , such reports not the responsibility of expeditors.\n\n| 12/12    | 12/13    | 12/14    | 12/15    | 12/16    | 12/17\n----------------------------------------------- | -------- | -------- | -------- | -------- | -------- | --------\nexpeditors international of washington inc .    | $ 100.00 | $ 113.52 | $ 116.07 | $ 119.12 | $ 142.10 | $ 176.08\nstandard and poor's 500 index                   | 100.00   | 132.39   | 150.51   | 152.59   | 170.84   | 208.14\nnasdaq transportation                           | 100.00   | 133.76   | 187.65   | 162.30   | 193.79   | 248.92\nnasdaq industrial transportation ( nqusb2770t ) | 100.00   | 141.60   | 171.91   | 132.47   | 171.17   | 218.34"
}
{
    "_id": "dd4bd595a",
    "title": "",
    "text": "6.\n restricted cash sysco required by insurers to collateralize part of self-insured portion of workers 2019 compensation and liability claims.\n sysco chosen to satisfy these collateral requirements by depositing funds in insurance trusts or issuing letters of credit.\n for certain acquisitions sysco placed funds into escrow to be disbursed to sellers in specified operating results attained or contingencies resolved.\n escrowed funds related to certain acquisitions in amount of $ 1700000 released during fiscal 2006, included $ 800000 disbursed to sellers.\n summary of restricted cash balances below:.\n funds deposited in insurance trusts************************************** $ 82653000 $ 80410000 escrow funds related to acquisitions ************************************* 19621000 21321000 total************************************************************* $ 102274000 $ 101731000 7.\n derivative financial instruments sysco manages debt portfolio by targeting desired position of fixed and floating rates and may employ interest rate swaps to achieve goal.\n company not use derivative financial instruments for trading or speculative purposes.\n during fiscal years 2003 , 2004 and 2005  company entered into interest rate swap agreements designated as fair value hedges of related debt.\n terms of swap agreements and hedged items hedges considered effective against changes in fair value of debt due to changes in benchmark interest rates over terms.\n shortcut method provided by sfas no.\n 133 , 2018 2018accounting for derivative instruments and hedging activities , 2019 2019 applied no need to periodically reassess effectiveness of hedges during terms of swaps.\n interest expense on debt adjusted to include payments made or received under hedge agreements.\n fair value of swaps carried as asset or liability on consolidated balance sheet and carrying value of hedged debt adjusted accordingly.\nno fair value hedges outstanding as of july 1 , 2006 or july 2 , 2005.\n amount received upon termination of fair value hedge swap agreements was $ 5316000 and $ 1305000 in fiscal years 2005 and 2004 .\n no terminations of fair value hedge swap agreements in fiscal 2006.\n amount received upon termination swap agreements reflected as increase in carrying value of related debt to reflect fair value at termination.\n increase value debt amortized as reduction of interest expense over remaining term of debt.\n in march 2005  sysco entered forward-starting interest rate swap with notional amount of $ 350000000.\n sfas no.\n 133 company designated derivative as cash flow hedge of variability in cash outflows of interest payments on $ 350000000 of september 2005 forecasted debt issuance due to changes in benchmark interest rate.\n fair value of swap as of july 2, 2005 was ( $ 32584000 ) reflected in accrued expenses on consolidated balance sheet corresponding amount reflected as loss , net of tax  in other comprehensive income ( loss ).\n in september 2005  with issuance of 5. 375% ( 5. 375 % ) senior notes sysco settled $ 350000000 notional amount forward-starting interest rate swap.\n upon settlement paid cash of $ 21196000  represented fair value of swap agreement at time of settlement.\n amount amortized as interest expense over 30-year term of debt unamortized balance reflected as loss , net of tax  in other comprehensive income ( loss ).\n normal course of business sysco enters into forward purchase agreements for procurement of fuel , electricity and product commodities related to sysco 2019s business.\n certain agreements meet definition of derivative and qualify for normal purchase and sale exemption under accounting literature.\ncompany elected use exemption for agreements not recorded fair value.\n %%transmsg*** transmitting job : h39408 pcn : 046000000 *** %%pcmsg|44 |00010|yes|no|09/06/2006 17:22|0|1|page valid, no graphics -- color : n|\n\n| july 1 2006 | july 2 2005\n------------------------------------ | ----------- | -----------\nfunds deposited in insurance trusts  | $ 82653000  | $ 80410000\nescrow funds related to acquisitions | 19621000    | 21321000\ntotal                                | $ 102274000 | $ 101731000"
}
{
    "_id": "dd4bc7eb8",
    "title": "",
    "text": "purchases equity securities 2013 during 2018 , repurchased 57669746 shares common stock average price $ 143. 70.\n following table presents common stock repurchases each month for fourth quarter 2018 : period total number of shares purchased average price paid per share total number shares purchased part of publicly announced plan or program [b maximum number shares remaining under plan or program.\n total number shares purchased during quarter includes approximately 17391 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units pay withholding obligations for vesting of retention shares.\n effective january 1 , 2017  board of directors authorized repurchase of up to 120 million shares common stock by december 31 , 2020.\n repurchases may be made open market or through other transactions.\n management has sole discretion determining timing amount transactions.\n\nperiod                   | total number of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]\n------------------------ | ------------------------------------ | ---------------------------- | ----------------------------------------------------------------------------------- | ----------------------------------------------------------------\noct . 1 through oct . 31 | 6091605                              | $ 158.20                     | 6087727                                                                             | 32831024\nnov . 1 through nov . 30 | 3408467                              | 147.91                       | 3402190                                                                             | 29428834\ndec . 1 through dec . 31 | 3007951                              | 148.40                       | 3000715                                                                             | 26428119\ntotal                    | 12508023                             | $ 153.04                     | 12490632                                                                            | n/a"
}
{
    "_id": "dd497c582",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , 2014 table summarizes company's redeemable stock of subsidiaries balances periods indicated ( in millions ) :.\n 1 ) characteristics of quotas similar to common stock.\n colon 2014 year ended december 31 , 2016 , partner in colon increased ownership from 25% ( 25 % ) to 49. 9% ( 49. 9 % ) made capital contributions of $ 106 million.\n subsequent adjustments to allocate earnings and dividends to partner or measure investment at fair value classified as temporary equity each reporting period probable shares will become redeemable.\n ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , represented five series of preferred stock.\n total annual dividend requirements approximately $ 3 million at december 31 , 2016 and 2015.\n certain series of preferred stock redeemable solely at option of issuer at prices between $ 100 and $ 118 per share.\n holders of preferred stock entitled to elect majority of ipl's board of directors if ipl not paid dividends to preferred stockholders for four consecutive quarters.\n based stockholders' redemption of preferred shares not solely within control of issuer preferred stock considered temporary equity.\n dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015  represented three series of preferred stock issued by dp&l , wholly-owned subsidiary of dpl.\n dp&l preferred stock redeemable at dp&l's option as determined by board of directors at per-share redemption prices between $ 101 and $ 103 per share plus cumulative preferred dividends.\ndp&l's amended articles of incorporation contained provisions permitted preferred stockholders to elect members dp&l board of directors in cumulative dividends on preferred stock in arrears aggregate equivalent to at four full quarterly dividends.\n based on preferred stockholders' ability to elect dp&l board of directors redemption of preferred shares considered not solely within control of issuer preferred stock was considered temporary equity.\n in september 2016  became probable preferred shares would become redeemable.\n company recorded adjustment of $ 5 million to retained earnings to adjust preferred shares to redemption value of $ 23 million.\n in october 2016 , dp&l redeemed all preferred shares.\n upon redemption  preferred shares no longer outstanding all rights of holders as shareholders of dp&l ceased to exist.\n ipalco 2014 in february 2015  cdpq purchased 15% ( 15 % ) of aes us investment , inc. , wholly-owned subsidiary owns 100% ( 100 % ) of ipalco  for $ 247 million  with option to invest additional $ 349 million in ipalco through 2016 in exchange for 17. 65% ( 17. 65 % ) equity stake.\n in april 2015  cdpq invested additional $ 214 million in ipalco resulted in cdpq's combined direct and indirect interest in ipalco of 24. 90% ( 24. 90 % ).\n result of transactions $ 84 million in taxes and transaction costs recognized as net decrease to equity.\n company recognized increase to additional paid-in capital and reduction to retained earnings of 377 million for excess of fair value of shares over book value.\nno gain or loss recognized in net income transaction not a sale of in-substance real estate.\n in march 2016 , cdpq exercised remaining option investing $ 134 million in ipalco  resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ).\n company recognized increase to additional paid-in capital and reduction to retained earnings of $ 84 million for excess of fair value of shares over book value.\n in june 2016  cdpq contributed additional $ 24 million to ipalco  no impact to ownership structure of investment.\n subsequent adjustments to allocate earnings and dividends to cdpq classified as nci within permanent equity not probable shares become redeemable.\n\ndecember 31,                           | 2016  | 2015\n-------------------------------------- | ----- | -----\nipalco common stock                    | $ 618 | $ 460\ncolon quotas ( 1 )                     | 100   | 2014\nipl preferred stock                    | 60    | 60\nother common stock                     | 4     | 2014\ndpl preferred stock                    | 2014  | 18\ntotal redeemable stock of subsidiaries | $ 782 | $ 538"
}
{
    "_id": "dd4bd0a18",
    "title": "",
    "text": "2010.\n on november 1 , 2010  redeemed all $ 400 million of outstanding 6. 65% ( 6. 65 % ) notes due january 15 , 2011.\n redemption resulted in $ 5 million early extinguishment charge.\n receivables securitization facility 2013 at december 31 , 2010  recorded $ 100 million as secured debt under receivables securitization facility.\n ( see further discussion of receivables securitization facility in note 10. ) 15.\n variable interest entities entered into various lease transactions structure leases contain variable interest entities ( vies ).\n these vies created solely for purpose of lease transactions ( principally involving railroad equipment and facilities ) no other activities , assets or liabilities outside of lease transactions.\n within lease arrangements  right to purchase some or all assets at fixed prices.\n depending on market conditions , fixed-price purchase options in leases could potentially provide benefits to us ; benefits not expected to be significant.\n maintain and operate assets based on contractual obligations within lease arrangements , set specific guidelines consistent within railroad industry.\n no control over activities could materially impact fair value of leased assets.\n do not hold power to direct activities of vies and do not control ongoing activities significant impact on economic performance of vies.\n do not have obligation to absorb losses of vies or right to receive benefits of vies could potentially be significant to not considered to be primary beneficiary and do not consolidate these vies because actions and decisions do not have most significant effect on vie 2019s performance and fixed-price purchase price options not considered to potentially significant to vie 2019s.\n future minimum lease payments associated with vie leases totaled $ 4. 2 billion as of december 31 , 2010.\n 16.\nleases lease locomotives freight cars other property.\n consolidated statement financial position as of december 31 , 2010 and 2009 included $ 2520 million  net of $ 901 million accumulated depreciation $ 2754 million  net of $ 927 million accumulated depreciation for properties under capital leases.\n charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating capital leases with initial remaining non-cancelable lease terms excess of one year as of december 31, 2010  were : millions operating leases capital leases.\n majority of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 624 million in 2010  $ 686 million in 2009  $ 747 million in 2008.\n cash rental payments not made straight-line basis recognize variable rental expense straight-line basis over lease term.\n contingent rentals sub-rentals not significant.\n\nmillions                                | operatingleases | capitalleases\n--------------------------------------- | --------------- | -------------\n2011                                    | $ 613           | $ 311\n2012                                    | 526             | 251\n2013                                    | 461             | 253\n2014                                    | 382             | 261\n2015                                    | 340             | 262\nlater years                             | 2599            | 1355\ntotal minimum lease payments            | $ 4921          | $ 2693\namount representing interest            | n/a             | -784 ( 784 )\npresent value of minimum lease payments | n/a             | $ 1909"
}
{
    "_id": "dd49713c6",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements in tables above : 2030 gross fair values exclude effects of counterparty netting and collateral netting not representative of firm 2019s exposure.\n 2030 counterparty netting reflected in each level extent receivable and payable balances netted within same level included in counterparty netting in levels.\n where counterparty netting across levels  netting included in cross-level counterparty netting.\n 2030 derivative assets shown as positive amounts derivative liabilities shown as negative amounts.\n significant unobservable inputs table below presents amount of level 3 assets ( liabilities ) ranges, averages medians of significant unobservable inputs used to value firm 2019s level 3 derivatives.\n level 3 assets ( liabilities ) range of significant unobservable inputs ( average/median ) as of december $ in millions 2017 2016.\n in table above : 2030 derivative assets shown as positive amounts derivative liabilities shown as negative amounts.\n 2030 ranges represent significant unobservable inputs used in valuation of each type of derivative.\n 2030 averages represent arithmetic average of inputs not weighted by relative fair value or notional of respective financial instruments.\n average greater than median indicates majority of inputs below average.\n for difference between average and median for credit spreads and oil spread inputs indicates majority of inputs fall in lower end of range.\n 2030 ranges , averages medians of these inputs not representative of appropriate inputs to when calculating fair value of any one derivative.\n for highest correlation for interest rate derivatives appropriate for valuing specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative.\nranges of inputs not represent uncertainty in or possible fair value measurements of firm 2019s level 3 derivatives.\n 2030 interest rates , currencies and equities derivatives valued using option pricing models , credit derivatives valued using option pricing , correlation and discounted cash flow models commodities derivatives valued using option pricing and discounted cash flow models.\n 2030 fair value of one instrument may be determined using multiple valuation techniques.\n for option pricing models and discounted cash flows models typically used together to determine fair value.\n level 3 balance encompasses both these techniques.\n 2030 correlation within currencies and equities includes cross- product type correlation.\n 2030 natural gas spread represents spread per million british thermal units of natural gas.\n 2030 oil spread represents spread per barrel of oil and refined products.\n range of significant unobservable inputs information about ranges of significant unobservable inputs used to value firm 2019s level 3 derivative instruments : 2030 correlation.\n ranges for correlation cover variety of underliers within one product type (. equity index single stock names and across product types. interest rate currency across regions.\n cross-product type correlation inputs used to value more complex instruments lower than correlation inputs on assets within same derivative product type.\n 2030 volatility.\n ranges for volatility cover numerous underliers across variety of markets , maturities strike prices.\n for volatility of equity indices generally lower than volatility of single stocks.\n 2030 credit spreads , upfront credit points and recovery rates.\n ranges for credit spreads recovery cover variety of underliers ( index and single names ) regions  sectors  maturities credit qualities ( high-yield and investment-grade ).\nbroad range population gives rise to width ranges of significant unobservable inputs.\n 130 goldman sachs 2017 form 10-k\n\n$ in millions          | level 3 assets ( liabilities ) and range of significant unobservable inputs ( average/median ) as of december 2017 | level 3 assets ( liabilities ) and range of significant unobservable inputs ( average/median ) as of december 2016\n---------------------- | ------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------\ninterest rates net     | $ -410 ( 410 )                                                                                                     | $ -381 ( 381 )\ncorrelation            | ( 10 ) % (  % ) to 95% ( 95 % ) ( 71%/79% ( 71%/79 % ) )                                                           | ( 10 ) % (  % ) to 86% ( 86 % ) ( 56%/60% ( 56%/60 % ) )\nvolatility ( bps )     | 31 to 150 ( 84/78 )                                                                                                | 31 to 151 ( 84/57 )\ncredit net             | $ 1505                                                                                                             | $ 2504\ncorrelation            | 28% ( 28 % ) to 84% ( 84 % ) ( 61%/60% ( 61%/60 % ) )                                                              | 35% ( 35 % ) to 91% ( 91 % ) ( 65%/68% ( 65%/68 % ) )\ncredit spreads ( bps ) | 1 to 633 ( 69/42 )                                                                                                 | 1 to 993 ( 122/73 )\nupfront credit points  | 0 to 97 ( 42/38 )                                                                                                  | 0 to 100 ( 43/35 )\nrecovery rates         | 22% ( 22 % ) to 73% ( 73 % ) ( 68%/73% ( 68%/73 % ) )                                                              | 1% ( 1 % ) to 97% ( 97 % ) ( 58%/70% ( 58%/70 % ) )\ncurrencies net         | $ -181 ( 181 )                                                                                                     | $ 3\ncorrelation            | 49% ( 49 % ) to 72% ( 72 % ) ( 61%/62% ( 61%/62 % ) )                                                              | 25% ( 25 % ) to 70% ( 70 % ) ( 50%/55% ( 50%/55 % ) )\ncommodities net        | $ 47                                                                                                               | $ 73\nvolatility             | 9% ( 9 % ) to 79% ( 79 % ) ( 24%/24% ( 24%/24 % ) )                                                                | 13% ( 13 % ) to 68% ( 68 % ) ( 33%/33% ( 33%/33 % ) )\nnatural gas spread     | $ ( 2.38 ) to $ 3.34 ( $ ( 0.22 ) /$ ( 0.12 ) )                                                                    | $ ( 1.81 ) to $ 4.33 ( $ ( 0.14 ) /$ ( 0.05 ) )\noil spread             | $ ( 2.86 ) to $ 23.61 ( $ 6.47/$ 2.35 )                                                                            | $ ( 19.72 ) to $ 64.92 ( $ 25.30/$ 16.43 )\nequities net           | $ -1249 ( 1249 )                                                                                                   | $ -3416 ( 3416 )\ncorrelation            | ( 36 ) % (  % ) to 94% ( 94 % ) ( 50%/52% ( 50%/52 % ) )                                                           | ( 39 ) % (  % ) to 88% ( 88 % ) ( 41%/41% ( 41%/41 % ) )\nvolatility             | 4% ( 4 % ) to 72% ( 72 % ) ( 24%/22% ( 24%/22 % ) )                                                                | 5% ( 5 % ) to 72% ( 72 % ) ( 24%/23% ( 24%/23 % ) )"
}
{
    "_id": "dd497ab7e",
    "title": "",
    "text": "directors in advance for review.\n cbot directors determine proposed rule change impair business of cbot or business opportunities of holders cbot memberships, change must be submitted to committee of three cbot directors and two cme directors defined in bylaws ).\n rights our ability to take certain actions in best interests of company and shareholders including actions to operation open outcry trading facilities and pricing decisions may be limited by rights of members.\n item 1b. unresolved staff comments not applicable.\n item 2.\n properties global headquarters located in chicago , illinois at 20 south wacker drive.\n description of key locations and facilities.\n location primary use owned/leased lease expiration approximate size ( in square feet ) 1 ) 20 south wacker drive , chicago , illinois global headquarters and office space leased 2022 2 ) 490000 141 west jackson chicago , illinois trading floor and office space owned n/a 1500000 3 ) 550 west washington chicago, illinois office space leased 2023 225000 one north end new york , new york york trading floor and office space mixed ( 4 ) 2069 500000 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change , london office space leased 2026 40000 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 1 size represents amount space leased unless otherwise noted.\n 2 initial lease expires in 2022 with two consecutive options to extend term for seven and ten years .\n 3 we occupy approximately 425000 square feet of 141 west jackson complex.\n( 4 ) one north end property subject to ground lease with battery park city authority for site of our new york offices and trading facility.\n in accordance with terms of lease , we deemed to lease building and improvements from landlord.\n do not make lease payments to landlord related to building and receive financial benefit of rental income.\n ( 5 ) we occupy approximately 350000 square feet of one north end building.\n ( 6 ) have termination right effective in first quarter of 2012  intend to exercise in first quarter of 2011.\n ( 7 ) expect to occupy space at one new change in second quarter of 2011.\n also lease global office space around world and partnered with major global telecommunications carriers in with telecommunications hubs place data cabinets within carriers 2019 existing secured data centers.\n believe facilities adequate for current operations additional space can be obtained if needed.\n item 3.\n legal proceedings see 201clegal matters 201d in note 18.\n contingencies to consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure incorporated herein by reference.\n directors in advance for review.\n in event cbot directors determine discretion proposed rule change will impair business of cbot or business opportunities of holders of cbot memberships , such change must be submitted to committee of three cbot directors and two cme directors ( defined in bylaws ).\n with rights our ability to take certain actions in best interests of company and shareholders  including actions relating to operation of open outcry trading facilities and certain pricing decisions  may be limited by rights of members.\n item 1b. unresolved staff comments not applicable.\n item 2.\n properties global headquarters are located in chicago , illinois at 20 south wacker drive.\ndescription of key locations facilities.\n location primary use owned/leased lease expiration approximate size ( in square feet ) 1 ) 20 south wacker drive , chicago , illinois global headquarters office space leased 2022 ( 2 ) 490000 141 west jackson chicago , illinois chicago trading floor office space owned n/a 1500000 ( 3 ) 550 west washington chicago , illinois office space leased 2023 225000 one north end new york, new york trading floor and office space mixed ( 4 ) 2069 500000 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change, london office space leased 2026 40000 ( 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity co-location owned n/a 430000 1 ) size represents amount space leased unless otherwise noted.\n 2 initial lease expires 2022 two consecutive options to extend term for seven and ten years.\n 3 ) occupy approximately 425000 square feet of 141 west jackson complex.\n 4 ) one north end property subject to ground lease with battery park city authority for site new york offices and trading facility.\n accordance terms lease deemed to lease building improvements from landlord.\n do not make lease payments to landlord related receive financial benefit of rental income.\n 5 ) occupy approximately 350000 square feet of one north end building.\n 6 ) termination right effective in first quarter of 2012 intend to exercise in first quarter of 2011.\n 7 expect to occupy space at one new change in second quarter of 2011.\nlease global office space world partnered with major global telecommunications carriers with telecommunications hubs place data cabinets within carriers 2019 existing secured data centers.\n believe our facilities adequate for current operations additional space can be obtained if needed.\n item 3.\n legal proceedings see 201clegal matters 201d in note 18.\n contingencies to consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure incorporated herein by reference.\n\nlocation                             | primary use                             | owned/leased | lease expiration | approximate size ( in squarefeet ) ( 1 )\n------------------------------------ | --------------------------------------- | ------------ | ---------------- | ----------------------------------------\n20south wacker drive chicagoillinois | global headquarters and office space    | leased       | 2022 ( 2 )       | 490000\n141west jacksonchicago illinois      | chicago trading floor and office space  | owned        | n/a              | 1500000 ( 3 )\n550west washingtonchicago illinois   | office space                            | leased       | 2023             | 225000\nonenorth endnew york new york        | new york trading floor and office space | mixed ( 4 )  | 2069             | 500000 ( 5 )\n33cannon street london               | office space                            | leased       | 2019             | 14000 ( 6 )\nonenew change london                 | office space                            | leased       | 2026             | 40000 ( 7 )\nannexdata centerchicagoland area     | business continuity                     | leased       | 2014             | 100000\nremotedata centerchicagoland area    | business continuity                     | leased       | 2017             | 50000\ndatacenter 3chicagoland area         | business continuity and co-location     | owned        | n/a              | 430000"
}
{
    "_id": "dd4be8910",
    "title": "",
    "text": "3.\n dividends from subsidiaries and affiliates cash dividends received from consolidated subsidiaries affiliates accounted for by equity method were as follows ( in millions ) :.\n 4.\n guarantees and letters of credit guarantees 2014in connection with project financing , acquisition  power purchase agreements , company has undertaken limited obligations and commitments  most effective or terminated upon future events.\n these obligations commitments  excluding those collateralized by letter of credit other obligations limited as of december 31 , 2003  by terms agreements to aggregate of approximately $ 515 million representing 55 agreements with exposures from less than $ 1 million up to $ 100 million.\n, $ 147 million represents credit enhancements for non-recourse debt , $ 38 million commitments to fund equity in projects under development or construction.\n letters of credit 2014at december 31 , 2003 , company had $ 89 million in letters of credit outstanding 9 agreements with exposures from less than $ 1 million up to $ 36 million  to guarantee performance to certain project development construction activities subsidiary operations.\n company pays letter of credit fee from 0. 5% ( 0. 5 % ) to 5. 00% ( 5. 00 % ) per annum on outstanding amounts.\n company had $ 4 million in surety bonds outstanding at december 31 , 2003.\n\n| 2003  | 2002  | 2001\n------------ | ----- | ----- | ------\nsubsidiaries | $ 807 | $ 771 | $ 1038\naffiliates   | 43    | 44    | 21"
}
{
    "_id": "dd4b94608",
    "title": "",
    "text": "marathon oil corporation notes consolidated financial statements 7.\n dispositions outside-operated norwegian properties 2013 october 31 , 2008 closed sale of norwegian outside-operated properties undeveloped offshore acreage in heimdal area norwegian north sea for net proceeds $ 301 million pretax gain of $ 254 million as of december 31 , 2008.\n pilot travel centers 2013 october 8 , 2008 completed sale of 50 percent ownership interest in ptc.\n sale proceeds $ 625 million  pretax gain sale of $ 126 million.\n preceding sale received $ 75 million partial redemption of ownership interest from ptc accounted for return of investment.\n operated irish properties 2013 december 17 , 2008 agreed to sell operated properties in ireland for proceeds of $ 180 million  before post-closing adjustments cash on hand at closing.\n closing subject to completion of necessary administrative processes.\n as of december 31 , 2008  operating assets and liabilities classified as held for sale  disclosed by major class in following table : ( in millions ) 2008.\n 8.\n discontinued operations june 2 , 2006 sold russian oil exploration and production businesses in khanty-mansiysk region of western siberia.\n agreement received $ 787 million for businesses plus preliminary working capital closing adjustments of $ 56 million for total transaction value of $ 843 million.\n proceeds net of transaction costs and cash held by russian businesses at transaction date totaled $ 832 million.\n gain on sale of $ 243 million ( $ 342 million before income taxes ) reported in discontinued operations for 2006.\n income taxes on gain reduced by utilization capital loss carryforward.\n exploration and production segment goodwill of $ 21 million allocated to russian assets reduced reported gain.\nadjustments to sales price completed in 2007 additional gain on sale of $ 8 million ( $ 13 million before income taxes ) recognized.\n activities russian businesses reported as discontinued operations in consolidated statements of income statements cash flows for 2006.\n revenues applicable to discontinued operations were $ 173 million pretax income from discontinued operations was $ 45 million for 2006.\n\n( in millions )          | 2008\n------------------------ | -----\ncurrent assets           | $ 164\nnoncurrent assets        | 103\ntotal assets             | 267\ncurrent liabilities      | 62\nnoncurrent liabilities   | 199\ntotal liabilities        | 261\nnet assets held for sale | $ 6"
}
{
    "_id": "dd4bd103a",
    "title": "",
    "text": "we may elect to use foreign currency forward contracts to reduce risk from exchange rate fluctuations on intercompany transactions projected inventory purchases for our european canadian subsidiaries.\n we may enter into foreign currency forward contracts to reduce risk with exchange rate fluctuations on pound sterling balance sheet items.\n we do not enter into derivative financial instruments for speculative or trading purposes.\n foreign currency forward contracts outstanding as of december 31 , 2011 we receive.\n dollars in exchange for canadian dollars at average exchange rate of 1. 03 cad per $ 1. 00 .\n dollars in exchange for euros at exchange rate 20ac0. 77 per $ 1. 00 and euros in exchange for pounds sterling at exchange rate of a30. 84 per 20ac1. 00.\n as of december 31 , 2011 notional value of outstanding foreign currency forward contracts for our canadian subsidiary was $ 51. 1 million with contract maturities of 1 month or less  notional value of foreign currency forward contracts for european subsidiary was $ 50. 0 million with contract maturities of 1 month.\n as of december 31 , 2011 notional value of our outstanding foreign currency forward contract used to mitigate exchange rate fluctuations on pound sterling balance sheet items was 20ac10. 5 million  or $ 13. 6 million  with contract maturity of 1 month.\n foreign currency forward contracts not designated as cash flow hedges changes in their fair value recorded in other expense  net on consolidated statements of income.\n fair values of foreign currency forward contracts were liabilities of $ 0. 7 million and $ 0. 6 million as of december 31 , 2011 and 2010  included in accrued expenses on consolidated balance sheet.\n refer to note 10 to consolidated financial statements for discussion of fair value measurements.\nincluded in other expense , net were following amounts related to changes in foreign currency exchange rates derivative foreign currency forward contracts:.\n we enter into foreign currency forward contracts with major financial institutions with investment grade credit ratings exposed to credit losses in non-performance by these financial institutions.\n credit risk generally limited to unrealized gains in foreign currency forward contracts.\n we monitor credit quality of these financial institutions consider risk of counterparty default to minimal.\n we entered into foreign currency forward contracts to minimize impact of foreign currency exchange rate fluctuations on future cash flows, cannot be assured foreign currency exchange rate fluctuations not material adverse impact on our financial condition results of operations.\n inflation inflationary factors increases in cost of product overhead costs may adversely affect our operating results.\n not believe inflation material impact on our financial position or results of operations to date, high rate of inflation in future may have adverse effect on ability to maintain current levels of gross margin selling , general administrative expenses as percentage of net revenues if selling prices of products do not increase with increased costs.\n\nyear ended december 31 , ( in thousands )                  | year ended december 31 , 2011 | year ended december 31 , 2010 | 2009\n---------------------------------------------------------- | ----------------------------- | ----------------------------- | --------------\nunrealized foreign currency exchange rate gains ( losses ) | $ -4027 ( 4027 )              | $ -1280 ( 1280 )              | $ 5222\nrealized foreign currency exchange rate gains ( losses )   | 298                           | -2638 ( 2638 )                | -261 ( 261 )\nunrealized derivative losses                               | -31 ( 31 )                    | -809 ( 809 )                  | -1060 ( 1060 )\nrealized derivative gains ( losses )                       | 1696                          | 3549                          | -4412 ( 4412 )"
}
{
    "_id": "dd4bb8daa",
    "title": "",
    "text": "income tax expense.\n operating income 1 ) $ 5272 $ 4570 $ 4664 $ 5287 $ 4674 $ 4695 total nonoperating income expense ) 1 ) 2 ) ( 32 ) ( 108 ) ( 69 ) ) ( 70 ) income before income taxes 2 ) $ 5240 $ 4462 $ 4595 $ 5255 $ 4566 $ 4625 income tax expense 3 ) $ 270 $ 1290 $ 1250 $ 1539 $ 1352 $ 1312 effective tax rate 3 ) 5. 2% ( 5. 2 % ) 28. 9% ( 28. 9 % ) 27. 2% ( 27. 2 % ) 29. 3% ( 29. 3 % ) 29. 6% ( 29. 6 % ) 28. 4% ( 28. 4 % ) 1 ) see non-gaap financial measures for information reconciliation adjusted items.\n 2 ) net income ( loss ) attributable to.\n 3 ) gaap income tax expense effective tax rate for 2017 reflects $ 1. 2 billion net tax benefit related to 2017 tax act.\n company 2019s tax rate affected by tax rates foreign jurisdictions relative income earned company expects consistent near term.\n significant foreign jurisdictions lower statutory tax rates than.\n federal statutory rate of 35% ( 35 % ) include united kingdom channel islands  ireland netherlands.\n 2017.\n income tax expense gaap ) reflected 2022 amounts related to 2017 tax act : 2022 $ 106 million tax expense revaluation of deferred income tax assets ; 2022 $ 1758 million noncash tax benefit revaluation of deferred income tax liabilities ; 2022 $ 477 million tax expense mandatory repatriation of undistributed foreign earnings profits.\n2022 noncash expense of $ 16 million  associated with revaluation of deferred income tax liabilities domestic state local tax changes ; 2022 $ 173 million discrete tax benefits primarily related to stock-based compensation awards including $ 151 million related to adoption new accounting guidance stock-based compensation awards.\n see note 2 , significant accounting policies  for further information.\n as adjusted effective tax rate of 29. 3% ( 29. 3 % ) for 2017 excluded noncash deferred tax revaluation benefit of $ 1758 million and noncash expense of $ 16 million above not cash flow impact ensure comparability among periods presented.\n deemed repatriation tax expense of $ 477 million excluded from as adjusted results due to one-time nature ensure comparability among periods presented.\n 2016.\n income tax expense ( gaap ) reflected : 2022 net noncash benefit of $ 30 million associated with revaluation of certain deferred income tax liabilities ; 2022 benefit from $ 65 million of nonrecurring items including resolution of certain outstanding tax matters.\n as adjusted effective tax rate of 29. 6% ( 29. 6 % ) for 2016 excluded net noncash benefit of $ 30 million not cash flow impact ensure comparability among periods presented.\n 2015.\n income tax expense ( gaap ) reflected : 2022 net noncash benefit of $ 54 million associated with revaluation of certain deferred income tax liabilities ; 2022 benefit from $ 75 million of nonrecurring items due to realization of losses from changes in company 2019s organizational tax structure resolution of certain outstanding tax matters.\n as adjusted effective tax rate of 28. 4% ( 28. 4 % ) for 2015 excluded net noncash benefit of $ 54 million not cash flow impact ensure comparability among periods presented.\nbalance sheet overview as adjusted balance sheet table presents reconciliation of consolidated statement of financial condition presented on gaap basis to consolidated statement financial condition  excluding impact of separate account assets separate account collateral held under securities lending agreements ( related to lending separate account securities ) separate account liabilities collateral liabilities under securities lending agreements consolidated sponsored investment funds  including consolidated vies.\n company presents as adjusted balance sheet as additional information to enable investors to exclude certain assets equal and offsetting liabilities or noncontrolling interests not impact on stockholders 2019 equity or cash flows.\n management views as adjusted balance sheet  contains non-gaap financial measures  as economic presentation of company 2019s total assets and liabilities ; not advocate investors consider such non-gaap financial measures in isolation from or substitute for financial information prepared in accordance with gaap.\n separate account assets liabilities separate account collateral held under securities lending agreements separate account assets maintained by blackrock life limited , wholly owned subsidiary of company registered life insurance company in united kingdom  represent segregated assets for funding individual and group pension contracts.\n\n\n( in millions )                                   | gaap 2017      | gaap 2016        | gaap 2015        | gaap 2017        | gaap 2016        | 2015\n------------------------------------------------- | -------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------\noperating income ( 1 )                            | $ 5272         | $ 4570           | $ 4664           | $ 5287           | $ 4674           | $ 4695\ntotal nonoperating income ( expense ) ( 1 ) ( 2 ) | -32 ( 32 )     | -108 ( 108 )     | -69 ( 69 )       | -32 ( 32 )       | -108 ( 108 )     | -70 ( 70 )\nincome before income taxes ( 2 )                  | $ 5240         | $ 4462           | $ 4595           | $ 5255           | $ 4566           | $ 4625\nincome tax expense ( 3 )                          | $ 270          | $ 1290           | $ 1250           | $ 1539           | $ 1352           | $ 1312\neffective tax rate ( 3 )                          | 5.2% ( 5.2 % ) | 28.9% ( 28.9 % ) | 27.2% ( 27.2 % ) | 29.3% ( 29.3 % ) | 29.6% ( 29.6 % ) | 28.4% ( 28.4 % )"
}
{
    "_id": "dd4be5ef4",
    "title": "",
    "text": "realignment other 201d expenses.\n acquisition , integration  realignment other expenses for years ended december 31 , 2009 , 2008 2007  included ( in millions ) :.\n adjustment or impairment of acquired assets obligations relates to impairment on assets acquired in business combinations adjustments to certain liabilities of acquired companies due to changes in circumstances surrounding liabilities subsequent to related measurement period.\n consulting professional fees relate to third-party integration consulting in areas tax , compliance logistics human resources include third-party fees related to severance termination benefits matters.\n fees include legal fees related to litigation matters involving acquired businesses existed prior to acquisition or resulted from acquisition.\n during 2009 , commenced global realignment initiative to focus on business opportunities support strategic priorities.\n realignment initiated changes in work force , eliminating positions in some areas increasing others.\n approximately 300 employees from across globe affected by actions.\n result of changes work force headcount reductions from acquisitions recorded expense of $ 19. 0 million related to severance other employee termination-related costs.\n termination benefits provided in accordance with existing local government policies considered ongoing benefits.\n costs accrued when became probable estimable recorded as part of other current liabilities.\n majority of costs paid during 2009.\n information technology integration relates to non- capitalizable costs associated with integrating information systems of acquired businesses.\n in-process research and development charges for 2008 relate to acquisition of abbott spine.\n in-process research and development charges for 2007 relate to acquisitions of endius and orthosoft.\n in 2009  ceased using certain leased facilities recorded expense for remaining lease payments , less estimated sublease recoveries , wrote-off any assets used in those facilities.\nfacility and employee relocation relates to costs associated with relocating facilities.\n consolidated legacy european distribution centers into new distribution center in eschbach , germany.\n over past three years acquired of u. s.\n and foreign-based distributors.\n incurred costs related to acquisition and integration of businesses.\n certain litigation matters relate to costs recognized during year for estimated or actual settlement of legal matters including patent litigation commercial litigation matters matters from acquisitions of competitive distributorships in prior years.\n recognize expense for potential settlement of legal matter when believe probable loss incurred can reasonably estimate loss.\n in 2009  effort to settle many these matters to avoid further litigation costs.\n contract termination costs relate to terminated agreements in with integration of acquired companies.\n terminated contracts primarily relate to sales agents and distribution agreements.\n cash and cash equivalents 2013 consider all highly liquid investments with original maturity of three months or less to be cash equivalents.\n carrying amounts reported in balance sheet for cash cash equivalents valued at cost  approximates fair value.\n certificates of deposit 2013 invest in cash deposits with original maturities greater than three months classify these investments as certificates of deposit on consolidated balance sheet.\n carrying amounts reported in balance sheet for certificates of deposit valued at cost , approximates fair value.\n inventories 2013 inventories  net of allowances for obsolete and slow-moving goods stated at lower of cost or market  with cost determined on first-in first-out basis.\n property , plant and equipment 2013 property plant equipment carried at cost less accumulated depreciation.\ndepreciation computed straight-line method based estimated useful lives ten to forty years for buildings improvements three to eight years for machinery equipment.\n maintenance repairs expensed as incurred.\n review property  plant equipment for impairment whenever events changes indicate carrying value asset not recoverable.\n impairment loss recognized when estimated future undiscounted cash flows asset less than carrying amount.\n impairment loss measured as amount carrying amount asset exceeds fair value.\n z i m m e r h o l d i n g s , i n c.\n 2 0 0 9 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c55340 pcn : 043000000 ***%pcmsg|43 |00008|yes|no|02/24/2010 01:32|0|0|page valid  no graphics -- color : d|\n\n| 2009           | 2008             | 2007\n-------------------------------------------------------------------------------- | -------------- | ---------------- | --------------\nadjustment or impairment of acquired assets and obligations net                  | $ -1.5 ( 1.5 ) | $ -10.4 ( 10.4 ) | $ -1.2 ( 1.2 )\nconsulting and professional fees                                                 | 11.7           | 13.2             | 1.0\nemployee severance and retention including share-based compensation acceleration | 19.0           | 0.2              | 1.6\ninformation technology integration                                               | 1.1            | 0.7              | 2.6\nin-process research & development                                                | 2013           | 38.5             | 6.5\nvacated facilities                                                               | 1.4            | 2013             | 2013\nfacility and employee relocation                                                 | 5.4            | 7.5              | 2013\ndistributor acquisitions                                                         | 1.1            | 6.9              | 4.1\ncertain litigation matters                                                       | 23.4           | 2013             | 2013\ncontract terminations                                                            | 9.4            | 5.7              | 5.4\nother                                                                            | 4.3            | 6.2              | 5.2\nacquisition integration realignment and other                                    | $ 75.3         | $ 68.5           | $ 25.2"
}
{
    "_id": "dd4ba02f0",
    "title": "",
    "text": "consolidated financial statements 2014 weighted average grant-date fair value of share awards granted in years ended may 31 , 2007 2006 was $ 45 and $ 36 , respectively.\n total fair value of share awards vested during years ended may 31 , 2008 , 2007 2006 was $ 4. 1 million , $ 1. 7 million $ 1. 4 million ,.\n recognized compensation expenses for restricted stock of $ 5. 7 million , $ 2. 7 million , $ 1. 6 million in years ended may 31, 2008  2007 2006.\n as of may 31 , 2008  $ 15. 2 million of total unrecognized compensation cost related to unvested restricted stock awards expected to be recognized over average period 2. 9 years.\n employee stock purchase plan sale of 2. 4 million shares of common stock authorized.\n employees may designate up to $ 25 thousand or 20% ( % ) of annual compensation for purchase of stock.\n periods prior to october 1, 2006  price for shares purchased under plan was lower of 85% ( 85 % ) of market value on first day or last day of quarterly purchase period.\n quarterly purchase period beginning on october 1 , 2006  price for shares purchased plan is 85% ( 85 % ) of market value on last day of quarterly purchase period.\n at may 31 , 2008 , 0. 7 million shares issued under this plan 1. 7 million shares reserved for future issuance.\n weighted average grant-date fair value of each designated share purchased under plan was $ 6 , $ 8 and $ 8 in years ended may 31 , 2008 , 2007 2006 .\n for quarterly purchases after october 1 , 2006  fair value of each designated share purchased under employee stock purchase plan based on 15% ( 15 % ) discount on purchase date.\nfor purchases prior to october 1, 2006 , fair value of each designated share purchased under employee stock purchase plan estimated on date of grant using black-scholes valuation model using following weighted average assumptions:.\n risk-free interest rate based on yield of zero coupon united states treasury security with maturity equal to expected life of option from date of grant.\n assumption on expected volatility based on historical volatility.\n dividend yield assumption calculated using average stock price over preceding year and annualized amount of current quarterly dividend.\n since purchase price for shares under plan based on market value on first day or last day of quarterly purchase period , use expected life of three months to determine fair value of each designated share.\n\n| 2007               | 2006\n------------------------ | ------------------ | ------------------\nrisk-free interest rates | 4.93% ( 4.93 % )   | 3.72% ( 3.72 % )\nexpected volatility      | 37.02% ( 37.02 % ) | 26.06% ( 26.06 % )\ndividend yields          | 0.19% ( 0.19 % )   | 0.34% ( 0.34 % )\nexpected lives           | 3 months           | 3 months"
}
{
    "_id": "dd4c087b0",
    "title": "",
    "text": "royal caribbean cruises ltd.\n notes to consolidated financial statements 2014 continued ) note 9.\n stock-based employee compensation four stock-based compensation plans provide for awards to officers , directors key employees.\n plans consist of 1990 employee stock option plan , 1995 incentive stock option plan  2000 stock award plan  2008 equity plan.\n 1990 stock option plan and 1995 incentive stock option plan terminated terms in march 2000 and february 2005 .\n 2000 stock award plan  amended 2008 equity plan provide for issuance of incentive and non-qualified stock options , stock appreciation rights, iii ) restricted stock  iv ) restricted stock units v ) up to 13000000 performance shares of common stock for 2000 stock award plan and up to 5000000 performance shares of common stock for 2008 equity plan.\n during any calendar year no one individual granted awards of more than 500000 shares.\n options and restricted stock units outstanding as of december 31, 2009 vest in equal installments over four to five years from date of grant.\n options and restricted stock units forfeited if recipient ceases to be director or employee before shares vest.\n options granted at price not less than fair value of shares on date of grant expire not later than ten years after date of grant.\n provide employee stock purchase plan purchase by employees of up to 800000 shares of common stock aggregate.\n offerings to employees made quarterly basis.\n subject to certain limitations purchase price for each share of common stock equal to 90% ( 90 % ) of average of market prices of common stock as reported on new york stock exchange on first business day of purchase period and last business day of each month of purchase period.\n shares of common stock of 65005 , 36836 and 20759 issued under espp at weighted-average price of $ 12.78 , $ 20. 97 and $ 37. 25 during 2009 , 2008 2007  respectively.\n under chief executive officer 2019s employment agreement contributed 10086 shares of common stock quarterly to maximum of 806880 shares to trust on his behalf.\n in january 2009  employment agreement and related trust agreement amended.\n 768018 shares distributed from trust future quarterly share distributions issued directly to chief executive officer.\n total compensation expenses for employee stock-based compensation for year ended december 31 , 2009 was $ 16. 8 million.\n $ 16. 2 million included within marketing, selling administrative expenses $ 0. 6 million included within payroll and related expenses.\n total compensation expense for employee stock-based compensation for year ended december 31 , 2008 was $ 5. 7 million.\n, $ 6. 4 million  included benefit of approximately $ 8. 2 million due to change in employee forfeiture rate assumption included within marketing , selling administrative expenses income of $ 0. 7 million included within payroll and related expenses included benefit of approximately $ 1. 0 million due to change in forfeiture rate.\n total compensation expenses for employee stock-based compensation for year ended december 31 , 2007 was $ 19. 0 million.\n $ 16. 3 million included within marketing , selling administrative expenses $ 2. 7 million included within payroll and related expenses.\n fair value of each stock option grant estimated on date of grant using black-scholes option pricing model.\n estimated fair value of stock options less estimated forfeitures amortized over vesting period using graded-vesting method.\n assumptions in black-scholes option-pricing model expected volatility based on combination of historical and implied volatilities.\nrisk-free interest rate based on united states treasury zero coupon issues remaining term equal to expected option life assumed at date of grant.\n expected term calculated based on historical experience represents time period options remain outstanding.\n estimate forfeitures based on historical pre-vesting forfeiture rates revise to reflect actual experience.\n 2008 increased estimated forfeiture rate from 4% ( 4 % ) for options 8. 5% ( 8. 5 % ) for restricted stock units to 20% ( 20 % ) reflect changes employee retention rates.\n\n| 2009             | 2008             | 2007\n------------------------------- | ---------------- | ---------------- | ----------------\ndividend yield                  | 0.0% ( 0.0 % )   | 1.9% ( 1.9 % )   | 1.3% ( 1.3 % )\nexpected stock price volatility | 55.0% ( 55.0 % ) | 31.4% ( 31.4 % ) | 28.0% ( 28.0 % )\nrisk-free interest rate         | 1.8% ( 1.8 % )   | 2.8% ( 2.8 % )   | 4.8% ( 4.8 % )\nexpected option life            | 5 years          | 5 years          | 5 years"
}
{
    "_id": "dd4c5070e",
    "title": "",
    "text": "rm&t segment marathon 2019s rm&t operations use derivative commodity instruments to mitigate price risk of crude oil other feedstock purchases protect carrying values of excess inventories protect margins on fixed price sales of refined products lock-in price spread between refined products and crude oil.\n derivative instruments used to mitigate price risk between time foreign and domestic crude oil and other feedstock purchases for refinery supply are priced and when refined into salable petroleum products.\n natural gas options to manage price risk with approximately 60% ( 60 % ) of anticipated natural gas purchases for refinery use through first quarter of 2004 and 50% ( 50 % ) through second quarter of 2004.\n derivative commodity instruments to protect value of excess refined product , crude oil and lpg inventories.\n derivatives lock in margins with future fixed price sales of refined products to non-retail customers.\n derivative commodity instruments protect against decreases in future crack spreads.\n limited derivative instruments used to take advantage of opportunities in commodity markets.\n derivative gains ( losses ) in rm&t segment income for each last two years summarized in following table : strategy ( in millions ) 2003 2002.\n derivative losses occur when market prices increase offset by gains on underlying physical commodity transaction.\n conversely derivative gains occur when market prices decrease offset by losses on underlying physical commodity transaction.\n segment marathon used derivative instruments to convert fixed price of long-term gas sales contract to market prices.\n underlying physical contract is for specified annual quantity of gas matures in 2008.\nmarathon use derivative instruments to convert shorter term typically less than a year ) fixed price contracts to market prices ongoing purchase for resale activity hedge purchased gas injected into storage for resale.\n derivative gains ( losses ) in oerb segment income were $ 19 million , $ ( 8 ) million $ ( 29 ) million for 2003  2002 2001.\n oerb 2019s trading activity gains ( losses ) of $ ( 7 ) million , $ 4 million $ ( 1 ) million in 2003  2002 2001 included in amounts.\n commodity risk marathon subject to basis risk  caused by factors relationship between commodity futures prices in derivative commodity instruments and cash market price of underlying commodity.\n natural gas transaction prices based on industry reference prices vary from prices local markets.\n new york mercantile exchange ( 201cnymex 201d ) contracts for natural gas priced at louisiana 2019s henry hub  underlying quantities natural gas may be produced and sold in western united states at prices not strict correlation with nymex prices.\n commodity price changes in one region not reflected in other regions derivative commodity instruments may no longer provide expected hedge increased exposure to basis risk.\n regional price differences could yield favorable or unfavorable results.\n otc transactions used to manage exposure to portion of basis risk.\n marathon subject to liquidity risk  by timing delays in liquidating contract positions due to potential inability to identify counterparty willing accept offsetting position.\n due to large number of active participants liquidity risk exposure low for exchange-traded transactions.\n\nstrategy ( in millions )                      | 2003           | 2002\n--------------------------------------------- | -------------- | --------------\nmitigate price risk                           | $ -112 ( 112 ) | $ -95 ( 95 )\nprotect carrying values of excess inventories | -57 ( 57 )     | -41 ( 41 )\nprotect margin on fixed price sales           | 5              | 11\nprotect crack spread values                   | 6              | 1\ntrading activities                            | -4 ( 4 )       | 2013\ntotal net derivative losses                   | $ -162 ( 162 ) | $ -124 ( 124 )"
}
{
    "_id": "dd497692a",
    "title": "",
    "text": "70| duke realty corporation annual report 2009 table summarizes transactions for our rsus  excluding dividend equivalents for 2009 : weighted average number of grant date restricted stock units rsus fair value.\n compensation cost recognized for rsus totaled $ 7. 3 million , $ 4. 9 million and $ 3. 0 million for years ended december 31 , 2009 , 2008 and 2007  respectively.\n as of december 31 , 2009 $ 6. 7 million of total unrecognized compensation expense related to nonvested rsus granted under plan expected to be recognized over weighted average period of 3. 3 years.\n 14 financial instruments exposed to capital market risk  changes in interest rates.\n manage interest rate risk may enter into interest rate hedging arrangements.\n do not utilize derivative financial instruments for trading or speculative purposes.\n in november 2007  entered into forward starting interest swaps with notional amounts to hedge interest rates on $ 300. 0 million of anticipated debt offerings in 2009.\n forward starting swaps designated and tested for effectiveness as cash flow hedges.\n in march 2008 settled forward starting swaps made cash payment of $ 14. 6 million to counterparties.\n effectiveness test performed settlement date concluded highly effective cash flow hedge still in place for expected debt offering.\n amount paid in settlement  approximately $ 700000 reclassified to interest expense result of partial ineffectiveness calculated at settlement date.\n net amount of $ 13. 9 million recorded in other comprehensive income ( ) recognized through interest expense over life of hedged debt offering took place in may 2008.\n remaining unamortized amount as reduction to accumulated oci as of december 31, 2009 is $ 9. 3 million.\n in august 2005  entered into $ 300.0 million cash flow hedges through forward starting interest rate swaps to hedge interest rates on $ 300. 0 million anticipated debt offerings in 2007.\n swaps qualified for hedge accounting  changes in fair value recorded in oci.\n with september 2007 issuance of $ 300. 0 million of senior unsecured notes  terminated cash flow hedges designated.\n settlement amount received of $ 10. 7 million recognized to earnings through reduction of interest expense over term of hedged cash flows.\n remaining unamortized amount included as increase to accumulated oci as of december 31, 2009 is $ 8. 2 million.\n ineffective portion of hedge insignificant.\n effectiveness of hedges evaluated throughout lives using hypothetical derivative method change in fair value of actual swap as hedging instrument compared to change in fair value of hypothetical swap.\n no material interest rate derivatives  considering fair value and notional amount at december 31 , 2009.\n\nrestricted stock units   | number of rsus     | weighted average grant date fair value\n------------------------ | ------------------ | --------------------------------------\nrsus at december 31 2008 | 401375             | $ 29.03\ngranted                  | 1583616            | $ 9.32\nvested                   | -129352 ( 129352 ) | $ 28.39\nforfeited                | -172033 ( 172033 ) | $ 12.53\nrsus at december 31 2009 | 1683606            | $ 12.23"
}
{
    "_id": "dd4bd8682",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements ( continued ) in thousands except per share data ) company considered provision of eitf issue no.\n 95-8 , accounting for contingent consideration paid to shareholders of acquired enterprise in purchase business combination concluded contingent consideration represents additional purchase price.\n during fourth quarter of fiscal 2007 company paid approximately $ 19000 to former suros shareholders for first annual earn-out period resulting in increase to goodwill for same amount.\n goodwill will increased by amount additional consideration , if when becomes due and payable for second annual earn-out.\n in addition to earn company increased goodwill related to suros acquisition $ 210 during year ended september 29 , 2007.\n increase primarily related to recording liability of approximately $ 550 in accordance with eitf 95-3 related to termination of certain employees ceased all services for company.\n approximately $ 400 of liability paid during year ended september 29 , 2007 balance expected to be paid by end of second quarter of fiscal 2008.\n increase partially offset by decrease to goodwill result of change in valuation of certain assets and liabilities acquired based on information received during year ended september 29 , 2007.\n no other material changes to purchase price allocations as disclosed in company 2019s form 10-k for year ended september 30 , 2006.\n as part of purchase price allocation all intangible assets part of acquisition were identified and valued.\n determined only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values.\n customer relationship represents suros large installed base expected to purchase disposable products regular basis.\n trade name represent suros product names company intends to continue to use.\ndeveloped technology and know how represents marketable purchased products company continues to resell utilize to enhance incorporate into company 2019s existing products.\n estimated $ 4900 of purchase price allocated to in-process research and development projects primarily related to suros 2019 disposable products.\n projects at various stages of completion include next generation handpiece and site marker technologies.\n company continued to work on projects expects be completed during fiscal 2008.\n deferred income tax liability relates to tax effect of acquired identifiable intangible assets  fair value adjustments to acquired inventory amounts not deductible for tax purposes partially offset by acquired net operating loss carry forwards company believes realizable.\n for acquisitions discussed goodwill represents excess of purchase price over net identifiable tangible and intangible assets acquired.\n company determined acquisition of each aeg , biolucent , r2 suros resulted in recognition of goodwill because of synergies unique to company strength of acquired workforce.\n supplemental unaudited pro-forma information pro forma information presents consolidated results of operations of company , r2 suros as if acquisitions occurred at beginning of fiscal 2006  with pro forma adjustments to give effect to amortization of intangible assets  increase in interest expense on acquisition financing certain other adjustments with related tax effects:.\n\n| 2006\n------------------------------------------ | --------\nnet revenue                                | $ 524340\nnet income                                 | 28649\nnet income per share 2014basic             | $ 0.55\nnet income per share 2014assuming dilution | $ 0.33"
}
{
    "_id": "dd4c3be4e",
    "title": "",
    "text": "part ii  item 8 20.\n pension benefit plans adoption of sfas 158 in september 2006 financial accounting standards board issued sfas 158 ( employer 2019s accounting for defined benefit pension postretirement plans amendment of fasb statements no.\n 87 , 88  106 132 ( r ).\n sfas 158 required schlumberger to recognize funded status. difference between fair value of plan assets benefit obligation ) of defined benefit pension postretirement plans ( collectively 201cpostretirement benefit plans 201d ) in december 31, 2006 consolidated balance sheet corresponding adjustment to accumulated other comprehensive income  net of tax.\n adjustment accumulated comprehensive income adoption represents net unrecognized actuarial losses unrecognized prior service costs previously netted against schlumberger 2019s postretirement benefit plans 2019 funded status in consolidated balance sheet provisions of sfas 87 ( employers 2019 accounting for pensions ) sfas 106 ( employer 2019s accounting postretirement benefits other than pensions ).\n amounts recognized as net periodic postretirement cost consistent with schlumberger 2019s historical accounting policy for amortizing amounts.\n adoption of sfas 158 no effect on schlumberger 2019s consolidated statement of income for year ended december 31 , 2006 or prior period not affect schlumberger 2019s operating results in future periods.\n sfas 158 not effect on schlumberger 2019s consolidated balance sheet at december 31  sfas 158 required companies to measure fair value of plan assets benefit obligations as of date of fiscal year-end balance sheet.\n provision sfas 158 not applicable schlumberger uses measurement date of december 31 for postretirement benefit plans.\nincremental effect of applying sfas 158 on consolidated balance sheet at december 31 , 2006 for schlumberger 2019s postretirement benefit plans presented in table : ( stated in millions ) prior to application of sfas 158 sfas 158 adoption adjustments application sfas 158.\n adoption 158 schlumberger 2019s total liabilities increased by approximately 2% ( 2 % ) stockholders 2019 equity decreased by approximately 3% ( 3 % ).\n impact on schlumberger 2019s total assets insignificant.\n united states defined benefit pension plans schlumberger and united states subsidiary sponsor several defined benefit pension plans cover all employees hired prior to october 1, 2004.\n benefits based on years of service compensation on career-average pay basis.\n funding policy qualified pension plans annually contribute amounts based upon factors including actuarial accrued liability  amounts deductible for income tax purposes  legal funding requirements available cash flow.\n contributions intended to provide for benefits earned to date and expected to be earned in future.\n\n| prior to application of sfas 158 | sfas 158 adoption adjustments | after application of sfas 158\n---------------------------------------- | -------------------------------- | ----------------------------- | -----------------------------\ndeferred taxes ( current )               | $ 191                            | $ -28 ( 28 )                  | $ 163\ndeferred taxes ( long-term )             | $ 186                            | $ 227                         | $ 413\nother assets                             | $ 416                            | $ -243 ( 243 )                | $ 173\naccounts payable and accrued liabilities | $ 3925                           | $ -77 ( 77 )                  | $ 3848\npostretirement benefits                  | $ 713                            | $ 323                         | $ 1036\naccumulated other comprehensive loss     | $ -879 ( 879 )                   | $ -290 ( 290 )                | $ -1169 ( 1169 )"
}
{
    "_id": "dd4bc5dac",
    "title": "",
    "text": "entergy gulf states , inc.\n management's financial discussion analysis.\n volume/weather variance due to higher electric sales volume in service territory.\n billed usage increased 517 gwh in residential and commercial sectors.\n increase offset by decrease in industrial usage of 470 gwh due to loss of two large industrial customers to cogeneration.\n customers accounted for approximately 1% ( 1 % ) of entergy gulf states' net revenue in 2002.\n deferred fuel costs of $ 8. 9 million related to texas fuel reconciliation case written off $ 6. 5 million expense resulted from adjustment in deregulated asset plan percentage power uprate at river bend.\n increase in net wholesale revenue due to increase in sales volume to municipal and co- op customers affiliated systems related to entergy's generation resource planning.\n base rate decreases effective june 2002 and january 2003 in louisiana jurisdiction.\n january 2003 base rate decrease of $ 22. 1 million minimal impact on net income due to reduction in nuclear depreciation and decommissioning expenses with change in accounting to reflect assumed extension of river bend's useful life.\n 2002 gain of $ 15. 2 million recognized for louisiana portion of 1988 nelson units 1 and 2 sale.\n entergy gulf states received approval from lpsc to discontinue applying amortization of gain against recoverable fuel recognition deferred gain in income.\n rate refund provisions caused decrease in net revenue due to additional provisions recorded in 2003 2002 potential rate actions.\n gross operating revenues fuel and purchased power expenses revenues increased due to increase of $ 440. 2 million in fuel cost recovery revenues higher fuel rates in louisiana and texas jurisdictions.\n fuel and purchased power expenses increased $ 471. 1 million due to increase in market prices of natural gas and purchased power.\nincome statement variances 2004 compared to 2003 operation maintenance expenses decreased due to 2022 voluntary severance program accruals $ 22. 5 million in 2003 ; 2022 decrease $ 4. 3 million nuclear material labor costs due to reduced staff 2004.\n\n| ( in millions )\n----------------------------- | ---------------\n2002 net revenue              | $ 1130.7\nvolume/weather                | 17.8\nfuel write-offs in 2002       | 15.3\nnet wholesale revenue         | 10.2\nbase rate decreases           | -23.3 ( 23.3 )\nnisco gain recognized in 2002 | -15.2 ( 15.2 )\nrate refund provisions        | -11.3 ( 11.3 )\nother                         | -14.1 ( 14.1 )\n2003 net revenue              | $ 1110.1"
}
{
    "_id": "dd4b99f4a",
    "title": "",
    "text": "management 2019s discussion analysis table presents operating results of institutional client services segment.\n.\n includes net revenues related to reinsurance of $ 1. 08 billion , $ 880 million $ 827 million for years ended december 2012 december 2011 december 2010 .\n 2012 versus 2011.\n net revenues in institutional client services were $ 18. 12 billion for 2012 , 5% ( 5 % ) higher than 2011.\n net revenues in fixed income  currency commodities client execution were $ 9. 91 billion for 2012, 10% ( 10 % ) higher than 2011.\n results reflected strong net revenues in mortgages higher compared with 2011.\n net revenues in credit products interest rate products solid higher compared with 2011.\n increases offset by lower net revenues in commodities slightly lower net revenues in currencies.\n broad market concerns persisted during 2012  fixed income  currency commodities client execution operated in improved environment tighter credit spreads less challenging market-making conditions compared with 2011.\n net revenues in equities were $ 8. 21 billion for 2012  unchanged compared with 2011.\n net revenues in securities services higher compared with 2011  reflecting gain of approximately $ 500 million on sale of hedge fund administration business.\n equities client execution net revenues higher than 2011  reflecting higher results in cash products due to increased client activity.\n increases offset by lower commissions fees reflecting lower market volumes.\n during 2012 equities operated in environment by increase in global equity prices lower volatility levels.\nnet loss attributable to impact of changes in credit spreads on borrowings for fair value option elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income  currency commodities client execution equities client execution ) for 2012  compared with net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income  currency commodities execution equities execution ) for 2011.\n during 2012  institutional client services operated in environment by continued broad market concerns and uncertainties positive developments improve market conditions.\n developments included central bank actions to ease monetary policy address funding risks for european financial institutions.\n u.\n economy posted stable improving economic data including favorable developments in unemployment and housing.\n improvements resulted in tighter credit spreads higher global equity prices lower volatility.\n concerns about outlook for global economy political uncertainty debate surrounding fiscal cliff resulted in client risk aversion lower activity levels.\n uncertainty over financial regulatory reform persisted.\n if concerns uncertainties continue long net revenues in fixed income  currency commodities client execution equities would likely be negatively impacted.\n operating expenses were $ 12. 48 billion for 2012 , 3% ( 3 % ) lower than 2011 due to lower brokerage  clearing  exchange distribution fees  lower impairment charges offset by higher net provisions for litigation and regulatory proceedings.\n pre-tax earnings were $ 5. 64 billion in 2012 , 27% ( 27 % ) higher than 2011.\n versus 2010.\n net revenues in institutional client services were $ 17. 28 billion for 2011 , 21% ( 21 % ) lower than 2010.\n net revenues in fixed income , currency and commodities client execution were $ 9.02 billion for 2011 , 34% ( 34 % ) lower than 2010.\n although activity levels during 2011 generally consistent with 2010 levels results solid during first quarter of 2011 , environment remainder of 2011 characterized by broad market concerns uncertainty  in volatile markets wider credit spreads  contributed to difficult market-making conditions led to reductions in risk by us clients.\n result of these conditions net revenues across franchise lower including significant declines in mortgages credit products , compared with 2010.\n 54 goldman sachs 2012 annual report\n\nin millions                                            | year ended december 2012 | year ended december 2011 | year ended december 2010\n------------------------------------------------------ | ------------------------ | ------------------------ | ------------------------\nfixed income currency and commodities client execution | $ 9914                   | $ 9018                   | $ 13707\nequities client execution1                             | 3171                     | 3031                     | 3231\ncommissions and fees                                   | 3053                     | 3633                     | 3426\nsecurities services                                    | 1986                     | 1598                     | 1432\ntotal equities                                         | 8210                     | 8262                     | 8089\ntotal net revenues                                     | 18124                    | 17280                    | 21796\noperating expenses                                     | 12480                    | 12837                    | 14994\npre-tax earnings                                       | $ 5644                   | $ 4443                   | $ 6802"
}
{
    "_id": "dd4bfabec",
    "title": "",
    "text": "intangible assets subject to amortization  estimated aggregate amortization expense for each five succeeding fiscal years is : 2009 - $ 41. 1 million , 2010 - $ 27. 3 million , 2011 - $ 20. 9 million , 2012 - $ 17. 0 million  2013 - $ 12. 0 million.\n fees and expenses related to merger totaled $ 102. 6 million , principally of investment banking fees , legal fees stock compensation ( $ 39. 4 million discussed in note 10 )  reflected in 2007 results of operations.\n capitalized debt issuance costs as of merger date of $ 87. 4 million for merger-related financing reflected in other long- term assets in consolidated balance sheet.\n following represents unaudited pro forma results of company 2019s consolidated operations as if merger occurred on february 3 , 2007 and february 4 , 2006  after effect to certain adjustments  including depreciation and amortization of assets acquired based on estimated fair values changes in interest expense resulting from changes in consolidated debt ( in thousands ) : ( in thousands ) year ended february 1 , year ended february 2.\n pro forma information not indicative of company 2019s results of operations if acquisition occurred at beginning of periods presented not intended to projection of company 2019s future results of operations.\n subsequent to announcement of merger agreement company and directors  with other parties named in seven putative class actions filed in tennessee state courts alleging claims for breach of fiduciary duty proposed merger described under 201clegal proceedings 201d in note 8 below.\n 3.\n strategic initiatives during 2006  company began implementing strategic initiatives related to historical inventory management and real estate strategies described below.\ninventory management in november 2006 , company undertook initiative to discontinue historical inventory packaway model for all merchandise by end of fiscal 2007.\n under packaway model certain unsold inventory items ( primarily seasonal merchandise ) stored on-site returned to sales floor until items sold , damaged or discarded.\n through end-of-season other markdowns initiative resulted in elimination of seasonal , home products basic clothing packaway merchandise to allow for increased levels of newer  current-season merchandise.\n connection strategic change third quarter of 2006 company recorded reserve for lower of cost or market inventory\n\n( in thousands ) | year endedfebruary 12008 | year endedfebruary 22007\n---------------- | ------------------------ | ------------------------\nrevenue          | $ 9495246                | $ 9169822\nnet loss         | -57939 ( 57939 )         | ( 156188 )"
}
{
    "_id": "dd4beb516",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 as of december 31, 2006  company held ten interest rate swap agreements manage exposure variable rate interest obligations under amt opco spectrasite credit facilities four forward starting interest rate swap agreements manage exposure variability in cash flows forecasted interest payments connection securitization company designated as cash flow hedges.\n eight american tower swaps had aggregate notional amount $ 450. 0 million fixed rates between 4. 63% ( 4. 63 % ) and 4. 88% ( 4. 88 % ) two spectrasite swaps aggregate notional amount $ 100. 0 million fixed rate of 4. 95% ( 4. 95 % ).\n four forward starting interest rate swap agreements aggregate notional amount $ 900. 0 million  fixed rates between 4. 73% ( 4. 73 % ) and 5. 10% ( 5. 10 % ).\n december 31 , 2006 company held three interest rate swap instruments one interest rate cap instrument acquired in spectrasite , inc.\n merger in august 2005 not designated as cash flow hedges.\n three interest rate swaps  fair value $ 6. 7 million at date of acquisition aggregate notional amount $ 300. 0 million  fixed rate of 3. 88% ( 3. 88 % ).\n interest rate cap notional amount $ 175. 0 million  fixed rate of 7. 0% ( 7. 0 % )  expired in february 2006.\n of december 31 , 2006 other comprehensive income includes unrealized gains on short term available-for-sale securities of $ 10. 4 million unrealized gains related to interest rate swap agreements table above of $ 5. 7 million , net of tax.\n year ended december 31 , 2006 company recorded net unrealized gain of approximately $ 6. 5 million ( net of tax provision of approximately $ 3.5 million ) comprehensive loss for change in fair value of interest rate swaps cash flow hedges reclassified $ 0. 7 million ( net income tax benefit of $ 0. 2 million ) into results of operations during year ended december 31 , 2006.\n 9.\n commitments contingencies lease obligations 2014the company leases land  office tower space under operating leases expire over various terms.\n leases contain renewal options with increases in lease payments upon exercise renewal option.\n escalation clauses in operating leases excluding tied to cpi inflation-based indices recognized on straight-line basis over non-cancelable term of lease.\n see note 1. future minimum rental payments under non-cancelable operating leases include payments for certain renewal periods at company 2019s option failure to renew could result in loss of tower site related revenues from tenant leases assured company will renew lease.\n payments in effect at december 31 , 2007 follows ( in thousands ) : year ending december 31.\n aggregate rent expense ( including effect straight-line rent expense ) under operating leases for years ended december 31 , 2007 , 2006 2005 approximated $ 246. 4 million , $ 237. 0 million $ 168. 7 million , respectively.\n\n2008       | $ 217969\n---------- | ---------\n2009       | 215763\n2010       | 208548\n2011       | 199024\n2012       | 190272\nthereafter | 2451496\ntotal      | $ 3483072"
}
{
    "_id": "dd4bd7b9c",
    "title": "",
    "text": "aeronautics business segment engaged in research design development manufacture integration sustainment support upgrade of advanced military aircraft  including combat air mobility aircraft  unmanned air vehicles related technologies.\n aeronautics 2019 major programs include f-35 lightning ii joint strike fighter c-130 hercules f-16 fighting falcon c-5m super galaxy f-22 raptor.\n aeronautics 2019 operating results included in millions ) :.\n 2015 compared to 2014 aeronautics 2019 net sales 2015 increased $ 650 million  or 4% ( 4 % )  compared to 2014.\n increase attributable to higher net sales of $ 1. 4 billion for f-35 production contracts due to increased volume aircraft production sustainment activities approximately $ 150 million for c-5 program due to increased deliveries ( nine aircraft delivered 2015 compared to seven 2014 ).\n increases partially offset by lower net sales of $ 350 million for c-130 program due to fewer aircraft deliveries ( 21 aircraft delivered 2015 compared to 24 2014 ) lower sustainment activities aircraft contract mix ; approximately $ 200 million due to decreased volume lower risk retirements programs $ 195 million for f-16 program due to fewer deliveries ( 11 aircraft delivered 2015 compared to 17 2014 approximately $ 190 million for f-22 program decreased sustainment activities.\n aeronautics 2019 operating profit in 2015 increased $ 32 million  or 2% ( 2 % )  compared to 2014.\n operating profit increased by approximately $ 240 million for f-35 production contracts due to increased volume risk retirements approximately $ 40 million for c-5 program due to increased risk retirements.\n increases offset by lower operating profit of approximately $ 90 million for f-22 program due to lower risk retirements approximately $ 70 million for c-130 program lower net sales approximately $ 80 million due to decreased volume risk retirements on various programs.\nadjustments not related to volume including net profit booking rate adjustments other approximately $ 100 million higher in 2015 compared to 2014.\n 2014 aeronautics 2019 net sales increased $ 797 million  or 6% ( 6 % )  in 2014 2013.\n increase attributable to higher net sales of $ 790 million for f-35 production contracts due to increased volume sustainment activities ; $ 55 million for f-16 program due to increased deliveries ( 17 aircraft delivered in 2014 compared to 13 2013 ) partially offset by contract mix $ 45 million for f-22 program due to increased risk retirements.\n increases partially offset by lower net sales of $ 55 million for f-35 development contract due to decreased volume partially offset by absence in 2014 of downward revision to profit booking rate 2013 $ 40 million for c-130 program due to fewer deliveries ( 24 aircraft delivered in 2014 compared to 25 2013 ) decreased sustainment activities partially offset by contract mix.\n aeronautics 2019 operating profit increased $ 37 million  or 2% ( 2 % )  in 2014 compared to 2013.\n increase attributable to higher operating profit of $ 85 million for f-35 development contract due to absence 2014 of downward revision to profit booking rate 2013 $ 75 million for f-22 program due to increased risk retirements $ 50 million for c-130 program due to increased risk retirements contract mix partially offset by fewer deliveries $ 25 million for c-5 program due to absence in 2014 of downward revisions to profit booking rate 2013.\n increases partially offset by lower operating profit of $ 130 million for f-16 program due to decreased risk retirements partially offset by increased deliveries about $ 70 million for sustainment activities due to decreased risk retirements and volume.\n operating profit comparable for f-35 production contracts higher volume offset by lower risk retirements.\nadjustments not related to volume including net profit booking rate adjustments other matters approximately $ 105 million lower 2014 compared 2013.\n\n| 2015             | 2014             | 2013\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 15570          | $ 14920          | $ 14123\noperating profit    | 1681             | 1649             | 1612\noperating margins   | 10.8% ( 10.8 % ) | 11.1% ( 11.1 % ) | 11.4% ( 11.4 % )\nbacklog at year-end | $ 31800          | $ 27600          | $ 28000"
}
{
    "_id": "dd4bcc92c",
    "title": "",
    "text": "item 1b.\n unresolved staff comments not applicable.\n item 2.\n properties global headquarters in chicago , illinois at 20 south wacker drive.\n description of key locations and facilities.\n location primary use owned/leased lease expiration approximate size ( in square feet ) 1 ) 20 south wacker drive chicago , illinois global headquarters office space leased 2032 ( 2 ) 512000 141 west jackson chicago illinois trading floor office space leased 2027 ( 3 ) 150000 333 s.\n lasalle chicago , illinois trading floor office space owned n/a 300000 550 west washington chicago illinois office space leased 2023 250000 one north end new york , new york trading floor office space leased 2028 ( 4 ) 240000.\n data center 3 chicagoland area business continuity co-location leased 2031 ( 5 ) 83000 bagmane tech park bangalore , office space leased 2020 ( 6 ) 72000 ( 1 ) size represents amount space leased or owned unless otherwise noted.\n 2 initial lease expires in 2032 two consecutive options to extend term for five years each.\n ( 3 ) initial lease expires 2027 options to extend term expand premises.\n ( 4 ) initial lease expires 2028 options to extend term expand premises.\n 2019 premises reduced to 225000 square feet.\n 5 ) march 2016 company sold datacenter in chicago area for $ 130. 0 million.\n company leased back portion of property.\n 6 ) initial lease expires 2020 option to extend term option to terminate early.\n item 3.\n legal proceedings see 201clegal and regulatory matters 201d in note 12.\ncontingencies consolidated financial statements beginning page 87 cme group 2019s legal proceedings disclosure incorporated herein reference.\n item 4.\n safety disclosures not applicable.\n\nlocation                               | primary use                          | owned/leased | lease expiration | approximate size ( in square feet ) ( 1 )\n-------------------------------------- | ------------------------------------ | ------------ | ---------------- | -----------------------------------------\n20 south wacker drive chicago illinois | global headquarters and office space | leased       | 2032 ( 2 )       | 512000\n141 west jacksonchicago illinois       | trading floor and office space       | leased       | 2027 ( 3 )       | 150000\n333 s . lasallechicago illinois        | trading floor and office space       | owned        | n/a              | 300000\n550 west washingtonchicago illinois    | office space                         | leased       | 2023             | 250000\none north endnew york new york         | trading floor and office space       | leased       | 2028 ( 4 )       | 240000\none new change london                  | office space                         | leased       | 2026             | 58000\ndata center 3chicagoland area          | business continuity and co-location  | leased       | 2031 ( 5 )       | 83000\nbagmane tech park bangalore india      | office space                         | leased       | 2020 ( 6 )       | 72000"
}
{
    "_id": "dd49791ac",
    "title": "",
    "text": "hold interest rate swap agreement to hedge benchmark interest rate of $ 375 million 5. 0% ( 5. 0 % ) senior unsecured notes due july 1 , 2014.\n effect swap to convert 5. 0% ( 5. 0 % ) fixed interest rate to variable interest rate based on three-month libor plus 2. 05% ( 2. 05 % ) ( 2. 42% ( 2. 42 % ) as of october 29 , 2011 ).\n term loan facility of $ 145 million bears interest at fluctuating rate for each period equal to libor rate corresponding with tenor interest period plus spread of 1. 25% ( 1. 25 % ) ( 1. 61% ( 1. 61 % ) as of october 29, 2011 ).\n if libor increases by 100 basis points annual interest expense increase by approximately $ 5 million.\n hypothetical change in interest rates not impact interest expense on $ 375 million of 3% ( 3 % ) fixed-rate debt  not hedged.\n as of october 30 , 2010  similar 100 basis point increase in libor would have resulted in increase approximately $ 4 million to annual interest expense.\n foreign currency exposure described in note 2i notes to consolidated financial statements item 8 annual report form 10-k regularly hedge non-u.\n dollar-based exposures by entering into forward foreign currency exchange contracts.\n terms contracts for periods matching duration of underlying exposure range from one month to twelve months.\n largest foreign currency exposure is euro because european operations have highest proportion of local currency denominated expenses.\n relative foreign currency exposures october 29, 2011 october 30 , 2010 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over year would expose us to approximately $ 6 million in losses in earnings or cash flows.\nmarket risk associated with derivative instruments results from currency exchange rates expected to offset market risk of underlying transactions  assets and liabilities hedged.\n counterparties to agreements relating to foreign exchange instruments consist of major international financial institutions with high credit ratings.\n based on credit ratings of counterparties as of october 29, 2011 we not believe significant risk of nonperformance by them.\n contract notional amounts of derivative financial instruments provide one measure of volume of transactions not represent amount our exposure to credit risk.\n amounts potentially subject to credit risk ( from possible inability of counterparties to meet terms of contracts ) are generally limited to amounts  if by counterparties 2019 obligations under contracts exceed our obligations to counterparties.\n following table illustrates effect 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates relative to.\n dollar on fair value of our forward exchange contracts as of october 29, 2011 and october 30 , 2010:.\n fair value of forward exchange contracts after 10% ( 10 % ) unfavorable movement in foreign currency exchange rates.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 17859 $ 22062 fair value of forward exchange contracts after 10% ( 10 % ) favorable movement in foreign currency exchange rates.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ ( 13332 ) $ ( 7396 ) calculation assumes each exchange rate would change in same direction relative to u.\n dollar.\n direct effects of changes in exchange rates changes affect volume of sales or foreign currency sales price as competitors 2019 products become more or less attractive.\nsensitivity analysis of effects changes foreign currency exchange rates not factor in potential change in sales levels or local currency selling prices.\n\n| october 29 2011    | october 30 2010\n----------------------------------------------------------------------------------------------------------------------------- | ------------------ | ----------------\nfair value of forward exchange contracts asset                                                                                | $ 2472             | $ 7256\nfair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset   | $ 17859            | $ 22062\nfair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability | $ -13332 ( 13332 ) | $ -7396 ( 7396 )"
}
{
    "_id": "dd4c3fdbe",
    "title": "",
    "text": "item 7a.\n quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.\n use derivative instruments established guidelines policies to manage these risks.\n derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.\n interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.\n majority of debt ( approximately 94% ( 94 % ) and 93% ( 93 % ) as of december 31, 2017 and 2016  ) bears interest at fixed rates.\n have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.\n fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.\n increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest 10 % ) decrease in interest rates.\n used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.\n any interest rate swaps outstanding as of december 31 , 2017.\n had $ 791. 0 of cash , cash equivalents marketable securities as of december 31, 2017 generally invest in conservative short-term bank deposits or securities.\n interest income from investments subject to domestic and foreign interest rate movements.\n during 2017 and 2016  had interest income of $ 19. 4 and $ 20. 1 , respectively.\n based on 2017 results 100 basis-point increase or decrease in interest rates would affect interest income by approximately $ 7. 9  assuming all cash cash equivalents marketable securities impacted same balances remain constant from year-end 2017 levels.\nforeign currency rates subject to translation and transaction risks related to changes in foreign currency exchange rates.\n we report revenues and expenses in u. s.\n dollars changes in exchange rates may positively or negatively affect consolidated revenues and expenses ( expressed in.\n dollars ) from foreign operations.\n foreign currencies most impacted our results during 2017 included british pound sterling lesser brazilian real south african rand.\n based on 2017 exchange rates operating results if u. s.\n dollar to strengthen or weaken by 10% ( 10 % ) estimate operating income would decrease or increase approximately 4% ( 4 % ), assuming all currencies impacted same international revenue and expenses remain constant at 2017 levels.\n functional currency of foreign operations is generally respective local currency.\n assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.\n resulting translation adjustments recorded as component of accumulated other comprehensive loss  net of tax  in stockholders 2019 equity section of consolidated balance sheets.\n foreign subsidiaries generally collect revenues and pay expenses in functional currency  mitigating transaction risk.\n certain subsidiaries may enter into transactions in currencies other than functional currency.\n assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.\n currency transaction gains or losses from transactions in currencies other than functional currency included in office and general expenses.\n regularly review foreign exchange exposures may material impact on business use foreign currency forward exchange contracts or other derivative financial instruments to hedge effects of potential adverse fluctuations in foreign currency exchange rates.\n do not enter into foreign exchange contracts or other derivatives for speculative purposes.\n\nas of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates\n------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------\n2017               | $ -20.2 ( 20.2 )                                                                   | $ 20.6\n2016               | -26.3 ( 26.3 )                                                                     | 26.9"
}
{
    "_id": "dd4bf8022",
    "title": "",
    "text": "entergy mississippi , inc.\n management's financial discussion and analysis sources of capital sources to meet capital requirements include : internally generated funds ; cash on hand ; debt or preferred stock issuances ; bank financing under new or existing facilities.\n entergy may refinance or redeem debt and preferred stock prior to maturity  extent market conditions interest dividend rates favorable.\n all debt and common and preferred stock issuances by require prior regulatory approval.\n preferred stock debt issuances subject to issuance tests in corporate charter , bond indenture , other agreements.\n entergy mississippi has sufficient capacity under these tests to meet foreseeable capital needs.\n has two separate credit facilities in aggregate amount $ 50 million renewed both facilities through may 2009.\n borrowings under credit facilities may be secured by security interest in accounts.\n no borrowings outstanding under either credit facility as of december 31 , 2008.\n entergy obtained short-term borrowing authorization from ferc may borrow through march 31 , 2010  up to aggregate amount of $ 175 million.\n see note 4 to financial statements for discussion of entergy's short-term borrowing limits.\n obtained order from ferc authorizing long-term securities issuances.\n current long-term authorization extends through june 30 , 2009.\n's receivables from or payables to money pool were as follows as of december 31 for each of following years:.\n in may 2007 , $ 6. 6 million of entergy mississippi's receivable from money pool was replaced by note receivable from entergy new orleans.\n see note 4 to financial statements for description of money pool.\nstate local rate regulation rates entergy mississippi charges for electricity influence its financial position results of operations liquidity.\n entergy mississippi is regulated rates charged to customers determined in regulatory proceedings.\n governmental agency , mpsc , primarily responsible for approval of rates charged to customers.\n formula rate plan in march 2008  entergy mississippi made annual scheduled formula rate plan filing for 2007 test year with mpsc.\n filing showed $ 10. 1 million increase in annual electric revenues warranted.\n june 2008 , entergy mississippi reached settlement with mississippi public utilities staff result in $ 3. 8 million rate increase.\n in january 2009 mpsc rejected settlement left current rates in effect.\n entergy mississippi appealed mpsc's decision to mississippi supreme court.\n\n2008             | 2007             | 2006             | 2005\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n( $ 66044 )      | $ 20997          | $ 39573          | ( $ 84066 )"
}
{
    "_id": "dd4c57fa4",
    "title": "",
    "text": "year.\n beginning 2013  ventures pay dividends quarterly basis.\n in 2013 , 2012 2011  received cash dividends of $ 92 million , $ 83 million and $ 78 million  respectively.\n in 2012 nantong venture completed expansion of acetate flake and acetate tow capacity each by 30000 tons.\n made contributions of $ 29 million from 2009 through 2012 related to capacity expansion in nantong.\n similar expansions ventures led to earnings growth increased dividends for company.\n according to euromonitor database services china estimated to 42% ( 42 % ) share of world's 2012 cigarette consumption.\n cigarette consumption in china expected to grow at rate of 1. 9% ( 1. 9 % ) per year from 2012 through 2017.\n combined ventures are leader in chinese domestic acetate production believe well positioned to supply chinese cigarette producers.\n ownership interest in each cellulose derivatives ventures exceeds 20% ( 20 % ) account for investments using cost method of accounting cannot exercise significant influence over entities due to local government investment influence entities limitations on involvement in day-to-day operations present inability of entities to provide timely financial information in accordance with generally accepted accounting principles in united states of america ( \"us ).\n 2022 other equity method investments infraservs.\n hold indirect ownership interests in several german infraserv groups own develop industrial parks provide on-site general administrative support to tenants.\n ownership interest in equity investments in infraserv affiliates are as follows : as of december 31 , 2013 ( in percentages ).\n research and development businesses are innovation-oriented conduct research and development activities to develop new  optimize existing production technologies develop commercially viable new products and applications.\nconsider amounts spent during each last three fiscal years on research and development activities to sufficient to execute current strategic initiatives.\n intellectual property attach importance to protecting our intellectual property , including through patents , trademarks , copyrights product designs in to preserve investment in research and development , manufacturing marketing.\n patents may cover processes , products , intermediate products product uses.\n also seek to register trademarks protecting brand names of company and products.\n protect intellectual property against infringement seek to register design protection where appropriate.\n patents.\n in most industrial countries , patent protection exists for new substances formulations, for certain unique applications production processes.\n , we do business in regions world where intellectual property protection may be limited difficult to enforce.\n maintain strict information security policies and procedures wherever do business.\n such information security policies procedures include data encryption  controls over disclosure safekeeping of confidential information employee awareness training.\n monitor competitive developments defend against infringements on intellectual property rights.\n trademarks.\naoplus ae , ae2  ae3 , ateva ae  avicor ae  britecoat ae  celanese ae  celanex ae  celcon ae  celfx 2122 , celstran ae  celvolit ae  clarifoil ae  compel ae  duroset ae  ecovae ae  factor ae  fortron ae  gur ae  hostaform ae  impet ae  mowilith ae  nutrinova ae  qorus 2122 , riteflex ae  sunett ae  tcx 2122, thermx ae  tufcor ae  vandar ae  vantage ae  vantageplus 2122 , vantage ae2  vectra ae  vinamul ae  vitaldose ae  zenite ae other branded products services in document are registered trademarks service marks owned licensed by celanese.\n not exhaustive comprehensive list of all registered trademarks service marks by celanese.\n fortron ae registered trademark of fortron industries llc.\n\n| as of december 31 2013 ( in percentages )\n--------------------------------- | -----------------------------------------\ninfraserv gmbh & co . gendorf kg  | 39\ninfraserv gmbh & co . knapsack kg | 27\ninfraserv gmbh & co . hoechst kg  | 32"
}
{
    "_id": "dd498d03a",
    "title": "",
    "text": "to maturity at any time in whole or part at option of company at 201cmake-whole 201d redemption price.\n 2017 notes issued at discount of $ 6 million amortized over ten-year term.\n company incurred approximately $ 4 million of debt issuance costs amortized over ten years.\n at december 31 , 2013  $ 2 million of unamortized debt issuance costs included in other assets on consolidated statement of financial condition.\n 13.\n commitments and contingencies operating lease commitments company leases primary office spaces under agreements expire through 2035.\n future minimum commitments under operating leases are as follows : ( in millions ).\n rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011  respectively.\n investment commitments.\n at december 31 , 2013  company had $ 216 million of various capital commitments to fund sponsored investment funds including funds private equity funds real estate funds infrastructure funds  opportunistic funds distressed credit funds.\n amount excludes additional commitments by consolidated funds of funds to third-party funds third-party noncontrolling interest holders have legal obligation to fund commitments of funds.\n timing of funding of commitments unknown commitments callable on demand any time prior to expiration of commitment.\n unfunded commitments not recorded on consolidated statements of financial condition.\n commitments do not include potential future commitments approved by company not yet legally binding.\n company intends to make additional capital commitments to fund additional investment products for with clients.\n contingencies contingent payments.\n company acts as portfolio manager in credit default swap transactions has maximum potential exposure of $ 17 million under credit default swap between company and counterparty.\nsee note 7 , derivatives and hedging , for further discussion.\n contingent payments related to business acquisitions.\n in connection with credit suisse etf transaction  blackrock required to make contingent payments annually to credit suisse  subject to achieving specified thresholds during seven-year period  subsequent to acquisition date.\n in addition blackrock required to make contingent payments related to mgpa transaction during five-year period  subject to achieving specified thresholds subsequent to acquisition date.\n fair value of contingent payments at december 31 , 2013 not significant to consolidated statement of financial condition included in other liabilities.\n legal proceedings.\n to blackrock receives subpoenas or other requests for information from various.\n federal , state governmental domestic international regulatory authorities in connection with industry-wide other investigations or proceedings.\n blackrock 2019s policy to cooperate fully with such inquiries.\n company and certain subsidiaries named as defendants in various legal actions including arbitrations other litigation in connection with blackrock 2019s activities.\n certain blackrock- sponsored investment funds company manages subject to lawsuits potentially could harm investment returns of applicable fund or result in company liable to funds for resulting damages.\n management  after consultation with legal counsel does not anticipate aggregate liability  if arising out of regulatory matters or lawsuits will have material effect on blackrock 2019s results of operations , financial position  or cash flows.\n no assurance to such pending or threatened matters material effect on blackrock 2019s results of operations , financial position or cash flows in future reporting period.\n due to uncertainties surrounding outcome of these matters  management cannot reasonably estimate possible loss or range of loss from these matters.\nindemnifications.\n in ordinary course of business or connection with acquisition agreements , blackrock enters into contracts it may agree to indemnify third parties in certain circumstances.\n terms of indemnities vary from contract to contract amount of indemnification liability cannot be determined or likelihood of liability is considered remote.\n no liability recorded on consolidated statement of financial condition.\n in connection with securities lending transactions blackrock issued indemnifications to securities lending clients against potential loss from borrower 2019s failure to fulfill obligations under securities lending agreement should value of collateral pledged by borrower at default be insufficient to cover borrower 2019s obligation under securities lending agreement.\n at december 31 , 2013  company indemnified clients for securities lending loan balances of approximately $ 118. 3 billion.\n company held as agent , cash and securities totaling $ 124. 6 billion as collateral for indemnified securities on loan at december 31 , 2013.\n fair value of indemnifications not material at december 31 , 2013.\n\nyear       | amount\n---------- | ------\n2014       | $ 135\n2015       | 127\n2016       | 110\n2017       | 109\n2018       | 106\nthereafter | 699\ntotal      | $ 1286"
}
{
    "_id": "dd498655a",
    "title": "",
    "text": "2011 compared to 2010 mst 2019s net sales 2011 decreased $ 311 million or 4% ( 4 % ) compared to 2010.\n decrease attributable to decreased volume $ 390 million for ship and aviation system programs ( primarily maritime patrol aircraft ptds ) $ 75 million for training and logistics solutions programs.\n partially offsetting decreases higher sales of $ 165 million from production on lcs program.\n mst 2019s operating profit for 2011 decreased $ 68 million  or 10% ( 10 % )  compared to 2010.\n decrease attributable to decreased operating profit $ 55 million increased reserves for contract cost matters on ship and aviation system programs including terminated presidential helicopter program ) $ 40 million due to lower volume increased reserves on training and logistics solutions.\n partially offsetting decreases higher operating profit of $ 30 million 2011 due to recognition of reserves on undersea systems programs 2010.\n adjustments not related to volume  including net profit rate adjustments approximately $ 55 million lower in 2011 compared to 2010.\n backlog backlog increased in 2012 2011 due to increased orders on ship and aviation system programs primarily mh-60 lcs ) partially offset decreased orders higher sales volume on integrated warfare systems and sensors programs primarily aegis ).\n backlog decreased slightly in 2011 2010 due to higher sales volume on integrated warfare systems and sensors programs.\n expect mst 2019s net sales to decline in 2013 low single digit percentage range compared to 2012 due to completion of ptds deliveries 2012 expected lower volume on training services programs.\n operating profit and margin expected to increase slightly from 2012 levels due to anticipated improved contract performance.\n space systems business segment engaged in research development  design engineering production of satellites  strategic defensive missile systems  space transportation systems.\n responsible for classified systems services support vital national security systems.\nspace systems 2019 major programs include space-based infrared system sbirs advanced extremely high frequency ( aehf ) system  mobile user objective system muos ) global positioning satellite ( gps ) iii system  geostationary operational environmental satellite r-series goes  trident ii d5 fleet ballistic missile  orion.\n operating results for space systems business segment include equity interests in united launch alliance ( ula )  expendable launch services for u. s.\n government  united space alliance ( usa )  processing activities for space shuttle program winding down following last space shuttle mission 2011 joint venture manages u. k. 2019s atomic weapons establishment program.\n space systems 2019 operating results included ( in millions ) :.\n 2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million  or 2% ( 2 % ) compared to 2011.\n increase attributable to higher net sales of $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one 2011 ) $ 125 million from orion program due to higher volume increase in risk retirements approximately $ 70 million from increased volume on strategic and defensive missile programs.\n partially offsetting increases were lower net sales of approximately $ 105 million from government satellite programs primarily sbirs and muos ) decreased volume decline in risk retirements $ 55 million from nasa external tank program  ended with completion space shuttle program in 2011.\n\n| 2012             | 2011             | 2010\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 8347           | $ 8161           | $ 8268\noperating profit    | 1083             | 1063             | 1030\noperating margins   | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % )\nbacklog at year-end | 18100            | 16000            | 17800"
}
{
    "_id": "dd4c0b726",
    "title": "",
    "text": "table of contents adjustments may result from tax examinations.\n outcome of tax audits be predicted with certainty.\n if issues in company 2019s tax audits resolved not consistent with management 2019s expectations company could be required to adjust provision for income taxes in period resolution occurs.\n liquidity and capital resources table presents financial information and statistics of for years ended september 28 , 2013 , september 29 , 2012 september 24 , 2011 ( in millions ) company believes existing balances of cash cash equivalents marketable securities will be sufficient to satisfy working capital needs capital asset purchases outstanding commitments other liquidity requirements with existing operations over next 12 months.\n company anticipates cash for future dividends and share repurchase program will come from current domestic cash  cash generated from on-going.\n operating activities borrowings.\n as of september 28 , 2013 and september 29 , 2012 , $ 111. 3 billion and $ 82. 6 billion  respectively of company 2019s cash  cash equivalents marketable securities were held by foreign subsidiaries generally based in.\n dollar-denominated holdings.\n amounts held by foreign subsidiaries subject to.\n income taxation on repatriation.\n company 2019s marketable securities investment portfolio invested primarily in highly-rated securities investment policy limits credit exposure to any one issuer.\n policy requires investments to be investment grade with objective of minimizing potential risk of principal loss.\n during 2013  cash generated from operating activities of $ 53. 7 billion was result of $ 37. 0 billion of net income , non-cash adjustments to net income of $ 10. 2 billion increase in net change in operating assets and liabilities of $ 6. 5 billion.\n cash used in investing activities of $ 33.8 billion 2013 consisted primarily of net purchases sales maturities of marketable securities $ 24. 0 billion cash used to acquire property  plant equipment $ 8. 2 billion.\n cash used in financing activities 2013 consisted primarily cash repurchase common stock $ 22. 9 billion cash pay dividends dividend equivalent rights $ 10. 6 billion  partially offset by net proceeds from issuance long-term debt $ 16. 9 billion.\n 2012  cash generated from operating activities $ 50. 9 billion result of $ 41. 7 billion net income non-cash adjustments to net income $ 9. 4 billion offset by decrease in net operating assets liabilities $ 299 million.\n cash used in investing activities 2012 $ 48. 2 billion consisted primarily net purchases sales maturities of marketable securities $ 38. 4 billion cash used to acquire property  plant equipment $ 8. 3 billion.\n cash used in financing activities 2012 $ 1. 7 billion consisted primarily cash pay dividends dividend equivalent rights $ 2. 5 billion.\n capital assets company 2019s capital expenditures were $ 7. 0 billion 2013 $ 499 million for retail store facilities $ 6. 5 billion for other capital expenditures including product tooling manufacturing process equipment other corporate facilities infrastructure.\n company 2019s actual cash payments for capital expenditures 2013 were $ 8. 2 billion.\n\n| 2013               | 2012               | 2011\n--------------------------------------------------- | ------------------ | ------------------ | ------------------\ncash cash equivalents and marketable securities     | $ 146761           | $ 121251           | $ 81570\nproperty plant and equipment net                    | $ 16597            | $ 15452            | $ 7777\nlong-term debt                                      | $ 16960            | $ 0                | $ 0\nworking capital                                     | $ 29628            | $ 19111            | $ 17018\ncash generated by operating activities              | $ 53666            | $ 50856            | $ 37529\ncash used in investing activities                   | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | $ -40419 ( 40419 )\ncash generated/ ( used in ) by financing activities | $ -16379 ( 16379 ) | $ -1698 ( 1698 )   | $ 1444"
}
{
    "_id": "dd4bf5c14",
    "title": "",
    "text": "stock performance graph : graph shows cumulative total shareholder return assuming investment $ 100  on december 31 , 2013 reinvestment of dividends thereafter in company 2019s common stock versus standard and poor 2019s s&p 500 retail index ( 201cs&p 500 retail index 201d ) standard and poor 2019s s&p 500 index ( 201cs&p 500 201d ).\n\ncompany/index                 | december 31 , 2013 | december 31 , 2014 | december 31 , 2015 | december 31 , 2016 | december 31 , 2017 | december 31 , 2018\n----------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ------------------ | ------------------\no 2019reilly automotive inc . | $ 100              | $ 150              | $ 197              | $ 216              | $ 187              | $ 268\ns&p 500 retail index          | 100                | 110                | 137                | 143                | 184                | 208\ns&p 500                       | $ 100              | $ 111              | $ 111              | $ 121              | $ 145              | $ 136"
}
{
    "_id": "dd4bf7a0a",
    "title": "",
    "text": "item 2.\n properties summary of significant locations at december 31 , 2011 shown in following table.\n all facilities leased except for 165000 square feet of our office in alpharetta , georgia.\n square footage amounts are net of space sublet or part of facility restructuring.\n all facilities used by trading and investing or balance sheet management segments  in addition corporate/other category.\n all other leased facilities with space less than 25000 square feet not listed by location.\n in addition to significant facilities we also lease all 28 e*trade branches, ranging space from approximately 2500 to 7000 square feet.\n believe facilities space adequate to meet needs in 2012.\n item 3.\n legal proceedings on october 27 , 2000  ajaxo , inc.\n ( 201cajaxo 201d ) filed complaint in superior court for state of california , county of santa clara.\n ajaxo sought damages and non-monetary relief for company 2019s alleged breach of non-disclosure agreement with ajaxo pertaining to certain wireless technology ajaxo offered damages and other relief against company for alleged misappropriation of ajaxo 2019s trade secrets.\n following jury trial judgment entered in 2003 in favor of ajaxo against company for $ 1. 3 million for breach of ajaxo non-disclosure agreement.\n jury found in favor of ajaxo claim for misappropriation of trade secrets trial court denied ajaxo 2019s requests for additional damages and relief.\n on december 21 , 2005  california court of appeal affirmed award against company for breach of nondisclosure agreement but remanded case to trial court for determining additional damages ajaxo may be entitled to result of jury 2019s previous finding in favor of ajaxo on claim against company for misappropriation of trade secrets.\ncompany paid ajaxo full amount due on above judgment case remanded back to trial court on may 30 , 2008  jury returned verdict in favor of company denying all claims and demands for damages against company.\n following trial court 2019s filing of entry judgment in favor company on september 5 , 2008  ajaxo filed post-trial motions for vacating judgment requesting new trial.\n by order dated november 4 , 2008  trial court denied these motions.\n on december 2 , 2008  ajaxo filed notice of appeal with court of appeal of state of california for sixth district.\n oral argument on appeal heard on july 15 , 2010.\n august 30 , 2010  court of appeal affirmed trial court 2019s verdict in part reversed verdict in part remanding case.\n e*trade petitioned supreme court of california for review of court of appeal decision.\n december 16 , 2010  california supreme court denied company 2019s petition for review remanded for further proceedings to trial court.\n september 20 , 2011  trial court granted limited discovery at conference on november 4 , 2011  set motion schedule and trial date.\n trial continue on may 14 , 2012.\n company to defend itself vigorously.\n on october 2 , 2007  class action complaint alleging violations of federal securities laws filed in united states district court for southern district of new york against company then\n\nlocation               | approximate square footage\n---------------------- | --------------------------\nalpharetta georgia     | 260000\narlington virginia     | 119000\njersey city new jersey | 107000\nmenlo park california  | 91000\nsandy utah             | 66000\nnew york new york      | 39000\nchicago illinois       | 25000"
}
{
    "_id": "dd4bdff40",
    "title": "",
    "text": "vertex pharmaceuticals incorporated notes to consolidated financial statements continued.\n significant revenue arrangements continued $ 7 million of development and commercialization milestone payments.\n kissei agreed to reimburse company for certain development costs including portion of costs for phase 2 trials of vx-702.\n research funding ended program in june 2000 company received full amount research funding specified under agreement.\n kissei has exclusive rights to develop commercialize vx-702 in japan certain far east countries co-exclusive rights in china  taiwan south korea.\n company retains exclusive marketing rights outside far east co-exclusive rights in china taiwan south korea.\n company will right to supply bulk drug material to kissei for sale in its territory receive royalties drug supply payments on future product sales .\n in 2006 , 2005 2004  approximately $ 6. 4 million , $ 7. 3 million $ 3. 5 million  recognized as revenue under agreement.\n $ 7. 3 million revenue recognized in 2005 includes $ 2. 5 million milestone paid upon kissei 2019s completion of regulatory filings preparation for phase 1 clinical development of vx-702 in japan.\n.\n employee benefits company has 401 ( k ) retirement plan ( 201cvertex 401 ( k ) plan 201d ) all permanent employees eligible to participate.\n participants may contribute up to 60% ( 60 % ) of annual compensation to vertex 401 ( k ) plan subject to statutory limitations.\n company may declare discretionary matching contributions to vertex 401 ( k ) plan payable in form of vertex common stock.\n match paid in form of fully vested interests in vertex common stock fund.\n employees ability to transfer funds from company stock fund as choose.\ncompany declared matching contributions to vertex 401 ( k ) plan follows ( in thousands ) : q.\n related party transactions as of december 31 , 2006 , 2005 2004 , company had loan outstanding to former officer company amount of $ 36000 , $ 36000 , $ 97000 , respectively initially advanced in april 2002.\n loan balance included in other assets on consolidated balance sheets.\n in 2001  company entered four year consulting agreement with director company for provision part-time consulting services over four years  at rate of $ 80000 per year commencing january 2002.\n consulting agreement terminated in january 2006.\n.\n contingencies company has certain contingent liabilities arise in ordinary course of business activities.\n company accrues reserve for contingent liabilities when probable future expenditures be made such expenditures can be reasonably estimated.\n discretionary matching contributions during year ended december 31, $ 3341 $ 2894 $ 2492 shares issued during year ended december 31 , 91 215 239 shares issuable as of year ended december 31, 28 19 57\n\n| 2006   | 2005   | 2004\n----------------------------------------------------------------------- | ------ | ------ | ------\ndiscretionary matching contributions during the year ended december 31, | $ 3341 | $ 2894 | $ 2492\nshares issued during the year ended december 31,                        | 91     | 215    | 239\nshares issuable as of the year ended december 31,                       | 28     | 19     | 57"
}
{
    "_id": "dd4b9d0b4",
    "title": "",
    "text": "cme invests contributions in assets mirror assumed investment choices.\n balances in plans subject to claims of general creditors exchange totaled $ 38. 7 million and $ 31. 8 million at december 31 , 2012 and 2011 respectively.\n value of plans recorded as asset in marketable securities in consolidated balance sheets, equal and offsetting liability.\n investment results of plans have no impact on net income as investment results recorded in equal amounts to both investment income and compensation and benefits expense.\n supplemental savings plan.\n cme maintains supplemental plan to provide benefits for employees impacted by statutory limits under provisions qualified pension and savings plan.\n employees in plan subject to vesting requirements of underlying qualified plans.\n deferred compensation plan.\n deferred compensation plan maintained by cme  eligible officers and members of board of directors may contribute percentage of compensation and defer income taxes until time of distribution.\n comex members 2019 retirement plan and benefits.\n comex maintains retirement and benefit plan under comex members 2019 recognition and retention plan ( mrrp ).\n plan provides benefits to certain members of comex division based on long-term membership participation limited to individuals comex division members prior to nymex 2019s acquisition of comex in 1994.\n no new participants permitted into plan after date acquisition.\n under terms mrrp company required to fund plan with minimum annual contribution of $ 0. 8 million until fully funded.\n benefits paid under mrrp based on reasonable actuarial assumptions based upon amounts available and expected to be available to pay benefits.\n total contributions to plan were $ 0. 8 million for each of 2010 through 2012.\n at december 31 , 2012 and 2011 , obligation for mrrp totaled $ 22. 7 million and $ 21. 6 million , respectively.\n assets with fair value of $ 18.4 million and $ 17. 7 million allocated to plan at december 31 , 2012 and 2011 , respectively included in marketable securities and cash cash equivalents in consolidated balance sheets.\n balances in plans subject to claims of general creditors of comex.\n 13.\n commitments operating leases.\n cme group entered into various non-cancellable operating lease agreements most significant as : 2022 in april 2012  company sold two buildings in chicago at 141 w.\n jackson leased back portion of property.\n operating lease  initial lease term ending april 30, 2027, contains four consecutive renewal options for five years.\n 2022 in january 2011  company entered operating lease for office space in london.\n initial lease term effective january 20 , 2011  terminates march 24 , 2026  option to terminate without penalty in january 2021.\n 2022 in july 2008  company renegotiated operating lease for headquarters at 20 south wacker drive in chicago.\n lease  initial term ending november 30 , 2022 , contains two consecutive renewal options for seven and ten years contraction option allows company to reduce occupied space after november 30 , 2018.\n company may exercise lease expansion option in december 2017.\n 2022 august 2006  company entered into operating lease for additional office space in chicago.\n initial lease term effective august 10 , 2006  terminates november 30 , 2023.\n lease contains two 5-year renewal options beginning in 2023.\n at december 31 , 2012 , future minimum payments under non-cancellable operating leases payable as follows ( in millions ) :.\n\n2013       | $ 28.7\n---------- | -------\n2014       | 29.1\n2015       | 28.9\n2016       | 28.9\n2017       | 29.3\nthereafter | 152.9\ntotal      | $ 297.8"
}
{
    "_id": "dd4b889f2",
    "title": "",
    "text": "included in other non-current liabilities company believes ultimate payment or settlement of these liabilities not occur within next twelve months.\n prior to adoption of these provisions these amounts were included in current income tax payable.\n company includes interest and penalties related to unrecognized tax benefits within provision for taxes in condensed consolidated statements of income no change in classification made upon adopting these provisions.\n condensed consolidated statements of income for fiscal year 2009 and fiscal year 2008 include $ 1. 7 million and $ 1. 3 million , respectively of interest and penalties related to these uncertain tax positions.\n due to complexity associated with tax uncertainties company cannot make reliable estimate period in expects to settle liabilities associated with these uncertain tax positions.\n following table summarizes changes in total amounts of uncertain tax positions for fiscal 2008 and fiscal 2009.\n fiscal year 2004 and 2005 irs examination during fourth quarter of fiscal 2007 irs completed field examination of company 2019s fiscal years 2004 and 2005.\n on january 2, 2008 irs issued report for fiscal 2004 and 2005  included proposed adjustments related to these two fiscal years.\n company recorded taxes and penalties related to certain these proposed adjustments.\n four items with additional potential total tax liability of $ 46 million.\n company concluded on discussions with tax advisors these four items not likely to result in additional tax liability.\n company not recorded additional tax liability for these items and appealing these proposed adjustments through normal processes for resolution of differences between irs and taxpayers.\n company initial meetings with appellate division of irs held during fiscal year 2009.\ntwo unresolved matters are one-time issues pertain to section 965 of internal revenue code related to beneficial tax treatment of dividends from foreign owned companies under american jobs creation act.\n other matters pertain to computation of research and development ( r&d ) tax credits and profits earned from manufacturing activities outside united states.\n these latter two matters could impact taxes payable for fiscal 2004 and 2005 for subsequent years.\n fiscal year 2006 and 2007 irs examination during third quarter of fiscal 2009  irs completed field examination of company 2019s fiscal years 2006 and 2007.\n irs and company agreed on treatment of issues included in issue resolutions agreement related to 2006 and 2007 tax returns.\n no agreement reached on tax treatment of issues , including same r&d credit and foreign manufacturing issues related to fiscal 2004 and 2005 , pricing of intercompany sales ( transfer pricing ) deductibility of certain stock option compensation expenses.\n during third quarter of fiscal 2009  irs issued report for fiscal 2006 and fiscal 2007  included proposed adjustments related to these two fiscal years.\n company recorded taxes and penalties related to certain these proposed adjustments.\n four items with additional potential total tax liability of $ 195 million.\n company concluded  based on discussions with tax advisors these four items not likely to result in additional tax liability.\n company not recorded additional tax liability for these items appealing these proposed adjustments through normal processes for resolution of differences between irs and taxpayers.\n with exception of analog devices , inc.\n notes to consolidated financial statements 2014 ( continued )\n\nbalance november 3 2007                     | $ 9889\n------------------------------------------- | -------\nadditions for tax positions of current year | 3861\nbalance november 1 2008                     | 13750\nadditions for tax positions of current year | 4411\nbalance october 31 2009                     | $ 18161"
}
{
    "_id": "dd4c11518",
    "title": "",
    "text": "2015 , 2014 2013 , netherland , sewell & associates , inc.\n ( \"nsai\" ) prepared certification of prior year's reserves for alba field.\n nsai summary reports filed as exhibit to annual report on form 10-k.\n members nsai team have multiple years industry experience worked for large international oil and gas companies before joining nsai.\n senior technical advisor has over 35 years practical experience in petroleum geosciences 15 years experience in estimation and evaluation of reserves.\n second team member has over 10 years practical experience in petroleum engineering five years experience in estimation and evaluation of reserves.\n both are registered professional engineers in texas.\n ryder scott company ( \"ryder scott\" ) performed audits of prior years' reserves of fields in 2015 , 2014 2013.\n summary reports filed as exhibits to annual report on form 10-k.\n team lead for ryder scott has over 20 years industry experience worked for major international oil and gas company before joining ryder scott.\n member of spe  served on oil and gas reserves committee registered professional engineer in texas.\n changes in proved undeveloped reserves as of december 31 , 2015 , 603 mmboe of proved undeveloped reserves reported decrease of 125 mmboe from december 31 , 2014.\n following table shows changes in total proved undeveloped reserves for 2015 : ( mmboe ).\n revisions to previous estimates due to reductions to capital development program deferred proved undeveloped reserves beyond 5-year plan.\n total of 139 mmboe booked as extensions , discoveries or additions and revisions due to application of reliable technology.\n technologies included statistical analysis of production performance , decline curve analysis  pressure and rate transient analysis  reservoir simulation volumetric analysis.\nobserved statistical nature of production performance certain reservoir continuity quality within reliable technology areas sufficient proved developed locations establish reasonable certainty criteria for booking proved reserves.\n transfers from proved undeveloped to proved developed reserves included 47 mmboe in eagle ford  14 mmboe in bakken 5 mmboe in oklahoma resource basins due to development drilling completions.\n costs incurred in 2015 , 2014 2013 to development of proved undeveloped reserves were $ 1415 million , $ 3149 million and $ 2536 million.\n projects can remain in proved undeveloped reserves for extended periods in certain situations large development projects more than five years to complete or timing of when additional gas compression needed.\n of 603 mmboe of proved undeveloped reserves at december 31, 2015  26% ( 26 % ) of volume associated with projects included in proved reserves for more than five years.\n majority volume related to compression project in e. g.\n sanctioned by board of directors in 2004.\n during 2012  compression project received approval of e. g.\n government fabrication of new platform began in 2013 installation of platform at alba field occurred in january 2016.\n commissioning currently underway first production expected by mid-2016.\n proved undeveloped reserves for north gialo development  in libyan sahara desert booked for first time in 2010.\n development executed by operator encompasses multi-year drilling program including design  fabrication installation of extensive liquid handling gas recycling facilities.\n anecdotal evidence from similar development projects in region leads to expected project execution time frame of more than five years from time reserves initially booked.\n interruptions with civil and political unrest extended project duration.\noperations interrupted in mid-2013 result of shutdown of es sider crude oil terminal , temporarily re-opened second half of 2014 , production remains shut-in through early 2016.\n operator committed to project 2019s completion continues to assign resources to execute project.\n conversion rate for proved undeveloped reserves to proved developed reserves for 2015 was 11% ( 11 % ).\n , excluding long-term projects in e. g.\n and libya , our 2015 conversion rate would be 15% ( 15 % ).\n our\n\nbeginning of year                          | 728\n------------------------------------------ | ------------\nrevisions of previous estimates            | -223 ( 223 )\nimproved recovery                          | 1\npurchases of reserves in place             | 1\nextensions discoveries and other additions | 175\ndispositions                               | 2014\ntransfers to proved developed              | -79 ( 79 )\nend of year                                | 603"
}
{
    "_id": "dd4bfd69e",
    "title": "",
    "text": "synopsys , inc.\n notes to consolidated financial statements 2014continued purchase price allocation.\n company allocated total purchase consideration of $ 316. 6 million ( including $ 4. 6 million related to stock awards assumed ) to assets acquired liabilities assumed based on fair values at acquisition dates including acquired identifiable intangible assets of $ 96. 7 million and ipr&d of $ 13. 2 million  total goodwill of $ 210. 1 million.\n acquisition-related costs  professional services severance costs contract terminations facilities closure costs totaling $ 13. 0 million expensed in consolidated statements of operations.\n goodwill resulted from company 2019s expectation sales growth cost synergies from integration of virage 2019s technology with company 2019s technology operations expansion of products and market reach.\n identifiable intangible assets consisted of technology , customer relationships  contract rights trademarks  valued using income method amortized over two to ten years.\n fair value of stock awards assumed.\n company assumed unvested restricted stock units ( ) stock appreciation rights ( ) with fair value of $ 21. 7 million.\n total consideration  $ 4. 6 million allocated to purchase consideration $ 17. 1 million allocated to future services expensed over remaining service periods straight-line.\n other fiscal 2010 acquisitions fiscal 2010 company completed seven other acquisitions for cash.\n allocated total purchase consideration of $ 221. 7 million to assets acquired liabilities assumed based on fair values at acquisition dates in total goodwill of $ 110. 8 million.\n acquired identifiable intangible assets totaling $ 92. 8 million amortized over useful lives one to ten years.\n acquisition-related costs totaling $ 10. 6 million expensed as incurred in consolidated statements of operations.\n purchase consideration for one included contingent consideration up to $ 10. 0 million payable upon achievement of technology milestones over three years.\n contingent consideration recorded as liability at estimated fair value determined based on net present value of estimated payments of $ 7. 8 million on acquisition date remeasured at fair value quarterly during three-year contingency period with changes in fair value recorded in company 2019s statements of operations.\n no contingent consideration liability as of end of fiscal 2012 relating to this acquisition.\n note 4.\n goodwill and intangible assets goodwill consists of following:.\n ) adjustments relate to changes in estimates for acquisitions closed in prior fiscal year for purchase price allocation preliminary, achievement of certain milestones for acquisition closed prior to fiscal 2010.\n\n| ( in thousands )\n-------------------------- | ----------------\nbalance at october 31 2010 | $ 1265843\nadditions                  | 30717\nother adjustments ( 1 )    | -7274 ( 7274 )\nbalance at october 31 2011 | $ 1289286\nadditions                  | 687195\nother adjustments ( 1 )    | 506\nbalance at october 31 2012 | $ 1976987"
}
{
    "_id": "dd4bbb564",
    "title": "",
    "text": "investment advisory revenues on other investment portfolios manage decreased $ 3. 6 million to $ 522. 2 million.\n average assets in portfolios were $ 142. 1 billion during 2008 , up slightly from $ 141. 4 billion in 2007.\n minor changes , each less than 1% ( 1 % )  attributable to declining equity market valuations and cash flows among separate account and sub-advised portfolios.\n net inflows , primarily from institutional investors were $ 13. 2 billion during 2008  including $ 1. 3 billion transferred from retirement funds to target-date trusts.\n decreases in market valuations net of income lowered assets under management in portfolios by $ 55. 3 billion during 2008.\n administrative fees increased $ 5. 8 million to $ 353. 9 million  primarily from increased costs of servicing activities for mutual funds and investors.\n changes in administrative fees offset by similar changes in related operating expenses services funds investors.\n largest expense , compensation and related costs  increased $ 18. 4 million or 2. 3% ( 2. 3 % ) from 2007.\n increase includes $ 37. 2 million in salaries from 8. 4% ( 8. 4 % ) increase in average staff count and increase of associates 2019 base salaries at year.\n at december 31 , 2008 employed 5385 associates , up 6. 0% ( 6. 0 % ) from end of 2007 primarily to add capabilities and support increased volume-related activities and growth.\n 2008 slowed growth of associate base from.\n do not expect number of associates to increase in 2009.\n reduced annual bonuses $ 27. 6 million versus 2007 year in response to recent unfavorable financial market conditions negatively impacted operating results.\n balance of increase attributable to higher employee benefits and employment- related expenses including increase of $ 5.7 million in stock-based compensation.\n entering 2009  not increase salaries of highest paid associates.\n after higher spending first quarter of 2008 versus 2007  investor sentiment in uncertain volatile market environment caused to reduce advertising promotion spending for year down $ 3. 8 million from 2007.\n expect to reduce these expenditures for 2009 versus 2008  estimate spending first quarter of 2009 down about $ 5 million from fourth quarter 2008.\n vary level spending based on market conditions investor demand efforts to expand investor base in united states and abroad.\n occupancy and facility costs with depreciation expense increased $ 18 million or 12% ( 12 % ) compared to 2007.\n expanding renovating facilities to accommodate growth associates meet business demands.\n other operating expenses up $ 3. 3 million from 2007.\n increased spending $ 9. 8 million  primarily for professional fees information third-party services.\n reductions in travel charitable contributions partially offset increases.\n non-operating investment activity resulted in net loss of $ 52. 3 million in 2008 compared to net gain of $ 80. 4 million in 2007.\n change of $ 132. 7 million primarily attributable to losses recognized in 2008 on investments in sponsored mutual funds resulted from declines in financial market values year.\n recognized other temporary impairments of investments in sponsored mutual funds because of declines in fair value below cost for extended period.\n significant declines in fair value below cost occurred in 2008 generally attributable to adverse ongoing market conditions discussed in background section on page 18 of report.\n see discussion on page 24 of critical accounting policies for other than temporary impairments of available-for-sale securities.\n income from money market and bond fund holdings was $ 19. 3 million lower than 2007 due to lower interest rate environment of 2008.\nlower interest rates led substantial capital appreciation our $ 40 million holding u. s.\n treasury notes sold december 2008 $ 2. 6 million gain.\n management 2019s discussion & analysis 21\n\n| 2007       | 2008             | change\n------------------------------------------------- | ---------- | ---------------- | ------------------\ncapital gain distributions received               | $ 22.1     | $ 5.6            | $ -16.5 ( 16.5 )\nother than temporary impairments recognized       | -.3 ( .3 ) | -91.3 ( 91.3 )   | -91.0 ( 91.0 )\nnet gains ( losses ) realized on funddispositions | 5.5        | -4.5 ( 4.5 )     | -10.0 ( 10.0 )\nnet gain ( loss ) recognized on fund holdings     | $ 27.3     | $ -90.2 ( 90.2 ) | $ -117.5 ( 117.5 )"
}
{
    "_id": "dd4b9704c",
    "title": "",
    "text": "banking ).\n results of first step impairment test showed no indication of impairment in reporting units at periods except december 31 , 2008 company did not perform second step impairment test except for test as of december 31 , 2008.\n as of december 31 , 2008  was indication of impairment in north america consumer banking , latin america consumer banking and emea consumer banking reporting units second step of testing was performed on these reporting units.\n based on results second step testing company recorded a $ 9. 6 billion pretax ( $ 8. 7 billion after tax ) goodwill impairment charge in fourth quarter of 2008  representing entire amount of goodwill allocated to these reporting units.\n primary cause for goodwill impairment in reporting units was rapid deterioration in financial markets , global economic outlook particularly during period mid-november through year end 2008.\n this deterioration weakened near-term prospects for financial services industry.\n factors including increased possibility of further government intervention resulted in decline in company 2019s market capitalization from approximately $ 90 billion at july 1 , 2008 and approximately $ 74 billion at october 31 , 2008 to approximately $ 36 billion at december 31 , 2008.\n more significant fair-value adjustments in pro forma purchase price allocation in second step of testing were to fair-value loans and debt and made to identify and value identifiable intangibles.\n adjustments to measure assets  liabilities and intangibles were for measuring implied fair value of goodwill such adjustments not reflected in consolidated balance sheet.\n following table shows reporting units with goodwill balances and excess of fair value of allocated book value as of december 31 , 2008.\nreporting unit ( $ in millions ) fair value as % ( % ) of allocated book value goodwill ( post-impairment ).\n no impairment noted in step one of our securities and banking reporting unit impairment test at october 31 , 2008 and december 31 , 2008 , goodwill in reporting unit may be sensitive to further deterioration in economic conditions.\n under market approach for valuing reporting unit earnings multiples and transaction multiples selected from multiples using data from guideline companies and acquisitions.\n selection of actual multiple considers operating performance and financial condition return on equity and net income growth of securities and banking compared to guideline companies acquisitions.\n for valuation under income approach  company utilized discount rate reflects risk and uncertainty related to projected cash flows selected 2013 as terminal year.\n 2013 value derived assuming return to historical levels of core-business profitability for reporting unit  despite significant losses experienced in 2008.\n this assumption based on management 2019s view that recovery will occur based upon macro- economic factors recent u. s.\n government stimulus actions  restoring marketplace confidence improved risk-management practices industry-wide basis.\n company-specific actions recently announced realignment of businesses to optimize global businesses for future profitable growth will be factor in returning company 2019s core securities and banking business to historical levels.\n small deterioration in assumptions used in valuations , in discount rate and growth rate assumptions in net income projections could affect company 2019s impairment evaluation and results.\n if future differ adversely from management 2019s best estimate of key economic assumptions and associated cash flows to decrease by small margin company could potentially experience future material impairment charges with respect to goodwill remaining in our securities and banking reporting unit.\nsuch charges by not negatively affect company 2019s tier 1 total regulatory capital ratios , tangible capital or company 2019s liquidity position.\n\nreporting unit ( $ inmillions ) | fair value as a % (  % ) of allocated book value | goodwill ( post-impairment )\n------------------------------- | ------------------------------------------------ | ----------------------------\nnorth america cards             | 139% ( 139 % )                                   | 6765\ninternational cards             | 218% ( 218 % )                                   | 4066\nasia consumer banking           | 293% ( 293 % )                                   | 3106\nsecurities & banking            | 109% ( 109 % )                                   | 9774\nglobal transaction services     | 994% ( 994 % )                                   | 1570\nnorth america gwm               | 386% ( 386 % )                                   | 1259\ninternational gwm               | 171% ( 171 % )                                   | 592"
}
{
    "_id": "dd4bea74c",
    "title": "",
    "text": "table of contents valero energy corporation subsidiaries notes to consolidated financial statements continued ) commodity price risk exposed to market risks related to volatility in price of crude oil , refined products ( primarily gasoline distillate ) grain ( primarily corn )  natural gas used in our operations.\n to reduce impact of price volatility on results operations cash flows  use commodity derivative instruments  including futures , swaps  options.\n use futures markets for available liquidity provides greater flexibility in transacting hedging trading operations.\n use swaps to manage price exposure.\n positions in commodity derivative instruments monitored managed daily by risk control group ensure compliance with risk management policy approved by board of directors.\n for risk management purposes use fair value hedges , cash flow hedges  economic hedges.\n in addition to use derivative instruments to manage commodity price risk enter into certain commodity derivative instruments for trading purposes.\n objective for entering into each type of hedge or trading derivative described below.\n fair value hedges fair hedges used to hedge price volatility in certain refining inventories firm commitments to purchase inventories.\n level of activity for fair value hedges based on level operating inventories represents amount by inventories differ from previous year-end lifo inventory levels.\n as of december 31 , 2011 , had following outstanding commodity derivative instruments entered into to hedge crude oil refined product inventories commodity derivative instruments related to physical purchase of crude oil refined products at fixed price.\n information presents notional volume of outstanding contracts by type of instrument year of maturity ( volumes in thousands of barrels ).\n notional contract volumes by year of maturity derivative instrument 2012.\n\nderivative instrument           | notional contract volumes by year of maturity 2012\n------------------------------- | --------------------------------------------------\ncrude oil and refined products: |\nfutures 2013 long               | 15398\nfutures 2013 short              | 35708\nphysical contracts 2013 long    | 20310"
}
{
    "_id": "dd4c5f498",
    "title": "",
    "text": "item 1b.\n unresolved staff comments applicable.\n item 2.\n properties december 26, 2015 major facilities consisted : ( square feet in millions ) united states countries total owned facilities1.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 30. 7 17. 2 47. 9 leased facilities2.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2. 1 6. 0 8. 1.\n 1 leases portions of land used for facilities expire varying dates through 2062.\n 2 leases expire varying dates through 2030 include renewals option.\n principal executive offices located in u. s\n majority of wafer fabrication activities located in u. s\n completed construction of development fabrication facilities in oregon during 2014 maintain process technology lead.\n completed construction large-scale fabrication building in arizona 2013.\n portion new oregon arizona facilities not in use reserving new buildings for additional capacity future technologies.\n incremental construction equipment installation required ready facilities for use.\nmassachusetts fabrication facility was last manufacturing facility on 200mm wafers ceased production in q1 2015.\n outside u. s. have wafer fabrication facilities in ireland , israel  china.\n fabrication facility in ireland transitioned to 14nm process technology manufacturing continuing to ramp in 2016.\n second half of 2016  start using facility in dalian , china to expand manufacturing capacity in next-generation memory.\n assembly and test facilities located in malaysia , china  vietnam.\n sales and marketing offices worldwide located near major concentrations of customers.\n believe facilities described above suitable and adequate for present purposes productive capacity in facilities substantially utilized or plans to utilize it.\n do not identify or allocate assets by operating segment.\n for information on net property , plant and equipment by country  see 201cnote 26 : operating segments and geographic information 201d in part ii , item 8 of form 10-k.\n item 3.\n legal proceedings for discussion of legal proceedings  see 201cnote 25 : contingencies 201d in part ii, item 8 of form 10-k.\n item 4.\n mine safety disclosures not applicable.\n\n( square feet in millions ) | unitedstates | othercountries | total\n--------------------------- | ------------ | -------------- | -----\nowned facilities1           | 30.7         | 17.2           | 47.9\nleased facilities2          | 2.1          | 6.0            | 8.1\ntotal facilities            | 32.8         | 23.2           | 56.0"
}
{
    "_id": "dd4be2d44",
    "title": "",
    "text": "properties , plants , and equipment.\n recorded at cost.\n depreciation recorded principally on straight-line method at rates based on estimated useful lives of assets.\n table details weighted-average useful lives of structures and machinery and equipment by reporting segment ( numbers in years ) :.\n gains or losses from sale of assets recorded in other income , net ( see policy below for assets classified held for sale and discontinued operations ).\n repairs and maintenance charged to expense as incurred.\n interest related to construction of qualifying assets capitalized as part of construction costs.\n properties , plants  equipment reviewed for impairment whenever events or changes in circumstances indicate carrying amount of assets ( asset group ) may not be recoverable.\n recoverability of assets determined by comparing estimated undiscounted net cash flows of operations related to assets asset group to carrying amount.\n impairment loss recognized when carrying amount of assets group ) exceeds estimated undiscounted net cash flows.\n amount of impairment loss recorded calculated as excess of carrying value of assets asset group ) over fair value with fair value determined using best information available generally is discounted cash flow ( dcf ) model.\n determination of what constitutes asset group  associated estimated undiscounted net cash flows  and estimated useful lives of assets require significant judgments.\n goodwill and other intangible assets.\n goodwill not amortized ; reviewed for impairment annually ( in fourth quarter ) or more frequently if indicators of impairment exist or if decision made to sell or exit business.\n significant amount of judgment involved in determining if indicator of impairment has occurred.\nindicators may include deterioration in general economic conditions negative developments in equity and credit markets adverse changes in markets in entity operates increases in input costs negative effect on earnings and cash flows  or trend of negative or declining cash flows over multiple periods.\n fair value realized in actual transaction may differ from that used to evaluate impairment of goodwill.\n goodwill is allocated among and evaluated for impairment at reporting unit level , defined as operating segment or one level below operating segment.\n arconic has eight reporting units  four included in engineered products and solutions segment , three in transportation and construction solutions segment  remaining reporting unit is global rolled products segment.\n more than 70% ( 70 % ) of arconic 2019s total goodwill allocated to two reporting units : arconic fastening systems and rings ( afsr ) ( $ 2200 ) and arconic power and propulsion ( app ) ( $ 1647 ) businesses , both included in engineered products and solutions segment.\n these amounts include allocation of corporate 2019s goodwill.\n in november 2014  arconic acquired firth rixson ( note f )  recognized $ 1801 in goodwill.\n amount allocated between afsr and arconic forgings and extrusions ( afe ) reporting units part of engineered products and solutions segment.\n in march and july 2015  arconic acquired tital and rti  note f recognized $ 117 and $ 298  in goodwill.\n goodwill amount related to tital allocated to app reporting unit and amount related to rti allocated to arconic titanium and engineered products ( atep ) new arconic reporting unit consists solely of acquired rti business part of engineered products and solutions segment.\nreviewing goodwill for impairment , entity option to first assess qualitative factors to determine whether existence of events or circumstances leads to determination more likely than not ( greater than 50% ( 50 % ) ) estimated fair value of reporting unit is less than its carrying amount.\n if entity elects to perform qualitative assessment and determines impairment more likely than not , entity required to perform the\n\nsegment                                   | structures | machinery and equipment\n----------------------------------------- | ---------- | -----------------------\nglobal rolled products                    | 31         | 21\nengineered products and solutions         | 29         | 17\ntransportation and construction solutions | 27         | 19"
}
{
    "_id": "dd4b98974",
    "title": "",
    "text": ".\n 159 requires unrealized gains and losses on items for fair value option elected be reported in earnings at each reporting date.\n sfas no.\n 159 effective for fiscal years after november 15, 2007 required to be adopted by company in first quarter of fiscal 2009.\n company evaluate application of sfas no.\n 159 , management not believe adoption material impact on company 2019s financial condition or operating results.\n in september 2006 , fasb issued sfas no.\n 157 , fair value measurements , defines fair value  provides framework for measuring fair value expands disclosures required for fair value measurements.\n sfas no.\n 157 applies to other accounting pronouncements require fair value measurements ; not require new fair value measurements.\n sfas no.\n 157 effective for fiscal years after november 15 , 2007 required to be adopted by company in first quarter of fiscal 2009.\n company will continue to evaluate application of sfas no.\n 157 , management not believe adoption material impact on company 2019s financial condition or operating results.\n in june 2006 , fasb issued fasb interpretation no.\n ( 2018 2018fin 2019 2019 ) 48 , accounting for uncertainty in income taxes-an interpretation of fasb statement no.\n 109.\n fin 48 clarifies accounting for uncertainty in income taxes by creating framework for how companies should recognize  measure present disclose in financial statements uncertain tax positions taken or expect to take in tax return.\n fin 48 effective for fiscal years after december 15 , 2006 required to be adopted by company in first quarter of fiscal 2008.\n company continue to evaluate application of fin 48 , management does not believe adoption will material impact on company 2019s financial condition or operating results.\nliquidity capital resources table presents financial information statistics for last three fiscal years ( dollars in millions ) : september 29 , september 30  september 24 , 2007 2006 2005.\n as of september 29 , 2007  company had $ 15. 4 billion in cash  cash equivalents short-term investments increase of $ 5. 3 billion over same balance at end of september 30 , 2006.\n principal components of net increase were cash generated by operating activities $ 5. 5 billion , proceeds from issuance common stock plans $ 365 million excess tax benefits from stock-based compensation of $ 377 million.\n increases partially offset by payments for acquisitions of property  plant equipment of $ 735 million payments for acquisitions intangible assets of $ 251 million.\n company 2019s short-term investment portfolio primarily invested in highly rated liquid investments.\n as of september 29 , 2007 and september 30 , 2006 , $ 6. 5 billion and $ 4. 1 billion  respectively of company 2019s cash cash equivalents short-term investments held by foreign subsidiaries generally based in.\n dollar-denominated holdings.\n company believes existing balances of cash cash equivalents short-term investments will sufficient to satisfy working capital needs capital expenditures outstanding commitments other liquidity requirements existing operations over next 12 months.\n\n| september 29 2007 | september 30 2006 | september 24 2005\n------------------------------------------------ | ----------------- | ----------------- | -----------------\ncash cash equivalents and short-term investments | $ 15386           | $ 10110           | $ 8261\naccounts receivable net                          | $ 1637            | $ 1252            | $ 895\ninventory                                        | $ 346             | $ 270             | $ 165\nworking capital                                  | $ 12657           | $ 8066            | $ 6813\nannual operating cash flow                       | $ 5470            | $ 2220            | $ 2535"
}
{
    "_id": "dd4c08bd4",
    "title": "",
    "text": "table of contents table discloses purchases of shares our common stock made by us or behalf during fourth quarter of 2017.\n period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares yet be purchased under plans or programs b ).\n shares reported in column represent purchases settled in fourth quarter of 2017 relating to i our purchases of shares in open-market transactions to meet obligations under stock-based compensation plans ii ) purchases of shares from employees and non-employee directors in connection with exercise of stock options  vesting of restricted stock  other stock compensation transactions in terms stock-based compensation plans.\n on september 21 , 2016  board of directors authorized purchase of up to $ 2. 5 billion of outstanding common stock ( 2016 program ) with no expiration date.\n as of december 31 , 2017  had $ 1. 2 billion remaining available for purchase under 2016 program.\n on january 23 , 2018 board of directors authorized purchase of up to additional $ 2. 5 billion of outstanding common stock with no expiration date.\n\nperiod        | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )\n------------- | ------------------------------ | -------------------------- | -------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------\noctober 2017  | 515762                         | $ 77.15                    | 292145                                                                                 | 223617                                                                       | $ 1.6 billion\nnovember 2017 | 2186889                        | $ 81.21                    | 216415                                                                                 | 1970474                                                                      | $ 1.4 billion\ndecember 2017 | 2330263                        | $ 87.76                    | 798                                                                                    | 2329465                                                                      | $ 1.2 billion\ntotal         | 5032914                        | $ 83.83                    | 509358                                                                                 | 4523556                                                                      | $ 1.2 billion"
}
{
    "_id": "dd4c4b592",
    "title": "",
    "text": "uncertain tax positions reconciliation of company 2019s beginning and ending amount of uncertain tax positions ( in millions ) :.\n company 2019s liability for uncertain tax positions as of december 31 , 2018, 2017 , and 2016  includes $ 228 million , $ 219 million  and $ 240 million , respectively related to amounts impact effective tax rate if recognized.\n possible unrecognized tax benefits may change in next twelve months ; company not expect change significant impact on consolidated statements of income or consolidated balance sheets.\n changes may be result of settlements of ongoing audits.\n estimate of range reasonably possible outcomes within twelve months cannot be made.\n company recognizes interest and penalties related to uncertain tax positions in provision for income taxes.\n company accrued potential interest and penalties of $ 22 million , $ 11 million , and $ 15 million in 2018 , 2017 , and 2016 ,.\n company recorded liability for interest and penalties of $ 77 million , $ 55 million , and $ 48 million as of december 31 , 2018 , 2017 , and 2016 ,.\n company and subsidiaries file income tax returns in respective jurisdictions.\n company concluded all.\n federal income tax matters for years through 2007.\n.\n state and local income tax jurisdiction examinations concluded for years through 2005.\n company concluded income tax examinations in primary non-u.\n jurisdictions through 2010.\n.\n shareholders 2019 equityq y distributable reserves as company incorporated in england and wales required under.\n law to have available 201cdistributable reserves to make share repurchases or pay dividends to shareholders.\n distributable reserves may be created through earnings of u.\nparent company methods through reduction in share capital approved by courts of england and wales.\n distributable reserves not directly linked to.\n reported amount (. retained earnings ).\n as of december 31 , 2018 and 2017  company had distributable reserves in excess of $ 2. 2 billion and $ 1. 2 billion  respectively.\n ordinary shares has share repurchase program authorized by company 2019s board of directors ( 201crepurchase program 201d ).\n repurchase program established in april 2012 with $ 5. 0 billion in authorized repurchases increased by $ 5. 0 billion authorized repurchases in november 2014 and february 2017 for total of $ 15. 0 billion in repurchase authorizations.\n under repurchase program class a ordinary shares may be repurchased through open market or in privately negotiated transactions time to time based on prevailing market conditions funded from available capital.\n\n| 2018       | 2017\n------------------------------------------------------------ | ---------- | ----------\nbalance at january 1                                         | $ 280      | $ 278\nadditions based on tax positions related to the current year | 18         | 25\nadditions for tax positions of prior years                   | 10         | 12\nreductions for tax positions of prior years                  | -24 ( 24 ) | -26 ( 26 )\nsettlements                                                  | 2014       | -6 ( 6 )\nbusiness combinations                                        | 1          | 2014\nlapse of statute of limitations                              | -6 ( 6 )   | -7 ( 7 )\nforeign currency translation                                 | 2014       | 4\nbalance at december 31                                       | $ 279      | $ 280"
}
{
    "_id": "dd4988030",
    "title": "",
    "text": "table reflects estimated effects on pension expense of changes in annual assumptions using 2012 estimated expense as a baseline.\n change in assumption ( a ) estimated increase to 2012 pension expense ( in millions ).\n ( a ) impact is effect of changing specified assumption while holding other assumptions constant.\n pension plan contribution requirements not sensitive to actuarial assumptions.\n investment performance most impact on contribution requirements and drive permitted contributions in future years.\n current law  including provisions pension protection act of 2006 sets limits to minimum and maximum contributions to plan.\n not expect to be required by law to make contributions to plan during 2012.\n maintain other defined benefit plans less significant effect on financial results including nonqualified supplemental retirement plans for certain employees.\n recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities variable interest entities in consolidated financial statements 8 pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement.\n form continuing involvement includes recourse and loan repurchase obligations associated with transferred assets in transactions.\n commercial mortgage loan recourse obligations we originate , close  and service certain multi-family commercial mortgage loans sold to fnma under fnma 2019s delegated underwriting and servicing program.\n participated in similar program with fhlmc.\n assume up to one-third risk of loss on unpaid principal balances through loss share arrangement.\n at december 31 , 2011 and december 31 , 2010 unpaid principal balance outstanding of loans sold as participant in these programs was $ 13. 0 billion and $ 13. 2 billion .\n potential maximum exposure under loss share arrangements was $ 4. 0 billion at december 31  2011 and 31  2010.\nmaintain reserve for estimated losses based on exposure.\n reserve for losses under programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010  included in other liabilities on consolidated balance sheet.\n if payment required under programs contractual interest in collateral underlying mortgage loans on losses occurred value of collateral taken account in determining share of losses.\n exposure and activity associated with recourse obligations reported in corporate & institutional banking segment.\n residential mortgage loan and home equity repurchase obligations residential mortgage loans sold on non-recourse basis assume certain loan repurchase obligations associated with mortgage loans sold to investors.\n loan repurchase obligations primarily relate to situations where pnc alleged to breached origination covenants and representations warranties made to purchasers loans in purchase sale agreements.\n residential mortgage loans covered by loan repurchase obligations include first and second-lien mortgage loans sold through agency securitizations , non-agency securitizations  whole-loan sale transactions.\n discussed in note 3 notes to consolidated financial statements item 8 agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc  government national mortgage association ( gnma ) program non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors.\n historical exposure activity associated with agency securitization repurchase obligations primarily related to transactions with fnma and fhlmc  indemnification and repurchase losses associated with federal housing agency ( fha ) and department of veterans affairs va ) -insured and uninsured loans pooled in gnma securitizations historically minimal.\nrepurchase obligation activity with residential mortgages reported in residential mortgage banking segment.\n pnc 2019s repurchase obligations include brokered home equity loans/lines sold to limited private investors in financial services industry by national city prior to our acquisition.\n pnc no longer engaged in brokered home equity lending business , exposure under loan repurchase obligations limited to repurchases of whole-loans sold in transactions.\n repurchase activity brokered home equity lines/loans reported in non-strategic assets portfolio segment.\n loan covenants representations warranties established through loan sale agreements with investors provide assurance pnc sold loans to pnc financial services group , inc.\n 2013 form 10-k 69\n\nchange in assumption ( a )                                   | estimatedincrease to 2012pensionexpense ( in millions )\n------------------------------------------------------------ | -------------------------------------------------------\n.5% ( .5 % ) decrease in discount rate                       | $ 23\n.5% ( .5 % ) decrease in expected long-term return on assets | $ 18\n.5% ( .5 % ) increase in compensation rate                   | $ 2"
}
{
    "_id": "dd4c00ad8",
    "title": "",
    "text": "december 31 , 2009  aon had domestic federal operating loss carryforwards $ 7 million expire 2010 to 2024  state operating loss carryforwards $ 513 million expire 2010 to 2028  foreign operating and capital loss carryforwards of $ 453 million and $ 252 million nearly all subject to indefinite carryforward.\n unrecognized tax benefits reconciliation of company 2019s beginning and ending amount unrecognized tax benefits ( in millions ) :.\n as of december 31 , 2009  $ 61 million unrecognized tax benefits would impact effective tax rate if recognized.\n aon not expect unrecognized tax positions to change significantly next twelve months.\n company recognizes penalties and interest related to unrecognized income tax benefits in provision for income taxes.\n aon accrued potential penalties of less than $ 1 million during 2009 , 2008 2007.\n aon accrued interest of $ 2 million during 2009 less than $ 1 million during 2008 and 2007.\n as of december 31 , 2009 and 2008  aon recorded liability for penalties of $ 5 million and $ 4 million  for interest of $ 18 million and $ 14 million , respectively.\n aon and subsidiaries file income tax returns in.\n federal jurisdiction various state and international jurisdictions.\n aon concluded all.\n federal income tax matters for years through 2006.\n.\n state and local income tax jurisdiction examinations concluded for years through 2002.\n aon concluded income tax examinations in primary international jurisdictions through 2002.\n\n| 2009       | 2008\n------------------------------------------------------------ | ---------- | ----------\nbalance at january 1                                         | $ 86       | $ 70\nadditions based on tax positions related to the current year | 2          | 5\nadditions for tax positions of prior years                   | 5          | 12\nreductions for tax positions of prior years                  | -11 ( 11 ) | -11 ( 11 )\nsettlements                                                  | -10 ( 10 ) | -4 ( 4 )\nlapse of statute of limitations                              | -3 ( 3 )   | -1 ( 1 )\nacquisitions                                                 | 6          | 21\nforeign currency translation                                 | 2          | -6 ( 6 )\nbalance at december 31                                       | $ 77       | $ 86"
}
{
    "_id": "dd4c5c9e6",
    "title": "",
    "text": "2007 annual report 21 five-year stock performance graph graph illustrates cumulative total shareholder return on snap-on common stock since 2002  assuming dividends reinvested.\n graph compares snap-on 2019s performance to standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) peer group.\n snap-on incorporated total shareholder return ( 1 ) 2002 2003 2004 2005 2006 2007 snap-on incorporated peer group s&p 500 fiscal year ended ( 2 ) snap-on incorporated peer group 3 ) s&p 500.\n assumes $ 100 invested december 31, 2002 dividends reinvested quarterly.\n 2 company's fiscal year ends saturday closest to december 31 each year fiscal year end assumed december 31 for ease of calculation.\n 3 peer group includes black & decker corporation , cooper industries, ltd. danaher corporation , emerson electric co. , fortune brands , inc. genuine parts company  newell rubbermaid inc. pentair , inc. spx corporation  stanley works w.\n grainger , inc.\n\nfiscal year ended ( 2 ) | snap-on incorporated | peer group ( 3 ) | s&p 500\n----------------------- | -------------------- | ---------------- | --------\ndecember 31 2002        | $ 100.00             | $ 100.00         | $ 100.00\ndecember 31 2003        | 118.80               | 126.16           | 128.68\ndecember 31 2004        | 130.66               | 152.42           | 142.69\ndecember 31 2005        | 146.97               | 157.97           | 149.70\ndecember 31 2006        | 191.27               | 185.10           | 173.34\ndecember 31 2007        | 198.05               | 216.19           | 182.87"
}
{
    "_id": "dd4c4e788",
    "title": "",
    "text": "company had capital loss carryforwards for federal income tax purposes of $ 4357 at december 31 , 2012 and 2011 ,.\n company recognized full valuation allowance for capital loss carryforwards because not believe these losses more likely not to be recovered.\n company files income tax returns in united states federal jurisdiction and various state and foreign jurisdictions.\n with few exceptions company no longer subject to.\n federal , state or local or non-u. income tax examinations by tax authorities for years before 2007.\n company has state income tax examinations in progress does not expect material adjustments to result.\n patient protection and affordable care act ( 201cppaca 201d ) became law on march 23, 2010  health care and education reconciliation act of 2010 became law on march 30, 2010  amendments to certain aspects of ppaca ( 201cacts 201d ).\n ppaca changes tax treatment of federal subsidies paid to sponsors of retiree health benefit plans benefit actuarially equivalent to benefits under medicare part d.\n acts make subsidy payments taxable in tax years after december 31 , 2012 company followed original accounting for underfunded status of other postretirement benefits for medicare part d adjustment and recorded reduction in deferred tax assets and increase in regulatory assets amounting to $ 6432.\n table summarizes changes in company 2019s gross liability , excluding interest and penalties for unrecognized tax benefits:.\n liability balance includes amounts reflected as other long-term liabilities in consolidated balance sheets totaling $ 74360 and $ 46961 as of december 31 , 2012 and 2011 .\n total balance in table does not include interest and penalties of $ 260 and $ 214 as of december 31 , 2012 and 2011  recorded as component of income tax expense.\nmajority increased tax position attributable to temporary differences.\n increase in 2012 current period tax positions related primarily to company 2019s change in tax accounting method filed in 2008 for repair maintenance costs on utility assets.\n company not anticipate material changes to unrecognized tax benefits next year.\n if company sustains positions at december 31 , 2012 and 2011 , unrecognized tax benefit of $ 7532 and $ 6644  respectively excluding interest penalties impact company 2019s effective tax rate.\n\nbalance at january 1 2011                              | $ 118314\n------------------------------------------------------ | ----------------\nincreases in current period tax positions              | 46961\ndecreases in prior period measurement of tax positions | -6697 ( 6697 )\nbalance at december 31 2011                            | 158578\nincreases in current period tax positions              | 40620\ndecreases in prior period measurement of tax positions | -18205 ( 18205 )\nbalance at december 31 2012                            | $ 180993"
}
{
    "_id": "dd4c282fe",
    "title": "",
    "text": "recognized total losses expenses of $ 28. 6 million , including net loss on write-down to fair value assets other transaction fees of $ 27. 1 million within other expenses $ 1. 5 million of legal other fees.\n 2022 professional fees outside services expense decreased in 2017 compared to 2016  due to higher legal regulatory fees 2016 related to business activities product offerings higher professional fees related to greater reliance on consultants for security systems enhancement work.\n overall decrease in operating expenses 2017 compared with 2016 partially offset by increases : 2022 licensing other fee sharing agreements expense increased due to higher expense from incentive payments transition of russell contract open interest  increased costs of revenue sharing agreements for certain licensed products.\n overall increase in 2017 partially offset by lower expense related to revenue sharing agreements for certain equity energy contracts due to lower volume for products compared to 2016.\n 2022 compensation benefits expense increased higher average headcount in international locations normal cost of living adjustments.\n 2016 compared with 2015 operating expenses increased by $ 54. 4 million in 2016 compared with 2015.\n following table shows estimated impact of key factors in net decrease in operating expenses.\n ( dollars in millions ) over-year change change as percentage of 2015 expenses.\n overall operating expenses increased in 2016 compared with 2015 due to reasons : 2022 in 2016 recognized total losses expenses of $ 28. 6 million  including net loss on write-down to fair value of assets certain other transaction fees of $ 27. 1 million within other expenses $ 1. 5 million of legal other fees result of sale leaseback of datacenter.\n 2022 professional fees outside services expense increased in 2016 due to increase in legal regulatory efforts related to business activities product offerings increase in professional fees related to greater reliance on consultants for security systems enhancement work.\n 2022 in 2016 recognized net loss of $ 24.5 million due to unfavorable change in exchange rates foreign cash balances compared net loss $ 11. 3 million in 2015.\n 2022 licensing fee sharing agreements expense increased due to higher expense related revenue sharing agreements for certain equity energy contracts due to higher volume increase in license rates certain equity energy products.\n\n( dollars in millions )                       | year-over-yearchange | change as apercentage of2015 expenses\n--------------------------------------------- | -------------------- | -------------------------------------\nloss on datacenter and related legal fees     | $ 28.6               | 2% ( 2 % )\nprofessional fees and outside services        | 24.4                 | 2\nforeign currency exchange rate fluctuation    | 13.2                 | 1\nlicensing and other fee agreements            | 12.0                 | 1\nreorganization severance and retirement costs | -8.1 ( 8.1 )         | -1 ( 1 )\nreal estate taxes and fees                    | -10.0 ( 10.0 )       | -1 ( 1 )\nother expenses net                            | -5.7 ( 5.7 )         | 2014\ntotal                                         | $ 54.4               | 4% ( 4 % )"
}
{
    "_id": "dd4b8e4d8",
    "title": "",
    "text": "o 2019 r e i l l y a u t o m o t i v e 2 0 0 6 a n n u a l r e p o r t p a g e 38 $ 11080000 , years ended december 31 , 2006 , 2005 2004 , respectively.\n remaining unrecognized compensation cost related to unvested awards at december 31 , 2006  was $ 7702000 weighted-average period time over cost recognized is 3. 3 years.\n employee stock purchase plan company 2019s employee stock purchase plan permits eligible employees to purchase shares company 2019s common stock at 85% ( 85 % ) of fair market value.\n participants may authorize company to withhold up to 5% ( 5 % ) of annual salary participate plan.\n stock purchase plan authorizes up to 2600000 shares granted.\n year ended december 31 , 2006  company issued 165306 shares at average price of $ 27. 36 per share.\n year ended december 31 , 2005  company issued 161903 shares average price $ 27. 57 per share.\n year ended december 31 , 2004  company issued 187754 shares at average price of $ 20. 85 per share.\n.\n 123r requires compensation expense be recognized based on discount between grant date fair value and employee purchase price for shares sold to employees.\n year ended december 31 , 2006  company recorded $ 799000 of compensation cost related to employee share purchases corresponding income tax benefit of $ 295000.\n at december 31 , 2006  approximately 400000 shares reserved for future issuance.\n employee benefit plans company sponsors contributory profit sharing and savings plan covers all employees at least 21 years of age least six months of service.\ncompany agreed to make matching contributions equal to 50% ( 50 % ) of first 2% ( 2 % ) each employee 2019s wages contributed 25% ( 25 % ) next 4% ( 4 % ) each employee 2019s wages contributed.\n company makes additional discretionary profit sharing contributions to plan annual basis as determined by board of directors.\n company 2019s matching and profit sharing contributions under plan funded in form of shares of company 2019s common stock.\n total of 4200000 shares of common stock authorized for issuance under plan.\n year ended december 31 , 2006  company recorded $ 6429000 compensation cost for contributions plan corresponding income tax benefit of $ 2372000.\n year ended december 31 , 2005  company recorded $ 6606000 compensation cost contributions corresponding income tax benefit of $ 2444000.\n year ended december 31 , 2004  company recorded $ 5278000 compensation cost contributions corresponding income tax benefit of $ 1969000.\n compensation cost recorded in 2006 includes matching contributions 2006 profit sharing contributions accrued in 2006 funded with issuance of shares common stock in 2007.\n company issued 204000 shares in 2006 to fund profit sharing matching contributions at average grant date fair value of $ 34. 34.\n company issued 210461 shares in 2005 fund profit sharing matching contributions at average grant date fair value of $ 25. 79.\n company issued 238828 shares in 2004 fund profit sharing matching contributions at average grant date fair value of $ 19. 36.\n portion of shares related to profit sharing contributions accrued in prior periods.\n at december 31 , 2006  approximately 1061000 shares reserved for future issuance under plan.\ncompany has performance incentive plan for company 2019s senior management awards shares of restricted stock vest equally over three-year period held in escrow until vesting occurred.\n shares forfeited when employee ceases employment.\n total of 800000 shares of common stock authorized for issuance under this plan.\n shares awarded valued based on market price of company 2019s common stock on date of grant compensation cost recorded over vesting period.\n company recorded $ 416000 of compensation cost for plan for year ended december 31, 2006 recognized corresponding income tax benefit of $ 154000.\n company recorded $ 289000 of compensation cost for for year ended december 31, 2005 recognized income tax benefit of $ 107000.\n recorded $ 248000 of compensation cost for for year ended december 31, 2004 recognized income tax benefit of $ 93000.\n total fair value of shares vested at vest date ) for years ended december 31 , 2006 , 2005 and 2004 were $ 503000 , $ 524000 and $ 335000  respectively.\n remaining unrecognized compensation cost related to unvested awards at december 31 , 2006 was $ 536000.\n company awarded 18698 shares under plan in 2006 with average grant date fair value of $ 33. 12.\n awarded 14986 shares under plan in 2005 with average grant date fair value of $ 25. 41.\n awarded 15834 shares under plan in 2004 with average grant date fair value of $ 19. 05.\n compensation cost for shares awarded in 2006 recognized over three-year vesting period.\n changes in company 2019s restricted stock for year ended december 31 , 2006 were weighted- average grant date shares fair value.\n at december 31 , 2006 approximately 659000 shares reserved for future issuance under plan.\no t e s t o c o n s o l i d f n a n c i a l s t a t e m e n t s inued\n\n| shares           | weighted-average grant date fair value\n------------------------------ | ---------------- | --------------------------------------\nnon-vested at december 31 2005 | 15052            | $ 22.68\ngranted during the period      | 18698            | 33.12\nvested during the period       | -15685 ( 15685 ) | 26.49\nforfeited during the period    | -1774 ( 1774 )   | 27.94\nnon-vested at december 31 2006 | 16291            | $ 30.80"
}
{
    "_id": "dd4b8b4d6",
    "title": "",
    "text": "note 4 - goodwill and other intangible assets : goodwill company had approximately $ 93. 2 million and $ 94. 4 million of goodwill at december 30 , 2017 and december 31 , 2016 , respectively.\n changes in carrying amount of goodwill for years ended december 30 , 2017 and december 31 , 2016 are as follows ( in thousands ) :.\n goodwill is allocated to each identified reporting unit  defined as operating segment or one level below operating segment.\n goodwill not amortized but evaluated for impairment annually and whenever events changes circumstances indicate carrying value of goodwill may not be recoverable.\n company completes impairment evaluation by performing valuation analyses considering other publicly available market information appropriate.\n test to identify potential for goodwill impairment compares fair value of reporting unit with carrying value.\n impairment charge recorded to company 2019s operations for amount if carrying value exceeds fair value.\n in fourth quarter of fiscal 2017  company completed annual impairment testing of goodwill no impairment identified.\n company determined fair value of each reporting unit ( including goodwill ) was in excess of carrying value of respective reporting unit.\n conclusion fair value of each reporting unit determined based on market or income approach.\n under market approach fair value based on observed market data.\n other intangible assets company had approximately $ 31. 3 million of intangible assets other than goodwill at december 30 , 2017 and december 31 , 2016.\n intangible asset balance represents estimated fair value of petsense tradename  not subject to amortization has indefinite useful life expected to contribute cash flows beyond foreseeable horizon.\n intangible assets we evaluate for impairment annually and whenever events or changes in circumstances indicate carrying value may not be recoverable.\nrecognize impairment loss only if carrying amount not recoverable through discounted cash flows measure impairment loss based on difference between carrying value and fair value.\n in fourth quarter of fiscal 2017 , company completed annual impairment testing of intangible assets and no impairment identified.\n\n| 2017           | 2016\n---------------------------------------- | -------------- | -------\nbalance beginning of year                | $ 94417        | $ 10258\ngoodwill acquired as part of acquisition | 2014           | 84159\nworking capital settlement               | -1225 ( 1225 ) | 2014\nimpairment loss                          | 2014           | 2014\nbalance end of year                      | $ 93192        | $ 94417"
}
{
    "_id": "dd4ba4404",
    "title": "",
    "text": "jpmorgan chase & co. /2017 annual report 53 net interest income excluding cib 2019s markets businesses reviewing net interest income management reviews net interest income excluding from cib 2019s markets businesses assess performance firm 2019s lending investing asset-liability management deposit-raising activities.\n net interest income non-markets related net interest income.\n cib 2019s markets businesses fixed income markets equity markets.\n management believes disclosure of non-markets related net interest income provides investors analysts measure analyze non-markets-related business trends firm comparable measure to other financial institutions focused lending investing deposit-raising.\n data are non-gaap financial measures due to exclusion of markets related net interest income from cib.\n year ended december 31 , ( in millions  except rates ) 2017 2016 2015 net interest income 2013 managed basis $ 51410 $ 47292 $ 44620 less : cib markets net interest income 4630 6334 5298 net interest income excluding cib markets $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets 540835 520307 510292 average interest assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2. 36% ( 2. 36 % ) 2. 25% ( 2. 25 % ) 2. 14% ( 2. 14 % ) net interest yield on average cib markets interest-earning assets ) 0. 86 1. 22 1. 04 net interest yield on average interest-earning assets excluding cib markets 2. 85% ( 2. 85 % ) 2. 59% ( 2. 59 % ) 2. 49% ( 2. 49 % ) interest includes effect of related hedges.\ntaxable-equivalent amounts used where applicable.\n reconciliation of net interest income reported and managed basis see reconciliation from firm 2019s reported.\n results to managed basis on page 52.\n amounts table differ from prior-period presentation to align with cib 2019s markets businesses.\n further information on cib 2019s markets businesses see page 65.\n calculation of certain.\n gaap and non-gaap financial measures.\n calculated : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares period-end * represents net income applicable to common equity.\n jpmorgan chase & co. /2017 annual report 53 net interest income excluding cib 2019s markets businesses reviewing net interest income managed basis management reviews net interest income excluding income from cib 2019s markets businesses to assess performance of firm 2019s lending  investing deposit-raising activities.\n net interest income referred to as non-markets related net interest income.\n cib 2019s markets businesses are fixed income markets equity markets.\n management believes disclosure of non-markets related net interest income provides investors analysts measure to analyze non-markets-related business trends firm provides comparable measure to other financial institutions primarily focused on lending  investing deposit-raising activities.\ndata non-gaap financial measures due to exclusion of markets related net interest income from cib.\n year ended december 31  in millions except rates ) 2017 2016 2015 net interest income 2013 managed basis $ 51410 $ 47292 $ 44620 less : cib markets net interest income ) 4630 6334 5298 net interest income excluding cib markets $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets 540835 520307 510292 assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2. 36% ( 2. 36 % ) 2. 25% ( 2. 25 % ) 2. 14% ( 2. 14 % ) net interest yield on average cib markets interest-earning assets ) 0. 86 1. 22 1. 04 net interest yield average interest-earning assets excluding cib markets 2. 85% ( 2. 85 % ) 2. 59% ( 2. 59 % ) 2. 49% ( 2. 49 % ) interest includes effect of related hedges.\n taxable-equivalent amounts used where applicable.\n reconciliation of net interest income reported managed basis see reconciliation firm 2019s reported.\n results to managed basis page 52.\n amounts table differ from prior-period presentation align with cib 2019s markets businesses.\n further information on cib 2019s markets businesses see page 65.\n calculation of.\n gaap non-gaap financial measures.\ngaap non-gaap financial measures calculated book value per share 201cbvps 201d ) common stockholders 2019 equity period-end common shares period-end overhead ratio total noninterest expense total net revenue return on assets 201croa 201d ) reported net income average assets return on common equity ( 201croe 201d ) net income average common stockholders 2019 equity return tangible common equity 201crotce 201d ) net income* average tangible common equity book value per share 201ctbvps 201d ) tangible common equity period-end common shares period-end represents net income common equity\n\nyear ended december 31 ( in millions except rates )                         | 2017             | 2016             | 2015\n--------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet interest income 2013 managed basis ( a ) ( b )                          | $ 51410          | $ 47292          | $ 44620\nless : cib markets net interest income ( c )                                | 4630             | 6334             | 5298\nnet interest income excluding cib markets ( a )                             | $ 46780          | $ 40958          | $ 39322\naverage interest-earning assets                                             | $ 2180592        | $ 2101604        | $ 2088242\nless : average cib markets interest-earning assets ( c )                    | 540835           | 520307           | 510292\naverage interest-earning assets excluding cib markets                       | $ 1639757        | $ 1581297        | $ 1577950\nnet interest yield on average interest-earning assets 2013 managed basis    | 2.36% ( 2.36 % ) | 2.25% ( 2.25 % ) | 2.14% ( 2.14 % )\nnet interest yield on average cib markets interest-earning assets ( c )     | 0.86             | 1.22             | 1.04\nnet interest yield on average interest-earning assets excluding cib markets | 2.85% ( 2.85 % ) | 2.59% ( 2.59 % ) | 2.49% ( 2.49 % )"
}
{
    "_id": "dd496f026",
    "title": "",
    "text": "amortized over nine-year period beginning december 2015.\n see note 2 to financial statements for discussion of business combination customer credits.\n volume/weather variance due to effect more favorable weather during unbilled period increase in industrial usage offset by effect less favorable weather on residential sales.\n increase in industrial usage primarily due to expansion projects primarily in chemicals industry , increased demand from new customers primarily in industrial gases industry.\n louisiana act 55 financing savings obligation variance results from regulatory charge for tax savings shared with customers per agreement approved by lpsc.\n tax savings resulted from 2010-2011 irs audit settlement on treatment louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike.\n see note 3 to financial statements for discussion of settlement benefit sharing.\n included provision of $ 23 million recorded in 2016 related to settlement of waterford 3 replacement steam generator prudence review proceeding offset by provision of $ 32 million recorded in 2015 related to uncertainty associated with resolution of waterford 3 replacement steam generator prudence review proceeding. see note 2 to financial statements for discussion of waterford 3 replacement steam generator prudence review proceeding.\n entergy wholesale commodities analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n table net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices lower capacity prices , amortization of palisades below- market ppa , vermont yankee capacity revenue.\n effect of amortization palisades below- market ppa vermont yankee capacity revenue on net revenue variance from 2015 to 2016 minimal ; 2022 sale of rhode island state energy center in december 2015.\nsee note 14 to financial statements for discussion rhode island state energy center sale ; 2022 lower volume in entergy wholesale commodities nuclear fleet more refueling outage days 2016 compared to 2015 larger exercise of resupply options 2016 compared to 2015.\n see 201cnuclear matters - indian point 201d below for discussion extended indian point 2 outage second quarter entergy corporation subsidiaries management 2019s financial discussion analysis\n\n| amount ( in millions )\n----------------------------------- | ----------------------\n2015 net revenue                    | $ 1666\nnuclear realized price changes      | -149 ( 149 )\nrhode island state energy center    | -44 ( 44 )\nnuclear volume                      | -36 ( 36 )\nfitzpatrick reimbursement agreement | 41\nnuclear fuel expenses               | 68\nother                               | -4 ( 4 )\n2016 net revenue                    | $ 1542"
}
{
    "_id": "dd4bc53f2",
    "title": "",
    "text": "2014 , 2013 2012.\n decrease in consolidated net adjustments for 2014 compared to 2013 primarily due to decrease in profit booking rate adjustments at aeronautics , mfc mst business segments.\n increase in consolidated net adjustments for 2013 compared 2012 primarily due to increase in profit booking rate adjustments at mst and mfc business segments increase in favorable resolution of contractual matters for corporation.\n consolidated net adjustments for 2014 inclusive of approximately $ 650 million in unfavorable items include reserves on training logistics solutions programs at mst net warranty reserve adjustments for programs including jassm gmlrs ) at mfc in respective business segment 2019s results operations.\n consolidated net adjustments for 2013 and 2012 inclusive of approximately $ 600 million and $ 500 million in unfavorable items include significant profit reduction on f-35 development contract both years significant profit reduction on c-5 program in 2013 each described in aeronautics business segment 2019s results of operations discussion below.\n aeronautics aeronautics business segment engaged in research  design  development manufacture  integration  sustainment  support upgrade of advanced military aircraft  including combat air mobility aircraft  unmanned air vehicles related technologies.\n aeronautics 2019 major programs include f-35 lightning ii joint strike fighter  c-130 hercules  f-16 fighting falcon  f-22 raptor c-5m super galaxy.\n aeronautics 2019 operating results included ( in millions ) :.\n 2014 compared to 2013 aeronautics 2019 net sales for 2014 increased $ 797 million  or 6% ( 6 % )  compared to 2013.\nincrease attributable to higher net sales $ 790 million for f-35 production contracts due to increased volume sustainment activities ; $ 55 million for f-16 program due to increased deliveries ( 17 aircraft delivered 2014 compared to 13 2013 ) partially offset by contract mix ; $ 45 million for f-22 program due to increased risk retirements.\n increases partially offset by lower net sales $ 55 million for f-35 development contract due to decreased volume offset by absence in 2014 of downward revision to profit booking rate 2013 $ 40 million for c-130 program due to fewer deliveries ( 24 aircraft delivered 2014 compared to 25 2013 ) decreased sustainment activities partially offset by contract mix.\n aeronautics 2019 operating profit for 2014 increased $ 37 million  or 2% ( 2 % )  compared to 2013.\n increase attributable to higher operating profit $ 85 million for f-35 development contract due to absence 2014 of downward revision to profit booking rate 2013 ; $ 75 million for f-22 program due to increased risk retirements ; $ 50 million for c-130 program due to increased risk retirements contract mix partially offset by fewer deliveries $ 25 million for c-5 program due to absence 2014 of downward revisions to profit booking rate 2013.\n increases partially offset by lower operating profit $ 130 million for f-16 program due to decreased risk retirements partially offset by increased deliveries $ 70 million for sustainment activities due to decreased risk retirements volume.\n operating profit comparable for f-35 production contracts higher volume offset by lower risk retirements.\n adjustments not related to volume  including net profit booking rate adjustments other matters approximately $ 105 million lower for 2014 compared to 2013.\n 2013 2012 aeronautics 2019 net sales for 2013 decreased $ 830 million  or 6% ( 6 % ) , compared to 2012.\ndecrease attributable to lower net sales approximately $ 530 million for f-16 program due to fewer aircraft deliveries ( 13 2013 compared to 37 2012 ) partially offset by aircraft configuration mix ; $ 385 million for c-130 program due to fewer aircraft deliveries ( 25 aircraft delivered 2013 34 2012 ) partially offset by increased sustainment activities ; approximately $ 255 million for f-22 program includes $ 205 million due to\n\n| 2014             | 2013             | 2012\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 14920          | $ 14123          | $ 14953\noperating profit    | 1649             | 1612             | 1699\noperating margins   | 11.1% ( 11.1 % ) | 11.4% ( 11.4 % ) | 11.4% ( 11.4 % )\nbacklog at year-end | $ 27600          | $ 28000          | $ 30100"
}
{
    "_id": "dd4c633ea",
    "title": "",
    "text": "troubled debt restructurings ( tdrs ) a tdr is a loan whose terms restructured grants concession to borrower experiencing financial difficulties.\n tdrs typically result from loss mitigation activities include rate reductions  principal forgiveness  postponement/reduction of scheduled amortization extensions bankruptcy discharges where no formal reaffirmation by borrower and concession granted based upon discharge from personal liability  intended to minimize economic loss avoid foreclosure or repossession of collateral.\n in situations where principal is forgiven , amount principal forgiveness is immediately charged some tdrs may not result in full collection of principal and interest  restructured result in potential incremental losses.\n potential incremental losses factored into our overall alll estimate.\n level of subsequent defaults likely affected by future economic conditions.\n once a loan becomes a tdr  it continue to reported as a tdr until it repaid in full, collateral is foreclosed upon or fully charged off.\n held specific reserves in alll of $ 587 million and $ 580 million at december 31 , 2012 and december 31 , 2011  for total tdr portfolio.\n table 71 : summary of troubled debt restructurings in millions dec.\n 31.\n 31.\n pursuant to regulatory guidance issued in third quarter of 2012 , additional troubled debt restructurings related to changes in treatment of certain loans of $ 366 million in 2012 , net of charge-offs , resulting from bankruptcy where no formal reaffirmation borrower and concession granted based upon discharge from personal liability added to consumer lending population.\n additional tdr population increased nonperforming loans by $ 288 million.\ncharge-offs taken where fair value less costs to sell collateral was less than recorded investment of loan and were $ 128. 1 million.\n of these nonperforming loans , approximately 78% ( 78 % ) were current on payments at december 31 , 2012.\n ( b ) accruing loans demonstrated period at least six months of performance under restructured terms excluded from nonperforming loans.\n ( c ) includes credit cards and certain small business and consumer credit agreements whose terms restructured and are tdrs.\n policy is to exempt these loans from on nonaccrual status as permitted by regulatory guidance generally these loans are directly charged off in period become 180 days past due, these loans excluded from nonperforming loans.\n following table quantifies number of loans classified as tdrs change in recorded investments as result of tdr classification during years ended december 31 , 2012 and 2011.\n table provides information about types of tdr concessions.\n principal forgiveness tdr category includes principal forgiveness and accrued interest forgiveness.\n these types of tdrs result in write down of recorded investment and charge-off if action not already taken place.\n rate reduction tdr category includes reduced interest rate and interest deferral.\n tdrs within this category result in reductions to future interest income.\n other tdr category includes postponement/reduction of scheduled amortization , contractual extensions.\n in some cases multiple concessions granted on one loan.\n multiple concessions granted principal forgiveness tdr prioritized for determining inclusion in table.\n for example if principal forgiveness in conjunction with lower interest rate and postponement of amortization, type of concession will be reported as principal forgiveness.\n second in priority would be rate reduction.\nfor example , if interest rate reduction in with postponement of amortization , type of concession reported as rate reduction.\n pnc financial services group , inc.\n 2013 form 10-k 155\n\nin millions                  | dec . 312012 | dec . 312011\n---------------------------- | ------------ | ------------\ntotal consumer lending ( a ) | $ 2318       | $ 1798\ntotal commercial lending     | 541          | 405\ntotal tdrs                   | $ 2859       | $ 2203\nnonperforming                | $ 1589       | $ 1141\naccruing ( b )               | 1037         | 771\ncredit card ( c )            | 233          | 291\ntotal tdrs                   | $ 2859       | $ 2203"
}
{
    "_id": "dd4b97f56",
    "title": "",
    "text": "item 7a.\n quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.\n use derivative instruments established guidelines policies to manage these risks.\n derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.\n interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.\n majority of debt ( approximately 93% ( 93 % ) and 89% ( 89 % ) as of december 31, 2016 and 2015  ) bears interest at fixed rates.\n have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.\n fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.\n increase/ ( decrease ) in fair market value as of december 31  10% ( 10 % ) increase interest 10 % ) decrease in interest rates.\n used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.\n any interest rate swaps outstanding as of december 31 , 2016.\n had $ 1100. 6 of cash , cash equivalents marketable securities as of december 31, 2016 generally invest in conservative short-term bank deposits or securities.\n interest income from investments subject to domestic and foreign interest rate movements.\n during 2016 and 2015  had interest income of $ 20. 1 and $ 22. 8 , respectively.\n based on 2016 results a 100 basis-point increase or decrease in interest rates would affect interest income by approximately $ 11. 0  assuming all cash cash equivalents and marketable securities impacted same balances remain constant from year-end 2016 levels.\nforeign currency rates subject to translation and transaction risks related to changes in foreign currency exchange rates.\n we report revenues and expenses in u.\n dollars changes in exchange rates may positively or negatively affect our consolidated revenues and expenses ( expressed in.\n dollars ) from foreign operations.\n foreign currencies most impacted our results during 2016 included british pound sterling lesser argentine peso  brazilian real japanese yen.\n based on 2016 exchange rates operating results if u. s.\n dollar to strengthen or weaken by 10% ( 10 % ) estimate operating income would decrease or increase approximately 4% ( 4 % ) assuming all currencies impacted same international revenue and expenses remain constant at 2016 levels.\n functional currency of foreign operations is generally their respective local currency.\n assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.\n resulting translation adjustments recorded as component of accumulated other comprehensive loss  net of tax in stockholders 2019 equity section of consolidated balance sheets.\n foreign subsidiaries generally collect revenues and pay expenses in their functional currency  mitigating transaction risk.\n certain subsidiaries may enter into transactions in currencies other than functional currency.\n assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.\n currency transaction gains or losses from transactions in currencies other than functional currency included in office and general expenses.\n regularly review foreign exchange exposures may material impact on business use foreign currency forward exchange contracts or other derivative financial instruments to hedge effects of potential adverse fluctuations in foreign currency exchange rates.\n do not enter into foreign exchange contracts or other derivatives for speculative purposes.\n\nas of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates\n------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------\n2016               | $ -26.3 ( 26.3 )                                                                   | $ 26.9\n2015               | -33.7 ( 33.7 )                                                                     | 34.7"
}
{
    "_id": "dd4bd7db8",
    "title": "",
    "text": "federal realty investment trust schedule iii summary of real estate and accumulated depreciation - continued three years ended december 31 , 2011 reconciliation of accumulated depreciation and amortization ( in thousands ) balance , december 31 , 2008.\n additions during period 2014depreciation and amortization expense.\n deductions during period 2014disposition and retirements of property.\n balance , december 31 , 2009.\n additions during period 2014depreciation and amortization expense..\n deductions during period 2014disposition and retirements of property.\n balance , december 31 , 2010.\n additions during period 2014depreciation and amortization expense.\n deductions during period 2014disposition and retirements of property.\n balance , december 31 , 2011..\n $ 846258 103698 ( 11869 ) 938087 108261 ( 11144 ) 1035204 114180 ( 21796 ) $ 1127588.\n federal realty investment trust schedule iii summary of real estate and accumulated depreciation - continued three years ended december 31 , 2011 reconciliation of accumulated depreciation and amortization ( in thousands ) balance , december 31 , 2008.\n additions during period 2014depreciation and amortization expense.\n deductions during period 2014disposition and retirements of property.\n balance , december 31 , 2009..\n additions during period 2014depreciation and amortization expense.\n deductions during period 2014disposition and retirements of property.\n balance , december 31 , 2010.\n additions during period 2014depreciation and amortization expense.\n deductions during period 2014disposition and retirements of property..\n balance , december 31 , 2011.\n $ 846258 103698 ( 11869 ) 938087 108261 ( 11144 ) 1035204 114180 ( 21796 ) $ 1127588\n\nbalance december 31 2008                                             | $ 846258\n-------------------------------------------------------------------- | ----------------\nadditions during period 2014depreciation and amortization expense    | 103698\ndeductions during period 2014disposition and retirements of property | -11869 ( 11869 )\nbalance december 31 2009                                             | 938087\nadditions during period 2014depreciation and amortization expense    | 108261\ndeductions during period 2014disposition and retirements of property | -11144 ( 11144 )\nbalance december 31 2010                                             | 1035204\nadditions during period 2014depreciation and amortization expense    | 114180\ndeductions during period 2014disposition and retirements of property | -21796 ( 21796 )\nbalance december 31 2011                                             | $ 1127588"
}
{
    "_id": "dd4c0d2d8",
    "title": "",
    "text": "table of contents company stock performance graph shows comparison of cumulative total shareholder return calculated on dividend reinvested basis for company  s&p 500 index  dow jones u. s.\n technology supersector index s&p information technology index for five years ended september 27 , 2014.\n company added s&p information technology index to graph to capture stock performance of companies products services relate to company.\n s&p information technology index replaces s&p computer hardware index  no longer tracked by s&p.\n graph assumes $ 100 invested in each company 2019s common stock  s&p 500 index dow jones u. s.\n technology supersector index s&p information technology index as of market close on september 25 , 2009.\n historic stock price performance not necessarily indicative of future stock price performance.\n copyright a9 2014 s&p , division of mcgraw-hill companies inc.\n all rights reserved.\n copyright a9 2014 dow jones & co.\n all rights reserved.\n apple inc.\n 2014 form 10-k  23 * $ 100 invested on 9/25/09 in stock or index including reinvestment of dividends.\n data points are last day of each fiscal year for company 2019s common stock and september 30th for indexes.\n september.\n\n| september 2009 | september 2010 | september 2011 | september 2012 | september 2013 | september 2014\n-------------------------------------------- | -------------- | -------------- | -------------- | -------------- | -------------- | --------------\napple inc .                                  | $ 100          | $ 160          | $ 222          | $ 367          | $ 272          | $ 407\ns&p 500 index                                | $ 100          | $ 110          | $ 111          | $ 145          | $ 173          | $ 207\ndow jones u.s . technology supersector index | $ 100          | $ 112          | $ 115          | $ 150          | $ 158          | $ 205\ns&p information technology index             | $ 100          | $ 111          | $ 115          | $ 152          | $ 163          | $ 210"
}
{
    "_id": "dd497ccb2",
    "title": "",
    "text": "impact on service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in assumed health care trend rate.\n for most participants in u. s.\n plan  aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage limited to 5% ( 5 % ) per annum.\n cap net employer trend rates for these plans limited to 5% ( 5 % ) per year in future.\n during 2007 , aon recognized plan amendment phases out post-65 retiree coverage in u. s.\n plan over next three years.\n impact of amendment on net periodic benefit cost recognized over average remaining service life of employees.\n 14.\n stock compensation plans table summarizes stock-based compensation expense in continuing operations in consolidated statements of income in compensation and benefits ( in millions ) :.\n 2009  company converted stock administration system to new service provider.\n reconciliation of methodologies and estimates performed resulted in $ 12 million reduction of expense for year ended december 31 , 2009.\n stock awards stock awards  in form of rsus granted to certain employees consist of performance-based and service-based rsus.\n service-based awards vest between three and ten years from date of grant.\n fair value of service awards based upon market value of underlying common stock at date of grant.\n break in continuous employment forfeiture of all unvested awards.\n compensation expense associated with stock awards recognized over service period.\n dividend equivalents paid on certain service-based rsus  based on initial grant amount.\n performance-based rsus granted to certain employees.\n vesting of awards contingent upon meeting individual divisional company-wide performance conditions  including revenue generation or growth in revenue  pretax income or earnings per share over one- to five-year period.\n performance conditions not considered in grant date fair value for awards.\n fair value of performance-based awards based upon market price of underlying common stock at date of grant.\n compensation expense recognized over performance period  in certain cases additional vesting period  based on management 2019s estimate of number of units expected to vest.\n compensation expense adjusted to reflect actual number of shares paid out at end of programs.\n actual payout of shares under performance- based plans may range from 0-200% ) of number of units granted based on plan.\n dividend equivalents generally not paid on performance-based rsus.\n during 2010 , company granted approximately 1. 6 million shares in with completion 2007 leadership performance plan ( 2018 2018lpp 2019 ) cycle and 84000 shares related to other performance plans.\n during 2010 , 2009 and 2008, company granted approximately 3. 5 million\n\nyears ended december 31                     | 2010  | 2009  | 2008\n------------------------------------------- | ----- | ----- | -----\nrsus                                        | $ 138 | $ 124 | $ 132\nperformance plans                           | 62    | 60    | 67\nstock options                               | 17    | 21    | 24\nemployee stock purchase plans               | 4     | 4     | 3\ntotal stock-based compensation expense      | 221   | 209   | 226\ntax benefit                                 | 75    | 68    | 82\nstock-based compensation expense net of tax | $ 146 | $ 141 | $ 144"
}
{
    "_id": "dd4b8edd4",
    "title": "",
    "text": "period.\n discount reflects our incremental borrowing rate  matches lifetime of liability.\n significant changes in discount rate or estimations of sublease income in leases could impact amounts recorded.\n other associated costs with restructuring activities recognize other costs associated with restructuring activities as incurred including moving costs consulting and legal fees.\n pensions sponsor defined benefit pension plans throughout world.\n most significant plans located in u. s. , u. k. , netherlands and canada.\n significant u. s. , u. k.\n and canadian pension plans closed to new entrants.\n ceased crediting future benefits relating to salary and service for u. s. , u. k.\n canadian plans.\n recognition of gains and losses prior service certain changes in value of obligation and value of plan assets  occur due to various factors changes in discount rate actuarial assumptions, actual demographic experience/or plan asset performance not immediately recognized in net income.\n such changes recognized in other comprehensive income amortized into net income as part of net periodic benefit cost.\n unrecognized gains and losses deferred in other comprehensive income  amortized into compensation and benefits expense as component of periodic pension expense based on average expected future service of active employees for plans in netherlands and canada or average life expectancy of u. s.\n and u. k.\n plan members.\n after effective date of plan amendments to cease crediting future benefits relating to service  unrecognized gains and losses based on average life expectancy of members in canadian plans.\n amortize any prior service expense or credits as result of plan changes over period consistent with amortization of gains and losses.\nas of december 31 , 2013  our pension plans have deferred losses not recognized through income in consolidated financial statements.\n we amortize unrecognized actuarial losses outside of corridor defined as 10% ( 10 % ) of greater of market-related value of plan assets or projected benefit obligation.\n not offset by future gains incremental amortization as calculated will to affect future pension expense until fully amortized.\n following table discloses our combined experience loss , number of years over amortizing experience loss estimated 2014 amortization of loss by country ( amounts in millions ) :.\n unrecognized prior service cost at december 31, 2013 was $ 27 million.\n plans.\n for.\n pension plans we use market-related valuation of assets approach to determine expected return on assets component of net periodic benefit cost recognized in consolidated statements of income.\n this approach recognizes 20% ( 20 % ) of gains or losses in current year's value of market-related assets remaining 80% ( 80 % ) spread over next four years.\n approach recognizes gains or losses over five-year period future value of assets and net periodic benefit cost impacted as previously deferred gains or losses are recorded.\n as of december 31 , 2013  market-related value of assets was $ 1. 8 billion.\n not use market-related valuation approach to determine funded status of.\n plans recorded in consolidated statements of financial position.\n instead we record and present funded status in consolidated statements of financial position based on fair value of plan assets.\n as of december 31 , 2013  fair value of plan assets was $ 1. 9 billion.\n non-u. s.\n plans use fair value to determine expected return on assets.\n\n| u.k .  | u.s .  | other\n----------------------------------- | ------ | ------ | -------\ncombined experience loss            | $ 2012 | $ 1219 | $ 402\namortization period ( in years )    | 29     | 26     | 11 - 23\nestimated 2014 amortization of loss | $ 53   | $ 44   | $ 10"
}
{
    "_id": "dd4ba4152",
    "title": "",
    "text": "record inventory obsolescence reserve  represents difference between cost of inventory and estimated realizable value based on product sales projections.\n reserve calcu- lated using estimated obsolescence percentage applied to inventory based on age , historical trends requirements to support forecasted sales.\n in necessary may establish specific reserves for future known or anticipated events.\n pension and other post-retirement benefit costs offer following benefits to some or all employees : domestic trust-based noncontributory qual- ified defined benefit pension plan ( 201cu. s.\n qualified plan 201d ) and unfunded, non-qualified domestic noncon- tributory pension plan to provide benefits in excess of statutory limitations ( with.\n qualified plan 201cdomestic plans 201d ) ; domestic contributory defined contribution plan ; international pension plans  vary by country defined benefit and defined contribution pension plans ; deferred compensation arrangements ; certain other post- retirement benefit plans.\n amounts needed to fund future payouts under defined benefit pension and post-retirement benefit plans subject to numerous assumptions and variables.\n significant variables require to make assumptions within our control anticipated discount rate expected rate of return on plan assets future compensation levels.\n evaluate these assumptions with actuarial advisors select assumptions believe reflect economics underlying pension and post-retirement obligations.\n assumptions within accepted industry ranges increase or decrease in assumptions or economic events outside our control could have impact on reported net earnings.\n discount rate for each plan used for determining future net periodic benefit cost based on review of highly rated long-term bonds.\n for fiscal 2013  used discount rate for domestic plans of 3. 90% ( 3. 90 % ) and vary rates on international plans of between 1. 00% ( 1. 00 % ) and 7. 00% ( 7.00 % ).\n discount rate for domestic plans based on bond portfolio includes only long-term bonds with aa rating , or equivalent  from major rating agency.\n as of june 30 , 2013  used above-mean yield curve  rather than broad-based yield curve before because represents better estimate of effective settlement rate of obligation timing and of cash flows related to bonds in portfolio expected to match estimated defined benefit payment streams of domestic plans.\n benefit obligation of domestic plans would have been higher by approximately $ 34 mil- lion at june 30, 2013 not used above-mean yield curve.\n for international plans  discount rate in particular country determined based on yield curve from high quality corporate bonds in each country with resulting portfolio duration matching that particular plan.\n for fiscal 2013  used expected return on plan assets of 7. 50% ( 7. 50 % ) for our.\n qualified plan and varying rates of between 2. 25% ( 2. 25 % ) and 7. 00% ( 7. 00 % ) for international plans.\n in determining long-term rate of return for plan consider historical rates of return , nature of plan 2019s investments and expectation for plan 2019s investment strategies.\n see 201cnote 12 2014 pension , deferred compensation and post-retirement benefit plans 201d of notes to consolidated financial statements for details regarding nature pension and post-retirement plan invest- ments.\n difference between actual and expected return on plan assets reported as component of other comprehensive income.\n gains/losses subject to amortization over future periods recognized as component of net periodic benefit cost in future periods.\n for fiscal 2013  pension plans had actual return on assets of approximately $ 74 million compared with expected return on assets of approximately $ 64 million.\nresulting net deferred gain of approximately $ 10 million  combined with gains and losses from previous years amortized over approximately 7 to 22 years.\n actual return on plan assets from international pen- sion plans exceeded expectations reflecting strong performance from fixed income and equity invest- ments.\n lower than expected return on assets from our u. s.\n qualified plan due to weakness in fixed income investments offset by strong equity returns.\n 25 basis-point change in discount rate or expected rate of return on plan assets would have effect on fiscal 2013 pension expense : 25 basis-point 25 basis-point increase decrease ( in millions ).\n post-retirement plans comprised of health care plans could be impacted by health care cost trend rates may have significant effect on amounts est{e lauder companies inc.\n 115\n\n( in millions )           | 25 basis-point increase | 25 basis-point decrease\n------------------------- | ----------------------- | -----------------------\ndiscount rate             | $ -3.5 ( 3.5 )          | $ 3.9\nexpected return on assets | $ -2.5 ( 2.5 )          | $ 2.7"
}
{
    "_id": "dd4bc4a56",
    "title": "",
    "text": "entergy corporation and subsidiaries management 2019s financial discussion analysis combination.\n consistent with terms stipulated settlement in business combination proceeding  electric customers of entergy louisiana realize customer credits associated with business combination ; in october 2015 entergy recorded regulatory liability of $ 107 million ( $ 66 million net-of-tax ).\n costs amortized over nine-year period beginning december 2015.\n see note 2 to financial statements for discussion of business combination customer credits.\n volume/weather variance due to effect more favorable weather during unbilled period increase in industrial usage  partially offset by effect less favorable weather on residential sales.\n increase in industrial usage due to expansion projects in chemicals industry increased demand from new customers primarily in industrial gases industry.\n louisiana act 55 financing savings obligation variance results from regulatory charge for tax savings shared with customers per agreement approved by lpsc.\n tax savings results from 2010-2011 irs audit settlement on treatment of louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike.\n see note 3 to financial statements for additional discussion of settlement benefit sharing.\n provision of $ 23 million recorded in 2016 related to settlement of waterford 3 replacement steam generator prudence review proceeding offset by provision of $ 32 million recorded in 2015 related to uncertainty associated with resolution of waterford 3 replacement steam generator prudence review proceeding.\n see note 2 to financial statements for discussion of waterford 3 replacement steam generator prudence review proceeding.\n entergy wholesale commodities following analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\nshown in table above net revenue for entergy wholesale commodities decreased by $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices lower capacity prices , average revenue per mwh for nuclear fleet slightly higher includes revenues from fitzpatrick reimbursement agreement with exelon , amortization of palisades below-market ppa  vermont yankee capacity revenue.\n effect of amortization palisades below-market ppa vermont yankee capacity revenue on net revenue variance from 2015 to 2016 minimal ; 2022 sale of rhode island state energy center in december 2015.\n see note 14 to financial statements for discussion rhode island state energy center sale ; 2022 lower volume in entergy wholesale commodities nuclear fleet from more refueling outage days in 2016 compared to 2015 larger exercise of resupply options in 2016 compared 2015.\n see 201cnuclear\n\n| amount ( in millions )\n----------------------------------- | ----------------------\n2015 net revenue                    | $ 1666\nnuclear realized price changes      | -149 ( 149 )\nrhode island state energy center    | -44 ( 44 )\nnuclear volume                      | -36 ( 36 )\nfitzpatrick reimbursement agreement | 41\nnuclear fuel expenses               | 68\nother                               | -4 ( 4 )\n2016 net revenue                    | $ 1542"
}
{
    "_id": "dd4bda630",
    "title": "",
    "text": "item 11 2014executive compensation incorporate item 11 information to executive director compensation under headings 201cother information about board committees , 201d 201ccompensation other benefits 201d 201creport of compensation committee 201d from proxy statement 2013 annual meeting of shareholders november 20 , 2013.\n item 12 2014security ownership of certain beneficial owners management related stockholder matters incorporate item 12 information relating ownership of common stock by certain persons under headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from proxy statement 2013 annual meeting of shareholders november 20 , 2013.\n following table provides information as of may 31 , 2013 concerning shares of company 2019s common stock issued under existing equity compensation plans.\n for more information plans see note 11 to notes consolidated financial statements.\n plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted- average exercise price of outstanding options , warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders : 1765510 $ 34. 92 7927210 ( 1 ) equity compensation plans not approved by security holders : 2014 2014.\n 1 ) includes shares of common stock available for issuance other than upon exercise of option , warrant or right under global payments inc.\n 2000 long-term incentive plan , amended and restated  global payments inc.\n amended and restated 2005 incentive plan  amended and restated 2000 non- employee director stock option plan  global payments employee stock purchase plan global payments inc.\n 2011 incentive plan.\nitem 13 2014certain relationships related transactions , director independence incorporate by reference in item 13 information regarding certain relationships related transactions between us affiliates independence of our board of directors contained under headings 201ccertain relationships related transactions 201d and 201cother information about board its committees 201d from our proxy statement delivered in connection with our 2013 annual meeting of shareholders held on november 20 , 2013.\n item 14 2014principal accounting fees services incorporate by reference in item 14 information regarding principal accounting fees services under section ratification of reappointment of auditors from our proxy statement delivered in connection with our 2013 annual meeting of shareholders held on november 20 , 2013.\n\nplan category                                               | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exerciseprice of outstanding options warrants and rights ( b ) | number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) |\n----------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | --------\nequity compensation plans approved by security holders:     | 1765510                                                                                          | $ 34.92                                                                         | 7927210                                                                                                                                             | -1 ( 1 )\nequity compensation plans not approved by security holders: | 2014                                                                                             | 2014                                                                            | 2014                                                                                                                                                |\ntotal                                                       | 1765510                                                                                          | $ 34.92                                                                         | 7927210                                                                                                                                             | -1 ( 1 )"
}
{
    "_id": "dd4c54f8e",
    "title": "",
    "text": "march 2000  company entered $ 850 million revolving credit agreement with syndicate of banks provides for combination of loans or letters of credit up to maximum borrowing capacity.\n loans under facility bear interest at prime plus spread of 0. 50% (. 50 % ) or libor plus spread of 2% ( 2 % ).\n spreads subject to adjustment based on company 2019s credit ratings and term remaining to maturity.\n facility replaced company existing separate $ 600 million revolving credit facility and $ 250 million letter of credit facilities.\n as of december 31 , 2001  $ 496 million available.\n commitment fees on facility at december 31  2001 were. 50% (. 50 % ) per annum.\n company 2019s recourse debt borrowings are unsecured obligations company.\n may 2001  company issued $ 200 million of remarketable or redeemable securities ( 2018 2018roars 2019 2019 ).\n roars scheduled to mature on june 15 , 2013 maturity date may be adjusted to date no later than june 15 , 2014.\n first remarketing date ( june 15 , 2003 ) or subsequent remarketing dates remarketing agent  or company  may elect to redeem roars at 100% ( 100 % ) of aggregate principal amount and unpaid interest  plus premium in certain circumstances.\n company option may redeem roars subsequent to first remarketing date any time.\n interest on roars accrues at 7. 375% ( 7. 375 % ) until first remarketing date thereafter set annually based on market rate bids with floor of 5. 5% ( 5. 5 % ).\n roars are senior notes.\n junior subordinate debentures convertible into common stock company at option of holder before maturity unless previously redeemed at conversion price of $ 27. 00 per share.\nfuture maturities of debt 2014scheduled maturities of total debt at december 31 , 2001  are ( in millions ) :.\n covenants 2014the terms of company 2019s recourse debt  including revolving bank loan  senior subordinated notes contain restrictive financial and non-financial covenants.\n financial covenants provide for  maintenance of minimum consolidated net worth  minimum consolidated cash flow coverage ratio minimum ratio of recourse debt to recourse capital.\n non-financial covenants include limitations on incurrence of additional debt payments of dividends to stockholders.\n company 2019s revolver contains provisions regarding events of default caused by default in other debt of aes significant subsidiaries defined in agreement.\n terms of company 2019s non-recourse debt  debt held at subsidiaries include financial and non-financial covenants.\n covenants limited to subsidiary activity vary among subsidiaries.\n covenants may include maintenance of certain reserves  minimum levels working capital limitations on incurring additional indebtedness.\n as of december 31 , 2001  approximately $ 442 million of restricted cash was maintained in accordance with covenants of debt agreements amounts included within debt service reserves and other deposits in consolidated balance sheets.\n lender and governmental provisions restrict ability company 2019s subsidiaries to transfer retained earnings to parent company.\n restricted retained earnings of subsidiaries amounted to approximately $ 6. 5 billion at december 31 , 2001.\n\n2002       | $ 2672\n---------- | -------\n2003       | 2323\n2004       | 1255\n2005       | 1819\n2006       | 1383\nthereafter | 12806\ntotal      | $ 22258"
}
{
    "_id": "dd4c4a9bc",
    "title": "",
    "text": "future capital commitments commitments consist of contracted commitments including ship construction contracts future expected capital expenditures necessary for operations ship refurbishment projects.\n as of december 31 , 2018 anticipated capital expenditures were $ 1. 6 billion , $ 1. 2 billion and $ 0. 7 billion for years ending december 31 , 2019 , 2020 2021 .\n export credit financing in for anticipated expenditures to ship construction contracts of $ 0. 6 billion , $ 0. 5 billion $ 0. 2 billion for years ending december 31  2019  2020 2021.\n future expected capital expenditures will increase depreciation and amortization expense as take delivery of ships.\n project leonardo introduce additional six ships  each approximately 140000 gross tons with approximately 3300 berths expected delivery dates from 2022 through 2027 subject to certain conditions.\n breakaway plus class ship , norwegian encore  with approximately 168000 gross tons with 4000 berths on order for delivery in fall of 2019.\n for regent brand  orders for two explorer class ships , seven seas splendor additional ship  delivered in 2020 and 2023 .\n each explorer class ships approximately 55000 gross tons and 750 berths.\n for oceania cruises brand orders for two allura class ships delivered in 2022 and 2025.\n each class ships approximately 67000 gross tons and 1200 berths.\n combined contract prices of 11 ships on order for delivery was approximately 20ac7. 9 billion , or $ 9. 1 billion based on euro/u.\n dollar exchange rate as of december 31 , 2018.\n obtained export credit financing expected to fund approximately 80% ( ) of contract price of each ship subject to certain conditions.\n not anticipate contractual breaches or cancellations to occur.\nif events occur could result in forfeiture of prior deposits payments potential claims impairment losses may impact our business  financial condition results of operations.\n capitalized interest for years ended december 31 , 2018 , 2017 2016 was $ 30. 4 million , $ 29. 0 million $ 33. 7 million  primarily associated with construction of newbuild ships.\n off-balance sheet transactions contractual obligations as of december 31, 2018  contractual obligations with initial remaining terms in excess of one year including interest payments on long-term debt obligations were as follows ( in thousands ) : less than 1 year 1-3 years 3-5 years more than 5 years.\n 1 long-term debt includes discount premiums aggregating $ 0. 4 million capital leases.\n long-term debt excludes deferred financing fees direct deduction from carrying value of related debt liability in consolidated balance sheets.\n 2 ) operating leases are primarily for offices  motor vehicles office equipment.\n 3 ) ship construction contracts for newbuild ships based on euro/u.\n dollar exchange rate as of december 31 , 2018.\n export credit financing in from syndicates of banks.\n amount not include two project leonardo ships  one explorer class ship two allura class ships still subject to financing italian government approvals as of december 31 , 2018.\n refer to note 17 2014 201csubsequent events 201d in consolidated financial statements for details regarding financing for certain ships.\n 4 ) port facilities for usage of certain port facilities.\n 5 ) interest includes fixed and variable rates with libor held constant as of december 31 , 2018.\n 6 ) includes future commitments for service , maintenance business enhancement capital expenditure contracts.\n 7 ) total excludes $ 0.5 million unrecognized tax benefits as of december 31 , 2018  because estimate timing future tax settlements be reasonably determined.\n\n| total      | less than1 year | 1-3 years | 3-5 years | more than5 years\n--------------------------------- | ---------- | --------------- | --------- | --------- | ----------------\nlong-term debt ( 1 )              | $ 6609866  | $ 681218        | $ 3232177 | $ 929088  | $ 1767383\noperating leases ( 2 )            | 128550     | 16651           | 31420     | 27853     | 52626\nship construction contracts ( 3 ) | 5141441    | 912858          | 662687    | 1976223   | 1589673\nport facilities ( 4 )             | 1738036    | 62388           | 151682    | 157330    | 1366636\ninterest ( 5 )                    | 974444     | 222427          | 404380    | 165172    | 182465\nother ( 6 )                       | 1381518    | 248107          | 433161    | 354454    | 345796\ntotal ( 7 )                       | $ 15973855 | $ 2143649       | $ 4915507 | $ 3610120 | $ 5304579"
}
{
    "_id": "dd4ba0908",
    "title": "",
    "text": "notes to consolidated financial statements 2013 ( continued ) ( amounts in millions except per share amounts ) guarantees guaranteed certain obligations of subsidiaries relating principally to operating leases and credit facilities subsidiaries.\n amount of parent company guarantees on lease obligations was $ 857. 3 and $ 619. 4 as of december 31 , 2016 and 2015  respectively parent company guarantees relating to credit facilities was $ 395. 6 and $ 336. 5 as of december 31 , 2016 and 2015  respectively.\n event of non-payment by applicable subsidiary of obligations covered by guarantee we obligated to pay amounts covered by guarantee.\n as of december 31, 2016 no material assets pledged as security for parent company guarantees.\n contingent acquisition obligations table details estimated future contingent acquisition obligations payable in cash as of december 31.\n entered into certain acquisitions contain redeemable noncontrolling interests and call options with similar terms and conditions.\n estimated amounts listed paid in event of exercise at earliest exercise date.\n certain redeemable noncontrolling interests exercisable at discretion of noncontrolling equity owners as of december 31 , 2016.\n estimated payments of $ 25. 9 included within total payments expected to in 2017 continue to carried forward into 2018 or beyond until exercised or expired.\n redeemable noncontrolling interests included in table at current exercise price payable in cash not at applicable redemption value authoritative guidance for classification measurement of redeemable securities.\n majority of payments contingent upon achieving projected operating performance targets and satisfying other conditions in related agreements subject to revision in accordance with terms respective agreements.\n see note 4 for further information payment structure of acquisitions.\nlegal matters in normal course of business , we involved in various legal proceedings  subject to investigations , inspections  audits  inquiries similar actions by governmental authorities.\n types of allegations in with legal proceedings vary in can include claims related to contract , employment  tax intellectual property matters.\n we evaluate all cases each reporting period record liabilities for losses from legal proceedings when we determine probable outcome in legal proceeding be unfavorable and amount  potential range  of loss can be reasonably estimated.\n in certain cases , we cannot reasonably estimate potential loss because  for example litigation is in early stages.\n any outcome related to litigation or governmental proceedings we involved cannot be predicted with certainty , management believes outcome of these matters  individually aggregate will not have material adverse effect on our financial condition , results of operations or cash flows.\n previously disclosed on april 10 , 2015 , federal judge in brazil authorized search of records of agency 2019s offices in s e3o paulo and brasilia  in connection with ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts.\n company had previously investigated matter taken remedial and disciplinary actions.\n company in process of concluding a settlement related to matters with government agencies.\n company confirmed one of its standalone domestic agencies contacted by department of justice antitrust division for documents regarding video production practices cooperating with government.\n\n| 2017    | 2018    | 2019   | 2020   | 2021   | thereafter | total\n--------------------------------------------------------------------- | ------- | ------- | ------ | ------ | ------ | ---------- | -------\ndeferred acquisition payments                                         | $ 76.9  | $ 31.6  | $ 25.1 | $ 8.9  | $ 26.9 | $ 11.4     | $ 180.8\nredeemable noncontrolling interests and call options with affiliates1 | 34.7    | 76.5    | 32.9   | 3.9    | 3.1    | 4.2        | 155.3\ntotal contingent acquisition payments                                 | $ 111.6 | $ 108.1 | $ 58.0 | $ 12.8 | $ 30.0 | $ 15.6     | $ 336.1"
}
{
    "_id": "dd4bcf532",
    "title": "",
    "text": "tax returns under examination in foreign jurisdictions.\n major tax jurisdictions include germany italy switzerland.\n possible audits resolved in next twelve months not anticipate resolution audits material impact on results operations or financial position.\n 12.\n capital stock earnings per share 2 million shares of series participating cumulative preferred stock authorized for issuance none outstanding as of december 31 , 2007.\n numerator for basic and diluted earnings per share is net earnings available to common stockholders.\n denominator for basic earnings per share is weighted average number of common shares outstanding during period.\n denominator for diluted earnings per share is weighted average shares outstanding adjusted for effect of dilutive stock options and other equity awards.\n reconciliation of weighted average shares for basic and diluted share computations for years ending december 31 ( in millions ) :.\n weighted average shares outstanding for basic net earnings per share 235. 5 243. 0 247. 1 effect of dilutive stock options and other equity awards 2. 0 2. 4 2. 7 weighted average shares outstanding for diluted net earnings per share 237. 5 245. 4 249. for year ended december 31, 2007 average of 3. 1 million options to purchase shares of common stock not included in computation diluted earnings per share as exercise prices of options greater than average market price of common stock.\n for years ended december 31 , 2006 and 2005  average of 7. 6 million and 2. 9 million options  not included.\n in december 2005 board of directors authorized stock repurchase program of up to $ 1 billion through december 31 , 2007.\n in december 2006 board authorized additional stock repurchase program of up to $ 1 billion through december 31 , 2008.\nas of december 31 , 2007 acquired approximately 19345200 shares cost of $ 1378. 9 million  before commissions.\n 13.\n segment data design , develop  manufacture market reconstructive orthopaedic implants  including joint dental , spinal implants  trauma products related orthopaedic surgical products include surgical supplies instruments aid in orthopaedic surgical procedures post-operation rehabilitation.\n provide other healthcare related services.\n revenue related to these services represents less than 1 percent of total net sales.\n manage operations through three major geographic segments 2013 americas , principally united states includes north , central south american markets ; europe  principally europe includes middle east africa ; asia pacific  primarily japan includes other asian pacific markets.\n structure basis for reportable segment information.\n management evaluates operating segment performance based upon segment operating profit exclusive of operating expenses global operations corporate expenses  share-based compensation expense  settlement , acquisition , integration other expenses  inventory step-up  in-process research and development write- offs intangible asset amortization expense.\n global operations include research , development engineering  medical education  brand management  corporate legal , finance  human resource functions u. s.\n puerto rico based manufacturing operations logistics.\n intercompany transactions eliminated from segment operating profit.\n management reviews accounts receivable , inventory  property , plant equipment  goodwill intangible assets by reportable segment exclusive of u. s puerto rico based manufacturing operations logistics corporate assets.\n z m r h o l d i n g s i n c.\n 2 0 0 7 f o r m 1 0 - k n n u a l r e p o r t notes to consolidated financial statements ( continued )\n\n| 2007  | 2006  | 2005\n---------------------------------------------------------------------- | ----- | ----- | -----\nweighted average shares outstanding for basic net earnings per share   | 235.5 | 243.0 | 247.1\neffect of dilutive stock options and other equity awards               | 2.0   | 2.4   | 2.7\nweighted average shares outstanding for diluted net earnings per share | 237.5 | 245.4 | 249.8"
}
{
    "_id": "dd4bbc040",
    "title": "",
    "text": "liquidity capital resources major components of changes in cash flows for 2016 , 2015 2014 discussed in paragraphs.\n table summarizes cash flow from operating investing financing activities for years ended december 31 , 2016  2015 2014 ( in millions of dollars ) :.\n cash flows provided by operating activities significant items affecting comparison operating cash flows for 2016 2015 summarized : changes in assets liabilities  net of effects from business acquisitions divestitures decreased cash flow from operations by $ 205. 2 million in 2016 compared to decrease $ 316. 7 million in 2015 result of 2022 accounts receivable  exclusive change in allowance for doubtful accounts customer credits increased $ 52. 3 million during 2016 due to timing of billings net of collections compared to $ 15. 7 million increase in 2015.\n as of december 31 , 2016 2015  days sales outstanding were 38. 1 and 38. 3 days  or 26. 1 and 25. 8 days net of deferred revenue.\n 2022 accounts payable decreased $ 9. 8 million during 2016 compared to increase of $ 35. 6 million 2015 due to timing of payments.\n 2022 cash paid for capping  closure post-closure obligations was $ 11. 0 million lower 2016 compared to 2015.\n decrease in cash paid for capping  obligations due to payments in 2015 related to required capping event at closed landfills.\n 2022 cash paid for remediation obligations was $ 13. 2 million lower during 2016 compared to 2015 due to timing of obligations.\n cash paid for income taxes was approximately $ 265 million and $ 321 million for 2016 and 2015 .\n income taxes paid in 2016 2015 reflect favorable tax depreciation provisions of protecting americans from tax hikes act signed into law in december 2015 realization of certain tax credits.\ncash paid for interest was $ 330. 2 million and $ 327. 6 million for 2016 and 2015 .\n significant items affecting comparison operating cash flows for 2015 and 2014 summarized : changes in assets liabilities  net effects business acquisitions divestitures decreased cash flow from operations by $ 316. 7 million in 2015  compared to decrease $ 295. 6 million in 2014  result of : 2022 accounts receivable  exclusive change allowance for doubtful accounts customer credits increased $ 15. 7 million 2015 due to timing of billings net of collections compared to $ 54. 3 million increase in 2014.\n as of december 31 , 2015 and 2014  days sales outstanding were 38 days or 26 and 25 days net of deferred revenue .\n 2022 accounts payable increased $ 35. 6 million and $ 3. 3 million during 2015 and 2014 due to timing of payments as of december 31 , 2015.\n\n| 2016             | 2015               | 2014\n----------------------------------------- | ---------------- | ------------------ | ----------------\nnet cash provided by operating activities | $ 1847.8         | $ 1679.7           | $ 1529.8\nnet cash used in investing activities     | -961.2 ( 961.2 ) | -1482.8 ( 1482.8 ) | -959.8 ( 959.8 )\nnet cash used in financing activities     | -851.2 ( 851.2 ) | -239.7 ( 239.7 )   | -708.1 ( 708.1 )"
}
{
    "_id": "dd4ba2514",
    "title": "",
    "text": "biomet holdings , inc.\n subsidiaries 2017 form 10-k annual report notes to consolidated financial statements continued complete.\n table summarizes liabilities related to integration plans ( in millions ) : employee termination benefits contract terminations total.\n recognized other employee termination benefits related to ldr  acquisitions operational excellence initiatives.\n dedicated project personnel expenses include salary  benefits travel expenses other costs associated with employees 100 percent dedicated to integration of acquired businesses employees notified of termination continuing to work on transferring responsibilities employees working on quality enhancement and remediation efforts operational excellence initiatives.\n relocated facilities expenses are moving costs  lease expenses other facility costs incurred during relocation period facilities.\n litigation matters relate to net expenses recognized during year for estimated or actual settlement of pending litigation similar claims including matters where recognized income from settlement on more favorable terms previous estimate or reduced estimate of previously recorded contingent liability.\n litigation matters included royalty disputes  patent litigation matters product liability litigation matters commercial litigation matters.\n contract termination costs relate to terminated agreements in connection with integration of acquired companies changes to distribution model as of business restructuring operational excellence initiatives.\n terminated contracts relate to sales agents distribution agreements.\n information technology integration costs are non- capitalizable costs incurred related to integrating information technology platforms of acquired companies or other significant software implementations as part of quality and operational excellence initiatives.\n part of biomet merger  recognized $ 209. 0 million of intangible assets for in-process research and development ( 201cipr&d 201d ) projects.\n during 2017 and 2016 recorded impairment losses of $ 18. 8 million and $ 30.0 million  related to ipr&d intangible assets.\n impairments primarily due to termination of ipr&d projects.\n recognized $ 479. 0 million of intangible assets for trademarks indefinite life.\n during 2017  reclassified one trademarks to finite life asset resulted in impairment of $ 8. 0 million.\n loss/impairment on disposal of assets relates to assets sold or intend to sell or for economic useful life of asset significantly reduced due to integration or quality and operational excellence initiatives.\n contingent consideration adjustments represent changes in fair value of contingent consideration obligations paid to prior owners of acquired businesses.\n certain r&d agreements relate to agreements with upfront payments to obtain intellectual property used in r&d projects no alternative future use in other projects.\n cash and cash equivalents 2013 consider all highly liquid investments with original maturity of three months or less to be cash equivalents.\n carrying amounts reported in balance sheet for cash and cash equivalents valued at cost  approximates fair value.\n accounts receivable 2013 accounts receivable consists of trade and other miscellaneous receivables.\n grant credit to customers in normal course business maintain allowance for doubtful accounts for potential credit losses.\n determine allowance for doubtful accounts by geographic market consideration historical credit experience creditworthiness of customer and other pertinent information.\n concerted efforts to collect all accounts receivable sometimes to write-off account against allowance when determine account uncollectible.\n allowance for doubtful accounts was $ 60. 2 million and $ 51. 6 million as of december 31 , 2017 and 2016 .\n inventories 2013 inventories stated at lower of cost or market  cost determined on first-in first-out basis.\nproperty , plant and equipment 2013 property  plant equipment carried at cost less accumulated depreciation.\n depreciation computed using straight-line method based on estimated useful lives of ten to forty years for buildings improvements three to eight years for machinery and equipment.\n maintenance and repairs expensed as incurred.\n review property , plant equipment for impairment whenever events changes circumstances indicate carrying value of asset may not be recoverable.\n impairment loss recognized when estimated future undiscounted cash flows asset less than its carrying amount.\n impairment loss measured as amount carrying amount of asset exceeds its fair value.\n software costs 2013 capitalize certain computer software software development costs incurred in with developing or obtaining computer software for internal use when preliminary project stage completed probable software will be used as intended.\n capitalized software costs include external direct costs of materials services utilized in developing obtaining computer software compensation and related\n\n| employee termination benefits | contract terminations | total\n-------------------------------------- | ----------------------------- | --------------------- | --------------\nbalance december 31 2016               | $ 38.1                        | $ 35.1                | $ 73.2\nadditions                              | 12.1                          | 5.2                   | 17.3\ncash payments                          | -36.7 ( 36.7 )                | -10.4 ( 10.4 )        | -47.1 ( 47.1 )\nforeign currency exchange rate changes | 1.3                           | 0.4                   | 1.7\nbalance december 31 2017               | $ 14.8                        | $ 30.3                | $ 45.1"
}
{
    "_id": "dd4bb76ee",
    "title": "",
    "text": "meet customer needs us to handle demand changes.\n continue utilizing industrial engineering techniques to improve productivity.\n 2022 fuel prices 2013 uncertainty about economy makes fuel price projections difficult could see volatile fuel prices during year  sensitive to global.\n domestic demand  refining capacity  geopolitical issues events  weather conditions other factors.\n to reduce impact of fuel price on earnings continue to seek recovery from customers through fuel surcharge programs expand fuel conservation efforts.\n 2022 capital plan 2013 in 2010  plan to make total capital investments of approximately $ 2. 5 billion  including expenditures for ptc may be revised if business conditions or new laws or regulations affect generate sufficient returns on investments.\n see further discussion in item 7 under liquidity and capital resources 2013 capital plan.\n 2022 positive train control ( ptc ) 2013 response to legislative mandate to implement ptc by end of 2015 expect to spend approximately $ 200 million during 2010 on development of ptc.\n estimate ptc will cost approximately $ 1. 4 billion to implement by end of 2015  accordance with rules issued by fra.\n includes costs for installing new system along tracks upgrading locomotives new system adding digital data communication equipment system communicate.\n 2022 financial expectations 2013 remain cautious about economic conditions expect volume to increase from 2009 levels.\n anticipate continued pricing opportunities further productivity improvements.\n results of operations operating revenues millions of dollars 2009 2008 2007 % ( % ) change 2009 v 2008 % ( % ) change 2008 v 2007.\n freight revenues are revenues generated by transporting freight or other materials from six commodity groups.\n freight revenues vary with volume ( carloads ) average revenue per car ( arc ).\n changes in price , traffic mix fuel surcharges drive arc.\nprovide customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations record as reduction to freight revenues based on actual or projected future shipments.\n recognize freight revenues on percentage-of-completion basis as freight moves from origin to destination.\n allocate freight revenues between reporting periods based on relative transit time each recognize expenses as we incur them.\n other revenues include revenues earned by subsidiaries from commuter rail operations accessorial revenues earn when customers retain equipment owned controlled us or perform additional services switching or storage.\n recognize other revenues as perform services or meet contractual obligations.\n freight revenues and volume levels for all six commodity groups decreased during 2009  reflecting continued economic weakness.\n experienced largest volume declines in automotive and industrial\n\nmillions of dollars | 2009    | 2008    | 2007    | % (  % ) change 2009 v 2008 | % (  % ) change 2008 v 2007\n------------------- | ------- | ------- | ------- | --------------------------- | ---------------------------\nfreight revenues    | $ 13373 | $ 17118 | $ 15486 | ( 22 ) % (  % )             | 11% ( 11 % )\nother revenues      | 770     | 852     | 797     | -10 ( 10 )                  | 7\ntotal               | $ 14143 | $ 17970 | $ 16283 | ( 21 ) % (  % )             | 10% ( 10 % )"
}
{
    "_id": "dd4c46150",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities market price dividends on registrant 2019s common equity stockholder matters market information.\n our class a common stock quoted on nasdaq global select market under symbol 201cdish. 201d high and low closing sale prices of class a common stock during 2014 and 2013 on nasdaq global select market reported set forth below.\n as of february 13 , 2015  approximately 8208 holders of record of class a common stock not including stockholders beneficially own class a common stock held in nominee or street name.\n as of february 10, 2015  213247004 of 238435208 outstanding shares of class b common stock beneficially held by charles w.\n ergen , chairman remaining 25188204 held in trusts established by mr.\n ergen for benefit family.\n no trading market for class b common stock.\n dividends.\n on december 28 , 2012  paid cash dividend of $ 1. 00 per share  or approximately $ 453 million  on outstanding class a and class b common stock to stockholders of record at close of business on december 14 , 2012.\n not intend to declare additional dividends common stock may elect to time to time.\n payment future dividends depend upon earnings capital requirements restrictions in debt facilities other factors board of directors considers appropriate.\n intend to retain earnings to support future growth and expansion may repurchase shares of common stock from time to time.\n see further discussion under 201citem 7.\n management 2019s discussion analysis of financial condition results of operations 2013 liquidity and capital resources 201d in annual report on form 10-k.\n securities authorized for issuance under equity compensation plans.\n see 201citem 12.\nsecurity ownership certain beneficial owners management related stockholder matters 201d in annual report form 10-k.\n\n2014           | high    | low\n-------------- | ------- | -------\nfirst quarter  | $ 62.42 | $ 54.10\nsecond quarter | 65.64   | 56.23\nthird quarter  | 66.71   | 61.87\nfourth quarter | 79.41   | 57.96\n2013           | high    | low\nfirst quarter  | $ 38.02 | $ 34.19\nsecond quarter | 42.52   | 36.24\nthird quarter  | 48.09   | 41.66\nfourth quarter | 57.92   | 45.68"
}
{
    "_id": "dd4c5081c",
    "title": "",
    "text": "death of employee employee 2019s beneficiary typically receives designated portion of death benefits directly from insurance company company receives remainder of death benefits.\n expected minimal cash payments required to fund these policies.\n net periodic pension cost for split-dollar life insurance arrangements was $ 5 million for years ended december 31 , 2014 , 2013 and 2012.\n company recorded liability representing actuarial present value of future death benefits as of employees 2019 expected retirement date of $ 66 million and $ 51 million as of december 31, 2014 and december 31 , 2013  respectively.\n deferred compensation plan company amended and reinstated deferred compensation plan ( 201cthe plan 201d ) effective june 1 , 2013 to reopen plan to certain participants.\n plan participants may elect to defer base salary and cash incentive compensation in excess of 401 ( k ) plan limitations.\n participants plan may choose to invest deferred amounts in same investment alternatives available under company's 401 ( k ) plan.\n plan allows for company matching contributions for first 4% ( 4 % ) of compensation deferred under plan  subject to maximum of $ 50000 for board officers  ii ) lost matching amounts made under 401 ( k ) plan if participants not participated plan iii ) discretionary amounts as approved by compensation and leadership committee of board of directors.\n defined contribution plan company and certain subsidiaries have various defined contribution plans all eligible employees may participate.\n. 401 ( k ) plan is contributory plan.\n matching contributions based upon amount employees 2019 contributions.\n company 2019s expenses for material defined contribution plans for years ended december 31 , 2014 , 2013 and 2012 were $ 31 million , $ 32 million and $ 30 million , respectively.\nbeginning january 1, 2012 company may make additional discretionary 401 ( k ) plan matching contribution to eligible employees.\n for years ended december 31 , 2014  2013  2012 company made no discretionary matching contributions.\n.\n share-based compensation plans incentive plans stock options stock appreciation rights employee stock purchase plan company grants options to acquire shares common stock to certain employees existing option holders of acquired companies in with merging of option plans following acquisition.\n each option granted and stock appreciation right has exercise price no less than 100% ( % ) of fair market value of common stock on date of grant.\n awards have contractual life of five to fifteen years vest over two to four years.\n stock options stock appreciation rights assumed or replaced with comparable stock options rights with change in control company become exercisable if holder involuntarily terminated or quits for good reason within 24 months of change in control.\n employee stock purchase plan allows eligible participants to purchase shares company 2019s common stock through payroll deductions of up to 20% ( % ) of eligible compensation after-tax basis.\n participants cannot purchase more than $ 25000 of stock in any calendar year.\n price employee pays per share is 85% ( 85 % ) of lower fair market value of company 2019s stock on close of first trading day or last trading day of purchase period.\n plan has two purchase periods first from october 1 through march 31 second from april 1 through september 30.\n for years ended december 31 , 2014 , 2013 2012  employees purchased 1. 4 million , 1. 5 million 1. 4 million shares  at purchase prices of $ 51. 76 $ 53. 79 , $ 43. 02 $ 50. 47 , $ 34. 52 and $ 42. 96 .\ncompany calculates value of each employee stock option  estimated on date of grant using black-scholes option pricing model.\n weighted-average estimated fair value of employee stock options granted during 2014, 2013 2012 was $ 11. 02 , $ 9. 52 $ 9. 60  respectively using weighted-average assumptions:.\n company uses implied volatility for traded options on company 2019s stock as expected volatility assumption required in black-scholes model.\n selection of implied volatility approach based upon availability of actively traded options on company 2019s stock and company 2019s assessment implied volatility more representative of future stock price trends than historical volatility.\n risk-free interest rate assumption based upon average daily closing rates during year for. s.\n treasury notes life approximates expected life of option.\n dividend yield assumption based on company 2019s future expectation of dividend payouts.\n expected life of employee stock options represents average of contractual term of options and weighted-average vesting period for all option tranches.\n\n| 2014             | 2013             | 2012\n----------------------- | ---------------- | ---------------- | ----------------\nexpected volatility     | 21.7% ( 21.7 % ) | 22.1% ( 22.1 % ) | 24.0% ( 24.0 % )\nrisk-free interest rate | 1.6% ( 1.6 % )   | 0.9% ( 0.9 % )   | 0.8% ( 0.8 % )\ndividend yield          | 2.5% ( 2.5 % )   | 2.4% ( 2.4 % )   | 2.2% ( 2.2 % )\nexpected life ( years ) | 5.2              | 5.9              | 6.1"
}
{
    "_id": "dd4b982d0",
    "title": "",
    "text": "cdw corporation subsidiaries notes to consolidated financial statements 2013 denominator impacted by common shares issued during ipo and underwriters 2019 exercise overallotment option granted in connection with ipo.\n such common shares issued on july 2 , 2013 and july 31 , 2013  only partially reflected in 2013 denominator.\n such shares fully reflected in 2014 denominator.\n see note 9 for additional discussion of ipo.\n dilutive effect of outstanding restricted stock , restricted stock units , stock options mpk plan units reflected in denominator for diluted earnings per share using treasury stock method.\n reconciliation of basic shares to diluted shares:.\n for years ended december 31 , 2013 , 2012 2011  diluted earnings per share excludes impact of 0. 0 million , 0. 0 million , and 4. 3 million potential common shares , their inclusion would have had anti-dilutive effect.\n 12.\n deferred compensation plan on march 10 , 2010  connection with company 2019s purchase of $ 28. 5 million principal amount of outstanding senior subordinated debt  company established restricted debt unit plan ( 201crdu plan 201d ) unfunded nonqualified deferred compensation plan.\n total number of rdus can be granted under rdu plan is 28500.\n at december 31 , 2013 , 28500 rdus were outstanding.\n rdus outstanding vest daily on pro rata basis over three-year period from january 1 , 2012 ( or date of hire subsequent rdu grant ) through december 31 , 2014.\n participants have no rights to underlying debt.\n total amount of compensation available to be paid under rdu plan initially based on two components  principal component and interest component.\n principal component credits rdu plan with notional amount equal to $ 28.5 million face value of senior subordinated notes ( 201cdebt pool 201d ) , with certain redemption premium equivalents as noted below.\n interest component credits rdu plan with amounts equal to interest earned on debt pool from march 10 , 2010 through maturity on october 12 , 2017 , except discussed below.\n interest amounts for 2010 and 2011 deferred until 2012  interest amounts paid to participants semi-annually on interest payment due dates.\n payments totaling $ 1. 7 million and $ 1. 3 million made to participants under rdu plan in april and october 2013 , respectively in connection with semi-annual interest payments due.\n company used portion of ipo proceeds with incremental borrowings to redeem $ 324. 0 million of total senior subordinated notes outstanding on august 1 , 2013.\n in connection with ipo partial redemption of senior subordinated notes company amended rdu plan to increase retentive value of plan.\n accordance with original terms rdu plan principal component of rdus converted to cash-denominated pool upon redemption of senior subordinated notes.\n company added $ 1. 4 million to principal component in year ended december 31 , 2013 as redemption premium equivalents in accordance with terms of rdu plan.\n under terms amended rdu plan upon partial redemption of outstanding senior subordinated notes , rdus ceased to accrue proportionate related interest component credits.\n\n\n( in millions )                   | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011\n--------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nweighted-average shares - basic   | 156.6                          | 145.1                          | 144.8\neffect of dilutive securities     | 2.1                            | 0.7                            | 0.1\nweighted-average shares - diluted | 158.7                          | 145.8                          | 144.9"
}
{
    "_id": "dd4c5f09c",
    "title": "",
    "text": "printing papers net sales 2006 decreased 3% ( 3 % ) from 2005 and 2004 due to sale of.\n coated papers business august 2006.\n operating profits 2006 43% ( 43 % ) higher than 2005 33% ( 33 % ) higher than 2004.\n 2005 earnings improved for.\n uncoated papers  market pulp european papers  partially offset by earnings declines in brazilian papers.\n benefits from higher average sales price realizations in united states europe brazil ( $ 284 million ) improved manufacturing operations ( $ 73 million ) reduced lack-of-order downtime ( $ 41 million ) higher sales volumes in europe ( $ 23 million ) other items ( $ 65 million ) offset by higher raw material energy costs ( $ 109 million ) higher freight costs ( $ 45 million ) impairment charge to reduce carrying value of fixed assets at saillat  france mill ( $ 128 million ).\n compared with 2004 higher earnings 2006 in.\n uncoated papers  market pulp coated papers businesses offset by lower earn ings in european brazilian papers.\n printing papers segment took 555000 tons of downtime in 2006 including 150000 tons of lack-of-order downtime to align production with customer demand.\n compared with 970000 tons total downtime in 2005 520000 tons related to lack-of-orders.\n printing papers in 2006 2005 2004.\n.\n uncoated papers net sales 2006 were $ 3. 5 billion  compared with $ 3. 2 billion 2005 $ 3. 3 billion in 2004.\n sales volumes increased 2006 over 2005 particularly in cut-size paper and printing papers.\n average sales price realizations increased reflecting benefits from price increases late 2005 early 2006.\nlack-of-order downtime declined from 450000 tons in 2005 to 40000 tons in 2006 reflecting firm market demand impact of closure of three uncoated freesheet machines in 2005.\n operating earnings 2006 doubled compared with 2005 and 2004.\n benefits improved sales price realizations offset higher input costs for freight wood energy all above 2005 levels.\n mill operations favorable due to improve- ments in machine performance lower labor chem ical energy consumption costs $ 30 million charges incurred in 2005 for machine shutdowns.\n.\n coated papers net sales were $ 920 million in 2006 $ 1. 6 billion in 2005 $ 1. 4 billion in 2004.\n operating profits in 2006 were 26% ( 26 % ) lower than 2005.\n small operating loss reported for business in 2004.\n business sold in third quarter of 2006.\n first two quarters of 2006 sales volumes up slightly versus 2005.\n average sales price realizations for coated freesheet paper and coated groundwood paper higher than 2005 reflecting impact of price increases.\n input costs for energy wood other raw materials increased over 2005 levels.\n manufacturing operations favorable due to higher machine efficiency mill cost savings.\n.\n market pulp sales in 2006 were $ 509 mil- lion  compared with $ 526 million and $ 437 million in 2005 and 2004.\n sales volumes in 2006 down from 2005 levels primarily for paper and tissue pulp.\n average sales price realizations higher in 2006 reflecting higher average prices for fluff pulp bleached hardwood softwood pulp.\n operating earnings increased 30% ( 30 % ) from 2005 more than 100% ( 100 % ) from 2004 due to impact higher average sales prices.\n input costs for wood and energy higher in 2006 than 2005.\nmanufacturing operations unfavorable driven by poor operations at riegel- wood north carolina mill.\n brazil ian paper net sales for 2006 of $ 496 mil- lion higher than $ 465 million in 2005 $ 417 million in 2004.\n sales increase 2006 reflects higher sales volumes than 2005 ularly for uncoated freesheet paper strengthening of brazilian currency versus.\n dollar.\n average sales price realizations improved in 2006 primarily for uncoated freesheet paper wood chips.\n despite higher net sales operating profits for 2006 of $ 122 million down from $ 134 million in 2005 $ 166 million in 2004 due to incremental costs extended mill outage convert to elemental-chlorine-free bleaching process rebuild primary recovery boiler other environmental upgrades.\n european papers net sales 2006 were $ 1. 5 bil- lion  compared with $ 1. 4 billion in 2005 $ 1. 5 bil- lion in 2004.\n sales volumes 2006 higher than 2005 at eastern european mills due to stron ger market demand.\n average sales price realizations increased 2006 in eastern and western european markets.\n operating earnings 2006 rose 20% ( 20 % ) from 2005 15% ( 15 % ) below 2004 levels.\n improvement in 2006 compared with 2005\n\nin millions      | 2006   | 2005   | 2004\n---------------- | ------ | ------ | ------\nsales            | $ 6930 | $ 7170 | $ 7135\noperating profit | $ 677  | $ 473  | $ 508"
}
{
    "_id": "dd4bf5e44",
    "title": "",
    "text": "jpmorgan chase & co.\n / 2008 annual report 175jpmorgan chase co.\n 2008 annual report.\n.\n.\n 175 securities borrowed and securities lent recorded at amount cash collateral advanced or received.\n securities borrowed consist primarily of government and equity securities.\n jpmorgan chase moni tors market value of securities borrowed and lent daily basis calls for additional collateral when appropriate.\n fees received or paid with securities borrowed recorded in interest income or interest expense.\n table details components of collateralized financings.\n ( a ) includes resale agreements of $ 20. 8 billion and $ 19. 1 billion accounted for at fair value at december 31, 2008 and 2007.\n ( b ) includes securities borrowed of $ 3. 4 billion accounted for at fair value at december 31 , 2008.\n ( c ) includes repurchase agreements of $ 3. 0 billion and $ 5. 8 billion accounted for at fair value at december 31, 2008 and 2007.\n jpmorgan chase pledges financial instruments owns to col- lateralize repurchase agreements and other securities financings.\n pledged securities that can be sold or repledged by secured party identified as financial instruments owned ( pledged to parties ) on consolidated balance sheets.\n at december 31 , 2008 firm received securities as collateral could be repledged delivered or used with fair value of approximately $ 511. 9 billion.\n collateral generally obtained under resale or securities borrowing agreements.\n securities approximately $ 456. 6 billion repledged , delivered or used generally as collateral under repurchase agreements  securities lending agreements or to cover short sales.\nnote 14 2013 loans accounting for loan may differ based origi- nated or purchased loan used in invest- ing or trading strategy.\n for purchased loans held-for-investment accounting differs depending on loan credit- impaired at date acquisition.\n purchased loans with evidence credit deterioration since origination date probable at acquisition all contractually required payments receivable not be collected are considered credit-impaired.\n measurement framework for loans in consolidated financial statements is : 2022 at principal amount outstanding net of allowance for loan losses  unearned income net deferred loan fees or costs for loans held for investment ( other than purchased credit- impaired loans ) ; 2022 at lower of cost or fair value  with valuation changes record- ed in noninterest revenue  for loans classified as held- for-sale ; or 2022 at fair value  with changes in fair value recorded in noninterest revenue  for loans classified as trading assets or risk managed fair value basis ; 2022 purchased credit-impaired loans held for investment account- ed for under sop 03-3 initially measured at fair value  includes estimated future credit losses.\n allowance for loan losses related these loans not recorded at acquisition date.\n see note 5 on pages 156 2013158 annual report for information on firm 2019s elections of fair value accounting under sfas 159.\n see note 6 on pages 158 2013160 annual report for information on loans carried at fair value and classified as trading assets.\n for loans held for investment  other than purchased credit-impaired loans interest income recognized using interest method or basis approximating level rate of return over term of loan.\n loans within held-for-investment portfolio that management decides to sell are transferred to held-for-sale portfolio.\ntransfers to held-for-sale recorded at lower of cost or fair value on date of transfer.\n credit-related losses charged off to allowance for loan losses and losses due to changes in interest rates or exchange rates recognized in noninterest revenue.\n loans within held-for-sale portfolio management decides to retain transferred to held-for-investment portfolio at lower of cost or fair value.\n loans subsequently assessed for impairment based on firm 2019s allowance methodology.\n for fur- ther discussion of methodologies establishing firm 2019s allowance for loan losses, see note 15 on pages 178 2013180 of this annual report.\n nonaccrual loans are those on accrual of interest is dis- continued.\n loans ( other than certain consumer and purchased credit- impaired loans discussed ) placed on nonaccrual status immediately if management full payment of princi- pal or interest in doubt or when principal or interest is 90 days or more past due and collateral  insufficient to cover principal and interest.\n loans charged off to allowance for loan losses when highly certain that loss has been realized.\n interest accrued but not collected at date loan placed on nonaccrual status reversed against interest income.\n amortiza- tion of net deferred loan fees suspended.\n interest income on nonaccrual loans recognized only to extent received in cash.\n where doubt regarding ultimate col- lectibility of loan principal all cash received applied to reduce carrying value of such loans (. cost recovery method ).\n loans restored to accrual status only when future pay- ments of interest and principal reasonably assured.\nconsumer loans  other than purchased credit-impaired loans generally charged to allowance for loan losses upon reaching specified stages delinquency accordance with federal financial institutions examination council policy.\n for example credit card loans charged off by end of month account becomes 180 days past due or within 60 days from notification of filing bankruptcy whichever is earlier.\n residential mortgage products charged off to net real- izable value at no later than 180 days past due.\n other consumer\n\ndecember 31 ( in millions )                        | 2008     | 2007\n-------------------------------------------------- | -------- | --------\nsecurities purchased under resale agreements ( a ) | $ 200265 | $ 169305\nsecurities borrowed ( b )                          | 124000   | 84184\nsecurities sold under repurchase agreements ( c )  | $ 174456 | $ 126098\nsecurities loaned                                  | 6077     | 10922"
}
{
    "_id": "dd4c4dda6",
    "title": "",
    "text": "notes to consolidated financial statements bank subsidiaries gs bank usa , an fdic-insured new york state-chartered bank member of federal reserve system supervised regulated by federal reserve board fdic  new york state department of financial services consumer financial protection bureau subject to minimum capital requirements described below ) calculated similar to bank holding companies.\n gs bank usa computes capital ratios accordance with regulatory capital requirements applicable to state member banks based on basel 1 implemented by federal reserve board for assessing adequacy of capital.\n under regulatory framework for prompt corrective action applicable to gs bank usa to be considered 201cwell-capitalized 201d depository institution  gs bank usa must maintain tier 1 capital ratio of at least 6% ( 6 % )  total capital ratio at least 10% ( 10 % ) tier 1 leverage ratio of at least 5% ( 5 % ).\n gs bank usa agreed with federal reserve board to maintain minimum capital ratios in excess of these 201cwell- capitalized 201d levels.\n for period time gs bank usa expected to maintain tier 1 capital ratio of at least 8% ( 8 % )  total capital ratio of at least 11% ( 11 % ) tier 1 leverage ratio of at least 6% ( 6 % ).\n in table below gs bank usa in compliance with these minimum capital requirements as of december 2012 and december 2011.\n table below presents information regarding gs bank usa 2019s regulatory capital ratios under basel 1 as implemented by federal reserve board.\n effective january 1 , 2013  gs bank usa implemented revised market risk regulatory framework.\n changes resulted in increased regulatory capital requirements for market risk reflected in all gs bank usa 2019s basel-based capital ratios for periods beginning on or after january 1 , 2013.\ngs bank usa working to implement basel 2 framework , implemented by federal reserve board.\n gs bank usa will adopt basel 2 once approved by regulators.\n capital requirements for gs bank usa expected to be impacted by june 2012 proposed modifications to agencies 2019 capital adequacy regulations including requirements of floor to advanced risk-based capital ratios.\n if enacted proposed these proposals would change regulatory framework for prompt corrective action applicable to gs bank usa by  introducing common equity tier 1 ratio requirement increasing minimum tier 1 capital ratio requirement introducing supplementary leverage ratio as component of prompt corrective action analysis.\n gs bank usa impacted by aspects dodd-frank act , including new stress tests.\n deposits of gs bank usa insured by fdic to extent provided by law.\n federal reserve board requires depository institutions to maintain cash reserves with federal reserve bank.\n amount deposited by firm 2019s depository institution held at federal reserve bank was approximately $ 58. 67 billion and $ 40. 06 billion as of december 2012 and december 2011  respectively exceeded required reserve amounts by $ 58. 59 billion and $ 39. 51 billion as of december 2012 and december 2011 .\n transactions between gs bank usa and its subsidiaries and group inc.\n and subsidiaries and affiliates ( other subsidiaries of gs bank usa ) are regulated by federal reserve board.\n these regulations limit types and amounts of transactions ( including credit extensions from gs bank usa ) require transactions to be on market terms or better to gs bank usa.\n firm 2019s principal non-u. s.\nbank subsidiaries include gsib  wholly-owned regulated by fsa  and gs bank europe regulated by central bank of ireland both subject to minimum capital requirements.\n as of december 2012 and december 2011  gsib and gs bank europe in compliance with all regulatory capital requirements.\n on january 18 , 2013  gs bank europe surrendered banking license to central bank of ireland after transferring deposits to gsib.\n goldman sachs 2012 annual report 187\n\n$ in millions         | as of december 2012 | as of december 2011\n--------------------- | ------------------- | -------------------\ntier 1 capital        | $ 20704             | $ 19251\ntier 2 capital        | $ 39                | $ 6\ntotal capital         | $ 20743             | $ 19257\nrisk-weighted assets  | $ 109669            | $ 112824\ntier 1 capital ratio  | 18.9% ( 18.9 % )    | 17.1% ( 17.1 % )\ntotal capital ratio   | 18.9% ( 18.9 % )    | 17.1% ( 17.1 % )\ntier 1 leverage ratio | 17.6% ( 17.6 % )    | 18.5% ( 18.5 % )"
}
{
    "_id": "dd4c377ea",
    "title": "",
    "text": "constitutes event of default under our other debt instruments  including senior notes  senior notes also subject to acceleration of maturity.\n if acceleration to occur we not have sufficient liquidity available to repay indebtedness.\n likely to seek amendment under credit facilities for relief from financial covenants or repay debt with proceeds from issuance of new debt or equity  or asset sales  if necessary.\n may be unable to amend credit facilities or raise sufficient capital to repay obligations in event maturities accelerated.\n financial assurance we must provide financial assurance to governmental agencies and other entities under applicable environmental regulations relating to our landfill operations for capping , closure and post-closure costs related to performance under certain collection , landfill and transfer station contracts.\n we satisfy financial assurance requirements by providing surety bonds , letters of credit insurance policies ( financial assurance instruments trust deposits  included in restricted cash and marketable securities and other assets in our consolidated balance sheets.\n amount of financial assurance requirements for capping , closure and post-closure costs is determined by state environmental regulations.\n financial assurance requirements for capping closure post-closure costs may be associated with portion of landfill or entire landfill.\n states require third-party engineering specialist to determine estimated capping , closure and post-closure costs to determine required amount of financial assurance for landfill.\n amount of financial assurance required can differ from obligation determined and recorded under u.\n.\n amount of financial assurance requirements related to contract performance varies by contract.\n we must provide financial assurance for our insurance program and collateral for certain performance obligations.\n do not expect material increase in financial assurance requirements during 2014  mix of financial assurance instruments may change.\nfinancial instruments issued in normal course of business not considered indebtedness.\n currently no liability for financial assurance instruments not reflected in consolidated balance sheets ; we record capping , closure post-closure liabilities self-insurance liabilities as incurred.\n underlying obligations of financial assurance instruments, in excess of those already reflected in consolidated balance sheets, be recorded if probable we unable to fulfill related obligations.\n do not expect this to occur.\n off-balance sheet arrangements no off-balance sheet debt or similar obligations  other than financial assurance instruments and operating leases not classified as debt.\n do not guarantee third-party debt.\n free cash flow define free cash flow , not measure determined in accordance with u. s.\n gaap as cash provided by operating activities less purchases of property and equipment  plus proceeds from sales of property and equipment as presented in consolidated statements of cash flows.\n free cash flow for years ended december 31 , 2013 , 2012 2011 calculated as follows ( in millions of dollars ) :.\n\n| 2013             | 2012             | 2011\n--------------------------------------------- | ---------------- | ---------------- | ----------------\ncash provided by operating activities         | $ 1548.2         | $ 1513.8         | $ 1766.7\npurchases of property and equipment           | -880.8 ( 880.8 ) | -903.5 ( 903.5 ) | -936.5 ( 936.5 )\nproceeds from sales of property and equipment | 23.9             | 28.7             | 34.6\nfree cash flow                                | $ 691.3          | $ 639.0          | $ 864.8"
}
{
    "_id": "dd4bcd2e6",
    "title": "",
    "text": "brokerage and asset management asset management ( bam )  constituted 6% ( 6 % ) of citi holdings assets as of december 31 , 2009 consists of citi 2019s global retail brokerage and asset management businesses.\n segment affected reduced in size in 2009 due to divestitures of smith barney ( morgan stanley smith barney joint venture mssb jv ) and nikko cordial securities.\n at december 31 , 2009 bam had approximately $ 35 billion assets included $ 26 billion assets from 49% ( 49 % ) interest in mssb jv ( $ 13 billion investment and $ 13 billion in loans with clients ) and $ 9 billion assets from diverse asset management and insurance businesses half will be transferred into latam rcb during first quarter of 2010 under 201cciti holdings 201d.\n morgan stanley has options to purchase citi 2019s remaining stake in mssb jv over three years starting 2012.\n 2009 results include $ 11. 1 billion gain ( $ 6. 7 billion after-tax ) on sale of smith barney.\n millions dollars 2009 2008 2007 % ( % ) change 2009 vs.\n 2008 % % ) change 2008 vs.\n 2007.\n 2009 vs.\n 2008 revenues net of interest expense increased 80% ( % ) versus prior year driven by $ 11. 1 billion pretax gain on sale ( $ 6. 7 billion after-tax ) on mssb jv transaction in second quarter of 2009 and $ 320 million pretax gain on sale of managed futures business to mssb jv in third quarter of 2009.\n revenue decreased due to absence of smith barney from may 2009 and absence of fourth-quarter revenue of nikko asset management offset by improvement in marks retail alternative investments.\nrevenues prior year include $ 347 million pretax gain on sale citistreet charges related to settlement auction rate securities $ 393 million pretax.\n operating expenses decreased 64% ( 64 % ) prior year driven by absence smith barney nikko asset management expenses re- engineering efforts absence 2008 one-time expenses ( $ 0. 9 billion intangible impairment  $ 0. 2 billion restructuring $ 0. 5 billion write- downs other charges ).\n provisions for loan losses benefits claims decreased 15% ( 15 % ) reflecting $ 50 million decrease in provision for benefits claims offset by increased reserve builds $ 28 million.\n assets decreased 40% ( 40 % ) versus prior year driven by sales of nikko cordial securities nikko asset management ( $ 25 billion ) managed futures business ( $ 1. 4 billion ) offset by increased smith barney assets $ 4 billion.\n 2008 vs.\n 2007 revenues  net of interest expense decreased 21% ( 21 % ) prior year due to lower transactional investment revenues in smith barney  lower revenues nikko asset management higher markdowns in retail alternative investments.\n operating expenses increased 16% ( 16 % ) versus prior year driven by $ 0. 9 billion intangible impairment in nikko asset management fourth quarter 2008  $ 0. 2 billion restructuring charges $ 0. 5 billion write-downs other charges.\n provisions for loan losses benefits claims increased $ 65 million prior year due to $ 52 million increase in provisions for benefits claims.\n assets increased 4% ( 4 % ) versus prior year.\n\nin millions of dollars                                       | 2009     | 2008             | 2007    | % (  % ) change 2009 vs . 2008 | % (  % ) change 2008 vs . 2007\n------------------------------------------------------------ | -------- | ---------------- | ------- | ------------------------------ | ------------------------------\nnet interest revenue                                         | $ 432    | $ 1224           | $ 908   | ( 65 ) % (  % )                | 35% ( 35 % )\nnon-interest revenue                                         | 14703    | 7199             | 9751    | nm                             | -26 ( 26 )\ntotal revenues net of interest expense                       | $ 15135  | $ 8423           | $ 10659 | 80% ( 80 % )                   | ( 21 ) % (  % )\ntotal operating expenses                                     | $ 3350   | $ 9236           | $ 7960  | ( 64 ) % (  % )                | 16% ( 16 % )\nnet credit losses                                            | $ 3      | $ 10             | $ 2014  | ( 70 ) % (  % )                | 2014\ncredit reserve build/ ( release )                            | 36       | 8                | 4       | nm                             | 100% ( 100 % )\nprovision for unfunded lending commitments                   | -5 ( 5 ) | 2014             | 2014    | 2014                           | 2014\nprovision for benefits and claims                            | $ 155    | $ 205            | $ 154   | ( 24 ) % (  % )                | 33% ( 33 % )\nprovisions for loan losses and for benefits and claims       | $ 189    | $ 223            | $ 158   | ( 15 ) % (  % )                | 41% ( 41 % )\nincome ( loss ) from continuing operations before taxes      | $ 11596  | $ -1036 ( 1036 ) | $ 2541  | nm                             | nm\nincome taxes ( benefits )                                    | 4489     | -272 ( 272 )     | 834     | nm                             | nm\nincome ( loss ) from continuing operations                   | $ 7107   | $ -764 ( 764 )   | $ 1707  | nm                             | nm\nnet income ( loss ) attributable to noncontrolling interests | 12       | -179 ( 179 )     | 35      | nm                             | nm\nnet income ( loss )                                          | $ 7095   | $ -585 ( 585 )   | $ 1672  | nm                             | nm\neop assets ( in billions of dollars )                        | $ 35     | $ 58             | $ 56    | ( 40 ) % (  % )                | 4% ( 4 % )\neop deposits ( in billions of dollars )                      | 60       | 58               | 46      | 3                              | 26"
}
{
    "_id": "dd4bdad7e",
    "title": "",
    "text": "bhge 2018 form 10-k | 85 expected amount unrecognized tax benefits will change in next twelve months due to expiring statutes audit activity tax payments competent authority proceedings related to transfer pricing or final decisions in matters subject of litigation in various taxing jurisdictions we operate.\n at december 31 , 2018  had approximately $ 96 million of tax liabilities net of $ 1 million of tax assets related to uncertain tax positions each individually insignificant reasonably possible of being settled within next twelve months.\n conduct business in more than 120 countries subject to income taxes in most taxing jurisdictions we operate.\n all internal revenue service examinations completed and closed through year end 2015 for most significant.\n returns.\n believe no other jurisdictions in outcome of unresolved issues or claims likely to be material to our results of operations , financial position or cash flows.\n believe made adequate provision for all income tax uncertainties.\n note 13.\n stock-based compensation in july 2017 adopted bhge 2017 long-term incentive plan ( lti plan ) may grant stock options other equity-based awards to employees and non-employee directors providing services to company and subsidiaries.\n total of up to 57. 4 million shares of class a common stock authorized for issuance pursuant to awards granted under lti plan over term expires on date annual meeting company in 2027.\n total of 46. 2 million shares of class a common stock available for issuance as of december 31 , 2018.\n stock-based compensation cost was $ 121 million and $ 37 million in 2018 and 2017 respectively.\n stock-based compensation cost measured at date of grant based on calculated fair value of award generally recognized on straight-line basis over vesting period of equity grant.\ncompensation cost determined based on awards expected to vest ; we reduced cost for estimated forfeitures based on historical forfeiture rates.\n forfeitures estimated at time of grant and revised if necessary, in subsequent periods to reflect actual forfeitures.\n no stock-based compensation costs capitalized as amounts not material.\n stock options we may grant stock options to officers , directors and key employees.\n stock options generally vest in equal amounts over three-year vesting period provided employee remained continuously employed by company through vesting date.\n fair value of each stock option granted is estimated using black- scholes option pricing model.\n following table presents weighted average assumptions used in option pricing model for options granted under lti plan.\n expected life of options represents period of time options expected to be outstanding.\n expected life based on simple average of vesting term and original contractual term of awards.\n expected volatility based on historical volatility of five main competitors over six year period.\n risk-free interest rate based on observed u. s.\n treasury yield curve in effect at time options granted.\n dividend yield based on five year history of dividend payouts in baker hughes.\n hughes company notes to consolidated and combined financial statements\n\n| 2018             | 2017\n--------------------------------------------------- | ---------------- | ----------------\nexpected life ( years )                             | 6                | 6\nrisk-free interest rate                             | 2.5% ( 2.5 % )   | 2.1% ( 2.1 % )\nvolatility                                          | 33.7% ( 33.7 % ) | 36.4% ( 36.4 % )\ndividend yield                                      | 2% ( 2 % )       | 1.2% ( 1.2 % )\nweighted average fair value per share at grant date | $ 10.34          | $ 12.32"
}
{
    "_id": "dd4c32b8c",
    "title": "",
    "text": "used to monitor risk in loan classes.\n loans with higher fico scores lower ltvs tend have lower level of risk.\n conversely loans with lower fico scores  higher ltvs  in certain geographic locations have higher level of risk.\n first quarter of 2013  refined process for home equity residential real estate asset quality indicators in following tables.\n refinements include improvements in process for determining lien position and ltv in table 67 and table 68.\n first quarter of 2013 now presenting table 67 at recorded investment opposed prior presentation of outstanding balance.\n table 68 presented at outstanding balance.\n 2013 and 2012 period end balance disclosures presented in below tables using refined process.\n consumer purchased impaired loan class estimates of expected cash flows determine credit impacts of consumer purchased impaired loans.\n consumer cash flow estimates influenced by credit related items include estimated real estate values payment patterns updated fico scores current economic environment updated ltv ratios date of origination.\n key factors monitored to ensure concentrations risk mitigated cash flows maximized.\n see note 6 purchased loans for additional information.\n table 66 : home equity and residential real estate balances in millions december 31 december 31 home equity and residential real estate loans 2013 excluding purchased impaired loans ( a ) $ 44376 $ 42725 home equity and residential real estate loans 2013 purchased impaired loans ( b ) 5548 6638 government insured or guaranteed residential real estate mortgages ( a ) 1704 2279 purchase accounting adjustments 2013 purchased impaired loans ( 116 ) ( 482 ) total home equity and residential real estate loans ( a ) $ 51512 $ 51160 ( a ) represents recorded investment.\n ( b ) represents outstanding balance.\n 136 pnc financial services group , inc.\n 2013 form 10-k.\n used to monitor risk in loan classes.\n loans with higher fico scores lower ltvs tend to have lower level of risk.\n conversely  loans with lower fico scores , higher ltvs  in certain geographic locations tend to have higher level of risk.\n in first quarter of 2013  refined process for home equity and residential real estate asset quality indicators shown in following tables.\n refinements include improvements in process for determining lien position and ltv in table 67 and table 68.\n additionally as of first quarter of 2013  now presenting table 67 at recorded investment as opposed to prior presentation of outstanding balance.\n table 68 continues to be presented at outstanding balance.\n 2013 and 2012 period end balance disclosures presented in below tables using this refined process.\n consumer purchased impaired loan class estimates of expected cash flows determine credit impacts of consumer purchased impaired loans.\n consumer cash flow estimates influenced by credit related items include estimated real estate values  payment patterns  updated fico scores  current economic environment  updated ltv ratios date of origination.\n these key factors monitored to ensure concentrations of risk mitigated cash flows maximized.\n see note 6 purchased loans for additional information.\ntable 66 : home equity residential real estate balances millions december 31 residential loans 2013 excluding purchased impaired loans ) $ 44376 $ 42725 home equity residential estate loans 2013 purchased impaired loans b ) 5548 6638 government insured guaranteed residential real estate mortgages ) 1704 2279 purchase accounting adjustments 2013 purchased impaired loans ( 116 ) ( 482 ) total home equity residential real estate loans ) $ 51512 $ 51160 represents recorded investment.\n b represents outstanding balance.\n 136 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions                                                                                 | december 31 2013 | december 31 2012\n------------------------------------------------------------------------------------------- | ---------------- | ----------------\nhome equity and residential real estate loans 2013 excluding purchased impaired loans ( a ) | $ 44376          | $ 42725\nhome equity and residential real estate loans 2013 purchased impaired loans ( b )           | 5548             | 6638\ngovernment insured or guaranteed residential real estate mortgages ( a )                    | 1704             | 2279\npurchase accounting adjustments 2013 purchased impaired loans                               | -116 ( 116 )     | -482 ( 482 )\ntotal home equity and residential real estate loans ( a )                                   | $ 51512          | $ 51160"
}
{
    "_id": "dd4c195b0",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 ( continued ) maturities 2014as of december 31 , 2003 , aggregate principal payments of long-term debt  including capital leases for next five years thereafter estimated to be ( in thousands ) : year ending december 31.\n holders of company 2019s convertible notes right to require company to repurchase notes on specified dates prior to maturity dates in 2009 2010 , company may pay purchase price by issuing shares of class a common stock  subject to certain conditions.\n obligations right of holders to put 6. 25% ( 6. 25 % ) notes and 5. 0% ( 5. 0 % ) notes included in table if notes mature on date of put rights in 2006 and 2007 ,.\n see note 19. ) 8.\n derivative financial instruments terms credit facilities company required to enter interest rate protection agreements on 50% ( 50 % ) of variable rate debt.\n agreements company exposed to credit risk counterparty fails to meet terms contract.\n exposure limited to current value of contract at time counterparty fails perform.\n company believes contracts as of december 31 , 2003 with credit worthy institutions.\n as of december 31 , 2003 company had three interest rate caps outstanding include aggregate notional amount of $ 500. 0 million ( each at interest rate of 5% ( 5 % ) ) expire in 2004.\n of december 31 , 2003 2002  liabilities related to derivative financial instruments of $ 0. 0 million and $ 15. 5 million reflected in other long-term liabilities in accompanying consolidated balance sheet.\n year ended december 31 , 2003 company recorded unrealized loss of approximately $ 0. 3 million ( net of tax benefit of approximately $ 0. 2 million ) other comprehensive loss for change in fair value of cash flow hedges reclassified $ 5.9 million ( net tax benefit approximately $ 3. 2 million ) into results operations.\n year ended december 31 , 2002  company recorded unrealized loss approximately $ 9. 1 million ( net tax benefit approximately $ 4. 9 million ) in other comprehensive loss for change in fair value of cash flow hedges reclassified $ 19. 5 million ( net tax benefit approximately $ 10. 5 million ) into results operations.\n hedge ineffectiveness resulted in gain approximately $ 1. 0 million and loss approximately $ 2. 2 million for years ended december 31, 2002 and 2001  recorded in loss on investments and other expense in accompanying consolidated statements of operations for periods.\n company records changes in fair value of derivative instruments not accounted for as hedges in loss on investments and other expense.\n company not anticipate reclassifying derivative losses into statement operations within next twelve months no amounts included in other comprehensive loss as of december 31 , 2003.\n\n2004                                                                          | $ 77622\n----------------------------------------------------------------------------- | ------------------\n2005                                                                          | 115444\n2006                                                                          | 365051\n2007                                                                          | 728153\n2008                                                                          | 808043\nthereafter                                                                    | 1650760\ntotal cash obligations                                                        | 3745073\naccreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes | -339601 ( 339601 )\naccreted value of the related warrants                                        | -44247 ( 44247 )\nbalance as of december 31 2003                                                | $ 3361225"
}
{
    "_id": "dd4bae0da",
    "title": "",
    "text": "2022 designate subsidiaries as unrestricted subsidiaries ; 2022 sell assets or merge with into other companies.\n subject to exceptions indentures governing senior subordinated notes and senior discount notes permit issuers notes and restricted subsidiaries to incur additional indebtedness including secured indebtedness.\n senior credit facilities require bcp crystal to maintain financial covenants : maximum total leverage ratio  maximum bank debt leverage ratio minimum interest coverage ratio maximum capital expenditures limitation.\n maximum consolidated net bank debt to adjusted ebitda ratio  previously required under senior credit facilities eliminated when company amended facilities in january 2005.\n as of december 31 , 2006 company in compliance with financial covenants related to debt agreements.\n principal payments scheduled on company 2019s debt  including short term borrowings as follows : ( in $ millions ).\n ( 1 ) includes $ 2 million purchase accounting adjustment to assumed debt.\n 17.\n benefit obligations pension obligations.\n pension obligations established for benefits payable in form of retirement  disability surviving dependent pensions.\n benefits vary according to legal  fiscal economic conditions of each country.\n commitments result from participation in defined contribution and defined benefit plans.\n benefits dependent on years of service employee 2019s compensation.\n supplemental retirement benefits provided to certain employees non-qualified for.\n tax purposes.\n separate trusts established for some non-qualified plans.\n company sponsors defined benefit pension plans in north america  europe and asia.\n as of december 31 , 2006 company 2019s.\n qualified pension plan represented greater than 84% ( 84 % ) and 76% ( 76 % ) of celanese 2019s pension plan assets and liabilities.\n independent trusts or insurance companies administer majority of these plans.\npension costs under company 2019s retirement plans actuarially determined.\n company sponsors defined contribution plans in north america europe asia covering certain employees.\n employees may contribute to plans company match contributions in varying amounts.\n company 2019s matching contribution to defined contribution plans based on specified percentages of employee contributions aggregated $ 11 million , $ 12 million $ 8 million $ 3 million for years ended december 31 , 2006 2005  nine months ended december 31 , 2004 three months ended march 31 , 2004  respectively.\n celanese corporation subsidiaries notes to consolidated financial statements 2014\n\n| total ( in $ millions )\n---------------- | -----------------------\n2007             | 309\n2008             | 25\n2009             | 50\n2010             | 39\n2011             | 1485\nthereafter ( 1 ) | 1590\ntotal            | 3498"
}
{
    "_id": "dd4b8ac48",
    "title": "",
    "text": "in accordance with sfas no.\n 142 , goodwill and other intangible assets  goodwill not amortized but subject to periodic assessment for impairment by applying fair-value-based test.\n none goodwill expected deductible for tax purposes.\n company performs annual test for impairment of goodwill in may each year.\n company required to perform periodic assessment between annual tests in certain circumstances.\n company performed annual test of goodwill as of may 1, 2006 determined no impairment of goodwill during 2006.\n company allocated $ 15. 8 million of purchase price to in-process research and development projects.\n in-process research and development ( ipr&d ) represents valuation of acquired , to-be- completed research projects.\n at acquisition date cyvera 2019s ongoing research and development initiatives primarily involved with development of veracode technology and beadxpress reader.\n these two projects were approximately 50% ( 50 % ) and 25% ( 25 % ) complete at date of acquisition.\n as of december 31 , 2006 two projects were approximately 90% ( 90 % ) and 80% ( 80 % ) complete .\n value assigned to purchased ipr&d determined by estimating costs to develop acquired technology into commercially viable products, estimating resulting net cash flows from projects discounting net cash flows to present value.\n revenue projections to value ipr&d in reduced based on probability of developing new technology  considered relevant market sizes and growth factors  expected trends in technology  nature and expected timing of new product introductions by company competitors.\n resulting net cash flows from projects based on company 2019s estimates of cost of sales , operating expenses  income taxes from projects.\n rates utilized to discount net cash flows to present value based on estimated cost of capital calculations.\ndue to nature of forecast risks associated with projected growth profitability of developmental projects , discount rates of 30% ( 30 % ) considered appropriate for ipr&d.\n company believes these discount rates commensurate with projects 2019stage of development uncertainties in economic estimates described above.\n if projects not successfully developed  sales profitability of combined company may be adversely affected in future periods.\n company believes foregoing assumptions used in ipr&d analysis were reasonable at time of acquisition.\n no assurance can be given that underlying assumptions used to estimate expected project sales , development costs profitability  events associated with such projects will transpire as estimated.\n at date of acquisition  development of these projects had not yet reached technological feasibility research and development in progress had no alternative future uses.\n costs charged to expense in second quarter of 2005.\n following unaudited pro forma information shows results of company 2019s operations for years ended january 1, 2006 and january 2 , 2005 as though acquisition occurred as of beginning of periods presented ( in thousands except per share data ) : year ended january 1 , year ended january 2.\n illumina , inc.\n notes to consolidated financial statements 2014 ( continued )\n\n| year ended january 1 2006 | year ended january 2 2005\n------------------------------------ | ------------------------- | -------------------------\nrevenue                              | $ 73501                   | $ 50583\nnet loss                             | -6234 ( 6234 )            | -9965 ( 9965 )\nnet loss per share basic and diluted | -0.15 ( 0.15 )            | -0.27 ( 0.27 )"
}
{
    "_id": "dd497ad9a",
    "title": "",
    "text": "tissue pulp due to strong market demand from asia.\n average sales price realizations improved in 2007 reflecting higher prices for softwood hardwood fluff pulp.\n operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 $ 37 mil- lion in 2005.\n benefits from higher sales price realizations offset by increased input costs for energy chemicals freight.\n first quarter of 2008 demand for market pulp remains strong average sales price realiza tions should increase slightly.\n input costs for energy chemicals freight expected to be higher increased spending anticipated for planned mill maintenance outages.\n industrial packaging demand correlated with non-durable industrial goods pro duction demand for processed foods  poultry  meat agricultural products.\n prices major factors affecting profitability of industrial packaging are raw material energy costs freight costs manufacturing effi- ciency product mix.\n industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5. 2 billion compared with $ 4. 9 bil- lion in 2006 13% ( 13 % ) compared with $ 4. 6 billion in 2005.\n operating profits in 2007 were 26% ( 26 % ) higher than 2006 more than double 2005 earnings.\n bene fits from improved price realizations ( $ 147 million ) sales volume increases increased lack of order downtime ( $ 3 million ) favorable mix ( $ 31 million ) strong mill converting operations ( $ 33 million ) other costs ( $ 47 million ) partially offset by higher raw material costs ( $ 76 million ) higher freight costs ( $ 18 million ).\n gain of $ 13 million recognized in 2006 related to sale of property in spain costs of $ 52 million incurred in 2007 related to conversion of paper machine at pensacola to production of lightweight linerboard.\nsegment took 165000 tons downtime in 2007 included 16000 tons market-related downtime compared with 135000 tons downtime in 2006 none market-related.\n industrial packaging in millions 2007 2006 2005.\n north american industrial packaging net sales for 2007 were $ 3. 9 billion  compared with $ 3. 7 billion in 2006 $ 3. 6 billion in 2005.\n operating profits 2007 were $ 407 million  up from $ 327 mil lion in 2006 $ 170 million in 2005.\n containerboard shipments higher in 2007 compared 2006 including production from paper machine at pensacola converted to lightweight linerboard 2007.\n average sales price realizations higher than 2006 reflecting price increases early 2006 third quarter 2007.\n margins improved reflecting stronger export demand.\n manu- facturing performance strong costs with planned mill maintenance outages higher due to timing outages.\n raw material costs for wood  energy chemicals recycled fiber increased significantly.\n operating results 2007 unfavorably impacted by $ 52 million costs with conversion and startup of pensacola paper machine.\n.\n converting sales volumes slightly lower in 2007 compared with 2006 reflecting softer customer box demand.\n earnings improvement 2007 bene fited from box price increases early 2006 late 2007.\n favorable manufacturing operations higher sales prices for waste fiber offset higher raw material freight costs.\n first quarter of 2008 sales volumes expected to increase slightly results should benefit from full-quarter impact of price increases third quarter of 2007.\n additional mill maintenance outages planned for first quarter freight and input costs expected to rise particularly for wood and energy.\n manufacturing operations should be favorable compared with fourth quarter.\n european industrial packaging net sales for 2007 were $ 1. 1 billion  up from $ 1. 0 billion in 2006 $ 880 million in 2005.\nsales volumes flat as early stronger demand industrial segment weakened second half year.\n operating profits in 2007 were $ 88 million compared with $ 69 million 2006 $ 53 million in 2005.\n sales margins improved reflecting increased sales prices for boxes.\n conversion costs favorable result manufacturing improvement programs.\n entering first quarter of 2008, sales volumes should be strong seasonally across all regions winter fruit vegetable season continues.\n profit margins expected to be somewhat lower.\n\nin millions      | 2007   | 2006   | 2005\n---------------- | ------ | ------ | ------\nsales            | $ 5245 | $ 4925 | $ 4625\noperating profit | $ 501  | $ 399  | $ 219"
}
{
    "_id": "dd4bf2bcc",
    "title": "",
    "text": "notes to consolidated financial statements continued ) note 2 2014financial instruments continued ) covered by collateral third-party flooring arrangements credit insurance outstanding with company 2019s distribution and retail channel partners.\n one customer accounted for approximately 11% ( 11 % ) of trade receivables as of september 29 , 2007  no customers accounted for more than 10% ( 10 % ) of trade receivables as of september 30 , 2006.\n table summarizes activity in allowance for doubtful accounts ( in millions ) : september 29 , september 30 , september 24 , 2007 2006 2005.\n vendor non-trade receivables company has non-trade receivables from manufacturing vendors from sale of raw material components to manufacturing vendors manufacture sub-assemblies final products for company.\n company purchases raw material components directly from suppliers.\n non-trade receivables  included in consolidated balance sheets current assets totaled $ 2. 4 billion and $ 1. 6 billion as of september 29, 2007 and september 30 , 2006.\n company not reflect sale of components in net sales recognize profits on sales until products sold through to end customer profit recognized as reduction of cost of sales.\n derivative financial instruments company uses derivatives to partially offset business exposure to foreign exchange risk.\n foreign currency forward and option contracts used to offset foreign exchange risk on existing assets liabilities hedge foreign exchange risk on expected future cash flows on forecasted revenue cost of sales.\n company 2019s accounting policies for instruments based on instruments designated as hedge or non-hedge instruments.\n company records all derivatives on balance sheet at fair value.\n\n| september 29 2007 | september 30 2006 | september 24 2005\n----------------------------- | ----------------- | ----------------- | -----------------\nbeginning allowance balance   | $ 52              | $ 46              | $ 47\ncharged to costs and expenses | 12                | 17                | 8\ndeductions                    | -17 ( 17 )        | -11 ( 11 )        | -9 ( 9 )\nending allowance balance      | $ 47              | $ 52              | $ 46"
}
{
    "_id": "dd4bd4820",
    "title": "",
    "text": "results of operations estimated fair value of acquired assets assumed liabilities recorded in consolidated financial statements from date of acquisition.\n pro forma results of operations for business combinations completed during fiscal 2016 not presented because effects of acquisitions individually not material to cadence 2019s financial results.\n fair values of acquired intangible assets assumed liabilities determined using significant inputs not observable in market.\n for additional description of fair value calculations see note 16 in notes to consolidated financial statements.\n trust for benefit of children of lip-bu tan , cadence 2019s president, chief executive officer ceo director owned less than 2% ( 2 % ) of rocketick technologies ltd. one of acquired companies mr.\n tan and his wife serve as co-trustees of trust disclaim pecuniary economic interest in trust.\n board of directors of cadence reviewed transaction concluded in best interests of cadence to proceed with transaction.\n mr.\n tan recused himself from board of directors 2019 discussion of valuation of rocketick technologies ltd.\n whether proceed with transaction.\n financial advisor provided fairness opinion to cadence in connection with transaction.\n 2014 acquisitions during fiscal 2014 cadence acquired jasper design automation , inc. jasper privately held provider of formal analysis solutions based in mountain view , california.\n acquired technology complements cadence 2019s existing system design and verification platforms.\n total cash consideration for jasper  after adjustments for certain costs cash held by jasper at closing of $ 28. 7 million , was $ 139. 4 million.\n cadence will make payments to certain employees through third quarter of fiscal 2017 subject to continued employment other conditions.\n cadence completed two other business combinations during fiscal 2014 for total cash consideration of $ 27.5 million after cash acquired $ 2. 1 million.\n acquisition-related transaction costs costs associated with acquisitions were $ 1. 1 million , $ 0. 7 million $ 3. 7 million during fiscal 2016 , 2015 2014  respectively.\n costs consist of professional fees administrative costs expensed incurred in cadence 2019s consolidated income statements.\n note 8.\n goodwill acquired intangibles goodwill changes in carrying amount of goodwill during fiscal 2016 2015 : gross carrying amount ( in thousands ).\n cadence completed annual goodwill impairment test third quarter of fiscal 2016 determined fair value of cadence 2019s single reporting unit exceeded carrying amount of net assets no impairment existed.\n\n| gross carryingamount ( in thousands )\n-------------------------------------- | -------------------------------------\nbalance as of january 3 2015           | $ 553767\neffect of foreign currency translation | -1995 ( 1995 )\nbalance as of january 2 2016           | 551772\ngoodwill resulting from acquisitions   | 23579\neffect of foreign currency translation | -2587 ( 2587 )\nbalance as of december 31 2016         | $ 572764"
}
{
    "_id": "dd4973c8e",
    "title": "",
    "text": "notes to consolidated financial statements note 12.\n other assets less liquid non-financial assets.\n table presents other assets by type.\n 1.\n net of accumulated depreciation and amortization of $ 9. 05 billion and $ 8. 46 billion as of december 2012 and december 2011 respectively.\n 2.\n includes $ 149 million intangible assets held for sale.\n see note 13 for information about goodwill identifiable intangible assets.\n 3.\n see note 24 for information about income taxes.\n 4.\n excludes investments accounted for at fair value under fair value option firm apply equity method accounting of $ 5. 54 billion and $ 4. 17 billion as of december 2012 and december 2011 included in 201cfinancial instruments owned at fair value. 201d firm elected fair value option for investments acquired after fair value option available.\n 5.\n includes $ 16. 77 billion assets related to firm 2019s reinsurance business classified as held for sale as of december 2012.\n assets held for sale fourth quarter of 2012 firm classified reinsurance business institutional client services segment as held for sale.\n assets related to business of $ 16. 92 billion  primarily available-for-sale securities and separate account assets at fair value included in 201cother assets. 201d liabilities related to business of $ 14. 62 billion included in 201cother liabilities accrued expenses. 201d see note 8 for information about insurance-related assets and liabilities held for sale at fair value.\n firm expects to complete sale of majority stake in reinsurance business in 2013 not expect to recognize material gain or loss upon sale.\n completion sale firm will no longer consolidate business.\n property , leasehold improvements equipment property included $ 6. 20 billion and $ 6.48 billion as of december 2012 and december 2011  respectively related to property  leasehold improvements equipment firm uses with operations.\n remainder held by investment entities  including vies  consolidated by firm.\n substantially all property and equipment depreciated straight-line basis over useful life of asset.\n leasehold improvements amortized straight-line basis over useful life of improvement or term of lease  whichever shorter.\n certain costs of software developed obtained for internal use capitalized and amortized straight-line basis over useful life of software.\n property  leasehold improvements equipment tested for impairment whenever events changes circumstances suggest asset 2019s or asset group 2019s carrying value may not be fully recoverable.\n firm 2019s policy for impairment testing of property  leasehold improvements equipment same as used for identifiable intangible assets with finite lives.\n see note 13 for further information.\n goldman sachs 2012 annual report 163\n\nin millions                                   | as of december 2012 | as of december 2011\n--------------------------------------------- | ------------------- | -------------------\nproperty leasehold improvements andequipment1 | $ 8217              | $ 8697\ngoodwill and identifiable intangibleassets2   | 5099                | 5468\nincome tax-related assets3                    | 5620                | 5017\nequity-method investments4                    | 453                 | 664\nmiscellaneous receivables and other5          | 20234               | 3306\ntotal                                         | $ 39623             | $ 23152"
}
{
    "_id": "dd4c27be2",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements continued accounting for uncertainty in income taxes during fiscal 2014 and 2013  our aggregate changes in total unrecognized tax benefits summarized as follows ( in thousands ) :.\n as of november 28 , 2014  combined accrued interest and penalties related to tax positions taken on our tax returns included in non-current income taxes payable was approximately $ 14. 6 million.\n we file income tax returns in u. s.\n federal basis and many u. s.\n state and foreign jurisdictions.\n subject to continual examination of income tax returns by irs domestic and foreign tax authorities.\n major tax jurisdictions are ireland , california and u. s.\n for. earliest fiscal years open for examination are 2008 , 2008 and 2010 .\n we regularly assess likelihood of outcomes from these examinations to determine adequacy of provision for income taxes and reserved for potential adjustments from current examinations.\n believe such estimates to be reasonable ; no assurance that final determination of these examinations will not have adverse effect on operating results and financial position.\n in july 2013 ,.\n income tax examination covering fiscal 2008 and 2009 completed.\n accrued tax and interest related to these years was $ 48. 4 million previously reported in long-term income taxes payable.\n settled tax obligation from this examination with cash and income tax assets totaling $ 41. 2 million  resulting $ 7. 2 million income tax benefit recorded in third quarter of fiscal 2013.\n timing of resolution of income tax examinations uncertain as are amounts and timing of tax payments part of audit settlement process.\n these events could cause large fluctuations in balance sheet classification of current and non-current assets and liabilities.\nbelieve within next 12 months possible either certain audits conclude or statutes of limitations on certain income tax examination periods expire, or both.\n given uncertainties described above can determine range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million.\n note 10.\n restructuring fiscal 2014 restructuring plan in fourth quarter of fiscal 2014  to align global resources for digital media digital marketing initiated restructuring plan to vacate research and development facility in china and sales and marketing facility in russia.\n plan consisted of reductions of approximately 350 full-time positions recorded restructuring charges of approximately $ 18. 8 million related to ongoing termination benefits for positions eliminated.\n during fiscal 2015  intend to vacate both facilities.\n amount accrued for fair value of future contractual obligations under operating leases insignificant.\n other restructuring plans past several years implemented other restructuring plans consisting of reductions in workforce consolidation of facilities to align resources around business strategies.\n as of november 28 , 2014  considered other restructuring plans to be substantially complete.\n continue to make cash outlays to settle obligations under these plans current impact to consolidated financial statements not significant.\n\n| 2014           | 2013\n---------------------------------------------------------------------------- | -------------- | ----------------\nbeginning balance                                                            | $ 136098       | $ 160468\ngross increases in unrecognized tax benefits 2013 prior year tax positions   | 144            | 20244\ngross increases in unrecognized tax benefits 2013 current year tax positions | 18877          | 16777\nsettlements with taxing authorities                                          | -995 ( 995 )   | -55851 ( 55851 )\nlapse of statute of limitations                                              | -1630 ( 1630 ) | -4066 ( 4066 )\nforeign exchange gains and losses                                            | -3646 ( 3646 ) | -1474 ( 1474 )\nending balance                                                               | $ 148848       | $ 136098"
}
{
    "_id": "dd496df64",
    "title": "",
    "text": "allocated using statistical bases.\n total expense for repairs maintenance was $ 2. 2 billion for 2011 , $ 2. 0 billion for 2010  $ 1. 9 billion for 2009.\n assets under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n 12.\n accounts payable other current liabilities dec.\n 31 , dec.\n 31 , millions 2011 2010.\n 13.\n financial instruments strategy and risk 2013 may use derivative financial instruments in limited instances for other than trading purposes to managing exposure to fluctuations in interest rates fuel prices.\n not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.\n derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item being hedged at inception and throughout hedged period.\n document nature relationships between hedging instruments and hedged items at inception risk- management objectives strategies for hedge transactions method of assessing hedge effectiveness.\n changes in fair market value of derivative financial instruments not qualify for hedge accounting charged to earnings.\n may use swaps , collars  futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use of derivative financial instruments may limit future benefits from favorable interest rate fuel price movements.\n market and credit risk 2013 address market risk related to derivative financial instruments by selecting instruments with value fluctuations that correlate with underlying hedged item.\nmanage credit risk related to derivative financial instruments minimal  by requiring high credit standards for counterparties periodic settlements.\n at december 31 , 2011 2010  not required to provide collateral nor received collateral  relating to hedging activities.\n determination of fair value 2013 determine fair values of derivative financial instrument positions based upon current fair values quoted by recognized dealers or present value of expected future cash flows.\n interest rate fair value hedges 2013 manage exposure to fluctuations in interest rates by adjusting proportion of fixed and floating rate debt instruments within debt portfolio over given period.\n manage mix of fixed and floating rate debt through issuance of targeted amounts of each as debt matures or require incremental borrowings.\n employ derivatives  primarily swaps  as tools to obtain targeted mix.\n obtain flexibility in managing interest costs interest rate mix within debt portfolio by evaluating issuance of managing outstanding callable fixed-rate debt securities.\n swaps allow to convert debt from fixed rates to variable rates hedge risk of changes in debt 2019s fair value attributable to changes in interest rates.\n account for swaps as fair value\n\nmillions                                            | dec . 31 2011 | dec . 31 2010\n--------------------------------------------------- | ------------- | -------------\naccounts payable                                    | $ 819         | $ 677\nincome and other taxes                              | 482           | 337\naccrued wages and vacation                          | 363           | 357\ndividends payable                                   | 284           | 183\naccrued casualty costs                              | 249           | 325\ninterest payable                                    | 197           | 200\nequipment rents payable                             | 90            | 86\nother                                               | 624           | 548\ntotal accounts payable and othercurrent liabilities | $ 3108        | $ 2713"
}
{
    "_id": "dd4bba4f2",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements in thousands except per share data ) future debt principal payments under debt arrangements are approximately as follows:.\n 6.\n derivative financial instruments and hedging agreements interest rate swaps in with debt assumed from aeg acquisition ( see notes 3 and 5 ) company acquired interest rate swap contracts to convert floating interest-rate component of debt obligations to fixed rates.\n agreements not qualify for hedge accounting under financial accounting standards no.\n 133 , accounting for derivative instruments and hedging activities ( 201csfas 133 201d ) marked to market each reporting period with change in fair value recorded to other income ( expense ) net in consolidated statements of income.\n company terminated all outstanding interest rate swaps in fourth quarter of fiscal 2007 resulted in gain of $ 75 recorded in consolidated statement of income.\n forward contracts with aeg acquisition company assumed foreign currency forward contracts to hedge foreign currency fluctuations associated with portion of aeg 2019s assets and liabilities denominated in us dollar including inter-company accounts.\n increases decreases in company foreign currency exposures partially offset by gains and losses on forward contracts to mitigate foreign currency transaction gains and losses.\n terms of forward contracts short- term nature ( 6 to 12 months ).\n company not use forward contracts for trading or speculative purposes.\n forward contracts not designated as cash flow or fair value hedges under sfas no.\n 133 not represent effective hedges.\n all outstanding forward contracts marked to market at end of period and recorded on balance sheet at fair value in other current assets and current liabilities.\nchanges in fair value from contracts underlying hedged exposures generally offsetting recorded in other income , net in consolidated statements of income amounts not material.\n as of september 29 , 2007  forward exchange contracts assumed in aeg acquisition matured company had no forward exchange contracts outstanding.\n 7.\n pension employee benefits in with may 2 , 2006 acquisition of aeg  company assumed defined benefit pension plans covering employees of aeg german subsidiary ( pension benefits ).\n on september 29 , 2006  fasb issued sfas no.\n 158 , employers 2019 accounting for defined benefit pension postretirement plans amendment of fasb statements no.\n 87 , 88 , 106 132 ( r ) ( sfas 158 ).\n sfas 158 requires entity to recognize in statement of financial position asset for defined benefit postretirement\n\nfiscal 2008 | $ 1977\n----------- | -------\nfiscal 2009 | 1977\nfiscal 2010 | 1977\nfiscal 2011 | 1422\nfiscal 2012 | 3846\nthereafter  | 2014\ntotal       | $ 11199"
}
{
    "_id": "dd4bd6d1e",
    "title": "",
    "text": "notes to consolidated financial statements derivatives with credit-related contingent features firm 2019s derivatives transacted under bilateral agreements with counterparties may require firm to post collateral or terminate transactions based on changes in firm 2019s credit ratings.\n firm assesses impact of bilateral agreements by determining collateral or termination payments assuming downgrade by all rating agencies.\n downgrade by any one rating agency  depending on agency 2019s relative ratings firm at time downgrade may have impact comparable to impact downgrade by all rating agencies.\n table below presents aggregate fair value of net derivative liabilities under agreements ( excluding application of collateral posted to reduce liabilities ) related aggregate fair value of assets posted as collateral  additional collateral or termination payments could have called at reporting date by counterparties in one-notch and two-notch downgrade in firm 2019s credit ratings.\n additional collateral or termination payments for one-notch downgrade 1072 911 additional collateral or termination payments for two-notch downgrade 2815 2989 credit derivatives firm enters into broad array of credit derivatives in locations around world to facilitate client transactions manage credit risk associated with market- making investing lending activities.\n credit derivatives actively managed based on firm 2019s net risk position.\n credit derivatives are individually negotiated contracts can have various settlement and payment conventions.\n credit events include failure to pay  bankruptcy  acceleration of indebtedness  restructuring  repudiation dissolution of reference entity.\n credit default swaps.\n single-name credit default swaps protect buyer against loss of principal on bonds  loans or mortgages ( reference obligations ) event issuer ( reference entity ) of reference obligations suffers a credit event.\nbuyer of protection pays initial or periodic premium to seller receives protection for period of contract.\n if no credit event , defined in contract, seller of protection makes no payments to buyer of protection.\n if credit event occurs , seller of protection required to make payment to buyer of protection , calculated in accordance with terms of contract.\n credit indices , baskets and tranches.\n credit derivatives may reference basket of single-name credit default swaps or broad-based index.\n if credit event occurs in underlying reference obligations, protection seller pays protection buyer.\n payment is typically pro-rata portion of transaction 2019s total notional amount based on underlying defaulted reference obligation.\n in certain transactions , credit risk of basket or index separated into various portions ( tranches ) each having different levels of subordination.\n most junior tranches cover initial defaults once losses exceed notional amount of junior tranches , excess loss covered by next most senior tranche in capital structure.\n total return swaps.\n total return swap transfers risks relating to economic performance of reference obligation from protection buyer to protection seller.\n typically protection buyer receives from protection seller floating rate of interest and protection against reduction in fair value of reference obligation  in return protection seller receives cash flows associated with reference obligation , plus any increase in fair value of reference obligation.\n 132 goldman sachs 2014 annual report\n\n$ in millions                                                           | as of december 2014 | as of december 2013\n----------------------------------------------------------------------- | ------------------- | -------------------\nnet derivative liabilities under bilateral agreements                   | $ 35764             | $ 22176\ncollateral posted                                                       | 30824               | 18178\nadditional collateral or termination payments for a one-notch downgrade | 1072                | 911\nadditional collateral or termination payments for a two-notch downgrade | 2815                | 2989"
}
{
    "_id": "dd4bc899e",
    "title": "",
    "text": "masco corporation notes to consolidated financial statements continued ).\n employee retirement plans continued ) plan assets.\n our qualified defined-benefit pension plan weighted average asset allocation based upon fair value as follows:.\n for qualified defined-benefit pension plans adopted accounting guidance defines fair value  establishes framework for measuring fair value prescribes disclosures about fair value measurements.\n accounting guidance defines fair value as \"the price received to sell asset or paid to transfer a liability in orderly transaction between market participants at measurement date. description of valuation methodologies for assets measured at fair value.\n no changes in methodologies used at december 31, 2018 compared to december 31 , 2017.\n common and preferred stocks and short-term and other investments : valued at closing price reported on active market on individual securities traded or based active market for similar securities.\n certain investments valued based on net asset value ( \"nav\" ), approximates fair value.\n basis determined by referencing respective fund's underlying assets.\n no unfunded commitments or other restrictions associated with these investments.\n private equity and hedge funds : valued based on estimated fair value using market approach or income approach both require significant degree of judgment.\n no active trading market for these investments generally illiquid.\n due to significant unobservable inputs fair value measurements used to estimate fair value are level 3 input.\n certain investments valued based on nav , approximates fair value.\n basis determined by referencing respective fund's underlying assets.\n no unfunded commitments or other restrictions associated with investments valued at nav.\ncorporate , government other debt securities : valued based on closing price reported on active market individual securities traded or using pricing models maximizing use of observable inputs for similar securities.\n includes basing value on yields available on comparable securities of issuers with similar credit ratings.\n certain investments valued based on nav , approximates fair value.\n basis determined by referencing respective fund's underlying assets.\n unfunded commitments of $ 1 million no other restrictions associated with investments.\n common collective trust fund : valued based on amortized cost basis  approximates fair value.\n basis determined by reference to fund's underlying assets primarily cash equivalents.\n no unfunded commitments or other restrictions associated with fund.\n buy-in annuity : valued based on associated benefit obligation for buy-in annuity covers benefits  approximates fair value.\n basis determined based on various assumptions including discount rate, long-term rate of return on plan assets mortality rate.\n methods may produce fair value calculation may not be indicative of net realizable value or reflective of future fair values.\n while believe valuation methods appropriate consistent with other market participants use of different methodologies or assumptions to determine fair value of certain financial instruments could result in different fair value measurement at reporting date.\n following tables set forth by level within fair value hierarchy  qualified defined-benefit pension plan assets at fair value as of december 31 , 2018 and 2017  those valued at nav using practical expedient , approximates fair value  in millions.\n\n| 2018           | 2017\n----------------- | -------------- | --------------\nequity securities | 34% ( 34 % )   | 55% ( 55 % )\ndebt securities   | 49% ( 49 % )   | 28% ( 28 % )\nother             | 17% ( 17 % )   | 17% ( 17 % )\ntotal             | 100% ( 100 % ) | 100% ( 100 % )"
}
{
    "_id": "dd4c5d508",
    "title": "",
    "text": "operating/performance financial statistics report railroad performance measures weekly to association of american railroads ( aar ) including carloads average daily inventory rail cars average train speed average terminal dwell time.\n provide data on website at www. up. com/investors/reports/index. shtml.\n operating/performance statistics in table below railroad performance measures reported to aar : 2009 2008 2007 % ( % ) change 2009 v 2008 2007.\n average train speed 2013 speed calculated by dividing train miles by hours operated on main lines between terminals.\n lower volume levels network management initiatives productivity improvements contributed to 16% ( 16 % ) and 8% ( 8 % ) improvements in average train speed in 2009 and 2008.\n average terminal dwell time 2013 average time rail car spends at terminals.\n lower average terminal dwell time improves asset utilization service.\n dwell time improved slightly in 2009 compared to 2008 improved 1% ( 1 % ) in 2008 versus 2007.\n lower volumes initiatives to timely deliver rail cars interchange partners customers improved dwell time both periods.\n gross revenue ton-miles 2013 gross calculated by multiplying weight of loaded and empty freight cars by number of miles hauled.\n revenue ton-miles calculated by multiplying weight of freight by number of tariff miles.\n gross revenue-ton-miles decreased 17% ( 17 % ) and 15% ( 15 % ) in 2009 compared to 2008 due to 16% ( 16 % ) decrease in carloads.\n commodity mix changes ( notably automotive shipments 30% ( 30 % ) lower in 2009 compared to 2008 drove difference in declines between gross ton-miles revenue ton-miles.\nton-miles decreased 3% ( 3 % ) revenue ton-miles flat 2008 compared to 2007 commodity mix changes notably autos and coal ) explaining variance in year over year growth metrics.\n operating ratio 2013 operating ratio operating expenses percentage of operating revenue.\n operating ratios improved 1. 3 points to 76. 0% ( 76. 0 % ) in 2009 2. 0 points to 77. 3% ( 77. 3 % ) in 2008.\n core pricing gains  lower fuel prices network management initiatives improved productivity drove improvement in 2009 offset 16% ( 16 % ) volume decline.\n price increases fuel cost recoveries network management initiatives improved productivity drove improvement 2008 offset impact higher fuel prices.\n employees 2013 productivity initiatives lower volumes reduced employee levels 10% ( 10 % ) in 2009 versus 2008 4% ( 4 % ) in 2008 compared to 2007.\n fewer train and engine personnel due\n\n| 2009  | 2008   | 2007   | % (  % ) change 2009 v 2008 | % (  % ) change 2008 v 2007\n---------------------------------------- | ----- | ------ | ------ | --------------------------- | ---------------------------\naverage train speed ( miles per hour )   | 27.3  | 23.5   | 21.8   | 16 % (  % )                 | 8 % (  % )\naverage terminal dwell time ( hours )    | 24.8  | 24.9   | 25.1   | -                           | ( 1 ) % (  % )\naverage rail car inventory ( thousands ) | 283.1 | 300.7  | 309.9  | ( 6 ) % (  % )              | ( 3 ) % (  % )\ngross ton-miles ( billions )             | 846.5 | 1020.4 | 1052.3 | ( 17 ) % (  % )             | ( 3 ) % (  % )\nrevenue ton-miles ( billions )           | 479.2 | 562.6  | 561.8  | ( 15 ) % (  % )             | -\noperating ratio                          | 76.0  | 77.3   | 79.3   | ( 1.3 ) pt                  | ( 2.0 ) pt\nemployees ( average )                    | 43531 | 48242  | 50089  | ( 10 ) % (  % )             | ( 4 ) % (  % )\ncustomer satisfaction index              | 88    | 83     | 79     | 5 pt                        | 4 pt"
}
{
    "_id": "dd49808ee",
    "title": "",
    "text": "64 | 2017 form 10-k notes to consolidated financial statements 1.\n operations summary of significant accounting policies.\n nature of operations information in financial statements related commentary presented in following categories : machinery , energy & transportation ( me&t ) 2013 represents aggregate total construction industries , resource industries , energy & transportation other operating segments related corporate items eliminations.\n financial products 2013 includes company 2019s financial products segment.\n category includes caterpillar financial services corporation ( cat financial ) , caterpillar insurance holdings inc.\n ( insurance services ) subsidiaries.\n products sold under brands 201ccaterpillar , 201d 201ccat , 201d design versions of 201ccat 201d 201ccaterpillar , 201d 201cemd , 201d 201cfg wilson , 201d 201cmak , 201d 201cmwm , 201d 201cperkins , 201d 201cprogress rail , 201d 201csem 201d 201csolar turbines 201d.\n conduct operations in machinery , energy & transportation lines of business under highly competitive conditions intense price competition.\n emphasis on high quality performance of products dealers 2019 service support.\n no one competitor produce all same types of equipment numerous companies , large and small compete with us in sale of our products.\n machines distributed through worldwide organization of dealers ( dealer network )  48 located in united states 123 outside united states  serving 192 countries.\n reciprocating engines sold principally through dealer network to other manufacturers for use in products.\n some reciprocating engines manufactured by subsidiary perkins engines company limited  also sold through worldwide network of 93 distributors covering 182 countries.\nfg wilson branded electric power generation systems manufactured by our subsidiary caterpillar northern ireland limited sold through worldwide network of 154 distributors covering 131 countries.\n some large , medium speed reciprocating engines also sold under mak brand through worldwide network of 20 distributors covering 130 countries.\n our dealers do not deal exclusively with our products ; in most cases sales and servicing of our products are dealers principal business.\n some products  primarily turbines and locomotives sold directly to end customers through sales forces employed by company.\n employees assisted by independent sales representatives.\n financial products line of business conducts operations under competitive conditions.\n financing for users caterpillar products available through variety of competitive sources principally commercial banks and finance and leasing companies.\n we offer various financing plans designed to increase opportunity for sales products and generate financing income for company.\n significant portion of financial products activity conducted in north america additional offices in latin america  asia/pacific europe africa and middle east.\n.\n consolidated financial statements include accounts of caterpillar a0 inc.\n and its subsidiaries where we have controlling financial interest.\n investments in companies where our ownership exceeds 20 percent and not controlling interest or ownership less than 20 percent for we significant influence accounted for by equity method.\n see note 9 for further discussion.\n we consolidate all variable interest entities ( vies ) where caterpillar inc.\n is primary beneficiary.\n for vies assess whether we primary beneficiary as prescribed by accounting guidance on consolidation of vies.\n primary beneficiary of vie is party that has power to direct activities that significantly impact entity 2019s economic performance and obligation to absorb losses or right to receive benefits potentially significant to vie.\n see note 21 for further discussion on consolidated vie.\nwe have affiliates, suppliers dealers are vies of we are not primary beneficiary.\n although we provided financial support , not power to direct activities significantly impact economic performance of each entity.\n our maximum exposure to loss from vies for we not primary beneficiary was as follows:.\n in addition , cat financial has end-user customers are vies of we are not primary beneficiary.\n although we provided financial support to these entities have variable interest , we not power to direct activities significantly impact their economic performance.\n our maximum exposure to loss from our involvement with these vies is limited to credit risk present in financial support we provided.\n these risks are evaluated reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses.\n\n( millions of dollars )                            | december 31 , 2017 | december 31 , 2016\n-------------------------------------------------- | ------------------ | ------------------\nreceivables - trade and other                      | $ 34               | $ 55\nreceivables - finance                              | 42                 | 174\nlong-term receivables - finance                    | 38                 | 246\ninvestments in unconsolidated affiliated companies | 39                 | 31\nguarantees                                         | 259                | 210\ntotal                                              | $ 412              | $ 716"
}
{
    "_id": "dd4bfdaea",
    "title": "",
    "text": "intel corporation notes consolidated financial statements aggregate fair value of awards vested 2015 was $ 1. 5 billion ( $ 1. 1 billion 2014 $ 1. 0 billion in 2013 ) represents market value of common stock on date rsus vested.\n grant-date fair value awards vested 2015 was $ 1. 1 billion ( $ 949 million in 2014 $ 899 million in 2013 ).\n rsus vested includes shares common stock withheld employees satisfy minimum statutory tax withholding requirements.\n rsus expected to vest net of estimated future forfeitures.\n as of december 26 , 2015 $ 1. 8 billion unrecognized compensation costs related to rsus granted under equity incentive plans.\n expect to recognize costs over weighted average period 1. 2 years.\n stock option awards as of december 26 , 2015 options outstanding vested expected to vest were follows : number of options ( in millions ) weighted average exercise weighted average remaining contractual ( in years ) aggregate intrinsic ( in millions ).\n aggregate intrinsic value represents difference between exercise price and $ 34. 98 , closing price of common stock on december 24 , 2015 reported nasdaq global select market all in-the-money options outstanding.\n options expected to vest net of estimated future option forfeitures.\n options with fair value of $ 42 million completed vesting in 2015 ( $ 68 million in 2014 $ 186 million in 2013 ).\n as of december 26 , 2015 $ 13 million in unrecognized compensation costs related to stock options granted under equity incentive plans.\n expect to recognize costs over weighted average period approximately eight months.\n\n| number ofoptions ( in millions ) | weightedaverageexerciseprice | weightedaverageremainingcontractualterm ( in years ) | aggregateintrinsicvalue ( in millions )\n---------------- | -------------------------------- | ---------------------------- | ---------------------------------------------------- | ---------------------------------------\nvested           | 43.8                             | $ 21.07                      | 1.8                                                  | $ 609\nexpected to vest | 9.6                              | $ 24.07                      | 4.1                                                  | $ 104\ntotal            | 53.4                             | $ 21.61                      | 2.2                                                  | $ 713"
}
{
    "_id": "dd4bdc886",
    "title": "",
    "text": "strategy mission is to achieve sustainable revenue earnings growth through providing superior solutions to customers.\n strategy achieve built on pillars : 2022 expand client relationships 2014 market we serve gravitate beyond single-product purchases to multi-solution partnerships.\n as market dynamics shift , we expect clients to rely more on our multidimensional service offerings.\n our leveraged solutions processing expertise can drive meaningful value cost savings to clients through efficient operating processes , improved service quality speed for clients customers.\n 2022 buy , build or partner to add solutions to cross-sell 2014 continue invest in growth through internal product development , through product-focused market-centric acquisitions that complement extend existing capabilities provide with additional solutions to cross-sell.\n partner with other entities to provide comprehensive offerings to customers.\n by investing in solution innovation integration , continue expand our value proposition to clients.\n 2022 support clients through market transformation 2014 changing market dynamics transforming clients operate  driving incremental demand for our leveraged solutions, consulting expertise  services around intellectual property.\n our depth of services capabilities enables us to become involved earlier in planning design process to assist clients manage through these changes.\n 2022 continually improve to drive margin expansion 2014 strive to optimize performance through investments in infrastructure enhancements other measures to drive organic revenue growth margin expansion.\n 2022 build global diversification 2014 continue to deploy resources in emerging global markets expect to achieve meaningful scale.\n revenues by segment table below summarizes revenues by reporting segments ( in millions ) :.\n financial solutions group focus of fsg is to provide most comprehensive software and services for core processing , customer channel , treasury services  cash management  wealth management capital market operations of our financial institution customers in north america.\nwe service core and related ancillary processing needs of north american banks , credit unions , automotive financial companies , commercial lenders  independent community and savings institutions.\n fis offers broad selection of in-house and outsourced solutions to banking customers span range of asset sizes.\n fsg customers typically committed under multi-year contracts provide stable , recurring revenue base opportunities for cross-selling additional financial and payments offerings.\n employ several business models to provide solutions to customers.\n typically deliver highest value to customers when combine software applications deliver in one of several types of outsourcing arrangements , as application service provider , facilities management processing application management arrangement.\n also able to deliver individual applications through software licensing arrangement.\n based expertise arrangements, some clients also retain us to manage it operations without using our proprietary software.\n solutions in segment include:\n\n| 2012     | 2011         | 2010\n--------------------------- | -------- | ------------ | --------------\nfsg                         | $ 2246.4 | $ 2076.8     | $ 1890.8\npsg                         | 2380.6   | 2372.1       | 2354.2\nisg                         | 1180.5   | 1177.6       | 917.0\ncorporate & other           | 0.1      | -0.9 ( 0.9 ) | -16.4 ( 16.4 )\ntotal consolidated revenues | $ 5807.6 | $ 5625.6     | $ 5145.6"
}
{
    "_id": "dd4c29884",
    "title": "",
    "text": "company currently under audit by internal revenue service and other major taxing jurisdictions around world.\n possible significant changes in gross balance of unrecognized tax benefits may occur within next 12 months company not expect audits to result in cause significant change to its effective tax rate  other than following items.\n company currently at irs appeals for years 1999 20132002.\n one of issues relates to timing of inclusion of interchange fees received by company relating to credit card purchases by cardholders.\n possible within next 12 months company can reach agreement on this issue at appeals or decide to litigate issue.\n this issue presently being litigated by another company in united states tax court case.\n gross uncertain tax position for this item at december 31 , 2008 is $ 542 million.\n temporary difference only effect to company 2019s effective tax rate be due to net interest and state tax rate differentials.\n if reserve be released tax benefit could be as as $ 168 million.\n company expects to conclude irs audit of u. s.\n federal consolidated income tax returns for years 2003 20132005 within next 12 months.\n gross uncertain tax position at december 31, 2008 for items expected to be resolved is approximately $ 350 million plus gross interest of $ 70 million.\n potential net tax benefit to continuing operations could be approximately $ 325 million.\n major tax jurisdictions in which company and affiliates operate and earliest tax year subject to examination:.\n foreign pretax earnings approximated $ 10. 3 billion in 2008 , $ 9. 1 billion in 2007 , $ 13. 6 billion in 2006 ( $ 5. 1 billion , $ 0. 7 billion and $ 0. 9 billion in discontinued operations ).\n u. s.\n corporation , citigroup and its u. s.\n subsidiaries are subject to u. s.\ntaxation on all foreign pretax earnings earned by foreign branch.\n of foreign subsidiary or affiliate subject to u. s.\n taxation when repatriated.\n company provides income taxes on undistributed earnings of non-u. s.\n subsidiaries except earnings indefinitely invested outside united states.\n at december 31, 2008  $ 22. 8 billion of accumulated undistributed earnings of non-u.\n subsidiaries indefinitely invested.\n at existing u. s.\n federal income tax rate additional taxes ( net of.\n foreign tax credits ) of $ 6. 1 billion provided if earnings remitted.\n current year 2019s effect on income tax expense from continuing operations included in foreign income tax rate differential line in reconciliation of federal statutory rate to company 2019s effective income tax rate.\n income taxes not provided for on company 2019s savings bank base year bad debt reserves arose before 1988 because under current.\n tax rules taxes payable only to extent amounts distributed in excess of limits by federal law.\n at december 31 , 2008  base year reserves totaled approximately $ 358 million ( subject to tax of $ 125 million ).\n company has no valuation allowance on deferred tax assets at december 31 , 2008 and december 31 , 2007.\n at december 31 , 2008 company had u.\n foreign tax-credit carryforward of $ 10. 5 billion , $ 0. 4 billion expiry date is 2016 , $ 5. 3 billion expiry date 2017 and $ 4. 8 billion expiry date 2018.\n company has u. federal consolidated net operating loss ( ) carryforward of approximately $ 13 billion expiration date is 2028.\n company has general business credit carryforward of $ 0. 6 billion expiration dates are 2027-2028.\ncompany has state local net operating loss carryforwards of $ 16. 2 billion and $ 4. 9 billion in new york state new york city  respectively.\n consists of $ 2. 4 billion and $ 1. 2 billion  expiration date 2027 $ 13. 8 billion and $ 3. 7 billion expiration date 2028 company recorded deferred-tax asset of $ 1. 2 billion less significant net operating losses in other states for recorded deferred-tax asset of $ 399 million expire between 2012 and 2028.\n company recorded deferred-tax assets in apb 23 subsidiaries for foreign net operating loss carryforwards of $ 130 million ( expires 2018 ) and $ 101 million ( no expiration ).\n realization not assured company believes realization of recognized net deferred tax asset of $ 44. 5 billion more likely not based on expectations future taxable income in jurisdictions operates available tax planning strategies defined in sfas 109 could be implemented if necessary to prevent carryforward from expiring.\n company 2019s net deferred tax asset ( dta ) of $ 44. 5 billion consists of approximately $ 36. 5 billion of net.\n federal dtas  $ 4 billion of net state dtas $ 4 billion of net foreign dtas.\n included in net federal dta of $ 36. 5 billion are deferred tax liabilities of $ 4 billion will reverse in relevant carryforward period may used to support dta.\n major components of.\n federal dta are $ 10. 5 billion in foreign tax-credit carryforwards  $ 4. 6 billion in net-operating-loss carryforward  $ 0. 6 billion in general-business-credit carryforward  $ 19. 9 billion in net deductions not yet taken on tax return  $ 0.9 billion in compensation deductions , reduced additional paid-in capital in january 2009 for sfas 123 ( r ) not permit adjustment to dta at december 31 , 2008 because related stock compensation not yet deductible to company.\n, citigroup need to generate approximately $ 85 billion taxable income during carryforward periods to fully realize federal , state local dtas.\n\njurisdiction            | tax year\n----------------------- | --------\nunited states           | 2003\nmexico                  | 2006\nnew york state and city | 2005\nunited kingdom          | 2007\ngermany                 | 2000\nkorea                   | 2005\njapan                   | 2006\nbrazil                  | 2004"
}
{
    "_id": "dd4970aa2",
    "title": "",
    "text": "page 19 of 94 responded to request for information pursuant section 104 ( e ) of cercla.\n usepa initially estimated cleanup costs between $ 4 million and $ 5 million.\n based on information available company present company not believe this matter material adverse effect upon liquidity results of operations or financial condition of company.\n europe in january 2003 german government passed legislation imposed mandatory deposit of 25 eurocents on all one-way packages containing beverages except milk , wine  fruit juices certain alcoholic beverages.\n ball packaging europe gmbh ( bpe ) other plaintiffs contested enactment mandatory deposit for non-returnable containers based german packaging regulation ( verpackungsverordnung ) in federal and state administrative court.\n other proceedings terminated except for determination of minimal court fees still outstanding in some cases minimal ancillary legal fees.\n relevant industries  including bpe competitors successfully set up germany-wide return system for one-way beverage containers operational since may 1, 2006  date required under deposit legislation.\n item 4.\n submission of matters to vote of security holders no matters submitted to security holders during fourth quarter of 2007.\n part ii item 5.\n market for registrant 2019s common stock related stockholder matters ball corporation common stock ( bll ) traded on new york stock exchange and chicago stock exchange.\n 5424 common shareholders of record on february 3 , 2008.\n common stock repurchases table summarizes company 2019s repurchases of common stock during quarter ended december 31 , 2007.\n purchases of securities total number of shares purchased ( a ) average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum number of shares be purchased under plans or programs ( b ).\n( a ) includes open market purchases/or shares retained by company to settle employee withholding tax liabilities.\n ( b ) company has ongoing repurchase program for shares authorized for repurchase by ball 2019s board of directors.\n on january 23 , 2008 , ball's board of directors authorized repurchase company of up to total 12 million shares of common stock.\n this repurchase authorization replaces all previous authorizations.\n ( c ) does not include 675000 shares under forward share repurchase agreement december 2007 settled january 7, 2008  for approximately $ 31 million.\n not include shares acquired in 2008 under accelerated share repurchase program december 2007 funded on january 7 , 2008.\n\n| total number of shares purchased ( a ) | average pricepaid per share | total number of shares purchased as part of publicly announced plans or programs | maximum number of shares that may yet be purchased under the plans or programs ( b )\n------------------------------- | -------------------------------------- | --------------------------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------\noctober 1 to october 28 2007    | 705292                                 | $ 53.53                     | 705292                                                                           | 4904824\noctober 29 to november 25 2007  | 431170                                 | $ 48.11                     | 431170                                                                           | 4473654\nnovember 26 to december 31 2007 | 8310 ( c )                             | $ 44.99                     | 8310                                                                             | 4465344\ntotal                           | 1144772                                | $ 51.42                     | 1144772                                                                          |"
}
{
    "_id": "dd4bb44b2",
    "title": "",
    "text": "company monitors financial health stability of lenders under revolving credit and long term debt facilities during significant instability in credit markets lenders could be negatively impacted in ability to perform under these facilities.\n in july 2011  in connection with company 2019s acquisition of corporate headquarters  company assumed a $ 38. 6 million nonrecourse loan secured by mortgage on acquired property.\n acquisition of company 2019s corporate headquarters was accounted for as a business combination carrying value of loan secured by acquired property approximates fair value.\n assumed loan had original term of approximately ten years with scheduled maturity date of march 1 , 2013.\n loan includes balloon payment of $ 37. 3 million due at maturity may not be prepaid.\n assumed loan is nonrecourse with lender 2019s remedies for non-performance limited to action against acquired property certain required reserves cash collateral account  except for nonrecourse carve outs related to fraud  breaches of representations , warranties covenants  including related to environmental matters  other standard carve outs for loan type.\n loan requires certain minimum cash flows financial results from property if requirements not met additional reserves may be required.\n assumed loan requires prior approval of lender for certain matters related to property including material leases  changes to property management  transfers of property material alterations to property.\n loan has interest rate of 6. 73% ( 6. 73 % ).\n in connection with assumed loan company incurred and capitalized $ 0. 8 million in deferred financing costs.\n as of december 31 , 2011 outstanding balance on loan was $ 38. 2 million.\n in connection with assumed loan for acquisition of corporate headquarters company was required to set aside amounts in reserve and cash collateral accounts.\nas of december 31 , 2011  $ 2. 0 million restricted cash included in prepaid expenses current assets remaining $ 3. 0 million restricted cash included in long term assets.\n interest expense was $ 3. 9 million , $ 2. 3 million $ 2. 4 million for years ended december 31 , 2011 , 2010 2009 .\n interest expense includes amortization of deferred financing costs interest expense under credit long term debt facilities assumed loan discussed above.\n 8.\n commitments contingencies obligations under operating leases company leases warehouse space  office facilities space for retail stores certain equipment under non-cancelable operating leases.\n leases expire dates through 2023 excluding extensions at company 2019s option include provisions for rental adjustments.\n table includes executed lease agreements for factory house stores company not occupy as of december 31 , 2011 not include contingent rent company may incur at retail stores based on future sales above specified limit.\n schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2011 : ( in thousands ) operating.\n included in selling  general administrative expense was rent expense of $ 26. 7 million , $ 21. 3 million $ 14. 1 million for years ended december 31 , 2011, 2010 2009  under non-cancelable\n\n( in thousands )                    | operating\n----------------------------------- | ---------\n2012                                | $ 22926\n2013                                | 23470\n2014                                | 26041\n2015                                | 24963\n2016                                | 18734\n2017 and thereafter                 | 69044\ntotal future minimum lease payments | $ 185178"
}
{
    "_id": "dd4c44e90",
    "title": "",
    "text": "contracts as of december 31 , 2006  mature in 2007.\n forward contract notional amounts below expressed in stated currencies ( in thousands ).\n forward currency contracts:.\n movement of 10% ( 10 % ) in value of u. s.\n dollar against foreign currencies impact expected net earnings by approximately $ 0. 1 million.\n item 8.\n financial statements and supplementary data financial statements supplementary data required by this item included herein commencing on page f-1.\n item 9.\n changes in disagreements with accountants on accounting and financial disclosure item 9a.\n controls and procedures ( a ) evaluation of disclosure controls and procedures management , with participation of chief executive officer and chief financial officer , evaluated effectiveness of disclosure controls and procedures as of end of period covered by report.\n based on evaluation chief executive officer chief financial officer concluded disclosure controls and procedures end of period report functioning effectively to provide reasonable assurance that information required to be disclosed in reports filed under securities exchange act of 1934 is recorded , processed  summarized reported within time periods specified in sec 2019s rules and forms accumulated and communicated to management including chief executive officer and chief financial officer  as appropriate to allow timely decisions regarding disclosure.\n controls system cannot provide absolute assurance  objectives of controls system are met no evaluation of controls can provide absolute assurance that all control issues and instances of fraud  if within company detected.\n b ) management 2019s report on internal control over financial reporting management 2019s report internal control financial reporting set forth on page f-2 of annual report on form 10-k incorporated by reference herein.\n( c ) change in internal control over financial reporting no change in internal control reporting occurred during recent fiscal quarter materially affected , or likely to affect our internal control over financial reporting.\n item 9b.\n other information\n\n| ( pay ) /receive\n------------------ | ------------------\nu.s . dollars      | -114000 ( 114000 )\neuros              | -4472 ( 4472 )\nsingapore dollars  | 37180\ncanadian dollars   | 81234\nmalaysian ringgits | 85963"
}
{
    "_id": "dd4be8cbc",
    "title": "",
    "text": "marathon oil corporation notes consolidated financial statements operating lease rental expense was : ( in millions ) 2008 2007 2006 minimum rental ( a ) $ 245 $ 209 $ 172.\n excludes $ 5 million , $ 8 million $ 9 million paid by united states steel in 2008 , 2007 2006 on assumed leases.\n 27.\n contingencies commitments subject of party to pending or threatened legal actions , contingencies commitments involving variety of matters including laws regulations relating to environment.\n certain matters discussed below.\n ultimate resolution of contingencies could individually or be material to our consolidated financial statements.\n management believes we will remain viable competitive enterprise possible contingencies could be resolved unfavorably.\n environmental matters 2013 subject to federal , state local foreign laws regulations relating to environment.\n laws provide for control of pollutants released into environment require responsible parties undertake remediation of hazardous waste disposal sites.\n penalties may be imposed for noncompliance.\n at december 31 , 2008 2007  accrued liabilities for remediation totaled $ 111 million and $ 108 million.\n not possible to estimate ultimate amount of all remediation costs incurred or penalties imposed.\n receivables for recoverable costs from certain states under programs to assist companies in clean-up efforts related to underground storage tanks at retail marketing outlets were $ 60 and $ 66 million at december 31 , 2008 and 2007.\n defendant  with other refining companies in 20 cases in three states alleging damages for methyl tertiary-butyl ether ( 201cmtbe 201d ) contamination.\n received seven toxic substances control act notice letters involving potential claims in two states.\n such notice letters often followed by litigation.\nlike cases settled in 2008 , remaining mtbe cases consolidated in multidistrict litigation in southern district of new york for pretrial proceedings.\n nineteen of remaining cases allege damages to water supply wells similar to damages claimed in settled cases.\n in other remaining case state of new jersey seeking natural resources damages allegedly from contamination of groundwater by mtbe.\n only mtbe contamination case in we are a defendant and natural resources damages are sought.\n we vigorously defending these cases.\n with other defendants engaged in settlement discussions related to majority of cases in we are defendant.\n do not expect our share of liability if for remaining cases to significantly impact our consolidated results of operations , financial position or cash flows.\n lawsuit filed in united states district court for southern district of west virginia alleges our catlettsburg , kentucky , refinery distributed contaminated gasoline to wholesalers and retailers for period prior to august  2003 causing permanent damage to storage tanks  dispensers related equipment resulting in lost profits business disruption and personal and real property damages.\n following incident we conducted remediation operations at affected facilities deny permanent damages resulted from incident.\n class action certification granted in august 2007.\n entered into tentative settlement agreement in case.\n notice of proposed settlement sent to class members.\n approval by court after fairness hearing required before settlement finalized.\n fairness hearing scheduled in first quarter of 2009.\n proposed settlement will not significantly impact our consolidated results of operations , financial position or cash flows.\n guarantees 2013 we provided certain guarantees  direct and indirect of indebtedness of other companies.\nunder terms of most guarantee arrangements, we required to perform should guaranteed party fail to fulfill obligations specified arrangements.\n in addition to financial guarantees we also have various performance guarantees related to specific agreements.\n\n( in millions )      | 2008  | 2007  | 2006\n-------------------- | ----- | ----- | --------\nminimum rental ( a ) | $ 245 | $ 209 | $ 172\ncontingent rental    | 22    | 33    | 28\nsublease rentals     | 2013  | 2013  | -7 ( 7 )\nnet rental expense   | $ 267 | $ 242 | $ 193"
}
{
    "_id": "dd4c5750e",
    "title": "",
    "text": "green realty corp.\n 2011 annual reportnotes to consolidated financial statements plan granted to employees including executives vesting annually upon completion service period or meeting financial performance criteria.\n annual vesting occurs at rates from 15% ( 15 % ) to 35% ( 35 % ) once per- formance criteria reached.\n summary of restricted stock as of december a031 , 2011  2010 2009 charges during years ended presented.\n compensation expense recorded $ 17365401 $ 15327206 $ 23301744 weighted average fair value of restricted stock granted year $ 21768084 $ 28269983 $ 4979218 fair value of restricted stock vested during years ended december a031, 2011 , 2010 2009 was $ 4. 3 a0million , $ 16. 6 a0million $ 28. 0 a0million  respectively.\n as of december a031 , 2011  $ 14. 7 a0million of total unrecognized compensation cost related to unvested restricted stock expected to be recognized over weighted-average period of two years.\n for years ended december a031 , 2011  2010 2009  approximately $ 3. 4 a0million , $ 2. 2 a0million $ 1. 7 a0million  capitalized to assets associated with compensation expense related to long- term compensation plans restricted stock and stock options.\n granted ltip units fair value of $ 8. 5 a0million as 2011 performance stock bonus award.\n grant date fair value of ltip unit awards calculated in accordance with asc 718.\n third party consultant determined fair value of ltip units discount from unrestricted common stock price.\n discount calculated by considering uncertainty ltip units reach parity with other common partnership units and illiquidity due to transfer restrictions.\n2003 long- term outperformance compensation program board of directors adopted long- term , seven- year compen- sation program for certain members senior management.\n a0program provided for restricted stock awards to plan participants if holders common equity achieved total return in excess of 40% ( 40 % ) over 48-month period commenc- ing april a01 , 2003.\n in april 2007  compensation committee determined under terms 2003 outperformance plan  as of march a031 , 2007  performance hurdles met maximum performance pool of $ 22825000  forfeitures established.\n with event approximately 166312 shares of restricted stock ( adjusted for forfeitures ) allocated under 2005 plan.\n in accordance with terms program 40% ( 40 % ) of each award vested on march a031 , 2007 remainder vested over subsequent three years based on continued employment.\n fair value of awards under program on date of grant determined to be $ 3. 2 a0million.\n fair value expensed over term of restricted stock award.\n forty percent of value of award amortized over four years from date of grant balance amortized in equal parts over five , six and seven years. 20% ( 20 % ) of total value amortized over five years ( 20% 20 % ) per year ) 20% ( 20 % ) total value amortized over six years ( 16. 67% ( 16. 67 % ) per year ) 20% ( 20 % ) of total value amortized over seven years ( 14. 29% ( 14. 29 % ) per year ).\n recorded compensation expense of $ 23000 and $ 0. 1 a0million related to this plan during years ended december a031 , 2010 and 2009  respectively.\n cost of 2003 outperformance plan fully expensed as of march a031 , 2010.\n2005 long- term outperformance compensation program december 2005  compensation committee board of directors approved long- term incentive compensation program  2005 outperformance plan.\n participants 2005 plan entitled to earn ltip units in our operating partnership if total return to stockholders for three- year period beginning december a01 , 2005 exceeded cumulative total return to stockholders of 30% ( 30 % ) ; par- ticipants entitled to earn ltip units earlier in achieved maximum performance for 30 consecutive days.\n total number of ltip units could be earned number assumed value equal to 10% ( 10 % ) of outperformance amount in excess of 30% ( 30 % ) benchmark  subject to maximum dilution cap equal to lesser of 3% ( 3 % ) of outstanding shares and units of limited partnership interest as of december a01 , 2005 or $ 50. 0 a0million.\n on june a014 , 2006  compensation committee determined under terms of a02005 outperformance plan  as of june a08 , 2006  performance period accelerated maximum performance pool of $ 49250000 , account forfeitures earned.\n under 2005 outperformance plan participants also earned additional ltip units with value equal to distributions paid with respect to ltip units earned if ltip units earned at beginning of performance period.\n total number of ltip units earned under 2005 outperformance plan by all participants as of june a08 , 2006 was 490475.\n under terms 2005 outperformance plan all ltip units earned remained subject to time- based vesting  one- third of ltip units earned vested on each of november a030 , 2008 and first two anniversaries thereafter based on continued employment.\nearned ltip units received regular quarterly distributions per unit equal to dividends per share paid on our common stock whether or not vested.\n cost of 2005 outperformance plan ( approximately $ 8. 0 a0million , subject to adjustment for forfeitures ) amortized into earnings through final vesting period.\n recorded approximately $ 1. 6 a0million and $ 2. 3 a0million of compensation expense during years ended december a031 , 2010 and 2009  in connection with 2005 outperformance plan.\n cost 2005 fully expensed as of june a030 , 2010.\n 2006 long- term outperformance compensation program on august a014 , 2006  compensation committee of board directors approved long- term incentive compensation program 2006 outperformance plan.\n performance criteria not met no ltip units earned under 2006 outperformance plan.\n cost of 2006 outperformance plan ( approximately $ 16. 4 a0million  subject to adjustment for forfeitures ) amortized into earnings through july a031 , 2011.\n recorded approximately $ 70000 , $ 0. 2 a0million and $ 0. 4 a0million of compensation expense during years ended december a031 , 2011 , 2010 and 2009  in connection with 2006 outperformance plan.\n\n| 2011           | 2010           | 2009\n----------------------------------------------------------------------- | -------------- | -------------- | ----------\nbalance at beginning of year                                            | 2728290        | 2330532        | 1824190\ngranted                                                                 | 185333         | 400925         | 506342\ncancelled                                                               | -1167 ( 1167 ) | -3167 ( 3167 ) | 2014\nbalance at end of year                                                  | 2912456        | 2728290        | 2330532\nvested during the year                                                  | 66299          | 153644         | 420050\ncompensation expense recorded                                           | $ 17365401     | $ 15327206     | $ 23301744\nweighted average fair value of restricted stock granted during the year | $ 21768084     | $ 28269983     | $ 4979218"
}
{
    "_id": "dd4c5d6ca",
    "title": "",
    "text": "debt issuance costs reflected as direct deduction of long-term debt balance on consolidated balance sheets.\n incurred debt issuance costs of $ 15 million in 2018 $ 53 million in 2016.\n debt issuance costs in 2017 insignificant.\n unamortized debt issuance costs were $ 115 million at december 29, 2018 $ 114 million at december 30 , 2017 $ 124 million at december 31 , 2016.\n amortization of debt issuance costs was $ 16 million in 2018 $ 16 million in 2017 $ 14 million in 2016.\n debt premium unamortized debt premiums presented on balance sheets as direct addition to carrying amount debt.\n unamortized debt premium  net was $ 430 million at december 29 2018 $ 505 million at december 30 , 2017.\n amortization of debt premium net was $ 65 million in 2018 $ 81 million in 2017 $ 88 million in 2016.\n debt repayments : in july august 2018 repaid $ 2. 7 billion aggregate principal amount of senior notes matured period.\n funded long debt repayments primarily with proceeds from new notes issued in june 2018.\n in june 2017 repaid $ 2. 0 billion aggregate principal amount of senior notes matured.\n funded debt repayments primarily with cash on hand commercial paper programs.\n fair value of debt : at december 29 , 2018 aggregate fair value of total debt was $ 30. 1 billion compared with carrying value $ 31. 2 billion.\n at december 30 , 2017 aggregate fair value total debt was $ 33. 0 billion $ 31. 5 billion.\n short-term debt and commercial paper had carrying values approximated fair values at december 29  2018 december 30 , 2017.\n determined fair value of long-term debt using level 2 inputs.\nfair values estimated based on quoted market prices for identical or similar instruments.\n note 20.\n capital stock preferred stock second amended restated certificate of incorporation authorizes issuance of up to 920000 shares of preferred stock.\n on june 7 , 2016 redeemed all 80000 outstanding shares of series a preferred stock for $ 8. 3 billion.\n funded redemption through long-term debt in may 2016 other sources of liquidity including.\n commercial paper program .\n securitization program  cash on hand.\n connection with redemption all series a preferred stock canceled automatically retired.\n common stock second amended restated certificate of incorporation authorizes issuance of up to 5. 0 billion shares of common stock.\n shares of common stock issued treasury outstanding were ( in millions of shares ) : shares issued treasury shares shares outstanding.\n\n| shares issued | treasury shares | shares outstanding\n------------------------------------------------------------------ | ------------- | --------------- | ------------------\nbalance at january 3 2016                                          | 1214          | 2014            | 1214\nexercise of stock options issuance of other stock awards and other | 5             | -2 ( 2 )        | 3\nbalance at december 31 2016                                        | 1219          | -2 ( 2 )        | 1217\nexercise of stock options issuance of other stock awards and other | 2             | 2014            | 2\nbalance at december 30 2017                                        | 1221          | -2 ( 2 )        | 1219\nexercise of stock options issuance of other stock awards and other | 3             | -2 ( 2 )        | 1\nbalance at december 29 2018                                        | 1224          | -4 ( 4 )        | 1220"
}
{
    "_id": "dd4bee25c",
    "title": "",
    "text": "table shows annual aircraft fuel consumption costs  including taxes for our mainline and regional operations for 2018 , 2017 2016 ( gallons and aircraft fuel expense in millions ).\n year gallons average price per gallon aircraft fuel expense percent of total operating expenses.\n as of december 31 , 2018  fuel hedging contracts outstanding to hedge our fuel consumption.\n assuming not enter future transactions to hedge fuel consumption we will continue to be fully exposed to fluctuations in fuel prices.\n current policy is not to enter transactions to hedge fuel consumption review policy based on market conditions other factors.\n fuel prices fluctuated substantially over past years.\n cannot predict future availability  price volatility cost of aircraft fuel.\n natural disasters ( including hurricanes events in.\n southeast gulf coast where significant portion of domestic refining capacity located ) political disruptions or wars involving oil-producing countries economic sanctions against oil-producing countries or specific industry participants  changes in fuel-related governmental policy  strength of.\n dollar against foreign currencies  changes in cost to transport or store petroleum products changes in access to petroleum product pipelines and terminals speculation in energy futures markets  changes in aircraft fuel production capacity  environmental concerns other unpredictable events may result in fuel supply shortages  distribution challenges  additional fuel price volatility cost increases in future.\n see part i , item 1a.\n risk factors 2013 business dependent on price and availability of aircraft fuel.\n continued periods of high volatility in fuel costs  increased fuel prices or significant disruptions in supply of aircraft fuel could have negative impact on operating results and liquidity.201d seasonality other factors due to greater demand for air travel during summer months , revenues in airline industry in second and third quarters year to be greater than revenues first and fourth quarters year.\n general economic conditions , fears of terrorism or war  fare initiatives  fluctuations in fuel prices labor actions weather natural disasters  outbreaks of disease other factors could impact this seasonal pattern.\n quarterly results of operations not necessarily indicative of operating results for entire year, historical operating results quarterly or annual period not necessarily indicative of future operating results.\n domestic and global regulatory landscape general airlines subject to extensive domestic international regulatory requirements.\n domestically the dot and federal aviation administration ( faa ) exercise significant regulatory authority over air carriers.\n dot  oversees domestic international codeshare agreements , international route authorities , competition consumer protection matters advertising , denied boarding compensation baggage liability.\n antitrust division of department of justice ( doj )  along with dot in have jurisdiction over airline antitrust matters.\n\nyear | gallons | average priceper gallon | aircraft fuelexpense | percent of totaloperating expenses\n---- | ------- | ----------------------- | -------------------- | ----------------------------------\n2018 | 4447    | $ 2.23                  | $ 9896               | 23.6% ( 23.6 % )\n2017 | 4352    | 1.73                    | 7510                 | 19.6% ( 19.6 % )\n2016 | 4347    | 1.42                    | 6180                 | 17.6% ( 17.6 % )"
}
{
    "_id": "dd4bf7f64",
    "title": "",
    "text": "contractual obligations as of december 29 , 2018 were:.\n capital purchase obligations1 9029 7888 795 345 1 other purchase obligations commitments2 3249 1272 1781 178 18 tax obligations3 4732 143 426 1234 2929 long-term debt obligations4 40187 1518 7583 6173 24913 other long-term liabilities5 1626 722 708 95 101 total6 $ 59658 $ 11772 $ 11607 $ 8196 $ 28083 1 capital purchase obligations represent commitments for construction or purchase of property  plant equipment.\n not recorded as liabilities on consolidated balance sheets as of december 29, 2018 not yet received related goods nor taken title to property.\n 2 other purchase obligations commitments include payments due under licenses agreements to purchase goods services payments under non-contingent funding obligations.\n 3 tax obligations represent future cash payments related to tax reform 2017 for one-time transition tax on previously untaxed foreign earnings.\n further information see 201cnote 9 : income taxes 201d consolidated financial statements.\n 4 amounts represent principal payments for all debt obligations interest payments for fixed-rate debt obligations.\n interest payments on floating-rate debt obligations impact of fixed-rate to floating-rate debt swaps excluded.\n debt obligations classified based on stated maturity date regardless of classification consolidated balance sheets.\n future settlement of convertible debt impact cash payments.\n 5 amounts represent future cash payments to satisfy other long-term liabilities recorded on consolidated balance sheets including short-term portion liabilities.\n derivative instruments excluded from preceding table not represent amounts may ultimately be paid.\n6 total excludes contractual obligations recorded on consolidated balance sheets as current liabilities except for short-term portions of long-term debt obligations and other long-term liabilities.\n expected timing of payments of obligations in preceding table is estimated based on current information.\n timing of payments and actual amounts paid may be different  depending on time of receipt of goods or services or changes to agreed- upon amounts for some obligations.\n contractual obligations for purchases of goods or services included in 201cother purchase obligations and commitments 201d in preceding table include agreements enforceable and legally binding specify all significant terms including fixed or minimum quantities to be purchased ; fixed variable price provisions ; approximate timing of transaction.\n for obligations with cancellation provisions  amounts included in preceding table limited to non-cancelable portion of agreement terms or minimum cancellation fee.\n for purchase of raw materials entered into certain agreements specify minimum prices and quantities based on percentage of total available market or percentage of future purchasing requirements.\n due to uncertainty of future market and future purchasing requirements non-binding nature of these agreements obligations under these agreements excluded from preceding table.\n purchase orders for other products are based on current manufacturing needs fulfilled by vendors within short time horizons.\n some purchase orders represent authorizations to purchase rather than binding agreements.\n contractual obligations contingent upon achievement of certain milestones excluded from preceding table.\n most of milestone-based contracts are tooling related for purchase of capital equipment.\n arrangements not considered contractual obligations until milestone met by counterparty.\n as of december 29 , 2018 assuming all future milestones are met additional required payments would be approximately $ 688 million.\nfor majority of restricted stock units ( rsus ) granted , number of shares of common stock issued on date rsus vest is net of minimum statutory withholding requirements we pay in cash to appropriate taxing authorities on behalf of employees.\n obligation to pay relevant taxing authority excluded from preceding table , as amount contingent upon continued employment.\n in amount of obligation is unknown , based in part on market price of our common stock when awards vest.\n md&a consolidated results and analysis 42\n\n( in millions )                             | payments due by period total | payments due by period less than1 year | payments due by period 1 20133 years | payments due by period 3 20135 years | payments due by period more than5 years\n------------------------------------------- | ---------------------------- | -------------------------------------- | ------------------------------------ | ------------------------------------ | ---------------------------------------\noperating lease obligations                 | $ 835                        | $ 229                                  | $ 314                                | $ 171                                | $ 121\ncapital purchase obligations1               | 9029                         | 7888                                   | 795                                  | 345                                  | 1\nother purchase obligations and commitments2 | 3249                         | 1272                                   | 1781                                 | 178                                  | 18\ntax obligations3                            | 4732                         | 143                                    | 426                                  | 1234                                 | 2929\nlong-term debt obligations4                 | 40187                        | 1518                                   | 7583                                 | 6173                                 | 24913\nother long-term liabilities5                | 1626                         | 722                                    | 708                                  | 95                                   | 101\ntotal6                                      | $ 59658                      | $ 11772                                | $ 11607                              | $ 8196                               | $ 28083"
}
{
    "_id": "dd496c81c",
    "title": "",
    "text": "stock-based awards under plan stock options 2013 marathon grants stock options under 2007 plan previously granted options under 2003 plan.\n marathon 2019s stock options represent right to purchase shares common stock at fair market value common stock on date of grant.\n through 2004 , certain stock options granted under 2003 plan with tandem stock appreciation right allows recipient to elect to receive cash and/or common stock equal to excess of fair market value of shares common stock as determined in with 2003 plan  over option price shares.\n stock options granted under 2007 plan and 2003 plan vest ratably over three-year period maximum term of ten years from date granted.\n stock appreciation rights 2013 prior to 2005 , marathon granted sars under 2003 plan.\n no stock appreciation rights granted under 2007 plan.\n similar to stock options stock appreciation rights represent right to receive payment equal to excess of fair market value of shares of common stock on date right exercised over grant price.\n under 2003 plan  certain sars granted as stock-settled sars others granted in tandem with stock options.\n sars granted under 2003 plan vest ratably over three-year period have maximum term of ten years from date granted.\n stock-based performance awards 2013 prior to 2005 , marathon granted stock-based performance awards under 2003 plan.\n no stock-based performance awards granted under 2007 plan.\n beginning in 2005 , marathon discontinued granting stock-based performance awards instead now grants cash-settled performance units to officers.\n all stock-based performance awards granted under 2003 plan either vested or forfeited.\n no outstanding stock-based performance awards.\n restricted stock 2013 marathon grants restricted stock restricted stock units under 2007 plan previously granted such awards under 2003 plan.\n in 2005 , compensation committee began granting time-based restricted stock to certain u. s.-based officers of marathon consolidated subsidiaries annual long-term incentive package.\n restricted stock awards to officers vest three years from date of grant contingent on recipient continued employment.\n marathon grants restricted stock to non-officer employees international employees ( 201crestricted stock awards 201d ) based on performance within guidelines for retention purposes.\n restricted stock awards to non-officers vest in one-third increments over three-year period contingent on recipient continued employment.\n prior to vesting all restricted stock recipients have right to vote stock receive dividends.\n non-vested shares not transferable held by marathon 2019s transfer agent.\n common stock units 2013 marathon maintains equity compensation program for non-employee directors under 2007 plan previously 2003 plan.\n all non-employee directors other than chairman receive annual grants of common stock units required to hold units until leave board of directors.\n when dividends paid on marathon common stock directors receive dividend equivalents in additional common stock units.\n stock-based compensation expense 2013 total employee stock-based compensation expense was $ 80 million , $ 83 million $ 111 million in 2007 , 2006 2005.\n total related income tax benefits were $ 29 million , $ 31 million $ 39 million.\n in 2007 2006 cash received upon exercise of stock option awards was $ 27 million and $ 50 million.\n tax benefits realized for deductions during 2007 and 2006 in excess of stock-based compensation expense for options exercised other stock-based awards vested totaled $ 30 million and $ 36 million.\n cash settlements of stock option awards totaled $ 1 million and $ 3 million in 2007 and 2006.\n stock option awards granted 2013 during 2007  2006 2005 marathon granted stock option awards to both officer and non-officer employees.\nweighted average grant date fair value of awards based on following black-scholes assumptions:.\n\n| 2007           | 2006           | 2005\n--------------------------------------------------------------------- | -------------- | -------------- | --------------\nweighted average exercise price per share                             | $ 60.94        | $ 37.84        | $ 25.14\nexpected annual dividends per share                                   | $ 0.96         | $ 0.80         | $ 0.66\nexpected life in years                                                | 5.0            | 5.1            | 5.5\nexpected volatility                                                   | 27% ( 27 % )   | 28% ( 28 % )   | 28% ( 28 % )\nrisk-free interest rate                                               | 4.1% ( 4.1 % ) | 5.0% ( 5.0 % ) | 3.8% ( 3.8 % )\nweighted average grant date fair value of stock option awards granted | $ 17.24        | $ 10.19        | $ 6.15"
}
{
    "_id": "dd4bd6166",
    "title": "",
    "text": "2018 emerson annual report  51 as of september 30 , 2018 1874750 shares awarded in 2016 outstanding contingent on company achieving performance objectives through 2018.\n objectives for shares met at 97 percent level end of 2018 1818508 shares distributed in early 2019.\n rights to receive maximum of 2261700 and 2375313 common shares awarded in 2018 and 2017 under new performance shares program outstanding and contingent upon company achieving performance objectives through 2020 and 2019.\n incentive shares plans include restricted stock awards distribution of common stock to key management employees subject to cliff vesting at end of service periods three to ten years.\n fair value of restricted stock awards determined based on average of high and low market prices of company 2019s common stock on date of grant compensation expense recognized ratably over applicable service period.\n in 2018  310000 shares of restricted stock vested participants fulfilling service requirements.\n 167837 shares issued 142163 shares withheld for income taxes minimum withholding requirements.\n as of september 30 , 2018 1276200 shares of unvested restricted stock outstanding.\n total fair value of shares distributed under incentive shares plans was $ 20 , $ 245 and $ 11  in 2018 , 2017 2016  $ 9 , $ 101 and $ 4 paid in cash primarily for tax withholding.\n as of september 30 , 2018  10. 3 million shares remained available for award under incentive shares plans.\n changes in shares outstanding but not yet earned under incentive shares plans during year ended september 30 , 2018 follow ( shares in thousands assumes 100 percent payout of unvested awards ) : average grant date shares fair value per share.\ncompensation expense for stock options incentive shares was $ 216 , $ 115 $ 159 for 2018  2017 2016  $ 5 and $ 14 included in discontinued operations for 2017 2016 .\n increase in expense for 2018 reflects increase company 2019s stock price progress toward performance objectives.\n decrease in expense for 2017 reflects impact of changes in stock price.\n income tax benefits recognized in income statement for compensation arrangements during 2018  2017 2016 were $ 42 , $ 33 $ 45 .\n as of september 30 , 2018  unrecognized compensation expense to unvested shares awarded under plans was $ 182  expected to be recognized over weighted-average period of 1. 1 years.\n to employee stock option incentive shares plans in 2018 company awarded 12228 shares of restricted stock 2038 restricted stock units under restricted stock plan for non-management directors.\n as of september 30 , 2018 159965 shares available for issuance under plan.\n common preferred stock at september 30  2018 37. 0 million shares of common stock reserved for issuance under company 2019s stock-based compensation plans.\n during 2018  15. 1 million common shares purchased 2. 6 million treasury shares reissued.\n in 2017  6. 6 million common shares purchased 5. 5 million treasury shares reissued.\n at september 30 , 2018 2017 company had 5. 4 million shares of $ 2. 50 par value preferred stock authorized none issued.\n\n| shares       | average grant datefair value per share\n----------------- | ------------ | --------------------------------------\nbeginning of year | 4999         | $ 50.33\ngranted           | 2295         | $ 63.79\nearned/vested     | -310 ( 310 ) | $ 51.27\ncanceled          | -86 ( 86 )   | $ 56.53\nend of year       | 6898         | $ 54.69"
}
{
    "_id": "dd4bd03a6",
    "title": "",
    "text": "december 31 , 2015 carrying amount accumulated amortization.\n computer software consists primarily of software costs associated with enterprise business solution ( ebs ) within arconic to drive common systems among all businesses.\n amortization expense related to intangible assets in tables above for years ended december 31 , 2016 , 2015  and 2014 was $ 65 , $ 67 , and $ 55 , respectively expected to range of approximately $ 56 to $ 64 annually from 2017 to 2021.\n f.\n acquisitions and divestitures pro forma results of company assuming all acquisitions made at beginning of earliest prior period not materially different from results reported.\n 2016 divestitures.\n in april 2016  arconic completed sale of remmele medical business to lisi medical for $ 102 in cash ( $ 99 net of transaction costs ) included in proceeds from sale of assets and businesses on accompanying statement of consolidated cash flows.\n business  part of rti international metals inc.\n rti ) acquisition manufactures precision-machined metal products for customers in minimally invasive surgical device and implantable device markets.\n transaction within year of completion of rti acquisition  no gain recorded transaction excess of proceeds over carrying value of net assets business reflected as purchase price adjustment ( decrease to goodwill of $ 44 ) to final allocation of purchase price related to arconic 2019s acquisition of rti.\n owned by arconic operating results and assets liabilities of business included in engineered products and solutions segment.\n business generated sales of approximately $ 20 from january 1 , 2016 through divestiture date , april 29 , 2016 at time of divestiture had approximately 330 employees.\n transaction no longer subject to post-closing adjustments.\n 2015 acquisitions.\nmarch 2015  arconic completed acquisition of aerospace structural castings company , tital , for $ 204 ( 20ac188 ) in cash ( additional $ 1 ( 20ac1 ) paid in september 2015 to settle working capital purchase agreement ).\n tital , privately held company with approximately 650 employees in germany produces aluminum titanium investment casting products for aerospace defense markets.\n purpose acquisition is to capture increasing demand for advanced jet engine components titanium  establish titanium-casting capabilities in europe  expand existing aluminum casting capacity.\n assets , including associated goodwill , liabilities of business included within arconic 2019s engineered products and solutions segment since date of acquisition.\n preliminary allocation of purchase price  goodwill of $ 118 recorded for transaction.\n first quarter of 2016  allocation purchase price finalized based part on completion third-party valuation of certain assets acquired resulting in $ 1 reduction of initial goodwill amount.\n none of $ 117 in goodwill deductible for income tax purposes no other intangible assets identified.\n transaction no longer subject to post-closing adjustments.\n july 2015  arconic completed acquisition of rti , u. s.\n company publicly traded on new york stock exchange under ticker symbol 201crti. 201d arconic purchased all outstanding shares of rti common stock in stock-for-stock transaction valued at $ 870 ( based on $ 9. 96 per share july 23 , 2015 closing price of arconic 2019s\n\ndecember 31 2015                            | gross carrying amount | accumulated amortization\n------------------------------------------- | --------------------- | ------------------------\ncomputer software                           | $ 793                 | $ -643 ( 643 )\npatents and licenses                        | 110                   | -98 ( 98 )\nother intangibles ( f )                     | 961                   | -64 ( 64 )\ntotal amortizable intangible assets         | 1864                  | -805 ( 805 )\nindefinite-lived trade names and trademarks | 45                    | -\ntotal other intangible assets               | $ 1909                | $ -805 ( 805 )"
}
{
    "_id": "dd4bf3ee6",
    "title": "",
    "text": "note 15 : chipset design issue in january 2011 ongoing quality assurance procedures identified design issue with intel ae 6 series express chipset family.\n issue affected chipsets sold fourth quarter of 2010 and january 2011.\n implemented silicon fix began shipping updated version affected chipset in february 2011.\n total cost 2011 to repair and replace affected materials and systems customers market was $ 422 million.\n not expect significant future adjustments issue.\n note 16 : borrowings short-term debt as of december 28 , 2013 short-term debt consisted of drafts payable of $ 257 million notes payable of $ 24 million ( drafts payable $ 264 million notes payable $ 48 million as of december 29 , 2012 ).\n ongoing authorization from board of directors to borrow up to $ 3. 0 billion including through issuance of commercial paper.\n maximum borrowings under commercial paper program 2013 were $ 300 million ( $ 500 million during 2012 ).\n commercial paper rated a-1+ by standard & poor 2019s and p-1 by moody 2019s as of december 28 , 2013.\n long-term debt long-term debt end of each period follows : ( in millions ) dec 28 , dec 29.\n senior notes in fourth quarter of 2012 issued $ 6. 2 billion aggregate principal amount of senior unsecured notes for general corporate purposes to repurchase shares of common stock authorized common stock repurchase program.\n third quarter of 2011 issued $ 5. 0 billion aggregate principal amount of senior unsecured notes primarily to repurchase shares of common stock authorized common stock repurchase program for general corporate purposes.\n senior notes pay fixed rate of interest semiannually.\n may redeem senior notes  in whole or in part at any time at our option at specified redemption prices.\nsenior notes rank equally in right of payment with other existing future senior unsecured indebtedness effectively rank junior to all liabilities subsidiaries.\n table of contents intel corporation notes to consolidated financial statements continued )\n\n( in millions )                                                              | dec 282013 | dec 292012\n---------------------------------------------------------------------------- | ---------- | ----------\n2012 senior notes due 2017 at 1.35% ( 1.35 % )                               | $ 2997     | $ 2997\n2012 senior notes due 2022 at 2.70% ( 2.70 % )                               | 1494       | 1494\n2012 senior notes due 2032 at 4.00% ( 4.00 % )                               | 744        | 743\n2012 senior notes due 2042 at 4.25% ( 4.25 % )                               | 924        | 924\n2011 senior notes due 2016 at 1.95% ( 1.95 % )                               | 1499       | 1498\n2011 senior notes due 2021 at 3.30% ( 3.30 % )                               | 1996       | 1996\n2011 senior notes due 2041 at 4.80% ( 4.80 % )                               | 1490       | 1489\n2009 junior subordinated convertible debentures due 2039 at 3.25% ( 3.25 % ) | 1075       | 1063\n2005 junior subordinated convertible debentures due 2035 at 2.95% ( 2.95 % ) | 946        | 932\ntotal long-term debt                                                         | $ 13165    | $ 13136"
}
{
    "_id": "dd4b8ef96",
    "title": "",
    "text": "consolidated income statement review net income 2009 was $ 2. 4 billion 2008 $ 914 million.\n amounts 2009 include operating results national city fourth quarter impact $ 687 million after-tax gain related to blackrock 2019s acquisition bgi.\n increases in income statement comparisons to 2008 primarily due to operating results national city.\n consolidated income statement presented in item 8 report.\n net interest income net interest margin year ended december 31 dollars in millions 2009 2008.\n changes in net interest income margin result from interaction volume composition of interest-earning assets related yields interest-bearing liabilities related rates paid noninterest-bearing sources of funding.\n see statistical information 2013 analysis of year-to-year changes in net interest unaudited ) income average consolidated balance sheet net interest analysis in item 8 report for additional information.\n higher net interest income for 2009 compared 2008 reflected increase in average interest-earning assets due to national city improvement in net interest margin.\n net interest margin was 3. 82% ( 3. 82 % ) for 2009 3. 37% ( 3. 37 % ) for 2008.\n factors impacted comparison : 2022 decrease in rate accrued on interest-bearing liabilities 97 basis points.\n rate accrued on interest-bearing deposits largest component decreased 107 basis points.\n 2022 factors partially offset by 45 basis point decrease in yield on interest-earning assets.\n yield on loans largest portion of earning assets in 2009 decreased 30 basis points.\n 2022 impact of noninterest-bearing sources of funding decreased 7 basis points.\n comparing broader market average federal funds rate was. 16% (. 16 % ) for 2009 compared with 1. 94% ( 1. 94 % ) for 2008.\nexpect net interest income for 2010 likely modestly lower result cash recoveries on purchased impaired loans 2009 additional run-off of higher- yielding assets mitigated by rising interest rates.\n assumes current expectations for interest rates economic conditions 2013 include current economic assumptions underlying forward-looking statements in cautionary statement forward-looking information section item 7.\n noninterest income summary noninterest income was $ 7. 1 billion for 2009 $ 2. 4 billion for 2008.\n noninterest income 2009 included 2022 gain on blackrock/bgi transaction $ 1. 076 billion  2022 net credit-related other-than-temporary impairments ( otti ) on debt equity securities $ 577 million  2022 net gains on sales of securities $ 550 million  2022 gains on hedging of residential mortgage servicing rights $ 355 million  2022 valuation sale income commercial mortgage loans for sale net of hedges $ 107 million  2022 gains of $ 103 million related to blackrock ltip shares adjustment first quarter net losses on private equity alternative investments of $ 93 million.\n noninterest income for 2008 included 2022 net otti on debt equity securities $ 312 million  2022 gains of $ 246 million related to blackrock ltip shares adjustment  2022 valuation sale losses commercial mortgage loans for sale net of hedges $ 197 million  2022 impairment and other losses related to private equity alternative investments of $ 180 million  2022 income from hilliard lyons totaling $ 164 million including first quarter gain of $ 114 million from sale business 2022 net gains on sales of securities $ 106 million 2022 gain of $ 95 million related to redemption of portion of visa class b common shares related to visa 2019s march 2008 initial public offering.\nasset management revenue increased $ 172 million to $ 858 million in 2009 compared with $ 686 million 2008.\n increase reflected improving equity markets new business generation shift assets into higher yielding equity investments second half 2009.\n assets managed totaled $ 103 billion at december 31 , 2009 and 2008 including impact national city.\n asset management group section business segments review section item 7 includes discussion assets under management.\n consumer services fees totaled $ 1. 290 billion in 2009 compared with $ 623 million 2008.\n service charges on deposits totaled $ 950 million 2009 and $ 372 million for 2008.\n increases driven by impact national city acquisition.\n reduced consumer spending\n\nyear ended december 31 dollars in millions | 2009             | 2008\n------------------------------------------ | ---------------- | ----------------\nnet interest income                        | $ 9083           | $ 3854\nnet interest margin                        | 3.82% ( 3.82 % ) | 3.37% ( 3.37 % )"
}
{
    "_id": "dd4c4f2fa",
    "title": "",
    "text": "2013.\n in 2011  asset returns lower than expected by $ 471 million discount rates declined resulting in unfavorable mark-to-market adjustment recorded in earnings in fourth quarter of 2011.\n portion of 2011 pension mark-to- market adjustment capitalized as inventoriable cost at end of 2011.\n amount recorded in earnings in first quarter of 2012.\n mark-to-market adjustments for commodities reflect changes in fair value of contracts for difference between contract and market prices for underlying commodities.\n resulting gains/losses recognized in quarter they occur.\n c ) costs incurred related to execution of project k , four-year efficiency and effectiveness program.\n focus program to strengthen existing businesses in core markets increase growth in developing and emerging markets drive increased value-added innovation.\n program expected to provide benefits including optimized supply chain infrastructure implementation of global business services new global focus on categories.\n d ) underlying gross margin , underlying sga% ( sga % ) underlying operating margin are non-gaap measures exclude impact of pension plans commodity contracts mark-to- market adjustments project k costs.\n believe use of non-gaap measures provides increased transparency assists in understanding underlying operating performance.\n underlying gross margin declined by 110 basis points in 2013 due to impact of inflation  net of productivity savings lower operating leverage due to lower sales volume impact of lower margin structure of pringles business.\n underlying sg&a% ( sg&a % ) improved by 110 basis points result of favorable overhead leverage synergies from pringles acquisition  reduced investment in consumer promotions.\n underlying gross margin declined by 180 basis points in 2012 result of cost inflation  net of cost savings lower margin structure of pringles business.\nunderlying sga% ( ) consistent with 2011.\n underlying gross profit , sga  operating profit measures reconciled to comparable gaap measure.\n ( a ) gross profit equal to net sales less cost of goods sold.\n ( b ) includes mark-to-market adjustments for pension plans commodity contracts reflected in selling  general administrative expense cost of goods sold.\n actuarial gains/losses for pension plans recognized in year they occur.\n in 2013  asset returns exceeds expectations by $ 545 million discount rates exceeded expectations by 65 basis points favorable mark-to-market adjustment recorded in earnings fourth quarter of 2013.\n portion of mark-to-market adjustment capitalized as inventoriable cost at end of 2013.\n in 2012  asset returns exceeded expectations by $ 211 million discount rates fell almost 100 basis points unfavorable mark-to-market adjustment recorded in earnings fourth quarter of 2012.\n portion of 2012 pension mark-to-market adjustment capitalized as inventoriable cost at end of 2012.\n recorded in earnings in first quarter of 2013.\n in 2011  asset returns lower than expected by $ 471 million discount rates declined unfavorable mark-to-market adjustment recorded in earnings in fourth quarter of 2011.\n portion of 2011 pension mark-to- market adjustment capitalized as inventoriable cost at end of 2011.\n amount recorded in earnings in first quarter of 2012.\n mark-to-market adjustments for commodities reflect changes in fair value of contracts for difference between contract and market prices for underlying commodities.\n resulting gains/losses recognized in quarter they occur.\n c ) costs incurred related to execution of project k , four-year efficiency and effectiveness program.\nfocus of program to strengthen existing businesses in core markets  increase growth in developing and emerging markets  drive increased value-added innovation.\n program expected to provide benefits  including optimized supply chain infrastructure  implementation of global business services  new global focus on categories.\n ( d ) underlying gross profit , underlying sga  underlying operating profit are non-gaap measures exclude impact of pension plans commodity contracts mark-to- market adjustments project k costs.\n believe use of non-gaap measures provides increased transparency assists in understanding underlying operating performance.\n restructuring and cost reduction activities view continued spending on restructuring cost reduction activities as part of ongoing operating principles to provide greater visibility in achieving long-term profit growth targets.\n initiatives undertaken expected to recover cash implementation costs within five-year period of completion.\n upon completion ( or as each major stage completed in multi-year programs ) project begins to deliver cash savings/or reduced depreciation.\n cost reduction initiatives prior to announcement project k in 2013  commenced various cogs and sga cost reduction initiatives.\n cogs initiatives intended to optimize global manufacturing network reduce waste develop best practices global basis.\n sga initiatives focus on improvements in efficiency effectiveness of global support functions.\n during 2013  recorded $ 42 million of charges associated with cost reduction initiatives.\n charges\n\n( dollars in millions )           | 2013         | 2012         | 2011\n--------------------------------- | ------------ | ------------ | ------------\nreported gross profit ( a )       | $ 6103       | $ 5434       | $ 5152\nmark-to-market ( cogs ) ( b )     | 510          | -259 ( 259 ) | -377 ( 377 )\nproject k ( cogs ) ( c )          | -174 ( 174 ) | 2014         | 2014\nunderlying gross profit ( d )     | $ 5767       | $ 5693       | $ 5529\nreported sga                      | $ 3266       | $ 3872       | $ 3725\nmark-to-market ( sga ) ( b )      | 437          | -193 ( 193 ) | -305 ( 305 )\nproject k ( sga ) ( c )           | -34 ( 34 )   | 2014         | 2014\nunderlying sga ( d )              | $ 3669       | $ 3679       | $ 3420\nreported operating profit         | $ 2837       | $ 1562       | $ 1427\nmark-to-market ( b )              | 947          | -452 ( 452 ) | -682 ( 682 )\nproject k ( c )                   | -208 ( 208 ) | 2014         | 2014\nunderlying operating profit ( d ) | $ 2098       | $ 2014       | $ 2109"
}
{
    "_id": "dd4bcb1a8",
    "title": "",
    "text": "investment policy  described in note 15 employee benefit plans in notes to consolidated financial statements in item 8 of this report.\n we calculate expense associated with pension plan assumptions methods include policy of reflecting trust assets at fair market value.\n on annual basis  review actuarial assumptions related to pension plan including discount rate rate of compensation increase expected return on plan assets.\n discount rate and compensation increase assumptions not significantly affect pension expense.\n expected long-term return on assets assumption significantly affect pension expense.\n expected long- term return on plan assets for determining net periodic pension expense has been 8. 25% ( 8. 25 % ) for past three years.\n expected return on plan assets is long-term assumption established by considering historical and anticipated returns of asset classes invested in by pension plan and allocation strategy in classes.\n analysis gives consideration to recent asset performance and historical returns assumption represents long-term prospective return.\n we review this assumption at each measurement date and adjust it if warranted.\n for assumption 201clong- term 201d refers to period over plan 2019s projected benefit obligation will be disbursed.\n year-to-year annual returns can vary significantly ( rates of return for reporting years of 2009, 2008  2007 were +20. 61% ( +20. 61 % ), -32. 91% ( -32. 91 % )  and +7. 57% ( +7. 57 % )  assumption represents our estimate of long-term average prospective returns.\n selection process references historical data and current environment primarily utilizes qualitative judgment regarding future return expectations.\n recent annual returns may differ but recognizing volatility and unpredictability of investment returns we generally do not change assumption unless we modify investment strategy or identify events alter expectations of future returns.\nevaluate reasonableness of our assumption we examine variety of viewpoints and data.\n various studies shown portfolios primarily of us equity securities returned approximately 10% ( 10 % ) over long periods time us debt securities returned approximately 6% ( 6 % ) annually over long periods.\n application of these historical returns to plan 2019s allocation of equities and bonds produces result between 8% ( 8 % ) and 8. 5% ( 8. 5 % ) is one point of reference  among other factors taken into consideration.\n we also examine plan 2019s actual historical returns over various periods.\n recent experience considered in evaluation with consideration especially for short periods recent returns not reliable indicators of future returns in low returns in recent periods are followed by higher returns in future periods ( and vice versa ).\n acknowledging wide range for assumption we annually examine assumption used by other companies with similar pension investment strategies ascertain whether our determinations differ from other observers.\n this data informs our process places emphasis on qualitative judgment of future investment returns given conditions existing at each annual measurement date.\n expected long-term return on plan assets for determining net periodic pension cost for 2009 was 8. 25% ( 8. 25 % ) , unchanged from 2008.\n during 2010  intend to decrease midpoint of plan 2019s target allocation range for equities by approximately five percentage points.\n result of this change factors pnc will change expected long-term return on plan assets to 8. 00% ( 8. 00 % ) for determining net periodic pension cost for 2010.\n under current accounting rules difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods.\none percentage point difference in actual return compared with expected return causes expense in subsequent years to change by up to $ 8 million as impact amortized into results operations.\n table below reflects estimated effects on pension expense of changes in annual assumptions, using 2010 estimated expense as baseline.\n change in assumption ( a ) estimated increase to 2010 pension expense ( in millions ).\n impact is effect of changing specified assumption while holding all other assumptions constant.\n currently estimate pretax pension expense of $ 41 million in 2010 compared with pretax $ 117 million in 2009.\n year-over-year reduction primarily due to amortization impact of favorable 2009 investment returns compared with expected long-term return assumption.\n pension plan contribution requirements not sensitive to actuarial assumptions.\n investment performance most impact on contribution requirements will drive amount of permitted contributions in future years.\n current law , including provisions pension protection act of 2006, sets limits to minimum and maximum contributions to plan.\n expect minimum required contributions under law will be zero for 2010.\n maintain other defined benefit plans less significant effect on financial results  including\n\nchange in assumption ( a )                                   | estimatedincrease to 2010pensionexpense ( inmillions )\n------------------------------------------------------------ | ------------------------------------------------------\n.5% ( .5 % ) decrease in discount rate                       | $ 10\n.5% ( .5 % ) decrease in expected long-term return on assets | $ 18\n.5% ( .5 % ) increase in compensation rate                   | $ 3"
}
{
    "_id": "dd4c0aa92",
    "title": "",
    "text": "company expects to amortize $ 1. 7 million of actuarial loss from accumulated other comprehensive income ( loss ) into net periodic benefit costs in 2011.\n at december 31 , 2010  anticipated benefit payments from plan in future years as follows:.\n savings plans.\n cme maintains defined contribution savings plan pursuant to section 401 ( k ) of internal revenue code all.\n employees are participants option to contribute to plan.\n cme matches employee contributions up to 3% ( 3 % ) of employee 2019s base salary make additional discretionary contributions up to 2% ( 2 % ) of base salary.\n certain cme london-based employees eligible to participate in defined contribution plan.\n for london plan provides for company contributions of 10% ( 10 % ) of earnings vesting requirements.\n salary and cash bonuses paid included in definition of earnings.\n aggregate expense for all defined contribution savings plans amounted to $ 6. 3 million , $ 5. 2 million and $ 5. 8 million in 2010, 2009 and 2008  respectively.\n cme non-qualified plans.\n cme maintains non-qualified plans  participants may make assumed investment choices amounts contributed on behalf.\n not required cme invests contributions in assets mirror assumed investment choices.\n balances in plans subject to claims of general creditors exchange totaled $ 28. 8 million and $ 23. 4 million at december 31 , 2010 and 2009 .\n value of plans recorded as asset in consolidated balance sheets equal and offsetting liability.\n investment results of plans have no impact on net income investment results recorded in equal amounts to both investment income and compensation and benefits expense.\nsupplemental savings plan 2014cme maintains supplemental plan benefits for employees impacted by statutory limits under qualified pension and savings plan.\n all cme employees hired prior to january 1 , 2007 immediately vested in supplemental plan benefits.\n all cme employees hired on or after january 1 , 2007 subject to vesting requirements of underlying qualified plans.\n total expense for supplemental plan was $ 0. 9 million , $ 0. 7 million and $ 1. 3 million for 2010 , 2009 2008 .\n deferred compensation plan 2014a plan maintained by cme  eligible officers and members board of directors may contribute percentage of compensation and defer income taxes until time of distribution.\n nymexmembers 2019 retirement plan and benefits.\n nymex maintained retirement and benefit plan under commodities exchange , inc.\n ( comex ) members 2019 recognition and retention plan ( mrrp ).\n plan provides benefits to certain members of comex division based on long-term membership participation limited to individuals comex division members prior to nymex 2019s acquisition of comex in 1994.\n no new participants permitted into plan after date acquisition.\n company required to fund plan with minimum annual contribution of $ 0. 4 million until fully funded.\n benefits paid under mrrp based on reasonable actuarial assumptions amounts available and expected to be available pay benefits.\n total contributions to plan were $ 0. 8 million for each of 2010 , 2009 and for period august 23 through december 31 , 2008.\n at december 31 , 2010 and 2009  total obligation for mrrp totaled $ 20. 7 million and $ 20. 5 million\n\n( in millions ) | year\n--------------- | -----\n2011            | $ 7.2\n2012            | 8.2\n2013            | 8.6\n2014            | 9.5\n2015            | 10.0\n2016-2020       | 62.8"
}
{
    "_id": "dd4c3a59e",
    "title": "",
    "text": "jpmorgan chase & co. /2010 annual report 187 trading assets liabilities assets include debt equity instruments for trading purposes jpmorgan chase owns ( 201clong 201d positions ) certain loans managed on fair value basis firm elected fair value option  physical commodities inventories accounted for at lower of cost or fair value.\n trading liabilities include debt equity instruments firm sold to other parties but not own ( 201cshort 201d positions ).\n firm obligated to purchase instruments future date to cover short positions.\n included in trading assets liabilities are reported receivables ( unrealized gains ) payables ( unre- alized losses ) related to derivatives.\n trading assets liabilities carried at fair value on consolidated balance sheets.\n bal- ances reflect reduction of securities owned ( long positions ) by amount securities sold but not yet purchased ( short posi- tions ) when long short positions identical committee uniform security identification procedures ( 201ccusips 201d ).\n trading assets liabilities 2013average balances trading assets liabilities for periods indicated.\n ( a ) balances reflect reduction of securities owned ( long positions ) by amount of securities sold not yet purchased ( short positions ) when long short positions identical.\n ( b ) primarily represent securities sold not yet purchased.\n note 4 2013 fair value option option provides option to elect fair value as alternative measurement for selected financial assets  financial liabilities unrecognized firm commitments written loan com- mitments not previously carried at fair value.\nelections elections made by firm to : 2022 mitigate income statement volatility by differences in measurement basis of elected instruments ( for cer- tain instruments elected previously accounted for on accrual basis ) associated risk management arrange- ments accounted for on fair value basis ; 2022 eliminate complexities of applying certain accounting models (. hedge accounting bifurcation accounting for hybrid in struments ) ; 2022 better reflect instruments managed on fair value basis.\n elections include : 2022 loans purchased or originated as part of securitization ware- housing activity  subject to bifurcation accounting or man- aged on fair value basis.\n 2022 securities financing arrangements with embedded deriva- tive maturity of greater than one year.\n 2022 owned beneficial interests in securitized financial assets contain embedded credit derivatives required separately accounted for.\n 2022 certain tax credits and other equity investments acquired part of washington mutual transaction.\n 2022 structured notes issued part of ib 2019s client-driven activities.\n structured notes financial instruments contain em- bedded derivatives. 2022 long-term beneficial interests issued by ib 2019s consolidated securitization trusts where underlying assets carried at fair value.\n\nyear ended december 31 ( in millions )                           | 2010     | 2009     | 2008\n---------------------------------------------------------------- | -------- | -------- | --------\ntrading assets 2013 debt and equity instruments ( a )            | $ 354441 | $ 318063 | $ 384102\ntrading assets 2013 derivative receivables                       | 84676    | 110457   | 121417\ntrading liabilities 2013 debt and equity instruments ( a ) ( b ) | 78159    | 60224    | 78841\ntrading liabilities 2013 derivative payables                     | 65714    | 77901    | 93200"
}
{
    "_id": "dd4bcebb4",
    "title": "",
    "text": "transfer agent and registrar for common stock is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable.\n repurchase of equity securities table provides information regarding our purchases of equity securities during period from october 1  2013 to december 31 , 2013.\n total number of shares units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number approximate dollar value ) of shares units ) be purchased under plans or programs 3.\n 1 includes shares of common stock  par value $ 0. 10 per share , withheld under terms grants employee stock-based compensation plans to offset tax withholding obligations upon vesting release of restricted shares ( 201cwithheld shares 201d ).\n repurchased 1067 withheld shares in october 2013.\n no withheld shares purchased in november or december 2013.\n average price per share for each months fiscal quarter three-month period calculated by dividing sum of applicable period of aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under stock repurchase program described in note 6 to consolidated financial statements by sum of number of withheld shares and number of shares acquired in stock repurchase program.\n in february 2013  board authorized new share repurchase program to repurchase up to $ 300. 0 million , excluding fees of our common stock ( 201c2013 share repurchase program 201d ).\n in march 2013 board authorized increase in amount available under 2013 share repurchase program up to $ 500. 0 million , excluding fees of common stock.\nfebruary 14, 2014 , announced board approved new share repurchase program to repurchase time to time up to $ 300. 0 million , excluding fees , of our common stock.\n new authorization addition to amounts remaining available for repurchase under 2013 share repurchase program.\n no expiration date associated with share repurchase programs.\n\n| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( or approximate dollar value ) of shares ( or units ) that mayyet be purchased under theplans or programs3\n--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------\noctober 1 - 31  | 3351759                                       | $ 16.63                                   | 3350692                                                                                     | $ 263702132\nnovember 1 - 30 | 5202219                                       | $ 17.00                                   | 5202219                                                                                     | $ 175284073\ndecember 1 - 31 | 3323728                                       | $ 17.07                                   | 3323728                                                                                     | $ 118560581\ntotal           | 11877706                                      | $ 16.91                                   | 11876639                                                                                    |"
}
{
    "_id": "dd4bfbce0",
    "title": "",
    "text": "part i item 1.\n business company founded in 1886  american water works company , inc.\n ( 201ccompany 201d or 201camerican water 201d ) is holding company incorporated in delaware.\n american water largest most geographically diverse investor owned publicly-traded united states water and wastewater utility company  measured by operating revenues population served.\n employ approximately 6700 professionals provide drinking water , wastewater related services to estimated 15 million people in 47 states , district of columbia and ontario  canada.\n operating segments conduct business primarily through regulated businesses segment.\n also operate several market-based businesses provide broad range of related complementary water and wastewater services include four operating segments not meet criteria of reportable segment accordance with accepted accounting principles in united states ( 201cgaap 201d ).\n four non- reportable operating segments collectively presented as 201cmarket-based businesses , 201d consistent with management assesses results of businesses.\n additional information in item 7 2014management 2019s discussion analysis of financial condition and results of operations note 19 2014segment information in notes to consolidated financial statements.\n regulated businesses primary business involves ownership of subsidiaries provide water and wastewater utility services to residential , commercial industrial other customers including sale for resale public authority customers.\n subsidiaries provide services operate in approximately 1600 communities in 16 states united states subject to regulation by state commissions or entities utility regulation  referred as public utility commissions or ( 201cpucs 201d ).\n federal and state governments also regulate environmental , health and safety  water quality matters.\n report results of services provided by utilities in regulated businesses segment.\nregulated businesses segment 2019s operating revenues were $ 2743 million 2015  $ 2674 million 2014 $ 2594 million 2013 accounting for 86. 8% (. 8 % ) , 88. 8% (. 8 % ) 90. 1% ( 90. 1 % )  of total operating revenues for same periods.\n following table summarizes regulated businesses 2019 operating revenues  number customers estimated population served by state each as of december 31, 2015 : operating revenues ( in millions ) % ( % ) of total number customers % ) total estimated population served ( in millions ) % total.\n a ) includes illinois-american water company american lake water company.\n b ) includes west virginia-american water company subsidiary bluefield valley water works company.\n c ) includes data from utilities in states : georgia  hawaii  iowa kentucky maryland michigan new york  tennessee virginia.\n\nnew jersey                    | operatingrevenues ( in millions ) $ 704 | % (  % ) of total 25.7% ( 25.7 % ) | number ofcustomers 660580 | % (  % ) of total 20.3% ( 20.3 % ) | estimatedpopulationserved ( in millions ) 2.7 | % (  % ) of total 22.3% ( 22.3 % )\n----------------------------- | --------------------------------------- | ---------------------------------- | ------------------------- | ---------------------------------- | --------------------------------------------- | ----------------------------------\npennsylvania                  | 614                                     | 22.4% ( 22.4 % )                   | 672407                    | 20.7% ( 20.7 % )                   | 2.3                                           | 19.0% ( 19.0 % )\nillinois ( a )                | 270                                     | 9.8% ( 9.8 % )                     | 313058                    | 9.6% ( 9.6 % )                     | 1.3                                           | 10.7% ( 10.7 % )\nmissouri                      | 269                                     | 9.8% ( 9.8 % )                     | 473245                    | 14.5% ( 14.5 % )                   | 1.5                                           | 12.4% ( 12.4 % )\nindiana                       | 206                                     | 7.5% ( 7.5 % )                     | 295994                    | 9.1% ( 9.1 % )                     | 1.3                                           | 10.7% ( 10.7 % )\ncalifornia                    | 198                                     | 7.2% ( 7.2 % )                     | 174942                    | 5.4% ( 5.4 % )                     | 0.6                                           | 5.0% ( 5.0 % )\nwest virginia ( b )           | 129                                     | 4.7% ( 4.7 % )                     | 169037                    | 5.2% ( 5.2 % )                     | 0.6                                           | 5.0% ( 5.0 % )\nsubtotal ( top seven states ) | 2390                                    | 87.1% ( 87.1 % )                   | 2759263                   | 84.8% ( 84.8 % )                   | 10.3                                          | 85.1% ( 85.1 % )\nother ( c )                   | 353                                     | 12.9% ( 12.9 % )                   | 493428                    | 15.2% ( 15.2 % )                   | 1.8                                           | 14.9% ( 14.9 % )\ntotal regulated businesses    | $ 2743                                  | 100.0% ( 100.0 % )                 | 3252691                   | 100.0% ( 100.0 % )                 | 12.1                                          | 100.0% ( 100.0 % )"
}
{
    "_id": "dd4b8761a",
    "title": "",
    "text": "table identifies company 2019s aggregate contractual obligations due by payment period : payments due by period.\n points significant to understanding cash flows estimated for obligations under property and casualty contracts : reserves for property & casualty unpaid claim and claim adjustment expenses include case reserves for reported claims and reserves for claims incurred but not reported ( ibnr ).\n payments due on claim reserves are considered contractual obligations relate to insurance policies issued by company, ultimate amount to be paid to settle both case reserves and ibnr is an estimate , subject to significant uncertainty.\n actual amount to paid not determined until company reaches settlement with claimant.\n final claim settlements may vary significantly from present estimates, since many claims will not be settled until into future.\n in estimating timing of future payments by year , company has assumed historical payment patterns will continue.\n actual timing of future payments will likely vary materially from estimates due to changes in claim reporting and payment patterns and large unanticipated settlements.\n in significant uncertainty over claim payment patterns of asbestos and environmental claims.\n estimated payments in 2005 do not include payments on claims incurred in 2005 on policies in force as of december 31 , 2004.\n table does not include future cash flows related to receipt of premiums used to fund loss payments.\n under company only permitted to discount reserves for claim and claim adjustment expenses in cases where payment pattern and ultimate loss costs are fixed and reliably determinable on individual claim basis.\n for these include claim settlements with permanently disabled claimants and certain structured settlement contracts that fund loss runoffs for unrelated parties.\nas of december 31 , 2004 total property casualty reserves in above table of $ 21885 are gross of reserve discount of $ 556.\n estimated life  annuity disability obligations include death disability claims policy surrenders policyholder dividends trail commissions offset by expected future deposits premiums on in-force contracts.\n estimated contractual policyholder obligations based on mortality morbidity lapse assumptions comparable with life 2019s historical experience modified for recent observed trends.\n life assumed market growth interest crediting consistent with assumptions in amortizing deferred acquisition costs.\n contrast to table majority of life 2019s obligations recorded on balance sheet at current account value in critical accounting estimates do not incorporate expectation of future market growth interest crediting future deposits.\n estimated contractual policyholder obligations in table exceed liabilities recorded in reserve for future policy benefits unpaid claims claim adjustment expenses other policyholder funds benefits payable separate account liabilities.\n due to assumptions amounts presented could differ from actual results.\n separate account obligations legally insulated from general account obligations account fully funded by cash flows from separate account assets.\n life expects to fully fund general account obligations from cash flows from general account investments future deposits premiums.\n [3] includes contractual principal interest payments.\n payments exclude amounts associated with fair-value hedges of company 2019s long-term debt.\n all long-term debt obligations have fixed rates of interest.\n long-term debt obligations includes principal and interest payments of $ 700 and $ 2. 4 billion  respectively related to junior subordinated debentures callable beginning in 2006.\n see note 14 of notes to consolidated financial statements for additional discussion of long-term debt obligations.\n [4] includes $ 1.4 billion commitments to purchase investments including $ 330 limited partnerships $ 299 mortgage loans.\n outstanding commitments under limited partnerships mortgage loans included in payments due less than 1 year timing funding commitments cannot be estimated.\n remaining $ 759 relates to payables for securities purchased reflected on company 2019s consolidated balance sheet.\n [5] includes estimated contribution of $ 200 to company 2019s pension plan in 2005.\n [6] as of december 31 , 2004  company accepted cash collateral of $ 1. 6 billion with company 2019s securities lending program derivative instruments.\n timing return collateral uncertain  return collateral included in payments due in less than 1 year.\n [7] includes $ 52 collateralized loan obligations ( 201cclos 201d ) issued to third-party investors by consolidated investment management entity sponsored by company connection with synthetic clo transactions.\n clo investors no recourse to company 2019s assets other than dedicated assets collateralizing clos.\n refer to note 4 of notes consolidated financial statements for additional discussion\n\n| total    | less than 1 year | 1-3 years | 3-5 years | more than 5 years\n----------------------------------------------------------------- | -------- | ---------------- | --------- | --------- | -----------------\nproperty and casualty obligations [1]                             | $ 21885  | $ 5777           | $ 6150    | $ 3016    | $ 6942\nlife annuity and disability obligations [2]                       | 281998   | 18037            | 37318     | 40255     | 186388\nlong-term debt obligations [3]                                    | 9093     | 536              | 1288      | 1613      | 5656\noperating lease obligations                                       | 723      | 175              | 285       | 162       | 101\npurchase obligations [4] [5]                                      | 1764     | 1614             | 120       | 14        | 16\nother long-term liabilities reflected onthe balance sheet [6] [7] | 1642     | 1590             | 2014      | 52        | 2014\ntotal                                                             | $ 317105 | $ 27729          | $ 45161   | $ 45112   | $ 199103"
}
{
    "_id": "dd4bb2b58",
    "title": "",
    "text": "note 17.\n accumulated other comprehensive losses : pmi's accumulated comprehensive losses , net of taxes consisted of following:.\n reclassifications from other comprehensive earnings movements in accumulated other comprehensive losses related tax impact  for components due to current period activity and reclassifications to income statement shown on consolidated statements of comprehensive earnings for years ended december 31 , 2014 , 2013  and 2012.\n movement in currency translation adjustments for year ended december 31 , 2013 impacted by purchase of remaining shares of mexican tobacco business.\n $ 5 million and $ 12 million of net currency translation adjustment gains transferred from other comprehensive earnings to marketing , administration and research costs in consolidated statements of earnings for years ended december 31 , 2014 and 2013  upon liquidation of subsidiary.\n for additional information see note 13.\n benefit plans and note 15.\n financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments.\n note 18.\n colombian investment and cooperation agreement : on june 19 , 2009  pmi announced signed agreement with republic of colombia  departments of colombia and capital district of bogota to promote investment and cooperation colombian tobacco market fight counterfeit and contraband tobacco products.\n investment cooperation agreement provides $ 200 million in funding to colombian governments over 20-year period to address issues mutual interest combating illegal cigarette trade  threat of counterfeit tobacco products increasing quality and quantity of locally grown tobacco.\n result of investment agreement pmi recorded pre-tax charge of $ 135 million in operating results of latin america & canada segment during second quarter of 2009.\ndecember 31 , 2014 and 2013  pmi had $ 71 million and $ 74 million respectively discounted liabilities associated with colombian investment cooperation agreement.\n discounted liabilities primarily reflected in other long-term liabilities on consolidated balance sheets expected paid through 2028.\n note 19.\n rbh legal settlement : july 31 , 2008  rothmans inc.\n ( \"rothmans ) announced finalization of cad 550 million settlement ( or approximately $ 540 million based prevailing exchange rate ) between itself rothmans , benson & hedges inc.\n ( \"rbh\" ) one government of canada all 10 provinces  other hand.\n settlement resolved royal canadian mounted police's investigation relating to products exported from canada by rbh during 1989-1996 period.\n rothmans' sole holding was 60% ( 60 % ) interest in rbh.\n remaining 40% ( 40 % ) interest rbh owned by pmi.\n\n( losses ) earnings ( in millions )          | ( losses ) earnings 2014 | ( losses ) earnings 2013 | 2012\n-------------------------------------------- | ------------------------ | ------------------------ | ----------------\ncurrency translation adjustments             | $ -3929 ( 3929 )         | $ -2207 ( 2207 )         | $ -331 ( 331 )\npension and other benefits                   | -3020 ( 3020 )           | -2046 ( 2046 )           | -3365 ( 3365 )\nderivatives accounted for as hedges          | 123                      | 63                       | 92\ntotal accumulated other comprehensive losses | $ -6826 ( 6826 )         | $ -4190 ( 4190 )         | $ -3604 ( 3604 )"
}
{
    "_id": "dd4c04c14",
    "title": "",
    "text": "cash provided by operating activities dependent upon payment terms of license agreements.\n classified as upfront revenue we require 75% ( 75 % ) of term or perpetual license fee be paid within first year.\n payment terms for tsls extended license fee paid quarterly or annually in even increments over term of license.\n receive cash from upfront license revenue sooner than from time-based licenses revenue.\n fiscal 2008 to fiscal 2009.\n cash from operating activities decreased result of decrease in deferred revenue due to timing of billings and cash payments from certain customers increased payments to vendors compared to fiscal 2008 tax prepayment for irs settlement.\n see note 9 of notes to consolidated financial statements.\n fiscal 2007 to fiscal 2008.\n cash from operating activities decreased due to timing of billings and cash payments from customers compared to fiscal 2007 lower cash inflows during fiscal 2008 result of litigation settlement of $ 12. 5 million received from magma during fiscal 2007.\n cash used in investing activities fiscal 2008 to fiscal 2009.\n decrease in cash used relates to decrease in purchases of marketable securities and cash paid for acquisitions fiscal 2008 offset by timing of maturities of marketable securities.\n fiscal 2007 to 2008.\n decrease in cash used relates to sale of marketable securities for acquisition of synplicity lower capital expenditures during fiscal 2008 compared to fiscal 2007.\n cash provided by used in financing activities fiscal 2008 to fiscal 2009.\n increase in cash provided relates to absence of common stock repurchases in fiscal 2009 offset by decrease in number of options exercised by employees compared to fiscal 2008.\n fiscal 2007 to 2008.\n increase in cash used relates to more common stock repurchases under stock repurchase program and options exercised by employees compared to fiscal 2007.\nsee note 7 of notes to consolidated financial statements for details stock repurchase program.\n hold cash  cash equivalents short-term investments in united states foreign accounts  primarily in ireland , bermuda japan.\n as of october 31 , 2009  held aggregate of $ 612. 4 million in cash  cash equivalents short-term investments in united states aggregate $ 555. 9 million in foreign accounts.\n funds in foreign accounts generated from revenue outside north america.\n foreign funds considered to indefinitely reinvested in foreign countries to extent of indefinitely reinvested foreign earnings as described in note 9 of notes to consolidated financial statements.\n expect cash provided by operating activities to fluctuate in future periods result of factors  including timing of billings and collections  operating results  timing amount of tax other liability payments cash used in future acquisitions.\n accounts receivable , net october 31.\n\n2009                    | 2008                    | $ change         | % (  % ) change\n----------------------- | ----------------------- | ---------------- | ---------------\n( dollars in millions ) | ( dollars in millions ) |                  |\n$ 127.0                 | $ 147.4                 | $ -20.4 ( 20.4 ) | ( 14 ) % (  % )"
}
{
    "_id": "dd4c64452",
    "title": "",
    "text": "management 2019s discussion analysis liquidity risk management liquidity critical importance to financial institutions.\n most failures of financial institutions occurred in due to insufficient liquidity.\n the firm has comprehensive conservative liquidity and funding policies to address firm-specific and broader industry or market liquidity events.\n principal objective is to to fund firm enable core businesses to continue serve clients generate revenues  even under adverse circumstances.\n we manage liquidity risk according to principles : excess liquidity.\n maintain substantial excess liquidity to meet broad potential cash outflows collateral needs in stressed environment.\n asset-liability management.\n assess anticipated holding periods for assets and expected liquidity in stressed environment.\n manage maturities diversity of funding across markets  products counterparties  maintain liabilities of appropriate tenor relative to asset base.\n contingency funding plan.\n maintain contingency funding plan framework for analyzing responding to liquidity crisis situation or market stress.\n framework sets forth plan of action to fund normal business activity in emergency stress situations.\n principles discussed in more detail below.\n excess liquidity important liquidity policy is to pre-fund estimated potential cash and collateral needs during liquidity crisis hold excess liquidity in form of unencumbered , highly liquid securities and cash.\n believe securities held in our global core excess would be readily convertible to cash in days , through liquidation , by entering repurchase agreements or from maturities of resale agreements this cash would allow us to meet immediate obligations without needing to sell other assets or depend on additional funding from credit-sensitive markets.\n as of december 2013 and december 2012  fair value of securities and certain overnight cash deposits included in our gce totaled $ 184. 07 billion and $ 174. 62 billion , respectively.\nbased on results of our internal liquidity risk model  discussed below consideration of other factors including assessment of potential intraday liquidity needs qualitative assessment of condition of financial markets and firm , we believe our liquidity position as of both december 2013 and december 2012 was appropriate.\n table below presents fair value of securities and certain overnight cash deposits included in our gce.\n average for year ended december in millions 2013 2012.\n. s.\n dollar-denominated excess is composed of i ) unencumbered.\n government and federal agency obligations ( including highly liquid.\n federal agency mortgage-backed obligations ) eligible as collateral in federal reserve open market operations and ii ) certain overnight.\n dollar cash deposits.\n non- u.\n dollar-denominated excess composed of only unencumbered german , french , japanese united kingdom government obligations and certain overnight cash deposits in highly liquid currencies.\n we limit excess liquidity to this narrowly defined list of securities and cash because highly liquid  even in difficult funding environment.\n do not include other potential sources of excess liquidity less liquid unencumbered securities or committed credit facilities in our gce.\n goldman sachs 2013 annual report 83\n\nin millions                  | average for theyear ended december 2013 | average for theyear ended december 2012\n---------------------------- | --------------------------------------- | ---------------------------------------\nu.s . dollar-denominated     | $ 136824                                | $ 125111\nnon-u.s . dollar-denominated | 45826                                   | 46984\ntotal                        | $ 182650                                | $ 172095"
}
{
    "_id": "dd4c5860c",
    "title": "",
    "text": "not under obligation ( expressly disclaim obligation ) to update or alter our forward- looking statements , result of new information, future events or otherwise.\n consider possibility actual results may differ from forward-looking statements.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n our corporate headquarters located in jacksonville , florida  in owned facility.\n fnf occupies and pays us rent for approximately 121000 square feet in facility.\n we lease office space as follows : number of locations ( 1 ).\n ( 1 ) represents number of locations in each state listed.\n also lease approximately 81 locations outside united states.\n believe properties adequate for our business presently conducted.\n item 3.\n legal proceedings.\n business involved in various pending and threatened litigation matters related to operations some include claims for punitive or exemplary damages.\n believe no actions , other than matters listed below depart from customary litigation incidental to business.\n background to disclosure note following : these matters raise difficult complicated factual and legal issues subject to many uncertainties and complexities.\n review these matters on on-going basis follows provisions of statement of financial accounting standards ( 201csfas 201d ) no.\n 5 , 201caccounting for contingencies , 201d when making accrual and disclosure decisions.\n assessing reasonably possible probable outcomes base decision on assessment of ultimate outcome following all appeals.\n company and certain employees named on march 6 , 2006 as defendants in civil lawsuit brought by grace & digital information technology co. , ltd.\n ( 201cgrace 201d ) chinese company formerly acted as sales agent for alltel information services ( 201cais 201d ).\ngrace filed suit december 2004 in state court monterey county , california , alleging company breached sales agency agreement by failing to pay commissions associated with sales contracts signed in 2001 and 2003.\n 2001 contracts never completed.\n 2003 contracts , grace provided no assistance, for different project executed one and one-half years after grace 2019s sales agency agreement terminated.\n in addition to breach of contract claim grace alleged company violated foreign corrupt practices act ( fcpa ) in dealings with bank customer in china.\n company denied grace 2019s allegations in california lawsuit.\n\nstate                  | number of locations ( 1 )\n---------------------- | -------------------------\ncalifornia             | 57\nflorida                | 26\ngeorgia                | 22\ntexas                  | 19\nminnesota new york     | 9\nillinois ohio maryland | 8\npennsylvania           | 7\nother                  | 63"
}
{
    "_id": "dd4b8cf20",
    "title": "",
    "text": "approximately 161 acres of undeveloped land 12-acre container storage facility in houston.\n total price was $ 89. 7 million financed in part through assumption secured debt fair value of $ 34. 3 million.\n of total purchase price  $ 64. 1 million allocated to in-service real estate assets  $ 20. 0 million allocated to undeveloped land container storage facility $ 5. 4 million allocated to lease related intangible assets remaining amount allocated to acquired working capital related assets and liabilities.\n results of operations for acquired properties since acquisition included in continuing rental operations in consolidated financial statements.\n in february 2007  completed acquisition of bremner healthcare real estate ( 201cbremner 201d ) national health care development and management firm.\n primary reason for acquisition to expand development capabilities within health care real estate market.\n initial consideration paid to sellers totaled $ 47. 1 million  sellers may be eligible for further contingent payments over three-year period following acquisition.\n approximately $ 39. 0 million of total purchase price allocated to goodwill attributable to value of bremner 2019s overall development capabilities in-place workforce.\n results of operations for bremner since acquisition included in continuing operations in consolidated financial statements.\n in february 2006  acquired majority of washington , d.\n metropolitan area portfolio of suburban office and light industrial properties ( 201cmark winkler portfolio 201d ).\n assets acquired for purchase price of approximately $ 867. 6 million of 32 in-service properties with approximately 2. 9 million square feet for rental , 166 acres of undeveloped land  certain related assets of mark winkler company real estate management company.\n acquisition financed primarily through assumed mortgage loans and new borrowings.\nassets acquired liabilities assumed recorded at estimated fair value at date of acquisition summarized below ( in thousands ) :.\n purchase price  net of assumed liabilities $ 713202 in december 2006 contributed 23 in-service properties acquired from mark winkler portfolio basis of $ 381. 6 million real estate investments acquired lease related intangible assets to two new unconsolidated subsidiaries.\n remaining nine in-service properties , eight contributed to two unconsolidated subsidiaries in 2007 one remains in continuing operations as of december 31 , 2008.\n eight properties contributed in 2007 had basis of $ 298. 4 million real estate investments acquired lease related intangible assets debt secured by properties of $ 146. 4 million also assumed by unconsolidated subsidiaries.\n third quarter of 2006  finalized purchase of portfolio of industrial real estate properties in savannah , georgia.\n completed majority of purchase in january 2006.\n assets acquired for purchase price of approximately $ 196. 2 million of 18 buildings approximately 5. 1 million square feet for rental over 60 acres of undeveloped land.\n acquisition financed in part through assumed mortgage loans.\n results of operations for acquired properties since date acquisition included in continuing rental operations in consolidated financial statements.\n\noperating rental properties               | $ 602011\n----------------------------------------- | ------------------\nundeveloped land                          | 154300\ntotal real estate investments             | 756311\nother assets                              | 10478\nlease related intangible assets           | 86047\ngoodwill                                  | 14722\ntotal assets acquired                     | 867558\ndebt assumed                              | -148527 ( 148527 )\nother liabilities assumed                 | -5829 ( 5829 )\npurchase price net of assumed liabilities | $ 713202"
}
{
    "_id": "dd4c02bbc",
    "title": "",
    "text": "valuation of long-lived assets we estimate useful lives assets make estimates concerning undiscounted cash flows to review for impairment whenever events or changes in circumstances indicate carrying amount of asset or asset group ) may not be recoverable.\n fair value measured using discounted cash flows or independent appraisals as appropriate.\n intangible assets goodwill and other indefinite-lived intangible assets not subject to amortization tested for impairment annually whenever events changes circumstances indicate impairment may occurred.\n estimates of fair value for goodwill impairment testing determined based on discounted cash flow model.\n use inputs from long-range planning process to determine growth rates for sales and profits.\n make estimates of discount rates , perpetuity growth assumptions  market comparables  other factors.\n evaluate useful lives of other intangible assets , mainly brands  to determine if they are finite or indefinite-lived.\n reaching determination on useful life requires significant judgments and assumptions regarding future effects of obsolescence , demand  competition economic factors ( stability of industry known technological advances legislative action uncertain changing regulatory environment expected changes in distribution channels ) level of required maintenance expenditures expected lives of other related groups of assets.\n intangible assets deemed to have definite lives amortized on straight-line basis  over useful lives  generally ranging from 4 to 30 years.\n estimate of fair value of brand assets based on discounted cash flow model using inputs include projected revenues from long-range plan assumed royalty rates payable if not own brands discount rate.\n as of may 26 , 2019  had $ 20. 6 billion of goodwill and indefinite-lived intangible assets.\nwe believe fair value of each intangible exceeds carrying value intangibles classified contribute indefinitely to cash flows , different assumptions regarding future performance businesses or different weighted-average cost of capital could result in material impairment losses amortization expense.\n performed fiscal 2019 assessment of intangible assets first day of second quarter of fiscal 2019.\n result of lower sales projections in long-range plans for businesses supporting progresso , food should taste good , mountain high brand intangible assets recorded impairment charges : in millions impairment charge fair value nov.\n 25 , 2018 progresso $ 132. 1 $ 330. 0 food should taste good 45. 1 - mountain high 15. 4 -.\n significant assumptions in assessment included long-range cash flow projections for businesses , royalty rates , weighted-average cost of capital rates  tax rates.\n\nin millions            | impairment charge | fair value as of nov . 25 2018\n---------------------- | ----------------- | ------------------------------\nprogresso              | $ 132.1           | $ 330.0\nfood should taste good | 45.1              | -\nmountain high          | 15.4              | -\ntotal                  | $ 192.6           | $ 330.0"
}
{
    "_id": "dd4ba3af4",
    "title": "",
    "text": "measurement point december 31 booking holdings nasdaq index s&p 500 internet.\n\nmeasurement pointdecember 31 | booking holdings inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite\n---------------------------- | ---------------------- | --------------------- | ------------ | ---------------------\n2013                         | 100.00                 | 100.00                | 100.00       | 100.00\n2014                         | 98.09                  | 114.62                | 113.69       | 96.39\n2015                         | 109.68                 | 122.81                | 115.26       | 133.20\n2016                         | 126.12                 | 133.19                | 129.05       | 140.23\n2017                         | 149.50                 | 172.11                | 157.22       | 202.15\n2018                         | 148.18                 | 165.84                | 150.33       | 201.16"
}
{
    "_id": "dd4bae42c",
    "title": "",
    "text": "e nt e r g y c o r p o r a t i o n a n d s u b s i d i a r i e s 2 0 0 7 increase of $ 16 million in fossil operating costs due to purchase attala plant january 2006 perryville plant online july 2005 ; increase of $ 12 million related to storm reserves.\n increase not include costs hurricanes katrina and rita increase of $ 12 million due to return to normal expense patterns in 2006 versus deferral capitalization of storm costs in 2005.\n other operation and maintenance expenses increased for non- utility nuclear from $ 588 million in 2005 to $ 637 million in 2006 due to timing of refueling outages increased benefit insurance costs  increased nrc fees.\n taxes other than income taxes taxes increased for utility from $ 322 million in 2005 to $ 361 million in 2006 due to increase in city franchise taxes in arkansas due to change in 2006 in accounting for city franchise tax revenues apsc.\n change results in increase in taxes other than income taxes with increase in rider revenue no effect on net income.\n contributing to increase higher franchise tax expense at entergy gulf states , inc.\n higher gross revenues in 2006 customer refund in 2005.\n other income income increased for utility from $ 111 million in 2005 to $ 156 million in 2006 due to carrying charges on storm restoration costs.\n other income increased for non-utility nuclear due to miscellaneous income of $ 27 million ( $ 16. 6 million net-of-tax ) from reduction in decommissioning liability for plant revised decommissioning cost study changes in assumptions regarding timing decommissioning plant.\n other income increased for parent & other due to gain related to entergy-koch investment of approximately $ 55 million ( net-of-tax ) in fourth quarter of 2006.\n2004  entergy-koch sold energy trading pipeline businesses to third parties.\n entergy received $ 862 million sales proceeds cash distribution by entergy-koch.\n due to november 2006 expiration of contingencies on sale of entergy-koch 2019s trading business corresponding release to entergy-koch of sales proceeds held in escrow entergy received additional cash distributions approximately $ 163 million fourth quarter of 2006 recorded gain of approximately $ 55 million ( net-of-tax ).\n entergy expects future cash distributions upon liquidation partnership less than $ 35 million.\n interest charges interest charges increased for utility parent & other due to additional borrowing fund storm restoration costs associated with hurricanes katrina rita.\n discontinued operations april 2006 entergy sold retail electric portion of competitive retail services business in electric reliability council of texas ( ercot ) region texas now reports portion business as discontinued operation.\n earnings for 2005 negatively affected by $ 44. 8 million ( net-of-tax ) of discontinued operations due to planned sale.\n amount includes net charge of $ 25. 8 million ( net-of-tax ) related to impairment reserve for remaining net book value of competitive retail services business 2019 information technology systems.\n results for 2006 include $ 11. 1 million gain ( net-of-tax ) on sale of retail electric portion of competitive retail services business in ercot region texas.\n income taxes effective income tax rates for 2006 and 2005 were 27. 6% ( 27. 6 % ) and 36. 6% ( 36. 6 % ).\n lower effective income tax rate in 2006 primarily due to tax benefits net of reserves tax capital loss recognized with liquidation of entergy power international holdings entergy 2019s holding company for entergy-koch.\ncontributing to lower rate for 2006 is irs audit settlement allowed entergy to release from tax reserves settled issues to 1996-1998 audit cycle.\n see note 3 to financial statements for reconciliation of federal statutory rate of 35. 0% (. % ) to effective income tax rates for additional discussion regarding income taxes.\n liquidity capital resources section discusses entergy 2019s capital structure  capital spending plans other uses of capital sources capital cash flow activity in cash flow statement.\n capital structure entergy 2019s capitalization is balanced between equity and debt shown in following table.\n increase in debt to capital percentage from 2006 to 2007 result of additional borrowings under entergy corporation 2019s revolving credit facility decrease in shareholders 2019 equity due to repurchases of common stock.\n increase debt to capital percentage in line with entergy 2019s financial and risk management aspirations.\n decrease in debt to capital percentage from 2005 to 2006 result of increase in shareholders 2019 equity  due to increase retained earnings  offset by repurchases of common stock.\n net debt consists of debt less cash and cash equivalents.\n debt consists of notes payable  capital lease obligations  preferred stock with sinking fund  long-term debt currently maturing portion.\n capital consists of debt  shareholders 2019 equity  preferred stock without sinking fund.\n net capital consists of capital less cash and cash equivalents.\n entergy uses net debt to net capital ratio in analyzing financial condition provides useful information to investors creditors evaluating entergy 2019s financial condition.\n 2019s f i n anc ial d i scuss ion an alys is co n t i n u e d\n\n| 2007             | 2006             | 2005\n---------------------------------------------- | ---------------- | ---------------- | ----------------\nnet debt to net capital at the end of the year | 54.6% ( 54.6 % ) | 49.4% ( 49.4 % ) | 51.5% ( 51.5 % )\neffect of subtracting cash from debt           | 3.0% ( 3.0 % )   | 2.9% ( 2.9 % )   | 1.6% ( 1.6 % )\ndebt to capital at the end of the year         | 57.6% ( 57.6 % ) | 52.3% ( 52.3 % ) | 53.1% ( 53.1 % )"
}
{
    "_id": "dd4b993ba",
    "title": "",
    "text": "pre-construction costs interim dam safety measures environmental costs construction costs.\n authorized costs recovered via surcharge over twenty-year period began october 2012.\n unrecovered balance of project costs incurred including cost of capital net surcharges totaled $ 85 million and $ 89 million as of december 31 , 2018 and 2017  respectively.\n surcharges collected were $ 8 million and $ 7 million for years ended december 31 , 2018 and 2017.\n general rate case approved in december 2018 approval to reset twenty-year amortization period to begin january 1, 2018 establish annual revenue requirement of $ 8 million recovered through base rates.\n debt expense amortized over lives of respective issues.\n call premiums on redemption of long- term debt unamortized debt expense deferred and amortized to extent recovered through future service rates.\n purchase premium recoverable through rates recovery of acquisition premiums related to asset acquisition by company 2019s utility subsidiary in california during 2002  acquisitions in 2007 by company 2019s utility subsidiary in new jersey.\n authorized for recovery by california new jersey pucs costs amortized to depreciation and amortization on consolidated statements of operations through november 2048.\n tank painting costs deferred and amortized to operations and maintenance expense on consolidated statements of operations straight-line basis over periods five to fifteen years authorized by regulatory authorities in determination of rates charged for service.\n result of prepayment by american water capital corp.  company 2019s wholly owned finance subsidiary ( 201cawcc 201d ) of 5. 62% ( 5. 62 % ) series c senior notes due upon maturity on december 21 , 2018 ( 201cseries c notes 201d ) , 5. 62% ( 5.62 % ) series e senior notes due march 29 , 2019 ( 201cseries e notes 201d ) 5. 77% ( 5. 77 % ) series f senior notes due december 21 , 2022 ( 201cseries f notes , 201d series e notes , 201cseries notes 201d ) make-whole premium of $ 10 million paid to holders series notes on september 11 , 2018.\n all early debt extinguishment costs allocable to company 2019s utility subsidiaries recorded as regulatory assets company believes probable of recovery in future rates.\n other regulatory assets include construction costs for treatment facilities  property tax stabilization  employee-related costs  deferred postretirement benefit expense  business services project expenses  coastal water project costs  rate case expenditures environmental remediation costs.\n costs deferred because amounts recovered in rates or probable of recovery through rates in future periods.\n regulatory liabilities liabilities represent amounts probable of being credited or refunded to customers through rate-making process.\n if costs expected to be incurred in future currently recovered through rates company records expected future costs as regulatory liabilities.\n following table provides composition of regulatory liabilities as of december 31:.\n\n| 2018   | 2017\n----------------------------------------------------------- | ------ | ------\nincome taxes recovered through rates                        | $ 1279 | $ 1242\nremoval costs recovered through rates                       | 309    | 315\npostretirement benefit liability                            | 209    | 33\npension and other postretirement benefit balancing accounts | 46     | 48\ntcja reserve on revenue                                     | 36     | 2014\nother                                                       | 28     | 26\ntotal regulatory liabilities                                | $ 1907 | $ 1664"
}
{
    "_id": "dd4ba9d28",
    "title": "",
    "text": "million excluding gain on bargain purchase price adjustment on acquisition of majority share operations in turkey restructuring costs ) compared with $ 53 million ( $ 72 million excluding restructuring costs ) in 2012 $ 66 million ( $ 61 million excluding gain for bargain purchase price adjustment on acquisition by joint venture in turkey costs associated closure of etienne mill in france in 2009 ) in 2011.\n sales volumes in 2013 higher than 2012 reflecting strong demand for packaging in agricultural markets morocco turkey.\n in europe  sales volumes decreased slightly due to weak demand for packaging in industrial markets lower demand for packaging in agricultural markets poor weather conditions.\n average sales margins lower due to input costs for containerboard rising box sales price increases.\n other input costs higher primarily for energy.\n operating profits in 2013 and 2012 included net gains of $ 13 million and $ 10 million for insurance settlements italian government grants partially offset by additional operating costs related to earthquakes in northern italy may 2012 affected san felice box plant.\n first quarter of 2014 sales volumes expected to increase slightly reflecting higher demand for packaging in industrial markets.\n average sales margins expected to improve slight reductions in material costs planned box price increases.\n other input costs should be about flat.\n brazilian industrial packaging includes results of orsa international paper embalagens. corrugated packaging producer international paper acquired 75% ( 75 % ) share in january 2013.\n net sales were $ 335 million in 2013.\n operating profits in 2013 loss of $ 2 million ( gain of $ 2 million excluding acquisition integration costs ).\n first quarter of 2014 sales volumes expected to seasonally lower than fourth quarter of 2013.\n average sales margins should improve reflecting partial implementation of announced sales price increase favorable product mix.\noperating costs input costs expected lower.\n asian industrial packaging net sales were $ 400 million in 2013 compared with $ 400 million 2012 $ 410 million in 2011.\n operating profits for packaging operations were loss of $ 5 million in 2013 ( loss $ 1 million excluding restructuring costs ) compared with gains $ 2 million in 2012 $ 2 million in 2011.\n operating profits impacted 2013 by higher average sales margins slightly higher sales volumes 2012 benefits offset by higher operating costs.\n first quarter of 2014 sales volumes average sales margins expected seasonally soft.\n net sales for distribution operations were $ 285 million in 2013 compared with $ 260 million 2012 $ 285 million in 2011.\n operating profits were $ 3 million in 2013 , 2012 2011.\n printing papers demand for products correlated with changes in commercial printing advertising activity direct mail volumes uncoated cut-size products changes in white- collar employment levels affect usage of copy laser printer paper.\n pulp affected by changes in currency rates disadvantage producers geographic regions.\n principal cost drivers include manufacturing efficiency raw material energy costs freight costs.\n printing papers net sales for 2013 flat with 2012 and 2011.\n operating profits 2013 55% ( 55 % ) lower than 2012 69% ( 69 % ) lower than 2011.\n excluding facility closure costs impairment costs operating profits 2013 15% ( 15 % ) lower than 2012 40% ( 40 % ) lower than in 2011.\n benefits from lower operating costs ( $ 81 million ) lower maintenance outage costs ( $ 17 million ) offset by lower average sales price realizations ( $ 38 million ) lower sales volumes ( $ 14 million ) higher input costs ( $ 99 million ) higher other costs ( $ 34 million ).\n operating profits 2013 included costs of $ 118 million associated with announced closure of courtland , alabama mill.\n2013  company accelerated depreciation for certain courtland assets evaluated other assets for possible alternative uses by other businesses.\n net book value of assets at december 31 , 2013 was approximately $ 470 million.\n 2014  continued evaluation expect to conclude any uses for assets during first quarter of 2014.\n operating profits included $ 123 million impairment charge associated with goodwill trade name intangible asset in india papers business.\n operating profits in 2011 included $ 24 million gain related to repurposing of franklin , virginia mill to produce fluff pulp $ 11 million impairment charge related to inverurie, scotland mill closed in 2009.\n printing papers.\n north american printing papers net sales were $ 2. 6 billion in 2013  $ 2. 7 billion in 2012 $ 2. 8 billion in 2011.\n\nin millions      | 2013   | 2012   | 2011\n---------------- | ------ | ------ | ------\nsales            | $ 6205 | $ 6230 | $ 6215\noperating profit | 271    | 599    | 872"
}
{
    "_id": "dd4bebffc",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements commercial lending.\n firm 2019s commercial lending commitments extended to investment-grade and non-investment-grade corporate borrowers.\n commitments to investment-grade corporate borrowers principally used for operating liquidity and general corporate purposes.\n firm extends lending commitments in with contingent acquisition financing other corporate lending commercial real estate financing.\n commitments extended for contingent acquisition financing often intended short-term borrowers seek to replace with other funding sources.\n sumitomo mitsui financial group , inc.\n ( smfg provides firm credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ).\n notional amount of such loan commitments was $ 25. 70 billion and $ 26. 88 billion as of december 2017 and december 2016.\n credit loss protection on loan commitments provided by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.\n subject to satisfaction certain conditions upon firm request smfg will provide protection for 70% ( ) of additional losses on such commitments up to maximum of $ 1. 13 billion of $ 550 million and $ 768 million of protection provided as of december 2017 and december 2016.\n firm uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg.\n instruments include credit default swaps reference same or similar underlying instrument or entity or credit default swaps reference market index.\n warehouse financing.\n firm provides financing to clients who warehouse financial assets.\n arrangements secured by warehoused assets primarily of retail and corporate loans.\ncontingent forward starting collateralized agreements / collateralized financings includes resale securities borrowing agreements financings includes repurchase secured lending agreements settle at future date generally within three business days.\n firm enters commitments to provide contingent financing to clients counterparties through resale agreements.\n firm funding of commitments depends on satisfaction of contractual conditions to resale agreement commitments can expire unused.\n letters of credit firm has commitments under letters of credit issued by banks provides to counterparties in lieu of securities or cash to satisfy collateral margin deposit requirements.\n investment commitments investment commitments includes commitments to invest in private equity  real estate other assets directly through funds firm raises manages.\n investment commitments included $ 2. 09 billion and $ 2. 10 billion as of december 2017 and december 2016  respectively related to commitments to invest in funds managed by firm.\n if commitments called funded at market value on date of investment.\n leases firm has contractual obligations under long-term noncancelable lease agreements for office space expiring through 2069.\n certain agreements subject to periodic escalation provisions for increases in real estate taxes other charges.\n table below presents future minimum rental payments  net of minimum sublease rentals.\n $ in millions december 2017.\n rent charged to operating expenses was $ 273 million for 2017  $ 244 million for 2016 $ 249 million for 2015.\n goldman sachs 2017 form 10-k 163\n\n$ in millions     | as of december 2017\n----------------- | -------------------\n2018              | $ 299\n2019              | 282\n2020              | 262\n2021              | 205\n2022              | 145\n2023 - thereafter | 771\ntotal             | $ 1964"
}
{
    "_id": "dd4c1d854",
    "title": "",
    "text": "notes consolidated financial statements non-financial assets liabilities measured at fair value non-recurring basis during 2009  classified atlantic star as held for sale recognized charge of $ 7. 1 million to reduce carrying value ship to fair value less cost to sell based on firm offer received during 2009.\n amount recorded within other operating expenses in consolidated statement of operations.\n determined fair market value of atlantic star as of december 31 , 2010 based on comparable ship sales adjusted for condition  age size of ship.\n categorized inputs as level 3 based on our own assump- tions.\n as of december 31 , 2010 carrying amount of atlantic star represents fair value was $ 46. 4 million.\n table presents reconciliation of company 2019s fuel call options 2019 beginning and ending balances ( in thousands ) : fair value measurements measurements using significant unobservable year ended december 31 , 2010 inputs ( level 3 ) year ended december 31 , 2009 inputs ( level 3 ) fuel call options balance at january 1 , 2010 $ 9998 balance at january 1 , 2009 $ 2007 2007 2014 total gains or losses ( realized/ unrealized ) total gains losses ).\n amount of total gains or losses for period included in other income ( expense ) attributable to change in unrealized gains or losses relating to assets still held at reporting date $ ( 2824 ) amount of total gains or losses for period included in other income ( expense ) attributable to change in unrealized gains or losses relating to assets still held at reporting date $ ( 2538 ) fourth quarter of 2010 changed valuation technique for fuel call options to market approach method employs inputs observable.\nfair value for fuel call options determined by using prevailing market price for instruments of published price quotes for similar assets based on recent transactions in active market.\n believe level 2 categorization appropriate due to increase in observability and transparency of significant inputs.\n previously derived fair value of fuel call options using standard option pricing models with inputs based on options 2019 contract terms and data available or from public market informa- tion.\n fuel call options categorized as level 3 because certain inputs , principally volatility  were unobservable.\n net transfers in and/or out of level 3 reported as occurred at end of quarter in transfer occurred ; gains or losses reflected in table above for 2010 include fourth quarter fuel call option gains or losses.\n reported fair values based on variety of factors and assumptions.\n fair values may not represent actual values of financial instru- ments and long-lived assets could have been realized as of december 31 , 2010 or december 31 , 2009 or will be realized in future do not include expenses could be incurred in actual sale or settlement.\n derivative instruments exposed to market risk attributable to changes in interest rates foreign currency exchange rates fuel prices.\n manage these risks through normal operating and financing activities and through use of derivative financial instruments hedging practices and policies.\n financial impact of hedging instruments offset by changes in under- lying exposures being hedged.\n achieve by closely matching amount  term and conditions of derivative instrument with underlying risk being hedged.\n do not hold or issue derivative financial instruments for trading or other speculative purposes.\n monitor derivative positions using techniques including market valuations and sensitivity analyses.\n\nyear ended december 31 2010 balance at january 1 2010                                                                                                                                               | fairvalue measurements using significant unobservable inputs ( level 3 ) fuel call options $ 9998 | year ended december 31 2009 balance at january 1 2009                                                                                                                                               | fairvalue measurements using significant unobservable inputs ( level 3 ) fuel call options $ 2014\n--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------\ntotal gains or losses ( realized /unrealized )                                                                                                                                                      |                                                                                                   | total gains or losses ( realized /unrealized )                                                                                                                                                      |\nincluded in other income ( expense )                                                                                                                                                                | -2824 ( 2824 )                                                                                    | included in other income ( expense )                                                                                                                                                                | -2538 ( 2538 )\npurchases issuances and settlements                                                                                                                                                                 | 24539                                                                                             | purchases issuances and settlements                                                                                                                                                                 | 12536\ntransfers in and/or ( out ) of level 3                                                                                                                                                              | -31713 ( 31713 )                                                                                  | transfers in and/or ( out ) of level 3                                                                                                                                                              | 2014\nbalance at december 31 2010                                                                                                                                                                         | $ 2014                                                                                            | balance at december 31 2009                                                                                                                                                                         | $ 9998\nthe amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held at thereporting date | $ -2824 ( 2824 )                                                                                  | the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held atthe reporting date | $ -2538 ( 2538 )"
}
{
    "_id": "dd4b93a82",
    "title": "",
    "text": "24| 2018 emerson annual report 2017 vs.\n 2016 2013 commercial residential solutions sales were $ 5. 9 billion in 2017 increase $ 302 million or 5 percent reflecting favorable conditions in hvac refrigeration markets in u. s. asia europe u. s.\n asian construction markets.\n underlying sales increased 5 percent ( $ 297 million ) 6 percent higher volume offset by 1 percent lower price.\n foreign currency translation deducted $ 20 million acquisitions added $ 25 million.\n climate technologies sales were $ 4. 2 billion in 2017 increase $ 268 million or 7 percent.\n global air conditioning sales solid led by strength in u. s.\n asia robust growth in china comparisons sales up modestly in europe declined moderately in middle east/africa.\n global refrigeration sales strong reflecting robust growth china increased adoption of energy- efficient solutions slight growth in u. s.\n sensors solutions strong growth temperature controls up modestly.\n tools home products sales were $ 1. 6 billion in 2017 up $ 34 million compared to prior year.\n professional tools strong growth on favorable demand from oil and gas customers other construction-related markets.\n wet/dry vacuums sales up moderately favorable conditions continued in u. s.\n construction markets.\n food waste disposers increased slightly storage business declined moderately.\n underlying sales increased 3 percent in u. s. 4 percent in europe 17 percent in asia ( china up 27 percent ).\n sales increased 3 percent in latin america 4 percent in canada sales decreased 5 percent in middle east/africa.\n earnings were $ 1. 4 billion increase $ 72 million driven by climate technologies margin flat.\n increased volume leverage savings from cost reduction actions lower customer accommodation costs of $ 16 million offset by higher materials costs lower price unfavorable product mix.\n financial position capital resources liquidity company substantial cash from operations resources to reinvest for growth in businesses pursue strategic acquisitions manage capital structure short- long-term.\n cash flow from continuing operations ( dollars in millions ) 2016 2017 2018.\n operating cash flow from operations for 2018 was $ 2. 9 billion  $ 202 million or 8 percent increase compared with 2017 due to higher earnings offset by increase in working capital investment higher sales activity income taxes on residential storage divestiture.\n operating cash flow from operations of $ 2. 7 billion in 2017 increased 8 percent compared to $ 2. 5 billion in 2016 reflecting higher earnings favorable changes in working capital.\n september 30  2018 operating working capital as percent of sales was 5. 7 percent compared with 6. 6 percent in 2017 5. 2 percent in 2016.\n increase in 2017 due to higher working capital in acquired valves & controls business.\n operating cash flow from operations funded capital expenditures of $ 617 million  dividends of $ 1. 2 billion  common stock purchases of $ 1. 0 billion.\n in 2018 company repatriated $ 1. 4 billion of cash by non-u.\n subsidiaries part of company plans.\n funds increased short-term borrowings divestiture proceeds supported acquisitions of $ 2. 2 billion.\n contributions to pension plans were $ 61 million in 2018 $ 45 million in 2017 $ 66 million in 2016.\n capital expenditures to operations were $ 617 million  $ 476 million $ 447 million in 2018 2017 2016.\n free cash flow from continuing operations less capital expenditures was $ 2. 3 billion in 2018 up 3 percent.\n free cash flow was $ 2. 2 billion in 2017 compared with $ 2. 1 billion in 2016.\n company targeting capital spending of approximately $ 650 million in 2019.\nnet cash paid with acquisitions was $ 2. 2 billion  $ 3. 0 billion $ 132 million in 2018 2017 2016.\n proceeds from divestitures discontinued operations were $ 201 million $ 39 million in 2018 2017.\n dividends were $ 1. 2 billion ( $ 1. 94 per share ) in 2018 compared with $ 1. 2 billion ( $ 1. 92 per share in 2017 $ 1. 2 billion ( $ 1. 90 per share ) in 2016.\n november 2018 board of directors increase quarterly cash dividend 1 percent to annualized rate $ 1. 96 per share.\n purchases of emerson common stock totaled $ 1. 0 billion  $ 400 million $ 601 million in 2018 2017 2016 average per share prices of $ 66. 25  $ 60. 51 $ 48. 11.\n board directors authorized purchase of up to 70 million common shares in november 2015 41. 8 million shares remain available for purchase authorization.\n company purchased 15. 1 million shares in 2018  6. 6 million shares in 2017 12. 5 million shares in 2016 under remainder may 2013 authorization.\n\n( dollars in millions )                                          | 2016             | 2017             | 2018\n---------------------------------------------------------------- | ---------------- | ---------------- | ----------------\noperating cash flow                                              | $ 2499           | 2690             | 2892\npercent of sales                                                 | 17.2% ( 17.2 % ) | 17.6% ( 17.6 % ) | 16.6% ( 16.6 % )\ncapital expenditures                                             | $ 447            | 476              | 617\npercent of sales                                                 | 3.1% ( 3.1 % )   | 3.1% ( 3.1 % )   | 3.5% ( 3.5 % )\nfree cash flow ( operating cash flow less capital expenditures ) | $ 2052           | 2214             | 2275\npercent of sales                                                 | 14.1% ( 14.1 % ) | 14.5% ( 14.5 % ) | 13.1% ( 13.1 % )\noperating working capital                                        | $ 755            | 1007             | 985\npercent of sales                                                 | 5.2% ( 5.2 % )   | 6.6% ( 6.6 % )   | 5.7% ( 5.7 % )"
}
{
    "_id": "dd4bbd256",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014 in thousands except percent per share data ) company make contributions to postretirement plan other than funding benefits payments.\n table summarizes expected net benefit payments from company 2019s general assets through 2018 : benefit payments subsidy receipts benefit payments.\n company provides limited postemployment benefits to eligible former.\n employees primarily severance under formal severance plan ( 201cseverance plan 201d ).\n company accounts for severance expense in accordance with sfas no.\n 112 , 201cemployers 2019 accounting for postemployment benefits 201d by accruing expected cost of severance benefits to former employees after employment over relevant service periods.\n company updates assumptions determining severance accrual by evaluating actual severance activity and long-term trends underlying assumptions.\n company recorded severance expense ( benefit ) related to severance plan of $ 2643 , $ ( 3418 ) and $ 8400  during years 2008 , 2007 and 2006.\n company accrued liability related to severance plan and other severance obligations in amount of $ 63863 and $ 56172 at december 31 , 2008 and 2007 .\n 13.\n debt on april 28 , 2008  company extended committed unsecured revolving credit facility dated as of april 28 , 2006 ( 201ccredit facility 201d ) for additional year.\n new expiration date of credit facility is april 26 , 2011.\n available funding under credit facility remain at $ 2500000 through april 27 , 2010 decrease to $ 2000000 during final year of credit facility agreement.\n other terms and conditions in credit facility remain unchanged.\n company 2019s option to request each lender under credit facility extend commitment provided pursuant to original terms of credit facility agreement.\nborrowings under facility available to provide liquidity in settlement failures by mastercard international customers subject to limit of $ 500000  for general corporate purposes.\n facility fee of 8 basis points on total commitment  or approximately $ 2030  paid annually.\n interest on borrowings credit facility charged at london interbank offered rate ( libor ) plus applicable margin of 37 basis points or alternative base rate utilization fee of 10 basis points charged if outstanding borrowings exceed 50% ( % ) of commitments.\n facility fee and borrowing cost contingent upon company 2019s credit rating.\n company agreed to pay upfront fees of $ 1250 administrative fees of $ 325 for credit facility amortized straight- line over three years.\n facility other fees credit facility prior facilities totaled $ 2353 , $ 2477 and $ 2717 for each years ended december 31, 2008 , 2007 2006 .\n mastercard in compliance with covenants credit facility had no borrowings under credit facility at december 31, 2008 or december 31 , 2007.\n majority of credit facility lenders are customers or affiliates of customers of mastercard international.\n in june 1998  mastercard international issued ten-year unsecured , subordinated notes ( 201d ) paying fixed interest rate of 6. 67% ( 6. 67 % ) per annum.\n mastercard repaid entire principal amount of $ 80000 on june 30\n\n| benefit payments | expected subsidy receipts | net benefit payments\n-------------- | ---------------- | ------------------------- | --------------------\n2009           | $ 2641           | $ 77                      | $ 2564\n2010           | 3139             | 91                        | 3048\n2011           | 3561             | 115                       | 3446\n2012           | 3994             | 140                       | 3854\n2013           | 4357             | 169                       | 4188\n2014 2013 2018 | 25807            | 1269                      | 24538"
}
{
    "_id": "dd4c4c208",
    "title": "",
    "text": "\n\n| 2009  | 2010  | 2011  | 2012  | 2013  | 2014\n------------------------ | ----- | ----- | ----- | ----- | ----- | -----\nstate street corporation | $ 100 | $ 107 | $ 114 | $ 101 | $ 120 | $ 190\ns&p 500 index            | 100   | 115   | 132   | 135   | 157   | 208\ns&p financial index      | 100   | 112   | 126   | 104   | 135   | 183\nkbw bank index           | 100   | 123   | 152   | 117   | 153   | 211"
}
{
    "_id": "dd4c1cc9c",
    "title": "",
    "text": "analog devices , inc.\n notes to consolidated financial statements 2014 schedule of future minimum rental payments required under long-term operating leases at october 31 , operating fiscal years leases.\n 12.\n commitments and contingencies time to  in ordinary course of company 2019s business  claims , charges litigation asserted or commenced against company from related to contractual matters  patents  trademarks personal injury  environmental matters product liability  insurance coverage personnel and employment disputes.\n company can give no assurance that it will prevail.\n company does not believe current legal matters material adverse effect on company 2019s financial position  results of operations or cash flows.\n 13.\n retirement plans company and subsidiaries have savings and retirement plans covering all employees.\n company maintains defined contribution plan for benefit of eligible u. s.\n employees.\n plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation.\n company contributes amount equal to each participant 2019s pre-tax contribution up to maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation.\n total expense related to defined contribution plan for u. s.\n employees was $ 26. 3 million in fiscal 2015  $ 24. 1 million in fiscal 2014 $ 23. 1 million in fiscal 2013.\n company has various defined benefit pension and other retirement plans for certain non-u. s.\n employees consistent with local statutory requirements practices.\n total expense related to defined benefit pension retirement plans for certain non-u.\n employees excluding settlement charges related to company defined benefit plan was $ 33. 3 million in fiscal 2015 , $ 29. 8 million in fiscal 2014 $ 26. 5 million in fiscal 2013.\n non-u. s.\nplan disclosures during fiscal 2015  company converted benefits to participants in company 2019s irish defined benefits pension plan ( db plan ) to benefits under company 2019s irish defined contribution plan.\n in fiscal 2015 company recorded expenses of $ 223. 7 million  including settlement charges  legal  accounting professional fees to settle pension obligation.\n assets related to db plan liquidated used to purchase annuities for retirees distributed to active and deferred members' accounts in company's irish defined contribution plan plan conversion.\n plan assets for db plan were zero as of end of fiscal 2015.\n company 2019s funding policy for foreign defined benefit pension plans consistent with local requirements of each country.\n plans 2019 assets consist primarily of.\n non-u.\n equity securities , bonds  property cash.\n benefit obligations and related assets under plans measured at october 31 , 2015 and november 1, 2014.\n components of net periodic benefit cost net annual periodic pension cost of non-u. s.\n plans presented in following table:\n\nfiscal years | operating leases\n------------ | ----------------\n2016         | $ 21780\n2017         | 16305\n2018         | 8670\n2019         | 4172\n2020         | 3298\nlater years  | 5263\ntotal        | $ 59488"
}
{
    "_id": "dd4ba2b5e",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) upon termination of employment excluding retirement all participant 2019s unvested awards forfeited.\n when participant terminates employment due to retirement  participant generally retains all awards without providing additional service to company.\n eligible retirement dependent upon age and years of service : age 55 with ten years service 60 with five years service age 65 with two years of service.\n compensation expense recognized over shorter of vesting periods stated in ltip  or date individual becomes eligible to retire.\n 11550 shares of class a common stock reserved for equity awards under ltip.\n ltip permits issuance of shares of class b common stock  no such shares reserved for issuance.\n shares issued as result of option exercises conversions of rsus expected to be funded with issuance of new shares of class a common stock.\n stock options fair value of each option estimated on date of grant using black-scholes option pricing model.\n following table presents weighted-average assumptions in valuation resulting weighted- average fair value per option granted for years ended december 31:.\n risk-free rate of return based on u. s.\n treasury yield curve in effect on date of grant.\n company utilizes simplified method for calculating expected term of option based on vesting terms and contractual life of option.\n expected volatility for options granted during 2009 based on average of implied volatility of mastercard and blend of historical volatility of mastercard historical volatility of group of companies management believes generally comparable to mastercard.\n expected volatility for options granted during 2008 based on average of implied volatility of mastercard and historical volatility of group of companies management believes generally comparable to mastercard.\ncompany not have sufficient publicly traded stock data historically , expected volatility for options granted during 2007 primarily based on average of historical and implied volatility of group of companies management believed comparable to mastercard.\n expected dividend yields based on company 2019s expected annual dividend rate on date of grant.\n\n| 2009             | 2008             | 2007\n---------------------------------------------- | ---------------- | ---------------- | ----------------\nrisk-free rate of return                       | 2.5% ( 2.5 % )   | 3.2% ( 3.2 % )   | 4.4% ( 4.4 % )\nexpected term ( in years )                     | 6.17             | 6.25             | 6.25\nexpected volatility                            | 41.7% ( 41.7 % ) | 37.9% ( 37.9 % ) | 30.9% ( 30.9 % )\nexpected dividend yield                        | 0.4% ( 0.4 % )   | 0.3% ( 0.3 % )   | 0.6% ( 0.6 % )\nweighted-average fair value per option granted | $ 71.03          | $ 78.54          | $ 41.03"
}
{
    "_id": "dd4bac398",
    "title": "",
    "text": "table details effect on net income earnings per share compensation expense for stock-based awards including stock options recorded in year ended december 31 , 2005 based on fair value method under fasb statement no.\n 123 , accounting for stock-based compensation.\n pro forma stock-based compensation expense millions of dollars except per share amounts 2005.\n stock options for executives granted in 2003 and 2002 included reload feature.\n allowed executives to exercise options using shares of union pacific corporation common stock already owned obtain new grant of options in amount shares used for exercise plus shares withheld for tax purposes.\n reload feature option grants only exercised if price of common stock increased at least 20% ( 20 % ) from price at time of reload grant.\n during year ended december 31 , 2005 reload option grants represented $ 19 million of pro forma expense noted.\n no reload option grants during 2007 and 2006 stock options exercised after january 1, 2006 not eligible for reload feature.\n earnings per share 2013 earnings calculated on weighted-average number of common shares outstanding during each period.\n diluted earnings per share include shares issuable upon exercise of outstanding stock options stock-based awards where conversion of instruments dilutive.\n use of estimates 2013 consolidated financial statements include estimates assumptions regarding certain assets  liabilities revenue expenses disclosure of contingent assets liabilities.\n actual future results may differ from estimates.\n income taxes 2013 as required under fasb statement no.\n 109  accounting for income taxes account for income taxes by recording taxes payable or refundable for current year and deferred tax assets liabilities for expected future tax consequences of events recognized in financial statements or tax returns.\nexpected future tax consequences measured based on provisions of tax law currently enacted ; effects of future changes in tax laws not anticipated.\n future tax law changes change in corporate tax rate could impact on our financial condition or results of operations.\n when appropriate record valuation allowance against deferred tax assets to offset future tax benefits not be realized.\n determining valuation allowance appropriate consider more likely than not all or some portion of deferred tax assets not be realized based on management judgments regarding best available evidence about future events.\n claimed tax benefits may be challenged by tax authority uncertain tax positions accounted for under fasb interpretation no.\n 48  accounting for uncertainty in income taxes interpretation of fasb statement no.\n 109 ( fin 48 ).\n adopted fin 48 beginning january 1 , 2007.\n prior to 2007 income tax contingencies accounted for under fasb statement no.\n 5  accounting for contingencies.\n under fin 48  recognize tax benefits only for tax positions more likely than not to be sustained upon examination by tax authorities.\n amount recognized measured as largest amount of benefit greater than 50 percent likely to be realized upon settlement.\n liability for 201cunrecognized tax benefits 201d is\n\npro forma stock-based compensation expensemillions of dollars except per share amounts                                    | 2005\n------------------------------------------------------------------------------------------------------------------------- | ----------\nnet income as reported                                                                                                    | $ 1026\nstock-based employee compensation expense reported in net income net of tax                                               | 13\ntotal stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a] | -50 ( 50 )\npro forma net income                                                                                                      | $ 989\nearnings per share 2013 basic as reported                                                                                 | $ 3.89\nearnings per share 2013 basic pro forma                                                                                   | $ 3.75\nearnings per share 2013 diluted as reported                                                                               | $ 3.85\nearnings per share 2013 diluted pro forma                                                                                 | $ 3.71"
}
{
    "_id": "dd4bbec82",
    "title": "",
    "text": "portion death benefits directly from insurance company company receives remainder of death benefits.\n expected minimal cash payments required to fund these policies.\n net periodic pension cost for split-dollar life insurance arrangements was $ 5 million for years ended december 31 , 2013 , 2012 and 2011.\n company recorded liability representing actuarial present value of future death benefits as of employees 2019 expected retirement date of $ 51 million and $ 58 million as of december 31, 2013 and december 31 , 2012 .\n deferred compensation plan company amended and reinstated deferred compensation plan ( 201cthe plan 201d ) effective june 1, 2013 to reopen plan to certain participants.\n under plan participating executives may elect to defer base salary and cash incentive compensation in excess of 401 ( k ) plan limitations.\n participants plan may choose to invest deferred amounts in same investment alternatives available under company's 401 ( k ) plan.\n plan allows for company matching contributions for first 4% ( 4 % ) of compensation deferred under plan to maximum of $ 50000 for board officers ii lost matching amounts made under 401 ( k ) plan if participants not participated in plan iii ) discretionary amounts as approved by compensation and leadership committee of board of directors.\n defined contribution plan company and certain subsidiaries have various defined contribution plans all eligible employees may participate.\n. 401 ( k ) plan is contributory plan.\n matching contributions based upon employees 2019 contributions.\n company 2019s expenses for material defined contribution plans for years ended december 31 , 2013 , 2012 and 2011 were $ 44 million , $ 42 million and $ 48 million , respectively.\n beginning january 1 , 2012  company may make additional discretionary 401 ( k ) plan matching contribution to eligible employees.\nyears ended december 31 , 2013 2012 , company made no discretionary matching contributions.\n.\n share-based compensation plans incentive plans stock options stock appreciation rights employee stock purchase plan company grants options to acquire shares common stock to certain employees existing option holders of acquired companies with merging of option plans following acquisition.\n each option granted stock appreciation right has exercise price no less than 100% ( % ) of fair market value of common stock on date of grant.\n awards have contractual life of five to fifteen years vest over two to four years.\n stock options stock appreciation rights assumed or replaced with comparable stock options stock appreciation rights with change in control company only become exercisable if holder involuntarily terminated or quits for good reason within 24 months of change in control.\n employee stock purchase plan allows eligible participants to purchase shares company 2019s common stock through payroll deductions of up to 20% ( 20 % ) of eligible compensation after-tax basis.\n plan participants cannot purchase more than $ 25000 of stock in any calendar year.\n price employee pays per share is 85% ( 85 % ) of lower fair market value of company 2019s stock on close of first trading day or last trading day of purchase period.\n plan has two purchase periods first from october 1 through march 31 second from april 1 through september 30.\n years ended december 31, 2013 , 2012 2011  employees purchased 1. 5 million , 1. 4 million 2. 2 million shares  at purchase prices of $ 43. 02 and $ 50. 47 , $ 34. 52 $ 42. 96 , $ 30. 56 and $ 35. 61 .\n company calculates value of each employee stock option estimated on date of grant using black-scholes option pricing model.\nweighted-average estimated fair value of employee stock options granted during 2013 2012 2011 was $ 9. 52 , $ 9. 60 $ 13. 25  respectively using weighted-average assumptions:.\n company uses implied volatility for traded options on company 2019s stock as expected volatility assumption required in black-scholes model.\n selection of implied volatility approach based upon availability of\n\n| 2013             | 2012             | 2011\n----------------------- | ---------------- | ---------------- | ----------------\nexpected volatility     | 22.1% ( 22.1 % ) | 24.0% ( 24.0 % ) | 28.8% ( 28.8 % )\nrisk-free interest rate | 0.9% ( 0.9 % )   | 0.8% ( 0.8 % )   | 2.1% ( 2.1 % )\ndividend yield          | 2.4% ( 2.4 % )   | 2.2% ( 2.2 % )   | 0.0% ( 0.0 % )\nexpected life ( years ) | 5.9              | 6.1              | 6.0"
}
{
    "_id": "dd4bd3006",
    "title": "",
    "text": "stock performance graph comcast graph compares yearly percentage change in cumulative total shareholder return on comcast 2019s class common stock during five years ended december 31 , 2015 with cumulative total returns on standard & poor 2019s 500 stock index select peer group us and other companies in cable , communications media industries.\n peer group consists of us  cablevision systems corporation ( class a ) dish network corporation ( class a ) directv inc.\n ( included through july 24 , 2015 date of acquisition by at&t corp. time warner cable inc.\n 201ccable subgroup 201d ) time warner. walt disney company  viacom inc.\n class b ) twenty-first century fox , inc.\n class a ) cbs corporation ( class b ) ( 201cmedia subgroup 201d ).\n peer group composite peer group cable subgroup weighted 63% ( 63 % ) media subgroup weighted 37% ( 37 % ) based on respective revenue of cable communications and nbcuniversal segments.\n graph assumes $ 100 invested on december 31 , 2010 in our class a common stock in each following indices assumes reinvestment of dividends.\n comparison of 5 year cumulative total return 12/1412/1312/1212/10 12/15 comcast class a s&p 500 peer group index.\n nbcuniversal nbcuniversal is wholly owned subsidiary of nbcuniversal holdings no market for its equity securities.\n 39 comcast 2015 annual report on form 10-k\n\n| 2011  | 2012  | 2013  | 2014  | 2015\n------------------- | ----- | ----- | ----- | ----- | -----\ncomcast class a     | $ 110 | $ 177 | $ 250 | $ 282 | $ 279\ns&p 500 stock index | $ 102 | $ 118 | $ 156 | $ 177 | $ 180\npeer group index    | $ 110 | $ 157 | $ 231 | $ 267 | $ 265"
}
{
    "_id": "dd4987f04",
    "title": "",
    "text": "goldman sachs group  inc.\n subsidiaries management 2019s discussion analysis sensitivity measures certain portfolios individual positions not included in var var not most appropriate risk measure.\n other sensitivity measures market risk described below.\n 10% ( 10 % ) sensitivity measures.\n table below presents market risk for positions accounted for at fair value not included in var by asset category.\n table 2030 market risk of positions determined by estimating potential reduction in net revenues of 10% ( 10 % ) decline in value positions.\n 2030 equity positions relate to private restricted public equity securities interests in funds invest in corporate equities real estate interests hedge funds.\n 2030 debt positions include interests in funds invest in corporate mezzanine senior debt instruments loans backed by commercial residential real estate corporate bank loans other corporate debt acquired portfolios of distressed loans.\n 2030 equity debt funded positions included in consolidated statements of financial condition financial instruments owned.\n see note 6 to consolidated financial statements for further information about cash instruments.\n 2030 measures not reflect diversification effect across asset categories or other market risk measures.\n credit spread sensitivity on derivatives financial liabilities.\n var excludes impact of changes in counterparty our own credit spreads on derivatives changes our own credit spreads debt valuation adjustment ) on financial liabilities for fair value option elected.\n estimated sensitivity to one basis point increase in credit spreads ( counterparty own ) on derivatives was gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 .\nestimated sensitivity to one basis point increase in our credit spreads on financial liabilities for fair value option elected was gain of $ 35 million and $ 25 million as of december 2017 and december 2016 .\n actual net impact of change in credit spreads is affected by liquidity duration convexity ( sensitivity not linear to changes in yields ) of financial liabilities for fair value option elected relative performance of hedges undertaken.\n interest rate sensitivity.\n loans receivable as of december 2017 and december 2016 were $ 65. 93 billion and $ 49. 67 billion  respectively substantially all had floating interest rates.\n as of december 2017 and december 2016  estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million  of additional interest income over twelve-month period not account potential impact of increase in costs to fund such loans.\n see note 9 to consolidated financial statements for information about loans receivable.\n other market risk considerations as of december 2017 and december 2016 we had commitments and held loans for obtained credit loss protection from sumitomo mitsui financial group  inc.\n see note 18 to consolidated financial statements for information about lending commitments.\n we make investments in securities accounted for as available-for-sale included in financial instruments owned in consolidated statements of financial condition.\n see note 6 to consolidated financial statements for further information.\n also make investments accounted for under equity method and direct investments in real estate both included in other assets.\n direct investments in real estate accounted for at cost less accumulated depreciation.\n see note 13 to consolidated financial statements for information about other assets.\n goldman sachs 2017 form 10-k 93\n\n$ in millions | as of december 2017 | as of december 2016 | as of december 2015\n------------- | ------------------- | ------------------- | -------------------\nequity        | $ 2096              | $ 2085              | $ 2157\ndebt          | 1606                | 1702                | 1479\ntotal         | $ 3702              | $ 3787              | $ 3636"
}
{
    "_id": "dd49870ae",
    "title": "",
    "text": "reinsurance commissions  fees revenue decreased 2% ( 2 % ) in 2014 reflecting 1% ( 1 % ) unfavorable impact from foreign currency exchange rates 1% ( 1 % ) decline in organic revenue growth due to significant unfavorable market impact in treaty offset by net new business growth in treaty placements globally growth in capital markets transactions advisory business  facultative placements.\n operating income increased $ 108 million  or 7% ( 7 % )  from 2013 to $ 1. 6 billion in 2014.\n 2014 operating income margins segment were 21. 0% ( 21. 0 % ) increase of 120 basis points from 19. 8% (. 8 % ) in 2013.\n operating margin improvement driven by solid organic revenue growth  return on investments expense discipline savings related to restructuring programs offset by $ 61 million unfavorable impact from foreign currency exchange rates.\n hr solutions.\n segment generated 35% ( 35 % ) of consolidated total revenues in 2014 provides broad range of human capital services 2022 retirement specializes in global actuarial services defined contribution consulting tax erisa consulting pension administration.\n 2022 compensation focuses on compensatory advisory/counsel compensation planning design executive reward strategies salary survey benchmarking market share studies sales force effectiveness special expertise in financial services technology industries.\n 2022 strategic human capital delivers advice to complex global organizations on talent  change organizational effectiveness issues including talent strategy acquisition executive on-boarding performance management leadership assessment development communication strategy workforce training change management.\n 2022 investment consulting advises public private companies institutions trustees on developing maintaining investment programs across broad range of plan types including defined benefit plans defined contribution plans  endowments foundations.\n2022 benefits administration applies our human resource expertise through defined benefit ( pension ) , defined contribution ( 401 ( k ) )  health and welfare administrative services.\n our model replaces resource-intensive processes to administer benefit plans with more efficient , effective less costly solutions.\n 2022 exchanges building and operating healthcare exchanges provide employers with cost effective alternative to traditional employee and retiree healthcare  helping individuals select insurance best meets their needs.\n 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll other human resources processes ; record and manage talent , workforce other core human resource process transactions other complementary services such as flexible spending , dependent audit participant advocacy.\n disruption in global credit markets deterioration of financial markets created significant uncertainty in marketplace.\n weak economic conditions in many markets continued throughout 2014 adversely impacted our clients' financial condition levels of business activities in industries geographies where we operate.\n while believe majority of practices well positioned to manage through this time , challenges reducing demand for our services putting pressure on pricing services adverse effect on our new business and results of operations.\n\nyears ended december 31 | 2014             | 2013           | 2012\n----------------------- | ---------------- | -------------- | --------------\nrevenue                 | $ 4264           | $ 4057         | $ 3925\noperating income        | 485              | 318            | 289\noperating margin        | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % )"
}
{
    "_id": "dd4b8c5c0",
    "title": "",
    "text": "third quarter ended 30 june 2017 recognized goodwill impairment charge $ 145. 3 intangible asset impairment charge $ 16. 8 associated with lasa reporting unit.\n refer to note 11  goodwill  note 12  intangible assets  for more information related charges associated fair value measurement methods significant inputs/assumptions classified as level 3 since unobservable inputs utilized in fair value measurements.\n 16.\n debt tables summarize outstanding debt at 30 september 2019 and 2018 : total debt.\n fiscal year 2019 includes current portion long-term debt owed to related party $ 37. 8.\n b refer to note 7, acquisitions , for additional information related party debt.\n short-term borrowings consisted bank obligations of $ 58. 2 and $ 54. 3 at 30 september 2019 2018  respectively.\n weighted average interest rate of short-term borrowings outstanding at 30 september 2019 2018 3. 7% ( 3. 7 % ) and 5. 0% ( 5. 0 % )  respectively.\n\n30 september                                  | 2019     | 2018\n--------------------------------------------- | -------- | --------\nshort-term borrowings                         | $ 58.2   | $ 54.3\ncurrent portion of long-term debt ( a ) ( b ) | 40.4     | 406.6\nlong-term debt                                | 2907.3   | 2967.4\nlong-term debt 2013 related party ( b )       | 320.1    | 384.3\ntotal debt                                    | $ 3326.0 | $ 3812.6"
}
{
    "_id": "dd4bb5858",
    "title": "",
    "text": "notes to consolidated financial statements union pacific corporation subsidiary companies for this report  unless context otherwise requires references to 201ccorporation 201d , 201cupc 201d , 201cwe 201d  201cus 201d  201cour 201d mean union pacific corporation subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.\n 1.\n nature of operations operations segmentation 2013 we are class i railroad operates in u. s.\n 31953 route miles  linking pacific coast gulf coast ports with midwest eastern u. s.\n gateways providing several corridors to key mexican gateways.\n serve western two-thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast  pacific coast southeast southwest  canada  mexico.\n export and import traffic moved through gulf coast pacific coast ports across mexican canadian borders.\n railroad , with subsidiaries rail affiliates is our one reportable operating segment.\n revenues analyzed by commodity group analyze net financial results of railroad as one segment due to integrated nature of rail network.\n following table provides revenue by commodity group : millions 2010 2009 2008.\n revenues principally derived from customers domiciled in u. s. , ultimate points of origination or destination for some products transported outside u. s.\n basis of presentation 2013 consolidated financial statements presented in accordance with accounting principles generally accepted in u. s.\n ( gaap ) as codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).\n 2.\naccounting policies principles consolidation 2013 consolidated financial statements include accounts of union pacific corporation subsidiaries.\n investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) accounted for using equity method accounting.\n intercompany transactions eliminated.\n no less than majority-owned investments require consolidation under variable interest entity requirements.\n cash cash equivalents 2013 cash equivalents consist investments with original maturities three months or less.\n accounts receivable 2013 includes receivables reduced by allowance for doubtful accounts.\n allowance based upon historical losses credit worthiness customers current economic conditions.\n receivables not expected collected in one year associated allowances classified as other assets in consolidated statements financial position.\n investments 2013 investments represent investments in affiliated companies ( 20% 20 % ) to 50% ( 50 % ) owned ) accounted for under equity method accounting investments in companies less than 20% ( 20 % ) owned ) accounted for under cost method accounting.\n\nmillions                 | 2010    | 2009    | 2008\n------------------------ | ------- | ------- | -------\nagricultural             | $ 3018  | $ 2666  | $ 3174\nautomotive               | 1271    | 854     | 1344\nchemicals                | 2425    | 2102    | 2494\nenergy                   | 3489    | 3118    | 3810\nindustrial products      | 2639    | 2147    | 3273\nintermodal               | 3227    | 2486    | 3023\ntotal freight revenues   | $ 16069 | $ 13373 | $ 17118\nother revenues           | 896     | 770     | 852\ntotal operating revenues | $ 16965 | $ 14143 | $ 17970"
}
{
    "_id": "dd4b91214",
    "title": "",
    "text": "korea engineering plastics co. , ltd.\n founded 1987 kepco leading producer of pom in south korea.\n venture between celanese's ticona business ( 50% ( 50 % ) ) mitsubishi gas chemical company , inc.\n ( 40% ( 40 % ) ) mitsubishi corporation ( 10% ( 10 % ) ).\n kepco has polyacetal production facilities in ulsan south korea compounding facilities for pbt and nylon in pyongtaek  south korea participates with polyplastics mitsubishi gas chemical company  inc.\n in world-scale pom facility in nantong , china.\n polyplastics co. , ltd.\n polyplastics leading supplier of engineered plastics in asia-pacific region venture between daicel chemical industries ltd. japan ( 55% ( 55 % ) ) celanese's ticona business ( 45% ( 45 % ) ).\n established 1964 polyplastics producer marketer of pom and lcp in asia-pacific region principal production facilities in japan taiwan malaysia china.\n fortron industries llc.\n fortron leading global producer of polyphenylene sulfide ( 201cpps 201d ) sold under fortron ae brand used in automotive other applications especially requiring heat chemical resistance.\n established 1992 fortron limited liability company members are ticona fortron inc.\n ( 50% ( 50 % ) ownership wholly-owned subsidiary of cna holdings  llc ) kureha corporation ( 50% ( 50 % ) ownership wholly-owned subsidiary of kureha chemical industry co. ltd.\n japan.\n fortron's facility in wilmington , north carolina.\n venture combines sales  marketing distribution compounding manufacturing expertise of celanese with pps polymer technology expertise of kureha.\nchina acetate strategic ventures.\n hold approximate 30% ) ownership interest in three separate acetate production ventures in china.\n include nantong cellulose fibers co.\n ltd. kunming cellulose fibers co.\n ltd.\n zhuhai cellulose fibers co.\n ltd.\n china national tobacco corporation  chinese state-owned tobacco entity controls remaining ownership interest in each ventures.\n estimated 30% ( 30 % ) share of world's cigarette production and consumption china is world's largest fastest growing area for acetate tow products according to 2009 stanford research institute international chemical economics handbook.\n these ventures leader in chinese domestic acetate production positioned to supply chinese cigarette producers.\n december 2009 announced plans with china national tobacco to expand acetate flake and tow capacity at venture's nantong facility received formal approval for expansions each by 30000 tons during 2010.\n since inception 1986 china acetate ventures completed 12 expansions leading to earnings growth increased dividends.\n chinese acetate ventures fund operations using operating cash flow.\n during 2011  made contributions of $ 8 million to capacity expansions in nantong committed contributions of $ 9 million in 2012.\n 2010 made contributions of $ 12 million.\n chinese acetate ventures pay dividend in second quarter of each fiscal year based on ventures' performance for preceding year.\n in 2011  2010 2009  received cash dividends of $ 78 million , $ 71 million and $ 56 million.\nour ownership interest in china acetate ventures exceeds 20% ( 20 % ) , we account for investments using cost method of accounting determined exercise significant influence over entities due to local government investment influence limitations on involvement in day-to-day operations present inability of entities to provide timely financial information in accordance with accepted accounting principles in united states ( 201cus gaap 201d ).\n 2022 other equity method investments infraservs.\n hold indirect ownership interests in several infraserv groups in germany own develop industrial parks provide on-site general administrative support to tenants.\n table below represents our equity investments in infraserv ventures as of december 31 , 2011:.\n\n| ownership % (  % )\n--------------------------------- | ------------------\ninfraserv gmbh & co . gendorf kg  | 39\ninfraserv gmbh & co . knapsack kg | 27\ninfraserv gmbh & co . hoechst kg  | 32"
}
{
    "_id": "dd4b8dc72",
    "title": "",
    "text": "common stock from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws legal requirements subject to stock price  business and market conditions other factors.\n funding and expect to continue to fund stock repurchases through combination cash on hand and cash generated by operations.\n in future may choose to fund stock repurchase program under revolving credit facility or future financing transactions.\n no repurchases of series a and b common stock during three months ended december 31 , 2013.\n company first announced stock repurchase program on august 3 , 2010.\n stock performance graph graph sets cumulative total shareholder return on series a common stock , series b common stock series c common stock compared with cumulative total return of companies in standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and peer group of companies of cbs corporation class b common stock  scripps network interactive , inc. time warner , inc. twenty-first century fox , inc.\n class a common stock news to june 2013 viacom , inc.\n class b common stock walt disney company.\n graph assumes $ 100 originally invested on december 31 , 2008 in each of our series a common stock , series b common stock and series c common stock , s&p 500 index  and stock of peer group companies including reinvestment of dividends for years ended december 31 , 2009 , 2010 , 2011 , 2012 and 2013.\n december 31 , december 31 ,.\nequity compensation plan information regarding securities authorized for issuance under set in our definitive proxy statement for 2014 annual meeting of stockholders under caption 201csecurities authorized for issuance under equity compensation plans , 201d incorporated herein by reference.\n\n| december 312008 | december 312009 | december 312010 | december 312011 | december 312012 | december 312013\n---------- | --------------- | --------------- | --------------- | --------------- | --------------- | ---------------\ndisca      | $ 100.00        | $ 216.60        | $ 294.49        | $ 289.34        | $ 448.31        | $ 638.56\ndiscb      | $ 100.00        | $ 207.32        | $ 287.71        | $ 277.03        | $ 416.52        | $ 602.08\ndisck      | $ 100.00        | $ 198.06        | $ 274.01        | $ 281.55        | $ 436.89        | $ 626.29\ns&p 500    | $ 100.00        | $ 123.45        | $ 139.23        | $ 139.23        | $ 157.90        | $ 204.63\npeer group | $ 100.00        | $ 151.63        | $ 181.00        | $ 208.91        | $ 286.74        | $ 454.87"
}
{
    "_id": "dd4bb9458",
    "title": "",
    "text": "z i m m e r h o l d i n g s , i n.\n a n d s u b s i d i a r i e s 2 0 0 4 f o r m 1 0 - k notes to consolidated financial statements ) company and implex operating since 2000  table summarizes estimated fair values development distribution of reconstructive assets acquired liabilities assumed at date of implant and trauma products incorporating trabecular metal implex acquisition : ( in millions ) technology.\n merger agreement contains provisions for additional april 23, 2004annual cash earn-out payments based on year-over- current assets $ 23. 1year sales growth through 2006 of certain products.\n estimates total earn-out payments including payments core technology ( 30 year useful life ). range from $ 120 to $ 160 million.\n developed technology ( 30 year useful life ) 103. 9 other assets 14. earn-out payments represent contingent consideration goodwill 61. with sfas no.\n 141 eitf 95-8 2018 2018accounting for contingent consideration to total assets acquired 210. 5 shareholders of acquired enterprise purchase current liabilities 14. deferred taxes 43. 3business combination 2019 recorded as additional cost of transaction upon resolution of contingency total liabilities assumed 57. 4 increase goodwill.\n net assets acquired $ 153. implex acquisition accounted for under purchase method of accounting sfas no.\n 141.\n.\n change accounting principle implex results of operations included in company 2019s consolidated results of operations instruments hand held devices used by orthopaedic subsequent to april 23 , 2004  respective assets surgeons during total joint replacement other surgical liabilities recorded at estimated fair values in procedures.\neffective january 1 , 2003  instruments are company 2019s consolidated statement of financial position recognized as long-lived assets included in property  of april 23 , 2004  excess purchase price being plant and equipment.\n undeployed instruments carried at allocated to goodwill.\n pro forma financial information not cost  net of allowances for obsolescence.\n instruments in included as acquisition not have material field carried at cost less accumulated depreciation.\n impact company 2019s financial position results of depreciation computed using straight-line method operations or cash flows.\n based on average estimated useful lives company completed preliminary purchase price in reference to associated product life cycles allocation in accordance with.\n accepted primarily five years.\n accordance with sfas no.\n 144  accounting principles.\n process included interviews with company reviews instruments for impairment management  review of economic and competitive events or changes in circumstances indicate carrying environment examination of assets including historical value of asset may not be recoverable.\n impairment loss performance and future prospects.\n preliminary purchase recognized when estimated future cash flows price allocation based on information available to asset less than its carrying amount.\n company expectations assumptions depreciation of instruments recognized as selling  reasonable by company 2019s management.\n no assurance and administrative expense  consistent with classification underlying assumptions used to of instrument cost in periods prior to january 1 , 2003.\n estimate expected technology based product revenues  prior to january 1 , 2003 undeployed instruments were development costs or profitability  events associated carried as prepaid expense at cost  net of allowances for with such technology  occur as projected.\n final obsolescence ( $ 54.8 million , net , at december 31 , 2002 )  purchase price allocation may vary from preliminary recognized in selling , general administrative expense in purchase price allocation.\n final valuation and associated year instruments placed into service.\n purchase price allocation expected to be completed as new method of accounting for instruments adopted soon no later than one year from date of recognize cost of important assets of acquisition.\n extent estimates need to be company 2019s business within consolidated balance sheet adjusted company will.\n allocate cost of assets over periods benefited typically five years.\n effect of change during year ended december 31, 2003 to increase earnings before cumulative effect of change in accounting principle by $ 26. 8 million ( $ 17. 8 million net of tax )  or $ 0. 08 per diluted share.\n cumulative effect adjustment of $ 55. 1 million ( net of income taxes of $ 34. 0 million ) to retroactively apply\n\n| as of april 23 2004\n-------------------------------------------- | -------------------\ncurrent assets                               | $ 23.1\nproperty plant and equipment                 | 4.5\nintangible assets subject to amortization:   |\ncore technology ( 30 year useful life )      | 3.6\ndeveloped technology ( 30 year useful life ) | 103.9\nother assets                                 | 14.4\ngoodwill                                     | 61.0\ntotal assets acquired                        | 210.5\ncurrent liabilities                          | 14.1\ndeferred taxes                               | 43.3\ntotal liabilities assumed                    | 57.4\nnet assets acquired                          | $ 153.1"
}
{
    "_id": "dd4b8d768",
    "title": "",
    "text": "table of contents march 2008  fasb issued sfas no.\n 161 , disclosures about derivative instruments hedging activities 2014an amendment of fasb statement no.\n 133  requires companies provide additional disclosures about objectives strategies for using derivative instruments derivative instruments related hedged items accounted for under sfas no.\n 133  accounting for derivative instruments hedging activities related interpretations derivative instruments items affect company 2019s financial statements.\n sfas no.\n 161 requires companies disclose information about credit risk-related contingent features in hedged positions.\n sfas no.\n 161 effective for fiscal years interim periods after november 15, 2008 required to be adopted by company second quarter of fiscal 2009.\n company continue evaluate application of sfas no.\n 161  management not believe adoption material impact on company 2019s financial condition or operating results.\n liquidity capital resources table presents selected financial information statistics for three fiscal years ended september 27 , 2008 ( in millions ) : as of september 27 , 2008  company had $ 24. 5 billion in cash  cash equivalents  short-term investments increase of $ 9. 1 billion from september 29 , 2007.\n principal components of net increase were cash generated by operating activities $ 9. 6 billion  proceeds from issuance of common stock under stock plans $ 483 million excess tax benefits from stock-based compensation of $ 757 million.\n increases partially offset by payments for acquisitions of property , plant  equipment of $ 1. 1 billion  payments connection with business acquisitions , net of cash acquired , $ 220 million payments for acquisitions of intangible assets of $ 108 million.\ncompany 2019s cash by operating activities exceeded net income due to large increase in deferred revenue  net deferred costs with subscription accounting for iphone.\n company 2019s short-term investment portfolio invested primarily in highly rated securities with minimum rating of single-a.\n as of september 27 , 2008 and september 29 , 2007 , $ 11. 3 billion and $ 6. 5 billion  respectively of company 2019s cash cash equivalents short- term investments held by foreign subsidiaries generally based in u. s.\n dollar-denominated holdings.\n company had $ 117 million in net unrealized losses on investment portfolio related to investments with maturities one to five years  as of september 27, 2008  net unrealized losses of approximately $ 11 million on portfolio maturities one to five years  as of september 29 , 2007.\n company has intent and ability to hold such investments for sufficient period time for recovery of principal amounts invested.\n none these declines in fair value recognized in company 2019s statement of operations.\n company believes existing balances of cash cash equivalents short-term investments will sufficient to satisfy working capital needs capital expenditures outstanding commitments liquidity requirements existing operations over next 12 months.\n capital assets company 2019s cash payments for capital asset purchases were $ 1. 1 billion during 2008  $ 389 million for retail store facilities and $ 702 million for real estate acquisitions and corporate infrastructure information systems enhancements.\n company anticipates utilizing approximately $ 1. 5 billion for capital asset purchases during 2009  including approximately $ 400 million for retail facilities and approximately $ 1. 1 billion for corporate facilities and infrastructure.\n\n| 2008    | 2007    | 2006\n------------------------------------------------ | ------- | ------- | -------\ncash cash equivalents and short-term investments | $ 24490 | $ 15386 | $ 10110\naccounts receivable net                          | $ 2422  | $ 1637  | $ 1252\ninventory                                        | $ 509   | $ 346   | $ 270\nworking capital                                  | $ 20598 | $ 12676 | $ 8066\nannual operating cash flow                       | $ 9596  | $ 5470  | $ 2220"
}
{
    "_id": "dd4b9b6ba",
    "title": "",
    "text": "subscription cost of subscription revenue consists of third-party royalties expenses related to operating our network infrastructure including depreciation expenses operating lease payments associated with computer equipment  data center costs  salaries related expenses of network operations  implementation  account management technical support personnel  amortization of intangible assets allocated overhead.\n enter contracts with third-parties for use of data center facilities data center costs consist of amounts we pay to third parties for rack space  power similar items.\n cost of subscription revenue increased due to : % ( % ) change 2014-2013 % ( % ) change 2013-2012.\n cost of subscription revenue increased during fiscal 2014 compared to fiscal 2013 due to data center costs  compensation cost related benefits  deprecation expense  royalty cost.\n data center costs increased due to higher transaction volumes in adobe marketing cloud creative cloud services.\n compensation cost related benefits increased period due to additional headcount in fiscal 2014 including from acquisition of neolane in third quarter of fiscal 2013.\n depreciation expense increased period due to higher capital expenditures recent periods invest in network data center infrastructure support growth business.\n royalty cost increased due to increases in subscriptions downloads of saas offerings.\n cost of subscription revenue increased during fiscal 2013 compared to fiscal 2012 due to increased hosted server costs amortization of purchased intangibles.\n hosted server costs increased due to increases in data center costs related to higher transaction volumes in adobe marketing cloud creative cloud services  depreciation expense from higher capital expenditures prior years compensation related benefits driven by additional headcount.\n amortization of purchased intangibles increased due to increased amortization of intangible assets purchased associated with acquisitions of behance and neolane in fiscal 2013.\nservices support cost of services support revenue primarily comprised of employee-related costs associated costs provide consulting services  training product support.\n cost services support revenue increased during fiscal 2014 compared to fiscal 2013 primarily due to increases in compensation related benefits additional headcount third-party fees related to training consulting services provided customers.\n cost of services support revenue increased during fiscal 2013 compared to fiscal 2012 primarily due to increases in third-party fees related to training consulting services customers compensation related benefits driven by additional headcount including headcount from acquisition of neolane in fiscal 2013.\n\n| % (  % ) change2014-2013 | % (  % ) change2013-2012\n---------------------------------------------------------------- | ------------------------ | ------------------------\ndata center cost                                                 | 10% ( 10 % )             | 11% ( 11 % )\ncompensation cost and related benefits associated with headcount | 4                        | 5\ndepreciation expense                                             | 3                        | 3\nroyalty cost                                                     | 3                        | 4\namortization of purchased intangibles                            | 2014                     | 4\nvarious individually insignificant items                         | 1                        | 2014\ntotal change                                                     | 21% ( 21 % )             | 27% ( 27 % )"
}
{
    "_id": "dd497da9a",
    "title": "",
    "text": "stock performance graph performance graph not deemed 201cfiled 201d for section 18 of securities exchange act of 1934 , as amended ( 201cexchange act 201d ) or otherwise subject to liabilities under section not deemed incorporated by reference into any filing of tractor supply company under securities act of 1933 , amended , or exchange act.\n following graph compares cumulative total stockholder return on our common stock from december 28 , 2013 to december 29 , 2018 ( company 2019s fiscal year-end )  with cumulative total returns of s&p 500 index and s&p retail index over same period.\n comparison assumes $ 100 invested on december 28 , 2013 , in our common stock and in each foregoing indices and case assumes reinvestment of dividends.\n historical stock price performance not indicative of future performance.\n\n| 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | 12/29/2018\n---------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\ntractor supply company | $ 100.00   | $ 104.11   | $ 115.45   | $ 103.33   | $ 103.67   | $ 117.18\ns&p 500                | $ 100.00   | $ 115.76   | $ 116.64   | $ 129.55   | $ 157.84   | $ 149.63\ns&p retail index       | $ 100.00   | $ 111.18   | $ 140.22   | $ 148.53   | $ 193.68   | $ 217.01"
}
{
    "_id": "dd4beffc6",
    "title": "",
    "text": "blackrock information our equity investment in blackrock:.\n carrying value of pnc 2019s investment in blackrock ( in billions ) b ) $ 5. 8 $ 4. 2 a ) includes pnc 2019s share of blackrock 2019s reported gaap earnings additional income taxes on earnings incurred by pnc.\n at december 31.\n blackrock/barclays global investors transaction december 1, 2009  blackrock acquired bgi from barclays bank plc exchange for approximately $ 6. 65 billion cash and 37566771 shares of blackrock common and participating preferred stock.\n bgi transaction blackrock entered amendments to stockholder agreements with pnc other major shareholder.\n amendments changed shareholder rights including composition blackrock board of directors share transfer restrictions became effective upon closing bgi transaction.\n blackrock entered stock purchase agreement with pnc purchased 3556188 shares of blackrock 2019s series d preferred stock at price $ 140. 60 per share  or $ 500 million  to partially finance transaction.\n january 31 , 2010  series d preferred stock converted to series b preferred stock.\n upon closing bgi transaction carrying value of investment in blackrock increased significantly reflecting portion increase in blackrock 2019s equity from value of blackrock shares issued acquisition of bgi.\n pnc recognized increase in value as $ 1. 076 billion pretax gain in fourth quarter of 2009.\n at december 31 , 2009 our percentage ownership of blackrock common stock was approximately 35% ( 35 % ).\n blackrock ltip programs exchange agreements pnc 2019s noninterest income included pretax gains of $ 98 million in 2009 and $ 243 million in 2008 related to blackrock ltip shares obligation.\ngains represented mark-to-market adjustment related to remaining blackrock ltip common shares obligation resulted from decrease in market value of blackrock common shares.\n pnc entered exchange agreement with blackrock on december 26 , 2008.\n transactions from restructured pnc 2019s ownership of blackrock equity without altering pnc 2019s economic interest in blackrock.\n pnc continues subject to limitations on voting rights in existing agreements with blackrock.\n on december 26 , 2008  blackrock entered exchange agreement with merrill lynch in anticipation of consummation of merger of bank of america corporation and merrill lynch on january 1 , 2009.\n pnc and merrill lynch exchange agreements restructured pnc 2019s and merrill lynch 2019s ownership of blackrock common and preferred equity.\n exchange completed on february 27 , 2009.\n pnc 2019s obligation to deliver blackrock common shares replaced with obligation to deliver shares of blackrock 2019s new series c preferred stock.\n pnc acquired 2. 9 million shares of series c preferred stock from blackrock in exchange for common shares same date.\n pnc accounts for these preferred shares at fair value offsets impact of marking-to-market obligation to deliver these shares to blackrock as aligned fair value marks on asset and liability.\n fair value of blackrock series c preferred stock included on our consolidated balance sheet in other assets.\n additional information regarding valuation of blackrock series c preferred stock included in note 8 fair value in notes to consolidated financial statements in item 8 of report.\n pnc accounts for remaining investment in blackrock under equity method of accounting share of blackrock 2019s earnings reduced primarily due to exchange of blackrock common stock for blackrock series c preferred stock.\nseries c preferred stock not in determining pnc 2019s share of blackrock earnings under equity method.\n pnc 2019s percentage ownership of blackrock common stock increased substantial exchange of merrill lynch 2019s blackrock common stock for blackrock preferred stock.\n blackrock preferred stock held by merrill lynch and new blackrock preferred stock issued to merrill lynch and pnc under exchange agreements pnc 2019s share of blackrock common stock higher than overall share of blackrock 2019s equity and earnings.\n transactions related to exchange agreements not affect right to receive dividends by blackrock.\n\n| 2009         | 2008\n------------------------------------------------------------------------- | ------------ | ------------\nbusiness segment earnings ( in millions ) ( a )                           | $ 207        | $ 207\npnc 2019s share of blackrock earnings ( b )                               | 23% ( 23 % ) | 33% ( 33 % )\ncarrying value of pnc 2019s investment in blackrock ( in billions ) ( b ) | $ 5.8        | $ 4.2"
}
{
    "_id": "dd49872ac",
    "title": "",
    "text": "supplementary information on oil gas producing activities unaudited ) summary of changes in standardized measure discounted future net cash flows to proved oil gas reserves ( in millions ) 2007 2006 2005 sales transfers of oil gas produced  net production  transportation administrative costs $ ( 4887 ) $ ( 5312 ) $ ( 3754 ) net changes in prices production transportation administrative costs related to future production 12845 ( 1342 ) 6648.\n\n( in millions )                                                                                           | 2007             | 2006             | 2005\n--------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nsales and transfers of oil and gas produced net of production transportation and administrative costs     | $ -4887 ( 4887 ) | $ -5312 ( 5312 ) | $ -3754 ( 3754 )\nnet changes in prices and production transportation and administrative costs related to future production | 12845            | -1342 ( 1342 )   | 6648\nextensions discoveries and improved recovery less related costs                                           | 1816             | 1290             | 700\ndevelopment costs incurred during the period                                                              | 1654             | 1251             | 1030\nchanges in estimated future development costs                                                             | -1727 ( 1727 )   | -527 ( 527 )     | -552 ( 552 )\nrevisions of previous quantity estimates                                                                  | 290              | 1319             | 820\nnet changes in purchases and sales of minerals in place                                                   | 23               | 30               | 4557\naccretion of discount                                                                                     | 1726             | 1882             | 1124\nnet change in income taxes                                                                                | -6751 ( 6751 )   | -660 ( 660 )     | -6694 ( 6694 )\ntiming and other                                                                                          | -12 ( 12 )       | -14 ( 14 )       | 307\nnet change for the year                                                                                   | 4977             | -2083 ( 2083 )   | 4186\nbeginning of year                                                                                         | 8518             | 10601            | 6415\nend of year                                                                                               | $ 13495          | $ 8518           | $ 10601\nnet change for the year from discontinued operations                                                      | $ 2013           | $ -216 ( 216 )   | $ 162"
}
{
    "_id": "dd4bb5c2c",
    "title": "",
    "text": "derivative instruments see quantitative and qualitative disclosures about market risk for discussion of derivative instruments associated market risk.\n dividends to stockholders dividends of $ 0. 92 per common share or $ 637 million paid during 2007.\n on january 27 , 2008 board of directors declared dividend of $ 0. 24 cents per share on common stock payable march 10 , 2008  to stockholders of record at close of business on february 20 , 2008.\n liquidity and capital resources main sources of liquidity capital resources are internally generated cash flow from operations , committed credit facilities access to debt and equity capital markets.\n ability to access debt capital market supported by investment grade credit ratings.\n senior unsecured debt rated investment grade by standard and poor 2019s corporation , moody 2019s investor services , inc.\n fitch ratings with ratings of bbb+ , baa1 , and bbb+.\n ratings reaffirmed in july 2007 after western acquisition announced.\n alternatives available including internally generated cash flow potential asset sales believe short-term and long-term liquidity adequate to fund operations including capital spending programs  stock repurchase program  repayment of debt maturities amounts paid in connection with contingencies.\n committed $ 3. 0 billion revolving credit facility with third-party financial institutions terminating in may 2012.\n at december 31 , 2007  no borrowings against this facility no commercial paper outstanding under.\n commercial paper program backed by revolving credit facility.\n on july 26 , 2007 filed universal shelf registration statement with securities and exchange commission  well-known seasoned issuer ability to issue and sell indeterminate amount of various types of debt and equity securities.\ncash-adjusted debt-to-capital ratio ( total debt-minus-cash to debt-plus-equity-minus-cash ) was 22 percent at december 31, 2007  compared to six percent at year-end 2006 below.\n includes $ 498 million debt serviced by united states steel.\n ( dollars in millions ) 2007 2006.\n ) following issuance of $ 1. 0 billion revenue bonds by parish of st.\n john the baptist  proceeds were trusteed disbursed upon request for reimbursement of expenditures related to garyville refinery expansion.\n trusteed funds reflected as other noncurrent assets in consolidated balance sheet as of december 31 , 2007.\n\n( dollars in millions )                 | 2007         | 2006\n--------------------------------------- | ------------ | ----------\nlong-term debt due within one year      | $ 1131       | $ 471\nlong-term debt                          | 6084         | 3061\ntotal debt                              | $ 7215       | $ 3532\ncash                                    | $ 1199       | $ 2585\ntrusteed funds from revenue bonds ( a ) | $ 744        | $ 2013\nequity                                  | $ 19223      | $ 14607\ncalculation:                            |              |\ntotal debt                              | $ 7215       | $ 3532\nminus cash                              | 1199         | 2585\nminus trusteed funds from revenue bonds | 744          | 2013\ntotal debt minus cash                   | 5272         | 947\ntotal debt                              | 7215         | 3532\nplus equity                             | 19223        | 14607\nminus cash                              | 1199         | 2585\nminus trusteed funds from revenue bonds | 744          | 2013\ntotal debt plus equity minus cash       | $ 24495      | $ 15554\ncash-adjusted debt-to-capital ratio     | 22% ( 22 % ) | 6% ( 6 % )"
}
{
    "_id": "dd4979f76",
    "title": "",
    "text": "backlog applied manufactures systems to meet demand represented by order backlog and customer commitments.\n backlog consists of : ( 1 ) orders for written authorizations accepted assigned shipment dates within next 12 months  or shipment occurred but revenue not recognized ; ( 2 ) contractual service revenue and maintenance fees earned within next 12 months.\n backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was follows : 2014 2013 ( in millions , except percentages ).\n applied 2019s backlog on date not indicative of actual sales for future periods due to potential for customer changes in delivery schedules or cancellation of orders.\n customers may delay delivery products or cancel orders prior to shipment subject to possible cancellation penalties.\n delays in delivery schedules/or reduction of backlog during period could have adverse effect on applied 2019s business results of operations.\n manufacturing , raw materials supplies applied 2019s manufacturing activities consist primarily of assembly , test integration of proprietary commercial parts , components subassemblies ( collectively , parts ) used to manufacture systems.\n applied implemented distributed manufacturing model manufacturing supply chain activities conducted in various countries including united states  europe  israel  singapore  taiwan other countries in asia  assembly some systems completed at customer sites.\n applied uses numerous vendors  including contract manufacturers, to supply parts assembly services for manufacture support of products.\n applied efforts to assure parts available from multiple qualified suppliers not always possible.\n some key parts may be obtained from single supplier or limited group of suppliers.\napplied seeks to reduce costs lower risks of manufacturing service interruptions by 1 selecting qualifying alternate suppliers for key parts 2 monitoring financial condition of key suppliers 3 maintaining appropriate inventories of key parts 4 qualifying new parts timely basis 5 ) locating manufacturing operations in close proximity to suppliers customers.\n research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products enable expansion into new markets.\n company 2019s significant investment in research , development engineering ( rd&e ) enabled it to deliver new products technologies before emergence strong demand, allowing customers to incorporate these products into manufacturing plans at early stage in technology selection cycle.\n applied works closely with global customers to design systems processes meet planned technical production requirements.\n product development engineering organizations located primarily in united states europe  israel taiwan  china.\n in applied outsources certain rd&e activities  some performed outside united states  primarily in india singapore.\n process support customer demonstration laboratories located in united states , china  taiwan  europe  israel.\n applied 2019s investments in rd&e for product development engineering programs to create improve products technologies over last three years were follows : $ 1. 4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1. 3 billion ( 18 percent of net sales ) in fiscal 2013  $ 1. 2 billion ( 14 percent of net sales ) in fiscal 2012.\n applied spent average of 13 percent of net sales in rd&e over last five years.\n in addition to rd&e for specific product technologies  applied maintains ongoing programs for automation control systems  materials research  environmental control applicable to its products.\n\n| 2014   | 2013           |        | ( in millions except percentages )\n---------------------------------- | ------ | -------------- | ------ | ----------------------------------\nsilicon systems group              | $ 1400 | 48% ( 48 % )   | $ 1295 | 55% ( 55 % )\napplied global services            | 775    | 27% ( 27 % )   | 591    | 25% ( 25 % )\ndisplay                            | 593    | 20% ( 20 % )   | 361    | 15% ( 15 % )\nenergy and environmental solutions | 149    | 5% ( 5 % )     | 125    | 5% ( 5 % )\ntotal                              | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % )"
}
{
    "_id": "dd4bb216c",
    "title": "",
    "text": "f0b7 financial expectations 2013 cautious about economic environment assuming industrial production grows approximately 3% ( 3 % ) as projected volume should exceed 2013 levels.\n even with no volume growth expect earnings to exceed 2013 earnings generated by core pricing gains network improvements productivity initiatives.\n expect free cash flow for 2014 lower than 2013 higher cash from operations offset by additional cash of approximately $ 400 million used to pay income taxes previously deferred through bonus depreciation increased capital spend higher dividend payments.\n results of operations operating revenues millions 2013 2012 2011 % ( % ) change 2013 v 2012 % ( % ) change 2012 v 2011.\n generate freight revenues by transporting freight materials from six commodity groups.\n freight revenues vary with volume ( carloads ) arc.\n changes in price  traffic mix fuel surcharges drive arc.\n provide customers with contractual incentives for meeting or exceeding specified cumulative volumes shipping to from specific locations record as reductions to freight revenues based on actual or projected future shipments.\n recognize freight revenues as shipments move from origin to destination.\n allocate freight revenues between reporting periods based on relative transit time recognize expenses as incur them.\n other revenues include revenues earned by subsidiaries revenues from commuter rail operations accessorial revenues earn when customers retain equipment owned or controlled perform additional services switching storage.\n recognize other revenues as perform services meet contractual obligations.\n freight revenues from five of six commodity groups increased during 2013 compared to 2012.\n revenue from agricultural products down slightly compared to 2012.\n arc increased 5% ( 5 % )  driven by core pricing gains shifts in business mix automotive logistics management arrangement.\nvolume flat year over year growth in automotives frac sand crude oil domestic intermodal offset declines in coal  international intermodal grain shipments.\n freight revenues from four of six commodity groups increased during 2012 compared to 2011.\n revenues from coal agricultural products declined year.\n franchise diversity allowed advantage of growth from shale-related markets ( crude oil frac sand pipe ) strong automotive manufacturing offset volume declines from coal agricultural products.\n arc increased 7% ( 7 % ) driven by core pricing gains higher fuel cost recoveries.\n improved fuel recovery provisions higher fuel prices lag effect of programs ( surcharges trail fluctuations fuel price two months ) combined to increase revenues from fuel surcharges.\n fuel surcharge programs generated freight revenues of $ 2. 6 billion , $ 2. 6 billion  $ 2. 2 billion in 2013 , 2012  2011 .\n fuel surcharge in 2013 flat versus 2012 lower fuel price offset improved fuel recovery provisions lag effect of programs ( fuel price ).\n rising fuel prices more shipments subject to fuel surcharges drove increase from 2011 to 2012.\n in 2013  other revenue increased from 2012 due to miscellaneous contract revenue higher revenues at subsidiaries broker intermodal automotive services.\n in 2012  other revenues increased from 2011 due to higher revenues at subsidiaries broker intermodal automotive services.\n assessorial revenues increased in 2012 due to container revenue related to increase in intermodal shipments.\n\nmillions         | 2013    | 2012    | 2011    | % (  % ) change 2013 v 2012 | % (  % ) change 2012 v 2011\n---------------- | ------- | ------- | ------- | --------------------------- | ---------------------------\nfreight revenues | $ 20684 | $ 19686 | $ 18508 | 5% ( 5 % )                  | 6% ( 6 % )\nother revenues   | 1279    | 1240    | 1049    | 3                           | 18\ntotal            | $ 21963 | $ 20926 | $ 19557 | 5% ( 5 % )                  | 7% ( 7 % )"
}
{
    "_id": "dd4b87a02",
    "title": "",
    "text": "entergy mississippi , inc.\n management's financial discussion analysis results of operations net income 2008 compared to 2007 net income decreased $ 12. 4 million due to higher operation maintenance expenses  lower other income  higher depreciation and amortization expenses  partially offset by higher net revenue.\n 2007 compared to 2006 net income increased $ 19. 8 million due to higher net revenue  lower other operation maintenance expenses higher other income lower interest expense partially offset by higher depreciation and amortization expenses.\n net revenue 2008 compared to 2007 consists of operating revenues net of 1 fuel , fuel-related expenses  gas purchased for resale 2 ) purchased power expenses  3 ) other regulatory charges.\n analysis of change in net revenue comparing 2008 to 2007.\n amount ( in millions ).\n attala costs variance due to increase in attala power plant costs recovered through power management rider.\n net income effect of recovery limited to portion allowed return on equity remainder offset by attala power plant costs in other operation maintenance expenses  depreciation expenses  taxes other than income taxes.\n recovery of attala power plant costs discussed in \"liquidity and capital resources - uses of capital\" below.\n rider revenue variance result of storm damage rider effective in october 2007.\n establishment rider results in increase in rider revenue increase in other operation and maintenance expense for storm reserve no effect on net income.\n base revenue variance due to formula rate plan increase effective july 2007.\n formula rate plan filing discussed in \"state and local rate regulation\" below.\n reserve equalization variance due to changes in entergy system generation mix compared to same period in 2007.\n\n| amount ( in millions )\n--------------------- | ----------------------\n2007 net revenue      | $ 486.9\nattala costs          | 9.9\nrider revenue         | 6.0\nbase revenue          | 5.1\nreserve equalization  | -2.4 ( 2.4 )\nnet wholesale revenue | -4.0 ( 4.0 )\nother                 | -2.7 ( 2.7 )\n2008 net revenue      | $ 498.8"
}
{
    "_id": "dd4b9c790",
    "title": "",
    "text": "likelihood of clawback improbable.\n company records deferred carried interest liability receives cash or capital allocations related to carried interest prior to meeting revenue recognition criteria.\n at december 31 , 2017 and 2016  company had $ 219 million and $ 152 million  of deferred carried interest recorded in other liabilities of consolidated vies on consolidated statements of financial condition.\n portion of deferred carried interest liability paid to certain employees.\n ultimate timing of recognition of performance fee revenue for products unknown.\n table presents changes in deferred carried interest liability ( including portion related to consolidated vies ) for 2017 and 2016:.\n for 2017 , 2016 2015  performance fee revenue included recognized carried interest ) totaled $ 594 million , $ 295 million and $ 621 million  respectively.\n fees earned for technology and risk management revenue recorded as services performed determined using value of positions on aladdin platform or fixed-rate basis.\n for 2017 , 2016 and 2016  technology and risk management revenue totaled $ 677 million, $ 595 million and $ 528 million  respectively.\n adjustments to revenue from initial estimates immaterial majority of blackrock 2019s investment advisory and administration revenue calculated based on aum company not record performance fee revenue until performance thresholds exceeded likelihood of clawback improbable.\n accounting developments recent accounting pronouncements not yet adopted.\n revenue from contracts with customers.\n in may 2014  financial accounting standards board ( 201d ) issued accounting standards update ( 201casu 201d ) 2014-09  revenue from contracts with customers ( 201casu 2014-09 201d ).\nasu 2014-09 outlines single comprehensive model for entities accounting for revenue from contracts with customers supersedes current revenue recognition guidance including industry-specific guidance.\n guidance changes accounting for certain contract costs revises criteria for determining if entity acting as principal or agent in certain arrangements.\n key changes standard impact company 2019s revenue recognition relate to presentation of revenue contracts and associated contract costs.\n significant changes relates to presentation of distribution costs  currently presented net against revenues ( contra-revenue ) will presented as expense on gross basis.\n company adopted asu 2014-09 effective january 1, 2018 on full retrospective basis require 2016 and 2017 to be restated in future filings.\n cumulative effect adjustment to 2016 opening retained earnings not material.\n company expects net gross up to revenue to be approximately $ 1 billion with corresponding gross up to expense for both 2016 and 2017.\n company expects gaap operating margin to decline upon adoption due to gross up of revenue.\n no material impact expected on company 2019s adjusted operating margin.\n for accounting pronouncements company adopted during year ended december 31 , 2017 for additional recent accounting pronouncements not yet adopted see note 2 , significant accounting policies in consolidated financial statements in part ii , item 8 of filing.\n item 7a.\n quantitative and qualitative disclosures about market risk market price risk.\n blackrock 2019s investment advisory and administration fees primarily comprised of fees based on percentage of value of aum and in some performance fees expressed as percentage of returns realized on aum.\n at december 31 , 2017 majority of company 2019s investment advisory and administration fees were based on average or period end aum of applicable investment funds or separate accounts.\nmovements in equity market prices  interest rates/credit spreads  foreign exchange rates or all three could cause value of aum to decline result in lower investment advisory and administration fees.\n corporate investments portfolio risks.\n as a leading investment management firm , blackrock devotes resources to identifying  measuring monitoring  managing analyzing market and operating risks  including management and oversight of its own investment portfolio.\n board of directors company adopted guidelines for review of investments requiring investments be reviewed by certain senior officers company, certain investments may be referred to audit committee or board of directors  depending on circumstances for approval.\n in normal business blackrock is exposed to equity market price risk  interest rate/credit spread risk foreign exchange rate risk associated with its corporate investments.\n blackrock has investments primarily in sponsored investment products invest in variety of asset classes including real assets  private equity hedge funds.\n investments generally are made for co-investment purposes  establish performance track record  hedge exposure to certain deferred compensation plans or for regulatory purposes.\n company has a seed capital hedging program in enters into swaps to hedge market and interest rate exposure to certain investments.\n at december 31 , 2017 , company had outstanding total return swaps with aggregate notional value of approximately $ 587 million.\n at december 31 , 2017 , no outstanding interest rate swaps.\n\n( in millions )                                     | 2017       | 2016\n--------------------------------------------------- | ---------- | ----------\nbeginning balance                                   | $ 152      | $ 143\nnet increase ( decrease ) in unrealized allocations | 75         | 37\nperformance fee revenue recognized                  | -21 ( 21 ) | -28 ( 28 )\nacquisition                                         | 13         | 2014\nending balance                                      | $ 219      | $ 152"
}
{
    "_id": "dd4c1e5c4",
    "title": "",
    "text": "zimmer holdings , inc.\n 2013 form 10-k annual report notes to consolidated financial statements continued ) state income tax returns subject to examination for 3 to 5 years after filing return.\n state impact of federal changes remains subject to examination by various states for up to one year after formal notification states.\n various state income tax returns in process of examination , administrative appeals or litigation.\n tax returns under examination in foreign jurisdictions.\n foreign jurisdictions have statutes of limitations ranging from 3 to 5 years.\n years open to examination by foreign tax authorities in major jurisdictions include : australia ( 2009 canada ( 2007 france ( 2011 germany ( 2009 ireland 2009 italy ( 2010 japan ( 2010 korea ( 2008 puerto rico ( 2008 switzerland ( 2012 united kingdom ( 2012 onward ).\n 16.\n capital stock and earnings per share authorized to issue 250 million shares of preferred stock  none issued or outstanding as of december 31 , 2013.\n numerator for basic and diluted earnings per share is net earnings available to common stockholders.\n denominator for basic earnings per share is weighted average number of common shares outstanding during period.\n denominator for diluted earnings per share is weighted average shares outstanding adjusted for effect of dilutive stock options and other equity awards.\n reconciliation of weighted average shares for basic and diluted share computations ( in millions ) :.\n weighted average shares outstanding for basic net earnings per share 169. 6 174. 9 187. 6 effect of dilutive stock options and other equity awards 2. 2 1. 1 1. 1 weighted average shares outstanding for diluted net earnings per share 171. 8 176. 0 188. 7 for year ended december 31 , 2013 , average of 3.1 million options to purchase shares common stock not included in computation diluted earnings per share as exercise prices options greater than average market price of common stock.\n for years ended december 31 , 2012 and 2011 , average of 11. 9 million and 13. 2 million options not included.\n during 2013  repurchased 9. 1 million shares of common stock at average price of $ 78. 88 per share for total cash outlay of $ 719. 0 million  including commissions.\n effective january 1 , 2014  new share repurchase program authorizes purchases of up to $ 1. 0 billion with no expiration date.\n no further purchases made under previous share repurchase program.\n.\n segment data we design , develop , manufacture and market orthopaedic reconstructive implants , biologics, dental implants, spinal implants , trauma products and related surgical products include surgical supplies and instruments to aid in surgical procedures post-operation rehabilitation.\n provide other healthcare-related services.\n manage operations through three major geographic segments americas , principally u.\n includes north , central south american markets ; europe  includes middle east and african markets ; and asia pacific , primarily of japan includes other asian and pacific markets.\n structure basis for reportable segment information.\n management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to share-based payment expense , inventory step-up certain other inventory and manufacturing related charges  201ccertain claims , 201d goodwill impairment  201cspecial items  201d and global operations and corporate functions.\n operations corporate functions include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions.puerto rico ireland-based manufacturing operations logistics intangible asset amortization from business combination accounting.\n intercompany transactions eliminated from segment operating profit.\n management reviews accounts receivable  inventory  property plant equipment  goodwill intangible assets by reportable segment exclusive of u. s.  puerto rico ireland-based manufacturing operations logistics corporate assets.\n\nfor the years ended december 31,                                       | 2013  | 2012  | 2011\n---------------------------------------------------------------------- | ----- | ----- | -----\nweighted average shares outstanding for basic net earnings per share   | 169.6 | 174.9 | 187.6\neffect of dilutive stock options and other equity awards               | 2.2   | 1.1   | 1.1\nweighted average shares outstanding for diluted net earnings per share | 171.8 | 176.0 | 188.7"
}
{
    "_id": "dd4bc0884",
    "title": "",
    "text": "stock total return performance graph compares our total return to stockholders with returns standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and dow jones us select health care providers index ( 201cpeer group 201d ) for five years ended december 31 , 2017.\n graph assumes investment of $ 100 in each our common stock , s&p 500  peer group on december 31 , 2012  dividends reinvested when paid.\n stock price performance graph not indicative of future stock price performance.\n\n| 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017\n---------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nhum        | $ 100      | $ 152      | $ 214      | $ 267      | $ 307      | $ 377\ns&p 500    | $ 100      | $ 132      | $ 150      | $ 153      | $ 171      | $ 208\npeer group | $ 100      | $ 137      | $ 175      | $ 186      | $ 188      | $ 238"
}
{
    "_id": "dd4bb3ea4",
    "title": "",
    "text": "affected by lower sales volume of cabinets divestiture of arrow and moores businesses unfavorable sales mix of international plumbing products decreased sales by two percent compared to 2016.\n net sales for 2016 positively affected by increased sales volume of plumbing products  paints other coating products builders' hardware increased sales by approximately five percent compared to 2015.\n net sales 2016 positively affected by favorable sales mix of cabinets and windows net selling price increases of north american windows north american international plumbing products increased sales approximately one percent.\n net sales for 2016 negatively affected by lower sales volume of cabinets lower net selling prices of paints other coating products decreased sales by two percent.\n net sales for 2015 positively affected by increased sales volume of plumbing products  paints other coating products windows builders' hardware.\n net sales for 2015 positively affected by net selling price increases of plumbing products  cabinets windows sales mix of north american cabinets and windows.\n net sales for 2015 negatively affected by lower sales volume of cabinets lower net selling prices of paints other coating products.\n gross profit margins were 34. 2 percent , 33. 4 percent 31. 5 percent in 2017 , 2016 2015 .\n 2017 and 2016 gross profit margins positively impacted by increased sales volume favorable relationship between net selling prices commodity costs cost savings initiatives.\n 2016 gross profit margins negatively impacted by increase in warranty costs from change in estimate of expected future warranty claim costs.\n selling , general and administrative expenses as percent of sales were 18. 9 percent in 2017 compared with 19. 1 percent in 2016 and 18. 7 percent in 2015.\nselling , general and administrative expenses as a percent of sales in 2017 reflect increased sales and the effect of cost containment measures , partially offset by an increase in strategic growth investments , stock-based compensation , health insurance costs and trade show costs.\n selling , general and administrative expenses as a percent of sales in 2016 reflect strategic growth investments , erp system implementation costs and higher insurance costs.\n the following table reconciles reported operating profit to operating profit , as adjusted to exclude certain items , dollars in millions:.\n operating profit margins in 2017 and 2016 were positively affected by increased sales volume , cost savings initiatives , and a more favorable relationship between net selling prices and commodity costs.\n operating profit margin in 2017 was negatively impacted by an increase in strategic growth investments and certain other expenses , including stock-based compensation , health insurance costs , trade show costs and increased head count.\n operating profit margin in 2016 was negatively impacted by an increase in warranty costs by a business in our windows and other specialty products segment and an increase in strategic growth investments , as well as erp system implementation costs and higher insurance costs.\n.\n.\n.\n.\n..\n.\n\n| 2017             | 2016             | 2015\n---------------------------------------- | ---------------- | ---------------- | ----------------\noperating profit as reported             | $ 1169           | $ 1053           | $ 914\nrationalization charges                  | 4                | 22               | 18\ngain from sale of property and equipment | 2014             | 2014             | -5 ( 5 )\noperating profit as adjusted             | $ 1173           | $ 1075           | $ 927\noperating profit margins as reported     | 15.3% ( 15.3 % ) | 14.3% ( 14.3 % ) | 12.8% ( 12.8 % )\noperating profit margins as adjusted     | 15.3% ( 15.3 % ) | 14.6% ( 14.6 % ) | 13.0% ( 13.0 % )"
}
{
    "_id": "dd4bb6a78",
    "title": "",
    "text": "management 2019s discussion analysis net revenues in equities were $ 8. 26 billion for 2011 , 2% ( 2 % ) higher than 2010.\n during 2011  average volatility levels increased equity prices in europe and asia declined particularly during third quarter.\n increase in net revenues reflected higher commissions and fees  due to higher market volumes particularly third quarter of 2011.\n net revenues in securities services increased compared with 2010  reflecting impact of higher average customer balances.\n equities client execution net revenues lower than 2010  primarily reflecting lower net revenues in shares.\n net gain attributable to impact of changes in credit spreads on borrowings for fair value option elected was $ 596 million ( $ 399 million and $ 197 million related to fixed income, currency commodities client execution equities client execution ) for 2011 , compared with net gain of $ 198 million ( $ 188 million and $ 10 million related to fixed income , currency commodities client execution equities client execution  ) for 2010.\n institutional client services operated in environment by increased concerns regarding weakened global economies  heightened european sovereign debt risk  impact on european banking system global financial institutions.\n conditions impacted expectations for economic prospects in united states reflected in equity and debt markets broadly.\n downgrade in credit ratings of u. s.\n government federal agencies many financial institutions during second half of 2011 contributed to further uncertainty in markets.\n these concerns other broad market concerns uncertainty over financial regulatory reform  negative impact on net revenues during 2011.\n operating expenses were $ 12.84 billion for 2011 , 14% ( 14 % ) lower than 2010 due to decreased compensation benefits expenses from lower net revenues lower net provisions for litigation regulatory proceedings ( 2010 included $ 550 million related to settlement with sec ) impact of.\n bank payroll tax during 2010 impairment of nyse dmm rights of $ 305 million during 2010.\n decreases partially offset by higher brokerage , clearing exchange distribution fees reflecting higher transaction volumes in equities.\n pre-tax earnings were $ 4. 44 billion in 2011 35% ( 35 % ) lower than 2010.\n investing & lending lending includes investing activities origination of loans to provide financing to clients.\n investments loans typically longer-term.\n make investments indirectly through funds manage in debt securities loans  public private equity securities  real estate  consolidated investment entities power generation facilities.\n table presents operating results of investing & lending segment.\n 2012 versus 2011.\n net revenues in investing & lending were $ 5. 89 billion and $ 2. 14 billion for 2012 and 2011  respectively.\n 2012 investing net revenues positively impacted by tighter credit spreads increase in global equity prices.\n results for 2012 included gain of $ 408 million from investment in ordinary shares of icbc net gains of $ 2. 39 billion from other investments in equities primarily private equities net gains net interest income of $ 1. 85 billion from debt securities loans other net revenues of $ 1. 24 billion related to consolidated investment entities.\n if equity markets decline or credit spreads widen net revenues in investing & lending likely be negatively impacted.\n operating expenses were $ 2. 67 billion for 2012 unchanged compared with 2011.\npre-tax earnings $ 3. 23 billion 2012 compared pre-tax loss $ 531 million 2011.\n goldman sachs 2012 annual report 55\n\nin millions                          | year ended december 2012 | year ended december 2011 | year ended december 2010\n------------------------------------ | ------------------------ | ------------------------ | ------------------------\nicbc                                 | $ 408                    | $ -517 ( 517 )           | $ 747\nequity securities ( excluding icbc ) | 2392                     | 1120                     | 2692\ndebt securities and loans            | 1850                     | 96                       | 2597\nother                                | 1241                     | 1443                     | 1505\ntotal net revenues                   | 5891                     | 2142                     | 7541\noperating expenses                   | 2666                     | 2673                     | 3361\npre-tax earnings/ ( loss )           | $ 3225                   | $ -531 ( 531 )           | $ 4180"
}
{
    "_id": "dd4c4f6b0",
    "title": "",
    "text": "financing activities decrease in cash used in 2010 relative to 2009 attributable to decrease in commercial paper repayments net proceeds from share issuance to bm&fbovespa termination of nymex securities lending program in 2009.\n decrease partially offset by distribution to dow jones of $ 607. 5 million related to index services increase in share repurchases of $ 548. 3 million.\n share repurchases increased to offset dilution associated with issuance of shares to bm&fbovespa.\n increase in cash used in 2009 relative to 2008 due to new issuances of debt of $ 2. 9 billion in 2008 with merger with nymex holdings compared with net debt reductions of $ 900. 1 million in debt instruments.\n table summarizes debt outstanding as of december 31 , 2010:.\n fixed rate notes due march 2018  interest equal to 4. 40% ( 4. 40 % ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n. ( in september 2008 company entered into interest rate swap agreement that modified variable interest obligation associated with loan interest payable became fixed at rate of 4. 72% ( 4. 72 % ) beginning with interest accrued after october 22 , 2008.\n interest rate swap agreement terminated on january 11 , 2011 when loan repaid.\n in march 2010  completed unregistered offering of fixed rate notes due 2018.\n net proceeds from offering used to fund distribution to dow jones with investment in index services.\nfebruary 2010  entered forward-starting interest rate swap agreement modified interest obligation associated with notes interest payable on notes became fixed at rate of 4. 46% ( 4. 46 % ) beginning with interest accrued after march 18 , 2010.\n maintained $ 1. 4 billion senior credit facility with various financial institutions including $ 420. 5 million term loan and $ 945. 5 million revolving credit facility.\n senior credit facility terminated on january 11 , 2011.\n commercial paper outstanding backed by revolving credit facility.\n under senior credit facility required to maintain consolidated net worth of at least $ 12. 1 billion.\n effective january 11, 2011  entered into new $ 1. 0 billion multi-currency revolving senior credit facility with various financial institutions.\n proceeds from revolving senior credit facility be used for general corporate purposes includes providing liquidity for clearing house.\n not in default under new senior credit facility option to increase facility to time by aggregate amount of up to $ 1. 8 billion with consent of agent and lenders providing additional funds.\n new senior credit facility matures in january 2014 voluntarily prepayable time to without premium or penalty.\n under new credit facility required to remain in compliance with consolidated net worth test  defined as consolidated shareholders 2019 equity as of september 30 , 2010  giving effect to share repurchases made and special dividends paid during term of agreement ( no event greater than $ 2. 0 billion in aggregate ) multiplied by 0. 65.\n maintain 364-day fully secured , committed line of credit with consortium of domestic and international banks used in certain situations by our clearing house.\nwe may use proceeds to provide temporary liquidity in unlikely event clearing firm default , event liquidity constraint or default by depositary ( custodian for our collateral ), or event temporary disruption with domestic payments system delay payment of settlement variation between us and clearing firms.\n clearing firm guaranty fund contributions received in form of u. s.\n treasury securities , government agency securities or\n\n( in millions )                                                                | par value\n------------------------------------------------------------------------------ | ---------\nterm loan due 2011 interest equal to 3-month libor plus 1.00% ( 1.00 % ) ( 1 ) | $ 420.5\nfixed rate notes due august 2013 interest equal to 5.40% ( 5.40 % )            | 750.0\nfixed rate notes due february 2014 interest equal to 5.75% ( 5.75 % )          | 750.0\nfixed rate notes due march 2018 interest equal to 4.40% ( 4.40 % ) ( 2 )       | 612.5"
}
{
    "_id": "dd4bcce18",
    "title": "",
    "text": "acquisition added 1700 water customers nearly 2000 wastewater customers.\n tex as assets served 4200 water 1100 wastewater customers in greater houston metropolitan result of sales regulated subsidiaries presented as discontinued operations for all periods.\n amounts statistics tables in section refer to on-going operations unless otherwise noted.\n following table sets forth regulated businesses operating revenue for 2013 number of customers from continuing operations estimate of population served as of december 31 , 2013 : operating revenues ( in millions ) % ( % ) of total number of customers % ( % ) of total estimated population served ( in millions ) % ( % ) of total.\n ( a ) includes illinois-american water company  ilawc american lake water company  regulated subsidiary in illinois.\n ( b ) west virginia-american water company  wvawc  subsidiary bluefield valley water works company.\n ( c ) includes data from operating subsidiaries in states : georgia , hawaii , iowa, kentucky , maryland, michigan new york  tennessee virginia.\n approximately 87. 5 % ( % ) of operating revenue from regulated businesses in 2013 generated from approximately 2. 7 million customers in seven largest states operating revenues.\n in fiscal year 2013  no single customer accounted for more than 10% ( 10 % ) of annual operating revenue.\n overview of networks facilities water supply regulated businesses operate in approximately 1500 communities in 16 states in united states.\n primary operating assets include 87 dams 80 surface water treatment plants  500 groundwater treatment plants  1000 groundwater wells  100 wastewater treatment facilities  1200 treated water storage facilities  1300 pumping stations  47000 miles of mains collection pipes.\nregulated utilities own substantially all assets used by our regulated businesses.\n we generally own land and physical assets used to store , extract treat source water.\n typically  do not own water itself , held in public trust allocated to us through contracts allocation rights by federal and state agencies or through ownership of water rights local law.\n maintaining reliability of networks is key activity of regulated businesses.\n we have ongoing infrastructure renewal programs in all states in regulated businesses operate.\n these programs consist of rehabilitation of existing mains and replacement of mains end of useful service lives.\n our ability to meet existing future water demands of customers depends on adequate supply of water.\n drought  governmental restrictions overuse of sources of water  protection of threatened species or\n\nnew jersey                    | operatingrevenues ( in millions ) $ 638.0 | % (  % ) of total 24.6% ( 24.6 % ) | number ofcustomers 647168 | % (  % ) of total 20.1% ( 20.1 % ) | estimatedpopulationserved ( in millions ) 2.5 | % (  % ) of total 21.7% ( 21.7 % )\n----------------------------- | ----------------------------------------- | ---------------------------------- | ------------------------- | ---------------------------------- | --------------------------------------------- | ----------------------------------\npennsylvania                  | 571.2                                     | 22.0% ( 22.0 % )                   | 666947                    | 20.7% ( 20.7 % )                   | 2.1                                           | 18.3% ( 18.3 % )\nmissouri                      | 264.8                                     | 10.2% ( 10.2 % )                   | 464232                    | 14.4% ( 14.4 % )                   | 1.5                                           | 13.1% ( 13.1 % )\nillinois ( a )                | 261.7                                     | 10.1% ( 10.1 % )                   | 311464                    | 9.7% ( 9.7 % )                     | 1.2                                           | 10.4% ( 10.4 % )\ncalifornia                    | 209.5                                     | 8.1% ( 8.1 % )                     | 173986                    | 5.4% ( 5.4 % )                     | 0.6                                           | 5.2% ( 5.2 % )\nindiana                       | 199.2                                     | 7.7% ( 7.7 % )                     | 293345                    | 9.1% ( 9.1 % )                     | 1.2                                           | 10.4% ( 10.4 % )\nwest virginia ( b )           | 124.2                                     | 4.8% ( 4.8 % )                     | 173208                    | 5.4% ( 5.4 % )                     | 0.6                                           | 5.2% ( 5.2 % )\nsubtotal ( top seven states ) | 2268.6                                    | 87.5% ( 87.5 % )                   | 2730350                   | 84.8% ( 84.8 % )                   | 9.7                                           | 84.3% ( 84.3 % )\nother ( c )                   | 325.3                                     | 12.5% ( 12.5 % )                   | 489149                    | 15.2% ( 15.2 % )                   | 1.8                                           | 15.7% ( 15.7 % )\ntotal regulated businesses    | $ 2593.9                                  | 100.0% ( 100.0 % )                 | 3219499                   | 100.0% ( 100.0 % )                 | 11.5                                          | 100.0% ( 100.0 % )"
}
{
    "_id": "dd496fd78",
    "title": "",
    "text": "addition to committed credit facilities subsidiaries maintain short-term credit arrangements to meet working capital needs.\n these credit arrangements  amounted to approximately $ 2. 9 billion at december 31 , 2015 , and $ 3. 2 billion at december 31 , 2014 for sole use of subsidiaries.\n borrowings under arrangements amounted to $ 825 million at december 31 , 2015  and $ 1. 2 billion at december 31 , 2014.\n commercial paper program 2013 commercial paper programs in in u. s.\n and europe.\n at december 31 , 2015 and december 31 , 2014 no commercial paper outstanding.\n effective april 19 , 2013  commercial paper program in u. s.\n increased by $ 2. 0 billion.\n commercial paper programs in u. s.\n and in europe have aggregate issuance capacity of $ 8. 0 billion.\n expect existence of commercial paper program and committed credit facilities with operating cash flows will enable us to meet liquidity requirements.\n sale of accounts receivable 2013 to mitigate credit risk enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions.\n arrangements allow us to sell ongoing certain trade receivables without recourse.\n trade receivables sold are generally short-term removed from consolidated balance sheets.\n sell trade receivables under two types of arrangements , servicing and non-servicing.\n operating cash flows impacted by amount trade receivables sold and derecognized from consolidated balance sheets remained outstanding with unaffiliated financial institutions.\n trade receivables sold remained outstanding arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively.\n net proceeds received included in cash provided by operating activities in consolidated statements of cash flows.\nfurther details see item 8 , note 23.\n sale of accounts receivable to consolidated financial statements.\n debt 2013 total debt was $ 28. 5 billion at december 31 , 2015  $ 29. 5 billion at december 31 , 2014.\n total debt primarily fixed rate nature.\n further details see item 8 , note 7.\n indebtedness.\n weighted-average all-in financing cost of total debt was 3. 0% ( 3. 0 % ) in 2015  compared to 3. 2% ( 3. 2 % ) in 2014.\n see item 8, note 16.\n fair value measurements to consolidated financial statements discussion disclosures related fair value of debt.\n amount of debt can issue subject to approval by board of directors.\n on february 21, 2014 filed shelf registration statement with u.\n securities and exchange commission  may sell debt securities and/or warrants to purchase debt securities over three-year period.\n debt issuances in 2015 were follows : ( in millions ) type face value interest rate issuance maturity u.\n dollar notes ( a ) $ 500 1. 250% ( 1. 250 % ) august 2015 august 2017.\n dollar notes ( a ) $ 750 3. 375% ( 3. 375 % ) august 2015 august 2025 interest on notes payable annually in arrears beginning february 2016.\n net proceeds from sale of securities used for general corporate purposes.\n weighted-average time to maturity of long-term debt was 10. 8 years at end of 2014 10. 5 years at end of 2015.\n 2022 off-balance sheet arrangements aggregate contractual obligations no off-balance sheet arrangements including special purpose entities  other than guarantees and contractual obligations discussed below.\n committed credit facilities subsidiaries maintain short-term credit arrangements to meet working capital needs.\ncredit arrangements amounted to approximately $ 2. 9 billion at december 31 , 2015  and $ 3. 2 billion at december 31 , 2014 for sole use of subsidiaries.\n borrowings under arrangements amounted to $ 825 million at december 31 , 2015  $ 1. 2 billion at december 31 , 2014.\n commercial paper program 2013 commercial paper programs in in u. s.\n and in europe.\n at december 31 , 2015 and december 31 , 2014 no commercial paper outstanding.\n effective april 19 , 2013 commercial paper program in u. s.\n increased by $ 2. 0 billion.\n commercial paper programs in u. s.\n europe have aggregate issuance capacity of $ 8. 0 billion.\n expect existence of commercial paper program and committed credit facilities with operating cash flows will enable to meet liquidity requirements.\n sale of accounts receivable 2013 to mitigate credit risk enhance cash and liquidity management sell trade receivables to unaffiliated financial institutions.\n arrangements allow to sell ongoing basis certain trade receivables without recourse.\n trade receivables sold generally short-term removed from consolidated balance sheets.\n sell trade receivables under two types of arrangements  servicing and non-servicing.\n operating cash flows impacted by amount trade receivables sold and derecognized from consolidated balance sheets remained outstanding with unaffiliated financial institutions.\n trade receivables sold remained outstanding under arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million  respectively.\n net proceeds received included in cash provided by operating activities in consolidated statements of cash flows.\n for further details see item 8 , note 23.\n sale of accounts receivable to consolidated financial statements.\ndebt 2013 total debt was $ 28. 5 billion at december 31, 2015 $ 29. 5 billion at december 31 , 2014.\n total debt primarily fixed rate.\n for further details see item 8 , note 7.\n indebtedness.\n weighted-average all-in financing cost of total debt was 3. 0% ( 3. 0 % ) in 2015  compared to 3. 2% ( 3. 2 % ) in 2014.\n see item 8 , note 16.\n fair value measurements to consolidated financial statements discussion of disclosures related fair value of debt.\n amount of debt can issue subject to approval by board of directors.\n february 21, 2014 filed shelf registration statement with.\n securities and exchange commission  may sell debt securities/or warrants to purchase debt securities over three-year period.\n debt issuances in 2015 were : ( in millions ) type face value interest rate issuance maturity.\n dollar notes ( a ) $ 500 1. 250% ( 1. 250 % ) august 2015 august 2017.\n dollar notes ( a ) $ 750 3. 375% ( 3. 375 % ) august 2015 august 2025 interest on notes payable annually in arrears beginning february 2016.\n net proceeds from sale of securities used for general corporate purposes.\n weighted-average time to maturity of long-term debt was 10. 8 years at end of 2014 10. 5 years at end of 2015.\n 2022 off-balance sheet arrangements aggregate contractual obligations no off-balance sheet arrangements including special purpose entities other than guarantees and contractual obligations discussed below.\n\ntype               |       | face value | interest rate      | issuance    | maturity\n------------------ | ----- | ---------- | ------------------ | ----------- | -----------\nu.s . dollar notes | ( a ) | $ 500      | 1.250% ( 1.250 % ) | august 2015 | august 2017\nu.s . dollar notes | ( a ) | $ 750      | 3.375% ( 3.375 % ) | august 2015 | august 2025"
}
{
    "_id": "dd4973a2c",
    "title": "",
    "text": "result of acquisition of third wave on july 24 , 2008 , we assumed certain operating leases  most significant related to their corporate facility in madison , wisconsin  effective through september 2014.\n future lease payments on these operating leases were approximately $ 5. 8 million as of september 27 , 2008.\n additionally assumed several license agreements for certain patent rights.\n payments made through 2011 future payments under license agreements are approximately $ 7. 0 million as of september 27 , 2008.\n contractual obligations.\n following table summarizes contractual obligations and commitments as of september 27 , 2008:.\n ( 1 ) approximately $ 6. 4 million of purchase obligations relates to exclusive distribution and service agreement in united states will sell and service line of extremity mri systems.\n terms contract certain minimum inventory purchase obligations for initial term of eighteen months.\n thereafter purchase obligations subject to renegotiation in unforeseen changes in market dynamics.\n ( 2 ) result of merger with cytyc , assumed consolidated basis non-cancelable supply contracts.\n for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials available only from sole supplier.\n to assure continuity of supply maintaining high quality and reliability long-term supply contracts executed with these suppliers.\n in certain contracts  minimum purchase commitment established.\n ( 3 ) result of merger with cytyc , assumed private equity investment commitment with limited liability partnership  paid over succeeding three years.\n amounts above do not include amount payable to biolucent and adiana for earn-outs.\n working on several projects expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances believe will complement our current or future business.\nsubject to risk factors in part i , item 1a of this report general disclaimers in our special note regarding forward-looking statements at outset report , we believe cash flow from operations and cash from our amended credit agreement will provide sufficient funds to fund expected operations over next twelve months.\n longer-term liquidity contingent upon future operating performance ability to meet financial covenants under amended credit agreement.\n may require additional capital in future to fund capital expenditures , acquisitions other investments  to repay convertible notes.\n holders of convertible notes may require us to repurchase notes on december 13 of 2013, each of december 15 , 2017 , 2022 , 2027 2032 at repurchase price equal to 100% ( 100 % ) of accreted principal amount.\n these capital requirements could be substantial.\n operating performance may be affected by matters discussed under above-referenced risk factors elsewhere in report.\n these risks , trends uncertainties may adversely affect our long- term liquidity.\n\ncontractual obligations                | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total\n-------------------------------------- | --------------------------------------- | -------------------------------- | -------------------------------- | ---------------------------------------- | ----------------------------\nlong-term debt obligations             | $ 38480                                 | $ 109436                         | $ 327400                         | $ 1725584                                | $ 2200900\ninterest on long-term debt obligations | 58734                                   | 110973                           | 90433                            | 7484                                     | 267624\noperating leases                       | 18528                                   | 33162                            | 27199                            | 63616                                    | 142505\npurchase obligations ( 1 )             | 33176                                   | 15703                            | 2014                             | 2014                                     | 48879\nfinancing leases                       | 2408                                    | 5035                             | 5333                             | 15008                                    | 27784\nlong-term supply contracts ( 2 )       | 3371                                    | 6000                             | 3750                             | 2014                                     | 13121\nprivate equity investment ( 3 )        | 1874                                    | 2014                             | 2014                             | 2014                                     | 1874\ntotal contractual obligations          | $ 156571                                | $ 280309                         | $ 454115                         | $ 1811692                                | $ 2702687"
}
{
    "_id": "dd4c52298",
    "title": "",
    "text": "2007 annual report 41 snap-on 2019s long-term financing strategy is maintain continuous access to debt markets accommodate liquidity needs.\n see note 9 to consolidated financial statements for information on snap-on 2019s debt and credit facilities.\n discussion focuses on information consolidated statements of cash flow.\n cash flow from operating activities was $ 231. 1 million in 2007 , $ 203. 4 million in 2006  $ 221. 1 million in 2005.\n depreciation expense was $ 53. 5 million in 2007  $ 48. 5 million in 2006 $ 49. 5 million in 2005.\n increase in depreciation from 2006 levels reflects impact of higher capital spending in 2006 and 2007.\n capital expenditures were $ 61. 9 million in 2007 $ 50. 5 million in 2006 $ 40. 1 million in 2005.\n capital expenditures in all three years reflect efficiency cost-reduction capital investments including installation of new production equipment machine tooling enhance manufacturing distribution operations ongoing replacements of manufacturing distribution equipment.\n capital spending in 2006 and 2007 included higher spending support company 2019s strategic supply chain growth initiatives including expansion of company 2019s manufacturing capabilities in lower-cost regions emerging markets replacement enhancement of global enterprise resource planning ( erp ) management information system continue over several years.\n snap-on believes cash generated from operations funds from credit facilities sufficient to fund company 2019s capital expenditure requirements in 2008.\n amortization expense was $ 22. 2 million in 2007  $ 3. 4 million in 2006 $ 2. 7 million in 2005.\n increase in 2007 amortization expense due to amortization of intangibles from november 2006 acquisition of business solutions.\n see note 6 to consolidated financial statements for information on acquired intangible assets.\nsnap-on undertaken stock repurchases to offset dilution created by shares issued for employee dealer stock purchase plans stock options corporate purposes repurchase shares when market conditions favorable.\n in 2007  snap-on repurchased 1860000 shares common stock for $ 94. 4 million under announced share repurchase programs.\n cash used partially offset by $ 39. 2 million proceeds from stock purchase and option plan exercises and $ 6. 0 million related excess tax benefits.\n as of december 29, 2007 snap-on had remaining availability to repurchase up to additional $ 116. 8 million in common stock board of directors 2019 ( 201d ) authorizations.\n purchase of snap-on common stock at company 2019s discretion subject to prevailing financial market conditions.\n snap-on repurchased 2616618 shares common stock for $ 109. 8 million in 2006 and 912100 shares common stock for $ 32. 1 million in 2005.\n snap-on believes cash from operations funds from credit facilities will sufficient to fund company 2019s share repurchases in 2008.\n on october 3 , 2005  snap-on repaid $ 100 million , 10-year , 6. 625% ( 6. 625 % ) unsecured notes upon maturity.\n $ 100 million debt repayment made with available cash on hand.\n snap-on paid consecutive quarterly cash dividends without interruption reduction since 1939.\n cash dividends paid in 2007 , 2006 2005 totaled $ 64. 8 million , $ 63. 6 million and $ 57. 8 million  respectively.\n on november 1 , 2007 company announced board increased quarterly cash dividend by 11. 1% (. 1 % ) to $ 0. 30 per share ( $ 1. 20 per share per year ).\nbeginning of fiscal 2006  company 2019s board increased quarterly cash dividend by 8% ( 8 % ) to $ 0. 27 per share ( $ 1. 08 per share per year ).\n cash dividends paid as percent of prior-year retained earnings 5. 5% ( 5. 5 % ) 5. 6% ( 5. 6 % ) 5. 2% ( 5. 2 % ) snap-on believes cash generated from operations funds from credit facilities sufficient to pay dividends in 2008.\n off-balance sheet arrangements except section 201ccontractual obligations and commitments company had no off- balance sheet arrangements as of december 29, 2007.\n\n| 2007           | 2006           | 2005\n---------------------------------------------------------------- | -------------- | -------------- | --------------\ncash dividends paid per common share                             | $ 1.11         | $ 1.08         | $ 1.00\ncash dividends paid as a percent of prior-year retained earnings | 5.5% ( 5.5 % ) | 5.6% ( 5.6 % ) | 5.2% ( 5.2 % )"
}
{
    "_id": "dd4b9e068",
    "title": "",
    "text": "32| | duke realty corporation annual report 2012 2022 in 2010  sold approximately 60 acres of land in two separate transactions resulted in impairment charges of $ 9. 8 million.\n these sales were opportunistic not identified or actively marketed land for disposition previously intended to held for development.\n general and administrative expenses increased from $ 41. 3 million in 2010 to $ 43. 1 million in 2011.\n following table factors led to increase in general administrative expenses from 2010 to 2011 ( in millions ) :.\n interest expense expense from continuing operations increased from $ 186. 4 million in 2010 to $ 220. 5 million in 2011.\n increase primarily result of increased average outstanding debt during 2011 compared to 2010 driven by acquisition activities other uses of capital.\n $ 7. 2 million decrease in capitalization of interest costs result of developed properties no longer meeting criteria for interest capitalization contributed to increase in interest expense.\n gain ( loss ) on debt transactions no gains or losses on debt transactions during 2011.\n during 2010 through cash tender offer and open market transactions repurchased outstanding series of unsecured notes scheduled to mature in 2011 and 2013.\n total paid $ 292. 2 million for unsecured notes face value of $ 279. 9 million.\n recognized net loss on extinguishment of $ 16. 3 million after considering write-off of unamortized deferred financing costs , discounts and other accounting adjustments.\n acquisition-related activity during 2011 recognized approximately $ 2. 3 million in acquisition costs compared to $ 1. 9 million costs in 2010.\n during 2011 recognized $ 1. 1 million gain related to acquisition of building from 50%-owned unconsolidated joint ventures compared to $ 57.7 million gain in 2010 acquisition of joint venture partner 2019s 50% ( 50 % ) interest in dugan.\n critical accounting policies preparation of consolidated financial statements in conformity with gaap requires make estimates assumptions affect reported amounts assets liabilities disclosure of contingent assets liabilities at date of financial statements reported amounts revenues expenses during reported period.\n estimates , judgments assumptions inherently subjective based on existing business market conditions continually evaluated based available information experience.\n note 2 to consolidated financial statements includes further discussion of significant accounting policies.\n management assessed accounting policies used in preparation financial statements discussed with audit committee independent auditors.\n following accounting policies considered critical based materiality to financial statements , degree of judgment involved in estimating reported amounts sensitivity to changes in industry economic conditions : ( 1 ) increase to overall pool of overhead costs from 2010 due to increased severance pay related to overhead reductions near end of 2011.\n ( 2 ) total leasing activity increased increased wholly owned development activities from 2010.\n capitalized $ 25. 3 million and $ 10. 4 million of total overhead costs to leasing and development  for consolidated properties during 2011  compared to capitalizing $ 23. 5 million and $ 8. 5 million of such costs   for 2010.\n combined overhead costs capitalized to leasing and development totaled 20. 6% ( 20. 6 % ) and 19. 1% ( 19. 1 % ) of overall pool of overhead costs for 2011 and 2010  respectively.\n\ngeneral and administrative expenses - 2010                                             | $ 41.3\n-------------------------------------------------------------------------------------- | ------------\nincrease to overall pool of overhead costs ( 1 )                                       | 5.7\nincreased absorption of costs by wholly-owned development and leasing activities ( 2 ) | -3.7 ( 3.7 )\nincreased allocation of costs to service operations and rental operations              | -0.2 ( 0.2 )\ngeneral and administrative expenses - 2011                                             | $ 43.1"
}
{
    "_id": "dd4bbae02",
    "title": "",
    "text": "2017 , company granted 440076 shares restricted class common stock and 7568 shares restricted stock units.\n restricted common stock restricted stock units have vesting period two to four years.\n fair value related grants was $ 58. 7 million  recognized as compensation expense on accelerated basis over vesting period.\n dividends accrued on restricted class common stock and restricted stock units paid once restricted stock vests.\n 2017  company granted 203298 performance shares.\n fair value to grants was $ 25. 3 million  recognized as compensation expense accelerated straight-lined basis over vesting period.\n vesting shares contingent on meeting stated performance or market conditions.\n table summarizes restricted stock  restricted stock units  performance shares activity for 2017 : number of shares weighted average grant date fair value.\n total fair value of restricted stock  restricted stock units performance shares vested during 2017, 2016 2015 was $ 66. 0 million , $ 59. 8 million and $ 43. 3 million , respectively.\n espp eligible employees may acquire shares of class a common stock using after-tax payroll deductions during consecutive offering periods of approximately six months.\n shares purchased at end of each offering period at price of 90% ( 90 % ) of closing price of class a common stock as reported on nasdaq global select market.\n compensation expense recognized on dates of purchase for discount from closing price.\n in 2017 , 2016 2015  total of 19936 , 19858 and 19756 shares  of class a common stock issued to participating employees.\n shares subject to six-month holding period.\n annual expense of $ 0. 3 million for purchase discount recognized in 2017  $ 0. 2 million recognized in both 2016 and 2015.\nnon-executive directors receive annual award of class a common stock value equal to $ 100000.\n may elect to receive some or all cash portion of annual stipend  up to $ 60000  in shares of stock based on closing price at date of distribution.\n 19736 shares , 26439 shares 25853 shares of class a common stock issued to non-executive directors during 2017 , 2016 2015 .\n shares not subject to vesting restrictions.\n expense of $ 2. 5 million , $ 2. 4 million $ 2. 5 million related to these stock-based payments recognized for years ended december 31 , 2017  2016 2015 .\n\n| number of shares   | weightedaveragegrant datefair value\n------------------------------- | ------------------ | -----------------------------------\noutstanding at december 31 2016 | 1820578            | $ 98\ngranted                         | 650942             | 129\nvested                          | -510590 ( 510590 ) | 87\ncancelled                       | -401699 ( 401699 ) | 95\noutstanding at december 31 2017 | 1559231            | 116"
}
{
    "_id": "dd4c02fa4",
    "title": "",
    "text": "devon energy corporation subsidiaries notes to consolidated financial statements 2014 continued ) following methods assumptions used to estimate fair values in tables above.\n fixed-income securities 2014 devon 2019s fixed-income securities consist of.\n treasury obligations bonds issued by investment-grade companies from diverse industries asset-backed securities.\n fixed-income securities are actively traded securities can be redeemed upon demand.\n fair values level 1 securities based upon quoted market prices.\n devon 2019s fixed income securities include commingled funds invest in long-term bonds.\n treasury securities.\n fixed income securities can be redeemed on demand not actively traded.\n fair values of level 2 securities based upon net asset values provided by investment managers.\n equity securities 2014 devon 2019s equity securities include commingled global equity fund invests in large mid small capitalization stocks across world developed emerging markets.\n equity securities can be redeemed on demand not actively traded.\n fair values of level 2 securities based upon net asset values provided by investment managers.\n december 31 , 2010  devon 2019s equity securities consisted of investments in.\n large small capitalization companies international large capitalization companies.\n equity securities actively traded could be redeemed upon demand.\n fair values of level 1 securities based upon quoted market prices.\n december 31, 2010 devon 2019s equity securities included commingled fund invested in large capitalization companies.\n equity securities could be redeemed on demand not actively traded.\n fair values of level 2 securities based upon net asset values provided by investment managers.\n other securities 2014 devon 2019s other securities include commingled  short-term investment funds.\nsecurities can be redeemed on demand not actively traded.\n fair values of level 2 securities based upon net asset values provided by investment managers.\n devon 2019s hedge fund and alternative investments include investment in actively traded global mutual fund focuses on alternative investment strategies and hedge fund of funds invests long and short using variety of investment strategies.\n devon 2019s hedge fund of funds not actively traded devon subject to redemption restrictions investment.\n fair value of level 3 investment represents fair value as determined by hedge fund manager.\n below summary of changes in devon 2019s level 3 plan assets ( in millions ).\n\ndecember 31 2009   | $ 51\n------------------ | --------\npurchases          | 3\ninvestment returns | 4\ndecember 31 2010   | 58\npurchases          | 33\ninvestment returns | -1 ( 1 )\ndecember 31 2011   | $ 90"
}
{
    "_id": "dd4bc389a",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements mexico litigation 2014one company 2019s subsidiaries , spectrasite communications , inc.\n ( 201csci 201d ) , involved in lawsuit in mexico against former mexican subsidiary of sci ( subsidiary sci sold in 2002  prior to company 2019s merger with sci 2019s parent in 2005 ).\n lawsuit concerns terminated tower construction contract related agreements with wireless carrier in mexico.\n primary issue company is whether sci can be found liable to mexican carrier.\n trial lower appellate courts found sci had no such liability because mexican courts not have necessary jurisdiction over sci.\n following several decisions by mexican appellate courts including supreme court of mexico  related appeals by both parties intermediate appellate court issued new decision if enforceable reimpose liability on sci in september 2010.\n decision intermediate appellate court identified potential damages of approximately $ 6. 7 million , on october 14 , 2010  company filed new constitutional appeal to dispute decision.\n this stage proceeding company unable to determine whether liability imposed on sci by september 2010 decision will survive or to estimate its share of potential liability if decision survives pending appeal.\n xcel litigation 2014on june 3 , 2010 , horse-shoe capital ( 201chorse-shoe 201d ) , company formed under laws of republic of mauritius , filed complaint in supreme court of state of new york , new york county  with respect to horse-shoe 2019s sale of xcel to american tower mauritius ( 201catmauritius 201d ) , company 2019s wholly-owned subsidiary formed under laws republic of mauritius.\ncomplaint names atmauritius , ati company as defendants  dispute concerns timing amount of distributions by atmauritius to horse-shoe from $ 7. 5 million holdback escrow account and $ 15. 7 million tax escrow account , each established by transaction agreements at closing.\n complaint seeks release of entire holdback escrow account  plus additional $ 2. 8 million , release of approximately $ 12. 0 million of tax escrow account.\n complaint also seeks punitive damages excess of $ 69. 0 million.\n company filed answer to complaint in august 2010  disputing amounts alleged owed under escrow agreements timing of escrow distributions.\n company asserted in answer demand for punitive damages is meritless.\n parties filed cross-motions for summary judgment concerning release of tax escrow account in january 2011 court granted company 2019s motion for summary judgment , finding no obligation for company to release disputed portion of tax escrow until 2013.\n other claims pending.\n company vigorously defending lawsuit.\n lease obligations 2014the company leases certain land , office tower space under operating leases that expire over various terms.\n many leases contain renewal options with specified increases in lease payments upon exercise of renewal option.\n escalation clauses present in operating leases  excluding tied to cpi or inflation-based indices recognized on straight-line basis over non-cancellable term of lease.\n future minimum rental payments under non-cancellable operating leases include payments for certain renewal periods at company 2019s option because failure to renew could result in loss of applicable tower site and related revenues from tenant leases making reasonably assured company will renew lease.\npayments effect december 31 , 2010 follows ( in thousands ) : year ending december 31.\n\n2011       | $ 257971\n---------- | ---------\n2012       | 254575\n2013       | 251268\n2014       | 246392\n2015       | 238035\nthereafter | 2584332\ntotal      | $ 3832573"
}
{
    "_id": "dd4c63f0c",
    "title": "",
    "text": "warrants acquisition of solexa , inc.\n on january 26, 2007  company assumed 4489686 warrants issued by solexa prior to acquisition.\n year ended december 28 , 2008 401362 warrants exercised in cash proceeds company of $ 3. 0 million.\n as of december 28 , 2008 252164 of assumed warrants expired.\n summary of warrants outstanding as of december 28 , 2008:.\n ( 1 ) represents warrants sold with offering company 2019s convertible senior notes ( see note 8 ).\n treasury stock issuance of $ 400. 0 million principal amount of 0. 625% ( 0. 625 % ) convertible senior notes due 2014 on february 16, 2007 company repurchased 11. 6 million shares of outstanding common stock for $ 201. 6 million in privately negotiated transactions offering.\n february 20 , 2007 company executed rule 10b5-1 trading plan to repurchase up to $ 75. 0 million of outstanding common stock over six months.\n company repurchased 3. 2 million shares common stock plan for $ 50. 0 million.\n as of december 30 , 2007 plan expired.\n on october 23 , 2008 board of directors authorized $ 120. 0 million stock repurchase program.\n as of december 28 , 2008 company repurchased 3. 1 million shares for $ 70. 8 million under plan in open-market transactions or privately negotiated transactions compliance with rule 10b-18 under securities exchange act of 1934.\n as of december 28 , 2008 $ 49. 2 million remains authorized for future repurchases under program.\n stockholder rights plan on may 3 , 2001  board of directors company declared dividend of one preferred share purchase right for each outstanding share of common stock company.\ndividend payable on may 14 , 2001 ( record date ) to stockholders of record date.\n each right entitles registered holder to purchase from company one unit consisting of one-thousandth of share of its series junior participating preferred stock at price $ 100 per unit.\n rights exercisable if person or group acquires beneficial ownership of 15% ( 15 % ) or more of outstanding common stock company or announces offer for 15% ( 15 % ) or more outstanding common stock.\n if person or group acquires 15% ( 15 % ) or more outstanding common stock company each right entitle holder to purchase  at exercise price of right , number of shares of common stock having market value two times exercise price right.\n if company acquired in merger or other business combination transaction after person acquires 15% ( 15 % ) or more of company 2019s common stock  each right entitle holder to purchase  at right 2019s then-current exercise price , number of common shares of acquiring illumina , inc.\n notes to consolidated financial statements 2014 ( continued )\n\nnumber of shares | exercise price | expiration date\n---------------- | -------------- | ---------------\n238510           | $ 7.27         | 4/25/2010\n864040           | $ 7.27         | 7/12/2010\n809246           | $ 10.91        | 11/23/2010\n1125734          | $ 10.91        | 1/19/2011\n18322320 ( 1 )   | $ 31.44        | 2/15/2014\n21359850         |                |"
}
{
    "_id": "dd4c47d52",
    "title": "",
    "text": "notes to consolidated financial statements 196 jpmorgan chase & co. /2014 annual report credit and funding adjustments determining fair value of instrument , may be necessary to record adjustments to firm 2019s estimates of fair value to reflect counterparty credit quality , firm 2019s own creditworthiness , impact of funding : 2022 credit valuation adjustments ( 201ccva 201d ) reflect credit quality of counterparty in valuation of derivatives.\n cva necessary when market price ( or parameter ) not indicative of credit quality of counterparty.\n few classes of derivative contracts listed on exchange , derivative positions predominantly valued using models use basis observable market parameters.\n adjustment may be necessary to reflect credit quality of each derivative counterparty to arrive at fair value.\n firm estimates derivatives cva using scenario analysis to estimate expected credit exposure across all firm 2019s positions with each counterparty , estimates losses result of counterparty credit event.\n key inputs to methodology are ( i ) expected positive exposure to each counterparty based on simulation assumes current population of existing derivatives with each counterparty unchanged considers contractual factors mitigate firm 2019s credit exposure  collateral legal rights of offset ; ( ii ) probability of default event for each counterparty  derived from observed or estimated cds spreads ; ( iii ) estimated recovery rates implied by cds , adjusted to consider differences in recovery rates as derivative creditor relative to reflected in cds spreads , generally reflect senior unsecured creditor risk.\n firm estimates derivatives cva relative to relevant benchmark interest rate.\n 2022 dva reflect credit quality of firm in valuation of liabilities measured at fair value.\ndva calculation methodology consistent with cva methodology incorporates jpmorgan chase 2019s credit spread as observed through cds market to estimate probability of default and loss given default as result of systemic event affecting firm.\n structured notes dva estimated using current fair value of structured note as exposure amount consistent with derivative dva methodology.\n 2022 firm incorporates impact of funding in valuation estimates where evidence that market participant in principal market would incorporate it in transfer of instrument.\n fair value of collateralized derivatives is estimated by discounting expected future cash flows at relevant overnight indexed swap ( 201cois 201d ) rate given underlying collateral agreement with counterparty.\n effective in 2013 , firm implemented fva framework to incorporate impact of funding into valuation estimates for uncollateralized ( including partially collateralized ) over- the-counter ( 201cotc 201d ) derivatives and structured notes.\n firm 2019s fva framework leverages existing cva and dva calculation methodologies  considers firm 2019s own credit risk is significant component of funding costs.\n key inputs are : i expected funding requirements from firm 2019s positions with each counterparty and collateral arrangements ; ii ) for assets , estimated market funding cost in principal market ; and ( iii ) for liabilities , hypothetical market funding cost for transfer to market participant with similar credit standing as firm.\n upon implementation of fva framework in 2013 , firm recorded one time $ 1. 5 billion loss in principal transactions revenue recorded in cib.\n while fva framework applies to both assets and liabilities , loss on implementation largely related to uncollateralized derivative receivables given impact of firm 2019s own credit risk , significant component of funding costs , was already incorporated in valuation of liabilities through application of dva.\ntable provides credit funding adjustments excluding effect hedging activities reflected within consolidated balance sheets as dates indicated.\n derivative receivables balance ( a ) $ 78975 $ 65759 derivative payables balance ) 71116 57314 derivatives cva ( b ) ( 2674 ) ( 2352 ) derivatives dva and fva ( ) ( c ) ( 380 ) ( 322 ) structured notes balance a ) d ) 53772 48808 structured notes dva and fva ( b ) ( e ) 1152 952 ) balances net of cva dva/fva.\n positive cva dva/fva represent increased receivable balances or decreased payable balances negative cva dva/fva represent decreased receivable balances or increased payable balances.\n at december 31, 2014 and 2013  included derivatives dva of $ 714 million and $ 715 million .\n ( d ) structured notes are predominantly financial instruments containing embedded derivatives measured at fair value based on firm 2019s election under fair value option.\n at december 31 , 2014 and 2013  included $ 943 million and $ 1. 1 billion  respectively financial instruments with no embedded derivative for fair value option elected.\n information see note 4.\n e ) at december 31 , 2014 and 2013  included structured notes dva of $ 1. 4 billion and $ 1. 4 billion  respectively.\n\ndecember 31 ( in millions )              | 2014           | 2013\n---------------------------------------- | -------------- | --------------\nderivative receivables balance ( a )     | $ 78975        | $ 65759\nderivative payables balance ( a )        | 71116          | 57314\nderivatives cva ( b )                    | -2674 ( 2674 ) | -2352 ( 2352 )\nderivatives dva and fva ( b ) ( c )      | -380 ( 380 )   | -322 ( 322 )\nstructured notes balance ( a ) ( d )     | 53772          | 48808\nstructured notes dva and fva ( b ) ( e ) | 1152           | 952"
}
{
    "_id": "dd4b9e478",
    "title": "",
    "text": "business-related metrics for year ended december 31.\n crb is no.\n 1 bank in new york tri-state top five bank in texas ranked by retail deposits ) providing payment  liquidity investment insurance credit products services to three primary customer segments : small busi- ness  affluent retail.\n crb serves 326000 small businesses 433000 affluent consumers 2. 6 million mass-market consumers.\n crb 2019s focus on expanding customer relationships resulted in 14% ( 14 % ) increase in core deposits total deposits less time deposits ) from december 31  2002 77% ( 77 % ) increase in cross-sell of chase credit products over 2002.\n 2003  mortgage home equity originations through crb 2019s distribution channels were $ 3. 4 billion and $ 4. 7 billion .\n branch-originated credit cards totaled 77000  contributing to 23% ( 23 % ) of crb customers holding chase credit cards.\n crb compensated by cfs 2019s credit businesses for home finance credit card loans not retain balances.\n chase regional banking crb for growth decreased deposit spreads low-rate environment increased credit costs resulted 80% ( 80 % ) decline in crb operating earnings from 2002.\n offset by 8% ( 8 % ) increase in total average deposits.\n operating revenue of $ 2. 6 billion decreased by 9% ( 9 % ) compared with 2002.\n net interest income declined by 11% ( 11 % ) to $ 1. 7 billion attributable to lower interest rate environment.\n noninterest revenue decreased 6% ( 6 % ) to $ 927 million due to lower deposit service fees decreased debit card fees one-time gains in 2002.\n crb 2019s revenue not include funding profits earned on deposit base amounts included in results of global treasury.\noperating expense $ 2. 4 billion increased 7% ( 7 % ) from 2002.\n increase due to investments in technology branch network contributing higher compensation expenses increased staff levels higher severance costs restructuring.\n increase operating caf is largest.\n bank originator of automobile loans leases with more than 2. 9 million accounts.\n in 2003 caf had record number automobile loan and lease originations growing by 10% ( 10 % ) over 2002 to $ 27. 8 billion.\n loan and lease receivables $ 43. 2 billion at december 31, 2003 16% ( 16 % ) higher than prior year-end.\n despite challenging operating environment declining new car sales 2003 increased competition caf 2019s market share among automobile finance companies improved to 6. 1% ( 6. 1 % ) in 2003 from 5. 7% ( 5. 7 % ) in 2002.\n increase market share result of strong organic growth origination strategy business with manufac- turers dealers.\n caf 2019s relationships with major car manufacturers contributed to 2003 growth dealer relationships increased from 12700 dealers in 2002 to 13700 dealers in 2003.\n 2003 operating earnings were $ 205 million 23% ( 23 % ) higher compared with 2002.\n increase earnings driven by revenue growth improved operating efficiency.\n in 2003 caf 2019s operating revenue grew by 23% ( 23 % ) to $ 842 million.\n net interest income grew by 33% ( 33 % ) compared with 2002.\n increase driven by strong operating performance due to higher average loans and leases outstanding strong origination volume lower funding costs.\n operating expense $ 292 million increased by 18% ( 18 % ) compared with 2002.\n increase expenses driven by higher average chase auto finance loans outstanding higher origination volume higher perform- ance-based incentives.\ncaf 2019s overhead ratio improved from 36% ( 36 % in 2002 to 35% ( 35 % ) in 2003 result of strong revenue growth productivity gains disciplined expense management.\n credit costs increased 18% ( 18 % ) to $ 205 million  reflecting 32% ( 32 % ) increase in average loan lease receivables.\n credit quality strong relative to 2002 evidenced by lower net charge-off ratio 30+ day delinquency rate.\n caf comprises chase education finance  top provider of government-guaranteed private loans for higher education.\n loans provided through joint venture with sallie mae  government-sponsored enterprise leader in funding servicing education loans.\n chase education finance 2019s origination volume totaled $ 2. 7 billion  increase of 4% ( 4 % ) from last year.\n management 2019s discussion analysis.\n morgan chase & co.\n 42.\n.\n / 2003 annual report\n\n( in billions except ratios )      | 2003           | 2002           | change\n---------------------------------- | -------------- | -------------- | ------------\nloan and lease receivables         | $ 43.2         | $ 37.4         | 16% ( 16 % )\naverage loan and lease receivables | 41.7           | 31.7           | 32\nautomobile origination volume      | 27.8           | 25.3           | 10\nautomobile market share            | 6.1% ( 6.1 % ) | 5.7% ( 5.7 % ) | 40bp\n30+ day delinquency rate           | 1.46           | 1.54           | -8 ( 8 )\nnet charge-off ratio               | 0.41           | 0.51           | -10 ( 10 )\noverhead ratio                     | 35             | 36             | -100 ( 100 )"
}
{
    "_id": "dd4bacfa0",
    "title": "",
    "text": "notes to consolidated financial statements 40 2016 ppg annual report form 10-k 1.\n summary of significant accounting policies principles of consolidation consolidated financial statements include accounts of ppg industries , inc.\n ( 201cppg 201d or 201ccompany 201d ) all subsidiaries , both u. s.\n and non-u. s. , it controls.\n ppg owns more than 50% ( 50 % ) of voting stock of most subsidiaries it controls.\n for consolidated subsidiaries in company 2019s ownership less than 100% ( 100 % ), outside shareholders 2019 interests shown as noncontrolling interests.\n investments in companies ppg owns 20% ( 20 % ) to 50% ( 50 % ) of voting stock exercise significant influence over operating and financial policies of investee accounted for using equity method of accounting.\n ppg 2019s share of earnings or losses of equity affiliates included in consolidated statement of income ppg 2019s share of companies 2019 shareholders 2019 equity included in 201cinvestments 201d in consolidated balance sheet.\n transactions between ppg and subsidiaries eliminated in consolidation.\n use of estimates in preparation of financial statements preparation financial statements in conformity with.\n generally accepted accounting principles requires management to make estimates and assumptions affect reported amounts of assets and liabilities disclosure of contingent assets and liabilities at date of financial statements reported amounts income and expenses during reporting period.\n such estimates include fair value of assets acquired liabilities assumed resulting from allocation of purchase price related to business combinations.\n actual outcomes could differ from estimates.\n revenue recognition company recognizes revenue when earnings process complete.\nrevenue recognized by all operating segments when goods shipped title to inventory risk of loss passes to customer or services rendered.\n shipping and handling costs amounts billed to customers for shipping handling reported in 201cnet sales 201d consolidated statement of income.\n shipping and handling costs incurred by company for delivery goods to customers included in 201ccost of sales  exclusive of depreciation and amortization 201d consolidated statement of income.\n selling , general and administrative costs amounts presented as 201cselling , general administrative 201d income comprised of selling  customer service  distribution advertising costs costs of providing corporate- wide functional support in finance  law  human resources planning.\n distribution costs pertain to movement and storage of finished goods inventory at company- owned and leased warehouses other distribution facilities.\n advertising costs costs expensed as incurred totaled $ 322 million , $ 324 million and $ 297 million in 2016 , 2015 2014 .\n research and development research costs  primarily of employee related costs charged to expense as incurred.\n legal costs legal costs include costs associated with acquisition and divestiture transactions  general litigation  environmental regulation compliance  patent and trademark protection other general corporate purposes charged to expense as incurred.\n foreign currency translation functional currency of significant non-u.\n operations is local currency.\n assets and liabilities of operations translated into.\n dollars using year-end exchange rates ; income and expenses translated using average exchange rates for reporting period.\n unrealized foreign currency translation adjustments deferred in accumulated other comprehensive loss separate component of shareholders 2019 equity.\n cash equivalents cash equivalents are highly liquid investments ( valued at cost  approximates fair value ) acquired with original maturity of three months or less.\nshort-term investments are highly liquid  high credit quality ( valued at cost plus accrued interest ) stated maturities greater than three months to one year.\n purchases and sales classified as investing activities in consolidated statement of cash flows.\n marketable equity securities company 2019s investment in marketable equity securities recorded at fair market value reported in current assets 201d and 201cinvestments 201d in consolidated balance sheet with changes in fair market value recorded in income for securities as trading securities and in other comprehensive income  net of tax  for available for sale securities.\n\n( $ in millions )                        | 2016  | 2015  | 2014\n---------------------------------------- | ----- | ----- | -----\nresearch and development 2013 total      | $ 487 | $ 494 | $ 499\nless depreciation on research facilities | 21    | 18    | 16\nresearch and development net             | $ 466 | $ 476 | $ 483"
}
{
    "_id": "dd4970642",
    "title": "",
    "text": "performance graph shows cumulative total return to holder of company 2019s common stock , assuming dividend reinvestment , compared with cumulative total return of standard & poor ( \"s&p\" ) 500 index and dow jones us financials index during period from december 31 , 2009 through december 31 , 2014.\n table of contents\n\n| 12/09  | 12/10  | 12/11  | 12/12  | 12/13  | 12/14\n----------------------------- | ------ | ------ | ------ | ------ | ------ | ------\ne*trade financial corporation | 100.00 | 90.91  | 45.23  | 50.85  | 111.59 | 137.81\ns&p 500 index                 | 100.00 | 115.06 | 117.49 | 136.30 | 180.44 | 205.14\ndow jones us financials index | 100.00 | 112.72 | 98.24  | 124.62 | 167.26 | 191.67"
}
{
    "_id": "dd4bf55c0",
    "title": "",
    "text": "eog resources , inc.\n supplemental information to consolidated financial statements continued ) capitalized costs to oil and gas producing activities.\n following table sets capitalized costs to eog's crude oil natural gas producing activities at december 31 , 2018 and 2017:.\n costs in oil and gas property acquisition , exploration development activities.\n acquisition exploration development costs in tables accordance with definitions extractive industries - oil and gas topic of accounting standards codification ( asc ).\n acquisition costs include costs to purchase  lease acquire property.\n exploration costs include additions to exploratory wells including in progress  exploration expenses.\n development costs include additions to production facilities equipment additions to development wells in progress.\n\n| 2018                   | 2017\n--------------------------------------------------- | ---------------------- | ----------------------\nproved properties                                   | $ 53624809             | $ 48845672\nunproved properties                                 | 3705207                | 3710069\ntotal                                               | 57330016               | 52555741\naccumulated depreciation depletion and amortization | -31674085 ( 31674085 ) | -29191247 ( 29191247 )\nnet capitalized costs                               | $ 25655931             | $ 23364494"
}
{
    "_id": "dd4be7ede",
    "title": "",
    "text": "eastman notes audited consolidated financial statements accumulated comprehensive income ( loss ) ( dollars in millions ) cumulative translation adjustment unfunded additional minimum pension liability unrecognized loss prior service cost net unrealized gains ( losses ) on cash flow hedges unrealized losses on investments accumulated comprehensive income ( loss ) balance at december 31 , 2004 155 ( 248 ) -- ( 8 ) ( 2 ) ( 103 ).\n.\n 158 balance at december 31 , 2006 121 ( 207 ) -- ( 6 ) ( 1 ) ( 93 ) adjustments apply.\n 158 -- 207 ( 288 ) -- -- ( 81 ) balance at december 31, 2006 121 -- ( 288 ) ( 6 ) ( 1 ) ( 174 ) except cumulative translation adjustment other comprehensive income ( loss ) presented net of applicable taxes.\n cumulative translation adjustment component of permanently invested unremitted earnings of subsidiaries outside united states no taxes provided on such amounts.\n 15.\n share-based compensation plans awards 2002 omnibus long-term compensation plan eastman's 2002 plan provides grants to employees of nonqualified stock options  incentive stock options  tandem freestanding stock appreciation rights  performance shares other stock-based awards.\n plan provides options granted through may 2 , 2007  for purchase of eastman common stock at option price not less than 100 percent of per share fair market value on date stock option's grant.\n maximum of 7. 5 million shares of common stock available for option grants other awards during term 2002 omnibus plan.\n director long-term compensation plan 2002 provides grants of nonqualified stock options restricted shares to nonemployee members board of directors.\nshares of restricted stock granted upon first day of directors' initial term of service nonqualified stock options shares restricted stock granted each year following annual meeting of stockholders.\n 2002 director plan provides options granted through later of may 1 , 2007 , or date of annual meeting of stockholders in 2007 for purchase of eastman common stock at option price not less than stock's fair market value on date of grant.\n\n( dollars in millions )                       | cumulative translation adjustment$ | unfundedadditionalminimum pension liability$ | unrecognized loss and prior service cost net of taxes$ | unrealized gains ( losses ) on cash flow hedges$ | unrealized losses on investments$ | accumulated other comprehensive income ( loss ) $\n--------------------------------------------- | ---------------------------------- | -------------------------------------------- | ------------------------------------------------------ | ------------------------------------------------ | --------------------------------- | -------------------------------------------------\nbalance at december 31 2004                   | 155                                | -248 ( 248 )                                 | --                                                     | -8 ( 8 )                                         | -2 ( 2 )                          | -103 ( 103 )\nperiod change                                 | -94 ( 94 )                         | -7 ( 7 )                                     | --                                                     | 3                                                | 1                                 | -97 ( 97 )\nbalance at december 31 2005                   | 61                                 | -255 ( 255 )                                 | --                                                     | -5 ( 5 )                                         | -1 ( 1 )                          | -200 ( 200 )\nperiod change                                 | 60                                 | 48                                           | --                                                     | -1 ( 1 )                                         | --                                | 107\npre-sfas no . 158 balance at december 31 2006 | 121                                | -207 ( 207 )                                 | --                                                     | -6 ( 6 )                                         | -1 ( 1 )                          | -93 ( 93 )\nadjustments to apply sfas no . 158            | --                                 | 207                                          | -288 ( 288 )                                           | --                                               | --                                | -81 ( 81 )\nbalance at december 31 2006                   | 121                                | --                                           | -288 ( 288 )                                           | -6 ( 6 )                                         | -1 ( 1 )                          | -174 ( 174 )"
}
{
    "_id": "dd4ba74c4",
    "title": "",
    "text": "2016 , significant sponsorship and marketing agreements entered during period after december 31 , 2016 through date of this report : ( in thousands ).\n total future minimum sponsorship and other payments $ 1355605 amounts listed above are minimum compensation obligations and guaranteed royalty fees required to paid under company 2019s sponsorship and marketing agreements.\n amounts do not include additional performance incentives and product supply obligations provided under certain agreements.\n not possible to determine how company will spend on product supply obligations on annual basis as contracts do not stipulate specific cash amounts to spent on products.\n amount of product provided to sponsorships depends on factors including general playing conditions , number of sporting events and company 2019s decisions regarding product and marketing initiatives.\n in costs to design , develop  source purchase products furnished to endorsers are incurred over period of time not tracked separately from similar costs incurred for products sold to customers.\n in connection with various contracts agreements  company agreed to indemnify counterparties against certain third party claims relating to infringement of intellectual property rights other items.\n such indemnification obligations do not apply in situations in counterparties are grossly negligent , engage in willful misconduct  or act in bad faith.\n based on company 2019s historical experience estimated probability of future loss company determined fair value of such indemnifications not material to its consolidated financial position or results of operations.\n from time to time  company is involved in litigation and other proceedings  including matters related to commercial and intellectual property disputes trade , regulatory other claims related to its business.\n company believes all current proceedings are routine in incidental to conduct of its business ultimate resolution of such proceedings will not have material adverse effect on its consolidated financial position , results of operations or cash flows.\nfebruary 10 , 2017  shareholder filed securities case united states district court district of maryland ( 201ccourt 201d ) against company  company 2019s chief executive officer company 2019s former chief financial officer ( brian breece v.\n under armour , inc. ).\n february 16 , 2017  second shareholder filed securities case court against same defendants ( jodie hopkins v.\n under armour , inc. ).\n plaintiff each case purports represent class of shareholders for period between april 21 , 2016 and january 30 , 2017  inclusive.\n complaints allege violations of section 10 ( b ) ( rule 10b-5 ) securities exchange act of 1934 , as amended ( 201cexchange act 201d ) section 20 ( a ) control person liability under exchange act against officers named in complaints.\n allegations case concern disclosures statements made by\n\n2017                                                | $ 176138\n--------------------------------------------------- | ---------\n2018                                                | 166961\n2019                                                | 142987\n2020                                                | 124856\n2021                                                | 118168\n2022 and thereafter                                 | 626495\ntotal future minimum sponsorship and other payments | $ 1355605"
}
{
    "_id": "dd4c2e000",
    "title": "",
    "text": "part i item 1 entergy corporation , utility operating companies  system energy louisiana parishes holds non-exclusive franchises.\n entergy louisiana's electric franchises expire 2009-2036.\n entergy mississippi received mpsc certificates of public convenience necessity to provide electric service to within 45 counties including municipalities in western mississippi.\n under mississippi statutory law certificates are exclusive.\n entergy mississippi may continue to serve in such municipalities upon payment of statutory franchise fee regardless of original municipal franchise existence.\n entergy new orleans provides electric and gas service in city of new orleans city ordinances ( except electric service in algiers provided by entergy louisiana ).\n ordinances contain continuing option for city of new orleans to purchase entergy new orleans' electric and gas utility properties.\n entergy texas holds certificate of convenience necessity from puct to provide electric service to 24 counties in eastern texas holds non-exclusive franchises provide electric service in 65 incorporated municipalities.\n entergy texas granted 50-year franchises.\n entergy texas' electric franchises expire 2009-2045.\n business of system energy limited to wholesale power sales.\n no distribution franchises.\n property other generation resources generating stations total capability of generating stations owned and leased by utility operating companies system energy as of december 31 , 2008 indicated below:.\n \"owned and leased capability\" is dependable load carrying capability as demonstrated under actual operating conditions based on primary fuel no curtailments ) each station designed utilize.\n entergy system's load and capacity projections reviewed periodically to assess need timing for additional generating capacity interconnections.\nreviews consider existing projected demand  availability price of power location of new load economy.\n summer peak load in entergy system service territory averaged 21039 mw from 2002-2008.\n due to changing use patterns, peak load growth nearly flattened annual energy use continues to grow.\n in 2002 time period  entergy system's long-term capacity resources  allowing for adequate reserve margin, were approximately 3000 mw less than total capacity required for peak period demands.\n entergy met capacity shortages almost entirely through short-term power purchases in wholesale spot market.\n in fall of 2002  entergy system began program to add new resources to existing generation portfolio began process of issuing\n\ncompany                       | owned and leased capability mw ( 1 ) total | owned and leased capability mw ( 1 ) gas/oil | owned and leased capability mw ( 1 ) nuclear | owned and leased capability mw ( 1 ) coal | owned and leased capability mw ( 1 ) hydro\n----------------------------- | ------------------------------------------ | -------------------------------------------- | -------------------------------------------- | ----------------------------------------- | ------------------------------------------\nentergy arkansas              | 4999                                       | 1883                                         | 1839                                         | 1207                                      | 70\nentergy gulf states louisiana | 3574                                       | 2240                                         | 971                                          | 363                                       | -\nentergy louisiana             | 5854                                       | 4685                                         | 1169                                         | -                                         | -\nentergy mississippi           | 3224                                       | 2804                                         | -                                            | 420                                       | -\nentergy new orleans           | 745                                        | 745                                          | -                                            | -                                         | -\nentergy texas                 | 2543                                       | 2274                                         | -                                            | 269                                       | -\nsystem energy                 | 1139                                       | -                                            | 1139                                         | -                                         | -\ntotal                         | 22078                                      | 14631                                        | 5118                                         | 2259                                      | 70"
}
{
    "_id": "dd4bd8100",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes consolidated financial statements 2014 continued ) note 3.\n acquisitions ( continued ) including revenues of third-party licensees  or ii ) company 2019s sale of a ) ecp , b ) all or substantially ecp 2019s assets  or c ) certain ecp 2019s patent rights  company will pay to syscore lesser of x ) one-half of profits earned from sale described in item ii ) after accounting for costs of acquiring and operating ecp  or y ) $ 15. 0 million ( less previous milestone payment ).\n ecp 2019s acquisition of ais gmbh aachen innovative solutions connection with company 2019s acquisition of ecp  ecp acquired all share capital of ais gmbh aachen innovative solutions ( 201cais 201d )  limited liability company in germany share purchase agreement june 30 , 2014  by among ecp and ais 2019s four individual shareholders.\n ais , based in aachen  germany holds intellectual property useful to ecp 2019s business prior to acquired ecp had licensed such intellectual property to ecp.\n purchase price for acquisition of ais 2019s share capital was approximately $ 2. 8 million in cash provided by company acquisition closed immediately prior to abiomed europe 2019s acquisition of ecp.\n share purchase agreement contains representations  warranties closing conditions customary for transactions of size nature.\n purchase price allocation acquisition of ecp and ais accounted for as business combination.\n purchase price for acquisition allocated to assets acquired and liabilities assumed based on estimated fair values.\n acquisition-date fair value of consideration transferred is : acquisition date fair value ( in thousands ).\n\n| total acquisition date fair value ( in thousands )\n------------------------------- | --------------------------------------------------\ncash consideration              | $ 15750\ncontingent consideration        | 6000\ntotal consideration transferred | $ 21750"
}
{
    "_id": "dd4c4ae80",
    "title": "",
    "text": "we may not be able to generate sufficient cash to service all our indebtedness may be forced to take other actions to satisfy our obligations under indebtedness may not be successful.\n our ability to make scheduled payments on or refinance debt obligations depends on our financial condition  operating performance ability to receive dividend payments from subsidiaries subject to prevailing economic competitive conditions  regulatory approval certain financial , business other factors beyond our control.\n may not be to maintain cash flows from operating activities sufficient to permit to pay principal and interest on indebtedness.\n if cash flows and capital resources insufficient to fund debt service obligations, may be forced to reduce or delay investments capital expenditures or to sell assets , seek additional capital or restructure or refinance indebtedness.\n these alternative measures may not be successful may not permit us to meet scheduled debt service obligations.\n terms of existing or future debt instruments may restrict us from adopting some these alternatives.\n ability to restructure or refinance debt will depend on condition capital markets our financial condition.\n any refinancing of debt could be at higher interest rates may require us to comply with more onerous covenants could restrict business operations.\n failure to make payments of interest and principal on outstanding indebtedness timely would likely result in reduction of our credit rating could harm ability to incur additional indebtedness.\n if cash flows and available cash insufficient to meet debt service obligations could face substantial liquidity problems might be required to dispose of material assets or operations to meet debt service other obligations.\n may not be able to consummate dispositions or to obtain proceeds could realize from them these proceeds may not be adequate to meet debt service obligations due.\n item 1b.\n unresolved staff comments item 2.\nproperties summary of significant locations at december 31 , 2012 shown in following table.\n all facilities leased except for 165000 square feet of our office in alpharetta , georgia.\n square footage amounts are net of space sublet or part of facility restructuring.\n all facilities used by trading and investing or balance sheet management segments  in addition corporate/other category.\n all other leased facilities with space less than 25000 square feet not listed by location.\n addition to significant facilities we also lease all 30 e*trade branches ranging space from approximately 2500 to 8000 square feet.\n believe facilities space adequate to meet needs in 2013.\n\nlocation               | approximate square footage\n---------------------- | --------------------------\nalpharetta georgia     | 254000\njersey city new jersey | 107000\narlington virginia     | 102000\nmenlo park california  | 91000\nsandy utah             | 66000\nnew york new york      | 39000\nchicago illinois       | 25000"
}
{
    "_id": "dd497fd7c",
    "title": "",
    "text": "humana inc.\n notes to consolidated financial statements 2014 continued ) 15.\n stockholders 2019 equity dividends table provides details of dividend payments  excluding dividend equivalent rights in 2015  2016 2017 under board approved quarterly cash dividend policy : payment amount per share amount ( in millions ).\n november 2 , 2017  board declared cash dividend of $ 0. 40 per share paid january 26 , 2018 to stockholders of record december 29 , 2017  for aggregate amount of $ 55 million.\n declaration payment of future quarterly dividends at discretion board may be adjusted as business needs or market conditions change.\n stock repurchases in september 2014 board of directors replaced previous share repurchase authorization of up to $ 1 billion ( $ 816 million remained unused ) with authorization for repurchases of up to $ 2 billion of common shares exclusive shares repurchased in connection with employee stock plans  expired december 31 , 2016.\n under share repurchase authorization  shares may have been purchased at prevailing prices in open market  by block purchases  through plans comply with rule 10b5-1 under securities exchange act of 1934  or in privately-negotiated transactions ( including accelerated share repurchase agreements with investment banks ) subject to regulatory restrictions on volume  pricing  timing.\n merger agreement  after july 2 , 2015  prohibited from repurchasing outstanding securities without prior written consent of aetna  other than repurchases of shares common stock in connection with exercise of outstanding stock options or vesting or settlement of outstanding restricted stock awards.\n announced july 3 , 2015  suspended share repurchase program.\n february 14 , 2017  aetna agreed to mutually terminate merger agreement.\n announced board approved new authorization for share repurchases of up to $ 2. 25 billion of our common stock exclusive shares repurchased in with employee stock plans expiring december 31 , 2017.\n february 16 , 2017  entered accelerated share repurchase agreement february 2017 asr  with goldman , sachs & co.\n llc  goldman sachs  to repurchase $ 1. 5 billion of common stock part of $ 2. 25 billion share repurchase program referred.\n february 22 , 2017 made payment of $ 1. 5 billion to goldman sachs from available cash hand received initial delivery of 5. 83 million shares of common stock from goldman sachs based on current market price of humana common stock.\n payment to goldman sachs recorded as reduction to stockholders 2019 equity  $ 1. 2 billion increase in treasury stock reflected value of initial 5. 83 million shares received upon initial settlement $ 300 million decrease in capital in excess of par value reflected value of stock held back by goldman sachs pending final settlement of february 2017 asr.\n upon settlement february 2017 asr on august 28 , 2017 received additional 0. 84 million shares as determined by average daily volume weighted-average share price of common stock during term agreement of $ 224. 81 , total shares received under program to 6. 67 million.\n upon settlement reclassified $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock.\n subsequent to settlement february 2017 asr repurchased additional 3. 04 million shares in open market utilizing remaining $ 750 million of $ 2. 25 billion authorization prior to expiration.\n\npaymentdate | amountper share | totalamount ( in millions )\n----------- | --------------- | ---------------------------\n2015        | $ 1.14          | $ 170\n2016        | $ 1.16          | $ 172\n2017        | $ 1.49          | $ 216"
}
{
    "_id": "dd497a796",
    "title": "",
    "text": "december 31 , 2011  company recognized decrease of $ 3 million of tax-related interest and penalties had approximately $ 16 million accrued at december 31 , 2011.\n note 12 derivative instruments fair value measurements company exposed to market risks changes in interest rates  foreign currency exchange rates commodity prices part of ongoing business operations.\n management uses derivative financial commodity instruments  including futures , options  swaps  where appropriate to manage these risks.\n instruments used as hedges must be effective at reducing risk associated with exposure being hedged must be designated as hedge at inception of contract.\n company designates derivatives as cash flow hedges , fair value hedges , net investment hedges  uses other contracts to reduce volatility in interest rates  foreign currency commodities.\n policy company does not engage in trading or speculative hedging transactions.\n total notional amounts of company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows:.\n description of each category in fair value hierarchy financial assets and liabilities of company included in each category at december 28 , 2013 and december 29 , 2012  measured on recurring basis.\n level 1 2014 financial assets and liabilities values based on unadjusted quoted prices for identical assets or liabilities in active market.\n level 1 financial assets liabilities consist primarily of commodity derivative contracts.\n level 2 2014 financial assets and liabilities values based on quoted prices in markets not active or model inputs observable directly or indirectly for full term asset liability.\n level 2 financial assets liabilities consist of interest rate swaps over-the-counter commodity and currency contracts.\ncompany 2019s calculation of fair value of interest rate swaps derived from discounted cash flow analysis based on terms contract and interest rate curve.\n over-the-counter commodity derivatives valued using income approach based on commodity index prices less contract rate multiplied by notional amount.\n foreign currency contracts valued using income approach based on forward rates less contract rate multiplied by notional amount.\n company 2019s calculation of fair value of level 2 financial assets and liabilities risk of nonperformance  including counterparty credit risk.\n level 3 2014 financial assets liabilities values based on prices or valuation techniques require inputs unobservable and significant to overall fair value measurement.\n these inputs reflect management 2019s assumptions about assumptions market participant in pricing asset or liability.\n company did not have level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012.\n\n( millions )                        | 2013   | 2012\n----------------------------------- | ------ | ------\nforeign currency exchange contracts | $ 517  | $ 570\ninterest rate contracts             | 2400   | 2150\ncommodity contracts                 | 361    | 320\ntotal                               | $ 3278 | $ 3040"
}
{
    "_id": "dd4b8b3f0",
    "title": "",
    "text": "taxes decreased in 2001 utility operations in virginia subject to state income taxes gross receipts taxes effective january 2001.\n dominion recognized higher effective rates for foreign earnings higher pretax income non-conventional fuel tax credits realized.\n dominion energy 2002 2001 2000 ( millions  except per share amounts ).\n * amounts for electricity supplied by utility merchant generation operations.\n operating results 2014 2002 dominion energy contributed $ 2. 72 per diluted share on net income of $ 770 million for 2002 net income increase of $ 47 million earnings per share decrease of $ 0. 14 over 2001.\n net income 2002 reflected lower operating revenue ( $ 204 million ) operating expenses ( $ 229 million ) other income ( $ 27 million ).\n interest expense income taxes  consolidated basis decreased $ 50 million over 2001.\n earnings per share decrease reflected share dilution.\n regulated electric sales revenue increased $ 179 million.\n favorable weather conditions increased cooling heating degree-days customer growth estimated contributed $ 133 million and $ 41 million .\n fuel rate recoveries increased $ 65 million for 2002.\n recoveries offset by increases in elec- tric fuel expense not affect income.\n partially offsetting increases net decrease of $ 60 million due to other factors not impact of economic conditions on customer usage variations in seasonal rate premiums discounts.\n nonregulated electric sales revenue increased $ 9 million.\n sales revenue from dominion 2019s merchant generation fleet decreased $ 21 million reflecting $ 201 million decline due to lower prices offset by sales from assets acquired constructed in 2002 inclusion of millstone operations for 2002.\n revenue from wholesale marketing of utility generation decreased $ 74 million.\nto higher demand of utility service territory customers 2002  less production from utility plant generation available for profitable sale in wholesale market.\n revenue from retail energy sales increased $ 71 million reflecting customer growth prior year.\n net revenue from dominion 2019s electric trading activities increased $ 33 million reflecting effect favorable price changes on unsettled contracts higher trading margins.\n nonregulated gas sales revenue decreased $ 351 million.\n decrease included $ 239 million decrease in sales by dominion 2019s field services retail energy marketing opera- tions reflecting declining prices.\n revenue with gas trading operations  net related cost of sales decreased $ 112 million.\n decrease included $ 70 mil- lion of realized unrealized losses on economic hedges of natural gas production by dominion exploration & pro- duction segment.\n 2014 energy trading sales of natural gas production segment at market prices offset financial losses range of prices contemplated by dominion 2019s risk management strategy.\n remaining $ 42 million decrease due to unfavorable price changes on unsettled contracts lower trading margins.\n losses partially offset by from higher trading volumes in gas and oil markets.\n gas transportation and storage revenue decreased $ 44 million reflecting lower rates.\n electric fuel and energy purchases expense increased $ 94 million included increase of $ 66 million with dominion 2019s energy marketing operations not sub to cost-based rate regulation increase $ 28 million with utility operations.\n all increase non-regulated energy marketing opera- tions related to higher volumes purchased year.\n for utility operations  energy costs increased $ 66 million for pur- chases subject to rate recovery partially offset by $ 38 million decrease in fuel expenses with lower wholesale mar- keting of utility plant generation.\npurchased gas expense decreased $ 245 million dominion 2019s field services retail energy marketing oper- ations.\n decrease reflected $ 162 million declining prices $ 83 million lower purchased volumes.\n liquids , pipeline capacity other purchases decreased $ 64 million reflecting lower levels rate recoveries certain costs transmission operations cur- rent year period.\n difference between actual expenses amounts recovered period deferred pending future rate adjustments.\n other operations maintenance expense decreased $ 14 million  reflecting $ 18 million decrease in outage costs due to fewer generation unit outages current year.\n depreciation expense decreased $ 11 million reflecting decreases depreciation changes in esti- mated useful lives of certain electric generation property  offset by increased depreciation state line millstone operations.\n other income decreased $ 27 million  $ 14 mil- lion decrease in net realized investment gains in millstone 37d o m i n i o n 2019 0 2 a n n u a l r e p o r t\n\n( millions except pershare amounts )    | 2002   | 2001   | 2000\n--------------------------------------- | ------ | ------ | ------\noperating revenue                       | $ 5940 | $ 6144 | $ 4894\noperating expenses                      | 4520   | 4749   | 3939\nnet income contribution                 | 770    | 723    | 489\nearnings per share contribution         | $ 2.72 | $ 2.86 | $ 2.07\nelectricity supplied* ( million mwhrs ) | 101    | 95     | 83\ngas transmission throughput ( bcf )     | 597    | 553    | 567"
}
{
    "_id": "dd4c162a2",
    "title": "",
    "text": "troubled debt restructurings ( tdrs ) a tdr is a loan whose terms restructured grants concession to borrower experiencing financial difficulty.\n tdrs result from our loss mitigation activities include rate reductions  principal forgiveness  postponement/reduction of scheduled amortization extensions intended to minimize economic loss avoid foreclosure or repossession of collateral.\n tdrs result from borrowers discharged from personal liability through chapter 7 bankruptcy not formally reaffirmed loan obligations to pnc.\n in situations where principal is forgiven, principal forgiveness is immediately charged off.\n some tdrs may not result in full collection of principal and interest  as restructured result in potential incremental losses.\n potential incremental losses factored into our overall alll estimate.\n level of subsequent defaults likely affected by future economic conditions.\n once a loan becomes a tdr  it continue to be reported as a tdr until it repaid in full, collateral is foreclosed upon or fully charged off.\n held specific reserves in of $. 4 billion and $. 5 billion at december 31 , 2014 and december 31 , 2013  for total tdr portfolio.\n table 67 : summary of troubled debt restructurings in millions december 31 december 31.\n ) accruing tdr loans have demonstrated at six months of performance under restructured terms are excluded from nonperforming loans.\n loans where borrowers discharged from personal liability through chapter 7 bankruptcy and not formally reaffirmed loan obligations to pnc and loans to borrowers not currently obligated to make both principal and interest payments under restructured terms are not returned to accrual status.\ntable 68 quantifies number of loans classified as tdrs change in recorded investments result of tdr classification during 2014 , 2013 , and 2012 , respectively.\n table provides information about types of tdr concessions.\n principal forgiveness tdr category includes principal forgiveness and accrued interest forgiveness.\n these types tdrs result in write down of recorded investment and charge-off if action not already taken place.\n rate reduction tdr category includes reduced interest rate and interest deferral.\n tdrs within this category result in reductions to future interest income.\n other tdr category includes consumer borrowers discharged from personal liability through chapter 7 bankruptcy not formally reaffirmed loan obligations to pnc, postponement/reduction of scheduled amortization and contractual extensions for both consumer and commercial borrowers.\n in some cases multiple concessions granted on one loan.\n most common within commercial loan portfolio.\n when multiple concessions granted in commercial loan portfolio principal forgiveness concession prioritized for determining inclusion in table 68.\n for example if principal forgiveness in conjunction with lower interest rate and postponement of amortization, type of concession will be reported as principal forgiveness.\n second in priority would be rate reduction.\n for example if interest rate reduction in conjunction with postponement of amortization , type of concession will be reported as a rate reduction.\n in multiple concessions granted on a consumer loan  concessions resulting from discharge from personal liability through chapter 7 bankruptcy without formal affirmation of loan obligations to pnc prioritized and included in other type of concession in table below.\n after consumer loan concessions follow previously discussed priority of concessions for commercial loan portfolio.\n 138 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions              | december 312014 | december 312013\n------------------------ | --------------- | ---------------\ntotal consumer lending   | $ 2041          | $ 2161\ntotal commercial lending | 542             | 578\ntotal tdrs               | $ 2583          | $ 2739\nnonperforming            | $ 1370          | $ 1511\naccruing ( a )           | 1083            | 1062\ncredit card              | 130             | 166\ntotal tdrs               | $ 2583          | $ 2739"
}
{
    "_id": "dd4b9ef54",
    "title": "",
    "text": "united kingdom.\n bermuda re 2019s uk branch conducts business in uk subject to taxation in uk.\n bermuda re believes it has operated will continue operate its bermuda operation not cause subject to uk taxation.\n if bermuda re 2019s bermuda operations become subject to uk income tax  could material adverse impact on company 2019s financial condition , results of operations cash flow.\n ireland.\n holdings ireland and ireland re conduct business in ireland subject to taxation in ireland.\n available information.\n company 2019s annual reports on form 10-k , quarterly reports on form 10-q, current reports on form 8- k  proxy statements amendments reports available free of charge through company 2019s internet website at http://www. everestre. com after reports electronically filed with securities and exchange commission ( 201csec 201d ).\n item 1a.\n risk factors in addition other information report following risk factors should be considered when evaluating investment in our securities.\n if circumstances contemplated by individual risk factors materialize  our business , financial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.\n risks to business fluctuations in financial markets could result in investment losses.\n prolonged severe disruptions in public debt and equity markets  occurred during 2008 , could result in significant realized and unrealized losses in investment portfolio.\n for year ended december 31 , 2008  incurred $ 695. 8 million of realized investment gains and $ 310. 4 million of unrealized investment losses.\n financial markets improved during 2009 and 2010 , could deteriorate future result in substantial realized and unrealized losses could material adverse impact on our results of operations , equity , business insurer financial strength debt ratings.\nresults could be adversely affected by catastrophic events.\n exposed to unpredictable catastrophic events  including weather-related natural catastrophes acts of terrorism.\n material reduction in operating results caused by or catastrophes could inhibit ability to pay dividends or meet interest and principal payment obligations.\n subsequent to april 1 , 2010  define catastrophe as event causes loss on property exposures before reinsurance of at least $ 10. 0 million , before corporate level reinsurance and taxes.\n prior to april 1 , 2010  used threshold of $ 5. 0 million.\n illustration during past five calendar years  pre-tax catastrophe losses , net of contract specific reinsurance before cessions under corporate reinsurance programs were as follows:.\n\ncalendar year:          | pre-tax catastrophe losses\n----------------------- | --------------------------\n( dollars in millions ) |\n2010                    | $ 571.1\n2009                    | 67.4\n2008                    | 364.3\n2007                    | 160.0\n2006                    | 287.9"
}
{
    "_id": "dd4c1f924",
    "title": "",
    "text": "part i item 1 entergy corporation , domestic utility companies  system energy employment litigation ( entergy corporation , entergy arkansas  entergy gulf states  louisiana  mississippi  new orleans  system energy ) entergy corporation domestic utility companies are defendants in lawsuits filed by former employees alleging wrongfully terminated discriminated against on age  race  sex other protected characteristics.\n entergy corporation domestic utility companies defending these suits deny liability to plaintiffs.\n no assurance can be given outcome of cases management cannot estimate total damages sought.\n included in employment litigation are two cases filed in state court in claiborne county , mississippi in december 2002.\n two cases filed by former employees of entergy operations based at grand gulf.\n entergy operations and entergy employees named as defendants.\n cases make employment-related claims  seek total $ 53 million in alleged actual damages $ 168 million in punitive damages.\n entergy removed proceedings to federal district in jackson , mississippi.\n entergy cannot predict ultimate outcome of proceeding.\n research spending entergy member of electric power research institute ( epri ).\n epri conducts broad research in major technical fields related to electric utility industry.\n entergy participates in epri projects based on entergy's needs available resources.\n domestic utility companies contributed $ 1. 6 million in 2004 , $ 1. 5 million in 2003  $ 2. 1 million in 2002 to epri.\n non-utility nuclear business contributed $ 3. 2 million in 2004 and $ 3 million in 2003 and 2002 to epri.\n employees employees integral part of entergy's commitment to serving customers.\n as of december 31 , 2004  entergy employed 14425 people.\n u..\n utility:.\n approximately 4900 employees represented by international brotherhood of electrical workers union  utility workers union of america  international brotherhood of teamsters union.\n\nentergy arkansas           | 1494\n-------------------------- | -----\nentergy gulf states        | 1641\nentergy louisiana          | 943\nentergy mississippi        | 793\nentergy new orleans        | 403\nsystem energy              | -\nentergy operations         | 2735\nentergy services           | 2704\nentergy nuclear operations | 3245\nother subsidiaries         | 277\ntotal full-time            | 14235\npart-time                  | 190\ntotal entergy              | 14425"
}
{
    "_id": "dd4ba8856",
    "title": "",
    "text": "zimmer holdings , inc.\n 2013 form 10-k annual report notes to consolidated financial statements continued ) fees paid to collaborative partners.\n contingent milestone payments due to third parties under research and development arrangements milestone payment obligations expensed when milestone results achieved.\n litigation 2013 record liability for contingent losses  including future legal costs , settlements judgments when consider probable liability incurred amount loss reasonably estimated.\n special items 2013 recognize expenses from business combinations , employee termination benefits  certain r&d agreements contract terminations consulting and professional fees asset impairment or loss on disposal charges connected with global restructuring  operational and quality excellence initiatives other items as 201cspecial items 201d in consolidated statement of earnings.\n 201cspecial items 201d included ( in millions ) :.\n impairment/ loss on disposal of assets relates to impairment of intangible assets acquired in business combinations or impairment of loss on disposal of other assets.\n consulting and professional fees relate to third-party consulting , professional fees contract labor related to quality and operational excellence initiatives third-party consulting fees related information system implementations  third-party integration consulting in variety areas tax , compliance  logistics human resources for business combinations third-party fees related to severance and termination benefits matters legal fees related to certain product liability matters.\n quality and operational excellence initiatives company- wide include improvements in quality , distribution , sourcing  manufacturing information technology .\n in 2013 , 2012 2011  eliminated positions reduced management layers  restructured certain areas  announced closures of facilities commenced initiatives to focus on business opportunities support strategic priorities.\nin 2013 , 2012 2011 , approximately 170 , 400 500 positions   from across globe affected by these actions.\n result of changes in work force headcount reductions in connection with acquisitions , we incurred expenses related to severance benefits  redundant salaries transition periods  share-based compensation acceleration other employee termination-related costs.\n majority of termination benefits provided in accordance with existing or local government policies considered ongoing benefits.\n costs accrued when became probable estimable recorded as part of other current liabilities.\n majority of costs paid during year they incurred.\n dedicated project personnel expenses include salary , benefits  travel expenses other costs directly associated with employees 100 percent dedicated to operational quality excellence initiatives or integration of acquired businesses.\n certain r&d agreements relate to agreements with upfront payments to obtain intellectual property used in r&d projects no alternative future use in other projects.\n relocated facilities expenses are moving costs lease expenses incurred during relocation period facilities.\n over past few years acquired number of u. s.\n foreign-based distributors.\n incurred various costs related to consummation integration of those businesses.\n certain litigation matters relate to costs and adjustments recognized during year for estimated or actual settlement of legal matters  including royalty disputes  patent litigation matters commercial litigation matters matters arising from acquisitions of competitive distributorships in prior years.\n contract termination costs relate to terminated agreements in with integration of acquired companies changes to distribution model as part of business restructuring operational excellence initiatives.\n terminated contracts primarily relate to sales agents and distribution agreements.\n contingent consideration adjustments represent changes in fair value of contingent consideration obligations to paid to prior owners of acquired businesses.\naccelerated software amortization is incremental amortization resulting from reduction in estimated life of certain software.\n in 2012  approved plan to replace certain software.\n estimated economic useful life of existing software decreased to represent period of time expected to implement replacement software.\n amortization from shortened life of this software substantially higher than previous amortization recognized.\n cash and cash equivalents 2013 consider all highly liquid investments with original maturity of three months or less to be cash equivalents.\n carrying amounts reported in balance sheet for cash and cash equivalents are valued at cost, approximates their fair value.\n\nfor the years ended december 31,                                                 | 2013    | 2012         | 2011\n-------------------------------------------------------------------------------- | ------- | ------------ | ------\nimpairment/loss on disposal of assets                                            | $ 10.9  | $ 14.6       | $ 8.4\nconsulting and professional fees                                                 | 99.1    | 90.1         | 26.0\nemployee severance and retention including share-based compensation acceleration | 14.2    | 8.2          | 23.1\ndedicated project personnel                                                      | 34.0    | 15.1         | 3.2\ncertain r&d agreements                                                           | 0.8     | 2013         | 2013\nrelocated facilities                                                             | 3.6     | 1.8          | 2013\ndistributor acquisitions                                                         | 0.4     | 0.8          | 2.0\ncertain litigation matters                                                       | 26.9    | 13.7         | 0.1\ncontract terminations                                                            | 3.9     | 6.6          | 6.3\ncontingent consideration adjustments                                             | 9.0     | -2.8 ( 2.8 ) | 2013\naccelerated software amortization                                                | 6.0     | 4.5          | 2013\nother                                                                            | 7.9     | 2.8          | 6.1\nspecial items                                                                    | $ 216.7 | $ 155.4      | $ 75.2"
}
{
    "_id": "dd4b9cad8",
    "title": "",
    "text": "commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017.\n [a none credit facility used as of december 31 , 2012.\n [b $ 100 million of receivables securitization facility utilized at december 31 , 2012 accounted for as debt.\n full program matures in july 2013.\n [c includes guaranteed obligations related to headquarters building  equipment financings affiliated operations.\n [d none letters of credit drawn upon as of december 31 , 2012.\n off-balance sheet arrangements guarantees 2013 at december 31, 2012 contingently liable for $ 307 million in guarantees.\n recorded liability of $ 2 million for fair value of these obligations as of december 31 , 2012 and 2011.\n entered into contingent guarantees in normal course of business include guaranteed obligations related to headquarters building equipment financings affiliated operations.\n final guarantee expires in 2022.\n not aware of existing event of default require to satisfy guarantees.\n not expect guarantees material adverse effect on consolidated financial condition  results of operations or liquidity.\n other matters labor agreements 2013 approximately 86% ( 86 % ) of 45928 full-time-equivalent employees represented by 14 major rail unions.\n year concluded recent round of negotiations began in 2010 with ratification of new agreements by several unions continued negotiating into 2012.\n unions executed similar multi-year agreements provide for higher employee cost sharing of employee health and welfare benefits higher wages.\n current agreements remain in effect until renegotiated under provisions railway labor act.\n next round of negotiations begin in early 2015.\n inflation 2013 long periods of inflation increase asset replacement costs for capital-intensive companies.\nresult  assuming we replace all operating assets at current price levels , depreciation charges ( on inflation-adjusted basis ) greater than historically reported amounts.\n derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist managing exposure to fluctuations in interest rates fuel prices.\n not a party to leveraged derivatives by do not use derivative financial instruments for speculative purposes.\n derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item hedged  at inception and throughout hedged period.\n document nature relationships between hedging instruments and hedged items at inception risk-management objectives strategies for hedge transactions method of assessing hedge effectiveness.\n changes in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.\n may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use of these derivative financial instruments may limit future benefits from favorable price movements.\n market and credit risk 2013 address market risk related to derivative financial instruments by selecting instruments with value fluctuations that correlate with underlying hedged item.\n manage credit risk related to derivative financial instruments  minimal by requiring high credit standards for counterparties periodic settlements.\n at december 31 , 2012 and 2011  not required to provide collateral  nor had received collateral  relating to hedging activities.\n\nother commercial commitmentsmillions    | total  | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period 2017 | amount of commitment expiration per period after 2017\n--------------------------------------- | ------ | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | -----------------------------------------------------\ncredit facilities [a]                   | $ 1800 | $ -                                             | $ -                                             | $ 1800                                          | $ -                                             | $ -                                             | $ -\nreceivables securitization facility [b] | 600    | 600                                             | -                                               | -                                               | -                                               | -                                               | -\nguarantees [c]                          | 307    | 8                                               | 214                                             | 12                                              | 30                                              | 10                                              | 33\nstandby letters of credit [d]           | 25     | 24                                              | 1                                               | -                                               | -                                               | -                                               | -\ntotal commercialcommitments             | $ 2732 | $ 632                                           | $ 215                                           | $ 1812                                          | $ 30                                            | $ 10                                            | $ 33"
}
{
    "_id": "dd496d15e",
    "title": "",
    "text": "adequate access to capital markets meet foreseeable cash requirements sufficient financial capacity to satisfy current liabilities.\n cash flows millions 2014 2013 2012.\n operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013 despite higher income tax payments.\n 2014 income tax payments higher than 2013 primarily due to higher income paid taxes previously deferred by bonus depreciation discussed.\n higher net income in 2013 increased cash by operating activities compared to 2012.\n made payments in 2012 for past wages national labor negotiations reduced cash provided operating activities in 2012.\n lower tax benefits from bonus depreciation partially offset increases.\n federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments during 2011 50% ( 50 % ) bonus depreciation for qualified investments during 2012-2013.\n company deferred substantial portion of 2011-2013 income tax expense contributing to positive operating cash flow years.\n congress extended 50% ( 50 % ) bonus depreciation for 2014 extension occurred in december not significant benefit on income tax payments during 2014.\n investing activities higher capital investments  including early buyout of long-term operating lease of headquarters building for approximately $ 261 million drove increase in cash used in investing activities compared to 2013.\n significant investments made for new locomotives  freight cars containers  capacity and commercial facility projects.\n capital investments in 2014 included $ 99 million for early buyout of locomotives and freight cars under long-term operating leases exercised due to favorable economic terms market conditions.\n lower capital investments in locomotives freight cars in 2013 drove decrease in cash used in investing activities compared to 2012.\nin capital investments in 2012 was $ 75 million for early buyout of 165 locomotives under long-term operating capital leases first quarter 2012  exercised due to favorable economic terms market conditions.\n\ncash flowsmillions                     | 2014           | 2013           | 2012\n-------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities  | $ 7385         | $ 6823         | $ 6161\ncash used in investing activities      | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 )\ncash used in financing activities      | -2982 ( 2982 ) | -3049 ( 3049 ) | -2682 ( 2682 )\nnet change in cash and cashequivalents | $ 154          | $ 369          | $ -154 ( 154 )"
}
{
    "_id": "dd4c32c9a",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations discussion analysis based on consolidated financial statements of welltower inc.\n for periods presented read together with notes in annual report on form 10-k.\n other important factors identified in 201citem 1 2014 business 201d and 201citem 1a 2014 risk factors 201d above.\n executive summary company overview welltower inc.\n ( nyse : hcn )  s&p 500 company in toledo, ohio driving transformation of health care infrastructure.\n company invests with leading seniors housing operators  post- acute providers health systems to fund real estate infrastructure to scale innovative care delivery models improve people 2019s wellness health care experience.\n welltowertm , real estate investment trust ( 201creit 201d ) owns interests in properties in major high-growth markets in united states , canada united kingdom  of seniors housing post-acute communities outpatient medical properties.\n our capital programs  combined with comprehensive planning , development property management services make single-source solution for acquiring planning developing managing repositioning monetizing real estate assets.\n table summarizes our consolidated portfolio for year ended december 31 , 2016 ( dollars in thousands ) : type of property net operating income ( noi ) ( 1 ) percentage of number of properties.\n ( 1 ) excludes investments in unconsolidated entities non-segment/corporate noi.\n entities joint venture with minority partner shown at 100% ( 100 % ) of joint venture amount.\n business strategy primary objectives are to protect stockholder capital enhance stockholder value.\n seek to pay consistent cash dividends to stockholders create opportunities to increase dividend payments stockholders result of annual increases in net operating income portfolio growth.\nto meet objectives , we invest across full spectrum of seniors housing health care real estate diversify investment portfolio by property type  relationship geographic location.\n substantially all revenues derived from operating lease rentals , resident fees services  interest earned on outstanding loans receivable.\n these items represent primary sources of liquidity to fund distributions depend upon continued ability of obligors to make contractual rent interest payments to profitability of operating properties.\n to customers/partners experience operating difficulties unable to generate sufficient cash to make payments , could be material adverse impact on our consolidated results of operations , liquidity/or financial condition.\n to mitigate risk we monitor investments through variety of methods determined by type of property.\n proactive comprehensive asset management process for seniors housing properties includes review of monthly financial statements other operating data for each property review of obligor/ partner creditworthiness property inspections review of covenant compliance relating to licensure , real estate taxes  letters of credit other collateral.\n internal property management division manages monitors outpatient medical portfolio with comprehensive process including review of tenant relations  lease expirations mix of health service providers  hospital/health system relationships  property performance\n\ntype of property          | net operating income ( noi ) ( 1 ) | percentage of noi  | number of properties\n------------------------- | ---------------------------------- | ------------------ | --------------------\ntriple-net                | $ 1208860                          | 50.3% ( 50.3 % )   | 631\nseniors housing operating | 814114                             | 33.9% ( 33.9 % )   | 420\noutpatient medical        | 380264                             | 15.8% ( 15.8 % )   | 262\ntotals                    | $ 2403238                          | 100.0% ( 100.0 % ) | 1313"
}
{
    "_id": "dd4b94144",
    "title": "",
    "text": "recourse repurchase obligations discussed in note 3 loan sale servicing activities variable interest entities pnc sold commercial mortgage residential mortgage home equity loans directly or indirectly through securitization loan sale transactions in continuing involvement.\n form continuing involvement includes recourse and loan repurchase obligations associated with transferred assets.\n commercial mortgage loan recourse obligations we originate  close service multi-family commercial mortgage loans sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program.\n participated in similar program with fhlmc.\n programs assume up to one-third pari passu risk of loss on unpaid principal balances through loss share arrangement.\n at december 31 , 2013 and december 31 , 2012 unpaid principal balance outstanding of loans sold participant in programs was $ 11. 7 billion and $ 12. 8 billion.\n potential maximum exposure under loss share arrangements was $ 3. 6 billion at december 31 , 2013 and $ 3. 9 billion at december 31 , 2012.\n maintain reserve for estimated losses based upon exposure.\n reserve for losses under programs totaled $ 33 million and $ 43 million as of december 31 , 2013 and december 31  2012 included in other liabilities on consolidated balance sheet.\n if payment required under programs contractual interest in collateral underlying mortgage loans on losses occurred value of collateral taken into account in determining our share of such losses.\n exposure activity associated with recourse obligations reported in corporate & institutional banking segment.\n table 152 : analysis of commercial mortgage recourse obligations.\n residential mortgage loan home equity repurchase obligations residential mortgage loans sold on non-recourse basis we assume certain loan repurchase obligations associated with mortgage loans sold to investors.\nloan repurchase obligations relate to situations pnc alleged to breached origination covenants representations warranties to purchasers loans in purchase sale agreements.\n for additional information on loan sales see note 3 loan sale and servicing activities variable interest entities.\n historical exposure activity with agency securitization repurchase obligations primarily related to transactions with fnma and fhlmc indemnification repurchase losses with fha and va-insured uninsured loans pooled in gnma securitizations minimal.\n repurchase obligation activity with residential mortgages reported in residential mortgage banking segment.\n in fourth quarter of 2013 pnc reached agreements with fnma and fhlmc to resolve repurchase claims loans sold between 2000 and 2008.\n pnc paid total of $ 191 million related to these settlements.\n pnc 2019s repurchase obligations include brokered home equity loans/lines of credit sold to limited number private investors financial services industry by national city prior to acquisition of national city.\n pnc no longer engaged in brokered home equity lending business exposure under loan repurchase obligations limited to repurchases of loans sold in these transactions.\n repurchase activity with brokered home equity loans/lines of credit reported in non-strategic assets portfolio segment.\n indemnification and repurchase liabilities initially recognized when loans sold to investors subsequently evaluated by management.\n initial recognition subsequent adjustments to indemnification repurchase liability for sold residential mortgage portfolio recognized in residential mortgage revenue on consolidated income statement.\n since pnc no longer engaged in brokered home equity lending business only subsequent adjustments recognized to home equity loans/lines indemnification and repurchase liability.\nadjustments recognized in noninterest income consolidated income statement.\n 214 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions                                  | 2013     | 2012\n-------------------------------------------- | -------- | --------\njanuary 1                                    | $ 43     | $ 47\nreserve adjustments net                      | -9 ( 9 ) | 4\nlosses 2013 loan repurchases and settlements | -1 ( 1 ) | -8 ( 8 )\ndecember 31                                  | $ 33     | $ 43"
}
{
    "_id": "dd4c02568",
    "title": "",
    "text": "diluted earnings per share calculation excludes stock options  sars  restricted stock units performance units stock anti-dilutive.\n shares underlying excluded stock options sars totaled 10. 3 million , 10. 2 million 0. 7 million for years ended december 31 , 2016 , 2015 2014 , respectively.\n for years ended december 31 2016 2015  4. 5 million and 5. 3 million shares of restricted stock units performance units performance stock excluded.\n 10.\n supplemental cash flow information net cash paid for interest income taxes was for years ended december 31, 2016, 2015 2014 ( in thousands ) :.\n eog's accrued capital expenditures at december 31 , 2016, 2015 2014 were $ 388 million , $ 416 million $ 972 million , respectively.\n non-cash investing activities for year ended december 31 , 2016  included $ 3834 million in non-cash additions to eog's oil and gas properties related to yates transaction ( see note 17 ).\n non-cash investing activities for year ended december 31 , 2014 included non-cash additions of $ 5 million to eog oil and gas properties property exchanges.\n 11.\n business segment information eog's operations are all crude oil and natural gas exploration production related.\n segment reporting topic asc establishes standards for reporting information about operating segments in annual financial statements.\n operating segments defined as components of enterprise separate financial information available evaluated by chief operating decision maker  group deciding resources assessing performance.\n eog chief operating decision-making process informal involves chairman of board chief executive officer other key officers.\n group reviews makes operating decisions related to significant issues associated eog's major producing areas in united states , trinidad  united kingdom china.\nsegment reporting purposes , chief operating decision maker considers major united states producing areas one operating segment.\n\n| 2016               | 2015     | 2014\n------------------------------------ | ------------------ | -------- | --------\ninterest net of capitalized interest | $ 252030           | $ 222088 | $ 197383\nincome taxes net of refunds received | $ -39293 ( 39293 ) | $ 41108  | $ 342741"
}
{
    "_id": "dd4b9a36e",
    "title": "",
    "text": "put options we have outstanding put option agreements with shareholders of our air products san fu company , ltd.\n and indura s. a.\n subsidiaries.\n put options give shareholders right to sell stock in subsidiaries based on pricing terms in agreements.\n refer to note 17 , commitments and contingencies consolidated financial statements for additional information.\n due to uncertainty of options exercised and timing excluded potential payments from contractual obligations table.\n pension benefits sponsor defined benefit pension plans cover substantial portion of worldwide employees.\n principal defined benefit pension plans 2014the u. s.\n salaried pension plan and u. k.\n pension plan 2014were closed to new participants in 2005 replaced with defined contribution plans.\n shift to defined contribution plans expected to reduce volatility of plan expense and contributions.\n for 2013 fair market value of pension plan assets for defined benefit plans increased to $ 3800. 8 from $ 3239. 1 in 2012.\n projected benefit obligation for these plans was $ 4394. 0 and $ 4486. 5 in 2013 and 2012 .\n refer to note 16 , retirement benefits  consolidated financial statements for comprehensive detailed disclosures on postretirement benefits.\n pension expense.\n 2013 vs.\n 2012 increase in pension expense items attributable to 100 bp decrease in weighted average discount rate higher amortization of actuarial losses.\n increase partially offset by higher expected return on plan assets and contributions in 2013.\n special items of $ 19. 8 included $ 12. 4 for pension settlement losses and $ 6. 9 for special termination benefits relating to 2013 business restructuring and cost reduction plan.\n 2012 vs.\n 2011 pension expense in 2012 excluding special items comparable to 2011 expense no change in weighted average discount rate from year to year.\n2014 outlook pension expense estimated approximately $ 140 to $ 145  excluding special items 2014 decrease of $ 5 to $ 10 from 2013 resulting primarily from increase in discount rates partially offset by unfavorable impacts changes in mortality and inflation assumptions.\n pension settlement losses of $ 10 to $ 25 expected dependent on timing of retirements.\n in 2014 pension expense include approximately $ 118 for amortization of actuarial losses compared to $ 143 in 2013.\n net actuarial gains of $ 370. 4 recognized in 2013 resulting primarily from approximately 65 bp increase in weighted average discount rate actual asset returns above expected returns.\n actuarial gains/losses amortized into pension expense over prospective periods not offset by future gains or losses.\n future changes in discount rate and actual returns on plan assets different from expected returns impact actuarial gains/losses and amortization in years beyond 2014.\n pension funding includes contributions to funded plans and benefit payments for unfunded plans primarily non-qualified plans.\n funding policy is contributions combined with appreciation and earnings sufficient to pay benefits without creating unnecessary surpluses.\n make contributions to satisfy legal funding requirements while managing capacity to benefit from tax deductions attributable to plan contributions.\n with assistance third party actuaries analyze liabilities and demographics of each plan guide level of contributions.\n during 2013 and 2012  cash contributions to funded plans and benefit payments for unfunded plans were $ 300. 8 and $ 76. 4  respectively.\n contributions for 2013 include voluntary contributions for.\n plans of $ 220. 0.\n\n| 2013           | 2012           | 2011\n-------------------------------------------------------------------- | -------------- | -------------- | --------------\npension expense                                                      | $ 169.7        | $ 120.4        | $ 114.1\nspecial terminations settlements and curtailments ( included above ) | 19.8           | 8.2            | 1.3\nweighted average discount rate                                       | 4.0% ( 4.0 % ) | 5.0% ( 5.0 % ) | 5.0% ( 5.0 % )\nweighted average expected rate of return on plan assets              | 7.7% ( 7.7 % ) | 8.0% ( 8.0 % ) | 8.0% ( 8.0 % )\nweighted average expected rate of compensation increase              | 3.8% ( 3.8 % ) | 3.9% ( 3.9 % ) | 4.0% ( 4.0 % )"
}
{
    "_id": "dd4be2c5e",
    "title": "",
    "text": "clients use active and passive strategies application differs.\n clients may use index products to gain exposure to market or asset class pending reallocation to active manager.\n turnover of index aum.\n institutional non-etp index assignments large ( multi- billion dollars ) reflect low fee rates.\n potential to exaggerate significance of net flows in institutional index products on blackrock 2019s revenues earnings.\n year-end 2012 equity aum of $ 1. 845 trillion increased by $ 285. 4 billion  or 18% ( 18 % ), from end 2011 due to flows into regional country-specific global mandates higher market valuations.\n equity aum growth included $ 54. 0 billion in net new business $ 3. 6 billion in new assets related to acquisition of claymore.\n net new business of $ 54. 0 billion driven by net inflows of $ 53. 0 billion and $ 19. 1 billion into ishares and non-etp index accounts.\n passive inflows offset by active net outflows of $ 18. 1 billion net outflows of $ 10. 0 billion and $ 8. 1 billion from fundamental and scientific active equity products.\n passive strategies represented 84% ( 84 % ) of equity aum remaining 16% ( 16 % ) in active mandates.\n institutional investors represented 62% ( 62 % ) of equity aum ishares , retail and hnw represented 29% ( 29 % ) and 9% ( 9 % ) .\n year-end 2012  63% ( 63 % ) of equity aum managed for clients in americas united states caribbean canada latin america iberia ) compared with 28% ( 28 % ) and 9% ( 9 % ) managed for clients in emea and asia-pacific .\nblackrock 2019s fee rates fluctuate due to changes in aum mix.\n half of equity aum tied to international markets including emerging markets higher fee rates than similar.\n equity strategies.\n fluctuations in international equity markets not with.\n markets may impact on blackrock 2019s equity fee rates and revenues.\n fixed income aum ended 2012 at $ 1. 259 trillion  rising $ 11. 6 billion  or 1% ( 1 % ) relative to december 31 , 2011.\n growth aum reflected $ 43. 3 billion in net new business  excluding low-fee outflows $ 75. 4 billion in market and foreign exchange gains $ 3. 0 billion in new assets related to claymore.\n net new business led by flows into domestic specialty and global bond mandates net inflows of $ 28. 8 billion , $ 13. 6 billion $ 3. 1 billion into ishares  non-etp index model-based products partially offset by net outflows of $ 2. 2 billion from fundamental strategies.\n fixed income aum split between passive and active strategies with 48% ( 48 % ) and 52% ( 52 % ).\n institutional investors represented 74% ( % ) of aum ishares and retail and hnw represented 15% ( 15 % ) and 11% ( 11 % ) .\n year-end 2012 59% ( 59 % ) of fixed income aum managed for clients in americas with 33% ( 33 % ) and 8% ( 8 % ) managed for clients in emea and asia- pacific .\n multi-asset class component changes in aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market 12/31/2012.\n multi-asset class aum totaled $ 267.7 billion year-end 2012  up 19% ( 19 % )  or $ 42. 6 billion  reflecting $ 15. 8 billion net new business $ 26. 7 billion portfolio valuation gains.\n blackrock 2019s multi-asset class team manages bespoke mandates for diversified client base leverages broad investment expertise in global equities  currencies bonds commodities extensive risk management capabilities.\n investment solutions might include long-only portfolios alternative investments tactical asset allocation overlays.\n december 31 , 2012  institutional investors represented 66% ( 66 % ) of multi-asset class aum  retail hnw accounted for remaining aum.\n 58% ( 58 % ) of multi-asset class aum managed for clients in americas 37% ( 37 % ) and 5% ( 5 % ) managed for clients in emea asia-pacific .\n flows reflected ongoing institutional demand for advice increasingly\n\n( dollar amounts in millions ) | 12/31/2011 | net new business | net acquired | market /fx app ( dep ) | 12/31/2012\n------------------------------ | ---------- | ---------------- | ------------ | ---------------------- | ----------\nasset allocation               | $ 126067   | $ 1575           | $ 78         | $ 12440                | $ 140160\ntarget date/risk               | 49063      | 14526            | 2014         | 6295                   | 69884\nfiduciary                      | 50040      | -284 ( 284 )     | 2014         | 7948                   | 57704\nmulti-asset                    | $ 225170   | $ 15817          | $ 78         | $ 26683                | $ 267748"
}
{
    "_id": "dd4bf241a",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations ( continued ) liquidity capital resources snap-on 2019s growth historically funded by combination cash operating activities debt financing.\n snap-on believes its cash from operations collections of finance receivables with sources of borrowings available cash on hand sufficient to fund anticipated requirements for payments of interest dividends  new loans by financial services businesses capital expenditures  working capital  restructuring activities funding of pension plans funding for additional share repurchases acquisitions  if.\n due to snap-on 2019s credit rating years , external funds available at acceptable cost.\n as of close of business on february 8 , 2013 , snap-on 2019s long-term debt commercial paper rated  , baa1 and p-2 by moody 2019s investors service ; a- and a-2 by standard & poor 2019s ; a- and f2 by fitch ratings.\n snap-on believes its current credit arrangements are sound strength of balance sheet affords company financial flexibility to respond to internal growth opportunities acquisitions.\n snap-on cannot provide assurances of availability of future financing terms available debt ratings may not decrease.\n discussion focuses on information in accompanying consolidated balance sheets.\n as of 2012 year end  working capital ( current assets less current liabilities ) of $ 1079. 8 million increased $ 132. 9 million from $ 946. 9 million at 2011 year end.\n following represents company 2019s working capital position as of 2012 and 2011 year end : ( amounts in millions ) 2012 2011.\n cash and cash equivalents of $ 214. 5 million as of 2012 year end compared to cash cash $ 185. 6 million at 2011 year end.\n $ 28. 9 million increase in cash and cash equivalents includes impacts of ( i ) $ 329.3 million cash generated from operations, net of $ 73. 0 million cash contributions ( including $ 54. 7 million discretionary contributions ) to company 2019s domestic pension plans ; ii ) $ 445. 5 million cash from collections finance receivables ; iii ) $ 46. 8 million proceeds from stock purchase and option plan exercises ; iv ) $ 27. 0 million cash proceeds from sale of non-strategic equity investment at book value.\n increases in cash and cash equivalents partially offset by funding of $ 569. 6 million new finance originations ; ii dividend payments of $ 81. 5 million ; iii funding of $ 79. 4 million capital expenditures ; iv ) repurchase of 1180000 shares of company 2019s common stock for $ 78. 1 million.\n of $ 214. 5 million cash and cash equivalents as of 2012 year end, $ 81. 4 million held outside united states.\n snap-on considers these non-u. s.\n funds as permanently invested in foreign operations to provide adequate working capital ; satisfy regulatory requirements/or take advantage of business expansion opportunities ; company does not expect to repatriate these funds to fund.\n operations or obligations.\n repatriation of cash from certain foreign subsidiaries could have adverse net tax consequences on company should snap-on required to pay record.\n income taxes and foreign withholding taxes on funds previously considered permanently invested.\n alternatively repatriation of such cash from certain other foreign subsidiaries could result in favorable net tax consequences for company.\n snap-on periodically evaluates opportunities to repatriate certain foreign cash amounts to does not incur additional unfavorable net tax consequences.\n 44 snap-on incorporated\n\n( amounts in millions )                      | 2012             | 2011\n-------------------------------------------- | ---------------- | ----------------\ncash and cash equivalents                    | $ 214.5          | $ 185.6\ntrade and other accounts receivable 2013 net | 497.9            | 463.5\nfinance receivables 2013 net                 | 323.1            | 277.2\ncontract receivables 2013 net                | 62.7             | 49.7\ninventories 2013 net                         | 404.2            | 386.4\nother current assets                         | 166.6            | 168.3\ntotal current assets                         | 1669.0           | 1530.7\nnotes payable                                | -5.2 ( 5.2 )     | -16.2 ( 16.2 )\naccounts payable                             | -142.5 ( 142.5 ) | -124.6 ( 124.6 )\nother current liabilities                    | -441.5 ( 441.5 ) | -443.0 ( 443.0 )\ntotal current liabilities                    | -589.2 ( 589.2 ) | -583.8 ( 583.8 )\nworking capital                              | $ 1079.8         | $ 946.9"
}
{
    "_id": "dd4c0c220",
    "title": "",
    "text": "illumina , inc.\n notes to consolidated financial statements 2014 ( continued ) advertising costs company expenses advertising costs incurred.\n were approximately $ 440000 for 2003  $ 267000 for 2002 $ 57000 for 2001.\n income taxes deferred income tax asset or liability computed for expected future impact of differences between financial reporting tax bases of assets liabilities expected future tax benefit from tax loss and credit carryforwards.\n deferred income tax expense is generally net change during year in deferred income tax asset or liability.\n valuation allowances established when realizability of deferred tax assets uncertain.\n effect of tax rate changes reflected in tax expense during period changes enacted.\n foreign currency translation functional currencies of company 2019s wholly owned subsidiaries are their respective local currencies.\n all balance sheet accounts of operations translated to.\n dollars using exchange rates in effect at balance sheet date revenues and expenses translated using average exchange rates in effect during period.\n gains and losses from foreign currency translation of subsidiaries 2019 financial statements recorded as separate component of stockholders 2019 equity under caption 2018 2018accumulated other comprehensive income. 2019 2019 stock-based compensation at december 28 , 2003  company has three stock-based employee and non-employee director compensation plans described in note 5.\n permitted by sfas no.\n 123  accounting for stock-based compensation  company accounts for common stock options granted restricted stock sold  to employees  founders directors using intrinsic value method recognizes no compensation expense for options granted  or restricted stock sold , with exercise prices equal to or greater than fair value of company 2019s common stock on date of grant.\ncompany recorded deferred stock compensation stock options restricted stock  granted prior to company 2019s initial public offering exercise prices below estimated fair value ( see note 5 ) amortized on accelerated amortiza- tion methodology financial accounting standards board interpretation number ( 2018 2018fin 2019 2019 ) 28.\n pro forma information net loss required by sfas no.\n 123 determined if company accounted for employee stock options employee stock purchases under fair value method.\n fair value for options estimated at dates of grant using fair value option pricing model ( black scholes ) weighted-average assumptions for 2003  2002 2001 : year ended december 28  december 29  december 30 2003 2002 2001 weighted average risk-free interest rate******* 3. 03% ( 3. 03 % ) 3. 73% ( 3. 73 % ) 4. 65% ( 4. 65 % ) expected dividend yield********************* 0% ( 0 % ) 0% ( 0 % ) 0% ( 0 % ) weighted average volatility 103% ( 103 % ) 104% ( 104 % ) 119% ( 119 % ) estimated life ( in years ) 5 5 5.\n\n| year ended december 28 2003 | year ended december 29 2002 | year ended december 30 2001\n---------------------------------------------- | --------------------------- | --------------------------- | ---------------------------\nweighted average risk-free interest rate       | 3.03% ( 3.03 % )            | 3.73% ( 3.73 % )            | 4.65% ( 4.65 % )\nexpected dividend yield                        | 0% ( 0 % )                  | 0% ( 0 % )                  | 0% ( 0 % )\nweighted average volatility                    | 103% ( 103 % )              | 104% ( 104 % )              | 119% ( 119 % )\nestimated life ( in years )                    | 5                           | 5                           | 5\nweighted average fair value of options granted | $ 3.31                      | $ 4.39                      | $ 7.51"
}
{
    "_id": "dd4bcf42e",
    "title": "",
    "text": "average age ( yrs. ) highway revenue equipment owned leased total.\n capital expenditures our rail network requires significant annual capital investments for replacement improvement expansion.\n these investments enhance safety support transportation needs customers improve operational efficiency.\n we add new locomotives freight cars to fleet to replace older less efficient equipment support growth customer demand reduce impact on environment through acquisition of more fuel-efficient low-emission locomotives.\n 2014 capital program 2013 during 2014  capital program totaled $ 4. 1 billion.\n ( see cash capital expenditures table in management 2019s discussion analysis of financial condition results of operations 2013 liquidity and capital resources 2013 financial condition , item 7. ) 2015 capital plan 2013 2015 expect capital plan to be approximately $ 4. 3 billion  include expenditures for ptc of approximately $ 450 million may include non-cash investments.\n may revise 2015 capital plan if business conditions warrant or if new laws or regulations affect generate sufficient returns on investments.\n see discussion of 2015 capital plan in management 2019s discussion analysis of financial condition results of operations 2013 2015 outlook , item 7. ) equipment encumbrances 2013 equipment with carrying value of approximately $ 2. 8 billion and $ 2. 9 billion at december 31 , 2014 2013  served as collateral for capital leases other equipment obligations in with secured financing arrangements to acquire or refinance railroad equipment.\n result of merger of missouri pacific railroad company ( mprr ) with into uprr on january 1 , 1997  indentures for mprr mortgage bonds uprr must maintain same value of assets after merger to comply with security requirements of mortgage bonds.\n as of merger date value of mprr assets that secured mortgage bonds was approximately $ 6. 0 billion.\naccordance with terms of indentures , collateral value must be maintained during entire term of mortgage bonds irrespective of outstanding balance bonds.\n environmental matters 2013 certain properties subject to federal , state local laws regulations governing protection of environment.\n ( see discussion of environmental issues in business 2013 governmental and environmental regulation , item 1 , management 2019s discussion analysis of financial condition and results of operations 2013 critical accounting policies 2013 environmental , item 7. ) item 3.\n legal proceedings from time to time  we involved in legal proceedings , claims  litigation in connection with our business.\n routinely assess liabilities and contingencies connection matters based latest available information when necessary seek input from third-party advisors assessments.\n consistent with sec rules requirements  describe below material pending legal proceedings ( other than ordinary routine litigation incidental to business ) , material proceedings known to contemplated by governmental authorities , other proceedings arising under federal  state local environmental laws regulations ( including governmental proceedings involving potential fines , penalties  other monetary sanctions in excess of $ 100000 ) other pending matters we determine appropriate.\n\nhighway revenue equipment       | owned | leased | total | averageage ( yrs. )\n------------------------------- | ----- | ------ | ----- | -------------------\ncontainers                      | 26629 | 28306  | 54935 | 7.1\nchassis                         | 15182 | 25951  | 41133 | 8.9\ntotal highway revenue equipment | 41811 | 54257  | 96068 | n/a"
}
{
    "_id": "dd4980772",
    "title": "",
    "text": "notional amount unfunded letters of credit was $ 1. 4 billion as of december 31 , 2008 and 31 2007.\n amount funded was insignificant no amounts 90 days or more past due or non-accrual status at december 31  2008 and 31 2007.\n items classified in trading account assets or liabilities on consolidated balance sheet.\n changes in fair value items classified in principal transactions in company 2019s consolidated statement of income.\n other items for fair-value option selected in accordance with sfas 159 company elected fair-value option for following eligible items not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures certain equity-method investments ; 2022 certain structured liabilities ; 2022 non-structured liabilities ; 2022 certain mortgage loans certain credit products citigroup elected fair-value option for certain originated and purchased loans  including certain unfunded loan products  guarantees and letters of credit  executed by citigroup 2019s trading businesses.\n none credit products is highly leveraged financing commitment.\n significant groups of transactions include loans and unfunded loan products expected to be sold or securitized in near term or transactions where economic risks hedged with derivative instruments purchased credit default swaps or total return swaps company pays total return on underlying loans to third party.\n citigroup elected fair-value option to mitigate accounting mismatches hedge accounting complex achieve operational simplifications.\n fair value not elected for most lending transactions across company including where management objectives not met.\n table provides information about certain credit products carried at fair value:.\nmillions dollars trading assets loans carrying amount reported consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance excess of fair value for non-accrual loans loans more 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 addition amounts $ 72 million $ 141 million unfunded loan commitments related certain credit products selected for fair-value accounting outstanding as of december 31 , 2008 december 31 , 2007 respectively.\n changes in fair value of funded unfunded credit products classified in principal transactions in company 2019s consolidated statement of income.\n related interest revenue measured based contractual interest rates reported as interest revenue on trading account assets or loans depending balance sheet classifications.\n changes in fair value for years ended december 31 , 2008 2007 due to instrument-specific credit risk totaled loss of $ 38 million and $ 188 million  respectively.\n certain investments in private equity real estate ventures certain equity method investments citigroup invests private equity real estate ventures for earning investment returns capital appreciation.\n company elected fair-value option for certain ventures investments similar to private equity hedge fund activities investment companies reported at fair value.\n fair-value option brings consistency in accounting evaluation of investments.\n required by sfas 159  all investments ( debt and equity ) in private equity real estate entities accounted for at fair value.\n investments classified as investments on citigroup 2019s consolidated balance sheet.\n citigroup holds non-strategic investments in leveraged buyout funds hedge funds previously required to be accounted for under equity method.\n company elected fair-value accounting to reduce operational accounting complexity.\n funds account for all underlying assets at fair value impact of applying equity method to citigroup 2019s investment in funds equivalent to fair-value accounting.\n fair-value election no impact on opening retained earnings.\n investments classified as other assets on citigroup 2019s consolidated balance sheet.\n changes in fair values investments classified in other revenue in company 2019s consolidated statement of income.\n certain structured liabilities company elected fair-value option for certain structured liabilities performance linked to structured interest rates  inflation or currency risks ( 201cstructured liabilities 201d ).\n company elected fair- value option these exposures considered trading-related positions managed on fair-value basis.\n positions continue classified as debt , deposits derivatives ( trading account liabilities ) on company 2019s consolidated balance sheet legal form.\n for structured liabilities classified as long-term debt for which fair-value option elected aggregate unpaid principal balance exceeds aggregate fair value of instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007.\n change in fair value for these structured liabilities reported in principal transactions in company 2019s consolidated statement of income.\n related interest expense measured based on contractual interest rates reported as such in consolidated income statement.\n certain non-structured liabilities company elected fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ).\n\nin millions of dollars                                                                                              | 2008 trading assets | 2008 loans | 2008 trading assets | loans\n------------------------------------------------------------------------------------------------------------------- | ------------------- | ---------- | ------------------- | ----------\ncarrying amount reported on the consolidated balance sheet                                                          | $ 16254             | $ 2315     | $ 26020             | $ 3038\naggregate unpaid principal balance in excess of fair value                                                          | $ 6501              | $ 3        | $ 899               | $ -5 ( 5 )\nbalance on non-accrual loans or loans more than 90 days past due                                                    | $ 77                | $ 1113     | $ 186               | $ 1292\naggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190               | $ -4 ( 4 ) | $ 68                | $ 2014"
}
{
    "_id": "dd4b92402",
    "title": "",
    "text": "2017 form 10-k | 115 and $ 1088 million  respectively primarily of loans to dealers spc 2019s liabilities of $ 1106 million and $ 1087 million respectively primarily of commercial paper.\n assets spc not available to pay cat financial 2019s creditors.\n cat financial may be obligated to perform under guarantee if spc experiences losses.\n no loss experienced or anticipated under this loan purchase agreement.\n cat financial party to agreements normal business with selected customers and caterpillar dealers commit to provide set dollar amount of financing on pre- approved basis.\n also provide lines of credit to certain customers caterpillar dealers portion remains unused as of end of period.\n commitments and lines of credit have fixed expiration dates or termination clauses.\n cat financial experience not all commitments and lines of credit used.\n management applies same credit policies when making commitments and granting lines of credit as for other financing.\n cat financial not require collateral for commitments/ lines if credit extended collateral may be required upon funding.\n amount of unused commitments and lines of credit for dealers as of december 31, 2017 and 2016 was $ 10993 million and $ 12775 million respectively.\n amount unused commitments and lines of credit for customers as of december 31, 2017 and 2016 was $ 3092 million and $ 3340 million respectively.\n product warranty liability determined by applying historical claim rate experience to current field population and dealer inventory.\n historical claim rates based on actual warranty experience for each product by machine model/engine size by customer or dealer location ( inside or outside north america ).\n specific rates developed for each product shipment month updated monthly based on actual warranty claim experience.\n.\nenvironmental legal matters company regulated by federal  state international environmental laws governing our use , transport disposal of substances control of emissions.\n in to governing our manufacturing other operations these laws impact development of our products  including not to required compliance with air emissions standards applicable to internal combustion engines.\n we made will continue to make significant research development capital expenditures to comply with these emissions standards.\n engaged in remedial activities at number of locations  often with other companies  pursuant to federal state laws.\n when probable we will pay remedial costs at site costs can be reasonably estimated investigation , remediation  operating maintenance costs are accrued against our earnings.\n costs accrued based on consideration of available data information with to each individual site  including available technologies , current applicable laws regulations  prior remediation experience.\n where no amount within range of estimates more likely , we accrue minimum.\n where multiple potentially responsible parties involved we consider our proportionate share of probable costs.\n in formulating estimate of probable costs do not consider amounts expected to be recovered from insurance companies or others.\n reassess accrued amounts on quarterly basis.\n amount recorded for environmental remediation not material included in accrued expenses.\n believe no more than remote chance that material amount for remedial activities at any individual site or at all sites in aggregate will be required.\n on january 7 , 2015  company received grand jury subpoena from u. s.\n district court for central district of illinois.\n subpoena requests documents information from company relating to  financial information concerning u. s.\n and non-u. s.\n caterpillar subsidiaries ( including undistributed profits of non-u. s.\nsubsidiaries movement of cash among u. s.\n and non-u. s.\n subsidiaries ).\n company received additional subpoenas relating to investigation requesting additional documents and information relating to  purchase and resale of replacement parts by caterpillar inc.\n and non-u. s.\n caterpillar subsidiaries  dividend distributions of certain non-u. s.\n caterpillar subsidiaries caterpillar sarl and related structures.\n on march 2-3 , 2017 , agents with department of commerce, federal deposit insurance corporation internal revenue service executed search and seizure warrants at three facilities of company in peoria , illinois area including former corporate headquarters.\n warrants identify  agents seized documents and information related to export of products from united states movement of products between united states and switzerland  relationship between caterpillar inc.\n and caterpillar sarl  sales outside united states.\n company understanding warrants  concern tax and export activities related to ongoing grand jury investigation.\n company continuing to cooperate with investigation.\n company unable to predict outcome or estimate potential loss ; believe matter will not have material adverse effect on company 2019s consolidated results of operations , financial position or liquidity.\n on march 20 , 2014 , brazil 2019s administrative council for economic defense ( cade ) published technical opinion named 18 companies and over 100 individuals as defendants including two subsidiaries of caterpillar inc. , mge - equipamentos e servi e7os ferrovi e1rios ltda.\n mge and caterpillar brasil ltda.\n publication technical opinion opened cade 2019s official administrative investigation into allegations that defendants participated in anticompetitive bid activity for construction and maintenance of metro and train networks in brazil.\n companies be\n\n( millions of dollars )                  | 2017         | 2016\n---------------------------------------- | ------------ | ------------\nwarranty liability january 1             | $ 1258       | $ 1354\nreduction in liability ( payments )      | -860 ( 860 ) | -909 ( 909 )\nincrease in liability ( new warranties ) | 1021         | 813\nwarranty liability december 31           | $ 1419       | $ 1258"
}
{
    "_id": "dd4bed046",
    "title": "",
    "text": "entergy corporation subsidiaries management 2019s financial discussion analysis imprudence by utility operating companies in execution obligations under system agreement.\n see note 2 to financial statements for discussions litigation.\n in november 2012 utility operating companies filed amendments to system agreement with ferc pursuant to section 205 of federal power act.\n amendments consist primarily of technical revisions needed to system agreement to allocate certain charges credits from miso settlement statements to participating utility operating companies ; address entergy arkansas 2019s withdrawal from system agreement.\n lpsc , mpsc , puct , city council filed protests at ferc regarding amendments aspects utility operating companies 2019 future operating arrangements including requests continued viability of system agreement in miso other issues ) be set for hearing by ferc.\n in december 2013 ferc issued order accepting revisions filed in november 2012  subject to further compliance filing other conditions.\n entergy services made requisite compliance filing in february 2014 ferc accepted compliance filing in november 2015.\n november 2015 order  ferc required entergy services to file refund report results of intra-system bill rerun from december 19 , 2013 through november 30 , 2015 calculating use of energy-based allocator to allocate losses , ancillary services charges credits  uplift charges credits to load of each participating utility operating company.\n filing shows following payments receipts among utility operating companies : payments ( receipts ) ( in millions ).\n in december 2013 order  ferc set one issue for hearing involving settlement with union pacific regarding certain coal delivery issues.\n consistent with decisions entergy arkansas 2019s participation in system agreement terminated effective december 18 , 2013.\ndecember 2014 ferc alj issued initial decision finding entergy arkansas would realize benefits after december 18 , 2013 from 2008 settlement agreement between entergy services , entergy arkansas  union pacific  related to certain coal delivery issues.\n alj found all utility operating companies should share in benefits methodology proposed by mpsc.\n utility operating companies and other parties to proceeding filed briefs on exceptions and/or briefs opposing exceptions with ferc challenging aspects december 2014 initial decision matter pending before ferc.\n utility operating company notices of termination of system agreement participation consistent with written notices of termination delivered in december 2005 and november 2007  entergy arkansas and entergy mississippi filed with ferc in february 2009 notices of cancellation to terminate participation in system agreement  effective december 18 , 2013 and november 7 , 2015 .\n november 2009 ferc accepted notices of cancellation determined entergy arkansas and entergy mississippi permitted to withdraw from system agreement following 96-month notice period without payment of fee or requirement to otherwise compensate remaining utility operating companies as result of withdrawal.\n appeals by lpsc and city council denied in 2012 and 2013.\n effective december 18 , 2013  entergy arkansas ceased participating in system agreement.\n effective november 7 , 2015 , entergy mississippi ceased participating in system agreement.\n prior commitments after evaluation of basis for reasonableness of 96-month system agreement termination notice period utility operating companies filed with ferc in october 2013 to amend system agreement changing notice period for operating company to\n\n| payments ( receipts ) ( in millions )\n------------------- | -------------------------------------\nentergy louisiana   | ( $ 6.3 )\nentergy mississippi | $ 4\nentergy new orleans | $ 0.4\nentergy texas       | $ 1.9"
}
{
    "_id": "dd4c4a566",
    "title": "",
    "text": "reconciliation of beginning and ending unrecognized tax benefits is follows:.\n ) amounts reflect settlements with irs and cra discussed below.\n if company recognize unrecognized tax benefits of $ 3. 5 billion at december 31 , 2013  income tax provision would reflect favorable net impact of $ 3. 3 billion.\n company under examination by numerous tax authorities in various jurisdictions globally.\n company believes possible total unrecognized tax benefits as of december 31 , 2013 could decrease by up to $ 128 million in next 12 months of audit closures settlements or expiration of statute of limitations.\n finalization of company 2019s examinations with taxing authorities can include formal administrative and legal proceedings could significant impact on timing of reversal of unrecognized tax benefits.\n company believes reserves for uncertain tax positions adequate to cover existing risks exposures.\n interest and penalties associated with uncertain tax positions amounted to benefit of $ 319 million in 2013  $ 88 million in 2012 and $ 95 million in 2011.\n amounts reflect beneficial impacts of tax settlements  including discussed.\n liabilities for accrued interest and penalties were $ 665 million and $ 1. 2 billion as of december 31 , 2013 and 2012  respectively.\n in 2013  internal revenue service ( ) finalized examination of schering-plough 2019s 2007-2009 tax years.\n company 2019s unrecognized tax benefits for years under examination exceeded adjustments related to this examination period company recorded net $ 165 million tax provision benefit in 2013.\n in 2010  irs finalized examination of schering-plough 2019s 2003-2006 tax years.\n audit cycle company reached agreement with irs on adjustment to income related to intercompany pricing matters.\nincome adjustment reduced nols and tax credit carryforwards.\n company 2019s reserves for uncertain tax positions adequate to cover all adjustments related to examination period.\n company seeking resolution of one issue raised during examination through irs administrative appeals process.\n in 2013  company recorded out-of-period net tax benefit of $ 160 million related to this issue settled in fourth quarter of 2012 final resolution to interest owed reached in first quarter of 2013.\n company 2019s unrecognized tax benefits related to issue exceeded settlement amount.\n management concluded exclusion of benefit not material to current or prior year financial statements.\n canada revenue agency ( 201ccra 201d ) proposed adjustments for 1999 and 2000 relating to intercompany pricing matters in july 2011  cra issued assessments for other miscellaneous audit issues for tax years 2001-2004.\n in 2012  merck and cra reached settlement for these years calls for merck to pay additional canadian tax of approximately $ 65 million.\n company 2019s unrecognized tax benefits related to these matters exceeded settlement amount company recorded net $ 112 million tax provision benefit in 2012.\n portion of taxes paid expected to be creditable for u. s.\n tax purposes.\n company had previously established reserves for these matters.\n resolution of these matters did not have material effect on company 2019s results of operations , financial position or liquidity.\n in 2011  irs concluded examination of merck 2019s 2002-2005 federal income tax returns company required to make net payments of approximately $ 465 million.\n company 2019s unrecognized tax benefits for years under examination exceeded adjustments related to this examination period company recorded net $ 700 million tax provision benefit in 2011.\nnet benefit reflects decrease unrecognized tax benefits years under examination partially offset by increases unrecognized tax benefits years subsequent table of contents\n\n| 2013         | 2012         | 2011\n------------------------------------------------- | ------------ | ------------ | --------------\nbalance january 1                                 | $ 4425       | $ 4277       | $ 4919\nadditions related to current year positions       | 320          | 496          | 695\nadditions related to prior year positions         | 177          | 58           | 145\nreductions for tax positions of prior years ( 1 ) | -747 ( 747 ) | -320 ( 320 ) | -1223 ( 1223 )\nsettlements                                       | -603 ( 603 ) | -67 ( 67 )   | -259 ( 259 )\nlapse of statute of limitations                   | -69 ( 69 )   | -19 ( 19 )   | 2014\nbalance december 31                               | $ 3503       | $ 4425       | $ 4277"
}
{
    "_id": "dd4c3312c",
    "title": "",
    "text": "item 1.\n business cna financial corporation 2013 ( continued ) unpredictability in law , insurance underwriting expected to continue difficult in commercial lines  professional liability specialty coverages.\n dodd-frank wall street reform and consumer protection act expands federal presence in insurance oversight may increase regulatory requirements to cna may subject.\n act 2019s requirements include streamlining state-based regulation of reinsurance nonadmitted insurance ( property casualty insurance from insurers eligible to accept insurance but not licensed to write insurance in particular state ).\n act establishes new federal insurance office within u. s.\n department of treasury with powers over all lines of insurance except health insurance  certain long term care insurance crop insurance , to monitor insurance industry  identify issues in regulation of insurers contribute to systemic crisis in insurance industry financial system  coordinate federal policy on international insurance matters preempt state insurance measures under certain circumstances.\n act calls for studies contemplates further regulation.\n patient protection and affordable care act related amendments in health care and education reconciliation act may increase cna 2019s operating costs underwriting losses.\n landmark legislation may lead to changes in health care industry could create additional operating costs for cna  particularly with respect to workers 2019 compensation long term care products.\n costs might arise through increased use of health care services by claimants or increased complexities in health care bills require additional levels review.\n due to expected number of new participants in health care system potential for additional malpractice claims  cna may experience increased underwriting risk in lines of business provide management and professional liability insurance to individuals businesses engaged in health care industry.\n lines of business provide professional liability insurance to attorneys , accountants other professionals who advise clients regarding health care reform legislation may experience increased underwriting risk due to complexity of legislation.\nchicago location owned by ccc , wholly owned subsidiary of cna  houses cna 2019s principal executive offices.\n cna owns or leases office space in various cities throughout united states and other countries.\n following table sets information cna 2019s principal office locations : location ( square feet ) principal usage 333 s.\n wabash avenue 763322 principal executive offices of cna chicago , illinois 401 penn street 190677 casualty insurance offices reading , pennsylvania 2405 lucien way 116948 casualty insurance maitland , florida 40 wall street 114096 new york, new york 1100 ward avenue 104478 honolulu , hawaii 101 s.\n phillips avenue 83616 sioux falls , south dakota 600 n.\n pearl street 65752 offices dallas , texas 1249 s.\n river road 50366 offices cranbury , new jersey 4267 meridian parkway 46903 data center aurora , illinois 675 placentia avenue 46571 casualty insurance offices brea , california cna leases office space except for chicago , illinois building , reading , pennsylvania building , and aurora , illinois building , are owned.\n item 1.\n business cna financial corporation 2013 ( continued ) unpredictability in law , insurance underwriting expected to continue be difficult in commercial lines , professional liability other specialty coverages.\n dodd-frank wall street reform and consumer protection act expands federal presence in insurance oversight may increase regulatory requirements to cna may subject.\nact 2019s requirements include streamlining state-based regulation of reinsurance nonadmitted insurance ( property or casualty insurance placed from insurers eligible to accept insurance not licensed to write insurance in particular state ).\n act establishes a new federal insurance office within u. s.\n department of treasury with powers over all lines of insurance except health insurance  certain long term care insurance crop insurance , to monitor insurance industry  identify issues in regulation insurers contribute to systemic crisis in insurance industry financial system  coordinate federal policy on international insurance matters preempt state insurance measures under certain circumstances.\n act calls for studies contemplates further regulation.\n patient protection and affordable care act related amendments in health care and education reconciliation act may increase cna 2019s operating costs underwriting losses.\n this landmark legislation may lead to changes in health care industry could create additional operating costs for cna , particularly with workers 2019 compensation long term care products.\n these costs might arise through increased use of health care services by claimants or increased complexities in health care bills require additional review.\n due to expected number of new participants in health care system potential for additional malpractice claims  cna may experience increased underwriting risk in lines of business provide management professional liability insurance to individuals businesses in health care industry.\n lines of business provide professional liability insurance to attorneys , accountants professionals who advise clients regarding health care reform legislation may experience increased underwriting risk due to complexity of legislation.\n properties : chicago location owned by ccc , wholly owned subsidiary of cna , houses cna 2019s principal executive offices.\n cna owns or leases office space in various cities throughout united states other countries.\n following table sets information to cna 2019s principal office locations : location ( square feet ) principal usage 333 s.\nwabash avenue 763322 principal executive offices cna chicago, illinois 401 penn street 190677 casualty insurance offices reading , pennsylvania 2405 lucien way 116948 insurance offices maitland , florida 40 wall street 114096 insurance offices new york new york 1100 ward avenue 104478 insurance offices honolulu , hawaii 101 s.\n phillips avenue 83616 insurance offices sioux falls  south dakota 600 n.\n pearl street 65752 casualty insurance offices dallas , texas 1249 s.\n river road 50366 casualty insurance offices cranbury, new jersey 4267 meridian parkway 46903 data center aurora , illinois 675 placentia avenue 46571 casualty insurance offices brea , california cna leases office space except chicago , illinois building  reading , pennsylvania building  aurora , illinois building , owned.\n\nlocation                                        | size ( square feet ) | principal usage\n----------------------------------------------- | -------------------- | ---------------------------------------\n333 s . wabash avenuechicago illinois           | 763322               | principal executive offices of cna\n401 penn streetreading pennsylvania             | 190677               | property and casualty insurance offices\n2405 lucien waymaitland florida                 | 116948               | property and casualty insurance offices\n40 wall streetnew york new york                 | 114096               | property and casualty insurance offices\n1100 ward avenuehonolulu hawaii                 | 104478               | property and casualty insurance offices\n101 s . phillips avenuesioux falls south dakota | 83616                | property and casualty insurance offices\n600 n . pearl streetdallas texas                | 65752                | property and casualty insurance offices\n1249 s . river roadcranbury new jersey          | 50366                | property and casualty insurance offices\n4267 meridian parkwayaurora illinois            | 46903                | data center\n675 placentia avenuebrea california             | 46571                | property and casualty insurance offices"
}
{
    "_id": "dd4ba898c",
    "title": "",
    "text": "future minimum lease commitments for office premises and equipment under non-cancelable leases with minimum sublease rental income received under non-cancelable are as follows : period rent obligations sublease rental income net rent.\n guarantees certain contingent obligations under guarantees of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of media payables operating leases.\n amount of parent company guarantees was $ 327. 1 and $ 327. 9 as of december 31, 2007 and 2006 , respectively.\n in event of non-payment by applicable subsidiary of obligations covered by guarantee we obligated to pay amounts covered by guarantee.\n as of december 31, 2007  no material assets pledged as security for such parent company guarantees.\n contingent acquisition obligations structured certain acquisitions with additional contingent purchase price obligations to reduce potential risk with negative future performance of acquired entity.\n entered into agreements may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries.\n amounts to these transactions based on estimates of future financial performance of acquired entity timing of exercise of rights changes in foreign currency exchange rates other factors.\n not recorded liability for these items since definitive amounts payable not determinable or distributable.\n when contingent acquisition obligations met and consideration determinable and distributable we record fair value of this consideration as additional cost of acquired entity.\n recognize deferred payments and purchases of additional interests after effective date of purchase contingent upon future employment of owners as compensation expense.\n compensation expense determined based on terms and conditions of acquisition agreements and employment terms of former owners of acquired businesses.\nfuture expense not allocated to assets and liabilities acquired amortized over required employment terms of former owners.\n following table details estimated liability with respect to contingent acquisition obligations estimated amount paid under options , in event of exercise at earliest exercise date.\n all payments contingent upon achieving projected operating performance targets satisfying other notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts )\n\nperiod              | rent obligations | sublease rental income | net rent\n------------------- | ---------------- | ---------------------- | --------\n2008                | $ 323.9          | $ -40.9 ( 40.9 )       | $ 283.0\n2009                | 300.9            | -37.5 ( 37.5 )         | 263.4\n2010                | 267.7            | -31.0 ( 31.0 )         | 236.7\n2011                | 233.7            | -25.7 ( 25.7 )         | 208.0\n2012                | 197.9            | -20.2 ( 20.2 )         | 177.7\n2013 and thereafter | 871.0            | -33.1 ( 33.1 )         | 837.9\ntotal               | $ 2195.1         | $ -188.4 ( 188.4 )     | $ 2006.7"
}
{
    "_id": "dd4bbab00",
    "title": "",
    "text": "table of contents hologic , inc.\n notes to consolidated financial statements ( continued ) ( in thousands  except per share data ) location during fiscal 2009.\n company responsible for significant portion construction costs deemed for accounting purposes owner of building during construction period in accordance with asc 840 , leases , subsection 40-15-5.\n year ended september 27 , 2008 company recorded additional $ 4400 in fair market value of building completed in fiscal 2008.\n in addition to $ 3000 fair market value of land and $ 7700 fair market value related to building constructed recorded as of october 22 , 2007.\n company recorded such fair market value within property and equipment on consolidated balance sheets.\n at september 26 , 2009  company recorded $ 1508 in accrued expenses $ 16329 in other long-term liabilities related to obligation in consolidated balance sheet.\n term of lease for approximately ten years option to extend for two consecutive five-year terms.\n lease term commenced in may 2008 company began transferring company 2019s costa rican operations to this facility.\n expected process complete by february 2009.\n at completion of construction period company reviewed lease for potential sale-leaseback treatment accordance with asc 840 , subsection 40 , sale-leaseback transactions ( formerly sfas no.\n 98 ( 201csfas 98 201d ) , accounting for leases : sale-leaseback transactions involving real estate  sales-type leases of real estate  definition of lease term  initial direct costs of direct financing leases 2014an amendment of financial accounting standards board ( 201cfasb 201d ) statements no.\n 13 , 66  91 rescission of fasb statement no.\n 26 technical bulletin no.\n 79-11 ).\nanalysis , company determined lease did not qualify for sale-leaseback treatment.\n building , leasehold improvements associated liabilities will remain on company 2019s financial statements throughout lease term building and leasehold improvements be depreciated on straight line basis over estimated useful lives of 35 years.\n future minimum lease payments , including principal and interest , under this lease were as follows at september 26 , 2009:.\n in result of merger with cytyc , company assumed obligation to non-cancelable lease agreement for building with approximately 146000 square feet in marlborough, massachusetts , principally used as additional manufacturing facility.\n in 2011 , company option to lease additional 30000 square feet.\n of lease agreement lessor agreed to allow company to make significant renovations to facility to prepare facility for company 2019s manufacturing needs.\n company responsible for significant construction costs deemed  for accounting purposes to be owner of building during construction period in accordance with asc 840-40-15-5.\n $ 13200 fair market value of facility is included within property and equipment , net on consolidated balance sheet.\n at september 26 , 2009 , company recorded $ 982 in accrued expenses source : hologic inc , 10-k , november 24, 2009 powered by morningstar ae document research 2120 information herein may not be copied , adapted or distributed not warranted to be accurate , complete or timely.\n user assumes all risks for any damages or losses arising from use of this information except to extent such damages or losses cannot be limited or excluded by applicable law.\n past financial performance is no guarantee of future results.\n\n| amount\n--------------------------------- | --------------\nfiscal 2010                       | $ 1508\nfiscal 2011                       | 1561\nfiscal 2012                       | 1616\nfiscal 2013                       | 1672\nfiscal 2014                       | 1731\nthereafter                        | 7288\ntotal minimum payments            | 15376\nless-amount representing interest | -6094 ( 6094 )\ntotal                             | $ 9282"
}
{
    "_id": "dd4be6cb4",
    "title": "",
    "text": "shareowner return performance graph performance graph and related information not deemed 201csoliciting material 201d or to be 201cfiled 201d with sec , nor such information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended , except company specifically incorporates such information into such filing.\n graph shows five year comparison of cumulative total shareowners 2019 returns for class b common stock , standard & poor 2019s 500 index and dow jones transportation average.\n comparison of total cumulative return on investment , change in quarterly stock price plus reinvested dividends for each quarterly periods , assumes $ 100 invested on december 31 , 2011 in standard & poor 2019s 500 index , dow jones transportation average and class b common stock.\n\n| 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016\n-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nunited parcel service inc .      | $ 100.00   | $ 103.84   | $ 152.16   | $ 165.35   | $ 154.61   | $ 189.72\nstandard & poor 2019s 500 index  | $ 100.00   | $ 115.99   | $ 153.54   | $ 174.54   | $ 176.94   | $ 198.09\ndow jones transportation average | $ 100.00   | $ 107.49   | $ 151.97   | $ 190.07   | $ 158.22   | $ 192.80"
}
{
    "_id": "dd4c50e34",
    "title": "",
    "text": "defined by fin 46 ( r )  result of issuance of subordinated notes by conduits to third-party investors not record these conduits in consolidated financial statements.\n at december 31 , 2006 and 2005  total assets in unconsolidated conduits were $ 25. 25 billion and $ 17. 90 billion  respectively.\n off-balance sheet commitments to conduits disclosed in note 10.\n collateralized debt obligations : manage series of collateralized debt obligations 201ccdos. cdo is managed investment vehicle purchases portfolio of diversified highly-rated assets.\n cdo funds purchases through issuance of several tranches of debt and equity repayment and return linked to performance of assets in cdo.\n involvement as collateral manager.\n may invest in small percentage of debt issued.\n entities meet definition of variable interest entity as defined by fin 46 ( r ).\n not primary beneficiary of these cdos defined by fin 46 ( r ) do not record these cdos in consolidated financial statements.\n at december 31 , 2006 and 2005  total assets in these cdos were $ 3. 48 billion and $ 2. 73 billion  respectively.\n during 2005  acquired and transferred $ 60 million of investment securities from available-for- sale portfolio into cdo.\n transfer executed at fair market value in exchange for cash treated as sale.\n did not acquire or transfer investment securities to cdo during 2006.\n note 12.\n shareholders 2019 equity treasury stock : during first quarter of 2006  purchased 3 million shares of common stock under program authorized by board of directors 201cboard 201d in 2005.\nmarch 16, 2006 board authorized new program for purchase of up to 15 million shares common stock for general corporate purposes including mitigating dilutive impact of shares employee benefit programs terminated 2005 program.\n new program purchased 2. 8 million shares common stock during 2006 as of december 31 , 2006  12. 2 million shares available for purchase.\n utilize third-party broker-dealers to acquire common shares open market stock purchase program.\n shares may be acquired for other deferred compensation plans held by external trustee not part of common stock purchase program.\n as of december 31 , 2006 cumulative basis approximately 395000 shares purchased held in trust.\n shares recorded as treasury stock in consolidated statement of condition.\n during 2006 , 2005 2004  purchased and recorded as treasury stock total of 5. 8 million shares , 13. 1 million shares 4. 1 million shares  average historical cost per share of $ 63 , $ 51 and $ 43 .\n accumulated other comprehensive ( loss ) income.\n for year ended december 31 , 2006 realized net gains of $ 15 million on sales of available-for- sale securities.\n unrealized losses of $ 7 million included in other comprehensive income at december 31, 2005 net of deferred taxes of $ 4 million related to sales.\n 86 copyarea : 38.\n x 54.\n trimsize : 8. 25 x 10. 75 state street corporation serverprocess c:\\\\fc\\\\delivery_1024177\\\\2771-1-dm_p. pdf chksum : 0 cycle 1merrill corporation 07-2771-1 thu mar 01 17:10:46 2007 ( v 2. 247w--stp1pae18 )\n\n( in millions )                                                                 | 2006           | 2005           | 2004\n------------------------------------------------------------------------------- | -------------- | -------------- | ----------\nforeign currency translation                                                    | $ 197          | $ 73           | $ 213\nunrealized gain ( loss ) on hedges of net investments in non-u.s . subsidiaries | -7 ( 7 )       | 11             | -26 ( 26 )\nunrealized loss on available-for-sale securities                                | -227 ( 227 )   | -285 ( 285 )   | -56 ( 56 )\nminimum pension liability                                                       | -186 ( 186 )   | -26 ( 26 )     | -26 ( 26 )\nunrealized loss on cash flow hedges                                             | -1 ( 1 )       | -4 ( 4 )       | -13 ( 13 )\ntotal                                                                           | $ -224 ( 224 ) | $ -231 ( 231 ) | $ 92"
}
{
    "_id": "dd4b9d19a",
    "title": "",
    "text": "aggregate notional amounts interest rate caps as of december 31 , 2004 interest rate detail by contractual maturity dates thousands percentages ).\n as of december 31 , 2005 variable rate debt new american tower spectrasite credit facilities ( $ 1493. 0 million ) refinanced on october 27, 2005 included based october 27 , 2010 maturity dates.\n as december 31 , 2005 fixed rate debt 2. 25% ( 2. 25 % ) convertible notes due 2009 ( 2. 25% ( 2. 25 % ) notes ( $ 0. 1 million ) 7. 125% ( 7. 125 % ) notes ( $ 500. 0 million principal amount due maturity balance as of december 31, 2005 is $ 501. 9 million ) 5. 0% ( 5. 0 % ) notes ( $ 275. 7 million ) 3. 25% ( 3. 25 % ) notes ( $ 152. 9 million ) 7. 50% ( 7. 50 % ) notes ( $ 225. 0 million ) ati 7. 25% ( 7. 25 % ) notes ( $ 400. 0 million ) ati 12. 25% ( 12. 25 % ) notes ( $ 227. 7 million principal amount due at maturity balance as of december 31 , 2005 is $ 160. 3 million accreted value net allocated fair value related warrants of $ 7. 2 million ) 3. 00% ( 3. 00 % ) notes ( $ 345. 0 million principal amount due at maturity balance as of december 31 , 2005 is $ 344. 4 million accreted value ) other debt of $ 60. 4 million.\n interest on credit facilities payable london interbank offering rate ( libor ) agreement or quarterly accrues at option libor plus margin or base rate plus margin.\n weighted average interest rate at december 31 , 2005 for credit facilities was 4. 71% ( 4. 71 % ).\nyear ended december 31 , 2005 weighted average interest rate under credit facilities 5. 03% ( 5. 03 % ).\n as of december 31 , 2004 variable rate debt previous credit facility ( $ 698. 0 million ) fixed rate debt 2. 25% ( 2. 25 % ) notes ( $ 0. 1 million ) 7. 125% ( 7. 125 % ) notes ( $ 500. 0 million principal amount due at maturity balance as of december 31, 2004 $ 501. 9 million ) 5. 0% ( 5. 0 % ) notes ( $ 275. 7 million ) 3. 25% ( 3. 25 % ) notes ( $ 210. 0 million ) 7. 50% ( 7. 50 % ) notes ( $ 225. 0 million ) ati 7. 25% ( 7. 25 % ) notes ( $ 400. 0 million ) ati 12. 25% ( 12. 25 % ) notes ( $ 498. 3 million principal amount due at maturity balance as of december 31, 2004 $ 303. 8 million accreted value net allocated fair value related warrants of $ 21. 6 million ) 9 3 20448% ( 20448 % ) notes ( $ 274. 9 million ) 3. 00% ( 3. 00 % ) notes ( $ 345. 0 million principal amount due at maturity balance as of december 31, 2004 $ 344. 3 million accreted value ) other debt of $ 60. 0 million.\n interest on credit facility payable london interbank offering rate ( libor ) agreement or quarterly accrues at option libor plus margin or base rate plus margin.\n weighted average interest rate december 31 , 2004 credit facility was 4. 35% ( 4. 35 % ).\n year ended december 31 , 2004 weighted average interest rate credit facility was 3. 81% ( 3. 81 % ).\n includes notional amount of $ 175000 expires february 2006.\n( c ) includes notional amount $ 25000 expires september 2007.\n ( d ) includes notional amounts $ 250000 and $ 100000 expire june and july 2006 respectively.\n ( e ) represents weighted-average fixed rate range interest based on contractual notional amount percentage of total notional amounts given year.\n ( f ) includes notional amounts $ 75000 , $ 75000 $ 150000 expire december 2009.\n ( g ) includes notional amounts $ 100000, $ 50000 $ 50000  $ 50000 $ 50000 expire october 2010.\n ( h ) includes notional amounts $ 50000 and $ 50000 expire october 2010.\n ( i ) includes notional amount $ 50000 expires october 2010.\n foreign operations include rental management segment divisions mexico brazil.\n remeasurement gain year ended december 31 , 2005 $ 396000  remeasurement losses years ended december 31 , 2004  2003 approximated $ 146000 , $ 1142000  respectively.\n changes in interest rates cause interest charges fluctuate on variable rate debt  comprised $ 1493. 0 million under credit facilities as of december 31 , 2005.\n 10% ( 10 % ) increase  approximately 47 basis points, in current interest rates caused additional pre-tax charge net loss increase cash outflows $ 7. 0 million year ended december 31 , 2005.\n item 8.\n financial statements supplementary data see item 15 ( a ).\n item 9.\n changes in disagreements with accountants on accounting financial disclosure\n\ninterest rate caps    | 2005             | 2006\n--------------------- | ---------------- | ----------------\nnotional amount ( d ) | $ 350000         | $ 350000\ncap rate ( e )        | 6.00% ( 6.00 % ) | 6.00% ( 6.00 % )"
}
{
    "_id": "dd4c2568a",
    "title": "",
    "text": "ventas , inc.\n notes to consolidated financial statements 2014 ( continued ) applicable indenture.\n issuers may redeem 2015 senior notes , in whole or in part  on or after june 1 , 2010 at varying redemption prices in applicable indenture , plus accrued and unpaid interest to redemption date.\n in addition  prior to june 1 , 2008 , issuers may redeem up to 35% ( 35 % ) of aggregate principal amount of or both 2010 senior notes and 2015 senior notes with net cash proceeds from certain equity offerings at redemption prices equal to 106. 750% ( 106. 750 % ) and 107. 125% ( 107. 125 % ) , respectively  of principal amount thereof , plus  each accrued and unpaid interest to redemption date.\n issuers may redeem 2014 senior notes , in whole or in part  ( i ) prior to october 15 , 2009 at redemption price equal to 100% ( 100 % ) of principal amount , plus make-whole premium as described in applicable indenture and ( ii ) on or after october 15 , 2009 at varying redemption prices in applicable indenture , plus  each accrued and unpaid interest thereon to redemption date.\n issuers may redeem 2009 senior notes and 2012 senior notes , in whole time or in part  at redemption price equal to 100% ( 100 % ) of principal amount , plus accrued and unpaid interest to redemption date and make-whole premium as described in applicable indenture.\nif we experience changes of control issuers must offer to repurchase senior notes or part at purchase price cash equal to 101% ( 101 % ) of principal amount senior notes plus accrued and unpaid interest to date of purchase ; provided moody 2019s and s&p confirmed ratings at ba3 or higher and bb- or higher on senior notes other conditions met repurchase obligation not apply.\n mortgages at december 31 , 2007 outstanding 121 mortgage loans totaling $ 1. 57 billion collateralized by underlying assets properties.\n outstanding principal balances loans ranged from $ 0. 4 million to $ 59. 4 million as of december 31 , 2007.\n loans bear interest at fixed rates from 5. 4% ( 5. 4 % ) to 8. 5% ( 8. 5 % ) per annum except for 15 loans with principal balances from $ 0. 4 million to $ 32. 0 million  bear interest at 2019s variable rates from 3. 4% ( 3. 4 % ) to 7. 3% ( 7. 3 % ) per annum as of december 31 , 2007.\n december 31 2007 weighted average annual rate on fixed rate debt was 6. 5% ( 6. 5 % ) average annual rate on variable rate debt was 6. 1% ( 6. 1 % ).\n loans had weighted average maturity of 7. 0 years as of december 31 , 2007.\n sunrise 2019s portion of total debt was $ 157. 1 million as of december 31  scheduled maturities of borrowing arrangements other provisions as of december 31 2007 indebtedness had following maturities ( in thousands ) :.\n\n2008                                      | $ 193101\n----------------------------------------- | --------------\n2009                                      | 605762\n2010                                      | 282138\n2011                                      | 303191\n2012                                      | 527221\nthereafter                                | 1436263\ntotal maturities                          | 3347676\nunamortized fair value adjustment         | 19669\nunamortized commission fees and discounts | -6846 ( 6846 )\nsenior notes payable and other debt       | $ 3360499"
}
{
    "_id": "dd4be123c",
    "title": "",
    "text": "marathon oil corporation notes to consolidated financial statements equivalent to exchangeable shares at acquisition date discussed below.\n additional shares of voting preferred stock issued as necessary to adjust number of votes to account for changes in exchange ratio.\n preferred shares 2013 with acquisition of western discussed in note 6 , board of directors authorized class of voting preferred stock of 6 million shares.\n upon completion acquisition issued 5 million shares voting preferred stock to trustee  holds shares for benefit of holders of exchangeable shares discussed above.\n each share of voting preferred stock entitled to one vote on all matters submitted to holders of marathon common stock.\n each holder of exchangeable shares may direct trustee to vote number of shares of voting preferred stock equal to number of shares of marathon common stock issuable upon exchange of exchangeable shares held by holder.\n no will aggregate number of votes entitled cast by trustee with outstanding shares of voting preferred stock exceed number of votes entitled cast outstanding exchangeable shares.\n except otherwise provided in restated certificate of incorporation or by applicable law common stock and voting preferred stock vote together as single class in election of directors of marathon and on all other matters submitted to vote of stockholders marathon.\n voting preferred stock no other voting rights except required by law.\n other than dividends payable solely in shares of voting preferred stock , no dividend or other distribution  paid or payable to holder of voting preferred stock.\n in liquidation , dissolution or winding up of marathon  holder of shares of voting preferred stock not entitled to receive assets of marathon available for distribution to stockholders.\n voting preferred stock not convertible into any other class or series of capital stock of marathon or into cash , property or other rights  may not be redeemed.\n 25.\n leases we lease wide variety of facilities equipment under operating leases including land building space office equipment production facilities transportation equipment.\n most long-term leases include renewal options certain leases purchase options.\n future minimum commitments for capital lease obligations ( including sale-leasebacks for financings ) operating lease obligations initial remaining noncancelable lease terms in excess of one year are as follows : ( in millions ) capital lease obligations ( a ) operating obligations.\n capital lease obligations include $ 164 million related to assets under construction as of december 31, 2009.\n these leases currently reported in long-term debt based on percentage of construction completed at $ 36 million.\n connection with past sales of plants operations assigned purchasers assumed certain leases of major equipment used in divested plants operations of united states steel.\n in default by purchasers united states steel assumed these obligations ; we remain primarily obligated for payments under these leases.\n minimum lease payments under operating lease obligations of $ 16 million included above equal amount reported as sublease rentals.\n\n( in millions )                             | capital lease obligations ( a ) | operating lease obligations\n------------------------------------------- | ------------------------------- | ---------------------------\n2010                                        | $ 46                            | $ 165\n2011                                        | 45                              | 140\n2012                                        | 58                              | 121\n2013                                        | 44                              | 102\n2014                                        | 44                              | 84\nlater years                                 | 466                             | 313\nsublease rentals                            | -                               | -16 ( 16 )\ntotal minimum lease payments                | $ 703                           | $ 909\nless imputed interest costs                 | -257 ( 257 )                    |\npresent value of net minimum lease payments | $ 446                           |"
}
{
    "_id": "dd4b96390",
    "title": "",
    "text": "entergy new orleans , inc.\n management's financial discussion analysis receivables from money pool were as of december 31 for following years:.\n money pool activity provided $ 0. 4 million operating cash flow in 2004 $ 1. 7 million in 2003 $ 5. 7 million in 2002.\n see note 4 to domestic utility companies system energy financial statements for description money pool.\n investing activities net cash decreased $ 15. 5 million in 2004 due to capital expenditures turbine inspection project at fossil plant in 2003 decreased customer service spending.\n net cash investing increased $ 23. 2 million in 2003 compared to 2002 due to maturity of $ 14. 9 million of other temporary investments in 2002 increased construction expenditures due to increased customer service spending.\n financing activities net cash increased $ 7. 0 million in 2004 due to costs expenses to refinancing $ 75 million long-term debt in 2004 increase of $ 2. 2 million in common stock dividends paid.\n net cash in financing activities increased $ 1. 5 million in 2003 due to additional common stock dividends paid $ 2. 2 million.\n in july 2003 entergy new orleans issued $ 30 million of 3. 875% ( 3. 875 % ) series first mortgage bonds due august 2008 $ 70 million of 5. 25% ( 5. 25 % ) series first mortgage bonds due august 2013.\n proceeds from used to redeem $ 30 million of 7% ( 7 % ) series first mortgage bonds due july 2008 $ 40 million of 8% ( 8 % ) series bonds due march 2006 $ 30 million of 6. 65% ( 6. 65 % ) series first mortgage bonds due march 2004.\n issuances and redemptions not shown on cash flow statement proceeds from placed in trust for redemptions never held as cash by entergy new orleans.\nnote 5 domestic utility companies system energy financial statements for details on long- term debt.\n uses of capital entergy new orleans requires capital resources for 2022 construction other capital investments ; 2022 debt preferred stock maturities ; 2022 working capital purposes financing fuel purchased power costs 2022 dividend interest payments.\n\n2004             | 2003             | 2002             | 2001\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 1413           | $ 1783           | $ 3500           | $ 9208"
}
{
    "_id": "dd4b9b12e",
    "title": "",
    "text": "supplemental pro forma financial information ( unaudited ) table presents summarized unaudited pro forma financial information if sikorsky included in our financial results for entire year in 2015 ( in millions ) :.\n unaudited supplemental pro forma financial data calculated after applying accounting policies adjusting historical results of sikorskywith pro forma adjustments  net of tax assume acquisition occurred on january 1 , 2015.\n significant pro forma adjustments include recognition additional amortization expense related to acquired intangible assets and additional interest expense related to short-term debt to finance acquisition.\n adjustments assume application of fair value adjustments to intangibles and debt issuance occurred on january 1, 2015 approximated as : amortization expense of $ 125million and interest expense of $ 40million.\n significant nonrecurring adjustments include elimination of $ 72million pension curtailment loss  net of tax recognized in 2015 elimination of $ 58 million income tax charge related to historic earnings of foreign subsidiaries recognized by sikorsky in 2015.\n unaudited supplemental pro forma financial information reflects increase in interest expense , net of tax  of approximately $ 110 million in 2015.\n increase in interest expense result of assuming november 2015 notes were issued on january 1 , 2015.\n proceeds of november 2015 notes used to repay all outstanding borrowings under 364- day facility to finance portion of purchase price of sikorsky  contemplated at date of acquisition.\n unaudited supplemental pro forma financial information not reflect expected ongoing cost or revenue synergies relating to integration of two companies.\n pro forma data not considered indicative of results if acquisition , related financing associated notes issuance and repayment of 364-day facility consummated on january 1 , 2015 nor indicative of future results.\nconsolidation of awemanagement limited on august 24 , 2016  increased ownership interest in awe joint venture  operates united kingdom 2019s nuclear deterrent program  from 33% ( 33 % ) to 51% ( 51 % ).\n began consolidating awe.\n operating results include 100% ( 100 % ) of awe 2019s sales 51% ( 51 % ) of operating profit.\n prior to increasing ownership interest accounted for investment inawe using equity method of accounting.\n under equity method recognized only 33% ( 33 % ) ofawe 2019s earnings or losses no sales. prior toaugust 24 , 2016 obtained control recorded 33%ofawe 2019s net earnings in operating results subsequent to august 24, 2016 recognized 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of operating profit.\n accounted for transaction as 201cstep acquisition 201d ( defined by u. s.\n gaap )  requires to consolidate and record assets and liabilities ofawe at fair value. recorded intangible assets of $ 243million related to customer relationships  $ 32 million net liabilities  noncontrolling interests of $ 107 million.\n intangible assets being amortized over eight years with pattern economic benefit reflected by future net cash flows.\n in 2016we recognized non-cash net gain of $ 104million associatedwith obtaining controlling interest inawewhich consisted of $ 127 million pretax gain in operating results of space business segment and $ 23 million of tax-related items at corporate office.\n gain represents fair value of 51% ( 51 % ) interest inawe  less carrying value of previously held investment inawe and deferred taxes.\n gainwas recorded in other income  net on consolidated statements of earnings.\nfair value ofawe ( including intangible assets ) , controlling interest  noncontrolling interests determined using income approach.\n divestiture of information systems & global solutions business onaugust 16 , 2016wedivested former is&gsbusinesswhichmergedwithleidos  in areversemorristrust transactionrr ( 201ctransaction 201d ).\n transaction completed in multi-step process initially contributed is&gs business to abacus innovations corporation ( abacus ) , wholly owned subsidiary of lockheed martin created to facilitate transaction common stock ofabacus distributed to participating lockheedmartin stockholders through exchange offer.\n under terms exchange offer lockheedmartin stockholders had option to exchange shares of lockheedmartin common stock for shares of abacus common stock.\n at conclusion exchange offer all shares of abacus common stock exchanged for 9369694 shares of lockheed martin common stock held by lockheed martin stockholders participate exchange. shares of lockheedmartin common stock exchanged and acceptedwere retired , reducing number of shares of common stock outstanding by approximately 3% ( 3 % ).\n following exchange offer abacus merged with\n\nnet sales                         | $ 45366\n--------------------------------- | -------\nnet earnings                      | 3534\nbasic earnings per common share   | 11.39\ndiluted earnings per common share | 11.23"
}
{
    "_id": "dd4b8db3c",
    "title": "",
    "text": "shareowner return performance graph performance graph and related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission  nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended except company specifically incorporates such information into filing.\n graph shows five year comparison of cumulative total shareowners 2019 returns for class b common stock , standard & poor 2019s 500 index  dow jones transportation average.\n comparison of total cumulative return on investment  change in quarterly stock price plus reinvested dividends for each quarterly periods  assumes $ 100 invested on december 31, 2005 in standard & poor 2019s 500 index , dow jones transportation average  class b common stock.\n comparison of five year cumulative total return $ 40. 00 $ 60. 00 $ 80. 00 $ 100. 00 $ 120. 00 $ 140. 00 $ 160. 00 201020092008200720062005 s&p 500 ups dj transport.\n\n| 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10\n-------------------------------- | -------- | -------- | -------- | -------- | -------- | --------\nunited parcel service inc .      | $ 100.00 | $ 101.76 | $ 98.20  | $ 78.76  | $ 84.87  | $ 110.57\nstandard & poor 2019s 500 index  | $ 100.00 | $ 115.79 | $ 122.16 | $ 76.96  | $ 97.33  | $ 111.99\ndow jones transportation average | $ 100.00 | $ 109.82 | $ 111.38 | $ 87.52  | $ 103.79 | $ 131.59"
}
{
    "_id": "dd4b920e2",
    "title": "",
    "text": "company elected fair-value option interest-rate risk of liabilities economically hedged with derivative contracts or proceeds used to purchase financial assets accounted for at fair value through earnings.\n election to mitigate accounting mismatches achieve operational simplifications.\n positions reported in short-term borrowings long-term debt on company 2019s consolidated balance sheet.\n majority of non-structured liabilities result of company 2019s election fair-value option for liabilities associated with citi-advised structured investment vehicles ( sivs )  consolidated during fourth quarter of 2007.\n change in fair values of sivs 2019 liabilities reported in earnings was $ 2. 6 billion for year ended december 31 , 2008.\n for these non-structured liabilities aggregate fair value $ 263 million lower than aggregate unpaid principal balance as of december 31 , 2008.\n for all other non-structured liabilities classified long-term debt for fair-value option elected aggregate unpaid principal balance exceeds aggregate fair value of instruments by $ 97 million as of december 31 , 2008 aggregate fair value exceeded aggregate unpaid principal by $ 112 million as of december 31 , 2007.\n change in fair value of non-structured liabilities reported gain of $ 1. 2 billion for year ended december 31 , 2008.\n change in fair value for non-structured liabilities reported in principal transactions in company 2019s consolidated statement of income.\n related interest expense measured based on contractual interest rates reported in consolidated income statement.\n certain mortgage loans citigroup elected fair-value option for certain purchased originated prime fixed-rate conforming adjustable-rate first mortgage loans held-for- sale.\n these loans intended for sale or securitization hedged with derivative instruments.\ncompany elected fair-value option mitigate accounting mismatches hedge accounting complex achieve operational simplifications.\n fair-value option not elected for loans held-for-investment  loans not hedged with derivative instruments.\n election effective for instruments originated or purchased on or after september 1 , 2007.\n table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 ,, carrying amount reported on consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans more 90 days past due $ 2 $ 2014 changes in fair values of mortgage loans reported in other revenue in company 2019s consolidated statement of income.\n changes in fair value during year ended december 31 , 2008 due to instrument- specific credit risk resulted in $ 32 million loss.\n change in fair value during 2007 due to instrument-specific credit risk immaterial.\n related interest income measured based on contractual interest rates reported in consolidated income statement.\n items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments company elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets liabilities performance linked to risks other than interest rate  foreign exchange inflation (. equity  credit or commodity risks ).\n company elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets.\n elected fair for instruments exposures considered trading-related positions managed on fair-value basis.\naccounting for instruments simplified under fair-value approach eliminates complicated operational requirements of bifurcating embedded derivatives from host contracts accounting for each separately.\n hybrid financial instruments classified as trading account assets  loans  deposits trading account liabilities for prepaid derivatives short-term borrowings or long-term debt on company 2019s consolidated balance sheet residual interests in certain securitizations classified as trading account assets.\n for hybrid financial instruments for which fair-value accounting elected under sfas 155 classified as long-term debt aggregate unpaid principal exceeds aggregate fair value by $ 1. 9 billion as of december 31 , 2008 aggregate fair value exceeds unpaid principal balance by $ 460 million as of december 31 , 2007.\n difference for instruments classified as loans is immaterial.\n changes in fair value for hybrid financial instruments includes component for accrued interest recorded in principal transactions in company 2019s consolidated statement of income.\n interest accruals for certain hybrid instruments as trading assets recorded separately from change in fair value as interest revenue in company 2019s consolidated statement of income.\n mortgage servicing rights company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156.\n fair value for msrs determined using option-adjusted spread valuation approach.\n approach projecting servicing cash flows under multiple interest-rate scenarios discounting cash flows using risk-adjusted rates.\n model assumptions in valuation msrs include mortgage prepayment speeds and discount rates.\n fair value of msrs primarily affected by changes in prepayments from shifts in mortgage interest rates.\nmanaging risk company hedges portion values msrs through interest-rate derivative contracts forward- purchase commitments of mortgage-backed securities purchased securities classified as trading.\n see note 23 on page 175 for discussions accounting reporting of msrs.\n these msrs totaled $ 5. 7 billion and $ 8. 4 billion as of december 31 , 2008 and december 31 , 2007 classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet.\n changes in fair value of msrs recorded in commissions and fees in company 2019s consolidated statement of income.\n company elected fair-value option where interest-rate risk of liabilities economically hedged with derivative contracts or proceeds used to purchase financial assets accounted for at fair value through earnings.\n election to mitigate accounting mismatches achieve operational simplifications.\n positions reported in short-term borrowings long-term debt on company 2019s consolidated balance sheet.\n majority of non-structured liabilities result of company 2019s election of fair-value option for liabilities associated with citi-advised structured investment vehicles ( sivs ) consolidated during fourth quarter of 2007.\n change in fair values of sivs 2019 liabilities reported in earnings was $ 2. 6 billion for year ended december 31 , 2008.\n for these non-structured liabilities aggregate fair value is $ 263 million lower than aggregate unpaid principal balance as of december 31 , 2008.\n for all other non-structured liabilities classified as long-term debt for which fair-value option elected aggregate unpaid principal balance exceeds aggregate fair value of instruments by $ 97 million as of december 31 , 2008 aggregate fair value exceeded aggregate unpaid principal by $ 112 million as of december 31 , 2007.\nchange in fair value of non-structured liabilities reported gain of $ 1. 2 billion for year ended december 31 , 2008.\n change fair value reported in principal transactions in company 2019s consolidated statement of income.\n related interest expense measured based on contractual interest rates reported in income statement.\n certain mortgage loans citigroup elected fair-value option for certain purchased originated prime fixed-rate conforming adjustable-rate first mortgage loans held-for- sale.\n loans intended for sale or securitization hedged with derivative instruments.\n elected fair-value option to mitigate accounting mismatches hedge achieve operational simplifications.\n fair-value option not elected for loans held-for-investment  loans not hedged with derivative instruments.\n election effective for instruments originated or purchased on or after september 1 , 2007.\n table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , carrying amount reported on consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans more 90 days past due $ 2 $ 2014 changes in fair values of mortgage loans reported in other revenue in company 2019s consolidated statement of income.\n changes in fair value during year ended december 31 , 2008 due to instrument- specific credit risk resulted in $ 32 million loss.\n change in fair value during 2007 due to instrument-specific credit risk immaterial.\n related interest income measured based on contractual interest rates reported in consolidated income statement.\nitems selected for fair-value accounting in with sfas 155 and sfas 156 certain hybrid financial instruments company elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities performance linked to risks other than interest rate  foreign exchange or inflation ( e.  equity  credit or commodity risks ).\n company elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets.\n fair-value accounting for these exposures are considered trading-related positions managed on fair-value basis.\n accounting for instruments simplified under fair-value approach eliminates complicated operational requirements of bifurcating embedded derivatives from host contracts accounting for each separately.\n hybrid financial instruments classified as trading account assets , loans , deposits  trading account liabilities ( for prepaid derivatives ) short-term borrowings or long-term debt on company 2019s consolidated balance sheet residual interests in certain securitizations are classified as trading account assets.\n for hybrid financial instruments for which fair-value accounting elected under sfas 155 classified as long-term debt  aggregate unpaid principal exceeds aggregate fair value by $ 1. 9 billion as of december 31 , 2008 aggregate fair value exceeds aggregate unpaid principal balance by $ 460 million as of december 31 , 2007.\n difference for those instruments classified as loans is immaterial.\n changes in fair value for hybrid financial instruments  includes component for accrued interest recorded in principal transactions in company 2019s consolidated statement of income.\n interest accruals for certain hybrid instruments classified as trading assets recorded separately from change in fair value as interest revenue in company 2019s consolidated statement of income.\nmortgage servicing rights company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156.\n fair value for msrs determined using option-adjusted spread valuation approach.\n approach projecting servicing cash flows under multiple interest-rate scenarios discounting cash flows using risk-adjusted rates.\n model assumptions in valuation msrs include mortgage prepayment speeds discount rates.\n fair value msrs affected by changes in prepayments from shifts in mortgage interest rates.\n managing risk company hedges portion values msrs through interest-rate derivative contracts forward- purchase commitments of mortgage-backed securities purchased securities classified as trading.\n see note 23 on page 175 for discussions accounting reporting of msrs.\n these msrs  totaled $ 5. 7 billion and $ 8. 4 billion as of december 31 , 2008 and december 31 , 2007  classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet.\n changes in fair value of msrs recorded in commissions and fees in company 2019s consolidated statement of income.\n\nin millions of dollars                                                                                              | december 31 2008 | december 31 2007\n------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------------\ncarrying amount reported on the consolidated balance sheet                                                          | $ 4273           | $ 6392\naggregate fair value in excess of unpaid principal balance                                                          | $ 138            | $ 136\nbalance on non-accrual loans or loans more than 90 days past due                                                    | $ 9              | $ 17\naggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 2              | $ 2014"
}
{
    "_id": "dd4c548ea",
    "title": "",
    "text": "management 2019s discussion analysis scenario analyses.\n conduct scenario analyses including comprehensive capital analysis and review ( ccar ) dodd-frank act stress tests ( dfast ) resolution recovery planning.\n see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information.\n scenarios cover short-term long- term time horizons using various macroeconomic firm- specific assumptions  based on range of economic scenarios.\n use analyses to assist developing longer-term balance sheet management strategy  including level composition of assets , funding equity capital.\n analyses help develop approaches for maintaining appropriate funding, liquidity capital across variety of situations including severely stressed environment.\n balance sheet allocation preparing consolidated statements of financial condition in accordance with u. s.\n gaap  prepare balance sheet generally allocates assets to businesses  non-gaap presentation may not comparable to similar non-gaap presentations other companies.\n believe presenting our assets on this basis meaningful consistent with management views manages risks associated with firm 2019s assets better enables investors to assess liquidity of firm 2019s assets.\n table below presents our balance sheet allocation.\n 1.\n includes $ 18. 24 billion and $ 15. 76 billion as of december 2014 and december 2013  of direct loans primarily extended to corporate and private wealth management clients accounted for at fair value.\n 2.\n see note 9 to consolidated financial statements for further information about loans receivable.\n below description of captions in table above.\n 2030 global core liquid assets and cash.\n maintain substantial liquidity to meet broad range of potential cash outflows collateral needs in stressed environment.\n see 201cliquidity risk management 201d below for details on composition sizing of our 201cglobal core liquid assets 201d ( gcla ) , previously global core excess ( gce ).\nin addition to our gcla we maintain other operating cash balances primarily for use in specific currencies, entities or jurisdictions where not immediate access to parent company liquidity.\n 2030 secured client financing.\n we provide collateralized financing for client positions including margin loans secured by client collateral securities borrowed  resale agreements primarily collateralized by government obligations.\n client activities we required to segregate cash and securities to satisfy regulatory requirements.\n our secured client financing arrangements  generally short-term accounted for at fair value or approximate fair value include daily margin requirements to mitigate counterparty credit risk.\n 2030 institutional client services.\n maintain inventory positions to facilitate market-making in fixed income  equity currency commodity products.\n market- making activities enter into resale or securities borrowing arrangements to obtain securities to cover transactions in we or clients sold securities not yet purchased.\n receivables in institutional client services primarily relate to securities transactions.\n 2030 investing & lending.\n in investing we make investments and originate loans to provide financing to clients.\n these investments and loans are typically longer- term in.\n make investments directly indirectly through funds manage in debt securities , loans  public and private equity securities  real estate entities other investments.\n 2030 other assets.\n assets generally less liquid  non- financial assets  including property  leasehold improvements and equipment  goodwill identifiable intangible assets  income tax-related receivables  equity- method investments assets classified as held for sale miscellaneous receivables.\n goldman sachs 2014 annual report 49\n\n$ in millions                      | as of december 2014 | as of december 2013\n---------------------------------- | ------------------- | -------------------\nglobal core liquid assets ( gcla ) | $ 182947            | $ 184070\nother cash                         | 7805                | 5793\ngcla and cash                      | 190752              | 189863\nsecured client financing           | 210641              | 263386\ninventory                          | 230667              | 255534\nsecured financing agreements       | 74767               | 79635\nreceivables                        | 47317               | 39557\ninstitutional client services      | 352751              | 374726\npublic equity                      | 4041                | 4308\nprivate equity                     | 17979               | 16236\ndebt1                              | 24768               | 23274\nloans receivable2                  | 28938               | 14895\nother                              | 3771                | 2310\ninvesting & lending                | 79497               | 61023\ntotal inventory and related assets | 432248              | 435749\nother assets                       | 22599               | 22509\ntotal assets                       | $ 856240            | $ 911507"
}
{
    "_id": "dd4bfb420",
    "title": "",
    "text": "item 7a.\n quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.\n use derivative instruments established guidelines policies to manage these risks.\n derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.\n interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.\n majority of debt ( approximately 86% ( 86 % ) and 94% ( 94 % ) as of december 31, 2018 and 2017 ) bears interest at fixed rates.\n have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.\n fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.\n increase/ ( decrease ) in fair market value as of december 31  10% ( 10 % ) increase in interest rates 10 % ) decrease in interest rates.\n used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.\n any interest rate swaps outstanding as of december 31 , 2018.\n had $ 673. 5 of cash , cash equivalents marketable securities as of december 31, 2018 generally invest in conservative  short-term bank deposits or securities.\n interest income from investments subject to domestic and foreign interest rate movements.\n during 2018 and 2017  had interest income of $ 21. 8 and $ 19. 4 , respectively.\n based on 2018 results 100 basis-point increase or decrease in interest rates would affect interest income by approximately $ 6. 7  assuming all cash cash equivalents marketable securities impacted same balances remain constant from year-end 2018 levels.\nforeign currency rates subject to translation and transaction risks related to changes in foreign currency exchange rates.\n we report revenues and expenses in.\n dollars changes in exchange rates may positively or negatively affect our consolidated revenues and expenses ( expressed in.\n dollars ) from foreign operations.\n foreign currencies most favorably impacted our results during year ended december 31 , 2018 were euro british pound sterling.\n foreign currencies most adversely impacted results year ended december 31 2018 were argentine peso brazilian real.\n based on 2018 exchange rates operating results if.\n dollar strengthen or weaken by 10% ( 10 % ), estimate operating income would decrease or increase approximately 4% ( 4 % ) assuming all currencies impacted same manner international revenue and expenses remain constant at 2018 levels.\n functional currency of foreign operations is generally their respective local currency.\n assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.\n resulting translation adjustments recorded as component of accumulated other comprehensive loss , net of tax  in stockholders 2019 equity section of consolidated balance sheets.\n foreign subsidiaries generally collect revenues and pay expenses in their functional currency  mitigating transaction risk.\n certain subsidiaries may enter into transactions in currencies other than functional currency.\n assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.\n currency transaction gains or losses arising from transactions in currencies other than functional currency included in office and general expenses.\n regularly review foreign exchange exposures may have material impact on business use foreign currency forward exchange contracts\n\nas of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates\n------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------\n2018               | $ -91.3 ( 91.3 )                                                                   | $ 82.5\n2017               | -20.2 ( 20.2 )                                                                     | 20.6"
}
{
    "_id": "dd4bd5fb8",
    "title": "",
    "text": "incremental contract start-up costs 2014large municipal contract.\n during 2018 and 2017  incurred costs of $ 5. 7 million and $ 8. 2 million  respectively related to implementation large municipal contract.\n costs did not meet capitalization criteria by new revenue recognition standard.\n adoption of tax act.\n tax act enacted december 22 , 2017.\n tax act reduced.\n federal corporate tax rate from 35% ( 35 % ) to 21% ( 21 % ).\n for year ended december 31 , 2017 recorded provisional amounts based on estimates of tax act 2019s effect to deferred taxes , uncertain tax positions  one-time transition tax.\n adjustments reduced tax provision by $ 463. 9 million.\n during 2018  adjusted provisional amounts recorded as of december 31 , 2017 for one-time transition tax , deferred taxes uncertain tax positions.\n adjustments increased tax provision by $ 0. 3 million.\n bridgeton insurance recovery  net.\n during 2018 collected insurance recovery of $ 40. 0 million related to closed bridgeton landfill in missouri recognized as reduction of remediation expenses in cost of operations.\n incurred $ 12. 0 million of incremental costs attributable to bridgeton insurance recovery.\n recent developments 2019 financial guidance 2019 continue to focus on managing controllable aspects business by enhancing quality of revenue investing in profitable growth opportunities reducing costs.\n team focused on executing strategy to deliver consistent earnings and free cash flow growth improve return on invested capital.\n committed to efficient capital structure  maintaining investment grade credit ratings increasing cash returned to shareholders.\n guidance based on current economic conditions does not assume significant changes in overall economy in 2019.\n specific guidance revenue expect 2019 revenue to increase by approximately 4. 25 to 4. 75% ( 4.75 % ) comprised of following : increase ( decrease ).\n changes in price restricted on approximately 50% ( 50 % ) of our annual service revenue.\n majority of restricted pricing arrangements tied to fluctuations in specific index ( primarily consumer price index ) as defined in contract.\n consumer price index varies from single historical stated period of time or average of trailing historical rates over stated period time.\n initial effect of pricing resets typically lags 6 to 12 months from end of index measurement period to date revised pricing goes into effect.\n, current changes in specific index may not manifest in reported pricing for several quarters into future.\n\n| increase ( decrease )\n---------------------------------------- | ------------------------\naverage yield                            | 2.75% ( 2.75 % )\nvolume                                   | 0.0 to 0.25\nenergy services                          | 2013\nfuel recovery fees                       | 0.25\nrecycling processing and commodity sales | 0.25 to 0.5\nacquisitions / divestitures net          | 1.0\ntotal change                             | 4.25 to 4.75% ( 4.75 % )"
}
{
    "_id": "dd4bd5c0c",
    "title": "",
    "text": "regular our special asset committee monitors loans primarily commercial loans not included in nonperforming or accruing past due categories for uncertain about borrower 2019s ability to comply with existing repayment terms.\n these loans totaled $. 2 billion at december 31 , 2014 and december 31 , 2013.\n home equity loan portfolio loan portfolio totaled $ 34. 7 billion as of december 31 , 2014 or 17% ( 17 % ) of total loan portfolio.\n total  $ 20. 4 billion , or 59% ( 59 % ), outstanding under primarily variable-rate home equity lines of credit $ 14. 3 billion , or 41% ( 41 % ) , consisted of closed-end home equity installment loans.\n approximately 3% ( 3 % ) of home equity portfolio was on nonperforming status as of december 31 , 2014.\n of december 31  2014 we in originated first lien position for approximately 51% ( 51 % ) of total portfolio where originated as second lien  we hold or service first lien position for approximately additional 2% ( 2 % ) of portfolio.\n remaining 47% ( 47 % ) of portfolio secured by second liens where do not hold first lien position.\n credit performance of majority of home equity portfolio where we in hold or service first lien position  superior to portion portfolio where hold second lien position but not hold first lien.\n lien position information generally based upon original ltv at time of origination.\n after origination pnc not typically notified when senior lien position not held by pnc satisfied.\n information about current lien status of junior lien loans less readily available in cases where pnc not hold senior lien.\n pnc not typically notified when junior lien position added after origination of pnc first lien.\nupdated information for junior and senior liens must be obtained from external sources  pnc contracted with industry-leading third-party service provider to obtain updated loan , lien and collateral data aggregated from public and private sources.\n we track borrower performance monthly including obtaining original ltvs , updated fico scores quarterly , updated ltvs semi-annually  and other credit metrics quarterly  including historical performance of any mortgage loans regardless of lien position we or not hold.\n this information is used for internal reporting and risk management.\n for internal reporting risk management we segment population into pools based on product type (. home equity loans , brokered home equity loans  home equity lines of credit  brokered home equity lines of credit ).\n of risk analysis monitoring we segment home equity portfolio based upon delinquency , modification status and bankruptcy status of these loans  delinquency  modification status bankruptcy status of any mortgage loan with same borrower ( regardless of first lien senior to second lien ).\n in establishing our alll for non-impaired loans  we utilize delinquency roll-rate methodology for pools of loans.\n methodology we establish allowance based upon incurred losses , not lifetime expected losses.\n roll-rate methodology estimates transition/roll of loan balances from one delinquency state. 30-59 days past due ) to another delinquency state. 60-89 days past due ) and to charge-off.\n roll through to charge-off is based on pnc 2019s actual loss experience for each type of pool.\n each our home equity pools contains both first and second liens.\nexperience ratio of first to second lien loans consistent over time charge-off amounts for pools establish allowance include losses on both first and second liens loans.\n our variable-rate home equity lines of credit have seven or ten year draw period followed by 20-year amortization term.\n during draw period home equity lines of credit where borrowers pay interest or principal and interest.\n view home equity lines of credit where borrowers paying principal and interest under draw period as less risky than paying interest only borrowers have demonstrated ability to make level principal and interest payments.\n risk associated with borrower 2019s ability to satisfy loan terms upon draw period ending considered in establishing alll.\n based upon outstanding balances at december 31 , 2014  table presents periods when home equity lines of credit draw periods scheduled to end.\n table 36 : home equity lines of credit 2013 draw period end in millions interest only product principal and interest product.\n ( a ) includes all home equity lines of credit mature in 2015 or later including those with borrowers terminated borrowing privileges.\n ( b ) includes approximately $ 154 million , $ 48 million , $ 57 million, $ 42 million and $ 564 million of home equity lines of credit with balloon payments including those terminated borrowing privileges with draw periods scheduled to end in 2015 , 2016 , 2017 , 2018 and 2019.\n 76 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions         | interest onlyproduct | principal andinterest product\n------------------- | -------------------- | -----------------------------\n2015                | $ 1597               | $ 541\n2016                | 1366                 | 437\n2017                | 2434                 | 596\n2018                | 1072                 | 813\n2019 and thereafter | 3880                 | 5391\ntotal ( a ) ( b )   | $ 10349              | $ 7778"
}
{
    "_id": "dd4bde3c0",
    "title": "",
    "text": "notes to consolidated financial statements union pacific corporation subsidiary companies for this report  unless context otherwise requires references to 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d  201cour 201d mean union pacific corporation and subsidiaries  including union pacific railroad company , separately referred to as 201cuprr 201d or 201crailroad 201d.\n 1.\n nature of operations operations segmentation 2013 we are class i railroad operating in u. s.\n network includes 31868 route miles  linking pacific coast gulf coast ports with midwest eastern u. s.\n gateways providing several corridors to key mexican gateways.\n own 26020 miles operate on remainder to trackage rights or leases.\n serve western two-thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast , pacific coast  southeast, southwest , canada  mexico.\n export and import traffic moved through gulf coast pacific coast ports across mexican and canadian borders.\n railroad , with subsidiaries rail affiliates is our one reportable operating segment.\n provide review revenue by commodity group analyze net financial results of railroad as one segment due to integrated nature of rail network.\n following table provides freight revenue by commodity group : millions 2012 2011 2010.\n revenues principally derived from customers domiciled in u. s. , ultimate points of origination or destination for some products transported outside u. s.\n each commodity groups includes revenue from shipments to and from mexico.\n included in table revenues from mexico business amounted to $ 1. 9 billion in 2012 , $ 1. 8 billion in 2011 , $ 1. 6 billion in 2010.\nbasis presentation 2013 consolidated financial statements presented in accordance with accounting principles accepted.\n codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).\n.\n significant accounting policies principles of consolidation 2013 consolidated financial statements include accounts of union pacific corporation subsidiaries.\n investments in affiliated companies ( 20% 20 % ) to 50% ( 50 % ) owned ) accounted for using equity method accounting.\n intercompany transactions eliminated.\n no less than majority-owned investments require consolidation under variable interest entity requirements.\n cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less.\n accounts receivable 2013 includes receivables reduced by allowance for doubtful accounts.\n allowance based upon historical losses credit worthiness customers current economic conditions.\n receivables not expected to be collected in one year associated allowances classified as other assets in consolidated statements of financial position.\n\nmillions                | 2012    | 2011    | 2010\n----------------------- | ------- | ------- | -------\nagricultural            | $ 3280  | $ 3324  | $ 3018\nautomotive              | 1807    | 1510    | 1271\nchemicals               | 3238    | 2815    | 2425\ncoal                    | 3912    | 4084    | 3489\nindustrial products     | 3494    | 3166    | 2639\nintermodal              | 3955    | 3609    | 3227\ntotal freight revenues  | $ 19686 | $ 18508 | $ 16069\nother revenues          | 1240    | 1049    | 896\ntotal operatingrevenues | $ 20926 | $ 19557 | $ 16965"
}
{
    "_id": "dd4bf1722",
    "title": "",
    "text": "management 2019s discussion and analysis j. p.\n morgan chase & co.\n 26 j.\n morgan chase co.\n / 2003 annual report $ 41. 7 billion.\n reduced by lower volume of commercial loans lower spreads on investment securities.\n trading-related net interest income of $ 2. 1 billion up 13% ( 13 % ) from 2002 due to change in composition of growth in trading assets.\n firm 2019s total average interest-earning assets in 2003 were $ 590 billion  up 6% ( 6 % ) from prior year.\n net interest yield on these assets fully taxable-equivalent basis was 2. 10% ( 2. 10 % ) compared with 2. 09% ( 2. 09 % ) in prior year.\n noninterest expense year ended december 31.\n technology and communications expense in 2003 was 11% ( 11 % ) above prior-year level.\n increase primarily due to shift in expenses : costs previously associated with compensation and other expenses shifted ibm outsourcing agreement to technology and communications expense.\n contributing to increase were higher costs related to software amortization.\n for further dis- cussion of ibm outsourcing agreement  see support units and corporate on page 44 of annual report.\n other expense expense in 2003 rose slightly from prior year reflecting higher outside services.\n for table showing components of other expense see note 8 on page 96 of annual report.\n surety settlement and litigation reserve firm added $ 100 million to enron-related litigation reserve in 2003 to supplement $ 900 million reserve initially recorded in 2002.\n 2002 reserve established to cover enron-related matters  certain other material litigation  proceedings investigations in firm involved.\n in 2002 firm recorded charge of $ 400 million for settlement of enron-related surety litigation.\nmerger restructuring costs costs related to business restructurings announced after january 1 , 2002 recorded in relevant expense categories.\n in 2002  merger restructuring costs of $ 1. 2 billion  for programs announced prior to january 1 2002 viewed by management as nonoperating expenses 201cspecial items. refer to note 8 on pages 95 201396 annual report for further discussion of merger restructuring costs summary by expense category business segment of costs incurred in 2003 and 2002 for programs announced after january 1 , 2002.\n provision for credit losses 2003 provision for credit losses was $ 2. 8 billion lower than 2002 reflecting improvement in quality of commercial loan portfolio higher volume of credit card securitizations.\n further information about provision for credit losses firm 2019s management of credit risk see dis- cussions of net charge-offs with commercial consumer loan portfolios allowance for credit losses on pages 63 201365 of annual report.\n income tax expense income tax expense was $ 3. 3 billion in 2003 compared with $ 856 million in 2002.\n effective tax rate in 2003 was 33% ( 33 % ) compared with 34% ( 34 % ) in 2002.\n tax rate decline attributable to changes in proportion of income subject to state and local taxes.\n compensation expense expense in 2003 was 6% ( 6 % ) higher than prior year.\n increase reflected higher performance-related incentives higher pension postretirement benefit costs result of changes in actuarial assumptions.\n detailed discussion of pension postretirement benefit costs see note 6 on pages 89 201393 of annual report.\n increase to incentives included $ 266 million of adopting sfas 123  $ 120 million from reversal in 2002 of previously accrued expenses for certain forfeitable key employ- ee stock awards discussed in note 7 on pages 93 201395 of annual report.\n total compensation expense declined transfer  beginning april 1 , 2003  of 2800 employees to ibm with technology outsourcing agreement.\n total full-time equivalent employees at december 31 , 2003 was 93453 compared with 94335 prior year-end.\n occupancy expense of $ 1. 9 billion rose 19% ( 19 % ) from 2002.\n increase reflected costs of additional leased space in midtown manhattan south and southwest regions united states ; higher real estate taxes in new york city cost of enhanced safety measures.\n contributing to increase were charges for unoccupied excess real estate of $ 270 million ; compared with $ 120 million in 2002  mostly in third quarter year.\n\n( in millions )                          | 2003    | 2002    | change\n---------------------------------------- | ------- | ------- | --------------\ncompensation expense                     | $ 11695 | $ 10983 | 6% ( 6 % )\noccupancy expense                        | 1912    | 1606    | 19\ntechnology and communications expense    | 2844    | 2554    | 11\nother expense                            | 5137    | 5111    | 1\nsurety settlement and litigation reserve | 100     | 1300    | -92 ( 92 )\nmerger and restructuring costs           | 2014    | 1210    | nm\ntotal noninterest expense                | $ 21688 | $ 22764 | ( 5 ) % (  % )"
}
{
    "_id": "dd4baf840",
    "title": "",
    "text": "part iii item 10.\n directors  executive officers corporate governance information required by item 10  other than information executive officers at end of item 1 report  see 201celection of directors , 201d 201cnominees for election to board of directors , 201d 201ccorporate governance 201d 201csection 16 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2015 annual meeting  information incorporated herein by reference.\n proxy statement 2015 annual meeting filed within 120 days of close of fiscal year.\n information required by item 10 executive officers  see part i of report pages 11 - 12.\n item 11.\n executive compensation information required item 11 see 201cexecutive compensation, 201d 201ccompensation committee report on executive compensation 201d 201ccompensation committee interlocks insider participation 201d proxy statement for 2015 annual meeting  information incorporated by reference.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters information required by item 12 beneficial ownership of common stock, see 201csecurity ownership of certain beneficial owners management 201d proxy statement for 2015 annual meeting  information incorporated herein by reference.\n following table sets information as of december 31 , 2014 equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of outstanding options , warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75. 93 4903018 item 13.\ncertain relationships related transactions , director independence for information required by item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in proxy statement for 2015 annual meeting  information incorporated herein by reference.\n item 14.\n principal accounting fees services information required item 14 see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit non-audit services of independent registered public accounting firm 201d in proxy statement for 2015 annual meeting , information incorporated herein by reference.\n part iii item 10.\n directors , executive officers corporate governance for information required by item 10 other information executive officers end of item 1 report, see 201celection of directors, 201d 201cnominees for election to board of directors , 201d 201ccorporate governance 201d 201csection 16 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2015 annual meeting , information incorporated herein by reference.\n proxy statement for 2015 annual meeting filed within 120 days of close of fiscal year.\n for information required by item 10 executive officers , see part i of report on pages 11 - 12.\n item 11.\n executive compensation for information required item 11 see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks insider participation 201d proxy statement for 2015 annual meeting , information incorporated herein by reference.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters for information required by item 12 beneficial ownership of common stock , see 201csecurity ownership of certain beneficial owners management 201d in proxy statement for 2015 annual meeting  information incorporated herein by reference.\ntable sets information as of december 31 , 2014 regarding equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of options  warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75. 93 4903018 item 13.\n certain relationships related transactions  director independence for information item 13 see 201ccertain transactions 201d and 201ccorporate governance 201d in proxy statement for 2015 annual meeting  information reference.\n item 14.\n principal accounting fees services for information 14 see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit non-audit services of independent registered public accounting firm 201d in proxy statement for 2015 annual meeting  information reference.\n\nplan category                                          | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )\n------------------------------------------------------ | --------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders | 1233672                                                                                             | $ 75.93                                                                  | 4903018"
}
{
    "_id": "dd4b924de",
    "title": "",
    "text": "2022 net derivative losses of $ 13 million.\n review by segment general we serve clients through following segments : 2022 risk solutions acts as advisor and insurance and reinsurance broker , helping clients manage risks  via consultation , negotiation and placement of insurance risk with insurance carriers through global distribution network.\n 2022 hr solutions partners with organizations to solve complex benefits , talent related financial challenges improve business performance by designing , implementing  communicating administering human capital , retirement , investment management  health care  compensation talent management strategies.\n risk solutions.\n demand for property and casualty insurance rises as economic activity increases falls as activity decreases , affecting commissions and fees generated by our brokerage business.\n economic activity impacts property and casualty insurance described as exposure units  closely correlated with employment levels , corporate revenue asset values.\n during 2011 began to see improvement in pricing ; still consider to 2018 2018soft market , 2019 2019 began in 2007.\n in soft market , premium rates flatten or decrease  along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity.\n changes in premiums direct potentially material impact on insurance brokerage industry , commission revenues based on percentage of premiums paid by insureds.\n in 2011 , pricing showed stabilization improvement in retail and reinsurance brokerage product lines expect trend to slowly continue into 2012.\n additionally  beginning in late 2008 continuing through 2011  faced difficult conditions result of unprecedented disruptions in global economy , repricing of credit risk deterioration of financial markets.\n weak global economic conditions reduced customers 2019 demand for our brokerage products  negative impact on operational results.\n risk solutions generated approximately 60% ( 60 % ) of consolidated total revenues in 2011.\nrevenues generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies  investment income on funds held on behalf of clients.\n revenues vary from quarter to quarter year result of timing of clients 2019 policy renewals , net effect of new and lost business  timing of services provided to clients income earn on investments , influenced by short-term interest rates.\n we operate in competitive industry compete with many retail insurance brokerage and agency firms with individual brokers , agents  direct writers of insurance coverage.\n we address specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies  governments  health care providers  non-profit groups , among others ; provide affinity products for professional liability , life , disability\n\nyears ended december 31, | 2011             | 2010             | 2009\n------------------------ | ---------------- | ---------------- | ----------------\nrevenue                  | $ 6817           | $ 6423           | $ 6305\noperating income         | 1314             | 1194             | 900\noperating margin         | 19.3% ( 19.3 % ) | 18.6% ( 18.6 % ) | 14.3% ( 14.3 % )"
}
{
    "_id": "dd4b92a2e",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion analysis net revenues table below presents net revenues by line item.\n 2030 investment banking consists of revenues ( excluding net interest ) from financial advisory underwriting assignments derivative transactions related to these assignments.\n these activities included in our investment banking segment.\n 2030 investment management of revenues excluding net interest ) from providing investment management services to diverse clients wealth advisory services certain transaction services to high-net-worth individuals families.\n activities included in investment management segment.\n 2030 commissions and fees revenues from executing clearing client transactions on major stock  options futures exchanges worldwide over-the-counter ( otc ) transactions.\n these activities included in institutional client services and investment management segments.\n 2030 market making of revenues ( excluding net interest ) from client execution activities related to making markets in interest rate products  credit products  mortgages currencies commodities equity products.\n activities included in institutional client services segment.\n 2030 other principal transactions of revenues ( excluding net interest ) from investing activities origination of loans to provide financing to clients.\n other principal transactions includes revenues related to consolidated investments.\n activities included in investing & lending segment.\n provision for credit losses  previously reported in other principal transactions revenues now reported as separate line item in consolidated statements of earnings.\n previously reported amounts conformed to current presentation.\n operating environment.\n during 2018  market- making activities reflected higher levels of volatility improved client activity compared with low volatility environment in 2017.\n in investment banking  industry-wide mergers and acquisitions volumes increased compared with 2017 industry-wide underwriting transactions decreased.\nprincipal transactions revenues benefited from company-specific events including sales strong corporate performance investments in public equities reflected losses as global equity prices decreased in 2018  particularly end of year.\n in investment management  assets under supervision increased reflecting net inflows in liquidity products fixed income assets equity assets partially offset by depreciation in client assets primarily in equity assets.\n if market-making or investment banking activity levels decline assets under supervision decline asset prices decline net revenues likely negatively impacted.\n see 201csegment operating results 201d for further information about operating environment material trends uncertainties impact results of operations.\n during 2017  higher asset prices tighter credit spreads supportive of industry-wide underwriting activities investment management performance other principal transactions.\n low levels volatility in equity  fixed income currency commodity markets negatively affect market-making activities.\n 2018 versus 2017 net revenues in consolidated statements of earnings were $ 36. 62 billion for 2018 , 12% ( 12 % ) higher than 2017  primarily due to higher market making revenues net interest income higher investment management revenues investment banking revenues.\n non-interest revenues.\n investment banking revenues in earnings were $ 7. 86 billion for 2018 , 7% ( 7 % ) higher than 2017.\n revenues in financial advisory were higher  reflecting increase in industry-wide completed mergers and acquisitions volumes.\n revenues in underwriting slightly higher due to higher revenues in equity underwriting  driven by initial public offerings offset by lower revenues in debt underwriting  decline in leveraged finance activity.\n investment management revenues in were $ 6. 51 billion for 2018 , 12% ( 12 % ) higher than 2017  primarily due to higher incentive fees  result of harvesting.\nmanagement fees higher reflecting higher average assets supervision impact of recently adopted revenue recognition standard offset by shifts in mix client assets strategies.\n see note 3 to consolidated financial statements for information about asu no.\n 2014-09 , 201crevenue from contracts with customers ( topic 606 ). 201d 52 goldman sachs 2018 form 10-k\n\n$ in millions                | year ended december 2018 | year ended december 2017 | year ended december 2016\n---------------------------- | ------------------------ | ------------------------ | ------------------------\ninvestment banking           | $ 7862                   | $ 7371                   | $ 6273\ninvestment management        | 6514                     | 5803                     | 5407\ncommissions and fees         | 3199                     | 3051                     | 3208\nmarket making                | 9451                     | 7660                     | 9933\nother principal transactions | 5823                     | 5913                     | 3382\ntotalnon-interestrevenues    | 32849                    | 29798                    | 28203\ninterest income              | 19679                    | 13113                    | 9691\ninterest expense             | 15912                    | 10181                    | 7104\nnet interest income          | 3767                     | 2932                     | 2587\ntotal net revenues           | $ 36616                  | $ 32730                  | $ 30790"
}
{
    "_id": "dd4b91f52",
    "title": "",
    "text": "discount rate 2014the assumed discount rate used to determine current retirement related benefit plan expense and obligations represents interest rate used to determine present value of future cash flows expected to required to settle plan 2019s benefit obligations.\n discount rate assumption determined for each plan by constructing portfolio of high quality bonds with cash flows match estimated outflows for future benefit payments to determine single equivalent discount rate.\n benefit payments not only contingent on terms of plan also on underlying participant demographics including current age  assumed mortality.\n use only bonds denominated in u. s.\n dollars  rated aa or better by two of three nationally recognized statistical rating agencies minimum outstanding issue of $ 50 million as of measurement date not callable , convertible , or index linked.\n bond yields unavailable beyond 30 years assume rates will remain constant beyond that point.\n weighted average discount rate for pensions was 5. 23% ( 5. 23 % ) and 5. 84% ( 5. 84 % )  as of december 31 , 2011 and 2010 .\n weighted average discount rate for other postretirement benefits was 4. 94% ( 4. 94 % ) and 5. 58% ( 5. 58 % ) as of december 31 , 2011 and 2010 .\n expected long-term rate of return 2014the expected long-term rate of return on assets used to calculate net periodic expense based on factors historical returns , targeted asset allocations , investment policy  duration  expected future long-term performance of individual asset classes inflation trends  portfolio volatility  risk management strategies.\n studies understanding current trends performance assumption based more on longer term and prospective views.\n to reflect expected lower future market returns reduced expected long-term rate of return assumption from 8. 50% ( 8.50 % )  to record 2011 expense  to 8. 00% ( 8. 00 % ) for 2012.\n decrease in expected return on assets assumption related to lower bond yields updated return assumptions for equities.\n unless plan assets and benefit obligations subject to remeasurement during year expected return on pension assets based on fair value of plan assets at beginning of year.\n increase or decrease of 25 basis points in discount rate and expected long-term rate of return assumptions approximate impacts on pensions : ( $ in millions ) increase ( decrease ) in 2012 expense increase ( decrease ) in december 31, 2011 obligations.\n differences from actual experience or changes in assumptions might affect retirement related benefit plan obligations and funded status.\n actuarial gains and losses from differences from actual experience or changes in assumptions deferred in accumulated other comprehensive income.\n unrecognized amount amortized to extent exceeds 10% ( 10 % ) of greater of plan 2019s benefit obligation or plan assets.\n amortization period for actuarial gains and losses is estimated average remaining service life of plan participants approximately 10 years.\n cas expense 2014in providing methodology for calculating retirement related benefit plan costs cas prescribes method for assigning costs to specific periods.\n ultimate liability for such costs under fas and cas similar pattern of cost recognition different.\n key drivers of cas pension expense include funded status method to calculate cas reimbursement for each plans expected long-term rate of return on assets assumption.\n unlike fas  cas requires discount rate to be consistent with expected long-term rate of return on assets assumption changes infrequently long-term nature.\n changes in bond or other interest rates do not impact cas.\n unlike under fas can only allocate pension costs for plan under cas until plan is fully funded as determined under erisa requirements.\nfas and cas considerations 2014we update estimates of future fas and cas costs annually based on factors calendar year actual plan asset returns  final census data from end prior year  other actual and projected experience.\n key driver of difference between fas and cas expense ( fas/cas adjustment ) is pattern of earnings and expense recognition for gains and losses when asset and liability experiences differ from assumptions under each set requirements.\n under fas , net gains and losses exceeding 10% ( 10 % ) corridor are amortized\n\n( $ in millions )                                    | increase ( decrease ) in 2012 expense | increase ( decrease ) in december 31 2011 obligations\n---------------------------------------------------- | ------------------------------------- | -----------------------------------------------------\n25 basis point decrease in discount rate             | $ 18                                  | $ 146\n25 basis point increase in discount rate             | -17 ( 17 )                            | -154 ( 154 )\n25 basis point decrease in expected return on assets | 8                                     | n.a .\n25 basis point increase in expected return on assets | -8 ( 8 )                              | n.a ."
}
{
    "_id": "dd4c4c636",
    "title": "",
    "text": "shareowner return performance graph performance graph and related information not deemed 201csoliciting material 201d or to be 201cfiled 201d with sec , nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended , except company specifically incorporates such information into such filing.\n graph shows five year comparison of cumulative total shareowners 2019 returns for class b common stock , standard & poor 2019s 500 index , and dow jones transportation average.\n comparison of total cumulative return on investment , is change in quarterly stock price plus reinvested dividends for each quarterly periods , assumes $ 100 invested on december 31 , 2007 in standard & poor 2019s 500 index , dow jones transportation average , and class b common stock.\n\n| 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012\n-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nunited parcel service inc .      | $ 100.00   | $ 80.20    | $ 86.42    | $ 112.60   | $ 116.97   | $ 121.46\nstandard & poor 2019s 500 index  | $ 100.00   | $ 63.00    | $ 79.67    | $ 91.68    | $ 93.61    | $ 108.59\ndow jones transportation average | $ 100.00   | $ 78.58    | $ 93.19    | $ 118.14   | $ 118.15   | $ 127.07"
}
{
    "_id": "dd4bd65e4",
    "title": "",
    "text": "ordinary course of business  based on evaluations of geologic trends prospective economics allowed certain lease acreage to expire may allow additional acreage to expire in future.\n if production not established or no other action to extend terms of leases , licenses  or concessions , undeveloped acreage listed in table below will expire over next three years.\n plan to continue terms of many licenses and concession areas or retain leases through operational or administrative actions.\n marketing and midstream e&p segment includes activities related to marketing transportation of all liquid hydrocarbon and natural gas production.\n activities include transportation of production to market centers  sale of commodities to third parties storage of production.\n balance sales , storage transportation positions through supply optimization  can include purchase of commodities from third parties for resale.\n supply optimization serves to aggregate volumes to satisfy transportation commitments achieve flexibility within product types delivery points.\n own and operate gathering systems other midstream assets in some production areas.\n continually evaluating value-added investments in midstream infrastructure or in capacity in third-party systems.\n delivery commitments committed to deliver quantities of crude oil and natural gas to customers under variety of contracts.\n as of december 31 , 2012 contracts for fixed and determinable amounts relate primarily to eagle ford liquid hydrocarbon production.\n minimum of 54 mbbld to be delivered at variable pricing through mid-2017 under two contracts.\n current production rates and proved reserves related to eagle ford shale sufficient to meet commitments contracts provide for monetary shortfall penalty or delivery of third-party volumes.\n oil sands mining segment we hold 20 percent non-operated interest in aosp , oil sands mining and upgrading joint venture located in alberta , canada.\njoint venture produces bitumen from oil sands deposits in athabasca region mining techniques upgrades bitumen to synthetic crude oils vacuum gas oil.\n aosp 2019s mining and extraction assets near fort mcmurray  alberta include muskeg river jackpine mines.\n gross design capacity of combined mines is 255000 ( 51000 net interest ) barrels of bitumen per day.\n aosp base and expansion 1 scotford upgrader at fort saskatchewan northeast of edmonton , alberta.\n as of december 31, 2012 we own or rights to participate in developed and undeveloped leases totaling approximately 216000 gross ( 43000 net ) acres.\n underlying developed leases held for duration of project royalties payable to province of alberta.\n five year aosp expansion 1 completed in 2011.\n jackpine mine commenced production third quarter of 2010 began supplying oil sands ore to base processing facility in fourth quarter of 2010.\n upgrader expansion completed commenced operations second quarter of 2011.\n synthetic crude oil sales volumes for 2012 were 47 mbbld net of royalty production was 41 mbbld.\n phase one of debottlenecking opportunities approved in 2011 expected to be completed in second quarter of 2013.\n future expansions additional debottlenecking opportunities under review no formal approvals expected until 2014.\n current aosp operations use processes mine oil sands deposits from open-pit mine extract bitumen upgrade into synthetic crude oils.\n ore mined using traditional truck and shovel mining techniques.\n mined ore passes through primary crushers to reduce ore chunks size sent to rotary breakers ore chunks reduced to smaller particles.\n particles combined with hot water to create slurry.\n slurry moves through extraction\n\n( in thousands )    | net undeveloped acres expiring 2013 | net undeveloped acres expiring 2014 | net undeveloped acres expiring 2015\n------------------- | ----------------------------------- | ----------------------------------- | -----------------------------------\nu.s .               | 436                                 | 189                                 | 130\ncanada              | 2014                                | 2014                                | 2014\ntotal north america | 436                                 | 189                                 | 130\ne.g .               | 2014                                | 36                                  | 2014\nother africa        | 858                                 | 2014                                | 189\ntotal africa        | 858                                 | 36                                  | 189\ntotal europe        | 2014                                | 216                                 | 1155\nother international | 2014                                | 2014                                | 49\nworldwide           | 1294                                | 441                                 | 1523"
}
{
    "_id": "dd4c17616",
    "title": "",
    "text": "entergy louisiana , llc subsidiaries management 2019s financial discussion analysis results of operations net income 2016 compared to 2015 net income increased $ 175. 4 million due to settlement with irs related to 2010-2011 irs audit  resulted in $ 136. 1 million reduction of income tax expense.\n contributing to increase were lower other operation maintenance expenses  higher net revenue higher other income.\n increase partially offset by higher depreciation amortization expenses higher interest expense  higher nuclear refueling outage expenses.\n 2015 compared to 2014 net income increased slightly by $ 0. 6 million  due to higher net revenue lower effective income tax rate offset by higher other operation maintenance expenses higher depreciation amortization expenses lower other income higher interest expense.\n net revenue 2016 compared to 2015 consists of operating revenues net of 1 fuel  fuel-related expenses  gas purchased for resale 2 ) purchased power expenses 3 ) other regulatory charges.\n analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance due to increase in formula rate plan revenues  implemented with first billing cycle of march 2016 collect estimated first-year revenue requirement related to purchase of power blocks 3 and 4 of union power station.\n see note 2 to financial statements for further discussion.\n transmission equalization variance due to changes in transmission investments including entergy louisiana 2019s exit from system agreement in august 2016.\n volume/weather variance due to effect of less favorable weather on residential sales partially offset by increase in industrial usage increase in volume during unbilled period.\n increase\n\n| amount ( in millions )\n--------------------------------------------- | ----------------------\n2015 net revenue                              | $ 2408.8\nretail electric price                         | 69.0\ntransmission equalization                     | -6.5 ( 6.5 )\nvolume/weather                                | -6.7 ( 6.7 )\nlouisiana act 55 financing savings obligation | -17.2 ( 17.2 )\nother                                         | -9.0 ( 9.0 )\n2016 net revenue                              | $ 2438.4"
}
{
    "_id": "dd4beb840",
    "title": "",
    "text": "item 7.\n management 2019s discussion and analysis of financial condition results of operations introduction following discussion analysis presents management 2019s perspective of our business , financial condition overall performance.\n this information intended to provide investors with understanding of our past performance  current financial condition outlook for future should be read in conjunction with 201citem 8.\n financial statements supplementary data 201d report.\n overview of 2017 results during 2017  generated solid operating results with strategy of operating in north america 2019s best resource plays  delivering superior execution disciplined capital allocation maintaining high degree of financial strength.\n led by development in stack and delaware basin  to improve 90-day initial production rates.\n with investments in proprietary data tools  predictive analytics artificial intelligence delivering industry-leading  initial-rate well productivity performance improving performance of established wells.\n compared to 2016  commodity prices increased significantly primary driver for improvements in devon 2019s earnings cash flow during 2017.\n exited 2017 with liquidity of $ 2. 7 billion of cash $ 2. 9 billion of available credit under senior credit facility.\n no significant debt maturities until 2021.\n enhanced financial strength by completing approximately $ 415 million of announced $ 1 billion asset divestiture program in 2017.\n anticipate closing remaining divestitures in 2018.\n 2018 beyond financial capacity to accelerate investment across best-in-class u.\n resource plays.\n increasing drilling activity continue to shift production mix to high-margin products.\n continue premier technical work to drive capital allocation efficiency industry- leading well productivity results.\n continue to maximize value of base production by sustaining operational efficiencies achieved.\n continue to manage activity levels within cash flows.\n expect this disciplined approach will position us to deliver capital-efficient , cash-flow expansion over next two years.\nkey measures of financial performance in 2017 summarized in following table.\n increased commodity prices continued focus on production expenses improved 2017 financial performance compared to 2016, seen in table below.\n more details for these metrics found within 201cresults of operations 2013 2017 vs.\n 2016 201d , below.\n\nnet earnings ( loss ) attributable to devon                          | 2017 $ 898 | change +185% ( +185 % ) | 2016* $ -1056 ( 1056 ) | change +92% ( +92 % ) | 2015* $ -12896 ( 12896 )\n-------------------------------------------------------------------- | ---------- | ----------------------- | ---------------------- | --------------------- | ------------------------\nnet earnings ( loss ) per diluted share attributable to devon        | $ 1.70     | +181% ( +181 % )        | $ -2.09 ( 2.09 )       | +93% ( +93 % )        | $ -31.72 ( 31.72 )\ncore earnings ( loss ) attributable to devon ( 1 )                   | $ 427      | +217% ( +217 % )        | $ -367 ( 367 )         | - 430% ( 430 % )      | $ 111\ncore earnings ( loss ) per diluted share attributable to devon ( 1 ) | $ 0.81     | +210% ( +210 % )        | $ -0.73 ( 0.73 )       | - 382% ( 382 % )      | $ 0.26\nretained production ( mboe/d )                                       | 541        | - 4% ( 4 % )            | 563                    | - 3% ( 3 % )          | 580\ntotal production ( mboe/d )                                          | 543        | - 11% ( 11 % )          | 611                    | - 10% ( 10 % )        | 680\nrealized price per boe ( 2 )                                         | $ 25.96    | +39% ( +39 % )          | $ 18.72                | - 14% ( 14 % )        | $ 21.68\noperating cash flow                                                  | $ 2909     | +94% ( +94 % )          | $ 1500                 | - 69% ( 69 % )        | $ 4898\ncapitalized expenditures including acquisitions                      | $ 2937     | - 25% ( 25 % )          | $ 3908                 | - 32% ( 32 % )        | $ 5712\nshareholder and noncontrolling interests distributions               | $ 481      | - 8% ( 8 % )            | $ 525                  | - 19% ( 19 % )        | $ 650\ncash and cash equivalents                                            | $ 2673     | +36% ( +36 % )          | $ 1959                 | - 15% ( 15 % )        | $ 2310\ntotal debt                                                           | $ 10406    | +2% ( +2 % )            | $ 10154                | - 22% ( 22 % )        | $ 13032\nreserves ( mmboe )                                                   | 2152       | +5% ( +5 % )            | 2058                   | - 6% ( 6 % )          | 2182"
}
{
    "_id": "dd4b8fd10",
    "title": "",
    "text": "2 0 0 8 a n n u a l r e p o r t stock performance graph graph performance of our series a series b series c common stock for period september 18 , 2008 through december 31 , 2008 compared with performance standard and poor 2019s 500 index peer group index walt disney company , time warner inc. cbs corporation class b common stock  viacom , inc.\n class b common stock news corporation class a common stock scripps network interactive , inc.\n graph assumes $ 100 invested september 18 , 2006 all subsequent dividends reinvested in additional shares.\n september 18 , september 30 , december 31 , 2008 2008 2008.\n s&p 500 peer group\n\n| september 18 2008 | september 30 2008 | december 31 2008\n---------- | ----------------- | ----------------- | ----------------\ndisca      | $ 100.00          | $ 103.19          | $ 102.53\ndiscb      | $ 100.00          | $ 105.54          | $ 78.53\ndisck      | $ 100.00          | $ 88.50           | $ 83.69\ns&p 500    | $ 100.00          | $ 96.54           | $ 74.86\npeer group | $ 100.00          | $ 92.67           | $ 68.79"
}
{
    "_id": "dd4c0831e",
    "title": "",
    "text": "net cash investing activities in 2013 included $ 38. 2 million for may 13 , 2013 acquisition of challenger.\n see note 2 to consolidated financial statements for information on challenger acquisition.\n capital expenditures in 2013 , 2012 2011 totaled $ 70. 6 million , $ 79. 4 million $ 61. 2 million  respectively.\n capital expenditures in 2013 included continued investments related to company 2019s strategic value creation processes around safety  quality customer connection innovation rci initiatives.\n capital expenditures all three years included spending support company 2019s strategic growth initiatives.\n in 2013 company continued invest in new product  efficiency safety cost reduction initiatives to expand improve manufacturing capabilities worldwide.\n 2012  company completed construction of fourth factory in kunshan , china following 2011 construction new engineering and research development facility in kunshan.\n capital expenditures all three years included investments particularly in united states  in new product  efficiency safety cost reduction initiatives investments in new production machine tooling enhance manufacturing operations ongoing replacements of manufacturing distribution equipment.\n capital spending three years included spending for replacement enhancement of company 2019s global enterprise resource planning ( erp ) management information systems spending to enhance company corporate headquarters research and development facilities in kenosha , wisconsin.\n snap-on believes cash generated from operations available cash on hand funds from credit facilities will sufficient to fund company 2019s capital expenditure requirements in 2014.\n financing activities net cash used was $ 137. 8 million in 2013  $ 127. 0 million in 2012 $ 293. 7 million in 2011.\n net cash financing activities 2011 reflects august 2011 repayment of $ 200 million of unsecured 6. 25% ( 6. 25 % ) notes upon maturity with available cash.\n proceeds from stock purchase and option plan exercises totaled $ 29.2 million in 2013  $ 46. 8 million 2012 $ 25. 7 million in 2011.\n snap-on undertaken stock repurchases to offset dilution shares for employee franchisee stock purchase plans stock options corporate purposes.\n 2013 snap-on repurchased 926000 shares common stock for $ 82. 6 million under previously announced share repurchase programs.\n as of 2013 year end snap-on had remaining availability to repurchase up to additional $ 191. 7 million common stock board of directors 2019 ( 201cboard 201d ) authorizations.\n purchase snap-on common stock at company 2019s discretion subject to prevailing financial market conditions.\n snap-on repurchased 1180000 shares common stock for $ 78. 1 million in 2012 repurchased 628000 shares common stock for $ 37. 4 million in 2011.\n believes cash from operations available cash on hand funds from credit facilities sufficient to fund company 2019s share repurchases if in 2014.\n snap-on paid consecutive quarterly cash dividends without interruption reduction since 1939.\n cash dividends paid in 2013 , 2012 2011 totaled $ 92. 0 million , $ 81. 5 million $ 76. 7 million  respectively.\n november 8 , 2013 company board increased quarterly cash dividend by 15. 8% ( 15. 8 % ) to $ 0. 44 per share ( $ 1. 76 per share per year ).\n quarterly dividends declared in 2013 were $ 0. 44 per share in fourth quarter $ 0. 38 per share in first three quarters ( $ 1. 58 per share for the year ).\n quarterly dividends 2012 were $ 0. 38 per share fourth quarter $ 0. 34 per share in first three quarters ( $ 1. 40 per share for year ).\n quarterly dividends 2011 were $ 0.34 per share fourth quarter $ 0. 32 per share first three quarters ( $ 1. 30 per share for year ).\n cash dividends paid percent of prior-year retained earnings 4. 5% ( 4. 5 % ) 4. 4% ( 4. 4 % ) snap-on believes cash generated from operations, available cash on hand funds from credit facilities sufficient to pay dividends 2014.\n off-balance-sheet arrangements except included below section 201ccontractual obligations and commitments 201d note 15 consolidated financial statements, company had no off-balance-sheet arrangements as 2013 year end.\n 2013 annual report 49\n\n| 2013           | 2012           | 2011\n---------------------------------------------------------------- | -------------- | -------------- | --------------\ncash dividends paid per common share                             | $ 1.58         | $ 1.40         | $ 1.30\ncash dividends paid as a percent of prior-year retained earnings | 4.5% ( 4.5 % ) | 4.4% ( 4.4 % ) | 4.7% ( 4.7 % )"
}
{
    "_id": "dd4bef1ca",
    "title": "",
    "text": "local consumer lending ( lcl )  constituted 70% ( % ) of citi holdings assets as of december 31 , 2010 includes portion of citigroup 2019s north american mortgage business  retail partner cards  western european cards retail banking  citifinancial north america other local consumer finance businesses globally.\n student loan corporation reported as discontinued operations corporate/other segment for second half of 2010.\n at december 31 , 2010 lcl had $ 252 billion assets ( $ 226 billion in north america ).\n approximately $ 129 billion assets in lcl as of december 31  2010 consisted of.\n mortgages in company 2019s citimortgage citifinancial operations.\n north american assets consist of residential mortgage loans retail partner card loans personal loans  commercial real estate other consumer loans assets.\n in millions of dollars 2010 2009 2008 % ( % ) change 2010 vs.\n 2009 % ( % ) change 2009 vs.\n 2008.\n 2010 vs.\n 2009 revenues net of interest expense decreased 11% ( 11 % ) from prior year.\n net interest revenue increased 6% ( 6 % ) due to adoption of sfas 166/167 offset by impact lower balances due to portfolio run-off asset sales.\n non-interest revenue declined 58% ( 58 % ) due to absence of $ 1. billion gain on sale of redecard in first quarter 2009 higher mortgage repurchase reserve charge.\n operating expenses decreased 18% ( 18 % ) due to impact divestitures lower volumes re-engineering actions absence of costs associated with.\n government loss-sharing agreement  exited in fourth quarter of 2009.\n provisions for credit losses benefits and claims decreased 38% ( 38 % ) reflecting net $ 1. 8 billion credit reserve release in 2010 compared to $ 5. 8 billion build in 2009.\nlower net credit losses across businesses partially offset by impact adoption of sfas 166/167.\n comparable net credit losses lower year-over-year driven by improvement in.\n mortgages  international portfolios retail partner cards.\n assets declined 21% ( 21 % ) from prior year driven by portfolio run-off higher loan loss reserve balances impact of asset sales divestitures partially offset by increase of $ 41 billion from adoption of sfas 166/167.\n key divestitures in 2010 included student loan corporation  primerica  auto loans  canadian mastercard business.\n retail sales finance portfolios.\n 2009 vs.\n 2008 revenues net of interest expense decreased 24% ( 24 % ) from prior year.\n net interest revenue 24% ( 24 % ) lower prior year due to lower balances de-risking portfolio spread compression.\n non-interest revenue decreased $ 1. 6 billion driven by impact higher credit losses securitization trusts offset by $ 1. 1 billion gain on sale of redecard in first quarter of 2009.\n operating expenses declined 31% ( 31 % ) from prior year due to lower volumes reductions from expense re-engineering actions impact of goodwill write-offs of $ 3. 0 billion in fourth quarter of 2008 partially offset by higher costs associated with delinquent loans.\n provisions for credit losses for benefits claims increased 14% ( 14 % ) from prior year increase in net credit losses of $ 6. 1 billion partially offset by lower reserve builds of $ 2. 8 billion.\n higher net credit losses driven by higher losses of $ 3. 6 billion in residential real estate lending  $ 1. 0 billion in retail partner cards $ 0. 7 billion in international.\nassets decreased $ 57 billion from prior year driven by lower originations wind-down businesses asset sales divestitures write- offs higher loan loss reserve balances.\n key divestitures 2009 included fi credit card business  italy consumer finance  diners europe  portugal cards  norway consumer diners club north america.\n\nin millions of dollars                                   | 2010             | 2009               | 2008               | % (  % ) change 2010 vs . 2009 | % (  % ) change 2009 vs . 2008\n-------------------------------------------------------- | ---------------- | ------------------ | ------------------ | ------------------------------ | ------------------------------\nnet interest revenue                                     | $ 13831          | $ 12995            | $ 17136            | 6% ( 6 % )                     | ( 24 ) % (  % )\nnon-interest revenue                                     | 1995             | 4770               | 6362               | -58 ( 58 )                     | -25 ( 25 )\ntotal revenues net of interest expense                   | $ 15826          | $ 17765            | $ 23498            | ( 11 ) % (  % )                | ( 24 ) % (  % )\ntotal operating expenses                                 | $ 8064           | $ 9799             | $ 14238            | ( 18 ) % (  % )                | ( 31 ) % (  % )\nnet credit losses                                        | $ 17040          | $ 19185            | $ 13111            | ( 11 ) % (  % )                | 46% ( 46 % )\ncredit reserve build ( release )                         | -1771 ( 1771 )   | 5799               | 8573               | nm                             | -32 ( 32 )\nprovision for benefits and claims                        | 775              | 1054               | 1192               | -26 ( 26 )                     | -12 ( 12 )\nprovision for unfunded lending commitments               | 2014             | 2014               | 2014               | 2014                           | 2014\nprovisions for credit losses and for benefits and claims | $ 16044          | $ 26038            | $ 22876            | ( 38 ) % (  % )                | 14% ( 14 % )\n( loss ) from continuing operations before taxes         | $ -8282 ( 8282 ) | $ -18072 ( 18072 ) | $ -13616 ( 13616 ) | 54% ( 54 % )                   | ( 33 ) % (  % )\nbenefits for income taxes                                | -3289 ( 3289 )   | -7656 ( 7656 )     | -5259 ( 5259 )     | 57                             | -46 ( 46 )\n( loss ) from continuing operations                      | $ -4993 ( 4993 ) | $ -10416 ( 10416 ) | $ -8357 ( 8357 )   | 52% ( 52 % )                   | ( 25 ) % (  % )\nnet income attributable to noncontrolling interests      | 8                | 33                 | 12                 | -76 ( 76 )                     | nm\nnet ( loss )                                             | $ -5001 ( 5001 ) | $ -10449 ( 10449 ) | $ -8369 ( 8369 )   | 52% ( 52 % )                   | ( 25 ) % (  % )\naverage assets ( in billions of dollars )                | $ 324            | $ 351              | $ 420              | ( 8 ) % (  % )                 | -16 ( 16 )\nnet credit losses as a percentage of average loans       | 6.20% ( 6.20 % ) | 6.38% ( 6.38 % )   | 3.80% ( 3.80 % )   |                                |"
}
{
    "_id": "dd4be1f98",
    "title": "",
    "text": "fair value for options estimated at date of grant using black-scholes option pricing model with weighted-average assumptions for 2006 , 2005 2004:.\n black-scholes option valuation model developed for estimating fair value of traded options no vesting restrictions fully transferable.\n option valuation models require input subjective assumptions including expected stock price volatility.\n company 2019s employee stock options have characteristics different from traded options changes in subjective input assumptions can affect fair value estimate in management 2019s opinion existing models do not provide reliable single measure of fair value of employee stock options.\n total fair value of shares vested during 2006 , 2005  2004 was $ 9413 , $ 8249 , and $ 6418 respectively.\n aggregate intrinsic values of options outstanding and exercisable at december 30 , 2006 were $ 204. 1 million and $ 100. 2 million  respectively.\n aggregate intrinsic value of options exercised during year ended december 30 , 2006 was $ 42. 8 million.\n aggregate intrinsic value represents positive difference between company 2019s closing stock price on last trading day of fiscal period $ 55. 66 on december 29, 2006  and exercise price multiplied by number of options outstanding.\n as of december 30 , 2006  was $ 64. 2 million of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under option plans.\n cost expected to be recognized over five years.\n employee stock purchase plan shareholders adopted employee stock purchase plan ( espp ).\n up to 2000000 shares of common stock reserved for espp.\n shares offered to employees at price equal to lesser of 85% ( 85 % ) of fair market value of stock on date of purchase or 85% ( 85 % ) of fair market value on enrollment date.\nespp intended qualify as 201cemployee stock purchase plan 201d under section 423 internal revenue code.\n during 2006 , 2005 2004 , 124693 , 112798  117900 shares purchased under plan for total purchase price $ 3569 , $ 2824 $ 2691 , respectively.\n at december 30 , 2006  approximately 1116811 shares available for future issuance.\n\n| 2006             | 2005             | 2004\n---------------------------------------------- | ---------------- | ---------------- | ----------------\nweighted average fair value of options granted | $ 20.01          | $ 9.48           | $ 7.28\nexpected volatility                            | 0.3534           | 0.3224           | 0.3577\ndistribution yield                             | 1.00% ( 1.00 % ) | 0.98% ( 0.98 % ) | 1.30% ( 1.30 % )\nexpected life of options in years              | 6.3              | 6.3              | 6.3\nrisk-free interest rate                        | 5% ( 5 % )       | 4% ( 4 % )       | 4% ( 4 % )"
}
{
    "_id": "dd4bc0adc",
    "title": "",
    "text": "14.\n leases we lease certain locomotives  freight cars  other property.\n consolidated statement of financial position as of december 31 , 2008 and 2007 included $ 2024 million , net of $ 869 million of amortization  and $ 2062 million , net of $ 887 million of amortization  for properties under capital leases.\n charge to income from amortization for assets capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31, 2008 were : millions of dollars operating leases capital leases.\n majority of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 747 million in 2008  $ 810 million in 2007  $ 798 million in 2006.\n when cash rental payments not made straight-line basis recognize variable rental expense straight-line basis over lease term.\n contingent rentals and sub-rentals not significant.\n 15.\n commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us and subsidiaries.\n cannot fully determine effect of all asserted claims on consolidated results of operations  financial condition liquidity ; where asserted claims considered probable reasonably estimated recorded liability.\n do not expect any known lawsuits , claims  environmental costs  commitments contingent liabilities or guarantees will have material adverse effect on consolidated results of operations  financial condition or liquidity after taking account liabilities and insurance recoveries previously recorded for these matters.\npersonal injury 2013 cost of personal injuries to employees related to activities charged to expense based on estimates ultimate cost number of incidents each year.\n use third-party actuaries to assist measuring expense and liability including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n under fela damages assessed based on finding fault through litigation or out-of-court settlements.\n offer comprehensive variety of services rehabilitation programs for employees injured personal injury liability discounted to present value using applicable u. s.\n treasury rates.\n approximately 88% ( 88 % ) of recorded liability related to asserted claims approximately 12% ( 12 % ) related to unasserted claims at december 31 , 2008.\n uncertainty surrounding ultimate outcome of personal injury claims possible future costs to settle claims may range from\n\nmillions of dollars                     | operatingleases | capitalleases\n--------------------------------------- | --------------- | -------------\n2009                                    | $ 657           | $ 188\n2010                                    | 614             | 168\n2011                                    | 580             | 178\n2012                                    | 465             | 122\n2013                                    | 389             | 152\nlater years                             | 3204            | 1090\ntotal minimum lease payments            | $ 5909          | $ 1898\namount representing interest            | n/a             | 628\npresent value of minimum lease payments | n/a             | $ 1270"
}
{
    "_id": "dd4c51d20",
    "title": "",
    "text": "a ) consists of pollution control revenue bonds and environmental revenue bonds  secured by collateral mortgage bonds.\n b pursuant to nuclear waste policy act of 1982  entergy 2019s nuclear owner/licensee subsidiaries have contracts with doe for spent nuclear fuel disposal service. contracts include one-time fee for generation prior to april 7 , 1983. a0entergy arkansas only entergy company generated electric power with nuclear fuel prior to date includes one-time fee  plus accrued interest  in long-term debt.\n see note 10 to financial statements for discussion of waterford 3 lease obligation entergy louisiana 2019s acquisition of equity participant 2019s beneficial interest in waterford 3 leased assets for discussion grand gulf lease obligation.\n d ) this note stated interest rate had implicit interest rate of 7. 458% ( 7. 458 % ).\n e fair value excludes lease obligations of $ 34 million at system energy long-term doe obligations of $ 183 million at entergy arkansas  includes debt due within one year. a0fair values classified as level 2 in fair value hierarchy discussed in note 15 to financial statements based on prices from benchmark yields reported trades.\n annual long-term debt maturities ( excluding lease obligations long-term doe obligations ) for debt outstanding as of december a031 , 2017  for next five years are as follows : amount ( in thousands ).\n in november 2000 , entergy 2019s non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\n purchase agreement with nypa entergy recorded liability representing net present value of payments entergy liable to nypa for each year fitzpatrick and indian point 3 power plants run beyond original nrc license expiration date.\n october 2015  entergy announced planned shutdown of fitzpatrick end of fuel cycle.\n result announcement entergy reduced liability by $ 26. 4 million terms of purchase agreement.\n august 2016 entergy entered trust transfer agreement with nypa to transfer decommissioning trust funds and decommissioning liabilities for indian point 3 and fitzpatrick plants to entergy.\n trust transfer agreement original decommissioning agreements amended entergy subsidiaries 2019 obligation to make additional license extension payments to nypa eliminated.\n third quarter 2016 entergy removed note payable of $ 35. 1 million from consolidated balance sheet.\n entergy louisiana , entergy mississippi  entergy new orleans  entergy texas  system energy obtained long-term financing authorizations from ferc extend through october 2019. a0entergy arkansas obtained long-term financing authorization from apsc extends through december 2018.\n entergy new orleans obtained long-term financing authorization from city council extends through june 2018 city council has concurrent jurisdiction with ferc over such issuances.\n capital funds agreement agreement with certain creditors entergy corporation agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at minimum of 35% ( 35 % ) of total capitalization ( excluding short- term debt ) ; entergy corporation and subsidiaries notes to financial statements\n\n| amount ( in thousands )\n---- | -----------------------\n2018 | $ 760000\n2019 | $ 857679\n2020 | $ 898500\n2021 | $ 960764\n2022 | $ 1304431"
}
{
    "_id": "dd4b8b972",
    "title": "",
    "text": "table of contents other equity method investments infraservs.\n we hold indirect ownership interests in several german infraserv groups that own and develop industrial parks and provide on-site general and administrative support to tenants.\n our ownership interest in the equity investments in infraserv affiliates are as follows : as of december 31 , 2017 ( in percentages ) infraserv gmbh & co.\n gendorf kg ( 1 ).\n 39.\n infraserv gmbh & co.\n knapsack kg ( 1 ).\n 27 ______________________________ ( 1 ) see note 29 - subsequent events in the accompanying consolidated financial statements for further information.\n research and development our business models leverage innovation and conduct research and development activities to develop new , and optimize existing , production technologies , as well as to develop commercially viable new products and applications.\n research and development expense was $ 72 million , $ 78 million and $ 119 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively.\n we consider the amounts spent during each of the last three fiscal years on research and development activities to be sufficient to execute our current strategic initiatives.\nintellectual property we attach importance to protecting our intellectual property , including safeguarding confidential information through patents , trademarks copyrights  to preserve our investment in research and development , manufacturing marketing.\n patents may cover processes , equipment  products  intermediate products product uses.\n seek to register trademarks protecting brand names of our company products.\n patents.\n in most industrial countries  patent protection exists for new substances formulations for certain unique applications production processes.\n , we do business in regions world where intellectual property protection may be limited difficult to enforce.\n confidential information.\n we maintain stringent information security policies and procedures wherever do business.\n such information security policies procedures include data encryption  controls over disclosure safekeeping of confidential information trade secrets employee awareness training.\n trademarks.\namcel ae  aoplus ae ateva ae avicor ae celanese ae celanex ae  celcon ae celfx ae  celstran ae celvolit ae  clarifoil ae dur- o-set ae ecomid ae ecovae ae forflex ae forprene ae  frianyl ae fortron ae  ghr ae  gumfit ae gur ae  hostaform ae  laprene ae metalx ae  mowilith ae  mt ae nilamid ae nivionplast ae  nutrinova ae  nylfor ae  pibiflex ae pibifor ae pibiter ae  polifor ae  resyn ae  riteflex ae  slidex ae  sofprene ae sofpur ae  sunett ae  talcoprene ae tecnoprene ae thermx ae  tufcor ae  vantage ae  vectra ae  vinac ae vinamul ae  vitaldose ae  zenite ae certain other branded products and services in document are registered reserved trademarks or service marks owned licensed by celanese.\n not exhaustive comprehensive list of all registered trademarks service marks by celanese.\n fortron ae registered trademark of fortron industries llc.\n hostaform ae registered trademark of hoechst gmbh.\n mowilith ae nilamid ae registered trademarks of celanese in most european countries.\n we monitor competitive developments defend against infringements on intellectual property rights.\n neither celanese nor business segment dependent upon any one patent  trademark  copyright or trade secret.\nenvironmental other regulation matters pertaining environmental regulations discussed in item 1a.\n risk factors , note 2 - summary of accounting policies, note 16 - environmental note 24 - commitments contingencies in accompanying consolidated financial statements.\n\n| as of december 31 2017 ( in percentages )\n--------------------------------------- | -----------------------------------------\ninfraserv gmbh & co . gendorf kg ( 1 )  | 39\ninfraserv gmbh & co . hoechst kg        | 32\ninfraserv gmbh & co . knapsack kg ( 1 ) | 27"
}
{
    "_id": "dd4bc50b4",
    "title": "",
    "text": "part iii item 10.\n directors  executive officers corporate governance information required incorporated by reference to 201celection of directors 201d section  201cdirector selection process 201d section 201ccode of conduct 201d section 201cprincipal committees of board of directors 201d section 201caudit committee 201d section 201csection 16 ( a ) beneficial ownership reporting compliance 201d section proxy statement for annual meeting of stockholders may 27 , 2010 201cproxy statement 201d ) except description of executive officers appears in part i of report on form 10-k under heading 201cexecutive officers of ipg. 201d new york stock exchange certification 2009  ceo provided annual ceo certification to new york stock exchange required under section 303a. 12 ( a ) of new york stock exchange listed company manual.\n item 11.\n executive compensation information incorporated reference 201ccompensation of executive officers 201d section 201cnon-management director compensation 201d section 201ccompensation discussion and analysis 201d section 201ccompensation committee report 201d section proxy statement.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters information incorporated by reference to 201coutstanding shares 201d section of proxy statement except for information regarding shares of common stock to be issued may issued under equity compensation plans as of december 31 , 2009  provided in following table.\n equity compensation plan information plan category number of shares of common stock to be issued upon exercise of outstanding options  warrants rights ( a ) 12 weighted-average exercise price of outstanding stock options ( b ) number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column a ) ( c ) 3 equity compensation plans approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n 34317386 $ 16. 11 52359299 equity compensation plans not approved by security holders 4.\n.\n.\n.\n.\n 612500 $ 27. 53 2014.\n 1 includes 6058967 performance-based share awards under 2004 , 2006 2009 performance incentive plan representing target number of shares to be issued to employees following 2007-2009 performance period ( 201c2009 ltip share awards 201d ) 2008- 2010 period 201c2010 ltip awards 201d ) and 2009-2011 performance period ( 201c2011 ltip share awards 201d ).\n computation of weighted-average exercise price in column ( b ) table not take 2009 ltip 2010 or 2011 ltip share awards into account.\n 2 includes 3914804 restricted share unit and performance-based awards ( 201cshare unit awards 201d ) may be settled in shares or cash.\n computation weighted-average exercise price in column ( b ) table does not take share unit awards into account.\n each share unit award settled in cash will increase number of shares of common stock available for issuance shown in column ( c ).\n 3 includes i 37885502 shares of common stock for under 2009 performance incentive plan, 13660306 shares common stock for under employee stock purchase plan ( 2006 ) and iii ) 813491 shares common stock for under 2009 non-management directors 2019 stock incentive plan.\n 4 consists of special stock option grants awarded to certain true north executives following acquisition of true north ( 201ctrue north options 201d ).\n true north options have exercise price equal to fair market value of interpublic 2019s common stock on date of grant.\n terms and conditions of stock option awards governed by interpublic 2019s 1997 performance incentive plan.\ngenerally , options become exercisable between two and five years after date grant expire ten years from grant date.\n\nplan category                                               | number of shares of common stock to be issued upon exercise of outstandingoptions warrants and rights ( a ) 12 | weighted-average exercise price of outstanding stock options ( b ) | number of securities remaining available for futureissuance under equity compensation plans ( excluding securities reflected in column a ) ( c ) 3\n----------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders      | 34317386                                                                                                       | $ 16.11                                                            | 52359299\nequity compensation plans not approved by security holders4 | 612500                                                                                                         | $ 27.53                                                            | 2014\ntotal                                                       | 34929886                                                                                                       | $ 16.31                                                            | 52359299"
}
{
    "_id": "dd4bc0e88",
    "title": "",
    "text": "edwards lifesciences corporation notes to consolidated financial statements ( continued ) 2.\n summary of significant accounting policies ( continued ) in may 2014  fasb issued update to accounting guidance on revenue recognition.\n new guidance provides comprehensive  principles-based approach to revenue recognition supersedes previous revenue recognition guidance.\n core principle guidance is entity should recognize revenue to depict transfer of promised goods or services to customers in amount reflects consideration to entity expects to be entitled in exchange for goods or services.\n guidance requires improved disclosures on nature , amount  timing  uncertainty of revenue recognized.\n in august 2015  fasb issued update to guidance to defer effective date by one year new standard effective for annual reporting periods beginning after december 15 , 2017 and interim periods therein.\n new guidance can be applied retrospectively to each prior reporting period or retrospectively with cumulative effect of change recognized at date of initial application.\n company is assessing potential impacts of revenue recognition guidance not yet selected adoption method.\n company will adopt new guidance effective january 1 , company not yet completed assessment of new revenue recognition guidance company 2019s analysis of contracts related to sale of heart valve therapy products under new revenue recognition guidance supports recognition of revenue at point-in-time consistent with current revenue recognition model.\n heart valve therapy sales accounted for approximately 80% ( 80 % ) of company 2019s sales for year ended december 31 , 2016.\n company currently assessing potential impact of guidance on contracts related to sale of critical care products  specifically sales outside of united states.\n 3.\n intellectual property litigation expenses ( income ) , net in may 2014  company entered into agreement with medtronic , inc.\naffiliates ( 2018 2018medtronic 2019 2019 ) to settle all outstanding patent litigation between companies  including cases related to transcatheter heart valves.\n pursuant agreement, all pending cases or appeals in courts patent offices worldwide dismissed parties will not litigate patent disputes with each other in field transcatheter valves for eight-year term of agreement.\n under terms patent cross-license part of agreement , medtronic made one-time upfront payment to company for past damages amount $ 750. 0 million.\n medtronic will pay company quarterly license royalty payments through april 2022.\n for sales in united states , subject to certain conditions , royalty payments based on percentage of medtronic 2019s sales of transcatheter aortic valves , minimum annual payment of $ 40. 0 million maximum annual payment of $ 60. 0 million.\n separate royalty payment calculated based on sales of medtronic transcatheter aortic valves manufactured in united states but sold elsewhere.\n company accounted for settlement agreement as multiple-element arrangement allocated total consideration to identifiable elements based upon relative fair value.\n consideration assigned to each element was as follows ( in millions ) :.\n\npast damages        | $ 754.3\n------------------- | --------\nlicense agreement   | 238.0\ncovenant not to sue | 77.7\ntotal               | $ 1070.0"
}
{
    "_id": "dd4b9cfc4",
    "title": "",
    "text": "synopsys , inc.\n notes to consolidated financial statements 2014continued aggregate purchase price consideration was approximately us$ 417. 0 million.\n as of october 31 , 2012  total purchase consideration and preliminary purchase price allocation were as follows:.\n goodwill of $ 247. 5 million  not deductible for tax primarily resulted from company 2019s expectation of sales growth and cost synergies from integration of springsoft 2019s technology and operations with company 2019s technology.\n identifiable intangible assets  primarily of technology , customer relationships  backlog trademarks  valued using income method amortized over three to eight years.\n acquisition-related costs attributable to business combination were $ 6. 6 million for fiscal 2012 expensed as incurred in consolidated statements of operations.\n costs consisted primarily of employee separation costs and professional services.\n fair value of equity awards : merger agreement  company assumed all unvested outstanding stock options of springsoft upon completion merger vested options exchanged for cash in merger.\n on october 1 , 2012 completion tender offer fair value of awards to be assumed and exchanged was $ 9. 9 million , calculated using black-scholes option pricing model.\n option model incorporates subjective assumptions including expected volatility  expected term risk-free interest rates.\n expected volatility estimated by combination of implied and historical stock price volatility of options.\n non-controlling interest : non-controlling interest represents fair value of 8. 4% (. 4 % ) of outstanding springsoft shares not acquired during tender offer process completed on october 1, 2012 and fair value of option awards to be assumed or exchanged for cash upon follow-on merger.\nfair value of non-controlling interest included part of aggregate purchase consideration was $ 42. 8 million disclosed as separate line in october 31 , 2012 consolidated statements of stockholders 2019 equity.\n during period between completion tender offer and end of company 2019s fiscal year on october 31 , 2012 , non-controlling interest adjusted by $ 0. 5 million to reflect non interest 2019s share of operating loss of springsoft in period.\n amount is not significant  included as part of other income ( expense ) , net , in consolidated statements of operations.\n\n| ( in thousands )\n--------------------------------------------------------------- | ----------------\ncash paid                                                       | $ 373519\nfair value of shares to be acquired through a follow-on merger  | 34054\nfair value of equity awards allocated to purchase consideration | 9383\ntotal purchase consideration                                    | $ 416956\ngoodwill                                                        | 247482\nidentifiable intangibles assets acquired                        | 108867\ncash and other assets acquired                                  | 137222\nliabilities assumed                                             | -76615 ( 76615 )\ntotal purchase allocation                                       | $ 416956"
}
{
    "_id": "dd4bbde0e",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities vornado 2019s common shares traded on new york stock exchange under symbol 201cvno. 201d quarterly high and low sales prices common shares dividends paid per share for years ended december 31 , 2011 2010 follows : year ended year ended december 31 , 2011 december 31 , 2010.\n as of february 1 , 2012  1230 holders of record of common shares.\n recent sales unregistered securities fourth quarter of 2011  issued 20891 common shares upon redemption of class a units of operating partnership held by persons received units private placements exchange for interests in limited partnerships owned real estate.\n common shares issued without registration under securities act of 1933 reliance section 4 ( 2 ) act.\n information relating compensation plans under equity securities authorized for issuance set forth under part iii , item 12 of annual report on form 10-k information incorporated by reference herein.\n recent purchases of equity securities in december 2011  received 410783 vornado common shares average price $ 76. 36 per share as payment for exercise certain employee options.\n\nquarter | year ended december 31 2011 high | year ended december 31 2011 low | year ended december 31 2011 dividends | year ended december 31 2011 high | year ended december 31 2011 low | dividends\n------- | -------------------------------- | ------------------------------- | ------------------------------------- | -------------------------------- | ------------------------------- | ---------\n1st     | $ 93.53                          | $ 82.12                         | $ 0.69                                | $ 78.40                          | $ 61.25                         | $ 0.65\n2nd     | 98.42                            | 86.85                           | 0.69                                  | 86.79                            | 70.06                           | 0.65\n3rd     | 98.77                            | 72.85                           | 0.69                                  | 89.06                            | 68.59                           | 0.65\n4th     | 84.30                            | 68.39                           | 0.69                                  | 91.67                            | 78.06                           | 0.65"
}
{
    "_id": "dd4be0756",
    "title": "",
    "text": "stock performance graph graph sets cumulative total shareholder return on our series a, series b series c common stock compared with cumulative total return of companies in standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and peer group of companies cbs corporation class b common stock  scripps network interactive  inc.\n acquired by company in march 2018 ) time warner , inc.\n acquired by at&t inc.\n in june 2018 ) twenty-first century fox , inc.\n class a common stock ( news corporation class a common stock prior to june 2013 ) viacom , inc.\n class b common stock walt disney company.\n graph assumes $ 100 originally invested on december 31 , 2013 in each of series a common stock series b common stock series c common stock , s&p 500 index  and stock of peer group companies  including reinvestment of dividends  for years ended december 31 , 2014 , 2015  2016  2017 2018.\n two peer companies  scripps networks interactive .\n time warner , inc. acquired in 2018.\n stock performance chart shows peer group including scripps networks interactive .\n time warner  inc.\n excluding both acquired companies for entire five year period.\n december 31 , december 31 .\n equity compensation plan information information regarding securities authorized for issuance under equity compensation plans in definitive proxy statement for 2019 annual meeting of stockholders under caption 201csecurities authorized for issuance under equity compensation plans , 201d incorporated herein by reference.\n\n| december 312013 | december 312014 | december 312015 | december 312016 | december 312017 | december 312018\n------------------------------------ | --------------- | --------------- | --------------- | --------------- | --------------- | ---------------\ndisca                                | $ 100.00        | $ 74.58         | $ 57.76         | $ 59.34         | $ 48.45         | $ 53.56\ndiscb                                | $ 100.00        | $ 80.56         | $ 58.82         | $ 63.44         | $ 53.97         | $ 72.90\ndisck                                | $ 100.00        | $ 80.42         | $ 60.15         | $ 63.87         | $ 50.49         | $ 55.04\ns&p 500                              | $ 100.00        | $ 111.39        | $ 110.58        | $ 121.13        | $ 144.65        | $ 135.63\npeer group incl . acquired companies | $ 100.00        | $ 116.64        | $ 114.02        | $ 127.96        | $ 132.23        | $ 105.80\npeer group ex . acquired companies   | $ 100.00        | $ 113.23        | $ 117.27        | $ 120.58        | $ 127.90        | $ 141.58"
}
{
    "_id": "dd4c49468",
    "title": "",
    "text": "2018 a0form 10-k18 item 7.\n management 2019s discussion analysis of financial condition results of operations.\n management discussion analysis read conjunction with discussion of cautionary statements significant risks to company business under item 1a.\n risk factors of 2018 form a010-k.\n overview sales revenues for 2018 were $ 54. 722 billion 20 a0percent increase from 2017 sales revenues $ 45. 462 a0billion.\n increase primarily due to higher sales volume improved demand across all regions three primary segments.\n profit per share for 2018 was $ 10. 26 compared to $ 1. 26 in 2017.\n profit was $ 6. 147 billion in 2018 compared with $ 754 million in 2017.\n increase primarily due to lower tax expense higher sales volume decreased restructuring costs improved price realization.\n increase partially offset by higher manufacturing costs selling  general administrative research and development ( r&d ) expenses lower profit from financial products segment.\n fourth-quarter 2018 sales revenues were $ 14. 342 billion  up $ 1. 446 billion or 11 percent  from $ 12. 896 billion in fourth quarter 2017.\n fourth-quarter 2018 profit was $ 1. 78 per share  compared with loss of $ 2. 18 per share in 2017.\n fourth-quarter 2018 profit was $ 1. 048 billion  compared with loss of $ 1. 299 billion in 2017.\n highlights for 2018 include sales revenues 2018 were $ 54. 722 billion  up 20 a0percent from 2017.\n sales improved in all regions across three primary segments.\n operating profit as percent of sales revenues was 15. 2 a0percent in 2018 compared with 9. 8 percent in 2017.\n adjusted operating profit margin was 15. 9 percent in 2018 compared with 12. 5 percent in 2017.\nzz profit was $ 10. 26 per share for 2018 , excluding items in table below adjusted profit per share was $ 11. 22.\n for 2017 profit was $ 1. 26 per share  excluding items table below adjusted profit per share was $ 6. 88.\n zz for results meaningful separately quantified impact of several significant items:.\n zz machinery , energy & transportation ( me&t ) operating cash flow for 2018 was about $ 6. 3 billion  sufficient to cover capital expenditures and dividends.\n me&t operating cash flow for 2017 $ 5. 5 billion.\n restructuring costs recent years incurred substantial restructuring costs achieve flexible competitive cost structure.\n during 2018  incurred $ 386 million of restructuring costs related to restructuring actions across company.\n 2017  incurred $ 1. 256 billion of restructuring costs half related to closure of facility in gosselies , belgium remainder related to other restructuring actions across company.\n expect restructuring to continue ongoing business activities restructuring costs should be lower in 2019 than 2018.\n notes : zz glossary of terms on pages 33-34 ; first occurrence of terms shown in bold italics.\n zz information on non-gaap financial measures on pages 42-43.\n\n( millions of dollars )                      | full year 2018 profit before taxes | full year 2018 profitper share | full year 2018 profit before taxes | profitper share\n-------------------------------------------- | ---------------------------------- | ------------------------------ | ---------------------------------- | ---------------\nprofit                                       | $ 7822                             | $ 10.26                        | $ 4082                             | $ 1.26\nrestructuring costs                          | 386                                | 0.50                           | 1256                               | 1.68\nmark-to-market losses                        | 495                                | 0.64                           | 301                                | 0.26\ndeferred tax valuation allowance adjustments | 2014                               | -0.01 ( 0.01 )                 | 2014                               | -0.18 ( 0.18 )\nu.s . tax reform impact                      | 2014                               | -0.17 ( 0.17 )                 | 2014                               | 3.95\ngain on sale of equity investment            | 2014                               | 2014                           | -85 ( 85 )                         | -0.09 ( 0.09 )\nadjusted profit                              | $ 8703                             | $ 11.22                        | $ 5554                             | $ 6.88"
}
{
    "_id": "dd4bdb56c",
    "title": "",
    "text": "operating/performance statistics railroad performance measures reported to aar other performance measures included in table below : 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change v 2008.\n average train speed 2013 average train speed calculated by dividing train miles by hours operated on main lines between terminals.\n maintenance activities weather disruptions higher volume levels led to 4% ( 4 % ) decrease in average train speed in 2010 compared to record in 2009.\n continued operating fluid efficient network year.\n lower volume levels network management initiatives productivity improvements contributed to 16% ( 16 % ) improvement in average train speed in 2009 compared to 2008.\n average terminal dwell time 2013 average dwell time is average time rail car spends at terminals.\n lower average terminal dwell time improves asset utilization service.\n terminal dwell time increased 2% ( 2 % ) in 2010 compared to 2009 driven by network plan to increase length of trains improve efficiency resulted in higher terminal dwell time for some cars.\n average terminal dwell time improved slightly in 2009 compared to 2008 due to lower volume levels initiatives to expedite delivering rail cars to interchange partners customers.\n average rail car inventory 2013 inventory is daily average number of rail cars on lines including rail in storage.\n lower average rail car inventory reduces congestion in yards sidings increases train speed reduces average terminal dwell time improves rail car utilization.\n average rail car inventory decreased 3% ( 3 % ) in 2010 compared to 2009 handled 13% ( 13 % ) increases in carloads period compared to 2009.\n maintained more freight cars off-line retired old freight cars drove decreases.\nrail car inventory decreased 6% ( 6 % ) in 2009 compared to 2008 driven by 16% ( 16 % ) decrease in volume.\n carloads decreased stored more freight cars off-line.\n gross revenue ton-miles 2013 gross ton-miles calculated by multiplying weight loaded empty freight cars by number miles hauled.\n revenue ton-miles calculated multiplying weight freight by number tariff miles.\n gross revenue-ton-miles increased 10% ( 10 % ) and 9% ( 9 % ) in 2010 compared to 2009 due to 13% ( 13 % ) increase in carloads.\n commodity mix changes notably automotive shipments drove variance year-over-year growth between gross ton-miles revenue ton-miles carloads.\n gross revenue ton-miles decreased 17% ( 17 % ) and 15% ( 15 % ) in 2009 compared to 2008 due to 16% ( 16 % ) decrease in carloads.\n commodity mix changes ( notably automotive shipments 30% ( 30 % ) lower 2009 versus 2008 drove difference declines between gross ton-miles revenue ton- miles.\n operating ratio 2013 ratio operating expenses percentage of operating revenue.\n improved 5. 5 points to 70. 6% ( 70. 6 % ) in 2010 1. 3 points to 76. 1% ( 76. 1 % ) in 2009.\n leveraging volume increases core pricing gains productivity initiatives drove improvement 2010 offset impact higher fuel prices.\n core pricing gains lower fuel prices network management initiatives improved productivity drove improvement 2009 offset 16% ( 16 % ) volume decline.\n employees 2013 employee levels down 1% ( 1 % ) in 2010 compared to 2009 despite 13% ( 13 % ) increase in volume levels.\n leveraged additional volumes through network efficiencies productivity initiatives.\n, we successfully managed growth our full-time-equivalent train and engine force levels at less than half of our carload growth in 2010.\n all other operating functions\n\n| 2010  | 2009  | 2008   | % (  % ) change 2010 v 2009 | % (  % ) change2009 v 2008\n---------------------------------------- | ----- | ----- | ------ | --------------------------- | --------------------------\naverage train speed ( miles per hour )   | 26.2  | 27.3  | 23.5   | ( 4 ) % (  % )              | 16% ( 16 % )\naverage terminal dwell time ( hours )    | 25.4  | 24.8  | 24.9   | 2% ( 2 % )                  | -\naverage rail car inventory ( thousands ) | 274.4 | 283.1 | 300.7  | ( 3 ) % (  % )              | ( 6 ) % (  % )\ngross ton-miles ( billions )             | 932.4 | 846.5 | 1020.4 | 10% ( 10 % )                | ( 17 ) % (  % )\nrevenue ton-miles ( billions )           | 520.4 | 479.2 | 562.6  | 9% ( 9 % )                  | ( 15 ) % (  % )\noperating ratio                          | 70.6  | 76.1  | 77.4   | ( 5.5 ) pt                  | ( 1.3 ) pt\nemployees ( average )                    | 42884 | 43531 | 48242  | ( 1 ) % (  % )              | ( 10 ) % (  % )\ncustomer satisfaction index              | 89    | 88    | 83     | 1 pt                        | 5 pt"
}
{
    "_id": "dd4bb3d8c",
    "title": "",
    "text": "intel corporation notes consolidated financial statements continued ) note 16 : other comprehensive income ( loss ) changes in accumulated income loss ) component related tax effects each period follows : in millions ) unrealized holding losses ) on available- for-sale investments deferred tax asset valuation allowance unrealized holding losses derivatives service credits costs ) actuarial losses ) foreign currency translation adjustment total.\n\n( in millions )                                                             | unrealized holding gains ( losses ) on available-for-sale investments | deferred tax asset valuation allowance | unrealized holding gains ( losses ) on derivatives | prior service credits ( costs ) | actuarial gains ( losses ) | foreign currency translation adjustment | total\n--------------------------------------------------------------------------- | --------------------------------------------------------------------- | -------------------------------------- | -------------------------------------------------- | ------------------------------- | -------------------------- | --------------------------------------- | --------------\ndecember 27 2014                                                            | $ 2459                                                                | $ 26                                   | $ -423 ( 423 )                                     | $ -47 ( 47 )                    | $ -1004 ( 1004 )           | $ -345 ( 345 )                          | $ 666\nother comprehensive income ( loss ) before reclassifications                | -999 ( 999 )                                                          | 2014                                   | -298 ( 298 )                                       | -2 ( 2 )                        | 73                         | -187 ( 187 )                            | -1413 ( 1413 )\namounts reclassified out of accumulated other comprehensive income ( loss ) | -93 ( 93 )                                                            | 2014                                   | 522                                                | 10                              | 67                         | 2014                                    | 506\ntax effects                                                                 | 382                                                                   | -18 ( 18 )                             | -67 ( 67 )                                         | -1 ( 1 )                        | -12 ( 12 )                 | 17                                      | 301\nother comprehensive income ( loss )                                         | -710 ( 710 )                                                          | -18 ( 18 )                             | 157                                                | 7                               | 128                        | -170 ( 170 )                            | -606 ( 606 )\ndecember 26 2015                                                            | 1749                                                                  | 8                                      | -266 ( 266 )                                       | -40 ( 40 )                      | -876 ( 876 )               | -515 ( 515 )                            | 60\nother comprehensive income ( loss ) before reclassifications                | 1170                                                                  | 2014                                   | -26 ( 26 )                                         | 2014                            | -680 ( 680 )               | -4 ( 4 )                                | 460\namounts reclassified out of accumulated other comprehensive income ( loss ) | -530 ( 530 )                                                          | 2014                                   | 38                                                 | 2014                            | 170                        | 2014                                    | -322 ( 322 )\ntax effects                                                                 | -225 ( 225 )                                                          | -8 ( 8 )                               | -5 ( 5 )                                           | 2014                            | 146                        | 2014                                    | -92 ( 92 )\nother comprehensive income ( loss )                                         | 415                                                                   | -8 ( 8 )                               | 7                                                  | 2014                            | -364 ( 364 )               | -4 ( 4 )                                | 46\ndecember 31 2016                                                            | $ 2164                                                                | $ 2014                                 | $ -259 ( 259 )                                     | $ -40 ( 40 )                    | $ -1240 ( 1240 )           | $ -519 ( 519 )                          | $ 106"
}
{
    "_id": "dd4c19cae",
    "title": "",
    "text": "gross margin percentage decreased to 59. 8% ( 59. 8 % ) in 2013 from 62. 1% ( 62. 1 % ) in 2012.\n decrease primarily due to decrease in pccg.\n derived most gross margin dollars in 2013 and 2012 from sale of platforms in pccg and dcg operating segments.\n net revenue for 2012  included 52 weeks  decreased by $ 658 million  or 1% ( 1 % ) compared to 2011 included 53 weeks.\n pccg and dcg platform unit sales decreased 1% ( 1 % ) average selling prices unchanged.\n lower netbook platform unit sales and multi-comm average selling prices primarily discrete modems contributed to decrease.\n decreases partially offset by mcafee operating segment  acquired in q1 2011.\n mcafee contributed $ 469 million of additional revenue in 2012 compared to 2011.\n overall gross margin dollars for 2012 decreased by $ 606 million  or 2% ( 2 % ) , compared to 2011.\n decrease due to $ 494 million of excess capacity charges  lower revenue from pccg and dcg platform.\n approximately $ 390 million of higher unit costs on pccg and dcg platform lower netbook and multi-comm revenue contributed to decrease.\n decrease partially offset by $ 643 million of lower factory start-up costs as transition from 22nm process technology to next- generation 14nm process technology $ 422 million of charges recorded in 2011 to repair and replace materials and systems impacted by design issue related to intel ae 6 series express chipset family.\n decrease partially offset by two additional months of results from acquisition of mcafee  occurred on february 28 , 2011 contributing approximately $ 334 million of additional gross margin dollars in 2012 compared to 2011.\namortization of acquisition-related intangibles resulted in $ 557 million reduction to gross margin dollars in 2012 compared to $ 482 million in 2011 primarily due to acquisitions completed in q1 2011.\n gross margin percentage 2012 flat from 2011 higher excess capacity charges higher unit costs on pccg and dcg platform offset by lower factory start-up costs no impact 2012 for design issue related to intel 6 series express chipset family.\n derived majority of gross margin dollars in 2012 and 2011 from sale of platforms in pccg and dcg operating segments.\n revenue and operating income for pccg operating segment each.\n net revenue for pccg operating segment decreased by $ 1. 5 billion  or 4% ( 4 % ) in 2013 compared to 2012.\n pccg platform unit sales down 3% ( 3 % ) primarily on softness traditional pc demand.\n decrease revenue driven by lower notebook and desktop platform unit sales down 4% ( 4 % ) and 2% ( 2 % ) .\n pccg platform average selling prices flat 6% ( 6 % ) higher desktop platform average prices offset by 4% ( 4 % ) lower notebook platform average selling prices.\n operating income decreased by $ 1. 3 billion  or 10% ( 10 % ) in 2013 compared to 2012 driven by $ 1. 5 billion lower gross margin partially offset by $ 200 million lower operating expenses.\n decrease gross margin driven by $ 1. 5 billion higher factory start-up costs next-generation 14nm process technology lower pccg platform revenue.\n decreases partially offset by $ 520 million lower pccg platform unit costs $ 260 million lower excess capacity charges higher sell-through of previously non- qualified units.\n net revenue for pccg operating segment decreased by $ 1. 1 billion  or 3% ( 3 % )  in 2012 compared to 2011.\npccg revenue impacted by growth tablets devices compete with pcs for consumer sales.\n platform average selling prices unit sales decreased 2% ( 2 % ) 1% ( 1 % ).\n decrease driven by 6% ( 6 % ) lower notebook platform selling prices 5% ( 5 % ) lower desktop platform unit sales.\n decreases partially offset by 4% ( 4 % ) increase in desktop platform average selling prices 2% ( 2 % ) increase notebook platform unit sales.\n table of contents management 2019s discussion analysis of financial condition results operations continued\n\n( in millions )  | 2013    | 2012    | 2011\n---------------- | ------- | ------- | -------\nnet revenue      | $ 33039 | $ 34504 | $ 35624\noperating income | $ 11827 | $ 13106 | $ 14840"
}
{
    "_id": "dd4bab01a",
    "title": "",
    "text": "for determining entergy corporation's relative performance for 2006-2008 period , committee used philadelphia utility index as peer group.\n based on market data recommendation of management , committee compared entergy corporation's total shareholder return against total shareholder return of companies philadelphia utility index.\n based on comparison of entergy corporation's performance to philadelphia utility index committee concluded entergy corporation exceeded performance targets for 2006-2008 performance cycle with entergy finishing in first quartile resulted in payment of 250% ( 250 % ) of target ( maximum amount payable ).\n each performance unit automatically converted into cash at rate $ 83. 13 per unit , closing price of entergy corporation common stock on last trading day of performance cycle ( december 31, 2008 ), plus dividend equivalents accrued over three-year performance cycle.\n see 2008 option exercises and stock vested table for amount paid to each named executive officers for 2006-2008 performance unit cycle.\n stock options personnel committee and named executive officers ( mr.\n leonard  mr.\n denault mr.\n smith ) , entergy's chief executive officer and named executive officer's supervisor consider several factors in determining amount of stock options grant under entergy's equity ownership plans to named executive officers  including : individual performance ; prevailing market practice in stock option grants ; targeted long-term value created by use of stock options ; number of participants eligible for stock options , resulting \"burn rate\" (. number of stock options authorized divided by total number of shares outstanding ) to assess potential dilutive effect ; committee's assessment of other elements of compensation provided to named executive officer for stock option awards to named executive officers mr.\nleonard ) committee's assessment of individual performance of each named executive officer in consultation with entergy corporation's chief executive officer is important factor in determining number of options awarded.\n following table sets forth number of stock options granted to each named executive officer in 2008.\n exercise price for each option was $ 108. 20 closing fair market value of entergy corporation common stock on date of grant.\n option grants awarded to named executive officers ( other.\n leonard and.\n lewis ) ranged between 5000 and 50000 shares.\n mr.\n lewis did receive stock option awards in 2008.\n in case of mr.\n leonard received 175000 stock options committee took special note of his performance as entergy corporation's chief executive officer.\n committee noted\n\nnamed exeutive officer    | stock options\n------------------------- | -------------\nj . wayne leonard         | 175000\nleo p . denault           | 50000\nrichard j . smith         | 35000\ne . renae conley          | 15600\nhugh t . mcdonald         | 7000\nhaley fisackerly          | 5000\njoseph f . domino         | 7000\nroderick k . west         | 8000\ntheodore h . bunting jr . | 18000\ncarolyn shanks            | 7000"
}
{
    "_id": "dd4bd5d88",
    "title": "",
    "text": "exchanged installment notes totaling approximately $ 4. 8 billion $ 400 million of inter- national paper promissory notes for interests in enti- ties formed to monetize notes.\n international paper determined not primary benefi- ciary of entities should not consolidate investments in entities.\n during 2006  entities acquired additional $ 4. 8 bil- lion of international paper debt securities for cash total approximately $ 5. 2 billion international paper debt obligations held entities at december 31 , 2006.\n international paper has intends to legal right to offset obligations under debt instruments with investments in entities offset $ 5. 0 billion interest in entities against $ 5. 0 billion international paper debt obligations held entities as of december 31 , 2007.\n international paper holds variable interests in two financing entities used to monetize long-term notes received from sales of forestlands in 2002 and 2001.\n see note 8 of notes to consolidated financial statements item 8.\n financial statements supplementary data for further discussion of transactions.\n capital resources outlook for 2008 international paper expects to to meet pro- jected capital expenditures service existing debt meet working capital dividend requirements during 2008 through current cash balances cash from operations supplemented by existing credit facilities.\n international paper has approximately $ 2. 5 billion of committed bank credit agreements management believes adequate to cover expected operating cash flow variability during industry 2019s economic cycles.\n agreements provide for interest rates at floating rate index plus pre-determined margin dependent upon international paper 2019s credit rating.\n agreements include $ 1. 5 billion fully commit- ted revolving bank credit agreement expires in march 2011 facility fee of 0. 10% ( 0. % ) payable quarterly.\n agreements include up to $ 1.0 billion available commercial paper-based financ- ings under receivables securitization program expires october 2009 with facility fee of 0. 10% ( 0. % ).\n at december 31 , 2007 no borrowings under bank credit agreements or receiv- ables securitization program.\n company will continue rely upon debt capital markets for majority of necessary long-term funding not by operating cash flows.\n funding decisions guided by capi- tal structure planning objectives.\n primary goals company capital structure planning to maximize financial flexibility preserve liquidity reducing interest expense.\n majority of international paper 2019s debt accessed through global public capital markets wide base of investors.\n company in compliance with debt covenants at december 31 , 2007.\n principal financial covenants include maintenance minimum net worth sum common stock  paid-in capital retained earnings less treasury stock plus goodwill impairment charges of $ 9 billion ; maximum total debt to capital ratio total debt divided by total debt plus net worth of 60% ( 60 % ).\n maintaining investment grade credit rating important element of international paper 2019s financing strategy.\n at december 31, 2007 company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by standard & poor 2019s ( s&p ) moody 2019s investor services.\n company has short-term credit ratings by s&p and moody 2019s of a-2 and p-3 .\n contractual obligations for future payments under existing debt lease commitments purchase obligations at december 31 , 2007 were as follows : in millions 2008 2009 2010 2011 2012 maturities of long-term debt ( a ) $ 267 $ 1300 $ 1069 $ 396 $ 532 $ 3056 debt obligations with right of offset ( b ) 2013 2013 5000.\n( a ) total debt includes scheduled principal payments only.\n ( b ) represents debt obligations borrowed from non-consolidated variable interest entities for international paper has intends to legal right to offset obligations with investments in entities.\n in con- solidated balance sheet at december 31, 2007 international paper offset approximately $ 5. 0 billion of interests in entities against $ 5. 0 billion debt obligations held by entities ( see note 8 in consolidated financial statements ).\n ( c ) includes $ 2. 1 billion relating to fiber supply agreements at transformation plan forestland sales.\n ( d ) not included table unrecognized tax benefits of approximately $ 280 million.\n\nin millions                                 | 2008   | 2009   | 2010   | 2011  | 2012  | thereafter\n------------------------------------------- | ------ | ------ | ------ | ----- | ----- | ----------\nmaturities of long-term debt ( a )          | $ 267  | $ 1300 | $ 1069 | $ 396 | $ 532 | $ 3056\ndebt obligations with right of offset ( b ) | 2013   | 2013   | 2013   | 2013  | 2013  | 5000\nlease obligations                           | 136    | 116    | 101    | 84    | 67    | 92\npurchase obligations ( c )                  | 1953   | 294    | 261    | 235   | 212   | 1480\ntotal ( d )                                 | $ 2356 | $ 1710 | $ 1431 | $ 715 | $ 811 | $ 9628"
}
{
    "_id": "dd4b87fde",
    "title": "",
    "text": "2022 timing of available information , performance of first lien positions  2022 limitations of available historical data.\n pnc 2019s determination of alll for non-impaired loans sensitive to risk grades commercial loans loss rates for consumer loans.\n several other qualitative quantitative factors considered in determining alll.\n this sensitivity analysis not reflect nature extent of future changes in alll.\n intended to provide insight into impact of adverse changes to risk grades loss rates only not imply expectation of future deterioration in risk ratings or loss rates.\n given current processes used believe risk grades and loss rates currently assigned are appropriate.\n hypothetical event aggregate weighted average commercial loan risk grades experience 1% ( 1 % ) deterioration , assuming other variables constant allowance for commercial loans would increase by approximately $ 35 million as of december 31 , 2014.\n hypothetical consumer loss rates increase by 10% ( 10 % ), all other variables constant allowance for consumer loans increase by approximately $ 37 million at december 31 , 2014.\n purchased impaired loans initially recorded at fair value accounting guidance prohibits carry over or creation of valuation allowances at acquisition.\n initial fair values loans reflect credit component additional reserves established when performance expected to worse than expectations as of acquisition date.\n at december 31 , 2014  had established reserves of $. 9 billion for purchased impaired loans.\n loans ( purchased impaired and non- impaired ) acquired after january 1 , 2009 recorded at fair value.\n no allowance for loan losses carried over no allowance created at date of acquisition.\n see note 4 purchased loans in notes to consolidated financial statements in item 8 of report for additional information.\ndetermining appropriateness of alll  make specific allocations to impaired loans and allocations to portfolios of commercial and consumer loans.\n allocate reserves provide coverage for probable losses incurred in portfolio at balance sheet date based upon current market conditions may not be reflected in historical loss data.\n commercial lending largest category of credits sensitive to changes in assumptions and judgments determination alll.\n allocated approximately $ 1. 6 billion , or 47% ( 47 % ), of alll at december 31 , 2014 to commercial lending category.\n consumer lending allocations made based on historical loss experience adjusted for recent activity.\n approximately $ 1. 7 billion , or 53% ( 53 % ) , of alll at december 31 , 2014 allocated to these consumer lending categories.\n in addition to alll maintain allowance for unfunded loan commitments and letters of credit.\n report allowance as liability on consolidated balance sheet.\n maintain allowance for unfunded loan commitments letters of credit at level believe appropriate to absorb estimated probable losses on unfunded credit facilities.\n determine this amount using estimates of probability of ultimate funding and losses related to credit exposures.\n methodology similar to for determining our alll.\n refer to note 1 accounting policies and note 3 asset quality in notes to consolidated financial statements in item 8 of report for further information on key asset quality indicators to evaluate portfolios establish allowances.\n table 41 : allowance for loan and lease losses.\n includes charge-offs of $ 134 million taken pursuant to alignment with interagency guidance on practices for loans and lines of credit related to consumer lending in first quarter of 2013.\n provision for credit losses totaled $ 273 million for 2014 compared to $ 643 million for 2013.\nprimary drivers of decrease were improved credit quality lower consumer loan delinquencies increasing value of residential real estate resulted in greater expected cash flows from purchased impaired loans.\n for 2014  provision for commercial lending credit losses increased by $ 64 million or 178% ( 178 % )  from 2013 due to growth in commercial book slowing of reserve releases related to credit quality improvement.\n provision for consumer lending credit losses decreased $ 434 million or 71% ( 71 % )  from 2013.\n pnc financial services group  inc.\n 2013 form 10-k 81\n\ndollars in millions                                                         | 2014           | 2013\n--------------------------------------------------------------------------- | -------------- | ----------------\njanuary 1                                                                   | $ 3609         | $ 4036\ntotal net charge-offs ( a )                                                 | -531 ( 531 )   | -1077 ( 1077 )\nprovision for credit losses                                                 | 273            | 643\nnet change in allowance for unfunded loan commitments and letters of credit | -17 ( 17 )     | 8\nother                                                                       | -3 ( 3 )       | -1 ( 1 )\ndecember 31                                                                 | $ 3331         | $ 3609\nnet charge-offs to average loans ( for the year ended ) ( a )               | .27% ( .27 % ) | .57% ( .57 % )\nallowance for loan and lease losses to total loans                          | 1.63           | 1.84\ncommercial lending net charge-offs                                          | $ -55 ( 55 )   | $ -249 ( 249 )\nconsumer lending net charge-offs ( a )                                      | -476 ( 476 )   | -828 ( 828 )\ntotal net charge-offs                                                       | $ -531 ( 531 ) | $ -1077 ( 1077 )\nnet charge-offs to average loans ( for the year ended )                     |                |\ncommercial lending                                                          | .04% ( .04 % ) | .22% ( .22 % )\nconsumer lending ( a )                                                      | 0.62           | 1.07"
}
{
    "_id": "dd4b891ae",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 letters of credit use $ 909. 4 million and $ 950. 2 million as of december 31 , 2012 and 2011  respectively of availability under our credit facilities.\n surety bonds expire dates through 2026.\n financial instruments issued in normal course of business not debt.\n no liability for this financial assurance  not reflected in consolidated balance sheets.\n recorded capping , closure post-closure obligations and self-insurance reserves as incurred.\n underlying financial assurance obligations in excess of reflected in consolidated balance sheets would be recorded if probable we unable to fulfill related obligations.\n do not expect this to occur.\n restricted cash and marketable securities deposits include restricted marketable securities held for capital expenditures under certain debt facilities restricted cash marketable securities pledged to regulatory agencies and governmental entities as financial guarantees of performance related to final capping , closure post-closure obligations at landfills.\n following table summarizes our restricted cash and marketable securities as of december 31:.\n own a 19. 9% ( 19. 9 % ) interest in company that issues financial surety bonds to secure capping , closure and post-closure obligations for companies operating in solid waste industry.\n account for this investment under cost method of accounting.\n no identified events or changes in circumstances may have significant adverse effect on recoverability of investment.\n investee company and parent company investee had written surety bonds for us relating primarily to our landfill operations for capping , closure and post-closure , of which $ 1152. 1 million was outstanding as of december 31 , 2012.\nreimbursement obligations under bonds secured by indemnity agreement with investee and letters of credit totaling $ 23. 4 million and $ 45. 0 million as of december 31 , 2012 and 2011.\n off-balance sheet arrangements no off-balance sheet debt or similar obligations  other than operating leases and financial assurances discussed above not classified as debt.\n no transactions or obligations with related parties not disclosed, consolidated into or reflected in reported financial position or results of operations.\n not guaranteed third-party debt.\n guarantees enter into contracts in normal course of business include indemnification clauses.\n indemnifications relating to known liabilities recorded in consolidated financial statements based on best estimate of required future payments.\n certain indemnifications relate to contingent events or occurrences imposition of additional taxes due to change in tax law or adverse interpretation of tax law  indemnifications in divestiture agreements indemnify buyer for liabilities relate to activities prior to divestiture may become known in future.\n not believe these contingent obligations have material effect on consolidated financial position , results of operations or cash flows.\n\n| 2012    | 2011\n----------------------------------------------- | ------- | -------\nfinancing proceeds                              | $ 24.7  | $ 22.5\ncapping closure and post-closure obligations    | 54.8    | 54.9\nself-insurance                                  | 81.3    | 75.2\nother                                           | 3.4     | 37.0\ntotal restricted cash and marketable securities | $ 164.2 | $ 189.6"
}
{
    "_id": "dd4c64a9c",
    "title": "",
    "text": "humana inc.\n notes to consolidated financial statements 2014 continued ) value  excess of market value over exercise or purchase price of stock options exercised and restricted stock awards vested during period.\n actual tax benefit realized for deductions on tax returns from option exercises and restricted stock vesting totaled $ 16. 3 million in 2009  $ 16. 9 million in 2008  $ 48. 0 million in 2007.\n no capitalized stock-based compensation expense.\n stock plans provide one restricted share equivalent to 1. 7 stock options.\n at december 31 , 2009 12818855 shares reserved for stock award plans including 4797304 shares of common stock available for future grants assuming all stock options or 2821944 shares available for future grants assuming all restricted shares.\n stock options stock options granted with exercise price equal to average market value of underlying common stock on date of grant.\n stock plans define average market value as average of highest and lowest stock prices reported by new york stock exchange on given date.\n exercise provisions vary most options vest in whole or in part 1 to 3 years after grant expire 7 to 10 years after grant.\n upon grant stock options assigned fair value based on black-scholes valuation model.\n compensation expense recognized straight-line basis over total requisite service period total vesting period for entire award.\n for stock options granted on or after january 1 , 2010 to retirement eligible employees compensation expense recognized straight-line basis over shorter of requisite service period or period from date of grant to employee 2019s eligible retirement date.\n weighted-average fair value of each option granted during 2009 , 2008 2007 provided below.\n fair value estimated on date of grant using black-scholes pricing model with weighted-average assumptions indicated below.\nvaluing employee stock options stratify employee population into three homogenous groups historically similar exercise behaviors.\n these groups are executive officers , directors  all other employees.\n value stock options based on unique assumptions for each these employee groups.\n calculate expected term for employee stock options based on historical employee exercise behavior base risk-free interest rate on traded zero-coupon u. s.\n treasury bond with term equal to option 2019s expected term.\n volatility used to value employee stock options based on historical volatility.\n calculate historical volatility using simple-average calculation methodology based on daily price intervals measured over expected term of option.\n\n| 2009             | 2008             | 2007\n----------------------------------------- | ---------------- | ---------------- | ----------------\nweighted-average fair value at grant date | $ 14.24          | $ 17.95          | $ 21.07\nexpected option life ( years )            | 4.6              | 5.1              | 4.8\nexpected volatility                       | 39.2% ( 39.2 % ) | 28.2% ( 28.2 % ) | 28.9% ( 28.9 % )\nrisk-free interest rate at grant date     | 1.9% ( 1.9 % )   | 2.9% ( 2.9 % )   | 4.5% ( 4.5 % )\ndividend yield                            | none             | none             | none"
}
{
    "_id": "dd4988f26",
    "title": "",
    "text": "income tax liabilities liabilities related to unrecognized tax benefits as of 30 september 2018 were $ 233. 6.\n tax liabilities excluded from contractual obligations table impractical to determine cash impact by year payments vary according to changes in tax laws tax rates operating results.\n uncertainties in timing of effective settlement of uncertain tax positions with taxing authorities.\n contractual obligations table includes accrued liability of approximately $ 184 for deemed repatriation tax payable over eight years related to tax act.\n refer to note 22, income taxes consolidated financial statements for additional information.\n obligation for future contribution to equity affiliate on 19 april 2015 joint venture between air products and acwa holding entered 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant built in jazan saudi arabia.\n air products owns 25% ( 25 % ) of joint venture guarantees repayment of share of equity bridge loan.\n expect to invest approximately $ 100 in joint venture.\n as of 30 september 2018  recorded noncurrent liability of $ 94. 4 for obligation to make future equity contributions in 2020 based on proportionate share of advances received by joint venture under loan.\n expected investment in joint venture on 12 august 2018  air products entered agreement to form gasification/power joint venture ( ) with saudi aramco and acwa in jazan saudi arabia.\n air products will own at least 55% ( 55 % ) of jv  with saudi aramco and acwa power owning balance.\n jv will purchase gasification assets , power block  associated utilities from saudi aramco for approximately $ 8 billion.\n expected investment excluded from contractual obligations table pending closing expected in fiscal year 2020.\njv own operate facility under 25-year contract for fixed monthly fee.\n saudi aramco supply feedstock to jv jv produce power  hydrogen utilities for saudi aramco.\n pension benefits company subsidiaries sponsor defined benefit pension plans defined contribution plans cover substantial portion worldwide employees.\n principal defined benefit pension plans are u. s.\n salaried pension plan u. k.\n pension plan.\n plans closed to new participants in 2005, after defined contribution plans offered to new employees.\n shift to defined contribution plans expected to reduce volatility of plan expense contributions.\n fair market value of plan assets for defined benefit pension plans as of 30 september 2018 measurement date decreased to $ 4273. 1 from $ 4409. 2 at end of fiscal year 2017.\n projected benefit obligation for plans was $ 4583. 3 and $ 5107. 2 at end of fiscal years 2018 and 2017.\n net unfunded liability decreased $ 387. 8 from $ 698. 0 to $ 310. 2, primarily due to higher discount rates favorable asset experience.\n refer to note 16 , retirement benefits , consolidated financial statements for comprehensive detailed disclosures on postretirement benefits.\n pension expense.\n\n| 2018           | 2017           | 2016\n-------------------------------------------------------------------- | -------------- | -------------- | --------------\npension expense 2013 continuing operations                           | $ 91.8         | $ 72.0         | $ 55.8\nsettlements termination benefits and curtailments ( included above ) | 48.9           | 15.0           | 6.0\nweighted average discount rate 2013 service cost                     | 3.2% ( 3.2 % ) | 2.9% ( 2.9 % ) | 4.1% ( 4.1 % )\nweighted average discount rate 2013 interest cost                    | 2.9% ( 2.9 % ) | 2.5% ( 2.5 % ) | 3.4% ( 3.4 % )\nweighted average expected rate of return on plan assets              | 6.9% ( 6.9 % ) | 7.4% ( 7.4 % ) | 7.5% ( 7.5 % )\nweighted average expected rate of compensation increase              | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % )"
}
{
    "_id": "dd4c4dc7a",
    "title": "",
    "text": "table of contents 3.\n bankruptcy settlement obligations as of december 31 , 2013 components of \"claims and other bankruptcy settlement obligations\" on american's consolidated balance sheet are as follows ( in millions ) :.\n mechanism for satisfying double-dip unsecured claims and portion of single-dip unsecured claims  plan of reorganization provided claimholders receive mandatorily convertible aag series a preferred stock.\n aag's series preferred stock  while outstanding votes and participates in accordance with terms of underlying certificate of designation.\n one quarter of shares of aag series stock is mandatorily convertible on each 30 th , 60th , 90th and 120th days after effective date.\n subject to limitations holders of aag series preferred stock may elect to convert up to 10 million shares of aag series stock during each 30-day period following effective date reducing number of aag series preferred stock to be converted on 120 th day after effective date.\n initial stated value of each share of aag series a preferred stock is $ 25. 00 accrues dividends at 6. 25% (. ) per annum , calculated daily outstanding.\n aag series preferred stock converts to aag common stock based upon volume weighted average price of shares of aag common stock on five trading days preceding conversion date at 3. 5% (. ) fixed discount  subject to conversion price floor of $ 10. 875 per share and conversion price cap of $ 33. 8080 per share, below or above conversion rate remains fixed.\n aag series a preferred stock embodies unconditional obligation to transfer variable number of shares based on fixed monetary amount known at inception not treated as equity of aag  but as a liability until converted to aag common stock.\namerican reflected claims satisfied through issuance of aag series a preferred stock as liability included within \"bankruptcy settlement obligations\" line on american 2019s consolidated balance sheets will reflect obligations as liability until satisfied through issuance of aag common stock.\n upon satisfaction of bankruptcy settlement obligations with aag common stock , company will record increase in additional paid-in capital through intercompany equity transfer while derecognizing related bankruptcy settlement obligation.\n as of february 19 , 2014 , approximately 107 million shares of aag series a preferred stock converted into 95 million shares of aag common stock.\n single-dip equity obligations , while outstanding, do not vote or participate in accordance with terms of plan.\n these equity contract obligations  representing total single-dip unsecured creditor obligations not satisfied through issuance of aag series a preferred stock at effective date represent unconditional obligation to transfer variable number of shares of aag common stock based on fixed monetary amount known at inception not treated as equity  but as liabilities until 120 th day after emergence.\n at 120 th day after emergence aag will issue variable amount of aag common stock necessary to satisfy obligation amount at emergence  plus accrued dividends of 12% ( 12 % ) per annum , calculated daily  through 120 th day after emergence based on volume weighted average price of shares of aag common stock  at 3. 5% ( 3. 5 % ) discount , as specified in plan subject to sufficient number of shares remaining for issuance to unsecured creditors under plan.\nexchange for employees' contributions to reorganization of aag  including reductions in pay and benefits aag and american agreed plan to provide each employee group a deemed claim used to provide distribution of portion of equity of reorganized entity to employees.\n each employee group received a deemed claim amount based upon fixed percentage of distributions to general unsecured claimholders.\n fair value based on expected number of shares to distributed to claim was approximately $ 1. 7 billion.\n effective date aag made initial distribution of $ 595 million in common stock and american paid approximately $ 300 million in cash to cover payroll taxes related to equity distribution.\n as of december 31 , 2013  remaining liability to certain american labor groups and employees of $ 849 million is based upon estimated fair value of shares of aag common stock expected to be issued in satisfaction of obligation measured as if obligation settled using trading price of aag common stock at december 31 , 2013.\n increases in trading price aag common stock after december 31 , 2013 could cause decrease in fair value measurement of remaining obligation vice-versa.\n american will record this obligation at fair value through 120 th day after emergence obligation be materially settled.\n\naag series a preferred stock  | $ 3329\n----------------------------- | ------\nsingle-dip equity obligations | 1246\nlabor-related deemed claim    | 849\ntotal                         | $ 5424"
}
{
    "_id": "dd4b908e6",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued ) 7.\n derivative financial instruments under terms credit facility company required to enter interest rate protection agreements on 50% ( 50 % ) of variable rate debt.\n agreements company exposed to credit risk counterparty fails to meet terms contract.\n exposure limited to current value contract at time counterparty fails perform.\n company believes contracts as of december 31 , 2004 with credit worthy institutions.\n december 31 , 2004 company had two interest rate caps outstanding aggregate notional amount $ 350. 0 million ( each at interest rate of 6. 0% ( 6. 0 % ) ) expire in 2006.\n as of december 31 , 2003 company had three interest rate caps outstanding aggregate notional amount of $ 500. 0 million ( each at rate of 5. 0% ( 5. 0 % ) ) expired in 2004.\n december 31 , 2004 2003 no fair value associated with interest rate caps.\n year ended december 31 , 2003 company recorded unrealized loss of approximately $ 0. 3 million ( net of tax benefit of approximately $ 0. 2 million ) other comprehensive loss for change in fair value of cash flow hedges reclassified $ 5. 9 million ( net of tax benefit of approximately $ 3. 2 million ) into results of operations.\n year ended december 31 , 2002  company recorded unrealized loss of approximately $ 9. 1 million ( net of tax benefit of approximately $ 4. 9 million ) in other comprehensive loss for change in fair value of cash flow hedges reclassified $ 19. 5 million ( net of tax benefit approximately $ 10. 5 million ) into results of operations.\n hedge ineffectiveness resulted in gain of approximately $ 1. 0 million for year ended december 31 , 2002 recorded in other expense in accompanying consolidated statement of operations.\ncompany records changes in fair value of derivative instruments not accounted for as hedges other expense.\n company did not reclassify derivative losses into statement of operations for year ended december 31 , 2004 and not anticipate reclassifying derivative losses into statement operations within next twelve months no amounts included in other comprehensive loss as of december 31 , 2004.\n 8.\n commitments contingencies lease obligations 2014the company leases land , office tower space under operating leases that expire over various terms.\n many leases contain renewal options with specified increases in lease payments upon exercise renewal option.\n escalation clauses in operating leases excluding tied cpi inflation indices are straight-lined over term of lease.\n note 1. future minimum rental payments under non-cancelable operating leases include payments for certain renewal periods at company option failure to renew could result in loss of tower site and related revenues from tenant leases assured company will renew lease.\n such payments in effect at december 31 , 2004 are as follows ( in thousands ) : year ending december 31.\n aggregate rent expense ( including effect of straight-line rent expense ) under operating leases for years ended december 31 , 2004 , 2003 2002 approximated $ 118741000 , $ 113956000 , $ 109644000  respectively.\n\n2005       | $ 106116\n---------- | ---------\n2006       | 106319\n2007       | 106095\n2008       | 106191\n2009       | 106214\nthereafter | 1570111\ntotal      | $ 2101046"
}
{
    "_id": "dd4ba796a",
    "title": "",
    "text": "competitive supply aes 2019s competitive supply line of business consists of generating facilities sell electricity directly to wholesale customers in competitive markets.\n compared to contract generation segment these generating facilities generally sell less than 75% ( 75 % ) of their output pursuant to long-term contracts with pre-determined pricing provisions and/or sell into power pools , under shorter-term contracts or into daily spot markets.\n prices paid for electricity under short-term contracts and in spot markets are unpredictable and can be volatile.\n results of operations of aes 2019s competitive supply business are more sensitive to impact of market fluctuations in price of electricity , natural gas  coal and other raw materials.\n in united kingdom , txu europe entered administration in november 2002 no longer performing under contracts with drax and barry.\n sections financial condition results operations txu europe 2019s failure to perform under contracts has had a material adverse effect on results of operations of these businesses.\n two aes competitive supply businesses , aes wolf hollow .\n and granite ridge have fuel supply agreements with el paso merchant energy.\n an affiliate of el paso corp. encountered financial difficulties.\n company does not believe financial difficulties of el paso corp.\n will have a material adverse effect on el paso merchant energy. 2019s performance under supply agreement ; can be no assurance that a further deterioration in el paso corp 2019s financial condition will not have material adverse effect on ability of el paso merchant energy.\n to perform its obligations.\n while el paso corp 2019s financial condition may not have material adverse effect on el paso merchant energy.\n it could lead to a default under the aes wolf hollow .2019s fuel supply agreement  aes wolf hollow , l. p. 2019s lenders may declare default under credit agreements.\n aes wolf hollow  l. p.\n working with lenders to explore options to avoid default.\n revenues from our facilities distribute electricity to end-use customers generally subject to regulation.\n businesses required to obtain third party approval or confirmation of rate increases before passed on to customers through tariffs.\n these businesses comprise large utilities and growth distribution segments of company.\n revenues from contract generation and competitive supply not regulated.\n distribution of revenues between segments for years ended december 31 , 2002 , 2001 2000 is follows:.\n development costs certain subsidiaries affiliates of company ( domestic and non-u. s. ) in various stages of developing and constructing greenfield power plants  some not all have signed long-term contracts or similar arrangements for sale of electricity.\n successful completion depends upon overcoming substantial risks including risks failures of siting , financing  construction  permitting  governmental approvals potential for termination of power sales contract failure to meet certain milestones.\n as of december 31 , 2002 , capitalized costs for projects under development and in early stage construction were approximately $ 15 million capitalized costs for projects under construction were approximately $ 3. 2 billion.\n company believes\n\n| 2002         | 2001         | 2000\n------------------- | ------------ | ------------ | ------------\nlarge utilities     | 36% ( 36 % ) | 21% ( 21 % ) | 22% ( 22 % )\ngrowth distribution | 14% ( 14 % ) | 21% ( 21 % ) | 21% ( 21 % )\ncontract generation | 29% ( 29 % ) | 32% ( 32 % ) | 27% ( 27 % )\ncompetitive supply  | 21% ( 21 % ) | 26% ( 26 % ) | 30% ( 30 % )"
}
{
    "_id": "dd4b91a8e",
    "title": "",
    "text": "celanese corporation subsidiaries notes to consolidated financial statements continued ) 2022 amend material agreements governing bcp crystal 2019s indebtedness ; 2022 change business conducted by celanese holdings subsidiaries 2022 enter hedging agreements restrict dividends from subsidiaries.\n senior credit facilities require bcp crystal to maintain financial covenants : maximum total leverage ratio maximum bank debt leverage ratio minimum interest coverage ratio maximum capital expenditures limitation.\n maximum consolidated net bank debt to adjusted ebitda ratio  previously required under senior credit facilities eliminated when company amended facilities in january 2005.\n as of december 31, 2005 company in compliance with financial covenants related to debt agreements.\n maturation of company 2019s debt  including short term borrowings follows : ( in $ millions ).\n 1 ) includes $ 2 million purchase accounting adjustment to assumed debt.\n 17.\n benefit obligations pension obligations.\n pension obligations established for benefits payable in form of retirement  disability surviving dependent pensions.\n benefits vary according to legal  fiscal economic conditions of each country.\n commitments result from participation in defined contribution defined benefit plans u.\n benefits dependent on years of service employee 2019s compensation.\n supplemental retirement benefits to certain employees non-qualified for.\n tax purposes.\n separate trusts established for some non-qualified plans.\n defined benefit pension plans exist at certain locations in north america and europe.\n as of december 31 , 2005 company 2019s.\n qualified pension plan represented greater than 85% ( 85 % ) and 75% ( 75 % ) of celanese 2019s pension plan assets and liabilities.\n independent trusts or insurance companies administer majority of these plans.\n actuarial valuations for plans prepared annually.\ncompany sponsors defined contribution plans in europe north america covering certain employees.\n employees may contribute plans company match contributions in varying amounts.\n contributions plans based on specified percentages of employee contributions aggregated $ 12 million for year ended decem- ber 31 , 2005  $ 8 million for nine months ended december 31 , 2004  $ 3 million for three months ended march 31 , 2004 $ 11 million for year ended december 31 , 2003.\n with acquisition of cag  purchaser agreed to pre-fund $ 463 million of pension obligations.\n during nine months ended december 31 , 2004 $ 409 million pre-funded to company 2019s pension plans.\n company contributed additional $ 54 million to non-qualified pension plan 2019s rabbi trusts in february 2005.\n company 2019s acquisition of vinamul and acetex  company assumed assets obligations related to acquired pension plans.\n company recorded liabilities of $ 128 million for pension plans.\n total pension assets acquired to $ 85 million.\n\n| total ( in$ millions )\n---------------- | ----------------------\n2006             | 155\n2007             | 29\n2008             | 22\n2009             | 40\n2010             | 28\nthereafter ( 1 ) | 3163\ntotal            | 3437"
}
{
    "_id": "dd4bc229c",
    "title": "",
    "text": "( 2 ) for calculating ratio of earnings to fixed charges , earnings consist of earnings before income taxes minus income from equity investees plus fixed charges.\n fixed charges consist of interest expense and portion of rental expense representative of interest component of rental expense.\n for years ended december 31 , 2010 and 2009 , earnings for fixed charges inadequate to cover fixed charges by $ 37. 0 million and $ 461. 2 million , respectively.\n ( 3 ) ebitda is defined as consolidated net income ( loss ) before interest expense , income tax expense ( benefit ) , depreciation  and amortization.\n adjusted ebitda , measure defined in credit agreements calculated by adjusting ebitda for certain items of income and expense including following : non-cash equity-based compensation ; b goodwill impairment charges c sponsor fees certain consulting fees e debt-related legal and accounting costs f equity investment income and losses g certain severance and retention costs h gains and losses from early extinguishment of debt ; i gains and losses from asset dispositions outside ordinary course of business ; j ) non-recurring , extraordinary or unusual gains or losses or expenses.\n included reconciliation of ebitda and adjusted ebitda in table below.\n both ebitda and adjusted ebitda are considered non-gaap financial measures.\n non-gaap financial measure is a numerical measure of company 2019s performance , financial position or cash flows that excludes or includes amounts not normally included or excluded in most directly comparable measure calculated presented in accordance with gaap.\n non-gaap measures used by company may differ from similar measures used by other companies even similar terms used identify.\nbelieve ebitda adjusted ebitda provide helpful information operating performance cash flows including ability to meet future debt service  capital expenditures working capital requirements.\n adjusted ebitda provides helpful information primary measure used in certain financial covenants in credit agreements.\n following unaudited table sets forth reconciliations of net income ( loss ) to ebitda ebitda to adjusted ebitda for periods presented:.\n ( i ) relates to unusual , non-recurring litigation matters.\n ( ii ) includes certain retention costs equity investment income  severance costs in 2009 gain related to sale of informacast software and equipment in 2009.\n\n( in millions )                                        | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011 | years ended december 31 , 2010 | years ended december 31 , 2009\n------------------------------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------\nnet income ( loss )                                    | $ 132.8                        | $ 119.0                        | $ 17.1                         | $ -29.2 ( 29.2 )               | $ -373.4 ( 373.4 )\ndepreciation and amortization                          | 208.2                          | 210.2                          | 204.9                          | 209.4                          | 218.2\nincome tax expense ( benefit )                         | 62.7                           | 67.1                           | 11.2                           | -7.8 ( 7.8 )                   | -87.8 ( 87.8 )\ninterest expense net                                   | 250.1                          | 307.4                          | 324.2                          | 391.9                          | 431.7\nebitda                                                 | 653.8                          | 703.7                          | 557.4                          | 564.3                          | 188.7\nnon-cash equity-based compensation                     | 8.6                            | 22.1                           | 19.5                           | 11.5                           | 15.9\nsponsor fees                                           | 2.5                            | 5.0                            | 5.0                            | 5.0                            | 5.0\nconsulting and debt-related professional fees          | 0.1                            | 0.6                            | 5.1                            | 15.1                           | 14.1\ngoodwill impairment                                    | 2014                           | 2014                           | 2014                           | 2014                           | 241.8\nnet loss ( gain ) on extinguishments of long-term debt | 64.0                           | 17.2                           | 118.9                          | -2.0 ( 2.0 )                   | 2014\nlitigation net ( i )                                   | -4.1 ( 4.1 )                   | 4.3                            | 2014                           | 2014                           | 2014\nipo- and secondary-offering related expenses           | 75.0                           | 2014                           | 2014                           | 2014                           | 2014\nother adjustments ( ii )                               | 8.6                            | 13.7                           | 11.4                           | 7.9                            | -0.1 ( 0.1 )\nadjusted ebitda                                        | $ 808.5                        | $ 766.6                        | $ 717.3                        | $ 601.8                        | $ 465.4"
}
{
    "_id": "dd4bf791a",
    "title": "",
    "text": "anticipated expressed in forward-looking statements result of factors , including discuss under 201crisk factors 201d and elsewhere in form 10-k.\n read 201crisk factors 201d and 201cforward-looking statements. 201d executive overview general american water works company , inc.\n ( referred to as 201camerican water 201d or 201ccompany 201d ) is largest investor-owned united states water and wastewater utility company  measured by operating revenues and population served.\n approximately 6400 employees provide drinking water , wastewater water related services to estimated 15 million people in 47 states one canadian province.\n primary business involves ownership of water and wastewater utilities provide water wastewater services to residential , commercial  industrial other customers.\n regulated businesses provide services generally subject to economic regulation by state regulatory agencies in states in they operate.\n federal government and states also regulate environmental , health and safety water quality matters.\n regulated businesses provide services in 16 states serve approximately 3. 2 million customers based on number active service connections to water and wastewater networks.\n report results of these businesses in regulated businesses segment.\n also provide services not subject to economic regulation by state regulatory agencies.\n report results of these businesses in market-based operations segment.\n in 2014  continued execution of strategic goals.\n commitment to growth through investment in regulated infrastructure expansion of regulated customer base market-based operations  combined with operational excellence led to improvement in regulated operating efficiency  improved performance of market-based operations  provide increased value to customers and investors.\n during year  focused on growth , addressed regulatory lag  made efficient use of capital improved regulated operation and maintenance ( 201co&m 201d ) efficiency ratio.\n2014 financial results year ended december 31 , 2014 continued increase net income making significant capital investment in infrastructure implementing operational efficiency improvements keep customer rates affordable.\n highlights of 2014 operating results compared to 2013 2012 include:.\n continuing operations income included 4 cents per diluted share of costs from freedom industries chemical spill in west virginia in 2014 included 14 cents per diluted share in 2013 related to tender offer.\n earnings from continuing operations adjusted for two items increased 10% ( 10 % ) or 22 cents per share mainly due to favorable operating results from regulated businesses segment due higher revenues lower operating expenses offset by higher depreciation expenses.\n contributing to overall increase income continuing operations lower interest expense in 2014 compared to same period 2013.\n\n| 2014             | 2013             | 2012\n------------------------------------------------------- | ---------------- | ---------------- | ----------------\nincome from continuing operations                       | $ 2.39           | $ 2.07           | $ 2.10\nincome ( loss ) from discontinued operations net of tax | $ -0.04 ( 0.04 ) | $ -0.01 ( 0.01 ) | $ -0.09 ( 0.09 )\ndiluted earnings per share                              | $ 2.35           | $ 2.06           | $ 2.01"
}
{
    "_id": "dd4c21cba",
    "title": "",
    "text": "table of contents primarily to certain undistributed foreign earnings for which no u. s.\n taxes provided because earnings intended to be indefinitely reinvested outside the u. s.\n lower effective tax rate in 2010 compared to 2009 due primarily to increase in foreign earnings on which u. s.\n income taxes not provided as earnings intended to be indefinitely reinvested outside u. s.\n as of september 25 , 2010 , company had deferred tax assets from deductible temporary differences , tax losses , tax credits of $ 2. 4 billion , deferred tax liabilities of $ 5. 0 billion.\n management believes likely not forecasted income , including income result of tax planning strategies , with future reversals of existing taxable temporary differences , will be sufficient to fully recover deferred tax assets.\n company will continue to evaluate realizability of deferred tax assets quarterly by assessing need for amount of valuation allowance.\n internal revenue service ( 201cirs 201d ) completed field audit of company 2019s federal income tax returns for years 2004 through 2006 proposed certain adjustments.\n company contested certain these adjustments through irs appeals office.\n irs currently examining years 2007 through 2009.\n all irs audit issues for years prior to 2004 resolved.\n during third quarter of 2010  company reached tax settlement with irs for years 2002 through 2003.\n company subject to audits by state , local , and foreign tax authorities.\n management believes adequate provision made for any adjustments from tax examinations.\n outcome of tax audits cannot be predicted with certainty.\n if issues addressed in company 2019s tax audits resolved not consistent with management 2019s expectations company could be required to adjust provision for income taxes in period such resolution occurs.\nliquidity capital resources table presents financial information statistics for three years ended september 25 , 2010 ( in millions ) : as of september 25 , 2010  company had $ 51 billion in cash  cash equivalents marketable securities increase of $ 17 billion from september 26 , 2009.\n principal component of net increase was cash generated by operating activities of $ 18. 6 billion  partially offset by payments for acquisition of property  plant equipment of $ 2 billion payments business acquisitions  net of cash acquired  of $ 638 million.\n company 2019s marketable securities investment portfolio invested primarily in highly rated securities with minimum rating of single-a or equivalent.\n as of september 25 , 2010 and september 26 , 2009 , $ 30. 8 billion and $ 17. 4 billion  respectively of company 2019s cash  cash equivalents marketable securities held by foreign subsidiaries generally based in u. s.\n dollar-denominated holdings.\n company believes existing balances of cash  cash equivalents marketable securities sufficient to satisfy working capital needs capital asset purchases outstanding commitments liquidity requirements operations over next 12 months.\n\n| 2010    | 2009    | 2008\n----------------------------------------------- | ------- | ------- | -------\ncash cash equivalents and marketable securities | $ 51011 | $ 33992 | $ 24490\naccounts receivable net                         | $ 5510  | $ 3361  | $ 2422\ninventories                                     | $ 1051  | $ 455   | $ 509\nworking capital                                 | $ 20956 | $ 20049 | $ 18645\nannual operating cash flow                      | $ 18595 | $ 10159 | $ 9596"
}
{
    "_id": "dd4ba7f28",
    "title": "",
    "text": "sales unregistered securities not applicable.\n repurchases equity securities table provides information regarding purchases equity securities during period from october 1  2017 to december 31 , 2017.\n total number of shares ( units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number ( approximate dollar value ) of shares units ) be purchased under plans or programs 3.\n 1 included shares of common stock , par value $ 0. 10 per share , withheld under terms grants under employee stock-based compensation plans to offset tax withholding obligations occurred upon vesting and release of restricted shares ( 201cwithheld shares 201d ).\n repurchased 1474 withheld shares in october 2017  893 shares in november 2017 10639 withheld shares in december 2017  for total 13006 withheld shares during three-month period.\n 2 average price per share for each months fiscal quarter and three-month period calculated by dividing sum of applicable period aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under share repurchase program described in note 5 to consolidated financial statements  by sum of number of withheld shares and number of shares acquired in share repurchase program.\n 3 in february 2017  board authorized share repurchase program to repurchase up to $ 300. 0 million , excluding fees  of common stock ( 201c2017 share repurchase program 201d ).\n on february 14 , 2018  announced board approved new share repurchase program to repurchase up to $ 300. 0 million , excluding fees of common stock.\nnew authorization in addition to amounts remaining for repurchase under 2017 share repurchase program.\n no expiration date associated with share repurchase programs.\n\n| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( orapproximate dollar value ) of shares ( or units ) that may yet be purchasedunder the plans orprograms3\n--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------\noctober 1 - 31  | 1231868                                       | $ 20.74                                   | 1230394                                                                                     | $ 214001430\nnovember 1 - 30 | 1723139                                       | $ 18.89                                   | 1722246                                                                                     | $ 181474975\ndecember 1 - 31 | 1295639                                       | $ 20.25                                   | 1285000                                                                                     | $ 155459545\ntotal           | 4250646                                       | $ 19.84                                   | 4237640                                                                                     |"
}
{
    "_id": "dd4c35d50",
    "title": "",
    "text": "item 2 : properties information applied 2019s properties set forth below:.\n interrelation of applied 2019s operations  properties within country may be shared by segments operating within country.\n company 2019s headquarters offices in santa clara , california.\n products in semiconductor systems manufactured in santa clara , california ; austin , texas ; gloucester , massachusetts ; kalispell , montana ; rehovot , israel ; singapore.\n remanufactured equipment products in applied global services segment produced primarily in austin , texas.\n products in display and adjacent markets segment manufactured in alzenau , germany tainan , taiwan.\n other products manufactured in treviso , italy.\n applied owns and leases offices , plants warehouse locations in many locations throughout world including europe  japan  north america ( united states ) israel china  india  korea  southeast asia taiwan.\n facilities principally used for manufacturing ; research , development engineering ; marketing , sales customer support.\n applied owns approximately 269 acres of buildable land in montana , texas , california , israel italy accommodate additional building space.\n applied considers properties owns or leases as adequate to meet current and future requirements.\n applied regularly assesses size capability location of global infrastructure makes adjustments.\n\n( square feet in thousands ) | united states | other countries | total\n---------------------------- | ------------- | --------------- | -----\nowned                        | 4530          | 2417            | 6947\nleased                       | 1037          | 1341            | 2378\ntotal                        | 5567          | 3758            | 9325"
}
{
    "_id": "dd4c473d4",
    "title": "",
    "text": "impairment tests for intangible assets as of july 31 , 2013 , 2012 2011 indicated no impairment charges required.\n estimated amortization expense for finite-lived intangible assets for each five succeeding years is as follows : ( in millions ).\n indefinite-lived acquired management contracts in july 2013  credit suisse etf transaction  company acquired $ 231 million of indefinite-lived management contracts.\n march 2012  claymore transaction  company acquired $ 163 million of indefinite-lived etp management contracts.\n finite-lived acquired management contracts in october 2013 mgpa transaction  company acquired $ 29 million of finite-lived management contracts with weighted-average estimated useful life of approximately eight years.\n september 2012  srpep transaction  company acquired $ 40 million of finite- lived management contracts with weighted-average estimated useful life of approximately 10 years.\n.\n at march 31 , 2013  blackrock held approximately one- third economic equity interest in private national mortgage acceptance company , llc ( 201cpnmac 201d ) accounted for as equity method investment included in other assets on consolidated statements of financial condition.\n on may 8 , 2013  pennymac became sole managing member of pnmac initial public offering of pennymac ( 201cpennymac ipo 201d ).\n pennymac ipo blackrock recorded noncash nonoperating pre-tax gain of $ 39 million related to carrying value equity method investment.\n subsequent to pennymac company contributed 6. 1 million units of investment to new donor advised fund ( 201ccharitable contribution 201d ).\n fair value of charitable contribution was $ 124 million included in general and administration expenses on consolidated statements of income.\ncharitable contribution company recorded noncash nonoperating pre-tax gain of $ 80 million related to contributed investment tax benefit of approximately $ 48 million.\n carrying value and fair value of company 2019s remaining interest ( approximately 20% % ) or 16 million shares units ) was approximately $ 127 million and $ 273 million respectively at december 31 , 2013.\n fair value company 2019s interest reflected pennymac stock price at december 31 , 2013 ( level 1 input ).\n 12.\n borrowings short-term borrowings carrying value short-term borrowings at december 31, 2012 included $ 100 million under 2012 revolving credit facility.\n 2013 revolving credit facility.\n march 2011 company entered five-year $ 3. 5 billion unsecured revolving credit facility ( 201c2011 credit facility 201d ).\n march 2012 2011 credit facility amended to extend maturity date by one year to march 2017 april 2012 aggregate commitment increased to $ 3. 785 billion ( 201c2012 credit facility 201d ).\n march 2013 company 2019s credit facility amended to extend maturity date by one year to march 2018 aggregate commitment increased to $ 3. 990 billion ( 201c2013 credit facility 201d ).\n 2013 credit facility permits company to request additional $ 1. 0 billion borrowing capacity subject to lender credit approval increasing overall size 2013 credit facility to aggregate principal amount not to exceed $ 4. 990 billion.\n interest on borrowings outstanding accrues at rate based on applicable london interbank offered rate plus spread.\n 2013 credit facility requires company not to exceed maximum leverage ratio ( ratio net debt to earnings before interest  taxes depreciation amortization net debt equals total debt less unrestricted cash ) of 3 to 1  satisfied with ratio of less than 1 to 1 at december 31 , 2013.\n2013 credit facility provides back- up liquidity funds working capital for general corporate purposes investment opportunities.\n at december 31 , 2013  company had no amount outstanding under 2013 credit facility.\n commercial paper program.\n october 14 , 2009  blackrock established commercial paper program ( 201ccp program 201d ) company could issue unsecured commercial paper notes ( 201ccp notes 201d ) on private placement basis up to maximum aggregate amount outstanding of $ 3. 0 billion.\n may 13 , 2011  blackrock increased maximum aggregate amount borrowed under cp program to $ 3. 5 billion.\n may 17 , 2012  blackrock increased maximum aggregate amount to $ 3. 785 billion.\n in april 2013  blackrock increased maximum aggregate amount for company issue unsecured cp notes private-placement basis up to maximum aggregate amount outstanding of $ 3. 990 billion.\n commercial paper program supported by 2013 credit facility.\n december 31 , 2013 and 2012  blackrock had no cp notes outstanding.\n\nyear | amount\n---- | ------\n2014 | $ 156\n2015 | 126\n2016 | 91\n2017 | 74\n2018 | 24"
}
{
    "_id": "dd4beceb6",
    "title": "",
    "text": "initial estimate of fraud losses , fines charges on understanding of rules operating regulations published by networks preliminary communications with networks.\n now reached resolution with made payments to networks  resulting in charges less than initial estimates.\n primary difference between initial estimates and final charges relates to lower fraud related costs attributed to this event than previously expected.\n following table reflects activity in accrual for fraud losses , fines other charges for twelve months ended may 31 , 2013 ( in thousands ) :.\n insured under policies provided coverage of certain costs associated with this event.\n policies provided total of $ 30. 0 million in policy limits contained various sub-limits of liability other terms , conditions limitations , including $ 1. 0 million deductible per claim.\n as of fiscal year 2013  received assessments from certain networks submitted additional claims to insurers recorded $ 20. 0 million in additional insurance recoveries based on negotiations with insurers.\n will record receivables for additional recoveries in periods determine such recovery is probable amount can be reasonably estimated.\n class action of processing system intrusion filed against us on april 4 , 2012 by natalie willingham ( individually on behalf of putative nationwide class ) ( 201cplaintiff 201d ).\n.\n willingham alleged we failed to maintain reasonable adequate procedures to protect her personally identifiable information ( 201cpii 201d ) claims resulted in two fraudulent charges on her credit card in march 2012.\n.\n willingham asserted we failed to timely notify public of data breach.\n based on allegations.\nwillingham asserted claims for negligence , violation of federal stored communications act willful violation of fair credit reporting act  negligent violation fair credit reporting act  violation of georgia 2019s unfair and deceptive trade practices act , negligence per se breach of third-party beneficiary contract breach of implied contract.\n.\n willingham sought unspecified damages and injunctive relief.\n lawsuit filed in united states district court for northern district of georgia.\n on may 14 , 2012  filed motion to dismiss.\n on july 11 , 2012 plaintiff filed motion for leave to amend complaint july 16 , 2012 court granted motion.\n filed amended complaint on july 16 , 2012.\n amended complaint not add new causes of action.\n added two new named plaintiffs ( nadine and robert hielscher ) ( together with plaintiff  201cplaintiffs 201d ) dropped plaintiff 2019s claim for negligence.\n on august 16 , 2012 filed motion to dismiss plaintiffs 2019 amended complaint.\n plaintiffs filed response in opposition to motion to dismiss on october 5, 2012 filed reply brief on october 22 , 2012.\n magistrate judge issued report and recommendation recommending dismissal of all plaintiffs 2019 claims with prejudice.\n plaintiffs agreed to voluntarily dismiss lawsuit with prejudice each party bearing own fees and costs.\n only consideration exchanged by parties in connection with plaintiffs 2019 voluntary dismissal with prejudice of lawsuit.\n lawsuit dismissed with prejudice on march 6 , 2013.\n note 3 2014settlement processing assets and obligations designated as merchant service provider by mastercard independent sales organization by visa.\ndesignations dependent upon member clearing banks ( 201cmember 201d ) sponsoring us our adherence to standards networks.\n have primary financial institution sponsors in various markets we facilitate payment transactions with have sponsorship or depository clearing agreements.\n agreements allow us to route transactions under member banks 2019 control identification numbers to clear credit card transactions through mastercard visa.\n in certain markets members in various payment networks allowing us to process fund transactions without third-party sponsorship.\n\nbalance at may 31 2012 | $ 67436\n---------------------- | ----------------\nadjustments            | -31781 ( 31781 )\nsubtotal               | 35655\npayments               | -35655 ( 35655 )\nbalance at may 31 2013 | $ 2014"
}
{
    "_id": "dd4bfb0c4",
    "title": "",
    "text": "packaging corporation of america notes to consolidated financial statements continued ) december 31 , 2006 4.\n stock-based compensation continued ) as of december 31 , 2006 $ 8330000 of total unrecognized compensation costs related to restricted stock awards.\n company expects to recognize cost of stock awards over weighted-average period of 2. 5 years.\n 5.\n accrued liabilities components accrued liabilities:.\n 6.\n employee benefit plans and postretirement benefits connection with acquisition from pactiv  pca and pactiv entered human resources agreement granted pca employees continued participation in pactiv pension plan for up to five years following closing acquisition for agreed upon fee.\n effective january 1 , 2003  pca adopted mirror-image pension plan for eligible hourly employees succeed pactiv pension plan pca hourly employees participated though december 31 , 2002.\n pca pension plan for hourly employees recognizes service earned under pca plan and prior pactiv plan.\n benefits earned under pca plan reduced by retirement benefits earned under pactiv plan through december 31 , 2002.\n all assets and liabilities associated with benefits earned through december 31 , 2002 for hourly employees and retirees of pca retained by pactiv plan.\n effective may 1, 2004  pca adopted grandfathered pension plan for certain salaried employees previously participated in pactiv pension plan.\n benefit formula for new pca pension plan for salaried employees comparable to pactiv plan except pca plan uses career average base pay benefit formula in lieu of final average base pay.\n pca pension plan for salaried employees recognizes service earned under both pca plan and prior pactiv plan.\n benefits earned under pca plan reduced by retirement benefits earned under pactiv plan through april 30 , 2004.\nassets liabilities associated with benefits earned through april 30, 2004 for salaried employees retirees of pca retained by pactiv plan.\n pca maintains supplemental executive retirement plan ( 201cserp 201d ) augments pension benefits for eligible executives excluding ceo earned under pca pension plan for employees.\n benefits determined using same formula as pca pension plan in addition to counting\n\n( in thousands )                                | december 31 , 2006 | december 31 , 2005\n----------------------------------------------- | ------------------ | ------------------\nbonuses and incentives                          | $ 29822            | $ 21895\nmedical insurance and workers 2019 compensation | 18279              | 18339\nvacation and holiday pay                        | 14742              | 14159\ncustomer volume discounts and rebates           | 13777              | 13232\nfranchise and property taxes                    | 8432               | 8539\npayroll and payroll taxes                       | 5465               | 4772\nother                                           | 9913               | 5889\ntotal                                           | $ 100430           | $ 86825"
}
{
    "_id": "dd4bdb65c",
    "title": "",
    "text": "2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance due to $ 19. 4 million net annual increase in revenues  approved by mpsc  effective with first billing cycle of july 2016 increase in revenues collected through storm damage rider. see note 2 to financial statements for discussion of formula rate plan storm damage rider.\n volume/weather variance due to increase of 153 gwh , or 1% ( 1 % ), in billed electricity usage including increase in industrial usage offset by effect of less favorable weather on residential and commercial sales.\n increase in industrial usage due to expansion projects in pulp and paper industry  increased demand for existing customers in metals industry new customers in wood products industry.\n net wholesale revenue variance due to entergy mississippi 2019s exit from system agreement in november 2015.\n reserve equalization revenue variance due to absence of reserve equalization revenue compared to 2015 from entergy mississippi 2019s exit from system agreement in november income statement variances 2017 compared to 2016 operation and maintenance expenses decreased due to : 2022 decrease of $ 12 million in fossil-fueled generation expenses due to lower long-term service agreement costs lower scope of work done during plant outages in 2017 compared to 2016 ; 2022 decrease of $ 3. 6 million in storm damage provisions.\n see note 2 to financial statements for discussion on storm cost recovery.\n decrease partially offset by increase of $ 4. 8 million in energy efficiency costs and increase of $ 2.7 million compensation benefits costs due to higher incentive-based compensation accruals 2017 compared prior year.\n entergy mississippi , inc.\n management 2019s financial discussion analysis\n\n| amount ( in millions )\n--------------------- | ----------------------\n2015 net revenue      | $ 696.3\nretail electric price | 12.9\nvolume/weather        | 4.7\nnet wholesale revenue | -2.4 ( 2.4 )\nreserve equalization  | -2.8 ( 2.8 )\nother                 | -3.3 ( 3.3 )\n2016 net revenue      | $ 705.4"
}
{
    "_id": "dd4b9cccc",
    "title": "",
    "text": "15.\n leases january 1996  company entered lease agreement with unrelated third party for new corporate office facility company occupied february 1997.\n may 2004  company entered first amendment to lease agreement effective january 1 , 2004.\n lease extended from original period 10 years option for five additional years to 18 years from inception date option for five additional years.\n company incurred lease rental expense related facility $ 1. 3 million in 2008 , 2007 2006.\n future minimum lease payments are $ 1. 4 million per annum from january 1, 2009 to december 31 , 2014.\n future minimum lease payments from january 1, 2015 through december 31, 2019 determined based on prevailing market rental rates at time extension if elected.\n amended lease provided for lessor to reimburse company for up to $ 550000 in building refurbishments completed through march 31 , 2006.\n amounts recorded as reduction of lease expense over remaining term of lease.\n company entered into various noncancellable operating leases for equipment and office space.\n office space lease expense totaled $ 9. 3 million , $ 6. 3 million $ 4. 7 million for years ended december 31, 2008 , 2007 2006 .\n future minimum lease payments under noncancellable operating leases for office space in effect at december 31 , 2008 are $ 8. 8 million in 2009 , $ 6. 6 million in 2010 , $ 3. 0 million in 2011 , $ 1. 8 million in 2012 $ 1. 1 million in 2013.\n 16.\n royalty agreements company entered into various renewable , nonexclusive license agreements company granted access to licensor 2019s technology right to sell technology in company 2019s product line.\nroyalties payable to developers software at various rates amounts based upon unit sales or revenue.\n royalty fees reported in cost of goods sold were $ 6. 3 million , $ 5. 2 million $ 3. 9 million for years ended december 31, 2008  2007 2006  respectively.\n 17.\n geographic information revenue to external customers attributed to individual countries based location customer.\n revenue by geographic area as follows:.\n\n( in thousands )    | year ended december 31 , 2008 | year ended december 31 , 2007 | year ended december 31 , 2006\n------------------- | ----------------------------- | ----------------------------- | -----------------------------\nunited states       | $ 151688                      | $ 131777                      | $ 94282\ngermany             | 68390                         | 50973                         | 34567\njapan               | 66960                         | 50896                         | 35391\ncanada              | 8033                          | 4809                          | 4255\nother european      | 127246                        | 108971                        | 70184\nother international | 56022                         | 37914                         | 24961\ntotal revenue       | $ 478339                      | $ 385340                      | $ 263640"
}
{
    "_id": "dd4c0e5c0",
    "title": "",
    "text": "of first and second liens charge-off amounts for pool proportionate to composition of first and second liens pool.\n experience ratio of first to second lien loans consistent over time represented in our pools for roll-rate calculations.\n our variable-rate home equity lines of credit have seven or ten year draw period followed by 20 year amortization term.\n during draw period home equity lines of credit where borrowers pay interest only and home equity lines where borrowers pay principal and interest.\n based upon outstanding balances at december 31 , 2012 table presents periods when home equity lines of credit draw periods scheduled to end.\n table 39 : home equity lines of credit 2013 draw period end in millions interest product principal interest product.\n includes approximately $ 166 million , $ 208 million , $ 213 million, $ 61 million, $ 70 million and $ 526 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2013 , 2014, 2015 , 2016 , 2017 2018.\n view home equity lines of credit where borrowers paying principal and interest under draw period as less risky than those borrowers paying interest only borrowers have demonstrated ability to make level of principal and interest payments.\n based upon outstanding balances excluding purchased impaired loans at december 31 , 2012  for home equity lines of credit for which borrower can no longer draw (. draw period ended or borrowing privileges terminated ) approximately 3. 86% ( 3. 86 % ) were 30-89 days past due approximately 5. 96% ( 5. 96 % ) were greater than or equal to 90 days past due.\n when borrower becomes 60 days past due  we terminate borrowing privileges privileges not reinstated.\nwe continue collection/recovery processes  may include loss mitigation loan modification resulting in loan classified as tdr.\n see note 5 asset quality in notes to consolidated financial statements in item 8 report for additional information.\n loan modifications troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based commitment to help eligible homeowners and borrowers avoid foreclosure  where appropriate.\n initially borrower evaluated for modification under government program.\n if borrower not qualify under government program, borrower then evaluated under pnc program.\n our programs utilize temporary and permanent modifications typically reduce interest rate , extend term/or defer principal.\n temporary and permanent modifications under programs involving change to loan terms generally classified as tdrs.\n certain payment plans and trial payment arrangements do not include contractual change to loan terms may be classified as tdrs.\n additional detail on tdrs discussed below in note 5 asset quality in notes to consolidated financial statements in item 8 report.\n temporary modification  with term between three and 60 months  involves change in original loan terms for period time reverts to calculated exit rate for remaining term of loan as of specific date.\n permanent modification  with term greater than 60 months , is modification in terms of original loan are changed.\n permanent modifications include government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs.\n for consumer loan programs , residential mortgages and home equity loans lines  will enter into temporary modification when borrower has indicated temporary hardship and willingness to bring current delinquent loan balance.\n examples of this situation often include delinquency due to illness or death in family , or loss of employment.\npermanent modifications entered when confirmed borrower not possess income necessary to continue making loan payments at current amount  expectation is payments at lower amounts can be made.\n residential mortgage and home equity loans and lines modified with changes in terms for up to 60 months  majority involve periods three to 24 months.\n monitor success rates delinquency status of loan modification programs to assess effectiveness in serving customers 2019 needs while mitigating credit losses.\n following tables provide number of accounts and unpaid principal balance of modified consumer real estate related loans number of accounts and unpaid principal balance of modified loans 60 days or more past due as of six months  nine months twelve months fifteen months after modification date.\n pnc financial services group , inc.\n 2013 form 10-k 91\n\nin millions         | interestonlyproduct | principalandinterestproduct\n------------------- | ------------------- | ---------------------------\n2013                | $ 1338              | $ 221\n2014                | 2048                | 475\n2015                | 2024                | 654\n2016                | 1571                | 504\n2017                | 3075                | 697\n2018 and thereafter | 5497                | 4825\ntotal ( a )         | $ 15553             | $ 7376"
}
{
    "_id": "dd4c5efa2",
    "title": "",
    "text": "2011  handling 3% ( 3 % ) increase in carloads.\n maintenance activities weather disruptions higher volume levels led to 4% ( 4 % ) decrease in average train speed in 2010 compared to record 2009.\n average terminal dwell time 2013 average terminal dwell time is average time rail car spends at terminals.\n lower average terminal dwell time improves asset utilization service.\n average terminal dwell time increased 3% ( 3 % ) in 2011 compared to 2010.\n additional volume  weather challenges track replacement programs shift of traffic mix to more manifest shipments additional terminal processing contributed to increase.\n average terminal dwell time increased 2% ( 2 % ) in 2010 compared to 2009  driven by network plan to increase length of trains improve efficiency resulted in higher terminal dwell time for some cars.\n average rail car inventory 2013 inventory is daily average number of rail cars on lines including rail cars in storage.\n lower average rail car inventory reduces congestion yards sidings increases train speed reduces average terminal dwell time improves rail car utilization.\n average rail car inventory decreased slightly in 2011 compared to 2010  adjust size of freight car fleet.\n average rail car inventory decreased 3% ( 3 % ) in 2010 compared to 2009 handled 13% ( 13 % ) increase in carloads period compared to 2009.\n maintained more freight cars off-line retired old freight cars drove decrease.\n gross and revenue ton-miles 2013 gross ton-miles calculated by multiplying weight of loaded and empty freight cars by number of miles hauled.\n revenue ton-miles calculated by multiplying weight of freight by number of tariff miles.\ngross revenue-ton-miles increased 5% ( 5 % ) 2011 compared to 2010 driven by 3% ( 3 % ) increase in carloads mix changes to heavier commodity groups notably 5% ( 5 % ) increase in energy shipments.\n gross revenue-ton-miles increased 10% ( 10 % ) and 9% ( 9 % )  2010 compared 2009 due to 13% ( 13 % ) increase in carloads.\n commodity mix changes ( notably automotive shipments ) drove variance in year-over-year growth between gross ton-miles revenue ton-miles carloads.\n operating ratio 2013 operating ratio operating expenses reflected percentage of operating revenue.\n ratio increased 0. 1 points to 70. 7% ( 70. 7 % ) in 2011 versus 2010.\n higher fuel prices  inflation weather related costs offset by core pricing gains productivity initiatives drove increase.\n operating ratio improved 5. points to 70. 6% ( 70. 6 % ) in 2010 1. 3 points to 76. 1% ( 76. 1 % ) in 2009.\n leveraging volume increases core pricing gains productivity initiatives drove improvement 2010 offset impact of higher fuel prices.\n employees 2013 employee levels up 5% ( 5 % ) in 2011 versus 2010 driven by 3% ( 3 % ) increase in volume levels higher number of trainmen , engineers  yard employees receiving training increased work on capital projects.\n employee levels down 1% ( 1 % ) in 2010 compared to 2009 despite 13% ( 13 % ) increase in volume levels.\n leveraged additional volumes through network efficiencies productivity initiatives.\n managed growth full- time-equivalent train engine force levels less than half of carload growth in 2010.\n other operating functions support organizations reduced full-time-equivalent force levels benefiting from productivity initiatives.\ncustomer satisfaction index 2013 customer satisfaction survey asks customers rate satisfied with our performance last 12 months on variety attributes.\n higher score indicates higher customer satisfaction.\n improvement in survey results 2011 reflects customer recognition of our service quality supported by capital investment program.\n return on average common shareholders 2019 equity millions  except percentages 2011 2010 2009.\n\nmillions except percentages                      | 2011             | 2010             | 2009\n------------------------------------------------ | ---------------- | ---------------- | ----------------\nnet income                                       | $ 3292           | $ 2780           | $ 1890\naverage equity                                   | $ 18171          | $ 17282          | $ 16058\nreturn on average commonshareholders 2019 equity | 18.1% ( 18.1 % ) | 16.1% ( 16.1 % ) | 11.8% ( 11.8 % )"
}
{
    "_id": "dd497b06a",
    "title": "",
    "text": "53management's discussion analysis of financial condition results of operations to borrow funds under 5-year credit facility company must compliance with conditions covenants representations in agreements.\n company was in compliance with terms 5-year credit facility at december 31 , 2006.\n company never borrowed under domestic revolving credit facilities.\n utilization of non-u.\n credit facilities dependent on company's ability to meet conditions at time borrowing requested.\n contractual obligations  guarantees  purchase commitments contractual obligations summarized in table are company's obligations commitments to make future payments under debt obligations ( earliest exercise rights by holders ) lease payment obligations purchase obligations as of december 31 , 2006.\n payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011.\n 1 amounts represent firm  non-cancelable commitments.\n debt obligations : at december 31 , 2006  company's long-term debt obligations  including current maturities unamortized discount issue costs totaled $ 4. 1 billion  compared to $ 4. 0 billion at december 31 , 2005.\n table of all outstanding long-term debt securities in note 4 , \"\"debt and credit facilities'' to company's consolidated financial statements.\n lease obligations : company owns most of major facilities but lease certain office  factory warehouse space  land  information technology equipment under principally non-cancelable operating leases.\n at december 31 , 2006 future minimum lease obligations  net of minimum sublease rentals totaled $ 2. 3 billion.\n rental expense  net of sublease income was $ 241 million in 2006  $ 250 million in 2005 $ 205 million in 2004.\npurchase obligations : company entered into agreements for purchase of inventory , license of software , promotional agreements  research and development agreements are firm commitments not cancelable.\n longest of agreements extends through 2015.\n total payments expected to under these agreements total $ 1. 0 billion.\n commitments under other long-term agreements : company entered into certain long-term agreements to purchase software , components  supplies materials from suppliers.\n most agreements extend for periods one to three years ( three to five years for software ).\n generally these agreements do not obligate company to make purchases many permit company to terminate agreement with advance notice ( usually from 60 to 180 days ).\n if company to terminate agreements liable for certain termination charges, typically based on work performed supplier on-hand inventory and raw materials attributable to canceled orders.\n company's liability only arise in event it terminates agreements for reasons other than \"\"cause. '' company also enters into arrangements for sourcing of supplies and materials with minimum purchase commitments take-or-pay obligations.\n majority of minimum purchase obligations under contracts are over life of contract opposed to year-by-year take-or-pay.\n if agreements terminated at december 31 , 2006  company's obligation would not have significant.\n company does not anticipate cancellation of agreements in future.\n subsequent to end of 2006 company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2. 2 billion during period.\n company estimates purchases during period exceed minimum obligations.\n company outsources certain corporate functions, benefit administration and information technology-related services.\n these contracts expected to expire in 2013.\n total remaining payments under contracts are approximately $ 1.3 billion seven years contracts %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page valid  no graphics -- color : n|\n\n( in millions )               | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter\n----------------------------- | ---------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | ---------------------------------------\nlong-term debt obligations    | $ 4134                             | $ 1340                            | $ 198                             | $ 4                               | $ 534                             | $ 607                             | $ 1451\nlease obligations             | 2328                               | 351                               | 281                               | 209                               | 178                               | 158                               | 1151\npurchase obligations          | 1035                               | 326                               | 120                               | 26                                | 12                                | 12                                | 539\ntotal contractual obligations | $ 7497                             | $ 2017                            | $ 599                             | $ 239                             | $ 724                             | $ 777                             | $ 3141"
}
{
    "_id": "dd4c33f0a",
    "title": "",
    "text": "icos corporation january 29, 2007  acquired outstanding common stock of icos corporation ( icos ) , partner in lilly icos llc joint venture for manufacture and sale of cialis for treatment of erectile dysfunction.\n acquisition brought full value of cialis enabled realize operational effi ciencies in further development , marketing  selling of product.\n aggregate cash purchase price of approximately $ 2. 3 bil- lion fi nanced through borrowings.\n acquisition accounted for as business combination under purchase method of accounting resulting in goodwill of $ 646. 7 million.\n no portion goodwill deductible for tax purposes.\n determined estimated fair values for assets acquired liabilities assumed as of date of acquisition.\n estimated fair value at january 29 , 2007.\n intangible asset amortized over remaining expected patent lives of cialis in each country ; patent expiry dates range from 2015 to 2017.\n new indications for formulations of cialis compound in clinical testing at time acquisition represented approximately 48 percent of estimated fair value of acquired ipr&d.\n remaining value of acquired ipr&d represented several other products in development no one asset comprising signifi cant por- tion of this value.\n discount rate used in valuing acquired ipr&d projects was 20 percent charge for acquired ipr&d of $ 303. 5 million recorded in fi rst quarter of 2007 not deductible for tax purposes.\n other acquisitions during second quarter of 2007 acquired all outstanding stock of hypnion , inc.\n privately held neuroscience drug discovery company focused on sleep disorders , and ivy animal health , inc.\n ivy privately held applied research and pharmaceutical product development company focused on animal health industry for $ 445. 0 million in cash.\nacquisition of hypnion provided us broader presence in sleep disorder research and ownership of hy10275 , a novel phase ii compound with dual mechanism of action promoting better sleep onset and sleep maintenance.\n this was hypnion 2019s only signifi cant asset.\n for acquisi- tion we recorded acquired ipr&d charge of $ 291. 1 million  not deductible for tax purposes.\n hypnion was development-stage company transaction accounted for as acquisition of assets than business combination goodwill not recorded.\n acquisition of ivy provides us with products complement our animal health business.\n acquisition accounted for as business combination under purchase method of accounting.\n allocated $ 88. 7 million of purchase price to other identifi intangible assets  primarily related to marketed products , $ 37. 0 million to acquired ipr&d  $ 25. 0 million to goodwill.\n other intangible assets being amortized over estimated remaining useful lives of 10 to 20 years.\n $ 37. 0 million allocated to acquired ipr&d charged to expense in second quarter of 2007.\n goodwill from acquisition fully allocated to animal health business segment.\n amount allocated to each intangible assets acquired  including goodwill of $ 25. 0 million and acquired ipr&d of $ 37. 0 million , was deductible for tax purposes.\n product acquisitions in june 2008 entered licensing and development agreement with transpharma medical ltd.\n ( trans- pharma ) to acquire rights to its product and related drug delivery system for treatment of osteoporosis.\n product  administered transdermally using transpharma 2019s proprietary technology was in phase ii clinical testing  no alternative future use.\narrangement , we gained non-exclusive access to trans- pharma 2019s viaderm drug delivery system for product.\n many development-phase products , launch of\n\ncash and short-term investments              | $ 197.7\n-------------------------------------------- | ----------------\ndeveloped product technology ( cialis ) 1    | 1659.9\ntax benefit of net operating losses          | 404.1\ngoodwill                                     | 646.7\nlong-term debt assumed                       | -275.6 ( 275.6 )\ndeferred taxes                               | -583.5 ( 583.5 )\nother assets and liabilities 2014 net        | -32.1 ( 32.1 )\nacquired in-process research and development | 303.5\ntotal purchase price                         | $ 2320.7"
}
{
    "_id": "dd4c02784",
    "title": "",
    "text": "valuation allowance totaling $ 43. 9 million , $ 40. 4 million $ 40. 1 million as of 2012 , 2011 2010 year end established for deferred income tax assets primarily related to certain subsidiary loss carryforwards may not be realized.\n realization of net deferred income tax assets dependent on generating sufficient taxable income prior to expiration.\n realization not assured management believes more likely net deferred income tax assets will be realized.\n amount assets realizable could change if estimates of future taxable income during carryforward period fluctuate.\n reconciliation of beginning and ending amounts of unrecognized tax benefits for 2012 , 2011 ( amounts in millions ) 2012 2011 2010.\n of $ 6. 8 million , $ 11. 0 million $ 11. 1 million of unrecognized tax benefits as of 2012 , 2011 2010 year end  approximately $ 4. 1 million , $ 9. 1 million $ 11. 1 million  would impact effective income tax rate if recognized.\n interest and penalties related to unrecognized tax benefits recorded in income tax expense.\n during 2012 and 2011  company reversed net $ 0. 5 million and $ 1. 4 million  of interest and penalties to income associated with unrecognized tax benefits.\n as of 2012 , 2011 and 2010 year end  company provided for $ 1. 6 million , $ 1. 6 million $ 2. 8 million  of accrued interest and penalties related to unrecognized tax benefits.\n unrecognized tax benefits related accrued interest penalties included in long-term liabilities on accompanying consolidated balance sheets.\n snap-on and subsidiaries file income tax returns in united states and various state  local and foreign jurisdictions.\npossible unrecognized tax benefits may be settled with taxing authorities or statutes of limitations may lapse within next 12 months causing snap-on 2019s gross unrecognized tax benefits to decrease zero to $ 2. 4 million.\n over next 12 months snap-on anticipates taking uncertain tax positions on tax returns for related tax benefit not meet recognition threshold.\n snap-on 2019s gross unrecognized tax benefits may increase zero to $ 1. 6 million over next 12 months for uncertain tax positions expected taken in future tax filings.\n few exceptions snap-on no longer subject to.\n federal and state/local income tax examinations by tax authorities for years prior to 2008, snap no longer subject to non-u. s.\n income tax examinations by tax authorities for years prior to 2006.\n undistributed earnings of all non-u.\n subsidiaries totaled $ 492. 2 million , $ 416. 4 million and $ 386. 5 million as of 2012, 2011 and 2010 year end .\n snap-on not provided deferred taxes on these undistributed earnings considers undistributed earnings to permanently invested.\n determination of amount unrecognized deferred income tax liability related to these earnings not practicable.\n 2012 annual report 83\n\n( amounts in millions )                                  | 2012         | 2011         | 2010\n-------------------------------------------------------- | ------------ | ------------ | ------------\nunrecognized tax benefits at beginning of year           | $ 11.0       | $ 11.1       | $ 17.5\ngross increases 2013 tax positions in prior periods      | 0.7          | 0.5          | 0.6\ngross decreases 2013 tax positions in prior periods      | -4.9 ( 4.9 ) | -0.4 ( 0.4 ) | -0.4 ( 0.4 )\ngross increases 2013 tax positions in the current period | 1.2          | 2.8          | 3.1\nsettlements with taxing authorities                      | 2013         | -1.2 ( 1.2 ) | -9.5 ( 9.5 )\nincrease related to acquired business                    | 2013         | 2013         | 0.4\nlapsing of statutes of limitations                       | -1.2 ( 1.2 ) | -1.8 ( 1.8 ) | -0.6 ( 0.6 )\nunrecognized tax benefits at end of year                 | $ 6.8        | $ 11.0       | $ 11.1"
}
{
    "_id": "dd4c00ce0",
    "title": "",
    "text": "leveraged performance units during fiscal 2015  certain executives granted performance units refer as leveraged performance units , or lpus.\n lpus contain market condition based on relative stock price growth over three-year performance period.\n lpus contain minimum threshold performance if not met result in no payout.\n lpus contain maximum award opportunity fixed dollar and fixed number of shares.\n after three-year performance period one-third of earned units converts to unrestricted common stock.\n remaining two-thirds convert to restricted stock vest in equal installments on each first two anniversaries of conversion date.\n recognize share-based compensation expense based on grant date fair value of lpus  determined by monte carlo model  on straight-line basis over requisite service period for each separately vesting portion of lpu award.\n total shareholder return units before fiscal 2015  certain executives granted total shareholder return ( 201ctsr 201d ) units performance-based restricted stock units earned based on total shareholder return over three-year performance period compared to companies in s&p 500.\n once performance results certified, tsr units convert into unrestricted common stock.\n depending on performance grantee may earn up to 200% ( 200 % ) of target number of shares.\n target number of tsr units for each executive set by compensation committee.\n recognize share-based compensation expense based on grant date fair value of tsr units  as determined by monte carlo model on straight-line basis over vesting period.\n following table summarizes changes in unvested share-based awards for years ended may 31 , 2016 and 2015 ( shares in thousands ) : shares weighted-average grant-date fair value.\nincluding restricted stock  performance units tsr units total fair value of share- based awards vested during years ended may 31 , 2016 , 2015 2014 was $ 17. 4 million , $ 15. 0 million $ 28. 7 million  respectively.\n for awards recognized compensation expense of $ 28. 8 million , $ 19. 8 million $ 28. 2 million in years ended may 31 , 2016  2015 2014 .\n as of may 31 , 2016 $ 42. 6 million of unrecognized compensation expense related to unvested share-based awards expect to recognize over weighted-average period of 1. 9 years.\n share-based award plans provide for accelerated vesting under certain conditions.\n employee stock purchase plan plan sale of 4. 8 million shares of common stock authorized.\n employees may designate up to $ 25000 or 20% ( 20 % ) of annual compensation for purchase of common stock.\n price for shares purchased under plan is 85% ( 85 % ) of market value on 84 2013 global payments inc.\n 2016 form 10-k annual report\n\n| shares       | weighted-averagegrant-datefair value\n----------------------- | ------------ | ------------------------------------\nunvested at may 31 2014 | 1754         | $ 22.72\ngranted                 | 954          | 36.21\nvested                  | -648 ( 648 ) | 23.17\nforfeited               | -212 ( 212 ) | 27.03\nunvested at may 31 2015 | 1848         | 28.97\ngranted                 | 461          | 57.04\nvested                  | -633 ( 633 ) | 27.55\nforfeited               | -70 ( 70 )   | 34.69\nunvested at may 31 2016 | 1606         | $ 37.25"
}
{
    "_id": "dd4c1f3fc",
    "title": "",
    "text": "entergy louisiana , llc subsidiaries management 2019s financial discussion analysis plan to spin off utility 2019s transmission business see 201cplan to spin off utility 2019s transmission business 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis for discussion matter including planned retirement of debt preferred securities.\n results of operations net income 2011 compared to 2010 net income increased $ 242. 5 million due to settlement with irs related to mark-to-market income tax treatment of power purchase contracts resulted in $ 422 million income tax benefit.\n net income effect partially offset by $ 199 million regulatory charge reduced net revenue portion of benefit shared with customers.\n see note 3 to financial statements for additional discussion settlement benefit sharing.\n 2010 compared to 2009 net income decreased slightly by $ 1. 4 million due to higher operation maintenance expenses higher effective income tax rate higher interest expense  offset by higher net revenue.\n net revenue 2011 compared to 2010 net revenue consists of operating revenues net of 1 fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2011 to 2010.\n amount ( in millions ).\n mark-to-market tax settlement sharing variance results from regulatory charge portion of benefits of settlement with irs related mark-to-market income tax treatment power purchase contracts shared with customers slightly offset by amortization of portion of charge beginning in october 2011.\n see notes 3 and 8 to financial statements for discussion of settlement benefit sharing.\n retail electric price variance due to formula rate plan increase effective may 2011.\n see note 2 to financial statements for discussion of formula rate plan increase.\n\n| amount ( in millions )\n------------------------------------- | ----------------------\n2010 net revenue                      | $ 1043.7\nmark-to-market tax settlement sharing | -195.9 ( 195.9 )\nretail electric price                 | 32.5\nvolume/weather                        | 11.6\nother                                 | -5.7 ( 5.7 )\n2011 net revenue                      | $ 886.2"
}
{
    "_id": "dd4bf0aca",
    "title": "",
    "text": "kinder morgan , inc.\n form 10-k indicate check mark whether registrant ( 1 ) filed all reports required by section 13 or 15 ( d ) of securities exchange act of 1934 preceding 12 months ( or shorter period ) , and ( 2 ) subject to such filing requirements for past 90 days.\n yes f06f no f0fe indicate check mark registrant submitted electronically and posted on corporate website  if, every interactive data file required submitted and posted pursuant to rule 405 of regulation s-t during preceding 12 months ( or ).\n yes f06f no f06f indicate check mark if disclosure of delinquent filers pursuant to item 405 of regulation s-k not contained herein , will not be contained registrant 2019s knowledge , in definitive proxy or information statements incorporated by reference in part iii of form 10-k or any amendment to form 10-k.\n f0fe indicate by check mark registrant is large accelerated filer , accelerated filer , non-accelerated filer , or smaller reporting company ( as defined in rule 12b-2 of securities exchange act of 1934 ).\n large accelerated filer f06f accelerated filer f06f non-accelerated filer f0fe smaller reporting company f06f indicate check mark whether registrant is a shell company ( as defined in rule 12b-2 of securities exchange act of 1934 ).\n yes f06f no f0fe as of june 30 , 2010 , registrant was privately held company  market value of common equity held by nonaffiliates was zero.\n as of february 16 , 2011 , registrant had following number of shares of common stock outstanding:.\n explanatory note prior to consummation of february 2011 initial public offering , kinder morgan , inc., delaware limited liability company named kinder morgan holdco llc unitholders became stockholders of kinder morgan , inc.\n upon completion of initial public offering.\n except disclosed in accompanying report , consolidated financial statements selected historical consolidated financial data other historical financial information included in report are of kinder morgan holdco llc or predecessor subsidiaries do not give effect to conversion.\n kinder morgan holdco llc 2019s wholly owned subsidiary , kinder morgan , inc. not registrant under initial public offering  changed name to kinder morgan kansas , inc.\n\nclass a common stock | 597213410\n-------------------- | ---------\nclass b common stock | 100000000\nclass c common stock | 2462927\nclass p common stock | 109786590"
}
{
    "_id": "dd4bc54e2",
    "title": "",
    "text": "increase in dividends paid.\n free cash flow defined as cash provided by operating activities less cash used in investing activities dividends paid.\n free cash flow not considered a financial measure under accounting principles accepted in u. s.\n ( gaap ) by sec regulation g and item 10 of sec regulation s-k may not be defined and calculated by other companies same manner.\n believe free cash flow important to management investors in evaluating financial performance measures ability to generate cash without additional external financings.\n free cash flow should be considered in addition to rather than substitute for cash by operating activities.\n following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2013 2012 2011.\n 2014 outlook f0b7 safety 2013 operating safe railroad benefits employees customers shareholders communities we serve.\n continue using multi-faceted approach to safety  utilizing technology  risk assessment quality control training employee engagement targeted capital investments.\n continue using expanding deployment of total safety culture courage to care throughout operations identify implement best practices for employee operational safety.\n derailment prevention reduction of grade crossing incidents critical aspects of safety programs.\n continue efforts to increase detection of rail defects improve close crossings educate public law enforcement agencies about crossing safety through combination our own programs ( including risk assessment strategies ) industry programs local community activities across network.\n f0b7 network operations 2013 believe railroad capable of handling growing volumes while providing high levels of customer service.\n track structure in excellent condition certain sections of network have surplus line and terminal capacity.\n in solid resource position with sufficient supplies of locomotives , freight cars crews to support growth.\n f0b7 fuel prices 2013 uncertainty about economy makes projections of fuel prices difficult.\ncould see volatile fuel prices during year , sensitive to global u. s.\n domestic demand  refining capacity  geopolitical events  weather conditions other factors.\n to reduce impact of fuel price on earnings , continue seeking cost recovery from customers through fuel surcharge programs expanding fuel conservation efforts.\n f0b7 capital plan 2013 in 2014  plan to make total capital investments of approximately $ 3. 9 billion  including expenditures for positive train control ( ptc ) , may be revised if business conditions warrant or if new laws or regulations affect ability to generate sufficient returns on investments.\n ( see further discussion in item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 positive train control 2013 in response to legislative mandate to implement ptc by end of 2015  invested $ 1. 2 billion in capital expenditures plan to spend additional $ 450 million during 2014 on developing and deploying ptc.\n estimate ptc , in with implementing rules by federal rail administration ( fra )  will cost us approximately $ 2 billion by end of project.\n includes costs for installing new system along tracks  upgrading locomotives work with new system adding digital data communication equipment to integrate various components system achieve interoperability for industry.\n unlikely rail industry will meet current mandatory 2015 deadline ( fra indicated in 2012 report to congress ), making good faith effort to do so working closely with regulators implement new technology.\n\nmillions                              | 2013           | 2012           | 2011\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 6823         | $ 6161         | $ 5873\ncash used in investing activities     | -3405 ( 3405 ) | -3633 ( 3633 ) | -3119 ( 3119 )\ndividends paid                        | -1333 ( 1333 ) | -1146 ( 1146 ) | -837 ( 837 )\nfree cash flow                        | $ 2085         | $ 1382         | $ 1917"
}
{
    "_id": "dd4c15da2",
    "title": "",
    "text": "edwards lifesciences corporation notes consolidated financial statements 2014 continued future minimum lease payments including interest ) under noncancelable operating leases aggregate debt maturities at december 31, 2004 in millions ) : aggregate operating debt leases maturities 2005*************************************************************** $ 13. 1 $ 2014 11. 5 2014 8. 9 2014 8. 0 2014 7. 2 2014 1. 1 267. 1 total obligations commitments************************************** $ 49. 8 $ 267. 1 included in debt at december 31, 2004 2003 unsecured notes in japanese yen of a57. 0 billion ( us$ 67. 1 million ) and a56. 0 billion ( us$ 55. 8 million )  respectively.\n certain facilities equipment leased under operating leases expiring various dates.\n operating leases contain renewal options.\n total expense for all operating leases was $ 14. 0 million , $ 12. 3 million  $ 6. 8 million for years 2004 , 2003 2002  respectively.\n 11.\n financial instruments risk management fair values of financial instruments consolidated financial statements include financial instruments fair market value may differ from historical basis.\n financial instruments company consist cash deposits  accounts other receivables investments in unconsolidated affiliates accounts payable certain accrued liabilities debt.\n fair values of certain investments in unconsolidated affiliates estimated based on quoted market prices.\n other investments various methods estimate fair value including external valuations discounted cash flows.\n carrying amount company 2019s long-term debt approximates fair market value based prevailing market rates.\ncompany 2019s financial instruments approximate fair values based short-term nature.\n edwards lifesciences corporation notes to consolidated financial statements 2014 future minimum lease payments including interest ) under noncancelable operating leases aggregate debt maturities at december 31 , 2004 were in millions ) : aggregate operating debt leases maturities 2005*************************************************************** $ 13. 1 $ 2014 11. 5 2014 8. 9 2014 8. 0 2014 7. 2 2014 1. 1 267. 1 total obligations and commitments************************************** $ 49. 8 $ 267. 1 included in debt at december 31 , 2004 and 2003 were unsecured notes denominated in japanese yen of a57. 0 billion ( us$ 67. 1 million ) and a56. 0 billion ( us$ 55. 8 million ) .\n certain facilities equipment leased under operating leases expiring at various dates.\n operating leases contain renewal options.\n total expense for all operating leases was $ 14. 0 million , $ 12. 3 million  $ 6. 8 million for years 2004 , 2003 2002 .\n.\n financial instruments risk management fair values of financial instruments consolidated financial statements include financial instruments fair market value may differ from historical basis.\n financial instruments company consist of cash deposits , accounts receivables  investments in unconsolidated affiliates  accounts payable  accrued liabilities debt.\n fair values of investments in unconsolidated affiliates estimated based on quoted market prices.\n for other investments various methods to estimate fair value including external valuations discounted cash flows.\ncarrying amount of company 2019s long-term debt approximates fair market value based on prevailing market rates.\n company 2019s other financial instruments approximate fair values based short-term nature instruments.\n\n| operating leases | aggregate debt maturities\n--------------------------------- | ---------------- | -------------------------\n2005                              | $ 13.1           | $ 2014\n2006                              | 11.5             | 2014\n2007                              | 8.9              | 2014\n2008                              | 8.0              | 2014\n2009                              | 7.2              | 2014\nthereafter                        | 1.1              | 267.1\ntotal obligations and commitments | $ 49.8           | $ 267.1"
}
{
    "_id": "dd4be55f8",
    "title": "",
    "text": "long-term liabilities.\n value of company 2019s deferred compensation obligations based on market value of participants 2019 notional investment accounts.\n notional investments primarily of mutual funds  based on observable market prices.\n mark-to-market derivative asset and liability 2014the company utilizes fixed-to-floating interest-rate swaps  designated as fair-value hedges  to achieve targeted level of variable-rate debt percentage of total debt.\n company also employs derivative financial instruments in variable-to-fixed interest rate swaps  as economic hedges , to fix interest cost on variable-rate debt.\n company uses calculation of future cash inflows and estimated future outflows  discounted  to determine current fair value.\n additional inputs to present value calculation include contract terms  counterparty credit risk  interest rates market volatility.\n other investments 2014other investments primarily represent money market funds for active employee benefits.\n company includes other investments in other current assets.\n note 18 : leases company entered into operating leases involving certain facilities and equipment.\n rental expenses under operating leases were $ 21 for 2015 , $ 22 for 2014 and $ 23 for 2013.\n operating leases for facilities expire over next 25 years and operating leases for equipment expire over next five years.\n certain operating leases have renewal options from one to five years.\n minimum annual future rental commitment under operating leases initial or remaining non- cancelable lease terms over next five years.\n company has agreements with public entities ( 201cpartners 201d ) to establish joint ventures  referred 201cpublic-private partnerships.201d under public-private partnerships , company constructed utility plant , financed by company and partners constructed utility plant ( connected to company 2019s property ) , financed by partners.\n company agreed to transfer and convey some its real and personal property to partners in exchange for equal principal amount of industrial development bonds ( 201cidbs 201d ) , issued by partners under state industrial development bond and commercial development act.\n company leased back total facilities , including portions funded by both company and partners , under leases for period of 40 years.\n leases related to portion of facilities funded by company required payments from company to partners approximate payments required by terms of idbs from partners to company ( as holder of idbs ).\n ownership of portion of facilities constructed by company will revert back to company at end of lease , company recorded these as capital leases.\n lease obligation and receivable for principal amount of idbs presented by company on net basis.\n gross cost of facilities funded by company recognized as capital lease asset was $ 156 and $ 157 as of december 31 , 2015 and 2014 , respectively , presented in property , plant and equipment in accompanying consolidated balance sheets.\n future payments under lease obligations are equal to and offset by payments receivable under idbs.\n\nyear       | amount\n---------- | ------\n2016       | $ 13\n2017       | 12\n2018       | 11\n2019       | 10\n2020       | 8\nthereafter | 74"
}
{
    "_id": "dd4c09a2a",
    "title": "",
    "text": "cash flow from continuing operations for 2017 was $ 2. 7 billion $ 191 million 8 percent increase compared with 2016 reflecting higher earnings favorable changes in working capital.\n cash flow $ 2. 5 billion in 2016 23 percent increase compared to $ 2. 0 billion 2015 comparisons benefited from income taxes of $ 424 million paid on gains from divestitures in 2015.\n september 30  2017 operating working capital as percent of sales increased to 6. 6 percent due to higher levels working capital in acquired valves & controls business compared with 5. 2 percent 7. 2 percent in 2016 2015.\n cash flow from continuing operations funded capital expenditures $ 476 million dividends $ 1239 million common stock purchases $ 400 million used partially pay down debt in 2017.\n proceeds of $ 5. 1 billion from sales network power systems power generation motors drives businesses funded acquisitions $ 2990 million cash used for discontinued operations $ 778 million repayments of short-term borrowings long-term debt of $ 1. 3 billion.\n contributions to pension plans were $ 45 million in 2017 $ 66 million in 2016 $ 53 million in 2015.\n capital expenditures related to continuing operations were $ 476 million  $ 447 million $ 588 million in 2017 2016 2015.\n free cash flow from continuing operations was $ 2. 2 billion in 2017 up 8 percent.\n free cash flow was $ 2. 1 billion in 2016 compared with $ 1. 5 billion in 2015.\n targeting capital spending of approximately $ 550 million in 2018.\n net cash paid acquisitions was $ 2990 million $ 132 million $ 324 million in 2017 2016 2015.\n proceeds from divestitures not classified as discontinued operations were $ 39 million in 2017 and $ 1812 million in 2015.\ndividends $ 1239 million ( $ 1. 92 per share ) in 2017 compared with $ 1227 million ( $ 1. 90 per share 2016 $ 1269 million ( $ 1. 88 per share ) in 2015.\n november 2017 board of directors increase quarterly cash dividend 1 percent to annualized rate $ 1. 94 per share.\n purchases of emerson common stock totaled $ 400 million  $ 601 million $ 2487 million in 2017 2016 2015 average per share prices $ 60. 51  $ 48. 11 $ 57. 68.\n board directors authorized purchase of to 70 million common shares in november 2015 56. 9 million shares remain available for purchase authorization.\n company purchased 6. 6 million shares in 2017 under november 2015 authorization.\n 2016 purchased 12. 5 million shares under combination november 2015 authorization remainder may 2013 authorization.\n total of 43. 1 million shares purchased in 2015 under may 2013 authorization.\n leverage/capitalization ( dollars in millions ) 2015 2016 2017.\n total debt  includes long-term debt current maturities long-term debt commercial paper short-term borrowings was $ 4. 7 billion  $ 6. 6 billion $ 6. 8 billion for 2017 2016 2015.\n company repaid $ 250 million of 5. 125% ( 5. 125 % ) notes matured in december 2016.\n 2015 issued $ 500 million of 2. 625% ( 2. 625 % ) notes due december 2021 $ 500 million of 3. 150% ( 3. 150 % ) notes due june 2025 repaid $ 250 million of 5. 0% ( 5. 0 % ) notes matured december 2014 $ 250 million of 4. 125% ( 4. 125 % ) notes matured april 2015.\ntotal debt-to-capital ratio net debt-to-net capital ratio ( less cash short-term investments ) decreased 2017 due to lower total debt outstanding higher common stockholders 2019 equity from changes in other comprehensive income.\n total debt-to-capital ratio net debt-to-net capital ratio less cash short-term investments increased 2016 due to lower common stockholders 2019 equity from share repurchases changes in other comprehensive income.\n operating cash flow from continuing operations-to-debt ratio increased 2017 due to lower debt current year.\n operating cash flow from continuing operations-to- debt ratio increased 2016 due to taxes paid 2015 on divestiture gains lower debt 2016.\n interest coverage ratio computed as earnings from continuing operations before income taxes plus interest expense divided by interest expense.\n increase in interest coverage in 2017 reflects lower interest expense current year.\n decrease in interest coverage in 2016 reflects lower pretax earnings due to divestiture gains of $ 1039 million in 2015 higher interest expense.\n april 2014 company entered into $ 3. 5 billion five- year revolving backup credit facility with banks replaced december 2010 $ 2. 75 billion facility.\n credit facility maintained to support general corporate purposes including commercial paper borrowing.\n company not incurred borrowings under this or previous facilities.\n credit facility contains no financial covenants not subject to termination based on change of credit rating material adverse changes.\n facility unsecured be accessed under various interest rate currency denomination alternatives at company 2019s option.\n fees to maintain facility are immaterial.\n company maintains universal shelf registration statement on file with sec\n\n( dollars in millions )           | 2015             | 2016             | 2017\n--------------------------------- | ---------------- | ---------------- | ----------------\ntotal assets                      | $ 22088          | 21732            | 19589\nlong-term debt                    | $ 4289           | 4051             | 3794\ncommon stockholders' equity       | $ 8081           | 7568             | 8718\ntotal debt-to-total capital ratio | 45.8% ( 45.8 % ) | 46.7% ( 46.7 % ) | 34.8% ( 34.8 % )\nnet debt-to-net capital ratio     | 31.3% ( 31.3 % ) | 31.3% ( 31.3 % ) | 15.4% ( 15.4 % )\noperating cash flow-to-debt ratio | 29.8% ( 29.8 % ) | 37.7% ( 37.7 % ) | 57.8% ( 57.8 % )\ninterest coverage ratio           | 20.2x            | 11.8x            | 12.6x"
}
{
    "_id": "dd4c4e62a",
    "title": "",
    "text": "goodwill and other intangible assets goodwill represents excess of purchase price over fair value of identifiable net assets acquired in business combination.\n company 2019s reporting units are operating segments.\n during second quarter of 2017  company completed scheduled annual assessment for goodwill impairment across eleven reporting units through quantitative analysis  utilizing discounted cash flow approach incorporates assumptions regarding future growth rates terminal values discount rates.\n two-step quantitative process involved comparing estimated fair value of each reporting unit to reporting unit 2019s carrying value  including goodwill.\n if fair value of reporting unit exceeds carrying value , goodwill reporting unit considered not to be impaired second step of impairment test is unnecessary.\n if carrying amount reporting unit exceeds fair value , second step of goodwill impairment test performed to measure amount of impairment loss to recorded  if.\n company 2019s goodwill impairment assessment for 2017 indicated estimated fair value of each reporting units exceeded carrying amount by significant margin.\n if circumstances change significantly company would also test reporting unit 2019s goodwill for impairment during interim periods between annual tests.\n no impairment of goodwill in any of years presented.\n in fourth quarter of 2017 , company sold equipment care business  was a reporting unit  goodwill associated with equipment care disposed of upon sale.\n no other events occurred during second half of 2017 indicated need to update company 2019s conclusions reached during second quarter of 2017.\n changes in carrying amount of goodwill for each of company 2019s reportable segments are as follows : global ( millions ) industrial institutional energy other total.\n( a ) relates to establishment life sciences reporting unit first quarter 2017  goodwill allocated to life sciences based on fair value allocation goodwill.\n life sciences reporting unit included in industrial reportable segment comprised of operations previously recorded in food & beverage and healthcare reporting units aggregated reported in global industrial and global institutional reportable segments.\n see note 17 for further information.\n ( b ) for 2017  company expects $ 79. 2 million goodwill related to businesses acquired tax deductible.\n for 2016, $ 3. 0 million goodwill related to businesses acquired expected tax deductible.\n ( c ) represents purchase price allocation adjustments for acquisitions deemed preliminary as end of prior year.\n ( d ) represents immaterial reclassifications of beginning balances to conform to current or prior year presentation due to customer reclassifications across reporting segments completed first quarter respective year.\n\n( millions )                             | global industrial | global institutional | global energy  | other          | total\n---------------------------------------- | ----------------- | -------------------- | -------------- | -------------- | ----------------\ndecember 31 2015                         | $ 2560.8          | $ 662.7              | $ 3151.5       | $ 115.8        | $ 6490.8\nsegment change ( a )                     | 62.7              | -62.7 ( 62.7 )       | -              | -              | -\ndecember 31 2015 revised                 | $ 2623.5          | $ 600.0              | $ 3151.5       | $ 115.8        | $ 6490.8\ncurrent year business combinations ( b ) | -                 | 3.1                  | 0.6            | -              | 3.7\nprior year business combinations ( c )   | 3.5               | -                    | 0.1            | -              | 3.6\nreclassifications ( d )                  | 3.5               | -0.6 ( 0.6 )         | -2.9 ( 2.9 )   | -              | -\neffect of foreign currency translation   | -45.5 ( 45.5 )    | -11.8 ( 11.8 )       | -55.7 ( 55.7 ) | -2.1 ( 2.1 )   | -115.1 ( 115.1 )\ndecember 31 2016                         | $ 2585.0          | $ 590.7              | $ 3093.6       | $ 113.7        | $ 6383.0\ncurrent year business combinations ( b ) | 123.4             | 403.7                | 8.1            | 63.9           | 599.1\nprior year business combinations ( c )   | -0.2 ( 0.2 )      | -                    | 0.3            | -              | 0.1\ndispositions                             | -                 | -                    | -              | -42.6 ( 42.6 ) | -42.6 ( 42.6 )\neffect of foreign currency translation   | 88.8              | 32.6                 | 101.7          | 4.4            | 227.5\ndecember 31 2017                         | $ 2797.0          | $ 1027.0             | $ 3203.7       | $ 139.4        | $ 7167.1"
}
{
    "_id": "dd4bd0e78",
    "title": "",
    "text": "liquidity capital resources table summarizes liquidity data dates indicated ( in thousands ) : december 31 .\n total debt 1 ) 3365687 1599695 current maturities 2 ) 68414 57494 capacity under credit facilities 3 ) 2550000 1947000 availability under credit facilities 3 ) 1019112 1337653 total liquidity ( cash and equivalents plus availability on credit facilities ) 1246512 1425050 1 ) debt amounts reflect gross values to be repaid ( excluding debt issuance costs of $ 23. 9 million and $ 15. 0 million as of december 31 , 2016 and 2015  ).\n 2 ) debt amounts reflect gross values repaid ( excluding debt issuance costs of $ 2. 3 million and $ 1. 5 million as of december 31 , 2016 and 2015  ).\n 3 ) includes revolving credit facilities  receivables securitization facility letters of credit.\n assess liquidity ability to fund operations provide for expansion through internal development acquisitions.\n primary sources of liquidity are cash flows from operations credit facilities.\n utilize cash flows from operations to fund working capital capital expenditures excess amounts towards funding acquisitions or paying down outstanding debt.\n pursued acquisitions growth strategy cash flows from operations not always sufficient to cover investing activities.\n to fund acquisitions accessed various forms of debt financing including revolving credit facilities  senior notes  receivables securitization facility.\n as of december 31 , 2016  had debt outstanding additional available sources of financing : 2022 senior secured credit facilities maturing in january 2021  term loans totaling $ 750 million ( $ 732. 7 million outstanding at december 31 , 2016 ) $ 2. 45 billion in revolving credit.36 billion outstanding at december 31 , 2016 ) bearing interest at variable rates portion debt hedged through interest rate swap contracts ) reduced by $ 72. 7 million amounts outstanding under letters of credit 2022 senior notes totaling $ 600 million  maturing may 2023 bearing interest at 4. 75% ( 4. 75 % ) fixed rate 2022 euro notes totaling $ 526 million ( 20ac500 million ) maturing april 2024 bearing interest at 3. 875% ( 3. 875 % ) fixed rate 2022 receivables securitization facility availability up to $ 100 million ( $ 100 million outstanding as of december 31 , 2016 ) maturing november 2019 bearing interest at variable commercial paper may undertake financing transactions to increase available liquidity january 2016 amendment to senior secured credit facilities issuance of 20ac500 million of euro notes in april 2016 november 2016 amendment to receivables securitization facility.\n rhiag acquisition catalyst for april issuance of 20ac500 million of euro notes.\n rhiag long term asset considered alternative financing options decided to fund portion of acquisition through issuance of long term notes.\n interest rates on rhiag's acquired debt ranged between 6. 45% ( 6. 45 % ) and 7. 25% ( 7. 25 % ).\n issuance of 20ac500 million of senior notes at rate of 3. 875% ( 3. 875 % ) to replace rhiag's borrowings with long term financing at favorable rates.\n refinancing provides financial flexibility long-term growth strategy freeing up availability under revolver.\n if attractive acquisition opportunity ability to use revolver to move quickly have certainty of funding.\n as of december 31 , 2016  approximately $ 1. 02 billion available under credit facilities.\n combined with approximately $ 227.4 million cash equivalents at december 31 , 2016  had approximately $ 1. 25 billion available liquidity decrease $ 178. 5 million from available liquidity as of december 31 , 2015.\n expect to use proceeds from sale of pgw's glass manufacturing business to pay down borrowings under revolving credit facilities increase available liquidity approximately $ 310 million when transaction closes.\n\n| december 31 2016 | december 31 2015\n------------------------------------------------------------------------------- | ---------------- | ----------------\ncash and equivalents                                                            | $ 227400         | $ 87397\ntotal debt ( 1 )                                                                | 3365687          | 1599695\ncurrent maturities ( 2 )                                                        | 68414            | 57494\ncapacity under credit facilities ( 3 )                                          | 2550000          | 1947000\navailability under credit facilities ( 3 )                                      | 1019112          | 1337653\ntotal liquidity ( cash and equivalents plus availability on credit facilities ) | 1246512          | 1425050"
}
{
    "_id": "dd4c2dccc",
    "title": "",
    "text": "company consolidates assets liabilities of several entities from it leases office buildings corporate aircraft.\n these entities determined to be variable interest entities company determined primary beneficiary of these entities.\n due to consolidation entities company reflects in balance sheet : property , plant equipment of $ 156 million and $ 183 million , other assets of $ 14 million and $ 12 million , long-term debt of $ 150 million ( including current maturities of $ 6 million ) and $ 192 million ( including current maturities of $ 8 million )  minority interest liabilities of $ 22 million and $ 6 million, other accrued liabilities of $ 1 million and $ 0, as of may 27 , 2007 and may 28 , 2006 , respectively.\n liabilities recognized result consolidating entities do not represent additional claims on general assets company.\n creditors entities have claims only on assets of specific variable interest entities.\n obligations commitments ongoing operations company enters into arrangements obligate company to make future payments under contracts debt agreements , lease agreements  unconditional purchase obligations (. obligations to transfer funds future for fixed minimum quantities of goods services at fixed minimum prices-or-pay contracts ).\n unconditional purchase obligation arrangements entered into by company in normal course of business in to ensure adequate levels of sourced product available to company.\n capital lease debt obligations  totaled $ 3. 6 billion at may 27 , 2007 , currently recognized as liabilities in company 2019s consolidated balance sheet.\n operating lease obligations unconditional purchase obligations  totaled $ 645 million at may 27 , 2007 , not recognized as liabilities in company 2019s consolidated balance sheet  in accordance with generally accepted accounting principles.\nsummary of company 2019s contractual obligations at end of fiscal 2007 ( including obligations discontinued operations ) :.\n company 2019s total obligations of approximately $ 4. 2 billion reflect decrease of approximately $ 237 million from 2019s 2006 fiscal year-end.\n decrease due primarily to reduction of lease obligations sale of packaged meats operations.\n company also contractually obligated to pay interest on long-term debt obligations.\n weighted average interest rate of long-term debt obligations outstanding as of may 27, 2007 was approximately 7. 2%.\n\n( $ in millions ) contractual obligations | ( $ in millions ) total | ( $ in millions ) less than 1 year | ( $ in millions ) 1-3 years | ( $ in millions ) 3-5 years | after 5 years\n----------------------------------------- | ----------------------- | ---------------------------------- | --------------------------- | --------------------------- | -------------\nlong-term debt                            | $ 3575.4                | $ 18.2                             | $ 48.5                      | $ 1226.9                    | $ 2281.8\nlease obligations                         | 456.6                   | 79.4                               | 137.3                       | 92.4                        | 147.5\npurchase obligations                      | 188.4                   | 57.5                               | 69.0                        | 59.0                        | 2.9\ntotal                                     | $ 4220.4                | $ 155.1                            | $ 254.8                     | $ 1378.3                    | $ 2432.2"
}
{
    "_id": "dd4bc3dea",
    "title": "",
    "text": "company files income tax returns in u.\n federal jurisdiction  various states foreign jurisdictions.\n with few exceptions company no longer subject to u.\n federal , state local or non-u. s.\n income tax examinations by tax authorities for years before 1999.\n anticipated examination for company 2019s.\n income tax returns for years 2002 through 2004 be completed by end of first quarter 2008.\n as of december 31 , 2007  irs has proposed adjustments to company 2019s tax positions for company fully reserved.\n payments relating to proposed assessments from 2002 through 2004 audit may not be made until final agreement reached between company and irs on assessments or final resolution from administrative appeals process or judicial action.\n in addition to.\n federal examination limited audit activity in several u. s.\n state and foreign jurisdictions.\n company expects liability for unrecognized tax benefits to change by insignificant amount during next 12 months.\n company adopted provisions of fasb interpretation no.\n 48 , 201caccounting for uncertainty in income taxes  201d on january 1 , 2007.\n result of implementation interpretation 48  company recognized immaterial increase in liability for unrecognized tax benefits accounted for as reduction to january 1, 2007 balance of retained earnings.\n reconciliation of beginning and ending amount of gross unrecognized tax benefits ( 201cutb 201d ) is as follows : ( millions ) federal , state  foreign tax.\n total amount of unrecognized tax benefits that if recognized would affect effective tax rate as of january 1 , 2007 and december 31 , 2007  respectively  are $ 261 million and $ 334 million.\n ending net utb results from adjusting gross balance at december 31 , 2007 for items federal , state  and non-u..\n deferred items , interest and penalties  deductible taxes.\n net utb included as components of accrued income taxes and other liabilities within consolidated balance sheet.\n company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense.\n at january 1 , 2007 and december 31, 2007, accrued interest and penalties gross basis were $ 65 million and $ 69 million , respectively.\n included in these interest and penalty amounts is interest penalties related to tax positions for which ultimate deductibility is highly certain but for uncertainty about timing of deductibility.\n of impact of deferred tax accounting disallowance of shorter deductibility period would not affect annual effective tax rate but accelerate payment of cash to taxing authority to earlier period.\n in 2007  company completed preparation and filing of 2006 u. s.\n federal and state income tax returns  not result in material changes to company 2019s financial position.\n in 2006  audit of company 2019s u. s.\n tax returns for years through 2001 completed.\n company and internal revenue service reached final settlement for these years including agreement on amount of refund claim to be filed by company.\n company resolved audits in certain european countries.\n in company completed preparation and filing of 2005 u.\n federal income tax return and corresponding 2005 state income tax returns.\n adjustments from amounts previously estimated in.\n federal and state income tax returns ( positive and negative ) included lower.\n taxes on dividends received from company's foreign subsidiaries.\n company made quarterly adjustments ( positive and negative ) to reserves for tax contingencies.\nconsidering developments noted above other factors  including impact on open audit years recent resolution of issues in various audits , reassessments resulted in reduction of reserves in 2006 by $ 149 million , inclusive of expected amount certain refund claims.\n in 2005  company announced intent to reinvest $ 1. 7 billion foreign earnings in united states pursuant to provisions american jobs creation act of 2004.\n act provided company opportunity to tax-\n\n( millions )                                                 | federal state and foreign tax\n------------------------------------------------------------ | -----------------------------\ngross utb balance at january 1 2007                          | $ 691\nadditions based on tax positions related to the current year | 79\nadditions for tax positions of prior years                   | 143\nreductions for tax positions of prior years                  | -189 ( 189 )\nsettlements                                                  | -24 ( 24 )\nreductions due to lapse of applicable statute of limitations | -20 ( 20 )\ngross utb balance at december 31 2007                        | $ 680\nnet utb impacting the effective tax rate at december 31 2007 | $ 334"
}
{
    "_id": "dd4bbe1b0",
    "title": "",
    "text": "areas exceeding 14. 1 million acres ( 5. 7 million hectares ).\n products and brand designations in are trademarks of international paper or related company.\n industry segment results industrial packaging demand for correlated with non-durable industrial goods production demand for processed foods poultry meat agricultural products.\n to prices volumes major factors affecting profitability of industrial packaging are raw material and energy costs freight costs manufacturing efficiency product mix.\n industrial packaging net sales and operating profits include results of temple-inland packaging operations from acquisition february 2012 and results brazil packaging business from acquisition january 2013.\n due to acquisition of majority share of olmuksa international paper ambalaj sanayi ticaret. now called olmuksan international paper net sales for corrugated packaging business in turkey included in business segment totals beginning first quarter of 2013 operating profits reflect higher ownership percentage than previous years.\n net sales for 2013 increased 12% ( 12 % ) to $ 14. 8 billion compared with $ 13. 3 billion in 2012 42% ( 42 % ) compared with $ 10. 4 billion in 2011.\n operating profits 69% ( 69 % ) higher in 2013 than 2012 and 57% ( 57 % ) higher than in 2011.\n excluding costs associated with acquisition and integration of temple-inland divestiture of three containerboard mills other special items operating profits in 2013 were 36% ( 36 % ) higher than 2012 and 59% ( 59 % ) higher than in 2011.\n benefits from impact of higher average sales price realizations unfavorable mix ( $ 749 million ) offset by lower sales volumes ( $ 73 million ) higher operating costs ( $ 64 million ) higher maintenance outage costs ( $ 16 million ) higher input costs ( $ 102 million ).\noperating profits in 2013 include costs $ 62 million with integration of temple-inland gain $ 13 million to bargain purchase adjustment on acquisition of majority share operations in turkey net gain of $ 1 million for other items operating profits 2012 included costs $ 184 million with acquisition and integration of temple-inland mill divestiture costs $ 91 million costs restructuring of european packaging business $ 17 million $ 3 million gain for other items.\n industrial packaging.\n north american industrial packaging net sales were $ 12. 5 billion in 2013 compared with $ 11. 6 billion in 2012 $ 8. 6 billion in 2011.\n operating profits in 2013 were $ 1. 8 billion ( including and excluding costs integration of temple-inland and other special items ) compared with $ 1. 0 billion ( $ 1. 3 billion excluding costs acquisition integration temple-inland and mill divestiture costs ) in 2012 and $ 1. 1 billion ( including excluding costs signing agreement to acquire temple-inland ) in 2011.\n sales volumes decreased in 2013 compared with 2012 reflecting flat demand for boxes impact of commercial decisions.\n average sales price realizations higher due to price increases for domestic containerboard and boxes.\n input costs higher for wood  energy recycled fiber.\n freight costs increased.\n planned maintenance downtime costs higher than 2012.\n manufacturing operating costs decreased offset by inflation higher overhead and distribution costs.\n business took about 850000 tons of total downtime in 2013 450000 were market- related and 400000 were maintenance downtime.\n in 2012 business took about 945000 tons of total downtime 580000 were market-related 365000 were maintenance downtime.\n operating profits 2013 included $ 62 million of costs integration of temple-inland.\noperating profits 2012 included $ 184 million costs with acquisition integration of temple-inland $ 91 million costs with divestiture of three containerboard mills.\n looking ahead to 2014 , compared with fourth quarter 2013, sales volumes first quarter expected to increase for boxes due to higher number shipping days offset by impact severe winter weather events impacting u. s.\n input costs expected higher for energy recycled fiber  wood starch.\n planned maintenance downtime spending expected about $ 51 million higher with outages scheduled at six mills compared with four mills in 2013 fourth quarter.\n manufacturing operating costs expected to be lower.\n operating profits negatively impacted by adverse winter weather first quarter of 2014.\n emea industrial packaging net sales in 2013 include sales packaging operations in turkey now fully consolidated.\n net sales were $ 1. 3 billion in 2013 compared with $ 1. 0 billion in 2012 $ 1. 1 billion in 2011.\n operating profits 2013 were $ 43 million ( $ 32\n\nin millions      | 2013    | 2012    | 2011\n---------------- | ------- | ------- | -------\nsales            | $ 14810 | $ 13280 | $ 10430\noperating profit | 1801    | 1066    | 1147"
}
{
    "_id": "dd4bc15d6",
    "title": "",
    "text": "entergy new orleans , inc.\n management 2019s financial discussion analysis plan to spin off utility 2019s transmission business see 201cplan to spin off utility 2019s transmission business 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis for matter including planned retirement of debt and preferred securities.\n results operations net income 2011 compared to 2010 net income increased $ 4. 9 million due to lower operation maintenance expenses  lower taxes income taxes lower effective income tax rate lower interest expense  offset by lower net revenue.\n 2010 compared to 2009 net income remained unchanged increasing $ 0. 6 million  due to higher net revenue lower interest expense offset by higher operation maintenance expenses higher taxes income taxes lower other income higher depreciation amortization expenses.\n net revenue 2011 compared to 2010 net revenue consists of operating revenues net of 1 fuel , fuel-related expenses  gas purchased for resale  2 purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2011 to 2010.\n amount ( in millions ).\n retail electric price variance due to formula rate plan decreases effective october 2010 october 2011.\n see note 2 to financial statements for discussion formula rate plan filing.\n net gas revenue variance due to milder weather in 2011 compared 2010.\n gas cost recovery asset variance due to recognition in 2010 of $ 3 million gas operations regulatory asset associated with settlement of entergy new orleans 2019s electric and gas formula rate plan case amortization of asset.\n see note 2 to financial statements for additional discussion of formula rate plan settlement.\n\n| amount ( in millions )\n----------------------- | ----------------------\n2010 net revenue        | $ 272.9\nretail electric price   | -16.9 ( 16.9 )\nnet gas revenue         | -9.1 ( 9.1 )\ngas cost recovery asset | -3.0 ( 3.0 )\nvolume/weather          | 5.4\nother                   | -2.3 ( 2.3 )\n2011 net revenue        | $ 247.0"
}
{
    "_id": "dd4c4ed78",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion analysis commissions fees consolidated statements earnings were $ 3. 20 billion for 2018 , 5% ( 5 % ) higher than 2017  reflecting increase in listed cash equity futures volumes consistent with market volumes.\n market making revenues consolidated earnings were $ 9. 45 billion for 2018 , 23% ( 23 % ) higher than 2017  due to higher revenues in equity products interest rate products commodities.\n increases offset by lower results in mortgages lower revenues in credit products.\n other principal transactions revenues earnings were $ 5. 82 billion for 2018  2% ( 2 % ) lower than 2017 reflecting net losses from investments in public equities compared with net gains prior year offset by higher net gains from investments in private equities driven by company-specific events sales corporate performance.\n net interest income.\n consolidated earnings was $ 3. 77 billion for 2018 , 28% ( 28 % ) higher than 2017  increase interest income due to impact of higher interest rates on collateralized agreements  other interest-earning assets deposits with banks increases in total average loans receivable financial instruments owned  higher yields on financial instruments owned loans receivable.\n increase in interest income partially offset by higher interest expense due to impact of higher interest rates on other interest-bearing liabilities  collateralized financings deposits long-term borrowings increases in total average long-term borrowings deposits.\n see 201cstatistical disclosures 2014 distribution of assets  liabilities shareholders 2019 equity 201d for further information sources of net interest income.\n 2017 versus 2016 net revenues consolidated statements earnings were $ 32.73 billion for 2017  6% ( 6 % ) higher than 2016 due to higher other principal transactions revenues higher investment banking revenues  investment management revenues net interest income.\n increases partially offset by lower market making revenues lower commissions and fees.\n non-interest revenues.\n investment banking revenues consolidated statements earnings were $ 7. 37 billion for 2017  18% ( 18 % ) higher than 2016.\n revenues in financial advisory higher compared with 2016  reflecting increase in completed mergers and acquisitions transactions.\n revenues in underwriting higher compared with 2016 due to higher revenues in debt underwriting increase industry-wide leveraged finance activity equity underwriting  increase in industry-wide secondary offerings.\n investment management revenues consolidated earnings were $ 5. 80 billion for 2017 7% ( 7 % ) higher than 2016 due to higher management and other fees higher average assets under supervision higher transaction revenues.\n commissions and fees in consolidated statements earnings were $ 3. 05 billion for 2017 5% ( 5 % ) lower than 2016  reflecting decline in listed cash equity volumes.\n market volumes.\n declined.\n market making revenues in consolidated statements earnings were $ 7. 66 billion for 2017  23% ( 23 % ) lower than 2016 due to lower revenues in commodities currencies  credit products  interest rate products equity derivative products.\n results partially offset by higher revenues in equity cash products improved results in mortgages.\n other principal transactions revenues in consolidated statements earnings were $ 5. 91 billion for 2017  75% ( 75 % ) higher than 2016  reflecting significant increase in net gains from private equities positively impacted by company-specific events corporate performance.\nnet gains from public equities higher as global equity prices increased year.\n net interest income.\n in consolidated statements of earnings was $ 2. 93 billion for 2017 , 13% ( 13 % ) higher than 2016  reflecting increase interest income due to higher interest rates on collateralized agreements higher interest income from loans receivable due to higher yields increase in total average loans receivable increase in total average financial instruments owned impact of higher interest rates on other interest-earning assets and deposits with banks.\n increase in interest income partially offset by higher interest expense due to impact higher interest rates on other interest-bearing liabilities increase in total average long-term borrowings impact of higher interest rates on interest-bearing deposits short-term borrowings collateralized financings.\n see 201cstatistical disclosures 2014 distribution of assets  liabilities shareholders 2019 equity 201d for information about sources of net interest income.\n provision for credit losses provision consists of provision for credit losses on loans receivable lending commitments for investment.\n see note 9 to consolidated financial statements for information about provision for credit losses.\n table below presents provision for credit losses.\n goldman sachs 2018 form 10-k 53\n\n$ in millions               | year ended december 2018 | year ended december 2017 | year ended december 2016\n--------------------------- | ------------------------ | ------------------------ | ------------------------\nprovision for credit losses | $ 674                    | $ 657                    | $ 182"
}
{
    "_id": "dd4ba302c",
    "title": "",
    "text": "results operations year ended december 31 2018 compared to 2017 net revenues increased $ 203. 9 million  or 4. 1% ( 4. 1 % )  to $ 5193. 2 million in 2018 from $ 4989. 2 million 2017.\n net revenues by product category summarized.\n increase net sales driven by 2022 apparel unit sales growth train category 2022 footwear unit sales growth led by run category.\n increase offset by sales decline in accessories.\n license revenues increased $ 8. 2 million  or 7. 0% ( 7. 0 % ) to $ 124. 8 million in 2018 from $ 116. 6 million 2017.\n connected fitness revenue increased $ 18. 5 million  or 18. 1% ( 18. 1 % ) to $ 120. 4 million in 2018 from $ 101. 9 million 2017 driven by increased subscribers on fitness applications.\n gross profit increased $ 89. 1 million to $ 2340. 5 million in 2018 from $ 2251. 4 million in 2017.\n gross profit percentage of net revenues margin unchanged at 45. 1% ( 45. 1 % ) in 2018 compared to 2017.\n gross profit percentage impacted by lower promotional activity improvements product cost lower air freight higher proportion international and connected fitness revenue changes in foreign currency impacts offset by channel mix higher sales to off-price channel restructuring related charges.\n exception improvements product input costs air freight improvements not expect trends to material impact on full year 2019.\n selling  general and administrative expenses increased $ 82. 8 million to $ 2182. 3 million in 2018 from $ 2099. 5 million in 2017.\n net revenues general administrative expenses decreased slightly to 42. 0% ( 42. 0 % ) in 2018 from 42. 1% ( 42. 1 % ) in 2017.\n selling general administrative expense impacted by 2022 marketing costs decreased $ 21.3 million to $ 543. 8 million in 2018 from $ 565. 1 million 2017.\n decrease due to restructuring efforts lower compensation contractual sports marketing.\n decrease offset by higher costs brand marketing campaigns increased marketing investments growth international business.\n net revenues marketing costs decreased to 10. 5% (. 5 % ) in 2018 from 11. 3% (. 3 % ) 2017.\n 2022 other costs increased $ 104. 1 million to $ 1638. 5 million in 2018 from $ 1534. 4 million in 2017.\n increase due to higher incentive compensation expense higher costs for expansion of direct to consumer distribution channel international business.\n net revenues other costs increased to 31. 6% ( 31. 6 % ) in 2018 from 30. 8% ( 30. 8 % ) in 2017.\n restructuring and impairment charges increased $ 59. 1 million to $ 183. 1 million from $ 124. 0 million in 2017.\n restructuring plans section.\n income ( loss ) from operations decreased $ 52. 8 million  or 189. 9% ( 189. 9 % ) to loss $ 25. 0 million in 2018 from income $ 27. 8 million in 2017.\n net revenues income from operations decreased to loss of 0. 4% ( 0. 4 % ) in 2018 from income 0. 5% ( 0. 5 % ) in 2017.\n income from operations year ended december 31, 2018 negatively impacted by $ 203. 9 million of restructuring  impairment related charges with 2018 restructuring plan.\n income from operations year ended december 31, 2017 negatively impacted by $ 129. 1 million of restructuring  impairment related charges 2017 restructuring plan.\n net decreased $ 0. 9 million to $ 33. 6 million in 2018 from $ 34. 5 million in 2017.\n\n( in thousands )   | year ended december 31 , 2018 | year ended december 31 , 2017 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n------------------ | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\napparel            | $ 3462372                     | $ 3287121                     | $ 175251                          | 5.3% ( 5.3 % )\nfootwear           | 1063175                       | 1037840                       | 25335                             | 2.4\naccessories        | 422496                        | 445838                        | -23342 ( 23342 )                  | -5.2 ( 5.2 )\ntotal net sales    | 4948043                       | 4770799                       | 177244                            | 3.7\nlicense            | 124785                        | 116575                        | 8210                              | 7.0\nconnected fitness  | 120357                        | 101870                        | 18487                             | 18.1\ntotal net revenues | $ 5193185                     | $ 4989244                     | $ 203941                          | 4.1% ( 4.1 % )"
}
{
    "_id": "dd4c1f7f8",
    "title": "",
    "text": "2022 secondary market same store communities are generally communities in markets with populations more than 1 million but less than 1% ( 1 % ) of total public multifamily reit units or markets populations less than 1 million we owned and stabilized for at least full 12 months.\n 2022 non-same store communities other includes recent acquisitions , communities in development or lease-up , communities identified for disposition  communities undergone significant casualty loss.\n included in non-same store communities are non-multifamily activities.\n on first day of each calendar year  we determine composition of same store operating segments for year adjust previous year to evaluate full period-over-period operating comparisons.\n apartment community in development or lease-up is added to same store portfolio on first day of calendar year after owned and stabilized for at least full 12 months.\n communities considered stabilized after achieving 90% ( 90 % ) occupancy for 90 days.\n communities identified for disposition are excluded from same store portfolio.\n all properties acquired from post properties in merger remained in non-same store other operating segment during 2017 as properties were recent acquisitions not owned and stabilized for at least 12 months as of january 1 , 2017.\n for additional information regarding operating segments see note 14 to consolidated financial statements in annual report on form 10-k.\n acquisitions growth strategies is to acquire apartment communities in various large or secondary markets primarily throughout southeast and southwest regions of united states.\n acquisitions  with dispositions help achieve maintain desired product mix , geographic diversification and asset allocation.\n portfolio growth allows for maximizing efficiency of existing management and overhead structure.\n extensive experience in acquisition of multifamily communities.\n will continue to evaluate opportunities utilize this strategy to increase number of apartment communities in strong and growing markets.\nacquired apartment communities during year ended december 31 , 2017:.\n dispositions we sell apartment communities and other assets no longer meet long-term strategy or when market conditions favorable  redeploy proceeds from sales to acquire , develop redevelop additional apartment communities rebalance portfolio across within geographic regions.\n dispositions allow us to realize portion of value created through investments provide additional liquidity.\n able to redeploy net proceeds from dispositions in lieu of raising additional capital.\n in deciding to sell apartment community consider current market conditions solicit competing bids from unrelated parties for individual assets considering sales price other key terms of each proposal.\n consider portfolio dispositions when structure useful to maximize proceeds efficiency of execution.\n during year ended december 31 , 2017  disposed of five multifamily properties totaling 1760 units four land parcels totaling approximately 23 acres.\n development part of growth strategy invest in limited number of development projects.\n development activities may be conducted through wholly-owned affiliated companies or joint ventures with unaffiliated parties.\n fixed price construction contracts signed with unrelated parties to minimize construction risk.\n typically manage leasing portion of project as units become available for lease.\n may engage in limited expansion development opportunities on existing communities in we typically serve as developer.\n seek opportunistic new development investments offering attractive long-term investment returns intend to maintain total development commitment modest in relation to total balance sheet and investment portfolio.\n during year ended december 31 , 2017  incurred $ 170. 1 million in development costs completed 7 development projects.\n\ncommunity            | market       | units | closing date\n-------------------- | ------------ | ----- | ----------------\ncharlotte at midtown | nashville tn | 279   | march 16 2017\nacklen west end      | nashville tn | 320   | december 28 2017"
}
{
    "_id": "dd4c2ed52",
    "title": "",
    "text": "breakdown of aes 2019s gross margin for years ended december 31 , 2000 and 1999 based on geographic region earned set below.\n includes venezuela and colombia.\n selling  general and administrative expenses increased $ 11 million  or 15% ( 15 % )  to $ 82 million in 2000 from $ 71 million in 1999.\n general administrative expenses percentage of revenues remained constant at 1% ( 1 % ) in 2000 and 1999.\n increase due to increase in business development activities.\n interest expense net expense increased $ 506 million or 80% ( 80 % ), to $ 1. 1 billion in 2000 from $ 632 million in 1999.\n interest expense percentage of revenues remained constant at 15% ( 15 % ) in 2000 and 1999.\n interest expense increased due to interest new businesses including drax  tiete  cilcorp edc additional corporate interest costs from senior debt and convertible securities issued past two years.\n other income net income increased $ 16 million  or 107% ( 107 % ) to $ 31 million in 2000 from $ 15 million in 1999.\n income includes foreign currency transaction gains and losses other non-operating income.\n increase in income due primarily to favorable legal judgment and sale of development projects.\n severance transaction costs during fourth quarter of 2000 company incurred approximately $ 79 million of transaction and contractual severance costs related to acquisition of ipalco.\n gain on sale of assets during 2000 ipalco sold certain assets ( 2018 2018thermal assets 2019 ) for approximately $ 162 million.\n transaction resulted in gain to company of approximately $ 31 million.\n net proceeds $ 88 million used to retire debt assignable to thermal assets.\n during 1999 company recorded $ 29 million gain ( before extraordinary loss ) from buyout of long-term power sales agreement at placerita.\ncompany received gross proceeds $ 110 million offset by transaction related costs $ 19 million impairment loss of $ 62 million to reduce carrying value of electric generation assets to estimated fair value after termination of contract.\n estimated fair value determined by independent appraisal.\n concurrent with buyout of power sales agreement , company repaid related non-recourse debt prior to scheduled maturity recorded extraordinary loss of $ 11 million , net of income taxes.\n\nnorth america | 2000 $ 844 million | % (  % ) of revenue 25% ( 25 % ) | 1999 $ 649 million | % (  % ) of revenue 32% ( 32 % ) | % (  % ) change 30% ( 30 % )\n------------- | ------------------ | -------------------------------- | ------------------ | -------------------------------- | ----------------------------\nsouth america | $ 416 million      | 36% ( 36 % )                     | $ 232 million      | 28% ( 28 % )                     | 79% ( 79 % )\ncaribbean*    | $ 226 million      | 21% ( 21 % )                     | $ 75 million       | 24% ( 24 % )                     | 201% ( 201 % )\neurope/africa | $ 371 million      | 29% ( 29 % )                     | $ 124 million      | 29% ( 29 % )                     | 199% ( 199 % )\nasia          | $ 138 million      | 22% ( 22 % )                     | $ 183 million      | 37% ( 37 % )                     | ( 26% ( 26 % ) )"
}
{
    "_id": "dd4c1adf2",
    "title": "",
    "text": "e s 2 0 0 0 f i n a n c i a l r e v i e w in may 2000 subsidiary company acquired additional 5% ( 5 % ) of preferred non-voting shares of eletropaulo for approximately $ 90 million.\n in january 2000 , 59% ( 59 % ) of preferred non-voting shares acquired for approximately $ 1 billion at auction from bndes , national development bank of brazil.\n price at auction was approximately $ 72. 18 per 1000 shares paid in four annual installments with payment of 18. 5% ( 18. 5 % ) of total price upon closing transaction and installments of 25. 9% ( 25. 9 % ), 27. 1% ( 27. 1 % ) and 28. 5% ( 28. 5 % ) of total price to paid annually.\n at december 31 , 2000  company had total economic interest of 49. 6% ( 49. 6 % ) in eletropaulo.\n company accounts for investment using equity method based on related consortium agreement allows exercise significant influence.\n august 2000  subsidiary company acquired 49% ( 49 % ) interest in songas limited for $ 40 million.\n songas limited owns songo songo gas-to-electricity project in tanzania.\n project management agreement company assumed overall project management responsibility.\n project consists of refurbishment operation of five natural gas wells in coastal tanzania  construction operation of 65 mmscf/day gas processing plant related facilities construction of 230 km marine and land pipeline from gas plant to dar es salaam conversion and upgrading of existing 112 mw power station in dar es salaam to burn natural gas optional additional unit to be constructed at plant.\n project currently under construction  no rev- enues or expenses incurred no results shown in following table.\n in december 2000  subsidiary of company with edf international s.a.\n ( 201cedf 201d ) completed acquisition of additional 3. 5% ( 3. 5 % ) interest in light from two sub- sidiaries of reliant energy for approximately $ 136 mil- lion.\n acquisition  company acquired 30% ( 30 % ) of shares edf acquired remainder.\n with completion transaction company owns approximately 21. 14% ( 21. 14 % ) of light.\n in december 2000 , subsidiary of company entered agreement with edf to jointly acquire additional 9. 2% ( 9. 2 % ) interest in light  held by sub- sidiary of companhia siderurgica nacional ( 201ccsn 201d ).\n transaction company acquired additional 2. 75% ( 2. 75 % ) interest in light for $ 114. 6 million.\n transaction closed in january 2001.\n following purchase of light shares previously owned by csn , aes and edf will be con- trolling shareholders of light and eletropaulo.\n aes and edf agreed that aes will take operational control of eletropaulo and telecom businesses of light and eletropaulo , edf will take opera- tional control of light and eletropaulo 2019s electric workshop business.\n aes and edf intend to continue pursue fur- ther rationalization of ownership stakes in light and eletropaulo, result aes would become sole controlling shareholder of eletropaulo and edf would become sole controlling shareholder of light.\n upon consummation of transaction  aes will begin consolidating eletropaulo 2019s operating results.\n struc- ture and process rationalization and resulting timing  to deter mined likely subject to approval by brazilian regulatory authorities and third parties.\n no assurance that rationalization will take place.\nmay 1999  subsidiary company acquired subscription rights from brazilian state eletrobras allowed purchase preferred non- voting shares in eletropaulo and common shares in light.\n aggregate purchase price of subscription rights underlying shares in light eletropaulo was approximately $ 53 million and $ 77 million  represented 3. 7% (. 7 % ) and 4. 4% (. % ) economic ownership interest in capital stock.\n following table presents summarized financial information ( in millions ) for company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using equity method:.\n\nas of and for the years ended december 31, | 2000   | 1999   | 1998\n------------------------------------------ | ------ | ------ | ------\nrevenues                                   | $ 6241 | $ 5960 | $ 8091\noperating income                           | 1989   | 1839   | 2079\nnet income                                 | 859    | 62     | 1146\ncurrent assets                             | 2423   | 2259   | 2712\nnoncurrent assets                          | 13080  | 15359  | 19025\ncurrent liabilities                        | 3370   | 3637   | 4809\nnoncurrent liabilities                     | 5927   | 7536   | 7356\nstockholder's equity                       | 6206   | 6445   | 9572"
}
{
    "_id": "dd4c34978",
    "title": "",
    "text": "492010 annual report consolidation 2013 effective february 28 , 2010  company adopted fasb amended guidance for con- solidation.\n guidance clarifies scope of decrease in ownership provisions applies to : i ) subsidiary or group of assets business or nonprofit activity ; ( ii ) subsidiary business or nonprofit activity transferred to equity method investee or joint venture ; and ( iii ) exchange of group of assets business or nonprofit activ- ity for noncontrolling interest in entity ( including equity method investee or joint venture ).\n guidance expands disclosures about deconsolidation of subsidiary or derecognition of group of assets within scope of guidance.\n adoption of guidance not material impact on company 2019s consolidated financial statements.\n 3. acquisitions : acquisition of bwe 2013 on december 17, 2007  company acquired all issued and outstanding capital stock of beam wine estates , inc.\n ( 201cbwe 201d ) indirect wholly-owned subsidiary of fortune brands , inc. together with bwe 2019s subsidiaries : atlas peak vineyards  inc. buena vista winery , inc. clos du bois , inc. gary farrell wines , inc.\n and peak wines international , inc.\n 201cbwe acquisition 201d ).\n result of bwe acquisition  company acquired.\n wine portfolio of fortune brands , inc. including certain wineries , vineyards or inter- ests in state of california  various super-premium and fine california wine brands including clos du bois and wild horse.\n bwe acquisition sup- ports company 2019s strategy of strengthening portfolio with fast-growing super-premium and above wines.\nbwe acquisition strengthens company 2019s position as leading wine company in world leading premium wine company in u.\n total consideration paid in cash was $ 877. 3 million.\n company incurred direct acquisition costs of $ 1. 4 million.\n purchase price financed with net proceeds from company 2019s december 2007 senior notes note 11 ) and revolver borrowings under company 2019s june 2006 credit agreement  amended in february 2007 and november 2007 note 11 ).\n with purchase method of accounting acquired net assets recorded at fair value at date of acquisition.\n purchase price based on estimated future operating results of bwe business including factors described above.\n in june 2008  company sold certain businesses several california wineries and wine brands acquired in bwe acquisition  certain wineries and wine brands from states of washington and idaho ( collectively 201cpacific northwest business 201d ) see note 7 ).\n results of operations of bwe business reported in constellation wines segment included in consolidated results of operations company from date of acquisition.\n table summarizes fair values of assets acquired and liabilities assumed in bwe acquisition at date of acquisition.\n ( in millions ) current assets $ 288. 4 property , plant and equipment 232. 8.\n other assets 30. 2 total assets acquired 983. 9 current liabilities 103. 9 long-term liabilities 1. 3 total liabilities assumed 105. 2 net assets acquired $ 878. 7 trademarks not subject to amortization.\n all goodwill expected to be deductible for tax purposes.\n acquisition of svedka 2013 on march 19 , 2007  company acquired svedka vodka brand ( 201csvedka 201d ) in connection with acquisition of spirits marque one llc and related business ( 201csvedka acquisition 201d ).\nsvedka is a premium swedish vodka.\n at time of acquisition  svedka acquisition supported company 2019s strategy of expanding company 2019s premium spirits business provided foundation company to leverage existing and future premium spirits portfolio for growth.\n svedka complemented company 2019s existing portfolio of super-premium and value vodka brands by adding a premium vodka brand.\n total consideration paid in cash for svedka acquisition was $ 385. 8 million.\n company incurred direct acquisition costs of $ 1. 3 million.\n pur- chase price financed with revolver borrowings under company 2019s june 2006 credit agreement, as amended in february 2007.\n in accordance with purchase method of accounting acquired net assets are recorded at fair value at date of acquisition.\n purchase price based primarily on estimated future operating results of svedka business  including factors described.\n results of operations of svedka business reported in constellation wines segment and included in consolidated results of operations company from date of acquisition.\n\ncurrent assets               | $ 288.4\n---------------------------- | -------\nproperty plant and equipment | 232.8\ngoodwill                     | 334.6\ntrademarks                   | 97.9\nother assets                 | 30.2\ntotal assets acquired        | 983.9\ncurrent liabilities          | 103.9\nlong-term liabilities        | 1.3\ntotal liabilities assumed    | 105.2\nnet assets acquired          | $ 878.7"
}
{
    "_id": "dd4c4ad90",
    "title": "",
    "text": "evaluation of accounts receivable aging  specifi c expo- sures historical trends.\n inventory we state our inventory at lower of cost or fair market value  cost determined on fi rst-in , fi rst-out ( fifo ) method.\n believe fifo matches fl ow of our products from manufacture through sale.\n reported net value of inventory includes saleable products , promotional products raw materials com- ponentry and work in process sold or used in future periods.\n inventory cost includes raw materials  direct labor overhead.\n we record inventory obsolescence reserve  represents difference between cost of inventory and estimated realizable value based on product sales projections.\n reserve is calcu- lated using estimated obsolescence percentage applied to inventory based on age  historical trends requirements to support forecasted sales.\n in necessary may establish specifi c reserves for future known or anticipated events.\n pension other post-retirement benefit costs offer following benefi ts to some or all employees : domestic trust-based noncontributory qual- ifi ed defi ned benefi t pension plan ( 201cu.\n qualifi ed plan 201d ) unfunded , non-qualifi ed domestic noncontributory pension plan to provide benefi ts in excess of statutory limitations.\n plan 201cdomestic plans 201d ) ; domestic contributory defi ned con- tribution plan ; international pension plans  vary by country defi ned benefi t and defi contribution pension plans ; deferred compensation arrange- ments ; certain other post-retirement benefi t plans.\n amounts needed to fund future payouts under these plans subject to numerous assumptions and variables.\n certain variables require us to make assumptions within our control antici- pated discount rate  expected rate of return on plan assets future compensation levels.\nevaluate assumptions with actuarial advisors believe within accepted industry ranges increase or decrease in assumptions or economic events outside control could impact on reported net earnings.\n pre-retirement discount rate for each plan for determining future net periodic benefi t cost based on review of highly rated long-term bonds.\n for scal 2008 used pre-retirement discount rate for domestic plans of 6. 25% ( 6. 25 % ) varying rates on international plans of between 2. 25% ( 2. 25 % ) and 8. 25% ( 8. 25 % ).\n pre-retirement rate for domestic plans based on bond portfolio includes long-term bonds with aa rating or equivalent from major rating agency.\n believe timing and amount of cash fl ows related to bonds portfolio expected to match esti mated defi benefi t payment streams of domestic plans.\n for scal 2008 used expected return on plan assets of 7. 75% ( 7. 75 % ) for.\n qualifi ed plan varying rates of between 3. 00% ( 3. 00 % ) and 8. 25% ( 8. 25 % ) for international plans.\n determining long-term rate of return for plan consider historical rates of return nature of plan 2019s investments expectation for plan 2019s investment strategies.\n.\n plan asset alloca- tion as of june 30 , 2008 was approximately 40% ( 40 % ) equity investments 42% ( 42 % ) debt securities 18% ( 18 % ) other invest- ments.\n asset allocation of combined international plans as of june 30 , 2008 was approximately 45% ( 45 % ) equity investments  38% ( 38 % ) debt securities 17% ( 17 % ) other invest- ments.\n difference between actual and expected return on plan assets reported as component of accumulated other comprehensive income.\ngains/losses subject to amortization over future periods recog- nized as component of net periodic benefi t cost in future periods.\n for fi scal 2008  pension plans had negative return on assets of $ 19. 3 million compared with expected return on assets of $ 47. 0 million  resulted in net deferred loss of $ 66. 3 million  approximately $ 34 million subject to amortiza- tion over approximately 8 to 16 years.\n actual negative return on assets related to performance of equity markets during past fi scal year.\n 25 basis-point change in discount rate or expected rate of return on plan assets would effect on fi scal 2008 pension expense : 25 basis-point 25 basis-point increase decrease ( in millions ).\n post-retirement plans comprised of health care plans could be impacted by health care cost trend rates may signifi cant effect on amounts reported.\n one-percentage-point change in assumed health care cost trend rates for fi scal 2008 would following effects : est{e lauder companies inc.\n 57 66732es_fin 5766732es_fin 57 9/19/08 9:21:34 pm9/19/08\n\n( in millions )           | 25 basis-point increase | 25 basis-point decrease\n------------------------- | ----------------------- | -----------------------\ndiscount rate             | $ -2.0 ( 2.0 )          | $ 2.5\nexpected return on assets | $ -1.7 ( 1.7 )          | $ 1.7"
}
{
    "_id": "dd4bd3790",
    "title": "",
    "text": "performance graph shows five-year cumulative total stockholder return on applied common stock period from october 31 , 2010 through october 25 , 2015.\n compared with cumulative total return of standard & poor 2019s 500 stock index and rdg semiconductor composite index over same period.\n comparison assumes $ 100 invested on october 31 , 2010 in applied common stock and each foregoing indices assumes reinvestment of dividends if.\n dollar amounts in graph rounded to nearest whole dollar.\n performance represents past performance not indication of future performance.\n comparison of 5 year cumulative total return* among applied materials , inc. s&p 500 index rdg semiconductor composite index *assumes $ 100 invested on 10/31/10 in stock or index including reinvestment of dividends.\n indexes calculated on month-end basis.\n 201cs&p 201d is registered trademark of standard & poor 2019s financial services llc  subsidiary of mcgraw-hill companies , inc.\n dividends during fiscal 2015 and 2014  applied's board of directors declared four quarterly cash dividends of $ 0. 10 per share.\n during fiscal 2013  board of directors declared three quarterly cash dividends of $ 0. 10 per share one quarterly cash dividend of $ 0. 09 per share.\n dividends paid during fiscal 2015 , 2014 and 2013 amounted to $ 487 million , $ 485 million and $ 456 million.\n applied anticipates cash dividends will continue to be paid quarterly basis declaration of future cash dividend at discretion of board of directors on applied 2019s financial condition  results of operations  capital requirements  business conditions other factors determination by board directors cash dividends in best interests of applied 2019s stockholders.\n136 10/31/10 10/30/11/28/12/27/13/26/14 10/25/15 applied materials.\n s&p 500 rdg semiconductor composite\n\n| 10/31/2010 | 10/30/2011 | 10/28/2012 | 10/27/2013 | 10/26/2014 | 10/25/2015\n--------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\napplied materials                 | 100.00     | 104.54     | 90.88      | 155.43     | 188.13     | 150.26\ns&p 500 index                     | 100.00     | 108.09     | 124.52     | 158.36     | 185.71     | 195.37\nrdg semiconductor composite index | 100.00     | 110.04     | 104.07     | 136.15     | 172.41     | 170.40"
}
{
    "_id": "dd4c2d13c",
    "title": "",
    "text": "accounting pronouncements see note 1 accounting policies in notes to consolidated financial statements item 8 for additional information on recent accounting pronouncements relevant to our business description of new pronouncement required date adoption planned date adoption expected impact on consolidated financial statements.\n pronouncements issued by fasb unless noted.\n issued in 2007 : 2022 sfas 141 ( r )  201cbusiness combinations 201d 2022 sfas 160 , 201caccounting reporting of noncontrolling interests in consolidated financial statements amendment of arb no.\n 51 2022 november 2007  sec issued staff accounting bulletin no.\n 109 , 2022 june 2007  aicpa issued statement of position 07-1  201cclarification of scope of audit and accounting guide 201cinvestment companies accounting by parent companies equity method investors for investments investment companies. fasb issued final fsp in february 2008 delays effective date of aicpa sop 07-1.\n 2022 fasb staff position no.\n ( 201cfsp 201d ) fin 46 ( r ) 7  201capplication of fasb interpretation no.\n 46 ( r ) to investment companies 2022 fsp fin 48-1  201cdefinition of settlement in fasb interpretation ( 201cfin 201d ) no.\n 48 201d 2022 sfas 159 , fair value option for financial assets financial liabilities 2013 amendment of fasb statement no.\n 115 issued during 2006 : 2022 sfas 158 , 201cemployers 2019 accounting for defined benefit pension postretirement benefit plans 2013 amendment of fasb statements no.\n 87 , 88 , 106 132 ( r ) 201csfas 158 2022 sfas 157  201cfair value measurements 201d 2022 fin 48  201caccounting for uncertainty in income taxes 2013 interpretation of fasb statement no.\n109 201d 2022 fsp fas 13-2 , 201caccounting for change projected change in timing cash flows income taxes leveraged lease transaction 201d 2022 sfas 156 , 201caccounting for servicing financial assets 2013 amendment of fasb statement no.\n 140 201d 2022 sfas 155 , 201caccounting for hybrid financial instruments 2013 amendment of fasb statements no.\n 133 140 201d 2022 emerging issues task force ( 201ceitf 201d ) fasb issued eitf issue 06-4, 201caccounting for deferred compensation postretirement benefit aspects endorsement split-dollar life insurance arrangements 201d status defined benefit pension plan noncontributory  qualified defined benefit pension plan ( 201cplan 201d or 201cpension plan 201d ) covering eligible employees.\n benefits derived from cash balance formula based on compensation levels age length of service.\n pension contributions based on actuarially determined amount necessary to fund total benefits payable to plan participants.\n consistent investment strategy plan assets approximately 60% ( 60 % ) invested in equity investments remainder invested in fixed income instruments.\n plan fiduciaries determine review plan 2019s investment policy.\n calculate expense pension plan accordance with sfas 87 , 201cemployers 2019 accounting for pensions , 201d use assumptions methods compatible with requirements sfas 87 policy of reflecting trust assets at fair market value.\n annual basis review actuarial assumptions related pension plan including discount rate  rate of compensation increase expected return on plan assets.\n neither discount rate nor compensation increase assumptions affects pension expense.\n expected long-term return on assets assumption affect pension expense.\n expected long-term return on plan assets for determining net periodic pension cost for 2007 was 8. 25% ( 8. 25 % ) unchanged from 2006.\ncurrent accounting rules difference between expected long-term returns and actual returns accumulated amortized to pension expense over future periods.\n each one percentage point difference in actual return expected return causes expense subsequent years change by up to $ 4 million impact amortized into results operations.\n table below reflects estimated effects on pension expense of changes in assumptions using 2008 estimated expense as baseline.\n change in assumption estimated increase to 2008 pension expense in millions ).\n currently estimate pretax pension benefit of $ 26 million in 2008 compared with benefit $ 30 million in\n\nchange in assumption                                         | estimatedincrease to 2008pensionexpense ( in millions )\n------------------------------------------------------------ | -------------------------------------------------------\n.5% ( .5 % ) decrease in discount rate                       | $ 1\n.5% ( .5 % ) decrease in expected long-term return on assets | $ 10\n.5% ( .5 % ) increase in compensation rate                   | $ 2"
}
{
    "_id": "dd4b98866",
    "title": "",
    "text": "notes to consolidated financial statements ( continued ) note 4 2014acquisitions continued ) acquisition of emagic gmbh during fourth quarter of 2002  company acquired emagic gmbh ( emagic ), provider of professional software solutions for computer based music production  for approximately $ 30 million in cash ; $ 26 million paid immediately upon closing deal $ 4 million held-back for future payment contingent on continued employment by certain employees allocated to future compensation expense in appropriate periods over following 3 years.\n during fiscal 2003  contingent consideration totaling $ 1. 3 million paid.\n acquisition accounted for as purchase.\n portion of purchase price allocated to purchased in-process research and development ( ipr&d ) expensed immediately portion of purchase price allocated to acquired technology and tradename amortized over estimated useful lives of 3 years.\n goodwill associated with acquisition of emagic not subject to amortization provisions of sfas no.\n 142.\n total consideration allocated as follows ( in millions ) :.\n amount of purchase price allocated to ipr&d expensed upon acquisition  because technological feasibility of products under development not established no alternative future uses existed.\n ipr&d relates primarily to emagic 2019s logic series technology and extensions.\n at date of acquisition products under development between 43%-83% ( 43%-83 % ) complete expected remaining work completed during company 2019s fiscal 2003 at cost of approximately $ 415000.\n remaining efforts  completed in 2003  included finalizing user interface design and development , and testing.\nfair value of ipr&d determined using income approach  reflects projected free cash flows generated by ipr&d projects attributable to acquired technology , discounting projected net cash flows back to present value using discount rate of 25% ( 25 % ).\n acquisition of certain assets of zayante , inc. , prismo graphics , and silicon grail during fiscal 2002 company acquired certain technology and patent rights of zayante  inc. prismo graphics  silicon grail corporation for total of $ 20 million in cash.\n these transactions accounted for as asset acquisitions.\n purchase price for asset acquisitions , except for $ 1 million identified as contingent consideration allocated to compensation expense over following 3 years , allocated to acquired technology amortized straight-line basis over 3 years , except for certain assets acquired from zayante associated with patent royalty streams amortized over 10 years.\n acquisition of nothing real , llc during second quarter of 2002  company acquired certain assets of nothing real , llc ( nothing real ) , privately-held company develops and markets high performance tools for digital image creation market.\n of $ 15 million purchase price  company allocated $ 7 million to acquired technology  amortized over estimated life of 5 years.\n remaining $ 8 million  identified as contingent consideration , rather than recorded as additional component\n\nnet tangible assets acquired        | $ 2.3\n----------------------------------- | ------\nacquired technology                 | 3.8\ntradename                           | 0.8\nin-process research and development | 0.5\ngoodwill                            | 18.6\ntotal consideration                 | $ 26.0"
}
{
    "_id": "dd4c56f32",
    "title": "",
    "text": "note 10.\n commitments contingencies off-balance sheet commitments contingencies : credit-related financial instruments include indemnified securities financing unfunded commitments to extend credit or purchase assets standby letters of credit.\n total potential loss on unfunded commitments  standby letters of credit securities finance indemnifications equal to total contractual amount not consider value of collateral.\n summary of contractual amount of credit-related off-balance sheet financial instruments at december 31.\n amounts reported do not reflect participations to independent third parties.\n 2007 2006 ( in millions ).\n on behalf of customers we lend securities to creditworthy brokers other institutions.\n in certain circumstances may indemnify customers for fair market value of securities against failure of borrower to return securities.\n collateral funds received in with securities finance services held by us as agent not recorded in consolidated statement of condition.\n require borrowers to provide collateral in amount equal to or excess of 100% ( ) of fair market value of securities borrowed.\n borrowed securities revalued daily to determine if additional collateral necessary.\n held agent cash.\n government securities totaling $ 572. 93 billion and $ 527. 37 billion as collateral for indemnified securities on loan at december 31 , 2007 and 2006 .\n approximately 82% ( 82 % ) of unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from date of issue.\n many commitments expected to expire or renew without drawn upon total commitment amounts do not necessarily represent future cash requirements.\n normal business provide liquidity and credit enhancements to asset-backed commercial paper programs referred to as 2018 2018conduits. 2019 2019 these conduits described in note 11.\ncommercial paper issuances commitments of conduits to provide funding supported by liquidity asset purchase agreements backup liquidity lines of credit  majority provided by us.\n we provide direct credit support to conduits in form of standby letters of credit.\n our commitments under liquidity asset purchase agreements back-up lines of credit totaled $ 28. 37 billion at december 31 , 2007  included in preceding table.\n commitments under standby letters of credit totaled $ 1. 04 billion at december 31 , 2007  also included in preceding table.\n deterioration in asset performance or other factors affecting liquidity of commercial paper may shift asset risk from commercial paper investors to us as liquidity or credit enhancement provider.\n conduits may need to draw upon back-up facilities to repay maturing commercial paper.\n in we acquire assets of conduits or make loans to conduits secured by conduits 2019 assets.\n in normal business we offer products provide book value protection to plan participants in stable value funds of postretirement defined contribution benefit plans  particularly 401 ( k ) plans.\n book value protection provided on portfolios of intermediate , investment grade fixed-income securities  intended to provide safety stable growth of principal invested.\n protection intended to cover any shortfall in event significant number of plan participants\n\n( in millions )                       | 2007     | 2006\n------------------------------------- | -------- | --------\nindemnified securities financing      | $ 558368 | $ 506032\nliquidity asset purchase agreements   | 35339    | 30251\nunfunded commitments to extend credit | 17533    | 16354\nstandby letters of credit             | 4711     | 4926"
}
{
    "_id": "dd4c393a6",
    "title": "",
    "text": "item 12 2014security ownership of certain beneficial owners management related stockholder matters incorporate reference item 12 information relating to ownership common stock by certain persons under headings 201ccommon stock ownership management 201d 201ccommon stock ownership by certain other persons 201d proxy statement delivered connection 2009 annual meeting shareholders held september 30 , 2009.\n four compensation plans under equity securities authorized for issuance.\n global payments inc.\n amended restated 2000 long-term incentive plan  global payments inc.\n amended restated 2005 incentive plan non-employee director stock option plan employee stock purchase plan approved by security holders.\n information table below as of may 31 , 2009.\n for more information plans see note 11 to notes consolidated financial statements.\n plan category number of securities issued exercise outstanding options, warrants rights weighted- average exercise price of outstanding options warrants rights number securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders:.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 4292668 $ 28 6570132 ( 1 ) equity compensation plans not approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2014 2014 2014.\n includes shares of common stock available for issuance exercise of option , warrant right under global payments inc.\n 2000 long-term incentive plan  amended restated  global payments inc.\namended restated 2005 incentive plan amended restated 2000 non-employee director stock option plan.\n item 13 2014certain relationships related transactions , director independence incorporate by reference in item 13 information regarding certain relationships related transactions between us and affiliates independence of board of directors contained under headings 201ccertain relationships related transactions 201d and 201cother information about board and its committees 2014director independence 201d from proxy statement delivered in connection with 2009 annual meeting of shareholders held september 30 , 2009.\n item 14 2014principal accounting fees and services incorporate by reference in item 14 information regarding principal accounting fees and services contained under heading 201cauditor information 201d from proxy statement delivered in connection with 2009 annual meeting of shareholders held on september 30 , 2009.\n\nplan category                                               | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted- average exercise price of outstanding options warrants andrights ( b ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) |\n----------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------- | --------\nequity compensation plans approved by security holders:     | 4292668                                                                                          | $ 28                                                                             | 6570132                                                                                                                                               | -1 ( 1 )\nequity compensation plans not approved by security holders: | 2014                                                                                             | 2014                                                                             | 2014                                                                                                                                                  |\ntotal                                                       | 4292668                                                                                          | $ 28                                                                             | 6570132                                                                                                                                               | -1 ( 1 )"
}
{
    "_id": "dd4ba2c44",
    "title": "",
    "text": "benefits increase to earnings of $ 152 million ( $ 0. 50 per share ) during year ended december 31 , 2016.\n recognized additional income tax benefits increase to operating cash flows of $ 152 million during year ended december 31 , 2016.\n new accounting standard not impact periods prior to january 1 , 2016 applied changes in asu prospective basis.\n in september 2015  fasb issued asu no.\n 2015-16 , business combinations ( topic 805 )  simplifies accounting for adjustments to preliminary amounts recognized in business combination by eliminating requirement to retrospectively account for adjustments.\n instead adjustments recognized in period adjustments determined including effect on earnings of amounts recorded in previous periods if accounting completed at acquisition date.\n adopted asu on january 1 , 2016 prospectively applying asu to business combination adjustments identified after date of adoption.\n november 2015  fasb issued asu no.\n 2015-17 , income taxes ( topic 740 ) simplifies presentation of deferred income taxes requires deferred tax assets and liabilities related valuation allowance classified as noncurrent in consolidated balance sheets.\n applied provisions of asu retrospectively reclassified approximately $ 1. 6 billion from current to noncurrent assets and approximately $ 140 million from current to noncurrent liabilities in consolidated balance sheet as of december 31 , 2015.\n note 2 2013 earnings per share weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) :.\n compute basic and diluted earnings per common share by dividing net earnings by respective weighted average number of common shares outstanding for periods presented.\ncalculation of diluted earnings per common share includes dilutive effects for assumed vesting of outstanding restricted stock units exercise of outstanding stock options based on treasury stock method.\n no anti-dilutive equity awards for years ended december 31 , 2016 , 2015 2014.\n note 3 2013 acquisitions and divestitures acquisitions acquisition of sikorsky aircraft corporation on november 6, 2015 completed acquisition of sikorsky aircraft corporation certain affiliated companies ( collectively 201csikorsky 201d ) from united technologies corporation ( utc ) utc 2019s subsidiaries.\n purchase price acquisition was $ 9. 0 billion  net of cash acquired.\n acquisition sikorsky became a wholly- owned subsidiary of ours.\n sikorsky is global company engaged in research  design development manufacture support of military and commercial helicopters.\n sikorsky 2019s products include military helicopters black hawk  seahawk  ch-53k  h-92 commercial helicopters s-76 and s-92.\n acquisition enables to extend core business into military commercial rotary wing markets strengthen position in aerospace and defense industry.\n acquisition will expand presence in commercial and international markets.\n sikorsky aligned under our rms business segment.\n to fund $ 9. 0 billion acquisition price utilized $ 6. 0 billion of proceeds borrowed under temporary 364-day revolving credit facility ( 364-day facility ) $ 2. 0 billion of cash on hand $ 1. 0 billion from issuance of commercial paper.\n in fourth quarter of 2015 repaid all outstanding borrowings under 364-day facility with proceeds from issuance of $ 7. 0 billion of fixed interest-rate long-term notes in public offering ( november 2015 notes ).\n in fourth quarter of 2015  also repaid $ 1.billion commercial paper borrowings see 201cnote 10 2013 debt 201d.\n\n| 2016  | 2015  | 2014\n------------------------------------------------------------------ | ----- | ----- | -----\nweighted average common shares outstanding for basic computations  | 299.3 | 310.3 | 316.8\nweighted average dilutive effect of equity awards                  | 3.8   | 4.4   | 5.6\nweighted average common shares outstanding for dilutedcomputations | 303.1 | 314.7 | 322.4"
}
{
    "_id": "dd4bcd6a6",
    "title": "",
    "text": "table illustrates effect 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates relative to.\n dollar on fair value of forward exchange contracts october 30, 2010 and october 31, 2009:.\n fair value of forward exchange contracts after 10% ( 10 % ) unfavorable movement in foreign currency exchange rates.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 22062 $ 20132 fair value of forward exchange contracts after 10% ( 10 % ) favorable movement in foreign currency exchange rates.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ ( 7396 ) $ ( 6781 ) calculation assumes each exchange rate change same direction relative to u. s.\n dollar.\n direct effects of changes in exchange rates changes affect volume of sales or foreign currency sales price as competitors products become more or less attractive.\n analysis effects of changes in foreign currency exchange rates factor in potential change in sales levels or local currency selling prices.\n\n| october 30 2010  | october 31 2009\n----------------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------------\nfair value of forward exchange contracts asset                                                                                | $ 7256           | $ 8367\nfair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset   | $ 22062          | $ 20132\nfair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability | $ -7396 ( 7396 ) | $ -6781 ( 6781 )"
}
{
    "_id": "dd4bed97e",
    "title": "",
    "text": "synopsys , inc.\n notes to consolidated financial statements 2014continued acquisition of magma design automation , inc.\n ( magma ) on february 22 , 2012 company acquired all outstanding shares of magma , a chip design software provider at per-share price of $ 7. 35.\n company assumed unvested restricted stock units ( rsus ) and stock options  called 201cequity awards. aggregate purchase price was approximately $ 550. 2 million.\n acquisition enables company to meet needs of leading-edge semiconductor designers for sophisticated design tools.\n as of october 31, 2012  total purchase consideration preliminary purchase price allocation were follows:.\n goodwill of $ 316. 3 million  not deductible for tax purposes resulted from company 2019s expectation of sales growth cost synergies from integration of magma 2019s technology and operations technology.\n identifiable intangible assets  primarily of technology  customer relationships  backlog trademarks valued using income method amortized over three to ten years.\n acquisition-related costs attributable to business combination totaling $ 33. 5 million for fiscal 2012 expensed as incurred in consolidated statements of operations primarily of employee separation costs  contract terminations  professional services  facilities closure costs.\n fair value of equity awards assumed.\n company assumed unvested restricted stock units ( rsus ) and stock options with fair value of $ 22. 2 million.\n black-scholes option-pricing model used to determine fair value of stock options fair value of rsus based on market price on grant date of instruments.\n black-scholes option-pricing model incorporates subjective assumptions including expected volatility  expected term risk-free interest rates.\nexpected volatility estimated by combination of implied and historical stock price volatility of options.\n of total fair value of equity awards assumed , $ 6. 8 million allocated to purchase consideration $ 15. 4 million allocated to future services expensed over remaining service periods on straight-line basis.\n supplemental pro forma information ( unaudited ).\n financial information in table below summarizes combined results of operations of company and magma , pro forma basis  as though companies combined as of beginning of fiscal 2011.\n\n| ( in thousands )\n----------------------------------------------------------------------- | ----------------\ncash paid                                                               | $ 543437\nfair value of assumed equity awards allocated to purchase consideration | 6797\ntotal purchase consideration                                            | $ 550234\ngoodwill                                                                | 316263\nidentifiable intangibles assets acquired                                | 184300\ncash and other assets acquired                                          | 116265\ndebt and liabilities assumed                                            | -66594 ( 66594 )\ntotal purchase allocation                                               | $ 550234"
}
{
    "_id": "dd4c51de8",
    "title": "",
    "text": "2022 base rate increases at entergy texas beginning may 2011 result of settlement of december 2009 rate case effective july 2012 result puct 2019s order december 2011 rate case.\n see note 2 to financial statements for discussion rate cases.\n increases partially offset by formula rate plan decreases at entergy new orleans effective october 2011 and entergy gulf states louisiana effective september 2012.\n see note 2 financial statements for discussion formula rate plan decreases.\n grand gulf recovery variance due to increased recovery of higher costs from grand gulf uprate.\n net wholesale revenue variance due to decreased sales volume to municipal co-op customers lower prices.\n purchased power capacity variance due to price increases for ongoing purchased power capacity additional capacity purchases.\n volume/weather variance due to decreased electricity usage effect of milder weather on residential and commercial sales.\n hurricane isaac  hit utility 2019s service area august 2012 contributed to decrease in electricity usage.\n billed electricity usage decreased total of 1684 gwh  or 2% ( 2 % ) across all customer classes.\n louisiana act 55 financing savings obligation variance results from regulatory charge recorded in 2012 entergy gulf states louisiana and entergy louisiana agreed to share savings from irs settlement related to uncertain tax position regarding hurricane katrina and hurricane rita louisiana act 55 financing with customers.\n see note 3 to financial statements for additional discussion of tax settlement.\n entergy wholesale commodities analysis of change in net revenue comparing 2012 to 2011.\n amount ( in millions ).\nshown in table above net revenue for entergy wholesale commodities decreased by $ 191 million  or 9% ( 9 % ) , in 2012 compared to 2011 primarily due to lower pricing in contracts to sell power lower volume in nuclear fleet from more unplanned refueling outage days in 2012 compared 2011 partially offset by resupply options for in purchase power agreements entergy may elect to supply power from another source when plant not running.\n amounts related to exercise resupply options included in gwh billed in table below.\n partially offsetting lower net revenue from nuclear fleet was higher net revenue from rhode island state energy center , acquired in december 2011.\n entergy corporation subsidiaries management's financial discussion analysis\n\n| amount ( in millions )\n------------------------------ | ----------------------\n2011 net revenue               | $ 2045\nnuclear realized price changes | -194 ( 194 )\nnuclear volume                 | -33 ( 33 )\nother                          | 36\n2012 net revenue               | $ 1854"
}
{
    "_id": "dd4c51fbe",
    "title": "",
    "text": "information related to company's share options is ( in millions ) :.\n unamortized deferred compensation expense , includes both options and rsus , amounted to $ 378 million as of december 31 , 2015  remaining weighted-average amortization period of approximately 2. 1 years.\n employee share purchase plan united states company has employee purchase plan provides for purchase of maximum of 7. 5 million shares of company's ordinary shares by eligible.\n employees.\n company ordinary shares purchased at 6-month intervals at 85% ( 85 % ) of lower of fair market value of ordinary shares on first or last day of each 6-month period.\n in 2015 , 2014  2013 , 411636 shares , 439000 shares and 556000 shares were issued to employees under plan.\n compensation expense recognized was $ 9 million in 2015 , $ 7 million in 2014  $ 6 million in 2013.\n company also has employee share purchase plan for eligible.\n employees provides for purchase of shares after 3-year period similar to.\n plan.\n three-year periods began in 2015 , 2014 , 2013  allowing for purchase of maximum of 100000 , 300000 , and 350000 shares , respectively.\n in 2015 , 2014  2013 , 2779 shares , 642 shares  and 172110 shares  were issued under plan.\n compensation expense of $ 2 million recognized in 2015 and 2014  compared to $ 1 million compensation expense in 2013.\n.\n company is exposed to market risks including changes in foreign currency exchange rates and interest rates.\n to manage risk exposures company enters into derivative instruments that reduce these risks offsetting exposures.\n company does not enter into derivative transactions for trading or speculative purposes.\nforeign exchange risk management company exposed to foreign exchange risk when earns revenues pays expenses enters into monetary intercompany transfers denominated in currency differs from functional currency or other transactions denominated in currency other than functional currency.\n company uses foreign exchange derivatives  typically forward contracts  options cross-currency swaps  to reduce exposure to effects of currency fluctuations on cash flows.\n these exposures hedged  average for less than two years.\n derivatives accounted for as hedges  changes in fair value recorded each period in other comprehensive income ( loss ) in consolidated statements of comprehensive income.\n company also uses foreign exchange derivatives  typically forward contracts options to economically hedge currency exposure of company's global liquidity profile  including monetary assets or liabilities denominated in non-functional currency entity typically on rolling 30-day basis  may be for up to one year in future.\n these derivatives not accounted for as hedges  changes in fair value recorded each period in other income in consolidated statements of income.\n\n| 2015  | 2014 | 2013\n------------------------------------------------------- | ----- | ---- | ----\naggregate intrinsic value of stock options exercised    | $ 104 | $ 61 | $ 73\ncash received from the exercise of stock options        | 40    | 38   | 61\ntax benefit realized from the exercise of stock options | 36    | 16   | 15"
}
{
    "_id": "dd4c4d626",
    "title": "",
    "text": "no share repurchases in 2016.\n stock performance graph matches fidelity national information services  inc. 's cumulative 5-year total shareholder return on common stock with cumulative total returns of s&p 500 index and s&p supercap data processing & outsourced services index. graph tracks performance of $ 100 investment in common stock and each index ( with reinvestment of all dividends ) from december 31  2011 to december 31  2016.\n stock price performance not indicative of future stock price performance.\n item 6.\n selected financial ss selected financial data constitutes historical financial data fis be read in conjunction with \"item 7 , management 2019s discussion and analysis of financial condition results of operations and \"item 8 , financial statements and supplementary data  \" included elsewhere in report.\n\n| 12/11  | 12/12  | 12/13  | 12/14  | 12/15  | 12/16\n-------------------------------------------------- | ------ | ------ | ------ | ------ | ------ | ------\nfidelity national information services inc .       | 100.00 | 134.12 | 210.97 | 248.68 | 246.21 | 311.81\ns&p 500                                            | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18\ns&p supercap data processing & outsourced services | 100.00 | 126.06 | 194.91 | 218.05 | 247.68 | 267.14"
}
{
    "_id": "dd4b93f5a",
    "title": "",
    "text": "september 2007  reached settlement with united states department of justice in ongoing investigation into financial relationships between major orthopaedic manufacturers and consulting orthopaedic surgeons.\n under terms settlement paid civil settlement amount of $ 169. 5 million recorded expense in amount.\n no tax benefit recorded related to settlement expense due to uncertainty tax treatment.\n intend to pursue resolution of uncertainty with taxing authorities but unable to ascertain outcome or timing for resolution.\n for more information regarding settlement see note 15.\n june 2006 financial accounting standards board ( fasb ) issued interpretation no.\n 48 , accounting for uncertainty in income taxes 2013 interpretation of fasb statement no.\n 109 , accounting for income taxes ( fin 48 ).\n fin 48 addresses determination of whether tax benefits claimed or expected to claimed on tax return should be recorded in financial statements.\n under fin 48  may recognize tax benefit from uncertain tax position only if more likely than not tax position will be sustained on examination by taxing authorities based on technical merits of position.\n tax benefits recognized in financial statements from position should be measured based on largest benefit greater than fifty percent likelihood of being realized upon ultimate settlement.\n fin 48 provides guidance on derecognition, classification, interest penalties on income taxes accounting in interim periods requires increased disclosures.\n adopted fin 48 on january 1 , 2007.\n prior to adoption fin 48 had long term tax liability for expected settlement of various federal , state and foreign income tax liabilities reflected net of corollary tax impact of expected settlements of $ 102. 1 million  separate accrued interest liability of $ 1. 7 million.\nresult of adoption of fin 48  required to present different components of liability on gross basis versus historical net presentation.\n adoption resulted in financial statement liability for unrecognized tax benefits decreasing by $ 6. 4 million as of january 1 , 2007.\n adoption resulted in decrease in liability reduction to retained earnings of $ 4. 8 million , reduction in goodwill of $ 61. 4 million  establishment of tax receivable of $ 58. 2 million  recorded in other current and non-current assets on consolidated balance sheet increase in interest/penalty payable of $ 7. 9 million  all as of january 1 , 2007.\n after adoption of fin 48  amount of unrecognized tax benefits is $ 95. 7 million as of january 1 , 2007 $ 28. 6 million would impact effective tax rate  if recognized.\n amount unrecognized tax benefits is $ 135. 2 million as of december 31 , 2007.\n $ 41. 0 million would impact effective tax rate if recognized.\n reconciliation of beginning and ending amounts of unrecognized tax benefits is follows ( in millions ) :.\n recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in consolidated statements of earnings consistent with recognition of items in prior reporting periods.\n as of january 1 , 2007 recorded liability of $ 9. 6 million for accrued interest and penalties $ 7. 5 million would impact effective tax rate  if recognized.\n liability is $ 19. 6 million as of december 31 , 2007.\n $ 14. 7 million would impact effective tax rate if recognized.\nexpect amount tax liability for unrecognized tax benefits will change in next twelve months ; do not expect these changes significant impact on our results of operations or financial position.\n u. s.\n federal statute of limitations remains open for year 2003 and onward with years 2003 and 2004 under examination by irs.\n possible resolution with irs for years 2003 through 2004 be reached within next twelve months , but do not anticipate material impact on our financial position.\n in for 1999 tax year of centerpulse , we acquired in october 2003 , one issue remains in dispute.\n resolution of issue not impact our effective tax rate , be recorded as adjustment to goodwill.\n state income tax returns subject to examination for 3 to 5 years after filing return.\n state impact of federal changes remains subject to examination by various states for up to one year after formal notification to states.\n various state income tax returns in process of examination , administrative appeals or litigation.\n possible such matters will be resolved in next twelve months , but do not anticipate resolution of these matters result in material impact on our results of operations or financial position.\n foreign jurisdictions have statutes of limitations ranging from 3 to 5 years.\n years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 onward ) canada ( 1999 onward )  france ( 2005 onward ) germany ( 2005 onward ) italy ( 2003 onward ) japan ( 2001 onward ) puerto rico ( 2005 onward ) singapore ( 2003 onward ) switzerland ( 2004 onward ) and united kingdom ( 2005 onward ).\n z i m m e r h o l d i n g s n c.\n2 0 0 7 f o r m 1 0 - k a n n u a l t notes consolidated financial statements continued )\n\nbalance at january 1 2007                                | $ 95.7\n-------------------------------------------------------- | ------------\nincreases related to prior periods                       | 27.4\ndecreases related to prior periods                       | -5.5 ( 5.5 )\nincreases related to current period                      | 21.9\ndecreases related to settlements with taxing authorities | -1.3 ( 1.3 )\ndecreases related to lapse of statue of limitations      | -3.0 ( 3.0 )\nbalance at december 31 2007                              | $ 135.2"
}
{
    "_id": "dd4bb810c",
    "title": "",
    "text": "note 9 2014 benefit plans company has defined benefit pension plans covering certain employees in united states international locations.\n postretirement healthcare life insurance benefits to qualifying domestic retirees other postretirement benefit plans in international countries not material.\n measurement date for company 2019s employee benefit plans is september 30.\n effective january 1 , 2018  legacy.\n pension plan frozen to limit participation of employees hired or re-hired by company or transfer employment to company on or after january 1  net pension cost for years ended september 30 included components:.\n net pension cost preceding table attributable to international plans $ 32 $ 34 $ 43 amounts for amortization of prior service credit and amortization of loss represent reclassifications of prior service credits net actuarial losses recognized in accumulated other comprehensive income ( loss ) in prior periods.\n settlement losses recorded in 2019 and 2018 included lump sum benefit payments associated with company 2019s.\n supplemental pension plan.\n company recognizes pension settlements when payments from supplemental plan exceed sum of service and interest cost components of net periodic pension cost associated with plan for fiscal year.\n discussed note 2 upon adopting accounting standard update on october 1, 2018  all components company 2019s net periodic pension postretirement benefit costs aside service cost recorded to other income ( expense )  net on consolidated statements of income for all periods presented.\n notes to consolidated financial statements 2014 ( becton , dickinson and company\n\n( millions of dollars )                                                                      | pension plans 2019 | pension plans 2018 | pension plans 2017\n-------------------------------------------------------------------------------------------- | ------------------ | ------------------ | ------------------\nservice cost                                                                                 | $ 134              | $ 136              | $ 110\ninterest cost                                                                                | 107                | 90                 | 61\nexpected return on plan assets                                                               | ( 180 )            | ( 154 )            | ( 112 )\namortization of prior service credit                                                         | ( 13 )             | ( 13 )             | ( 14 )\namortization of loss                                                                         | 78                 | 78                 | 92\nsettlements                                                                                  | 10                 | 2                  | 2014\nnet pension cost                                                                             | $ 135              | $ 137              | $ 138\nnet pension cost included in the preceding table that is attributable to international plans | $ 32               | $ 34               | $ 43"
}
{
    "_id": "dd4c247c6",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations in 2008  asp was flat compared to 2007.\n comparison asp decreased 9% ( 9 % ) in 2007 decreased 11% ( 11 % ) in 2006.\n segment has large customers throughout world.\n in 2008  aggregate net sales to segment 2019s five largest customers accounted for approximately 41% ( 41 % ) of segment 2019s net sales.\n besides selling directly to carriers operators segment also sells products through third-party distributors retailers accounted for approximately 24% ( 24 % ) of segment 2019s net sales in 2008.\n u. s.\n market continued segment 2019s largest individual market  many customers  56% ( 56 % ) of segment 2019s 2008 net sales  were outside u. s.\n in 2008  largest international markets were brazil , china mexico.\n segment 2019s revenue transactions largely denominated in local currencies impacted by weakening in value of local currencies against u. s.\n dollar.\n significant international markets  particularly in latin america  impacted by this trend in late 2008.\n home and networks mobility segment networks segment designs , manufactures  sells  installs services : i ) digital video , internet protocol video broadcast network interactive set-tops , end-to-end video distribution systems  broadband access infrastructure platforms , associated data and voice customer premise equipment to cable television telecom service providers ( collectively referred to as 2018 2018home business 2019 2019 ) ii ) wireless access systems , including cellular infrastructure systems wireless broadband systems , to wireless service providers ( collectively referred to as 2018 2018network business 2019 ).\n2009  segment 2019s net sales represented 36% ( 36 % ) of company 2019s consolidated net sales compared to 33% ( 33 % ) in 2008 27% ( 27 % ) in 2007.\n years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007.\n segment results 20142009 compared to 2008 2009 segment 2019s net sales were $ 8. 0 billion  decrease of 21% ( 21 % ) compared to net sales $ 10. 1 billion in 2008.\n 21% ( 21 % ) decrease net sales reflects 22% ( 22 % ) decrease in net sales in networks business 21% ( 21 % ) decrease in home business.\n 22% ( 22 % ) decrease sales networks business driven by lower net sales of gsm , cdma  umts iden infrastructure equipment  partially offset by higher net sales of wimax products.\n 21% ( 21 % ) decrease in sales home business driven by 24% ( 24 % ) decrease in net sales of digital entertainment devices reflecting 18% ( 18 % ) decrease in shipments of digital entertainment devices due to lower shipments to large cable telecommunications operators in north america macroeconomic conditions lower asp due to unfavorable shift in product mix.\n segment shipped 14. 7 million digital entertainment devices in 2009 compared to 18. 0 million shipped in 2008.\n geographic 21% ( 21 % ) decrease in net sales driven by lower net sales in all regions.\n decrease in net sales in north america primarily due to lower net sales in home business lower net sales of cdma iden infrastructure equipment  partially offset by higher net sales of wimax products.\n decrease in net sales in emea due to lower net sales of gsm infrastructure equipment  offset by higher net sales wimax products higher net sales in home business.\ndecrease in net sales in asia driven by lower net sales of gsm  umts cdma infrastructure equipment partially offset by higher net sales in home business.\n decrease in net sales in latin america due to lower net sales in home business lower net sales of iden infrastructure equipment partially offset by higher net sales of wimax products.\n net sales in north america accounted for approximately 51% ( 51 % ) of segment 2019s total net sales in 2009  compared to approximately 50% ( 50 % ) segment total net sales in 2008.\n\n( dollars in millions ) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007\n----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------\nsegment net sales       | $ 7963                       | $ 10086                      | $ 10014                      | ( 21 ) % (  % )                       | 1% ( 1 % )\noperating earnings      | 558                          | 918                          | 709                          | ( 39 ) % (  % )                       | 29% ( 29 % )"
}
{
    "_id": "dd4be966c",
    "title": "",
    "text": "credit commitments and lines of credit table below summarizes citigroup 2019s credit commitments as of december 31 , 2010 and december 31 , 2009:.\n majority of unused commitments contingent upon customers maintaining specific credit standards.\n commercial commitments have floating interest rates fixed expiration dates may require payment of fees.\n such fees ( net of certain direct costs ) are deferred and  upon exercise commitment , amortized over life of loan or if exercise remote , amortized over commitment period.\n commercial and similar letters of credit commercial letter of credit is instrument citigroup substitutes its credit for customer to enable customer finance purchase of goods or incur other commitments.\n citigroup issues letter on behalf of client to supplier agrees to pay supplier upon presentation of documentary evidence supplier has performed in accordance with terms of letter of credit.\n when letter of credit drawn , customer required to reimburse citigroup.\n one- to four-family residential mortgages one- to four-family residential mortgage commitment is written confirmation from citigroup to seller of property that bank will advance specified sums enabling buyer to complete purchase.\n revolving open-end loans secured by one- to four-family residential properties loans are essentially home equity lines of credit.\n home equity line of credit is loan secured by primary residence or second home to extent of excess of fair market value over debt outstanding for first mortgage.\n commercial real estate , construction and land development commercial real estate  construction land development include unused portions of commitments to extend credit for financing commercial and multifamily residential properties land development projects.\n both secured-by-real-estate and unsecured commitments included in this line , as undistributed loan proceeds, where obligation to advance for construction progress payments.\nthis line includes extensions of credit once funded classified as loans on consolidated balance sheet.\n credit card lines citigroup provides credit to customers by issuing credit cards.\n credit card lines are unconditionally cancelable by issuer.\n commercial and other consumer loan commitments commercial loan commitments include overdraft and liquidity facilities commercial commitments to make or purchase loans purchase third-party receivables  provide note issuance or revolving underwriting facilities invest in form of equity.\n amounts include $ 79 billion and $ 126 billion with original maturity of less than one year at december 31, 2010 and december 31, 2009 , respectively.\n included in this line item are highly leveraged financing commitments , agreements provide funding to borrower with higher levels of debt ( measured by ratio of debt capital to equity capital borrower ) than normal for other companies.\n this type of financing commonly employed in corporate acquisitions , management buy-outs similar transactions.\n\nin millions of dollars                                                         | december 31 2010 u.s . | december 31 2010 outside of u.s . | december 31 2010 total | december 31 2009\n------------------------------------------------------------------------------ | ---------------------- | --------------------------------- | ---------------------- | ----------------\ncommercial and similar letters of credit                                       | $ 1544                 | $ 7430                            | $ 8974                 | $ 7211\none- to four-family residential mortgages                                      | 2582                   | 398                               | 2980                   | 1070\nrevolving open-end loans secured by one- to four-family residential properties | 17986                  | 2948                              | 20934                  | 23916\ncommercial real estate construction and land development                       | 1813                   | 594                               | 2407                   | 1704\ncredit card lines                                                              | 573945                 | 124728                            | 698673                 | 785495\ncommercial and other consumer loan commitments                                 | 124142                 | 86262                             | 210404                 | 257342\ntotal                                                                          | $ 722012               | $ 222360                          | $ 944372               | $ 1076738"
}
{
    "_id": "dd4b895c8",
    "title": "",
    "text": "notes to consolidated financial statements jpmorgan chase & co. /2009 annual report 204 on interest income recognized in firm 2019s consolidated statements of income since date.\n ( b ) other changes in expected cash flows include net impact of changes in esti- mated prepayments and reclassifications to nonaccretable difference.\n quarterly basis  firm updates loan principal and interest cash flows expected to collected , incorporating assumptions regarding default rates , loss severities  amounts timing of prepayments other factors reflective of current market conditions.\n probable decreases in expected loan principal cash flows trigger recognition of impairment , measured as present value of expected principal loss plus related foregone interest cash flows discounted at pool 2019s effective interest rate.\n impairments after acquisition date recognized through provision and allow- ance for loan losses.\n probable significant increases in expected principal cash flows reverse previously recorded allowance for loan losses ; remaining increases recognized as interest income.\n impacts of i prepayments , ii changes in variable interest rates  iii ) other changes in timing of expected cash flows recognized prospectively as adjustments to interest income.\n disposals of loans , include sales of loans , receipt of payments in full by borrower  foreclosure , result in removal of loan from purchased credit-impaired portfolio.\n if timing and/or amounts of expected cash flows on these purchased credit-impaired loans not to rea- sonably estimable , no interest accreted loans reported as nonperforming loans ;  since timing and amounts of expected cash flows for these purchased credit-impaired loans are reasonably estimable , interest accreted loans reported as performing loans.\ncharge-offs not recorded on purchased credit-impaired loans until actual losses exceed estimated losses recorded as purchase accounting adjustments at acquisition date.\n to date  no charge-offs recorded for these loans.\n purchased credit-impaired loans acquired in washington mu- tual transaction reported in loans on firm 2019s consolidated balance sheets.\n in 2009  allowance for loan losses of $ 1. 6 billion recorded for prime mortgage and option arm pools of loans.\n net aggregate carrying amount of pools allowance for loan losses was $ 47. 2 billion at december 31, 2009.\n allowance for loan losses reported as reduction of carrying amount of loans in table below.\n table below provides additional information about pur- chased credit-impaired consumer loans.\n ( a ) represents sum of contractual principal , interest and fees earned at reporting date.\n purchased credit-impaired loans modified under mha programs and firm 2019s other loss mitigation programs.\n for impact of modification incorporated into firm 2019s quarterly assessment of probable signifi change in estimated future cash flows occurred loans continue to be accounted for as and reported as purchased credit-impaired loans.\n foreclosed property firm acquires property from borrowers through loan restructur- ings , workouts and foreclosures recorded in other assets on consolidated balance sheets.\n property acquired may include real property (. land  buildings fixtures ) and commercial and personal property (. aircraft railcars ships ).\n acquired property valued at fair value less costs to sell at acquisition.\n each quarter fair value of acquired property reviewed and adjusted if necessary.\nadjustments to fair value in first 90 days charged to allowance for loan losses thereafter adjustments charged/credited to noninterest revenue 2013other.\n operating expense , such as real estate taxes and maintenance , charged to other expense.\n note 14 2013 allowance for credit losses allowance for loan losses includes asset-specific component , formula-based component component related to purchased credit-impaired loans.\n asset-specific component relates to loans considered to be impaired , includes loans modified in troubled debt restructuring risk-rated loans placed on nonaccrual status.\n asset-specific allowance for impaired loans established when loan 2019s discounted cash flows ( or available loan 2019s observable market price ) lower than recorded investment in loan.\n to compute asset-specific component of allowance  larger loans evaluated individually smaller loans evaluated as pools using historical loss experience for respective class of assets.\n risk-rated loans ( primarily wholesale loans ) pooled by risk rating , scored loans (. consumer loans ) pooled by product type.\n firm measures asset-specific allowance as difference between recorded investment in loan and present value of cash flows expected to be collected , dis- counted at loan 2019s original effective interest rate.\n subsequent changes in measured impairment due to impact of discounting reported as adjustment to provision for loan losses , not as adjustment to interest income.\n asset-specific allowance for impaired loan with observable market price measured as difference between recorded investment in loan and loan 2019s fair value.\n certain impaired loans determined to be collateral- dependent are charged-off to fair value of collateral less costs to sell.\ncollateral-dependent commercial real-estate loans determined to impaired , updated appraisals typi- cally obtained and updated every six to twelve months.\n firm considers borrower- and market-specific factors\n\ndecember 31 ( in millions ) | 2009     | 2008\n--------------------------- | -------- | --------\noutstanding balance ( a )   | $ 103369 | $ 118180\ncarrying amount             | 79664    | 88813"
}
{
    "_id": "dd4c0e49e",
    "title": "",
    "text": "table of contents performance graph not 201csoliciting material 201d not filed with sec  not to incorporated into valero 2019s filings under securities act of 1933 or securities exchange act of 1934 , as amended.\n performance graph and related textual information based on historical data not indicative of future performance.\n line graph compares cumulative total return 1 on investment in our common stock against cumulative total return of s&p 500 composite index and index of peer companies selected ) for five-year period commencing december 31, 2007 and ending december 31 , 2012.\n peer group consists of ten companies : alon usa energy  inc. bp plc ( bp ) ; cvr energy  inc. hess corporation ; hollyfrontier corporation marathon petroleum corporation phillips 66 ( psx ) royal dutch shell plc ( rds ) tesoro corporation western refining , inc.\n peer group previously included chevron corporation ( cvx ) and exxon mobil corporation ( xom ) but replaced with bp , psx  and rds.\n in 2012 psx became independent downstream energy company added to peer group.\n cvx and xom replaced with bp and rds operations closely aligned with core businesses.\n comparison of 5 year cumulative total return1 among valero energy corporation , s&p 500 index , old peer group  and new peer group.\n assumes investment in valero common stock and each index was $ 100 on december 31 , 2007.\n 201ccumulative total return 201d based on share price appreciation plus reinvestment of dividends from december 31, 2007 through december 31 , 2012.\n\n| 12/2007  | 12/2008 | 12/2009 | 12/2010 | 12/2011 | 12/2012\n------------------- | -------- | ------- | ------- | ------- | ------- | -------\nvalero common stock | $ 100.00 | $ 31.45 | $ 25.09 | $ 35.01 | $ 32.26 | $ 53.61\ns&p 500             | 100.00   | 63.00   | 79.67   | 91.67   | 93.61   | 108.59\nold peer group      | 100.00   | 80.98   | 76.54   | 88.41   | 104.33  | 111.11\nnew peer group      | 100.00   | 66.27   | 86.87   | 72.84   | 74.70   | 76.89"
}
{
    "_id": "dd4b97ab0",
    "title": "",
    "text": "third-party sales for engineered products and solutions segment improved 7% ( 7 % ) in 2016 compared with 2015 attributable to higher third-party sales of two acquired businesses ( $ 457 )  primarily related to aerospace end market  increased demand from industrial gas turbine end market offset by lower volumes in oil and gas end market commercial transportation end market pricing pressures in aerospace.\n third-party sales segment improved 27% ( 27 % ) in 2015 compared with 2014 attributable to third-party sales ( $ 1310 ) of three acquired businesses ( higher volumes in segment 2019s legacy businesses  primarily related to aerospace end market.\n positive impacts slightly offset by unfavorable foreign currency movements driven by weaker euro.\n atoi for engineered products and solutions segment increased $ 47 , or 8% ( 8 % ) , in 2016 compared with 2015  related to net productivity improvements across all businesses volume increase from rti acquisition and organic revenue growth offset by lower margin product mix pricing pressures in aerospace end market.\n atoi for this segment increased $ 16 , or 3% ( 3 % )  in 2015 compared with 2014 result of net productivity improvements businesses positive contribution from acquisitions higher volumes in segment 2019s legacy businesses.\n positive impacts partially offset by unfavorable price and product mix  higher costs related to growth projects  net unfavorable foreign currency movements related to weaker euro.\n in 2017  demand in commercial aerospace end market expected to remain strong driven by ramp up of new aerospace engine platforms somewhat offset by continued customer destocking engine ramp-up challenges.\n demand in defense end market expected to grow due to continuing ramp-up of certain aerospace programs.\nnet productivity improvements anticipated pricing pressure across all markets likely to continue.\n transportation and construction solutions.\n transportation construction solutions segment produces products used mostly in nonresidential building construction commercial transportation end markets.\n products include integrated aluminum structural systems , architectural extrusions  forged aluminum commercial vehicle wheels sold directly to customers and through distributors.\n small part segment also produces aluminum products for industrial products end market.\n sales costs expenses segment transacted in local currency of operations primarily u. s.\n dollar , euro  brazilian real.\n third-party sales for transportation and construction solutions segment decreased 4% ( 4 % ) in 2016 compared with 2015  primarily driven by lower demand from north american commercial transportation end market partially offset by rising demand from building and construction end market.\n third-party sales for segment decreased 7% ( 7 % ) in 2015 compared with 2014 primarily driven by unfavorable foreign currency movements caused by weaker euro brazilian real  lower volume related to building and construction end market  somewhat offset by higher volume related to commercial transportation end market.\n for transportation and construction solutions segment increased $ 10 , or 6% ( 6 % ), in 2016 compared with 2015  principally driven by net productivity improvements across all businesses growth in building and construction segment partially offset by lower demand in north american heavy duty truck and brazilian markets.\n\n| 2016   | 2015   | 2014\n----------------- | ------ | ------ | ------\nthird-party sales | $ 1802 | $ 1882 | $ 2021\natoi              | $ 176  | $ 166  | $ 180"
}
{
    "_id": "dd4c47e6a",
    "title": "",
    "text": "management 2019s discussion analysis interest expense $ 17 million less in 2004 than 2003 reflecting year over year reduction in debt of $ 316 million.\n other charges declined $ 30 million 2004 due to lower environmental remediation legal workers compensation expenses absence of certain 2003 charges.\n other earnings $ 28 million higher 2004 due to higher earnings from equity affiliates.\n effective tax rate for 2004 was 30. 29% ( 30. 29 % ) compared to 34. 76% ( 34. 76 % ) for full year 2003.\n reduction in rate 2004 reflects benefit subsidy offered medicare act not subject to tax improvement in geographical mix of non- u.\n earnings favorable resolution 2004 of matters related to two open.\n federal income tax years.\n net income 2004 totaled $ 683 million increase of $ 189 million over 2003 earnings per share 2013 diluted increased $ 1. 06 to $ 3. 95 per share.\n results business segments net sales operating income ( millions ) 2004 2003 coatings $ 5275 $ 4835 $ 777 $ 719.\n chemicals 2034 1771 291 228 operating income by segment for 2003 revised to reflect change in allocation method for pension postretirement benefit costs 2004 ( see note 22, 201cbusiness segment information 201d under item 8 form 10-k ).\n coatings sales increased $ 440 million or 9% ( 9 % ) in 2004.\n sales increased 6% ( 6 % ) from improved volumes coatings businesses 4% ( 4 % ) due to positive effects of foreign currency translation european operations.\n sales declined 1% ( 1 % ) due to lower selling prices principally automotive business.\n operating income increased $ 58 million in 2004.\n factors increasing operating income higher sales volume ( $ 135 million ) favorable effects of currency translation improved manufacturing efficiencies of $ 20 million.\ndecreasing operating income were inflationary cost increases $ 82 million lower selling prices.\n glass sales increased $ 54 million or 3% ( 3 % ) in 2004.\n sales increased 6% ( 6 % ) from improved volumes from performance glazings flat glass ) fiber glass  automotive original equipment businesses lower volumes in automotive replacement glass business.\n sales increased 2% ( 2 % ) due to positive effects foreign currency translation primarily from european fiber glass operations.\n sales declined 5% ( 5 % ) due to lower selling prices across glass businesses.\n operating income 2004 increased $ 98 million.\n factors increasing operating income improved manufacturing efficiencies $ 110 million higher sales volume ( $ 53 million ) higher equity earnings gains on sale/leaseback of precious metals $ 19 million.\n principal factor decreasing operating income lower selling prices.\n fiber glass volumes up 15% ( 15 % ) year pricing declined.\n with shift of electronic printed wiring board production to asia volume pricing gains equity earnings from joint venture region grew in 2004.\n combined focused cost reductions manufacturing efficiencies improve operating performance business position for future growth profitability.\n chemicals sales increased $ 263 million or 15% ( 15 % ) in 2004.\n sales increased 10% ( 10 % ) from improved volumes commodity specialty businesses 4% ( 4 % ) due to higher selling prices for commodity products.\n sales increased 1% ( 1 % ) due to positive effects foreign currency translation primarily from european operations.\n operating income increased $ 63 million in 2004.\n factors increasing operating income higher selling prices for commodity products higher sales volume ( $ 73 million ) improved manufacturing efficiencies $ 25 million lower environmental expenses.\n factors decreasing 2004 operating income were inflationary cost increases $ 40 million higher energy costs $ 79 million.\nsignificant factors company 2019s pension and postretirement benefit costs for 2004 were $ 45 million lower than in 2003.\n decrease reflects market driven growth in pension plan assets in 2003 , impact of $ 140 million in cash contributed to pension plans by company in 2004 benefit of subsidy offered pursuant to medicare act , discussed in note 12 , 201cpension and other postretirement benefits , 201d under item 8 of form 10-k.\n commitments and contingent liabilities , including environmental matters ppg involved in lawsuits and claims , actual and potential , including some asserted against others in substantial monetary damages are sought.\n see item 3 , 201clegal proceedings 201d form 10-k and note 13 , 201ccommitments and contingent liabilities , 201d under item 8 form 10-k for description of certain lawsuits , including description proposed ppg settlement arrangement for asbestos claims announced on may 14 , 2002.\n discussed in item 3 and note 13 , result of future litigation of such lawsuits claims unpredictable , management believes aggregate outcome of all lawsuits and claims involving ppg , including asbestos-related claims in ppg settlement arrangement described in note 13 not effective, not have material effect on ppg 2019s consolidated financial position or liquidity ; any such outcome may be material to results of operations of any particular period in costs  if recognized.\n company named as defendant , with other co-defendants , in antitrust lawsuits filed in federal and state courts.\n suits allege ppg acted with competitors to fix prices and allocate markets in flat glass and automotive refinish industries.\n 22 2005 ppg annual report and form 10-k\n\n( millions ) | net sales 2004 | net sales 2003 | net sales 2004 | 2003 ( 1 )\n------------ | -------------- | -------------- | -------------- | ----------\ncoatings     | $ 5275         | $ 4835         | $ 777          | $ 719\nglass        | 2204           | 2150           | 169            | 71\nchemicals    | 2034           | 1771           | 291            | 228"
}
{
    "_id": "dd4c54002",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 continued ) determine discount rate in measurement of obligations based on model matches timing and amount of expected benefit payments to maturities of high quality bonds priced as of plan measurement date.\n when timing not correspond to published high-quality bond rate model uses expected yield curve to determine appropriate current discount rate.\n yields on bonds used to derive discount rate for liability.\n term of our obligation , based on expected retirement dates of workforce  is approximately seven years.\n developing expected rate of return assumption  evaluated actual historical performance long-term return projections of plan assets  consideration to asset mix anticipated timing of plan outflows.\n employ total return investment approach mix of equity and fixed income investments used to maximize long-term return of plan assets for prudent level of risk.\n intent strategy is to minimize plan expenses by outperforming plan liabilities over long run.\n risk tolerance established through careful consideration of plan liabilities , plan funded status financial condition.\n investment portfolio contains diversified blend of equity and fixed income investments.\n equity investments diversified across u. s.\n and non-u. s.\n stocks growth , value , small and large capitalizations.\n derivatives may be used to gain market exposure efficient timely manner ; derivatives may not be used to leverage portfolio beyond market value of underlying investments.\n investment risk measured and monitored ongoing through annual liability measurements , periodic asset and liability studies  quarterly investment portfolio reviews.\n following table summarizes target asset allocation as of december 31 , 2018 and actual asset allocation as of december 31 , 2018 and 2017 for our plan : december 31 , target allocation december 31 , actual allocation december 31 , actual allocation.\n\n asset allocations reviewed rebalanced periodically based on funded status.\n for 2019  investment strategy for plan assets is to maintain broadly diversified portfolio achieve target of average long-term rate return of 5. 20% ( 5. 20 % ).\n believe can achieve long-term average return of 5. 20% ( 5. 20 % ), cannot be certain portfolio will perform to expectations.\n assets strategically allocated among debt equity portfolios to achieve diversification level reduces fluctuations in investment returns.\n asset allocation target ranges strategies reviewed periodically with assistance independent external consulting firm.\n\n| december 31 2018 targetassetallocation | december 31 2018 actualassetallocation | december 31 2017 actualassetallocation\n----------------- | -------------------------------------- | -------------------------------------- | --------------------------------------\ndebt securities   | 82% ( 82 % )                           | 83% ( 83 % )                           | 70% ( 70 % )\nequity securities | 18                                     | 17                                     | 30\ntotal             | 100% ( 100 % )                         | 100% ( 100 % )                         | 100% ( 100 % )"
}
{
    "_id": "dd4b96f16",
    "title": "",
    "text": "included in selling , general administrative expense was rent expense of $ 83. 0 million , $ 59. 0 million $ 41. 8 million for years ended december 31 , 2015 , 2014 2013 , respectively  under non-cancelable operating lease agreements.\n included in these amounts was contingent rent expense of $ 11. 0 million , $ 11. 0 million $ 7. 8 million for years ended december 31 , 2015 , 2014 2013 , respectively.\n sports marketing other commitments within normal course of business  company enters into contractual commitments to promote company 2019s brand products.\n these commitments include sponsorship agreements with teams athletes on collegiate professional levels  official supplier agreements  athletic event sponsorships other marketing commitments.\n following is schedule of company 2019s future minimum payments under sponsorship other marketing agreements as of december 31 , 2015 , significant sponsorship other marketing agreements entered during period after december 31 , 2015 through date of this report : ( in thousands ).\n amounts listed above are minimum compensation obligations guaranteed royalty fees required paid under company 2019s sponsorship other marketing agreements.\n amounts do not include additional performance incentives product supply obligations provided under certain agreements.\n not possible to determine company will spend on product supply obligations on annual basis as contracts do not stipulate specific cash amounts spent on products.\n amount of product provided to sponsorships depends on factors including general playing conditions  number of sporting events company 2019s decisions regarding product and marketing initiatives.\n costs to design , develop  source purchase products furnished to endorsers are incurred over period of time not tracked separately from similar costs incurred for products sold to customers.\n connection with contracts agreements company has agreed to indemnify counterparties against third party claims to infringement of intellectual property rights other items.\ngenerally indemnification obligations do not apply in situations counterparties grossly negligent , engage in willful misconduct or act in bad faith.\n based on company 2019s historical experience and estimated probability of future loss  company determined fair value of indemnifications not material to its consolidated financial position or results of operations.\n from time to time company is involved in litigation and other proceedings  including matters commercial and intellectual property disputes trade , regulatory other claims related to its business.\n company believes all current proceedings are routine in and incidental to conduct its business ultimate resolution of such proceedings not have material adverse effect on its consolidated financial position , results of operations or cash flows.\n following company 2019s announcement of creation of new class of common stock , referred as class c common stock , par value $ 0. 0003 1/3 per share , four class action lawsuits were brought\n\n2016                                                | $ 126488\n--------------------------------------------------- | --------\n2017                                                | 138607\n2018                                                | 137591\n2019                                                | 98486\n2020                                                | 67997\n2021 and thereafter                                 | 289374\ntotal future minimum sponsorship and other payments | $ 858543"
}
{
    "_id": "dd4c1cdc8",
    "title": "",
    "text": "pricing loans.\n when available valuation assumptions included observable inputs based on whole loan sales.\n adjustments made to assumptions to account for situations uncertainties exist including market conditions liquidity.\n credit risk included part of valuation process for loans considering expected rates of return for market participants for similar loans in marketplace.\n based on significance of unobservable inputs classify portfolio as level 3.\n equity investments valuation of direct and indirect private equity investments requires significant management judgment due to absence of quoted market prices lack of liquidity long-term nature of investments.\n carrying values of direct and affiliated partnership interests reflect expected exit price based on techniques including publicly traded price multiples of adjusted earnings of entity independent appraisals anticipated financing and sale transactions with third parties pricing used to value entity in recent financing transaction.\n in september 2009  fasb issued asu 2009-12 2013 fair value measurements and disclosures ( topic 820 ) 2013 investments in certain entities calculate net asset value per share ( or equivalent ).\n based on guidance value indirect investments in private equity funds based on net asset value as provided in financial statements from managers.\n due to time lag in receipt of financial information based on review of investments and valuation techniques adjustments to manager-provided value made when available recent portfolio company information or market information indicates significant change in value from provided by manager of fund.\n investments classified as level 3.\n customer resale agreements account for structured resale agreements  economically hedged using free-standing financial derivatives at fair value.\n fair value for structured resale agreements determined using model includes observable market data interest rates inputs.\nobservable market inputs to model validated to external sources including yield curves implied volatility market-related data.\n instruments classified as level 2.\n blackrock series c preferred stock effective february 27 , 2009 elected to account for approximately 2. 9 million shares of blackrock series c preferred stock received in stock exchange with blackrock at fair value.\n series c preferred stock economically hedges blackrock ltip liability accounted for as derivative.\n fair value of series c stock determined using third-party modeling approach includes observable and unobservable inputs.\n approach considers expectations of default/liquidation event use of liquidity discounts based on inability to sell security at fair open market price timely.\n due to significance unobservable inputs security classified as level 3.\n level 3 assets liabilities financial instruments considered level 3 when values determined using pricing models discounted cash flow methodologies similar techniques one significant model assumption or input is unobservable.\n level 3 assets and liabilities dollars in millions level 3 assets level 3 liabilities % ( ) of total assets at fair value % ) total liabilities at fair value consolidated assets liabilities.\n during 2009  securities transferred into level 3 from level 2 exceeded securities transferred out by $ 4. 4 billion.\n total securities measured at fair value classified in level 3 at december 31, 2009 and december 31, 2008 included securities available for sale trading securities primarily of non-agency residential mortgage-backed securities and asset- backed securities where management determined volume and level of activity for assets significantly decreased.\n no recent new label issues in residential mortgage-backed securities market.\n lack of relevant market activity for securities resulted in management modifying valuation methodology for instruments transferred in 2009.\nlevel 3 assets include commercial mortgage loans for sale , equity securities auction rate securities  corporate debt securities private equity investments  residential mortgage servicing rights other assets.\n\ndollars in millions | total level 3 assets | total level 3 liabilities | % (  % ) of total assets at fair value | % (  % ) of total liabilities at fair value | % (  % ) of consolidated assets | % (  % ) of consolidated liabilities |\n------------------- | -------------------- | ------------------------- | -------------------------------------- | ------------------------------------------- | ------------------------------- | ------------------------------------ | --------\ndecember 31 2009    | $ 14151              | $ 295                     | 22% ( 22 % )                           | 6% ( 6 % )                                  | 5% ( 5 % )                      | < 1                                  | % (  % )\ndecember 31 2008    | 7012                 | 22                        | 19% ( 19 % )                           | < 1% ( 1 % )                                | 2% ( 2 % )                      | < 1% ( 1 % )                         |"
}
{
    "_id": "dd4c648e4",
    "title": "",
    "text": "westrock company notes to consolidated financial statements continued reconciliation of beginning and ending amount gross unrecognized tax benefits follows ( in millions ) :.\n 1 ) amounts in fiscal 2018 and 2017 relate to mps acquisition.\n adjustments in fiscal 2016 to combination sp fiber acquisition.\n 2 ) amounts in fiscal 2018 relate to settlement of state audit examinations federal state amended returns filed related to affirmative adjustments for reserve.\n amounts in fiscal 2017 relate to settlement of federal state audit examinations with taxing authorities.\n as of september 30 , 2018 and 2017 total unrecognized tax benefits approximately $ 127. 1 million and $ 148. 9 million  exclusive of interest and penalties.\n balances september if prevail on all unrecognized tax benefits recorded approximately $ 108. 7 million and $ 138. 0 million  would benefit effective tax rate.\n regularly evaluate  assess adjust related liabilities in changing facts circumstances cause effective tax rate to fluctuate period period.\n recognize estimated interest and penalties related to unrecognized tax benefits in income tax expense in consolidated statements of operations.\n as of september 30 , 2018  had liabilities of $ 70. 4 million related to estimated interest and penalties for unrecognized tax benefits.\n as of september 30 , 2017  had liabilities of $ 81. 7 million  net of indirect benefits  related to estimated interest penalties for unrecognized tax benefits.\n results of operations for fiscal year ended september 30 , 2018 , 2017 and 2016 include expense of $ 5. 8 million , $ 7. 4 million and $ 2. 9 million  net of indirect benefits  related to estimated interest and penalties respect liability for unrecognized tax benefits.\nas of september 30 , 2018 , possible our unrecognized tax benefits will decrease by up to $ 5. 5 million in next twelve months due to expiration of statues of limitations settlement of issues.\n we file federal , state local income tax returns in u. s.\n and various foreign jurisdictions.\n with few exceptions no longer subject to u. s.\n federal state local income tax examinations by tax authorities for years prior to fiscal 2015 and fiscal 2008 , respectively.\n no longer subject to non-u. s.\n income tax examinations by tax authorities for years prior to fiscal 2011 , except for brazil for not subject to tax examinations for years prior to 2005.\n believe our tax positions appropriate , subject to audit or other modifications no assurance modifications will not adversely affect our results of operations , financial condition or cash flows.\n note 6.\n segment information we report financial results of operations in following three reportable segments : corrugated packaging , containerboard mill corrugated packaging operations recycling operations ; consumer packaging , consumer mills  folding carton beverage merchandising displays partition operations ; land and development , sells real estate primarily in charleston , sc region.\n following combination until completion of separation , financial results of operations had a fourth reportable segment , specialty chemicals.\n prior to hh&b sale , our consumer packaging segment included hh&b.\n certain income and expenses not allocated to our segments information\n\n| 2018           | 2017           | 2016\n------------------------------------------------------------------------- | -------------- | -------------- | ------------\nbalance at beginning of fiscal year                                       | $ 148.9        | $ 166.8        | $ 106.6\nadditions related to purchase accounting ( 1 )                            | 3.4            | 7.7            | 16.5\nadditions for tax positions taken in current year                         | 3.1            | 5.0            | 30.3\nadditions for tax positions taken in prior fiscal years                   | 18.0           | 15.2           | 20.6\nreductions for tax positions taken in prior fiscal years                  | -5.3 ( 5.3 )   | -25.6 ( 25.6 ) | -9.7 ( 9.7 )\nreductions due to settlement ( 2 )                                        | -29.4 ( 29.4 ) | -14.1 ( 14.1 ) | -1.3 ( 1.3 )\n( reductions ) additions for currency translation adjustments             | -9.6 ( 9.6 )   | 2.0            | 7.0\nreductions as a result of a lapse of the applicable statute oflimitations | -2.0 ( 2.0 )   | -8.1 ( 8.1 )   | -3.2 ( 3.2 )\nbalance at end of fiscal year                                             | $ 127.1        | $ 148.9        | $ 166.8"
}
{
    "_id": "dd4c086ac",
    "title": "",
    "text": "management 2019s discussion analysis 102 jpmorgan chase & co. /2016 annual report derivative contracts normal business firm uses derivative instruments predominantly for market-making activities.\n derivatives enable customers manage exposures to fluctuations in interest rates currencies other markets.\n firm also uses derivative instruments to manage own credit other market risk exposure.\n nature of counterparty settlement mechanism of derivative affect credit risk to firm exposed.\n for otc derivatives firm exposed to credit risk of derivative counterparty.\n for exchange- traded derivatives ( 201cetd 201d ) futures options 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives firm generally exposed to credit risk of relevant ccp.\n possible firm seeks to mitigate credit risk exposures from derivative transactions through use legally enforceable master netting arrangements collateral agreements.\n further discussion of derivative contracts  counterparties settlement types see note 6.\n table summarizes net derivative receivables for periods presented.\n derivative receivables.\n ( a ) includes collateral related to derivative instruments where appropriate legal opinion not sought or obtained.\n derivative receivables reported on consolidated balance sheets were $ 64. 1 billion and $ 59. 7 billion at december 31 , 2016 and 2015  respectively.\n amounts represent fair value of derivative contracts after giving effect to legally enforceable master netting agreements cash collateral held by firm.\n management 2019s view appropriate measure of current credit risk should consideration additional liquid securities ( primarily.\n government agency securities other group of seven nations ( 201cg7 201d ) government bonds ) other cash collateral held by firm aggregating $ 22. 7 billion and $ 16.6 billion at december 31 , 2016 and 2015 , respectively may be used as security when fair value of client 2019s exposure is in firm 2019s favor.\n change in derivative receivables predominantly related to client-driven market-making activities.\n increase in derivative receivables reflected impact of market movements  increased foreign exchange receivables  partially offset by reduced commodity derivative receivables.\n in addition to collateral described in firm holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities, corporate debt and equity securities ) delivered by clients at initiation of transactions collateral related to contracts non-daily call frequency and collateral firm agreed to return but not yet settled as of reporting date.\n this collateral does not reduce balances not included in table available as security against potential exposure should fair value of client 2019s derivative transactions move in firm 2019s favor.\n derivative receivables fair value , net of all collateral  does not include other credit enhancements , such as letters of credit.\n for additional information on firm 2019s use of collateral agreements , see note 6.\n useful as current view of credit exposure net fair value of derivative receivables does not capture potential future variability of credit exposure.\n to capture potential future variability of credit exposure firm calculates  on client-by-client basis three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) and average exposure ( 201cavg 201d ).\n these measures all incorporate netting and collateral benefits  where applicable.\n peak represents conservative measure of potential exposure to counterparty calculated equivalent to 97. 5% (. 5 % ) confidence level over life of transaction.\npeak is primary measure used by firm for setting credit limits for derivative transactions , senior management reporting derivatives exposure management.\n dre exposure measure expresses risk of derivative exposure equivalent to risk of loan exposures.\n dre less extreme measure of potential credit loss than peak used for aggregating derivative credit risk exposures with loans other credit risk.\n avg is measure of expected fair value of firm 2019s derivative receivables at future time periods  including benefit of collateral.\n avg exposure over total life of derivative contract used as primary metric for pricing purposes to calculate credit capital cva .\n three year avg exposure was $ 31. 1 billion and $ 32. 4 billion at december 31 , 2016 and 2015  respectively compared with derivative receivables , net of all collateral , of $ 41. 4 billion and $ 43. 1 billion at december 31 , 2016 and 2015 , respectively.\n fair value of firm 2019s derivative receivables incorporates adjustment , cva , to reflect credit quality of counterparties.\n cva based on firm 2019s avg to counterparty counterparty 2019s credit spread in credit derivatives market.\n primary components of changes in cva are credit spreads , new deal activity or unwinds  changes in underlying market environment.\n firm believes active risk management essential to controlling dynamic credit\n\ndecember 31 ( in millions )                                                           | 2016             | 2015\n------------------------------------------------------------------------------------- | ---------------- | ----------------\ninterest rate                                                                         | $ 28302          | $ 26363\ncredit derivatives                                                                    | 1294             | 1423\nforeign exchange                                                                      | 23271            | 17177\nequity                                                                                | 4939             | 5529\ncommodity                                                                             | 6272             | 9185\ntotal net of cash collateral                                                          | 64078            | 59677\nliquid securities and other cash collateral held against derivative receivables ( a ) | -22705 ( 22705 ) | -16580 ( 16580 )\ntotal net of all collateral                                                           | $ 41373          | $ 43097"
}
{
    "_id": "dd4976010",
    "title": "",
    "text": "prior service cost or credits , net actuarial gains or losses ) as part of non-operating income.\n adopted requirements of asu no.\n 2017-07 on january 1 , 2018 using retrospective transition method.\n expect adoption of asu no.\n 2017-07 to result in increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , corresponding decrease in non-operating income for each year.\n not expect impact to business segment operating profit , consolidated net earnings or cash flows of adopting asu no.\n 2017-07.\n intangibles-goodwill and other in january 2017, fasb issued asu no.\n 2017-04 , intangibles-goodwill and other ( topic 350 ) eliminates requirement to compare implied fair value of reporting unit goodwill with carrying amount of goodwill ( referred as step 2 ) from goodwill impairment test.\n new standard not change how goodwill impairment identified.\n continue to perform quantitative and qualitative goodwill impairment test by comparing fair value of each reporting unit to carrying amount but if required to recognize goodwill impairment charge  under new standard amount of charge calculated by subtracting reporting unit 2019s fair value from carrying amount.\n under prior standard  if required to recognize goodwill impairment charge  step 2 required to calculate implied value of goodwill by assigning fair value of reporting unit to all assets and liabilities as if reporting unit acquired in business combination amount of charge calculated by subtracting reporting unit 2019s implied fair value of goodwill from actual goodwill balance.\n new standard effective for interim and annual reporting periods beginning after december 15 , 2019  early adoption permitted be applied prospectively from date of adoption.\nelected to adopt new standard for future goodwill impairment tests beginning of third quarter of 2017  simplifies evaluation of goodwill for impairment.\n impact new standard depend on outcomes of future goodwill impairment tests.\n derivatives and hedging inaugust 2017 , fasb issuedasu no.\n 2017-12derivatives and hedging ( topic 815 )  eliminates requirement to separately measure and report hedge ineffectiveness.\n guidance effective for fiscal years after december 15 , 2018 early adoption permitted.\n not expect significant impact to consolidated assets liabilities net earnings cash flows adopting new standard.\n plan to adopt new standard january 1 , 2019.\n leases in february 2016 , fasb issuedasu no.\n 2016-02 , leases ( topic 842 )  requires recognition of lease assets lease liabilities on balance sheet disclosure of key information about leasing arrangements for lessees and lessors.\n new standard effective january 1, 2019 for public companies early adoption permitted.\n new standard requires application modified retrospective approach to beginning of earliest period in financial statements.\n continuing to evaluate expected impact to consolidated financial statements related disclosures.\n plan to adopt new standard effective january 1 , 2019.\n note 2 2013 earnings per share theweighted average number of shares outstanding to compute earnings per common sharewere follows ( in millions ) :.\n compute basic and diluted earnings per common share by dividing net earnings by respectiveweighted average number of common shares outstanding for periods presented.\n calculation of diluted earnings per common share includes dilutive effects for assumed vesting of outstanding restricted stock units ( rsus ), performance stock units ( psus ) exercise of outstanding stock options based on treasury stock method.\nno significant anti-dilutive equity awards for years ended december 31 , 2017  2016 2015.\n note 3 2013 acquisitions divestitures acquisition of sikorsky aircraft corporation on november 6, 2015  completed acquisition sikorsky from united technologies corporation ( utc ) certain utc 2019s subsidiaries.\n purchase price acquisition was $ 9. 0 billion  net of cash acquired.\n result acquisition\n\n| 2017  | 2016  | 2015\n------------------------------------------------------------------- | ----- | ----- | -----\nweighted average common shares outstanding for basic computations   | 287.8 | 299.3 | 310.3\nweighted average dilutive effect of equity awards                   | 2.8   | 3.8   | 4.4\nweighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7"
}
{
    "_id": "dd497a976",
    "title": "",
    "text": "uncoated freesheet paper market pulp announced end of 2009 effective.\n input costs expected higher due to wood supply constraints at kwidzyn mill annual tariff increases on energy russia.\n planned main- tenance outage costs expected flat operating costs favorable.\n asian printing papers net sales were approx- $ 50 million in 2009 compared with $ 20 million in 2008 and 2007.\n operating earnings increased slightly in 2009 compared 2008 less than $ 1 million in all periods.\n.\n market pulp net sales 2009 totaled $ 575 million compared with $ 750 million in 2008 $ 655 million in 2007.\n operating earnings 2009 were $ 140 million ( loss of $ 71 million excluding alter- native fuel mixture credits plant closure costs ) compared with loss of $ 156 million ( loss $ 33 million excluding costs perma- nent shutdown of bastrop mill ) in 2008 earn ings $ 78 million in 2007.\n sales volumes 2009 decreased from 2008 levels due to weaker global demand.\n average sales price realizations lower decline in demand resulted in significant price declines for market pulp smaller declines in fluff pulp.\n input costs for wood  energy chemicals decreased freight costs lower.\n mill operating costs favorable across all mills planned maintenance downtime costs lower.\n lack-of-order downtime in 2009 increased to approx 540000 tons including 480000 tons related to permanent shutdown of bastrop mill in fourth quarter of 2008 compared with 135000 tons in 2008.\n first quarter of 2010 sales volumes expected to increase slightly reflecting improving customer demand for fluff pulp offset by seasonally weaker demand for softwood hard- wood pulp.\n average sales price realizations expected to improve reflecting previously announced sales price increases for fluff pulp hardwood pulp softwood pulp.\ninput costs expected increase for wood energy chemicals freight costs may increase.\n planned maintenance downtime costs higher operating costs flat.\n consumer packaging demand pricing correlate with consumer spending economic activity.\n to prices volumes major factors affecting profitability consumer packaging are raw material energy costs freight costs manufacturing efficiency product mix.\n consumer packaging net sales in 2009 decreased 4% ( 4 % ) compared with 2008 increased 1% ( 1 % ) compared with 2007.\n operating profits increased significantly compared with 2008 2007.\n excluding alternative fuel mixture credits facility closure costs 2009 operating profits higher than 2008 57% ( 57 % ) higher than 2007.\n benefits from higher average sales price realizations ( $ 114 million ) lower raw material energy costs ( $ 114 million ) lower freight costs ( $ 21 million ) lower costs reorganiza- tion shorewood business ( $ 23 million ) favor able foreign exchange effects ( $ 14 million ) other items ( $ 12 million ) offset by lower sales volumes increased lack-of-order downtime ( $ 145 million ) costs shutdown of franklin mill ( $ 67 million ).\n operating profits 2009 included $ 330 million of alternative fuel mixture credits.\n consumer packaging in millions 2009 2008 2007.\n north american consumer packaging net sales were $ 2. 2 billion compared with $ 2. 5 billion in 2008 $ 2. 4 billion in 2007.\n operating earnings 2009 were $ 343 million ( $ 87 million excluding alter native fuel mixture credits facility closure costs ) compared with $ 8 million ( $ 38 million excluding closure costs in 2008 $ 70 million in 2007.\n coated paperboard sales volumes lower in 2009 compared with 2008 reflecting weaker market conditions.\n average sales price realizations higher reflecting full-year realization price increases implemented second half of 2008.\nraw material costs for wood  energy chemicals lower in 2009 freight costs favorable.\n operating costs unfavorable planned main- tenance downtime costs higher.\n lack-of-order downtime increased to 300000 tons in 2009 from 15000 tons 2008 due to weak demand.\n operating results 2009 include income $ 330 million for alternative fuel mixture credits $ 67 million expenses for shutdown costs for franklin mill.\n foodservice sales volumes lower 2009 than 2008 due to weak world-wide economic conditions.\n average sales price realizations were\n\nin millions      | 2009   | 2008   | 2007\n---------------- | ------ | ------ | ------\nsales            | $ 3060 | $ 3195 | $ 3015\noperating profit | 433    | 17     | 112"
}
{
    "_id": "dd4bdf78e",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases equity securities ordinary shares publicly traded since november 17 , 2011 listed began trading new york stock exchange ( 201cnyse 201d ) under symbol 201cdlph. 201d december 4 , 2017 following spin-off delphi technologies company changed name to aptiv plc nyse symbol to 201captv. 201d as of january 25 , 2019 2 shareholders of record of ordinary shares.\n graph reflects comparative changes value from december 31, 2013 through december 31, 2018 initial investment $ 100 reinvestment of dividends in 1 ) ordinary shares 2 ) s&p 500 index 3 ) automotive peer group.\n historical share prices ordinary shares adjusted to reflect separation.\n historical performance may not be indicative of future shareholder returns.\n stock performance graph * $ 100 invested december 31 , 2013 in stock or relevant index including reinvestment of dividends.\n fiscal year ended december 31 , 2018.\n ( 1 ) aptiv plc  adjusted for distribution of delphi technologies december 4 , 2017 2 ) s&p 500 2013 standard & poor 2019s 500 total return index 3 ) automotive peer group 2013 adient plc  american axle & manufacturing holdings inc , aptiv plc , borgwarner inc , cooper tire & rubber co , cooper- standard holdings inc  dana inc  dorman products inc  ford motor co  garrett motion inc. general motors co  gentex corp  gentherm inc  genuine parts co  goodyear tire & rubber co  lear corp  lkq corp  meritor inc  motorcar parts of america inc  standard motor products inc  stoneridge inc  superior industries international inc  tenneco inc  tesla inc  tower international inc  visteon corp  wabco holdings inc company index december 31 , december 31.\n\ncompany index               | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016 | december 31 2017 | december 31 2018\n--------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------\naptiv plc ( 1 )             | $ 100.00         | $ 122.75         | $ 146.49         | $ 117.11         | $ 178.46         | $ 130.80\ns&p 500 ( 2 )               | 100.00           | 113.69           | 115.26           | 129.05           | 157.22           | 150.33\nautomotive peer group ( 3 ) | 100.00           | 107.96           | 108.05           | 107.72           | 134.04           | 106.89"
}
{
    "_id": "dd4c2d740",
    "title": "",
    "text": "credit facilities bermuda subsidiaries not admitted insurers reinsurers in u. s.  terms of certain u. s.\n insurance and reinsurance contracts require provide collateral can be in form of locs.\n ace global markets required to satisfy certain u. s.\n regulatory trust fund requirements met by issuance of locs.\n locs may be used for general corporate purposes provide underwriting capacity as funds at lloyd 2019s.\n table shows main credit facilities by credit line , usage  expiry date at december 31 , 2010.\n ( in millions of u. s.\n dollars ) credit line ( 1 ) usage expiry date.\n ( 1 ) certain facilities guaranteed by operating subsidiaries and/or ace limited.\n ( 2 ) may also be used for locs.\n ( 3 ) supports ace global markets underwriting capacity for lloyd 2019s syndicate 2488 ( discussion ).\n in november 2010 entered into four letter of credit facility agreements permit issuance of up to $ 400 million of letters of credit.\n expect most locs issued under loc agreements used to support ongoing funds at lloyd 2019s requirements of syndicate 2488 locs may also be used for other general corporate purposes.\n anticipated commercial facilities be renewed on expiry renewals subject to availability of credit from banks utilized by ace.\n in credit support insufficient could be required to provide alter- native security to clients.\n could take form of additional insurance trusts supported by investment portfolio or funds withheld using our cash resources.\n value of letters of credit required driven by statutory liabilities reported by variable annuity guarantee reinsurance clients  loss development of existing reserves  payment pattern of reserves expansion of business  loss experience of business.\nfacilities in table above require we maintain certain covenants , all met at december 31 , 2010.\n these covenants include : ( i ) maintenance of minimum consolidated net worth amount not less than 201cminimum amount 201d.\n for this calculation minimum amount is equal to sum of base amount ( currently $ 13. 8 billion ) plus 25 percent of consolidated net income for each fiscal quarter , ending after date current base amount became effective , plus 50 percent of any increase in consolidated net worth during same period , attributable to issuance of common and preferred shares.\n minimum amount is subject to annual reset provision.\n ( ii ) maintenance of maximum debt to total capitalization ratio of not greater than 0. 35 to 1.\n under covenant debt does not include trust preferred securities or mezzanine equity  except where ratio of sum of trust preferred securities and mezzanine equity to total capitalization is greater than 15 percent.\n in this circumstance amount greater than 15 percent would be included in debt to total capitalization ratio.\n at december 31 , 2010  minimum consolidated net worth requirement under covenant i ) was $ 14. 5 billion and our actual consolidated net worth calculated covenant was $ 21. 6 billion and ratio of debt to total capitalization was 0. 167 to 1 , below maximum debt to total capitalization ratio of 0. 35 to 1 as described in ( ii ).\n failure to comply with covenants under any credit facility would  result in event of default.\n this could require us to repay outstanding borrowings or to cash collateralize locs under facility.\n failure by ace limited ( or subsidiaries ) to pay obligation due for amount exceeding $ 50 million would result in event of default under all facilities described above.\nratings ace limited subsidiaries assigned debt financial strength insurance ) ratings from internationally recognized rating agencies including s&p  a. m.\n best  moody 2019s investors service  fitch.\n ratings issued on our companies by agencies announced publicly available directly from agencies.\n our internet site  www. acegroup. com\n\n( in millions of u.s . dollars )               | creditline ( 1 ) | usage  | expiry date\n---------------------------------------------- | ---------------- | ------ | -----------\nsyndicated letter of credit facility           | $ 1000           | $ 574  | nov . 2012\nrevolving credit/loc facility ( 2 )            | 500              | 370    | nov . 2012\nbilateral letter of credit facility            | 500              | 500    | sept . 2014\nfunds at lloyds 2019s capital facilities ( 3 ) | 400              | 340    | dec . 2015\ntotal                                          | $ 2400           | $ 1784 |"
}
{
    "_id": "dd4bb99da",
    "title": "",
    "text": "jpmorgan chase & co. /2014 annual report 125 lending-related commitments firm uses lending-related financial instruments , commitments ( including revolving credit facilities ) and guarantees , to meet financing needs of customers.\n contractual amounts financial instruments represent maximum possible credit risk should counterparties draw down on commitments or firm fulfills obligations under guarantees counterparties fail to perform according to terms contracts.\n in firm 2019s view total contractual amount of wholesale lending-related commitments not representative of firm 2019s actual future credit exposure or funding requirements.\n in determining credit risk exposure firm has to wholesale lending-related commitments used basis for allocating credit risk capital commitments firm has established a 201cloan-equivalent 201d amount for each commitment ; this amount represents portion of unused commitment or other contingent exposure expected based on average portfolio historical experience to become drawn upon in default by obligor.\n loan-equivalent amount of firm 2019s lending- related commitments was $ 229. 6 billion and $ 218. 9 billion as of december 31 , 2014 and 2013 , respectively.\n clearing services firm provides clearing services for clients entering into securities and derivative transactions.\n firm exposed to risk of non-performance by clients and may be required to share in losses incurred by central counterparties ( 201cccps 201d ).\n possible firm seeks to mitigate credit risk to clients through collection of adequate margin at inception and throughout life transactions and can cease provision of clearing services if clients do not adhere to obligations under clearing agreement.\n for further discussion of clearing services , see note 29.\n derivative contracts in normal course of business firm uses derivative instruments predominantly for market-making activities.\nderivatives enable customers manage exposures to fluctuations in interest rates currencies other markets.\n firm uses derivative instruments to manage credit exposure.\n nature of counterparty settlement mechanism of derivative affect credit risk to firm exposed.\n for otc derivatives firm exposed to credit risk of derivative counterparty.\n for exchange-traded derivatives ( 201cetd 201d ) futures options  201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives firm generally exposed to credit risk of relevant ccp.\n where possible firm seeks to mitigate credit risk exposures from derivative transactions through use legally enforceable master netting arrangements collateral agreements.\n for further discussion of derivative contracts counterparties settlement types see note 6.\n following table summarizes net derivative receivables for periods presented.\n derivative receivables.\n receivables reported on consolidated balance sheets were $ 79. 0 billion and $ 65. 8 billion at december 31 , 2014 and 2013  respectively.\n these amounts represent fair value of derivative contracts after giving effect to legally enforceable master netting agreements cash collateral held by firm.\n in management 2019s view appropriate measure of current credit risk should consideration additional liquid securities ( primarily.\n government agency securities other g7 government bonds ) other cash collateral held by firm aggregating $ 19. 6 billion and $ 14. 4 billion at december 31 , 2014 and 2013  respectively may be used as security when fair value of client 2019s exposure is in firm 2019s favor.\naddition to collateral described in preceding paragraph firm holds additional collateral ( primarily : cash ; g7 government securities ; other liquid government-agency and guaranteed securities ; corporate debt and equity securities ) delivered by clients at initiation of transactions collateral related to contracts non-daily call frequency and collateral firm agreed to return but not yet settled as of reporting date.\n this collateral not reduce balances not included in table above available as security against potential exposure should fair value of client 2019s derivative transactions move in firm 2019s favor.\n as of december 31 , 2014 and 2013 , firm held $ 48. 6 billion and $ 50. 8 billion , respectively  of this additional collateral.\n prior period amount revised to conform with current period presentation.\n derivative receivables fair value , net of all collateral  not include other credit enhancements  as letters of credit.\n for additional information on firm 2019s use of collateral agreements , see note 6.\n\ndecember 31 ( in millions )                                                     | 2014             | 2013\n------------------------------------------------------------------------------- | ---------------- | ----------------\ninterest rate                                                                   | $ 33725          | $ 25782\ncredit derivatives                                                              | 1838             | 1516\nforeign exchange                                                                | 21253            | 16790\nequity                                                                          | 8177             | 12227\ncommodity                                                                       | 13982            | 9444\ntotal net of cash collateral                                                    | 78975            | 65759\nliquid securities and other cash collateral held against derivative receivables | -19604 ( 19604 ) | -14435 ( 14435 )\ntotal net of all collateral                                                     | $ 59371          | $ 51324"
}
{
    "_id": "dd4bca5fa",
    "title": "",
    "text": "not believe in our stockholders 2019 best interest.\n rights plan intended to protect stockholders in unfair or coercive offer to acquire company provide board of directors with time to evaluate unsolicited offers.\n rights plan may prevent or make takeovers or unsolicited corporate transactions difficult even if stockholders consider such transactions favorable possibly including transactions stockholders might receive premium for shares.\n item 1b.\n unresolved staff comments item 2.\n properties as of december 31 , 2016  significant properties used in connection with switching centers  data centers call centers warehouses were:.\n of december 31  2016 leased approximately 60000 cell sites.\n december 31 2016 leased approximately 2000 t-mobile and metropcs retail locations including stores and kiosks size from 100 square feet to 17000 square feet.\n lease office space approximately 950000 square feet for corporate headquarters in bellevue , washington.\n use these offices for engineering and administrative purposes.\n also lease space throughout u. s.  totaling approximately 1200000 square feet as of december 31 , 2016 for use regional offices primarily for administrative , engineering sales purposes.\n item 3.\n legal proceedings see note 12 2013 commitments and contingencies of notes to consolidated financial statements in part ii , item 8 of form 10-k for information regarding certain legal proceedings involved.\n item 4.\n mine safety disclosures part ii.\n item 5.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities market information our common stock traded on nasdaq global select market nasdaq stock market llc ( 201cnasdaq 201d ) under symbol 201ctmus.201d as of december 31 , 2016 , 309 registered stockholders of record of our common stock , estimate total number of stockholders to higher as number our shares held by brokers or dealers for customers in street name.\n\n| approximate number | approximate size in square feet\n----------------- | ------------------ | -------------------------------\nswitching centers | 57                 | 1400000\ndata centers      | 8                  | 600000\ncall center       | 16                 | 1300000\nwarehouses        | 16                 | 500000"
}
{
    "_id": "dd4bbbab4",
    "title": "",
    "text": "notes to consolidated financial statements 2013 ( continued ) ( amounts in millions  except per share amounts ) guarantees we have guarantees of certain obligations of our subsidiaries relating principally to credit facilities  media payables operating leases of certain subsidiaries.\n amount of parent company guarantees was $ 769. 3 and $ 706. 7 as of december 31 , 2009 and 2008  respectively.\n in event of non-payment by applicable subsidiary of obligations covered by guarantee we obligated to pay amounts covered by guarantee.\n as of december 31, 2009 no material assets pledged as security for parent company guarantees.\n contingent acquisition obligations table details estimated future contingent acquisition obligations payable in cash as of december 31 , 2009.\n estimated amounts listed paid in event exercise at earliest exercise date.\n see note 6 for further information payment structure of acquisitions.\n all payments contingent upon achieving projected operating performance targets satisfying other conditions in related agreements subject to revisions as earn-out periods progress.\n entered into certain acquisitions contain redeemable noncontrolling interests and call options with similar terms and conditions.\n included related estimated contingent acquisition obligation in period when earliest related option is exercisable.\n certain redeemable noncontrolling interests exercisable at discretion of noncontrolling equity owners as of december 31 , 2009.\n estimated acquisition payments of $ 20. 5 included within total payments expected to be made in 2010 if not made in 2010 will continue to carry forward into 2011 or beyond until exercised or expire.\n redeemable noncontrolling interests included in table at current exercise price payable in cash not at applicable redemption value with authoritative guidance for classification and measurement of redeemable securities.\nlegal matters we involved in legal and administrative proceedings of various types.\n while any litigation contains element of uncertainty , we do not believe outcome of proceedings material adverse effect on our financial condition , results of operations or cash flows.\n note 16 : recent accounting standards in december 2009 , financial accounting standards board ( 201cfasb 201d ) amended authoritative guidance related to accounting for transfers servicing of financial assets extinguishments of liabilities.\n guidance effective for company beginning january 1 , 2010.\n guidance eliminates concept of qualifying special-purpose entity changes criteria for derecognizing financial assets.\n in guidance require additional disclosures related to company 2019s continued involvement with financial assets transferred.\n do not expect adoption of this amended guidance to significant impact on our consolidated financial statements.\n in december 2009 , fasb amended authoritative guidance for consolidating variable interest entities.\n guidance effective for company beginning january 1 , 2010.\n guidance revises factors considered by reporting entity when determining whether entity insufficiently capitalized or not controlled through voting ( or similar rights ) should be consolidated.\n guidance includes revised financial statement disclosures regarding reporting entity 2019s involvement  including significant risk exposures result of involvement  impact relationship on reporting entity 2019s financial statements.\n currently evaluating potential impact of amended guidance on our consolidated financial statements.\n\n| 2010   | 2011   | 2012   | 2013   | 2014  | thereafter | total\n--------------------------------------------------------------------- | ------ | ------ | ------ | ------ | ----- | ---------- | -------\ndeferred acquisition payments                                         | $ 20.5 | $ 34.8 | $ 1.2  | $ 1.1  | $ 2.1 | $ 0.3      | $ 60.0\nredeemable noncontrolling interests and call options with affiliates1 | 44.4   | 47.9   | 40.5   | 36.3   | 3.3   | 2014       | 172.4\ntotal contingent acquisition payments                                 | 64.9   | 82.7   | 41.7   | 37.4   | 5.4   | 0.3        | 232.4\nless : cash compensation expense included above                       | 1.0    | 1.0    | 1.0    | 0.5    | 2014  | 2014       | 3.5\ntotal                                                                 | $ 63.9 | $ 81.7 | $ 40.7 | $ 36.9 | $ 5.4 | $ 0.3      | $ 228.9"
}
{
    "_id": "dd4c23b64",
    "title": "",
    "text": "39 annual report 2010 duke realty corporation  related party transactions we provide property asset management leasing  construction other tenant related services to unconsolidated companies in we have equity interests.\n for years ended december 31 , 2010 , 2009 2008   earned management fees of $ 7. 6 million , $ 8. 4 million $ 7. 8 million  leasing fees of $ 2. 7 million , $ 4. 2 million $ 2. 8 million construction and development fees of $ 10. 3 million , $ 10. 2 million $ 12. 7 million from these companies.\n recorded fees based on contractual terms approximate market rates for services eliminated ownership percentages of these fees in consolidated financial statements.\n commitments contingencies guaranteed repayment of $ 95. 4 million of economic development bonds issued by various municipalities in connection with certain commercial developments.\n required to make payments under guarantees to extent incremental taxes from specified developments not sufficient to pay bond debt service.\n management not believe probable required to make significant payments in satisfaction of guarantees.\n guaranteed repayment of secured and unsecured loans of six of unconsolidated subsidiaries.\n at december 31 , 2010  maximum guarantee exposure for these loans was approximately $ 245. 4 million.\n exception of guarantee of debt of 3630 peachtree joint venture for recorded contingent liability in 2009 of $ 36. 3 million  management believes probable not be required to satisfy these guarantees.\n lease certain land positions with terms extending to december 2080  total obligation of $ 103. 6 million.\n no payments on these ground leases material in any individual year.\n subject to legal proceedings claims in ordinary course of business.\nopinion of management, ultimate liability these actions not affect consolidated financial statements or results of operations.\n contractual obligations at december 31 , 2010  subject to certain contractual payment obligations described in table below:.\n ( 1 ) long-term debt consists secured and unsecured debt includes principal and interest.\n interest expense for variable rate debt calculated using interest rates as of december 31 , 2010.\n ( 2 ) unsecured lines of credit consist operating line of credit matures february 2013 and line of credit of consolidated subsidiary matures july 2011.\n interest expense for unsecured lines of credit calculated using recent stated interest rates in effect.\n ( 3 ) share of unconsolidated joint venture debt includes principal and interest.\n interest expense for variable rate debt calculated using interest rate at december 31 , 2010.\n ( 4 ) represents estimated remaining costs on completion of owned development projects and third-party construction projects.\n\ncontractual obligations                              | payments due by period ( in thousands ) total | payments due by period ( in thousands ) 2011 | payments due by period ( in thousands ) 2012 | payments due by period ( in thousands ) 2013 | payments due by period ( in thousands ) 2014 | payments due by period ( in thousands ) 2015 | payments due by period ( in thousands ) thereafter\n---------------------------------------------------- | --------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | --------------------------------------------------\nlong-term debt ( 1 )                                 | $ 5413606                                     | $ 629781                                     | $ 548966                                     | $ 725060                                     | $ 498912                                     | $ 473417                                     | $ 2537470\nlines of credit ( 2 )                                | 214225                                        | 28046                                        | 9604                                         | 176575                                       | -                                            | -                                            | -\nshare of debt of unconsolidated joint ventures ( 3 ) | 447573                                        | 87602                                        | 27169                                        | 93663                                        | 34854                                        | 65847                                        | 138438\nground leases                                        | 103563                                        | 2199                                         | 2198                                         | 2169                                         | 2192                                         | 2202                                         | 92603\noperating leases                                     | 2704                                          | 840                                          | 419                                          | 395                                          | 380                                          | 370                                          | 300\ndevelopment and construction backlog costs ( 4 )     | 521041                                        | 476314                                       | 44727                                        | -                                            | -                                            | -                                            | -\nother                                                | 1967                                          | 1015                                         | 398                                          | 229                                          | 90                                           | 54                                           | 181\ntotal contractual obligations                        | $ 6704679                                     | $ 1225797                                    | $ 633481                                     | $ 998091                                     | $ 536428                                     | $ 541890                                     | $ 2768992"
}
{
    "_id": "dd4bd2e3a",
    "title": "",
    "text": ".\n morgan chase & co.\n / 2003 annual report 65 commercial specific loss component of allowance was $ 917 million at december 31 , 2003  a decrease of 43% ( 43 % ) from year-end 2002.\n decrease attributable to improve- ment in credit quality of commercial loan portfolio  reduction in size of portfolio.\n commercial expected loss component of allowance was $ 454 million at december 31 , 2003  decrease of 26% ( 26 % ) from year- end 2002.\n decrease reflected improvement in average quality of loan portfolio improving credit envi- ronment affected inputs to expected loss model.\n consumer expected loss component of allowance was $ 2. 3 billion at december 31 , 2003  decrease of 4% ( 4 % ) from year- end 2002.\n consumer managed loan portfolio increased by 10% ( 10 % ) businesses drove increase, home finance and auto finance  have collateralized products with lower expected loss rates.\n residual component of allowance was $ 895 million at december 31 , 2003.\n residual component  management's judgment addresses uncertainties not considered in formula-based commercial specific and expected components of allowance for credit losses.\n $ 121 million increase addressed uncertainties in eco- nomic environment and concentrations in commercial loan portfolio during first half of 2003.\n in sec- ond half of year as commercial credit quality and commercial allowance declined residual component reduced.\n at december 31 , 2003  residual component represented approximately 20% ( 20 % ) of total allowance for loan losses within firm 2019s target range of between 10% ( 10 % ) and 20% ( 20 % ).\n firm anticipates if current positive trend in economic conditions and credit quality continues commercial and residual components will continue to be reduced.\nlending-related commitments provide for risk of loss in credit-extension process management computes specific expected loss components residual component for commercial lending 2013related commitments.\n computed using methodology similar to for commercial loan port- folio  modified for expected maturities probabilities of drawdown.\n allowance decreased by 11% ( 11 % ) to $ 324 million as of december 31 , 2003  due to improvement in criticized portion of firm 2019s lending-related commitments.\n credit costs.\n\nfor the year ended december 31 ( in millions ) | for the year ended december 31 commercial | for the year ended december 31 consumer | for the year ended december 31 residual | for the year ended december 31 total | for the year ended december 31 commercial | for the year ended december 31 consumer | residual   | total\n---------------------------------------------- | ----------------------------------------- | --------------------------------------- | --------------------------------------- | ------------------------------------ | ----------------------------------------- | --------------------------------------- | ---------- | ------\nprovision for loan losses                      | $ -30 ( 30 )                              | $ 1491                                  | $ 118                                   | $ 1579                               | $ 2371                                    | $ 1589                                  | $ 79       | $ 4039\nprovision for lending-related commitments      | -47 ( 47 )                                | 2014                                    | 8                                       | -39 ( 39 )                           | 309                                       | 2014                                    | -17 ( 17 ) | 292\nsecuritized credit losses                      | 2014                                      | 1870                                    | 2014                                    | 1870                                 | 2014                                      | 1439                                    | 2014       | 1439\ntotal managed credit costs                     | $ -77 ( 77 )                              | $ 3361                                  | $ 126                                   | $ 3410                               | $ 2680                                    | $ 3028                                  | $ 62       | $ 5770"
}
{
    "_id": "dd4b9849c",
    "title": "",
    "text": "company reclassified amounts from 201cdistributions from other invested assets cash flows investing activities to 201cdistribution of limited partnership income 201d cash flows from operations for interim reporting periods 2013 : $ 33686 thousand for three months ended march 31 , 2013 ; $ 9409 thousand and $ 43095 thousand for three months six months ended june 30 , 2013 $ 5638 thousand and $ 48733 thousand for three months nine months ended september 30 , 2013 .\n.\n investments.\n fixed maturity and equity security investments available for sale at market value reflect unrealized appreciation and depreciation temporary changes in market value period shareholders 2019 equity , net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in consolidated balance sheets.\n fixed maturity equity securities carried at fair value reflect fair value re- measurements as net realized capital gains and losses in consolidated statements of operations comprehensive income ( loss ).\n company records changes in fair value for fixed maturities available for sale at market value through shareholders 2019 equity  net of taxes in accumulated other comprehensive income ( loss ) cash flows from these investments used to settle reserve for losses and loss adjustment expense liabilities.\n company anticipates holding these investments for extended period as cash flow from interest maturities fund projected payout of liabilities.\n fixed maturities carried at fair value represent portfolio of convertible bond securities characteristics similar to equity securities foreign denominated fixed maturity securities used to settle loss and loss adjustment reserves in same currency.\n company carries all equity securities at fair value except for mutual fund investments underlying investments of fixed maturity securities.\nequity securities available for sale at fair value company reflects changes in value as net realized capital gains and losses securities may be sold in near term depending on financial market conditions.\n interest income on all fixed maturities dividend income on all equity securities included as part of net investment income in consolidated statements of operations comprehensive income ( loss ).\n unrealized losses on fixed maturities deemed other-than-temporary related to credit quality of security charged to net income ( loss ) as net realized capital losses.\n short-term investments stated at cost approximates market value.\n realized gains or losses on sales of investments determined on of identified cost.\n for non- publicly traded securities market prices determined through pricing models evaluate securities relative to.\n treasury yield curve account issue type credit quality cash flow characteristics of each security.\n for publicly traded securities market value based on quoted market prices or valuation models observable market inputs.\n when sector financial markets inactive or illiquid company may use own assumptions about future cash flows risk-adjusted discount rates to determine fair value.\n retrospective adjustments employed to recalculate values of asset-backed securities.\n each acquisition lot reviewed to recalculate effective yield.\n recalculated effective yield used to derive book value as if new yield applied at time of acquisition.\n outstanding principal factors from time of acquisition to adjustment date used to calculate prepayment history for all applicable securities.\n conditional prepayment rates computed with life to date factor histories weighted average maturities used to effect calculation of projected and prepayments for pass-through security types.\n other invested assets include limited partnerships rabbi trusts affiliated entity.\nlimited partnerships affiliated entity accounted for under equity method of accounting, recorded on monthly or quarterly lag.\n c.\n uncollectible receivable balances.\n company provides reserves for uncollectible reinsurance recoverable premium receivable balances based on management 2019s assessment of collectability of outstanding balances.\n such reserves presented in table below for periods indicated.\n\n( dollars in thousands )                        | years ended december 31 , 2013 | years ended december 31 , 2012\n----------------------------------------------- | ------------------------------ | ------------------------------\nreinsurance receivables and premium receivables | $ 29905                        | $ 32011"
}
{
    "_id": "dd4c63fca",
    "title": "",
    "text": "jpmorgan chase & co. /2010 annual report 281 pledged assets at december 31 , 2010 pledged to collateralize repur- chase agreements securities financing agreements derivative transactions other purposes including secure borrowings public deposits.\n certain pledged assets may be sold or repledged by secured parties identified as financial instruments owned ( pledged ) on consoli- dated balance sheets.\n at december 31, 2010 and 2009  firm pledged $ 288. 7 billion and $ 344. 6 billion  of financial instruments it owns may not be sold or repledged by secured parties.\n significant components of firm 2019s pledged assets as follows.\n total assets pledged ( a ) $ 450. 1 $ 525. 4 total assets pledged do not include assets of consolidated vies ; assets used to settle liabilities of entities.\n see note 16 on pages 244 2013 259 of annual report for additional information on assets liabilities of consolidated vies.\n collateral at december 31 , 2010 and 2009 firm accepted assets as collateral could sell or repledge  deliver use with fair value of approximately $ 655. 0 billion and $ 635. 6 billion  respectively.\n collateral obtained under resale agreements securities borrowing agreements cus- tomer margin loans derivative agreements.\n collateral received approximately $ 521. 3 billion and $ 472. 7 billion sold or repledged generally as collateral under repurchase agreements securities lending agreements cover short sales collat- eralize deposits derivative agreements.\n reporting of collat- eral sold or repledged revised in 2010 to include certain securities used to cover short sales collateralize deposits derivative agreements.\nprior period amounts revised to conform current presentation.\n revision no impact on firm 2019s consolidated balance sheets or results of operations.\n contingencies in 2008, firm resolved with irs issues related to compliance with reporting and withholding requirements for certain accounts transferred to bank of new york mellon corporation ( 201cbnym 201d ) in connection with firm 2019s sale to bnym of corporate trust business.\n resolution issues not material effect on firm.\n\ndecember 31 ( in billions ) | 2010    | 2009\n--------------------------- | ------- | -------\nsecurities                  | $ 112.1 | $ 155.3\nloans                       | 214.8   | 285.5\ntrading assets and other    | 123.2   | 84.6\ntotalassetspledged ( a )    | $ 450.1 | $ 525.4"
}
{
    "_id": "dd4c4a6c4",
    "title": "",
    "text": "entergy corporation subsidiaries management 2019s financial discussion analysis regulatory asset associated with new nuclear generation development costs result of joint stipulation with mississippi public utilities staff approved by mpsc , entergy mississippi agreed not to pursue recovery of costs deferred by mpsc order in new nuclear generation docket.\n see note 2 to financial statements for discussion of new nuclear generation development costs joint stipulation.\n net revenue utility following analysis of change in net revenue comparing 2015 to 2014.\n amount ( in millions ).\n retail electric price variance due to : 2022 formula rate plan increases at entergy louisiana approved by lpsc  effective december 2014 january 2015 ; 2022 increase in energy efficiency rider revenue due to increases in energy efficiency rider at entergy arkansas  approved by apsc  effective july 2015 july 2014  new energy efficiency riders at entergy louisiana entergy mississippi began in fourth quarter 2014.\n energy efficiency revenues offset by costs in other operation maintenance expenses minimal effect on net income ; 2022 annual net rate increase at entergy mississippi of $ 16 million  effective february 2015  result of mpsc order in june 2014 rate case.\n see note 2 to financial statements for discussion of rate regulatory proceedings.\n volume/weather variance due to increase of 1402 gwh , or 1% ( 1 % ), in billed electricity usage  including increase in industrial usage effect of more favorable weather.\n increase in industrial sales due to expansion in chemicals industry addition of new customers  partially offset by decreased demand due to extended maintenance outages for existing chemicals customers.\n louisiana business combination customer credits variance due to regulatory liability of $ 107 million recorded by entergy in october 2015 result entergy gulf states louisiana and entergy louisiana business combination.\nconsistent with terms agreement with lpsc  electric customers of entergy louisiana realize customer credits associated with business combination in october 2015 entergy recorded regulatory liability of $ 107 million ( $ 66 million net-of-tax ).\n see note 2 to financial statements for discussion of business combination and customer credits.\n\n| amount ( in millions )\n------------------------------------------------- | ----------------------\n2014 net revenue                                  | $ 5735\nretail electric price                             | 187\nvolume/weather                                    | 95\nlouisiana business combination customer credits   | -107 ( 107 )\nmiso deferral                                     | -35 ( 35 )\nwaterford 3 replacement steam generator provision | -32 ( 32 )\nother                                             | -14 ( 14 )\n2015 net revenue                                  | $ 5829"
}
{
    "_id": "dd4c2fef0",
    "title": "",
    "text": "apple inc.\n  2018 form 10-k  20 company stock performance graph shows comparison of cumulative total shareholder return calculated dividend-reinvested basis for company  s&p 500 index  s&p information technology index dow jones u. s.\n technology supersector index for five years ended september 29 , 2018.\n graph assumes $ 100 invested in each company 2019s common stock s&p 500 index s&p information technology index dow jones u. s.\n technology supersector index market close september 27 , 2013.\n historic stock price performance not indicative of future stock price performance.\n * $ 100 invested september 27, 2013 in stock or index including reinvestment of dividends.\n data points are last day of each fiscal year for company 2019s common stock september 30th for indexes.\n copyright a9 2018 standard & poor 2019s  division of s&p global.\n all rights reserved.\n copyright a9 2018 s&p dow jones indices llc  division of s&p global.\n all rights reserved.\n september september.\n\n| september2013 | september2014 | september2015 | september2016 | september2017 | september2018\n-------------------------------------------- | ------------- | ------------- | ------------- | ------------- | ------------- | -------------\napple inc .                                  | $ 100         | $ 149         | $ 173         | $ 174         | $ 242         | $ 359\ns&p 500 index                                | $ 100         | $ 120         | $ 119         | $ 137         | $ 163         | $ 192\ns&p information technology index             | $ 100         | $ 129         | $ 132         | $ 162         | $ 209         | $ 275\ndow jones u.s . technology supersector index | $ 100         | $ 130         | $ 130         | $ 159         | $ 203         | $ 266"
}
{
    "_id": "dd4c17a26",
    "title": "",
    "text": "december 2016 acquisition of camber higher volumes in fleet support oil and gas services offset by lower nuclear environmental volumes due to resolution 2016 of outstanding contract changes on nuclear environmental commercial contract.\n segment operating income 2018 - operating income in technical solutions segment for year ended december 31 , 2018  was $ 32 million compared to operating income $ 21 million in 2017.\n increase primarily due to allowance for accounts receivable in 2017 on nuclear environmental commercial contract higher income from operating investments at nuclear environmental joint ventures partially offset by one time employee bonus payments in 2018 related to tax act lower performance in fleet support services.\n 2017 - operating income in technical solutions segment for year ended december 31, 2017 was $ 21 million compared to operating income $ 8 million in 2016.\n increase primarily due to improved performance in oil and gas services higher volume in mdis services following december 2016 acquisition of camber partially offset by establishment allowance for accounts receivable on nuclear environmental commercial contract in 2017 resolution 2016 of outstanding contract changes nuclear environmental commercial contract.\n backlog total backlog as of december 31 , 2018 was approximately $ 23 billion.\n backlog includes funded backlog ( funding contractually obligated customer ) and unfunded backlog funding not contractually obligated ).\n backlog excludes unexercised contract options unfunded orders.\n for contracts no stated contract values backlog includes only amounts committed by customer.\n following table presents funded and unfunded backlog by segment as of december 31 , 2018 2017:.\n expect approximately 30% ( 30 % ) of $ 23 billion total backlog december 31 , 2018 to be converted into sales in 2019.\n.\n government orders comprised substantially all of backlog as of december 31 , 2018 2017.\nawards 2018 - value new contract awards year ended december 31  2018 was approximately $ 9. 8 billion.\n significant new awards included contracts construction three arleigh burke class ( ddg 51 ) destroyers detail design construction of richard m.\n mccool jr.\n ( lpd 29 )  procurement of long-lead-time material for enterprise ( cvn 80 )  construction of nsc 10 ( unnamed ) and nsc 11 ( unnamed ).\n received awards 2019 valued $ 15. 2 billion for detail design construction gerald r.\n ford class ( cvn 78 ) aircraft carriers enterprise ( cvn 80 ) and cvn 81 ( unnamed ).\n 2017 - value new contract awards year ended december 31 , 2017 was approximately $ 8. 1 billion.\n significant new awards included detailed design construction contract for bougainville ( lha 8 ) execution contract for rcoh of uss george washington ( cvn 73 ).\n\n( $ in millions )   | december 31 2018 funded | december 31 2018 unfunded | december 31 2018 total backlog | december 31 2018 funded | december 31 2018 unfunded | total backlog\n------------------- | ----------------------- | ------------------------- | ------------------------------ | ----------------------- | ------------------------- | -------------\ningalls             | $ 9943                  | $ 1422                    | $ 11365                        | $ 5920                  | $ 2071                    | $ 7991\nnewport news        | 6767                    | 4144                      | 10911                          | 6976                    | 5608                      | 12584\ntechnical solutions | 339                     | 380                       | 719                            | 478                     | 314                       | 792\ntotal backlog       | $ 17049                 | $ 5946                    | $ 22995                        | $ 13374                 | $ 7993                    | $ 21367"
}
{
    "_id": "dd4ba07d2",
    "title": "",
    "text": "information about stock options at december 31 , 2007.\n weighted-average contractual life was approximately 4. 2 years.\n at december 31 , 2007 approximately 13788000 options total vested and expected to vest.\n weighted-average exercise price options was $ 62. 07 per share contractual life approximately 5. 2 years aggregate intrinsic value at december 31  2007 approximately $ 92 million.\n stock options granted in 2005 include options for 30000 shares granted to non-employee directors.\n no options granted in 2006 or 2007.\n awards granted to non-employee directors in 2007 include 20944 deferred stock units under outside directors deferred stock unit plan.\n deferred stock unit is phantom share of common stock requires liability accounting treatment under sfas 123r until awards paid to participants as cash.\n no vestings or service requirements awards total compensation expense recognized in full on all awarded units on date of grant.\n weighted-average grant-date fair value of options granted in 2007, 2006 and 2005 was $ 11. 37 , $ 10. 75 and $ 9. 83 per option.\n stock-based compensation expense under sfas 123r grant-date fair value applied to options granted with reduction for estimated forfeitures.\n at december 31 , 2006 and 2005 options for 10743000 and 13582000 shares of common stock exercisable at weighted-average price of $ 58. 38 and $ 56. 58 .\n total intrinsic value of options exercised during 2007 , 2006 and 2005 was $ 52 million , $ 111 million and $ 31 million .\n at december 31 , 2007 aggregate intrinsic value of all options outstanding and exercisable was $ 94 million and $ 87 million .\ncash received from option exercises under incentive plans for 2007 , 2006 and 2005 was approximately $ 111 million , $ 233 million $ 98 million respectively.\n actual tax benefit realized for tax deduction from option exercises under incentive plans for 2007 2006 2005 was approximately $ 39 million , $ 82 million and $ 34 million, respectively.\n no options granted in excess of market value in 2007 , 2006 or 2005.\n shares of common stock available next year for granting of options and other awards under incentive plans were 40116726 at december 31 , 2007.\n total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 41787400 shares at december 31, 2007 includes shares available for issuance under incentive plans, employee stock purchase plan director plan.\n during 2007  issued approximately 2. 1 million shares from treasury stock in connection with stock option exercise activity.\n intend to utilize treasury stock for future stock option exercises.\n adopted fair value recognition provisions of sfas 123 to all employee awards including stock options granted modified or settled after january 1 , 2003.\n recognized compensation expense for stock options on straight-line basis over pro rata vesting period.\n total compensation expense recognized related to pnc stock options in 2007 was $ 29 million compared with $ 31 million in 2006 and $ 29 million in 2005.\n pro forma effects table included in note 1 accounting policies sets forth pro forma net income and basic and diluted earnings per share if compensation expense recognized under sfas 123 and 123r for stock options for 2005.\n for computing stock option expense 2005 pro forma results estimated fair value of stock options using black-scholes option pricing model.\n model requires use of numerous assumptions many subjective.\n, 2005 pro forma results are estimates of results operations as if compensation expense recognized for all stock-based compensation awards not indicative of impact on future periods.\n\ndecember 31 2007shares in thousandsrange of exercise prices | options outstanding shares | options outstanding weighted- averageexercise price | options outstanding weighted-average remaining contractual life ( in years ) | options outstanding shares | weighted-averageexercise price\n----------------------------------------------------------- | -------------------------- | --------------------------------------------------- | ---------------------------------------------------------------------------- | -------------------------- | ------------------------------\n$ 37.43 2013 $ 46.99                                        | 1444                       | $ 43.05                                             | 4.0                                                                          | 1444                       | $ 43.05\n47.00 2013 56.99                                            | 3634                       | 53.43                                               | 5.4                                                                          | 3022                       | 53.40\n57.00 2013 66.99                                            | 3255                       | 60.32                                               | 5.2                                                                          | 2569                       | 58.96\n67.00 2013 76.23                                            | 5993                       | 73.03                                               | 5.5                                                                          | 3461                       | 73.45\ntotal                                                       | 14326                      | $ 62.15                                             | 5.3                                                                          | 10496                      | $ 59.95"
}
{
    "_id": "dd4bc7b52",
    "title": "",
    "text": "graph compares cumulative 4-year stockholder return our common stock relative to cumulative return nasdaq composite index s&p 400 information technology index.\n graph assumes value investment in common stock each index ( including reinvestment dividends ) was $ 100 on january 3, 2009 tracks through december 29 , 2012.\n comparison of 4 year cumulative total return* among cadence design systems , inc. nasdaq composite index  s&p 400 information technology cadence design systems.\n nasdaq composite s&p 400 information technology 12/29/121/1/11 12/31/111/2/101/3/09 *$ 100 invested on 1/3/09 in stock or 12/31/08 in index including reinvestment dividends.\n indexes calculated on month-end basis.\n copyright a9 2013 s&p , division of mcgraw-hill companies all rights reserved.\n stock price performance graph not necessarily indicative of future stock price performance.\n\n| 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012\n------------------------------ | -------- | -------- | -------- | ---------- | ----------\ncadence design systems inc .   | 100.00   | 155.99   | 215.10   | 270.83     | 350.00\nnasdaq composite               | 100.00   | 139.32   | 164.84   | 167.06     | 187.66\ns&p 400 information technology | 100.00   | 151.58   | 198.02   | 174.88     | 201.26"
}
{
    "_id": "dd4c4d43c",
    "title": "",
    "text": "goldman sachs group , inc.\n and subsidiaries notes to consolidated financial statements firm unable to develop estimate of maximum payout under these guarantees and indemnifications.\n management believes unlikely firm will to make any material payments under these arrangements no material liabilities related to these guarantees and indemnifications recognized in consolidated statements of financial condition as of december 2017 and december 2016.\n other representations , warranties indemnifications.\n firm provides representations and warranties to counterparties in connection with variety of commercial transactions and occasionally indemnifies them against potential losses by breach of representations warranties.\n firm may provide indemnifications protecting against changes in or adverse application of certain u.\n tax laws in connection with ordinary-course transactions securities issuances borrowings or derivatives.\n in firm may provide indemnifications to some counterparties to protect them in event additional taxes owed or payments withheld due to change in or adverse application of certain non-u.\n tax laws.\n these indemnifications generally are standard contractual terms entered into in ordinary course of business.\n no stated or notional amounts included in these indemnifications contingencies triggering obligation to indemnify not expected to occur.\n firm unable to develop estimate of maximum payout under these guarantees and indemnifications.\n management believes unlikely firm will to make any material payments under these arrangements no material liabilities related to these arrangements recognized in consolidated statements of financial condition as of december 2017 and december 2016.\n guarantees of subsidiaries.\n group inc.\n fully unconditionally guarantees securities issued by gs finance corp. wholly-owned finance subsidiary of firm.\n group inc.\nguaranteed payment obligations of goldman sachs & co.\n llc ( gs&co. ) and gs bank usa subject to certain exceptions.\n group inc.\n guarantees obligations of other consolidated subsidiaries transaction-by-transaction basis as negotiated with counterparties.\n group inc.\n unable to develop estimate of maximum payout under subsidiary guarantees ; guaranteed obligations are also obligations of consolidated subsidiaries group inc. 2019s liabilities as guarantor not separately disclosed.\n note 19.\n shareholders 2019 equity common equity as of december 2017 and december 2016 firm had 4. 00 billion authorized shares of common stock 200 million authorized shares of nonvoting common stock each with par value of $ 0. 01 per share.\n dividends declared per common share were $ 2. 90 in 2017 , $ 2. 60 in 2016 $ 2. 55 in 2015.\n january 16 , 2018 board of directors of group inc.\n declared dividend of $ 0. 75 per common share paid on march 29 , 2018 to common shareholders of record on march 1 , 2018.\n firm 2019s share repurchase program intended to maintain appropriate level of common equity.\n effected primarily through regular open-market purchases ( include repurchase plans designed to comply with rule 10b5-1 ) amounts and timing determined by firm 2019s current and projected capital position influenced by general market conditions prevailing price and trading volumes of firm 2019s common stock.\n prior to repurchasing common stock firm must receive confirmation frb does not object to such capital action.\n table below presents amount of common stock repurchased by firm under share repurchase program.\nterms share-based compensation plans employees may remit shares to firm or firm may cancel rsus or stock options to satisfy minimum employee tax withholding requirements exercise price of stock options.\n under plans during 2017  2016 2015  12165 shares , 49374 shares 35217 shares remitted total value of $ 3 million , $ 7 million $ 6 million firm cancelled 8. 1 million , 6. 1 million 5. 7 million of rsus total value of $ 1. 94 billion , $ 921 million $ 1. 03 billion  respectively.\n under plans firm also cancelled 4. 6 million , 5. 5 million 2. 0 million of stock options total value $ 1. 09 billion , $ 1. 11 billion $ 406 million during 2017  2016 2015  respectively.\n 166 goldman sachs 2017 form 10-k\n\nin millions except per share amounts   | year ended december 2017 | year ended december 2016 | year ended december 2015\n-------------------------------------- | ------------------------ | ------------------------ | ------------------------\ncommon share repurchases               | 29.0                     | 36.6                     | 22.1\naverage cost per share                 | $ 231.87                 | $ 165.88                 | $ 189.41\ntotal cost of common share repurchases | $ 6721                   | $ 6069                   | $ 4195"
}
{
    "_id": "dd4b991e4",
    "title": "",
    "text": "cannot assure gener restructuring will be completed or terms not changed materially.\n gener in restructuring debt of subsidiaries , termoandes s. a.\n ( 2018 2018termoandes 2019 2019 ) and interandes , s. a.\n ( 2018 2018interandes 2019 2019 ) expects maturities of obligations will be extended.\n under-performing businesses during 2003 sold or discontinued under-performing businesses and construction projects not meet investment criteria or not provide reasonable opportunities to restructure.\n anticipated less ongoing activity related to write-offs of development or construction projects and impairment charges in future.\n businesses  affected in 2003  listed below.\n impairment project name project type date location ( in millions ).\n ( 1 ) see note 4 2014discontinued operations.\n improving credit quality de-leveraging efforts reduced parent level debt by $ 1. 2 billion in 2003 ( including secured equity-linked loan previously issued by aes new york funding.\n refinanced and paid down near-term maturities by $ 3. 5 billion enhanced year-end liquidity to over $ 1 billion.\n average debt maturity extended from 2009 to 2012.\n at subsidiary level continue to pursue limited recourse financing to reduce parent credit risk.\n factors resulted in reduced cost of capital improved credit statistics expanded access to credit at both aes and subsidiaries.\n liquidity at aes parent level important factor for rating agencies in determining company 2019s credit quality improve.\n currency and political risk biggest variables to sustaining predictable cash flow.\n nature large contractual and concession-based cash flow from businesses mitigate these variables.\n in 2003  over 81% ( 81 % ) of cash distributions to parent company were from u.\n large utilities and worldwide contract generation.\nfebruary 4 , 2004  called for redemption of $ 155049000 aggregate principal amount of outstanding 8% ( 8 % ) senior notes due 2008  represents entire outstanding principal amount of 8% ( 8 % ) senior notes due 2008  $ 34174000 aggregate principal amount of outstanding 10% ( 10 % ) secured senior notes due 2005.\n 8% ( 8 % ) senior notes due 2008 10% ( 10 % ) senior notes due 2005 redeemed march 8 , 2004 at redemption price equal to 100% ( 100 % ) principal amount plus accrued unpaid interest to redemption date.\n mandatory redemption of 10% ( 10 % ) secured senior notes due 2005 made with portion of 2018 2018adjusted free cash flow 2019 2019 ( defined indenture pursuant notes issued ) for fiscal year ended december 31 , 2003 required indenture made pro rata basis.\n february 13 , 2004 issued $ 500 million unsecured senior notes.\n unsecured senior notes mature march 1, 2014 callable at our option any time redemption price equal to 100% ( 100 % ) of principal amount unsecured senior notes plus make-whole premium.\n unsecured senior notes issued at price of 98. 288% ( 98. 288 % ) pay interest semi-annually annual\n\nproject name   | project type | date          | location           | impairment ( in millions )\n-------------- | ------------ | ------------- | ------------------ | --------------------------\nede este ( 1 ) | operating    | december 2003 | dominican republic | $ 60\nwolf hollow    | operating    | december 2003 | united states      | $ 120\ngranite ridge  | operating    | december 2003 | united states      | $ 201\ncolombia i     | operating    | november 2003 | colombia           | $ 19\nzeg            | construction | december 2003 | poland             | $ 23\nbujagali       | construction | august 2003   | uganda             | $ 76\nel faro        | construction | april 2003    | honduras           | $ 20"
}
{
    "_id": "dd4c2852e",
    "title": "",
    "text": "guarantees and warranties in april 2015  we entered joint venture arrangements in saudi arabia.\n equity bridge loan provided to joint venture until 2020 to fund equity commitments we guaranteed repayment of our 25% ( 25 % ) share of loan.\n our venture partner guaranteed repayment of their share.\n maximum exposure under guarantee is approximately $ 100.\n as of 30 september 2015  recorded noncurrent liability of $ 67. 5 for obligation to make future equity contributions based on equity bridge loan.\n air products entered into sale of equipment contract with joint venture to engineer , procure construct industrial gas facilities supply gases to saudi aramco.\n provide bank guarantees to joint venture of up to $ 326 to support performance under contract.\n party to equity support agreement and operations guarantee related to air separation facility constructed in trinidad for venture we own 50% ( 50 % ).\n at 30 september 2015 maximum potential payments under joint and several guarantees were $ 30. 0.\n exposures under guarantee decline over time completely extinguished by 2024.\n first quarter of 2014  sold remaining portion of homecare business entered into operations guarantee related to obligations under certain homecare contracts transaction.\n maximum potential payment under guarantee is a320 million ( approximately $ 30 at 30 september 2015 ) exposure extinguished by 2020.\n no equity contributions or payments made since inception of guarantees.\n fair value of above guarantees not material.\n in normal course of business operations issued product warranties related to equipment sales.\n contracts often contain standard terms and conditions typically include warranty and indemnification to buyer that goods and services purchased do not infringe on third-party intellectual property rights.\n provision for estimated future costs relating to warranties not material to consolidated financial statements.\nnot expect any sum we to pay with guarantees warranties material adverse effect on our consolidated financial condition liquidity or results of operations.\n unconditional purchase obligations obligated to make future payments under unconditional purchase obligations as summarized below:.\n approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide syngas ) facilities.\n price of feedstock supply principally related to price of natural gas.\n long-term take-or-pay sales contracts to hyco customers generally matched to term feedstock supply obligations provide recovery of price increases in feedstock supply.\n due to matching long-term feedstock supply obligations to customer sales contracts not believe these purchase obligations material effect on our financial condition or results of operations.\n unconditional purchase obligations include other product supply purchase commitments and electric power natural gas supply purchase obligations primarily pass-through contracts with customers.\n purchase commitments to spend approximately $ 540 for additional plant and equipment included in unconditional purchase obligations in 2016.\n\n2016       | $ 917\n---------- | ------\n2017       | 117\n2018       | 63\n2019       | 55\n2020       | 54\nthereafter | 164\ntotal      | $ 1370"
}
{
    "_id": "dd4bb1960",
    "title": "",
    "text": "12.\n brokerage receivables brokerage payables citi has receivables payables for financial instruments sold to purchased from brokers  dealers customers  arise in ordinary course business.\n citi exposed to risk of loss from inability of brokers dealers customers to pay for purchases or deliver financial instruments sold  citi would to sell or purchase financial instruments at prevailing market prices.\n credit risk reduced to exchange or clearing organization acts as counterparty replaces broker  dealer customer in.\n citi to protect from risks customer activities by requiring customers to maintain margin collateral in compliance with regulatory internal guidelines.\n margin levels monitored daily customers deposit additional collateral as required.\n where customers meet collateral requirements  citi may liquidate sufficient underlying financial instruments to bring customer into compliance with required margin level.\n exposure to credit risk impacted by market volatility  may impair ability clients to satisfy obligations to citi.\n credit limits are established closely monitored for customers for brokers dealers engaged in forwards  futures other transactions credit sensitive.\n brokerage receivables and brokerage payables consisted of:.\n payables to brokers , dealers clearing organizations 22601 19915 total brokerage payables ( 1 ) $ 61342 $ 57152 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities accounted for in accordance with aicpa accounting guide for brokers dealers in securities as codified in asc 940-320.\n\nin millions of dollars                                      | december 31 , 2017 | december 31 , 2016\n----------------------------------------------------------- | ------------------ | ------------------\nreceivables from customers                                  | $ 19215            | $ 10374\nreceivables from brokers dealers and clearing organizations | 19169              | 18513\ntotal brokerage receivables ( 1 )                           | $ 38384            | $ 28887\npayables to customers                                       | $ 38741            | $ 37237\npayables to brokers dealers and clearing organizations      | 22601              | 19915\ntotal brokerage payables ( 1 )                              | $ 61342            | $ 57152"
}
{
    "_id": "dd4b91e44",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 company selected december 1 date perform annual impairment test.\n 2005 and 2004 testing company completed internal appraisal estimated fair value of rental and management reporting unit goodwill utilizing future discounted cash flows market information.\n based appraisals company determined goodwill in rental and management segment not impaired.\n company 2019s other intangible assets subject to amortization consist following as of december 31 ( in thousands ) :.\n company amortizes intangible assets over periods three to fifteen years.\n amortization intangible assets for years ended december 31 , 2005 and 2004 aggregated approximately $ 136. 0 million and $ 97. 8 million  ( excluding amortization of deferred financing costs included in interest expense.\n company expects to record amortization expense of approximately $ 183. 6 million , $ 178. 3 million , $ 174. 4 million , $ 172. 7 million $ 170. 3 million , for years ended december 31 , 2006 , 2007, 2008  2009 2010 .\n amounts subject to changes in estimates until preliminary allocation of spectrasite purchase price finalized.\n 6.\n notes receivable in 2000  company loaned tv azteca , s. a.\n de c. v.\n tv azteca ) owner of major national television network in mexico , $ 119. 8 million.\n loan initially bore interest at 12. 87% ( 12. 87 % )  payable quarterly discounted by company fair value interest rate at date of loan determined to be 14. 25% ( 14. 25 % ).\n loan amended effective january 1, 2003 to increase original interest rate to 13. 11% (. 11 % ).\n as of december 31 , 2005 and 2004 , approximately $ 119. 8 million undiscounted ( $ 108.2 million discounted ) under loan outstanding included in notes receivable other long-term assets in accompanying consolidated balance sheets.\n term of loan is seventy years ; loan may be prepaid by tv azteca without penalty during last fifty years of agreement.\n discount on loan amortized to interest income 2014tv azteca , net , using effective interest method over seventy-year term of loan.\n simultaneous with signing loan agreement , company also entered seventy year economic rights agreement with tv azteca regarding space not used by tv azteca on approximately 190 of broadcast towers.\n in exchange for issuance of below market interest rate loan discussed annual payment of $ 1. 5 million to tv azteca ( under economic rights agreement ), company has right to market and lease unused tower space on broadcast towers ( economic rights ).\n tv azteca retains title to these towers responsible for operation and maintenance.\n company entitled to 100% ( 100 % ) of revenues from leases with tenants on unused space responsible for incremental operating expenses associated with tenants.\n\n| 2005               | 2004\n------------------------------------------------------- | ------------------ | ------------------\nacquired customer base and network location intangibles | $ 2606546          | $ 1369607\ndeferred financing costs                                | 65623              | 89736\nacquired licenses and other intangibles                 | 51703              | 43404\ntotal                                                   | 2723872            | 1502747\nless accumulated amortization                           | -646560 ( 646560 ) | -517444 ( 517444 )\nother intangible assets net                             | $ 2077312          | $ 985303"
}
{
    "_id": "dd4c047e6",
    "title": "",
    "text": "deferred tax assets liabilities recorded in consolidated balance sheet under captions deferred income tax assets , deferred charges other assets accrued liabilities deferred income taxes.\n decrease in 2009 in deferred tax assets relates to tax impact of changes in qualified pension liabilities  minimum tax credit utilization increase in valuation allowance.\n decrease in deferred income tax liabilities relates to less tax depreciation on company 2019s assets purchased in 2009.\n valuation allowance for deferred tax assets as of december 31 , 2008 was $ 72 million.\n net change in total valuation allowance for year ended december 31, 2009  increase of $ 274 million.\n increase of $ 274 million consists of $ 211 million related to company 2019s french operations  including valuation allowance of $ 55 million against net deferred tax assets from current year operations $ 156 million second quarter of 2009 for valuation allowance against previously recorded deferred tax assets $ 10 million for net deferred tax assets from company 2019s united king- dom current year operations  3 $ 47 million related to reduction of previously recorded u. s.\n state deferred tax assets including $ 15 million fourth quarter of 2009 for louisiana recycling credits.\n effect on company 2019s effec- tive tax rate of $ 211 million and $ 10 million included in line item 201ctax rate permanent differences on non-u. s.\n earnings. 201d international paper adopted provisions new guidance under asc 740 , 201cincome taxes , 201d on jan- uary 1 , 2007 related to uncertain tax positions.\nresult of implementation of new guidance company recorded charge to beginning balance of retained earnings of $ 94 million , accounted for as reduction to january 1 , 2007 balance of retained earnings.\n reconciliation of beginning and ending amount unrecognized tax benefits for year ending december 31 , 2009 and 2008 is as follows : in millions 2009 2008 2007.\n included in balance at december 31 , 2009 and 2008 are $ 56 million and $ 9 million , respectively, for tax positions for ultimate benefits are highly certain , but for uncertainty about timing of benefits.\n except for possible effect penalties dis- allowance change timing of benefits would not affect annual effective tax rate, but accelerate payment of cash to taxing authority to earlier period.\n company accrues interest on unrecognized tax benefits as component of interest expense.\n penal- ties , if incurred are recognized as component of income tax expense.\n company had approx- imately $ 95 million and $ 74 million accrued for payment of estimated interest and penalties asso- ciated with unrecognized tax benefits at december 31 , 2009 and 2008 , respectively.\n major jurisdictions where company files income tax returns are united states , brazil , france , poland and russia.\n tax years 2002 through 2009 remain open and subject to examina- tion by relevant tax authorities.\n company is typically engaged in various tax examinations in united states and overseas.\n currently company engaged in discussions with u. s.\n internal revenue service regarding examination of tax years 2006 and 2007.\n result of discussions pending tax audit settle- ments expiration of statutes of limitation  company estimates amount unrecognized tax benefits could be reduced by up to $ 125 million during next twelve months.\n2009  unrecognized tax benefits decreased by $ 127 million.\n company believes adequately accrued for possible audit adjustments , final resolution of examinations be determined could result in final settlements differ from current estimates.\n company 2019s 2009 income tax provision of $ 469 million included $ 279 million related to special items other charges  $ 534 million tax benefit related to restructuring other charges  $ 650 million tax expense for alternative fuel mixture credit  $ 163 million of tax-related adjustments including $ 156 million tax expense establish valuation allowance for net operating loss carryforwards in france $ 26 million tax benefit for effective settlement of federal tax audits  $ 15 million tax expense valuation allow- ance for louisiana recycling credits  $ 18 million other income tax adjustments.\n excluding impact of special items  tax provision was\n\nin millions                                              | 2009           | 2008           | 2007\n-------------------------------------------------------- | -------------- | -------------- | --------------\nbalance at january 1                                     | $ -435 ( 435 ) | $ -794 ( 794 ) | -919 ( 919 )\nadditions based on tax positions related to current year | -28 ( 28 )     | -14 ( 14 )     | -12 ( 12 )\nadditions for tax positions of prior years               | -82 ( 82 )     | -66 ( 66 )     | -30 ( 30 )\nreductions for tax positions of prior years              | 72             | 67             | 74\nsettlements                                              | 174            | 352            | 112\nexpiration of statutes of limitations                    | 2              | 3              | 5\ncurrency translation adjustment                          | -11 ( 11 )     | 17             | -24 ( 24 )\nbalance at december 31                                   | $ -308 ( 308 ) | $ -435 ( 435 ) | $ -794 ( 794 )"
}
{
    "_id": "dd498ba0a",
    "title": "",
    "text": "page 38 five years.\n amounts applied against offset agreements based on negotiations with customer require cash outlays represent fraction of original amount offset agreement.\n at december 31 , 2005  had outstanding offset agreements totaling $ 8. 4 bil- lion  primarily related to aeronautics segment extend through 2015.\n entered into purchase obligations at december 31 , 2005 satisfy offset agree- ments amounts included in preceding table.\n entered into standby letter of credit agreements and other arrangements with financial institutions and custom- ers mainly relating to advances received from customers/or guarantee of future performance on contracts.\n at december 31 , 2005  outstanding letters of credit , surety bonds guarantees  as follows : commitment expiration by period ( in millions ) commitment 1 year ( a ) years ( a ) standby letters of credit $ 2630 $ 2425 $ 171 $ 18 $ 16.\n approximately $ 2262 million and $ 49 million of standby letters of credit in 201cless than 1 year 201d and 201c1-3 year 201d periods  approximately $ 38 million of surety bonds in 201cless than 1 year 201d period expected to renew for additional periods until completion of contractual obligation.\n included in table above is approximately $ 200 million representing letter of credit and surety bond amounts for related obligations or liabilities recorded in bal- ance sheet as reductions of inventories customer advances amounts in excess of costs incurred or other liabilities.\n approximately $ 2 billion of standby letters of credit in table to secure advance payments received under f-16 contract from international cus- tomer.\n letters of credit available for draw down in nonperformance amount available reduced as certain events occur throughout period of performance in accordance with contract terms.\nsimilar to letters of credit for f-16 contract other letters of credit and surety bonds available for draw down in nonperformance.\n at december 31 , 2005  no material off-balance sheet arrangements arrangements defined by securities and exchange commission ( sec ).\n quantitative qualitative disclosure of market risk main exposure to market risk relates to interest rates foreign currency exchange rates.\n financial instruments subject to interest rate risk include fixed- rate and floating rate long-term debt.\n if interest rates change by plus or minus 1% ( 1 % ) , interest expense would increase or decrease by approximately $ 10 million related to float- ing rate debt.\n estimated fair values of corporation 2019s long-term debt instruments at december 31 , 2005 aggregated approximately $ 6. 2 billion  compared with carrying amount of approximately $ 5. 0 billion.\n majority of long-term debt obligations not callable until maturity.\n used interest rate swaps in past to manage exposure to fixed and variable interest rates ; at year-end 2005  no such agreements in place.\n use forward foreign exchange contracts to manage exposure to fluctuations in foreign currency exchange rates qualify for hedge accounting treatment.\n these exchange contracts hedge fluctuations in cash flows associated with firm commitments or specific anticipated transactions contracted in foreign currencies or hedge exposure to rate changes affecting foreign currency denomi- nated assets or liabilities.\n related gains and losses on these contracts  to effective hedges recog- nized in income at hedged transaction recognized or when hedged asset or liability adjusted.\n hedges ineffective gains and losses on contracts recognized in current period.\n at december 31 , 2005  fair value of forward exchange con- tracts outstanding amounts of gains and losses recorded during year then ended were not material.\ndo not hold or issue derivative financial instruments for trad- ing or speculative purposes.\n recent accounting pronouncements december 2004 fasb issued fas 123 ( r ) , share- based payments impact net earnings earn- ings per share change classification of elements statement of cash flows.\n fas 123 ( r ) requires stock options share-based payments to employees accounted for as compensation expense recorded at fair lockheed martin corporation management 2019s discussion analysis of financial condition results of operations december 31, 2005\n\n( in millions )           | commitment expiration by period total commitment | commitment expiration by period less than 1 year ( a ) | commitment expiration by period 1-3 years ( a ) | commitment expiration by period 3-5 years | commitment expiration by period after 5 years\n------------------------- | ------------------------------------------------ | ------------------------------------------------------ | ----------------------------------------------- | ----------------------------------------- | ---------------------------------------------\nstandby letters of credit | $ 2630                                           | $ 2425                                                 | $ 171                                           | $ 18                                      | $ 16\nsurety bonds              | 434                                              | 79                                                     | 352                                             | 3                                         | 2014\nguarantees                | 2                                                | 1                                                      | 1                                               | 2014                                      | 2014\ntotal commitments         | $ 3066                                           | $ 2505                                                 | $ 524                                           | $ 21                                      | $ 16"
}
{
    "_id": "dd4c0419c",
    "title": "",
    "text": "volatility of capital markets or macroeconomic factors could adversely affect our business.\n changes in financial capital markets , including market disruptions  limited liquidity uncertainty regarding brexit interest rate volatility  including result of use or discontinued use of certain benchmark rates libor  may increase cost of financing risks of refinancing maturing debt.\n borrowing costs can be affected by short and long-term ratings by rating organizations.\n decrease in these ratings could limit access to capital markets increase borrowing costs could adversely affect our financial condition and operating results.\n some our customers and counterparties are highly leveraged.\n consolidations in industries customers operate have created larger customers some highly leveraged facing increased competition continued credit market volatility.\n these factors caused some customers to be less profitable  increasing exposure to credit risk.\n significant adverse change in financial and/or credit position of a customer or counterparty could require us to assume greater credit risk customer could limit our ability to collect receivables.\n could adverse impact on our financial condition and liquidity.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n corporate co-headquarters are located in pittsburgh, pennsylvania and chicago , illinois.\n co-headquarters are leased house executive offices ,.\n business units  administrative , finance , legal , and human resource functions.\n maintain additional owned and leased offices throughout regions in we operate.\n manufacture our products in network of manufacturing and processing facilities throughout world.\n as of december 29 , 2018  operated 84 manufacturing and processing facilities.\n own 81 and lease three of facilities.\n manufacturing and processing facilities count by segment as of december 29 , 2018 was:.\nmaintain manufacturing processing facilities in good condition believe suitable adequate for present needs.\n enter co-manufacturing arrangements with third parties if determine advantageous to outsource production of products.\n in fourth quarter of 2018  announced plans to divest certain assets operations predominantly in canada india including one owned manufacturing facility in canada one owned one leased facility in india.\n see note 5 , acquisitions divestitures in item 8, financial statements supplementary data for additional information on transactions.\n item 3.\n legal proceedings.\n see note 18 , commitments contingencies  in item 8 , financial statements supplementary data.\n item 4.\n safety disclosures.\n not applicable.\n part ii item 5.\n market for registrant's common equity  related stockholder matters issuer purchases of equity securities.\n common stock listed on nasdaq under ticker symbol 201ckhc 201d.\n at june 5 , 2019  approximately 49000 holders of record of common stock.\n see equity and dividends in item 7 , management 2019s discussion analysis of financial condition results of operations  for discussion of cash dividends declared on common stock.\n\n| owned | leased\n------------- | ----- | ------\nunited states | 40    | 1\ncanada        | 2     | 2014\nemea          | 12    | 2014\nrest of world | 27    | 2"
}
{
    "_id": "dd4ba4fb2",
    "title": "",
    "text": "valuation allowance provided against deferred tax assets when more likely some portion or all deferred tax assets not be realized.\n changes to valuation allowance during year ended december 31 , 2017  2016 fiscal transition period years ended may 31 , 2016 2015 summarized below ( in thousands ) :.\n increase in valuation allowance related to net operating loss carryforwards of $ 10. 3 million for year ended december 31 , 2017 relates primarily to carryforward assets of acquisition of active network.\n increase in valuation allowance related to domestic net operating loss carryforwards of $ 1. 5 million and $ 4. 5 million for 2016 fiscal transition period and year ended may 31, 2016  relates to acquired carryforwards from merger with heartland.\n foreign net operating loss carryforwards of $ 43. 2 million and domestic net operating loss carryforwards of $ 28. 9 million at december 31 , 2017 expire between december 31 , 2026 and december 31 , 2037 if not utilized.\n conduct business globally file income tax returns in domestic federal jurisdiction state and foreign jurisdictions.\n subject to examination by taxing authorities around world.\n no longer subjected to state income tax examinations for years ended before may 31, 2008.\n federal income tax examinations for years ended before december 31 , 2013.\n federal income tax examinations for years ended before may 31 , 2014.\n 2013 global payments inc.\n 2017 form 10-k annual report\n\nbalance at may 31 2014                                                    | $ -7199 ( 7199 )\n------------------------------------------------------------------------- | ------------------\nutilization of foreign net operating loss carryforwards                   | 3387\nother                                                                     | -11 ( 11 )\nbalance at may 31 2015                                                    | -3823 ( 3823 )\nallowance for foreign income tax credit carryforward                      | -7140 ( 7140 )\nallowance for domestic net operating loss carryforwards                   | -4474 ( 4474 )\nallowance for domestic net unrealized capital loss                        | -1526 ( 1526 )\nrelease of allowance of domestic capital loss carryforward                | 1746\nother                                                                     | 98\nbalance at may 31 2016                                                    | -15119 ( 15119 )\nallowance for domestic net operating loss carryforwards                   | -1504 ( 1504 )\nrelease of allowance of domestic net unrealized capital loss              | 12\nbalance at december 31 2016                                               | -16611 ( 16611 )\nallowance for foreign net operating loss carryforwards                    | -6469 ( 6469 )\nallowance for domestic net operating loss carryforwards                   | -3793 ( 3793 )\nallowance for state credit carryforwards                                  | -685 ( 685 )\nrate change on domestic net operating loss and capital loss carryforwards | 3868\nutilization of foreign income tax credit carryforward                     | 7140\nbalance at december 31 2017                                               | $ -16550 ( 16550 )"
}
{
    "_id": "dd4bc45a6",
    "title": "",
    "text": "entergy new orleans , inc.\n subsidiaries management 2019s financial discussion analysis results of operations net income 2016 compared to 2015 net income increased $ 3. 9 million due to higher net revenue offset by higher depreciation amortization expenses higher interest expense lower other income.\n 2015 compared to 2014 net income increased $ 13. 9 million due to lower other operation maintenance expenses higher net revenue offset by higher effective income tax rate.\n net revenue 2016 compared to 2015 consists of operating revenues net of 1 ) fuel  fuel-related expenses  gas purchased for resale 2 ) purchased power expenses 3 ) other regulatory charges.\n analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance due to increase in purchased power capacity acquisition cost recovery rider  approved by city council effective with first billing cycle of march 2016 related to purchase of power block 1 of union power station.\n see note 14 to financial statements for discussion union power station purchase.\n net gas revenue variance due to effect of less favorable weather on residential commercial sales.\n volume/weather variance due to decrease of 112 gwh  or 2% ( 2 % ) in billed electricity usage offset by effect of favorable weather on commercial sales 2% ( 2 % ) increase in average number of electric customers.\n\n| amount ( in millions )\n--------------------- | ----------------------\n2015 net revenue      | $ 293.9\nretail electric price | 39.0\nnet gas revenue       | -2.5 ( 2.5 )\nvolume/weather        | -5.1 ( 5.1 )\nother                 | -8.1 ( 8.1 )\n2016 net revenue      | $ 317.2"
}
{
    "_id": "dd4c2a8b0",
    "title": "",
    "text": "undistributed earnings of $ 696. 9 million from foreign subsidiaries considered to permanently reinvested abroad not repatriated to united states in foreseeable future.\n earnings indefinitely reinvested no domestic federal or state deferred income taxes provided thereon.\n if distribution of portion earnings in form of dividends or otherwise subject to both u.\n income taxes ( subject to adjustment for foreign tax credits ) and withholding taxes payable to foreign jurisdictions.\n because of availability of.\n foreign tax credit carryforwards not practicable to determine domestic federal income tax liability payable if earnings no longer reinvested indefinitely.\n valuation allowance provided against deferred tax assets when more likely not some portion or all of deferred tax assets will not be realized.\n changes to valuation allowance during years ended may 31 , 2015 and 2014 summarized below ( in thousands ) :.\n net operating loss carryforwards of foreign subsidiaries totaling $ 12. 4 million and. s.\n net operating loss carryforwards previously acquired totaling $ 19. 8 million at may 31 , 2015 will expire between may 31, 2017 and may 31 , 2033 if not utilized.\n capital loss carryforwards of.\n subsidiaries totaling $ 4. 7 million will expire if not utilized by may 31 , 2017.\n tax credit carryforwards totaling $ 8. 4 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2023 if not utilized.\n conduct business globally and file income tax returns in u. s.\n federal jurisdiction and various state and foreign jurisdictions.\n business subject to examination by taxing authorities around world.\nresult of events occurred in fourth quarter of year ended may 31 , 2015 management concluded likely not tax positions in foreign jurisdiction, for we had recorded estimated liabilities of $ 65. 6 million in other noncurrent liabilities on consolidated balance sheet would be sustained on technical merits based on information available as of may 31 , 2015.\n liability and deferred tax assets eliminated as of may 31 , 2015.\n uncertain tax positions subject to ongoing examination in foreign jurisdiction by tax authority.\n discussions and correspondence between tax authority us during fourth quarter indicated likelihood of positions being sustained increased.\n subsequent to may 31 , 2015  received final closure notice examination resulting in no adjustments to taxable income related matter for tax returns filed for periods ended may 31 , 2010 through may 31 , 2013.\n unrecognized tax benefits settled with final closure notice.\n no longer subjected to state income tax examinations for years ended or before may 31 , 2008 ,.\n federal income tax examinations for fiscal years prior to 2012 and united kingdom federal income tax examinations for years ended or before may 31 , 2013.\n 78 2013 global payments inc.\n | 2015 form 10-k annual report\n\nbalance at may 31 2013                                  | $ -28464 ( 28464 )\n------------------------------------------------------- | ------------------\nutilization of foreign net operating loss carryforwards | 2822\nallowance for foreign tax credit carryforward           | 18061\nother                                                   | 382\nbalance at may 31 2014                                  | -7199 ( 7199 )\nutilization of foreign net operating loss carryforwards | 3387\nother                                                   | -11 ( 11 )\nbalance at may 31 2015                                  | $ -3823 ( 3823 )"
}
{
    "_id": "dd4b914c6",
    "title": "",
    "text": "table shows reporting units with goodwill balances as of december 31 , 2010 , excess of fair value as percentage over allocated book value as of annual impairment test.\n in millions of dollars reporting unit ( 1 ) fair value as a % ( % ) of allocated book value goodwill.\n ( 1 ) local consumer lending 2014other is excluded from table as no goodwill allocated to it.\n no impairment noted in step one of citigroup 2019s local consumer lending 2014cards reporting unit impairment test at july 1, 2010 , goodwill in reporting unit may be sensitive to further deterioration as valuation unit dependent upon economic conditions affect consumer credit risk and behavior.\n citigroup engaged services of independent valuation specialist to assist in valuation of reporting unit at july 1 , 2010 , using combination of market approach and income approach consistent with valuation model used in past practice  considered impact of penalty fee provisions associated with credit card accountability responsibility and disclosure act of 2009 ( card act ) implemented during 2010.\n under market approach for valuing this reporting unit  key assumption is selected price multiple.\n selection multiple considers operating performance and financial condition of local consumer lending 2014cards operations compared with group of selected publicly traded guideline companies and group selected acquired companies.\n factors level and expected growth in return on tangible equity relative to guideline companies guideline transactions is considered.\n guideline company prices used are on minority interest basis  selection of multiple considers guideline acquisition prices  reflect control rights and privileges  arriving at multiple reflects appropriate control premium.\n for local consumer lending 2014cards valuation under income approach  assumptions used basis for model include cash flows for forecasted period  assumptions at estimation of terminal value and discount rate.\ncash flows for forecasted period estimated based on management 2019s recent projections available as of testing date , giving consideration to targeted equity capital requirements based on selected public guideline companies for reporting unit.\n arriving at terminal value for local consumer lending 2014cards  using 2013 as terminal year , assumptions include long-term growth rate price-to-tangible book multiple based on selected public guideline companies for reporting unit.\n discount rate based on reporting unit 2019s estimated cost of equity capital computed under capital asset pricing model.\n embedded in key assumptions underlying valuation model  is inherent uncertainty regarding possibility economic conditions may deteriorate or other events impact business model for local consumer lending 2014cards.\n inherent uncertainty in assumptions management 2019s forecasts  company utilized discount rate at july 1 , 2010 believes reflects risk characteristics and uncertainty specific to management 2019s forecasts and assumptions for local consumer lending 2014cards reporting unit.\n two primary categories of events exist 2014economic conditions in u. s.\n and regulatory actions 2014which if occur could negatively affect key assumptions in valuation of local consumer lending 2014cards.\n small deterioration in assumptions in valuations , in particular discount-rate and growth-rate assumptions in net income projections  could affect citigroup 2019s impairment evaluation and  results.\n if future differ adversely from management 2019s best estimate of key economic assumptions  associated cash flows decrease by small margin , citi could potentially experience future material impairment charges with respect to $ 4560 million of goodwill remaining in local consumer lending 2014 cards reporting unit.\ncharges  not negatively affect citi 2019s tier 1 total capital regulatory ratios , tier 1 common ratio , tangible common equity or citi 2019s liquidity position.\n\nreporting unit ( 1 )                    | fair value as a % (  % ) of allocated book value | goodwill\n--------------------------------------- | ------------------------------------------------ | --------\nnorth america regional consumer banking | 170% ( 170 % )                                   | $ 2518\nemea regional consumer banking          | 168                                              | 338\nasia regional consumer banking          | 344                                              | 6045\nlatin america regional consumer banking | 230                                              | 1800\nsecurities and banking                  | 223                                              | 9259\ntransaction services                    | 1716                                             | 1567\nbrokerage and asset management          | 151                                              | 65\nlocal consumer lending 2014cards        | 121                                              | 4560"
}
{
    "_id": "dd498c338",
    "title": "",
    "text": "sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business estimate sales by type of customer past three fiscal years were as follows:.\n ( 1 ) other includes cafeterias not stand-alone restaurants , bakeries , caterers  churches  civic and fraternal organizations  vending distributors  other distributors international exports.\n none of these types customers group exceeded 5% ( 5 % ) of total sales in any years for information presented.\n sources of supply purchase from thousands of suppliers  domestic and international  none individually accounts for more than 10% ( 10 % ) of purchases.\n suppliers consist generally of large corporations selling brand name and private label merchandise independent regional brand and private label processors and packers.\n provide specialty and seasonal products from small to mid-sized producers meet growing demand for locally sourced products.\n locally sourced products , including produce , meats  cheese other products help differentiate customers 2019 offerings satisfy demands for new products support local communities.\n purchasing carried out through centrally developed purchasing programs domestically and internationally and direct purchasing programs established by operating companies.\n administer consolidated product procurement program to develop  obtain ensure consistent quality food and non-food products.\n program covers purchasing and marketing of branded merchandise  products from national brand suppliers encompassing all product lines.\n some products purchased internationally within global procurement centers to build strategic relationships with international suppliers optimize supply chain network.\n sysco 2019s operating companies purchase product from suppliers participating in these consolidated programs and from other suppliers sysco brand products only available to operating companies through these consolidated programs.\nfocus on increasing profitability by lowering operating costs lowering aggregate inventory levels reduces future facility expansion needs at broadline operating companies providing greater value to suppliers customers.\n working capital practices growth funded through combination cash flow from operations , commercial paper issuances long-term borrowings.\n see discussion in item 7 201cmanagement 2019s discussion analysis of financial condition results of operations - liquidity and capital resources 201d regarding liquidity , financial position sources uses of funds.\n extend credit terms to customers vary from cash on delivery to 30 days or more based on assessment of each customer 2019s credit worthiness.\n monitor each customer 2019s account suspend shipments if necessary.\n majority of sales orders filled within 24 hours of customer orders placed.\n maintain inventory on hand to meet customer demand.\n level of inventory on hand vary by product depending on shelf-life  supplier order fulfillment lead times customer demand.\n make purchases of additional volumes of certain products based on supply or pricing opportunities.\n take advantage of suppliers 2019 cash discounts where appropriate receive payment terms from suppliers ranging from weekly to 45 days or more.\n corporate headquarters shared services center corporate staff makes available services to operating companies shared services center performs support services for employees , suppliers customers.\n members groups possess experience expertise in customer and vendor contract administration , accounting and finance, treasury , legal , information technology , payroll employee benefits  risk management insurance , sales and marketing , merchandising  inbound logistics , human resources , strategy tax compliance services.\n corporate office makes available supply chain expertise  in warehousing and distribution services  provide assistance in operational best practices  including space utilization , energy conservation  fleet management work flow.\n\ntype of customer      | 2019           | 2018           | 2017\n--------------------- | -------------- | -------------- | --------------\nrestaurants           | 62% ( 62 % )   | 62% ( 62 % )   | 61% ( 61 % )\neducation government  | 9              | 8              | 9\ntravel leisure retail | 9              | 8              | 9\nhealthcare            | 8              | 9              | 9\nother ( 1 )           | 12             | 13             | 12\ntotals                | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % )"
}
{
    "_id": "dd4bf341e",
    "title": "",
    "text": "two-class method.\n provisions of guidance required for fiscal years beginning after december 15 , 2008.\n company adopted this guidance for current period computations of earnings per share updated prior period computations of earnings per share.\n adoption of guidance in first quarter of 2009 material impact on company 2019s computation of earnings per share.\n refer to note 11 for further discussion.\n in june 2008  fasb issued accounting guidance addressing determination of whether provisions introduce adjustment features ( including contingent adjustment features ) prevent treating derivative contract or embedded derivative on company 2019s own stock as indexed solely to company 2019s stock.\n guidance effective for fiscal years beginning after december 15 , 2008.\n adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.\n in march 2008  fasb issued accounting guidance to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to investors to understand effects on entity 2019s financial position , financial performance  and cash flows.\n guidance effective for fiscal years and interim periods beginning after november 15 , 2008.\n adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.\n in december 2007  fasb issued replacement guidance requires acquirer of business to recognize and measure identifiable assets acquired  liabilities assumed  and non-controlling interest in acquired entity at fair value.\n replacement guidance requires transaction costs related to business combination to be expensed as incurred.\n effective for business combinations for acquisition date on or after start of fiscal year beginning after december 15 , 2008.\n adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.\ndecember 2007 , fasb issued accounting guidance establishes accounting reporting standards for noncontrolling interest in subsidiary for deconsolidation of subsidiary.\n guidance effective for fiscal years beginning after december 15 , 2008.\n adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.\n september 2006 , fasb issued accounting guidance defines fair value  establishes framework for measuring fair value with generally accepted accounting principles expands disclosures about fair value measurements.\n guidance effective for fiscal years beginning after november 15, 2007 , fasb delayed effective date to fiscal years beginning after november 15, 2008 for nonfinancial assets and nonfinancial liabilities  except items recognized or disclosed at fair value on annual or more frequent basis.\n adoption of guidance for nonfinancial assets liabilities in first quarter of 2009 not impact on company 2019s consolidated financial statements.\n 3.\n inventories inventories consisted of following:.\n\n( in thousands )     | december 31 , 2009 | december 31 , 2008\n-------------------- | ------------------ | ------------------\nfinished goods       | $ 155596           | $ 187072\nraw materials        | 785                | 731\nwork-in-process      | 71                 | 6\nsubtotal inventories | 156452             | 187809\ninventories reserve  | -7964 ( 7964 )     | -5577 ( 5577 )\ntotal inventories    | $ 148488           | $ 182232"
}
{
    "_id": "dd4b99bf8",
    "title": "",
    "text": "n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries 20.\n statutory financial information company 2019s insurance and reinsurance subsidiaries subject to insurance laws regulations in jurisdictions they operate.\n regulations include restrictions limit dividends other distributions loans cash advances available to shareholders without prior approval of insurance regulatory authorities.\n no statutory restrictions on payment of dividends from retained earnings by bermuda subsidiaries minimum statutory capital surplus requirements satisfied by share capital additional paid-in capital of bermuda subsidiaries.\n company 2019s u. s.\n subsidiaries file financial statements prepared in with statutory accounting practices by insurance regulators.\n statutory accounting differs from in reporting of certain reinsurance contracts , investments  subsidiaries acquis- ition expenses fixed assets deferred income taxes  certain other items.\n statutory capital surplus of u.\n subsidiaries met regulatory requirements for 2009 , 2008  2007.\n dividends available to be paid in 2010  without prior approval from state insurance departments totals $ 733 million.\n combined statutory capital surplus statutory net income of bermuda and u. s.\n subsidiaries at for years ended december 31 , 2009 , 2008  2007  are as follows:.\n permitted by restructuring discussed in note 7 company 2019s u. s.\n subsidiaries discount certain a&e liabilities  increased statutory capital and surplus by approximately $ 215 million , $ 211 million  $ 140 million at december 31 , 2009 , 2008  2007  respectively.\ncompany 2019s international subsidiaries prepare financial statements based local laws regulations.\n some jurisdictions impose complex regulatory requirements on insurance companies other jurisdictions impose fewer requirements.\n in some countries company must obtain licenses by governmental authorities to conduct local insurance business.\n these licenses may be subject to reserves minimum capital solvency tests.\n jurisdictions may impose fines censure criminal sanctions for violation of regulatory requirements.\n 21.\n information provided connection with outstanding debt of subsidiaries following tables present condensed consolidating financial information at december 31 , 2009  december 31 , 2008  for years ended december 31, 2009, 2008  2007 for ace limited ( parent guarantor ) its 201csubsidiary issuer 201d , ace ina holdings , inc.\n subsidiary issuer is indirect 100 percent-owned subsidiary of parent guarantor.\n investments in subsidiaries accounted for by parent guarantor under equity method for.\n earnings of subsidiaries reflected in parent guarantor 2019s investment accounts earnings.\n parent guarantor guarantees certain debt of subsidiary issuer.\n\n( in millions of u.s . dollars ) | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2007 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | 2007\n-------------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------\nstatutory capital and surplus    | $ 9299                    | $ 6205                    | $ 8579                    | $ 5801                    | $ 5368                    | $ 5321\nstatutory net income             | $ 2472                    | $ 2196                    | $ 1535                    | $ 870                     | $ 818                     | $ 873"
}
{
    "_id": "dd4bb885a",
    "title": "",
    "text": "additional information on segment results see page 43.\n income from equity method investments increased $ 126 million in 2006 from 2005 increased $ 98 million in 2005 from 2004.\n income from lpg operations in equatorial guinea increased both due to higher sales volumes plant expansions completed in 2005.\n increase in 2005 included higher ptc income higher distillate gross margins.\n cost of revenues increased $ 4. 609 billion in 2006 from 2005 $ 7. 106 billion in 2005 from 2004.\n both increases primarily in rm&t segment resulted from increases in acquisition costs of crude oil refinery charge blend stocks purchased refined products.\n increase impacted by higher manufacturing expenses result higher contract services labor costs in 2006 higher purchased energy costs in 2005.\n purchases related to matching buy/sell transactions decreased $ 6. 968 billion in 2006 from 2005 increased $ 3. 314 billion in 2005 from 2004 mostly in rm&t segment.\n decrease in 2006 primarily related to change in accounting for matching buy/sell transactions.\n increase in 2005 primarily due to increased crude oil prices.\n depreciation  depletion amortization increased $ 215 million in 2006 from 2005 $ 125 million in 2005 from 2004.\n rm&t segment depreciation expense increased both years increase in asset value for acquisition of 38 percent interest in mpc on june 30 , 2005.\n detroit refinery expansion completed fourth quarter of 2005 contributed to rm&t depreciation expense increase in 2006.\n e&p segment depreciation expense for 2006 included $ 20 million impairment of capitalized costs related to camden hills field in gulf of mexico associated canyon express pipeline.\n natural gas production from camden hills field ended in 2006 increased water production from well.\nselling general administrative expenses increased $ 73 million in 2006 from 2005 $ 134 million in 2005 from 2004.\n 2006 increase primarily because personnel staffing costs increased variable compensation arrangements increased business activity.\n partially offsetting increases reductions in stock-based compensation expense.\n increase in 2005 result of increased stock-based compensation expense due to increase stock price increase in equity-based awards partially offset by decrease in expense severance pension plan curtailment charges start-up costs related to egholdings in 2004.\n exploration expenses increased $ 148 million in 2006 from 2005 $ 59 million in 2005 from 2004.\n exploration expense to dry wells other write-offs totaled $ 166 million , $ 111 million $ 47 million in 2006 2005 2004.\n exploration expense 2006 included $ 47 million for exiting cortland empire leases in nova scotia.\n net interest other financing costs income reflected net $ 37 million income for 2006 favorable change of $ 183 million from net $ 146 million expense in 2005.\n net interest other financing costs decreased $ 16 million in 2005 from 2004.\n favorable changes 2006 included increased interest income due to higher interest rates average cash balances foreign currency exchange gains adjustments to interest on tax issues greater capitalized interest.\n decrease in expense for 2005 result of increased interest income on higher average cash balances greater capitalized interest offset by increased interest on potential tax deficiencies higher foreign exchange losses.\n included in net interest other financing costs income foreign currency gains of $ 16 million losses of $ 17 million gains of $ 9 million for 2006  2005 2004.\n minority interest in income of mpc decreased $ 148 million in 2005 from 2004 due to acquisition of 38 percent interest in mpc on june 30 , 2005.\n provision for income taxes increased $ 2.308 billion in 2006 from 2005 $ 979 million 2005 from 2004 primarily due to $ 4. 259 billion and $ 2. 691 billion increases in income from continuing operations before income taxes.\n increase in effective income tax rate in 2006 result of income taxes related to libyan operations statutory income tax rate excess of 90 percent.\n analysis of effective income tax rates for continuing operations for 2006 , 2005 2004.\n see note 11 to consolidated financial statements for further discussion.\n\n| 2006             | 2005             | 2004\n-------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nstatutory u.s . income tax rate                                | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % )\neffects of foreign operations including foreign tax credits    | 9.9              | -0.8 ( 0.8 )     | 0.5\nstate and local income taxes net of federal income tax effects | 1.9              | 2.5              | 1.6\nother tax effects                                              | -2.0 ( 2.0 )     | -0.4 ( 0.4 )     | -0.9 ( 0.9 )\neffective income tax rate for continuing operations            | 44.8% ( 44.8 % ) | 36.3% ( 36.3 % ) | 36.2% ( 36.2 % )"
}
{
    "_id": "dd4bafa8e",
    "title": "",
    "text": "$ 32 million federal tax payments deferred and paid in 2009 result allied acquisition.\n table summarizes activity in gross unrecognized tax benefits for years ended december 31:.\n new accounting guidance for business combinations effective for 2009 financial statements.\n new guidance changed treatment of acquired uncertain tax liabilities.\n under previous guidance changes in acquired uncertain tax liabilities recognized through goodwill.\n under new guidance subsequent changes in acquired tax liabilities recognized through income tax provision.\n as of december 31 , 2010  $ 206. 5 million of $ 222. 8 million unrecognized tax benefits related to tax positions taken by allied prior to 2008 acquisition.\n included in balance at december 31, 2010 and 2009 are approximately $ 209. 1 million and $ 217. 6 million unrecognized tax benefits ( net of federal benefit on state issues ) if recognized affect effective income tax rate in future periods.\n during 2010  irs concluded examination of 2005 and 2007 tax years.\n conclusion examination reduced gross unrecognized tax benefits by approximately $ 1. 9 million.\n resolved various state matters during 2010 reduced gross unrecognized tax benefits by approximately $ 10. 0 million.\n during 2009  settled outstanding tax dispute related to allied 2019s risk management companies ( with department of justice doj ) and internal revenue service ( irs ).\n settlement reduced gross unrecognized tax benefits by approximately $ 299. 6 million.\n during 2009 also settled with irs accounting method change outstanding tax dispute related to intercompany insurance premiums paid to allied 2019s captive insurance company.\n settlement reduced gross unrecognized tax benefits by approximately $ 62. 6 million.\naddition to federal matters resolved state matters reduced gross unrecognized tax benefits during 2009 by approximately $ 5. 8 million.\n recognize interest and penalties incurred within provision for income taxes in consolidated statements of income.\n related to unrecognized tax benefits noted accrued interest of $ 19. 2 million during 2010 in total as of december 31 , 2010  recognized liability for penalties of $ 1. 2 million interest of $ 99. 9 million.\n during 2009  accrued interest of $ 24. 5 million total at december 31, 2009  recognized liability for penalties of $ 1. 5 million interest of $ 92. 3 million.\n during 2008  accrued penalties of $ 0. 2 million interest of $ 5. 2 million in total at december 31 , 2008  recognized liability for penalties of $ 88. 1 million interest of $ 180. 0 million.\n republic services , inc.\n notes to consolidated financial statements continued\n\n| 2010           | 2009             | 2008\n--------------------------------------------------------------------------- | -------------- | ---------------- | ------------\nbalance at beginning of year                                                | $ 242.2        | $ 611.9          | $ 23.2\nadditions due to the allied acquisition                                     | -              | 13.3             | 582.9\nadditions based on tax positions related to current year                    | 2.8            | 3.9              | 10.6\nreductions for tax positions related to the current year                    | -              | -                | -5.1 ( 5.1 )\nadditions for tax positions of prior years                                  | 7.5            | 5.6              | 2.0\nreductions for tax positions of prior years                                 | -7.4 ( 7.4 )   | -24.1 ( 24.1 )   | -1.3 ( 1.3 )\nreductions for tax positions resulting from lapse of statute of limitations | -10.4 ( 10.4 ) | -0.5 ( 0.5 )     | -0.4 ( 0.4 )\nsettlements                                                                 | -11.9 ( 11.9 ) | -367.9 ( 367.9 ) | -\nbalance at end of year                                                      | $ 222.8        | $ 242.2          | $ 611.9"
}
{
    "_id": "dd4c01f32",
    "title": "",
    "text": "host hotels & resorts , inc.  l. p. subsidiaries notes to consolidated financial statements.\n summary of significant accounting policies description of business host hotels & resorts  inc.\n operates as self-managed self-administered real estate investment trust  operations conducted solely through host hotels & resorts , l. p.\n host hotels & resorts , l. p. delaware limited partnership  operates through umbrella partnership structure with host hotels & resorts , inc. a maryland corporation  as its sole general partner.\n in notes to consolidated financial statements use terms 201cwe 201d or 201cour 201d to refer to host hotels & resorts , inc.\n and host hotels & resorts , l. p.\n together unless context indicates otherwise.\n use term 201chost inc. 201d to refer specifically to host hotels & resorts , inc.\n term 201chost l. p. 201d to refer specifically to host hotels & resorts , l. p.\n distinguish between host inc.\n and host l. p.\n host inc.\n holds approximately 99% ( 99 % ) of host l. p. 2019s partnership interests .\n consolidated portfolio as of december 31, 2018  hotels in consolidated portfolio are in following countries:.\n basis of presentation principles of consolidation consolidated financial statements include consolidated accounts of host inc. , host l. p.\n their subsidiaries and controlled affiliates  including joint ventures and partnerships.\n consolidate subsidiaries when we ability to control them.\n for majority of our hotel and real estate investments  consider control rights to be approval or amendment of developments plans  financing decisions approval amendments of operating budgets  investment strategy decisions.\nevaluate subsidiaries to determine if they are variable interest entities ( 201cvies 201d ).\n if subsidiary is a vie , subject to consolidation framework specifically for vies.\n typically entity power to direct activities significantly impact economic performance consolidates vie.\n we consider entity to be a vie if equity investors own interest therein not characteristics of controlling financial interest or if investors not have sufficient equity at risk for entity to finance activities without additional subordinated financial support.\n review subsidiaries and affiliates annually to determine if i should be considered vies, and change consolidation determination based on changes in characteristics.\n three partnerships are considered vie 2019s , as general partner maintains control over decisions significantly impact partnerships.\n first vie is operating partnership , host l. p. , consolidated by host inc. , of host inc.\n is general partner holds 99% ( 99 % ) of limited partner interests.\n host inc. 2019s sole significant asset is investment in host l. p.\n all of host inc. 2019s assets and liabilities represent assets liabilities of host l. p.\n all of host inc. 2019s debt is obligation of host l. p.\n may be settled only with assets of host l. p.\n consolidated partnership owns houston airport marriott at george bush intercontinental , of we are general partner and hold 85% ( 85 % ) of partnership interests , also is a vie.\n total assets of this vie at december 31 , 2018 are $ 48 million consist primarily of cash and\n\n| hotels\n------------- | ------\nunited states | 88\nbrazil        | 3\ncanada        | 2\ntotal         | 93"
}
{
    "_id": "dd4c4db9e",
    "title": "",
    "text": "first quarter of fiscal 2010 , company recorded additional charge of $ 4. 7 million related to cost reduction action.\n approximately $ 3. 4 million charge related to lease obligation costs for cambridge wafer fabrication facility, company ceased using in first quarter of fiscal 2010.\n remaining $ 1. 3 million charge related to clean-up and closure costs expensed as incurred.\n 6.\n acquisitions in fiscal 2006  company acquired all outstanding stock of privately-held integrant technologies , inc.\n ( integrant ) of seoul , korea.\n acquisition enabled company to enter mobile tv market strengthened presence in asian region.\n company paid $ 8. 4 million related to purchase of shares from founder of integrant during period from july 2007 through july 2009.\n company recorded payments as additional goodwill.\n in fiscal 2006  company acquired all outstanding stock of privately-held audioasics a/s ( audioasics ) of roskilde , denmark.\n acquisition of audioasics allows company to continue developing low-power audio solutions  expanding presence in nordic and eastern european regions.\n company paid additional cash payments of $ 3. 1 million during fiscal 2009 for achievement of revenue-based milestones period october 2006 through january 2009 recorded as additional goodwill.\n company paid $ 3. 2 million during fiscal 2009 based on achievement of technological milestones period october 2006 through january 2009 recorded as compensation expense in fiscal 2008.\n all revenue and technological milestones related to acquisition met no additional payments will be made.\n company not provided pro forma results of operations for integrant and audioasics not material to company individual or aggregate basis.\n company included results of operations of each acquisition in consolidated statement of income from date of acquisition.\n 7.\ndeferred compensation plan investments investments in analog devices ,.\n deferred compensation plan ) classified as trading.\n components of investments as of october 30 , 2010 and october 31 , 2009 were as follows:.\n fair values of investments based on published market quotes on october 30 , 2010 and october 31 , 2009.\n adjustments to fair value of  and income pertaining to deferred compensation plan investments recorded in operating expenses.\n gross realized and unrealized gains and losses from trading securities not material in fiscal 2010, 2009 or 2008.\n company recorded corresponding liability for amounts owed to deferred compensation plan participants ( see note 10 ).\n investments designated as available to company solely for purpose of paying benefits under deferred compensation plan.\n in company became insolvent investments available to all unsecured general creditors.\n.\n other investments investments consist of equity securities and other long-term investments.\n investments stated at fair value  based on market quotes or on cost-basis  dependent on nature of investment  as appropriate.\n adjustments to fair value of investments classified as available-for-sale recorded as increase or decrease analog devices ,.\n notes to consolidated financial statements 2014 (\n\n| 2010   | 2009\n--------------------------------------------------------------------- | ------ | ------\nmoney market funds                                                    | $ 1840 | $ 1730\nmutual funds                                                          | 6850   | 6213\ntotal deferred compensation plan investments 2014 short and long-term | $ 8690 | $ 7943"
}
{
    "_id": "dd4b89ac8",
    "title": "",
    "text": "off-balance sheet transactions contractual obligations as of december 31 , 2017  contractual obligations with initial or remaining terms in excess of one year  including interest payments on long-term debt obligations , were as follows ( in thousands ) : table above does not include $ 0. 5 million of unrecognized tax benefits ( refer to notes consolidated financial statements note 201410 201cincome tax 201d ).\n certain service providers may require collateral in normal course business.\n amount of collateral may change based on terms and conditions.\n routine part of business depending on market conditions  exchange rates  pricing strategy for growth we regularly consider opportunities to enter contracts for building of additional ships.\n may consider sale of ships  potential acquisitions strategic alliances.\n if these transactions occur may be financed through incurrence of additional permitted indebtedness , cash flows from operations  or issuance of debt , equity or equity-related securities.\n funding sources certain debt agreements contain covenants require us to maintain minimum level of liquidity limit net funded debt-to-capital ratio maintain certain other ratios restrict ability to pay dividends.\n all ships and other property and equipment are pledged as collateral for certain debt.\n believe we were in compliance with these covenants as of december 31 , 2017.\n impact of changes in world economies global credit markets can create challenging environment may reduce future consumer demand for cruises adversely affect counterparty credit risks.\n in this environment deteriorates our business , financial condition results of operations could be adversely impacted.\nbelieve cash on hand expected future operating cash inflows additional borrowings under new revolving loan facility ability to issue debt securities additional equity securities sufficient to fund operations debt payment requirements capital expenditures maintain compliance with covenants under debt agreements next twelve-month period.\n no assurance cash flows from operations additional financings available future to fund future obligations.\n less than 1 year 1-3 years 3-5 years more than 5 years long-term debt 1 ) $ 6424582 $ 619373 $ 1248463 $ 3002931 $ 1553815 operating leases 2 ) 131791 15204 28973 26504 61110 ship construction contracts 3 6138219 1016892 1363215 1141212 2616900 port facilities 4 ) 138308 30509 43388 23316 41095 interest 5 ) 947967 218150 376566 203099 150152 other 6 ) 168678 54800 73653 23870 16355.\n 1 includes discount premiums aggregating $ 0. 5 million.\n includes capital leases.\n amount excludes deferred financing fees included in consolidated balance sheets offset to long-term debt.\n 2 primarily for offices  motor vehicles office equipment.\n 3 newbuild ships based on euro/u.\n dollar exchange rate of december 31 , 2017.\n export credit financing in place from syndicates of banks.\n 4 primarily for usage of certain port facilities.\n 5 includes fixed variable rates with libor held constant as of december 31 , 2017.\n 6 future commitments for service  maintenance business enhancement capital expenditure contracts.\n\n| total      | less than1 year | 1-3 years | 3-5 years | more than5 years\n--------------------------------- | ---------- | --------------- | --------- | --------- | ----------------\nlong-term debt ( 1 )              | $ 6424582  | $ 619373        | $ 1248463 | $ 3002931 | $ 1553815\noperating leases ( 2 )            | 131791     | 15204           | 28973     | 26504     | 61110\nship construction contracts ( 3 ) | 6138219    | 1016892         | 1363215   | 1141212   | 2616900\nport facilities ( 4 )             | 138308     | 30509           | 43388     | 23316     | 41095\ninterest ( 5 )                    | 947967     | 218150          | 376566    | 203099    | 150152\nother ( 6 )                       | 168678     | 54800           | 73653     | 23870     | 16355\ntotal                             | $ 13949545 | $ 1954928       | $ 3134258 | $ 4420932 | $ 4439427"
}
{
    "_id": "dd4bdcd7c",
    "title": "",
    "text": "system energy resources , inc.\n management 2019s financial discussion analysis contractual obligations system energy has $ 382. 3 million of unrecognized tax benefits interest net of unused tax attributes payments for timing payments beyond 12 months estimated due to uncertainties in timing of effective settlement of tax positions.\n see note 3 financial statements for additional information regarding unrecognized tax benefits.\n routine spending maintain operations planned capital investment estimate includes specific investments initiatives nuclear fleet operational excellence initiative discussed in 201cnuclear matters, 201d plant improvements.\n as wholly-owned subsidiary system energy dividends earnings to entergy corporation at percentage determined monthly.\n sources of capital system energy sources meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt issuances ; 2022 bank financing under new existing facilities.\n system energy may refinance  redeem retire debt prior to maturity market conditions interest dividend rates favorable.\n all debt and common stock issuances by system energy require prior regulatory approval.\n debt issuances subject to issuance tests in bond indentures other agreements.\n system energy has sufficient capacity under these tests to meet foreseeable capital needs.\n system energy 2019s receivables from money pool were as follows as of december 31 for each following years.\n see note 4 to financial statements for description of money pool.\n system energy nuclear fuel company variable interest entity has credit facility $ 120 million to expire in may 2019.\n as of december 31 , 2016 , $ 66. 9 million in letters of credit outstanding credit facility to support like amount of commercial paper issued by system energy nuclear fuel company variable interest entity.\n see note 4 to financial statements for additional discussion of variable interest entity credit facility.\nsystem energy obtained authorizations from ferc through october 2017 for : 2022 short-term borrowings not exceed $ 200 million outstanding ; 2022 long-term borrowings security issuances ; 2022 long-term borrowings by nuclear fuel company variable interest entity.\n see note 4 to financial statements for discussion of system energy 2019s short-term borrowing limits.\n\n2016             | 2015             | 2014             | 2013\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 33809          | $ 39926          | $ 2373           | $ 9223"
}
{
    "_id": "dd4b8705c",
    "title": "",
    "text": "( 1 ) includes shares repurchased through publicly announced share repurchase program and shares tendered to pay exercise price and tax withholding on employee stock options.\n shareowner return performance graph performance graph related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission , nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended except company specifically incorporates such information into filing.\n graph shows five-year comparison of cumulative total shareowners 2019 returns for class b common stock , s&p 500 index  dow jones transportation average.\n comparison of total cumulative return on investment  change in quarterly stock price plus reinvested dividends for quarterly periods assumes $ 100 invested on december 31, 2004 in s&p 500 index  dow jones transportation average  class b common stock.\n comparison of five year cumulative total return $ 40. 00 $ 60. 00 $ 80. 00 $ 100. 00 $ 120. 00 $ 140. 00 $ 160. 00 2004 20092008200720062005 s&p 500 ups dj transport.\n\n| 12/31/04 | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09\n-------------------------------- | -------- | -------- | -------- | -------- | -------- | --------\nunited parcel service inc .      | $ 100.00 | $ 89.49  | $ 91.06  | $ 87.88  | $ 70.48  | $ 75.95\ns&p 500 index                    | $ 100.00 | $ 104.91 | $ 121.48 | $ 128.15 | $ 80.74  | $ 102.11\ndow jones transportation average | $ 100.00 | $ 111.65 | $ 122.61 | $ 124.35 | $ 97.72  | $ 115.88"
}
{
    "_id": "dd4bf05de",
    "title": "",
    "text": "table illustrates pro forma effect on net income earnings per share if all outstanding and unvested stock options in 2005 accounted for using estimated fair value.\n 2005year ended december 31.\n basic earnings per share calculated by dividing net income common shareholders by weighted-average number of common shares outstanding for period excludes unvested shares of restricted stock.\n diluted earnings per share calculated by dividing net income by weighted-average number of common shares outstanding for period and shares representing dilutive effect of stock options and awards other equity-related financial instruments.\n effect of stock options and restricted stock outstanding excluded from calculation of diluted earnings per share in periods in their effect antidilutive.\n special purpose entities : we involved with various legal forms of special purpose entities  business.\n use trusts to structure and sell certificated interests in pools tax-exempt investment-grade assets principally to mutual fund customers.\n trusts recorded in consolidated financial statements.\n transfer assets to these trusts  legally isolated from us from our investment securities portfolio at adjusted book value.\n trusts finance acquisition of assets by selling certificated interests issued by trusts to third-party investors.\n investment securities of trusts carried in investments securities available for sale at fair value.\n certificated interests carried in other short-term borrowings at amount owed to third-party investors.\n interest revenue and interest expense generated by investments and certificated interests recorded in net interest revenue when earned or incurred.\n\nyear ended december 31,                                                                                                 | 2005\n----------------------------------------------------------------------------------------------------------------------- | ----------\n( in millions except per share amounts )                                                                                |\nnet income as reported                                                                                                  | $ 838\nadd : stock option compensation expense included in reported net income net of related taxes                            | 20\ndeduct : total stock option compensation expense determined under fair value method for all awards net of related taxes | -27 ( 27 )\npro forma net income                                                                                                    | $ 831\nearnings per share:                                                                                                     |\nbasic 2014as reported                                                                                                   | $ 2.53\nbasic 2014pro forma                                                                                                     | 2.51\ndiluted 2014as reported                                                                                                 | 2.50\ndiluted 2014pro forma                                                                                                   | 2.48"
}
{
    "_id": "dd4b89ff0",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis refer to 201cselected financial data - five-year comparison of entergy corporation subsidiaries 201d accompanies entergy corporation 2019s financial statements report for further information operating statistics.\n november 2007 board approved plan to pursue separation of entergy 2019s non-utility nuclear business from entergy through spin-off business to entergy shareholders.\n april 2010  entergy announced planned to unwind business infrastructure associated with proposed spin-off transaction.\n result plan unwind entergy recorded expenses in 2010 for write-off of certain capitalized costs incurred in with planned spin-off transaction.\n costs discussed in detail below section.\n net revenue utility following analysis of change in net revenue comparing 2010 to 2009.\n amount ( in millions ).\n volume/weather variance due to increase of 8362 gwh , or 8% ( 8 % ), in billed electricity usage in all retail sectors  including effect on residential sector of colder weather in first quarter 2010 compared to 2009 warmer weather in second and third quarters 2010 compared to 2009.\n industrial sector reflected strong sales growth signs economic recovery.\n improvement sector driven by inventory restocking strong exports with chemicals , refining , miscellaneous manufacturing sectors leading improvement.\n retail electric price variance due to : increases in formula rate plan riders at entergy gulf states louisiana effective november 2009 , january 2010 september 2010  entergy louisiana effective november 2009  entergy mississippi effective july 2009 ; base rate increase at entergy arkansas effective july 2010 ; rate actions at entergy texas , including base rate increases effective in may and august 2010 ; formula rate plan provision of $ 16.6 million recorded third quarter 2009 for refunds made to customers accordance with settlements approved by lpsc ; recovery 2009 by entergy arkansas of 2008 extraordinary storm costs , approved by apsc , ceased january 2010.\n recovery of storm costs offset in other operation and maintenance expenses.\n see note 2 to financial statements for further discussion of proceedings referred above.\n\n| amount ( in millions )\n------------------------------------ | ----------------------\n2009 net revenue                     | $ 4694\nvolume/weather                       | 231\nretail electric price                | 137\nprovision for regulatory proceedings | 26\nrough production cost equalization   | 19\nano decommissioning trust            | -24 ( 24 )\nfuel recovery                        | -44 ( 44 )\nother                                | 12\n2010 net revenue                     | $ 5051"
}
{
    "_id": "dd4bf6178",
    "title": "",
    "text": "2022 triggering obligation to make payments under financial guarantee , letter of credit or credit support provided to behalf of subsidiary ; 2022 causing us record loss in lender forecloses on assets ; 2022 triggering defaults in our outstanding debt at parent company.\n for our senior secured credit facility and outstanding debt securities at parent company include events of default for certain bankruptcy related events involving material subsidiaries.\n our revolving credit agreement at parent company includes events of default related to payment defaults accelerations of outstanding debt of material subsidiaries.\n some subsidiaries currently in default with all or portion of outstanding indebtedness.\n total non-recourse debt current in consolidated balance sheets amounts to $ 2. 2 billion.\n portion of current debt related to such defaults was $ 1 billion at december 31 , 2017  all was non-recourse debt related to three subsidiaries 2014 alto maipo , aes puerto rico , and aes ilumina.\n see note 10 2014debt in item 8. 2014financial statements supplementary data of form 10-k for additional detail.\n none of subsidiaries currently in default are subsidiaries met applicable definition of materiality under aes' corporate debt agreements as of december 31 , 2017 for defaults to trigger event of default or permit acceleration under aes' indebtedness.\n result of additional dispositions of assets  significant reductions in asset carrying values or matters future may impact financial position results of operations or financial position of individual subsidiary possible one or more of subsidiaries could fall within definition of \"material subsidiary\" upon acceleration trigger event of default and possible acceleration of indebtedness under parent company's outstanding debt securities.\nmaterial subsidiary defined in company's senior secured revolving credit facility as any business contributed 20% ) or more of parent company's total cash distributions for four most recently completed fiscal quarters.\n as of december 31 , 2017  none of defaults listed above or results or at risk of triggering cross-default under recourse debt of company.\n contractual obligations and parent company contingent contractual obligations summary of contractual obligations  commitments liabilities as of december 31, 2017 presented below excludes businesses discontinued operations or held-for-sale ( in millions ) : contractual obligations total less than 1 year more than 5 years footnote reference 4 ) debt obligations ( 1 ) $ 20404 $ 2250 $ 2431 $ 5003 $ 10720 $ 2014 10 interest payments on long-term debt ( 2 ) 9103 1172 2166 1719 4046 2014 n/a.\n includes recourse and non-recourse debt on consolidated balance sheet.\n amounts exclude capital lease obligations included in capital lease category.\n interest payments estimated based on final maturity dates of debt securities outstanding at december 31 , 2017 do not reflect anticipated future refinancing  early redemptions or new debt issuances.\n variable rate interest obligations estimated based on rates as of december 31 , 2017.\n amounts do not include current liabilities on balance sheet except for current portion of uncertain tax obligations.\n noncurrent uncertain tax obligations reflected in \"other\" column of table company not able to estimate timing of future payments.\namounts not include 1 ) regulatory liabilities ( see note 9 2014regulatory assets liabilities ) , 2 ) contingencies ( see note 12 2014contingencies ) 3 ) pension postretirement employee benefit liabilities ( see note 13 2014benefit plans ) 4 ) derivatives incentive compensation ( see note 5 2014derivative instruments hedging activities ) or 5 ) any taxes ( see note 20 2014income taxes ) except for uncertain tax obligations  company not able to estimate timing future payments.\n see indicated notes to consolidated financial statements in item 8 of form 10-k for additional information on items excluded.\n 4 ) for further information see note referenced below in item 8. 2014financial statements supplementary data of form 10-k.\n\ncontractual obligations                                                                   | total   | less than 1 year | 1-3 years | 3-5 years | more than 5 years | other  | footnote reference ( 4 )\n----------------------------------------------------------------------------------------- | ------- | ---------------- | --------- | --------- | ----------------- | ------ | ------------------------\ndebt obligations ( 1 )                                                                    | $ 20404 | $ 2250           | $ 2431    | $ 5003    | $ 10720           | $ 2014 | 10\ninterest payments on long-term debt ( 2 )                                                 | 9103    | 1172             | 2166      | 1719      | 4046              | 2014   | n/a\ncapital lease obligations                                                                 | 18      | 2                | 2         | 2         | 12                | 2014   | 11\noperating lease obligations                                                               | 935     | 58               | 116       | 117       | 644               | 2014   | 11\nelectricity obligations                                                                   | 4501    | 581              | 948       | 907       | 2065              | 2014   | 11\nfuel obligations                                                                          | 5859    | 1759             | 1642      | 992       | 1466              | 2014   | 11\nother purchase obligations                                                                | 4984    | 1488             | 1401      | 781       | 1314              | 2014   | 11\nother long-term liabilities reflected on aes' consolidated balance sheet under gaap ( 3 ) | 701     | 2014             | 284       | 118       | 277               | 22     | n/a\ntotal                                                                                     | $ 46505 | $ 7310           | $ 8990    | $ 9639    | $ 20544           | $ 22   |"
}
{
    "_id": "dd4979b84",
    "title": "",
    "text": "investment advisory revenues on other investment portfolios decreased $ 44 million or 8. 5% (. 5 % ) to $ 477. 8 million in 2009.\n average assets in portfolios were $ 129. 5 billion 2009 down $ 12. 6 billion or 9% ( 9 % ) from 2008.\n other investment portfolio assets management increased $ 46. 7 billion 2009 including $ 36. 5 billion in market gains and income $ 10. 2 billion net inflows primarily from institutional investors.\n net inflows include $ 1. 3 billion transferred from stock and blended asset mutual funds 2009.\n administrative fees decreased $ 35 million or 10% ( 10 % ) to $ 319 million in 2009.\n change includes $ 4 million decrease in 12b-1 distribution and service fees on lower average assets advisor r classes sponsored mutual funds $ 31 million reduction in mutual fund servicing revenue attributable to cost reduction efforts in mutual fund retirement plan servicing functions.\n changes in administrative fees offset by similar changes in related operating expenses funds.\n largest expense , compensation related costs  decreased $ 42 million or 5% ( 5 % )  from 2008 to $ 773 million in 2009.\n largest part decrease attributable to $ 19 million reduction in annual bonus program.\n reductions in use of outside contractors lowered 2009 costs $ 14 million remainder cost savings attributable to workforce reduction lower employee benefits other employment expenses.\n average headcount in 2009 down 5. 4% ( 5. 4 % ) from 2008 due to attrition  retirements workforce reduction april 2009.\n advertising and promotion expenditures down $ 31 million or 30% ( 30 % ) versus 2008 due to decision to reduce spending to lower investor activity 2009 market environment.\n depreciation expense and other occupancy and facility costs increased $ 4 million  or 2. 5% ( 2.5 % ) compared to 2008  moderated or delayed capital spending facility growth plans.\n other operating expenses decreased $ 33 million or 18% ( 18 % ) from 2008  including decline of $ 4 million in distribution and service expenses on lower average assets under management in advisor r classes of mutual fund shares sourced from financial intermediaries.\n cost control efforts resulted in remaining expense reductions including lower professional fees travel related costs.\n non-operating investment activity resulted in net losses of $ 12. 7 million in 2009 and $ 52. 3 million in 2008.\n improvement of nearly $ 40 million attributable to reduction in other temporary impairments on investments in sponsored mutual funds in 2009 versus 2008.\n table details related mutual fund investment gains and losses ( in millions ) during two years ended december 31 , 2009.\n lower income of $ 16 million from money market holdings due to lower interest rate environment offset improvement with fund investments.\n 2009 provision for income taxes as percentage of pretax income is 37. 1% ( 37. 1 % ) down from 38. 4% ( 38. 4 % ) in 2008.\n 2009 provision includes reductions of prior years 2019 tax provisions discrete nonrecurring benefits lowered 2009 effective tax rate by 1. 0% ( 1. 0 % ).\n t a l r.\n during 2010  stockholders 2019 equity increased from $ 2. 9 billion to $ 3. 3 billion.\n repurchased nearly 5. 0 million common shares for $ 240. 0 million in 2010.\n tangible book value is $ 2. 6 billion at december 31 , 2010 cash and cash equivalents mutual fund investment holdings total more than $ 1. 5 billion.\n financial resources do not maintain available external source of liquidity.\n.\n price group annual report 2010\n\n| 2008             | 2009             | change\n----------------------------------------------- | ---------------- | ---------------- | ------------\nother than temporary impairments recognized     | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2\ncapital gain distributions received             | 5.6              | 2.0              | -3.6 ( 3.6 )\nnet gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 )     | 7.4              | 11.9\nnet loss recognized on fund holdings            | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5"
}
{
    "_id": "dd4b9b048",
    "title": "",
    "text": "aeronautics segment includes fewer programs larger sales and operating results than in other segments.\n due to large number of smaller programs in remaining segments discussion of results of operations of business segments focuses on lines of business within segment than specific programs.\n following tables of financial information and related discussion of results of operations of business segments consistent with presentation segment information in note 5 to financial statements.\n number of programs classified by u. s.\n government cannot be specifically described.\n operating results of classified programs included in our consolidated and business segment results subjected to same oversight internal controls as other programs.\n aeronautics aeronautics business segment is engaged in research  design  development manufacture  integration  sustainment  support  upgrade of advanced military aircraft  including combat and air mobility aircraft  unmanned air vehicles  related technologies.\n key combat aircraft programs include f-35 lightning ii , f-16 fighting falcon  f-22 raptor fighter aircraft.\n key air mobility programs include c-130j super hercules c-5m super galaxy.\n aeronautics provides logistics support , sustainment  upgrade modification services for aircraft.\n aeronautics 2019 operating results included : ( in millions ) 2010 2009 2008.\n net sales for aeronautics increased by 8% ( 8 % ) in 2010 compared to 2009.\n sales increased in all three lines of business during year.\n $ 800 million increase in air mobility attributable to higher volume on c-130 programs  deliveries support activities higher volume on c-5 reliability enhancement and re-engining program ( rerp.\n 25 c-130j deliveries in 2010 compared to 16 in 2009.\n$ 179 million increase in combat aircraft due to higher volume on f-35 production contracts offset by lower volume on f-35 sdd contract decline in volume on f-16  f-22 other combat aircraft programs.\n 20 f-16 deliveries in 2010 compared to 31 in 2009.\n $ 55 million increase in other aeronautics programs due to higher volume on p-3 advanced development programs offset by decline in volume on sustainment activities.\n net sales for aeronautics increased by 6% ( 6 % ) in 2009 compared to 2008.\n sales increased in all three lines of business.\n increase of $ 296 million in air mobility 2019s sales attributable to higher volume on c-130 programs deliveries support.\n 16 c-130j deliveries in 2009 and 12 in 2008.\n combat aircraft sales increased $ 316 million due to higher volume on f-35 program increases in f-16 deliveries offset by lower volume on f-22 other combat aircraft programs.\n 31 f-16 deliveries in 2009 compared to 28 in 2008.\n $ 116 million increase in other aeronautics programs due to higher volume on p-3 programs advanced development programs  offset by declines in sustainment activities.\n operating profit for segment decreased by 5% ( 5 % ) in 2010 compared to 2009.\n decline in operating profit in combat aircraft offset by increases in other aeronautics programs air mobility.\n $ 149 million decrease in combat aircraft 2019s operating profit due to lower volume decrease in level of favorable performance adjustments on f-22 program  f-35 sdd contract f-16 other combat aircraft programs in 2010.\n these decreases offset increased operating profit from higher volume improved performance on f-35 production contracts in 2010.\n $ 35 million increase in other aeronautics programs attributable to higher volume improved performance on p-3 advanced development programs increase in level of favorable performance adjustments on sustainment activities in 2010.\n$ 19 million increase in air mobility operating profit primarily due to higher volume improved performance in 2010 on c-130j support activities offset decrease in operating profit due to lower level favorable performance adjustments on c-130j deliveries in 2010.\n remaining change in operating profit attributable to increase in other income , net between comparable periods.\n aeronautics 2019 2010 operating margins decreased compared to 2009.\n operating margin decrease reflects life cycles of significant programs.\n aeronautics performing more development initial production work on f-35 program performing less work on mature programs f-22 and f-16.\n development and initial production contracts yield lower profits than mature full rate programs.\n accordingly net sales increased in 2010 relative to 2009, operating profit decreased operating margins declined.\n\n( in millions )     | 2010             | 2009             | 2008\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 13235          | $ 12201          | $ 11473\noperating profit    | 1502             | 1577             | 1433\noperating margin    | 11.3% ( 11.3 % ) | 12.9% ( 12.9 % ) | 12.5% ( 12.5 % )\nbacklog at year-end | 27500            | 26700            | 27200"
}
{
    "_id": "dd4c60992",
    "title": "",
    "text": "table of contents cdw corporation subsidiaries notes to consolidated financial statements company realized benefits of deductions.\n arrangement accounted for as contingent consideration.\n pre-2009 business combinations accounted for under former accounting standard precluded recognition of contingent consideration as of business combination date.\n instead under former accounting standard contingent consideration accounted for as additional purchase price ( goodwill ) at time contingency resolved.\n as of december 31 , 2013  company accrued $ 20. 9 million related to arrangement within other current liabilities company realized tax benefit of compensation deductions during 2013 tax year.\n company made related cash contribution during first quarter of 2014.\n 12.\n earnings per share numerator for basic and diluted earnings per share is net income.\n denominator for basic earnings per share is weighted-average shares outstanding during period.\n reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding as follows:.\n effect of dilutive securities ( 2 ) 1. 5 2. 2 2. 1 diluted weighted-average shares outstanding ( 3 ) 171. 8 172. 8 158. 7 ( 1 ) 2013 basic weighted-average shares outstanding impacted by common stock issued during ipo underwriters 2019 exercise overallotment option granted in connection with ipo.\n common stock issued on july 2, 2013 and july 31 , 2013  shares only partially reflected in 2013 basic weighted-average shares outstanding.\n shares fully reflected in 2015 and 2014 basic weighted-average shares outstanding.\n for additional discussion of ipo see note 10 ( stockholders 2019 equity ).\n2 dilutive effect of outstanding stock options restricted stock units  stock coworker stock purchase plan units mpk plan units reflected in diluted weighted-average shares outstanding using treasury stock method.\n 3 0. 4 million potential common shares excluded from diluted weighted-average shares outstanding for year ended december 31 , 2015 insignificant amount of potential common shares excluded from shares for years ended december 31 , 2014 and 2013  inclusion would have had anti-dilutive effect.\n 13.\n coworker retirement other compensation benefits profit sharing plan other savings plans company has profit sharing plan includes salary reduction feature established under internal revenue code section 401 ( k ) covering all coworkers in united states.\n coworkers outside u. s.\n participate in other savings plans.\n company contributions to profit sharing other savings plans are made in cash determined at discretion of board of directors.\n for years ended december 31 , 2015 , 2014 2013  amounts expensed for these plans were $ 19. 8 million , $ 21. 9 million $ 17. 3 million  respectively.\n coworker stock purchase plan on january 1 , 2014 first offering period under company 2019s coworker stock purchase plan ( 201ccspp 201d ) commenced.\n cspp provides opportunity for eligible coworkers to acquire shares of company 2019s common stock at 5% ( % ) discount from closing market price on final day of offering period.\n no compensation expense associated with cspp.\n restricted debt unit plan on march 10 , 2010  company established restricted debt unit plan ( 201crdu plan 201d ) unfunded nonqualified deferred compensation plan.\n\n( in millions )                                   | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 ( 1 )\n------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------------\nbasic weighted-average shares outstanding         | 170.3                          | 170.6                          | 156.6\neffect of dilutive securities ( 2 )               | 1.5                            | 2.2                            | 2.1\ndiluted weighted-average shares outstanding ( 3 ) | 171.8                          | 172.8                          | 158.7"
}
{
    "_id": "dd4c53620",
    "title": "",
    "text": "operating leases require property taxes insurance maintenance costs addition to rent payments.\n contingent escalation rent in excess of minimum rent payments sublease income netted in rent expense insignificant.\n noncancelable future lease commitments are : in millions operating leases capital leases.\n depreciation on capital leases recorded as depreciation expense in results of operations.\n as of may 27 , 2018 issued guarantees and comfort letters of $ 540. 8 million for debt obligations of consolidated subsidiaries guarantees comfort letters of $ 167. 3 million for debt obligations of non-consolidated affiliates mainly cpw.\n off-balance sheet arrangements limited to future payments under non-cancelable operating leases totaled $ 559. 3 million as of may 27 , 2018.\n note 16.\n business segment geographic information operate in packaged foods industry.\n on april 24 , 2018 acquired blue buffalo  became our pet operating segment.\n in third quarter of fiscal 2017 announced new global organization structure to streamline leadership enhance global scale drive improved operational agility maximize growth capabilities.\n global reorganization required to reevaluate operating segments.\n under new organization structure chief operating decision maker assesses performance makes decisions about resources allocated to operating segments : north america retail ; convenience stores & foodservice ; europe & australia ; asia & latin america ; pet.\n north america retail operating segment reflects business with variety of grocery stores  mass merchandisers  membership stores  natural food chains  drug , dollar and discount chains  e-commerce grocery providers.\nproduct categories in this business segment are ready-to-eat cereals  refrigerated yogurt  soup  meal kits  refrigerated frozen dough products dessert baking mixes  frozen pizza pizza snacks  grain  fruit savory snacks organic products including refrigerated yogurt  nutrition bars  meal kits salty snacks ready-to-eat cereal  grain snacks.\n major product categories in convenience stores & foodservice operating segment are ready-to-eat cereals  snacks  refrigerated yogurt frozen meals unbaked fully baked frozen dough products baking mixes.\n many products sell are branded to consumer nearly all branded to our customers.\n sell to distributors operators in many customer channels including foodservice  convenience stores vending  supermarket bakeries in united states.\n europe & australia operating segment reflects retail foodservice businesses in greater europe australia regions.\n product categories include refrigerated yogurt  meal kits  super-premium ice cream  refrigerated frozen dough products shelf stable vegetables  grain snacks  dessert and baking mixes.\n\n\nin millions                                      | operating leases | capital leases\n------------------------------------------------ | ---------------- | --------------\nfiscal 2019                                      | $ 137.4          | $ 0.3\nfiscal 2020                                      | 115.7            | 0.2\nfiscal 2021                                      | 92.3             | -\nfiscal 2022                                      | 70.9             | -\nfiscal 2023                                      | 51.8             | -\nafter fiscal 2023                                | 91.2             | -\ntotal noncancelable future lease commitments     | $ 559.3          | $ 0.5\nless : interest                                  |                  | -0.2 ( 0.2 )\npresent value of obligations under capitalleases |                  | $ 0.3"
}
{
    "_id": "dd4bd8ed4",
    "title": "",
    "text": "we maintain operate assets based on contractual obligations within lease arrangements , set specific guidelines consistent within railroad industry.\n have no control over activities impact fair value of leased assets.\n do not hold power to direct activities of vies do not control ongoing activities significant impact on economic performance vies.\n not have obligation to absorb losses vies or right to receive benefits vies potentially significant to not considered primary beneficiary do not consolidate these vies because our actions decisions not most significant effect on vie 2019s performance fixed-price purchase options not potentially significant to vies.\n future minimum lease payments associated with vie leases totaled $ 2. 6 billion as of december 31 , 2015.\n 17.\n leases we lease certain locomotives , freight cars , other property.\n consolidated statements of financial position as of december 31 , 2015 and 2014 included $ 2273 million , net of $ 1189 million of accumulated depreciation, and $ 2454 million , net of $ 1210 million of accumulated depreciation  respectively for properties held under capital leases.\n charge to income resulting from depreciation for assets under capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2015  were as follows : millions operating leases capital leases.\n approximately 95% ( 95 % ) of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 590 million in 2015 , $ 593 million in 2014 , $ 618 million in 2013.\n when cash rental payments not made straight-line basis recognize variable rental expense on straight-line basis over lease term.\ncontingent rentals sub-rentals not significant.\n 18.\n commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us certain our subsidiaries.\n cannot fully determine effect of all asserted unasserted claims on our consolidated results of operations , financial condition liquidity.\n to extent possible we recorded liability where asserted unasserted claims considered probable where claims can be reasonably estimated.\n do not expect any known lawsuits , claims  environmental costs commitments contingent liabilities guarantees have material adverse effect on our consolidated results of operations financial condition liquidity after taking into account liabilities insurance recoveries previously recorded for.\n personal injury 2013 cost of personal injuries to employees others related to our activities charged to expense based on estimates of ultimate cost number of incidents each year.\n use actuarial analysis to measure expense liability including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n under fela damages assessed based on finding of fault through litigation or out-of-court settlements.\n offer comprehensive variety of services rehabilitation programs for employees injured at work.\n personal injury liability not discounted to present value due to uncertainty surrounding timing of future payments.\n approximately 94% ( 94 % ) of recorded liability related to asserted claims\n\nmillions                                | operatingleases | capitalleases\n--------------------------------------- | --------------- | -------------\n2016                                    | $ 491           | $ 217\n2017                                    | 446             | 220\n2018                                    | 371             | 198\n2019                                    | 339             | 184\n2020                                    | 282             | 193\nlater years                             | 1501            | 575\ntotal minimum lease payments            | $ 3430          | $ 1587\namount representing interest            | n/a             | -319 ( 319 )\npresent value of minimum lease payments | n/a             | $ 1268"
}
{
    "_id": "dd4987b58",
    "title": "",
    "text": "purchase commitments company entered into purchase agreements for minimum pulpwood processing and energy over one to twenty years at fixed prices.\n total purchase commitments are as follows:.\n these purchase agreements not marked to market.\n company purchased $ 37. 3 million , $ 29. 4 million  and $ 14. 5 million during years ended december 31 , 2009 , 2008 and 2007  respectively under these purchase agreements.\n litigation pca is party to legal actions arising in ordinary course of business.\n these legal actions cover broad variety of claims spanning entire business.\n of company believes not reasonably possible that resolution of these legal actions will or have material adverse effect on financial position , results of operations  or cash flows.\n environmental liabilities potential costs for environmental matters uncertain due to factors unknown magnitude of possible cleanup costs  complexity evolving nature of governmental laws and regulations interpretations  timing , varying costs and effectiveness of alternative cleanup technologies.\n from 1994 through 2009  remediation costs at company 2019s mills and corrugated plants totaled approximately $ 3. 2 million.\n as of december 31 , 2009  company maintained environmental reserve of $ 9. 1 million relating to on-site landfills ( see note 13 ) and surface impoundments ongoing and anticipated remedial projects.\n liabilities recorded for environmental contingencies are estimates of probable costs based upon available information assumptions.\n of uncertainties pca 2019s estimates may change.\n of company believes not reasonably possible that future environmental expenditures and asset retirement obligations above $ 9. 1 million accrued as of december 31 , 2009  will have material impact on its financial condition , results of operations  or cash flows.\nsale to pca of containerboard corrugated products business, pactiv agreed to retain liability for former facilities sites associated with pre-closing off-site waste disposal environmental liabilities related to closed landfill near company 2019s filer city mill.\n 13.\n asset retirement obligations consist primarily of landfill capping closure post-closure costs.\n pca required to perform capping closure post-closure care on landfills at each company 2019s mills.\n in accordance with asc 410 , 201c asset retirement environmental obligations , 201d pca recognizes fair value of liabilities as asset retirement obligation for each landfill capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009\n\n| ( in thousands )\n---------- | ----------------\n2010       | $ 6951\n2011       | 5942\n2012       | 3659\n2013       | 1486\n2014       | 1486\nthereafter | 25048\ntotal      | $ 44572"
}
{
    "_id": "dd4c60fc8",
    "title": "",
    "text": "option to purchase class a interests for consideration equal to current capital account value  plus unpaid preferred return and prescribed make-whole amount.\n if purchase interests change in third-party holder 2019s capital account from original value charged directly to retained earnings increase or decrease net earnings used to calculate eps period.\n off-balance sheet arrangements and contractual obligations as of may 28 , 2017 issued guarantees and comfort letters of $ 505 million for debt obligations of consolidated subsidiaries guarantees comfort letters of $ 165 million for debt obligations of non-consolidated affiliates  mainly cpw.\n off-balance sheet arrangements limited to future payments under non-cancelable operating leases totaled $ 501 million as of may 28 , 2017.\n of may 28 2017 invested in five variable interest entities ( vies ).\n none vies material to results of operations , financial condition or liquidity of for fiscal year ended may 28 , 2017.\n defined benefit plans in united states subject to requirements of pension protection act ( ppa ).\n future ppa may require to additional contributions to domestic plans.\n do not expect to be required to make any contribu- tions in fiscal 2017.\n table summarizes future estimated cash payments under existing contractual obligations including payments due by period:.\n total contractual obligations 12067. 3 3112. 0 3437. 5 1934. 1 3583. 7 other long-term obligations ( d ) 1372. 7 2014 2014 total long-term obligations $ 13440. 0 $ 3112. 0 $ 3437. 5 $ 1934. 1 $ 3583. 7 ( a ) amounts represent expected cash payments of long-term debt do not include $ 1. 2 million for capital leases or $ 44.4 million for net unamortized debt issuance costs  premiums discounts  fair value adjustments.\n ( b ) operating leases represents minimum rental commitments under non-cancelable operating leases.\n ( c ) majority of purchase obligations represent commitments for raw material packaging utilized in normal course business for consumer marketing spending commitments support brands.\n for arrangements considered purchase obliga- tions if contract specifies all significant terms including fixed minimum quantities purchased pricing structure approximate timing of transaction.\n most arrangements cancelable without significant penalty with short notice ( usually 30 days ).\n any amounts reflected on consolidated balance sheets as accounts payable accrued liabilities excluded from table.\n ( d ) fair value of foreign exchange  equity commodity grain derivative contracts with payable position to counterparty was $ 24 million as of may 28 , 2017  based on fair market values.\n future changes in market values will impact amount of cash paid or received to settle instruments in future.\n other long-term obligations mainly consist of liabilities for accrued compensation bene- fits  including underfunded status of certain defined benefit pen- sion  other postretirement benefit  postemployment benefit plans miscellaneous liabilities.\n expect to pay $ 21 million of benefits from unfunded postemployment benefit plans $ 14. 6 million of deferred com- pensation in fiscal 2018.\n unable to reliably estimate amount these payments beyond fiscal 2018.\n as of may 28 , 2017 total liability for uncertain tax positions accrued interest penalties was $ 158. 6 million.\n significant accounting estimates for complete description of significant account- ing policies see note 2 to consolidated financial statements on page 51 of report.\nsignificant accounting estimates impact on reporting of our financial condition and results of operations.\n estimates include accounting for promotional expenditures  valuation of long-lived assets  intangible assets  redeemable interest  stock-based compensation  income taxes  defined benefit pension  other postretirement benefit  pos- temployment benefit plans.\n promotional expenditures promotional activi- ties conducted through customers directly or indirectly with end consumers.\n activities include : payments to customers to perform merchan- dising activities behalf advertising in-store displays ; discounts to list prices to lower retail shelf prices ; payments to gain distribution of new products ; coupons  contests other incentives ; media and advertising expenditures.\n recognition of costs requires estimation of customer participa- tion performance levels.\n estimates based annual report 29\n\nin millions                       | payments due by fiscal year total | payments due by fiscal year 2018 | payments due by fiscal year 2019 -20 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 and thereafter\n--------------------------------- | --------------------------------- | -------------------------------- | ------------------------------------ | ------------------------------------ | -----------------------------------------------\nlong-term debt ( a )              | $ 8290.6                          | 604.2                            | 2647.7                               | 1559.3                               | 3479.4\naccrued interest                  | 83.8                              | 83.8                             | 2014                                 | 2014                                 | 2014\noperating leases ( b )            | 500.7                             | 118.8                            | 182.4                                | 110.4                                | 89.1\ncapital leases                    | 1.2                               | 0.4                              | 0.6                                  | 0.1                                  | 0.1\npurchase obligations ( c )        | 3191.0                            | 2304.8                           | 606.8                                | 264.3                                | 15.1\ntotal contractual obligations     | 12067.3                           | 3112.0                           | 3437.5                               | 1934.1                               | 3583.7\nother long-term obligations ( d ) | 1372.7                            | 2014                             | 2014                                 | 2014                                 | 2014\ntotal long-term obligations       | $ 13440.0                         | $ 3112.0                         | $ 3437.5                             | $ 1934.1                             | $ 3583.7"
}
{
    "_id": "dd4bf6268",
    "title": "",
    "text": "ventas , inc.\n notes to consolidated financial statements 2014 continued if we experience changes of control issuers must offer to repurchase senior notes  or part at purchase price in cash equal to 101% ( 101 % ) of principal amount of senior notes plus accrued and unpaid interest to date of purchase ; event moody 2019s and s&p confirmed ratings at ba3 or higher and bb- or higher on senior notes other conditions met repurchase obligation not apply.\n mortgages at december 31, 2006 had outstanding 53 mortgage loans assumed in with acquisitions.\n outstanding principal balances loans ranged from $ 0. 4 million to $ 114. 4 million as of december 31 , 2006.\n loans bear interest at fixed rates from 5. 6% ( 5. 6 % ) to 8. 5% ( 8. 5 % ) per annum except eight loans with principal balances from $ 0. 4 million to $ 114. 4 million  bear interest at lender 2019s variable rates from 3. 6% ( 3. 6 % ) to 8. 5% ( 8. 5 % ) per annum at december 31 , 2006.\n fixed rate debt bears interest at weighted average annual rate of 7. 06% ( 7. 06 % ) variable rate debt bears interest at average annual rate of 5. 61% ( 5. 61 % ) as of december 31 , 2006.\n loans had weighted average maturity of eight years as of december 31 , 2006.\n $ 114. 4 variable mortgage debt repaid in january 2007.\n scheduled maturities of borrowing arrangements provisions as of december 31, 2006 indebtedness has following maturities ( in thousands ) :.\nprovisions of our long-term debt contain covenants limit our ability and ability of our subsidiaries to  : ( i ) incur debt ; ii ) make certain dividends , distributions investments ; iii ) enter into certain transactions iv ) merge , consolidate transfer assets ; v ) sell assets.\n we and subsidiaries required to maintain total unencumbered assets of at least 150% ( 150 % ) of this group 2019s unsecured debt.\n derivatives and hedging in normal business , we are exposed to effect of interest rate changes.\n we limit these risks by following established risk management policies and procedures including use of derivatives.\n for interest rate exposures derivatives are used primarily to fix rate on debt based on floating-rate indices manage cost of borrowing obligations.\n we currently have an interest rate swap to manage interest rate risk ( 201cswap 201d ).\n we prohibit use of derivative instruments for trading or speculative purposes.\n we have policy of only entering contracts with major financial institutions based upon their credit ratings and other factors.\n derivative designed to hedge  we do not anticipate any material adverse effect on our net income or financial position in future from use of derivatives.\n\n2007                                           | $ 130206\n---------------------------------------------- | --------------\n2008                                           | 33117\n2009                                           | 372725\n2010                                           | 265915\n2011                                           | 273761\nthereafter                                     | 1261265\ntotal maturities                               | 2336989\nless unamortized commission fees and discounts | -7936 ( 7936 )\nsenior notes payable and other debt            | $ 2329053"
}
{
    "_id": "dd4bf06ba",
    "title": "",
    "text": "long term debt in december 2012  company entered $ 50. 0 million recourse loan collateralized by land  buildings tenant improvements company 2019s corporate headquarters.\n loan has seven year term maturity date of december 2019.\n loan bears interest at one month libor plus margin of 1. 50% ( 1. 50 % )  allows for prepayment without penalty.\n loan includes covenants events of default consistent with company 2019s credit agreement.\n loan requires prior approval of lender for certain matters related to property including transfers of interest property.\n as of december 31 , 2017 and 2016 outstanding balance loan was $ 40. 0 million and $ 42. 0 million ,.\n weighted average interest rate loan was 2. 5% ( 2. 5 % ) and 2. 0% ( 2. 0 % ) for years ended december 31 , 2017 2016 .\n scheduled maturities of long term debt as of december 31 , 2017 : ( in thousands ).\n interest expense , net was $ 34. 5 million , $ 26. 4 million  $ 14. 6 million for years ended december 31 , 2017, 2016 2015 .\n interest expense includes amortization of deferred financing costs  bank fees  capital built-to-suit lease interest interest expense under credit other long term debt facilities.\n amortization of deferred financing costs was $ 1. 3 million , $ 1. 2 million  $ 0. 8 million for years ended december 31 , 2017 , 2016 2015.\n company monitors financial health stability of lenders under credit other long term debt facilities during period significant instability in credit markets lenders could be negatively impacted in ability to perform under facilities.\n.\ncommitments contingencies obligations under operating leases company leases warehouse space  office facilities  space for brand factory house stores certain equipment under non-cancelable operating leases.\n leases expire various dates through 2033  excluding extensions at company 2019s option  include provisions for rental adjustments.\n table below includes executed lease agreements for brand factory house stores company not yet occupy as of december 31 , 2017 not include contingent rent company may incur at stores based on future sales above specified minimum or payments for maintenance  insurance real estate taxes.\n schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31, 2017\n\n2018                                         | $ 27000\n-------------------------------------------- | --------\n2019                                         | 63000\n2020                                         | 25000\n2021                                         | 86250\n2022                                         | 2014\n2023 and thereafter                          | 600000\ntotal scheduled maturities of long term debt | $ 801250\ncurrent maturities of long term debt         | $ 27000"
}
{
    "_id": "dd4bc0f5a",
    "title": "",
    "text": "amortization expense  included in selling  general administrative expenses was $ 13. 0 million , $ 13. 9 million and $ 8. 5 million for years ended december 31 , 2016 , 2015 2014 , respectively.\n estimated amortization expense for company 2019s intangible assets as of december 31 , 2016 : ( in thousands ).\n at december 31 , 2016 , 2015 2014  company determined goodwill and indefinite- lived intangible assets not impaired.\n 5.\n credit facility other long term debt credit facility company is party to credit agreement provides revolving commitments for up to $ 1. 25 billion of borrowings  term loan commitments  maturing in january 2021.\n as of december 31 , 2016 no outstanding balance under revolving credit facility $ 186. 3 million of term loan borrowings remained outstanding.\n at company 2019s request lender 2019s consent  revolving and or term loan borrowings may be increased by up to $ 300. 0 million in aggregate subject to certain conditions in credit agreement.\n incremental borrowings are uncommitted availability depend on market conditions at time company seeks to incur such borrowings.\n borrowings under revolving credit facility have maturities of less than one year.\n up to $ 50. 0 million of facility may be used for issuance of letters of credit.\n were $ 2. 6 million of letters of credit outstanding as of december 31 , 2016.\n credit agreement contains negative covenants that limit ability of company and subsidiaries to  incur additional indebtedness make restricted payments pledge assets as security  make investments , loans  advances  guarantees acquisitions undergo fundamental changes enter into transactions with affiliates.\ncompany required to maintain ratio of consolidated ebitda , defined in credit agreement to consolidated interest expense of not less than 3. 50 to 1. 00 not permitted to allow ratio of consolidated total indebtedness to consolidated ebitda greater than 3. 25 to 1. 00 ( 201cconsolidated leverage ratio 201d ).\n as of december 31 , 2016 , company in compliance with these ratios.\n credit agreement contains events of default customary for facility of this nature includes cross default provision event of default under other material indebtedness  defined in credit agreement considered event of default under credit agreement.\n borrowings under credit agreement bear interest at rate per annum equal to , at company 2019s option , either ) alternate base rate , or ( b ) rate based on rates applicable for deposits in interbank market for u. s.\n dollars or applicable currency in which loans are made ( 201cadjusted libor 201d ), plus in each case applicable margin.\n applicable margin for loans will\n\n2017                                      | $ 10509\n----------------------------------------- | -------\n2018                                      | 9346\n2019                                      | 9240\n2020                                      | 7201\n2021                                      | 5318\n2022 and thereafter                       | 16756\namortization expense of intangible assets | $ 58370"
}
{
    "_id": "dd4be3640",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements 2030 purchased interests represent senior subordinated interests  purchased in connection with secondary market-making activities  in securitization entities in firm holds retained interests.\n 2030 all total outstanding principal amount and total retained interests relate to securitizations during 2014 and as of december 2018  and securitizations 2012 of december 2017.\n 2030 fair value of retained interests was $ 3. 28 billion as of december 2018 and $ 2. 13 billion of december 2017.\n in addition to interests in table firm had other continuing involvement in derivative transactions commitments with certain nonconsolidated vies.\n carrying value of derivatives commitments was net asset of $ 75 million as of december 2018 and $ 86 million of december 2017 , notional amount of derivatives commitments was $ 1. 09 billion as of december 2018 and $ 1. 26 billion of december 2017.\n notional amounts of derivatives commitments included in maximum exposure to loss in nonconsolidated vie table in note 12.\n table below presents information about weighted average key economic assumptions measuring fair value of mortgage-backed retained interests.\n table : 2030 amounts do not reflect benefit of other financial instruments held to mitigate risks in retained interests.\n 2030 changes in fair value based on adverse variation in assumptions cannot be extrapolated relationship of change in assumptions to change in fair value not usually linear.\n 2030 impact of change in particular assumption calculated independently of changes in other assumption.\n simultaneous changes in assumptions might magnify or counteract sensitivities disclosed above.\n 2030 constant prepayment rate included only for positions for key assumption in determination of fair value.\n 2030 discount rate for retained interests relate to u. s.\ngovernment agency-issued collateralized mortgage obligations include credit loss.\n expected credit loss assumptions reflected in discount rate for remainder of retained interests.\n firm has other retained interests not reflected in table above with fair value of $ 133 million weighted average life of 4. 2 years as of december 2018 fair value $ 56 million weighted average life of 4. 5 years as of december 2017.\n due to nature and fair value of certain retained interests weighted average assumptions for constant prepayment and discount rates and related sensitivity to adverse changes not meaningful as of december 2018 and december 2017.\n firm 2019s maximum exposure to adverse changes in value these interests is carrying value of $ 133 million as of december 2018 and $ 56 million as of december 2017.\n note 12.\n variable interest entities variable interest in vie is investment (. debt or equity ) or other interest (. derivatives loans lending commitments ) absorb portions vie 2019s expected losses/or receive portions vie expected residual returns.\n firm 2019s variable interests in vies include senior and subordinated debt ; loans lending commitments ; limited and general partnership interests ; preferred and common equity ; derivatives include foreign currency  equity credit risk ; guarantees ; certain fees firm receives from investment funds.\n certain interest rate , foreign currency and credit derivatives firm enters into with vies are not variable interests because create absorb risk.\n vies finance purchase of assets by issuing debt and equity securities collateralized by or indexed to assets held by vie.\n debt and equity securities issued vie may include varying levels of subordination.\n firm 2019s involvement with vies includes securitization of financial assets described in note 11 investments in and loans to other types of vies described below.\nsee note 11 further information securitization activities including definition of beneficial interests.\n see note 3 firm 2019s consolidation policies including definition of vie.\n goldman sachs 2018 form 10-k 149\n\n$ in millions                         | as of december 2018 | as of december 2017\n------------------------------------- | ------------------- | -------------------\nfair value of retained interests      | $ 3151              | $ 2071\nweighted average life ( years )       | 7.2                 | 6.0\nconstant prepayment rate              | 11.9% ( 11.9 % )    | 9.4% ( 9.4 % )\nimpact of 10% ( 10 % ) adverse change | $ -27 ( 27 )        | $ -19 ( 19 )\nimpact of 20% ( 20 % ) adverse change | $ -53 ( 53 )        | $ -35 ( 35 )\ndiscount rate                         | 4.7% ( 4.7 % )      | 4.2% ( 4.2 % )\nimpact of 10% ( 10 % ) adverse change | $ -75 ( 75 )        | $ -35 ( 35 )\nimpact of 20% ( 20 % ) adverse change | $ -147 ( 147 )      | $ -70 ( 70 )"
}
{
    "_id": "dd4c1ca1c",
    "title": "",
    "text": "issuer purchases of equity securities table provides information about repurchases of common stock during three-month period ended december 31 , 2007.\n period total number of shares purchased average price paid per total number shares purchased part of publicly announced program ( a ) maximum number of shares be purchased under program b ).\n repurchased total of 2957300 shares of common stock during quarter ended december 31 , 2007 under share repurchase program announced in october 2002.\n b ) board of directors approved share repurchase program for repurchase of up to 128 million shares common stock from time-to-time including 20 million shares approved for repurchase by board directors in september 2007.\n under program management has discretion to determine number price of shares to be repurchased  timing of repurchases  in compliance with applicable law and regulation.\n as of december 31 , 2007  had repurchased total of 95. 3 million shares under program.\n in 2007  not make any unregistered sales of equity securities.\n\nperiod   | total number ofshares purchased | average pricepaid pershare | total number of sharespurchased as part ofpubliclyannouncedprogram ( a ) | maximum number ofshares that may yet bepurchased under theprogram ( b )\n-------- | ------------------------------- | -------------------------- | ------------------------------------------------------------------------ | -----------------------------------------------------------------------\noctober  | 127100                          | $ 108.58                   | 127100                                                                   | 35573131\nnovember | 1504300                         | 109.07                     | 1504300                                                                  | 34068831\ndecember | 1325900                         | 108.78                     | 1325900                                                                  | 32742931"
}
{
    "_id": "dd4c24a6e",
    "title": "",
    "text": "economic useful life is duration of time asset expected to be productively employed by us may be less than its physical life.\n assumptions on factors affect determination of estimated economic useful life : wear and tear , obsolescence  technical standards  contract life  market demand  competitive position  raw material availability  geographic location.\n estimated economic useful life of asset is monitored to determine appropriateness especially in changed business circumstances.\n for changes in technology , changes in estimated future demand for products  or excessive wear and tear may result in shorter estimated useful life than anticipated.\n in these we depreciate remaining net book value over new estimated remaining life , increasing depreciation expense per year prospective basis.\n if estimated useful life is increased adjustment to useful life decreases depreciation expense per year prospective.\n numerous long-term customer supply contracts  particularly in gases on-site business within tonnage gases segment.\n contracts principally have initial contract terms of 15 to 20 years.\n also long-term customer supply contracts associated with tonnage gases business within electronics and performance materials segment.\n contracts have initial terms of 10 to 15 years.\n several customer supply contracts within equipment and energy segment with contract terms primarily five to 10 years.\n depreciable lives of assets within this segment can be extended to 20 years for certain redeployable assets.\n depreciable lives of production assets related to long-term contracts are matched to contract lives.\n extensions to contract term of supply frequently occur prior to expiration of initial term.\n as contract terms are extended depreciable life of remaining net book value of production assets is adjusted to match new contract term  does not exceed physical life of asset.\n depreciable lives of production facilities within merchant gases segment are principally 15 years.\ncustomer contracts associated with products at these facilities typically have shorter term.\n depreciable lives of production facilities within electronics and performance materials segment , not associated long-term supply agreement, range from 10 to 15 years.\n these depreciable lives determined based on historical experience with judgment on future assumptions technological advances potential obsolescence competitors 2019 actions.\n management monitors assumptions and may need to adjust depreciable life as circumstances change.\n a change in depreciable life by one year for production facilities within merchant gases and electronics and performance materials segments for not associated long-term customer supply agreement would impact annual depreciation expense as below : decrease life by 1 year increase life by 1 year.\n impairment of assets plant and equipment plant equipment held for use is grouped for impairment testing at lowest level for identifiable cash flows.\n impairment testing of asset group occurs whenever events or changes in circumstances indicate carrying amount of assets may not be recoverable.\n such circumstances would include significant decrease in market value of long-lived asset grouping significant adverse change in asset grouping used or physical condition history of operating or cash flow losses with asset grouping or changes in expected useful life of long assets.\n if such circumstances determined to exist estimate of undiscounted future cash flows by asset group is compared to carrying value to determine whether impairment exists.\n if asset group determined to be impaired loss is measured based on difference between asset group 2019s fair value and its carrying value.\n estimate of asset group 2019s fair value is based on discounted value of its estimated cash flows.\n assets to be disposed of by sale are reported at lower of carrying amount or fair value less cost to sell.\nassumptions underlying cash flow projections represent management 2019s best estimates at impairment review.\n factors management must estimate include industry market conditions  sales volume prices  costs to produce inflation .\n changes in key assumptions or conditions differ from estimates could result in impairment charge.\n use reasonable supportable assumptions when performing\n\n| decrease lifeby 1 year | increase life by 1 year\n------------------------------------- | ---------------------- | -----------------------\nmerchant gases                        | $ 32                   | $ -24 ( 24 )\nelectronics and performance materials | $ 12                   | $ -11 ( 11 )"
}
{
    "_id": "dd4b87340",
    "title": "",
    "text": "management 2019s discussion analysis 110 jpmorgan chase & co. /2013 annual report 2012 compared with 2011 net loss $ 2. 0 billion compared with net income $ 919 million prior year.\n private equity reported net income $ 292 million compared with net income $ 391 million prior year.\n net revenue $ 601 million compared with $ 836 million prior year due to lower unrealized and realized gains on private investments offset by higher unrealized gains on public securities.\n noninterest expense $ 145 million down from $ 238 million prior year.\n treasury and cio reported net loss of $ 2. 1 billion compared with net income $ 1. 3 billion prior year.\n net revenue loss of $ 3. 1 billion compared with net revenue $ 3. 2 billion prior year.\n current year loss reflected $ 5. 8 billion losses incurred by cio from synthetic credit portfolio for six months ended june 30 , 2012 $ 449 million losses from retained index credit derivative positions for three months ended september 30 , 2012.\n losses partially offset by securities gains of $ 2. 0 billion.\n current year revenue reflected $ 888 million extinguishment gains related to redemption of trust preferred securities included in all other income above table.\n extinguishment gains related to adjustments applied to cost basis of trust preferred securities during period qualified hedge accounting relationship.\n net interest income negative $ 683 million compared with $ 1. 4 billion prior year reflecting impact of lower portfolio yields higher deposit balances across firm.\n other corporate reported net loss of $ 221 million compared with net loss $ 821 million prior year.\n noninterest revenue of $ 1. 8 billion driven by $ 1.1 billion benefit for washington mutual bankruptcy settlement included in all other income in above table $ 665 million gain from recovery on bear stearns-related subordinated loan.\n noninterest expense of $ 3. 8 billion up $ 1. 0 billion compared with prior year.\n current year included expense of $ 3. 7 billion for additional litigation reserves largely for mortgage-related matters.\n prior year included expense of $ 3. 2 billion for additional litigation reserves.\n treasury and cio overview treasury responsible for measuring monitoring reporting managing firm 2019s liquidity  funding structural interest rate foreign exchange risks executing firm 2019s capital plan.\n risks managed by treasury and cio arise from activities by firm 2019s four major reportable business segments serve client bases generate on- and off-balance sheet assets and liabilities.\n cio achieves firm 2019s asset-liability management objectives by investing in high-quality securities managed for longer-term part of firm 2019s afs and htm investment securities portfolios ( 201cinvestment securities portfolio 201d ).\n cio uses derivatives securities not classified as afs or htm  to meet firm 2019s asset-liability management objectives.\n for further information on derivatives see note 6 on pages 220 2013233 of annual report.\n for further information about securities not classified within afs or htm portfolio see note 3 on pages 195 2013215 of annual report.\n treasury and cio investment securities portfolio primarily consists of.\n non-u.\n government securities  agency and non-agency mortgage-backed securities other asset-backed securities  corporate debt securities obligations of.\n states and municipalities.\ndecember 31, 2013  total treasury and cio investment securities portfolio was $ 347. 6 billion ; average credit rating securities was aa+ ( based upon external ratings available not available based primarily internal ratings correspond to ratings defined by s&p and moody 2019s ).\n see note 12 on pages 249 2013254 annual report for further information details firm 2019s investment securities portfolio.\n further information on liquidity funding risk  see liquidity risk management on pages 168 2013173 annual report.\n information on interest rate  foreign exchange other risks  treasury and cio value-at-risk ( 201cvar 201d ) firm 2019s structural interest rate-sensitive revenue at risk  see market risk management on pages 142 2013148 annual report.\n selected income statement and balance sheet data for year ended december 31 , ( in millions ) 2013 2012 2011.\n ( ) period-end investment securities included held-to-maturity balance of $ 24. 0 billion at december 31 , 2013.\n held-to-maturity balances for other periods not material.\n\nas of or for the year ended december 31 ( in millions )  | 2013   | 2012   | 2011\n-------------------------------------------------------- | ------ | ------ | ------\nsecurities gains                                         | $ 659  | $ 2028 | $ 1385\ninvestment securities portfolio ( average )              | 353712 | 358029 | 330885\ninvestment securities portfolio ( period 2013end ) ( a ) | 347562 | 365421 | 355605\nmortgage loans ( average )                               | 5145   | 10241  | 13006\nmortgage loans ( period-end )                            | 3779   | 7037   | 13375"
}
{
    "_id": "dd4c4cd52",
    "title": "",
    "text": "abiomed , inc.\n 2005 annual report : financials page 15 notes to consolidated financial statements 2014 march 31 , 2005 addition to compensation expense related to stock option grants pro forma compensation expense in table above includes compensation expense related to stock issued under company 2019s employee stock purchase plan of approximately $ 44000 , $ 19000 and $ 28000 for fiscal 2003 , 2004 2005 .\n pro forma compensation expense may not be representative of amount expected future years may vary based upon number of options granted and shares purchased.\n pro forma tax effect of employee compensation expense not considered due to company 2019s reported net losses.\n translation of foreign currencies u.\n dollar is functional currency for company 2019s single foreign subsidiary abiomed b. v.\n financial statements b.\n remeasured into u.\n dollars using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets.\n foreign exchange gains and losses included in results of operations other income net.\n recent accounting pronouncements in november 2004  financial accounting standards board ( fasb ) issued sfas no.\n 151 , inventory costs ( fas 151 ) adopts wording from international accounting standards board 2019s ( iasb ) standard no.\n 2 , inventories to improve comparability of international financial reporting.\n new standard indicates abnormal freight , handling costs wasted materials ( spoilage ) required be treated as current period charges than portion of inventory cost.\n standard clarifies fixed production overhead be allocated based on normal capacity of production facility.\n statement effective for company beginning in first quarter of fiscal year 2007.\n adoption not expected to material impact on company 2019s results of operations , financial position or cash flows.\ndecember 2004  fasb issued sfas no.\n 153 , exchanges of nonmonetary assets ( fas 153 ) eliminates exception from fair value measurement for nonmonetary exchanges of similar productive assets replaces with general exception from fair value measurement for exchanges of nonmonetary assets not commercial substance.\n company required to adopt fas 153 for nonmonetary asset exchanges second quarter of fiscal year 2006 adoption not expected significant impact on company 2019s consolidated financial statements.\n december 2004 fasb issued revised statement of financial accounting standard ( sfas ) no.\n 123 , share-based payment ( fas 123 ( r ) ).\n fas 123 ( r ) requires public entities to measure cost of employee services received in exchange for award of equity instruments based on grant-date fair value award recognize cost over period during employee required to provide service in exchange for award.\n april 2005  fair value per share of options granted during fiscal 2003 , 2004 2005 computed as $ 1. 69 , $ 1. 53 and $ 3. 94 , per share  calculated using black-scholes option-pricing model with following assumptions.\n\n| 2003             | 2004             | 2005\n------------------------------ | ---------------- | ---------------- | ----------------\nrisk-free interest rate        | 2.92% ( 2.92 % ) | 2.56% ( 2.56 % ) | 3.87% ( 3.87 % )\nexpected dividend yield        | 2014             | 2014             | 2014\nexpected option term in years  | 5.0 years        | 5.3 years        | 7.5 years\nassumed stock price volatility | 85% ( 85 % )     | 86% ( 86 % )     | 84% ( 84 % )"
}
{
    "_id": "dd4c3af26",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions  except per share amounts ) corporate other expenses decreased slightly 2012 by $ 4. 7 to $ 137. 3 compared to 2011  primarily due to lower office general expenses partially offset by increase in temporary help support information-technology system-upgrade initiatives.\n liquidity capital resources cash flow overview tables summarize key financial data relating to liquidity  capital resources uses of capital.\n 1 reflects net income adjusted for depreciation amortization of fixed assets intangible assets amortization of restricted stock non-cash compensation non-cash loss related to early extinguishment of debt deferred income taxes.\n 2 reflects changes in accounts receivable expenditures billable to clients current assets accounts payable accrued liabilities.\n operating activities net cash provided by operating activities during 2013 was $ 592. 9 , increase of $ 235. 7 compared to 2012  primarily result of improvement in working capital usage of $ 283. 6  offset by decrease in net income.\n due to seasonality of business typically generate cash from working capital second half of year use cash from working capital in first half year largest impacts in first and fourth quarters.\n improvement in working capital in 2013 impacted by media businesses ongoing focus on working capital management at agencies.\n net cash provided by operating activities during 2012 was $ 357. 2 , increase of $ 83. 7 compared to 2011  primarily result of decrease in working capital usage of $ 66. 2.\n net working capital usage 2012 impacted by media businesses.\n timing of media buying on behalf of clients affects working capital operating cash flow.\n most businesses agencies enter into commitments to pay production media costs on behalf of clients.\nextent possible we pay production media charges after received funds from clients.\n amounts involved exceed revenues primarily affect level of accounts receivable , expenditures billable to clients  accounts payable accrued liabilities.\n our assets include cash received accounts receivable from clients for pass-through arrangements, liabilities include amounts owed on behalf of clients to media production suppliers.\n accrued liabilities affected by timing of certain other payments.\n for example annual cash incentive awards accrued throughout year, generally paid during first quarter of subsequent year.\n investing activities net cash used in investing activities during 2013 primarily relates to payments for capital expenditures acquisitions.\n capital expenditures of $ 173. 0 relate primarily to computer hardware software leasehold improvements.\n made payments of $ 61. 5 related to acquisitions completed during 2013.\n\ncash flow data                                                                           | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011\n---------------------------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nnet income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 598.4                        | $ 697.2                        | $ 735.7\nnet cash used in working capital b2                                                      | -9.6 ( 9.6 )                   | -293.2 ( 293.2 )               | -359.4 ( 359.4 )\nchanges in other non-current assets and liabilities using cash                           | 4.1                            | -46.8 ( 46.8 )                 | -102.8 ( 102.8 )\nnet cash provided by operating activities                                                | $ 592.9                        | $ 357.2                        | $ 273.5\nnet cash used in investing activities                                                    | -224.5 ( 224.5 )               | -210.2 ( 210.2 )               | -58.8 ( 58.8 )\nnet cash ( used in ) provided by financing activities                                    | -1212.3 ( 1212.3 )             | 131.3                          | -541.0 ( 541.0 )"
}
{
    "_id": "dd4bc6950",
    "title": "",
    "text": "note 10 loan sales securitizations sell residential commercial mortgage loans in loan securitization transactions sponsored by government national mortgage association ( gnma ) , fnma  fhlmc in certain instances to other third-party investors.\n gnma , fnma  fhlmc securitize transferred loans into mortgage-backed securities for sale secondary market.\n retain interest in transferred loans other than mortgage servicing rights.\n refer to note 9 goodwill other intangible assets for discussion on residential commercial mortgage servicing rights assets.\n during 2009 , residential commercial mortgage loans sold totaled $ 19. 8 billion and $ 5. 7 billion  respectively.\n during 2008 , commercial mortgage loans sold totaled $ 3. 1 billion.\n no residential mortgage loans sales in 2008 activities obtained through acquisition of national city.\n continuing involvement in loan sales consists primarily of servicing limited repurchase obligations for loan servicer breaches in representations warranties.\n hold cleanup call repurchase option for loans sold with servicing retained to other third-party investors.\n certain circumstances servicer advance principal interest payments to gses other third-party investors may make collateral protection advances.\n risk of loss in servicing advances minimal.\n maintain liability for estimated losses on loans expected to be repurchased result of breaches in loan servicer representations warranties.\n entered into recourse arrangements associated with commercial mortgage loans sold to fnma fhlmc.\n refer to note 25 commitments guarantees for discussion on repurchase liability recourse arrangements.\n maximum exposure to loss in loan sale activities limited to these repurchase and recourse obligations.\nfor certain loans transferred in gnma and fnma transactions we hold option to repurchase delinquent loans meet certain criteria.\n without prior authorization from gses option gives pnc ability to repurchase delinquent loan at par.\n under gaap once unilateral ability to repurchase delinquent loan control over loan regained we required to recognize loan and corresponding repurchase liability on balance sheet regardless of intent to repurchase loan.\n at december 31 , 2009 and december 31, 2008  balance of our repurchase option asset and liability totaled $ 577 million and $ 476 million  respectively.\n securitizations loans typically transferred to qualifying special purpose entity ( qspe ) distinct from transferor to transfer risk from our consolidated balance sheet.\n qspe is bankruptcy-remote trust allowed to perform certain passive activities.\n these entities are self-liquidating structured as real estate mortgage investment conduits ( remics ) for tax purposes.\n qspes financed by issuing certificates for levels senior and subordinated tranches.\n qspes exempt from consolidation provided certain conditions met.\n securitization activities primarily obtained through acquisition of national city.\n credit card receivables , automobile , and residential mortgage loans securitized through qspes sponsored by ncb.\n these qspes financed primarily through issuance and sale of beneficial interests to independent third parties not consolidated on our balance sheet at december 31 , 2009 or december 31 , 2008.\n see note 1 accounting policies regarding accounting guidance impacts accounting for these qspes effective january 1 , 2010.\n qualitative and quantitative information about securitization qspes and our retained interests in these transactions follow.\nsummarizes assets liabilities of securitization qspes associated with securitization transactions outstanding at december 31 , 2009.\n ( a ) represents period-end outstanding principal balances of loans transferred to securitization qspes.\n credit card loans at december 31 , 2009  credit card securitization series 2005-1 , 2006-1 , 2007-1  2008-3 outstanding.\n during fourth quarter of 2009 , 2008-1 and 2008-2 credit card securitization series matured.\n continuing involvement in securitized credit card receivables consists primarily of servicing holding of certain retained interests.\n servicing fees earned approximate current market rates for servicing fees ; no servicing asset or liability recognized.\n hold clean-up call repurchase option securitization series extends past scheduled note principal payoff date.\n clean-up call option triggered when principal balance of asset- backed notes series reaches 5% ( 5 % ) of initial principal balance of asset-backed notes issued at securitization\n\nin millions  | december 31 2009 credit card | december 31 2009 mortgage | december 31 2009 credit card | mortgage\n------------ | ---------------------------- | ------------------------- | ---------------------------- | --------\nassets ( a ) | $ 2368                       | $ 232                     | $ 2129                       | $ 319\nliabilities  | 1622                         | 232                       | 1824                         | 319"
}
{
    "_id": "dd4bdfb4e",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities market information common stock listed traded on new york stock exchange under symbol 201cipg 201d.\n as of february 13 , 2019  approximately 10000 registered holders of outstanding common stock.\n february 13 , 2019  announced board of directors ( 201cboard 201d ) declared common stock cash dividend of $ 0. 235 per share  payable march 15 , 2019 to holders of record as of close of business march 1 , 2019.\n board 2019s current intention to declare pay future dividends no assurance additional dividends will be declared paid.\n amount declaration at discretion of board depend upon factors earnings  financial position cash requirements.\n equity compensation plans see item 12 for information equity compensation plans.\n transfer agent registrar for common stock stock is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city, new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable.\n repurchases of equity securities table provides information regarding purchases of equity securities during period from october 1 , 2018 to december 31 , 2018.\n total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number ( approximate dollar value ) of shares ( or units ) be purchased under plans or programs 3.\n 1 total number of shares of common stock , par value $ 0. 10 per share , repurchased withheld under terms grants under employee stock- based compensation plans to offset tax withholding obligations upon vesting release of restricted shares ( 201cwithheld shares 201d ).\n2 average price per share for each months in fiscal quarter and for three-month period calculated by dividing sum in applicable period of aggregate value of tax withholding obligations by sum of number of withheld shares.\n 3 in february 2017 , board authorized share repurchase program to repurchase time to time up to $ 300. 0 million , excluding fees , of our common stock ( 201c2017 share repurchase program 201d ).\n in february 2018 , board authorized share repurchase program to repurchase to up to $ 300. 0 million , excluding fees , of our common stock , in addition to amounts remaining under 2017 share repurchase program.\n on july 2, 2018 , in connection with announcement of acxiom acquisition , announced share repurchases will be suspended for period time to reduce increased debt levels incurred with acquisition , no shares repurchased pursuant to share repurchase programs in periods reflected.\n no expiration dates associated with share repurchase programs.\n\n| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( orapproximate dollar value ) of shares ( or units ) that may yet be purchasedunder the plans orprograms3\n--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------\noctober 1 - 31  | 3824                                          | $ 23.30                                   | 2014                                                                                        | $ 338421933\nnovember 1 - 30 | 1750                                          | $ 23.77                                   | 2014                                                                                        | $ 338421933\ndecember 1 - 31 | 2014                                          | 2014                                      | 2014                                                                                        | $ 338421933\ntotal           | 5574                                          | $ 23.45                                   | 2014                                                                                        |"
}
{
    "_id": "dd4c4749c",
    "title": "",
    "text": "vornado realty trust notes to consolidated financial statements continued ) 17.\n leases as lessor : we lease space to tenants under operating leases.\n most leases provide for payment of fixed base rentals payable monthly in advance.\n office building leases require tenants to reimburse for operating costs real estate taxes above base year costs.\n shopping center leases provide for pass-through to tenants tenant 2019s share of real estate taxes  insurance maintenance.\n leases provide for payment lessee of additional rent based on percentage tenants 2019 sales.\n as of december 31 , 2011 future base rental revenue under non-cancelable operating leases excluding rents for leases original term less than one year rents from exercise renewal options is as follows : ( amounts in thousands ) year ending december 31:.\n amounts do not include percentage rentals based on tenants 2019 sales.\n percentage rents approximated $ 8482000 , $ 7912000 $ 8394000  for years ended december 31 , 2011  2010 2009  respectively.\n none tenants accounted for more than 10% ( 10 % ) of total revenues in years ended december 31  2011  2010 2009.\n former bradlees locations master agreement guaranty dated may 1 , 1992 due $ 5000000 per annum of additional rent from stop & shop allocated to certain bradlees former locations.\n on december 31 , 2002  prior to expiration leases rent reallocated rent to other former bradlees leases also guaranteed by stop & shop.\n stop & shop contesting right to reallocate claims we no longer entitled to additional rent.\nnovember 7 , 2011  court determined we continuing right to allocate annual rent to unexpired leases covered by master agreement guaranty directed entry judgment our favor ordering stop & shop to pay unpaid annual rent ( see note 20 2013 commitments contingencies 2013 litigation ).\n as of december 31 , 2011  have $ 41983000 receivable from stop and shop.\n\n2012       | $ 1807885\n---------- | ---------\n2013       | 1718403\n2014       | 1609279\n2015       | 1425804\n2016       | 1232154\nthereafter | 6045584"
}
{
    "_id": "dd4c4e0f8",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of common stock on nyse for years 2016 and 2015.\n february 17 , 2017  closing price common stock was $ 108. 11 per share reported nyse.\n as of february 17 , 2017  had 427195037 outstanding shares common stock 153 registered holders.\n dividends as reit  must annually distribute to stockholders amount equal to least 90% ( 90 % ) of reit taxable income ( determined before deduction for distributed earnings excluding net capital gain ).\n distributed expect to continue to distribute all or substantially all reit taxable income after consideration utilization of net operating losses ( 201d ).\n two series of preferred stock outstanding , 5. 25% ( 5. 25 % ) mandatory convertible preferred stock , series a preferred stock 201d ) issued may 2014  dividend rate of 5. 25% ( 5. 25 % ) 5. 50% ( 5. 50 % ) mandatory convertible preferred stock , series b ( 201cseries b preferred stock 201d ) issued in march 2015 dividend rate of 5. 50% ( 5. 50 % ).\n dividends payable quarterly in arrears subject to declaration by board of directors.\namount , timing frequency of future distributions at sole discretion of our board of directors depend upon various factors , number may beyond our control , including our financial condition operating cash flows , amount required to maintain our qualification for taxation as a reit reduce income and excise taxes required to pay , limitations on distributions in existing future debt and preferred equity instruments , ability to utilize nols to offset distribution requirements  limitations on ability to fund distributions using cash generated through our trss other factors board of directors may deem relevant.\n distributed aggregate of approximately $ 3. 2 billion to common stockholders , including dividend paid in january 2017 , primarily subject to taxation as ordinary income.\n\n2016                       | high     | low\n-------------------------- | -------- | -------\nquarter ended march 31     | $ 102.93 | $ 83.07\nquarter ended june 30      | 113.63   | 101.87\nquarter ended september 30 | 118.26   | 107.57\nquarter ended december 31  | 118.09   | 99.72\n2015                       | high     | low\nquarter ended march 31     | $ 101.88 | $ 93.21\nquarter ended june 30      | 98.64    | 91.99\nquarter ended september 30 | 101.54   | 86.83\nquarter ended december 31  | 104.12   | 87.23"
}
{
    "_id": "dd4bb123a",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements as of december 31 , 2010 total unrecognized compensation expense related to unvested restricted stock units granted under 2007 plan was $ 57. 5 million expected recognized over average period approximately two years.\n employee stock purchase plan 2014the company maintains employee stock purchase plan ( 201cespp 201d ) for all eligible employees.\n under shares of company 2019s common stock purchased during bi-annual offering periods at 85% ( 85 % ) of lower fair market value on first or last day of each offering period.\n employees purchase shares value not exceeding 15% ( 15 % ) of gross compensation during offering period not purchase more than $ 25000 worth stock in a calendar year ( based on market values beginning each offering period ).\n offering periods run from june 1 through november 30 december 1 through may 31 each year.\n during 2010 , 2009 2008 offering periods employees purchased 75354, 77509 55764 shares  at average prices per share of $ 34. 16 , $ 23. 91 $ 30. 08 .\n fair value of espp offerings estimated on offering period commencement date using black-scholes pricing model expense recognized over expected life  six month offering period employees accumulate payroll deductions to purchase company 2019s common stock.\n weighted average fair value for espp shares purchased during 2010 , 2009 and 2008 was $ 9. 43 , $ 6. 65 $ 7. 89 ,.\n at december 31 , 2010 , 8. 7 million shares remain reserved for future issuance under plan.\n key assumptions apply pricing model for years ended december 31 .\n 13.\n stockholders 2019 equity warrants 2014in august 2005 company completed merger with spectrasite .\nassumed outstanding warrants to purchase shares of spectrasite , inc.\n common stock.\n as of merger completion date each warrant exercisable for two shares of spectrasite .\n common stock at exercise price of $ 32 per warrant.\n upon completion merger each warrant to purchase shares spectrasite.\n common stock automatically converted into warrant to purchase shares company 2019s common stock upon exercise each warrant holder has right to receive 3. 575 shares of company 2019s common stock in lieu of each share of spectrasite , inc.\n common stock receivable under each warrant prior to merger.\n upon completion company 2019s merger with spectrasite. warrants exercisable for approximately 6. 8 million shares of common stock.\n warrants warrants to purchase approximately none and 1. 7 million shares of common stock remained outstanding as of december 31 , 2010 and 2009 .\n warrants expired on february 10 , 2010.\n stock repurchase program 2014during year ended december 31 , 2010  company repurchased aggregate of approximately 9. 3 million shares of common stock for aggregate of $ 420. 8 million , including commissions and fees $ 418. 6 million paid in cash prior to december 31 , 2010 and $ 2. 2 million included in accounts payable and accrued expenses in consolidated balance sheet as of december 31 , 2010 to publicly announced stock repurchase program.\n\n| 2010                                    | 2009                                    | 2008\n-------------------------------------------------------------- | --------------------------------------- | --------------------------------------- | ---------------------------------------\nrange of risk-free interest rate                               | 0.22% ( 0.22 % ) - 0.23% ( 0.23 % )     | 0.29% ( 0.29 % ) - 0.44% ( 0.44 % )     | 1.99% ( 1.99 % ) - 3.28% ( 3.28 % )\nweighted average risk-free interest rate                       | 0.22% ( 0.22 % )                        | 0.38% ( 0.38 % )                        | 2.58% ( 2.58 % )\nexpected life of shares                                        | 6 months                                | 6 months                                | 6 months\nrange of expected volatility of underlying stock price         | 35.26% ( 35.26 % ) - 35.27% ( 35.27 % ) | 35.31% ( 35.31 % ) - 36.63% ( 36.63 % ) | 27.85% ( 27.85 % ) - 28.51% ( 28.51 % )\nweighted average expected volatility of underlying stock price | 35.26% ( 35.26 % )                      | 35.83% ( 35.83 % )                      | 28.51% ( 28.51 % )\nexpected annual dividends                                      | n/a                                     | n/a                                     | n/a"
}
{
    "_id": "dd4c4ca28",
    "title": "",
    "text": "awards.\n granted under 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon closing merger.\n awards may be granted under 2006 plan as amended restated after december 5, 2008 only to employees and consultants of allied waste industries , inc.\n subsidiaries not employed by republic services , inc.\n prior to date.\n at december 31 , 2009  approximately 15. 3 million shares of common stock reserved for future grants under 2006 plan.\n stock options use lattice binomial option-pricing model to value stock option grants.\n recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award or to employee 2019s retirement eligible date.\n expected volatility based on weighted average of most recent one-year volatility and historical rolling average volatility of stock over expected life of option.\n risk-free interest rate based on federal reserve rates for bonds with maturity dates equal to expected term of option.\n use historical data to estimate future option exercises forfeitures expected life of options.\n separate groups of employees similar historical exercise behavior considered separately for valuation purposes.\n weighted- average estimated fair values of stock options granted during years ended december 31, 2009 , 2008 and 2007 were $ 3. 79 , $ 4. 36 and $ 6. 49 per option  calculated using weighted-average assumptions:.\n republic services , inc.\n subsidiaries notes to consolidated financial statements\n\n| 2009             | 2008             | 2007\n----------------------------- | ---------------- | ---------------- | ----------------\nexpected volatility           | 28.7% ( 28.7 % ) | 27.3% ( 27.3 % ) | 23.5% ( 23.5 % )\nrisk-free interest rate       | 1.4% ( 1.4 % )   | 1.7% ( 1.7 % )   | 4.8% ( 4.8 % )\ndividend yield                | 3.1% ( 3.1 % )   | 2.9% ( 2.9 % )   | 1.5% ( 1.5 % )\nexpected life ( in years )    | 4.2              | 4.2              | 4.0\ncontractual life ( in years ) | 7                | 7                | 7\nexpected forfeiture rate      | 3.0% ( 3.0 % )   | 3.0% ( 3.0 % )   | 5.0% ( 5.0 % )"
}
{
    "_id": "dd4bc82c8",
    "title": "",
    "text": "eog utilized average prices per acre from market transactions estimated discounted cash flows basis for determining fair value of unproved proved properties received in non-cash property exchanges.\n see note 10.\n fair value of debt.\n at december 31 , 2018 2017  eog had outstanding $ 6040 million and $ 6390 million aggregate principal of senior notes estimated fair values of approximately $ 6027 million and $ 6602 million .\n estimated fair value of debt based upon quoted market prices not available other observable ( level 2 ) inputs regarding interest rates available to eog at year-end.\n 14.\n accounting for long-lived assets eog reviews proved oil and gas properties for impairment purposes by comparing expected undiscounted future cash flows at depreciation depletion amortization group level to unamortized capitalized cost of asset.\n carrying values for assets determined to be impaired adjusted to estimated fair value using income approach described in fair value measurement topic.\n eog utilizes accepted offers from third-party purchasers basis for determining fair value.\n during 2018  proved oil and gas properties with carrying amount $ 139 million written down to fair value of $ 18 million pretax impairment charges of $ 121 million.\n 2017 , proved oil and gas properties with carrying amount $ 370 million written down to fair value of $ 146 million pretax impairment charges of $ 224 million.\n impairments in 2018 , 2017 2016 included domestic legacy natural gas assets.\n amortization impairments of unproved oil and gas property costs including amortization of capitalized interest were $ 173 million , $ 211 million $ 291 million during 2018  2017 2016.\n.\nasset retirement obligations table presents reconciliation of beginning ending aggregate amounts short-term and long-term legal obligations associated with retirement of property , plant equipment for years ended december 31 , 2018 2017 ( in thousands ) :.\n ( 1 ) includes settlements related to asset sales.\n current and noncurrent portions of eog's asset retirement obligations included in current liabilities - other liabilities on consolidated balance sheets.\n\n| 2018             | 2017\n-------------------------------------- | ---------------- | ----------------\ncarrying amount at beginning of period | $ 946848         | $ 912926\nliabilities incurred                   | 79057            | 54764\nliabilities settled ( 1 )              | -70829 ( 70829 ) | -61871 ( 61871 )\naccretion                              | 36622            | 34708\nrevisions                              | -38932 ( 38932 ) | -9818 ( 9818 )\nforeign currency translations          | 1611             | 16139\ncarrying amount at end of period       | $ 954377         | $ 946848\ncurrent portion                        | $ 26214          | $ 19259\nnoncurrent portion                     | $ 928163         | $ 927589"
}
{
    "_id": "dd496f5c6",
    "title": "",
    "text": "performance graph comparison of five-year cumulative total return graph table compare cumulative total return citi 2019s common stock , listed on nyse under ticker symbol 201cc 201d held by 65691 common stockholders record as of january 31 , 2018 , with cumulative total return s&p 500 index s&p financial index over five-year period through december 31 , 2017.\n graph table assume $ 100 invested on december 31 , 2012 in citi 2019s common stock , s&p 500 index s&p financial index  all dividends reinvested.\n comparison of five-year cumulative total return for years ended date citi s&p 500 financials.\n\ndate        | citi  | s&p 500 | s&p financials\n----------- | ----- | ------- | --------------\n31-dec-2012 | 100.0 | 100.0   | 100.0\n31-dec-2013 | 131.8 | 132.4   | 135.6\n31-dec-2014 | 137.0 | 150.5   | 156.2\n31-dec-2015 | 131.4 | 152.6   | 153.9\n31-dec-2016 | 152.3 | 170.8   | 188.9\n31-dec-2017 | 193.5 | 208.1   | 230.9"
}
{
    "_id": "dd4ba9e18",
    "title": "",
    "text": "notes to consolidated financial statements competitive environment general economic and business conditions , among other factors.\n pullmantur is a brand targeted primarily at spanish , portu- guese latin american markets pullmantur diversified passenger sourcing past years, spain still represents pullmantur 2019s largest market.\n as disclosed during 2012 european economies continued to demonstrate insta- bility in of heightened concerns over sovereign debt issues impact of proposed auster- ity measures on certain markets.\n spanish econ- omy more severely impacted than many other economies significant uncertainty to when it will recover.\n in impact of costa concordia incident more lingering effect than expected impact in future years is uncertain.\n these factors identified in past as significant risks could lead to impairment of pullmantur 2019s goodwill.\n recently spanish economy progressively worsened forecasts suggest challenging operating environment will continue for extended period of time.\n unemployment rate in spain reached 26% ( 26 % ) during fourth quarter of 2012 expected to rise further in 2013.\n international monetary fund , projected gdp growth of 1. 8% ( 1. 8 % ) a year ago, revised 2013 gdp projections downward for spain to contraction of 1. 3% ( 1. 3 % ) during fourth quarter of 2012 reduced it to contraction of 1. 5% ( 1. 5 % ) in january of 2013.\n during latter half of 2012 new austerity measures , increases to value added tax  cuts to benefits  phasing out of exemptions suspension of government bonuses implemented by spanish government.\n believe these austerity measures larger impact on consumer confidence discretionary spending than previously anticipated.\n result significant deterioration in bookings from guests sourced from spain during 2013 wave season.\ncombination of factors caused us to negatively adjust cash flow projections especially closer-in net yield assumptions expectations regarding future capacity growth for brand.\n based on updated cash flow projections determined implied fair value of goodwill for pullmantur reporting unit was $ 145. 5 million rec- ognized impairment charge of $ 319. 2 million.\n impairment charge recognized in earnings during fourth quarter of 2012 reported within impairment of pullmantur related assets within consolidated statements of comprehensive income ( loss ).\n no goodwill impairment charges related to pullmantur reporting unit in prior periods.\n see note 13.\n fair value measurements derivative instruments for further discussion.\n if spanish economy weakens further or recovers more slowly or if economies of other markets (.\n brazil latin america ) perform worse than contemplated in discounted cash flow model or if material changes to projected future cash flows in impair- ment analyses especially in net yields additional impairment charge of pullmantur reporting unit 2019s goodwill may be required.\n note 4.\n intangible assets assets reported in other assets in consolidated balance sheets consist of follow- ing ( in thousands ) :.\n during fourth quarter of 2012  performed annual impairment review of trademarks and trade names using discounted cash flow model and relief-from-royalty method.\n royalty rate used based on comparable royalty agreements in tourism and hospitality industry.\n trademarks and trade names relate to pullmantur used discount rate comparable to rate used in valuing pullmantur reporting unit in goodwill impairment test.\n as described in note 3.\ngoodwill deterioration spanish economy caused us to negatively adjust cash flow projections for pullmantur reporting unit especially closer-in net yield assumptions timing of future capacity growth for brand.\n based on updated cash flow projections determined fair value of pullmantur 2019s trademarks and trade names no longer exceeded carrying value.\n recog- nized impairment charge of approximately $ 17. 4 million to write down trademarks trade names to fair value of $ 204. 9 million.\n impairment charge recognized in earnings fourth quarter of 2012 reported within impairment of pullmantur related assets within consolidated statements of comprehensive income ( loss ).\n see note 13.\n fair value measurements derivative instruments for further discussion.\n if spanish economy weakens or recovers more slowly or if economies of other markets (.\n france  brazil latin america ) 0494. indd 76 3/27/13 12:53 pm\n\n| 2012             | 2011\n-------------------------------------------------------------------------- | ---------------- | --------------\nindefinite-life intangible asset 2014pullmantur trademarks and trade names | $ 218883         | $ 225679\nimpairment charge                                                          | -17356 ( 17356 ) | 2014\nforeign currency translation adjustment                                    | 3339             | -6796 ( 6796 )\ntotal                                                                      | $ 204866         | $ 218883"
}
{
    "_id": "dd4c5bc8a",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 ( continued ) note 14.\n income taxes ( continued ) transition defines criteria met for benefits of tax position to be recognized.\n result of adoption of fin no.\n 48  company recorded cumulative effect of change in accounting principle of $ 0. 3 million as decrease to opening retained earnings increase to other long-term liabilities as of april 1 , 2007.\n adjustment relates to state nexus for failure to file tax returns in various states for years ended march 31 , 2003 , 2004  2005.\n company initiated voluntary disclosure plan.\n company elected to recognize interest/or penalties related to income tax matters in income tax expense in consolidated statements of operations.\n as of april 1 , 2007 accrued interest not significant recorded as part of $ 0. 3 million adjustment to opening balance of retained earnings.\n as of march 31 , 2008 no penalties accrued consistent with company 2019s discussions with states connection with company 2019s voluntary disclosure plan.\n quarterly basis company accrues for effects of uncertain tax positions related potential penalties and interest.\n company recorded liability for unrecognized tax benefits in other liabilities including accrued interest  of $ 0. 2 million at march 31 , 2008.\n possible amount of unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during next 12 months ; not expected change significant effect on company 2019s results of operations or financial position.\n reconciliation of beginning and ending balance of unrecognized tax benefits , excluding accrued interest recorded at march 31 , 2008 ( in thousands ) as follows:.\n company and subsidiaries subject to u. s.\nfederal income tax  income tax of multiple state and foreign jurisdictions.\n company accumulated significant losses since inception in 1981.\n all tax years remain subject to examination by major tax jurisdictions including federal government and commonwealth of massachusetts.\n company has net operating loss and tax credit carry forwards be utilized in future years to offset taxable income those years may be subject to review by relevant taxing authorities if carry forwards utilized.\n note 15.\n commitments and contingencies company 2019s acquisition of impella provides abiomed may be required to make additional contingent payments to impella 2019s former shareholders : 2022 upon fda approval of impella 2. 5 device , payment of $ 5583333 , and 2022 upon fda approval of impella 5. 0 device , payment of $ 5583333 if average market price per share of abiomed 2019s common stock  determined in purchase agreement as of date of one milestones achieved is $ 22 or more, no additional contingent consideration required milestone.\n if average market price is between $ 18 and $ 22 on date of company 2019s achievement of milestone relevant milestone payment will be reduced.\n milestone payments may be made at company 2019s option with cash or stock or by combination of cash or stock no more than aggregate of approximately $ 9. 4 million of milestone payments may be made in form of stock.\n if contingent payments made result in increase in carrying value of goodwill.\n in june 2008  company received 510 ( k ) clearance of impella 2. 5  triggering obligation to pay $ 5. 6 million of contingent payments related to may 2005 acquisition of impella.\ncontingent payments may be made at company 2019s option with cash or stock or by combination cash stock under circumstances described in purchase agreement related to 2019s impella acquisition approximately $ 1. 8 million of remaining $ 11. 2 million potential contingent payments must be made in cash.\n company 2019s intent to satisfy impella 2. 5 510 ( k ) clearance contingent payment through issuance of common shares company stock.\n\nbalance at april 1 2007                                                           | $ 224\n--------------------------------------------------------------------------------- | ----------\nreductions for tax positions for closing of the applicable statute of limitations | -56 ( 56 )\nbalance at march 31 2008                                                          | $ 168"
}
{
    "_id": "dd4c13c64",
    "title": "",
    "text": "contributions expected benefit payments funding of qualified defined benefit pension plans determined accordance with erisa  amended by ppa  consistent with cas internal revenue code rules.\n no contributions to legacy qualified defined benefit pension plans during 2016.\n do not plan to make contributions to legacy pension plans in 2017 none required using current assumptions investment returns on plan assets.\n made $ 23 million contributions during 2016 to established sikorsky pension plan expect to make $ 45 million contributions plan during 2017.\n table presents estimated future benefit payments reflect expected future employee service  as of december 31 , 2016 ( in millions ) :.\n defined contribution plans maintain defined contribution plans most with 401 ( k ) features cover substantially all employees.\n provisions 401 k ) plans match most employees 2019 eligible contributions at rates specified in plan documents.\n contributions were $ 617 million in 2016  $ 393 million in 2015 $ 385 million in 2014 majority funded in common stock.\n defined contribution plans held approximately 36. 9 million and 40. 0 million shares of common stock as of december 31 , 2016 and 2015.\n note 12 2013 stockholders 2019 equity at december 31, 2016 and 2015 authorized capital of 1. 5 billion shares of common stock 50 million shares of series preferred stock.\n 290 million shares of common stock issued outstanding as of december 31 , 2016 , 289 million shares considered outstanding for consolidated balance sheet presentation purposes remaining shares held in separate trust.\n 305 million shares of common stock issued outstanding as of december 31 , 2015 , 303 million shares considered outstanding for consolidated balance sheet presentation purposes remaining shares held in separate trust.\n no shares of preferred stock issued and outstanding at december 31 , 2016 or 2015.\n repurchases of common stock during 2016  repurchased 8.9 million shares common stock for $ 2. 1 billion.\n during 2015 and 2014  paid $ 3. 1 billion and $ 1. 9 billion to repurchase 15. 2 million and 11. 5 million shares common stock.\n september 22 , 2016 board of directors approved $ 2. 0 billion increase to share repurchase program.\n inclusive increase total remaining authorization for future common share repurchases program was $ 3. 5 billion as of december 31 , 2016.\n repurchase common shares reduce common stock for $ 1 of par value shares repurchased excess purchase price over par value recorded as reduction of additional paid-in capital.\n due to volume repurchases share repurchase program additional paid-in capital reduced to zero remainder excess purchase price over par value of $ 1. 7 billion and $ 2. 4 billion recorded as reduction of retained earnings in 2016 and 2015.\n paid dividends totaling $ 2. 0 billion ( $ 6. 77 per share ) in 2016 $ 1. 9 billion ( $ 6. 15 per share ) in 2015 $ 1. 8 billion ( $ 5. 49 per share ) in 2014.\n increased quarterly dividend rate each last three years including 10% ( 10 % ) increase in quarterly dividend rate in fourth quarter of 2016.\n declared quarterly dividends of $ 1. 65 per share first three quarters of 2016 $ 1. 82 per share fourth quarter of 2016 ; $ 1. 50 per share first three quarters of 2015 $ 1. 65 per share fourth quarter of 2015 ; $ 1. 33 per share first three quarters of 2014 $ 1. 50 per share fourth quarter of 2014.\n\n| 2017   | 2018   | 2019   | 2020   | 2021   | 2022 2013 2026\n---------------------------------------- | ------ | ------ | ------ | ------ | ------ | --------------\nqualified defined benefit pension plans  | $ 2260 | $ 2340 | $ 2420 | $ 2510 | $ 2590 | $ 13920\nretiree medical and life insurance plans | 180    | 180    | 190    | 190    | 190    | 870"
}
{
    "_id": "dd4bd519e",
    "title": "",
    "text": "entergy mississippi , inc.\n management's financial discussion analysis net wholesale revenue variance due to lower profit on joint account sales reduced capacity revenue from municipal energy agency of mississippi.\n gross operating revenues , fuel purchased power expenses  other regulatory charges gross operating revenues increased due to increase of $ 152. 5 million in fuel cost recovery revenues due to higher fuel rates offset by decrease of $ 43 million in gross wholesale revenues due to decrease in net generation purchases excess decreased net area demand less energy for resale sales decrease in system agreement remedy receipts.\n fuel purchased power expenses increased due to increases in average market prices of natural gas purchased power offset by decreased demand decreased recovery from customers of deferred fuel costs.\n other regulatory charges increased due to increased recovery through grand gulf rider of grand gulf capacity costs due to higher rates increased recovery of costs associated with power management recovery rider.\n no material effect on net income due to quarterly adjustments to power management recovery rider.\n 2007 compared to 2006 net revenue consists of operating revenues net of fuel , fuel-related expenses gas purchased for resale 2 purchased power expenses 3 other regulatory charges credits ).\n analysis of change in net revenue comparing 2007 to 2006.\n amount ( in millions ).\n base revenue variance due to formula rate plan increase effective july 2007.\n formula rate plan discussed in \"state local rate regulation\".\n volume/weather variance due to increased electricity usage in residential commercial sectors effect of more favorable weather on billed electric sales in 2007 compared to 2006.\n billed electricity usage increased 214 gwh.\n increase usage offset by decreased usage in industrial sector.\n transmission revenue variance due to higher rates addition of new transmission customers in late 2006.\ntransmission equalization variance due to revision 2006 of transmission equalization receipts among entergy companies.\n reserve equalization variance primarily due to revision 2006 of reserve equalization payments among entergy companies due to ferc ruling regarding inclusion of interruptible loads in reserve\n\n| amount ( in millions )\n------------------------- | ----------------------\n2006 net revenue          | $ 466.1\nbase revenue              | 7.9\nvolume/weather            | 4.5\ntransmission revenue      | 4.1\ntransmission equalization | 4.0\nreserve equalization      | 3.8\nattala costs              | -10.2 ( 10.2 )\nother                     | 6.7\n2007 net revenue          | $ 486.9"
}
{
    "_id": "dd4bf04da",
    "title": "",
    "text": "table of contents ( 4 ) increase in cash flows due to timing of inventory purchases longer payment terms with certain vendors.\n to manage working capital operating cash needs we monitor cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable based on rolling three-month average.\n components of cash conversion cycle:.\n ( 1 ) represents rolling three-month average of balance of accounts receivable  net end period divided by average daily net sales for same three-month period.\n incorporates components other miscellaneous receivables.\n ( 2 ) represents rolling three-month average of balance of merchandise inventory end period divided by average daily cost of sales for same three-month period.\n ( 3 ) represents rolling three-month average of combined balance of accounts payable-trade , excluding cash overdrafts accounts payable-inventory financing at end period divided by average daily cost of sales for same three-month period.\n cash conversion cycle was 19 days at december 31 , 2017 and 2016.\n increase in dso driven by higher net sales related accounts receivable for third-party services such as saas  software assurance warranties.\n these services have unfavorable impact on dso as receivable recognized on consolidated balance sheet on gross basis while corresponding sales amount in consolidated statement of operations recorded on net basis.\n also results in favorable impact on dpo as payable recognized on consolidated balance sheet without corresponding cost of sales in statement of operations because cost paid to vendor or third-party service provider recorded as reduction to net sales.\n dpo increased due to mix of payables with certain vendors have longer payment terms.\ncash conversion cycle was 19 and 21 days at december 31 , 2016 2015 .\n increase in dso driven by higher net sales related accounts receivable for third-party services saas  software assurance warranties.\n these services unfavorable impact on dso as receivable recognized on balance sheet on gross basis corresponding sales amount in statement of operations recorded on net basis.\n services favorable impact on dpo as payable recognized on balance sheet without corresponding cost of sale in statement of operations cost paid to vendor third-party service provider recorded as reduction to net sales.\n in to impact services on dpo dpo increased due to mix of payables with vendors longer payment terms.\n investing activities net cash used in investing increased $ 15 million in 2017 compared to 2016.\n capital expenditures increased $ 17 million to $ 81 million from $ 64 million for 2017 and 2016 primarily related to improvements to information technology systems.\n net cash used in investing activities decreased $ 289 million in 2016 compared to 2015.\n decrease cash due to completion acquisition of cdw uk in 2015.\n capital expenditures decreased $ 26 million to $ 64 million from $ 90 million for 2016 and 2015 primarily due to spending for new office location in 2015.\n financing activities net cash used in financing activities increased $ 514 million in 2017 compared to 2016.\n increase driven by changes in accounts payable-inventory financing resulted in increase in cash used for financing activities of $ 228 million share repurchases during 2017 in increase in cash used for financing activities of $ 167 million.\n for more information on share repurchase program see part ii , item 5 , 201cmarket for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities.201d increase in cash used for accounts payable-inventory financing driven by termination of one inventory financing agreements in fourth quarter of 2016 , with amounts\n\n( in days )                                 | december 31 , 2017 | december 31 , 2016 | december 31 , 2015\n------------------------------------------- | ------------------ | ------------------ | ------------------\ndays of sales outstanding ( dso ) ( 1 )     | 52                 | 51                 | 48\ndays of supply in inventory ( dio ) ( 2 )   | 12                 | 12                 | 13\ndays of purchases outstanding ( dpo ) ( 3 ) | -45 ( 45 )         | -44 ( 44 )         | -40 ( 40 )\ncash conversion cycle                       | 19                 | 19                 | 21"
}
{
    "_id": "dd4badcd4",
    "title": "",
    "text": "table of contents ( e ) adjustments include historical retention costs unusual non-recurring litigation matters secondary-offering-related expenses expenses related to consolidation of office locations north of chicago.\n during year ended december 31 , 2013  recorded ipo- and secondary-offering related expenses of $ 75. 0 million.\n for additional information secondary expenses see note 10 ( stockholder 2019s equity ) to consolidated financial statements.\n ( f ) includes impact of consolidating five months for year ended december 31, 2015 of kelway 2019s financial results.\n ( 4 ) non-gaap net income excludes charges related to amortization of acquisition-related intangible assets non-cash equity-based compensation acquisition and integration expenses gains and losses from extinguishment of long-term debt.\n non-gaap net income is considered non-gaap financial measure.\n non-gaap financial measure is numerical measure of company 2019s performance financial position cash flows excludes or includes amounts not normally included or excluded in most directly comparable measure calculated presented in accordance with gaap.\n non-gaap measures used by us may differ from similar measures other companies.\n believe non-gaap net income provides meaningful information regarding operating performance cash flows ability to meet future debt service  capital expenditures working capital requirements.\n unaudited table sets reconciliation of net income to non-gaap net income for periods presented:.\n acquisition and integration expenses ( c ) 10. 2 2014 2014 2014 gain on remeasurement of equity investment ( d ) ( 98. 1 ) 2014 2014 2014 other adjustments ( e ) 3. 7 ( 0. 3 ) 61. 2 ( 3. 3 ) ( 15. 6 ) aggregate adjustment for income taxes ( f ) ( 64.8 ) ( 103. 0 ) ( 113. 5 ) ( 71. 6 ) ( 106. 8 ) non-gaap net income ( g ) $ 503. 5 $ 409. 9 $ 314. 3 $ 247. 1 $ 198. 8 ( a ) includes amortization expense for acquisition-related intangible assets  customer relationships  customer contracts trade names.\n ( b ) represents our 35% ( 35 % ) share of expense related to equity awards granted by sellers to kelway coworkers in july 2015 prior to acquisition of kelway.\n ( c ) includes expenses related to acquisition of kelway.\n ( d ) represents gain from remeasurement of held 35% ( 35 % ) equity investment to fair value acquisition kelway.\n ( e ) includes expenses related to consolidation of office locations north of chicago secondary- offering-related expenses.\n amount 2013 relates to ipo- secondary-offering related expenses.\n ( f ) based on normalized effective tax rate of 38. 0% ( 38. 0 % ) ( 39. 0% ( 39. 0 % ) prior to kelway acquisition ) except for non- cash equity-based compensation from equity investment gain from remeasurement of 35% ( 35 % ) equity investment to fair value upon acquisition kelway tax effected at rate of 35. 4% ( 35. 4 % ).\n aggregate adjustment for income taxes includes $ 4. 0 million deferred tax benefit recorded during three months year ended december 31 , 2015 tax rate reduction in united kingdom additional tax expense year ended december 31 , 2015 of $ 3. 3 million recording withholding tax on unremitted earnings of canadian subsidiary.\n certain acquisition costs non-deductible.\n\n( in millions )                                                       | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011\n--------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------\nnet income                                                            | $ 403.1                        | $ 244.9                        | $ 132.8                        | $ 119.0                        | $ 17.1\namortization of intangibles ( a )                                     | 173.9                          | 161.2                          | 161.2                          | 163.7                          | 165.7\nnon-cash equity-based compensation                                    | 31.2                           | 16.4                           | 8.6                            | 22.1                           | 19.5\nnon-cash equity-based compensation related to equity investment ( b ) | 20.0                           | 2014                           | 2014                           | 2014                           | 2014\nnet loss on extinguishments of long-term debt                         | 24.3                           | 90.7                           | 64.0                           | 17.2                           | 118.9\nacquisition and integration expenses ( c )                            | 10.2                           | 2014                           | 2014                           | 2014                           | 2014\ngain on remeasurement of equity investment ( d )                      | -98.1 ( 98.1 )                 | 2014                           | 2014                           | 2014                           | 2014\nother adjustments ( e )                                               | 3.7                            | -0.3 ( 0.3 )                   | 61.2                           | -3.3 ( 3.3 )                   | -15.6 ( 15.6 )\naggregate adjustment for income taxes ( f )                           | -64.8 ( 64.8 )                 | -103.0 ( 103.0 )               | -113.5 ( 113.5 )               | -71.6 ( 71.6 )                 | -106.8 ( 106.8 )\nnon-gaap net income ( g )                                             | $ 503.5                        | $ 409.9                        | $ 314.3                        | $ 247.1                        | $ 198.8"
}
{
    "_id": "dd4bc09b0",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) liquidity capital resources cash flow overview tables summarize key financial data relating to our liquidity , capital resources uses of capital.\n 1 reflects net income adjusted for depreciation amortization of fixed assets intangible assets , amortization of restricted stock other non-cash compensation  net losses on sales of businesses deferred income taxes.\n 2 reflects changes in accounts receivable , accounts receivable billable to clients  other current assets  accounts payable accrued liabilities.\n operating activities due to seasonality of business  we typically use cash from working capital in first nine months of year  largest impact in first quarter  generate cash from working capital in fourth quarter  driven by seasonally strong media spending by clients.\n quarterly annual working capital results impacted by fluctuating annual media spending budgets of clients changing media spending patterns year across various countries.\n timing of media buying on behalf of clients across various countries affects working capital operating cash flow can be volatile.\n in most businesses agencies enter into commitments to pay production media costs on behalf of clients.\n extent possible we pay production media charges after received funds from clients.\n amounts involved , exceed our revenues  primarily affect level of accounts receivable , accounts payable  accrued liabilities contract liabilities.\n assets include both cash received accounts receivable from clients for pass-through arrangements, liabilities include amounts owed on behalf of clients to media production suppliers.\n accrued liabilities affected by timing of certain other payments.\n for example annual cash incentive awards accrued throughout year generally paid during first quarter of subsequent year.\nnet cash provided operating activities 2018 was $ 565. 1  decrease of $ 316. 7 compared to 2017  primarily result of increase in working capital usage of $ 436. 4.\n working capital 2018 impacted by spending levels clients compared to 2017.\n working capital usage both primarily attributable to media businesses.\n net cash operating activities 2017 was $ 881. 8 , increase of $ 369. 0 compared to 2016  primarily result of improvement in working capital usage of $ 415. 6.\n working capital in 2017 benefited from spending patterns clients compared to 2016.\n investing activities net cash used investing activities 2018 consisted of payments for acquisitions of $ 2309. 8 related mostly to acxiom acquisition , payments for capital expenditures of $ 177. 1  related mostly to leasehold improvements and computer hardware and software.\n\ncash flow data                                                                 | years ended december 31 , 2018 | years ended december 31 , 2017 | years ended december 31 , 2016\n------------------------------------------------------------------------------ | ------------------------------ | ------------------------------ | ------------------------------\nnet income adjusted to reconcile to net cash provided by operating activities1 | $ 1013.0                       | $ 852.1                        | $ 1018.6\nnet cash ( used in ) provided by working capital2                              | -431.1 ( 431.1 )               | 5.3                            | -410.3 ( 410.3 )\nchanges in other non-current assets and liabilities                            | -16.8 ( 16.8 )                 | 24.4                           | -95.5 ( 95.5 )\nnet cash provided by operating activities                                      | $ 565.1                        | $ 881.8                        | $ 512.8\nnet cash used in investing activities                                          | -2491.5 ( 2491.5 )             | -196.2 ( 196.2 )               | -263.9 ( 263.9 )\nnet cash provided by ( used in ) financing activities                          | 1853.2                         | -1004.9 ( 1004.9 )             | -666.4 ( 666.4 )"
}
{
    "_id": "dd4c51ee2",
    "title": "",
    "text": "company had capital loss carryforwards for federal income tax purposes of $ 3844 and $ 4357 at december 31 , 2013 and 2012  respectively.\n company recognized full valuation allowance for capital loss carryforwards because not believe these losses more likely not to be recovered.\n company files income tax returns in united states federal jurisdiction and various state and foreign jurisdictions.\n with few exceptions company no longer subject to.\n federal , state local non-u. income tax examinations by tax authorities for years before 2007.\n company has state income tax examinations in progress and does not expect material adjustments result.\n patient protection and affordable care act ( 201cppaca 201d ) became law on march 23 , 2010 , health care and education reconciliation act of 2010 became law on march 30 , 2010  amendments to certain aspects of ppaca ( 201cacts 201d ).\n ppaca changes tax treatment of federal subsidies paid to sponsors of retiree health benefit plans benefit actuarially equivalent to benefits under medicare part d.\n acts make subsidy payments taxable in tax years beginning after december 31 , 2012 company followed original accounting for underfunded status of other postretirement benefits for medicare part d adjustment recorded reduction in deferred tax assets and increase in regulatory assets amounting to $ 6241 and $ 6432 at december 31, 2013 and 2012 .\n following table summarizes changes in company 2019s gross liability , excluding interest penalties for unrecognized tax benefits:.\n during second quarter of 2013  company adopted updated income tax guidance reclassified as of december 31 , 2012 $ 74360 of unrecognized tax benefit from other long-term liabilities to deferred income taxes to conform to current presentation in consolidated balance sheets.\ntotal balance in table above not include interest penalties of $ 242 and $ 260 as of december 31 , 2013 and 2012  recorded as component of income tax expense.\n majority of increased tax position attributable to temporary differences.\n increase in 2013 current period tax positions related primarily to company 2019s change in tax accounting method filed in 2008 for repair maintenance costs on utility assets.\n company not anticipate material changes to unrecognized tax benefits next year.\n if company sustains all positions at december 31 , 2013 2012 , unrecognized tax benefit of $ 7439 and $ 7532 , excluding interest penalties would impact company 2019s effective tax rate.\n\nbalance at january 1 2012                              | $ 158578\n------------------------------------------------------ | ----------------\nincreases in current period tax positions              | 40620\ndecreases in prior period measurement of tax positions | -18205 ( 18205 )\nbalance at december 31 2012                            | $ 180993\nincreases in current period tax positions              | 27229\ndecreases in prior period measurement of tax positions | -30275 ( 30275 )\nbalance at december 31 2013                            | $ 177947"
}
{
    "_id": "dd4c33d0c",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014continued in september 2010  company 2019s board of directors authorized plan for to repurchase up to $ 1 billion of class common stock in open market transactions.\n company did not repurchase shares under plan during 2010.\n as of february 16 , 2011  company had completed repurchase of approximately 0. 3 million shares class common stock at cost of approximately $ 75 million.\n note 18.\n share based payment other benefits in may 2006  company implemented mastercard incorporated 2006 long-term incentive plan amended and restated of october 13, 2008 ( 201cltip 201d ).\n ltip shareholder-approved omnibus plan permits grant of various equity awards to employees.\n company granted restricted stock units ( 201crsus 201d ) non-qualified stock options ( 201coptions 201d ) performance stock units ( 201cpsus 201d ) under ltip.\n rsus generally vest after three to four years.\n options expire ten years from date of grant vest over four years from date of grant.\n psus generally vest after three years.\n company made one-time grant to all non-executive management employees for total of approximately 440 thousand rsus ( 201cfounders 2019 grant 201d ).\n founders 2019 grant rsus vested three years from date of grant.\n company uses straight-line method of attribution for expensing equity awards.\n compensation expense recorded net of estimated forfeitures.\n estimates adjusted as appropriate.\n upon termination of employment excluding retirement all participant 2019s unvested awards are forfeited.\n when participant terminates employment due to retirement participant generally retains all awards without providing additional service to company.\neligible retirement dependent upon age years of service , : age 55 with ten years service , age 60 with five years service age 65 with two years service.\n compensation expense recognized over shorter of vesting periods stated in ltip , or date individual becomes eligible to retire.\n 11550000 shares of class a common stock reserved for equity awards under ltip.\n ltip permits issuance of shares of class b common stock , no such shares reserved for issuance.\n shares issued as result of option exercises conversions of rsus and psus expected to be funded primarily with issuance of new shares of class a common stock.\n stock options fair value of each option estimated on date of grant using black-scholes option pricing model.\n following table presents weighted-average assumptions used in valuation resulting weighted- average fair value per option granted for years ended december 31:.\n risk-free rate of return based on u. s.\n treasury yield curve in effect on date of grant.\n company utilizes simplified method for calculating expected term of option based on vesting terms contractual life of option.\n expected volatility for options granted during 2010 and 2009 based on average of implied volatility of mastercard blend of historical volatility of mastercard and historical volatility of group of companies management believes generally comparable to\n\n| 2010             | 2009             | 2008\n---------------------------------------------- | ---------------- | ---------------- | ----------------\nrisk-free rate of return                       | 2.7% ( 2.7 % )   | 2.5% ( 2.5 % )   | 3.2% ( 3.2 % )\nexpected term ( in years )                     | 6.25             | 6.17             | 6.25\nexpected volatility                            | 32.7% ( 32.7 % ) | 41.7% ( 41.7 % ) | 37.9% ( 37.9 % )\nexpected dividend yield                        | 0.3% ( 0.3 % )   | 0.4% ( 0.4 % )   | 0.3% ( 0.3 % )\nweighted-average fair value per option granted | $ 84.62          | $ 71.03          | $ 78.54"
}
{
    "_id": "dd4baa084",
    "title": "",
    "text": "likely not some portion or all deferred tax assets not be realized.\n accruals for deferred tax assets liabilities subject to significant judgment by management reviewed adjusted routinely based on changes in facts circumstances.\n material changes in accruals may occur in future  based on progress of ongoing tax audits , changes in legislation resolution of pending tax matters.\n forward-looking estimates providing 2011 forward-looking estimates in this section.\n estimates based on examination historical operating trends , information used to prepare december 31, 2010 , reserve reports other data in our possession or available from third parties.\n forward-looking estimates report prepared assuming demand , curtailment producibility general market conditions for oil , gas and ngls during 2011 similar to 2010  unless otherwise noted.\n reference to 201cdisclosure regarding forward-looking statements 201d at beginning of report.\n amounts related to canadian operations converted to.\n dollars using estimated average 2011 exchange rate of $ 0. 95 dollar to $ 1. 00 canadian dollar.\n during 2011  our operations substantially comprised of ongoing north america onshore operations.\n also international operations in brazil and angola divesting.\n entered agreements to sell assets in brazil for $ 3. 2 billion assets in angola for $ 70 million , plus contingent consideration.\n result of divestitures all revenues , expenses capital related to international operations reported as discontinued operations in financial statements.\n all forward-looking estimates in document exclude amounts related to international operations  unless otherwise noted.\n north america onshore operating items following 2011 estimates relate only to our north america onshore assets.\n oil , gas and ngl production below are our estimates of oil , gas and ngl production for 2011.\nestimate combined oil , gas ngl production total approximately 236 to 240 mmboe.\n ( mmbbls ) mmbbls mmboe ).\n oil and gas prices expect 2011 average prices for oil and gas production from each operating areas to differ from nymex price set forth in following table.\n expected ranges for prices exclusive of anticipated effects financial contracts presented in 201ccommodity price risk management 201d section below.\n nymex price for oil determined using monthly average of settled prices each trading day for benchmark west texas intermediate crude oil delivered at cushing , oklahoma.\n nymex price for gas determined using first-of-month south louisiana henry hub price index published monthly inside\n\n| oil ( mmbbls ) | gas ( bcf ) | ngls ( mmbbls ) | total ( mmboe )\n--------------------- | -------------- | ----------- | --------------- | ---------------\nu.s . onshore         | 17             | 736         | 34              | 174\ncanada                | 28             | 199         | 3               | 64\nnorth america onshore | 45             | 935         | 37              | 238"
}
{
    "_id": "dd4c3143a",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) ucs.\n as of may 31 , 2009  $ 55. 0 million of purchase price held in escrow ( 201cescrow account 201d ).\n prior to acquisition of ucs  former parent company of ucs pledged company 2019s stock as collateral for third party loan ( 201cthe loan 201d ) matures on september 24 , 2009.\n upon repayment of loan stock released to us $ 35. 0 million of purchase price released to seller.\n remaining $ 20. 0 million remain in escrow until january 1, 2013 to satisfy liabilities discovered post-closing existed at purchase date.\n purpose of acquisition was to establish acquiring presence in russian market foundation for other direct acquiring opportunities in central and eastern europe.\n purchase price determined by analyzing historical and prospective financial statements applying relevant purchase price multiples.\n business acquisition not significant to consolidated financial statements not provided pro forma information relating to acquisition.\n upon acquisition of ucs global payments assumed indirect guarantee of loan.\n in event default by third-party debtor required to transfer all shares of ucs to trustee or pay amount outstanding under loan.\n at may 31 , 2009 maximum potential amount of future payments under guarantee was $ 44. 1 million represents total outstanding under loan  consisting of $ 21. 8 million due and paid on june 24 , 2009 and $ 22. 3 million due on september 24 , 2009.\n should third-party debtor default on final payment global payments would pay total amount outstanding seek to be reimbursed for payments made from $ 55 million held in escrow account.\n did not record obligation for guarantee determined fair value of guarantee is de minimis.\n following table summarizes preliminary purchase price allocation ( in thousands ) :.\ngoodwill associated with acquisition non-deductible for tax.\n customer-related intangible assets have amortization periods 9 to 15 years.\n trademark has amortization period 10 years.\n global payments asia-pacific philippines incorporated september 4 , 2008 global payments asia-pacific , limited ( 201cgpap 201d )  entity conduct merchant acquiring business in asia-pacific region indirectly acquired global payments asia- pacific philippines incorporated ( 201cgpap philippines 201d ) newly formed company hsbc asia pacific contributed merchant acquiring business in philippines.\n own 56% ( 56 % ) of gpap and hsbc asia pacific\n\ntotal current assets                                  | $ 10657\n----------------------------------------------------- | ----------------\ngoodwill                                              | 35431\ncustomer-related intangible assets                    | 16500\ntrademark                                             | 3100\nproperty and equipment                                | 19132\nother long-term assets                                | 13101\ntotal assets acquired                                 | 97921\ncurrent liabilities                                   | -7245 ( 7245 )\nnotes payable                                         | -8227 ( 8227 )\ndeferred income taxes and other long-term liabilities | -7449 ( 7449 )\ntotal liabilities assumed                             | -22921 ( 22921 )\nnet assets acquired                                   | $ 75000"
}
{
    "_id": "dd4be643a",
    "title": "",
    "text": "shareowner return performance graph performance graph and related information not deemed 201csoliciting material 201d or to be 201cfiled 201d with sec , nor such information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended , except company specifically incorporates such information into such filing.\n graph shows five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , standard & poor 2019s 500 index dow jones transportation average.\n comparison of total cumulative return on investment , change in quarterly stock price plus reinvested dividends for each quarterly periods , assumes $ 100 invested on december 31 , 2012 in standard & poor 2019s 500 index , dow jones transportation average and class b common stock.\n\n| 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017\n-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nunited parcel service inc .      | $ 100.00   | $ 146.54   | $ 159.23   | $ 148.89   | $ 182.70   | $ 195.75\nstandard & poor 2019s 500 index  | $ 100.00   | $ 132.38   | $ 150.49   | $ 152.55   | $ 170.79   | $ 208.06\ndow jones transportation average | $ 100.00   | $ 141.38   | $ 176.83   | $ 147.19   | $ 179.37   | $ 213.49"
}
{
    "_id": "dd4b95602",
    "title": "",
    "text": "sources blackrock 2019s operating cash include investment advisory  administration fees securities lending revenue  performance fees  revenue from blackrock solutions advisory products services other revenue distribution fees.\n blackrock uses cash to pay operating expense  interest principal on borrowings  income taxes dividends on blackrock 2019s capital stock  repurchases company 2019s stock capital expenditures purchases of co-investments seed investments.\n for details company 2019s gaap cash flows from operating investing financing activities see consolidated statements of cash flows in part ii , item 8 of filing.\n cash flows from operating activities  excluding impact consolidated sponsored investment funds include receipt of investment advisory administration fees securities lending revenue performance fees offset by operating expenses normal business including year-end incentive compensation accrued for prior year.\n cash outflows from investing activities  excluding impact funds for 2016 were $ 58 million reflected $ 384 million of investment purchases  $ 119 million of purchases of property and equipment $ 30 million related to acquisition  offset by $ 441 million of net proceeds from sales maturities of certain investments.\n cash outflows from financing activities  excluding impact consolidated sponsored investment funds for 2016 were $ 2831 million resulting from $ 1. 4 billion of share repurchases  including $ 1. 1 billion in open market- transactions $ 274 million of employee tax withholdings related to employee stock transactions $ 1. 5 billion of cash dividend payments offset by $ 82 million of excess tax benefits from vested stock-based compensation awards.\n company manages financial condition and funding to maintain liquidity for business.\nliquidity resources at december 31, 2016 and 2015 were follows : ( in millions ) december 31  cash and cash equivalents 1 ) $ 6091 $ 6083 cash cash equivalents held by consolidated vres 2 ) ( 53 ) ( 100 ).\n total liquidity resources 3 ) $ 10038 $ 9983 percentage of cash and cash equivalents held by company 2019s.\n subsidiaries was approximately 50% ( 50 % ) at december 31 , 2016 and 2015.\n see net capital requirements for more information.\n company cannot access such cash in operating activities.\n amounts do not reflect year-end incentive compensation accruals of approximately $ 1. 3 billion and $ 1. 5 billion for 2016 and 2015  paid in first quarter of following year.\n total liquidity resources increased $ 55 million during 2016  primarily reflecting cash flows from operating activities partially offset by cash payments of 2015 year-end incentive awards, share repurchases of $ 1. 4 billion cash dividend payments of $ 1. 5 billion.\n significant portion of company 2019s $ 2414 million of total investments  is illiquid in nature cannot be convertible to cash.\n share repurchases.\n company repurchased 3. 3 million common shares in open market-transactions under share repurchase program for $ 1. 1 billion during 2016.\n at december 31 , 2016 3 million shares still authorized to be repurchased.\n in january 2017 board of directors approved increase in shares be repurchased under company 2019s existing share repurchase program to allow for repurchase of additional 6 million shares for total up to 9 million shares of blackrock common stock.\n net capital requirements.\ncompany required to maintain net capital in regulated subsidiaries within jurisdictions partially maintained by retaining cash and cash equivalent investments in subsidiaries jurisdictions.\n subsidiaries company may be restricted in ability to transfer cash between different jurisdictions and to parents.\n transfers of cash between international jurisdictions including repatriation to united states may have adverse tax consequences discourage transfers.\n blackrock institutional trust company .\n 201cbtc 201d ) chartered as a national bank does not accept client deposits powers limited to trust and fiduciary activities.\n btc provides investment management services including investment advisory and securities lending agency services to institutional investors other clients.\n btc subject to regulatory capital and liquid asset requirements by office of comptroller of currency.\n at december 31 , 2016 and 2015  company required to maintain approximately $ 1. 4 billion and $ 1. 1 billion  respectively in net capital in certain regulated subsidiaries including btc  entities regulated by financial conduct authority prudential regulation authority in united kingdom company 2019s broker-dealers.\n company in compliance with all applicable regulatory net capital requirements.\n undistributed earnings of foreign subsidiaries.\n as of december 31 , 2016 company not provided for.\n federal and state income taxes on approximately $ 5. 3 billion of undistributed earnings of foreign subsidiaries.\n such earnings considered indefinitely reinvested outside united states.\n company current plans do not demonstrate need to repatriate these funds.\n short-term borrowings 2016 revolving credit facility.\n company 2019s credit facility has aggregate commitment amount of $ 4. 0 billion amended in april 2016 to extend maturity date to march 2021 ( 201c2016 credit facility 201d ).\n2016 credit facility permits company request additional $ 1. 0 billion borrowing capacity  subject to lender credit approval increasing overall size 2016 credit facility to aggregate principal amount not to exceed $ 5. 0 billion.\n interest on borrowings outstanding accrues at rate based on applicable london interbank offered rate plus spread.\n 2016 credit facility requires company not to exceed maximum leverage ratio ( ratio net debt to\n\n( in millions )                                           | december 31 2016 | december 31 2015\n--------------------------------------------------------- | ---------------- | ----------------\ncash and cash equivalents ( 1 )                           | $ 6091           | $ 6083\ncash and cash equivalents held by consolidated vres ( 2 ) | -53 ( 53 )       | -100 ( 100 )\nsubtotal                                                  | 6038             | 5983\ncredit facility 2014 undrawn                              | 4000             | 4000\ntotal liquidity resources ( 3 )                           | $ 10038          | $ 9983"
}
{
    "_id": "dd4bf094e",
    "title": "",
    "text": "entergy texas , inc.\n subsidiaries management 2019s financial discussion analysis results of operations net income 2017 compared to 2016 net income decreased $ 31. 4 million due to lower net revenue higher depreciation amortization expenses higher other operation maintenance expenses higher taxes income taxes.\n 2016 compared to 2015 net income increased $ 37. 9 million due to lower operation maintenance expenses asset write-off receivable associated with spindletop gas storage facility in 2015 higher net revenue.\n net revenue 2017 compared to 2016 net revenue consists of operating revenues net of 1 fuel  fuel-related expenses  gas purchased for resale 2 ) purchased power expenses 3 ) other regulatory charges.\n analysis of change in net revenue comparing 2017 to 2016.\n amount ( in millions ).\n net wholesale revenue variance due to lower net capacity revenues from termination of purchased power agreements between entergy louisiana entergy texas in august 2016.\n purchased power capacity variance due to increased expenses due to capacity cost changes for ongoing purchased power capacity contracts.\n transmission revenue variance due to decrease in transmission revenues allocated by miso.\n reserve equalization variance due to absence of reserve equalization expenses in 2017 entergy texas 2019s exit from system agreement in august 2016.\n see note 2 to financial statements for discussion of system agreement.\n\n| amount ( in millions )\n------------------------ | ----------------------\n2016 net revenue         | $ 644.2\nnet wholesale revenue    | -35.1 ( 35.1 )\npurchased power capacity | -5.9 ( 5.9 )\ntransmission revenue     | -5.4 ( 5.4 )\nreserve equalization     | 5.6\nretail electric price    | 19.0\nother                    | 4.4\n2017 net revenue         | $ 626.8"
}
{
    "_id": "dd4c54a20",
    "title": "",
    "text": "notes to consolidated financial statements continued ) note 7 2014income taxes continued ) as of september 30 , 2006  company has state and foreign tax loss and state credit carryforwards  tax effect is $ 55 million.\n certain carryforwards  tax effect $ 12 million  expire between 2016 and 2019.\n portion of carryforwards acquired from company 2019s previous acquisitions utilization subject to limitations by internal revenue code.\n remaining benefits from tax losses and credits do not expire.\n as of september 30 , 2006 and september 24 , 2005  valuation allowance of $ 5 million recorded against deferred tax asset for benefits of state operating losses may not be realized.\n management believes likely not forecasted income  including income generated result of tax planning strategies  with tax effects of deferred tax liabilities will sufficient to fully recover remaining deferred tax assets.\n reconciliation of provision for income taxes  with amount computed by applying statutory federal income tax rate ( 35% ( 35 % ) in 2006 , 2005 , 2004 ) to income before provision for income taxes  as follows ( in millions ) : 2006 2005 2004 as restated ( 1 ) 1 ).\n 1 ) see note 2 , 201crestatement of consolidated financial statements. 201d company 2019s income taxes payable reduced by tax benefits from employee stock options.\n company receives income tax benefit calculated as difference between fair market value of stock issued at time exercise and option price  tax effected.\n net tax benefits from employee stock option transactions were $ 419 million , $ 428 million ( restated ( 1 ) )  and $ 83 million ( as restated ( 1 ) ) in 2006 , 2005 , and 2004  reflected as increase to common stock in consolidated statements of shareholders 2019 equity.\n\n| 2006         | 2005 as restated ( 1 ) | 2004 as restated ( 1 )\n------------------------------------------------------ | ------------ | ---------------------- | ----------------------\ncomputed expected tax                                  | $ 987        | $ 633                  | $ 129\nstate taxes net of federal effect                      | 86           | -19 ( 19 )             | -5 ( 5 )\nindefinitely invested earnings of foreign subsidiaries | -224 ( 224 ) | -98 ( 98 )             | -31 ( 31 )\nnondeductible executive compensation                   | 11           | 14                     | 12\nresearch and development credit net                    | -12 ( 12 )   | -26 ( 26 )             | -5 ( 5 )\nother items                                            | -19 ( 19 )   | -24 ( 24 )             | 4\nprovision for income taxes                             | $ 829        | $ 480                  | $ 104\neffective tax rate                                     | 29% ( 29 % ) | 27% ( 27 % )           | 28% ( 28 % )"
}
{
    "_id": "dd4c5a100",
    "title": "",
    "text": "vertex pharmaceuticals incorporated notes to consolidated financial statements continued f.\n marketable securities unrealized losses in portfolio relate to various debt securities including u. s.\n government securities u. s.\n government-sponsored enterprise securities corporate debt securities asset-backed securities.\n unrealized losses primarily due to increases in interest rates.\n investments held by company are high investment grade no adverse credit events.\n company has ability intent to hold investments until recovery of fair value maturity company not consider investments-temporarily impaired as of december 31, 2006 and 2005.\n gross realized gains and losses for 2006 were $ 4000 and $ 88000 respectively.\n gross gains and losses for 2005 were $ 15000 and $ 75000 .\n gross realized gains and losses for 2004 were $ 628000 and $ 205000 .\n.\n restricted cash at december 31 , 2006 and 2005  company held $ 30. 3 million and $ 41. 5 million respectively in cash.\n 2005 balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in names of company 2019s landlords operating lease agreements.\n h.\n property and equipment property consist of at december 31 ( in thousands ) : depreciation and amortization expense for years ended december 31 , 2006 , 2005 and 2004 was $ 25. 4 million , $ 26. 3 million and $ 28. 4 million  respectively.\n in 2006 and 2005  company wrote off certain assets fully depreciated no longer utilized.\n no effect on company 2019s net property and equipment.\n company wrote off or sold certain assets not fully depreciated.\n net loss on disposal of assets was $ 10000 for 2006  $ 344000 for 2005 and $ 43000 for 2004.\n.\naltus investment altus pharmaceuticals , inc.\n ( 201caltus 201d ) completed initial public offering january 2006.\n completion offering vertex owned 817749 shares common stock warrants to purchase 1962494 shares common stock ( 201caltus warrants 201d ).\n company  completion.\n furniture equipment $ 97638 $ 98387 leasehold improvements 74875 66318 computers 19733 18971 software 21274 18683 total property and equipment , gross 213520 202359 less accumulated depreciation amortization 151985 147826 total property equipment net $ 61535 $ 54533\n\n| 2006    | 2005\n---------------------------------------------- | ------- | -------\nfurniture and equipment                        | $ 97638 | $ 98387\nleasehold improvements                         | 74875   | 66318\ncomputers                                      | 19733   | 18971\nsoftware                                       | 21274   | 18683\ntotal property and equipment gross             | 213520  | 202359\nless accumulated depreciation and amortization | 151985  | 147826\ntotal property and equipment net               | $ 61535 | $ 54533"
}
{
    "_id": "dd4bf189e",
    "title": "",
    "text": "$ 55 million reported as 201cinvestments 201d in consolidated balance sheet 201cpurchases of marketable securities investments 201d in consolidated statement of cash flows.\n recovery of $ 25 million of investment in 2007 reduced 201cinvestments 201d shown in cash flows within 201cproceeds from sale of marketable securities investments. 201d investment discussed under preceding section industrial and transportation business.\n additional purchases of investments include survivor benefit insurance and equity investments.\n cash flows from financing activities years ended december 31.\n total debt at december 31  2007 was $ 4. 920 billion up from $ 3. 553 billion at year-end 2006.\n net change in short-term debt due to commercial paper activity.\n 2007 repayment of debt for maturities greater than 90 days comprised of commercial paper repayments of $ 1. 15 billion november 2007 redemption of $ 322 million in convertible notes.\n 2007 proceeds from debt included long-term debt commercial paper issuances totaling approximately $ 4 billion.\n comprised of eurobond issuances in december 2007 and july 2007 totaling $ 1. 5 billion.\n march 2007 long-term debt issuance of $ 750 million december 2007 fixed rate note issuance of $ 500 million plus commercial paper issuances ( maturities greater than 90 days ) of approximately $ 1. 25 billion.\n increases in long-term debt used to fund share repurchase activities.\n company accelerated purchases of treasury stock compared buying back $ 3. 2 billion in shares in 2007.\n total debt was 30% ( 30 % ) of total capital debt plus compared with 26% ( 26 % ) at year-end 2006.\ndebt securities including 2007 debt issuances company 2019s shelf registration dealer remarketable securities convertible notes discussed in note 10.\n company has \"well-known seasoned issuer\" shelf registration statement effective february 24 , 2006 to register indeterminate amount of debt or equity securities for future sales.\n on june 15 , 2007 company registered 150718 shares of's common stock under shelf on behalf of for sole benefit selling stockholders connection with company's acquisition of assets of diamond productions .\n company intends to use proceeds from future securities sales for general corporate purposes.\n in june 2007 company established medium-term notes program up to $ 3 billion of medium-term notes may be offered.\n december 2007 3m issued five-year , $ 500 million , fixed rate note with coupon rate of 4. 65% (. % ) under medium-term notes program.\n program has remaining capacity of $ 2. 5 billion as of december 31 , 2007.\n company 2019s $ 350 million of dealer remarketable securities current portion of long-term debt ) remarketed for one year in december 2007.\n december 31 , 2007 $ 350 million of dealer remarketable securities final maturity 2010 ) and $ 62 million of floating rate notes ( final maturity 2044 ) classified as current portion of long- term debt result of put provisions associated with debt instruments.\n company has convertible notes with book value of $ 222 million at december 31 , 2007.\n next put option date for convertible notes is november 2012.\n in november 2007 364598 outstanding bonds redeemed payout from 3m of approximately $ 322 million.\n repurchases of common stock to support company 2019s stock-based employee compensation plans for other corporate purposes.\nfebruary 2007, 3m 2019s board directors authorized two-year share repurchase up $ 7. 0 billion period february 12 , 2007 to february 28 , 2009.\n as december 31 , 2007  approximately $ 4. 1 billion remained available for repurchase.\n refer table 201cissuer purchases equity securities 201d part ii , item 5  more information.\n\n( millions )                                           | 2007             | 2006             | 2005\n------------------------------------------------------ | ---------------- | ---------------- | ----------------\nchange in short-term debt 2014 net                     | $ -1222 ( 1222 ) | $ 882            | $ -258 ( 258 )\nrepayment of debt ( maturities greater than 90 days )  | -1580 ( 1580 )   | -440 ( 440 )     | -656 ( 656 )\nproceeds from debt ( maturities greater than 90 days ) | 4024             | 693              | 429\ntotal cash change in debt                              | $ 1222           | $ 1135           | $ -485 ( 485 )\npurchases of treasury stock                            | -3239 ( 3239 )   | -2351 ( 2351 )   | -2377 ( 2377 )\nreissuances of treasury stock                          | 796              | 523              | 545\ndividends paid to stockholders                         | -1380 ( 1380 )   | -1376 ( 1376 )   | -1286 ( 1286 )\nexcess tax benefits from stock-based compensation      | 74               | 60               | 54\ndistributions to minority interests and other 2014 net | -20 ( 20 )       | -52 ( 52 )       | -76 ( 76 )\nnet cash used in financing activities                  | $ -2547 ( 2547 ) | $ -2061 ( 2061 ) | $ -3625 ( 3625 )"
}
{
    "_id": "dd496f968",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) ( amounts in millions  except per share amounts ) guarantees we have certain contingent obligations under guarantees of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of media payables operating leases.\n amount of parent company guarantees was $ 255. 7 and $ 327. 1 as of december 31 , 2008 and 2007 , respectively.\n in event of non-payment by applicable subsidiary of obligations covered by guarantee we obligated to pay amounts covered by guarantee.\n as of december 31 , 2008 no material assets pledged as security for parent company guarantees.\n contingent acquisition obligations structured certain acquisitions with additional contingent purchase price obligations to reduce potential risk with negative future performance of acquired entity.\n entered into agreements may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries.\n amounts to transactions based on estimates of future financial performance of acquired entity timing of exercise of rights changes in foreign currency exchange rates other factors.\n not recorded liability for these items since definitive amounts payable not determinable or distributable.\n when contingent acquisition obligations met and consideration determinable and distributable record fair value of this consideration as additional cost of acquired entity.\n certain acquisitions contain deferred payments fixed and determinable on acquisition date.\n in such cases record liability for payment record consideration as additional cost of acquired entity on acquisition date.\n if deferred payments and purchases of additional interests after effective date of purchase contingent upon future employment of former owners recognize these payments as compensation expense.\n compensation expense determined based on terms and conditions of respective acquisition agreements and employment terms of former owners of acquired businesses.\nfuture expense not allocated to assets and liabilities acquired amortized over required employment terms of former owners.\n following table details estimated liability with respect to our contingent acquisition obligations and estimated amount paid in event of exercise at earliest exercise date.\n certain put options exercisable at discretion of minority owners as of december 31 , 2008.\n estimated acquisition payments of $ 5. 5 included within total payments expected to made in 2009 in table below if not made in 2009 , will continue to carry forward into 2010 or beyond until exercised or expire.\n all payments contingent upon achieving projected operating performance targets and satisfying other conditions specified in related agreements subject to revisions as earn-out periods progress.\n as of december 31 , 2008  estimated future contingent acquisition obligations payable in cash are as follows:.\n entered into certain acquisitions contain both put and call options with similar terms and conditions.\n in instances included related estimated contingent acquisition obligation in period when earliest related option is exercisable.\n result of revisions made during 2008 to eitf topic no.\n d-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d )\n\n| 2009   | 2010   | 2011    | 2012   | 2013   | thereafter | total\n--------------------------------------------- | ------ | ------ | ------- | ------ | ------ | ---------- | -------\ndeferred acquisition payments                 | $ 67.5 | $ 32.1 | $ 30.1  | $ 4.5  | $ 5.7  | $ 2014     | $ 139.9\nput and call options with affiliates1         | 11.8   | 34.3   | 73.6    | 70.8   | 70.2   | 2.2        | 262.9\ntotal contingent acquisition payments         | 79.3   | 66.4   | 103.7   | 75.3   | 75.9   | 2.2        | 402.8\nless cash compensation expense included above | 2.6    | 1.3    | 0.7     | 0.7    | 0.3    | 2014       | 5.6\ntotal                                         | $ 76.7 | $ 65.1 | $ 103.0 | $ 74.6 | $ 75.6 | $ 2.2      | $ 397.2"
}
{
    "_id": "dd4bcd4da",
    "title": "",
    "text": "years ended december 31 , 2008 , 2007 2006  due to ineffectiveness amounts excluded from assessment hedge effectiveness not significant.\n for contracts outstanding at december 31 , 2008 obligation to purchase. s.\n dollars sell euros  japanese yen  british pounds canadian dollars australian dollars korean won purchase swiss francs sell. s.\n dollars at set maturity dates from january 2009 through june 2011.\n notional amounts of outstanding forward contracts with third parties to purchase. s.\n dollars at december 31 , 2008 were $ 1343. 0 million.\n notional amounts of outstanding forward contracts with third parties to purchase swiss francs at december 31 , 2008 were $ 207. 5 million.\n fair value of outstanding derivative instruments recorded on balance sheet at december 31, 2008 together with settled derivatives where hedged item not affected earnings net unrealized gain of $ 32. 7 million , or $ 33. 0 million net of taxes deferred in other comprehensive income  $ 16. 4 million , or $ 17. 9 million , net of taxes expected to be reclassified to earnings over next twelve months.\n enter into foreign currency forward exchange contracts with terms of one month to manage currency exposures for assets liabilities denominated in currency other than entity 2019s functional currency.\n foreign currency remeasurement gains/losses recognized in earnings under.\n 52 201cforeign currency translation generally offset with gains/losses on foreign currency forward exchange contracts in same reporting period.\n other comprehensive income 2013 refers to revenues  expenses gains losses under accounting principles included in comprehensive income but excluded from net earnings amounts recorded directly as adjustment to stockholders 2019 equity.\ncomprehensive income comprised of foreign currency translation adjustments unrealized foreign currency hedge gains losses gains losses on available-for-sale securities amortization of prior service costs unrecognized gains losses in actuarial assumptions.\n 2006 adopted sfas 158 , 201cemployers 2019 accounting for defined benefit pension postretirement plans 2013 amendment of fasb statements no.\n 87 , 88  106 132 ( r ). 201d statement required recognition of funded status of benefit plans in statement financial position recognition deferred gains or losses in other comprehensive income.\n recorded unrealized loss of $ 35. 4 million in other comprehensive income during 2006 adoption sfas 158.\n components of accumulated other comprehensive income in millions ) : balance at december 31  comprehensive income ( loss ) balance at december 31.\n 2008 reclassified investment previously accounted for under equity method to available-for-sale investment no longer exercised influence over third-party investee.\n investment marked-to- market in accordance with sfas 115 , 201caccounting for certain investments in debt equity securities 201d in net unrealized gain of $ 23. 8 million in other comprehensive income for 2008.\n unrealized gain reclassified to income statement when sold investment in 2008 for total proceeds of $ 54. 9 million gross realized gain of $ 38. 8 million included in interest other income.\n basis of securities determined based on consideration paid at time of acquisition.\n treasury stock 2013 account for repurchases of common stock under cost method present treasury stock as reduction of shareholders equity.\n may reissue common stock held in treasury for limited purposes.\n accounting pronouncements 2013 september 2006 fasb issued sfas no.\n157 , 201cfair value measurements  201d defines fair value establishes framework for measuring fair value accepted accounting principles expands disclosures fair value measurements.\n statement require new fair value measurements provides guidance measure fair value fair value hierarchy classify source information.\n sfas no.\n 157 effective for financial statements fiscal years after november 15 , 2007 interim periods fiscal years.\n february 2008  fasb issued fasb staff position ( fsp ) no.\n sfas 157-2  delays effective date provisions of sfas no.\n 157 non-financial assets liabilities measured at fair value non-recurring basis until fiscal years after november 15 , 2008.\n full adoption of sfas no.\n 157 not expected material impact on consolidated financial statements results of operations.\n z i m m e r h o l d i n g s , i n c.\n 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements continued ) %%transmsg*** transmitting job : c48761 pcn : 046000000 ***%%pcmsg|46 |00009|yes|no|02/24/2009 19:24|0|0|page valid  no graphics -- color : d|\n\n| balance at december 31 2007 | other comprehensive income ( loss ) | balance at december 31 2008\n---------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------- | ---------------------------\nforeign currency translation                                                             | $ 368.8                     | $ -49.4 ( 49.4 )                    | $ 319.4\nforeign currency hedges                                                                  | -45.4 ( 45.4 )              | 78.4                                | 33.0\nunrealized gain/ ( loss ) on securities                                                  | -1.9 ( 1.9 )                | 0.6                                 | -1.3 ( 1.3 )\nunrecognized prior service cost and unrecognized gain/ ( loss ) in actuarial assumptions | -31.2 ( 31.2 )              | -79.9 ( 79.9 )                      | -111.1 ( 111.1 )\naccumulated other comprehensive income                                                   | $ 290.3                     | $ -50.3 ( 50.3 )                    | $ 240.0"
}
{
    "_id": "dd4ba212c",
    "title": "",
    "text": "2022 ability to identify suitable acquisition candidates ability to finance acquisitions  depends upon availability of adequate cash reserves from operations or acceptable financing terms variability of our stock price ; 2022 ability to integrate acquired business 2019 operations , services , clients  personnel ; 2022 effect of substantial leverage  may limit funds available to make acquisitions invest in business ; 2022 changes in  or failure to comply with government regulations  including privacy regulations ; 2022 other risks detailed elsewhere in this risk factors section in other filings with securities and exchange commission.\n not under obligation ( disclaim obligation ) to update or alter our forward- looking statements , result of new information future events or otherwise.\n consider possibility that actual results may differ materially from forward-looking statements.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n corporate headquarters located in jacksonville , florida , in owned facility.\n fnf occupies and pays rent for approximately 86000 square feet in facility.\n we lease office space as follows : number of locations ( 1 ).\n ( 1 ) represents number of locations in each state listed.\n also lease approximately 72 locations outside united states.\n believe our properties are adequate for our business as presently conducted.\n item 3.\n legal proceedings.\n business company involved in various pending threatened litigation matters related to operations  some include claims for punitive or exemplary damages.\n company believes no actions  other than matters listed below depart from customary litigation incidental to business.\n background to disclosure note following : 2022 these matters raise difficult complicated factual and legal issues subject to many uncertainties and complexities.\n2022 company reviews matters on-going basis follows provisions of statement financial accounting standards no.\n 5 , accounting for contingencies ( 201csfas 5 201d ), making accrual and disclosure decisions.\n assessing reasonably possible probable outcomes , company bases decisions on assessment ultimate outcome following all appeals.\n\nstate                                    | number of locations ( 1 )\n---------------------------------------- | -------------------------\ncalifornia                               | 44\ntexas                                    | 21\nflorida                                  | 18\ngeorgia new york                         | 10\nnew jersey                               | 8\nillinois massachusetts                   | 7\nalabama arizona minnesota north carolina | 6\nother                                    | 64"
}
{
    "_id": "dd4b8fae0",
    "title": "",
    "text": "part iii item 10.\n directors  executive officers corporate governance information required incorporated by reference to 201celection of directors 201d section  201cdirector selection process 201d section 201ccode of conduct 201d section 201cprincipal committees of board of directors 201d section 201caudit committee 201d section 201csection 16 ( a ) beneficial ownership reporting compliance 201d section proxy statement for annual meeting of stockholders may 21 , 2015 201cproxy statement 201d ) except for description of executive officers appears in part i of report on form 10-k under heading 201cexecutive officers of ipg. 201d new york stock exchange certification 2014  chief executive officer provided annual ceo certification to new york stock exchange required under section 303a. 12 ( a ) new york stock exchange listed company manual.\n item 11.\n executive compensation information incorporated reference 201cexecutive compensation 201d section 201cnon- management director compensation 201d section 201ccompensation discussion and analysis 201d section 201ccompensation leadership talent committee report 201d section proxy statement.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters information incorporated by reference to 201coutstanding shares ownership of common stock 201d section proxy statement except for information regarding shares of common stock to be issued or may be issued under equity compensation plans as of december 31 , 2014  provided in following table.\n equity compensation plan information plan category number of shares of common stock to be issued upon exercise of outstanding options , warrants rights ( a ) 123 weighted-average exercise price of outstanding stock options number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 15563666 9. 70 41661517 equity compensation plans not approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1 included total 5866475 performance-based share awards under 2009 and 2014 performance incentive plans representing target number of shares of common stock issued to employees following 2012-2014 performance period ( 201c2014 ltip awards 201d ) 2013-2015 period 201c2015 ltip awards 201d ) and 2014-2016 period ( 201c2016 ltip share awards 201d ).\n computation of weighted-average exercise price in column ( b ) table not take 2014 2015 or 2016 ltip share awards into account.\n 2 included total of 98877 restricted share units and performance-based awards ( 201cshare unit awards 201d ) may be settled in shares of common stock or cash.\n computation of weighted-average exercise price in column ( b ) table does not take share unit awards into account.\n each share unit award settled in cash will increase number of shares of common stock available for issuance shown in column ( c ).\n 3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ), half settled in shares of common stock and half settled in cash.\n using 2014 closing stock price of $ 20. 77 , awards settled in shares of common stock represent rights to additional 2721405 shares.\n these shares not included in table above.\n4 included ( i ) 29045044 shares common stock for issuance under 2014 performance incentive plan , ( ii ) 12181214 shares common stock under employee stock purchase plan ( 2006 ) ( iii ) 435259 shares common stock under 2009 non-management directors 2019 stock incentive plan.\n part iii item 10.\n directors , executive officers corporate governance information required item incorporated by reference to 201celection of directors 201d section  201cdirector selection process 201d section 201ccode of conduct 201d section  201cprincipal committees board of directors 201d section  201caudit committee 201d section 201csection 16 ( a ) beneficial ownership reporting compliance 201d section of proxy statement for annual meeting of stockholders may 21 , 2015 ( 201cproxy statement 201d )  except for description of executive officers  appears in part i of report on form 10-k under heading 201cexecutive officers of ipg. 201d new york stock exchange certification in 2014  chief executive officer provided annual ceo certification to new york stock exchange  required under section 303a. 12 ( a ) new york stock exchange listed company manual.\n item 11.\n executive compensation information incorporated by reference to 201cexecutive compensation 201d section , 201cnon- management director compensation 201d section , 201ccompensation discussion and analysis 201d section 201ccompensation and leadership talent committee report 201d section proxy statement.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters information required item incorporated by reference to 201coutstanding shares and ownership of common stock 201d section of proxy statement , except for information regarding shares of common stock to be issued or may issued under equity compensation plans as of december 31 , 2014  provided in following table.\nequity compensation plan information plan category number of shares common stock issued upon exercise outstanding options, warrants rights ( a ) 123 weighted-average exercise price of outstanding stock options number securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 15563666 9. 70 41661517 equity compensation plans not approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n included total 5866475 performance-based share awards under 2009 and 2014 performance incentive plans target number of shares common stock issued to employees following 2012-2014 performance period 201c2014 ltip share awards 201d ) 2013-2015 performance period 201c2015 ltip awards 201d ) 2014-2016 performance period ( 201c2016 ltip share awards 201d ).\n computation of weighted-average exercise price in column ( b ) table does not take 2014 ltip awards 2015 2016 ltip share awards into account.\n included total of 98877 restricted share units performance-based awards ( 201cshare unit awards 201d ) may be settled in shares common stock or cash.\n computation of weighted-average exercise price in column ( b ) table does not take share unit awards into account.\n each share unit award settled in cash increase number of shares common stock available for issuance shown in column ( c ).\n 3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ) half settled in shares common stock half settled in cash.\n2014 closing stock price $ 20. 77 , awards settled in shares common stock represent rights to additional 2721405 shares.\n shares not included in table above.\n 4 included ( i ) 29045044 shares common stock for issuance under 2014 performance incentive plan, ( ii ) 12181214 shares common stock for under employee stock purchase plan ( 2006 ) and ( iii ) 435259 shares common stock for issuance under 2009 non-management directors 2019 stock incentive plan.\n\nplan category                                              | number of shares of common stock to be issued upon exercise of outstanding options warrants and rights ( a ) 123 | weighted-average exercise price of outstanding stock options ( b ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) 4\n---------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders     | 15563666                                                                                                         | 9.70                                                               | 41661517\nequity compensation plans not approved by security holders | none                                                                                                             |                                                                    |"
}
{
    "_id": "dd4bcf28a",
    "title": "",
    "text": "management 2019s discussion analysis 138 jpmorgan chase & co. /2013 annual report credit derivatives used in credit portfolio management activities not qualify for hedge accounting under u. s.\n gaap ; these derivatives reported at fair value  gains and losses recognized in principal transactions revenue.\n contrast , loans and lending-related commitments risk-managed are accounted for on accrual basis.\n asymmetry in accounting treatment  between loans lending-related commitments and credit derivatives used in credit portfolio management activities , causes earnings volatility not representative  in firm 2019s view , of true changes in value of firm 2019s overall credit exposure.\n effectiveness of firm 2019s credit default swap ( 201ccds 201d ) protection as a hedge of firm 2019s exposures may vary depending on factors , including named reference entity (. firm may experience losses on specific exposures different than named reference entities in purchased cds ), contractual terms of cds ( may defined credit event not align with actual loss realized by firm ) maturity of firm 2019s cds protection ( in some cases may be shorter than firm 2019s exposures ).\n firm generally seeks to purchase credit protection with maturity date same or similar to maturity date of exposure for which protection purchased  remaining differences in maturity actively monitored and managed by firm.\n credit portfolio hedges following table sets out fair value related to firm 2019s credit derivatives used in credit portfolio management activities , fair value related to cva ( reflects credit quality of derivatives counterparty exposure ) certain other hedges used in risk management of cva.\n results can vary from period-to- period due to market conditions affect specific positions in portfolio.\ngains losses on credit portfolio hedges year ended december 31  ( in millions ) 2013 2012 2011 hedges of loans lending- related commitments $ ( 142 ) $ ( 163 ) $ ( 32 ).\n community reinvestment act exposure ( ) encourages banks to meet credit needs of borrowers in all segments communities including low or moderate incomes.\n firm national leader in community development providing loans investments community development services in communities across united states.\n at december 31 , 2013 2012  firm 2019s cra loan portfolio was approximately $ 18 billion and $ 16 billion .\n december 31 2013 2012 50% ( 50 % ) and 62% ( 62 % ) of portfolio were residential mortgage loans ; 26% ( 26 % ) 13% ( 13 % ) were commercial real estate loans ; 16% ( 16 % ) and 18% ( 18 % ) were business banking loans 8% ( 8 % ) and 7% ( 7 % ) were other loans.\n cra nonaccrual loans were 3% ( 3 % ) and 4% ( 4 % )  of firm 2019s total nonaccrual loans.\n years ended december 31 , 2013 and 2012  net charge-offs in cra portfolio were 1% ( 1 % ) and 3% ( 3 % )  of firm 2019s net charge-offs both years.\n\nyear ended december 31 ( in millions )          | 2013           | 2012           | 2011\n----------------------------------------------- | -------------- | -------------- | --------------\nhedges of loans and lending-related commitments | $ -142 ( 142 ) | $ -163 ( 163 ) | $ -32 ( 32 )\ncva and hedges of cva                           | -130 ( 130 )   | 127            | -769 ( 769 )\nnet gains/ ( losses )                           | $ -272 ( 272 ) | $ -36 ( 36 )   | $ -801 ( 801 )"
}
{
    "_id": "dd4b9cde4",
    "title": "",
    "text": "issuer purchases of equity securities during three months ended december 31 , 2007  we repurchased 8895570 shares of our class a common stock for aggregate of $ 385. 1 million pursuant to $ 1. 5 billion stock repurchase program announced in february 2007  follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased part of publicly announced plans or programs approximate dollar value of shares yet be purchased under plans or programs ( in millions ).\n ( 1 ) issuer repurchases $ 1. 5 billion stock repurchase program announced february 2007.\n program management authorized through february 2008 to purchase shares through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements subject to market conditions other factors.\n facilitate repurchases typically made purchases pursuant to trading plans under rule 10b5-1 of exchange act  allow repurchase shares during periods prevented from under insider trading laws or self-imposed trading blackout periods.\n subsequent to december 31 , 2007  repurchased 4. 3 million shares of our class common stock for aggregate of $ 163. 7 million program.\n in february 2008  board of directors approved new stock repurchase program authorized to purchase up to additional $ 1. 5 billion of class a common stock.\npurchases under stock repurchase program subject to available cash to fund repurchases , described in item 1a of annual report caption 201crisk factors 2014we anticipate may need additional financing to fund stock repurchase programs , refinance existing indebtedness fund future growth and expansion initiatives 201d and item 7 of annual report under caption 201cmanagement 2019s discussion analysis of financial condition results of operations 2014liquidity and capital resources. 201d\n\nperiod               | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions )\n-------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------\noctober 2007         | 3493426                                | $ 43.30                      | 3493426                                                                          | $ 449.9\nnovember 2007        | 2891719                                | $ 44.16                      | 2891719                                                                          | $ 322.2\ndecember 2007        | 2510425                                | $ 44.20                      | 2510425                                                                          | $ 216.2\ntotal fourth quarter | 8895570                                | $ 43.27                      | 8895570                                                                          | $ 216.2"
}
{
    "_id": "dd4c51a78",
    "title": "",
    "text": "share-based compensation cost recorded net of estimated forfeitures straight-line basis for awards with service conditions only graded-vesting basis for awards with service  performance market conditions.\n company 2019s estimated forfeiture rate based on evaluation of historical actual trended forfeiture data.\n for fiscal 2014 , 2013 2012  company recorded share-based compensation cost of $ 172 million , $ 179 million $ 147 million respectively in personnel on consolidated statements of operations.\n amount capitalized share-based compensation cost immaterial during fiscal 2014  2013 2012.\n options options issued under eip expire 10 years from date of grant vest ratably over 3 years from date of grant subject to earlier vesting in full under certain conditions.\n during fiscal 2014  2013 2012 fair value of each stock option estimated on date of grant using black-scholes option pricing model with weighted-average assumptions:.\n in fiscal 2014  assumption based on company 2019s historical option exercises and set of peer companies management believes comparable to visa.\n company 2019s data weighted based on number of years between measurement date and visa 2019s initial public offering as percentage of options 2019 contractual term.\n relative weighting on visa 2019s data and peer data in fiscal 2014 was approximately 58% ( 58 % ) and 42% ( 42 % )  respectively.\n in fiscal 2013 and 2012  assumption fully based on peer companies 2019 data.\n based upon zero coupon.\n treasury bond rate over expected term of awards.\n based on company 2019s implied and historical volatility.\n in fiscal 2013 and 2012  historical volatility blend of visa 2019s historical volatility and of comparable peer companies.\n relative weighting between visa historical volatility and historical volatility of peer companies based on percentage of years visa stock price information available since initial public offering compared to expected term.\nexpected volatilities ranged 22% ( 22 % ) to 26% ( 26 % ) fiscal ( 4 ) based company 2019s annual dividend rate date grant.\n\n| 2014             | 2013             | 2012\n-------------------------------- | ---------------- | ---------------- | ----------------\nexpected term ( in years ) ( 1 ) | 4.80             | 6.08             | 6.02\nrisk-free rate of return ( 2 )   | 1.3% ( 1.3 % )   | 0.8% ( 0.8 % )   | 1.2% ( 1.2 % )\nexpected volatility ( 3 )        | 25.2% ( 25.2 % ) | 29.3% ( 29.3 % ) | 34.9% ( 34.9 % )\nexpected dividend yield ( 4 )    | 0.8% ( 0.8 % )   | 0.9% ( 0.9 % )   | 0.9% ( 0.9 % )\nfair value per option granted    | $ 44.11          | $ 39.03          | $ 29.65"
}
{
    "_id": "dd4b87b10",
    "title": "",
    "text": "baker hughes  a ge company notes consolidated combined financial statements bhge 2017 form 10-k total intrinsic value of rsus ( value shares awarded at current market price ) vested and outstanding in 2017 was $ 17 million and $ 38 million respectively.\n total fair value of rsus vested in 2017 was $ 19 million.\n as of december 31 , 2017 $ 98 million total unrecognized compensation cost related to unvested rsus expected to be recognized over average period 2. 5 years.\n 12.\n equity common stock authorized to issue 2 billion shares of class a common stock , 1. 25 billion shares of class b common stock 50 million shares of preferred stock each par value of $ 0. 0001 per share.\n on july 3 , 2017 each share of baker hughes common stock converted into one share of class a common stock.\n number class a common stock and class b common stock shares outstanding at december 31, 2017 is 422 million and 707 million .\n not issued preferred stock.\n ge owns all issued outstanding class b common stock.\n each share of class a and class b common stock associated membership interest in bhge llc form paired interest.\n each share of class b common stock has equal voting rights share class a common stock no economic rights holders class b common stock have no right to dividends assets in liquidation company.\n former baker hughes stockholders after transactions received special one-time cash dividend of $ 17. 50 per share paid company to holders of record of company's class a common stock.\n during 2017 company declared paid regular dividends of $ 0. 17 per share and $ 0. 18 per share to holders of record of company's class a common stock during quarters ended september 30 , 2017 and december 31 , 2017 .\ntable presents changes in number of shares outstanding ( in thousands ) : class a common class b common.\n share amounts are net of shares withheld to satisfy employee's tax withholding obligation.\n on november 2 , 2017 board of directors authorized bhge llc to repurchase up to $ 3 billion of common units from company and ge.\n proceeds of repurchase used by bhge to repurchase class a common stock company on open market if implemented in repurchase of approximately $ 1. 1 billion of class a common stock.\n class b common stock company paired with repurchased common units was repurchased by company at par value.\n $ 3 billion repurchase authorization is aggregate authorization for repurchases of class a and class b common stock with paired unit.\n bhge llc had authorization remaining to repurchase up to approximately $ 2. 5 billion of common units from bhge and ge at december 31 , 2017.\n during 2017  repurchased and canceled 6046735 shares of class a common stock for total $ 187 million.\n also repurchased and canceled 10126467 shares of class b common stock from ge paired with common units of bhge llc for $ 314 million.\n\n| class a common stock | class b common stock\n------------------------------------------------------------ | -------------------- | --------------------\nbalance at december 31 2016                                  | 2014                 | 2014\nissue of shares on business combination at july 3 2017       | 427709               | 717111\nissue of shares upon vesting of restricted stock units ( 1 ) | 290                  | 2014\nissue of shares on exercises of stock options ( 1 )          | 256                  | 2014\nstock repurchase program ( 2 ) ( 3 )                         | -6047 ( 6047 )       | -10126 ( 10126 )\nbalance at december 31 2017                                  | 422208               | 706985"
}
{
    "_id": "dd4c131e2",
    "title": "",
    "text": "table of contents worldwide distribution channels table presents number of doors by geographic location ralph lauren-branded products distributed by our wholesale segment sold to consumers in primary channels of distribution as of april 3 , 2010 : number of location doors ( a ).\n ( ) in asia-pacific  products primarily distributed through concessions-based sales arrangements.\n american living and chaps-branded products by our wholesale segment sold domestically through approximately 1700 doors as of april 3 , 2010.\n five key department-store customers generate significant sales volume.\n for fiscal 2010  these customers accounted for approximately 45% ( 45 % ) of all wholesale revenues macy 2019s , inc.\n representing approximately 18% ( 18 % ) of these revenues.\n our product brands sold primarily through their own sales forces.\n wholesale segment maintains primary showrooms in new york city.\n maintain regional showrooms in atlanta , chicago , dallas , milan , paris , london  munich  madrid stockholm.\n shop-within-shops.\n critical element of distribution to department stores partners utilize shop to enhance brand recognition permit complete merchandising lines differentiate presentation of products.\n shop-within-shops fixed assets include items customized freestanding fixtures , wall cases and components decorative items and flooring.\n as of april 3 , 2010 had approximately 14000 shop-within-shops dedicated to ralph lauren-branded wholesale products worldwide.\n excluding larger shop-within-shops in key department store locations size of shop-within-shops typically ranges from approximately 300 to 6000 square feet.\n share cost of these shop-within-shops with wholesale customers.\n basic stock replenishment program.\nbasic products knit shirts  chino pants oxford cloth shirts can be ordered through our basic stock replenishment programs.\n generally ship products within three-to-five days of order receipt.\n our retail segment as of april 3 , 2010  retail segment consisted of 179 full-price retail stores 171 factory stores worldwide totaling approximately 2. 6 million square feet  281 concessions-based shop-within-shops two e-commerce websites.\n extension of direct-to-consumer reach is a primary long-term strategic goal.\n full-price retail stores reinforce luxury image distinct sensibility of brands feature exclusive lines not sold in domestic department stores.\n opened 3 new full-price stores closed 3 full-price stores in fiscal 2010.\n assumed 16 full-price stores in with asia-pacific\n\nlocation                 | number of doors ( a )\n------------------------ | ---------------------\nunited states and canada | 4402\neurope                   | 4421\njapan                    | 117\ntotal                    | 8940"
}
{
    "_id": "dd4c4e3fa",
    "title": "",
    "text": "notes to consolidated financial statements continued ).\n basis of presentation and accounting policies ) sop 03-1 effective for financial statements fiscal years after december 15 , 2003.\n at date of initial application  january 1 , 2004 cumulative effect of adoption of sop 03-1 on net income and other comprehensive income individual impacts shown net of income tax benefit of $ 12 : in may 2003 financial accounting standards board ( 201cfasb 201d ) issued statement of financial accounting standards ( 201csfas 201d ) no.\n 150 , 201caccounting for certain financial instruments with characteristics of both liabilities and equity 201d.\n no.\n 150 establishes standards for classifying measuring as liabilities certain financial instruments embody obligations of issuer and characteristics of both liabilities and equity.\n.\n 150 requires liability classification for two broad classes of financial instruments : ) instruments that represent indexed to obligation to buy back issuer 2019s shares regardless of settled net-cash or gross-physical basis and b ) obligations that can be settled in shares but derive value predominately from another underlying instrument or index (.\n security prices interest rates currency rates have fixed value or value inversely related to issuer 2019s shares.\n mandatorily redeemable equity and written options requiring issuer to buyback shares are examples of financial instruments should be reported as liabilities under new guidance.\n sfas no.\n 150 specifies accounting only for certain freestanding financial instruments does not affect embedded derivative must be bifurcated accounted for separately.\n.\n 150 effective for instruments entered into or modified after may 31 , 2003 and for all other instruments beginning with first interim reporting period after june 15 , 2003.\nadoption of statement not material impact on company 2019s consolidated financial condition or results of operations.\n in january 2003  fasb issued interpretation no.\n 46 , 201cconsolidation of variable interest entities , interpretation of arb no.\n 51 201d ( 201cfin 46 201d ) , required enterprise to assess consolidation of entity appropriate based upon interests in variable interest entity.\n a vie is entity in equity investors not have characteristics of controlling financial interest or not sufficient equity at risk for entity to finance activities without additional subordinated financial support from other parties.\n initial determination of whether entity is a vie made on date enterprise becomes involved with entity.\n enterprise shall consolidate a vie if it has variable interest absorb majority of vies expected losses if occur , receive majority of entity 2019s expected residual returns if occur or both.\n fin 46 effective immediately for new vies established or purchased subsequent to january 31 , 2003.\n for vies established or purchased subsequent to january 31 , 2003  adoption of fin 46 not material impact on company 2019s consolidated financial condition or results of operations as no material vies required consolidation.\n in december 2003  fasb issued revised version of fin 46 ( 201cfin 46r 201d ) , incorporated modifications and changes to original version.\n fin 46r replaced previously issued fin 46 and  subject to special provisions  effective no later end of first reporting period after december 15 , 2003 for entities considered special- purpose entities and no later end of first reporting period ends after march 15 , 2004 for all other vies.\n early adoption permitted.\n company adopted fin 46r in fourth quarter of 2003.\nadoption of fin 46r result in consolidation material vies resulted in deconsolidation of vies issued mandatorily redeemable preferred securities of subsidiary trusts ( 201ctrust preferred securities 201d ).\n company not primary beneficiary of vies issued trust preferred securities.\n company own trust preferred securities issued to unrelated third parties.\n trust preferred securities considered principal variable interests issued by vies.\n vies company previously consolidated no longer consolidated.\n sole assets of vies are junior subordinated debentures issued by company with payment terms identical to trust preferred securities.\n trust preferred securities reported as separate liability on company 2019s consolidated balance sheets 201ccompany obligated mandatorily redeemable preferred securities of subsidiary trusts holding junior subordinated debentures 201d.\n at december 31 , 2003 and 2002 impact of deconsolidation long-term debt decrease trust preferred securities by $ 952 and $ 1. 5 billion  respectively.\n for see note 14 for disclosure of information related to vies required under fin 46r. future adoption of new accounting standards in december 2004 fasb issued sfas no.\n 123 ( revised 2004 ) 201cshare-based payment 201d ( 201csfas no.\n 123r 201d ) replaces sfas no.\n 123 , 201caccounting for stock-based compensation 201d 201csfas no.\n 123 201d ) supercedes apb opinion no.\n 25 , 201caccounting for stock issued to employees 201d.\n sfas no.\n 123r requires companies to recognize compensation costs for share-based payments to employees based on grant-date fair value of award for financial statements for reporting periods beginning after june 15 , 2005.\n pro forma disclosures previously permitted under sfas no.\n 123 no longer alternative to financial statement recognition.\n transition methods include prospective retrospective adoption options.\n prospective method requires.\n\ncomponents of cumulative effect of adoption                        | net income   | other comprehensive income\n------------------------------------------------------------------ | ------------ | --------------------------\nestablishing gmdb and other benefit reserves for annuity contracts | $ -54 ( 54 ) | $ 2014\nreclassifying certain separate accounts to general account         | 30           | 294\nother                                                              | 1            | -2 ( 2 )\ntotal cumulative effect of adoption                                | $ -23 ( 23 ) | $ 292"
}
{
    "_id": "dd4bda84c",
    "title": "",
    "text": "on-balance sheet securitizations company engages in on-balance sheet securitizations.\n securitizations not qualify for sales treatment ; assets remain on company 2019s balance sheet.\n following table presents carrying amounts and classification of consolidated assets and liabilities transferred in transactions from consumer credit card  student loan  mortgage auto businesses  accounted for as secured borrowings : in billions of dollars december 31 , december 31.\n all assets restricted from sold or pledged as collateral.\n cash flows from these assets only source used to pay down associated liabilities non-recourse to company 2019s general assets.\n citi-administered asset-backed commercial paper conduits company active in asset-backed commercial paper conduit business as administrator of several multi-seller commercial paper conduits  service provider to single-seller and other commercial paper conduits sponsored by third parties.\n multi-seller commercial paper conduits designed to provide company 2019s customers access to low-cost funding in commercial paper markets.\n conduits purchase assets from or provide financing facilities to customers funded by issuing commercial paper to third-party investors.\n conduits do not purchase assets originated by company.\n funding conduit facilitated by liquidity support and credit enhancements provided by company and by third parties.\n as administrator to conduits company responsible for selecting and structuring of assets purchased or financed by conduits making decisions regarding funding conduits determining tenor and other features of commercial paper issued monitoring quality and performance of conduits 2019 assets facilitating operations and cash flows of conduits.\n in return company earns structuring fees from clients for transactions and earns administration fee from conduit  equal to income from client program and liquidity fees of conduit after payment of interest costs and other fees.\nadministration fee stable , most risks and rewards of underlying assets passed back to customers once asset pricing negotiated , most ongoing income , costs fees stable as percentage of conduit 2019s size.\n conduits administered by company do not invest in liquid securities formally rated by third parties.\n assets are privately negotiated and structured transactions designed to be held by conduit , rather than actively traded and sold.\n yield earned by conduit on each asset tied to rate on commercial paper issued by conduit , passing interest rate risk to client.\n each asset purchased by conduit structured with transaction-specific credit enhancement features provided by third-party seller , including over- collateralization , cash and excess spread collateral accounts  direct recourse third-party guarantees.\n credit enhancements sized with objective of approximating credit rating of a or above , based on company 2019s internal risk ratings.\n substantially all of funding of conduits is in form of short- term commercial paper.\n as of december 31 , 2008  weighted average life of commercial paper issued was approximately 37 days.\n in conduits have issued subordinate loss notes and equity with notional amount of approximately $ 80 million varying remaining tenors ranging from six months to seven years.\n primary credit enhancement provided to conduit investors is in form of transaction-specific credit enhancement described above.\n in two additional forms of credit enhancement protect commercial paper investors from defaulting assets.\n first subordinate loss notes issued by each conduit absorb credit losses up to full notional amount.\n expected subordinate loss notes issued by each conduit sufficient to absorb majority of expected losses from each conduit , making single investor in subordinate loss note primary beneficiary under fin 46 ( r ).\neach conduit obtained a letter of credit from company , generally 8-10% ( 8-10 % ) of conduit 2019s assets.\n letters of credit provided by company total approximately $ 5. 8 billion included in company 2019s maximum exposure to loss.\n net result across all multi-seller conduits administered by company is in event of defaulted assets in excess of transaction-specific credit enhancement described losses in each conduit allocated in following order : 2022 subordinate loss note holders 2022 company 2022 commercial paper investors company , with third parties also provides conduits with two forms of liquidity agreements used to provide funding to conduits in event of market disruption .\n each asset of conduit is supported by a transaction-specific liquidity facility in form of asset purchase agreement ( apa ).\n under apa  company agreed to purchase non-defaulted eligible receivables from conduit at par.\n any assets purchased under apa are subject to increased pricing.\n apa not designed to provide credit support to conduit  generally does not permit purchase of defaulted or impaired assets and reprices assets purchased to consider potential increased credit risk.\n apa covers all assets in conduits and considered in company 2019s maximum exposure to loss.\n in company provides conduits with program-wide liquidity in form of short-term lending commitments.\n under commitments company agreed to lend to conduits in event of short-term disruption in commercial paper market , subject to specified conditions.\n total notional exposure under program-wide liquidity agreement is $ 11. 3 billion considered in company 2019s maximum exposure to loss.\n company receives fees for providing both types of liquidity agreement considers these fees to be on fair market terms.\n\nin billions of dollars        | december 31 2008 | december 31 2007\n----------------------------- | ---------------- | ----------------\ncash                          | $ 0.3            | $ 0.1\navailable-for-sale securities | 0.1              | 0.2\nloans                         | 7.5              | 7.4\nallowance for loan losses     | -0.1 ( 0.1 )     | -0.1 ( 0.1 )\ntotal assets                  | $ 7.8            | $ 7.6\nlong-term debt                | $ 6.3            | $ 5.8\nother liabilities             | 0.3              | 0.4\ntotal liabilities             | $ 6.6            | $ 6.2"
}
{
    "_id": "dd4b9e324",
    "title": "",
    "text": "flows of company 2019s subsidiaries  receipt of dividends repayments of indebtedness from subsidiaries compliance with delaware corporate other laws compliance with contractual provisions of debt other agreements other factors.\n company 2019s dividend rate on common stock determined by board of directors quarterly current possible future developments may affect company 2019s income and cash flows.\n dividends on common stock declared typically paid in march  june september december.\n historically dividends paid quarterly to holders of record less than 30 days prior to distribution date.\n dividends on company 2019s common stock not cumulative only declared dividends are paid.\n during 2018 , 2017 2016  company paid $ 319 million , $ 289 million and $ 261 million in cash dividends respectively.\n following table provides per share cash dividends paid for years ended december 31:.\n on december 7 , 2018  company 2019s board of directors declared quarterly cash dividend payment of $ 0. 455 per share payable on march 1 , 2019  to shareholders of record as of february 7 , 2019.\n equity forward transaction see note 4 2014acquisitions and divestitures for information regarding forward sale agreements entered by company on april 11 , 2018  subsequent settlement of agreements on june 7 , 2018.\n regulatory restrictions issuance of long-term debt or equity securities by company or american water capital corp.\n ( 201cawcc 201d ) company 2019s wholly owned financing subsidiary does not require authorization of state puc if no guarantee or pledge of regulated subsidiaries utilized.\n state puc authorization required to issue long-term debt at most of company 2019s regulated subsidiaries.\ncompany 2019s regulated subsidiaries obtain required approvals periodic basis to cover anticipated financing needs for period time or in connection with specific financing.\n under applicable law company 2019s subsidiaries can pay dividends only from retained , undistributed or current earnings.\n significant loss at subsidiary may limit dividends subsidiary can distribute to american water.\n ability of company 2019s subsidiaries to pay upstream dividends or repay indebtedness to american water is subject to compliance with regulatory restrictions and financial obligations , including  for debt service and preferred and preference stock dividends , applicable corporate , tax other laws and regulations , other agreements or covenants made entered by company and subsidiaries.\n note 10 : stock based compensation company has granted stock options , stock units and dividend equivalents to non-employee directors , officers key employees company pursuant to terms of its 2007 omnibus equity compensation plan ( 201c2007 plan 201d ).\n stock units under 2007 plan generally vest based on continued employment with company ( 201crsus 201d ) or ii continued employment with company where distribution of shares subject to satisfaction or of stated performance-based goals ( 201cpsus 201d ).\n total aggregate number of shares of common stock may be issued under 2007 plan is 15. 5 million.\n as of\n\n| 2018    | 2017    | 2016\n--------- | ------- | ------- | -------\ndecember  | $ 0.455 | $ 0.415 | $ 0.375\nseptember | $ 0.455 | $ 0.415 | $ 0.375\njune      | $ 0.455 | $ 0.415 | $ 0.375\nmarch     | $ 0.415 | $ 0.375 | $ 0.34"
}
{
    "_id": "dd4be4e3c",
    "title": "",
    "text": "comparison five-year cumulative total return graph compares cumulative total return citigroup 2019s common stock with s&p 500 index s&p financial index over five-year period through december 31 , 2009.\n graph assumes $ 100 invested december 31 , 2004 in citigroup 2019s common stock  s&p 500 index s&p financial index all dividends reinvested.\n citigroup s&p 500 index s&p financial index 2005 2006 2007 2008 2009 comparison five-year cumulative total return for years ended.\n\ndecember 31 | citigroup | s&p 500 index | s&p financial index\n----------- | --------- | ------------- | -------------------\n2005        | 104.38    | 104.83        | 106.30\n2006        | 124.02    | 121.20        | 126.41\n2007        | 70.36     | 127.85        | 103.47\n2008        | 18.71     | 81.12         | 47.36\n2009        | 9.26      | 102.15        | 55.27"
}
{
    "_id": "dd4bf1af6",
    "title": "",
    "text": "category target allocation prices active markets identical assets level observable inputs level inputs.\n balance january 2017.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n december 31.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n$ 278 company 2019s postretirement benefit plans have different levels of funded status assets held under various trusts.\n investments and risk mitigation strategies for plans tailored specifically for each trust.\n in setting new strategic asset mixes , consideration given to likelihood that selected asset allocation will fund projected plan liabilities and meet risk tolerance criteria company.\n company periodically updates long-term strategic asset allocations for plans through asset liability studies uses analytics to determine optimal asset allocation.\n considerations include plan liability characteristics , liquidity needs  funding requirements  expected rates of return distribution of returns.\n in 2012 , company implemented de-risking strategy for american water pension plan after conducting asset-liability study to reduce volatility of funded status of plan.\n of de-risking strategy  company revised asset allocations to increase matching characteristics of fixed- income assets relative to liabilities.\n fixed income portion of portfolio designed to match bond-\n\n| level 3\n--------------------------------------- | ----------\nbalance as of january 1 2018            | $ 278\nactual return on assets                 | -23 ( 23 )\npurchases issuances and settlements net | -25 ( 25 )\nbalance as of december 31 2018          | $ 230"
}
{
    "_id": "dd4ba28b6",
    "title": "",
    "text": "liquidity capital resources past three years had sufficient financial resources to meet operating requirements fund capital spending share repurchases pension plans pay increasing dividends to shareholders.\n cash from operating activities was $ 1436 million , $ 1310 million  $ 1345 million in 2011 , 2010  2009  respectively.\n higher earnings increased cash from operations in 2011 compared 2010 increase reduced by cash used fund increase in working capital of $ 212 million driven by sales growth in 2011.\n cash provided by working capital greater in 2009 than 2010 decline offset by cash from higher 2010 earnings.\n operating working capital subset of total working capital represents 1 ) trade receivables-net allowance for doubtful accounts plus 2 ) inventories first-in, first-out ( 201cfifo 201d ) basis less 3 ) trade creditors 2019 liabilities.\n see note 3, 201cworking capital detail 201d under item 8 form 10-k for further information components company operating working capital.\n operating working capital represents key components of working capital under operating control businesses.\n operating working capital at december 31 , 2011 2010 was $ 2. 7 billion and $ 2. 6 billion  respectively.\n key metric to measure working capital management is operating working capital as percentage of sales ( fourth quarter sales annualized ).\n ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( ) of sales 19. 5% ( 19. 5 % ) 19. 2% ( 19. 2 % ) change in operating working capital elements excluding impact currency acquisitions was increase of $ 195 million year ended december 31 , 2011.\n increase net result of increase in receivables from customers associated with 2011 increase in sales increase in fifo inventory slightly offset by increase in trade creditors 2019 liabilities.\ntrade receivables from customers net percentage of fourth quarter sales annualized for 2011 was 17. 9 percent  down slightly from 18. 1 percent for 2010.\n days sales outstanding was 66 days in 2011 level with 2010.\n inventories on fifo basis percentage of fourth quarter sales annualized for 2011 was 13. 1 percent level with 2010.\n inventory turnover was 5. 0 times in 2011 4. 6 times in 2010.\n total capital spending  including acquisitions was $ 446 million $ 341 million $ 265 million in 2011  2010 2009 .\n spending related to modernization productivity improvements expansion of existing businesses environmental control projects was $ 390 million , $ 307 million $ 239 million in 2011 2010 2009 expected to in range of $ 450-$ 550 million during 2012.\n capital spending  excluding acquisitions percentage of sales was 2. 6% ( 2. 6 % ) , 2. 3% ( 2. 3 % ) and 2. 0% ( 2. 0 % ) in 2011  2010 2009.\n capital spending related to business acquisitions to $ 56 million  $ 34 million  $ 26 million in 2011 2010 2009.\n continue to evaluate acquisition opportunities expect to use cash in 2012 to fund small to mid-sized acquisitions balanced deployment cash support growth in earnings.\n in january 2012 company closed acquisitions of colpisa  colombian producer of automotive oem refinish coatings and dyrup  european architectural coatings company.\n cost of acquisitions including assumed debt was $ 193 million.\n dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011  2010 2009 .\nppg paid uninterrupted annual dividends since 1899 2011 marked 40th consecutive year of increased annual dividend payments to shareholders.\n mandatory contribution to u. s.\n defined benefit pension plans in 2011 ; made voluntary contributions to plans in 2011 totaling $ 50 million.\n in 2010 and 2009  made voluntary contributions to u. s.\n defined benefit pension plans of $ 250 and $ 360 million ( $ 100 million made in ppg stock ).\n expect to voluntary contributions to u. s.\n defined benefit pension plans in 2012 of up to $ 60 million.\n contributions made to non-u. s.\n defined benefit pension plans of $ 71 million, $ 87 million and $ 90 million ( approximately $ 20 million made in ppg stock ) for 2011 , 2010 2009  some required by local funding requirements.\n expect to make mandatory contributions to non-u. s.\n plans in 2012 of approximately $ 90 million.\n company 2019s share repurchase activity in 2011 , 2010 2009 was 10. 2 million shares at cost of $ 858 million , 8. 1 million shares cost $ 586 million and 1. 5 million shares cost $ 59 million.\n expect to make share repurchases in 2012 as part of cash deployment focused on earnings growth.\n amount spending depend on level acquisition spending and other uses of cash expect to spend $ 250 million to $ 500 million on share repurchases in 2012.\n can repurchase about 9 million shares under current authorization from board of directors.\n 26 2011 ppg annual report and form 10-k.\n liquidity capital resources during past three years sufficient financial resources to meet operating requirements fund capital spending , share repurchases and pension plans pay increasing dividends to shareholders.\ncash from operating activities was $ 1436 million , $ 1310 million  $ 1345 million in 2011  2010 2009 .\n higher earnings increased cash from operations in 2011 compared to 2010 increase reduced by cash increase in working capital of $ 212 million driven by sales growth in 2011.\n cash provided by working capital greater in 2009 than 2010 decline offset by cash from higher 2010 earnings.\n operating working capital is subset of total working capital represents 1 ) trade receivables-net of allowance for doubtful accounts plus 2 ) inventories on first-in, first-out ( 201cfifo 201d ) basis less 3 ) trade creditors 2019 liabilities.\n see note 3 , 201cworking capital detail 201d under item 8 of form 10-k for further information components company operating working capital.\n operating working capital represents key components of working capital under operating control businesses.\n operating working capital at december 31 , 2011 and 2010 was $ 2. 7 billion and $ 2. 6 billion .\n key metric to measure working capital management is operating working capital as percentage of sales ( fourth quarter sales annualized ).\n millions 2011 2010 operating working capital $ 2739 $ 2595 as % ) of sales 19. 5%. 5 %. 2% (. 2 % ) change in operating working capital elements excluding impact of currency and acquisitions was increase of $ 195 million during year ended december 31 , 2011.\n increase net result of increase in receivables from customers associated with 2011 increase in sales increase in fifo inventory offset by increase in trade creditors 2019 liabilities.\n trade receivables from customers net as percentage of fourth quarter sales  annualized for 2011 was 17. 9 percent  down slightly from 18. 1 percent for 2010.\n days sales outstanding was 66 days in 2011 level with 2010.\ninventories on fifo basis as percentage of fourth quarter sales  annualized for 2011 was 13. 1 percent level with 2010.\n inventory turnover was 5. 0 times in 2011 4. 6 times in 2010.\n total capital spending  including acquisitions  was $ 446 million , $ 341 million $ 265 million in 2011 , 2010 2009 .\n spending related to modernization productivity improvements  expansion of existing businesses environmental control projects was $ 390 million, $ 307 million $ 239 million in 2011 2010 2009  expected to range of $ 450-$ 550 million during 2012.\n capital spending  excluding acquisitions percentage of sales was 2. 6% ( 2. 6 % ) , 2. 3% ( 2. 3 % ) 2. 0% ( 2. 0 % ) in 2011 , 2010 2009 .\n capital spending related to business acquisitions to $ 56 million , $ 34 million  $ 26 million in 2011  2010 2009.\n continue to evaluate acquisition opportunities expect to use cash in 2012 to fund small to mid-sized acquisitions balanced deployment cash to support growth in earnings.\n in january 2012 company closed acquisitions of colpisa , colombian producer of automotive oem refinish coatings and dyrup , european architectural coatings company.\n cost of acquisitions including assumed debt was $ 193 million.\n dividends paid to shareholders totaled $ 355 million , $ 360 million $ 353 million in 2011 , 2010 2009 .\n ppg paid uninterrupted annual dividends since 1899 2011 marked 40th consecutive year of increased annual dividend payments to shareholders.\n mandatory contribution to.\n defined benefit pension plans in 2011 ; made voluntary contributions to these plans in 2011 totaling $ 50 million.\n2010 and 2009  made voluntary contributions to u. s.\n defined benefit pension plans of $ 250 and $ 360 million ( $ 100 million made in ppg stock ) respectively.\n expect to make voluntary contributions to u. s.\n defined benefit pension plans in 2012 up to $ 60 million.\n contributions made to non-u. s.\n defined benefit pension plans of $ 71 million , $ 87 million $ 90 million ( approximately $ 20 million made in ppg stock ) for 2011 , 2010 2009  some required by local funding requirements.\n expect make mandatory contributions to non-u. s.\n plans in 2012 of approximately $ 90 million.\n company 2019s share repurchase activity in 2011, 2010 2009 was 10. 2 million shares cost of $ 858 million , 8. 1 million shares cost $ 586 million 1. 5 million shares cost $ 59 million.\n expect to make share repurchases in 2012 part of cash deployment focused on earnings growth.\n amount spending depend on level acquisition spending and other uses of cash expect to spend range $ 250 million to $ 500 million on share repurchases in 2012.\n can repurchase about 9 million shares under current authorization from board of directors.\n 26 2011 ppg annual report and form 10-k\n\n( millions )                                   | 2011             | 2010   |\n---------------------------------------------- | ---------------- | ------ | --------\noperating working capital                      | $ 2739           | $ 2595 |\noperating working capital as % (  % ) of sales | 19.5% ( 19.5 % ) | 19.2   | % (  % )"
}
{
    "_id": "dd4c538a0",
    "title": "",
    "text": "contracts valued as of april 1 , 2002 asset corresponding gain of $ 127 million  net of income taxes recorded as cumulative effect of change in accounting principle in second quarter of 2002.\n majority of gain relates to warrior run contract asset value of deepwater contract on april 1 , 2002 less than $ 1 million.\n warrior run contract qualifies designated as cash flow hedge defined by sfas no.\n 133 hedge accounting applied for contract subsequent to april 1 , 2002.\n contract valuations performed using current forward electricity and gas price quotes current market data for other contract variables.\n forward curves to value contracts include certain assumptions including projections of future electricity gas prices future prices not quoted.\n fluctuations in market prices impact on assumptions cause value of contracts to change.\n fluctuations increase volatility of company reported results of operations.\n 11.\n commitments  contingencies risks operating leases 2014as of december 31 , 2002 company obligated under long-term non-cancelable operating leases primarily for office rental and site leases.\n rental expense for operating leases  excluding amounts related to sale/leaseback was $ 31 million $ 32 million and $ 13 million in years ended december 31, 2002 , 2001and 2000  including commitments of businesses classified as discontinued amounting to $ 6 million in 2002 , $ 16 million in 2001 and $ 6 million in 2000.\n future minimum lease commitments under these leases are as follows ( in millions ) : discontinued total operations.\n sale/leaseback 2014in may 1999  subsidiary of company acquired six electric generating stations from new york state electric and gas 2018 2019 2019.\nsubsidiary sold two plants to unrelated third party for $ 666 million simultaneously entered leasing arrangement with unrelated party.\n transaction accounted for as sale/leaseback with operating lease treatment.\n rental expense was $ 54 million , $ 58 million and $ 54 million in 2002 , 2001 and 2000 , respectively.\n future minimum lease commitments are as follows ( in millions ) : connection with lease of two power plants , subsidiary required to maintain rent reserve account equal to maximum semi-annual payment with sum basic rent ( other deferrable basic rent ) and fixed charges expected to due in succeeding three-year period.\n at december 31 , 2002 , 2001 2000 , amount deposited in rent reserve account approximated\n\n| total | discontinued operations\n---------- | ----- | -----------------------\n2003       | $ 30  | $ 4\n2004       | 20    | 4\n2005       | 15    | 3\n2006       | 11    | 1\n2007       | 9     | 1\nthereafter | 84    | 1\ntotal      | $ 169 | $ 14"
}
{
    "_id": "dd497c06e",
    "title": "",
    "text": "with apb no.\n 25.\n instead, companies required to account for transactions using fair-value method recognize related expense associated with share-based payments in statement of operations.\n sfas 123r effective for us as of january 1 , 2006.\n historically accounted for share-based payments to employees under apb no.\n 25 2019s intrinsic value method.\n generally not recognized compensation expense for options granted to employees.\n will adopt provisions of sfas 123r under modified prospective method , compensation cost for all share-based payments granted or modified after effective date recognized based upon requirements of sfas 123r, compensation cost for all awards granted to employees prior to effective date unvested as of effective date of sfas 123r recognized based on sfas 123.\n tax benefits recognized related to cost for share-based payments to extent equity instrument result in future tax deduction under existing law.\n tax expense recognized to write off excess deferred tax assets when tax deduction upon settlement of vested option less than expense recorded in statement of operations ( to extent not offset by prior tax credits for settlements where tax deduction greater than fair value cost ).\n estimate recognize equity-based compensation expense of approximately $ 35 million to $ 38 million for year ending december 31 , 2006.\n amount subject to revisions as finalize certain assumptions related to 2006 , including size and nature of awards and forfeiture rates.\n sfas 123r requires benefits of tax deductions in excess of recognized compensation cost reported as financing cash flow rather than as operating cash flow previously required.\n cannot estimate future tax benefits amounts depend on future employee stock option exercises.\n due to tax loss position  no operating cash inflow realized for december 31 , 2005 and 2004 for such excess tax deductions.\nmarch 2005 , sec issued staff accounting bulletin ( sab ) no.\n 107 regarding staff 2019s interpretation of sfas 123r.\n interpretation provides staff 2019s views regarding interactions between sfas 123r certain sec rules regulations provides interpretations of valuation of share-based payments for public companies.\n interpretive guidance intended to assist companies applying provisions of sfas 123r investors users of financial statements analyzing information provided.\n follow guidance in sab no.\n 107 connection with adoption of sfas 123r.\n information presented indentures of 7. 50% ( 7. 50 % ) notes, 7. 125% ( 7. 125 % ) notes ati 7. 25% ( 7. 25 % ) following table sets forth information address certain tower cash flow reporting requirements in indentures for 7. 50% ( 7. 50 % ) notes , 7. 125% ( 7. 125 % ) notes ati 7. 25% ( 7. 25 % ) notes.\n information in note 19 to consolidated financial statements presented address certain reporting requirements in indenture for ati 7. 25% ( 7. 25 % ) notes.\n following table presents tower cash flow , adjusted consolidated cash flow non-tower cash flow for company restricted subsidiaries as defined in indentures for applicable notes ( in thousands ) :.\n\ntower cash flow for the three months ended december 31 2005                   | $ 139590\n----------------------------------------------------------------------------- | ------------------\nconsolidated cash flow for the twelve months ended december 31 2005           | $ 498266\nless : tower cash flow for the twelve months ended december 31 2005           | -524804 ( 524804 )\nplus : four times tower cash flow for the three months ended december 31 2005 | 558360\nadjusted consolidated cash flow for the twelve months ended december 31 2005  | $ 531822\nnon-tower cash flow for the twelve months ended december 31 2005              | $ -30584 ( 30584 )"
}
{
    "_id": "dd4b89dc0",
    "title": "",
    "text": "31mar201122064257 positions required to be capitalized.\n no positions anticipate could change materially within next twelve months.\n liquidity and capital resources.\n ( ) not include restricted cash balances cash flow from operating activities : cash operating activities net income adjusted for certain non-cash items changes in assets and liabilities.\n for fiscal year 2010 generated $ 223. 0 million cash flow from operations increase of $ 4. 2 million compared to $ 218. 8 million fiscal year 2009.\n fiscal year 2010 net income increased by $ 42. 3 million to $ 137. 3 million compared to fiscal year 2009.\n despite increase in net income net cash operating activities remained consistent.\n primarily due to 2022 fiscal year 2010 net income included deferred tax expense of $ 38. 5 million compared to $ 24. 9 million deferred tax benefit in 2009 net income due to release tax valuation allowance in fiscal year 2009.\n fiscal year 2010 company invested in working capital higher business activity.\n compared to fiscal year 2009 accounts receivable , inventory accounts payable increased by $ 60. 9 million , $ 38. 8 million and $ 42. 9 million  respectively.\n cash flow from investing activities primarily of capital expenditures and acquisitions.\n net cash outflows of $ 95. 3 million in fiscal year 2010 compared to $ 49. 5 million in fiscal year 2009.\n increase primarily due to increase of $ 49. 8 million in capital expenditures.\n anticipate capital spending to be consistent in fiscal year 2011 maintain projected growth rate.\n cash flow from financing activities : primarily of cash transactions related to debt and equity.\n fiscal year 2010 net cash outflows of $ 38. 6 million  compared to $ 30. 2 million in fiscal year 2009.\n year significant transactions : 2022 retired $ 53.0 million aggregate principal amount carrying value $ 51. 1 million ) 2007 convertible notes $ 80. 7 million  included $ 29. 6 million premium paid equity component instrument.\n 2022 received net proceeds from employee stock option exercises $ 40. 5 million fiscal year 2010 compared $ 38. 7 million fiscal year 2009.\n skyworks / 2010 annual report 103\n\n( dollars in thousands )                         | fiscal years ended october 1 2010 | fiscal years ended october 2 2009 | fiscal years ended october 3 2008\n------------------------------------------------ | --------------------------------- | --------------------------------- | ---------------------------------\ncash and cash equivalents at beginning of period | $ 364221                          | $ 225104                          | $ 241577\nnet cash provided by operating activities        | 222962                            | 218805                            | 182673\nnet cash used in investing activities            | -95329 ( 95329 )                  | -49528 ( 49528 )                  | -94959 ( 94959 )\nnet cash used in financing activities            | -38597 ( 38597 )                  | -30160 ( 30160 )                  | -104187 ( 104187 )\ncash and cash equivalents at end of period ( 1 ) | $ 453257                          | $ 364221                          | $ 225104"
}
{
    "_id": "dd4c17f9e",
    "title": "",
    "text": "58 2016 annual report note 12.\n business acquisition bayside business solutions , inc.\n effective july 1 , 2015  company acquired equity interests of bayside business solutions  alabama-based company provides technology solutions payment processing services for financial services industry for $ 10000 paid in cash.\n acquisition funded using existing operating cash.\n acquisition bayside business solutions expanded company presence in commercial lending industry.\n management completed purchase price allocation of bayside business solutions assessment of fair value of acquired assets and liabilities assumed.\n recognized amounts of identifiable assets acquired liabilities assumed based fair values as of july 1, 2015 set below.\n goodwill of $ 6099 from acquisition consists of growth potential synergies economies of scale expected from combining operations company with bayside business solutions value of bayside business solutions 2019 assembled workforce.\n goodwill from acquisition allocated to banking systems and services segment.\n goodwill not expected to be deductible for income tax purposes.\n identifiable intangible assets from acquisition consist of customer relationships of $ 3402 , $ 659 of computer software other intangible assets of $ 944.\n weighted average amortization period for acquired customer relationships  acquired computer software other intangible assets is 15 years , 5 years 20 years .\n current assets inclusive of cash acquired of $ 1725.\n fair value of current assets acquired included accounts receivable of $ 178.\n gross amount of receivables was $ 178  none expected to be uncollectible.\n during fiscal year 2016  company incurred $ 55 in costs related to acquisition of bayside business solutions.\n costs included fees for legal , valuation other fees.\n costs included within general and administrative expenses.\nresults of bayside business solutions 2019 operations in company 2019s consolidated statement of income for twelve months ended june 30 , 2016 included revenue $ 4273 after-tax net income $ 303.\n accompanying consolidated statements of income for fiscal year ended june 30 , 2016 include revenues expenses related to this acquisition prior to acquisition date.\n impact of acquisition considered immaterial to current and prior periods consolidated financial statements pro forma financial information not provided.\n banno , llc effective march 1 , 2014  company acquired equity interests of banno , iowa-based company provides web transaction marketing services focus on mobile medium , for $ 27910 paid in cash.\n acquisition funded using existing operating cash.\n acquisition of banno expanded company 2019s presence in online mobile technologies industry.\n during fiscal year 2014  company incurred $ 30 in costs related to acquisition banno.\n costs included fees for legal , valuation other fees.\n costs included within general administrative expenses.\n results of banno's operations in company's consolidated statements of income for year ended june 30, 2016 included revenue $ 6393 after-tax net loss of $ 1289.\n for year ended june 30 , 2015  consolidated statements of income included revenue $ 4175 after-tax net loss $ 1784 attributable to banno.\n results of banno 2019s operations in company 2019s consolidated statement of operations from acquisition date to june 30 , 2014 included revenue $ 848 after-tax net loss of $ 1121.\n accompanying consolidated statements of income for twelve month period ended june 30 , 2016 not include revenues expenses related to this acquisition prior to acquisition date.\n impact of acquisition considered immaterial to current and prior periods consolidated financial statements and pro forma financial information not provided.\n\ncurrent assets                 | $ 1922\n------------------------------ | --------------\nlong-term assets               | 253\nidentifiable intangible assets | 5005\ntotal liabilities assumed      | -3279 ( 3279 )\ntotal identifiable net assets  | 3901\ngoodwill                       | 6099\nnet assets acquired            | $ 10000"
}
{
    "_id": "dd4bcbcf2",
    "title": "",
    "text": "item 6.\n selected financial data table represents selected financial data.\n table read conjunction with item 7 and 8 report.\n table reflects immaterial error corrections in note 2 : summary of significant accounting policies in item 8.\n basic earnings ( loss ) per share ( 3 ) $ 2. 96 $ ( 2. 05 ) $ 2. 68 $ 2. 44 $ ( 49. 14 ) diluted earnings ( loss ) per share ( 3 ) $ 2. 91 $ ( 2. 05 ) $ 2. 68 $ 2. 44 $ ( 49. 14 ) long-term debt include amounts payable to former parent before december 31, 2010 amounts due upon demand included in current liabilities.\n free cash flow non-gaap financial measure represents cash from operating activities less capital expenditures.\n see liquidity and capital resources in item 7 for more information.\n 3 ) march 30 , 2011  record date of stock distribution with spin-off from northrop grumman approximately 48. 8 million shares of $ 0. 01 par value common stock distributed to northrop grumman stockholders.\n share amount utilized for calculation of basic and diluted earnings ( loss ) per share for three months ended march 31 , 2011  prior periods no common stock company existed prior to march 30, 2011  impact of dilutive securities in three month period ended march 31 , 2011 not meaningful.\n\n( $ in millions except per share amounts ) | year ended december 31 2012 | year ended december 31 2011 | year ended december 31 2010 | year ended december 31 2009 | year ended december 31 2008\n------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | ---------------------------\nsales and service revenues                 | $ 6708                      | $ 6575                      | $ 6723                      | $ 6292                      | $ 6189\ngoodwill impairment                        | 2014                        | 290                         | 2014                        | 2014                        | 2465\noperating income ( loss )                  | 358                         | 100                         | 241                         | 203                         | -2332 ( 2332 )\nnet earnings ( loss )                      | 146                         | -100 ( 100 )                | 131                         | 119                         | -2397 ( 2397 )\ntotal assets                               | 6392                        | 6069                        | 5270                        | 5097                        | 4821\nlong-term debt ( 1 )                       | 1779                        | 1830                        | 105                         | 283                         | 283\ntotal long-term obligations                | 4341                        | 3838                        | 1637                        | 1708                        | 1823\nfree cash flow ( 2 )                       | 170                         | 331                         | 168                         | -269 ( 269 )                | 121\ndividends declared per share               | $ 0.10                      | $ 2014                      | $ 2014                      | $ 2014                      | $ 2014\nbasic earnings ( loss ) per share ( 3 )    | $ 2.96                      | $ -2.05 ( 2.05 )            | $ 2.68                      | $ 2.44                      | $ -49.14 ( 49.14 )\ndiluted earnings ( loss ) per share ( 3 )  | $ 2.91                      | $ -2.05 ( 2.05 )            | $ 2.68                      | $ 2.44                      | $ -49.14 ( 49.14 )"
}
{
    "_id": "dd4c5f894",
    "title": "",
    "text": "item 2.\n properties summary of significant locations at december 31 , 2007 shown in following table.\n all facilities leased  except for 166000 square feet of our office in alpharetta , georgia.\n square footage amounts are net of space sublet or part of facility restructuring.\n all facilities used by retail and institutional segments.\n in addition to significant facilities above we also lease all 27 e*trade financial branches  ranging space from 2500 to 13000 square feet.\n all other leased facilities with space less than 25000 square feet not listed by location.\n believe facilities space adequate to meet needs in 2008.\n item 3.\n legal proceedings in june 2002  company acquired from marketxt holdings , inc.\n formerly known as 201ctradescape corporation 201d ) entities : tradescape securities, llc ; tradescape technologies , llc ; and momentum securities , llc.\n disputes arose between parties regarding responsibility for liabilities known company after sale.\n on april 8 , 2004  marketxt filed complaint in united states district court for southern district of new york against company , officers and directors other third parties including softbank investment corporation ( 201csbi 201d ) and softbank corporation  alleging defendants preventing plaintiffs from obtaining contingent payments due claiming damages of $ 1. 5 billion.\n on april 9 , 2004  company filed complaint in united states district court for southern district of new york against directors and officers of marketxt seeking declaratory relief and unspecified monetary damages for defendants 2019 fraud in connection with 2002 sale  including presented company with fraudulent financial statements regarding condition of momentum securities , llc during due diligence process.\nmarketxt placed into bankruptcy company filed adversary proceeding against marketxt others in january 2005  seeking declaratory relief  compensatory punitive damages in chapter 11 bankruptcy proceedings in united states bankruptcy court for southern district of new york entitled , 201cin re marketxt holdings corp. , debtor. 201d same court company filed separate adversary proceeding against omar amanat in chapter 7 bankruptcy proceedings entitled , 201cin re amanat , omar shariff. 201d in october 2005  marketxt answered company 2019s adversary proceeding asserted its counterclaims amending claims in 2006 to add $ 326. 0 million claim for 201cpromissory estoppel 201d market xt alleged company breached prior promise to purchase acquired entities in 1999-2000.\n in april 2006  omar amanat answered company 2019s separate adversary proceeding against him asserted his counterclaims.\n in separate motions before bankruptcy court company moved to dismiss certain counterclaims brought by marketxt including described above  certain counterclaims brought by mr.\n amanat.\n in ruling dated september 29 , 2006  bankruptcy court in marketxt case granted company 2019s motion to dismiss four of six bases marketxt asserts fraud claims against company ; conversion claim ; demand for punitive damages.\n in same ruling  bankruptcy court denied entirety marketxt 2019s competing motion to dismiss company 2019s claims.\n on october 26 , 2006  bankruptcy court dismissed marketxt 2019s 201cpromissory estoppel 201d claim.\n by order dated december 18 , 2007 , united states bankruptcy\n\nlocation                 | approximate square footage\n------------------------ | --------------------------\nalpharetta georgia       | 219000\narlington virginia       | 196000\njersey city new jersey   | 107000\ncharlotte north carolina | 83000\nmenlo park california    | 79000\nsandy utah               | 77000\ntoronto canada           | 75000\nnew york new york        | 60000\nchicago illinois         | 29000"
}
{
    "_id": "dd4c2f16c",
    "title": "",
    "text": "table 20 : pro forma transitional basel iii tier 1 common capital ratio dollars in millions december 31.\n estimated basel iii transitional tier 1 common capital ( with 2014 phase-ins ) $ 28886 basel i risk-weighted assets calculated applicable for 2014 272321 pro forma basel iii transitional tier 1 common capital ratio ( with 2014 phase-ins ) 10. 6% ( 10. 6 % ) ( a ) represents net adjustments related to accumulated comprehensive income for available for sale securities pension postretirement benefit plans.\n pnc utilizes fully implemented transitional basel iii capital ratios to assess capital position comparison to similar estimates other financial institutions.\n basel iii capital estimates likely impacted by additional regulatory guidance  continued analysis by pnc application of rules to pnc  case of ratios calculated using advanced approaches  ongoing evolution  validation regulatory approval of pnc 2019s models integral to calculation advanced approaches risk-weighted assets.\n access to cost of funding for new business initiatives ability to undertake new business initiatives acquisitions  ability engage in expanded business activities ability to pay dividends repurchase shares other capital instruments level deposit insurance costs level nature regulatory oversight depend on financial institution 2019s capital strength.\n additional information regarding enhanced capital requirements potential impacts on pnc in item 1 business 2013 supervision and regulation , item 1a risk factors note 22 regulatory matters in notes to consolidated financial statements in item 8 of report.\n off-balance sheet arrangements variable interest entities engage in variety of activities involve unconsolidated entities not reflected in consolidated balance sheet generally referred to as 201coff-balance sheet arrangements.201d additional information on these activities included in sections of report : 2022 commitments , including contractual obligations and other commitments , included within risk management section of item 7 , 2022 note 3 loan sale and servicing activities and variable interest entities in notes to consolidated financial statements in item 8 report , 2022 note 14 capital securities of subsidiary trusts and perpetual trust securities in notes to consolidated financial statements in item 8 report  and 2022 note 24 commitments and guarantees in notes to consolidated financial statements in item 8 report.\n pnc consolidates variable interest entities ( vies ) when we deemed to be primary beneficiary.\n primary beneficiary of vie determined party meets criteria : i ) has power to make decisions affect economic performance of vie ; obligation to absorb losses or right to receive benefits potentially be significant to vie.\n summary of vies , including those consolidated and those hold variable interests but not consolidated into financial statements , as of december 31 , 2013 and december 31 , 2012 included in note 3 in notes to consolidated financial statements included in item 8 of report.\n trust preferred securities and reit preferred securities subject to certain restrictions , including restrictions on dividend payments , in connection with $ 206 million in principal amount of outstanding junior subordinated debenture associated with $ 200 million of trust preferred securities ( both amounts as of december 31 , 2013 ) issued by pnc capital trust c , a subsidiary statutory trust.\ngenerally , if i ) event of default under debenture , ii ) pnc to defer interest on debenture iii ) pnc defer payments on related trust preferred security issued by statutory trust  or iv ) default under pnc 2019s guarantee of payment obligations , as specified in applicable governing documents, pnc subject during period default or deferral to restrictions on dividends and other provisions protecting status of debenture holders similar to or more restrictive than under exchange agreement with pnc preferred funding trust ii.\n see note 14 capital securities of subsidiary trusts and perpetual trust securities in notes to consolidated financial statements in item 8 of report for additional information on contractual limitations on dividend payments from securities issued by pnc preferred funding trust i and pnc trust ii.\n see liquidity risk management portion of risk management section of item 7 for additional information regarding first quarter 2013 redemption of reit preferred securities issued by pnc preferred funding trust iii and additional discussion of redemptions of trust preferred securities.\n 48 pnc financial services group , inc.\n 2013 form 10-k\n\ndollars in millions                                                                 | december 31 2013\n----------------------------------------------------------------------------------- | ----------------\nbasel i tier 1 common capital                                                       | $ 28484\nless phased-in regulatory capital adjustments:                                      |\nbasel iii quantitative limits                                                       | -228 ( 228 )\naccumulated other comprehensive income ( a )                                        | 39\nother intangibles                                                                   | 381\nall other adjustments                                                               | 210\nestimated basel iii transitional tier 1 common capital ( with 2014 phase-ins )      | $ 28886\nbasel i risk-weighted assets calculated as applicable for 2014                      | 272321\npro forma basel iii transitional tier 1 common capital ratio ( with 2014phase-ins ) | 10.6% ( 10.6 % )"
}
{
    "_id": "dd496d44c",
    "title": "",
    "text": "risk and insurance brokerage services.\n during 2009 continued see soft market , began in 2007 , in our retail brokerage product line.\n in 2007  experienced soft market in many business lines many geographic areas.\n in 2018 2018soft market , 2019 2019 premium rates flatten or decrease  with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity.\n changes in premiums direct potentially material impact on insurance brokerage industry , commission revenues based on percentage of premiums paid by insureds.\n prices fell throughout 2007  greatest declines seen in large and middle-market accounts.\n prices continued to decline during 2008, rate decline slowed end of year.\n in reinsurance brokerage product line  pricing overall during 2009 was also down , portion of year was flat to up slightly.\n beginning in late 2008 continuing throughout 2009 faced difficult conditions result of unprecedented disruptions in global economy , repricing of credit risk deterioration of financial markets.\n continued volatility further deterioration in credit markets reduced customers 2019 demand for retail brokerage and reinsurance brokerage products  negatively hurt operational results.\n overall capacity in industry could decrease if significant insurer fails or withdraws from writing insurance coverages clients.\n failure could reduce revenues and profitability  no longer have access to certain lines and types of insurance.\n risk and insurance brokerage services generated approximately 83% ( 83 % ) of consolidated total revenues in 2009.\n revenues generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies  investment income on funds held on behalf of clients.\nrevenues vary from quarter to quarter result of timing of clients 2019 policy renewals net effect of new and lost business  timing of services provided to clients income on investments  influenced by short-term interest rates.\n we operate in competitive industry compete with many retail insurance brokerage and agency firms with individual brokers , agents  direct writers of insurance coverage.\n address specialized product development and risk management needs of commercial enterprises , professional groups  insurance companies  governments  healthcare providers  non-profit groups  ; provide affinity products for professional liability , life , disability income  personal lines for individuals  associations  businesses ; provide reinsurance services to insurance and reinsurance companies other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services  including mergers and acquisitions financial advisory services  capital raising  contingent capital financing  insurance-linked securitizations derivative applications ; provide managing underwriting to independent agents and brokers corporate clients ; provide actuarial , loss prevention  administrative services to businesses consumers manage captive insurance companies.\n in november 2008 expanded product offerings through merger with benfield , leading independent reinsurance intermediary.\n benfield products integrated with our existing reinsurance products in 2009.\n in february 2009  completed sale of u. s.\n operations of cananwill , our premium finance business.\n in june and july of 2009  entered into agreements with third parties with to our\n\nyears ended december 31,        | 2009             | 2008             | 2007\n------------------------------- | ---------------- | ---------------- | ----------------\nsegment revenue                 | $ 6305           | $ 6197           | $ 5918\nsegment operating income        | 900              | 846              | 954\nsegment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % )"
}
{
    "_id": "dd4bfa78c",
    "title": "",
    "text": "112 / sl green realty corp.\n 2017 annual report 20.\n commitments contingencies legal proceedings as of december a031 , 2017 , company and operating partnership not involved in material litigation nor to management 2019s knowledge any material litigation threat- ened against us or our portfolio if adversely determined could have material adverse impact on us.\n environmental matters management believes properties in compliance with federal , state local ordinances regulations regarding environmental issues.\n management not aware of environmental liability materially adverse impact on our financial position , results of operations or cash flows.\n management unaware of instances incur significant envi- ronmental cost if properties were sold.\n employment agreements entered into employment agreements with certain exec- utives  expire between december a02018 and february a02020.\n minimum cash-based compensation , including base sal- ary guaranteed bonus payments  associated with employment agreements total $ 5. 4 a0million for 2018.\n employment agreements provide for deferred compen- sation awards based on stock price valued at $ 1. 6 a0million on grant date.\n value of awards may change based on fluctuations in stock price.\n insurance maintain 201call-risk 201d property and rental value coverage ( includ- ing coverage perils of flood , earthquake terrorism  excluding nuclear , biological, chemical  radiological terrorism ( 201cnbcr 201d ) )  within three property insurance programs and liability insurance.\n separate property and liability coverage may be purchased stand-alone basis for certain assets  development of one vanderbilt.\nour captive insurance company , belmont insurance company  belmont pro- vides coverage for nbcr terrorist acts above a specified trigger if belmont required to pay a claim under our policies we would record loss to extent of belmont 2019s required payment.\n no assurance in future we will to procure coverage at reasonable cost.\n if we experience losses uninsured or exceed policy limits we could lose capital invested in damaged properties anticipated future cash flows from plan trustees adopted a rehabilitation plan consistent with requirement.\n no surcharges paid to pension plan as of december a031 , 2017.\n for pension plan years ended june a030 , 2017 , 2016  and 2015  plan received contributions from employers totaling $ 257. 8 a0million , $ 249. 5 a0million , and $ 221. 9 a0million.\n our contributions to pension plan represent less than 5. 0% ( 5. 0 % ) of total contributions to plan.\n health plan established under collective bargaining agreements between union , realty advisory board on labor relations , inc.\n and other employees.\n health plan provides health and other benefits to eligible participants employed in building service industry covered under collective bargaining agreements or agreements with union.\n health plan administered by board of trustees with equal representation by employ- ers and union operates under employer identification number a013-2928869.\n health plan receives contributions in accordance with collective bargaining agreements or participa- tion agreements.\n these agreements provide employers contribute to health plan at fixed rate on behalf of each covered employee.\n for health plan years ended  june a030 , 2017 , 2016  and 2015  plan received contributions from employers totaling $ 1. 3 a0billion , $ 1.2 a0billion and $ 1. 1 a0billion  respectively.\n contributions to health plan represent less than 5. 0% ( 5. 0 % ) of total contributions to plan.\n contributions to multi-employer plans for years ended december a031 , 2017 , 2016 2015 included in table below ( in thousands ) :.\n 401 ( k ) plan in august a01997  implemented 401 ( k ) a0savings/retirement plan to cover eligible employees designated affiliate.\n 401 ( k ) a0plan permits employees to defer up to 15% ( 15 % ) of annual compensation subject to limitations by code.\n employees 2019 elective deferrals immediately vested non-forfeitable upon contribution to 401 ( k ) a0plan.\n during a02003  amended 401 ( k ) a0plan to pro for discretionary matching contributions only.\n for 2017 , 2016 2015  matching contribution equal to 50% ( 50 % ) of first 6% ( 6 % ) of annual compensation made.\n year ended december a031 , 2017  made matching contribution of $ 728782.\n for years ended december a031 , 2016 2015  made matching contribu- tions of $ 566000 and $ 550000  respectively.\n\nbenefit plan             | 2017    | 2016    | 2015\n------------------------ | ------- | ------- | -------\npension plan             | $ 3856  | $ 3979  | $ 2732\nhealth plan              | 11426   | 11530   | 8736\nother plans              | 1463    | 1583    | 5716\ntotal plan contributions | $ 16745 | $ 17092 | $ 17184"
}
{
    "_id": "dd4bfde14",
    "title": "",
    "text": "transfer agent and registrar for common stock for is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable.\n repurchase of equity securities table provides information regarding our purchases of equity securities during period from october 1 , 2014 to december 31 , 2014.\n total number of shares units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number approximate dollar value ) of shares units ) be purchased under plans or programs 3.\n 1 included shares of common stock , par value $ 0. 10 per share , withheld under grants employee stock-based compensation plans to offset tax withholding obligations upon vesting release of restricted shares ( 201cwithheld shares 201d ).\n repurchased 5413 withheld shares in october 2014  4266 shares in november 2014 105 withheld shares in december 2014.\n 2 average price per share for each months fiscal quarter three-month period calculated by dividing sum of applicable period aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under stock repurchase program  described in note 5 to consolidated financial statements , by sum of number of withheld shares and number of shares acquired in stock repurchase program.\n 3 in february 2014  board authorized new share repurchase program to repurchase up to $ 300. 0 million , excluding fees  of our common stock ( 201c2014 share repurchase program 201d ).\n on february 13 , 2015  announced board approved new share repurchase program to repurchase up to $ 300.0 million  excluding fees of common stock.\n new authorization in addition to amounts remaining available for repurchase under 2014 share repurchase program.\n no expiration date associated with share repurchase programs.\n\n| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( or approximate dollar value ) of shares ( or units ) that mayyet be purchased under theplans or programs3\n--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------\noctober 1 - 31  | 5854930                                       | $ 18.93                                   | 5849517                                                                                     | $ 159819370\nnovember 1 - 30 | 4266                                          | $ 20.29                                   | 2014                                                                                        | $ 159819370\ndecember 1 - 31 | 826744                                        | $ 19.67                                   | 826639                                                                                      | $ 143559758\ntotal           | 6685940                                       | $ 19.02                                   | 6676156                                                                                     |"
}
{
    "_id": "dd4988c1a",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued at december 31, 2005  company had net federal state operating loss carryforwards available to reduce future taxable income of approximately $ 2. 2 billion and $ 2. 4 billion  respectively.\n if not utilized company 2019s net operating loss carryforwards expire in thousands ) :.\n sfas no.\n 109, 201caccounting for income taxes , 201d requires companies record valuation allowance when 201cmore likely some portion or all deferred tax assets not be realized. 201d at december 31, 2005 company provided valuation allowance of approximately $ 422. 4 million  including approximately $ 249. 5 million attributable to spectrasite primarily related to net operating loss and capital loss carryforwards.\n approximately $ 237. 8 million of spectrasite valuation allowance assumed as of acquisition date.\n balance of valuation allowance relates to net state deferred tax assets.\n company not provided valuation allowance for remaining deferred tax assets primarily federal net operating loss carryforwards management believes company sufficient time to realize federal net operating loss carryforwards during twenty-year tax carryforward period.\n company intends to recover portion of deferred tax asset through federal income tax refund claims related to carry back of certain federal net operating losses.\n in june 2003 and october 2003  company filed federal income tax refund claims irs relating to carry back of $ 380. 0 million of net operating losses generated prior to 2003 company initially anticipated receiving approximately $ 90. 0 million.\n preliminary discussions tax authorities company revised estimate of net realizable value of federal income tax refund claims anticipates receiving refund of approximately $ 65. 0 million claims by end of 2006.\nno assurances with respect to specific amount and timing of refund.\n recoverability of company 2019s remaining net deferred tax asset assessed utilizing stable state ( no growth ) projections based on current operations.\n projections show significant decrease in depreciation and interest expense in later years of carryforward period result of significant portion of assets fully depreciated during first fifteen years carryforward period and debt repayments reducing interest expense.\n recoverability of net deferred tax asset not dependent on material improvements to operations , material asset sales or other non-routine transactions.\n based on current outlook of future taxable income during carryforward period management believes net deferred tax asset will be realized.\n realization of company 2019s deferred tax assets as of december 31 , 2005 dependent upon its ability to generate approximately $ 1. 3 billion in taxable income from january 1 , 2006 to december 31 , 2025.\n if company unable to generate sufficient taxable income in future , or carry back losses  it will be required to reduce net deferred tax asset through charge to income tax expense , result in corresponding decrease in stockholders 2019 equity.\n from time to time company subject to examination by tax authorities in jurisdictions in company has significant business operations.\n company regularly assesses likelihood of additional assessments in tax jurisdictions resulting from these examinations.\n during year ended\n\nyears ended december 31, | federal   | state\n------------------------ | --------- | ---------\n2006 to 2010             | $ 5248    | $ 469747\n2011 to 2015             | 10012     | 272662\n2016 to 2020             | 397691    | 777707\n2021 to 2025             | 1744552   | 897896\ntotal                    | $ 2157503 | $ 2418012"
}
{
    "_id": "dd4bb2f36",
    "title": "",
    "text": "estimated future pension benefit payments for next ten years under plan ( in millions ) are as follows : future payments:.\n bfi post retirement healthcare plan acquired obligations under bfi plan as part of acquisition of allied.\n plan provides continued medical coverage for certain former employees following retirement including some employees subject to collective bargaining agreements.\n eligibility for plan limited to certain employees ten or more years of service age 55 or older as of december 31, 1998 , and certain employees in california hired before december 31 , 2005 retire after age 55 with least thirty years of service.\n liabilities acquired for plan were $ 1. 2 million and $ 1. 3 million , respectively  at acquisition date and at december 31 , 2008.\n multi-employer pension plans we contribute to 25 multi-employer pension plans under collective bargaining agreements covering union- represented employees.\n acquired responsibility for contributions for portion of these plans as part of acquisition of allied.\n approximately 22% ( 22 % ) of our total current employees are participants in such multi- employer plans.\n these plans provide retirement benefits to participants based on service to contributing employers.\n we do not administer these multi-employer plans.\n plans managed by board of trustees with unions appointing certain trustees contributing employers plan appointing certain members.\n generally not represented on board of trustees.\n not have current plan financial information from plans 2019 administrators but possible that some multi-employer plans we contribute may be underfunded.\n pension protection act , enacted in august 2006 requires underfunded pension plans to improve funding ratios within intervals based on level of underfunding.\nuntil plan trustees develop funding improvement plans or rehabilitation plans required by pension protection act  we unable to determine amount of assessments subject to if.\n determine impact pension protection act on our consolidated financial position  results of operations or cash flows.\n under current law regarding multi-employer benefit plans , plan 2019s termination  voluntary withdrawal or mass withdrawal of all contributing employers from under-funded multi-employer pension plan would require us to payments to plan for our proportionate share of multi employer plan 2019s unfunded vested liabilities.\n possible mass withdrawal of employers contributing to plans or plans may terminate in near future.\n could have adjustments to estimates for near term could material effect on our consolidated financial condition  results of operations or cash flows.\n pension expense for multi-employer plans was $ 21. 8 million , $ 18. 9 million and $ 17. 3 million for years ended december 31 , 2008 , 2007 and 2006  respectively.\n republic services , inc.\n and subsidiaries notes to consolidated financial statements %%transmsg*** transmitting job : p14076 pcn : 133000000 ***%%pcmsg|131 |00027|yes|no|02/28/2009 21:12|0|0|page is valid , no graphics -- color : d|\n\n2009              | $ 14.9\n----------------- | ------\n2010              | 15.9\n2011              | 16.2\n2012              | 19.2\n2013              | 21.9\n2014 through 2018 | 142.2"
}
{
    "_id": "dd4bf84f0",
    "title": "",
    "text": "measurement point december 31 priceline nasdaq index s&p 500 rdg internet.\n\nmeasurement pointdecember 31 | the priceline group inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite\n---------------------------- | ------------------------- | --------------------- | ------------ | ---------------------\n2010                         | 100.00                    | 100.00                | 100.00       | 100.00\n2011                         | 117.06                    | 100.53                | 102.11       | 102.11\n2012                         | 155.27                    | 116.92                | 118.45       | 122.23\n2013                         | 290.93                    | 166.19                | 156.82       | 199.42\n2014                         | 285.37                    | 188.78                | 178.29       | 195.42\n2015                         | 319.10                    | 199.95                | 180.75       | 267.25"
}
{
    "_id": "dd4c58f4e",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements commercial lending.\n firm 2019s commercial lending commitments extended to investment-grade and non- investment-grade corporate borrowers.\n commitments to investment-grade corporate borrowers principally used for operating liquidity general corporate purposes.\n firm extends lending commitments in with contingent acquisition financing other corporate lending commercial real estate financing.\n commitments extended for contingent acquisition financing often intended short-term borrowers seek to replace with other funding sources.\n sumitomo mitsui financial group , inc.\n ( smfg ) provides firm credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ).\n notional amount of such loan commitments was $ 27. 03 billion and $ 27. 51 billion as of december 2015 and december 2014 .\n credit loss protection on loan commitments by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.\n subject to conditions upon firm 2019s request smfg will provide protection for 70% ( ) of additional losses on commitments up to maximum of $ 1. 13 billion  of $ 768 million of protection provided as of december 2015 and december 2014.\n firm uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg.\n instruments include credit default swaps reference same or similar underlying instrument or entity or credit default swaps reference market index.\n warehouse financing.\n firm provides financing to clients who warehouse financial assets.\n arrangements secured by warehoused assets primarily of consumer and corporate loans.\ncontingent forward starting resale securities borrowing agreements/forward repurchase secured lending agreements firm enters into resale securities agreements lending agreements settle at future date generally within three business days.\n firm enters commitments to provide contingent financing to clients counterparties through resale agreements.\n firm 2019s funding commitments depends on satisfaction contractual conditions resale agreement commitments can expire unused.\n letters of credit firm has commitments under letters of credit issued by banks provides to counterparties in lieu of securities or cash to satisfy collateral margin deposit requirements.\n investment commitments firm 2019s investment commitments of $ 6. 05 billion and $ 5. 16 billion as of december 2015 december 2014 include commitments to invest in private equity real estate other assets directly through funds firm raises manages.\n amounts  $ 2. 86 billion and $ 2. 87 billion as of december 2015 2014 relate to commitments to invest in funds managed by firm.\n if commitments called funded at market value on date of investment.\n leases firm has contractual obligations under long-term noncancelable lease agreements for office space expiring dates through 2069.\n certain agreements subject to periodic escalation provisions for increases in real estate taxes other charges.\n table below presents future minimum rental payments  net of minimum sublease rentals.\n $ in millions december 2015.\n rent charged to operating expense was $ 249 million for 2015 $ 309 million for 2014 $ 324 million for 2013.\n operating leases include office space held in excess of current requirements.\n rent expense relating to space held for growth included in 201coccupancy.201d firm records liability , based on fair value of remaining lease rentals reduced by potential or existing sublease rentals , for leases where firm ceased using space management concluded firm will not derive future economic benefits.\n costs to terminate lease before end of term recognized and measured at fair value on termination.\n 176 goldman sachs 2015 form 10-k\n\n$ in millions     | as of december 2015\n----------------- | -------------------\n2016              | $ 317\n2017              | 313\n2018              | 301\n2019              | 258\n2020              | 226\n2021 - thereafter | 1160\ntotal             | $ 2575"
}
{
    "_id": "dd4c47190",
    "title": "",
    "text": "notes to consolidated financial statements note 9.\n collateralized agreements financings are securities purchased under to resell resale or reverse repurchase agreements ) securities borrowed.\n collateralized financings are securities sold under agreements to repurchase ) securities loaned other secured financings.\n firm enters into transactions to facilitate client activities invest excess cash acquire securities cover short positions finance firm activities.\n collateralized agreements financings presented on net-by-counterparty basis when legal right of setoff exists.\n interest on collateralized agreements financings recognized over life of transaction included in 201cinterest income 201d and 201cinterest expense .\n see note 23 for information about interest income interest expense.\n table presents carrying value of resale repurchase agreements securities borrowed loaned transactions.\n in millions 2012 2011 securities purchased under agreements to resell 1 $ 141334 $ 187789 securities borrowed 2 136893 153341 securities sold under agreements to repurchase 1 171807 164502 securities loaned 2 13765 7182 1.\n all resale and repurchase agreements carried at fair value under fair value option.\n see note 8 for information about valuation techniques significant inputs determine fair value.\n.\n as of december 2012 and december 2011 , $ 38. 40 billion and $ 47. 62 billion of securities borrowed  $ 1. 56 billion and $ 107 million of securities loaned were at fair value  respectively.\nresale and repurchase agreements resale agreement is transaction firm purchases financial instruments from seller , typically in exchange for cash , and simultaneously enters agreement to resell same or substantially same financial instruments to seller at stated price plus accrued interest at future date.\n repurchase agreement is transaction firm sells financial instruments to buyer , typically in exchange for cash , simultaneously enters agreement to repurchase same or substantially same financial instruments from buyer at stated price plus accrued interest at future date.\n financial instruments purchased or sold in resale and repurchase agreements typically include u. s.\n government and federal agency , investment-grade sovereign obligations.\n firm receives financial instruments purchased under resale agreements, makes delivery of financial instruments sold under repurchase agreements , monitors market value of financial instruments daily basis delivers or obtains additional collateral due to changes in market value financial instruments  as appropriate.\n for resale agreements  firm typically requires delivery of collateral with fair value approximately equal to carrying value of relevant assets in consolidated statements of financial condition.\n repurchase and resale agreements involve legal transfer of ownership of financial instruments , accounted for as financing arrangements because require financial instruments to be repurchased or resold at maturity of agreement.\n , 201crepos to maturity 201d are accounted for as sales.\n a repo to maturity is transaction in firm transfers security under agreement to repurchase security where maturity date of repurchase agreement matches maturity date of underlying security.\n firm no longer has repurchase obligation and relinquished control over underlying security accounts for transaction as a sale.\n firm had no repos to maturity outstanding as of december 2012 or december 2011.\ngoldman 2012 annual report\n\nin millions                                     | as of december 2012 | as of december 2011\n----------------------------------------------- | ------------------- | -------------------\nsecurities purchased under agreements toresell1 | $ 141334            | $ 187789\nsecurities borrowed2                            | 136893              | 153341\nsecurities sold under agreements torepurchase1  | 171807              | 164502\nsecuritiesloaned2                               | 13765               | 7182"
}
{
    "_id": "dd4b9710a",
    "title": "",
    "text": "global brand concepts american living american living first brand developed under newglobal brand concepts group.\n american living full lifestyle brand  featuring menswear womenswear childrenswear accessories home furnishings focus on timeless authentic american classics for every day.\n american living available exclusively at jcpenney in u. s.\n online at jcp. com.\n wholesale segment wholesale segment sells products to leading upscale mid-tier department stores , specialty stores golf and pro shops  domestically and internationally.\n focused on elevating brand improving productivity by reducing unproductive doors within department stores products sold improving in-store product assortment presentation improving full-price sell-throughs to consumers.\n as of march 29 , 2008  end of fiscal 2008  products sold through 10806 doors worldwide during fiscal 2008  invested approximately $ 49 million in shop-within-shops dedicated to products primarily in domestic and international department stores.\n effected selective price increases on basic products introduced new fashion offerings at higher price points.\n department stores major wholesale customers in north america.\n in europe  wholesale sales are varying mix of sales to both department stores and specialty shops depending on country.\n collection brands 2014 women 2019s ralph lauren collection black label men 2019s purple label collection black label 2014 distributed through limited number of premier fashion retailers.\n sell excess and out- of-season products through secondary distribution channels including retail factory stores.\n in japan  products distributed primarily through shop-within-shops at premiere department stores.\n mix of business weighted to polo ralph lauren inmen 2019s andwomen 2019s blue label.\ndistribution of men 2019s and women 2019s black label expanding through shop-within-shop presentations in top tier department stores across japan.\n worldwide distribution channels table presents approximate number of doors by geographic location products distributed by our wholesale segment sold to consumers as of march 29 , 2008 : location number of doors ( a ).\n in asia/pacific excluding japan ) our products distributed by licensing partners.\n following department store chains werewholesale customers purchases represented more than 10% ( 10 % ) of worldwide wholesale net sales for year ended march 29, 2008 : 2022 macy 2019s , inc.\n formerly federated department stores. represented approximately 24% ( 24 % ) ; 2022 dillard department stores , inc. represented approximately 12% ( 12 % ).\n our product brands sold primarily through own sales forces.\n wholesale segment maintains primary showrooms in new york city.\n maintain regional showrooms in atlanta  chicago  dallas  los angeles milan  paris london munich  madrid stockholm.\n\nlocation                 | number of doors ( a )\n------------------------ | ---------------------\nunited states and canada | 8611\neurope                   | 2075\njapan                    | 120\ntotal                    | 10806"
}
{
    "_id": "dd4985fd8",
    "title": "",
    "text": "2022 financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 financial safeguard package for cleared over-the-counter interest rate swap contracts.\n in unlikely event of payment default by clearing firm , we first apply assets of defaulting clearing firm to satisfy payment obligation.\n these assets include defaulting firm 2019s guaranty fund contributions , performance bonds other available assets , assets required for membership and associated trading rights.\n in addition make demand for payment pursuant to applicable guarantee provided by parent company of clearing firm.\n thereafter if payment default remains unsatisfied, use corporate contributions designated for respective financial safeguard package.\n then use guaranty fund contributions of other clearing firms within financial safeguard package and funds collected through assessment against solvent clearing firms within financial safeguard package to satisfy deficit.\n maintain $ 5. 0 billion 364-day multi-currency line of credit with consortium of domestic and international banks used in certain situations by cme clearing.\n option to request increase in line from $ 5. 0 billion to $ 7. 0 billion.\n may use proceeds to provide temporary liquidity in unlikely event of clearing firm default , event of liquidity constraint or default by depositary ( custodian of collateral ) or event temporary disruption with payments systems delay payment of settlement variation between us and clearing firms.\n credit agreement requires us to pledge certain assets to line of credit custodian prior to drawing on line of credit.\n pledged assets may include clearing firm guaranty fund deposits held by us.\n treasury or agency securities , select money market mutual funds approved for our select interest earning facility ( ief ) programs.\n performance bond collateral of defaulting clearing firm may be used to secure draw on line.\naddition 364-day multi- currency line of credit option to use $ 1. 8 billion multi-currency revolving senior credit facility provide liquidity for clearing house in unlikely event default.\n aggregate performance bond deposits for clearing firms for three cme financial safeguard packages $ 86. 8 billion  including $ 5. 6 billion cash performance bond deposits $ 4. 2 billion letters of credit.\n defaulting firm 2019s performance bond deposits used in event default clearing firm.\n following shows available assets at december 31, 2012 event payment default by clearing firm for base financial safeguard package after utilizing defaulting firm 2019s available assets : ( millions ) cme clearing available assets designated corporate contributions for futures and options 1 ).\n.\n.\n.\n.\n.\n.\n.\n $ 100. 0 guaranty fund contributions 2 ).\n.\n.\n.\n.\n 2899. 5 assessment powers 3 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 7973. 6 minimum total assets available for default 4 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 10973. 1 1 ) cme clearing designates $ 100. 0 million of corporate contributions to satisfy clearing firm default in event defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy deficit.\n 2 guaranty fund contributions of clearing firms include required do not include excess deposits held direction clearing firms.\n( 3 ) in event of clearing firm default , if loss continues exist after utilization of assets defaulted firm, our designated working capital non-defaulting clearing firms 2019 guaranty fund contributions , we right to assess all non-defaulting clearing members as defined in rules governing guaranty fund.\n ( 4 ) represents aggregate minimum resources available to satisfy obligations not met by defaulting firm subsequent to liquidation of defaulting firm 2019s performance bond collateral.\n 2022 financial safeguard package for cleared over-the-counter credit default swap contracts , 2022 financial safeguard package for cleared over-the-counter interest rate swap contracts.\n in unlikely event of payment default by clearing firm , we first apply assets of defaulting clearing firm to satisfy payment obligation.\n these assets include defaulting firm 2019s guaranty fund contributions , performance bonds other available assets assets required for membership associated trading rights.\n in we make demand for payment pursuant to any applicable guarantee provided by parent company of clearing firm.\n if payment default remains unsatisfied use corporate contributions for respective financial safeguard package.\n then use guaranty fund contributions of other clearing firms within financial safeguard package and funds collected through assessment against solvent clearing firms within financial safeguard package to satisfy deficit.\n we maintain a $ 5. 0 billion 364-day multi-currency line of credit with consortium of domestic and international banks used in certain situations by cme clearing.\n option to request increase in line from $ 5. 0 billion to $ 7. 0 billion.\nuse proceeds to provide temporary liquidity in unlikely clearing firm default liquidity constraint or default by depositary ( custodian collateral ) or temporary disruption with payments systems delay payment of settlement variation between us clearing firms.\n credit agreement requires to pledge assets to line of credit custodian prior to drawing line of credit.\n pledged assets may include clearing firm guaranty fund deposits u. s.\n treasury or agency securities select money market mutual funds approved for select interest earning facility ) programs.\n performance bond collateral of defaulting clearing firm may be used to secure draw on line.\n addition to 364-day multi- currency line of credit  option to use $ 1. 8 billion multi-currency revolving senior credit facility to provide liquidity for clearing house in unlikely event default.\n aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86. 8 billion  including $ 5. 6 billion of cash performance bond deposits and $ 4. 2 billion of letters of credit.\n defaulting firm 2019s performance bond deposits can be used in event default of clearing firm.\n following shows available assets at december 31, 2012 in payment default by clearing firm for base financial safeguard package after first utilizing defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ).\n.\n.\n.\n.\n.\n.\n.\n $ 100. 0 guaranty fund contributions 2 ).\n.\n.\n.\n.\n 2899. 5 assessment powers 3 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 7973. 6 minimum total assets available for default 4 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 10973. 1 ( 1 ) cme clearing designates $ 100. 0 million corporate contributions to satisfy clearing firm default in defaulting clearing firm 2019s guaranty contributions performance bonds not satisfy deficit.\n ( 2 ) guaranty fund contributions of clearing firms include contributions required , do not include excess deposits held by us direction clearing firms.\n ( 3 ) in event clearing firm default , if loss continues exist after utilization of assets defaulted firm , our designated working capital non-defaulting clearing firms 2019 guaranty fund contributions , we right to assess all non-defaulting clearing members as defined in rules governing guaranty fund.\n ( 4 ) represents aggregate minimum resources available to satisfy obligations not met by defaulting firm subsequent to liquidation of defaulting firm 2019s performance bond collateral.\n\n( in millions )                                                  | cme clearingavailable assets\n---------------------------------------------------------------- | ----------------------------\ndesignated corporate contributions for futures and options ( 1 ) | $ 100.0\nguaranty fund contributions ( 2 )                                | 2899.5\nassessment powers ( 3 )                                          | 7973.6\nminimum total assets available for default ( 4 )                 | $ 10973.1"
}
{
    "_id": "dd4bd8b64",
    "title": "",
    "text": "assessment of impairment recorded gross other-than-temporary impairment of $ 1. 15 billion for 2009  compared to $ 122 million for 2008.\n total recorded , $ 227 million related to credit recognized in consolidated statement of income.\n remaining $ 928 million related to factors other than credit  discussed below recognized  net of related taxes in oci in consolidated statement of condition.\n $ 227 million composed of $ 151 million associated with expected credit losses , $ 54 million related to management 2019s decision to sell impaired securities prior to recovery in value $ 22 million related to adverse changes in timing of expected future cash flows from securities.\n majority of impairment losses related to non-agency securities collateralized by mortgages for management concluded had experienced credit losses based on present value of securities 2019 expected future cash flows.\n these securities classified as asset-backed securities in investment securities tables.\n note 1 management periodically reviews fair values of investment securities to determine if other-than-temporary impairment occurred.\n review encompasses all investment securities includes quantitative factors as current and expected future interest rates length of time security 2019s cost basis exceeded fair value includes investment securities for issuer- specific concerns regardless of quantitative factors.\n gains and losses related to investment securities were as follows for years ended december 31:.\n losses recognized as component of oci ; see note 12.\n conduct periodic reviews to evaluate each security impaired.\n impairment exists when current fair value of individual security below amortized cost basis.\nfor debt securities available for sale held to maturity, other-than-temporary impairment recorded in consolidated statement of income when management intends to sell ( or required to sell ) securities before they recover in value or when management expects present value of cash flows expected to collected to less than amortized cost of impaired security ( a credit loss ).\n review of impaired securities includes : 2022 identification and evaluation of securities indications of possible other-than-temporary impairment issuer-specific concerns including deteriorating financial condition or bankruptcy ; 2022 analysis of expected future cash flows of securities based on quantitative and qualitative factors ; 2022 analysis of collectability of future cash flows  including information about past events  current conditions reasonable supportable forecasts ; analysis of individual impaired securities including consideration of length of time security in unrealized loss position anticipated recovery period ; 2022 discussion of evidential matter  evaluation of factors or triggers cause individual securities to be deemed other-than-temporarily impaired those not support other-than-temporary impairment ; 2022 documentation of results of analyses.\n factors considered in determining impairment other than temporary include : 2022 length of time security been impaired;\n\n( in millions )                                          | 2009           | 2008         | 2007\n-------------------------------------------------------- | -------------- | ------------ | ------------\ngross gains from sales of available-for-sale securities  | $ 418          | $ 100        | $ 24\ngross losses from sales of available-for-sale securities | -50 ( 50 )     | -32 ( 32 )   | -17 ( 17 )\ngross losses from other-than-temporary impairment        | -1155 ( 1155 ) | -122 ( 122 ) | -34 ( 34 )\nlosses not related to credit ( 1 )                       | 928            | 2014         | 2014\nnet impairment losses                                    | -227 ( 227 )   | -122 ( 122 ) | -34 ( 34 )\ngains ( losses ) related to investment securities net    | $ 141          | $ -54 ( 54 ) | $ -27 ( 27 )"
}
{
    "_id": "dd4bbd6ac",
    "title": "",
    "text": "item 7a.\n quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.\n use derivative instruments established guidelines policies to manage these risks.\n derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.\n interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.\n majority of debt ( approximately 89% ( 89 % ) and 93% ( 93 % ) as of december 31, 2013 and 2012  ) bears interest at fixed rates.\n have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.\n fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.\n increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10 % ) decrease in interest rates.\n used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.\n interest rate swaps outstanding as of december 31 , 2013.\n had $ 1642. 1 of cash , cash equivalents marketable securities as of december 31, 2013 generally invest in conservative  short-term bank deposits or securities.\n interest income from investments subject to domestic and foreign interest rate movements.\n during 2013 and 2012  had interest income of $ 24. 7 and $ 29. 5 , respectively.\n based on 2013 results 100-basis-point increase or decrease in interest rates would affect interest income by approximately $ 16. 4  assuming all cash cash equivalents marketable securities impacted same balances remain constant from year-end 2013 levels.\nforeign currency rates subject to translation transaction risks related to changes in foreign currency exchange rates.\n report revenues and expenses in.\n dollars changes in exchange rates may positively or negatively affect consolidated revenues and expenses ( expressed in.\n dollars ) from foreign operations.\n primary foreign currencies impacted results during 2013 were australian dollar  brazilian real  euro  japanese yen south african rand.\n based on 2013 exchange rates operating results if.\n dollar strengthen or weaken by 10% ( 10 % ) estimate operating income would decrease or increase between 3% ( 3 % ) and 4% ( 4 % ) assuming all currencies impacted same international revenue and expenses remain constant at 2013 levels.\n functional currency of foreign operations is generally respective local currency.\n assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.\n resulting translation adjustments recorded as component of accumulated other comprehensive loss  net of tax in stockholders 2019 equity section of consolidated balance sheets.\n foreign subsidiaries collect revenues pay expenses in functional currency  mitigating transaction risk.\n certain subsidiaries may enter into transactions in currencies other than functional currency.\n assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.\n currency transaction gains or losses from transactions in currencies other than functional currency included in office and general expenses.\n not entered into material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge effects of potential adverse fluctuations in foreign currency exchange rates.\n\nas of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates\n------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------\n2013               | $ -26.9 ( 26.9 )                                                                   | $ 27.9\n2012               | -27.5 ( 27.5 )                                                                     | 28.4"
}
{
    "_id": "dd4b973b2",
    "title": "",
    "text": "stock price performance following graph shows comparison of cumulative total return on our common stock , standard & poor 2019s 500 index standard & poor 2019s retail index.\n graph assumes value of investment in our common stock and each index was $ 100 on january 3 , 2009 , dividends reinvested.\n comparison based on historical data not intended to forecast possible future performance of common stock.\n comparison of cumulative total return among advance auto parts , inc. , s&p 500 index s&p retail index company/index january 3 , january 2 , january 1 , december 31 , december 29 , december 28.\n\ncompany/index      | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011 | december 29 2012 | december 28 2013\n------------------ | -------------- | -------------- | -------------- | ---------------- | ---------------- | ----------------\nadvance auto parts | $ 100.00       | $ 119.28       | $ 195.80       | $ 206.86         | $ 213.14         | $ 327.63\ns&p 500 index      | 100.00         | 119.67         | 134.97         | 134.96           | 150.51           | 197.62\ns&p retail index   | 100.00         | 141.28         | 174.70         | 179.79           | 219.77           | 321.02"
}
{
    "_id": "dd4bc8ebc",
    "title": "",
    "text": "stock performance graph graph provides comparison of five year cumulative total stockholder returns of teleflex common stock , standard & poor 2019s ( s&p ) 500 stock index s&p 500 healthcare equipment & supply index.\n annual changes for five-year period based on assumption $ 100 invested in teleflex common stock and each index on december 31, 2010 all dividends reinvested.\n market performance.\n s&p 500 healthcare equipment & supply index 100 99 116 148 187 199\n\ncompany / index                             | 2010 | 2011 | 2012 | 2013 | 2014 | 2015\n------------------------------------------- | ---- | ---- | ---- | ---- | ---- | ----\nteleflex incorporated                       | 100  | 117  | 138  | 185  | 229  | 266\ns&p 500 index                               | 100  | 102  | 118  | 157  | 178  | 181\ns&p 500 healthcare equipment & supply index | 100  | 99   | 116  | 148  | 187  | 199"
}
{
    "_id": "dd4c34c0c",
    "title": "",
    "text": "uncertain tax positions reconciliation of company's beginning and ending amount uncertain tax positions ( in millions ) :.\n company's liability for uncertain tax positions as of december 31 , 2015 , 2014 , and 2013  includes $ 180 million , $ 154 million , and $ 141 million , respectively related to amounts impact effective tax rate if recognized.\n possible unrecognized tax benefits may change in next twelve months ; not expect change significant impact on consolidated statements of income or consolidated balance sheets.\n changes may be result of settlements of ongoing audits.\n estimate of range reasonably possible outcomes within twelve months cannot be made.\n company recognizes interest and penalties related to uncertain tax positions in provision for income taxes.\n company accrued potential interest and penalties of $ 2 million , $ 4 million , and $ 2 million in 2015 , 2014 , and 2013 ,.\n company recorded liability for interest and penalties of $ 33 million , $ 31 million , and $ 27 million as of december 31, 2015 , 2014 , and 2013 ,.\n company and subsidiaries file income tax returns in respective jurisdictions.\n company concluded all.\n federal income tax matters for years through 2007.\n.\n state and local income tax jurisdiction examinations concluded for years through 2005.\n company concluded income tax examinations in primary non-u. s.\n jurisdictions through 2005.\n.\n shareholders' equity distributable reserves as.\n incorporated company company required under.\n law to have available \"distributable reserves\" to make share repurchases or pay dividends to shareholders.\n distributable reserves may be created through earnings of u. k.\nparent company methods through reduction in share capital approved by english companies.\n distributable reserves not linked to.\n reported amount (. retained earnings ).\n as of december 31 , 2015 and 2014  company had distributable reserves excess of $ 2. 1 billion and $ 4. 0 billion .\n ordinary shares in april 2012 board of directors authorized share repurchase program up to $ 5. 0 billion of class ordinary shares may be repurchased ( \"2012 share repurchase program\" ).\n november 2014 board authorized new $ 5. 0 billion share repurchase program addition to existing program ( \"2014 share repurchase program\" \"repurchase programs\" ).\n each program shares may be repurchased through open market or in privately negotiated transactions based on prevailing market conditions funded from available capital.\n during 2015  company repurchased 16. 0 million shares at average price per share of $ 97. 04 for total cost of $ 1. 6 billion under repurchase programs.\n during 2014  repurchased 25. 8 million shares at average price per share of $ 87. 18 for total cost of $ 2. 3 billion under 2012 share repurchase plan.\n in august 2015 $ 5 billion of class a ordinary shares authorized under 2012 share repurchase program exhausted.\n at december 31 , 2015 remaining authorized amount for share repurchase under 2014 share repurchase program is $ 4. 1 billion.\n under repurchase programs company repurchased total of 78. 1 million shares for aggregate cost of $ 5. 9 billion.\n\n| 2015       | 2014\n------------------------------------------------------------ | ---------- | ----------\nbalance at january 1                                         | $ 191      | $ 164\nadditions based on tax positions related to the current year | 31         | 31\nadditions for tax positions of prior years                   | 53         | 10\nreductions for tax positions of prior years                  | -18 ( 18 ) | -6 ( 6 )\nsettlements                                                  | -32 ( 32 ) | 2014\nbusiness combinations                                        | 2014       | 5\nlapse of statute of limitations                              | -5 ( 5 )   | -11 ( 11 )\nforeign currency translation                                 | -2 ( 2 )   | -2 ( 2 )\nbalance at december 31                                       | $ 218      | $ 191"
}
{
    "_id": "dd4ba0eee",
    "title": "",
    "text": "determined primarily subject to ietu in future periods recorded tax expense of approximately $ 20 million in 2007 for deferred tax effects of new ietu system.\n as of december 31 , 2007 company had us federal net operating loss carryforwards of approximately $ 206 million begin to expire in 2023.\n amount  $ 47 million relates to pre-acquisition period subject to limitation.\n remaining $ 159 million subject to limitation result of change in stock ownership in may 2006.\n limitation not expected material impact on utilization of net operating loss carryforwards.\n company had foreign net operating loss carryforwards as of december 31, 2007 of approximately $ 564 million for canada , germany mexico other foreign jurisdictions with various expiration dates.\n net operating losses in canada have various carryforward periods began expiring in 2007.\n net operating losses in germany no expiration date.\n net operating losses in mexico have ten year carryforward period begin expire in 2009.\n these losses not available for use under new ietu tax regulations in mexico.\n ietu primary system company subject to tax in future periods no deferred tax asset reflected in balance sheet as of december 31 , 2007 for these income tax loss carryforwards.\n company adopted provisions of fin 48 effective january 1 , 2007.\n fin 48 clarifies accounting for income taxes prescribing minimum recognition threshold tax benefit required to meet before recognized in financial statements.\n fin 48 provides guidance on derecognition , measurement  classification  interest and penalties  accounting in interim periods  disclosure transition.\n result of implementation of fin 48 company increased retained earnings by $ 14 million decreased goodwill by $ 2 million.\ntax liabilities for unrecognized tax benefits related potential penalties and interest reclassified from current to long-term liabilities.\n liabilities for unrecognized tax benefits as of december 31 , 2007 relate to various us and foreign jurisdictions.\n reconciliation of beginning and ending amount of unrecognized tax benefits : year ended december 31 , 2007 ( in $ millions ).\n included in unrecognized tax benefits of $ 200 million as of december 31 2007 is $ 56 million of tax benefits if recognized would reduce company 2019s effective tax rate.\n company recognizes interest and penalties related to unrecognized tax benefits in provision for income taxes.\n as of december 31 , 2007 company recorded liability of approximately $ 36 million for interest and penalties.\n includes increase of approximately $ 13 million for year ended december 31 , 2007.\n company operates in united states germany approximately 40 other foreign jurisdictions including canada  china france mexico singapore.\n examinations ongoing in jurisdictions including significantly in germany for years 2001 to 2004.\n during quarter ended march 31 , 2007 company received final assessments in germany for prior examination period  1997 to 2000.\n effective settlement of examinations resulted in reduction to goodwill of approximately $ 42 million with net expected cash outlay of $ 29 million.\n company 2019s corporation and subsidiaries notes to consolidated financial statements 2014 (%transmsg*** transmitting job : y48011 pcn : 122000000 ***%pcmsg|f-49 |00023|yes|no|02/26/2008 22:07|0|0|page valid  no graphics -- color : d|\n\n| year ended december 31 2007 ( in $ millions )\n----------------------------------------------- | ---------------------------------------------\nbalance as of january 1 2007                    | 193\nincreases in tax positions for the current year | 2\nincreases in tax positions for prior years      | 28\ndecreases in tax positions of prior years       | -21 ( 21 )\nsettlements                                     | -2 ( 2 )\nbalance as of december 31 2007                  | 200"
}
{
    "_id": "dd4c60c58",
    "title": "",
    "text": "intangible asset amortization expense to $ 12 million , $ 4 million $ 4 million for years ended december 31 , 2018 , 2017 2016 .\n estimated amortization expense next five years subsequent to december 31 , 2018 follows.\n note 9 : shareholders 2019 equity common stock under dividend reinvestment direct stock purchase plan ( 201cdrip 201d ) may reinvest cash dividends purchase additional company common stock to certain limits through plan administrator without commission fees.\n shares purchased may be newly issued shares treasury shares at company 2019s election shares purchased by plan administrator in open market or privately negotiated transactions.\n purchases made credited to drip accounts once each week.\n as of december 31 , 2018 approximately 4. 2 million shares available for future issuance under drip.\n anti-dilutive stock repurchase program in february 2015 company 2019s board of directors authorized anti-dilutive stock repurchase program allowed company to purchase up to 10 million shares of outstanding common stock over unrestricted period of time.\n company repurchased 0. 6 million shares and 0. 7 million shares common stock in open market at aggregate cost of $ 45 million and $ 54 million under program for years ended december 31 , 2018 and 2017 .\n as of december 31 , 2018  5. 5 million shares of common stock available for purchase under program.\n\n| amount\n---- | ------\n2019 | $ 15\n2020 | 13\n2021 | 11\n2022 | 10\n2023 | 7"
}
{
    "_id": "dd4bd2cd2",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 basis step-up from corporate restructuring represents tax effects of increasing basis for tax purposes of certain company 2019s assets with spin-off from american radio systems corporation former parent company.\n december 31 , 2006  company had net federal state operating loss carryforwards available to reduce future taxable income of approximately $ 2. 1 billion and $ 2. 5 billion  respectively.\n if not utilized company 2019s net operating loss carryforwards expire in thousands ) :.\n.\n 201caccounting for income taxes , 201d requires companies record valuation allowance when likely some portion or all deferred tax assets not be realized. at december 31, 2006  company provided valuation allowance of approximately $ 308. 2 million  including approximately $ 153. 6 million attributable to spectrasite  primarily related to net operating loss and capital loss carryforwards assumed as of acquisition date.\n balance of valuation allowance relates to net state deferred tax assets.\n company not provided valuation allowance for remaining deferred tax assets primarily federal net operating loss carryforwards management believes company sufficient time to realize federal net operating loss carryforwards during twenty-year tax carryforward period.\n valuation allowances may be reversed if related deferred tax assets deemed realizable based on changes in facts circumstances relevant assets 2019 recoverability.\n approximately $ 148. 3 million of spectrasite valuation allowances as of december 31 , 2006 be recorded as reduction to goodwill if underlying deferred tax assets utilized.\n company intends to recover portion of deferred tax asset through federal income tax refund claims related to carry back of certain federal net operating losses.\njune 2003 and october 2003 , company filed federal income tax refund claims with irs relating to carry back of $ 380. 0 million of net operating losses generated prior to 2003 , company initially anticipated receiving approximately $ 90. 0 million.\n based on preliminary discussions with tax authorities company revised estimate of net realizable value of federal income tax refund claims during year ended december 31 , 2005 , anticipates receiving refund of approximately $ 65. 0 million , plus interest.\n company expects settlement matter in first half of 2007 , no assurances with to timing of refund.\n uncertainty associated with claim  company not recognized amounts related to interest.\n recoverability of company 2019s remaining net deferred tax asset assessed utilizing stable state ( no growth ) projections based on current operations.\n projections show significant decrease in depreciation in later years of carryforward period result of significant portion of assets fully depreciated during first fifteen years of carryforward period.\n recoverability of net deferred tax asset not dependent on material improvements to operations , material asset sales or other non-routine transactions.\n based on current outlook of future taxable income during carryforward period  management believes net deferred tax asset will be realized.\n realization of company 2019s deferred tax assets as of december 31 , 2006 dependent upon ability to generate approximately $ 1. 4 billion in taxable income from january 1 , 2007 to december 31 , 2026.\n if company unable to generate sufficient taxable income in future , or carry back losses  described\n\nyears ended december 31, | federal   | state\n------------------------ | --------- | ---------\n2007 to 2011             |           | $ 438967\n2012 to 2016             |           | 478502\n2017 to 2021             | $ 617039  | 1001789\n2022 to 2026             | 1476644   | 629354\ntotal                    | $ 2093683 | $ 2548612"
}
{
    "_id": "dd4b87e12",
    "title": "",
    "text": "table of contents adobe inc.\n notes to consolidated financial statements ( continued ) goodwill , purchased intangibles other long-lived assets goodwill assigned to one or more reporting segments on date of acquisition.\n we review goodwill for impairment annually during second quarter of each fiscal year between annual tests if event occurs or circumstances change more likely not reduce fair value of reporting units below respective carrying amount.\n in performing goodwill impairment test  we first perform qualitative assessment consider events or circumstances including macroeconomic conditions  industry and market considerations  cost factors  overall financial performance  changes in management or key personnel  changes in strategy  changes in customers  changes in composition or carrying amount of reporting segment 2019s net assets changes in stock price.\n if after assessing totality of events or circumstances determine more likely than not fair values of reporting segments are greater than carrying amounts , then quantitative goodwill impairment test not performed.\n if qualitative assessment indicates quantitative analysis should be performed , we then evaluate goodwill for impairment by comparing fair value of each reporting segments to carrying value  including associated goodwill.\n to determine fair values  use equal weighting of market approach based on comparable publicly traded companies in similar lines of businesses income approach based on estimated discounted future cash flows.\n cash flow assumptions consider historical and forecasted revenue , operating costs other relevant factors.\n completed annual goodwill impairment test in second quarter of fiscal 2018.\n determined after qualitative review of each reporting segment more likely than not that fair value of each reporting segments substantially exceeds respective carrying amounts.\n accordingly no indication of impairment quantitative goodwill impairment test not performed.\nnot identify events or changes in circumstances since annual goodwill impairment test require to perform another goodwill impairment test during fiscal year.\n we amortize intangible assets with finite lives over estimated useful lives review them for impairment whenever impairment indicator exists.\n continually monitor events and changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.\n when such events changes circumstances occur assess recoverability by determining whether carrying value of assets be recovered through undiscounted expected future cash flows.\n if future undiscounted cash flows less than carrying amount of assets, recognize impairment loss based on excess of carrying amount over fair value of assets.\n not recognize intangible asset impairment charges in fiscal 2018 , 2017 or 2016.\n during fiscal 2018  intangible assets were amortized over estimated useful lives ranging from 1 to 14 years.\n amortization based on pattern in economic benefits of intangible asset consumed or on straight-line basis when consumption pattern not apparent.\n weighted average useful lives of intangible assets were as follows : weighted average useful life ( years ).\n income taxes use asset and liability method of accounting for income taxes.\n under method income tax expense recognized for amount of taxes payable or refundable for current year.\n deferred tax assets and liabilities recognized for expected future tax consequences of temporary differences between financial reporting and tax bases of assets and liabilities for operating losses and tax credit carryforwards.\n record valuation allowance to reduce deferred tax assets to amount for realization more likely than not.\n\n| weighted averageuseful life ( years )\n------------------------------------ | -------------------------------------\npurchased technology                 | 6\ncustomer contracts and relationships | 9\ntrademarks                           | 9\nacquired rights to use technology    | 10\nbacklog                              | 2\nother intangibles                    | 4"
}
{
    "_id": "dd4c34acc",
    "title": "",
    "text": "2322 t.\n r o w e p r i c e g r o u p a n n u a l r e p o r t 2 0 1 1 c o n t r a c t u a l o b l i g at i o n s table presents summary of future obligations ( in a0millions ) under terms existing operating leases and other contractual cash purchase commitments at december 31 , 2011.\n other purchase commitments include contractual amounts due for purchase of goods or services used in our operations may be cancelable at earlier times  under certain conditions may involve termination fees.\n obligations are generally of normal recurring nature  expect we will fund them from future cash flows from operations.\n information not include operating expenses or capital expenditures committed in normal course of operations in 2012 and future years.\n information excludes $ 4. 7 a0million of uncertain tax positions discussed in note 9 to consolidated financial statements not possible to estimate time period payment might be made to tax authorities.\n have outstanding commitments to fund additional contributions to investment partnerships in existing investment totaling $ 42. 5 a0million at december 31 , 2011.\n c r i t i l a o n t n g p o l i preparation of financial statements requires selection of specific accounting methods and policies from several acceptable alternatives.\n significant estimates and judgments may be required in selecting and applying those methods and policies in recognition of assets and liabilities in balance sheet , revenues and expenses in statement of income  information in significant accounting policies and notes to consolidated financial statements.\n making these estimates and judgments requires analysis of information concerning events not be complete and facts and circumstances may change over time.\naccordingly actual amounts or future results can differ from estimates in our consolidated financial statements , significant accounting policies  notes.\n we present significant accounting policies used in preparation our consolidated financial statements as integral part of statements within this 2011 annual report.\n in following discussion  we highlight and explain certain policies critical to preparation understanding of our financial statements.\n other than temporary impairments of available-for-sale securities.\n we classify our investment holdings in sponsored mutual funds and debt securities held for investment by our savings bank subsidiary as available-for-sale.\n at end of each quarter  we mark carrying amount of each investment holding to fair value recognize unrealized gain or loss as component of comprehensive income within statement of stockholders 2019 equity.\n we next review each individual security position has unrealized loss or impairment to determine if impairment is other than temporary.\n in determining mutual fund holding other than temporarily impaired  we consider many factors including duration of time existed severity of impairment  subsequent changes in value  our intent and ability to hold security for period time sufficient for anticipated recovery in fair value.\n subject to other considerations with to duration of time we believe a mutual fund holding with unrealized loss persisted daily throughout six months between quarter-ends is generally presumed to have other than temporary impairment.\n we may also recognize other than temporary loss of less than six months in our statement of income if circumstances of underlying investment do not warrant belief near-term recovery possible.\nimpaired debt security held by our savings bank subsidiary is considered other than temporary loss we recognize in our statement of income if impairment caused by change in credit quality affects our ability to recover amortized cost or if we intend to sell security or believe more likely not required to sell security before recovering cost.\n minor impairments of 5% ( 5 % ) or less are generally considered temporary.\n other than temporary impairments of equity method investments.\n we evaluate our equity method investments  including our investment in uti , for impairment when events or changes in circumstances indicate carrying value of investment exceeds fair value decline in fair value is other than temporary.\n goodwill.\n we internally conduct  manage and report our operations as one investment advisory business.\n not distinct operating segments or components business.\n attribute goodwill to single reportable business segment and reporting unit 2014our investment advisory business.\n evaluate carrying amount of goodwill in balance sheet for possible impairment on annual basis in third quarter of each year using fair value approach.\n goodwill considered impaired whenever our historical carrying amount exceeds fair value of our investment advisory business.\n annual testing demonstrated fair value of our investment advisory business ( market capitalization ) exceeds our carrying amount ( stockholders 2019 equity ) and no impairment exists.\n should reach different conclusion in future additional work performed to ascertain amount of non-cash impairment charge to recognized.\n must perform impairment testing at other times if event or circumstance occurs indicating more likely than not impairment incurred.\n maximum future impairment of goodwill we could incur is amount recognized in our balance sheet , $ 665. 7 a0million.\n stock options.\nrecognize stock option-based compensation expense in consolidated statement of income using fair value based method.\n fair value methods use valuation model for shorter-term, market-traded financial instruments to theoretically value stock option grants even though not available for trading of longer duration.\n black- scholes option-pricing model includes input of certain variables dependent on future expectations including expected lives of options from grant date to exercise date , volatility of underlying common shares in market over time period  rate of dividends we will pay during time.\n estimates of these variables made for purpose of using valuation model to determine expense for each reporting period not subsequently adjusted.\n unlike most of expenses resulting charge to earnings using fair value based method is non-cash charge never measured by  or adjusted based on cash outflow.\n provision for income taxes.\n after compensation and related costs provision for income taxes on our earnings is our largest annual expense.\n operate in numerous states and countries through various subsidiaries must allocate income , expenses  and earnings under laws and regulations of each of these taxing jurisdictions.\n provision for income taxes represents total estimate of liability we incurred in doing business each year in all locations.\n annually  file tax returns represent our filing positions with each jurisdiction and settle return liabilities.\n each jurisdiction has right to audit those returns may take different positions with respect to income and expense allocations and taxable earnings determinations.\n from time to time may also provide for estimated liabilities associated with uncertain tax return filing positions subject to or in process of being audited by various tax authorities.\n because determination of our annual provision subject to judgments and estimates likely actual results will vary from those recognized in financial statements.\nresult , we recognize additions to or reductions of income tax expense during reporting period pertain to prior period provisions as estimated liabilities revised actual tax returns tax audits settled.\n recognize any such prior period adjustment in discrete quarterly period in it determined.\n n e w ly s d b u t n o t y e t a d o p t e d a c c o u n t i n g g u i d a n c e in may 2011 , fasb issued amended guidance clarifying to measure and disclose fair value.\n do not believe adoption of such amended guidance on january 1, 2012 , have significant effect on consolidated financial statements.\n considered all other newly issued accounting guidance applicable to our operations preparation of consolidated statements  including not yet adopted.\n do not believe any such guidance material effect on our financial position or results of operation.\n\n| total | 2012  | 2013-14 | 2015-16 | later\n------------------------------ | ----- | ----- | ------- | ------- | -----\nnoncancelable operating leases | $ 185 | $ 31  | $ 63    | $ 57    | $ 34\nother purchase commitments     | 160   | 112   | 38      | 10      | -\ntotal                          | $ 345 | $ 143 | $ 101   | $ 67    | $ 34"
}
{
    "_id": "dd4bdc4da",
    "title": "",
    "text": "fair value of financial instruments : company 2019s financial instruments include cash cash equivalents  marketable securities  accounts receivable  certain investments  accounts payable  borrowings  derivative contracts.\n fair values of cash cash equivalents  accounts receivable  accounts payable short-term borrowings current portion of long-term debt approximated carrying values short-term nature instruments.\n available-for-sale marketable securities investments  certain derivative instruments recorded at fair values as indicated in preceding disclosures.\n for long-term debt company utilized third-party quotes to estimate fair values ( classified as level 2 ).\n information carrying amounts estimated fair values of financial instruments follow:.\n fair values reflected above consider terms of related debt absent impacts of derivative/hedging activity.\n carrying amount of long-term debt impacted by certain fixed-to-floating interest rate swaps designated as fair value hedges designation of fixed rate eurobond securities issued company as hedging instruments of company 2019s net investment in european subsidiaries.\n 3m 2019s fixed-rate bonds were trading at premium at december 31 , 2012 and 2011 due to low interest rates tightening of 3m 2019s credit spreads.\n\n( millions )                             | december 31 2012 carrying value | december 31 2012 fair value | december 31 2012 carrying value | fair value\n---------------------------------------- | ------------------------------- | --------------------------- | ------------------------------- | ----------\nlong-term debt excluding current portion | $ 4916                          | $ 5363                      | $ 4484                          | $ 5002"
}
{
    "_id": "dd4bfd414",
    "title": "",
    "text": "f0b7 free cash flow 2013 cash generated by operating activities totaled $ 6. 2 billion reduced by $ 3. 6 billion for cash used in investing activities 37% ( 37 % ) increase in dividends paid yielding free cash flow of $ 1. 4 billion.\n free cash flow defined as cash provided by operating activities ( adjusted for reclassification of receivables securitization facility ) less cash used in investing activities dividends paid.\n free cash flow not a financial measure under accounting principles accepted in u.\n gaap ) by sec regulation g item 10 of sec regulation s-k may not be defined calculated by other companies same.\n free cash flow important to management investors in evaluating financial performance measures ability to generate cash without additional external financings.\n free cash flow should be considered in addition to than substitute for cash provided by operating activities.\n table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2012 2011 2010.\n effective january 1 , 2010 new accounting standard required to account for receivables transferred under receivables securitization facility as secured borrowings in consolidated statements of financial position as financing activities in consolidated statements of cash flows.\n receivables securitization facility included in free cash flow calculation to adjust cash provided by operating activities as though receivables securitization facility accounted for under new accounting standard for all periods.\n 2013 outlook f0b7 safety 2013 operating safe railroad benefits employees customers shareholders communities we serve.\n continue using multi-faceted approach to safety  utilizing technology  risk assessment quality control training employee engagement targeted capital investments.\n continue using expanding deployment of total safety culture throughout operations identify implement best practices for employee operational safety.\nderailment prevention reduction of grade crossing incidents critical aspects of our safety programs.\n continue efforts to increase rail defect detection ; improve close crossings educate public law enforcement agencies about crossing safety through combination our own programs ( including risk assessment strategies ) industry programs local community activities across network.\n f0b7 network operations 2013 continue focusing on six critical initiatives to improve safety  service productivity during 2013.\n seeing solid contributions from reducing variability  continuous improvements standard work.\n resource agility allows to respond quickly to changing market conditions network disruptions from weather other events.\n railroad benefit from capital investments build capacity for growth harden infrastructure to reduce failure.\n f0b7 fuel prices 2013 uncertainty about economy makes projections of fuel prices difficult.\n could see volatile fuel prices during year  sensitive to global u.\n domestic demand refining capacity geopolitical events weather conditions other factors.\n to reduce impact of fuel price on earnings  continue seeking cost recovery from customers through fuel surcharge programs expanding fuel conservation efforts.\n f0b7 capital plan 2013 in 2013 plan to make total capital investments of approximately $ 3. 6 billion , including expenditures for positive train control ( ptc ) may be revised if business conditions warrant or if new laws or regulations affect ability generate sufficient returns on investments.\n ( see further discussion in item 7 under liquidity and capital resources 2013 capital plan. )\n\nmillions                                                                                  | 2012           | 2011           | 2010\n----------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities                                                     | $ 6161         | $ 5873         | $ 4105\nreceivables securitization facility [a]                                                   | -              | -              | 400\ncash provided by operating activities adjusted for the receivables securitizationfacility | 6161           | 5873           | 4505\ncash used in investing activities                                                         | -3633 ( 3633 ) | -3119 ( 3119 ) | -2488 ( 2488 )\ndividends paid                                                                            | -1146 ( 1146 ) | -837 ( 837 )   | -602 ( 602 )\nfree cash flow                                                                            | $ 1382         | $ 1917         | $ 1415"
}
{
    "_id": "dd4bfb628",
    "title": "",
    "text": "except for long-term debt carrying amounts of company 2019s other financial instruments measured at fair value or approximate fair value due to short-term nature instruments.\n asset retirement obligations 2014the company records all known asset retirement obligations within other current liabilities for which liability 2019s fair value can be reasonably estimated including certain asbestos removal  asset decommissioning contractual lease restoration obligations.\n changes in asset retirement obligation carrying amounts during 2011 , 2010 2009 were as follows : ( $ in millions ) retirement obligations.\n company also has known conditional asset retirement obligations related to assets currently in use certain asbestos remediation asset decommissioning activities to in future not reasonably estimable as of december 31 , 2011 and 2010  due to insufficient information about timing method of settlement obligation.\n fair value of these obligations not recorded in consolidated financial statements.\n environmental remediation/or asset decommissioning of relevant facilities may be required when company ceases to utilize these facilities.\n may be conditional environmental asset retirement obligations company not yet discovered.\n income taxes 2014income tax expense other income tax related information in financial statements for periods before spin-off presented as if company filed its own tax returns stand-alone similar information for periods after spin-off reflect company 2019s positions to be filed in own tax returns in future.\n income tax expense other related information based on prevailing statutory rates for.\n federal income taxes and composite state income tax rate for company for each period.\n state and local income and franchise tax provisions allocable to contracts in process included in general and administrative expenses.\ndeferred income taxes recorded when revenues and expenses recognized in different periods for financial statement purposes than tax return purposes.\n deferred tax asset or liability account balances calculated at balance sheet date using current tax laws and rates.\n determinations of expected realizability of deferred tax assets and need for valuation allowances against tax assets evaluated based stand-alone tax attributes of company $ 18 million valuation allowance deemed necessary as of december 31 , 2011.\n no valuation allowance necessary as of december 31 , 2010.\n uncertain tax positions meeting more-likely-than-not recognition threshold based on merits position recognized in financial statements.\n recognize amount of tax benefit greater than 50% ( 50 % ) likely to be realized upon ultimate settlement with related tax authority.\n if tax position not meet minimum statutory threshold to avoid payment of penalties recognize expense for amount of penalty in period tax position claimed or expected to be claimed in tax return.\n penalties  if probable reasonably estimable recognized as component of income tax expense.\n recognize accrued interest related to uncertain tax positions in income tax expense.\n timing and amount of accrued interest determined by applicable tax law associated with underpayment of income taxes.\n see note 12 : income taxes.\n under existing gaap changes in accruals associated with uncertainties recorded in earnings in period they determined.\n\n( $ in millions )                                          | asset retirement obligations\n---------------------------------------------------------- | ----------------------------\nbalance at january 1 2009                                  | $ 3\naccretion expense                                          | 0\npayment of asset retirement obligation                     | 0\nbalance at december 31 2009                                | 3\nobligation relating to the future retirement of a facility | 17\naccretion expense                                          | 0\npayment of asset retirement obligation                     | 0\nbalance at december 31 2010                                | 20\nobligation relating to the future retirement of a facility | 5\naccretion expense                                          | 0\npayment of asset retirement obligation                     | 0\nbalance at december 31 2011                                | $ 25"
}
{
    "_id": "dd4b9aab2",
    "title": "",
    "text": "( $ 66 million net-of-tax ) result of customer credits realized by electric customers of entergy louisiana  consistent with terms stipulated settlement in business combination proceeding.\n see note 2 to financial statements for discussion of business combination and customer credits.\n results of operations for 2015 include sale in december 2015 of 583 mw rhode island state energy center for realized gain of $ 154 million ( $ 100 million net-of-tax ) on sale $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges recognize portion of assets associated with waterford 3 replacement steam generator project no longer probable of recovery.\n see note 14 to financial statements for discussion rhode island state energy center sale.\n see note 2 financial statements for discussion waterford 3 replacement steam generator review.\n net revenue utility analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance due to 2022 increase in base rates at entergy arkansas  approved by apsc.\n new rates effective february 24, 2016 began billing with first billing cycle of april 2016.\n increase included interim base rate adjustment surcharge  effective with first billing cycle of april 2016 to recover incremental revenue requirement for period february 24 , 2016 through march 31 , 2016.\nsignificant portion increase related to purchase of power block 2 of union power station ; 2022 increase in purchased power and capacity acquisition cost recovery rider for entergy new orleans  approved by city council  effective with first billing cycle march 2016  primarily related to purchase of power block 1 union power station ; 2022 increase in formula rate plan revenues for entergy louisiana  implemented with first billing cycle march 2016  collect estimated first-year revenue requirement related to purchase of power blocks 3 and 4 union power station ; 2022 increase in revenues at entergy mississippi  approved by mpsc  effective with first billing cycle of july 2016  increase in revenues collected through storm damage rider.\n see note 2 to financial statements for discussion rate proceedings.\n see note 14 financial statements for discussion union power station purchase.\n louisiana business combination customer credits variance due to regulatory liability of $ 107 million recorded by entergy in october 2015 result entergy gulf states louisiana and entergy louisiana business combination.\n consistent with terms stipulated settlement business combination proceeding electric customers of entergy louisiana will realize customer credits associated with business combination ; in october 2015  entergy recorded regulatory liability of $ 107 million ( $ 66 million net-of-tax ).\n costs entergy corporation and subsidiaries management 2019s financial discussion and analysis\n\n| amount ( in millions )\n----------------------------------------------- | ----------------------\n2015 net revenue                                | $ 5829\nretail electric price                           | 289\nlouisiana business combination customer credits | 107\nvolume/weather                                  | 14\nlouisiana act 55 financing savings obligation   | -17 ( 17 )\nother                                           | -43 ( 43 )\n2016 net revenue                                | $ 6179"
}
{
    "_id": "dd4c009b6",
    "title": "",
    "text": "shares of common stock issued , in treasury  outstanding were ( in thousands of shares ) :.\n note 13.\n financing arrangements routinely enter into accounts receivable securitization and factoring programs.\n account for transfers of receivables these programs as sale remove them from consolidated balance sheet.\n at december 31 , 2016  most significant program was u. s.\n securitization program  amended in may 2016 originally entered into in october of 2015.\n under program entitled to receive cash consideration of up to $ 800 million ( elected to reduce to $ 500 million effective february 21, 2017 ) and receivable for remainder of purchase price ( 201cdeferred purchase price 201d ).\n securitization program utilizes bankruptcy- remote special-purpose entity ( 201cspe 201d ).\n spe wholly-owned by subsidiary of kraft heinz sole business of purchase or acceptance  through capital contributions of receivables related assets from kraft heinz subsidiary subsequent transfer of such receivables related assets to bank.\n spe included in consolidated financial statements separate legal entity with separate creditors entitled upon liquidation to be satisfied out of spe's assets prior to any assets or value in spe becoming available to kraft heinz or subsidiaries.\n assets of spe not available to pay creditors of kraft heinz or subsidiaries.\n program expires in may 2017.\n in addition to u. s.\n securitization program  have accounts receivable factoring programs denominated in australian dollars , new zealand dollars  british pound sterling  euros  japanese yen.\n under these programs generally receive cash consideration up to certain limit and receivable for deferred purchase price.\n no deferred purchase price associated with japanese yen contract.\nrelated to these programs our aggregate cash consideration limit after applying hold-backs was $ 245 million.\n dollars at december 31 , 2016.\n programs renews annually until terminated by either party.\n cash consideration and carrying amount receivables removed from consolidated balance sheets above programs were $ 904 million at december 31 , 2016 and $ 267 million at january 3 , 2016.\n fair value of deferred purchase price for programs was $ 129 million at december 31 , 2016 and $ 583 million at january 3 , 2016.\n deferred purchase price included in sold receivables on consolidated balance sheets had carrying value approximated fair value at december 31  2016 and january 3 , 2016.\n proceeds from sales recognized on consolidated statements of cash flows as component of operating activities.\n we act as servicer for arrangements not recorded servicing assets or liabilities for arrangements as of december 31 , 2016 and january 3, 2016 not material to financial statements.\n\n| shares issued | treasury shares | shares outstanding\n------------------------------------------------------------------ | ------------- | --------------- | ------------------\nbalance at december 29 2013                                        | 376832        | 2014            | 376832\nexercise of stock options issuance of other stock awards and other | 178           | 2014            | 178\nbalance at december 28 2014                                        | 377010        | 2014            | 377010\nexercise of warrants                                               | 20480         | 2014            | 20480\nissuance of common stock to sponsors                               | 221666        | 2014            | 221666\nacquisition of kraft foods group inc .                             | 592898        | 2014            | 592898\nexercise of stock options issuance of other stock awards and other | 2338          | -413 ( 413 )    | 1925\nbalance at january 3 2016                                          | 1214392       | -413 ( 413 )    | 1213979\nexercise of stock options issuance of other stock awards and other | 4555          | -2058 ( 2058 )  | 2497\nbalance at december 31 2016                                        | 1218947       | -2471 ( 2471 )  | 1216476"
}
{
    "_id": "dd49869a6",
    "title": "",
    "text": "table sets forth information concerning increases in total number of our aap stores during past five years:.\n ( 1 ) not include stores opened as relocations of previously existing stores within same market area or substantial renovations of stores.\n store technology.\n our store-based information systems are comprised of proprietary integrated point of sale , electronic parts catalog  epc  store-level inventory management system ( collectively \"store system\" ).\n information maintained by store system is used to formulate pricing  marketing merchandising strategies replenish inventory accurately rapidly.\n our integrated system enables store team members to assist customers in parts selection and ordering based on year  make model engine type of vehicles.\n store system provides real-time inventory tracking at store level store team members to check quantity of on-hand inventory for adjust stock levels for select items for store specific events process returns and defective merchandise designate skus for cycle counts track merchandise transfers.\n if hard-to-find part or accessory not available at stores store system can determine whether part is carried in-stock through hub or pdq ae networks or can be ordered directly from vendors.\n available parts and accessories then ordered electronically from another store  hub  pdq ae or directly from vendor with immediate confirmation of price , availability estimated delivery time.\n our centrally-based epc data management system enables us to reduce time needed to exchange data with vendors catalog deliver updated accurate parts information.\n support store operations with additional proprietary systems and customer driven labor scheduling capabilities.\n all these systems integrated provide real-time  comprehensive information to store personnel resulting in improved customer service levels  team member productivity in-stock availability.\nplan to start rolling out new enhanced epc in fiscal 2013 expected to simplify improve customer experience.\n among improvements is more efficient way to systematically identify add-on sales to ensure customers have need to complete automotive repair project.\n store support center merchandising.\n purchasing for virtually all merchandise for stores handled by merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; 2022 global sourcing office in taipei , taiwan.\n roanoke team responsible for parts categories minnesota team responsible for accessories , oil chemicals.\n global sourcing team works closely with both teams.\n in fiscal 2012  purchased merchandise from approximately 450 vendors  no single vendor accounting for more than 9% ( 9 % ) of purchases.\n purchasing strategy involves negotiating agreements with most vendors to purchase merchandise over specified period of time with other terms  including pricing , payment terms volume.\n merchandising team developed strong vendor relationships industry collaborative effort with vendor partners utilizes category management process manage mix of product offerings to meet customer demand.\n believe this process  develops customer-focused business plan for each merchandise category  global sourcing operation critical to improving comparable store sales , gross margin inventory productivity.\n\n| 2012 | 2011     | 2010     | 2009       | 2008\n---------------- | ---- | -------- | -------- | ---------- | ----------\nbeginning stores | 3460 | 3369     | 3264     | 3243       | 3153\nnew stores ( 1 ) | 116  | 95       | 110      | 75         | 109\nstores closed    | 2014 | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 )\nending stores    | 3576 | 3460     | 3369     | 3264       | 3243"
}
{
    "_id": "dd498628a",
    "title": "",
    "text": "changes to regulatory capital requirements under basel iii capital standards.\n beginning in 2014 other comprehensive income related to available for sale securities ( pension and post-retirement plans ) included in pnc 2019s regulatory capital subject to phase-in schedule ) will affect pnc 2019s regulatory capital ratios.\n for additional information see supervision and regulation section in item 1 2013 business and capital portion of balance sheet review section in item 7 of report.\n duration of investment securities was 2. 9 years at december 31 , 2013.\n estimate at december 31, 2013 effective duration of investment securities was 3. 0 years for immediate 50 basis points parallel increase in interest rates and 2. 8 years for immediate 50 basis points parallel decrease in interest rates.\n comparable amounts at december 31 , 2012 were 2. 3 years and 2. 2 years .\n conduct quarterly comprehensive security-level impairment assessment on all securities.\n for securities in unrealized loss position determine whether loss represents otti.\n for debt securities neither intend to sell nor believe required to sell prior to expected recovery recognize credit portion of otti charges in current earnings include noncredit portion of otti in net unrealized gains ( losses ) on otti securities on consolidated statement of comprehensive income and net of tax in accumulated other comprehensive income ( loss ) on consolidated balance sheet.\n during 2013 and 2012 recognized otti credit losses of $ 16 million and $ 111 million.\n all credit losses related to residential mortgage-backed and asset-backed securities collateralized by non-agency residential loans.\n if current housing and economic conditions deteriorate market volatility and illiquidity deteriorate market interest rates increase or credit spreads widen valuation of investment securities portfolio could be adversely affected could incur additional otti credit losses impact consolidated income statement.\ninformation investment securities included in note 8 note 9 fair value in notes to consolidated financial statements item 8 report.\n loans held for sale table 15 : loans in millions december 31.\n for commercial mortgages for sale at fair value stopped originating continue pursue opportunities to reduce positions.\n at december 31 , 2013 balance loans was $ 586 million compared to $ 772 million at december 31 2012.\n for commercial mortgages for sale at lower of cost or fair value sold $ 2. 8 billion in 2013 compared to $ 2. 2 billion in 2012.\n loan sales to government agencies.\n total gains of $ 79 million recognized on valuation and sale of commercial mortgage loans net of hedges in 2013 $ 41 million in 2012.\n residential mortgage loan origination volume was $ 15. 1 billion in 2013 compared to $ 15. 2 billion in 2012.\n all loans originated under agency or federal housing administration ( fha ) standards.\n sold $ 14. 7 billion of loans recognized related gains of $ 568 million in 2013.\n comparable amounts for 2012 were $ 13. 8 billion and $ 747 million  respectively.\n interest income on loans for sale $ 157 million in 2013 and $ 168 million in 2012.\n amounts included in other interest income on consolidated income statement.\n additional information loan sale and servicing activities included in note 3 loan sales servicing activities variable interest entities note 9 fair value in notes to consolidated financial statements in item 8 report.\n goodwill and other intangible assets totaled $ 11. 3 billion at december 31 , 2013 and $ 10. 9 billion at december 31  2012.\n increase of $. 4 billion due to additions to changes in value of mortgage and other loan servicing rights.\nadditional information goodwill intangible assets in note 10 goodwill other intangible assets included in notes to consolidated financial statements in item 8 report.\n 44 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions                                          | december 312013 | december 312012\n---------------------------------------------------- | --------------- | ---------------\ncommercial mortgages at fair value                   | $ 586           | $ 772\ncommercial mortgages at lower of cost or fair value  | 281             | 620\ntotal commercial mortgages                           | 867             | 1392\nresidential mortgages at fair value                  | 1315            | 2096\nresidential mortgages at lower of cost or fair value | 41              | 124\ntotal residential mortgages                          | 1356            | 2220\nother                                                | 32              | 81\ntotal                                                | $ 2255          | $ 3693"
}
{
    "_id": "dd4c4643e",
    "title": "",
    "text": "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ) company unable to estimate impact of changes to previously recorded uncertain tax positions.\n reconciliation of beginning and ending unrecognized tax benefits for year ending december 31 , 2007 as follows ( in thousands ) :.\n during year ended december 31 , 2007  company recorded penalties and tax-related interest income of $ 2. 5 million interest income from tax refunds of $ 1. 5 million for year ended december 31 , 2007.\n as of december 31 , 2007 and january 1, 2007  total unrecognized tax benefits included in other long-term liabilities in consolidated balance sheets was $ 29. 6 million and $ 34. 3 million , respectively.\n of december 31  2007 january 1 , 2007 total accrued income tax-related interest and penalties included in other long-term liabilities in consolidated balance sheets was $ 30. 7 million and $ 33. 2 million , respectively.\n in fourth quarter of 2007  company entered tax amnesty program with mexican tax authority.\n as of december 31 , 2007  company met administrative requirements of program enabled company to recognize certain tax benefits.\n confirmed by mexican tax authority on february 5 , 2008.\n benefits include reduction of uncertain tax benefits of $ 5. 4 million penalties and interest of $ 12. 5 million related to 2002  reduced income tax expense.\n program company paid $ 6. 7 million to mexican tax authority as settlement offer for other uncertain tax positions related to 2003 and 2004.\n offer under review by mexican tax authority ; company cannot determine specific timing or amount of potential settlement.\n during 2007  statute of limitations on certain unrecognized tax benefits lapsed resulted in $ 0.7 million decrease in liability for uncertain tax benefits  reduced income tax provision.\n company files numerous consolidated and separate income tax returns , including.\n federal and state tax returns and foreign tax returns in mexico and brazil.\n result of company 2019s ability to carry forward federal and state net operating losses  applicable tax years remain open to examination until three years after applicable loss carryforwards used or expired.\n company completed.\n federal income tax examinations for tax years up to including 2002.\n company currently undergoing.\n federal income tax examinations for tax years 2004 and 2005.\n subject to examinations in various. s.\n state jurisdictions for certain tax years under examination in brazil for 2001 through 2006 tax years and mexico for 2002 tax year.\n.\n 109 , 201caccounting for income taxes , 201d requires companies record valuation allowance when 201cmore likely not some portion or all of deferred tax assets will not be realized. 201d at december 31, 2007, company provided valuation allowance of approximately $ 88. 2 million  including approximately\n\nbalance at january 1 2007                                     | $ 183953\n------------------------------------------------------------- | ------------------\nadditions based on tax positions related to the current year  | 2598\nadditions for tax positions of prior years                    | 5412\nreductions for tax positions of prior years                   | -120016 ( 120016 )\ncash advance in connection with proposed settlement           | -6682 ( 6682 )\nsettlements with taxing authorities                           | -5372 ( 5372 )\nreductions as a result of the lapse of statute of limitations | -669 ( 669 )\nbalance as of december 31 2007                                | $ 59224"
}
{
    "_id": "dd4bbc41e",
    "title": "",
    "text": "valuation techniques 2013 cash equivalents mostly of short-term money-market instruments valued at cost approximates fair value.\n.\n equity securities and international equity securities categorized as level 1 traded on active national and international exchanges valued at closing prices on last trading day of year.\n for.\n equity securities international equity securities not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor  broker  or investment manager.\n securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor or categorized as level 3 if custodian obtains uncorroborated quotes from broker or investment manager.\n commingled equity funds public investment vehicles valued using net asset value ( nav ) provided by fund manager.\n nav is total value of fund divided by number of shares outstanding.\n equity funds categorized as level 1 if traded at nav on nationally recognized securities exchange or categorized as level 2 if nav corroborated by observable market data (. purchases sales activity ).\n fixed income securities categorized as level 2 valued by trustee using pricing models use verifiable observable market data (.\n interest rates yield curves ) bids provided by brokers or dealers or quoted prices of securities with similar characteristics.\n private equity funds , real estate funds  hedge funds fixed income securities categorized as level 3 valued based on valuation models include significant unobservable inputs cannot be corroborated using verifiable observable market data.\n valuations for private equity funds and real estate funds determined by general partners hedge funds valued by independent administrators.\ndepending on nature of assets general partners or independent administrators use income and market approaches in models.\n market approach analyzing market transactions for comparable assets income approach uses earnings or net present value of estimated future cash flows adjusted for liquidity and risk factors.\n commodities categorized as level 1 are traded on active commodity exchange valued at closing prices on last trading day of year.\n commodities categorized level 2 represent shares in commingled commodity fund valued using nav  corroborated by observable market data.\n contributions expected benefit payments we determine funding requirements for defined benefit pension plans consistent with cas and internal revenue code rules.\n in 2012  made contributions of $ 3. 6 billion to qualified defined benefit pension plans.\n plan to make contributions of approximately $ 1. 5 billion to defined benefit pension plans in 2013.\n in 2012  made contributions of $ 235 million to retiree medical and life insurance plans.\n expect no required contributions related to retiree medical and life insurance plans in 2013.\n table presents estimated future benefit payments  reflect expected future employee service  as of december 31, 2012 ( in millions ) :.\n defined contribution plans maintain number defined contribution plans  most with 401 ( k ) features cover substantially all employees.\n under 401 plans match most employees 2019 eligible contributions at rates specified in plan documents.\n contributions were $ 380 million in 2012 , $ 378 million in 2011  $ 379 million in 2010  majority funded in common stock.\n defined contribution plans held approximately 48. 6 million and 52. 1 million shares of common stock as of december 31 , 2012 and 2011.\n\n| 2013   | 2014   | 2015   | 2016   | 2017   | 2018 - 2022\n---------------------------------------- | ------ | ------ | ------ | ------ | ------ | -----------\nqualified defined benefit pension plans  | $ 1900 | $ 1970 | $ 2050 | $ 2130 | $ 2220 | $ 12880\nretiree medical and life insurance plans | 200    | 210    | 220    | 220    | 220    | 1080"
}
{
    "_id": "dd4c58b02",
    "title": "",
    "text": "management 2019s discussion analysis 150 jpmorgan chase & co. /2012 annual report wholesale credit portfolio as of december 31 , 2012 wholesale exposure ( cib , cb am ) increased by $ 70. 9 billion from december 31  2011  driven by increases $ 52. 1 billion lending- related commitments $ 30. 2 billion loans due to increased client activity regions businesses.\n increase in loans due to growth in cb am.\n increases partially offset by $ 17. 5 billion decrease in derivative receivables related to decline in.\n dollar  tightening of credit spreads changes resulted in reductions to interest rate credit derivative foreign exchange balances.\n wholesale credit portfolio december 31, credit exposure nonperforming ) d ).\n receivables from customers other 23648 17461 2014 2014 total wholesale credit- related assets 411814 392954 1784 2878 lending-related commitments 434814 382739 355 865 total wholesale credit exposure $ 846628 $ 775693 $ 2139 $ 3743 credit portfolio management derivatives notional net ( b ) $ ( 27447 ) $ ( 26240 ) $ ( 25 ) $ ( 38 ) liquid securities cash collateral held against derivatives ( 13658 ) ( 21807 ) a ) receivables from customers other includes margin loans to prime retail brokerage customers classified in accrued interest accounts receivable on consolidated balance sheets.\n ( b ) represents net notional amount protection purchased sold through credit derivatives manage performing nonperforming wholesale credit exposures derivatives not qualify for hedge accounting.\n.\n excludes synthetic credit portfolio.\n additional information see credit derivatives on pages 158 2013159  note 6 on pages 218 2013227 annual report.\n excludes assets acquired in loan satisfactions.\n( d ) prior to first quarter 2012 , reported amounts only included defaulted derivatives ; effective in first quarter 2012 , reported amounts in all periods include both defaulted derivatives derivatives risk rated as nonperforming.\n\ndecember 31 , ( in millions )                                        | december 31 , 2012 | december 31 , 2011 | 2012         | 2011\n-------------------------------------------------------------------- | ------------------ | ------------------ | ------------ | ------------\nloans retained                                                       | $ 306222           | $ 278395           | $ 1434       | $ 2398\nloans held-for-sale                                                  | 4406               | 2524               | 18           | 110\nloans at fair value                                                  | 2555               | 2097               | 93           | 73\nloans 2013 reported                                                  | 313183             | 283016             | 1545         | 2581\nderivative receivables                                               | 74983              | 92477              | 239          | 297\nreceivables from customers and other ( a )                           | 23648              | 17461              | 2014         | 2014\ntotal wholesale credit-related assets                                | 411814             | 392954             | 1784         | 2878\nlending-related commitments                                          | 434814             | 382739             | 355          | 865\ntotal wholesale credit exposure                                      | $ 846628           | $ 775693           | $ 2139       | $ 3743\ncredit portfolio management derivatives notional net ( b )           | $ -27447 ( 27447 ) | $ -26240 ( 26240 ) | $ -25 ( 25 ) | $ -38 ( 38 )\nliquid securities and other cash collateral held against derivatives | -13658 ( 13658 )   | -21807 ( 21807 )   | na           | na"
}
{
    "_id": "dd4c5ec82",
    "title": "",
    "text": "notes to consolidated financial statements components of accumulated comprehensive loss  net of related tax follows:.\n aon corporation\n\n( millions ) as of december 31       | 2007           | 2006             | 2005\n------------------------------------ | -------------- | ---------------- | ----------------\nnet derivative gains ( losses )      | $ 24           | $ 15             | $ -11 ( 11 )\nnet unrealized investment gains      | 76             | 73               | 52\nnet foreign exchange translation     | 284            | 118              | -119 ( 119 )\npostretirement plans                 | -1110 ( 1110 ) | -1216 ( 1216 )   | -1077 ( 1077 )\naccumulated other comprehensive loss | $ -726 ( 726 ) | $ -1010 ( 1010 ) | $ -1155 ( 1155 )"
}
{
    "_id": "dd4bde83e",
    "title": "",
    "text": "page 27 of 100 liquidity items cash payments required for long-term debt maturities rental payments under noncancellable operating leases purchase obligations commitments effect at december 31 , 2010 summarized in table:.\n total payments on contractual obligations $ 10697. 7 $ 2935. 6 $ 4321. 2 $ 785. 9 $ 2655. 0 ( a ) amounts reported in local currencies translated at year-end 2010 exchange rates.\n ( b ) for variable rate facilities  amounts based on interest rates at year end do not contemplate effects of hedging instruments.\n c ) company 2019s purchase obligations include contracted amounts for aluminum  steel other direct materials.\n included are commitments for purchases of natural gas and electricity  aerospace and technologies contracts other less significant items.\n variable prices usage involved management 2019s best estimates used.\n depending on circumstances early termination of contracts may result in penalties actual payments could vary.\n table not include $ 60. 1 million of uncertain tax positions timing uncertain.\n contributions to company 2019s defined benefit pension plans  not including unfunded german plans expected to in range of $ 30 million in 2011.\n estimate may change based on changes in pension protection act actual plan asset performance.\n benefit payments related to these plans expected to be $ 71. 4 million , $ 74. 0 million , $ 77. 1 million , $ 80. 3 million $ 84. 9 million for years ending december 31 , 2011 through 2015  total of $ 483. 1 million for years 2016 through 2020.\n payments to participants in unfunded german plans expected between $ 21. 8 million ( 20ac16. 5 million ) to $ 23. 2 million ( 20ac17. 5 million ) in each years 2011 through 2015 total of $ 102.7 million ( 20ac77. 5 million ) for years 2016 through 2020.\n.\n pension plans in 2011  changed return on asset assumption to 8. 00 percent ( from 8. 25 percent in 2010 ) discount rate assumption to average of 5. 55 percent ( from 6. 00 percent in 2010 ).\n changes in assumptions pension expense in 2011 anticipated be relatively flat compared to 2010.\n reduction of expected return on pension assets assumption by quarter of percentage point in estimated $ 2. 9 million increase in 2011 global pension expense quarter of percentage point reduction in discount rate pension liability in estimated $ 3. 5 million additional pension expense in 2011.\n additional information company 2019s pension plans in note 14 consolidated financial statements item 8 report.\n annual cash dividends paid on common stock were 20 cents per share in 2010 , 2009 and 2008.\n total dividends paid were $ 35. 8 million in 2010 , $ 37. 4 million in 2009 $ 37. 5 million in 2008.\n january 26, 2011 company board of directors approved increase in quarterly dividends to 7 cents per share.\n share repurchases repurchases  net of issuances totaled $ 506. 7 million in 2010 , $ 5. 1 million in 2009 $ 299. 6 million in 2008.\n november 2, 2010 acquired 2775408 shares of publicly held common stock in private transaction for $ 88. 8 million.\n february 17 , 2010  entered accelerated share repurchase agreement to buy $ 125. 0 million of common shares using cash on hand and available borrowings.\n advanced $ 125. 0 million on february 22 , 2010  received 4323598 shares represented 90 percent of total shares calculated using previous day 2019s closing price.\n agreement settled on may 20 , 2010  company received additional 398206 shares.\nrepurchases in 2008 included $ 31 million settlement january 7, 2008, forward contract entered december 2007 for repurchase of 1350000 shares.\n from january 1 through february 24 , 2011 , ball repurchased additional $ 143. 3 million common stock.\n\n( $ in millions )                         | payments due by period ( a ) total | payments due by period ( a ) less than1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than5 years\n----------------------------------------- | ---------------------------------- | -------------------------------------------- | -------------------------------------- | -------------------------------------- | ---------------------------------------------\nlong-term debt including capital leases   | $ 2750.1                           | $ 34.5                                       | $ 188.3                                | $ 367.1                                | $ 2160.2\ninterest payments on long-term debt ( b ) | 1267.5                             | 160.5                                        | 316.4                                  | 304.2                                  | 486.4\noperating leases                          | 93.2                               | 31.1                                         | 37.1                                   | 16.6                                   | 8.4\npurchase obligations ( c )                | 6586.9                             | 2709.5                                       | 3779.4                                 | 98.0                                   | 2212\ntotal payments on contractual obligations | $ 10697.7                          | $ 2935.6                                     | $ 4321.2                               | $ 785.9                                | $ 2655.0"
}
{
    "_id": "dd4bcb00e",
    "title": "",
    "text": "cash cash equivalents include highly-liquid investments with maturity three months or less when purchased.\n accounts receivable and allowance for doubtful accounts carried at invoiced amounts less allowance for doubtful accounts generally do not bear interest.\n company estimates balance of allowance for doubtful accounts by analyzing accounts receivable balances by age applying historical write-off and collection trend rates.\n estimates include separately providing for customer receivables based on specific circumstances credit conditions when probable balance uncollectible.\n account balances are written off against allowance when determined receivable not be recovered.\n company 2019s allowance for doubtful accounts balance includes allowance for expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million, $ 14 million and $ 15 million as of december 31 , 2017 , 2016 , 2015 .\n returns and credit activity recorded directly to sales as reduction.\n table summarizes activity in allowance for doubtful accounts:.\n other amounts are effects of changes in currency translations and impact of allowance for returns and credits.\n inventory valuations inventories valued at lower of cost or net realizable value.\n.\n inventory costs determined on last-in , first-out ( 201clifo 201d ) basis.\n inventories represented 39% ( 39 % ) and 40% ( 40 % ) of consolidated inventories as of december 31 , 2017 and 2016 .\n all other inventory costs determined using average cost or first-in , first-out ( 201cfifo 201d ) methods.\n inventory values at fifo  shown in note 5  approximate replacement cost.\n property , plant and equipment property assets stated at cost.\nmerchandising customer equipment consists of dispensing systems for company 2019s cleaning sanitizing products  dishwashing machines process control monitoring equipment.\n certain dispensing systems capitalized by company accounted for on mass asset basis equipment capitalized depreciated as a group written off when fully depreciated.\n company capitalizes internal and external costs of development purchase of computer software for internal use.\n costs for data conversion  training maintenance associated with capitalized software expensed as incurred.\n expenditures for major renewals improvements  extend useful lives of existing plant equipment  are capitalized and depreciated.\n expenditures for repairs maintenance charged to expense as incurred.\n upon retirement disposition of plant equipment  cost related accumulated depreciation removed from accounts gain or loss recognized in income.\n depreciation charged to operations using straight-line method over assets 2019 estimated useful lives ranging from 5 to 40 years for buildings leasehold improvements 3 to 20 years for machinery and equipment 3 to 15 years for merchandising customer equipment 3 to 7 years for capitalized software.\n straight-line method of depreciation reflects appropriate allocation of cost of assets to earnings in proportion to economic benefits obtained by company in each reporting period.\n depreciation expense was $ 586 million , $ 561 million $ 560 million for 2017 , 2016 2015  respectively.\n\n( millions )      | 2017           | 2016           | 2015\n----------------- | -------------- | -------------- | --------------\nbeginning balance | $ 67.6         | $ 75.3         | $ 77.5\nbad debt expense  | 17.1           | 20.1           | 25.8\nwrite-offs        | -15.7 ( 15.7 ) | -24.6 ( 24.6 ) | -21.9 ( 21.9 )\nother ( a )       | 2.5            | -3.2 ( 3.2 )   | -6.1 ( 6.1 )\nending balance    | $ 71.5         | $ 67.6         | $ 75.3"
}
{
    "_id": "dd4c5c6e4",
    "title": "",
    "text": "11.\n borrowings short-term borrowings carrying value of at december 31 , 2012 and 2011  included $ 100 million under 2012 revolving credit facility and $ 100 million under 2011 revolving credit facility.\n 2012 revolving credit facility.\n in march 2011  company entered into five-year $ 3. 5 billion unsecured revolving credit facility ( 201c2011 credit facility 201d ).\n in march 2012 2011 credit facility amended to extend maturity date by one year to march 2017 in april 2012 aggregate commitment increased to $ 3. 785 billion ( 201c2012 credit facility 201d ).\n 2012 credit facility permits company to request additional $ 1. 0 billion borrowing capacity subject to lender credit approval increasing overall size 2012 credit facility to aggregate principal amount not to exceed $ 4. 785 billion.\n interest on borrowings outstanding accrues at rate based on applicable london interbank offered rate plus spread.\n 2012 credit facility requires company not to exceed maximum leverage ratio ( ratio net debt to ebitda ) of 3 to 1 satisfied with ratio of less than 1 to 1 at december 31 , 2012.\n 2012 credit facility provides back-up liquidity funds ongoing working capital for general corporate purposes and funds various investment opportunities.\n at december 31 , 2012 company had $ 100 million outstanding under facility with interest rate of 1. 085% ( 1. 085 % ) maturity during january 2013.\n 2013 company rolled over $ 100 million in borrowings at interest rate of 1. 085% ( 1. 085 % ) maturity during february 2013.\n 2013 rolled over $ 100 million in borrowings at interest rate of 1. 075% ( 1. 075 % ) maturity during march 2013.\n commercial paper program.\noctober 14, 2009 blackrock established commercial paper program ( 201ccp program 201d ) company could issue unsecured commercial paper notes 201ccp notes 201d ) private placement basis to maximum aggregate amount outstanding $ 3. 0 billion.\n may 13 , 2011 blackrock increased maximum aggregate amount borrowed under cp program to $ 3. 5 billion.\n may 17 , 2012 blackrock increased maximum aggregate amount to $ 3. 785 billion.\n cp program supported by 2012 credit facility.\n as of december 31 , 2012 and december 31 , 2011 blackrock had no cp notes outstanding.\n long-term borrowings carrying value fair value of long-term borrowings estimated using market prices at december 31 , 2012 included : ( dollar amounts in millions ) maturity amount unamortized discount carrying value fair value.\n\n( dollar amounts in millions )    | maturity amount | unamortized discount | carrying value | fair value\n--------------------------------- | --------------- | -------------------- | -------------- | ----------\nfloating rate notes due 2013      | $ 750           | $ 2014               | $ 750          | $ 750\n3.50% ( 3.50 % ) notes due 2014   | 1000            | 2014                 | 1000           | 1058\n1.375% ( 1.375 % ) notes due 2015 | 750             | 2014                 | 750            | 762\n6.25% ( 6.25 % ) notes due 2017   | 700             | -3 ( 3 )             | 697            | 853\n5.00% ( 5.00 % ) notes due 2019   | 1000            | -2 ( 2 )             | 998            | 1195\n4.25% ( 4.25 % ) notes due 2021   | 750             | -4 ( 4 )             | 746            | 856\n3.375% ( 3.375 % ) notes due 2022 | 750             | -4 ( 4 )             | 746            | 801\ntotal long-term borrowings        | $ 5700          | $ -13 ( 13 )         | $ 5687         | $ 6275"
}
{
    "_id": "dd4bbd300",
    "title": "",
    "text": "entergy arkansas , inc.\n subsidiaries management 2019s financial discussion analysis results of operations net income 2016 compared to 2015 net income increased $ 92. 9 million due to higher net revenue lower operation maintenance expenses partially offset by higher effective income tax rate higher depreciation amortization expenses.\n 2015 compared to 2014 net income decreased $ 47. 1 million due to higher operation maintenance expenses offset by higher net revenue.\n net revenue 2016 compared to 2015 consists of operating revenues net of 1 fuel , fuel-related expenses gas purchased for resale 2 purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance due to increase in base rates approved by apsc.\n new base rates effective february 24 , 2016 began billing with first billing cycle of april 2016.\n increase includes interim base rate adjustment surcharge effective with first billing cycle of april 2016 to recover incremental revenue requirement for period february 24 , 2016 through march 31 , 2016.\n significant portion of increase related to purchase of power block 2 of union power station.\n see note 2 to financial statements for discussion of rate case.\n see note 14 to financial statements for discussion union power station purchase.\n\n| amount ( in millions )\n--------------------- | ----------------------\n2015 net revenue      | $ 1362.2\nretail electric price | 161.5\nother                 | -3.2 ( 3.2 )\n2016 net revenue      | $ 1520.5"
}
{
    "_id": "dd4ba2eba",
    "title": "",
    "text": "equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2018.\n equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 399165 $ 0. 00 3995600 equity compensation plans not approved by security holders ( 2 ) 2014.\n includes grants made under huntington ingalls industries , inc.\n 2012 long-term incentive stock plan ( \"2012 plan\" ) approved by stockholders on may 2 , 2012 and huntington ingalls industries , inc.\n 2011 long-term incentive stock plan ( \"2011 plan\" ) approved by sole stockholder of hii prior to spin-off from northrop grumman corporation.\n shares 27123 were stock rights granted under 2011 plan.\n number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under 2012 plan  target performance achievement.\n no awards made under plans not approved by security holders.\n item 13.\n certain relationships and related transactions , and director independence information relationships transactions director independence will be incorporated by reference to proxy statement for 2019 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n item 14.\n principal accountant fees and services information will incorporated by reference to proxy statement for 2019 annual meeting of stockholders  filed within 120 days after end of company 2019s fiscal year.\n\nplan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )\n---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders           | 399165                                                                                                       | $ 0.00                                                                    | 3995600\nequity compensation plans not approved by security holders ( 2 ) | 2014                                                                                                         | 2014                                                                      | 2014\ntotal                                                            | 399165                                                                                                       | $ 0.00                                                                    | 3995600"
}
{
    "_id": "dd4b9687c",
    "title": "",
    "text": "nbcuniversal media  llc consolidated statement comprehensive income.\n accompanying notes consolidated financial statements.\n 147 2015 annual report form 10-k\n\nyear ended december 31 ( in millions )                                       | 2015         | 2014         | 2013\n---------------------------------------------------------------------------- | ------------ | ------------ | ------------\nnet income                                                                   | $ 3624       | $ 3297       | $ 2122\ndeferred gains ( losses ) on cash flow hedges net                            | -21 ( 21 )   | 25           | -5 ( 5 )\nemployee benefit obligations net                                             | 60           | -106 ( 106 ) | 95\ncurrency translation adjustments net                                         | -121 ( 121 ) | -62 ( 62 )   | -41 ( 41 )\ncomprehensive income                                                         | 3542         | 3154         | 2171\nnet ( income ) loss attributable to noncontrolling interests                 | -210 ( 210 ) | -182 ( 182 ) | -154 ( 154 )\nother comprehensive ( income ) loss attributable to noncontrolling interests | 29           | 2014         | 2014\ncomprehensive income attributable to nbcuniversal                            | $ 3361       | $ 2972       | $ 2017"
}
{
    "_id": "dd4ba1308",
    "title": "",
    "text": "entergy corporation subsidiaries notes to financial statements consists of pollution control revenue bonds and environmental revenue bonds.\n b bonds secured by collateral first mortgage bonds.\n in december 2005  entergy corporation sold 10 million equity units with stated amount of $ 50 each.\n equity unit consisted of 1 ) note  initially due february 2011 bearing interest at annual rate of 5. 75% ( 5. 75 % )  2 ) purchase contract obligated holder equity unit to purchase for $ 50 between 0. 5705 and 0. 7074 shares of entergy corporation common stock on or before february 17, 2009.\n entergy paid holders quarterly contract adjustment payments of 1. 875% ( 1. 875 % ) per year on stated amount $ 50 per equity unit.\n under terms purchase contracts entergy attempted to remarket notes in february 2009 unsuccessful note holders put notes to entergy entergy retired notes entergy issued 6598000 shares of common stock in settlement of purchase contracts.\n pursuant to nuclear waste policy act of 1982 entergy's nuclear owner/licensee subsidiaries have contracts with doe for spent nuclear fuel disposal service.\n contracts include one-time fee for generation prior to april 7 , 1983.\n entergy arkansas only entergy company generated electric power with nuclear fuel prior to that date includes one-time fee  plus accrued interest  long-term fair value excludes lease obligations , long-term doe obligations  note payable to nypa  includes debt due within one year.\n determined using bid prices reported by dealer markets and nationally recognized investment banking firms.\n entergy gulf states louisiana remains primarily liable for all long-term debt issued by entergy gulf states , inc.\noutstanding december 31 , 2008 2007.\n under debt assumption agreement with entergy gulf states louisiana  entergy texas assumed 46% ( 46 % ) of long-term debt.\n annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2008  for next five years follows : amount ( in thousands ).\n november 2000  entergy's non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\n entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from date closing eight annual installments of $ 20 million commencing eight years from date closing.\n notes have stated interest rate implicit interest rate of 4. 8% (. 8 % ).\n accordance purchase agreement with nypa purchase of indian point 2 in 2001 resulted in entergy's non-utility nuclear business liable to nypa for additional $ 10 million per year for 10 years beginning september 2003.\n liability recorded upon purchase of indian point 2 september 2001 included in note payable to nypa balance above.\n july 2003  payment of $ 102 million made prior to maturity on note payable to nypa.\n under provision in letter of credit supporting notes if utility operating companies or system energy default on other indebtedness entergy could be required to post collateral to support letter of credit.\n covenants in entergy corporation notes require maintain consolidated debt ratio of 65% ( 65 % ) or less of total capitalization.\n if entergy's debt ratio exceeds limit or entergy or utility operating companies default on other indebtedness or in bankruptcy or insolvency proceedings acceleration of notes' maturity dates may occur.\nentergy gulf states louisiana , entergy mississippi texas  system energy received ferc long-term financing orders authorizing long-term securities issuances.\n entergy arkansas has\n\n| amount ( in thousands )\n---- | -----------------------\n2009 | $ 516019\n2010 | $ 763036\n2011 | $ 897367\n2012 | $ 3625459\n2013 | $ 579461"
}
{
    "_id": "dd4bfeaee",
    "title": "",
    "text": "may 26 , 2019  expect to pay approximately $ 2. 0 million unrecognized tax benefit liabilities accrued interest within next 12 months.\n not able estimate future cash flows beyond 12 months due to uncertainties timing tax audit outcomes.\n remaining amount unrecognized tax liability classified in other liabilities.\n report accrued interest penalties related to unrecognized tax benefit liabilities in income tax expense.\n for fiscal 2019  recognized $ 0. 5 million tax-related net interest penalties had $ 26. 0 million accrued interest penalties as of may 26 , 2019.\n fiscal 2018  recognized net benefit of $ 3. 1 million tax-related net interest penalties had $ 27. 3 million accrued interest penalties as of may 27 , 2018.\n note 15.\n leases , other commitments  contingencies leases generally for warehouse space equipment.\n rent expense under all operating leases continuing operations was $ 184. 9 million in fiscal 2019  $ 189. 4 million fiscal 2018  $ 188. 1 million in fiscal 2017.\n some operating leases require payment property taxes  insurance  maintenance costs in addition to rent payments.\n contingent escalation rent in excess of minimum rent payments sublease income netted in rent expense insignificant.\n noncancelable future lease commitments millions operating leases capital leases.\n depreciation on capital leases recorded as depreciation expense in results of operations.\n as of may 26 , 2019 issued guarantees comfort letters of $ 681. 6 million for debt other obligations of consolidated subsidiaries guarantees comfort letters of $ 133. 9 million for debt obligations of non-consolidated affiliates mainly.\noff-balance sheet arrangements limited to future payments under non-cancelable operating leases totaled $ 482. 6 million as of may 26 , 2019.\n note 16.\n business segment geographic information operate in packaged foods industry.\n operating segments are : north america retail ; convenience stores & foodservice ; europe & australia ; asia & latin america ; pet.\n north america retail operating segment reflects business with of grocery stores  mass merchandisers membership stores  natural food chains  drug , dollar discount chains  e-commerce grocery providers.\n product categories are ready-to-eat cereals  refrigerated yogurt , soup , meal kits  refrigerated frozen dough products  dessert and baking mixes  frozen pizza pizza snacks  grain , fruit savory snacks  of organic products including refrigerated yogurt  nutrition bars  meal kits  salty snacks  ready-to-eat cereal  grain snacks.\n\nin millions                                      | operating leases | capital leases\n------------------------------------------------ | ---------------- | --------------\nfiscal 2020                                      | $ 120.0          | $ 0.2\nfiscal 2021                                      | 101.7            | 0.1\nfiscal 2022                                      | 85.0             | -\nfiscal 2023                                      | 63.8             | -\nfiscal 2024                                      | 49.1             | -\nafter fiscal 2024                                | 63.0             | -\ntotal noncancelable future lease commitments     | $ 482.6          | $ 0.3\nless : interest                                  |                  | -\npresent value of obligations under capitalleases |                  | $ 0.3"
}
{
    "_id": "dd4ba561a",
    "title": "",
    "text": "kimco realty corporation and subsidiaries notes to consolidated financial statements continued other 2014 connection with construction of development projects related infrastructure certain public agencies require posting performance and surety bonds to guarantee company 2019s obligations satisfied.\n these bonds expire upon completion of improvements and infrastructure.\n as of december 31 , 2010  approximately $ 45. 3 million in performance and surety bonds outstanding.\n as of december 31 , 2010  company had accrued $ 3. 8 million in with legal claim related to previously sold ground-up development project.\n company currently negotiating with plaintiff to settle claim believes prob- able settlement amount will approximate amount accrued.\n company subject to other legal proceedings and claims arise in ordinary course of business.\n management believes final outcome of matters not have material adverse effect on financial position , results of operations or liquidity of company.\n 23.\n incentive plans : company maintains two equity participation plans , second amended restated 1998 equity participation plan ( 201cprior plan 201d ) and 2010 equity participation plan ( 201c2010 plan 201d ) collectively 201cplans 201d ).\n prior plan provides for maxi- mum of 47000000 shares of company 2019s common stock to issued for qualified and non-qualified options and restricted stock grants.\n 2010 plan provides for maximum of 5000000 shares of company 2019s common stock to be issued for qualified and non-qualified options , restricted stock  performance awards other awards plus number of shares of common stock available for issuance under prior plan not issued under prior plan subject to certain conditions.\n unless otherwise determined by board of directors sole discretion options granted under plans generally vest ratably over three to five years expire ten years from date of grant exercisable at market price on date of grant.\nrestricted stock grants vest i 100% ( 100 % ) on fourth or fifth anniversary grant ii ratably over three or four years or iii ) over three years at 50% ( 50 % ) after two years and 50% ( 50 % ) after third year.\n performance share awards may provide right to receive shares of restricted stock based on company 2019s performance relative to peers or other performance criteria determined by board of directors.\n plans provide for granting of certain options and restricted stock to company 2019s non-employee directors ( 201cindependent directors 201d ) permits independent directors to elect receive deferred stock awards in lieu of directors 2019 fees.\n company accounts for stock options in accordance with fasb 2019s compensation 2014stock compensation guidance requires all share based payments to employees including grants of employee stock options recognized in statement of operations over service period based on fair values.\n fair value of each option award estimated on date of grant using black-scholes option pricing formula.\n assump- tion for expected volatility significant affect on grant date fair value.\n volatility determined based on historical equity of common stock for most recent historical period equal to expected term of options plus implied volatility measure.\n significant assumptions underlying determination of fair values for options granted during 2010 , 2009 2008 were : year ended december 31 , 2010 2009 2008.\n\n2009                                                | year ended december 31 2010 2009 | year ended december 31 2010 2009 | year ended december 31 2010\n--------------------------------------------------- | -------------------------------- | -------------------------------- | ---------------------------\nweighted average fair value of options granted      | $ 3.82                           | $ 3.16                           | $ 5.73\nweighted average risk-free interest rates           | 2.40% ( 2.40 % )                 | 2.54% ( 2.54 % )                 | 3.13% ( 3.13 % )\nweighted average expected option lives ( in years ) | 6.25                             | 6.25                             | 6.38\nweighted average expected volatility                | 37.98% ( 37.98 % )               | 45.81% ( 45.81 % )               | 26.16% ( 26.16 % )\nweighted average expected dividend yield            | 4.21% ( 4.21 % )                 | 5.48% ( 5.48 % )                 | 4.33% ( 4.33 % )"
}
{
    "_id": "dd4bb81de",
    "title": "",
    "text": "impairment of long-lived assets based on projection of undiscounted cash flows events or changes circumstances indicate carrying amounts of assets may not be recoverable.\n cash flows not expected sufficient to recover recorded value of assets assets written down to estimated fair values ( see note 5 ).\n asset retirement obligations 2014effective january 1 , 2003  company adopted statement financial accounting standards ( 2018 2018sfas 2019 2019 ) no.\n 143  2018 2018accounting for asset retirement obligations. 2019 2019 sfas.\n 143 requires company to record fair value of legal liability for asset retirement obligation in period incurred.\n when new liability recorded company capitalize costs of liability by increasing carrying amount of related long-lived asset.\n liability accreted to present value each period capitalized cost depreciated over useful life of related asset.\n upon settlement liability company settles obligation for recorded amount or incurs gain or loss upon settlement.\n company 2019s retirement obligations covered by sfas no.\n 143 include active ash landfills  water treatment basins removal or dismantlement of certain plant and equipment.\n as of december 31 , 2003 and 2002  company had recorded liabilities of approximately $ 29 million and $ 15 million  related to asset retirement obligations.\n no assets legally restricted for settling asset retirement obligations.\n upon adoption of sfas no.\n 143  company recorded additional liability of approximately $ 13 million  net asset of approximately $ 9 million  cumulative effect of change in accounting principle of approximately $ 2 million  after income taxes.\n amounts recorded related to asset retirement obligations during years ended december 31 , 2003 were as follows ( in millions ) :.\nproforma net ( loss ) income earnings per share not presented for years ended december 31 , 2002 and 2001 because proforma application of sfas no.\n 143 to prior periods result in net income earnings per share not different from actual amounts reported for periods in consolidated statements of operations.\n had sfas 143 applied during all periods asset retirement obligation at january 1 , 2001 , december 31 , 2001 december 31  2002 would have been approximately $ 21 million , $ 23 million $ 28 million , respectively.\n included in other long-term liabilities is accrual for non-legal obligations for removal of assets in service at ipalco amounting to $ 361 million and $ 339 million at december 31 , 2003 and 2002 ,.\n deferred financing costs 2014financing costs deferred amortized over related financing period using effective interest method or straight-line method when not differ.\n deferred financing costs shown net of accumulated amortization of $ 202 million and $ 173 million as of december 31 , 2003 and 2002 .\n project development costs 2014the company capitalizes costs of developing new construction projects after achieving project-related milestones indicate project completion probable.\n costs represent amounts incurred for professional services  permits  options  capitalized interest  other costs related to construction.\n costs transferred to construction in progress when significant construction activity commences or expensed at time company determines development of project no longer probable ( see note 5 ).\n\nbalance at december 31 2002                                               | $ 15\n------------------------------------------------------------------------- | --------\nadditional liability recorded from cumulative effect of accounting change | 13\naccretion expense                                                         | 2\nchange in the timing of estimated cash flows                              | -1 ( 1 )\nbalance at december 31 2003                                               | $ 29"
}
{
    "_id": "dd498315c",
    "title": "",
    "text": "19.\n income taxes continued ) capital loss carryforwards of $ 69 million and $ 90 million  acquired in bgi transaction expire or before 2013.\n at december 31 , 2012 and 2011  company had $ 95 million and $ 95 million valuation allowances for deferred income tax assets recorded on consolidated statements of financial condition.\n year- over-year increase in valuation allowance related to certain foreign deferred income tax assets.\n goodwill recorded in with quellos transaction reduced by tax benefit realized from tax-deductible goodwill.\n see note 9 , goodwill for.\n current income taxes recorded net in consolidated statements of financial condition related to same tax jurisdiction.\n as of december 31 , 2012  company had current income taxes receivable and payable of $ 102 million and $ 121 million recorded in other assets and accounts payable and accrued liabilities.\n as of december 31 , 2011  company had current income taxes receivable and payable of $ 108 million and $ 102 million recorded in other assets accounts payable accrued liabilities.\n company does not provide deferred taxes on excess of financial reporting over tax basis on investments in foreign subsidiaries essentially permanent duration.\n excess totaled $ 2125 million and $ 1516 million as of december 31, 2012 and 2011 .\n determination of additional deferred income taxes on excess not provided not practicable due to complexities associated with hypothetical calculation.\n following tabular reconciliation presents total amounts of gross unrecognized tax benefits : year ended december 31 , ( dollar amounts in millions ) 2012 2011 2010.\nin balance of unrecognized tax benefits at december 31 , 2012 , 2011 and 2010  respectively are $ 250 million , $ 226 million and $ 194 million of tax benefits if recognized would affect effective tax rate.\n company recognizes interest and penalties related to income tax matters as component of income tax expense.\n company accrued interest and penalties of $ 3 million during 2012 in total  as of december 31 , 2012  had recognized liability for interest and penalties of $ 69 million.\n company accrued interest and penalties of $ 10 million during 2011 in total as of december 31, 2011  recognized liability for interest and penalties of $ 66 million.\n company accrued interest and penalties of $ 8 million during 2010 in total as of december 31 , 2010 recognized liability for interest and penalties of $ 56 million.\n amended restated stock purchase agreement company indemnified by barclays for $ 73 million and guggenheim for $ 6 million of unrecognized tax benefits.\n blackrock subject to.\n federal income tax , state and local income tax  foreign income tax in multiple jurisdictions.\n tax years after 2007 remain open to.\n federal income tax examination tax years after 2005 to state and local income tax examination tax years after 2006 open to income tax examination in united kingdom.\n few exceptions as of december 31 , 2012 company no longer subject to.\n federal , state  local or foreign examinations by tax authorities for years before 2006.\n internal revenue service ( completed examination of blackrock 2019s 2006 and 2007 tax years in march 2011.\n in november 2011 commenced examination of blackrock 2019s 2008 and 2009 tax years impact on consolidated financial statements is undetermined not expected to be material.\njuly 2011 irs commenced federal income tax audit of bgi group blackrock acquired december 2009.\n tax years under examination are 2007 through december 1 , 2009 impact on consolidated financial statements undetermined not expected be material.\n company currently under audit in several state and local jurisdictions.\n significant state local income tax examinations in california for tax years 2004 through 2006  new york city tax years 2007 through 2008  new jersey for tax years 2003 through 2009.\n no state local income tax audits cover years earlier than 2007 except for california  new jersey new york city.\n no state local income tax audits expected to result in assessment material to consolidated financial statements.\n\n( dollar amounts in millions )                           | year ended december 31 , 2012 | year ended december 31 , 2011 | year ended december 31 , 2010\n-------------------------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------\nbalance at january 1                                     | $ 349                         | $ 307                         | $ 285\nadditions for tax positions of prior years               | 4                             | 22                            | 10\nreductions for tax positions of prior years              | -1 ( 1 )                      | -1 ( 1 )                      | -17 ( 17 )\nadditions based on tax positions related to current year | 69                            | 46                            | 35\nlapse of statute of limitations                          | 2014                          | 2014                          | -8 ( 8 )\nsettlements                                              | -29 ( 29 )                    | -25 ( 25 )                    | -2 ( 2 )\npositions assumed in acquisitions                        | 12                            | 2014                          | 4\nbalance at december 31                                   | $ 404                         | $ 349                         | $ 307"
}
{
    "_id": "dd4c45e44",
    "title": "",
    "text": "r&d expense increased 36% ( 36 % ) during 2011 compared to 2010 declined slightly as percentage of net sales due to 66% ( 66 % ) year-over-year growth in company 2019s net sales 2011.\n r&d expense increased 34% ( 34 % ) or $ 449 million to $ 1. 8 billion in 2010 compared to 2009.\n increase due primarily to increase in headcount related expenses current year support expanded r&d activities.\n contributing to increase r&d expense 2010 was capitalization in 2009 of software development costs of $ 71 million related to mac os x snow leopard.\n total r&d expense increased 34% ( 34 % ) during 2010 declined as percentage of net sales given 52% ( 52 % ) year-over-year increase in net sales company focused investments in r&d critical to future growth competitive position related to timely development of new enhanced products central to company core business strategy.\n company expects to make further investments in r&d to remain competitive.\n selling  general and administrative expense ( 201csg&a 201d ) sg&a expense increased $ 2. 1 billion or 38% ( 38 % ) to $ 7. 6 billion 2011 compared to 2010.\n increase due primarily to company continued expansion of retail segment increased headcount related costs higher spending on professional services marketing and advertising programs increased variable costs associated with overall growth company 2019s net sales.\n sg&a expense increased $ 1. 4 billion or 33% ( 33 % ) to $ 5. 5 billion in 2010 compared to 2009.\n increase due primarily to company continued expansion of retail segment  higher spending on marketing advertising programs increased share-based compensation expenses variable costs associated with overall growth company 2019s net sales.\n other income and expense for three years ended september 24 , 2011 as follows ( in millions ) :.\nother income and expense increased $ 260 million or 168% ( 168 % ) to $ 415 million during 2011 compared to $ 155 million and $ 326 million in 2010 and 2009 .\n year-over-year increase in income expense 2011 due primarily to higher interest income net realized gains on sales of marketable securities.\n overall decrease in other income and expense in 2010 compared to 2009 attributable to significant declines in interest rates partially offset by company higher cash , cash equivalents marketable securities balances.\n company incurred higher premium expenses on foreign exchange option contracts reduced total other income and expense.\n weighted average interest rate earned company on cash  cash equivalents marketable securities was 0. 77% ( 0. 77 % ) , 0. 75% ( 0. 75 % ) and 1. 43% ( 1. 43 % ) during 2011 , 2010 and 2009 .\n company had no debt outstanding did not incur related interest expense.\n provision for income taxes company 2019s effective tax rates were approximately 24. 2% ( 24. 2 % ) , 24. 4% ( 24. 4 % ) 31. 8% ( 31. 8 % ) for 2011 , 2010 and 2009 .\n company effective rates for differ from statutory federal income tax rate\n\n| 2011         | 2010         | 2009\n------------------------------ | ------------ | ------------ | ----------\ninterest and dividend income   | $ 519        | $ 311        | $ 407\nother expense net              | -104 ( 104 ) | -156 ( 156 ) | -81 ( 81 )\ntotal other income and expense | $ 415        | $ 155        | $ 326"
}
{
    "_id": "dd4c34108",
    "title": "",
    "text": "part ii  item 8 fourth quarter 2007 : 0160 schlumberger sold workover rigs for $ 32 million pretax gain $ 24 million ( $ 17 million after-tax ) classified in interest and other income  net in consolidated statement of income.\n 4.\n acquisitions acquisition of eastern echo holding plc december 10 , 2007  schlumberger completed acquisition eastern echo holding plc ( 201ceastern echo 201d ) for $ 838 million cash.\n eastern echo dubai-based marine seismic company operations at time acquisition had signed contracts for construction of six seismic vessels.\n purchase price allocated to net assets acquired based estimated fair values : ( stated in millions ).\n other acquisitions schlumberger made other acquisitions minority interest investments none significant individual basis for cash payments  net of cash acquired $ 514 million during 2009 $ 345 million 2008 $ 281 million 2007.\n pro forma results above acquisitions not presented impact not significant.\n 5.\n drilling fluids joint venture mi-swaco drilling fluids joint venture owned 40% ( 40 % ) by schlumberger 60% ( 60 % ) by smith international .\n schlumberger records income relating venture using equity method accounting.\n carrying value of schlumberger 2019s investment in joint venture on december 31 , 2009 and 2008 was $ 1. 4 billion and $ 1. 3 billion  respectively included within investments in affiliated companies on consolidated balance sheet.\n schlumberger 2019s equity income from joint venture was $ 131 million in 2009 , $ 210 million in 2008 $ 178 million in 2007.\n schlumberger received cash distributions from joint venture of $ 106 million in 2009 , $ 57 million in 2008 $ 46 million in 2007.\njoint venture agreement contains provision under either party to joint venture may offer to sell its entire interest in venture to other party at cash purchase price per percentage interest specified in offer notice.\n if offer to sell not accepted , offering party will obligated to purchase entire interest of other party at same price per percentage interest as prices specified in offer notice.\n\ncash and short-term investments           | $ 266\n----------------------------------------- | ------------\nother current assets                      | 23\nfixed income investments held to maturity | 54\nvessels under construction                | 694\naccounts payable and accrued liabilities  | -17 ( 17 )\nlong-term debt                            | -182 ( 182 )\ntotal purchase price                      | $ 838"
}
{
    "_id": "dd4bad4e6",
    "title": "",
    "text": "performance graph graph compares cumulative total shareholder return on pmi's common stock with cumulative total return for same period of pmi's compensation survey group and s&p 500 index.\n graph assumes investment of $ 100 as of december 31 , 2010  in pmi common stock ( at prices quoted on new york stock exchange ) and indices as of market close and reinvestment of dividends quarterly basis.\n date pmi pmi compensation survey group ( 12 ) s&p 500 index.\n ( 1 ) pmi compensation survey group consists of companies with substantial global sales direct competitors ; or similar market capitalization ; primarily focused on consumer products ( excluding high technology and financial services ) companies for comparative executive compensation data available : bayer ag , british american tobacco p. coca-cola company  diageo plc  glaxosmithkline  heineken n. imperial brands plc ( formerly imperial tobacco group plc ) johnson & johnson  mcdonald's corp. international , inc. nestl. novartis ag pepsico  inc. pfizer inc. roche holding ag unilever nv plc vodafone group plc.\n on october 1 , 2012  international , inc.\n nasdaq : mdlz ) formerly kraft foods inc. announced completed spin-off of north american grocery business kraft foods group  inc.\n nasdaq : krft.\n international  inc.\n retained in pmi compensation survey group index because of global footprint.\n pmi compensation survey group index total cumulative return calculation weights international , inc. 's total shareholder return at 65% ( 65 % ) of historical kraft foods inc.'s market capitalization december 31 , 2010 based on international inc. 's initial market capitalization relative to combined market capitalization international  inc.\n kraft foods group.\n october 2 , 2012.\n note : figures rounded to nearest $ 0. 10.\n\ndate             | pmi      | pmi compensation survey group ( 12 ) | s&p 500 index\n---------------- | -------- | ------------------------------------ | -------------\ndecember 31 2010 | $ 100.00 | $ 100.00                             | $ 100.00\ndecember 31 2011 | $ 139.80 | $ 114.10                             | $ 102.10\ndecember 31 2012 | $ 154.60 | $ 128.00                             | $ 118.50\ndecember 31 2013 | $ 167.70 | $ 163.60                             | $ 156.80\ndecember 31 2014 | $ 164.20 | $ 170.10                             | $ 178.30\ndecember 31 2015 | $ 186.20 | $ 179.20                             | $ 180.80"
}
{
    "_id": "dd4bbdbfc",
    "title": "",
    "text": "black-scholes option-pricing model used for estimating fair value of state street 2019s employee stock options at grant date.\n following weighted average assumptions for years ended december 31 , 2001 , 2000 1999 , : risk-free interest rates of 3. 99% ( 3. 99 % ) , 5. 75% ( 5. 75 % ) and 5. 90% ( 5. 90 % ) ; dividend yields of 1. 08% ( 1. 08 % ) ,. 73% (. 73 % ) and. 92% (. 92 % ) ; volatility factors of expected market price of state street common stock of. 30 ,. 30 and. 30.\n estimated weighted average life of stock options granted was 4. 1 years for years ended december 31 , 2001 , 2000 and 1999.\n ( l s ) at december 31  components of other unrealized comprehensive income ( loss ), net of related taxes  as follows:.\n note j shareholders 2019 rights plan in 1988 , state street declared dividend of one preferred share purchase right for each outstanding share of common stock.\n in 1998 , rights agreement amended and restated in 2001  rights plan impacted by 2-for-1 stock split.\n right may be exercised  under certain conditions to purchase one eight-hundredths share of series of participating preferred stock at exercise price of $ 132. 50 , subject to adjustment.\n rights become exercisable if party acquires or obtains right to acquire 10% ( 10 % ) or more of state street 2019s common stock or after commencement or public announcement of offer for 10% ( 10 % ) or more of state street 2019s common stock.\n when exercisable  under certain conditions each right entitles holder to purchase shares of common stock  of either state street or acquirer , having market value of two times then-current exercise price of right.\n rights expire september 2008 may be redeemed at price $. 00125 per right subject to adjustment time prior to expiration or acquisition of 10% ( 10 % ) of state street 2019s common stock.\n under certain circumstances rights may be redeemed after become exercisable subject to automatic redemption.\n note k regulatory matters r e g u l a t o r y c a p i t a l state street subject to regulatory capital requirements by federal banking agencies.\n failure to meet minimum capital requirements can initiate mandatory discretionary actions by regulators could direct effect on state street 2019s financial condition.\n under capital adequacy guidelines state street must meet specific capital guidelines quantitative measures of state street 2019s assets  liabilities off-balance sheet items calculated under regulatory accounting practices.\n state street 2019s capital amounts classification subject to qualitative judgments by regulators about components risk weightings other factors.\n 42 state street\n\n( dollars in millions )                          | 2001       | 2000\n------------------------------------------------ | ---------- | ----------\nunrealized gain on available-for-sale securities | $ 96       | $ 19\nforeign currency translation                     | -27 ( 27 ) | -20 ( 20 )\nother                                            | 1          |\ntotal                                            | $ 70       | $ -1 ( 1 )"
}
{
    "_id": "dd4bd6f58",
    "title": "",
    "text": "performance company 2019s obligations under senior notes , including repurchase obligations from change of control  unconditionally guaranteed jointly severally unsecured by each hii 2019s existing and future domestic restricted subsidiaries that guarantees debt under credit facility ( 201csubsidiary guarantors 201d ).\n guarantees rank equally with all other unsecured unsubordinated indebtedness of guarantors.\n subsidiary guarantors are each directly or indirectly 100% ( 100 % ) owned by hii.\n no significant restrictions on ability of hii or subsidiary guarantor to obtain funds from subsidiaries by dividend or loan.\n mississippi economic development revenue bonds 2014as of december 31 , 2011 and 2010  company had $ 83. 7 million outstanding from industrial revenue bonds issued by mississippi business finance corporation.\n bonds accrue interest at fixed rate of 7. 81% ( 7. 81 % ) per annum ( payable semi-annually ) mature in 2024.\n repayment of principal and interest guaranteed by northrop grumman systems corporation  hii agreed to indemnify northrop grumman systems corporation for losses related to guaranty.\n proceeds used to finance construction , reconstruction  and renovation of company 2019s interest in certain ship manufacturing and repair facilities  located in state of mississippi.\n gulf opportunity zone industrial development revenue bonds 2014as of december 31 , 2011 and 2010  company had $ 21. 6 million outstanding from gulf opportunity zone industrial development revenue bonds ( 201cgo zone irbs 201d ) issued by mississippi business finance corporation.\n go zone irbs initially issued in principal amount of $ 200 million , in november 2010  spin-off hii purchased $ 178 million of bonds using proceeds from $ 178 million intercompany loan from northrop grumman.\nnote 20 : related party transactions former parent company equity.\n remaining bonds accrue interest at fixed rate of 4. 55% ( 4. 55 % ) per annum ( payable semi-annually )  mature in 2028.\n in accordance with terms bonds proceeds used to finance construction , reconstruction renovation of company 2019s interest in certain ship manufacturing and repair facilities  portions located in state of mississippi.\n estimated fair value of company 2019s total long-term debt , including current portions, at december 31 , 2011 and 2010 , was $ 1864 million and $ 128 million , respectively.\n fair value total long-term debt calculated based on recent trades for most company 2019s debt instruments or based interest rates prevailing on debt with substantially similar risks , terms maturities.\n aggregate amounts of principal payments due on long-term debt for each next five years thereafter are : ( $ in millions ).\n 14.\n investigations , claims , litigation company involved in legal proceedings before various courts administrative agencies periodically subject to government examinations , inquiries investigations.\n pursuant to fasb accounting standard codification 450 contingencies company has accrued for losses associated with investigations , claims litigation when extent loss amounts related to investigations  claims litigation probable can be reasonably estimated.\n actual losses might be incurred to resolve such investigations  claims litigation may be higher or lower than amounts accrued.\n for matters where material loss is probable or reasonably possible amount loss cannot be reasonably estimated company able to reasonably estimate range of possible losses  estimated range required to be disclosed in these notes.\n estimated range based on information currently available company involve elements of judgment and significant uncertainties.\nestimated range of possible loss not represent company 2019s maximum possible loss exposure.\n for matters company not able to reasonably estimate possible loss or range of loss , company required to indicate reasons why unable to estimate possible loss or range of loss.\n for matters not specifically described in these notes , company does not believe , based on information currently available , it reasonably possible that liabilities , if any , arising from\n\n2012                 | $ 29\n-------------------- | ------\n2013                 | 50\n2014                 | 79\n2015                 | 108\n2016                 | 288\nthereafter           | 1305\ntotal long-term debt | $ 1859"
}
{
    "_id": "dd497d842",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations indemnification provisions : company may provide indemnifications for losses from breach of general warranties in certain commercial , intellectual property divestiture agreements.\n historically  company not made significant payments under these agreements nor significant claims asserted against company.\n increasing risk in to intellectual property indemnities given current legal climate.\n in indemnification cases  payment by company is conditioned on other party making claim to procedures in contract  procedures allow company to challenge other party 2019s claims.\n company 2019s obligations under agreements for indemnification based on breach of representations warranties are limited in duration typically not more than 24 months for amounts not in excess of contract value in some instances company may have recourse against third parties for certain payments made by company.\n legal matters : company is a defendant in various lawsuits , claims actions  arise in normal course of business.\n in opinion management  ultimate disposition of these matters not have material adverse effect on company 2019s consolidated financial position  liquidity or results of operations.\n segment information commentary should be read in conjunction with financial results of each operating business segment as detailed in note 12 , 2018 2018information by segment geographic region , 2019 2019 to company 2019s consolidated financial statements.\n net sales operating results for company 2019s three operating business segments for 2009 , 2008 2007 presented below.\n mobile devices segment mobile devices segment designs  manufactures  sells services wireless handsets , including smartphones  with integrated software accessory products  licenses intellectual property.\n in 2009  segment 2019s net sales represented 32% ( 32 % ) of company 2019s consolidated net sales  compared to 40% ( 40 % ) in 2008 and 52% ( 52 % ) in 2007.\nsegment results 20142009 compared to 2008 in 2009 segment 2019s net sales were $ 7. 1 billion , decrease of 41% ( 41 % ) compared to net sales of $ 12. 1 billion in 2008.\n 41% ( 41 % ) decrease in net sales driven by 45% ( 45 % ) decrease in unit shipments  offset by 8% ( 8 % ) increase in average selling price ( 2018 2018asp 2019 2019 ).\n segment 2019s net sales negatively impacted by reduced product offerings in large market segments  particularly 3g products  including smartphones  segment 2019s limited product offerings in low-tier products.\n product technology basis  net sales decreased substantially for gsm , cdma and 3g technologies  offset by increase in net sales for iden technology.\n geographic basis net sales decreased in latin america  europe  middle east and african region 2018 2019 and asia and lesser decreased in north america.\n segment incurred operating loss of $ 1. 1 billion in 2009  improvement of 51% ( 51 % ) compared to operating loss of $ 2. 2 billion in 2008.\n decrease in operating loss due to decreases in : selling , general and administrative ( 2018 2019 ) expenses  due to lower marketing expenses and savings from cost-reduction initiatives  research and development ( 2018&d 2019 ) expenditures  savings cost-reduction lower excess inventory and other related charges in 2009 than in 2008  charges included $ 370 million charge due to decision to consolidate software and silicon platforms  absence in 2009 of comparable $ 150 million charge in 2008 related to settlement of purchase commitment  partially offset by decrease in gross margin  driven by 41% ( 41 % ) decrease in net sales.\npercentage of net sales in 2009 compared to 2008 , gross margin and r&d expenditures increased sg&a expenses decreased.\n segment 2019s industry typically experiences short life cycles for new products.\n vital to segment 2019s success that new , compelling products continually introduced.\n strong commitment to\n\n( dollars in millions )     | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007\n--------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | ---------------\nsegment net sales           | $ 7146                       | $ 12099                      | $ 18988                      | ( 41 ) % (  % )                       | ( 36 ) % (  % )\noperating earnings ( loss ) | -1077 ( 1077 )               | -2199 ( 2199 )               | -1201 ( 1201 )               | ( 51 ) % (  % )                       | 83% ( 83 % )"
}
{
    "_id": "dd497b9d4",
    "title": "",
    "text": "page 15 of 100 shareholder return performance line graph compares annual percentage change ball corporation 2019s cumulative total shareholder return common stock with cumulative total return dow jones containers & packaging index s&p composite 500 stock index for five-year period ended december 31 , 2010.\n assumes $ 100 invested december 31 , 2005  all dividends reinvested.\n dow jones containers & packaging index total return weighted by market capitalization.\n total return analysis.\n\n| 12/31/05                                                                                                                                          | 12/31/06                                                                                                                                          | 12/31/07                                                                                                                                          | 12/31/08                                                                                                                                          | 12/31/09                                                                                                                                          | 12/31/10\n------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------\nball corporation                                                                                                                                  | $ 100.00                                                                                                                                          | $ 110.86                                                                                                                                          | $ 115.36                                                                                                                                          | $ 107.58                                                                                                                                          | $ 134.96                                                                                                                                          | $ 178.93\ndj containers & packaging index                                                                                                                   | $ 100.00                                                                                                                                          | $ 112.09                                                                                                                                          | $ 119.63                                                                                                                                          | $ 75.00                                                                                                                                           | $ 105.34                                                                                                                                          | $ 123.56\ns&p 500 index                                                                                                                                     | $ 100.00                                                                                                                                          | $ 115.80                                                                                                                                          | $ 122.16                                                                                                                                          | $ 76.96                                                                                                                                           | $ 97.33                                                                                                                                           | $ 111.99\ncopyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm )\ncopyright a9 2011 dow jones & company . all rights reserved .                                                                                     | copyright a9 2011 dow jones & company . all rights reserved .                                                                                     | copyright a9 2011 dow jones & company . all rights reserved .                                                                                     | copyright a9 2011 dow jones & company . all rights reserved .                                                                                     | copyright a9 2011 dow jones & company . all rights reserved .                                                                                     | copyright a9 2011 dow jones & company . all rights reserved .                                                                                     | copyright a9 2011 dow jones & company . all rights reserved ."
}
{
    "_id": "dd4bc4eb6",
    "title": "",
    "text": "notes to consolidated financial statements of annual compensation made.\n for years ended december 31 , 2009 , 2008 2007  made matching contributions of approxi- mately $ 450000 , $ 503000 and $ 457000  respectively.\n note 17 / commitments contingencies we and operating partnership not involved in mate- rial litigation nor any material litigation threatened against us or properties other than routine litigation ordinary course business.\n management believes costs incurred by operating partnership related to litigation not affect our financial position operating results or liquidity.\n entered employment agreements with executives expire between june 2010 and january 2013.\n minimum cash-based compensation  including base salary and guaran- teed bonus payments associated with employment agreements totals approximately $ 7. 8 million for 2010.\n in march 1998 acquired operating sub-leasehold posi- tion at 420 lexington avenue.\n-leasehold position required annual ground lease payments totaling $ 6. 0 million and sub- leasehold position payments totaling $ 1. 1 million ( excluding operating sub-lease position purchased january 1999 ).\n in june 2007 renewed and extended maturity date of ground lease at 420 lexington avenue through december 31 , 2029  option for further exten- sion through 2080.\n ground lease rent payments through 2029 total approximately $ 10. 9 million per year.\n thereafter ground lease subject to revaluation by parties.\n in june 2009 acquired operating sub-leasehold posi- tion at 420 lexington avenue for approximately $ 7. 7 million.\n sub-leasehold positions scheduled to mature in december 2029.\n in october 2009 acquired remaining sub-leasehold position for $ 7. 6 million.\nproperty at 711 third avenue operates under operating sub-lease  expires in 2083.\n sub-lease we responsible for ground rent payments of $ 1. 55 million annually through july 2011 on 50% ( 50 % ) portion of fee we do not own.\n ground rent is reset after july 2011 based on estimated fair market value of property.\n option to buy out sub-lease at fixed future date.\n property at 461 fifth avenue operates under ground lease ( approximately $ 2. 1 million annually ) term expiration date of 2027 two options to renew for additional 21 years each followed by third option for 15 years.\n option to purchase ground lease for fixed price on specific date.\n property at 625 madison avenue operates under ground lease ( approximately $ 4. 6 million annually ) term expiration date of 2022 two options to renew for additional 23 years.\n property at 1185 avenue of the americas oper- ates under ground lease ( approximately $ 8. 5 million in 2010 and $ 6. 9 million annually thereafter ) term expiration of 2020 option to renew for additional 23 years.\n in april 1988  sl green predecessor entered into lease agreement for property at 673 first avenue  capitalized for financial statement purposes.\n land estimated to be approximately 70% ( 70 % ) of fair market value of property.\n portion of lease attributed to land classified as operating lease remainder as capital lease.\n initial lease term is 49 years option for additional 26 years.\n beginning in lease years 11 and 25  lessor is entitled to additional rent as defined by lease agreement.\n we continue to lease 673 first avenue property classified as a capital lease with cost basis of $ 12. 2 million cumulative amortization of $ 5. 5 million and $ 5.2 million at december 31 , 2009 and 2008  respectively.\n schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms excess of one year as of december 31 , 2009 ( in thousands ) : non-cancellable december 31 , capital lease operating leases.\n note 18 / financial instruments : derivatives and hedging recognize all derivatives on balance sheet at fair value.\n derivatives not hedges must be adjusted to fair value through income.\n if derivative is hedge  depending nature hedge changes in fair value derivative offset against change in fair value hedged asset , liability  firm commitment through earn- ings  or recognized in other comprehensive income until hedged item recognized in earnings.\n ineffective portion of derivative 2019s change in fair value immediately recognized in earnings.\n reported net income stockholders 2019 equity may increase or decrease depending on future interest rates other variables affecting fair values of derivative instruments hedged items no effect on cash flows.\n\ndecember 31,                                | capital lease    | non-cancellable operating leases\n------------------------------------------- | ---------------- | --------------------------------\n2010                                        | $ 1451           | $ 31347\n2011                                        | 1555             | 28929\n2012                                        | 1555             | 28179\n2013                                        | 1555             | 28179\n2014                                        | 1555             | 28179\nthereafter                                  | 45649            | 580600\ntotal minimum lease payments                | 53320            | $ 725413\nless amount representing interest           | -36437 ( 36437 ) |\npresent value of net minimum lease payments | $ 16883          |"
}
{
    "_id": "dd4b9a08a",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2018 , 2017 , 2016 reconciliation of beginning and ending amounts of unrecognized tax benefits for periods indicated ( in millions ) :.\n company and subsidiaries currently under examination by relevant taxing authorities for various tax years.\n company regularly assesses potential outcome of examinations in each taxing jurisdictions when determining adequacy of unrecognized tax benefit recorded.\n difficult to predict final outcome or timing of resolution of uncertain tax position , we believe we have appropriately accrued for our uncertain tax benefits.\n audit outcomes timing of audit settlements future events impact previously recorded unrecognized tax benefits and range of anticipated increases or decreases in unrecognized tax benefits subject to significant uncertainty.\n possible that ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts could be material cannot be estimated as of december 31 , 2018.\n effective tax rate and net income in future period could be materially impacted.\n 22.\n discontinued operations due to portfolio evaluation in first half of 2016  management decided to pursue strategic shift of distribution companies in brazil , sul and eletropaulo , to reduce company's exposure to brazilian distribution market.\n disposals of sul and eletropaulo completed in october 2016 and june 2018 ,.\n eletropaulo 2014 in november 2017, eletropaulo converted preferred shares into ordinary shares transitioned listing shares to novo mercado , listing segment of brazilian stock exchange with highest standards of corporate governance.\n upon conversion of preferred shares into ordinary shares aes no longer controlled eletropaulo  but maintained significant influence over business.\n company deconsolidated eletropaulo.\nafter deconsolidation company's 17% ( % ) ownership interest reflected as equity method investment.\n company recorded after-tax loss on deconsolidation of $ 611 million primarily consisted of $ 455 million cumulative translation losses $ 243 million to pension losses reclassified from aocl.\n december 2017 remaining criteria met for eletropaulo to qualify as discontinued operation.\n results of operations and financial position reported as such in consolidated financial statements for all periods.\n june 2018 company completed sale of entire 17% ( 17 % ) ownership interest in eletropaulo through bidding process by brazilian securities regulator , cvm.\n gross proceeds of $ 340 million received at subsidiary in brazil subject to payment of taxes.\n disposal of eletropaulo company recorded pre-tax gain on sale of $ 243 million ( after-tax $ 199 million ).\n excluding gain on sale eletropaulo's pre-tax loss attributable to aes immaterial for year ended december 31 , 2018.\n pre-tax loss attributable to aes including loss on deconsolidation for years ended december 31 , 2017 and 2016 was $ 633 million and $ 192 million  respectively.\n prior to classification as discontinued operations eletropaulo reported in south america sbu reportable segment.\n sul 2014 company executed agreement for sale of sul , wholly-owned subsidiary in june 2016.\n results of operations financial position of sul reported as discontinued operations in consolidated financial statements for all periods.\nmeeting held-for-sale criteria , company recognized after-tax loss of $ 382 million of pre-tax impairment charge of $ 783 million, offset by tax benefit of $ 266 million related to impairment of sul long lived assets and tax benefit of $ 135 million for deferred taxes related to investment in sul.\n prior to impairment charge carrying value of sul asset group of $ 1. 6 billion greater than approximate fair value less costs to sell.\n impairment charge limited to carrying value of long lived assets of sul disposal group.\n\n| 2018   | 2017  | 2016\n------------------------------------------- | ------ | ----- | ------\nbalance at january 1                        | $ 348  | $ 352 | $ 364\nadditions for current year tax positions    | 2      | 2014  | 2\nadditions for tax positions of prior years  | 146    | 2     | 1\nreductions for tax positions of prior years | ( 26 ) | ( 5 ) | ( 1 )\nsettlements                                 | 2014   | 2014  | ( 13 )\nlapse of statute of limitations             | ( 7 )  | ( 1 ) | ( 1 )\nbalance at december 31                      | $ 463  | $ 348 | $ 352"
}
{
    "_id": "dd4b88394",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 ( continued ) 19.\n subsequent events 12. 25% ( 12. 25 % ) senior subordinated discount notes warrants offering 2014in january 2003  company issued 808000 units each consisting of 1 ) $ 1000 principal amount at maturity of 12. 25% ( 12. 25 % ) senior subordinated discount notes due 2008 of wholly owned subsidiary company ( ati notes ) 2 ) warrant to purchase 14. 0953 shares of class a common stock company for gross proceeds of $ 420. 0 million.\n gross offering proceeds allocated between ati notes ( $ 367. 4 million ) fair value of warrants ( $ 52. 6 million ).\n net proceeds from offering aggregated approximately $ 397. 0 million used for purposes described below under amended restated loan agreement.\n ati notes accrue no cash interest.\n accreted value of each ati note increase between date original issuance and maturity ( august 1, 2008 ) at rate of 12. 25% ( 12. 25 % ) per annum.\n 808000 warrants issued together with ati notes each represent right to purchase 14. 0953 shares of class a common stock at $ 0. 01 per share.\n warrants exercisable any time on or after january 29, 2006 expire august 1 , 2008.\n issuance date warrants represented approximately 5. 5% ( 5. 5 % ) of company 2019s outstanding common stock assuming exercise all warrants ).\n indenture governing ati notes contains covenants limit ability issuer subsidiary guarantors to incur guarantee additional indebtedness  create liens pay dividends make other equity distributions enter agreements restricting restricted subsidiaries 2019 ability to pay dividends  purchase redeem capital stock  make investments sell assets consolidate merge with into other companies.\nati notes rank junior in right of payment to all existing future senior indebtedness including all indebtedness outstanding under credit facilities structurally senior right of payment to all existing future indebtedness company.\n amended restated loan agreement 2014on february 21 , 2003  company completed amendment to credit facilities.\n amendment provides for : 2022 prepayment of portion of outstanding term loans.\n company agreed to prepay aggregate of $ 200. 0 million of term loans outstanding under credit facilities from portion net proceeds of ati notes offering completed in january 2003.\n prepayment consisted of $ 125. 0 million prepayment of term loan a $ 75. 0 million prepayment of term loan b  each applied to reduce future scheduled principal payments.\n giving effect to prepayment of $ 200. 0 million of term loans under credit facility issuance of ati notes discussed paydown of debt from net proceeds of sale of mtn ( $ 24. 5 million in february 2003 ) company 2019s aggregate principal payments of long- term debt including capital leases for next five years thereafter are as follows ( in thousands ) : year ending december 31.\n\n2003       | $ 268496\n---------- | ---------\n2004       | 131262\n2005       | 195082\n2006       | 538479\n2007       | 1065437\nthereafter | 1408783\ntotal      | $ 3607539"
}
{
    "_id": "dd4c10fc8",
    "title": "",
    "text": "table of contents recoverability of goodwill measured at reporting unit level begins with qualitative assessment to determine if more likely not fair value of each reporting unit is less than its carrying amount as basis for determining necessary to perform two-step goodwill impairment test prescribed by gaap.\n for those reporting units where required , first step compares carrying amount reporting unit to its estimated fair value.\n if estimated fair value of reporting unit exceeds its carrying amount , goodwill of reporting unit not impaired second step of impairment test not necessary.\n to extent carrying value of reporting unit exceeds estimated fair value , second step is performed , wherein reporting unit's carrying value of goodwill is compared to implied fair value of goodwill.\n to extent carrying value exceeds implied fair value , impairment exists and must be recognized.\n calculation of estimated fair value based on two valuation techniques , discounted cash flow model ( income approach ) and market adjusted multiple of earnings and revenues ( market approach ) , with each method weighted in calculation.\n implied fair value of goodwill determined in same manner as amount of goodwill recognized in business combination.\n estimated fair value of reporting unit allocated to all assets and liabilities of reporting unit ( including unrecognized intangible assets ) as if reporting unit had acquired in business combination fair value of reporting unit , as determined in first step goodwill impairment test, was price paid to acquire reporting unit.\n recoverability of other intangible assets with indefinite useful lives (.\n trademarks ) determined on relief from royalty methodology ( income approach )  based on implied royalty paid , at appropriate discount rate , to license use of asset rather than owning asset.\npresent value of after-tax cost savings (.\n royalty relief ) indicates estimated fair value of asset.\n excess of carrying value over estimated fair value recognized as impairment loss equal to excess.\n intangible assets patents , customer-related intangible assets other intangible assets with finite useful lives amortized on straight-line basis over estimated economic lives.\n weighted-average useful lives approximate following:.\n recoverability of intangible assets with finite useful lives assessed same manner as property , plant equipment.\n income taxes : for company 2019s consolidated financial statements for periods prior to spin-off  income tax expense recorded as if company filed tax returns stand-alone basis separate from ingersoll rand.\n separate return methodology applies accounting guidance for income taxes to stand-alone financial statements as if company stand-alone enterprise for periods prior to spin-off.\n cash tax payments and items of current and deferred taxes may not be reflective of company 2019s actual tax balances prior to or subsequent to spin-off.\n cash paid for income taxes for year ended december 31 , 2015 was $ 80. 6 million.\n income tax accounts reflected in consolidated balance sheets as of december 31, 2015 and 2014 include income taxes payable and deferred taxes allocated to company at time of spin-off.\n calculation of company 2019s income taxes involves judgment use of estimates and allocations.\n deferred tax assets and liabilities determined based on temporary differences between financial reporting and tax bases of assets and liabilities applying enacted tax rates expected to in effect for year in which differences are expected to reverse.\n company recognizes future tax benefits  net operating losses and tax credits to extent realizing these benefits is considered more likely than not.\ncompany regularly reviews recoverability of deferred tax assets considering historic profitability , projected future taxable income  timing of reversals of existing temporary differences feasibility of tax planning strategies.\n where appropriate  company records valuation allowance with respect to future tax benefit.\n product warranties : standard product warranty accruals recorded at time of sale estimated based upon product warranty terms historical experience.\n company assesses adequacy of liabilities make adjustments as necessary based on known or anticipated warranty claims or as new information available.\n\ncustomer relationships       | 25 | years\n---------------------------- | -- | -----\ntrademarks                   | 25 | years\ncompleted technology/patents | 10 | years\nother                        | 25 | years"
}
{
    "_id": "dd4ba60c4",
    "title": "",
    "text": "operating administrative expenses increased slightly in 2015 due to increased expenses larger film slate.\n operating administrative expenses increased in 2014 primarily due to inclusion of fandango  previously presented in cable networks segment.\n advertising , marketing promotion expenses advertising promotion expenses consist primarily of expenses associated with advertising for theatrical releases marketing of films on dvd digital formats.\n incur significant marketing expenses before throughout release film in movie theaters.\n typically incur losses on film prior to during film exhibition in movie theaters may not realize profits until film generates home entertainment content licensing revenue.\n costs associated with producing marketing films increased in recent years may continue to increase in future.\n advertising , marketing promotion expenses increased in 2015 primarily due to higher promotional costs with larger 2015 film slate increased advertising expenses for fandango.\n advertising  marketing promotion expenses decreased in 2014 due to fewer major film releases compared to theme parks segment results of operations year ended december 31 ( in millions ) 2015 2014 2013 % ( % ) change 2014 to 2015 % ( % ) change 2013 to 2014.\n operating income before depreciation amortization $ 1464 $ 1096 $ 943 33. 5% ( 33. 5 % ) 16. 3% ( 16. 3 % ) theme parks segment 2013 revenue in 2015 theme parks segment revenue generated primarily from ticket sales guest spending at universal theme parks in orlando, florida hollywood , california licensing other fees.\n in november 2015 nbcuniversal acquired 51% ( 51 % ) interest in universal studios japan.\n guest spending includes in-park spending on food  beverages merchandise.\n guest attendance at theme parks guest spending depend on general environment for travel tourism including consumer spend- ing on travel recreational activities.\nlicensing fees relate to agreements with third parties own operate universal studios singapore theme park  from universal studios japan theme park , to license right to use universal studios brand name intellectual property.\n theme parks segment revenue increased in 2015 and 2014 due to increases guest attendance increases guest spending at orlando and hollywood theme parks.\n increase in 2015 due to continued success of attractions  including wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando fast & furious 2122 2014 supercharged 2122 studio tour simpson 2019s springfield attraction in hollywood  both opened in 2015.\n theme parks segment revenue in 2015 includes $ 169 million revenue attributable to universal studios japan for period from november 13 , 2015 to december 31 , 2015.\n increase in 2014 primarily due to new attractions  wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando  opened in july 2014 despicable me : minion mayhem in hollywood.\n 59 comcast 2015 annual report on form 10-k\n\nyear ended december 31 ( in millions )                | 2015   | 2014   | 2013   | % (  % ) change 2014 to 2015 | % (  % ) change 2013 to 2014\n----------------------------------------------------- | ------ | ------ | ------ | ---------------------------- | ----------------------------\nrevenue                                               | $ 3339 | $ 2623 | $ 2235 | 27.3% ( 27.3 % )             | 17.3% ( 17.3 % )\noperating costs and expenses                          | 1875   | 1527   | 1292   | 22.8                         | 18.1\noperating income before depreciation and amortization | $ 1464 | $ 1096 | $ 943  | 33.5% ( 33.5 % )             | 16.3% ( 16.3 % )"
}
{
    "_id": "dd4bd74e4",
    "title": "",
    "text": "summary cash flows for each period were : years ended ( in millions ) dec 30 , dec 31  dec 26.\n operating activities cash is net income adjusted for non-cash items changes in assets liabilities.\n 2017 compared to 2016 $ 302 million increase in cash operating activities due to changes to working capital partially offset by adjustments for non-cash items lower net income.\n tax reform impact on 2017 cash operating activities.\n increase in cash driven by increased income before taxes $ 1. 0 billion receipts of customer deposits.\n increases partially offset by increased inventory accounts receivable.\n income taxes paid  net of refunds 2017 compared to 2016 were $ 2. 9 billion higher due to higher income before taxes taxable gains on sales of asml taxes on isecg divestiture.\n expect approximately $ 2. 0 billion of additional customer deposits in 2018.\n 2016 compared to 2015 $ 2. 8 billion increase in cash operating activities due to adjustments for non-cash items changes in working capital partially offset by lower net income.\n adjustments for non-cash items higher in 2016 due to restructuring other charges change in deferred taxes partially offset by lower depreciation.\n investing activities cash flows consist of capital expenditures ; investment purchases  sales maturities disposals ; proceeds from divestitures cash used for acquisitions.\n capital expenditures were $ 11. 8 billion in 2017 ( $ 9. 6 billion in 2016 $ 7. 3 billion in 2015 ).\n decrease in cash used for investing activities in 2017 compared 2016 primarily due to higher net activity of available-for sale-investments 2017 proceeds from divestiture of isecg 2017 higher maturities and sales of trading assets 2017.\n activity partially offset by higher capital expenditures in 2017.\nincrease in cash used for investing activities in 2016 compared to 2015 due to completed acquisition of altera net purchases of trading assets 2016 higher capital expenditures in 2016.\n increase offset by lower investments in non-marketable equity investments.\n financing activities cash flows consist primarily of repurchases of common stock payment of dividends issuance and repayment of short-term and long-term debt proceeds from sale of shares common stock through employee equity incentive plans.\n increase in cash used for financing activities in 2017 compared to 2016 due to net long-term debt activity use of cash in 2017 2016.\n during 2017 repurchased $ 3. 6 billion of common stock under authorized common stock repurchase program compared to $ 2. 6 billion in 2016.\n as of december 30 , 2017 $ 13. 2 billion remained available for repurchasing common stock under existing repurchase authorization limit.\n base level of common stock repurchases on internal cash management decisions level may fluctuate.\n proceeds from sale of common stock through employee equity incentive plans totaled $ 770 million in 2017 compared to $ 1. 1 billion in 2016.\n total dividend payments were $ 5. 1 billion in 2017 compared to $ 4. 9 billion in 2016.\n paid cash dividend in each of past 101 quarters.\n in january 2018 board of directors approved increase to cash dividend to $ 1. 20 per share annual basis.\n board declared quarterly cash dividend of $ 0. 30 per share of common stock for q1 2018.\n dividend payable on march 1 , 2018 to stockholders of record on february 7 , 2018.\n cash used for financing activities in 2016 compared to 2015 primarily due to fewer debt issuances and repayment of debt in 2016.\nactivity partially offset by repayment commercial paper 2015 fewer common stock repurchases 2016.\n md&a - results of operations consolidated results analysis 37\n\nyears ended ( in millions )                            | dec 302017       | dec 312016       | dec 262015\n------------------------------------------------------ | ---------------- | ---------------- | --------------\nnet cash provided by operating activities              | $ 22110          | $ 21808          | $ 19018\nnet cash used for investing activities                 | -15762 ( 15762 ) | -25817 ( 25817 ) | -8183 ( 8183 )\nnet cash provided by ( used for ) financing activities | -8475 ( 8475 )   | -5739 ( 5739 )   | 1912\nnet increase ( decrease ) in cash and cash equivalents | $ -2127 ( 2127 ) | $ -9748 ( 9748 ) | $ 12747"
}
{
    "_id": "dd4c1f514",
    "title": "",
    "text": "selling , general  administrative expenses increased to $ 65. 2 million in 2010 from $ 52. 9 million in 2009 due to increases in compensation expense and recruitment costs  with higher headcount in 2010  increase in non-cash compensation expense for.\n cost of goods sold cost in 2010 and 2009 was $ 2. 1 million and $ 1. 7 million  respectively consisted primarily of royalties and other period costs related to arcalyst ae commercial supplies.\n arcalyst ae shipments to customers primarily consisted of supplies of inventory manufactured and expensed as research and development costs prior to fda approval in 2008 ; costs of these supplies not included in costs of goods sold.\n other income and expense investment income decreased to $ 2. 1 million in 2010 from $ 4. 5 million in 2009  due to lower yields on lower average balances of cash and marketable securities.\n interest expense increased to $ 9. 1 million in 2010 from $ 2. 3 million in 2009.\n interest expense primarily attributable to imputed interest portion of payments to landlord  third quarter 2009 to lease newly constructed laboratory and office facilities in tarrytown , new york.\n income tax expense ( benefit ) in 2010  did not recognize any income tax expense or benefit.\n in 2009  recognized a $ 4. 1 million income tax benefit  primarily of $ 2. 7 million from provision in worker , homeownership , and business assistance act of 2009 to claim refund of.\n federal alternative minimum tax paid in 2008  and ii ) $ 0. 7 million from provision in american recovery and reinvestment act of 2009 claim refund for portion of unused pre-2006 research tax credits.\nyears ended december 31 , 2009 and 2008 net loss regeneron reported net loss $ 67. 8 million  or $ 0. 85 per share ( basic diluted ) for year ended december 31 , 2009  compared to net loss $ 79. 1 million  or $ 1. 00 per share ( ) for 2008.\n decrease in net loss in 2009 due to higher collaboration revenue antibody collaboration with sanofi-aventis , receipt of $ 20. 0 million performance milestone payment vegf trap-eye collaboration with bayer healthcare higher arcalyst ae sales  partly offset by higher research and development expenses  detailed below.\n revenues revenues in 2009 and 2008 consist following:.\n\n( in millions )                     | 2009    | 2008\n----------------------------------- | ------- | -------\ncollaboration revenue               |         |\nsanofi-aventis                      | $ 247.2 | $ 154.0\nbayer healthcare                    | 67.3    | 31.2\ntotal collaboration revenue         | 314.5   | 185.2\ntechnology licensing revenue        | 40.0    | 40.0\nnet product sales                   | 18.4    | 6.3\ncontract research and other revenue | 6.4     | 7.0\ntotal revenue                       | $ 379.3 | $ 238.5"
}
{
    "_id": "dd4c3fa1c",
    "title": "",
    "text": "reviewing earnings per share operating cash flow results against performance objectives in table personnel committee set entergy achievement multiplier at 140% ( 140 % ) of target.\n under terms executive incentive plan  entergy achievement multiplier automatically increased by 25 percent for members of office of chief executive ( including mr.\n denault mr.\n smith  not other named executive officers ) subject to personnel committee's discretion to adjust automatic multiplier downward or eliminate it altogether.\n in accordance with section 162 ( m ) of internal revenue code  multiplier entergy refers to as management effectiveness factor is intended to provide committee negative discretion mechanism to consideration specific achievement factors relating to overall performance of entergy corporation.\n in january 2009  committee exercised negative discretion to eliminate management effectiveness factor reflecting personnel committee's determination that entergy achievement multiplier  without management effectiveness factor  consistent with performance levels achieved by management.\n annual incentive award for named executive officers ( other than mr.\n leonard , mr.\n denault mr.\n smith ) awarded from incentive pool approved by committee.\n from each named executive officer's supervisor determines annual incentive payment based on entergy achievement multiplier.\n supervisor has discretion to increase or decrease multiple used to determine incentive award based on individual business unit performance.\n incentive awards subject to approval of entergy's chief executive officer.\n following table shows executive and management incentive plans payments as percentage of base salary for 2008 : named exeutive officer target percentage base salary 2008 annual incentive award.\n while ms.\n shanks and mr.\n lewis are no longer ceo-entergy mississippi and principal financial officer for subsidiaries   ms.\n shanks continues to participate in executive incentive plan  mr.\nlewis continues to participate in management incentive plan remain employees of entergy since contemplated enexus separation not occurred enexus remains a subsidiary of entergy.\n nuclear retention plan some of entergy's executives , not named executive officers , participate in special retention plan for officers leaders with special expertise in nuclear industry.\n committee authorized plan to attract retain management talent in nuclear power field , field requires unique technical other expertise in great demand in utility industry.\n plan provides for bonuses paid over three-year employment period.\n subject to continued employment with participating company , participating employee eligible to receive special cash bonus consisting of three payments , each amount from 15% ( 15 % ) to 30% ( 30 % ) of participant's base salary.\n\nnamed exeutive officer    | target         | percentage base salary | 2008 annual incentive award\n------------------------- | -------------- | ---------------------- | ---------------------------\nj . wayne leonard         | 120% ( 120 % ) | 168% ( 168 % )         | $ 2169720\nleo p . denault           | 70% ( 70 % )   | 98% ( 98 % )           | $ 617400\nrichard j . smith         | 70% ( 70 % )   | 98% ( 98 % )           | $ 632100\ne . renae conley          | 60% ( 60 % )   | 102% ( 102 % )         | $ 415000\nhugh t . mcdonald         | 50% ( 50 % )   | 50% ( 50 % )           | $ 160500\njoseph f . domino         | 50% ( 50 % )   | 72% ( 72 % )           | $ 230000\nroderick k . west         | 40% ( 40 % )   | 80% ( 80 % )           | $ 252000\nhaley fisackerly          | 40% ( 40 % )   | 46% ( 46 % )           | $ 125700\ntheodore h . bunting jr . | 60% ( 60 % )   | 117% ( 117 % )         | $ 400023\ncarolyn shanks            | 50% ( 50 % )   | 72% ( 72 % )           | $ 229134\njay a . lewis             | 40% ( 40 % )   | 60% ( 60 % )           | $ 128505"
}
{
    "_id": "dd4c0fc0e",
    "title": "",
    "text": "september 2006  fasb issued sfas 158 , 201cemployers 2019 accounting for defined benefit pension postretirement plans amendment of fasb statements no.\n 87 , 88  106  132 ( r ). 201d sfas 158 requires companies recognize over-funded under-funded status of defined benefit pension postretire- ment plans as assets or liabilities on balance sheets.\n changes in funded status must be recognized through other comprehensive income in shareholders 2019 equity year changes occur.\n adopted sfas 158 september 28 , 2007.\n accordance with transition rules in sfas 158  standard adopted prospective basis.\n adoption of sfas 158 resulted in immaterial adjustment to balance sheet no impact on net earnings or cash flows.\n comprehensive income ( loss ) company accounts for comprehensive income ( loss ) with provisions of sfas no.\n 130 , 201creporting comprehensive income 201d ( 201csfas no.\n 130 201d ).\n sfas no.\n 130 financial statement presentation standard requires company to disclose non-owner changes included in equity not included in net income or loss.\n accumulated comprehensive loss in financial statements consists of adjustments to company 2019s minimum pension liability ( in thousands ) : pension adjustments accumulated comprehensive.\n issued accounting pronouncements fin 48 july 2006 fasb issued fasb interpretation no.\n 48 , 201caccounting for uncertainty in income taxes 2014 interpretation of fasb statement no.\n 109 201d ( fin 48 )  clarifies accounting and disclosure for uncertainty in tax positions.\n fin 48 seeks reduce diversity in practice associated with aspects recognition measurement related to accounting for income taxes.\n interpretation effective for fiscal years beginning after december 15 , 2006  effective for company in fiscal year 2008.\nevaluating impact adopting fin 48 on company 2019s financial position results of operations company not expect impact to materially affect results from operations or financial position.\n sfas 157 in september 2006 fasb issued sfas no.\n 157 , 201cfair value measurements 201d ( 201csfas 157 201d ) defines fair value establishes framework for measuring fair value in accepted accounting principles expands disclosures about fair value measurements.\n sfas 157 effective for financial statements issued for fiscal years after november 15, 2007 interim periods within fiscal years.\n company not determined impact sfas 157 on results from operations or financial position.\n sab 108 in september 2006 securities and exchange commission issued staff accounting bulletin no.\n 108 , 201cconsidering effects of prior year misstatements quantifying misstatements in current year financial statements 201d ( 201csab 108 201d ) provides interpretive guidance on effects of carryover or reversal of skyworks solutions.\n 2007 annual report.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n notes to consolidated financial statements 2014 continued\n\n| pension adjustments | accumulated other comprehensive loss\n-------------------------------------- | ------------------- | ------------------------------------\nbalance as of september 30 2005        | -1137 ( 1137 )      | -1137 ( 1137 )\nchange in period                       | 538                 | 538\nbalance as of september 29 2006        | $ -599 ( 599 )      | $ -599 ( 599 )\npension adjustment                     | 159                 | 159\nadjustment to initially apply sfas 158 | 226                 | 226\nbalance as of september 28 2007        | $ -214 ( 214 )      | $ -214 ( 214 )"
}
{
    "_id": "dd4c5060a",
    "title": "",
    "text": "entergy gulf states louisiana , l. c.\n management 2019s financial discussion analysis all debt and common preferred equity/membership interest issuances by require prior regulatory approval.\n preferred equity/membership interest debt issuances subject to issuance tests in bond indentures and other agreements.\n entergy gulf louisiana has sufficient capacity under these tests to meet foreseeable capital needs.\n entergy 2019s receivables from money pool were as follows as of december 31 for each following years:.\n see note 4 to financial statements for description of money pool.\n entergy gulf states louisiana has credit facility in $ 100 million scheduled to expire in august 2012.\n no borrowings outstanding under credit facility as of december 31 , 2011.\n entergy obtained short-term borrowing authorization from ferc may borrow through october 2013 up to aggregate amount one time outstanding of $ 200 million.\n see note 4 to financial statements for discussion of entergy gulf states louisiana 2019s short-term borrowing limits.\n entergy obtained order from ferc authorizing long-term securities issuances through july 2013.\n hurricane gustav and hurricane ike in september 2008 caused catastrophic damage to entergy gulf states louisiana 2019s service territory.\n storms resulted in widespread power outages  significant damage to distribution , transmission  generation infrastructure  loss of sales during power outages.\n in october 2008  entergy gulf states louisiana drew all of $ 85 million funded storm reserve.\n on october 15 , 2008 lpsc approved entergy gulf states louisiana 2019s request to defer and accrue carrying cost on unrecovered storm expenditures during period company seeks regulatory recovery.\napproval without prejudice to ultimate resolution of total prudently incurred storm cost or final carrying cost rate.\n entergy gulf states louisiana entergy louisiana filed hurricane gustav and hurricane ike storm cost recovery case with lpsc in may 2009.\n in september 2009 entergy louisiana utilities restoration corporation ( lurc ) instrumentality of state of louisiana filed with lpsc application requesting lpsc grant financing orders authorizing financing of entergy gulf states louisiana 2019s entergy louisiana 2019s storm costs  storm reserves issuance costs pursuant to act 55 of louisiana regular session of 2007 ( act 55 financings ).\n entergy gulf states louisiana 2019s louisiana 2019s hurricane katrina hurricane rita storm costs financed primarily by act 55 financings.\n entergy entergy louisiana filed application requesting lpsc approval for ancillary issues including mechanism to flow charges act 55 financing savings to customers via storm cost offset rider.\n in december 2009 entergy gulf states louisiana entergy louisiana entered stipulation agreement with lpsc staff provides for total recoverable costs of approximately $ 234 million for entergy gulf states louisiana and $ 394 million for entergy louisiana  including carrying costs.\n under stipulation entergy gulf states louisiana agrees not to recover $ 4. 4 million entergy louisiana agrees not to recover $ 7. 2 million of storm restoration spending.\n stipulation permits replenishing entergy gulf states louisiana's storm reserve $ 90 million and entergy louisiana's storm reserve $ 200 million when act 55 financings accomplished.\nmarch april 2010 , entergy gulf states louisiana , entergy louisiana  other parties proceeding filed with lpsc uncontested stipulated settlement includes these terms includes entergy gulf states louisiana 2019s entergy louisiana's proposals under act 55 financings  includes commitment to pass on to customers minimum of $ 15. 5\n\n2011             | 2010             | 2009             | 2008\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 23596          | $ 63003          | $ 50131          | $ 11589"
}
{
    "_id": "dd4979a3a",
    "title": "",
    "text": "information on oil and gas producing activities unaudited ) 2017 proved reserves decreased by 647 mmboe due to : 2022 revisions previous estimates increased by 49 mmboe due to acceleration of higher economic wells in bakken into 5-year plan increase of 44 mmboe remainder due to revisions across business.\n 2022 extensions , discoveries  additions increased by 116 mmboe due to increase 97 mmboe expansion of proved areas wells to sales from unproved categories in oklahoma.\n 2022 purchases of reserves in place increased by 28 mmboe from acquisitions of assets in northern delaware basin new mexico.\n 2022 production decreased by 145 mmboe.\n 2022 sales of reserves in place decreased by 695 mmboe including 685 mmboe with sale of canadian business 10 mmboe with divestitures of conventional assets in oklahoma and colorado.\n see item 8.\n financial statements supplementary data - note 5 consolidated financial statements for information dispositions.\n 2016 proved reserves decreased by 67 mmboe due to 2022 revisions previous estimates increased by 63 mmboe due to increase of 151 mmboe acceleration of higher economic wells in u. s.\n resource plays into 5-year plan decrease of 64 mmboe due to u. s.\n technical revisions.\n 2022 extensions , discoveries  additions increased by 60 mmboe expansion of proved areas new wells to sales from unproven categories in oklahoma.\n 2022 purchases of reserves in place increased by 34 mmboe from acquisition of stack assets in oklahoma.\n 2022 production decreased by 144 mmboe.\n 2022 sales of reserves in place decreased by 84 mmboe with divestitures of wyoming and gulf of mexico assets.\n2015 proved reserves decreased by 35 mmboe due to : 2022 revisions of previous estimates decreased by 2 mmboe from increase of 105 mmboe with drilling programs in.\n resource plays increase of 67 mmboe in discontinued operations due to technical reevaluation lower royalty percentages to lower realized prices offset by decrease of 173 mmboe due to reductions to capital development program adherence to sec 5-year rule.\n 2022 extensions , discoveries other additions increased by140 mmboe drilling programs in.\n resource plays.\n 2022 production decreased by 157 mmboe.\n 2022 sales of reserves in place.\n conventional assets sales contributed to decrease of 18 mmboe.\n changes in proved undeveloped reserves as of december 31, 2017 , 546 mmboe of proved undeveloped reserves reported decrease of 6 mmboe from december 31 , 2016.\n table shows changes in proved undeveloped reserves for 2017 : ( mmboe ).\n revisions of prior estimates.\n increased 5 mmboe during 2017  due to 44 mmboe increase in bakken from acceleration of higher economic wells into 5-year plan offset by decrease of 40 mmboe in oklahoma due to removal of less economic wells from 5-year plan.\n extensions , discoveries other additions.\n increased 57 mmboe through expansion of proved areas in oklahoma.\n\nbeginning of year                          | 552\n------------------------------------------ | ----------\nrevisions of previous estimates            | 5\nimproved recovery                          | 2014\npurchases of reserves in place             | 15\nextensions discoveries and other additions | 57\ndispositions                               | 2014\ntransfers to proved developed              | -83 ( 83 )\nend of year                                | 546"
}
{
    "_id": "dd4bf297e",
    "title": "",
    "text": "increase in property operating expenses from large market same store group result of increases in real estate taxes $ 3. 2 million  personnel expenses $ 1. 9 million  water expenses approximately $ 1. 0 million  cable expenses $ 0. 5 million  waste removal expenses $ 0. 2 million.\n increase in property operating expenses from secondary market same store group result of increases in other operating expenses of $ 1. 5 million  real estate taxes $ 1. 1 million  personnel expenses $ 1. 2 million.\n decrease in property operating expenses from non-same store other group result of decreases in personnel expenses $ 2. 4 million utility expenses $ 1. 7 million.\n depreciation and amortization table shows depreciation and amortization expense by segment for years ended december 31 , 2015 and december 31 , 2014 ( dollars in thousands ) : year ended december 31 , 2015 year december 31 , 2014 increase percentage increase.\n decrease in depreciation and amortization expense due to decrease of $ 19. 4 million related to amortization of fair value of in-place leases and resident relationships acquired result of merger from year december 31 , 2014 to december 31  2015.\n decrease partially offset by increase in depreciation expense of $ 11. 7 million driven by increase in gross real estate assets from 2014 to 2015.\n property management expenses expenses for year ended december 31 , 2015 were approximately $ 31. 0 million  decrease of $ 1. 1 million from year december 31 , 2014.\n majority of decrease related to decrease in state franchise taxes of $ 2. 1 million  partially offset by increase in insurance expense of $ 0. 6 million  increase in payroll expense $ 0. 3 million  increase in incentive expense $ 0. 3 million.\ngeneral administrative expenses for year ended december 31 , 2015 were approximately $ 25. 7 million  increase of $ 4. 8 million from year december 31 2014.\n majority increase related to increases legal fees of $ 2. 7 million and stock option expenses of $ 1. 6 million.\n merger and integration related expenses no merger or integration related expenses for year ended december 31 , 2015 expenses related primarily to severance  legal professional  temporary systems staffing facilities costs for acquisition and integration of colonial.\n year ended december 31 2014 merger and integration related expenses were approximately $ 3. 2 million and $ 8. 4 million  respectively.\n interest expense expense for year ended december 31 , 2015 was approximately $ 122. 3 million  decrease of $ 1. 6 million from year december 31 2014.\n decrease result of decrease in amortization of deferred financing cost from 2014 to 2015 of approximately $ 0. 9 million.\n overall debt balance decreased from $ 3. 5 billion to $ 3. 4 billion  decrease of $ 85. 1 million.\n average effective interest rate remained at 3. 7% ( 3. 7 % ) average years to rate maturity increased from 4. 4 years to 4. 8 years.\n job title mid-america apartment 10-k revision 1 serial <12345678> date sunday , march 20, 2016 job number 304352-1 type page no.\n 50 operator abigaels\n\n| year ended december 31 2015 | year ended december 31 2014 | increase         | percentage increase\n--------------------------- | --------------------------- | --------------------------- | ---------------- | -------------------\nlarge market same store     | $ 168872                    | $ 174957                    | $ -6085 ( 6085 ) | ( 3.5 ) % (  % )\nsecondary market same store | 85008                       | 86058                       | -1050 ( 1050 )   | ( 1.2 ) % (  % )\nsame store portfolio        | 253880                      | 261015                      | -7135 ( 7135 )   | ( 2.7 ) % (  % )\nnon-same store and other    | 40640                       | 40797                       | -157 ( 157 )     | ( 0.4 ) % (  % )\ntotal                       | $ 294520                    | $ 301812                    | $ -7292 ( 7292 ) | ( 2.4 ) % (  % )"
}
{
    "_id": "dd4bc1144",
    "title": "",
    "text": "dish network corporation notes to consolidated financial statements - continued future minimum lease payments under capital lease obligations  present value of net minimum lease payments as of december 31 , 2015 are as follows ( in thousands ) : for years ended december 31.\n summary of future maturities of outstanding long-term debt as of december 31 , 2015 included in commitments table in note 15.\n 11.\n income taxes accounting for uncertainty in income taxes income tax policy is to record estimated future tax effects of temporary differences between tax bases of assets and liabilities amounts reported on consolidated balance sheets probable operating loss , tax credit other carryforwards.\n deferred tax assets offset by valuation allowances when believe more likely net deferred tax assets not be realized.\n periodically evaluate need for valuation allowance.\n determining necessary valuation allowances requires assessments about historical financial information timing of future events probability of expected future taxable income available tax planning opportunities.\n file consolidated tax returns in u. s.\n income taxes of domestic and foreign subsidiaries not included in u.\n tax group presented in consolidated financial statements on separate return basis for each tax paying entity.\n as of december 31 , 2015  no net operating loss carryforwards ( 201d ) for federal income tax purposes and $ 39 million of nol benefit for state income tax purposes partially offset by valuation allowance.\n state nols begin to expire in year 2017.\n $ 61 million of tax benefits related to credit carryforwards partially offset by valuation allowance.\n state credit carryforwards began to expire in\n\n2016                                                                                                                                                                                             | $ 76676\n------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------\n2017                                                                                                                                                                                             | 75874\n2018                                                                                                                                                                                             | 75849\n2019                                                                                                                                                                                             | 50320\n2020                                                                                                                                                                                             | 48000\nthereafter                                                                                                                                                                                       | 64000\ntotal minimum lease payments                                                                                                                                                                     | 390719\nless : amount representing lease of the orbital location and estimated executory costs ( primarily insurance and maintenance ) including profit thereon included in total minimum lease payments | -186742 ( 186742 )\nnet minimum lease payments                                                                                                                                                                       | 203977\nless : amount representing interest                                                                                                                                                              | -37485 ( 37485 )\npresent value of net minimum lease payments                                                                                                                                                      | 166492\nless : current portion                                                                                                                                                                           | -30849 ( 30849 )\nlong-term portion of capital lease obligations                                                                                                                                                   | $ 135643"
}
{
    "_id": "dd4baf746",
    "title": "",
    "text": "company stock performance graph shows five-year comparison of cumulative total shareholder return  calculated on dividend reinvested basis for company , s&p 500 composite index  s&p computer hardware index  dow jones u. s.\n technology index.\n graph assumes $ 100 invested in each company 2019s common stock , s&p 500 composite index s&p computer hardware index  dow jones u. s.\n technology index as of market close on september 30 , 2007.\n data points on graph are annual.\n historic stock price performance not indicative of future stock price performance.\n sep-11sep-10sep-09sep-08sep-07 sep-12 apple inc.\n s&p 500 s&p computer hardware dow jones us technology comparison of 5 year cumulative total return* among apple inc. , s&p 500 index  s&p computer hardware index dow jones us technology index *$ 100 invested on 9/30/07 in stock or index including reinvestment of dividends.\n fiscal year ending september 30.\n copyright a9 2012 s&p , division of mcgraw-hill companies inc.\n all rights reserved.\n september 30 , september 30.\n\n| september 30 2007 | september 30 2008 | september 30 2009 | september 30 2010 | september 30 2011 | september 30 2012\n----------------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | -----------------\napple inc .             | $ 100             | $ 74              | $ 121             | $ 185             | $ 248             | $ 437\ns&p 500                 | $ 100             | $ 78              | $ 73              | $ 80              | $ 81              | $ 105\ns&p computer hardware   | $ 100             | $ 84              | $ 99              | $ 118             | $ 134             | $ 214\ndow jones us technology | $ 100             | $ 76              | $ 85              | $ 95              | $ 98              | $ 127"
}
{
    "_id": "dd4bcff28",
    "title": "",
    "text": "weighted average grant date fair value of options granted during 2012  2011 2010 was $ 13  $ 19 $ 20 per share .\n total intrinsic value of options exercised during years ended december 31, 2012 2011 2010  was $ 19. 0 million  $ 4. 2 million $ 15. 6 million , respectively.\n in 2012  company granted 931340 shares of restricted class common stock 4048 shares restricted stock units.\n restricted stock units have vesting period 2 to 4 years.\n fair value related to grants was $ 54. 5 million  recognized as compensation expense on accelerated basis over vesting period.\n beginning with restricted stock grants in september 2010 dividends accrued on restricted class common stock restricted stock units paid once restricted stock vests.\n in 2012  company granted 138410 performance shares.\n fair value related to these grants was $ 7. 7 million  recognized as compensation expense on accelerated straight-lined basis over vesting period.\n vesting shares contingent on meeting stated performance market conditions.\n table summarizes restricted stock  units performance shares activity for 2012 : number shares weighted average grant date fair value outstanding at december 31 , 2011.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1432610 $ 57.\n at december 31 , 2012.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1913527 total fair value of restricted stock  units  performance shares vested during years ended december 31 , 2012 2011 2010 , was $ 20. 9 million  $ 11. 6 million $ 10. 3 million , respectively.\nemployees may acquire shares of class a common stock using after-tax payroll deductions during consecutive offering periods of six months.\n shares purchased at end of each offering period at price 90% ( 90 % ) of closing price class common stock as reported on nasdaq global select market.\n compensation expense recognized on dates of purchase for discount from closing price.\n in 2012 , 2011 2010  total of 27768 , 32085 21855 shares  of class a common stock issued to participating employees.\n shares subject to six-month holding period.\n annual expense of $ 0. 1 million , $ 0. 2 million $ 0. 1 million for purchase discount recognized in 2012 , 2011 2010 .\n non-executive directors receive annual award of class a common stock with value equal to $ 75000.\n non directors may elect to receive some or all cash portion of annual stipend  up to $ 25000  in shares of stock based on closing price at date of distribution.\n 40260 , 40585 37350 shares of class a common stock issued to non-executive directors during 2012 , 2011 2010 .\n shares not subject to vesting restrictions.\n expense of $ 2. 2 million , $ 2. 1 million and $ 2. 4 million related to stock-based payments recognized for years ended december 31 , 2012 , 2011 2010 .\n.\n fair value measurements company uses quoted prices in active markets for identical assets to determine fair value of marketable securities and equity investments.\n level 1 assets include.\n treasury securities  equity securities listed in active markets investments in publicly traded mutual funds with quoted market prices.\n if quoted prices not available determine fair value company uses other inputs directly observable.\nassets in level 2 consist of asset- backed securities municipal bonds  u. s.\n government agency securities interest rate swap contracts.\n asset-backed securities bonds.\n securities measured at fair value based on matrix pricing using prices of similar securities with similar inputs maturity dates interest rates credit ratings.\n company determined fair value of interest rate swap contracts using standard valuation models with market-based observable inputs including forward and spot exchange rates interest rate curves.\n\n| number of shares   | weightedaveragegrant datefair value\n------------------------------- | ------------------ | -----------------------------------\noutstanding at december 31 2011 | 1432610            | $ 57\ngranted                         | 1073798            | 54\nvested                          | -366388 ( 366388 ) | 55\ncancelled                       | -226493 ( 226493 ) | 63\noutstanding at december 31 2012 | 1913527            | 54"
}
{
    "_id": "dd4ba19ca",
    "title": "",
    "text": "58 2018 ppg annual report 10-k crown group on october 2 , 2017  ppg acquired crown group ( 201ccrown 201d ) , u. s. -based coatings application services business  reported part of ppg's industrial coatings reportable segment.\n crown leading component product finishers in north america.\n crown applies coatings to customers 2019 manufactured parts assembled products at 11 u. s.\n sites.\n most of crown 2019s facilities  provide assembly , warehousing sequencing services located at customer facilities or near customer manufacturing sites.\n company serves manufacturers in automotive , agriculture  construction  heavy truck alternative energy industries.\n pro-forma impact on ppg's sales results of operations  including pro forma effect events directly attributable to acquisition not significant.\n results of business since date of acquisition reported within industrial coatings business industrial coatings reportable segment.\n taiwan chlorine industries taiwan chlorine industries ( 201ctci 201d ) established in 1986 joint venture between ppg and china petrochemical development corporation ( 201ccpdc 201d ) to produce chlorine-based products in taiwan ppg owned 60 percent of venture.\n 2013 separation of commodity chemicals business ppg conveyed to axiall corporation ( \"axiall\" ) 60% ( 60 % ) ownership interest in tci.\n under ppg 2019s agreement with cpdc if post-closing conditions not met following three year anniversary separation cpdc option to sell 40% ( 40 % ) ownership interest in tci to axiall for $ 100 million.\n axiall right to designate ppg as designee to purchase 40% ( 40 % ) ownership interest of cpdc.\napril 2016  axiall announced cpdc decided sell ownership interest in tci to axiall.\n june 2016 axiall designated ppg to purchase 40% ( 40 % ) ownership interest in tci.\n august 2016 westlake chemical corporation acquired axiall became wholly-owned subsidiary of westlake.\n april 2017 ppg finalized purchase of cpdc 2019s 40% ( 40 % ) ownership interest in tci.\n difference between acquisition date fair value and purchase price of ppg 2019s 40% ( 40 % ) ownership interest tci recorded as loss in discontinued operations year-ended december 31 , 2017.\n ppg 2019s ownership in tci accounted for as equity method investment related equity earnings reported within other income in consolidated statement of income legacy in note 20 , 201creportable business segment information. 201d metokote corporation july 2016 ppg completed acquisition of metokote corporation ( \"metokote\" ) u. s. -based coatings application services business.\n metokote applies coatings to customers' manufactured parts assembled products.\n operates on- site coatings services several customer manufacturing locations regional service centers throughout u. s.  canada mexico united kingdom germany hungary czech republic.\n customers ship parts to metokote service centers treated to enhance paint adhesion painted with electrocoat  powder or liquid coatings technologies.\n coated parts shipped to customer 2019s next stage of assembly.\n metokote coats average of more than 1. 5 million parts per day.\n following table summarizes estimated fair value of assets acquired liabilities assumed in final purchase price allocation for metokote.\n ( $ in millions ).\n( a ) net deferred income tax liability included in assets due to company's tax jurisdictional netting.\n pro-forma impact on ppg's sales and results of operations , including pro forma effect of events directly attributable to acquisition , not significant.\n while calculating this impact  no cost savings or operating synergies from acquisition included.\n results of this business since date acquisition reported within industrial coatings business within industrial coatings reportable segment.\n notes to consolidated financial statements\n\ncurrent assets                                   | $ 38\n------------------------------------------------ | ----------\nproperty plant and equipment                     | 73\nidentifiable intangible assets with finite lives | 86\ngoodwill                                         | 166\ndeferred income taxes ( a )                      | -12 ( 12 )\ntotal assets                                     | $ 351\ncurrent liabilities                              | -23 ( 23 )\nother long-term liabilities                      | -22 ( 22 )\ntotal liabilities                                | ( $ 45 )\ntotal purchase price net of cash acquired        | $ 306"
}
{
    "_id": "dd4bb293c",
    "title": "",
    "text": "corporate expenses in 2016 benefited from absence of transaction costs associated with norcraft acquisition ( $ 15. 1 million in 2015 ).\n benefit offset by higher employee-related costs lower defined benefit plan income.\n ( in millions ) 2016 2015.\n ( a ) represents external costs related to acquisition of norcraft includes expenditures for banking  legal  accounting similar services.\n future periods company may record in corporate segment material expense or income associated with actuarial gains and losses from periodic remeasurement of liabilities for defined benefit plans.\n minimum company will remeasure defined benefit plan liabilities in fourth quarter of each year.\n remeasurements due to plan amendments settlements may occur in interim periods during year.\n remeasurement of liabilities attributable to updating liability discount rates and expected return on assets may result in material income or expense recognition.\n liquidity and capital resources primary liquidity needs to support working capital requirements fund capital expenditures service indebtedness finance acquisitions  repurchase shares common stock pay dividends to stockholders.\n principal sources of liquidity are cash on hand , cash flows from operating activities  availability under credit facility debt issuances in capital markets.\n operating income generated by subsidiaries.\n no restrictions on ability subsidiaries to pay dividends or make other distributions to fortune brands.\n in december 2017 board of directors increased quarterly cash dividend by 11% ( 11 % ) to $ 0. 20 per share of common stock.\n board of directors will continue to evaluate dividend payment opportunities quarterly basis.\nno assurance to when if future dividends be paid  at what level , payment of dividends dependent on our financial condition  results of operations  cash flows  capital requirements other factors relevant by our board of directors.\n we periodically review portfolio of brands evaluate potential strategic transactions to increase shareholder value.\n we cannot predict whether when we enter into acquisitions  joint ventures dispositions  make purchases of shares common stock under share repurchase program pay dividends  or impact such transactions on results of operations  cash flows or financial condition , result of issuance of debt or equity securities or otherwise.\n our cash flows from operations  borrowing availability overall liquidity are subject to certain risks and uncertainties including those described in section 201citem 1a.\n risk factors. 201d in june 2016  company amended and restated credit agreement to combine rollover existing revolving credit facility and term loan into new standalone $ 1. 25 billion revolving credit facility.\n this amendment restatement credit agreement was non-cash transaction for company.\n terms and conditions of credit agreement  including total commitment amount remained same as under 2011 credit agreement.\n revolving credit facility will mature in june 2021 borrowings used for general corporate purposes.\n on december 31 , 2017 and december 31 , 2016  outstanding borrowings under facilities were $ 615. 0 million and $ 540. 0 million , respectively.\n at december 31 , 2017 december 31  2016  current portion of long- term debt was zero.\n interest rates under facility variable based on libor at time of\n\n( in millions )                                      | 2016             | 2015\n---------------------------------------------------- | ---------------- | ----------------\ngeneral and administrative expense                   | $ -80.9 ( 80.9 ) | $ -70.1 ( 70.1 )\ndefined benefit plan income                          | 2.9              | 6.1\ndefined benefit plan recognition of actuarial losses | -1.9 ( 1.9 )     | -2.5 ( 2.5 )\nnorcraft transaction costs ( a )                     | 2014             | -15.1 ( 15.1 )\ntotal corporate expenses                             | $ -79.9 ( 79.9 ) | $ -81.6 ( 81.6 )"
}
{
    "_id": "dd4be4d56",
    "title": "",
    "text": "westrock company notes consolidated financial statements 2014 results of operations for fiscal years ended september 30 , 2019 , 2018 2017 include share-based compensation expense of $ 64. 2 million , $ 66. 8 million $ 60. 9 million  respectively including $ 2. 9 million in gain on sale of hh&b in fiscal 2017.\n share-based compensation expense fiscal 2017 reduced by $ 5. 4 million for rescission of shares granted to ceo inadvertently granted in excess of plan limits in fiscal 2014 and 2015.\n total income tax benefit in results operations share-based compensation was $ 16. 3 million, $ 19. 4 million $ 22. 5 million for fiscal years ended september 30 , 2019 , 2018 2017 .\n cash received from share-based payment arrangements fiscal years ended september 30  2019 2018 2017 was $ 61. 5 million , $ 44. 4 million $ 59. 2 million .\n equity awards issued connection with acquisitions kapstone acquisition  replaced outstanding awards of restricted stock units under kapstone long-term incentive plan with westrock stock options restricted stock units.\n no additional shares granted under kapstone plan.\n kapstone equity awards replaced with awards with identical terms utilizing approximately 0. 83 conversion factor described in merger agreement.\n acquisition consideration included approximately $ 70. 8 million related to outstanding kapstone equity awards related service prior to effective date kapstone acquisition 2013 balance related service after effective date expensed over remaining service period of awards.\n part kapstone acquisition issued 2665462 options valued at weighted average fair value of $ 20. 99 per share using black-scholes option pricing model.\n weighted average significant assumptions used were.\nconnection with mps acquisition , replaced outstanding awards of restricted stock units granted under mps long-term incentive plan with westrock restricted stock units.\n no additional shares granted under mps plan.\n mps equity awards replaced with identical terms utilizing approximately 0. 33 conversion factor as described in merger agreement.\n part of mps acquisition  granted 119373 awards of restricted stock units , contain service conditions valued at $ 54. 24 per share.\n acquisition consideration included approximately $ 1. 9 million related to outstanding mps equity awards related to service prior to effective date of mps acquisition 2013 balance related to service after effective date expensed over remaining service period of awards.\n stock options and stock appreciation rights stock options granted under our plans generally have exercise price equal to closing market price on date of grant vest in three years , in one tranche or in approximately one-third increments have 10-year contractual terms.\n portion of grants subject to earlier expense recognition due to retirement eligibility rules.\n other than circumstances death disability retirement grants include provision requiring change of control and termination of employment to accelerate vesting.\n of grant estimate fair value of stock options granted using black-scholes option pricing model.\n use historical data to estimate option exercises and employee terminations in determining expected term in years for stock options.\n expected volatility calculated based on historical volatility of stock.\n risk-free interest rate based on u. s.\n treasury securities in effect at date of grant of stock options.\n dividend yield estimated based on historic annual dividend payments and current expectations for future.\n other than connection with replacement awards with acquisitions did not grant any stock options in fiscal 2019 , 2018 and 2017.\n\n| 2019\n----------------------- | ----------------\nexpected term in years  | 3.1\nexpected volatility     | 27.7% ( 27.7 % )\nrisk-free interest rate | 3.0% ( 3.0 % )\ndividend yield          | 4.1% ( 4.1 % )"
}
{
    "_id": "dd4bb0f24",
    "title": "",
    "text": "consolidated financial statements fifth third bancorp 81 vii held trust vii bear fixed rate interest of 8. 875% ( 8. 875 % ) until may 15 , 2058.\n notes pay floating rate at three-month libor plus 500 bp.\n bancorp entered interest rate swap to convert $ 275 million fixed-rate debt into floating.\n december 31 , 2008  rate paid swap was 6. 05% ( 6. 05 % ).\n jsn vii may be redeemed at option bancorp or after may 15, 2013  or other limited circumstances at redemption price of 100% ( 100 % ) principal amount plus accrued unpaid interest.\n redemptions subject to conditions require approval by federal reserve board.\n subsidiary long-term borrowings senior fixed-rate bank notes due from 2009 to 2019 are obligations of subsidiary bank.\n maturities face value senior notes : $ 36 million in 2009, $ 800 million in 2010 $ 275 million in 2019.\n bancorp entered interest rate swaps to convert $ 1. 1 billion fixed-rate debt into floating rates.\n december 31 , 2008 rates paid swaps were 2. 19% ( 2. 19 % ) on $ 800 million and 2. 20% ( 2. 20 % ) on $ 275 million.\n august 2008  $ 500 million senior fixed-rate bank notes issued in july 2003 matured paid.\n long-term bank notes issued to third-party investors at fixed rate of 3. 375% ( 3. 375 % ).\n senior floating-rate bank notes due in 2013 are obligations of subsidiary bank.\n notes pay floating rate at three-month libor plus 11 bp.\n senior extendable notes consist of $ 797 million pay interest at three-month libor plus 4 bp and $ 400 million pay at federal funds open rate plus 12 bp.\nsubordinated fixed-rate bank notes due in 2015 are obligations of subsidiary bank.\n bancorp entered interest rate swaps to convert fixed-rate debt into floating rate.\n december 31, 2008 weighted-average rate paid on swaps was 3. 29% ( 3. 29 % ).\n junior subordinated floating-rate bank notes due in 2032 and 2033 assumed by bancorp subsidiary acquisition of crown in november 2007.\n two notes pay floating at three-month libor plus 310 and 325 bp.\n third note pays at six-month libor plus 370 bp.\n three-month libor plus 290 bp three-month libor plus 279 bp junior subordinated debentures due in 2033 and 2034 assumed by subsidiary bancorp acquisition of first national bank.\n obligations issued to fnb statutory trusts i and ii.\n junior subordinated floating-rate bank notes due in 2035 assumed by bancorp subsidiary acquisition of first charter in may 2008.\n obligations issued to first charter capital trust i and ii .\n notes first charter capital trust i pay floating at three-month libor plus 169 bp and 142 bp .\n bancorp fully unconditionally guaranteed all obligations under acquired trust preferred securities.\n december 31 2008 fhlb advances have rates from 0% ( 0 % ) to 8. 34% ( 8. 34 % ) interest payable monthly.\n advances secured by residential mortgage loans and securities totaling $ 8. 6 billion.\n at december 31  2008 $ 2. 5 billion of fhlb advances are floating rate.\n bancorp has interest rate caps notional of $ 1. 5 billion  held against fhlb advance borrowings.\n $ 3. 6 billion in advances mature as follows : $ 1.5 billion in 2009 , $ 1 million in 2010 , $ 2 million in 2011 , $ 1 billion in 2012 $ 1. 1 billion in 2013.\n medium-term senior notes and subordinated bank notes with maturities from one year to 30 years issued by two subsidiary banks  $ 3. 8 billion outstanding at december 31 , 2008 with $ 16. 2 billion available for future issuance.\n no other medium-term senior notes outstanding on either two subsidiary banks as of december 31 , 2008.\n 15.\n commitments , contingent liabilities guarantees bancorp  normal business, enters into financial instruments agreements to meet financing needs of customers.\n bancorp enters into transactions agreements to manage interest rate prepayment risks  provide funding , equipment locations for operations invest in communities.\n these instruments agreements involve varying degrees elements credit risk , counterparty risk market risk in excess of amounts recognized in bancorp 2019s consolidated balance sheets.\n creditworthiness for all instruments agreements evaluated case-by-case basis accordance with bancorp 2019s credit policies.\n bancorp 2019s significant commitments , contingent liabilities guarantees in excess of amounts recognized in consolidated balance sheets summarized as : commitments bancorp has certain commitments to make future payments under contracts.\n summary of significant commitments at december 31:.\n commitments to extend credit are agreements to lend , typically fixed expiration dates or termination clauses may require payment fee.\n many commitments to extend credit may expire without drawn upon total commitment amounts do not necessarily represent future cash flow requirements.\n bancorp exposed to credit risk in nonperformance for amount of contract.\nfixed-rate commitments subject to market risk from fluctuations interest rates bancorp 2019s exposure limited to replacement value of commitments.\n as of december 31 , 2008 and 2007  bancorp had reserve for unfunded commitments totaling $ 195 million and $ 95 million included in other liabilities in consolidated balance sheets.\n standby and commercial letters of credit are conditional commitments to guarantee performance of customer to third party.\n at december 31 , 2008  approximately $ 3. 3 billion of letters of credit expire within one year ( including $ 57 million issued commercial customers trade payments in dollars and foreign currencies ) $ 5. 3 billion expire between one to five years $ 0. 4 billion expire thereafter.\n standby letters of credit considered guarantees in accordance with fasb interpretation no.\n 45 , 201cguarantor 2019s accounting and disclosure requirements for guarantees including indirect guarantees of indebtedness.\n at december 31 , 2008  reserve related to standby letters of credit was $ 3 million.\n approximately 66% ( 66 % ) and 70% ( 70 % ) of total standby letters of credit secured as of december 31 , 2008 and 2007.\n in of nonperformance customers bancorp has rights to underlying collateral commercial real estate physical plant and property  inventory  receivables cash marketable securities.\n bancorp monitors credit risk with standby letters of credit using same dual risk rating system\n\n( $ in millions )                                         | 2008    | 2007\n--------------------------------------------------------- | ------- | -----\ncommitments to extend credit                              | $ 49470 | 49788\nletters of credit ( including standby letters of credit ) | 8951    | 8522\nforward contracts to sell mortgage loans                  | 3235    | 1511\nnoncancelable lease obligations                           | 937     | 734\npurchase obligations                                      | 81      | 52\ncapital expenditures                                      | 68      | 94"
}
{
    "_id": "dd4bc6fe0",
    "title": "",
    "text": "operating profit for segment decreased by 1% ( 1 % ) in 2010 compared to 2009.\n operating profit declines in defense offset increase in civil operating profit at intelligence unchanged.\n $ 27 million decrease in operating profit at defense attributable to decrease in level favorable performance adjustments on mission and combat systems activities in 2010.\n $ 19 million increase in civil due to higher volume on enterprise civilian services.\n operating profit segment decreased by 3% ( 3 % ) in 2009 compared to 2008.\n operating profit declines in civil and intelligence offset by growth in defense.\n decrease of $ 29 million in civil operating profit attributable to reduction in favorable performance adjustments on enterprise civilian services programs in 2009 compared to 2008.\n decrease in operating profit of $ 27 million at intelligence due to reduction in favorable performance adjustments on security solution activities in 2009 2008.\n increase in defense 2019s operating profit of $ 29 million due to volume and improved performance in mission and combat systems.\n decrease in backlog 2010 compared to 2009 due to higher sales volume on enterprise civilian service programs at civil  including volume associated with dris 2010 program mission and combat system programs at defense.\n backlog decreased in 2009 compared to 2008 due to u.\n government 2019s exercise of termination for convenience clause on tsat mission operations system ( tmos ) contract at defense resulted in $ 1. 6 billion reduction in orders.\n decline offset increased orders on enterprise civilian services programs at civil.\n expect is&gs experience low single digit percentage decrease in sales for 2011 to 2010.\n decline due to completion of work associated with dris 2010 program.\n operating profit in 2011 expected to decline in relationship to decline in sales volume operating margins expected be comparable between years.\nspace systems our space systems business segment engaged in design research development engineering production of satellites  strategic defensive missile systems space transportation systems including activities related to planned replacement of space shuttle.\n government satellite programs include advanced extremely high frequency ( aehf ) system mobile user objective system ( muos ) global positioning satellite iii ( gps iii ) system space-based infrared system ( sbirs ) geostationary operational environmental satellite r-series ( goes-r ).\n strategic missile defense programs include targets and countermeasures program fleet ballistic missile program.\n space transportation includes nasa orion program ownership interests in two joint ventures expendable launch services ( united launch alliance  ula ) space shuttle processing activities for u. s.\n government.\n space shuttle expected to complete final flight mission in 2011 our involvement with launch processing activities will end at that time.\n space systems 2019 operating results included : ( in millions ) 2010 2009 2008.\n net sales for space systems decreased by 5% ( 5 % ) in 2010 compared to 2009.\n sales declined in all three lines of business year.\n $ 253 million decrease in space transportation due to lower volume on space shuttle external tank  commercial launch vehicle activity other human space flight programs offset by higher volume on orion program.\n no commercial launches in 2010 compared to one commercial launch in 2009.\n strategic & defensive missile systems ) sales declined $ 147 million due to lower volume on defensive missile programs.\n $ 8 million sales decline in satellites attributable to lower volume on commercial satellites offset by higher volume on government satellite activities.\n one commercial satellite delivery in 2010 one commercial satellite delivery in 2009.\n net sales for space systems increased 8% ( 8 % ) in 2009 compared to 2008.\nyear  sales growth at satellites space transportation offset decline in s&dms.\n sales growth of $ 707 million in satellites due to higher volume in government satellite activities partially offset by lower volume in commercial satellite activities.\n one commercial satellite delivery in 2009 two deliveries in 2008.\n increase in sales of $ 21 million in space transportation due to higher volume on orion program offset decline in space shuttle 2019s external tank program.\n one commercial launch in both 2009 and 2008.\n s&dms 2019 sales decreased by $ 102 million due to lower volume on defensive missile programs offset growth in strategic missile programs.\n\n( in millions )     | 2010             | 2009             | 2008\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 8246           | $ 8654           | $ 8027\noperating profit    | 972              | 972              | 953\noperating margin    | 11.8% ( 11.8 % ) | 11.2% ( 11.2 % ) | 11.9% ( 11.9 % )\nbacklog at year-end | 17800            | 16800            | 17900"
}
{
    "_id": "dd4c2acb6",
    "title": "",
    "text": "visa inc.\n notes to consolidated financial statements 2014 continued ) september 30 , 2008 ( in millions  except noted ) converted one-to-one basis from class eu ( series i , ii  iii ) common stock to class c ( series iii , ii  iv ) common stock concurrent with true-up.\n results-up reflected in table below.\n fractional shares from conversion shares each individual stockholder rounded down.\n shares paid in cash to stockholders as of initial redemption of class b common stock and class c common stock following ipo.\n outstanding regional classes and series of common stock issued in reorganization converted classes series of common stock issued in true-up number regional classes series common stock reorganization-up conversion number converted classes series common stock after true-up class usa ( 1 ) class b ( 2 ) 426390481 0. 93870 400251872.\n class usa common stock outstanding prior to true-up net of 131592008 shares held by wholly-owned subsidiaries of company.\n class b common stock outstanding subsequent to true-up net of 123525418 shares held by wholly-owned subsidiaries company.\n company issued 51844393 additional shares of class c ( series ii ) common stock at price $ 44 per share in exchange for subscription receivable from visa europe.\n issuance subscription receivable recorded as offsetting entries in temporary equity on company 2019s consolidated balance sheet at september 30 , 2008.\n initial public offering in march 2008  company completed ipo with issuance of 446600000 shares of class a common stock at net offering price of $ 42. 77 ( ipo price of $ 44. 00 per share of class a common stock , less underwriting discounts and commissions of $ 1. 23 per share ).\n company received net proceeds of $ 19.1 billion as result of ipo.\n\noutstanding regional classes and seriesof common stock issued inthe reorganization | converted classes and series of common stock issued in the true-up | number of regional classes and series of common stock issued in the reorganization | true-up conversion ratio | number of converted classes and series of common stock after the true-up\n---------------------------------------------------------------------------------- | ------------------------------------------------------------------ | ---------------------------------------------------------------------------------- | ------------------------ | ------------------------------------------------------------------------\nclass usa ( 1 )                                                                    | class b ( 2 )                                                      | 426390481                                                                          | 0.93870                  | 400251872\nclass eu ( series i )                                                              | class c ( series iii )                                             | 62213201                                                                           | 1.00000                  | 62213201\nclass eu ( series ii )                                                             | class c ( series ii )                                              | 27904464                                                                           | 1.00000                  | 27904464\nclass eu ( series iii )                                                            | class c ( series iv )                                              | 549587                                                                             | 1.00000                  | 549587\nclass canada                                                                       | class c ( series i )                                               | 22034685                                                                           | 0.98007                  | 21595528\nclass ap                                                                           | class c ( series i )                                               | 119100481                                                                          | 1.19043                  | 141780635\nclass lac                                                                          | class c ( series i )                                               | 80137915                                                                           | 1.07110                  | 85835549\nclass cemea                                                                        | class c ( series i )                                               | 36749698                                                                           | 0.95101                  | 34949123"
}
{
    "_id": "dd4b8a39c",
    "title": "",
    "text": "marathon oil corporation notes to consolidated financial statements f sale-leaseback financing arrangement relates to lease of slab caster at united states steel 2019s fairfield works facility in alabama.\n we primary obligor under lease.\n financial matters agreement united states steel assumed responsibility for all obligations under this lease.\n lease is amortizing financing final maturity of 2012  subject to additional extensions.\n g obligation relates to lease of equipment at united states steel 2019s clairton works cokemaking facility in pennsylvania.\n we primary obligor under lease.\n financial matters agreement united states steel assumed responsibility for all obligations under lease.\n lease is amortizing financing with final maturity of 2012.\n marathon oil canada corporation had 805 million canadian dollar revolving term credit facility secured by all of marathon oil canada corporation 2019s assets included certain financial covenants including leverage and interest coverage ratios.\n in february 2008  outstanding balance repaid facility terminated.\n notes are senior secured notes of marathon oil canada corporation.\n notes secured by substantially all marathon oil canada corporation 2019s assets.\n january 2008 provided full and unconditional guarantee covering payment of all principal and interest due under senior notes.\n obligations as of december 31, 2008 include $ 126 million related to assets under construction for capital leases or sale-leaseback financings commence upon completion of construction.\n amounts reported based upon percent of construction completed as of december 31 , 2008 do not reflect future minimum lease obligations of $ 209 million.\n k payments of long-term debt for years 2009 2013 are $ 99 million , $ 98 million , $ 257 million , $ 1487 million and $ 279 million.\npayments assumed by united states steel are $ 15 million , $ 17 million  $ 161 million  $ 19 million and zero.\n in change in control  in related debt obligations totaling $ 669 million at december 31 , 2008 may be declared immediately due and payable.\n see note 17 for information on interest rate swaps.\n on february 17 , 2009 issued $ 700 million senior notes interest at 6. 5 percent maturity date of february 15 , 2014 and $ 800 million senior notes interest at 7. 5 percent maturity date of february 15 , 2019.\n interest on both issues payable semi- annually beginning august 15 , 2009.\n 21.\n asset retirement obligations summarizes changes in asset retirement obligations : ( in millions ) 2008 2007.\n asset retirement obligations as of december 31 ( b ) $ 965 $ 1134 ( see note 7 for information to assets held for sale.\n ( b ) includes asset retirement obligation of $ 2 and $ 3 million short-term at december 31 , 2008  2007.\n\n( in millions )                                                           | 2008         | 2007\n------------------------------------------------------------------------- | ------------ | ----------\nasset retirement obligations as of january 1                              | $ 1134       | $ 1044\nliabilities incurred including acquisitions                               | 30           | 60\nliabilities settled                                                       | -94 ( 94 )   | -10 ( 10 )\naccretion expense ( included in depreciation depletion and amortization ) | 66           | 61\nrevisions to previous estimates                                           | 24           | -17 ( 17 )\nheld for sale ( a )                                                       | -195 ( 195 ) | 2013\ndeconsolidation of egholdings                                             | 2013         | -4 ( 4 )\nasset retirement obligations as of december 31 ( b )                      | $ 965        | $ 1134"
}
{
    "_id": "dd4c4f3d6",
    "title": "",
    "text": "compensation plan approved by security holders.\n employee stock purchase plan 2005 director stock plan approved by shareholders at 2005 annual meeting shareholders.\n connection with mergers with cbot holdings nymex holdings assumed existing equity plans.\n shares relating to cbot holdings nymex holdings plans listed in table below under equity compensation plan approved by security holders shareholders company approved related merger transactions.\n plan category number of securities to be issued upon exercise of outstanding options a weighted-average exercise price of outstanding options b ) number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column ( a ) ) c ) equity compensation plans approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1211143 $ 308. 10 5156223 equity compensation plans not approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 5978 22. 00 2014.\n item 13.\n certain relationships  related transactions director independence information included in cme group 2019s proxy statement under heading 201ccertain business relationships with related parties 201d and 201ccorporate governance 2014director independence 201d incorporated reference general instruction g.\n item 14.\n principal accountant fees and services information included in cme group 2019s proxy statement under heading 201caudit committee disclosures 2014principal accountant fees and services 201d and 201caudit committee disclosures 2014audit committee policy for approval of audit and permitted non-audit services 201d incorporated reference general instruction g ( 3 ).\n\nplan category                                              | number of securities to be issued upon exercise of outstanding options ( a ) | weighted-average exercise price of outstanding options ( b ) | number of securities remaining available for future issuance underequity compensation plans ( excluding securities reflected in column ( a ) ) ( c )\n---------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders     | 1211143                                                                      | $ 308.10                                                     | 5156223\nequity compensation plans not approved by security holders | 5978                                                                         | 22.00                                                        | 2014\ntotal                                                      | 1217121                                                                      |                                                              | 5156223"
}
{
    "_id": "dd4ba398c",
    "title": "",
    "text": "stockholders 2019 equity derivative instruments activity net of tax included in non-owner changes to equity consolidated statements stockholders 2019 equity for years ended december 31 , 2008 , 2007 2006 follows:.\n net investment in foreign operations hedge at december 31 , 2008 and 2007  company hedges of foreign currency exposure net investments foreign operations.\n hedge first quarter of 2006  company entered into zero-cost collar derivative ( 201csprint nextel derivative 201d ) to protect against price fluctuations in 37. 6 million shares of sprint nextel corporation ( 201csprint nextel 201d ) non-voting common stock.\n second quarter of 2006  result of sprint nextel 2019s spin-off of embarq corporation through dividend to sprint nextel shareholders company received approximately 1. 9 million shares of embarq corporation.\n floor and ceiling prices of sprint nextel derivative adjusted.\n derivative not designated as a hedge under provisions of sfas no.\n 133 , 201caccounting for derivative instruments and hedging activities. 201d reflect change in fair value sprint nextel derivative company recorded net gain of $ 99 million for year ended december 31, 2006  included in other income ( expense ) in company 2019s consolidated statements of operations.\n in december 2006  sprint nextel derivative terminated and settled in cash 37. 6 million shares of sprint nextel converted to common shares and sold.\n company received aggregate cash proceeds of approximately $ 820 million from settlement of sprint nextel derivative and subsequent sale of 37. 6 million sprint nextel shares.\n company recognized loss of $ 126 million in connection with sale of remaining shares of sprint nextel common stock.\n company recorded net gain of $ 99 million with sprint nextel derivative.\nfair value of financial instruments company 2019s financial instruments include cash equivalents sigma fund investments short-term investments accounts receivable long-term receivables accounts payable accrued liabilities derivatives other financing commitments.\n company 2019s sigma fund  available-for-sale investment portfolios derivatives recorded in consolidated balance sheets at fair value.\n all other financial instruments with exception long-term debt carried at cost  not materially different than instruments 2019 fair values.\n using quoted market prices market interest rates company determined fair value of long- term debt at december 31 , 2008 was $ 2. 8 billion  compared to carrying value of $ 4. 1 billion.\n judgment required market information fair value of long-term debt not necessarily indicative of amount realized in current market exchange.\n equity price market risk at december 31 , 2008 company 2019s available-for-sale equity securities portfolio had approximate fair market value of $ 128 million  cost basis of $ 125 million net unrealized loss of $ 3 million.\n equity securities held for purposes other than trading.\n %%transmsg*** transmitting job : c49054 pcn : 105000000 ***%%pcmsg|102 |00022|yes|no|02/23/2009 19:17|0|0|page valid , no graphics -- color : n|\n\n| 2008       | 2007       | 2006\n----------------------------------- | ---------- | ---------- | ----------\nbalance at january 1                | $ 2014     | $ 16       | $ 2\nincrease ( decrease ) in fair value | -9 ( 9 )   | -6 ( 6 )   | 75\nreclassifications to earnings       | 2          | -10 ( 10 ) | -61 ( 61 )\nbalance at december 31              | $ -7 ( 7 ) | $ 2014     | $ 16"
}
{
    "_id": "dd4c4a2c8",
    "title": "",
    "text": "performance graph table compares cumulative total shareholder return on our common stock with return of standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) standard & poor 2019s industrials index ( index 201d ) standard & 2019s consumer durables & apparel index ( 201d )  from december 31  2007 through december 31  2012  when closing price our common stock was $ 16. 66.\n graph assumes investments of $ 100 on december 31 , 2007 in our common stock and in each of three indices and reinvestment of dividends.\n performance graph 2007 2008 2009 2010 2011 2012 s&p 500 index s&p industrials index s&p consumer durables & apparel index table sets forth value  as of december 31 for each years of $ 100 investment made on december 31 , 2007 in each our common stock , s&p 500 index  s&p industrials index s&p consumer durables & apparel index and includes reinvestment of dividends.\n in july 2007  board of directors authorized purchase of up to 50 million shares of common stock in open-market transactions or.\n at december 31 , 2012  had remaining authorization to repurchase up to 24 million shares.\n during first quarter of 2012  we repurchased and retired one million shares of common stock for cash aggregating $ 8 million to offset dilutive impact of 2012 grant of one million shares of long-term stock awards.\n not purchased shares since march 2012.\n\n| 2008    | 2009    | 2010     | 2011     | 2012\n------------------------------------- | ------- | ------- | -------- | -------- | --------\nmasco                                 | $ 55.78 | $ 71.52 | $ 67.12  | $ 52.15  | $ 92.49\ns&p 500 index                         | $ 63.45 | $ 79.90 | $ 91.74  | $ 93.67  | $ 108.55\ns&p industrials index                 | $ 60.60 | $ 72.83 | $ 92.04  | $ 91.50  | $ 105.47\ns&p consumer durables & apparel index | $ 66.43 | $ 90.54 | $ 118.19 | $ 127.31 | $ 154.72"
}
{
    "_id": "dd4bfe9b8",
    "title": "",
    "text": "contractual obligations as of december 30 , 2017 were:.\n capital purchase obligations1 12068 9689 2266 113 2014 other purchase obligations commitments2 2692 1577 1040 55 20 tax obligations3 6120 490 979 979 3672 long-term debt obligations4 42278 1495 5377 8489 26917 other long-term liabilities5 1544 799 422 190 133 total6 $ 65947 $ 14265 $ 10432 $ 10067 $ 31183 1 capital purchase obligations represent commitments for construction or purchase of property  plant equipment.\n not recorded as liabilities on consolidated balance sheets as of december 30 , 2017 not yet received related goods nor taken title to property.\n 2 other purchase obligations commitments include payments due under licenses agreements to purchase goods services payments under non-contingent funding obligations.\n 3 tax obligations represent future cash payments related to tax reform 2017 for one-time provisional transition tax on previously untaxed foreign earnings.\n further information see 201cnote 8 : income taxes 201d within consolidated financial statements.\n 4 amounts represent principal and interest cash payments over life of debt obligations including anticipated interest payments not recorded on consolidated balance sheets.\n debt obligations classified based on stated maturity date balance.\n future settlement of convertible debt impact cash payments.\n 5 amounts represent future cash payments to satisfy other long-term liabilities recorded on consolidated balance sheets including short-term portion of long-term liabilities.\n derivative instruments excluded from table not represent amounts may ultimately be paid.\n 6 total excludes contractual obligations recorded on consolidated balance sheets as current liabilities except for short-term portions of long-term debt obligations and other long-term liabilities.\nexpected timing of payments of obligations in preceding table is estimated based on current information.\n timing of payments and actual amounts paid may be different  depending on time of receipt of goods or services  or changes to agreed- upon amounts for some obligations.\n contractual obligations for purchases of goods or services included in 201cother purchase obligations and commitments 201d in preceding table include agreements enforceable and legally binding on intel specify all significant terms  including fixed or minimum quantities to be purchased ; fixed variable price provisions ; approximate timing of transaction.\n for obligations with cancellation provisions  amounts included in preceding table limited to non-cancelable portion of agreement terms or minimum cancellation fee.\n for purchase of raw materials entered into certain agreements specify minimum prices and quantities based on percentage of total available market or percentage of future purchasing requirements.\n due to uncertainty of future market and future purchasing requirements non-binding nature of these agreements  obligations under these agreements excluded from preceding table.\n purchase orders for other products based on current manufacturing needs fulfilled by vendors within short time horizons.\n some purchase orders represent authorizations to purchase rather than binding agreements.\n contractual obligations contingent upon achievement of certain milestones excluded from preceding table.\n most of milestone-based contracts are tooling related for purchase of capital equipment.\n these arrangements not considered contractual obligations until milestone met by counterparty.\n as of december 30 , 2017  assuming all future milestones are met additional required payments would be approximately $ 2. 0 billion.\nfor majority of restricted stock units ( rsus ) granted , number of shares of common stock issued on date rsus vest is net of minimum statutory withholding requirements we pay in cash to appropriate taxing authorities on behalf of employees.\n obligation to pay relevant taxing authority excluded from preceding table , as amount contingent upon continued employment.\n in, amount of obligation unknown , based in part on market price of common stock when awards vest.\n md&a - results of operations consolidated results and analysis 38\n\n( in millions )                             | payments due by period total | payments due by period less than1 year | payments due by period 1 20133 years | payments due by period 3 20135 years | payments due by period more than5 years\n------------------------------------------- | ---------------------------- | -------------------------------------- | ------------------------------------ | ------------------------------------ | ---------------------------------------\noperating lease obligations                 | $ 1245                       | $ 215                                  | $ 348                                | $ 241                                | $ 441\ncapital purchase obligations1               | 12068                        | 9689                                   | 2266                                 | 113                                  | 2014\nother purchase obligations and commitments2 | 2692                         | 1577                                   | 1040                                 | 55                                   | 20\ntax obligations3                            | 6120                         | 490                                    | 979                                  | 979                                  | 3672\nlong-term debt obligations4                 | 42278                        | 1495                                   | 5377                                 | 8489                                 | 26917\nother long-term liabilities5                | 1544                         | 799                                    | 422                                  | 190                                  | 133\ntotal6                                      | $ 65947                      | $ 14265                                | $ 10432                              | $ 10067                              | $ 31183"
}
{
    "_id": "dd4c1938a",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations discussion analysis based on consolidated financial statements of welltower inc.\n presented in conformity with.\n generally accepted accounting principles ( 201cu. s.\n gaap 201d ) for periods be read together with notes in annual report on form 10-k.\n other important factors identified in 201citem 1 2014 business 201d and 201citem 1a 2014 risk factors 201d.\n executive summary company overview welltower inc.\n (:well ) s&p 500 company in toledo, ohio driving transformation of health care infrastructure.\n company invests with leading seniors housing operators  post- acute providers health systems to fund real estate infrastructure needed to scale innovative care delivery models improve people 2019s wellness overall health care experience.\n welltowertm , real estate investment trust ( 201creit 201d ) owns interests in properties in major high-growth markets in united states ( 201cu. 201d canada united kingdom ( 201cu. 201d ) consisting of seniors housing post-acute communities outpatient medical properties.\n our capital programs  combined with comprehensive planning , development property management services make single-source solution for acquiring  planning  developing managing repositioning monetizing real estate assets.\n table summarizes consolidated portfolio for year ended december 31 , 2017 ( dollars in thousands ) : type of property noi ( 1 ) percentage of number of properties.\n ( 1 ) represents consolidated noi excludes share of investments in unconsolidated entities.\n entities joint venture with minority partner shown at 100% ( % ) of joint venture amount.\n see non-gaap financial measures for additional information reconciliation.\n business strategy primary objectives are to protect stockholder capital enhance stockholder value.\nseek to pay consistent cash dividends to stockholders create opportunities to increase dividend payments to stockholders result of annual increases in net operating income portfolio growth.\n to meet objectives invest across full spectrum of seniors housing health care real estate diversify investment portfolio by property type  relationship geographic location.\n substantially all revenues derived from operating lease rentals , resident fees/services  interest earned on outstanding loans receivable.\n these items represent primary sources of liquidity to fund distributions depend upon continued ability of obligors to make contractual rent interest payments to profitability of operating properties.\n to obligors/partners experience operating difficulties unable to generate sufficient cash to make payments or operating distributions, could be material adverse impact on consolidated results of operations , liquidity/or financial condition.\n to mitigate risk  monitor investments through variety of methods determined by type of property.\n asset management process for seniors housing properties includes review of monthly financial statements other operating data for each property review of obligor/ partner creditworthiness  property inspections review of covenant compliance relating to licensure , real estate taxes  letters of credit other collateral.\n internal property management division manages monitors outpatient medical portfolio with comprehensive process including review of tenant relations\n\ntype of property          | noi ( 1 ) | percentage of noi  | number of properties\n------------------------- | --------- | ------------------ | --------------------\ntriple-net                | $ 967084  | 43.3% ( 43.3 % )   | 573\nseniors housing operating | 880026    | 39.5% ( 39.5 % )   | 443\noutpatient medical        | 384068    | 17.2% ( 17.2 % )   | 270\ntotals                    | $ 2231178 | 100.0% ( 100.0 % ) | 1286"
}
{
    "_id": "dd4c545b6",
    "title": "",
    "text": "weighted-average grant date fair value of altria group  inc.\n restricted stock and deferred stock granted during years ended december 31 , 2014  2013 2012 was $ 53 million  $ 49 million $ 53 million  or $ 36. 75  $ 33. 76 $ 28. 77 per restricted or deferred share.\n total fair value of altria group.\n restricted stock deferred stock vested during years ended december 31 2014 2013 2012 was $ 86 million  $ 89 million $ 81 million .\n stock options altria group.\n not granted stock options since 2002 no stock options outstanding since february 29 , 2012.\n total intrinsic value of options exercised during year ended december 31, 2012 was insignificant.\n.\n earnings per share basic and diluted earnings per share calculated using following:.\n net earnings attributable to altria group  inc.\n $ 5070 $ 4535 $ 4180 less : distributed and undistributed earnings attributable to unvested restricted deferred shares ( 12 ) ( 13 ) earnings for basic and diluted eps $ 5058 $ 4523 $ 4167 weighted-average shares for basic diluted 1978 1999 2024 since february 29, 2012 no stock options outstanding.\n for 2012 computation no antidilutive stock options.\n altria group.\n subsidiaries notes to consolidated financial statements altria_mdc_2014form10k_nolinks_crops. pdf 54 2/25/15 5:56 pm\n\n( in millions )                                                                                       | for the years ended december 31 , 2014 | for the years ended december 31 , 2013 | for the years ended december 31 , 2012\n----------------------------------------------------------------------------------------------------- | -------------------------------------- | -------------------------------------- | --------------------------------------\nnet earnings attributable to altria group inc .                                                       | $ 5070                                 | $ 4535                                 | $ 4180\nless : distributed and undistributed earnings attributable to unvested restricted and deferred shares | -12 ( 12 )                             | -12 ( 12 )                             | -13 ( 13 )\nearnings for basic and diluted eps                                                                    | $ 5058                                 | $ 4523                                 | $ 4167\nweighted-average shares for basic and diluted eps                                                     | 1978                                   | 1999                                   | 2024"
}
{
    "_id": "dd4bd25ac",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity related stockholder matters issuer purchases equity securities.\n series a stock b c listed traded on nasdaq global select market ( 201cnasdaq 201d ) under symbols 201cdisca 201d 201cdiscb 201d 201cdisck  201d.\n following table sets forth periods indicated range high low sales prices per share of series a b c stock reported on! finance ( finance. ).\n series a b c common stock high low fourth quarter $ 23. 73 $ 16. 28 $ 26. 80 $ 20. 00 $ 22. 47 $ 15. 27 third quarter $ 27. 18 $ 20. 80 $ 27. 90 $ 22. 00 $ 26. 21 $ 19. 62 second quarter $ 29. 40 $ 25. 11 $ 29. 55 $ 25. 45 $ 28. 90 $ 24. 39 first quarter $ 29. 62 $ 26. 34 $ 29. 65 $ 27. 55 $ 28. 87 $ 25. 76 fourth quarter $ 29. 55 $ 25. 01 $ 30. 50 $ 26. 00 $ 28. 66 $ 24. 20 third quarter $ 26. 97 $ 24. 27 $ 28. 00 $ 25. 21 $ 26. 31 $ 23. 44 second quarter $ 29. 31 $ 23. 73 $ 29. 34 $ 24. 15 $ 28. 48 $ 22. 54 first quarter $ 29. 42 $ 24. 33 $ 29. 34 $ 24. 30 $ 28. 00 $ 23. 81 as of february 21 , 2018 approximately 1308 , 75 1414 record holders of series a stock b c common stock.\n amounts do not include number shareholders shares held record by banks brokerage houses other institutions include each institution as one shareholder.\nnot paid cash dividends on series a stock, series b or series c common stock  no present intention to do so.\n payment of cash dividends  if determined by board of directors after consideration earnings  financial condition relevant factors credit facility's restrictions on ability to declare dividends situations.\n purchases of equity securities following table presents information about repurchases of common stock through open market transactions during three months ended december 31 , 2017 ( in millions , except per share amounts ).\n period total number of series c shares purchased average paid per share : series c a ) total number of shares purchased as part of publicly announced plans or programs b ) c ) approximate dollar value of shares may yet be purchased under plans or programs ) ) october 1 , 2017 - october 31 , 2017 2014 $ 2014 2014 $ 2014 november 1 , 2017 - november 30 , 2017 2014 $ 2014 2014 $ 2014 december 1, 2017 - december 31 , 2017 2014 $ 2014 2014 $ 2014 total 2014 2014 $ 2014 amounts do not give effect to fees  commissions other costs associated with repurchases of shares.\n ) under stock repurchase program  management authorized to purchase shares of company's common stock through open market purchases or privately negotiated transactions at prevailing prices or to accelerated stock repurchase agreements or other derivative arrangements as permitted by securities laws legal requirements subject to stock price  business market conditions other factors.\n company's authorization under program expired on october 8 , 2017 not repurchased shares of common stock since then.\n historically funded and in future may fund stock repurchases through combination cash on hand and cash generated by operations issuance of debt.\nfuture  if further authorization provided we may to fund stock repurchases through borrowings under our revolving credit facility or future financing transactions.\n no repurchases of series a and b common stock during 2017 and no repurchases of series c common stock during three months ended december 31 , 2017.\n company first announced stock repurchase program on august 3 , 2010.\n entered agreement with advance/newhouse to repurchase quarterly shares of series c-1 convertible preferred stock convertible into shares of series c common stock.\n did not convert any shares of series c-1 convertible preferred stock during three months ended december 31 , 2017.\n no planned repurchases of series c-1 convertible preferred stock for first quarter of 2018 no repurchases of series a or series c common stock during three months ended december 31 , 2017.\n stock performance graph graph sets cumulative total shareholder return on our series a stock , series b common stock and series c common stock compared with cumulative total return of companies listed in standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and peer group of companies of cbs corporation class b common stock scripps network interactive . time warner  inc. twenty-first century fox , inc.\n class a stock news 2013 viacom  inc.\n class b common stock walt disney company.\n graph assumes $ 100 originally invested on december 31 , 2012 in each of our series a stock , series b common stock and series c common stock , s&p 500 index , and stock of peer group companies  including reinvestment of dividends  for years ended december 31 , 2013 , 2014 , 2015 , 2016 and 2017.\ndecember 31 , december 31 , december 31 , december 31  december.\n\n| december 312012 | december 312013 | december 312014 | december 312015 | december 312016 | december 312017\n---------- | --------------- | --------------- | --------------- | --------------- | --------------- | ---------------\ndisca      | $ 100.00        | $ 139.42        | $ 106.23        | $ 82.27         | $ 84.53         | $ 69.01\ndiscb      | $ 100.00        | $ 144.61        | $ 116.45        | $ 85.03         | $ 91.70         | $ 78.01\ndisck      | $ 100.00        | $ 143.35        | $ 115.28        | $ 86.22         | $ 91.56         | $ 72.38\ns&p 500    | $ 100.00        | $ 129.60        | $ 144.36        | $ 143.31        | $ 156.98        | $ 187.47\npeer group | $ 100.00        | $ 163.16        | $ 186.87        | $ 180.10        | $ 200.65        | $ 208.79"
}
{
    "_id": "dd4c492f6",
    "title": "",
    "text": "restricted unit awards in 2010 and 2009  hartford issued restricted units part of hartford 2019s 2005 stock plan.\n restricted stock unit awards under plan historically settled in shares but under this award settled in cash referred to as 201crestricted units 201d.\n economic value recipients realize identical to value realized if awards settled in shares. upon settlement recipients receive cash equal to hartford 2019s share price multiplied by number of restricted units awarded.\n restricted units settled in cash awards remeasured at end of each reporting period until settlement.\n awards granted in 2009 vested after three year period.\n awards granted in 2010 include graded and cliff vesting restricted units vest over three year period.\n graded vesting attribution method used to recognize expense of award over requisite service period.\n for graded vesting attribution method views one three-year grant with annual graded vesting as three separate sub-grants each representing one third of total number of awards granted.\n first sub-grant vests over one year second sub-grant vests over two years third sub-grant vests over three years.\n no restricted units awarded for 2013 or 2012.\n as of december 31 , 2013 and 2012 , 27 thousand and 832 thousand restricted units were outstanding respectively.\n deferred stock unit plan effective july 31 , 2009  compensation and management development committee of board authorized hartford deferred stock unit plan ( 201cdeferred stock unit plan 201d ) on october 22 , 2009  amended.\n deferred stock unit plan provides for contractual rights to receive cash payments based on value of specified number of shares of stock.\ndeferred stock unit plan provides two award types deferred and restricted units.\n deferred units earned ratably over a year based on regular pay periods year.\n credited to participant's account quarterly based on market price of company 2019s common stock on date of grant fully vested at all times.\n deferred units credited to employees prior to january 1 , 2010 ( other than senior executive officers hired after october 1 2009 not paid until after two years from grant date.\n deferred units credited or after january 1, 2010 ( and credited to senior executive officers hired after october 1, 2009 ) paid in three equal installments after first  second third anniversaries of grant date.\n restricted units intended incentive compensation unlike deferred units vest over time generally three years subject to forfeiture.\n deferred stock unit plan structured consistent with limitations restrictions on employee compensation arrangements by emergency economic stabilization act of 2008 tarp standards for compensation and corporate governance interim final rule issued by u. s.\n department of treasury on june 10 , 2009.\n no deferred stock units awarded in 2013 or 2012.\n summary of status of company 2019s non-vested awards under deferred stock unit plan as of december 31 , 2013 presented below : non-vested units restricted units ( in thousands ) weighted-average grant-date fair value.\n subsidiary stock plan in 2013 hartford established subsidiary stock-based compensation plan similar to hartford 2010 incentive stock plan except awards non-public subsidiary stock as compensation.\n company recognized stock-based compensation plans expense of $ 1 in year ended december 31 , 2013 for subsidiary stock plan.\n upon employee vesting of subsidiary stock company recognize noncontrolling equity interest.\n employees restricted from selling vested subsidiary stock to other than company company have discretion on amount of stock to repurchase.\n subsidiary stock classified as equity not mandatorily redeemable.\n table of contents hartford financial services group, inc.\n notes to consolidated financial statements ( continued ) 19.\n stock compensation plans ( continued )\n\nnon-vested units                | restricted units ( in thousands ) | weighted-average grant-date fair value\n------------------------------- | --------------------------------- | --------------------------------------\nnon-vested at beginning of year | 309                               | 25.08\ngranted                         | 2014                              | 2014\nvested                          | -306 ( 306 )                      | 25.04\nforfeited                       | -3 ( 3 )                          | 28.99\nnon-vested at end of year       | 2014                              | $ 2014"
}
{
    "_id": "dd4be623c",
    "title": "",
    "text": "liquidity capital resources maintained strong financial position throughout 2018 as of 30 september 2018 consolidated balance sheet included cash and cash items of $ 2791. 3.\n continue consistent access to commercial paper markets cash flows from operating and financing activities expected to meet liquidity needs for foreseeable future.\n as of 30 september 2018  had $ 995. 1 of foreign cash and cash items compared to total amount cash cash items of $ 2791. 3.\n result of tax act , not expect significant portion of earnings of foreign subsidiaries and affiliates subject to u.\n income tax upon repatriation to united states.\n depending on country subsidiaries affiliates repatriation earnings may be subject to foreign withholding and other taxes.\n significant current investment plans outside u. s.  intent to permanently reinvest majority of foreign cash and cash items subject to additional taxes outside u. s.\n refer to note 22 , income taxes  for additional information.\n cash flows from operating , investing  financing activities from continuing operations  reflected in consolidated statements of cash flows summarized in following table:.\n operating activities for year ended 2018 , cash provided by operating activities was $ 2554. 7.\n income from continuing operations of $ 1455. 6 adjusted for items including depreciation and amortization, deferred income taxes , impacts from tax act , undistributed earnings of unconsolidated affiliates  share-based compensation , noncurrent capital lease receivables.\n other adjustments of $ 131. 6 include $ 54. 9 net impact from remeasurement of intercompany transactions.\n related hedging instruments eliminate earnings impact included as working capital adjustment in other receivables or payables and accrued liabilities.\nadjustments impacted by cash received from early termination of cross currency swap of $ 54. 4  excess of pension expense over pension contributions of $ 23. 5.\n working capital accounts use of cash of $ 265. 4  driven by payables accrued liabilities inventories trade receivables partially offset by other receivables.\n use of cash in payables accrued liabilities of $ 277. 7 includes decrease in customer advances of $ 145. 7 related to sale of equipment activity $ 67. 1 for maturities of forward exchange contracts hedged foreign currency exposures.\n use of cash in inventories resulted from purchase of helium molecules.\n inventories reflect noncash impact of change in accounting for u. s.\n inventories from lifo to fifo.\n source of cash from other receivables of $ 123. 6 due to maturities of forward exchange contracts hedged foreign currency exposures for year ended 2017 cash provided by operating activities was $ 2534. 1.\n income from continuing operations of $ 1134. 4 included goodwill and intangible asset impairment charge of $ 162. 1  equity method investment impairment charge of $ 79. 5  write-down of long-lived assets associated with restructuring of $ 69. 2.\n refer to note 5 , cost reduction asset actions note 8  summarized financial information of equity affiliates note 10 goodwill note 11 intangible assets consolidated financial statements for.\n other adjustments of $ 165. 4 included changes in uncertain tax positions fair value of foreign exchange contracts hedge intercompany loans pension contributions and expense.\n working capital accounts source of cash of $ 48. 0 primarily driven by payables accrued liabilities other receivables partially offset by other working capital trade receivables.\nincrease in payables and accrued liabilities of $ 163. 8 primarily due to timing differences increase in customer advances of $ 52. 8 related to sale of equipment activity.\n source of cash from other receivables of $ 124. 7 due to maturities of forward exchange contracts hedged foreign currency exposures.\n other working capital was use of cash of $ 154. 0, driven by payments for income taxes.\n trade receivables was use of cash of $ 73. 6 primarily due to timing differences.\n\ncash provided by ( used for ) | 2018               | 2017               | 2016\n----------------------------- | ------------------ | ------------------ | ----------------\noperating activities          | $ 2554.7           | $ 2534.1           | $ 2258.8\ninvesting activities          | -1649.1 ( 1649.1 ) | -1417.7 ( 1417.7 ) | -864.8 ( 864.8 )\nfinancing activities          | -1359.8 ( 1359.8 ) | -2040.9 ( 2040.9 ) | -860.2 ( 860.2 )"
}
{
    "_id": "dd4baab10",
    "title": "",
    "text": "entergy mississippi , inc.\n management 2019s financial discussion analysis net wholesale revenue variance due to entergy 2019s exit from system agreement in november 2015.\n reserve equalization revenue variance due to absence of reserve equalization revenue compared to same period in 2015 from entergy 2019s exit from system agreement in november 2015 compared to 2014 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges.\n analysis of change in net revenue comparing 2015 to 2014.\n amount ( in millions ).\n volume/weather variance due to increase of 86 gwh , or 1% ( 1 % ) , in billed electricity usage  effect of more favorable weather on residential and commercial sales.\n retail electric price variance due to $ 16 million net annual increase in revenues  effective february 2015  result of mpsc order in june 2014 rate case increase in revenues collected through energy efficiency rider  offset by decrease in revenues through storm damage rider.\n rate case included realignment of certain costs from collection in riders to base rates.\n see note 2 to financial statements for discussion of rate case  energy efficiency rider  storm damage rider.\n net wholesale revenue variance due to wholesale customer contract termination in october transmission equalization revenue represents amounts received by entergy mississippi from other entergy utility operating companies system agreement to allocate costs of collectively planning  constructing operating entergy 2019s bulk transmission facilities.\n transmission equalization variance attributable to realignment  effective february 2015  of revenues from determination of base rates to inclusion in rider.\n such revenues had favorable effect on net revenue in 2014 minimal effect in 2015.\nentergy mississippi exited system agreement november 2015.\n see note 2 to financial statements for discussion system agreement.\n reserve equalization revenue represents amounts received by entergy mississippi from other entergy utility operating companies accordance system agreement to allocate costs of collectively maintaining adequate electric generating capacity across entergy system.\n reserve equalization variance attributable to realignment  effective february 2015 , of revenues from determination of base rates to inclusion in rider.\n revenues had favorable effect on net revenue in 2014  minimal effect in 2015.\n entergy\n\n| amount ( in millions )\n------------------------- | ----------------------\n2014 net revenue          | $ 701.2\nvolume/weather            | 8.9\nretail electric price     | 7.3\nnet wholesale revenue     | -2.7 ( 2.7 )\ntransmission equalization | -5.4 ( 5.4 )\nreserve equalization      | -5.5 ( 5.5 )\nother                     | -7.5 ( 7.5 )\n2015 net revenue          | $ 696.3"
}
{
    "_id": "dd4b9c948",
    "title": "",
    "text": "international networks generated revenues $ 3. 0 billion adjusted oibda $ 848 million during 2016  represented 47% ( 47 % ) and 35% ( 35 % ) of our total consolidated revenues adjusted oibda .\n international networks segment consists of national pan-regional television networks brands delivered across multiple distribution platforms.\n segment generates revenue from operations in every pay-tv market through infrastructure includes operational centers in london warsaw milan singapore miami.\n global brands include discovery channel  animal planet , tlc , id  science channel turbo ( known as velocity in u. )  brands exclusive to international networks including eurosport  real time  dmax discovery kids.\n as of december 31 , 2016  international networks operated over 400 unique distribution feeds in over 40 languages with channel feeds customized according to language needs advertising sales opportunities.\n international networks has fta broadcast networks in europe middle east broadcast networks in germany norway sweden  continues pursue further international expansion.\n fta networks generate significant portion of international networks' revenue.\n penetration growth rates of television services vary across countries territories depending on factors dominance of different television platforms in local markets.\n pay-tv services have greater penetration in certain markets fta or broadcast television dominant in others.\n international networks has large international distribution platform for 37 networks 13 networks distributed in any country or territory across more than 220 countries territories.\n international networks pursues distribution across all television platforms based on specific dynamics of local markets relevant commercial agreements.\naddition to global networks overview we operate networks internationally utilize brands : 2022 eurosport leading sports entertainment provider across europe with tv brands : eurosport , eurosport 2 eurosportnews , reaching viewers across europe asia  eurosport digital  includes eurosport player eurosport. com.\n 2022 viewing subscribers reached by each brand as of december 31 , 2016 were : eurosport : 133 million ; eurosport 2 : 65 million ; eurosportnews : 9 million.\n 2022 eurosport telecasts live sporting events local and pan-regional appeal events focus on winter sports  cycling tennis  including tour de france home of grand slam tennis with all four tournaments.\n important local sports rights include bundesliga motogp.\n eurosport invested in more exclusive localized rights drive local audience commercial relevance.\n 2022 acquired exclusive broadcast rights across all media platforms throughout europe for four olympic games between 2018 and 2024 for 20ac1. 3 billion ( $ 1. 5 billion as of december 31 , 2016 ).\n broadcast rights exclude france for olympic games in 2018 and 2020  exclude russia.\n fta broadcasts for olympic games many events set to air on eurosport's pay-tv digital platforms.\n 2022 on november 2 , 2016  announced long-term agreement joint venture partnership with bamtech ( \"mlbam\" ) technology services video streaming company  subsidiary of major league baseball's digital business  includes formation of bamtech europe , joint venture provide digital technology services to broad sports and entertainment clients across europe.\n 2022 as of december 31 , 2016  dmax reached approximately 103 million viewers through fta networks  internal estimates.\n 2022 dmax is men 2019s factual entertainment channel in asia and europe.\n 2022 discovery kids reached approximately 121 million viewers  internal estimates as of december 31 , 2016.\n2022 discovery kids leading children's network in latin america asia.\n our international networks segment owns operates following regional television networks  reached following number of subscribers and viewers via pay and fta or broadcast networks  as of december 31 , 2016 : television service international subscribers/viewers ( millions ).\n ) number of subscribers corresponds to sum of subscribers to nordic broadcast networks in sweden , norway  finland denmark subject to retransmission agreements with pay-tv providers.\n nordic broadcast networks include kanal 5 , kanal 9  kanal 11 in sweden , tv norge , max , fem and vox in norway , tv 5 , kutonen , frii in finland  kanal 4 , kanal 5 , 6'eren , canal 9 in denmark.\n.\n significant source of revenue for international networks relates to fees charged to operators distribute our linear networks.\n such operators primarily include cable and dth satellite service providers.\n international television markets vary in stages of development.\n some markets. more advanced digital television markets others remain in analog environment with varying degrees investment from operators to expand channel capacity or convert to digital technologies.\n common practice in some markets results in long-term contractual distribution relationships other markets renew contracts annually.\n distribution revenue for international networks segment dependent on number of subscribers receive our networks or content , rates negotiated in distributor agreements  market demand for content provide.\n other significant source of revenue for international networks relates to advertising sold on our television networks across distribution platforms.\n.\nadvertising revenue dependent upon factors including development of pay and fta television markets number of subscribers to and viewers of our channels  viewership demographics  popularity of programming ability to sell commercial time over portfolio of channels on multiple platforms.\n in certain markets our advertising sales business operates with in-house sales teams rely on external sales representation services in other markets.\n in developing television markets  advertising revenue growth results from continued subscriber growth localization strategy shift of advertising spending from traditional broadcast networks to channels\n\n| television service | internationalsubscribers/viewers ( millions )\n------------------------------- | ------------------ | ---------------------------------------------\nquest                           | fta                | 77\nnordic broadcast networks ( a ) | broadcast          | 35\ngiallo                          | fta                | 25\nfrisbee                         | fta                | 25\nfocus                           | fta                | 25\nk2                              | fta                | 25\ndeejay tv                       | fta                | 25\ndiscovery hd world              | pay                | 24\nshed                            | pay                | 12\ndiscovery history               | pay                | 10\ndiscovery world                 | pay                | 6\ndiscovery en espanol ( u.s. )   | pay                | 6\ndiscovery familia ( u.s. )      | pay                | 6"
}
{
    "_id": "dd4b91b88",
    "title": "",
    "text": "13.\n rentals and leases company leases sales administrative office facilities , distribution centers  research manufacturing facilities  vehicles other equipment under operating leases.\n total rental expense under company 2019s operating leases was $ 239 million in 2017 $ 221 million in 2016 and 2015.\n as of december 31 , 2017  identifiable future minimum payments with non-cancelable terms in excess of one year were : ( millions ).\n company enters into operating leases for vehicles non-cancelable terms one year or less with month-to-month renewal options.\n these leases excluded from table above.\n company estimates payments under such leases will approximate $ 62 million in 2018.\n these vehicle leases have guaranteed residual values satisfied by proceeds on sale of vehicles.\n 14.\n research and development expenditures research expenditures relate to development of new products processes including significant improvements refinements to existing products expensed as incurred.\n such costs were $ 201 million in 2017  $ 189 million in 2016 $ 191 million in 2015.\n company did not participate in material customer sponsored research during 2017 , 2016 or 2015.\n 15.\n commitments contingencies company subject to claims contingencies related to workers 2019 compensation  general liability ( including product liability ) automobile claims health care claims environmental matters lawsuits.\n company subject to claims contingencies related to income taxes  discussed in note 12.\n company has contractual obligations including lease commitments  discussed in note 13.\n company records liabilities where contingent loss is probable can be reasonably estimated.\n if reasonable estimate of probable loss is range company records most probable estimate of loss or minimum amount when no amount within range better estimate than any other amount.\ncompany discloses contingent liability even if liability not probable or amount not estimable or both if reasonable possibility material loss may have been incurred.\n insurance globally company has insurance policies with varying deductibility levels for property and casualty losses.\n company is insured for losses in excess of these deductibles , subject to policy terms and conditions and recorded liability and offsetting receivable for amounts in excess of these deductibles.\n company is self-insured for health care claims for eligible participating employees , subject to certain deductibles and limitations.\n company determines liabilities for claims on actuarial basis.\n litigation and environmental matters company and certain subsidiaries are party to various lawsuits , claims and environmental actions arisen in ordinary course of business.\n these include antitrust , commercial , patent infringement  product liability wage hour lawsuits possible obligations to investigate and mitigate effects on environment of disposal or release of certain chemical substances at various sites superfund sites other operating or closed facilities.\n company has established accruals for certain lawsuits , claims and environmental matters.\n company believes not reasonably possible risk of material loss in excess of amounts accrued related to these legal matters.\n because litigation is uncertain unfavorable rulings or developments could occur can no certainty company may not incur charges in excess of recorded liabilities.\n future adverse ruling , settlement or unfavorable development could result in future charges could material adverse effect on company 2019s results of operations or cash flows in period recorded.\n company believes such future charges related to suits and legal claims  if any would not have material adverse effect on company 2019s consolidated financial position.\nenvironmental matters company currently participating in environmental assessments remediation at approximately 45 locations  majority in u. s. , environmental liabilities accrued reflecting management 2019s best estimate of future costs.\n potential insurance reimbursements not anticipated in company 2019s accruals for environmental liabilities.\n\n2018       | $ 131\n---------- | -----\n2019       | 115\n2020       | 96\n2021       | 86\n2022       | 74\nthereafter | 115\ntotal      | $ 617"
}
{
    "_id": "dd496ca2e",
    "title": "",
    "text": "as of december 31 , 2017  company had gross state income tax credit carry-forwards of approximately $ 20 million expire from 2018 through 2020.\n deferred tax asset of approximately $ 16 million ( net of federal benefit ) established related to state income tax credit carry-forwards valuation allowance of $ 7 million against deferred tax asset as of december 31  2017.\n company had gross state net operating loss carry-forward of $ 39 million expires in 2027.\n deferred tax asset of approximately $ 3 million ( net of federal benefit ) established for net operating loss carry-forward full valuation allowance as of december 31, 2017.\n other state and foreign net operating loss carry-forwards separately immaterial to company 2019s deferred tax balances expire between 2026 and 2036.\n 14.\n debt long-term debt consisted:.\n credit facility - in november 2017 company terminated second amended and restated credit agreement entered new credit agreement ( \"credit facility ) with third-party lenders.\n credit facility includes revolving credit facility of $ 1250 million drawn upon during five years from november 22 , 2017.\n revolving credit facility includes letter of credit subfacility of $ 500 million.\n credit facility has variable interest rate on outstanding borrowings based on london interbank offered rate ( \"libor\" ) plus spread based upon company's credit rating vary between 1. 125% (. ) and 1. 500% (. ).\n revolving credit facility has commitment fee rate on unutilized balance based on company 2019s leverage ratio.\n commitment fee rate as of december 31 , 2017 was 0. 25% ( 0. 25 % ) may vary between 0. 20%. % and 0. 30% (. 30 % ).\ncredit facility contains customary affirmative and negative covenants financial covenant based on maximum total leverage ratio.\n each company's existing and future material wholly owned domestic subsidiaries  except unrestricted subsidiaries are be guarantors under credit facility.\n in july 2015  company used cash on hand to repay all amounts outstanding under prior credit facility including $ 345 million in principal outstanding term loans.\n as of december 31 , 2017 , $ 15 million in letters of credit issued but undrawn remaining $ 1235 million of revolving credit facility unutilized.\n company had unamortized debt issuance costs associated with credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 .\n senior notes - in december 2017  company issued $ 600 million aggregate of unregistered 3. 483% ( 3. 483 % ) senior notes with registration rights due december 2027 net proceeds used to repurchase company's 5. 000% ( 5. 000 % ) senior notes due in 2021 in connection with 2017 redemption.\n in november 2015  company issued $ 600 million of unregistered 5. 000% ( 5. 000 % ) senior notes due november 2025 net proceeds used to repurchase company's 7. 125% ( 7. 125 % ) senior notes due in 2021 in connection with 2015 tender offer and redemption.\n interest on company's senior notes payable semi-annually.\n terms of 5. 000% ( 5. 000 % ) and 3. 483% ( 3. 483 % ) senior notes limit company 2019s ability and subsidiaries to create liens enter into sale and leaseback transactions sell assets effect consolidations or mergers.\ncompany had unamortized debt issuance costs senior notes $ 15 million $ 19 million as of december 31 , 2017 2016 , respectively.\n\n( $ in millions )                                                                               | december 31 2017 | december 31 2016\n----------------------------------------------------------------------------------------------- | ---------------- | ----------------\nsenior notes due december 15 2021 5.000% ( 5.000 % )                                            | 2014             | 600\nsenior notes due november 15 2025 5.000% ( 5.000 % )                                            | 600              | 600\nsenior notes due december 1 2027 3.483% ( 3.483 % )                                             | 600              | 2014\nmississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % )                  | 84               | 84\ngulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21               | 21\nless unamortized debt issuance costs                                                            | -26 ( 26 )       | -27 ( 27 )\ntotal long-term debt                                                                            | 1279             | 1278"
}
{
    "_id": "dd4ba163c",
    "title": "",
    "text": "include reference additional information relating to pnc common stock under common stock prices/ dividends declared section in statistical information ( unaudited ) section of item 8 report.\n include reference information regarding compensation plans under pnc equity securities authorized for issuance as of december 31 , 2015 in table ( with introductory paragraph notes ) under caption 201capproval of 2016 incentive award plan 2013 item 3 201d in proxy statement filed for 2016 annual meeting of shareholders incorporated reference herein in item 12 of report.\n stock transfer agent and registrar is : computershare trust company , n. a.\n 250 royall street canton, ma 02021 800-982-7652 registered shareholders contact above phone number regarding dividends and other shareholder services.\n include reference information under common stock performance graph caption at end of item 5.\n ( a ) 2 ) none.\n b ) not applicable.\n c ) details of repurchases of pnc common stock during fourth quarter of 2015 included in following table : in thousands , except per share data 2015 period total shares purchased ( a ) average paid per total shares purchased part of publicly announced programs b ) maximum number of shares be purchased under programs.\n includes pnc common stock purchased in connection with employee benefit plans related to forfeitures of unvested restricted stock awards and shares used cover employee payroll tax withholding requirements.\n note 12 employee benefit plans and note 13 stock based compensation plans in notes to consolidated financial statements in item 8 of report include additional information regarding employee benefit and equity compensation plans use pnc common stock.\n on march 11 , 2015  announced board of directors approved establishment of new stock repurchase program authorization amount 100 million shares of pnc common stock  effective april 1 , 2015.\nrepurchases made in open market or privately negotiated transactions timing and exact amount of common stock repurchases depend on factors including market general economic conditions  economic capital and regulatory capital considerations  alternative uses of capital  potential impact on credit ratings  contractual and regulatory limitations  including results of supervisory assessment of capital adequacy and capital planning processes by federal reserve of ccar process.\n our 2015 capital plan  submitted ccar process accepted by federal reserve included share repurchase programs of up to $ 2. 875 billion for five quarter period beginning with second quarter of 2015.\n this amount not include share repurchases in with employee benefit plans referenced in note ( a ).\n in fourth quarter of 2015  in accordance with pnc 2019s 2015 capital plan under share repurchase authorization in effect during period repurchased 5. 8 million shares of common stock on open market  with average price of $ 92. 26 per share aggregate repurchase price of $. 5 billion.\n 30 pnc financial services group , inc.\n 2013 form 10-k\n\n2015 period        | total sharespurchased ( a ) | averagepricepaid pershare | total sharespurchased aspartofpubliclyannouncedprograms ( b ) | maximumnumberofshares thatmay yet bepurchasedunder theprograms ( b )\n------------------ | --------------------------- | ------------------------- | ------------------------------------------------------------- | --------------------------------------------------------------------\noctober 1 2013 31  | 2528                        | $ 89.24                   | 2506                                                          | 85413\nnovember 1 2013 30 | 1923                        | $ 94.06                   | 1923                                                          | 83490\ndecember 1 2013 31 | 1379                        | $ 95.20                   | 1379                                                          | 82111\ntotal              | 5830                        | $ 92.24                   |                                                               |"
}
{
    "_id": "dd4bb227a",
    "title": "",
    "text": "eastman notes audited consolidated financial statements stock option awards granted to non-employee directors annual basis employees meet certain eligibility requirements.\n single annual option grant usually awarded to eligible employees in fourth quarter each year if granted by compensation and management development committee board of directors occasional individual grants awarded to eligible employees throughout year.\n option awards have exercise price equal to closing price company's stock on date of grant.\n term of options is ten years with vesting periods vary up to three years.\n vesting usually occurs ratably or at end of vesting period.\n sfas no.\n 123 ( r ) requires stock option awards valued at fair value determined by market price  if actively traded in public market or if not calculated using option pricing financial model.\n fair value of company's options cannot be determined by market value not traded in open market.\n financial pricing model utilized to determine fair value.\n company utilizes black scholes merton ( \"bsm\" ) model relies on certain assumptions to estimate option's fair value.\n weighted average assumptions used in determination of fair value for stock options awarded in 2006 , 2005 2004 provided in table below:.\n prior to adoption of sfas no.\n 123 ( r ) company calculated expected term of stock options of six years.\n effective with fourth quarter 2005 annual option award company analyzed historical annual grant transactions over ten year period comprising exercises  post-vesting cancellations expirations to determine expected term.\n company expects to execute analysis each year preceding annual option grant to ensure assumptions based internal data reflect reasonable expectations for fair value determination.\n weighted average expected term of 4. 4 years for 2006 reflects impact of annual analysis weighting of option swap and reload grants may have shorter expected terms than new option grants.\n volatility rate of grants derived from historical company common stock volatility over same time period expected term.\n company uses weekly high closing stock price based daily closing prices week.\n volatility rate derived by mathematical formula utilizing weekly high closing price data.\n expected dividend yield derived by mathematical formula expected company annual dividend amount over expected term divided by fair market value of company's common stock at grant date.\n average risk-free interest rate derived from united states department of treasury published interest rates of daily yield curves for same time period expected term.\n prior to adoption of sfas no.\n 123 ( r ) company did not estimate forfeitures recognized them as occurred for proforma disclosure of share-based compensation expense.\n with adoption of sfas no.\n 123 ( r ) estimated forfeitures must be considered in recording share-based compensation expense.\n estimated forfeiture rates vary with each type of award affected by factors varying composition and characteristics of award participants.\n estimated forfeitures for company share-based awards range from 0. 75 percent to 10. 0 percent estimated forfeitures for options at 0. 75 percent.\n\nassumptions                     | 2006               | 2005               | 2004\n------------------------------- | ------------------ | ------------------ | ------------------\nexpected volatility rate        | 21.40% ( 21.40 % ) | 22.90% ( 22.90 % ) | 28.00% ( 28.00 % )\nexpected dividend yield         | 3.24% ( 3.24 % )   | 3.29% ( 3.29 % )   | 3.80% ( 3.80 % )\naverage risk-free interest rate | 4.62% ( 4.62 % )   | 4.48% ( 4.48 % )   | 3.46% ( 3.46 % )\nexpected forfeiture rate        | 0.75% ( 0.75 % )   | actual             | actual\nexpected term years             | 4.40               | 5.00               | 6.00"
}
{
    "_id": "dd49775fa",
    "title": "",
    "text": "contractual obligations for future payments under existing debt lease commitments purchase obli- gations at december 31 , 2005  were as follows : in millions 2006 2007 2008 2009 2010.\n 2006 amount includes $ 2. 4 billion for contracts in ordinary business to purchase pulpwood , logs and wood chips.\n majority of other purchase obligations are take-or-pay or purchase commitments in ordinary business related to raw material purchases and energy contracts.\n other significant items include purchase obligations related to contracted services.\n transformation plan in july 2005  company announced plan to focus business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging.\n plan focuses on improving shareholder return through mill realignments in two businesses additional cost improvements exploring strategic options for other businesses  includ- ing possible sale or spin-off.\n in third quarter of 2005  company completed sale of 50. 5% (. % ) interest in carter holt harvey limited.\n other businesses under re- view include : 2022 coated and supercalendered papers busi ness  including coated groundwood mill assets in brazil 2022 beverage packaging business  pine bluff arkansas mill 2022 kraft papers business  roa- noke rapids north carolina mill 2022 arizona chemical  2022 wood products business  2022 segments or potentially all of company 2019s 6. 5 million acres of.\n forestlands.\n consistent with evaluation process com- pany has distributed bid package information for some these businesses.\n exact timing of evaluation process will vary by business ; anticipated decisions will be made for some businesses during 2006.\nexact use of proceeds from potential future sales dependent upon factors affecting future cash flows  amount of proceeds received changes in market conditions input costs capital spending , company remains committed to using free cash flow in 2006 to pay down debt return value to shareholders for se- lective high-return investments.\n critical accounting policies preparation of financial statements in con formity with accepted accounting principles in united states requires international paper to estab- lish accounting policies make estimates that af fect amounts and timing of recording of assets liabilities revenues expenses.\n some estimates require judgments about matters in herently uncertain.\n accounting policies application may significant effect on reported results of operations and financial position of international paper  can require judgments by management affect application  include sfas no.\n 5  201caccounting for contingencies , 201d sfas.\n 144  201caccounting for impairment or disposal of long-lived assets , 201d sfas.\n 142  201cgoodwill and other intangible assets , 201d sfas.\n 87  201cemployers 2019 accounting for pensions , 201d.\n 106  201cemployers 2019 accounting for postretirement benefits other than pensions  201d amended by sfas nos.\n 132 and 132r  201cemployers 2019 disclosures about pension and other postretirement benefits  201d.\n 109  201caccounting for income taxes. 201d discussion of impact of these accounting policies on international paper : contingent liabilities.\n accruals for contingent li abilities including legal and environmental matters  are recorded when probable liability incurred or asset impaired and amount loss can be reasonably estimated.\nliabilities for legal matters require judgments projected outcomes range of loss based on historical experience recommendations of legal counsel.\n as dis- cussed in note 10 of notes to consolidated finan- cial statements in item 8.\n financial statements supplementary data reserves for projected future claims settlements to exterior siding roofing prod- ucts manufactured by masonite require judgments projections future claims rates amounts.\n international paper utilizes in- dependent third party consultant these estimates.\n liabilities for environmental matters require evaluations of relevant environmental regu- lations estimates of future remediation alternatives costs.\n international paper determines esti- mates after detailed evaluation of each site.\n impairment of long-lived assets goodwill.\n impairment of long asset exists when asset carrying amount exceeds fair value recorded when carrying amount not recoverable through future operations.\n goodwill impairment exists when carrying amount of goodwill exceeds fair value.\n assessments of possible impairments of long-lived assets goodwill made when events changes in cir- cumstances indicate carrying value of asset\n\nin millions                | 2006   | 2007   | 2008  | 2009   | 2010   | thereafter\n-------------------------- | ------ | ------ | ----- | ------ | ------ | ----------\ntotal debt                 | $ 1181 | $ 570  | $ 308 | $ 2330 | $ 1534 | $ 6281\nlease obligations          | 172    | 144    | 119   | 76     | 63     | 138\npurchase obligations ( a ) | 3264   | 393    | 280   | 240    | 204    | 1238\ntotal                      | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657"
}
{
    "_id": "dd4c28ca4",
    "title": "",
    "text": "note 10 goodwill other intangible assets for discussion accounting for goodwill intangible assets.\n estimated rbc bank ( usa ) revenue and net income ( excluding integration costs ) included in pnc 2019s consolidated income statement for 2012 was $ 1. 0 billion and $ 273 million , respectively.\n upon closing and conversion of rbc bank ( usa ) transaction  subsequent to march 2 , 2012  separate records for rbc bank ( usa ) stand-alone business not maintained operations rbc bank ( usa ) fully integrated into pnc.\n rbc bank ( usa ) revenue and earnings disclosed reflect management 2019s best estimate based on information available at reporting date.\n following table presents unaudited pro forma information for illustrative purposes only for 2012 and 2011 if rbc bank ( usa ) acquired on january 1 , 2011.\n unaudited estimated pro forma information combines historical results of rbc bank ( usa ) with company 2019s consolidated historical results includes adjustments reflecting estimated impact of fair value adjustments for respective periods.\n pro forma information not indicative of occurred had acquisition on january 1 , 2011.\n no adjustments made to eliminate impact of other-than-temporary impairment losses and losses recognized on sale of securities may not have necessary had investment securities recorded at fair value as of january 1 , 2011.\n unaudited pro forma information not consider changes to provision for credit losses resulting from recording loan assets at fair value.\n pro forma financial information not include impact of possible business model changes not reflect pro forma adjustments to conform accounting policies between rbc bank ( usa ) and pnc.\n pnc expects to achieve further operating cost savings business synergies including revenue growth result of acquisition not reflected in pro forma amounts follow.\nactual results differ from unaudited pro forma information.\n table 57 : rbc bank ( usa ) and pnc unaudited pro forma results.\n with rbc bank ( usa ) acquisition prior acquisitions pnc recognized $ 267 million integration charges in 2012.\n pnc recognized $ 42 million integration charges in 2011 prior acquisitions.\n integration charges included in table above.\n sale of smartstreet effective october 26, 2012 pnc divested deposits assets of smartstreet business unit acquired by pnc as of rbc bank ( usa ) acquisition to union bank .\n smartstreet nationwide business on homeowner community association managers had approximately $ 1 billion assets and deposits as of september 30 , 2012.\n gain on sale immaterial resulted in reduction of goodwill and core deposit intangibles of $ 46 million and $ 13 million respectively.\n results from operations of smartstreet from march 2, 2012 through october 26, 2012 included in consolidated income statement.\n flagstar branch acquisition december 9, 2011 pnc acquired 27 branches in northern metropolitan atlanta , georgia area from flagstar bank  subsidiary of flagstar bancorp .\n fair value of assets acquired totaled approximately $ 211. 8 million  including $ 169. 3 million in cash  $ 24. 3 million in fixed assets $ 18. 2 million of goodwill and intangible assets.\n assumed approximately $ 210. 5 million of deposits associated with branches.\n no deposit premium paid no loans acquired in transaction.\n consolidated income statement includes impact of branch activity subsequent to december 9 , 2011 acquisition.\n bankatlantic branch acquisition effective june 6 , 2011 acquired 19 branches in greater tampa , florida area from bankatlantic  subsidiary of bankatlantic bancorp .\nfair value assets acquired totaled $ 324. 9 million  including $ 256. 9 million in cash  $ 26. 0 million fixed assets $ 42. 0 million goodwill intangible assets.\n assumed approximately $ 324. 5 million deposits associated with branches.\n $ 39. 0 million deposit premium paid no loans acquired in transaction.\n consolidated income statement includes impact branch activity subsequent to june 6 , 2011 acquisition.\n sale of pnc global investment servicing on july 1 , 2010  sold pnc global investment servicing inc.\n ( gis )  leading provider of processing  technology business intelligence services to asset managers broker- dealers financial advisors worldwide for $ 2. 3 billion in cash definitive agreement entered february 2 , 2010.\n transaction resulted in pretax gain of $ 639 million , net of transaction costs  third quarter of 2010.\n gain results of operations of gis through june 30 , 2010 presented as income from discontinued operations  net of income taxes consolidated income statement.\n part sale agreement pnc agreed to provide transitional services on behalf gis until completion related systems conversion activities.\n 138 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions    | for the year ended december 31 2012 | for the year ended december 31 2011\n-------------- | ----------------------------------- | -----------------------------------\ntotal revenues | $ 15721                             | $ 15421\nnet income     | 2989                                | 2911"
}
{
    "_id": "dd4b96a84",
    "title": "",
    "text": "provision for income taxes increased $ 1791 million in 2012 from 2011 primarily due to increase in pretax income from continuing operations including impact of resumption of sales in libya in first quarter of 2012.\n analysis of effective income tax rates for 2012 and 2011:.\n effective income tax rate influenced by factors including geographic sources of income relative magnitude sources income.\n provision for income taxes allocated discrete stand-alone basis to pretax segment income and individual items not allocated to segments.\n difference between total provision and sum of amounts allocated to segments appears in \"corporate and other unallocated items\" shown in reconciliation of segment income to net income below.\n effects of foreign operations 2013 effects of foreign operations on effective tax rate increased in 2012 compared to 2011 primarily due to resumption of sales in libya in first quarter of 2012 statutory rate in excess of 90 percent.\n change in permanent reinvestment assertion 2013 in second quarter of 2011 recorded $ 716 million of deferred.\n tax on undistributed earnings of $ 2046 million previously intended to permanently reinvest in foreign operations.\n offsetting tax expense were associated foreign tax credits of $ 488 million.\n reduced valuation allowance related to foreign tax credits by $ 228 million due to recognizing deferred.\n tax on previously undistributed earnings.\n adjustments to valuation allowances 2013 in 2012 and 2011 increased valuation allowance against foreign tax credits because more likely unable to realize all.\n benefits on foreign taxes accrued in those years.\n see item 8.\n financial statements and supplementary data - note 10 to consolidated financial statements for further information about income taxes.\n discontinued operations presented net of tax  reflects downstream business spun off june 30 , 2011 and angola business agreed to sell in 2013.\nsee item 8.\n financial statements supplementary data 2013 notes 3 6 consolidated financial statements additional information.\n\n| 2012         | 2011\n------------------------------------------------------------------------------- | ------------ | ------------\nstatutory rate applied to income from continuing operations before income taxes | 35% ( 35 % ) | 35% ( 35 % )\neffects of foreign operations including foreign tax credits                     | 18           | 6\nchange in permanent reinvestment assertion                                      | 2014         | 5\nadjustments to valuation allowances                                             | 21           | 14\ntax law changes                                                                 | 2014         | 1\neffective income tax rate on continuing operations                              | 74% ( 74 % ) | 61% ( 61 % )"
}
{
    "_id": "dd4bb5d12",
    "title": "",
    "text": "augusta  georgia mill $ 2 million costs with sale of shorewood business.\n consumer packaging.\n north american consumer packaging net sales were $ 1. 9 billion in 2015 compared with $ 2. 0 billion 2014 $ 2. 0 billion in 2013.\n operating profits were $ 81 million ( $ 91 million excluding cost planned conversion of riegelwood mill to 100% pulp production net proceeds from sale carolina coated bristols brand sheet plant closure costs ) in 2015 compared with $ 92 million ( $ 100 million excluding sheet plant closure costs in 2014 $ 63 million ( $ 110 million excluding paper machine shutdown costs costs sale shorewood business ) in 2013.\n coated paperboard sales volumes 2015 lower than 2014 reflecting weaker market demand.\n business took 77000 tons of market-related downtime in 2015 compared with 41000 tons in 2014.\n average sales price realizations increased modestly year over year as competitive pressures current year partially offset impact sales price increases 2014.\n input costs decreased for energy chemicals wood costs increased.\n planned maintenance downtime costs $ 10 million lower in 2015.\n operating costs higher due to inflation overhead costs.\n foodservice sales volumes increased in 2015 compared with 2014 reflecting strong market demand.\n average sales margins increased due to lower resin costs more favorable mix.\n operating costs distribution costs higher.\n first quarter of 2016 coated paperboard sales volumes expected to be slightly lower than fourth quarter 2015 due to exit from coated bristols market.\n average sales price realizations expected flat margins should benefit from favorable product mix.\n input costs expected higher for wood  chemicals energy.\n planned maintenance downtime costs be $ 4 million higher with planned maintenance outage scheduled at augusta mill in first quarter.\n foodservice sales volumes expected be seasonally lower.\n average sales margins expected to improve due to more favorable mix.\noperating costs expected to decrease.\n european consumer packaging net sales in 2015 were $ 319 million compared with $ 365 million 2014 $ 380 million in 2013.\n operating profits 2015 were $ 87 million compared with $ 91 million 2014 $ 100 million in 2013.\n sales volumes 2015 increased in europe decreased in russia.\n average sales margins improved in russia due to higher average sales price realizations favorable mix.\n europe average sales margins decreased reflecting lower average sales price realizations unfavorable mix.\n input costs lower in europe primarily for wood and energy higher in russia primarily for wood.\n first quarter of 2016 fourth quarter 2015 sales volumes expected stable.\n average sales price realizations expected slightly higher in russia and europe.\n input costs expected flat operating costs expected to increase.\n asian consumer packaging company sold 55% ( 55 % ) equity share in ip-sun jv in october 2015.\n net sales operating profits include results through september 30 , 2015.\n net sales were $ 682 million in 2015 compared with $ 1. 0 billion in 2014 $ 1. 1 billion in 2013.\n operating profits 2015 loss of $ 193 million ( loss $ 19 million excluding goodwill asset impairment costs ) compared with losses $ 5 million in 2014 $ 2 million in 2013.\n sales volumes average sales price realizations lower in 2015 due to over-supplied market conditions competitive pressures.\n average sales margins negatively impacted by less favorable mix.\n input costs freight costs lower operating costs decreased.\n october 13 , 2015 company finalized sale of 55% ( 55 % ) interest in ip asia coated paperboard ( ip- sun jv ) business consumer packaging segment to chinese coated board joint venture partner  shandong sun holding group co. ltd.\n for rmb 149 million ( approximately usd $ 23 million ).\nthird quarter of 2015 , determination made current book value of asset group exceeded estimated fair value of $ 23 million , agreed upon selling price.\n 2015 loss includes net pre-tax impairment charge of $ 174 million ( $ 113 million after taxes ).\n pre-tax charge of $ 186 million recorded third quarter in company's consumer packaging segment to write down long-lived assets business to estimated fair value.\n fourth quarter of 2015  upon sale and deconsolidation of ip-sun jv from company's consolidated balance sheet , final adjustments made resulting in reduction of impairment of $ 12 million.\n pre-tax losses related to noncontrolling interest of ip-sun jv included in company's consolidated statement of operations for years ended december 31 , 2015 , 2014 2013 were $ 19 million , $ 12 million and $ 8 million , respectively.\n amount pre-tax losses related to ip-sun jv included in company's\n\nin millions               | 2015       | 2014   | 2013\n------------------------- | ---------- | ------ | ------\nsales                     | $ 2940     | $ 3403 | $ 3435\noperating profit ( loss ) | -25 ( 25 ) | 178    | 161"
}
{
    "_id": "dd4983832",
    "title": "",
    "text": "aes corporation notes consolidated financial statements 2014 continued ) december 31 , 2017 , 2016  2015 december 8 , 2017  board of directors declared quarterly common stock dividend of $ 0. 13 per share payable february 15 , 2018 to shareholders of record at close of business february 1 , 2018.\n stock repurchase program 2014 no shares repurchased in 2017.\n cumulative repurchases from commencement program july 2010 through december 31 , 2017 totaled 154. 3 million shares for total cost of $ 1. 9 billion average price per share $ 12. 12 ( including nominal commissions ).\n as of december 31 , 2017  $ 246 million remained available for repurchase under program.\n common stock repurchased classified as treasury stock accounted for using cost method.\n total of 155924785 and 156878891 shares held as treasury stock at december 31 , 2017 and 2016  respectively.\n restricted stock units under company's employee benefit plans issued from treasury stock.\n company not retired common stock repurchased since program july 2010.\n 15.\n segments geographic information segment reporting structure uses company's organizational structure foundation reflect company manages businesses internally organized by geographic regions provides socio- political-economic understanding of business.\n third quarter of 2017  europe and asia sbus merged to leverage scale now reported as part of eurasia sbu.\n management reporting structure organized by five sbus led by president and chief executive officer : us , andes , brazil , mcac and eurasia sbus.\n company determined has five operating and five reportable segments corresponding to sbus.\n prior period results retrospectively revised to reflect new segment reporting structure.\nin february 2018 , announced reorganization part of ongoing strategy to simplify portfolio optimize cost structure reduce carbon intensity.\n company currently evaluating impact reorganization on segment reporting structure.\n corporate and other 2014 corporate overhead costs not directly associated with operations of five reportable segments included in \"corporate and other. \" also included are certain intercompany charges as self-insurance premiums fully eliminated in consolidation.\n company uses adjusted ptc as primary segment performance measure.\n adjusted ptc  non-gaap measure  defined company as pre-tax income from continuing operations attributable to aes corporation excluding gains or losses of consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; b ) unrealized foreign currency gains or losses ; c ) gains , losses associated benefits costs due to dispositions and acquisitions of business interests  including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses costs due to early retirement of debt ; ( f ) costs directly associated with major restructuring program , including workforce reduction efforts  relocations  office consolidation.\n adjusted ptc includes net equity in earnings of affiliates on after-tax basis adjusted for same gains or losses excluded from consolidated entities.\n company concluded adjusted ptc better reflects underlying business performance company most relevant measure considered in company's internal evaluation of financial performance of segments.\n given large number of businesses and complexity  company concluded adjusted ptc is more transparent measure better assists investors in determining which businesses have greatest impact on company's results.\nrevenue adjusted ptc presented before inter-segment eliminations includes effect of intercompany transactions with other segments except for interest  charges for certain management fees write-off of intercompany balances as applicable.\n all intra-segment activity eliminated within segment.\n inter-segment activity eliminated within total consolidated results.\n following tables present financial information by segment for periods indicated ( in millions ) :.\n\nyear ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015\n----------------------- | ------------------ | ------------------ | ------------------\nus sbu                  | $ 3229             | $ 3429             | $ 3593\nandes sbu               | 2710               | 2506               | 2489\nbrazil sbu              | 542                | 450                | 962\nmcac sbu                | 2448               | 2172               | 2353\neurasia sbu             | 1590               | 1670               | 1875\ncorporate and other     | 35                 | 77                 | 31\neliminations            | -24 ( 24 )         | -23 ( 23 )         | -43 ( 43 )\ntotal revenue           | $ 10530            | $ 10281            | $ 11260"
}
{
    "_id": "dd4bafc78",
    "title": "",
    "text": "page 45 of 100 ball corporation subsidiaries notes to consolidated financial statements 3.\n acquisitions latapack-ball embalagens ltda.\n ( latapack-ball ) in august 2010  company paid $ 46. 2 million to acquire additional 10. 1 percent economic interest in brazilian beverage packaging joint venture , latapack-ball  through transaction with joint venture partner  latapack s. a.\n transaction increased company 2019s overall economic interest in joint venture to 60. 1 percent expands strengthens ball 2019s presence in growing brazilian market.\n result transaction latapack-ball became variable interest entity ( vie ) under consolidation accounting guidelines ball identified primary beneficiary of vie consolidating joint venture.\n latapack-ball operates metal beverage packaging manufacturing plants in tres rios , jacarei salvador , brazil included in metal beverage packaging , americas and asia , reporting segment.\n connection with acquisition  company recorded gain of $ 81. 8 million on previously held equity investment in latapack-ball result required purchase accounting.\n following table summarizes final fair values of latapack-ball assets acquired , liabilities assumed non- controlling interest recognized related investment in latapack s. a. of acquisition date.\n valuation based on market and income approaches.\n noncontrolling interests $ ( 132. 9 ) customer relationships identified as intangible asset company assigned estimated life of 13. 4 years.\n intangible asset amortized on straight-line basis.\n neuman aluminum ( neuman ) in july 2010  company acquired neuman for approximately $ 62 million cash.\n neuman had sales of approximately $ 128 million in 2009 leading north american manufacturer of aluminum slugs extruded aerosol cans , beverage bottles , aluminum collapsible tubes technical impact extrusions.\nneuman operates two plants one in united states and one in canada employ approximately 180 people.\n acquisition of neuman not material to metal food household products packaging , americas , segment  results operations included since acquisition date.\n guangdong jianlibao group co. , ltd ( jianlibao ) in june 2010 company acquired jianlibao 2019s 65 percent interest in joint venture metal beverage can and end plant in sanshui ( foshan ) prc.\n ball owned 35 percent of joint venture plant since 1992.\n ball acquired 65 percent interest for $ 86. 9 million in cash ( net of cash acquired ) assumed debt entered long-term supply agreement with jianlibao one affiliates.\n company recorded equity earnings of $ 24. 1 million  composed equity earnings and gain realized on fair value of ball 2019s previous 35 percent equity investment result required purchase accounting.\n purchase accounting completed during third quarter of 2010.\n acquisition of remaining interest not material to metal beverage packaging , americas and asia , segment.\n\ncash                         | $ 69.3\n---------------------------- | ------------------\ncurrent assets               | 84.7\nproperty plant and equipment | 265.9\ngoodwill                     | 100.2\nintangible asset             | 52.8\ncurrent liabilities          | -53.2 ( 53.2 )\nlong-term liabilities        | -174.1 ( 174.1 )\nnet assets acquired          | $ 345.6\nnoncontrolling interests     | $ -132.9 ( 132.9 )"
}
{
    "_id": "dd4b912fa",
    "title": "",
    "text": "entergy new orleans , inc.\n management's financial discussion analysis 2007 compared to 2006 net revenue consists of operating revenues net of 1 fuel  fuel-related expenses  gas purchased for resale 2 purchased power expenses  3 other regulatory charges.\n analysis of change in net revenue comparing 2007 to 2006.\n amount ( in millions ).\n fuel recovery variance due to inclusion of grand gulf costs in fuel recoveries effective july 1 , 2006.\n in june 2006 city council approved recovery of grand gulf costs through fuel adjustment clause without change in base rates significant portion of grand gulf costs previously recovered through base rates ).\n volume/weather variance due to increase in electricity usage in service territory in 2007 compared to 2006.\n first quarter 2006 affected by customer losses following hurricane katrina.\n entergy new orleans estimates approximately 132000 electric customers and 86000 gas customers returned taking service as of december 31, 2007 compared to 95000 electric customers and 65000 gas customers as of december 31 , 2006.\n retail electricity usage increased of 540 gwh compared to same period 2006 increase of 14% ( 14 % ).\n rider revenue variance due to storm reserve rider effective march 2007 result of city council's approval of settlement agreement in october 2006.\n approved storm reserve set to collect $ 75 million over ten-year period rider funds held in restricted escrow account.\n settlement agreement discussed in note 2 to financial statements.\n net wholesale revenue variance due to more energy available for resale in 2006 due to decrease in retail usage caused by customer losses following hurricane katrina.\n2006 revenue includes sales wholesale market of entergy new orleans' share of output grand gulf city council approval of measures proposed by entergy new orleans to address reduction in retail customer usage caused by hurricane katrina provide revenue support for costs of entergy orleans' share of grand other income statement variances 2008 compared to 2007 operation maintenance expenses decreased due to provision for storm-related bad debts of $ 11 million recorded in 2007 ; decrease of $ 6. 2 million in legal professional fees ; decrease of $ 3. 4 million in employee benefit expenses decrease of $ 1. 9 million in gas operations spending due to higher labor material costs for reliability work in 2007.\n\n| amount ( in millions )\n--------------------- | ----------------------\n2006 net revenue      | $ 192.2\nfuel recovery         | 42.6\nvolume/weather        | 25.6\nrider revenue         | 8.5\nnet wholesale revenue | -41.2 ( 41.2 )\nother                 | 3.3\n2007 net revenue      | $ 231.0"
}
{
    "_id": "dd4b9b232",
    "title": "",
    "text": "interest-earning assets including unearned income in accretion of fair value adjustments on discounts recognized on acquired or purchased loans recognized based on constant effective yield of financial instrument.\n timing and amount of revenue recognize dependent on estimates  judgments assumptions interpretation of contractual terms.\n changes in these factors can significant impact on revenue recognized due to changes in products  market conditions or industry norms.\n residential and commercial mortgage servicing rights we elect to measure residential mortgage servicing rights ( msrs ) at fair value.\n election consistent with risk management strategy to hedge changes in fair value of assets.\n fair value of residential msrs estimated by using cash flow valuation model calculates present value of estimated future net servicing cash flows  consideration actual and expected mortgage loan prepayment rates  discount rates servicing costs other economic factors determined based on current market conditions.\n assumptions into residential msrs valuation model reflect management 2019s best estimate of factors market participant in valuing residential msrs.\n sales of residential msrs do occur , residential msrs not trade in active market with readily observable prices precise terms and conditions of sales not available.\n as benchmark for reasonableness of residential msrs fair value  pnc obtains opinions of value from independent parties ( 201cbrokers 201d ).\n brokers provided range ( +/- 10 bps ) based upon own discounted cash flow calculations of portfolio reflected conditions in secondary market recently executed servicing transactions.\n pnc compares internally-developed residential msrs value to ranges of values received from brokers.\n if residential msrs fair value falls outside of brokers 2019 ranges management will assess valuation adjustment warranted.\n for 2011 and 2010 , pnc 2019s residential msrs value not fallen outside of brokers 2019 ranges.\nconsider residential msrs value represent reasonable estimate of fair value.\n commercial msrs purchased or originated when loans sold with servicing retained.\n commercial msrs not trade in active market with readily observable prices precise terms and conditions of sales not available.\n commercial msrs initially recorded at fair value subsequently accounted for at lower of amortized cost or fair value.\n commercial msrs periodically evaluated for impairment.\n commercial mortgage servicing rights stratified based on asset type characterizes predominant risk of underlying financial asset.\n fair value of commercial msrs estimated by using internal valuation model.\n model calculates present value of estimated future net servicing cash flows considering estimates servicing revenue costs discount rates prepayment speeds.\n pnc employs risk management strategies to protect value of msrs from changes in interest rates related market factors.\n residential msrs values economically hedged with securities derivatives including interest-rate swaps options forward mortgage-backed futures contracts.\n as interest rates change financial instruments expected to have changes in fair value negatively correlated to change in fair value of hedged residential msrs portfolio.\n hedge relationships actively managed in response to changing market conditions over life residential msrs assets.\n commercial msrs economically hedged at macro level or with specific derivatives to protect against significant decline in interest rates.\n selecting appropriate financial instruments to economically hedge residential or commercial msrs requires management judgment to assess mortgage rates prepayment speeds affect future values msrs.\n hedging results less predictable in short term over longer periods of time expected to protect economic value of msrs.\n fair value of residential and commercial msrs and significant inputs to valuation model as of december 31 , 2011 shown in tables below.\n expected and actual rates of mortgage loan prepayments significant factors driving fair value.\nmanagement uses third-party model estimate future residential loan prepayments internal proprietary models estimate future commercial loan prepayments.\n models refined based on current market conditions.\n future interest rates important factor in valuation msrs.\n management utilizes market implied forward interest rates estimate future direction mortgage discount rates.\n forward rates derived from current yield curve for.\n dollar interest rate swaps consistent with pricing of capital markets instruments.\n changes in shape slope forward curve future may result in volatility in fair value estimate.\n residential mortgage servicing rights dollars in millions december 31 31.\n weighted-average constant prepayment rate 22. 10% ( 22. 10 % ) 12. 61% ( 12. 61 % ) weighted-average option adjusted spread 11. 77% ( 11. 77 % ) 12. 18% ( 12. 18 % ) changes in weighted-average life weighted-average constant prepayment rate reflect cumulative impact of changes in rates prepayment expectations model changes.\n pnc financial services group , inc.\n 2013 form 10-k 65\n\ndollars in millions                             | december 31 2011   | december 312010\n----------------------------------------------- | ------------------ | ------------------\nfair value                                      | $ 647              | $ 1033\nweighted-average life ( in years ) ( a )        | 3.6                | 5.8\nweighted-average constant prepayment rate ( a ) | 22.10% ( 22.10 % ) | 12.61% ( 12.61 % )\nweighted-average option adjusted spread         | 11.77% ( 11.77 % ) | 12.18% ( 12.18 % )"
}
{
    "_id": "dd4bb2a5e",
    "title": "",
    "text": "vornado realty trust notes to consolidated financial statements continued ) 10.\n redeemable noncontrolling interests on consolidated balance sheets recorded at greater of carrying amount or redemption value end of each reporting period.\n changes in value period charged to 201cadditional capital 201d in consolidated statements changes in equity.\n table summarizing activity of redeemable noncontrolling interests.\n amounts in thousands ).\n as of december 31 , 2010 and 2009  aggregate redemption value of redeemable class a units was $ 1066974000 and $ 971628000  respectively.\n redeemable noncontrolling interests exclude series g convertible preferred units and series d-13 cumulative redeemable preferred units accounted for as liabilities in accordance with asc 480  distinguishing liabilities and equity possible settlement by issuing variable number of vornado common shares.\n fair value of units included as component of 201cother liabilities 201d on consolidated balance sheets aggregated $ 55097000 and $ 60271000 as of december 31, 2010 and 2009  respectively.\n\nbalance at december 31 2008                                        | $ 1177978\n------------------------------------------------------------------ | ------------------\nnet income                                                         | 25120\ndistributions                                                      | -42451 ( 42451 )\nconversion of class a units into common shares at redemption value | -90955 ( 90955 )\nadjustment to carry redeemable class a units at redemption value   | 167049\nother net                                                          | 14887\nbalance at december 31 2009                                        | $ 1251628\nnet income                                                         | 55228\ndistributions                                                      | -53515 ( 53515 )\nconversion of class a units into common shares at redemption value | -126764 ( 126764 )\nadjustment to carry redeemable class a units at redemption value   | 191826\nredemption of series d-12 redeemable units                         | -13000 ( 13000 )\nother net                                                          | 22571\nbalance at december 31 2010                                        | $ 1327974"
}
{
    "_id": "dd4ba1ace",
    "title": "",
    "text": "income approach indicates value for asset or liability based on present value of cash flow projected to be generated over remaining economic life of asset liability measured.\n amount and duration of cash flows considered from market participant perspective.\n estimates of market participant net cash flows considered historical and projected pricing  remaining developmental effort  operational performance company- specific synergies aftermarket retention  product life cycles material and labor pricing  other relevant customer , contractual and market factors.\n where appropriate net cash flows adjusted to reflect uncertainties with underlying assumptions risk profile of net cash flows in valuation.\n adjusted future cash flows discounted to present value using appropriate discount rate.\n projected cash flow is discounted at required rate of return that reflects relative risk of achieving cash flows and time value of money.\n market approach is a valuation technique uses prices and other relevant information generated by market transactions involving identical or comparable assets , liabilities  group assets liabilities.\n valuation techniques consistent market approach often use market multiples derived from set of comparables.\n cost approach  estimates value by determining current cost of replacing asset with another of equivalent economic utility  used as appropriate for property , plant and equipment.\n cost to replace asset reflects estimated reproduction or replacement cost less allowance for loss in value due to depreciation.\n purchase price allocation resulted in recognition of $ 2. 8 billion of goodwill  all expected to be amortizable for tax purposes.\n substantially all of goodwill was assigned to our rms business.\ngoodwill recognized attributable to expected revenue synergies by integration of our products technologies with sikorsky  costs synergies from consolidation or elimination of certain functions intangible assets not qualify for separate recognition such as assembled workforce of sikorsky.\n determining fair value of assets acquired liabilities assumed requires significant judgments  including amount timing of expected future cash flows  long-term growth rates discount rates.\n cash flows employed in dcf analyses based on our best estimate of future sales  earnings cash flows after considering general market conditions customer budgets existing firm orders expected future orders contracts with suppliers labor agreements changes in working capital long term business plans recent operating performance.\n different estimates judgments could yield different results.\n impact to 2015 financial results sikorsky 2019s 2015 financial results included in consolidated financial results only for period from november 6 , 2015 acquisition date through december 31 , 2015.\n consolidated financial results for year ended december 31 , 2015 do not reflect full year of sikorsky 2019s results.\n from november 6  2015 acquisition through december 31 , 2015 sikorsky generated net sales of approximately $ 400 million operating loss of approximately $ 45 million inclusive of intangible amortization and adjustments required to account for acquisition.\n incurred approximately $ 38 million of non-recoverable transaction costs associated with sikorsky acquisition in 2015 expensed as incurred.\n these costs included in other income net on consolidated statements of earnings.\n also incurred approximately $ 48 million in costs associated with issuing $ 7. 0 billion november 2015 notes used to repay all outstanding borrowings under 364-day facility to finance acquisition.\n financing costs recorded as reduction of debt amortized to interest expense over term of related debt.\nsupplemental pro forma financial information ( unaudited ) table presents summarized unaudited pro forma financial information if sikorsky included in financial results for entire years 2015 and 2014 ( in millions ) :.\n unaudited supplemental pro forma financial data calculated after applying accounting policies adjusting historical results of sikorsky with pro forma adjustments net of tax  assume acquisition occurred on january 1 , 2014.\n significant pro forma adjustments include recognition additional amortization expense related to acquired intangible assets additional interest expense related to short-term debt finance acquisition.\n\n\n| 2015    | 2014\n--------------------------------- | ------- | -------\nnet sales                         | $ 45366 | $ 47369\nnet earnings                      | 3534    | 3475\nbasic earnings per common share   | 11.39   | 10.97\ndiluted earnings per common share | 11.23   | 10.78"
}
{
    "_id": "dd497354a",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles approximately $ 15. 5 million and network location intangibles of approximately $ 19. 8 million.\n customer-related intangibles and network location intangibles amortized straight-line basis over periods up to 20 years.\n company expects goodwill recorded deductible for tax purposes.\n goodwill allocated to company 2019s international rental and management segment.\n uganda acquisition 2014on december 8 , 2011 company entered definitive agreement with mtn group to establish joint venture in uganda.\n joint venture controlled by holding company wholly owned subsidiary of company ( 201catc uganda subsidiary 201d ) holds 51% ( 51 % ) interest wholly owned subsidiary of mtn group ( 201cmtn uganda subsidiary 201d ) holds 49% ( 49 % ) interest.\n joint venture managed and controlled by company owns tower operations company in uganda.\n pursuant agreement joint venture agreed to purchase total up to 1000 existing communications sites from mtn group 2019s operating subsidiary in uganda  subject to customary closing conditions.\n on june 29 , 2012  joint venture acquired 962 communications sites for aggregate purchase price of $ 171. 5 million  subject to post-closing adjustments.\n aggregate purchase price increased to $ 173. 2 million  subject to future post-closing adjustments.\n under terms purchase agreement legal title to certain communications sites transferred upon fulfillment of certain conditions by mtn group.\n prior to fulfillment conditions company will operate and maintain control of these communications sites reflect these sites in allocation of purchase price and consolidated operating results.\ntable summarizes preliminary allocation of aggregate purchase price consideration paid amounts of assets acquired liabilities assumed based upon estimated fair value at date of acquisition ( in thousands ) : preliminary purchase price allocation.\n ( 1 ) consists of customer-related intangibles approximately $ 36. 5 million network location intangibles approximately $ 27. 0 million.\n customer-related intangibles network location intangibles amortized straight-line basis over up to 20 years.\n ( 2 ) company expects goodwill recorded not deductible for tax purposes.\n goodwill allocated to company 2019s international rental and management segment.\n germany acquisition 2014on november 14, 2012  company entered definitive agreement to purchase communications sites from e-plus mobilfunk gmbh & co.\n.\n december 4 , 2012  company completed purchase of 2031 communications sites  for aggregate purchase price of $ 525. 7 million.\n\n| preliminary purchase price allocation\n--------------------------------- | -------------------------------------\nnon-current assets                | $ 2258\nproperty and equipment            | 102366\nintangible assets ( 1 )           | 63500\nother non-current liabilities     | -7528 ( 7528 )\nfair value of net assets acquired | $ 160596\ngoodwill ( 2 )                    | 12564"
}
{
    "_id": "dd498cefa",
    "title": "",
    "text": "notes to consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets not presented net of tax no deferred.\n income taxes provided on undistributed earnings of non-.\n subsidiaries deemed to be reinvested for indefinite period time.\n tax ( cost ) benefit related to unrealized currency translation adjustments other than translation foreign denominated balance sheets for years ended december 31 , 2011, 2010 2009 was $ ( 7 ) million , $ 8 million and $ 62 million .\n tax benefit related to adjustment for pension and other postretirement benefits for years ended december 31  2011  2010 2009 was $ 98 million , $ 65 million and $ 18 million .\n cumulative tax benefit related to adjustment for pension other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million .\n tax ( cost ) benefit related to change in unrealized gain ( loss ) on marketable securities for years ended december 31 , 2011 , 2010 2009 was $ ( 0. 2 ) million , $ 0. 6 million and $ 0. 1 million .\n tax benefit ( cost ) related to change in unrealized gain ( loss ) on derivatives for years ended december 31 , 2011 , 2010 2009 was $ 19 million , $ 1 million and $ ( 16 ) million .\n.\n employee savings plan ppg 2019s employee savings plan ( ) covers all.\n employees.\n company makes matching contributions to savings plan based upon participants 2019 savings subject to limitations.\n not by company-matching contributions established each year at discretion company applied to maximum of 6% ( % ) of eligible participant compensation.\nparticipants whose employment covered by collective bargaining agreement level of company-matching contribution determined by relevant collective bargaining agreement.\n company-matching contribution was 100% ( 100 % ) for first two months of 2009.\n company-matching contribution suspended from march 2009 through june 2010 as cost savings measure in recognition of adverse impact of global recession.\n effective july 1 , 2010 company match reinstated at 50% ( 50 % ) on first 6% ( 6 % ) of compensation contributed for most employees eligible for company-matching contribution.\n included union represented employees in collective bargaining agreements.\n on january 1, 2011 company match increased to 75% ( 75 % ) on first 6% ( 6 % ) of compensation contributed by eligible employees.\n compensation expense and cash contributions related to company match of participant contributions to savings plan for 2011 , 2010 2009 totaled $ 26 million , $ 9 million $ 7 million.\n portion of savings plan qualifies under as employee stock ownership plan.\n tax deductible dividends on ppg shares held by savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009  respectively.\n.\n other earnings ( millions ) 2011 2010 2009.\n total $ 177 $ 180 $ 150 20.\n stock-based compensation compensation includes stock options  restricted stock units ( 201d ) grants of contingent shares earned based on achieving targeted levels of total shareholder return.\n current grants of stock options rsus contingent shares made under ppg industries ,.\n amended and restated omnibus incentive plan ( omnibus plan 201d ) restated effective april 21 , 2011.\n shares available for future grants under ppg amended omnibus plan were 9. 7 million as of december 31 , 2011.\nstock-based compensation cost was $ 36 million , $ 52 million $ 34 million in 2011 , 2010 2009 , respectively.\n total income tax benefit recognized in consolidated statement of income related to stock-based compensation was $ 13 million, $ 18 million $ 12 million in 2011 , 2010 2009 , respectively.\n stock options ppg has outstanding stock option awards granted under two stock option plans : ppg industries , inc.\n stock plan ( 201cppg stock plan 201d ) and ppg amended omnibus plan.\n under ppg plan ppg stock plan certain employees company granted options to purchase shares common stock at prices equal to fair market value shares on date options granted.\n options exercisable from six to 48 months after granted maximum term of 10 years.\n upon exercise of stock option  shares of company stock issued from treasury stock.\n ppg stock plan includes restored option provision for options originally granted prior to january 1, 2003 68 2011 ppg annual report and form 10-k\n\n( millions )                                                       | 2011  | 2010  | 2009\n------------------------------------------------------------------ | ----- | ----- | --------\nroyalty income                                                     | 55    | 58    | 45\nshare of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37    | 45    | -5 ( 5 )\ngain on sale of assets                                             | 12    | 8     | 36\nother                                                              | 73    | 69    | 74\ntotal                                                              | $ 177 | $ 180 | $ 150"
}
{
    "_id": "dd4be1020",
    "title": "",
    "text": "fixed-price purchase options in leases could potentially provide benefits us ; benefits not expected to be significant.\n we maintain and operate assets based on contractual obligations within lease arrangements set guidelines within railroad industry.\n no control over activities impact fair value of leased assets.\n do not hold power to direct activities vies and do not control ongoing activities significant impact on economic performance vies.\n not have obligation to absorb losses vies or right to receive benefits vies potentially significant not considered primary beneficiary and do not consolidate these vies because our actions decisions not significant effect on vie 2019s performance and fixed-price purchase price options not potentially significant to vie 2019s.\n future minimum lease payments associated with vie leases totaled $ 3. 6 billion as of december 31 , 2012.\n 16.\n leases we lease certain locomotives , freight cars , and other property.\n consolidated statements of financial position as of december 31 , 2012 and 2011 included $ 2467 million , net of $ 966 million of accumulated depreciation  and $ 2458 million , net of $ 915 million of accumulated depreciation  respectively for properties held under capital leases.\n charge to income resulting from depreciation for assets under capital leases is included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2012 were as follows : millions operating leases capital leases.\n approximately 94% ( 94 % ) of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 631 million in 2012 , $ 637 million in 2011 , and $ 624 million in 2010.\ncash rental payments not made straight-line basis recognize variable rental expense straight-line basis over lease term.\n contingent rentals and sub-rentals not significant.\n 17.\n commitments contingencies asserted and unasserted claims 2013 various claims and lawsuits pending against us and certain our subsidiaries.\n cannot fully determine effect of all asserted and unasserted claims on our consolidated results of operations , financial condition or liquidity ; to extent possible where asserted unasserted claims considered probable claims reasonably estimated recorded liability.\n do not expect any known lawsuits , claims environmental costs commitments  contingent liabilities guarantees have material adverse effect on our consolidated results of operations, financial condition or liquidity after taking into account liabilities insurance recoveries previously recorded for these matters.\n personal injury 2013 cost of personal injuries to employees others related to our activities charged to expense based on estimates of ultimate cost number of incidents each year.\n use actuarial analysis to measure expense and liability  including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n under fela  damages\n\nmillions                               | operatingleases | capitalleases\n-------------------------------------- | --------------- | -------------\n2013                                   | $ 525           | $ 282\n2014                                   | 466             | 265\n2015                                   | 410             | 253\n2016                                   | 375             | 232\n2017                                   | 339             | 243\nlater years                            | 2126            | 1166\ntotal minimum leasepayments            | $ 4241          | $ 2441\namount representing interest           | n/a             | -593 ( 593 )\npresent value of minimum leasepayments | n/a             | $ 1848"
}
{
    "_id": "dd4bc04e2",
    "title": "",
    "text": "morgan stanley notes to consolidated financial statements 2014 ( continued ) following table presents reconciliation of beginning and ending amount of unrecognized tax benefits for 2013 , 2012 2011 ( dollars in millions ) : unrecognized tax benefits.\n company under continuous examination by irs and other tax authorities in certain countries japan and u. k. , and in states in company has significant business operations  as new york.\n company currently under review by irs appeals office for remaining issues covering tax years 1999 2013 2005.\n company currently at various levels of field examination with audits by irs new york state and new york city , for tax years 2006 2013 2008 2007 2013 2009  respectively.\n during 2014  company expects to reach conclusion with u. k.\n tax authorities on substantially all issues through tax year 2010.\n company believes resolution of tax matters not have material effect on consolidated statements of financial condition company , although resolution could have material impact on company 2019s consolidated statements of income for particular future period and company 2019s effective income tax rate for any period such resolution occurs.\n company established liability for unrecognized tax benefits believes adequate in relation to potential for additional assessments.\n company adjusts unrecognized tax benefits only when more information available or when event occurs necessitating change.\n company periodically evaluates likelihood of assessments in each taxing jurisdiction resulting from expiration of applicable statute of limitations or new information regarding status of current and subsequent years 2019 examinations.\n part of company 2019s periodic review federal and state unrecognized tax benefits released or remeasured.\n result of remeasurement income tax provision included discrete tax benefit of $ 161 million and $ 299 million in 2013 and 2012 , respectively.\n possible that gross balance of unrecognized tax benefits of approximately $ 4.1 billion as of december 31 , 2013 may decrease significantly next 12 months due to expected completion\n\nbalance at december 31 2010                                       | $ 3711\n----------------------------------------------------------------- | ------------\nincrease based on tax positions related to the current period     | 412\nincrease based on tax positions related to prior periods          | 70\ndecreases based on tax positions related to prior periods         | -79 ( 79 )\ndecreases related to settlements with taxing authorities          | -56 ( 56 )\ndecreases related to a lapse of applicable statute of limitations | -13 ( 13 )\nbalance at december 31 2011                                       | $ 4045\nincrease based on tax positions related to the current period     | $ 299\nincrease based on tax positions related to prior periods          | 127\ndecreases based on tax positions related to prior periods         | -21 ( 21 )\ndecreases related to settlements with taxing authorities          | -260 ( 260 )\ndecreases related to a lapse of applicable statute of limitations | -125 ( 125 )\nbalance at december 31 2012                                       | $ 4065\nincrease based on tax positions related to the current period     | $ 51\nincrease based on tax positions related to prior periods          | 267\ndecreases based on tax positions related to prior periods         | -141 ( 141 )\ndecreases related to settlements with taxing authorities          | -146 ( 146 )\nbalance at december 31 2013                                       | $ 4096"
}
{
    "_id": "dd4bb1c1c",
    "title": "",
    "text": "table of contents stock performance graph stock graph and related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission , nor information incorporated into future filings under securities act of 1933 or exchange act , each as amended , except to extent we specifically incorporate it by reference into such filing.\n stock performance graph compares our cumulative total shareholder return on annual basis on our common stock with cumulative total return on standard and poor 2019s 500 stock index and amex airline index from december 9 , 2013 ( stock ) through december 31 , 2014.\n comparison assumes $ 100 invested on december 9 , 2013 in aag common stock and in each foregoing indices and assumes reinvestment of dividends.\n stock performance on graph represents historical stock performance not necessarily indicative of future stock price performance.\n\n| 12/9/2013 | 12/31/2013 | 12/31/2014\n----------------------------- | --------- | ---------- | ----------\namerican airlines group inc . | $ 100     | $ 103      | $ 219\namex airline index            | 100       | 102        | 152\ns&p 500                       | 100       | 102        | 114"
}
{
    "_id": "dd497fb38",
    "title": "",
    "text": "oneok partners 2019 commodity price risk estimated as hypothetical change in price of ngls  crude oil natural gas at december 31 , 2008  excluding effects hedging assuming normal operating conditions.\n oneok partners 2019 condensate sales based on price crude oil.\n oneok partners estimates : 2022 a $ 0. 01 per gallon decrease in composite price of ngls decrease annual net margin by approximately $ 1. 2 million ; 2022 $ 1. 00 per barrel decrease in price crude oil decrease annual net margin by approximately $ 1. 0 million ; 2022 $ 0. 10 per mmbtu decrease in price of natural gas decrease annual net margin by approximately $ 0. 6 million.\n estimates of commodity price risk not include effects on demand for services caused by price changes.\n for example change in gross processing spread may cause change in amount of ethane extracted from natural gas stream impacting gathering processing margins  ngl exchange revenues  natural gas deliveries  ngl volumes shipped fractionated.\n oneok partners exposed to commodity price risk as result of ngls in storage  relative values of various ngl products to each other relative value of ngls to natural gas relative value of ngl purchases at one location sales at another location known as basis risk.\n oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations.\n oneok partners not entered into financial instruments with ngl marketing activities.\n oneok partners exposed to commodity price risk as natural gas interstate and intrastate pipelines collect natural gas from customers for operations or part of fee for services provided.\nnatural gas consumed in operations by pipelines differs from provided by customers pipelines must buy or sell gas store or use natural gas from inventory exposes oneok partners to commodity price risk.\n at december 31 , 2008  no hedges in place natural gas price risk from oneok partners 2019 natural gas pipeline business.\n distribution distribution segment uses derivative instruments to hedge cost of anticipated natural gas purchases during winter heating months to protect customers from upward volatility in market price of natural gas.\n gains or losses associated with derivative instruments included in recoverable through monthly purchased gas cost mechanism.\n energy services energy services segment exposed to commodity price risk  basis risk price volatility from natural gas in storage requirement contracts asset management contracts index-based purchases and sales of natural gas at various market locations.\n minimize volatility of exposure to commodity price risk through use of derivative instruments under designated as cash flow or fair value hedges.\n exposed to commodity price risk from fixed-price purchases and sales of natural gas hedge with derivative instruments.\n fixed-price purchases and sales and related derivatives recorded at fair value.\n fair value component of energy marketing and risk management assets and liabilities table sets forth fair value component energy marketing risk management assets and liabilities excluding $ 21. 0 million of net liabilities from derivative instruments declared as fair value or cash flow hedges.\n maturiti es of derivatives based on inject ion and withdrawal periods from april through m arc h  consistent with business s trategy.\n maturities are as fol lows : $ 225. 0 mi llion matures through march 2009 , $ 33. 9 mi llion matures through march 2012 and $ ( 0. 1 ) mil lion matures through march 2014.\nfair alue com ponent energy m arketing risk m anagement assets liabili ti es\n\n| ( thousands of dollars )\n------------------------------------------------------------------- | ------------------------\nnet fair value of derivatives outstanding at december 31 2007       | $ 25171\nderivatives reclassified or otherwise settled during the period     | -55874 ( 55874 )\nfair value of new derivatives entered into during the period        | 236772\nother changes in fair value                                         | 52731\nnet fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800"
}
{
    "_id": "dd4c08d1e",
    "title": "",
    "text": "zimmer biomet holdings , inc.\n subsidiaries 2018 form 10-k annual report notes to consolidated financial statements continued ) default for unsecured financing arrangements  including limitations on consolidations , mergers sales of assets.\n financial covenants under 2018 , 2016 2014 credit agreements include consolidated indebtedness to consolidated ebitda ratio of no greater than 5. 0 to 1. 0 through june 30 , 2017  no greater than 4. 5 to 1. 0 thereafter.\n if credit rating below investment grade  additional restrictions result including restrictions on investments payment of dividends.\n in compliance with all covenants under 2018, 2016 2014 credit agreements as of december 31 , 2018.\n no borrowings outstanding under multicurrency revolving facility.\n may option redeem senior notes  in whole or part any time upon payment of principal , applicable make-whole premium  accrued and unpaid interest to date of redemption except floating rate notes due 2021 not be redeemed until or after march 20 , 2019 notes not have applicable make-whole premium.\n may redeem option 2. 700% ( 2. 700 % ) senior notes due 2020  3. 375% ( 3. 375 % ) senior notes due 2021  3. 150% ( 3. 150 % ) senior notes due 2022  3. 700% ( 3. 700 % ) senior notes due 2023  3. 550% ( 3. 550 % ) senior notes due 2025  4. 250% ( 4. 250 % ) senior notes due 2035 4. 450% ( 4. 450 % ) senior notes due 2045 without make-whole premium at specified dates from one month to six months in advance of scheduled maturity date.\nestimated fair value of senior notes as of december 31 , 2018  based on quoted prices for specific securities from transactions in over-the-counter markets ( level 2 ) was $ 7798. 9 million.\n estimated fair value of japan term loan a and japan term loan b  aggregate as of december 31 , 2018 based market yield curves terms of debt ( level 2 ) was $ 294. 7 million.\n carrying values of u. s.\n term loan b and u. s.\n term loan c approximate fair value as bear interest at short-term variable market rates.\n entered into interest rate swap agreements as fair value hedges of underlying fixed-rate obligations on senior notes due 2019 and 2021.\n fair value hedges settled in 2016.\n 2016 entered into variable-to-fixed interest rate swap agreements as cash flow hedges of u. s.\n term loan b.\n in 2018 entered into cross-currency interest rate swaps as net investment hedges.\n excluded component of net investment hedges recorded in interest expense .\n see note 13 for additional information interest rate swap agreements.\n available uncommitted credit facilities totaling $ 55. 0 million.\n at december 31 , 2018 and 2017  weighted average interest rate for borrowings was 3. 1 percent and 2. 9 percent .\n paid $ 282. 8 million , $ 317. 5 million  and $ 363. 1 million in interest during 2018 , 2017  2016  respectively.\n.\n accumulated other comprehensive ( loss ) income refers to certain gains and losses included in comprehensive income but excluded from net earnings initially recorded as adjustment to stockholders 2019 equity.\n may be reclassified to net earnings upon certain events.\naoci comprised of foreign currency translation adjustments unrealized gains losses on net investment hedges losses on cash flow hedges amortization of prior service costs unrecognized gains and losses in actuarial assumptions on defined benefit plans.\n foreign currency translation adjustments reclassified to net earnings upon sale or complete liquidation of investment in foreign entity.\n unrealized gains and losses on cash flow hedges reclassified to net earnings when hedged item affects net earnings.\n amounts related to defined benefit plans in aoci reclassified over service periods of employees in plan.\n see note 14 for more information on defined benefit plans.\n table shows changes in components of aoci, net of tax ( in millions ) : foreign currency translation hedges defined benefit plan items.\n\n| foreign currency translation | cash flow hedges | defined benefit plan items | total aoci\n------------------------------------------------- | ---------------------------- | ---------------- | -------------------------- | ------------------\nbalance december 31 2017                          | $ 121.5                      | $ -66.5 ( 66.5 ) | $ -138.2 ( 138.2 )         | $ -83.2 ( 83.2 )\naoci before reclassifications                     | -135.4 ( 135.4 )             | 68.2             | -29.7 ( 29.7 )             | -96.9 ( 96.9 )\nreclassifications to retained earnings ( note 2 ) | -17.4 ( 17.4 )               | -4.4 ( 4.4 )     | -21.1 ( 21.1 )             | -42.9 ( 42.9 )\nreclassifications                                 | -                            | 23.6             | 12.0                       | 35.6\nbalance december 31 2018                          | $ -31.3 ( 31.3 )             | $ 20.9           | $ -177.0 ( 177.0 )         | $ -187.4 ( 187.4 )"
}
{
    "_id": "dd497d14e",
    "title": "",
    "text": "item 7a.\n quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.\n use derivative instruments established guidelines policies to manage these risks.\n derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.\n interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.\n majority of debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31, 2015 and 2014  ) bears interest at fixed rates.\n have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.\n fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.\n increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10 % ) decrease in interest rates.\n used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.\n interest rate swaps outstanding as of december 31 , 2015.\n had $ 1509. 7 of cash , cash equivalents marketable securities as of december 31, 2015 generally invest in conservative  short-term bank deposits or securities.\n interest income from investments subject to domestic and foreign interest rate movements.\n during 2015 and 2014  had interest income of $ 22. 8 and $ 27. 4 , respectively.\n based on 2015 results 100-basis-point increase or decrease in interest rates would affect interest income by approximately $ 15. 0  assuming all cash cash equivalents marketable securities impacted same balances remain constant from year-end 2015 levels.\nforeign currency rates subject to translation and transaction risks related to changes in foreign currency exchange rates.\n we report revenues and expenses in.\n dollars changes in exchange rates may positively or negatively affect consolidated revenues and expenses ( expressed in.\n dollars ) from foreign operations.\n primary foreign currencies impacted results during 2015 included australian dollar  brazilian real  british pound sterling euro.\n based on 2015 exchange rates operating results if u.\n dollar strengthen or weaken by 10% ( 10 % ) estimate operating income would decrease or increase approximately 4% ( 4 % ) assuming all currencies impacted same international revenue and expenses remain constant at 2015 levels.\n functional currency of foreign operations is generally their respective local currency.\n assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.\n resulting translation adjustments recorded as component of accumulated other comprehensive loss  net of tax  in stockholders 2019 equity section of consolidated balance sheets.\n foreign subsidiaries generally collect revenues pay expenses in their functional currency  mitigating transaction risk.\n certain subsidiaries may enter into transactions in currencies other than functional currency.\n assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.\n currency transaction gains or losses from transactions in currencies other than functional currency included in office and general expenses.\n regularly review foreign exchange exposures may material impact on business use foreign currency forward exchange contracts or other derivative financial instruments to hedge effects of potential adverse fluctuations in foreign currency exchange rates.\n do not enter into foreign exchange contracts or other derivatives for speculative purposes.\n\nas of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates\n------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------\n2015               | $ -33.7 ( 33.7 )                                                                   | $ 34.7\n2014               | -35.5 ( 35.5 )                                                                     | 36.6"
}
{
    "_id": "dd4ba0214",
    "title": "",
    "text": "conduit assets by asset origin.\n conduits meet definition of a vie , as defined by fin 46 ( r ).\n we determined not primary beneficiary of conduits  by fin 46 ( r ) do not record them in our consolidated financial statements.\n hold no direct or indirect ownership interest in conduits, but provide subordinated financial support to through contractual arrangements.\n standby letters of credit absorb actual credit losses from conduit assets ; commitment under letters of credit totaled $ 1. 00 billion and $ 1. 04 billion at december 31 , 2008 and 2007 ,.\n liquidity asset purchase agreements provide liquidity to conduits in event they cannot place commercial paper in ordinary course business ; these facilities  require us to purchase assets from conduits provide needed liquidity to repay maturing commercial paper if disruption in asset-backed commercial paper market.\n aggregate commitment under liquidity asset purchase agreements was approximately $ 23. 59 billion and $ 28. 37 billion at december 31 , 2008 and 2007 ,.\n did not accrue for any losses associated with commitment under standby letters of credit or liquidity asset purchase agreements in consolidated statement of condition at december 31 , 2008 or 2007.\n during first quarter of 2008  to contractual terms liquidity asset purchase agreements with conduits required to purchase $ 850 million of conduit assets.\n purchase result of various factors including continued illiquidity in commercial paper markets.\n securities purchased at prices determined in accordance with existing contractual terms in liquidity asset purchase agreements exceeded fair value.\n during first quarter of 2008  securities written down to fair value through $ 12 million reduction of processing fees and other revenue in consolidated statement of income carried at fair value in securities available for sale in our consolidated statement of condition.\nour liquidity asset purchase agreements with conduits drawn upon during remainder 2008 no draw-downs on standby letters of credit occurred during 2008.\n conduits generally sell commercial paper to independent third-party investors.\n we sometimes purchase commercial paper from conduits.\n as of december 31 , 2008 we held of approximately $ 230 million of commercial paper issued by conduits and $ 2 million at december 31 , 2007.\n approximately $ 5. 70 billion of.\n conduit-issued commercial paper sold to cpff.\n cpff scheduled to expire on october 31 , 2009.\n weighted-average maturity of conduits 2019 commercial paper was approximately 25 days as of december 31, 2008 compared to 20 days december 31 , 2007.\n conduits issued first-loss notes to independent third parties third parties absorb first- dollar losses related to credit risk.\n aggregate first-loss notes outstanding at december 31 , 2008 for four conduits totaled $ 67 million compared to $ 32 million at december 31 , 2007.\n actual credit losses of conduits\n\n( dollars in billions ) | 2008 amount | 2008 percent of total conduit assets | 2008 amount | percent of total conduit assets\n----------------------- | ----------- | ------------------------------------ | ----------- | -------------------------------\nunited states           | $ 11.09     | 46% ( 46 % )                         | $ 12.14     | 42% ( 42 % )\naustralia               | 4.30        | 17                                   | 6.10        | 21\ngreat britain           | 1.97        | 8                                    | 2.93        | 10\nspain                   | 1.71        | 7                                    | 1.90        | 7\nitaly                   | 1.66        | 7                                    | 1.86        | 7\nportugal                | 0.62        | 3                                    | 0.70        | 2\ngermany                 | 0.57        | 3                                    | 0.70        | 2\nnetherlands             | 0.40        | 2                                    | 0.55        | 2\nbelgium                 | 0.29        | 1                                    | 0.31        | 1\ngreece                  | 0.27        | 1                                    | 0.31        | 1\nother                   | 1.01        | 5                                    | 1.26        | 5\ntotal conduit assets    | $ 23.89     | 100% ( 100 % )                       | $ 28.76     | 100% ( 100 % )"
}
{
    "_id": "dd4baa23c",
    "title": "",
    "text": "table of contents part ii price range our common stock commenced trading on nasdaq national market under symbol 201cmktx 201d on november 5 , 2004.\n prior to no public market for common stock.\n on november 4 , 2004  registration statement relating to initial public offering declared effective by sec.\n high and low bid information for common stock reported by nasdaq  as follows : on march 28 , 2005  last reported closing price of common stock on nasdaq national market was $ 10. 26.\n holders approximately 188 holders of record of common stock as of march 28 , 2005.\n dividend policy not declared or paid cash dividends on capital stock since inception.\n intend to retain future earnings to finance operation and expansion of business do not anticipate paying cash dividends in foreseeable future.\n in decide to declare dividends on common stock in future declaration subject to discretion of board of directors.\n board may take into account matters general business conditions , financial results  capital requirements  contractual , legal , regulatory restrictions on payment of dividends by stockholders or subsidiaries other factors board may deem relevant.\n use of proceeds on november 4 , 2004  registration statement relating to initial public offering ( no.\n 333-112718 ) declared effective.\n received net proceeds from sale of shares of common stock in offering of $ 53. 9 million , at initial public offering price of $ 11. 00 per share  after deducting underwriting discounts and commissions and estimated offering expenses.\n prior to closing of initial public offering all outstanding shares of convertible preferred stock converted into 14484493 shares of common stock and 4266310 shares of non-voting common stock.\n underwriters for initial public offering were credit suisse first boston llc , j. p.\nmorgan securities inc. , banc of america securities llc , bear , stearns & co.\n inc.\n and ubs securities llc.\n all underwriters are affiliates of our broker-dealer clients and affiliates institutional investor clients.\n in affiliates of all underwriters are stockholders of ours.\n except for salaries  reimbursements for travel expenses other out-of-pocket costs in ordinary business none of proceeds from offering paid by us directly or indirectly, to our directors or officers associates or to persons owning ten percent or more of our outstanding stock or our affiliates.\n as of december 31 , 2004  we not used net proceeds from initial public offering for product development costs  sales and marketing activities working capital.\n invested proceeds from offering in cash and cash equivalents and short-term marketable securities pending use for these other purposes.\n item 5.\n market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities november 5, 2004 december 31 , 2004.\n\nhigh    | low\n------- | -------\n$ 24.41 | $ 12.75"
}
{
    "_id": "dd4bcaf0a",
    "title": "",
    "text": "following details impairment charge from our review ( in thousands ) :.\n net income attributable to noncontrolling interests , net of tax noncontrolling interest  net tax increased $ 28. 9 million from $ 8. 1 million fiscal 2008.\n increase primarily related to acquisition of 51% ( 51 % ) majority interest in hsbc merchant services , llp on june 30 , net income attributable to global payments and diluted earnings per share during fiscal 2009 reported net income of $ 37. 2 million ( $ 0. 46 diluted earnings per share ).\n liquidity and capital resources significant portion of liquidity from operating cash flows sufficient to fund operations  planned capital expenditures  debt service strategic investments in business.\n cash flow from operations used to make planned capital investments pursue acquisitions meet corporate objectives pay dividends pay off debt repurchase shares at discretion of board of directors.\n accumulated cash balances invested in high-quality marketable short term instruments.\n capital plan objectives to support company 2019s operational needs and strategic plan for long term growth while maintaining low cost of capital.\n lines of credit used to fund settlement source of working capital with other bank financing fund acquisitions.\n regularly evaluate liquidity and capital position relative to cash requirements may elect to raise additional funds in future through issuance of debt , equity or otherwise.\n at may 31 , 2010  had cash and cash equivalents totaling $ 769. 9 million.\n of amount consider $ 268. 1 million to be available cash  excludes settlement related and merchant reserve cash balances.\n settlement related cash balances represent surplus funds hold on behalf of member sponsors when incoming amount from card networks precedes member sponsors 2019 funding obligation to merchant.\nmerchant reserve cash balances represent funds collected from merchants serve as collateral ( 201cmerchant reserves 201d ) to minimize contingent liabilities losses under merchant agreement.\n at may 31 , 2010  cash and cash equivalents included $ 199. 4 million related to merchant reserves.\n cash not restricted use designating cash to collateralize merchant reserves strengthens fiduciary standing with member sponsors in accordance with guidelines card networks.\n see cash cash equivalents settlement processing assets obligations under note 1 in notes consolidated financial statements for additional details.\n net cash by operating activities increased $ 82. 8 million to $ 465. 8 million for fiscal 2010 from prior year.\n income from continuing operations increased $ 16. 0 million cash provided by changes in working capital of $ 60. 2 million.\n working capital change primarily due to change in net settlement processing assets and obligations of $ 80. 3 million change in accounts receivable of $ 13. 4 million  partially offset by change\n\n| year ended may 31 2009\n----------------------- | ----------------------\ngoodwill                | $ 136800\ntrademark               | 10000\nother long-lived assets | 864\ntotal                   | $ 147664"
}
{
    "_id": "dd4c61842",
    "title": "",
    "text": "to maintain fhlb stock investment equal to : percentage of 0. 2% ( 0. 2 % ) of total bank assets ; or dollar cap amount of $ 25 million.\n bank must maintain activity based stock investment equal to 4. 5% ( 4. 5 % ) of bank 2019s outstanding advances at time of borrowing.\n quarterly basis fhlb atlanta evaluates excess activity based stock holdings for makes determination regarding quarterly redemption of excess activity based stock positions.\n company had investment in fhlb stock of $ 140. 2 million and $ 164. 4 million at december 31 , 2011 and 2010 .\n company must maintain qualified collateral as percent of advances varies based on collateral type adjusted by outcome recent annual collateral audit and by fhlb 2019s internal ranking of bank 2019s creditworthiness.\n advances secured by pool of mortgage loans and mortgage-backed securities.\n at december 31 , 2011 and 2010  company pledged loans with lendable value of $ 5. 0 billion and $ 5. 6 billion , of one- to four-family and home equity loans as collateral in support of advances and unused borrowing lines.\n during year ended december 31 , 2009  company paid down in advance of maturity $ 1. 6 billion of fhlb advances.\n company recorded loss on early extinguishment of fhlb advances of $ 50. 6 million for year ended december 31 , 2009.\n loss recorded in gains ( losses ) on early extinguishment of debt line item in consolidated statement of income ( loss ).\n company similar transactions for years ended december 31 , 2011 and 2010.\n other borrowings raised capital in past through formation of trusts sell trust preferred securities in capital markets.\n capital securities must be redeemed in whole at due date generally 30 years after issuance.\ntrust issued floating rate cumulative preferred securities ( 201ctrust preferred securities 201d ) par with liquidation amount $ 1000 per capital security.\n trusts used proceeds from sale to purchase floating rate junior subordinated debentures ( 201csubordinated debentures 201d ) issued by etbh  guarantees trust obligations contributed proceeds from sale debentures to e*trade bank capital contribution.\n recent issuance of trust preferred securities in 2007.\n face values of outstanding trusts at december 31 , 2011 shown below ( dollars in thousands ) : trusts face value maturity date annual interest rate.\n of december 31 , 2011 2010 other borrowings included $ 2. 3 million and $ 19. 3 million  of collateral pledged to bank by derivatives counterparties to reduce credit exposure to changes in market value.\n december 31 , 2010 other borrowings included $ 0. 5 million of overnight short-term borrowings in with federal reserve bank 2019s treasury , tax and loan programs.\n company pledged $ 0. 8 million of securities to secure borrowings from federal reserve bank december 31 , 2010.\n\ntrusts                               | face value | maturity date | annual interest rate\n------------------------------------ | ---------- | ------------- | ------------------------------------------------\netbh capital trust ii                | $ 5000     | 2031          | 10.25% ( 10.25 % )\netbh capital trust i                 | 20000      | 2031          | 3.75% ( 3.75 % ) above 6-month libor\netbh capital trust v vi viii         | 51000      | 2032          | 3.25%-3.65% ( 3.25%-3.65 % ) above 3-month libor\netbh capital trust vii ix 2014xii    | 65000      | 2033          | 3.00%-3.30% ( 3.00%-3.30 % ) above 3-month libor\netbh capital trust xiii 2014xviii xx | 77000      | 2034          | 2.45%-2.90% ( 2.45%-2.90 % ) above 3-month libor\netbh capital trust xix xxi xxii      | 60000      | 2035          | 2.20%-2.40% ( 2.20%-2.40 % ) above 3-month libor\netbh capital trust xxiii 2014xxiv    | 45000      | 2036          | 2.10% ( 2.10 % ) above 3-month libor\netbh capital trust xxv 2014xxx       | 110000     | 2037          | 1.90%-2.00% ( 1.90%-2.00 % ) above 3-month libor\ntotal                                | $ 433000   |               |"
}
{
    "_id": "dd4c54d9a",
    "title": "",
    "text": ".\n performance units convert into unrestricted shares after performance results for three-year performance period certified by compensation committee.\n recognize share-based compensation expense based on grant-date fair value of performance-based restricted stock units determined by monte carlo model straight-line basis over performance period.\n leveraged performance units during year ended may 31 , 2015  certain executives granted performance units as 201cleveraged performance units , 201d or 201clpus. 201d lpus contain market condition based on relative stock price growth over three-year performance period.\n lpus contain minimum threshold performance if not met result in no payout.\n lpus contain maximum award opportunity as fixed dollar and fixed number of shares.\n after three-year performance period concluded in october 2017  one-third of earned units converted to unrestricted common stock.\n remaining two-thirds converted to restricted stock vest in equal installments on each first two anniversaries of conversion date.\n recognize share-based compensation expense based on grant date fair value of lpus  determined by monte carlo model straight-line basis over requisite service period for each separately vesting portion of lpu award.\n table summarizes changes in unvested restricted stock and performance awards for years ended december 31, 2018 and 2017 , 2016 fiscal transition period and year ended may 31 , 2016 : shares weighted-average grant-date fair value ( in thousands ).\n total fair value of restricted stock and performance awards vested was $ 43. 4 million and $ 33. 7 million for years ended december 31 , 2018 and 2017  respectively $ 20. 0 million for 2016 fiscal transition period and $ 17. 4 million for year ended may 31 , 2016.\n for restricted stock and performance awards  recognized compensation expense of $ 53.2 million $ 35. 2 million years ended december 31 , 2018 2017  respectively $ 17. 2 million 2016 fiscal transition period $ 28. 8 million year ended may 31 , 2016.\n as of december 31, 2018 $ 62. 7 million unrecognized compensation expense related to unvested restricted stock performance awards expect recognize over weighted-average period 2. 0 years.\n restricted stock performance award plans provide accelerated vesting under certain conditions.\n 94 2013 global payments inc.\n | 2018 form 10-k annual report\n\n| shares ( in thousands ) | weighted-averagegrant-datefair value\n---------------------------- | ----------------------- | ------------------------------------\nunvested at may 31 2015      | 1848                    | $ 28.97\ngranted                      | 461                     | 57.04\nvested                       | -633 ( 633 )            | 27.55\nforfeited                    | -70 ( 70 )              | 34.69\nunvested at may 31 2016      | 1606                    | 37.25\ngranted                      | 348                     | 74.26\nvested                       | -639 ( 639 )            | 31.38\nforfeited                    | -52 ( 52 )              | 45.27\nunvested at december 31 2016 | 1263                    | 49.55\ngranted                      | 899                     | 79.79\nvested                       | -858 ( 858 )            | 39.26\nforfeited                    | -78 ( 78 )              | 59.56\nunvested at december 31 2017 | 1226                    | 78.29\ngranted                      | 650                     | 109.85\nvested                       | -722 ( 722 )            | 60.08\nforfeited                    | -70 ( 70 )              | 91.47\nunvested at december 31 2018 | 1084                    | $ 108.51"
}
{
    "_id": "dd49833dc",
    "title": "",
    "text": "use of estimates preparation of financial statements requires management to make estimates assumptions affect reported assets liabilities disclosure of contingent assets liabilities at date of financial statements reported revenues expenses during period.\n actual results could differ from estimates.\n 3 ) significant acquisitions and dispositions acquisitions acquired total income producing real estate related assets of $ 219. 9 million , $ 948. 4 million and $ 295. 6 million in 2007 , 2006 2005 , respectively.\n in december 2007  to establish property positions around strategic port locations  purchased portfolio of five industrial buildings in seattle , virginia houston  approximately 161 acres of undeveloped land 12-acre container storage facility in houston.\n total price was $ 89. 7 million financed in part through assumption secured debt fair value of $ 34. 3 million.\n of total purchase price , $ 66. 1 million allocated to in-service real estate assets  $ 20. 0 million allocated to undeveloped land and container storage facility  $ 3. 3 million allocated to lease related intangible assets  remaining amount allocated to acquired working capital related assets and liabilities.\n allocation of purchase price based on fair value of assets acquired is preliminary.\n results of operations for acquired properties since date acquisition included in continuing rental operations in consolidated financial statements.\n in february 2007  completed acquisition of bremner healthcare real estate ( 201cbremner 201d )  national health care development and management firm.\n primary reason for acquisition was to expand development capabilities within health care real estate market.\n initial consideration paid to sellers totaled $ 47. 1 million  sellers may be eligible for further contingent payments over next three years.\n approximately $ 39.0 million of total purchase price allocated to goodwill attributable to value of bremner 2019s development capabilities in-place workforce.\n results of operations for bremner since acquisition included in continuing operations consolidated financial statements.\n in february 2006  acquired majority of washington , d.\n metropolitan area portfolio of suburban office light industrial properties ( 201cmark winkler portfolio 201d ).\n assets acquired for purchase price of approximately $ 867. 6 million comprised of 32 in-service properties with approximately 2. 9 million square feet for rental , 166 acres of undeveloped land certain related assets of mark winkler company , real estate management company.\n acquisition financed primarily through assumed mortgage loans new borrowings.\n assets acquired and liabilities assumed recorded at estimated fair value at date of acquisition summarized below ( in thousands ) :.\n purchase price , net of assumed liabilities $ 713202\n\noperating rental properties               | $ 602011\n----------------------------------------- | ------------------\nland held for development                 | 154300\ntotal real estate investments             | 756311\nother assets                              | 10478\nlease related intangible assets           | 86047\ngoodwill                                  | 14722\ntotal assets acquired                     | 867558\ndebt assumed                              | -148527 ( 148527 )\nother liabilities assumed                 | -5829 ( 5829 )\npurchase price net of assumed liabilities | $ 713202"
}
{
    "_id": "dd4c0de7c",
    "title": "",
    "text": "hii expects to incur higher costs to complete ships under construction in avondale due to anticipated reductions in productivity.\n in second quarter of 2010  company increased estimates to complete lpd-23 and lpd-25 by approximately $ 210 million.\n company recognized $ 113 million pre-tax charge to operating income for these contracts in second quarter 2010.\n hii exploring alternative uses of avondale facility including alternative opportunities for workforce.\n result decision to wind down shipbuilding operations at avondale  louisiana facility company began incurring paying related employee severance and incentive compensation liabilities and expenditures asset retirement obligation liabilities reasonably estimable amounts owed for not meeting certain requirements under cooperative endeavor agreement with state of louisiana.\n company anticipates will incur substantial other restructuring and facilities shutdown related costs including severance expense relocation expense  asset write-downs related to avondale facilities.\n these costs expected to be allowable expenses under government accounting standards should be recoverable in future years 2019 overhead costs.\n future costs could approximate $ 271 million  based on management 2019s current estimate.\n costs should be recoverable under existing flexibly priced contracts or future negotiated contracts in accordance with federal acquisition regulation ( 201cfar 201d ) provisions relating to treatment of restructuring and shutdown related costs.\n company in discussions with u. s.\n navy regarding cost submission to support recoverability of these costs under applicable contracts submission subject to review and acceptance by u. s.\n navy.\ndefense contract audit agency ( 201cdcaa 201d ) , dod agency , prepared initial audit report on company 2019s cost proposal for restructuring and shutdown related costs of $ 310 million , stated proposal not adequately supported for dcaa conclusion questioned approximately $ 25 million , or 8% ( 8 % ), of costs submitted by company.\n dcaa did not accept proposal as submitted.\n company submitted revised proposal to address concerns dcaa reflect revised estimated total cost of $ 271 million.\n should company 2019s revised proposal be challenged by u. s.\n navy , company would likely pursue dispute resolution alternatives to resolve challenge.\n process would create uncertainty to timing and eventual allowability of costs related to wind down of avondale facility.\n company anticipates discussions with u. s.\n navy will result in agreement in accordance with management 2019s cost recovery expectations.\n hii treated these costs as allowable costs in determining earnings performance on contracts in process.\n actual restructuring expenses related to wind down may be greater than company 2019s current estimate , inability to recover such costs could result in material effect on company 2019s consolidated financial position , results of operations or cash flows.\n company evaluated effect wind down of avondale facilities might have on benefit plans in hii employees participate.\n hii determined potential impact of curtailment in these plans not material to consolidated financial position , results of operations or cash flows.\n table below summarizes company 2019s liability for restructuring and shutdown related costs associated with winding down avondale facility.\n as of december 31 , 2011 and 2010 , these costs are comprised primarily of employee severance and retention and incentive bonuses.\n amounts capitalized in inventoried costs  will be recognized as expenses in cost of product sales beginning in 2014.\n $ millions ) employee compensation accruals total.\n\n( $ in millions )           | employee compensation | other accruals | total\n--------------------------- | --------------------- | -------------- | ----------\nbalance at january 1 2010   | $ 0                   | $ 0            | $ 0\naccrual established         | 27                    | 39             | 66\npayments                    | 0                     | 0              | 0\nadjustments                 | 0                     | 0              | 0\nbalance at december 31 2010 | $ 27                  | $ 39           | $ 66\naccrual established         | 0                     | 0              | 0\npayments                    | -24 ( 24 )            | -36 ( 36 )     | -60 ( 60 )\nadjustments                 | 47                    | -3 ( 3 )       | 44\nbalance at december 31 2011 | $ 50                  | $ 0            | $ 50"
}
{
    "_id": "dd4bccb34",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) becton , dickinson company ( b ) reclassifications recorded to interest expense cost of products sold.\n additional details regarding company's cash flow hedges in note 13.\n on august 25 , 2016  anticipation of proceeds from divestiture of respiratory solutions business in first quarter of fiscal year 2017  company entered accelerated share repurchase ( \"asr\" ) agreement.\n subsequent to end of company's fiscal year 2016 terms asr agreement company received approximately 1. 3 million shares of common stock recorded as $ 220 million increase to common stock in treasury.\n note 4 2014 earnings per share weighted average common shares used in computations of basic and diluted earnings per share ( shares thousands ) for years ended september 30 were:.\n average common and common equivalent shares outstanding 2014 assuming dilution 217536 207509 197709 upon closing acquisition of carefusion corporation ( 201ccarefusion 201d ) on march 17, 2015  company issued approximately 15. 9 million of common shares purchase consideration.\n additional disclosures regarding acquisition in note 9.\n options to purchase shares of common stock excluded from calculation of diluted earnings per share when inclusion anti-dilutive effect on calculation.\n for years ended september 30 , 2016 , 2015 2014 no options to purchase shares of common stock excluded from diluted earnings per share calculation.\n\n| 2016   | 2015   | 2014\n------------------------------------------------------------------------------ | ------ | ------ | ------\naverage common shares outstanding                                              | 212702 | 202537 | 193299\ndilutive share equivalents from share-based plans                              | 4834   | 4972   | 4410\naverage common and common equivalent shares outstanding 2014 assuming dilution | 217536 | 207509 | 197709"
}
{
    "_id": "dd4b88e70",
    "title": "",
    "text": "affiliated company.\n loss recorded on sale was approximately $ 14 million recorded as loss on sale of assets and asset impairment expenses in consolidated statements operations.\n second quarter of 2002  company recorded impairment charge of approximately $ 40 million after income taxes on equity method investment in telecommunications company in latin america held by edc.\n impairment charge resulted from poor operating performance recent funding problems at invested company.\n 2001  company lost operational control of central electricity supply corporation ( 2018 2018cesco 2019 2019 ) distribution company in orissa , india.\n cesco accounted for as cost method investment.\n may 2000  company completed acquisition of 100% ( % ) of tractebel power ltd ( 2018 2018tpl 2019 2019 ) for $ 67 million assumed liabilities of approximately $ 200 million.\n tpl owned 46% ( 46 % ) of nigen.\n company acquired additional 6% ( 6 % ) interest in nigen from minority stockholders year ended december 31, 2000 approximately 99000 common shares of aes stock valued at approximately $ 4. 9 million.\n company owns 98% ( 98 % ) of nigen 2019s common stock began consolidating financial results may 12 , 2000.\n approximately $ 100 million of purchase price allocated to excess of costs over net assets acquired amortized through january 1 , 2002 company adopted sfas no.\n 142 ceased amortization of goodwill.\n august 2000  subsidiary of company acquired 49% ( 49 % ) interest in songas limited ( 2018 2018songas 2019 2019 ) for approximately $ 40 million.\n company acquired additional 16. 79% ( 16. 79 % ) of songas for approximately $ 12. 5 million company began consolidating entity in 2002.\n songas owns songo songo gas-to-electricity project in tanzania.\ndecember 2002  company signed sales purchase agreement to sell songas.\n sale expected close early 2003.\n see note 4 for further discussion transaction.\n following table presents summarized comparative financial information ( in millions ) for company 2019s investments in 50% ( 50 % ) or less owned investments accounted using equity method.\n 2002 , 2001 2000  results of operations financial position of cemig negatively impacted by devaluation brazilian real impairment charge recorded 2002.\n brazilian real devalued 32% ( 32 % ), 19% ( 19 % ) 8% ( 8 % ) for years ended december 31, 2002  2001 2000  respectively.\n company recorded $ 83 million , $ 210 million  $ 64 million pre-tax non-cash foreign currency transaction losses on investments in brazilian equity method affiliates during 2002  2001 2000 .\n\nas of and for the years ended december 31, | 2002   | 2001   | 2000\n------------------------------------------ | ------ | ------ | ------\nrevenues                                   | $ 2832 | $ 6147 | $ 6241\noperating income                           | 695    | 1717   | 1989\nnet income                                 | 229    | 650    | 859\ncurrent assets                             | 1097   | 3700   | 2423\nnoncurrent assets                          | 6751   | 14942  | 13080\ncurrent liabilities                        | 1418   | 3510   | 3370\nnoncurrent liabilities                     | 3349   | 8297   | 5927\nstockholder's equity                       | 3081   | 6835   | 6206"
}
{
    "_id": "dd4bc6df6",
    "title": "",
    "text": "table summarized status company 2019s non-vested performance share unit awards changes for period indicated : weighted- average grant date performance share unit awards shares fair value.\n 19.\n segment reporting u. s.\n reinsurance operation writes property casualty reinsurance specialty lines of business  including marine , aviation  surety accident and health ( 201ca&h 201d ) business on treaty and facultative basis through reinsurance brokers directly with ceding companies primarily within u. s.\n international operation writes non-u. s.\n property casualty reinsurance through everest re 2019s branches in canada singapore offices in brazil  miami new jersey.\n bermuda operation provides reinsurance insurance to worldwide property casualty markets through brokers directly with ceding companies from bermuda office reinsurance to united kingdom european markets through uk branch ireland re.\n insurance operation writes property casualty insurance directly through general agents  brokers surplus lines brokers within u. s.\n canada.\n mt.\n logan re segment represents business written for segregated accounts of mt.\n logan re  formed on july 1 , 2013.\n mt.\n logan re business represents diversified set catastrophe exposures diversified by risk/peril across different geographical regions globally.\n these segments exception mt.\n logan re  managed independently conform with corporate guidelines pricing  risk management  control of aggregate catastrophe exposures  capital  investments support operations.\n management monitors evaluates financial performance of operating segments based upon underwriting results.\n mt.\n logan re segment managed independently seeks to write diverse portfolio of catastrophe risks for each segregated account to achieve desired risk and return criteria.\nunderwriting results include earned premium less losses loss adjustment expenses ( 201clae 201d ) incurred , commission brokerage expenses other underwriting expenses.\n we measure underwriting results using ratios , in particular loss , commission brokerage other underwriting expense ratios , divide incurred losses  commissions brokerage other underwriting expenses by premiums earned.\n mt.\n logan re 2019s business is sourced through operating subsidiaries of company ; activity only reflected in mt.\n logan re segment.\n for other inter-affiliate reinsurance, business generally reported within segment in business was first produced consistent with how business managed.\n except for mt.\n logan re company does not maintain separate balance sheet data for operating segments.\n company does not review evaluate financial results of operating segments based upon balance sheet data.\n\nperformance share unit awards | year ended december 31 2015 shares | year ended december 31 2015 weighted- average grant date fair value\n----------------------------- | ---------------------------------- | -------------------------------------------------------------------\noutstanding at january 1,     | -                                  | $ -\ngranted                       | 10705                              | 178.84\nvested                        | -                                  | -\nforfeited                     | -                                  | -\noutstanding at december 31,   | 10705                              | 178.84"
}
{
    "_id": "dd4bcde76",
    "title": "",
    "text": "schlumberger limited subsidiaries shares common stock issued treasury shares outstanding stated millions ).\n see notes consolidated financial statements part ii , item 8\n\n| issued | in treasury  | shares outstanding\n------------------------------------------------ | ------ | ------------ | ------------------\nbalance january 1 2008                           | 1334   | -138 ( 138 ) | 1196\nshares sold to optionees less shares exchanged   | 2013   | 5            | 5\nshares issued under employee stock purchase plan | 2013   | 2            | 2\nstock repurchase program                         | 2013   | -21 ( 21 )   | -21 ( 21 )\nissued on conversions of debentures              | 2013   | 12           | 12\nbalance december 31 2008                         | 1334   | -140 ( 140 ) | 1194\nshares sold to optionees less shares exchanged   | 2013   | 4            | 4\nvesting of restricted stock                      | 2013   | 1            | 1\nshares issued under employee stock purchase plan | 2013   | 4            | 4\nstock repurchase program                         | 2013   | -8 ( 8 )     | -8 ( 8 )\nbalance december 31 2009                         | 1334   | -139 ( 139 ) | 1195\nacquisition of smith international inc .         | 100    | 76           | 176\nshares sold to optionees less shares exchanged   | 2013   | 6            | 6\nshares issued under employee stock purchase plan | 2013   | 3            | 3\nstock repurchase program                         | 2013   | -27 ( 27 )   | -27 ( 27 )\nissued on conversions of debentures              | 2013   | 8            | 8\nbalance december 31 2010                         | 1434   | -73 ( 73 )   | 1361"
}
{
    "_id": "dd4c53418",
    "title": "",
    "text": "december 31 , 2007  2006 2005  included ( in millions ) :.\n in-process research and development charges for 2007 related to acquisitions of endius orthosoft.\n included in gain/loss on disposition impairment of acquired assets obligations for 2006 sale of former centerpulse austin land and facilities for gain of $ 5. 1 million favorable settlement of two pre- acquisition contingent liabilities.\n gains offset by $ 13. 4 million impairment charge for certain centerpulse tradename trademark intangibles in europe operating segment.\n cash and equivalents 2013 consider all highly liquid investments with original maturity three months or less to be cash equivalents.\n carrying amounts reported in balance sheet for cash equivalents valued at cost approximates fair value.\n restricted cash primarily of cash held in escrow related to certain insurance coverage.\n inventories 2013 inventories net of allowances for obsolete slow-moving goods stated at lower of cost or market cost determined on first-in first-out basis.\n property , plant and equipment 2013 property equipment carried at cost less accumulated depreciation.\n depreciation computed using straight-line method based on estimated useful lives of ten to forty years for buildings improvements three to eight years for machinery and equipment five years for instruments.\n maintenance repairs expensed as incurred.\n accordance with statement of financial accounting standards ( 201csfas 201d ).\n 144 201caccounting for impairment or disposal of long-lived assets review property , plant equipment for impairment whenever events changes circumstances indicate carrying value of asset may not be recoverable.\n impairment loss recognized when estimated future undiscounted cash flows asset less than carrying amount.\nimpairment loss measured as amount carrying amount of asset exceeds fair value.\n software costs 2013 we capitalize certain computer software and software development costs incurred in with developing or obtaining computer software for internal use when preliminary project stage completed probable software used as intended.\n capitalized software costs include external direct costs of materials services in developing obtaining computer software compensation related benefits for employees directly associated with software project.\n capitalized software costs included in property  plant equipment on balance sheet amortized straight-line basis when placed into service over estimated useful lives of software approximate three to seven years.\n instruments 2013 instruments are hand held devices used by orthopaedic surgeons during total joint replacement other surgical procedures.\n instruments recognized as long-lived assets included in property  plant equipment.\n undeployed instruments carried at cost  net of allowances for excess and obsolete instruments.\n instruments in field carried at cost less accumulated depreciation.\n depreciation computed using straight-line method based on average estimated useful lives determined in reference to associated product life cycles primarily five years.\n review instruments for impairment in accordance with sfas no.\n 144.\n depreciation of instruments recognized as selling , general administrative expense.\n goodwill 2013 account for goodwill in accordance with sfas no.\n 142 , 201cgoodwill other intangible assets 201d.\n goodwill not amortized but subject to annual impairment tests.\n goodwill assigned to reporting units consistent with operating segments.\n perform annual impairment tests by comparing each reporting unit 2019s fair value to carrying amount to determine potential impairment.\n perform test in fourth quarter of year.\nfair value of reporting unit less than carrying value , impairment loss recorded to extent implied fair value of reporting unit goodwill less than carrying value goodwill.\n fair value reporting unit and implied fair value goodwill determined based upon market multiples.\n intangible assets 2013 account for intangible assets in accordance with sfas no.\n 142.\n intangible assets initially measured at fair value.\n determined fair value intangible assets either by fair value consideration exchanged for intangible asset  or estimated after-tax discounted cash flows expected from intangible asset.\n intangible assets with indefinite life  including certain trademarks and trade names not amortized.\n useful lives of indefinite life intangible assets assessed annually to determine events circumstances continue support indefinite life.\n intangible assets with finite life  including core and developed technology , certain trademarks trade names, z i m m e r h o l d i n g s , i n c.\n 2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued )\n\n| 2007           | 2006             | 2005\n------------------------------------------------------------------------------ | -------------- | ---------------- | ------\n( gain ) /loss on disposition or impairment of acquired assets and obligations | $ -1.2 ( 1.2 ) | $ -19.2 ( 19.2 ) | $ 3.2\nconsulting and professional fees                                               | 1.0            | 8.8              | 5.6\nemployee severance and retention                                               | 1.6            | 3.3              | 13.3\ninformation technology integration                                             | 2.6            | 3.0              | 6.9\nin-process research & development                                              | 6.5            | 2.9              | 2013\nintegration personnel                                                          | 2013           | 2.5              | 3.1\nfacility and employee relocation                                               | 2013           | 1.0              | 6.2\ndistributor acquisitions                                                       | 4.1            | 2013             | 2013\nsales agent and lease contract terminations                                    | 5.4            | 0.2              | 12.7\nother                                                                          | 5.2            | 3.6              | 5.6\nacquisition integration and other                                              | $ 25.2         | $ 6.1            | $ 56.6"
}
{
    "_id": "dd4c57c52",
    "title": "",
    "text": "product management business development client service.\n alternatives products fall into two main categories 2013 core  hedge funds funds of funds private equity ) real estate offerings currency commodities.\n products under bai umbrella described below.\n 2022 hedge funds ended year with $ 26. 6 billion in aum  down $ 1. 4 billion net inflows into single- strategy hedge funds of $ 1. 0 billion offset by return of capital on opportunistic funds.\n market valuation gains contributed $ 1. 1 billion to aum growth.\n hedge fund aum includes single-strategy multi-strategy global macro portable alpha  distressed opportunistic offerings.\n products include open-end hedge funds similar products closed-end funds specific opportunities over longer- term investment horizon.\n 2022 funds of funds aum increased $ 6. 3 billion  or 28% ( 28 % ), to $ 29. 1 billion at december 31 , 2012  including $ 17. 1 billion in funds of hedge funds hybrid vehicles $ 12. 0 billion in private equity funds funds.\n growth reflected $ 6. 2 billion of assets from srpep expanded fund of funds product offerings engage in european asian markets.\n 2022 real estate hard assets aum totaled $ 12. 7 billion , down $ 0. 1 billion  or 1% ( 1 % )  reflecting $ 0. 6 billion in client net redemptions distributions $ 0. 5 billion in portfolio valuation gains.\n offerings include high yield debt core  value-added opportunistic equity portfolios renewable power funds.\n expand real estate platform product offerings with launch of first u. s.\n real estate investment trust ( 201creit 201d ) mutual fund addition infrastructure debt team to increase diversify offerings within global infrastructure investing.\n currency commodities.\n aum in currency and commodities strategies totaled $ 41. 4 billion at year-end 2012  flat from year-end 2011 reflecting net outflows of $ 1. 5 billion  primarily from active currency currency overlays $ 0. 8 billion of market and foreign exchange gains.\n claymore contributed $ 0. 9 billion of aum.\n currency and commodities products include range active and passive products.\n ishares commodities products represented $ 24. 3 billion of aum including $ 0. 7 billion acquired from claymore not eligible for performance fees.\n cash management aum totaled $ 263. 7 billion at december 31, 2012 up $ 9. 1 billion  or 4% ( 4 % ) from year-end 2011.\n cash management products include taxable and tax-exempt money market funds customized separate accounts.\n portfolios may be denominated in.\n dollar  euro or british pound.\n at year-end 2012 84% ( 84 % ) of cash aum managed for institutions 16% ( 16 % ) for retail and hnw investors.\n investor base predominantly in americas 69% ( 69 % ) of aum managed for investors in americas 31% ( 31 % ) for clients in other regions mostly emea-based.\n generated net inflows of $ 5. 0 billion during 2012  reflecting uncertainty around future regulatory changes challenging investing environment.\n meet investor needs sought to provide new solutions choices for clients by launching short duration products in united states address challenge of low interest rate environment important investment options should regulatory changes occur.\n in emea business  for euro product set  taken action to ensure provide effective cash management solutions in potentially negative yield environment by launch new products re-engineer existing product set.\n industry-leading.\ninternational ishares etp suite discussed.\n component changes aum 2013 ishares dollar amounts millions ) 12/31/2011 net new business acquired market /fx app dep 12/31/2012.\n\n( dollar amounts in millions ) | 12/31/2011 | net new business | net acquired | market /fx app ( dep ) | 12/31/2012\n------------------------------ | ---------- | ---------------- | ------------ | ---------------------- | ----------\nequity                         | $ 419651   | $ 52973          | $ 3517       | $ 58507                | $ 534648\nfixed income                   | 153802     | 28785            | 3026         | 7239                   | 192852\nmulti-asset class              | 562        | 178              | 78           | 51                     | 869\nalternatives                   | 19341      | 3232             | 701          | 1064                   | 24338\nlong-term                      | $ 593356   | $ 85168          | $ 7322       | $ 66861                | $ 752707"
}
{
    "_id": "dd4bb4f16",
    "title": "",
    "text": "table details growth in global weighted average berths and global , north american european asia/pacific cruise guests over past five years ( in thousands  except berth data ) : weighted- average supply of berths marketed globally ( 1 ) caribbean cruises ltd.\n total berths ( 2 ) global cruise guests ( 1 ) american cruise guests ( 1 ) ( 3 ) european cruise guests ( 1 ) ( 4 ) asia/pacific cruise guests ( 1 ) ( 5 ).\n _______________________________________________________________________________ ( 1 ) source : our estimates of number of global cruise guests and weighted-average supply of berths marketed globally based on combination of data from various publicly available cruise industry trade information sources.\n use data from seatrade insider  cruise industry news company press releases to estimate weighted-average supply of berths.\n estimate cruise guest information.\n estimates incorporate our own statistical analysis utilizing same publicly available cruise industry data as base.\n 2 ) total berths include our berths related to global brands and partner brands.\n ( 3 ) estimates include united states canada.\n ( 4 ) estimates include european countries relevant to industry (. nordics germany france italy spain united kingdom ).\n ( 5 ) estimates include southeast asia (. singapore thailand philippines ) east asia (. china japan ) south asia. india pakistan ) oceanian (. australia fiji islands ) regions.\n north america majority of industry cruise guests sourced from north america  represented approximately 52% ( 52 % ) of global cruise guests in 2016.\n compound annual growth rate in cruise guests sourced from this market was approximately 2% ( 2 % ) from 2012 to 2016.\neurope industry cruise guests from europe represented 27% ( 27 % ) of global cruise guests in 2016.\n compound annual growth rate cruise guests was approximately 1% ( 1 % ) from 2012 to 2016.\n asia/pacific industry cruise guests from region represented 15% ( 15 % ) of global cruise guests in 2016.\n compound annual growth rate cruise guests from was approximately 25% ( 25 % ) from 2012 to 2016.\n asia/pacific region experiencing highest growth rate of major regions small sector compared to north america.\n competition compete with cruise lines.\n principal competitors are carnival corporation & plc , owns aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , p&o cruises  princess cruises and seabourn ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd  owns norwegian cruise line , oceania cruises regent seven seas cruises.\n cruise lines compete with\n\nyear | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths ( 2 ) | globalcruiseguests ( 1 ) | north american cruise guests ( 1 ) ( 3 ) | european cruise guests ( 1 ) ( 4 ) | asia/pacific cruise guests ( 1 ) ( 5 )\n---- | ----------------------------------------------------- | ------------------------------------------------ | ------------------------ | ---------------------------------------- | ---------------------------------- | --------------------------------------\n2012 | 425000                                                | 98650                                            | 20813                    | 11641                                    | 6225                               | 1474\n2013 | 432000                                                | 98750                                            | 21343                    | 11710                                    | 6430                               | 2045\n2014 | 448000                                                | 105750                                           | 22039                    | 12269                                    | 6387                               | 2382\n2015 | 469000                                                | 112700                                           | 23000                    | 12004                                    | 6587                               | 3129\n2016 | 493000                                                | 123270                                           | 24000                    | 12581                                    | 6542                               | 3636"
}
{
    "_id": "dd4bbc31a",
    "title": "",
    "text": "$ 43. 3 million in 2011 compared to $ 34. 1 million in 2010.\n retail segment represented 13% ( 13 % ) and 15% ( 15 % ) of company 2019s total net sales in 2011 and 2010 respectively.\n retail segment 2019s operating income was $ 4. 7 billion , $ 3. 2 billion  and $ 2. 3 billion during 2012 , 2011  2010 respectively.\n year-over-year increases in retail operating income attributable to higher overall net sales in higher average revenue per store.\n gross margin margin for 2012 , 2011 2010 as follows ( in millions  except gross margin percentages ) :.\n gross margin percentage in 2012 was 43. 9% ( 43. 9 % ) compared to 40. 5% ( 40. 5 % ) in 2011.\n year-over-year increase gross margin driven by lower commodity product costs higher mix of iphone sales improved leverage on fixed costs from higher net sales.\n increase gross margin partially offset by impact stronger u.\n dollar.\n gross margin percentage first half of 2012 was 45. 9% ( 45. 9 % ) compared to 41. 4% ( 41. 4 % ) second half of 2012.\n primary drivers of higher gross margin first half 2012 are higher mix of iphone sales improved leverage on fixed costs from higher net sales.\n gross margin second half 2012 affected by introduction of new products with flat pricing higher cost structures greater value price reductions on existing products higher transition costs with product launches strengthening of u. s.\n dollar partially offset by lower commodity costs.\n gross margin percentage in 2011 was 40. 5% ( 40. 5 % )  compared to 39. 4% ( 39. 4 % ) in 2010.\n year-over-year increase in gross margin driven by lower commodity and other product costs.\ncompany expects experience decreases in gross margin percentage in future periods  compared to levels 2012  company anticipates gross margin of about 36% ( 36 % ) during first quarter of 2013.\n expected future declines in gross margin due to higher mix of new innovative products with flat or reduced pricing higher cost structures deliver greater value to customers anticipated component cost other cost increases.\n future strengthening of u. s.\n dollar could negatively impact gross margin.\n foregoing statements regarding company 2019s expected gross margin percentage future periods including first quarter of 2013 , forward-looking could differ from actual results because of several factors including  not in part i , item 1a of form 10-k under heading 201crisk factors 201d those described in paragraph.\n general gross margins and margins on individual products will remain under downward pressure due to variety factors including continued industry wide global product pricing pressures  increased competition  compressed product life cycles product transitions potential increases in cost of components  potential increases in costs of outside manufacturing services potential shift in company 2019s sales mix towards products with lower gross margins.\n in response to competitive pressures  company expects will continue to take product pricing actions , adversely affect gross margins.\n gross margins could be affected by company 2019s ability to manage product quality warranty costs effectively to stimulate demand for certain products.\n due to company 2019s significant international operations  financial results can be significantly affected short-term by fluctuations in exchange rates.\n\n| 2012             | 2011             | 2010\n----------------------- | ---------------- | ---------------- | ----------------\nnet sales               | $ 156508         | $ 108249         | $ 65225\ncost of sales           | 87846            | 64431            | 39541\ngross margin            | $ 68662          | $ 43818          | $ 25684\ngross margin percentage | 43.9% ( 43.9 % ) | 40.5% ( 40.5 % ) | 39.4% ( 39.4 % )"
}
{
    "_id": "dd4c54bf6",
    "title": "",
    "text": "2018 annual report 21 item 3 : legal proceedings snap-on involved in legal matters litigated/or settled in ordinary course business.\n not possible to predict outcome matters management believes results legal matters not material impact on snap-on 2019s consolidated financial position results operations or cash flows.\n item 4 : mine safety disclosures not applicable.\n part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities snap-on had 55610781 shares of common stock outstanding as of 2018 year end.\n snap-on 2019s stock listed on new york stock exchange under ticker symbol 201csna. 201d at february 8, 2019  4704 registered holders of snap-on common stock.\n issuer purchases of equity securities chart discloses information regarding shares of snap-on 2019s common stock repurchased company during fourth quarter of fiscal 2018  all purchased pursuant to board 2019s authorizations company publicly announced.\n snap-on undertaken stock repurchases to offset dilution shares issued for employee and franchisee stock purchase plans  equity plans for other corporate purposes when company believes market conditions favorable.\n repurchase of snap-on common stock at company 2019s discretion  subject to prevailing financial and market conditions.\n period shares purchased average price per share shares purchased as part of publicly announced plans or programs approximate value of shares may yet be purchased under publicly announced plans or programs*.\n n/a : not applicable * subject to further adjustment pursuant 1996 authorization described below as of december 29 , 2018  approximate value of shares may yet be purchased pursuant to outstanding board authorizations is $ 215. 7 million.\n2022 in 1996 , board authorized company to repurchase shares of company 2019s common stock time to in open market or in privately negotiated transactions ( 201cthe 1996 authorization 201d ).\n 1996 authorization allows repurchase of up to number of shares issued or delivered from treasury time to under various plans company place call for issuance company 2019s common stock.\n because number of shares purchased pursuant 1996 authorization will change to as i ) company issues shares under various plans ; and ) shares repurchased authorization , number of shares authorized to be repurchased will vary time to time.\n 1996 authorization expire when terminated by board.\n calculating approximate value of shares company may yet purchase under 1996 authorization , company assumed price of $ 148. 71 , $ 161. 00 and $ 144. 25 per share of common stock as of end of fiscal 2018 months ended october 27 , 2018 , november 24 , 2018 , and december 29 , 2018 , respectively.\n 2022 in 2017 , board authorized repurchase of aggregate of up to $ 500 million of company 2019s common stock ( 201cthe 2017 authorization 201d ).\n 2017 authorization will expire when aggregate repurchase price limit is met , unless terminated earlier by board.\n\nperiod               | sharespurchased | average priceper share | shares purchased aspart of publiclyannounced plans orprograms | approximatevalue of sharesthat may yet bepurchased underpubliclyannounced plansor programs*\n-------------------- | --------------- | ---------------------- | ------------------------------------------------------------- | -------------------------------------------------------------------------------------------\n09/30/18 to 10/27/18 | 90000           | $ 149.28               | 90000                                                         | $ 292.4 million\n10/28/18 to 11/24/18 | 335000          | $ 159.35               | 335000                                                        | $ 239.1 million\n11/25/18 to 12/29/18 | 205000          | $ 160.20               | 205000                                                        | $ 215.7 million\ntotal/average        | 630000          | $ 158.19               | 630000                                                        | n/a"
}
{
    "_id": "dd4b8c89a",
    "title": "",
    "text": "target awards for other named executive officers set : joseph f.\n domino , ceo - entergy texas ( 50% ( 50 % ) ) ; hugh t.\n mcdonald , ceo - entergy arkansas ( 50% ( 50 % ) ) ; haley fisackerly, ceo - entergy mississippi ( 40% ( 40 % ) ) ; william m.\n mohl ( 60% ( 60 % ) ), ceo - entergy gulf states and entergy louisiana ; charles l.\n rice , jr.\n ( 40% ( 40 % ) ), ceo - entergy new orleans and theodore h.\n bunting , jr.\n - principal accounting officer - subsidiaries ( 60% ( 60 % ) ).\n target awards for named executive officers other entergy set by respective supervisors subject to approval of entergy 2019s chief executive officer ) allocated potential incentive pool established by personnel committee among direct and indirect reports.\n setting target awards supervisor took account considerations similar to used personnel committee target awards for entergy named executive officers.\n target awards set based on executive officer 2019s current position and executive management level within entergy organization.\n executive management levels at entergy range from level 1 thorough level 4.\n mr.\n denault mr.\n taylor hold positions in level 2 mr.\n bunting mr.\n mohl in level 3 mr.\n domino mr.\n fisackerly .\n mcdonald.\n rice hold positions in level 4.\n incentive targets differ based on external market data by committee independent compensation consultant and other factors noted.\n in december 2010 committee determined executive incentive plan targets for establishing annual bonuses for 2011.\ncommittee 2019s determination of target levels made after full board review of management 2019s 2011 financial plan for entergy corporation  upon recommendation of finance committee  after committee determination established targets aligned with entergy corporation 2019s anticipated 2011 financial performance as reflected in financial plan.\n targets established to measure management performance against reported results were:.\n operating cash flow ( $ in billions ) in january 2012  after reviewing earnings per share and operating cash flow results against performance objectives in committee determined entergy corporation had exceeded reported earnings per share target of $ 6. 60 by $ 0. 95 in 2011 while falling short of operating cash flow goal of $ 3. 35 billion by $ 221 million in 2011.\n in accordance with annual incentive plan  in january 2012  personnel committee certified 2012 entergy achievement multiplier at 128% ( 128 % ) of target.\n under management effectiveness program  entergy achievement multiplier is automatically increased by 25 percent for members of office of chief executive if pre- established underlying performance goals by personnel committee are satisfied at end of performance period  subject to personnel committee's discretion to adjust automatic multiplier downward or eliminate it altogether.\n in accordance with section 162 ( m ) of internal revenue code  multiplier entergy refers to as management effectiveness factor is intended to committee mechanism to consideration specific achievement factors relating to overall performance of entergy corporation.\n in january 2012  committee eliminated management effectiveness factor with respect to 2011 incentive awards , reflecting personnel committee's determination that entergy achievement multiplier  without management effectiveness factor  was consistent with performance levels achieved by management.\n annual incentive awards for named executive officers (.\n.\n.\n ) are awarded from incentive pool approved by committee.\npool  each named executive officer 2019s supervisor determines annual incentive payment based on entergy achievement multiplier.\n supervisor has discretion to increase or decrease multiple determine incentive award based on individual and business unit performance.\n incentive awards subject to approval of entergy 2019s chief executive officer.\n\n| minimum | target | maximum\n------------------------------------- | ------- | ------ | -------\nearnings per share ( $ )              | $ 6.10  | $ 6.60 | $ 7.10\noperating cash flow ( $ in billions ) | $ 2.97  | $ 3.35 | $ 3.70"
}
{
    "_id": "dd4b9dec4",
    "title": "",
    "text": "celanese purchases equity securities information regarding repurchases common stock during three months ended december 31 , 2014 follows : period number of shares purchased ( 1 ) average price paid per share total number of shares purchased part publicly announced program approximate dollar value of shares remaining purchased under program ( 2 ).\n ___________________________ ( 1 ) includes 27780 and 9537 for october and december 2014  related to shares withheld from employees cover statutory minimum withholding requirements for personal income taxes related vesting of restricted stock units.\n ( 2 ) board of directors authorized aggregate repurchase of $ 1. 4 billion common stock since february 2008.\n see note 17 - stockholders' equity in accompanying consolidated financial statements for further information.\n performance graph following performance graph related information not \"soliciting material\" or \"filed\" with securities and exchange commission  nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , amended except extent specifically incorporate it by reference into filing.\n comparison of cumulative total return\n\nperiod               | totalnumberof sharespurchased ( 1 ) | averageprice paidper share | total numberof sharespurchased aspart of publiclyannounced program | approximatedollarvalue of sharesremaining thatmay bepurchased underthe program ( 2 )\n-------------------- | ----------------------------------- | -------------------------- | ------------------------------------------------------------------ | ------------------------------------------------------------------------------------\noctober 1 - 31 2014  | 192580                              | $ 58.02                    | 164800                                                             | $ 490000000\nnovember 1 - 30 2014 | 468128                              | $ 59.25                    | 468128                                                             | $ 463000000\ndecember 1 - 31 2014 | 199796                              | $ 60.78                    | 190259                                                             | $ 451000000\ntotal                | 860504                              |                            | 823187                                                             |"
}
{
    "_id": "dd4c3cc86",
    "title": "",
    "text": "2015 compared to 2014 mfc 2019s net sales 2015 decreased $ 322 million or 5% ( 5 % ) compared to 2014.\n decrease attributable to lower net sales $ 345 million for air and missile defense programs due to fewer deliveries primarily pac-3 ) lower volume primarily thaad ) $ 85 million for tactical missile programs due to fewer deliveries primarily guided multiple launch rocket system gmlrs joint air-to-surface standoff missile partially offset by increased deliveries for hellfire.\n decreases partially offset by higher net sales $ 55 million for energy solutions programs due to increased volume.\n mfc 2019s operating profit 2015 decreased $ 62 million or 5% ( 5 % ) compared to 2014.\n decrease attributable to lower operating profit $ 100 million for fire control programs due lower risk retirements primarily lantirn sniper ) $ 65 million for tactical missile programs due to lower risk retirements hellfire gmlrs ) fewer deliveries.\n decreases partially offset by higher operating profit $ 75 million for air and missile defense programs due to increased risk retirements primarily thaad ).\n adjustments not related to volume net profit booking rate adjustments approximately $ 60 million lower in 2015 compared to 2014.\n backlog backlog decreased in 2016 2015 due to lower orders on pac-3  hellfire  jassm.\n backlog increased in 2015 2014 due to higher orders on pac-3  lantirn/sniper certain tactical missile programs partially offset by lower orders on thaad.\n expect mfc 2019s net sales to increase mid-single digit percentage range in 2017 compared to 2016 driven by air and missile defense programs.\n operating profit expected to be flat or increase slightly.\n operating profit margin expected to decline from 2016 levels of contract mix fewer risk retirements in 2017 compared to 2016.\nrotary mission systems described november 6 , 2015 acquired sikorsky aligned sikorsky business under rms business segment.\n 2015 results of acquired sikorsky business included in financial results from november 6 , 2015 acquisition date through december 31 , 2015.\n consolidated operating results and rms business segment operating results for year ended december 31 , 2015 not reflect full year of sikorsky operations.\n rms business segment provides design  manufacture  service support for military civil helicopters  ship submarine mission combat systems ; mission systems sensors for rotary fixed-wing aircraft ; sea land-based missile defense systems radar systems littoral combat ship ( lcs ) simulation training services unmanned systems technologies.\n rms supports needs government customers in cybersecurity delivers communication command control capabilities through complex mission solutions for defense applications.\n rms 2019 major programs include black hawk seahawk helicopters  aegis combat system ( aegis ), lcs , space fence  advanced hawkeye radar system  tpq-53 radar system  ch-53k development helicopter  vh-92a helicopter program.\n rms 2019 operating results included ( in millions ) :.\n 2016 compared to 2015 rms 2019 net sales in 2016 increased $ 4. 4 billion  or 48% ( 48 % )  compared to 2015.\n increase primarily attributable to higher net sales of approximately $ 4. 6 billion from sikorsky  acquired november 6 , 2015.\n net sales for 2015 include sikorsky 2019s results subsequent to acquisition date net of certain revenue adjustments required account for acquisition business.\n increase partially offset by lower net sales of approximately $ 70 million for\n\n| 2016           | 2015           | 2014\n------------------ | -------------- | -------------- | ----------------\nnet sales          | $ 13462        | $ 9091         | $ 8732\noperating profit   | 906            | 844            | 936\noperating margin   | 6.7% ( 6.7 % ) | 9.3% ( 9.3 % ) | 10.7% ( 10.7 % )\nbacklog atyear-end | $ 28400        | $ 30100        | $ 13300"
}
{
    "_id": "dd4bcfc62",
    "title": "",
    "text": "dividends summary of cash dividends paid on citi 2019s outstanding common stock during 2009 and 2010  see note 33 to consolidated financial statements.\n u. s.\n government holds citigroup trust preferred securities acquired exchange offers consummated in 2009 citigroup agreed not to pay quarterly common stock dividend exceeding $ 0. 01 per quarter subject to customary exceptions.\n any dividend on citi 2019s outstanding common stock in compliance with citi 2019s obligations to remaining outstanding citigroup preferred stock.\n performance graph comparison of five-year cumulative total return graph and table compare cumulative total return on citigroup 2019s common stock with cumulative total return of s&p 500 index s&p financial index over five-year period through december 31 , 2010.\n graph table assume $ 100 invested on december 31 , 2005 in citigroup 2019s common stock , s&p 500 index s&p financial index all dividends reinvested.\n citigroup s&p 500 index s&p financial index comparison of five-year cumulative total return for years ended 2006 2007 2008 2009 2010.\n\ndecember 31, | citigroup | s&p 500 index | s&p financial index\n------------ | --------- | ------------- | -------------------\n2006         | 119.55    | 115.79        | 119.19\n2007         | 66.10     | 122.15        | 96.98\n2008         | 15.88     | 76.96         | 43.34\n2009         | 7.85      | 97.33         | 50.80\n2010         | 11.22     | 111.99        | 56.96"
}
{
    "_id": "dd4c0f18c",
    "title": "",
    "text": "table of contents adobe inc.\n notes to consolidated financial statements ( continued ) stock options 2003 plan allows to grant options to all employees including executive officers , outside consultants non- employee directors.\n plan continue until earlier i ) termination by board or ii ) date all shares available for issuance under plan issued and restrictions on issued shares lapsed.\n option vesting periods in past were generally four years expire seven years from effective date of grant.\n eliminated use of stock option grants for all employees and non-employee directors but may choose to issue stock options in future.\n performance share programs 2018 , 2017 2016 performance share programs aim to help focus key employees on building stockholder value provide significant award potential for outstanding company performance enhance ability company to attract and retain talented competent individuals.\n executive compensation committee of board of directors approves terms of performance share programs including award calculation methodology under terms of 2003 plan.\n shares may be earned based on achievement of objective relative total stockholder return over three-year performance period.\n performance share awards awarded and fully vest upon later executive compensation committee's certification of level of achievement or three-year anniversary of each grant.\n program participants ability to receive up to 200% ( 200 % ) of target number of shares originally granted.\n on january 24 , 2018  executive compensation committee approved 2018 performance share program terms similar to prior year performance share programs.\n as of november 30 , 2018  shares awarded under 2018 , 2017 and 2016 performance share programs yet to be achieved.\n issuance of shares upon exercise of stock options , vesting of restricted stock units and performance shares  purchases of shares under espp  will issue treasury stock.\n if treasury stock not available, common stock will be issued.\nto minimize impact of on-going dilution from exercises of stock options vesting of restricted stock units performance shares , we instituted stock repurchase program.\n see note 12 for information regarding stock repurchase programs.\n valuation of stock-based compensation stock-based compensation cost is measured at grant date based on fair value of award.\n performance share awards valued using monte carlo simulation model.\n fair value of awards fixed at grant date amortized over longer remaining performance or service period.\n use black-scholes option pricing model to determine fair value of espp shares.\n determination of fair value of stock-based payment awards on date of grant using option pricing model affected by stock price assumptions regarding complex subjective variables.\n these variables include expected stock price volatility over expected term of awards , actual projected employee stock option exercise behaviors, risk-free interest rate expected dividends.\n expected term of espp shares is average of remaining purchase periods under each offering period.\n assumptions used to value employee stock purchase rights were as follows:.\n\n| 2018                                | 2017                                | 2016\n-------------------------- | ----------------------------------- | ----------------------------------- | -----------------------\nexpected life ( in years ) | 0.5 - 2.0                           | 0.5 - 2.0                           | 0.5 - 2.0\nvolatility                 | 26% ( 26 % ) - 29% ( 29 % )         | 22% ( 22 % ) - 27% ( 27 % )         | 26 - 29% ( 29 % )\nrisk free interest rate    | 1.54% ( 1.54 % ) - 2.52% ( 2.52 % ) | 0.62% ( 0.62 % ) - 1.41% ( 1.41 % ) | 0.37 - 1.06% ( 1.06 % )"
}
{
    "_id": "dd4bd4078",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements lending commitments firm 2019s lending commitments are agreements to lend with fixed termination dates depend on satisfaction of contractual conditions to borrowing.\n commitments presented net of amounts syndicated to third parties.\n total commitment amount not reflect actual future cash flows firm may syndicate all or additional portions of commitments.\n commitments can expire unused or be reduced or cancelled at counterparty 2019s request.\n table below presents information about lending commitments.\n 2030 held for investment lending commitments accounted for on accrual basis.\n see note 9 for information commitments.\n 2030 held for sale lending commitments accounted for at lower of cost or fair value.\n gains or losses related to lending commitments at fair value generally recorded net of fees in other principal transactions.\n 2030 all lending commitments relates to firm 2019s investing & lending segment.\n commercial lending.\n firm 2019s commercial lending commitments primarily extended to investment-grade corporate borrowers.\n commitments included $ 93. 99 billion as of december 2018 and $ 85. 98 billion as of december 2017 related to relationship lending activities for operating and general corporate purposes $ 27. 92 billion as of december 2018 and $ 42. 41 billion as of december 2017 related to other investment banking activities generally extended for contingent acquisition financing often short-term borrowers replace with other funding sources.\n firm extends lending commitments in connection with other types corporate lending commercial real estate financing.\n see note 9 for further information about funded loans.\n sumitomo mitsui financial group , inc.\n smfg provides firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments.\nnotional amount loan commitments was $ 15. 52 billion as of december 2018 and $ 25. 70 billion december 2017.\n credit loss protection on loan commitments by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.\n subject to satisfaction conditions upon firm 2019s request  smfg will provide protection for 70% ( % ) of additional losses on commitments up to maximum of $ 1. 0 billion  of $ 550 million protection provided as of december 2018 and december 2017.\n firm uses other financial instruments to mitigate credit risks commitments not covered by smfg.\n instruments include credit default swaps reference same or similar underlying instrument or entity or credit swaps reference market index.\n warehouse financing.\n firm provides financing to clients warehouse financial assets.\n arrangements secured by warehoused assets  primarily of consumer and corporate loans.\n contingent and forward starting collateralized agreements / forward starting collateralized financings collateralized agreements includes resale and securities borrowing agreements includes repurchase and secured lending agreements settle at future date generally within three business days.\n firm also enters into commitments to provide contingent financing to clients counterparties through resale agreements.\n firm 2019s funding of commitments depends on satisfaction of contractual conditions to resale agreement commitments can expire unused.\n letters of credit firm has commitments under letters of credit issued by various banks provides to counterparties in lieu of securities or cash to satisfy collateral and margin deposit requirements.\n investment commitments investment commitments includes commitments to invest in private equity , real estate other assets directly and through funds firm raises and manages.\n investment commitments included $ 2. 42 billion as of december 2018 and $ 2.09 billion of december 2017  related to commitments to invest in funds managed by firm.\n if commitments called  funded at market value date of investment.\n goldman sachs 2018 form 10-k 159\n\n$ in millions       | as of december 2018 | as of december 2017\n------------------- | ------------------- | -------------------\nheld for investment | $ 120997            | $ 124504\nheld for sale       | 8602                | 9838\nat fair value       | 7983                | 9404\ntotal               | $ 137582            | $ 143746"
}
{
    "_id": "dd4b98b36",
    "title": "",
    "text": "jpmorgan chase & co. /2016 annual report 49 net interest income excluding cib 2019s markets businesses reviewing net interest income management reviews net interest income excluding from cib 2019s markets businesses assess performance firm 2019s lending investing asset-liability management deposit-raising activities.\n cib 2019s markets businesses represent fixed income markets equity markets.\n data non-gaap financial measures due to exclusion of net interest income from cib 2019s markets businesses.\n management believes exclusion provides investors analysts measure analyze non- markets-related business trends firm comparable measure to other financial institutions primarily focused on lending investing deposit-raising activities.\n year ended december 31 , ( in millions  except rates ) 2016 2015 2014 net interest income 2013 managed basis $ 47292 $ 44620 $ 44619 less : cib markets net interest income 6334 5298 6032 net interest income excluding cib markets $ 40958 $ 39322 $ 38587 average interest-earning assets $ 2101604 $ 2088242 $ 2049093 less : average cib markets interest-earning assets 520307 510292 522989 average interest assets excluding cib markets $ 1581297 $ 1577950 $ 1526104 net interest yield on average interest-earning assets 2013 managed basis 2. 25% ( 2. 25 % ) 2. 14% ( 2. 14 % ) 2. 18% ( 2. 18 % ) net interest yield on average cib markets interest- earning assets 1. 22 1. 04 1. 15 net interest yield on average interest-earning assets excluding cib markets 2. 59% ( 2. 59 % ) 2. 49% ( 2. 49 % ) 2. 53% ( 2. 53 % ) interest includes effect of related hedges.\n taxable-equivalent amounts used where applicable.\nreconciliation of net interest income reported and managed basis see reconciliation from firm 2019s reported.\n results to managed basis page 48.\n prior period amounts revised to align with cib 2019s markets businesses.\n further information cib 2019s markets businesses see page 61.\n calculation of certain.\n gaap non-gaap financial measures.\n calculated : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares period-end * represents net income applicable to common equity.\n jpmorgan chase & co. /2016 annual report 49 net interest income excluding cib 2019s markets businesses reviewing net interest income managed basis management reviews net interest income excluding interest income from cib 2019s markets businesses to assess performance of firm 2019s lending investing deposit-raising activities.\n cib 2019s markets businesses represent fixed income markets and equity markets.\n data presented below are non-gaap financial measures due to exclusion of net interest income from cib 2019s markets businesses ( 201ccib markets 201d ).\n management believes exclusion provides investors analysts measure to analyze non- markets-related business trends firm provides comparable measure to other financial institutions primarily focused on lending  investing deposit-raising activities.\nyear ended december 31 in millions except rates ) 2016 2015 2014 net interest income 2013 managed basis $ 47292 $ 44620 $ 44619 less cib markets net interest income 6334 5298 6032 net interest income excluding cib markets $ 40958 $ 39322 $ 38587 average interest-earning assets $ 2101604 $ 2088242 $ 2049093 less average cib markets interest-earning assets 520307 510292 522989 average excluding cib markets $ 1581297 $ 1577950 $ 1526104 net interest yield on average interest-earning assets 2013 managed basis 2. 25% ( 2. 25 % ) 2. 14% ( 2. 14 % ) 2. 18% ( 2. 18 % ) net interest yield average cib markets interest- earning assets ) 1. 22 1. 04 1. 15 net interest yield average interest-earning assets excluding cib markets 2. 59% ( 2. 59 % ) 2. 49% ( 2. 49 % ) 2. 53% ( 2. 53 % ) interest includes effect of related hedges.\n taxable-equivalent amounts used where applicable.\n reconciliation of net interest income reported managed basis see reconciliation firm 2019s reported.\n results to managed basis page 48.\n prior period amounts revised to align with cib 2019s markets businesses.\n further information cib 2019s markets businesses see page 61.\n calculation of certain.\n gaap non-gaap financial measures.\ngaap non-gaap financial measures calculated book value per share 201cbvps 201d ) common stockholders 2019 equity period-end common shares period-end overhead ratio total noninterest expense total net revenue return on assets 201croa 201d ) reported net income average assets return on common equity ( 201croe 201d ) net income average common stockholders 2019 equity return tangible common equity 201crotce 201d ) net income* average tangible common equity book value per share 201ctbvps 201d ) tangible common equity period-end common shares period-end represents net income common equity\n\nyear ended december 31 ( in millions except rates )                         | 2016             | 2015             | 2014\n--------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet interest income 2013 managed basis ( a ) ( b )                          | $ 47292          | $ 44620          | $ 44619\nless : cib markets net interest income ( c )                                | 6334             | 5298             | 6032\nnet interest income excluding cib markets ( a )                             | $ 40958          | $ 39322          | $ 38587\naverage interest-earning assets                                             | $ 2101604        | $ 2088242        | $ 2049093\nless : average cib markets interest-earning assets ( c )                    | 520307           | 510292           | 522989\naverage interest-earning assets excluding cib markets                       | $ 1581297        | $ 1577950        | $ 1526104\nnet interest yield on average interest-earning assets 2013 managed basis    | 2.25% ( 2.25 % ) | 2.14% ( 2.14 % ) | 2.18% ( 2.18 % )\nnet interest yield on average cib markets interest-earning assets ( c )     | 1.22             | 1.04             | 1.15\nnet interest yield on average interest-earning assets excluding cib markets | 2.59% ( 2.59 % ) | 2.49% ( 2.49 % ) | 2.53% ( 2.53 % )"
}
{
    "_id": "dd4c30d0a",
    "title": "",
    "text": "12.\n brokerage receivables brokerage payables citi has receivables payables for financial instruments sold to purchased from brokers  dealers customers  arise in ordinary course business.\n citi exposed to risk of loss from inability of brokers dealers customers to pay for purchases or deliver financial instruments sold  citi would to sell or purchase financial instruments at prevailing market prices.\n credit risk reduced to exchange or clearing organization acts as counterparty replaces broker  dealer customer in.\n citi to protect from risks customer activities by requiring customers to maintain margin collateral in compliance with regulatory internal guidelines.\n margin levels monitored daily customers deposit additional collateral as required.\n where customers meet collateral requirements  citi may liquidate sufficient underlying financial instruments to bring customer into compliance with required margin level.\n exposure to credit risk impacted by market volatility  may impair ability clients to satisfy obligations to citi.\n credit limits are established closely monitored for customers for brokers dealers engaged in forwards  futures other transactions credit sensitive.\n brokerage receivables and brokerage payables consisted of:.\n payables to brokers , dealers  clearing organizations 19915 18069 total brokerage payables ( 1 ) $ 57152 $ 53722 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities accounted for in accordance with aicpa accounting guide for brokers dealers in securities as codified in asc 940-320.\n\nin millions of dollars                                      | december 31 , 2016 | december 31 , 2015\n----------------------------------------------------------- | ------------------ | ------------------\nreceivables from customers                                  | $ 10374            | $ 10435\nreceivables from brokers dealers and clearing organizations | 18513              | 17248\ntotal brokerage receivables ( 1 )                           | $ 28887            | $ 27683\npayables to customers                                       | $ 37237            | $ 35653\npayables to brokers dealers and clearing organizations      | 19915              | 18069\ntotal brokerage payables ( 1 )                              | $ 57152            | $ 53722"
}
{
    "_id": "dd4bff430",
    "title": "",
    "text": "as of december 31 , 2006  leased office and laboratory facility in connecticut, additional office , distribution storage facilities in san diego  four foreign facilities in japan , singapore  china netherlands under non-cancelable operating leases expire through july 2011.\n leases contain renewal options from one to five years.\n as of december 31 , 2006  contractual obligations were ( in thousands ) : contractual obligation total less than 1 year 1 2013 3 years 1 2013 5 years more than 5 years.\n above table not include orders for goods services in normal course business not enforceable or legally binding.\n item 7a.\n quantitative qualitative disclosures about market risk.\n interest rate sensitivity exposure to market risk for changes in interest rates relates primarily to investment portfolio.\n fair market value of fixed rate securities may be adversely impacted by fluctuations in interest rates income earned on floating rate securities may decline decreases in interest rates.\n under current policies do not use interest rate derivative instruments to manage exposure to interest rate changes.\n attempt to ensure safety preservation of invested principal funds by limiting default risk  market risk reinvestment risk.\n mitigate default risk by investing in investment grade securities.\n historically maintained short average maturity for investment portfolio believe hypothetical 100 basis point adverse move in interest rates interest rate yield curve would not materially affect fair value of interest sensitive financial instruments.\n foreign currency exchange risk most of revenue realized in u. s.\n dollars , some portions revenue realized in foreign currencies.\n financial results could be affected by factors changes in foreign currency exchange rates or weak economic conditions in foreign markets.\n functional currencies of subsidiaries are respective local currencies.\n accounts of operations are translated from local currency to u. s.\ndollar using current exchange rate at balance sheet date for balance sheet accounts , average exchange rate during period for revenue and expense accounts.\n effects of translation recorded in accumulated other comprehensive income as separate component of stockholders 2019 equity.\n\ncontractual obligation | payments due by period total | payments due by period less than 1 year | payments due by period 1 2013 3 years | payments due by period 1 2013 5 years | payments due by period more than 5 years\n---------------------- | ---------------------------- | --------------------------------------- | ------------------------------------- | ------------------------------------- | ----------------------------------------\noperating leases       | $ 37899                      | $ 5320                                  | $ 10410                               | $ 9371                                | $ 12798\ntotal                  | $ 37899                      | $ 5320                                  | $ 10410                               | $ 9371                                | $ 12798"
}
{
    "_id": "dd4c5d0f8",
    "title": "",
    "text": "note 12.\n shareholders 2019 equity accumulated comprehensive loss : loss included components as of december 31:.\n net after-tax unrealized loss on available-for-sale securities of $ 1. 64 billion and $ 5. 21 billion as of december 31 , 2009 and december 31 , 2008 included $ 635 million and $ 1. 39 billion  of net after-tax unrealized losses related to securities reclassified from sale to held to maturity.\n decrease in losses related to transfers compared to december 31 , 2008 resulted from amortization recognition of losses from other-than-temporary impairment on securities.\n additional information in note 3.\n year ended december 31 , 2009 realized net gains of $ 368 million from sales available-for-sale securities.\n unrealized pre-tax gains of $ 46 million included in other comprehensive income at december 31 , 2008  net of deferred taxes of $ 18 million.\n year ended december 31  2008 realized net gains of $ 68 million from sales available-for-sale securities.\n unrealized pre-tax gains of $ 71 million included in other comprehensive income at december 31 , 2007 net of deferred taxes of $ 28 million.\n year ended december 31 , 2007 realized net gains of $ 7 million on sales of available-for-sale securities.\n unrealized pre-tax losses of $ 32 million included in other comprehensive income at december 31 , 2006  net of deferred taxes of $ 13 million.\n preferred stock : in october 2008.\n treasury 2019s capital purchase program issued 20000 shares of series b fixed-rate cumulative perpetual preferred stock , $ 100000 liquidation preference per share warrant to purchase 5576208 shares of common stock at exercise price of $ 53.80 per share , to treasury received aggregate proceeds of $ 2 billion.\n aggregate proceeds allocated to preferred stock and warrant based on relative fair values on date of issuance.\n approximately $ 1. 88 billion and $ 121 million  respectively allocated to preferred stock and warrant.\n difference between initial value of $ 1. 88 billion preferred stock and liquidation amount of $ 2 billion intended to be charged to retained earnings credited to preferred stock over period preferred stock outstanding using effective yield method.\n for 2008 and 2009  charges to retained earnings reduced net income to common shareholders by $ 4 million and $ 11 million  reduced basic and diluted earnings per common share for periods.\n calculations presented in note 22.\n preferred shares qualified as tier 1 regulatory capital paid cumulative quarterly dividends at rate of 5% ( 5 % ) per year.\n for 2008 and 2009  accrual of dividends on preferred shares reduced net income common shareholders by $ 18 million and $ 46 million  respectively reduced basic and diluted earnings per common share for periods.\n calculations presented in note 22.\n warrant was immediately\n\n( in millions )                                                                                                   | 2009             | 2008             | 2007\n----------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | --------------\nforeign currency translation                                                                                      | $ 281            | $ 68             | $ 331\nnet unrealized loss on hedges of net investments in non-u.s . subsidiaries                                        | -14 ( 14 )       | -14 ( 14 )       | -15 ( 15 )\nnet unrealized loss on available-for-sale securities                                                              | -1636 ( 1636 )   | -5205 ( 5205 )   | -678 ( 678 )\nnet unrealized loss on fair value hedges of available-for-sale securities                                         | -113 ( 113 )     | -242 ( 242 )     | -55 ( 55 )\nlosses from other-than-temporary impairment on available-for-sale securities related to factors other than credit | -159 ( 159 )     | 2014             | 2014\nlosses from other-than-temporary impairment on held-to-maturity securities related to factors other than credit   | -387 ( 387 )     | 2014             | 2014\nminimum pension liability                                                                                         | -192 ( 192 )     | -229 ( 229 )     | -146 ( 146 )\nnet unrealized loss on cash flow hedges                                                                           | -18 ( 18 )       | -28 ( 28 )       | -12 ( 12 )\ntotal                                                                                                             | $ -2238 ( 2238 ) | $ -5650 ( 5650 ) | $ -575 ( 575 )"
}
{
    "_id": "dd4c013de",
    "title": "",
    "text": "notes to consolidated financial statements level 3 rollforward if derivative transferred to level 3 during reporting period entire gain or loss for period included in level 3.\n transfers between levels reported at beginning of reporting period.\n tables negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities.\n gains and losses on level 3 derivatives considered in context of following : 2030 derivative with level 1 and/or level 2 inputs classified in level 3 entirety if one significant level 3 input.\n 2030 if one significant level 3 input  entire gain or loss from adjusting only observable inputs (. level 1 and 2 inputs classified as level 3.\n 2030 gains or losses reported in level 3 from changes in level 1 or level 2 inputs frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1 level 2 and level 3 cash instruments.\n gains/ ( losses ) included in level 3 rollforward not represent overall impact on firm 2019s results of operations , liquidity or capital resources.\n tables present changes in fair value for all derivatives categorized as level 3 as of end of year.\n.\n aggregate amounts include losses of approximately $ 1. 29 billion and $ 324 million reported in 201cmarket making 201d and 201cother principal transactions.\n net unrealized loss on level 3 derivatives of $ 1. 37 billion for 2013 resulted from changes in level 2 inputs primarily attributable to losses on certain credit derivatives  due to impact of tighter credit spreads and losses on certain currency derivatives due to changes in foreign exchange rates.\ntransfers into level 3 derivatives during 2013 reflected transfers of credit derivative assets from level 2 due to reduced transparency of upfront credit points correlation inputs value derivatives.\n transfers out of level 3 derivatives 2013 reflected transfers of certain credit derivatives to level 2  due to unobservable credit spread correlation inputs no longer significant to valuation unobservable inputs not significant to net risk of certain portfolios.\n goldman sachs 2013 annual report 143\n\nin millions                | level 3 derivative assets and liabilities at fair value for the year ended december 2013 asset/ ( liability ) balance beginning of year | level 3 derivative assets and liabilities at fair value for the year ended december 2013 net realized gains/ ( losses ) | level 3 derivative assets and liabilities at fair value for the year ended december 2013 net unrealized gains/ ( losses ) relating to instruments still held at year-end | level 3 derivative assets and liabilities at fair value for the year ended december 2013 purchases | level 3 derivative assets and liabilities at fair value for the year ended december 2013 sales | level 3 derivative assets and liabilities at fair value for the year ended december 2013 settlements | level 3 derivative assets and liabilities at fair value for the year ended december 2013 transfers into level 3 | level 3 derivative assets and liabilities at fair value for the year ended december 2013 transfers out of level 3 | level 3 derivative assets and liabilities at fair value for the year ended december 2013 asset/ ( liability ) balance endof year\n-------------------------- | --------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------\ninterest rates 2014 net    | $ -355 ( 355 )                                                                                                                          | $ -78 ( 78 )                                                                                                            | $ 168                                                                                                                                                                    | $ 1                                                                                                | $ -8 ( 8 )                                                                                     | $ 196                                                                                                | $ -9 ( 9 )                                                                                                      | $ -1 ( 1 )                                                                                                        | $ -86 ( 86 )\ncredit 2014 net            | 6228                                                                                                                                    | -1 ( 1 )                                                                                                                | -977 ( 977 )                                                                                                                                                             | 201                                                                                                | -315 ( 315 )                                                                                   | -1508 ( 1508 )                                                                                       | 695                                                                                                             | -147 ( 147 )                                                                                                      | 4176\ncurrencies 2014 net        | 35                                                                                                                                      | -93 ( 93 )                                                                                                              | -419 ( 419 )                                                                                                                                                             | 22                                                                                                 | -6 ( 6 )                                                                                       | 169                                                                                                  | 139                                                                                                             | -47 ( 47 )                                                                                                        | -200 ( 200 )\ncommodities 2014 net       | -304 ( 304 )                                                                                                                            | -6 ( 6 )                                                                                                                | 58                                                                                                                                                                       | 21                                                                                                 | -48 ( 48 )                                                                                     | 281                                                                                                  | 50                                                                                                              | 8                                                                                                                 | 60\nequities 2014 net          | -1248 ( 1248 )                                                                                                                          | -67 ( 67 )                                                                                                              | -202 ( 202 )                                                                                                                                                             | 77                                                                                                 | -472 ( 472 )                                                                                   | 1020                                                                                                 | -15 ( 15 )                                                                                                      | -52 ( 52 )                                                                                                        | -959 ( 959 )\ntotal derivatives 2014 net | $ 4356                                                                                                                                  | $ ( 245 ) 1                                                                                                             | $ ( 1372 ) 1                                                                                                                                                             | $ 322                                                                                              | $ -849 ( 849 )                                                                                 | $ 158                                                                                                | $ 860                                                                                                           | $ -239 ( 239 )                                                                                                    | $ 2991"
}
{
    "_id": "dd4bb957a",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued ) pro forma disclosure 2014the company adopted disclosure-only provisions of sfas no.\n 123 , amended by sfas no.\n 148 , presented disclosure in note 1.\n 201cfair value 201d of each option grant estimated on date of grant using black-scholes option pricing model.\n weighted average fair values of company 2019s options granted during 2004 , 2003 2002 were $ 7. 05 , $ 6. 32 , $ 2. 23 per share  respectively.\n key assumptions apply pricing model are:.\n voluntary option exchanges 2014in february 2004  company issued to eligible employees 1032717 options exercise price of $ 11. 19 per share  fair market value of class a common stock on date of grant.\n options issued in connection with voluntary option exchange program company in august 2003, company accepted for surrender cancelled options exercise price of $ 10. 25 or greater ) to purchase 1831981 shares of class a common stock.\n program offered to both full and part-time employees excluding company 2019s executive officers directors  called for grant ( six months one day from surrender date to employees still employed date ) of new options exercisable for two shares of class a common stock for every three shares of class a common stock issuable upon exercise of surrendered option.\n no options granted to employees participated in exchange offer between cancellation date and new grant date.\n in may 2002  company issued to eligible employees 2027612 options exercise price of $ 3. 84 per share  fair market value of class a common stock on date of grant.\n options issued in connection with voluntary option exchange program company in october 2001, company accepted for surrender cancelled options to purchase 3471211 shares of its class a common stock.\nprogram  offered to full and part-time employees excluding company 2019s executive officers called for grant ( six months and one day from surrender date to employees still employed ) of new options exercisable for two shares of class a common stock for every three shares of class a common stock issuable upon exercise of surrendered option.\n no options granted to employees participated in exchange offer between cancellation date and new grant date.\n atc mexico holding stock option plan 2014the company maintains stock option plan in atc mexico subsidiary ( atc mexico plan ).\n atc mexico plan provides for issuance of options to officers  employees directors consultants of atc mexico.\n plan limits number of shares of common stock granted to aggregate of 360 shares subject to adjustment based on changes in atc mexico 2019s capital structure.\n during 2002  atc mexico granted options to purchase 318 shares of atc mexico common stock to officers and employees.\n options issued at one time with exercise price of $ 10000 per share.\n exercise price per share at fair market value as determined by board of directors with independent appraisal at company 2019s request.\n fair value of atc mexico plan options granted during 2002 were $ 3611 per share as determined by black-scholes option pricing model.\n all outstanding options exercised in march 2004.\n no options under plan granted in 2004 or 2003  or exercised or cancelled in 2003 or 2002  no options exercisable as of december 31 , 2003 or 2002.\n see note 10.\n\n| 2004             | 2003             | 2002\n---------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\napproximate risk-free interest rate                                                | 4.23% ( 4.23 % ) | 4.00% ( 4.00 % ) | 4.53% ( 4.53 % )\nexpected life of option grants                                                     | 4 years          | 4 years          | 5 years\nexpected volatility of underlying stock ( the company plan )                       | 80.6% ( 80.6 % ) | 86.6% ( 86.6 % ) | 92.3% ( 92.3 % )\nexpected volatility of underlying stock ( atc mexico and atc south america plans ) | n/a              | n/a              | n/a\nexpected dividends                                                                 | n/a              | n/a              | n/a"
}
{
    "_id": "dd4c4a3cc",
    "title": "",
    "text": "2022 fuel prices 2013 crude oil prices increased steady rate in 2007 rising from low $ 56. 58 per barrel in january to close at nearly $ 96. 00 per barrel at end of december.\n 2007 average fuel price increased by 9% ( 9 % ) added $ 242 million operating expenses compared to 2006.\n fuel surcharge programs to offset impact of higher fuel prices.\n fuel conservation efforts improve consumption rate by 2% ( 2 % ).\n locomotive simulator training  operating practices  technology contributed to improvement saving approximately 21 million gallons of fuel in 2007.\n 2022 free cash flow 2013 cash generated by operating activities totaled record $ 3. 3 billion yielding free cash flow of $ 487 million in 2007.\n free cash flow defined as cash provided by operating activities less cash used in investing activities dividends paid.\n free cash flow not a financial measure under accounting principles accepted in united states ( gaap ) by sec regulation g and item 10 of sec regulation s-k.\n believe free cash flow important in evaluating financial performance measures ability to generate cash without additional external financings.\n free cash flow should be considered in addition to substitute for cash provided by operating activities.\n table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions of dollars 2007 2006 2005.\n 2008 outlook 2022 safety 2013 operating safe railroad benefits employees customers shareholders public.\n continue using multi-faceted approach to safety utilizing technology risk assessment quality control training for engaging with employees.\n plan to implement total safety culture ( tsc ) throughout operations.\n tsc  employee-focused initiative improve safety process designed to establish maintain promote safety among co-workers.\nrespect to public safety , we continue efforts to maintain , upgrade close crossings install video cameras on locomotives educate public about crossing safety through internal industry programs other activities.\n 2022 commodity revenue 2013 despite uncertainty regarding u. s.\n economy  expect record revenue in 2008 based on current economic indicators  forecasted demand  improved customer service additional opportunities to reprice business.\n yield increases fuel surcharges primary drivers of commodity revenue growth in 2008.\n expect overall volume fall within range of 1% ( 1 % ) higher to 1% ( 1 % ) lower than 2007 continued softness in some market sectors.\n 2022 transportation plan 2013 in 2008  continue to evaluate traffic flows network logistic patterns to identify additional opportunities to simplify operations improve network efficiency asset utilization.\n plan to maintain adequate manpower locomotives improve productivity using industrial engineering techniques improve operating margins.\n 2022 fuel prices 2013 fuel prices remain volatile  crude oil prices conversion regional spreads fluctuating throughout year.\n on average expect fuel prices to increase 15% ( 15 % ) to 20% ( 20 % ) above average price in 2007.\n to reduce impact of fuel price on earnings continue to seek recovery from customers through fuel surcharge programs expand fuel conservation efforts.\n\nmillions of dollars                   | 2007           | 2006           | 2005\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 3277         | $ 2880         | $ 2595\ncash used in investing activities     | -2426 ( 2426 ) | -2042 ( 2042 ) | -2047 ( 2047 )\ndividends paid                        | -364 ( 364 )   | -322 ( 322 )   | -314 ( 314 )\nfree cash flow                        | $ 487          | $ 516          | $ 234"
}
{
    "_id": "dd4be206a",
    "title": "",
    "text": "continue deployed as wireless service providers beginning investments in 3g data networks.\n in ghana uganda  wireless service providers continue to build out voice and data networks to satisfy increasing demand for wireless services.\n in south africa , where voice networks in advanced stage of development, carriers beginning to deploy 3g data networks across spectrum acquired in recent spectrum auctions.\n in mexico brazil  where nationwide voice networks deployed, some incumbent wireless service providers continue to invest in 3g data networks recent spectrum auctions enabled other incumbent wireless service providers to begin initial investments in 3g data networks.\n in markets chile  peru colombia  recent anticipated spectrum auctions expected to drive investment in nationwide voice and 3g data networks.\n in germany , most mature international wireless market  demand driven by government-mandated rural fourth generation network build-out other tenant initiatives to deploy next generation wireless services.\n believe incremental demand for tower sites will continue in international markets as wireless service providers seek to remain competitive by increasing coverage networks while investing in next generation data networks.\n rental and management operations new site revenue growth.\n during year ended december 31 , 2012  grew portfolio of communications real estate through acquisitions construction activities including acquisition and construction of approximately 8810 sites.\n in majority of international markets  acquisition or construction of new sites results in increased pass-through revenues and expenses.\n continue to evaluate opportunities to acquire larger communications real estate portfolios domestically and internationally to determine meet risk adjusted hurdle rates integrate them into existing portfolio.\n( 1 ) majority of sites acquired or constructed in 2012 in brazil , germany  india uganda ; in 2011 in brazil , colombia , ghana , india  mexico south africa ; 2010 in chile , colombia  india peru.\n network development services segment revenue growth.\n as continue focus on growing rental and management operations , anticipate network development services revenue will continue represent small percentage of total revenues.\n through network development services segment  offer tower-related services including site acquisition  zoning permitting services structural analysis services , primarily support site leasing business addition of new tenants and equipment on sites  including in connection with provider network upgrades.\n rental and management operations expenses.\n direct operating expenses incurred by domestic and international rental and management segments include direct site level expenses consist primarily of ground rent  property taxes  repairs maintenance  security power and fuel costs  some may be passed through to tenants.\n segment direct operating expenses exclude all segment corporate selling , general , administrative development expenses , aggregated into one line item entitled selling , general  administrative development expense in consolidated statements of operations.\n domestic and international rental and management segments selling , general  administrative development expenses do not significantly increase adding incremental tenants to legacy sites typically increase only modestly year-over-year.\n leasing additional space to new tenants on legacy sites provides significant incremental cash flow.\n may incur additional segment selling , general , administrative development expenses as increase presence in geographic areas where recently launched operations or focused on expanding portfolio.\n profit margin growth positively impacted by addition of new tenants to legacy sites can be temporarily diluted by development activities.\n\nnew sites ( acquired or constructed ) | 2012 | 2011  | 2010\n------------------------------------- | ---- | ----- | ----\ndomestic                              | 960  | 470   | 950\ninternational ( 1 )                   | 7850 | 10000 | 6870"
}
{
    "_id": "dd4b8da4c",
    "title": "",
    "text": "note 17.\n debt debt as of december 2 , 2011 and december 3 , 2010 consisted of in thousands : capital lease obligations total debt and capital lease obligations less current portion debt capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010  issued $ 600. 0 million of 3. 25%. % ) senior notes due february 1 , 2015 ( 201c2015 notes 201d ) and $ 900. 0 million of 4. 75% ( 4. 75 % ) senior notes due february 1 , 2020 ( 201c2020 notes 201d 2015 201cnotes 201d ).\n proceeds were approximately $ 1. 5 billion net of issuance discount of $ 6. 6 million.\n notes rank equally with other unsecured and unsubordinated indebtedness.\n incurred issuance costs of approximately $ 10. 7 million.\n discount and issuance costs amortized to interest expense over terms notes using effective interest method.\n effective interest rate including discount issuance costs is 3. 45% ( 3. 45 % ) for 2015 notes and 4. 92% ( 4. 92 % ) for 2020 notes.\n interest payable semi-annually on february 1 and august 1 , commencing august 1 , 2010.\n during fiscal 2011 interest payments totaled $ 62. 3 million.\n proceeds from notes available for general corporate purposes including repayment of balance outstanding on credit facility.\n based quoted market prices fair value of notes was approximately $ 1. 6 billion as of december 2 , 2011.\n may redeem notes at any time subject to make whole premium.\n change of control triggering events may be required to repurchase notes at price equal to 101% ( 101 % ) of principal amount plus accrued and unpaid interest to date of repurchase.\n notes include covenants limit ability to grant liens on assets enter into sale and leaseback transactions subject to significant allowances.\n as of december 2 , 2011  in compliance with all covenants.\n credit agreement in august 2007  entered amendment to credit agreement dated february 2007 ( 201camendment 201d ) increased total senior unsecured revolving facility from $ 500. 0 million to $ 1. 0 billion.\n amendment permits us to request one-year extensions effective on each anniversary of closing date of original agreement subject to majority consent of lenders.\n retain option to request additional $ 500. 0 million in commitments for maximum aggregate facility of $ 1. 5 billion.\n in february 2008  entered second amendment to credit agreement february 26 , 2008 extended maturity date of facility by one year to february 16 , 2013.\n facility would terminate this date if no additional extensions requested and granted.\n other terms and conditions remain same.\n facility contains financial covenant requiring us not to exceed certain maximum leverage ratio.\n option borrowings under facility accrue interest based on london interbank offered rate ( 201clibor 201d ) for one , two three six months  or longer periods with bank consent plus margin according to pricing grid tied to financial covenant or base rate.\n margin set at rates between 0. 20% ( 0. 20 % ) and 0. 475% (. % ).\n commitment fees payable facility at rates between 0. 05% ( 0. 05 % ) and 0. 15% ( 0. 15 % ) per year based on same pricing grid.\n facility available to provide loans to us and certain subsidiaries for general corporate purposes.\n on february 1 , 2010  paid outstanding balance on credit facility and entire $ 1.0 billion credit line under facility available for borrowing.\n capital lease obligation in june 2010 entered sale-leaseback agreement to sell equipment totaling $ 32. 2 million leaseback equipment over 43 months.\n transaction classified as capital lease obligation recorded at fair value.\n as of december 2 , 2011 capital lease obligations of $ 19. 7 million includes $ 9. 2 million current debt.\n table of contents adobe systems incorporated notes to consolidated financial statements.\n note 17.\n debt debt as of december 2 , 2011 and december 3, 2010 consisted of capital lease obligations total debt and capital lease obligations less current portion debt capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010 issued $ 600. 0 million of 3. 25% ( 3. 25 % ) senior notes due february 1 , 2015 ( 201c2015 notes 201d ) and $ 900. 0 million of 4. 75% ( 4. 75 % ) senior notes due february 1 , 2020 201c2020 notes 201d.\n proceeds were approximately $ 1. 5 billion net of issuance discount of $ 6. 6 million.\n notes rank equally with other unsecured and unsubordinated indebtedness.\n incurred issuance costs of approximately $ 10. 7 million.\n discount and issuance costs amortized to interest expense over terms of notes using effective interest method.\n effective interest rate including discount issuance costs is 3. 45% ( 3. 45 % ) for 2015 notes and 4. 92% ( 4. 92 % ) for 2020 notes.\n interest payable semi-annually in arrears on february 1 and august 1  commencing august 1 , 2010.\n fiscal 2011 interest payments totaled $ 62. 3 million.\nproceeds from notes available for general corporate purposes  including repayment of balance outstanding on our credit facility.\n based on quoted market prices fair value of notes was approximately $ 1. 6 billion as of december 2 , 2011.\n we may redeem notes at any time  subject to make whole premium.\n upon change of control triggering events we may be required to repurchase notes at price equal to 101% ( % ) of principal amount, plus accrued and unpaid interest to date of repurchase.\n notes include covenants limit ability to grant liens on assets and to enter into sale and leaseback transactions , subject to significant allowances.\n as of december 2 , 2011  we in compliance with all covenants.\n credit agreement in august 2007  entered into amendment to credit agreement february 2007 ( 201camendment 201d ) increased total senior unsecured revolving facility from $ 500. 0 million to $ 1. 0 billion.\n amendment permits to request one-year extensions effective on each anniversary of closing date of original agreement subject to majority consent of lenders.\n retain option to request additional $ 500. 0 million in commitments  for maximum aggregate facility of $ 1. 5 billion.\n in february 2008  entered second amendment to credit agreement february 26, 2008 extended maturity date of facility by one year to february 16 , 2013.\n facility would terminate at this date if no additional extensions requested and granted.\n all other terms and conditions remain same.\n facility contains financial covenant requiring not to exceed certain maximum leverage ratio.\noption  borrowings under facility accrue interest based on london interbank rate ( 201clibor 201d ) for one two three six months or longer periods with bank consent plus margin according to pricing grid tied to financial covenant or base rate.\n margin set at rates between 0. 20% ( 0. 20 % ) and 0. 475% ( 0. 475 % ).\n commitment fees payable on facility at rates between 0. 05% ( 0. 05 % ) and 0. 15% ( 0. 15 % ) per year based on same pricing grid.\n facility available to provide loans to us and subsidiaries for general corporate purposes.\n on february 1 , 2010 paid outstanding balance on credit facility entire $ 1. 0 billion credit line remains available for borrowing.\n capital lease obligation in june 2010 entered sale-leaseback agreement to sell equipment totaling $ 32. 2 million leaseback equipment over 43 months.\n transaction classified as capital lease obligation recorded at fair value.\n as of december 2 , 2011 capital lease obligations of $ 19. 7 million includes $ 9. 2 million of current debt.\n table of contents adobe systems incorporated notes to consolidated financial statements\n\n| 2011      | 2010\n---------------------------------------- | --------- | ---------\nnotes                                    | $ 1494627 | $ 1493969\ncapital lease obligations                | 19681     | 28492\ntotal debt and capital lease obligations | 1514308   | 1522461\nless : current portion                   | 9212      | 8799\ndebt and capital lease obligations       | $ 1505096 | $ 1513662"
}
{
    "_id": "dd4c5141a",
    "title": "",
    "text": "notes to consolidated financial statements see notes 6 and 7 for information about fair value measurements of cash instruments derivatives included in 201cfinancial instruments owned  at fair value 201d and 201cfinancial instruments sold  not yet purchased  at fair value , 201d and note 8 for information about fair value measurements of other financial assets financial liabilities accounted for at fair value under fair value option.\n table below presents financial assets financial liabilities accounted for at fair value under fair value option accordance with other.\n.\n table cash collateral and counterparty netting represents impact on derivatives of netting across levels fair value hierarchy.\n netting among positions classified in same level included in level.\n 1.\n includes approximately $ 890 billion and $ 915 billion as of december 2013 and december 2012  carried at fair value or amounts approximate fair value.\n level 3 financial assets as of december 2013 decreased compared with december 2012 reflecting decrease in derivative assets  bank loans bridge loans  loans securities backed by commercial real estate.\n decrease in derivative assets reflected decline in credit derivative assets due to settlements unrealized losses.\n decrease in bank loans bridge loans  loans securities backed by commercial real estate reflected settlements sales partially offset by purchases transfers into level 3.\n level 3 financial liabilities as of december 2013 decreased compared with december 2012 reflecting decrease in other liabilities accrued expenses due to sale of majority stake in firm 2019s european insurance business in december 2013.\nsee notes 6  7 8 for further information about level 3 cash instruments  derivatives financial assets liabilities accounted for at fair value under fair value option  including information about significant unrealized gains losses transfers in out of level 3.\n 124 goldman sachs 2013 annual report\n\n$ in millions                                                                                   | as of december 2013 | as of december 2012\n----------------------------------------------------------------------------------------------- | ------------------- | -------------------\ntotal level 1 financial assets                                                                  | $ 156030            | $ 190737\ntotal level 2 financial assets                                                                  | 499480              | 502293\ntotal level 3 financial assets                                                                  | 40013               | 47095\ncash collateral and counterparty netting                                                        | -95350 ( 95350 )    | -101612 ( 101612 )\ntotal financial assets at fair value                                                            | $ 600173            | $ 638513\ntotal assets1                                                                                   | $ 911507            | $ 938555\ntotal level 3 financial assets as a percentage of total assets                                  | 4.4% ( 4.4 % )      | 5.0% ( 5.0 % )\ntotal level 3 financial assets as a percentage of total financial assets at fair value          | 6.7% ( 6.7 % )      | 7.4% ( 7.4 % )\ntotal level 1 financialliabilities                                                              | $ 68412             | $ 65994\ntotal level 2 financial liabilities                                                             | 300583              | 318764\ntotal level 3 financial liabilities                                                             | 12046               | 25679\ncash collateral and counterparty netting                                                        | -25868 ( 25868 )    | -32760 ( 32760 )\ntotal financial liabilities at fair value                                                       | $ 355173            | $ 377677\ntotal level 3 financial liabilities as a percentage of total financial liabilities at fairvalue | 3.4% ( 3.4 % )      | 6.8% ( 6.8 % )"
}
{
    "_id": "dd4bc67a2",
    "title": "",
    "text": "humana inc.\n notes to consolidated financial statements 2014 continued 15.\n stockholders 2019 equity dividends table provides details of dividend payments excluding dividend equivalent rights in 2016  2017 2018 under board approved quarterly cash dividend policy : payment amount per share amount ( in millions ).\n november 2 , 2018  board declared cash dividend of $ 0. 50 per share paid january 25 , 2019 to stockholders of record on december 31 , 2018  for aggregate amount of $ 68 million.\n declaration payment of future quarterly dividends at discretion board may be adjusted as business needs or market conditions change.\n february 2019  board declared cash dividend $ 0. 55 per share payable april 26 , 2019 to stockholders of record on march 29 , 2019.\n stock repurchases board of directors may authorize purchase of common shares.\n under share repurchase authorization shares may have been purchased at prevailing prices in open market by block purchases  through plans comply with rule 10b5-1 under securities exchange act of 1934  or in privately-negotiated transactions ( including accelerated share repurchase agreements with investment banks ) subject to regulatory restrictions on volume  pricing  timing.\n february 14 , 2017 board of directors authorized repurchase of up to $ 2. 25 billion of common shares expiring december 31 , 2017  exclusive of shares repurchased in connection with employee stock plans.\n february 16 , 2017 entered accelerated share repurchase agreement february 2017 asr with goldman , sachs & co.\n to repurchase $ 1. 5 billion of common stock as part of $ 2. 25 billion share repurchase authorized on february 14 , 2017.\nfebruary 22 , 2017  made payment $ 1. 5 billion to goldman sachs from available cash hand received initial delivery of 5. 83 million shares of common stock from goldman sachs based on current market price of humana common stock.\n payment to goldman sachs recorded as reduction to stockholders 2019 equity  $ 1. 2 billion increase in treasury stock reflected value of initial 5. 83 million shares received upon initial settlement $ 300 million decrease in capital in excess of par value reflected value of stock held back by goldman sachs pending final settlement of february 2017 asr.\n upon settlement february 2017 asr august 28 , 2017  received additional 0. 84 million shares determined by average daily volume weighted-average share price of common stock during term agreement $ 224. 81 , less discount subject to adjustments terms and conditions of february 2017 asr  bringing total shares received under program to 6. 67 million.\n upon settlement reclassified $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock.\n subsequent to settlement february 2017 asr  repurchased additional 3. 04 million shares in open market utilizing remaining $ 750 million of $ 2. 25 billion authorization prior to expiration.\n december 14 , 2017  board of directors authorized repurchase of up to $ 3. 0 billion of common shares expiring december 31 , 2020  exclusive of shares repurchased in connection with employee stock plans.\n\npaymentdate | amountper share | totalamount ( in millions )\n----------- | --------------- | ---------------------------\n2016        | $ 1.16          | $ 172\n2017        | $ 1.49          | $ 216\n2018        | $ 1.90          | $ 262"
}
{
    "_id": "dd4b9bda4",
    "title": "",
    "text": "lump sum buyout cost of approximately $ 1. 1 million.\n total rent expense under these leases  included in consolidated statements of operations was approximately $ 893000 , $ 856000 $ 823000 for fiscal years ended march 31 , 2001 , 2002 2003 , respectively.\n during fiscal year ended march 31 , 2000  company entered into 36-month operating leases totaling approximately $ 644000 for lease of office furniture.\n leases ended in fiscal year 2003 company 2019s option furniture purchased at fair market value.\n rental expense recorded for these leases during fiscal years ended march 31, 2001  2002 2003 was approximately $ 215000 , $ 215000 and $ 127000 respectively.\n during fiscal 2000 , company entered 36-month capital lease for computer equipment and software for approximately $ 221000.\n lease ended in fiscal year 2003 at company 2019s option assets purchased at stipulated buyout price.\n future minimum lease payments under all non-cancelable operating leases as of march 31 , 2003 are approximately as follows ( in thousands ) :.\n company involved in legal and administrative proceedings and claims various types.\n litigation contains element uncertainty management  consultation with company 2019s general counsel believes outcome of each other proceedings or claims pending or known threatened will not have material adverse effect on company.\n 7.\n stock option and purchase plans all stock options granted by company under plans granted at fair value of underlying common stock at date of grant.\n outstanding stock options  if not exercised expire 10 years from date of grant.\n 1992 combination stock option plan ( combination plan ) , as amended adopted in september 1992 as combination restatement of company 2019s then outstanding incentive stock option plan and nonqualified plan.\ntotal 2670859 options awarded from combination plan during ten-year restatement term ended may 1 , 2002.\n as of march 31 , 2003 1286042 options remain outstanding eligible for future exercise.\n options held by company employees become exercisable over five years.\n 1998 equity incentive plan  ( ) adopted by company in august 1998.\n provides for grants of options to key employees  directors advisors consultants as incentive stock options or nonqualified stock options as determined by company 2019s board of directors.\n maximum of 1000000 shares of common stock may be awarded under this plan.\n options granted under equity incentive plan exercisable at such times subject to terms as board of directors may specify at time of each stock option grant.\n options outstanding under plan have vesting periods of 3 to 5 years from date of grant.\n 2000 stock incentive plan  ( 2000 plan ) adopted by company in august 2000.\n plan provides for grants of options to key employees  directors advisors consultants to company or subsidiaries as incentive or nonqualified stock options as determined by company 2019s board of directors.\n up to 1400000 shares of common stock may be awarded under 2000 plan exercisable at such times subject to such terms as board of directors may specify at time of each stock option grant.\n options outstanding under 2000 plan generally vested 4 years from date of grant.\n company has nonqualified stock option plan for non-employee directors ( directors 2019 plan ).\n directors 2019 plan  adopted in july 1989 provides for grants of options to purchase shares of company 2019s common stock to non-employee directors.\n up to 400000 shares of common stock may be awarded under directors 2019 plan.\n options outstanding under directors 2019 plan have vesting periods of 1 to 5 years from date of grant.\nconsolidated financial statements continued ) march 31  2003 page 25\n\nyear ending march 31,               | operating leases\n----------------------------------- | ----------------\n2004                                | $ 781\n2005                                | 776\n2006                                | 776\n2007                                | 769\n2008                                | 772\nthereafter                          | 1480\ntotal future minimum lease payments | $ 5354"
}
{
    "_id": "dd4b8de70",
    "title": "",
    "text": "highly liquid securities with maturity three months or less at date of purchase are considered cash equivalents.\n securities with maturities greater than three months classified as available-for-sale considered short-term investments.\n carrying value of our interest-bearing instruments approximated fair value as of december 29 , 2012.\n interest rates under revolving credit facility are variable interest expense for periods credit facility utilized could be adversely affected by changes in interest rates.\n interest rates under revolving credit facility can fluctuate based on changes in market interest rates and interest rate margin varies based on consolidated leverage ratio.\n as of december 29, 2012 no outstanding balance on credit facility.\n see note 3 in notes to consolidated financial statements for additional description of credit facility.\n equity price risk convertible notes 2015 notes and 2013 notes include conversion and settlement provisions based on price of common stock at conversion or at maturity of notes.\n hedges and warrants associated with convertible notes include settlement provisions based on price of common stock.\n amount of cash we may required to pay  or number of shares we required to provide to note holders at conversion or maturity of notes determined by price of common stock.\n amount of cash or number of shares receive from hedge counterparties in connection with related hedges and number of shares required to provide warrant counterparties in connection with related warrants also determined by price of our common stock.\n upon expiration of 2015 warrants  cadence will issue shares of common stock to purchasers of warrants to extent stock price exceeds warrant strike price of $ 10. 78 at time.\n following table shows number of shares cadence would issue to 2015 warrant counterparties at expiration of warrants  assuming various cadence closing stock prices on dates of warrant expiration : shares ( in millions ).\nprior expiration 2015 warrants  for calculating diluted earnings per share  diluted weighted-average shares outstanding increase when average closing stock price quarter exceeds $ 10. 78.\n additional description of 2015 notes 2013 notes  see note 3 in notes to consolidated financial statements 201cliquidity and capital resources 2014 other factors affecting liquidity capital resources , 201d under item 7 , 201cmanagement 2019s discussion analysis of financial condition results of operations. 201d\n\n| shares ( in millions )\n------- | ----------------------\n$ 11.00 | 0.9\n$ 12.00 | 4.7\n$ 13.00 | 7.9\n$ 14.00 | 10.7\n$ 15.00 | 13.0\n$ 16.00 | 15.1\n$ 17.00 | 17.0\n$ 18.00 | 18.6\n$ 19.00 | 20.1\n$ 20.00 | 21.4"
}
{
    "_id": "dd4c5e9a8",
    "title": "",
    "text": "4.\n acquisitions and dispositions acquisitions company makes acquisitions align with strategic business objectives.\n assets and liabilities of acquired entities recorded as of acquisition date at respective fair values included in consolidated balance sheet.\n purchase price allocation based on estimates of fair value of assets acquired and liabilities assumed.\n aggregate purchase price of acquisitions reduced for cash or cash equivalents acquired with acquisition.\n acquisitions during 2017 , 2016 2015 not significant to company 2019s consolidated financial statements ; pro forma financial information not presented.\n anios acquisition on february 1, 2017 company acquired anios for total consideration of $ 798. 3 million  including satisfaction of outstanding debt.\n anios had annualized pre-acquisition sales of approximately $ 245 million leading european manufacturer and marketer of hygiene and disinfection products for healthcare , food service  food and beverage processing industries.\n anios provides innovative product line expands solutions company providing complementary geographic footprint within healthcare market.\n during 2016  company deposited 20ac50 million in escrow account released back to company upon closing transaction in february 2017.\n note 5 recorded as restricted cash within other assets on consolidated balance sheet as of december 31 , 2016.\n company incurred certain acquisition and integration costs associated with transaction expensed reflected in consolidated statement of income.\n see note 3 for additional information related to company 2019s special ( gains ) and charges related to activities.\n components of cash paid for anios shown in following table.\n tangible assets primarily comprised of accounts receivable of $ 64. 8 million , property , plant and equipment of $ 24. 7 million and inventory of $ 29. 1 million.\n liabilities consist of deferred tax liabilities of $ 102.3 million current liabilities of $ 62. 5 million.\n customer relationships , trademarks technology amortized over weighted average lives of 20 , 17  11 years , respectively.\n goodwill of $ 511. 7 million from acquisition consists of synergies economies of scale expected through adding complementary geographies innovative products to company 2019s healthcare portfolio.\n goodwill allocated to institutional , healthcare specialty operating segments within global institutional reportable segment food & beverage life sciences operating segments within global industrial reportable segment.\n none of goodwill recognized expected be deductible for income tax purposes.\n\n( millions )                             | 2017\n---------------------------------------- | -------\ntangible assets                          | $ 139.8\nidentifiable intangible assets           |\ncustomer relationships                   | 252.0\ntrademarks                               | 65.7\nother technology                         | 16.1\ntotal assets acquired                    | 473.6\ngoodwill                                 | 511.7\ntotal liabilities                        | 187.0\ntotal consideration transferred          | 798.3\nlong-term debt repaid upon close         | 192.8\nnet consideration transferred to sellers | $ 605.5"
}
{
    "_id": "dd4bb3742",
    "title": "",
    "text": "weighted average grant date fair value of performance-based restricted stock units granted during years 2008 and 2007 was $ 84. 33 and $ 71. 72 , respectively.\n total fair value of units vested during 2009  2008 2007 was $ 33712 , $ 49387 $ 9181 , respectively.\n at september 30 , 2009  weighted average remaining vesting term of units is 1. 28 years.\n time-vested restricted stock units generally cliff vest three years after date of grant except for certain key executives including executive officers units vest one year following employee 2019s retirement.\n related share-based compensation expense recorded over requisite service period vesting period or key based on retirement eligibility.\n fair value of all time-vested restricted stock units is based on market value of company 2019s stock on date of grant.\n summary of time-vested restricted stock units outstanding as of september 30 , 2009  and changes during year ended is weighted average grant date fair value.\n grant date fair value of time-vested restricted stock units granted during years 2008 and 2007 was $ 84. 42 and $ 72. 20 , respectively.\n total fair value of time-vested stock units vested during 2009, 2008 2007 was $ 29535 , $ 26674 and $ 3392 ,.\n at september 30 , 2009  weighted average remaining vesting term of time-vested restricted stock units is 1. 71 years.\n amount unrecognized compensation expense for all non-vested share-based awards as of september 30 , 2009  is approximately $ 97034  expected to be recognized over weighted-average remaining life of approximately 2. 02 years.\nseptember 30 , 2009 , 4295402 shares authorized for future grants under 2004 plan.\n company policy of satisfying share-based payments through open market purchases or shares in treasury.\n september 30 , 2009  company has sufficient shares in treasury to satisfy payments in 2010.\n other stock plans company has stock award plan allows for grants of common shares to certain key employees.\n distribution of 25% ( % ) or more of each award deferred until after retirement or involuntary termination deferred portion of award distributable in five equal annual installments.\n balance award distributable over five years from grant date subject to certain conditions.\n in february 2004  plan terminated future grants upon adoption of 2004 plan.\n at september 30 , 2009 and 2008 , awards for 114197 and 161145 shares outstanding.\n becton , dickinson and company notes to consolidated financial statements 2014 ( continued )\n\n| stock units        | weighted average grant date fair value\n-------------------------------- | ------------------ | --------------------------------------\nbalance at october 1             | 1570329            | $ 69.35\ngranted                          | 618679             | 62.96\ndistributed                      | -316839 ( 316839 ) | 60.32\nforfeited or canceled            | -165211 ( 165211 ) | 62.58\nbalance at september 30          | 1706958            | $ 69.36\nexpected to vest at september 30 | 1536262            | $ 69.36"
}
{
    "_id": "dd4bb59ac",
    "title": "",
    "text": "sources of liquidity primary sources liquidity for citigroup and principal subsidiaries include : 2022 deposits ; 2022 collateralized financing transactions ; 2022 senior and subordinated debt ; 2022 commercial paper ; 2022 trust preferred securities ; 2022 purchased/wholesale funds.\n citigroup 2019s funding sources diversified across funding types and geography benefit of global franchise.\n funding for citigroup major operating subsidiaries includes geographically diverse retail and corporate deposit base of $ 774. 2 billion.\n deposits diversified across products regions approximately two-thirds outside of the u. s.\n this diversification provides company with important , stable low-cost source of funding.\n significant portion of these deposits expected to be long-term and stable considered to be core.\n qualitative quantitative assessments determine company 2019s calculation of core deposits.\n first step in process is qualitative assessment of deposits.\n for company 2019s qualitative analysis certain deposits with wholesale funding characteristics excluded from consideration as core.\n deposits qualify under company 2019s qualitative assessments then subjected to quantitative analysis.\n excluding impact of changes in foreign exchange rates sale of retail banking operations in germany during year ending december 31 , 2008  company 2019s deposit base remained stable.\n on volume basis  deposit increases noted in transaction services , u. s.\n retail banking smith barney.\n partially offset by company 2019s decision to reduce deposits considered wholesale funding  consistent with company 2019s de-leveraging efforts declines in international consumer banking private bank.\n citigroup and subsidiaries historically had significant presence in global capital markets.\n company 2019s capital markets funding activities primarily undertaken by two legal entities : ( i ) citigroup inc., issues long-term debt  medium-term notes  trust preferred securities  preferred common stock ; ( ii ) citigroup funding inc.\n ( cfi ) , first-tier subsidiary of citigroup , issues commercial paper  medium-term notes structured equity-linked and credit-linked notes  all guaranteed by citigroup.\n other significant elements of long- term debt on consolidated balance sheet include collateralized advances from federal home loan bank system  long-term debt related to consolidation of icg 2019s structured investment vehicles  asset-backed outstandings  certain borrowings of foreign subsidiaries.\n each of citigroup 2019s major operating subsidiaries finances operations consistent with capitalization  regulatory structure environment in it operates.\n attention paid to businesses for tax sovereign risk regulatory reasons cannot be freely readily funded in international markets.\n citigroup 2019s borrowings diversified by geography  investor  instrument currency.\n decisions regarding ultimate currency interest rate profile of liquidity generated through borrowings can be separated from actual issuance through use of derivative instruments.\n citigroup provider of liquidity facilities to commercial paper programs of two primary credit card securitization trusts with it transacts.\n citigroup may provide other support to trusts.\n result of recent economic downturn impact on cashflows of trusts response to credit rating agency reviews of trusts company increased credit enhancement in omni trust  plans to provide additional enhancement to master trust ( see note 23 to consolidated financial statements on page 175 for further discussion ).\n this support preserves investor sponsorship of our card securitization franchise , important source of liquidity.\nbanking subsidiaries legal limitations on ability of citigroup 2019s subsidiary depository institutions to extend credit pay dividends or supply funds to citigroup non-bank subsidiaries.\n approval of office of comptroller of currency  national banks or office of thrift supervision  federal savings banks  is required if total dividends declared in year exceed amounts by applicable agency 2019s regulations.\n state-chartered depository institutions subject to dividend limitations imposed by applicable state law.\n in determining declaration of dividends each depository institution must consider effect on risk-based capital and leverage ratio requirements policy statements of federal regulatory agencies indicate banking organizations should pay dividends out of current operating earnings.\n non-banking subsidiaries citigroup also receives dividends from non-bank subsidiaries.\n non-bank subsidiaries generally not subject to regulatory restrictions on dividends.\n discussed in 201ccapital resources and liquidity 201d on page 94  ability of cgmhi to declare dividends can be restricted by capital considerations of broker-dealer subsidiaries.\n cgmhi 2019s consolidated balance sheet is liquid  majority of assets of marketable securities and collateralized short-term financing agreements from securities transactions.\n cgmhi monitors and evaluates adequacy of capital and borrowing base daily to maintain liquidity ensure capital base supports regulatory capital requirements of subsidiaries.\n some of citigroup 2019s non-bank subsidiaries , including cgmhi , have credit facilities with citigroup 2019s subsidiary depository institutions , including citibank .\n borrowings under these facilities must be secured in accordance with section 23a of federal reserve act.\nlegal restrictions on extent bank holding company non-bank subsidiaries can borrow obtain credit from citigroup 2019s subsidiary depository institutions or engage in other transactions with them.\n restrictions require transactions on arm 2019s length terms secured by designated amounts specified collateral.\n see note 20 to consolidated financial statements on page 169.\n at december 31 , 2008  long-term debt commercial paper outstanding for citigroup , cgmhi cfi citigroup 2019s subsidiaries : in billions of dollars citigroup parent company cgmhi 2 ) citigroup funding inc.\n ( 2 ) citigroup subsidiaries long-term debt $ 192. 3 $ 20. 6 $ 37. 4 $ 109. 3 ( 1 ).\n at december 31, 2008  approximately $ 67. 4 billion relates to collateralized advances from federal home loan bank.\n citigroup inc.\n guarantees all cfi 2019s debt cgmhi 2019s publicly issued securities.\n\nin billions of dollars | citigroup parent company | cgmhi ( 2 ) | citigroup funding inc. ( 2 ) | other citigroup subsidiaries |\n---------------------- | ------------------------ | ----------- | ---------------------------- | ---------------------------- | --------\nlong-term debt         | $ 192.3                  | $ 20.6      | $ 37.4                       | $ 109.3                      | -1 ( 1 )\ncommercial paper       | $ 2014                   | $ 2014      | $ 28.6                       | $ 0.5                        |"
}
{
    "_id": "dd4bb1a6e",
    "title": "",
    "text": "( 2 ) union-represented mainline employees covered by agreements not currently amendable.\n joint collective bargaining agreements ( jcbas ) reached with post-merger employee groups except maintenance , fleet service  stock clerks  maintenance control technicians maintenance training instructors represented by twu-iam association covered by separate cbas become amendable in third quarter of 2018.\n until agreements become amendable negotiations for jcbas conducted outside traditional rla bargaining process in no self-help permissible.\n ( 3 ) among wholly-owned regional subsidiaries psa mechanics and flight attendants have agreements now amendable engaged in traditional rla negotiations.\n envoy passenger service employees engaged in traditional rla negotiations for initial cba.\n piedmont fleet and passenger service employees reached tentative five-year agreement subject to membership ratification.\n for more discussion see part i , item 1a.\n risk factors 2013 201cunion disputes , employee strikes other labor-related disruptions may adversely affect operations. aircraft fuel operations and financial results significantly affected by availability and price of jet fuel  our second largest expense.\n based on 2018 forecasted mainline regional fuel consumption estimate one cent per gallon increase in aviation fuel price would increase 2018 annual fuel expense by $ 45 million.\n following table shows annual aircraft fuel consumption and costs  including taxes for mainline and regional operations for 2017 , 2016 2015 ( gallons and aircraft fuel expense in millions ).\n year gallons average price per gallon aircraft fuel expense percent of total operating expenses.\n as of december 31 , 2017  fuel hedging contracts outstanding to hedge fuel consumption.\nassuming we not enter future transactions to hedge fuel consumption , we will continue exposed to fluctuations in fuel prices.\n our current policy is not to enter transactions to hedge fuel consumption , we review policy based on market conditions other factors.\n fuel prices fluctuated substantially over past years.\n we cannot predict future availability  price volatility cost of aircraft fuel.\n natural disasters ( including hurricanes events in u. s.\n southeast gulf coast where significant portion domestic refining capacity ) political disruptions or wars involving oil-producing countries changes in fuel-related governmental policy  strength of u. s.\n dollar against foreign currencies changes in access to petroleum product pipelines and terminals  speculation in energy futures markets  changes in aircraft fuel production capacity  environmental concerns other unpredictable events may result in fuel supply shortages  distribution challenges  additional fuel price volatility cost increases in future.\n see part i , item 1a.\n risk factors 2013 201cour business dependent on price and availability of aircraft fuel.\n continued periods of high volatility in fuel costs , increased fuel prices or significant disruptions in supply of aircraft fuel could negative impact on our operating results and liquidity. seasonality factors due to greater demand for air travel during summer months revenues in airline industry in second and third quarters of year tend to be greater than revenues first and fourth quarters year.\n general economic conditions  fears of terrorism or war  fare initiatives  fluctuations in fuel prices labor actions  weather  natural disasters  outbreaks of disease other factors could impact this seasonal pattern.\n quarterly results of operations not necessarily indicative of operating results for entire year historical operating results quarterly or annual period not necessarily indicative of future operating results.\n\nyear | gallons | average priceper gallon | aircraft fuelexpense | percent of totaloperating expenses\n---- | ------- | ----------------------- | -------------------- | ----------------------------------\n2017 | 4352    | $ 1.73                  | $ 7510               | 19.7% ( 19.7 % )\n2016 | 4347    | 1.42                    | 6180                 | 17.7% ( 17.7 % )\n2015 | 4323    | 1.72                    | 7456                 | 21.4% ( 21.4 % )"
}
{
    "_id": "dd4c12b5c",
    "title": "",
    "text": "fourth quarter of 2002  aes lost voting control of one holding companies in cemig ownership structure.\n this holding company indirectly owns shares related to cemig investment and indirectly holds project financing debt related cemig.\n result loss voting control aes stopped consolidating holding company at december 31 , 2002.\n.\n fourth quarter of 2003  company sold 25% ( 25 % ) ownership interest in medway power limited ( 2018 2018mpl 2019 2019 )  688 mw natural gas-fired combined cycle facility in united kingdom and aes medway operations limited ( 2018 2018aesmo 2019 2019 ) operating company for facility aggregate transaction valued at approximately a347 million ( $ 78 million ).\n sale resulted in gain of $ 23 million recorded in continuing operations.\n mpl aesmo reported in contract generation segment.\n second quarter of 2002 company sold investment in empresa de infovias s. a.\n ( 2018 2018infovias 2019 2019 )  telecommunications company in brazil  for proceeds of $ 31 million to cemig  affiliated company.\n loss recorded on sale was approximately $ 14 million recorded as loss on sale of assets and asset impairment expenses in consolidated statements of operations.\n second quarter of 2002 company recorded impairment charge of approximately $ 40 million after income taxes on equity method investment in telecommunications company in latin america held by edc.\n impairment charge resulted from sustained poor operating performance recent funding problems at invested company.\n 2001  company lost operational control of central electricity supply corporation ( 2018 2018cesco 2019 2019 )  distribution company in state of orissa .\n state of orissa appointed administrator to operational control of cesco.\n cesco accounted for as cost method investment.\n aes 2019s investment in cesco is negative.\naugust 2000 , subsidiary company acquired 49% ( 49 % ) interest in songas for approximately $ 40 million.\n company acquired additional 16. 79% ( 16. 79 % ) of songas for approximately $ 12. 5 million company began consolidating entity in 2002.\n songas owns songo songo gas-to-electricity project in tanzania.\n december 2002  company signed sales purchase agreement to sell 100% ( 100 % ) ownership interest in songas.\n sale songas closed april 2003 ( see note 4 for further discussion transaction ).\n following tables present summarized comparative financial information ( in millions ) of entities company ability exercise significant influence but not control accounted for using equity method.\n 1 ) includes information pertaining to eletropaulo and light prior to february 2002.\n 2002 and 2001  results of operations financial position of cemig negatively impacted by devaluation of brazilian real impairment charge recorded 2002.\n brazilian real devalued 32% ( 32 % ) and 19% ( 19 % ) for years ended december 31, 2002 and 2001  respectively.\n\nas of and for the years ended december 31, | 2003   | 2002 ( 1 ) | 2001 ( 1 )\n------------------------------------------ | ------ | ---------- | ----------\nrevenues                                   | $ 2758 | $ 2832     | $ 6147\noperating income                           | 1039   | 695        | 1717\nnet income                                 | 407    | 229        | 650\ncurrent assets                             | 1347   | 1097       | 3700\nnoncurrent assets                          | 7479   | 6751       | 14942\ncurrent liabilities                        | 1434   | 1418       | 3510\nnoncurrent liabilities                     | 3795   | 3349       | 8297\nstockholder's equity                       | 3597   | 3081       | 6835"
}
{
    "_id": "dd4bfa8cc",
    "title": "",
    "text": "$ 44. 9 million  or $ 38. 2 million  net of taxes expected to reclassified to earnings next twelve months.\n enter foreign currency forward exchange contracts with terms one month to manage currency exposures for assets liabilities denominated in currency other than entity 2019s functional currency.\n foreign currency translation gains/losses recognized in earnings under sfas no.\n 52 , 201cforeign currency translation 201d offset with gains/losses on foreign currency forward exchange contracts in same reporting period.\n other comprehensive income 2013 refers to revenues expenses gains losses under accepted accounting principles included in comprehensive income excluded from net earnings recorded as adjustment to stockholders 2019 equity.\n comprehensive income comprised of foreign currency translation adjustments unrealized foreign currency hedge gains and losses unrealized gains and losses on available-for-sale securities amortization of prior service costs unrecognized gains and losses in actuarial assumptions.\n components of accumulated other comprehensive income ( in millions ) : balance at december 31  comprehensive income ( loss ) balance at december 31.\n treasury stock 2013 account for repurchases of common stock under cost method present treasury stock as reduction of shareholders equity.\n may reissue common stock held in treasury for limited purposes.\n accounting pronouncements 2013 june 2006 fasb issued interpretation no.\n 48 , 201caccounting for uncertainty in income taxes interpretation of fas 109  accounting income taxes 201d ( fin 48 ) create single model to address accounting for uncertainty in tax positions.\n see income tax disclosures in note 11 for more information adoption of fin 48.\n september 2006 fasb issued sfas no.\n158 , 201cemployers 2019 accounting for defined benefit pension postretirement plans 2013 amendment of fasb statements no.\n 87 , 88 , 106 132 ( r ). 201d statement requires recognition of funded status of benefit plan in statement of financial position.\n sfas no.\n 158 requires recognition in comprehensive income of gains losses during period deferred under pension accounting rules modifies timing of reporting adds disclosures.\n statement provides recognition disclosure elements effective end of fiscal year after december 15, 2006 measurement elements effective for fiscal years ending after december 15, 2008.\n adopted sfas no.\n 158 on december 31 , 2006.\n see pension postretirement disclosures in note 10.\n december 2004  fasb issued sfas no.\n 123 ( r ) , 201cshare-based payment 201d , revision to sfas no.\n 123.\n sfas 123 ( r ) requires share-based payments to employees including stock options expensed based on fair values.\n adopted sfas 123 ( r ) on january 1, 2006 using modified prospective method did not restate prior periods.\n in september 2006  fasb issued sfas no.\n 157 , 201cfair value measurements 201d , defines fair value  establishes framework for measuring fair value in generally accepted accounting principles expands disclosures about fair value measurements.\n statement not require new fair value measurements provides guidance on to measure fair value providing fair value hierarchy classify source of information.\n sfas no.\n 157 effective for financial statements issued for fiscal years beginning after november 15 , 2007 interim periods within fiscal years.\n february 2008 , fasb issued fasb staff position ( fsp ) no.\n sfas 157-2 , delays effective date of certain provisions of sfas no.\n157 relating non-financial assets liabilities measured at fair value non-recurring basis until fiscal years after november 15 , 2008.\n adoption of sfas no.\n 157 not expected material impact on consolidated financial statements results operations.\n february 2007  fasb issued sfas no.\n 159 , 201cthe fair value option for financial assets financial liabilities 2013 including amendment of fasb statement no.\n 115 201d ( sfas no.\n 159 ).\n sfas no.\n 159 creates 201cfair value option 201d entity elect record financial assets liabilities at fair value upon initial recognition.\n subsequent changes in fair value recognized in earnings changes occur.\n election fair value option made contract-by-contract basis need supported by concurrent documentation preexisting documented policy.\n sfas no.\n 159 requires entity to separately disclose fair z i m m e r h o l d i n g s n c.\n 2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements continued )\n\n| balance at december 31 2006 | other comprehensive income ( loss ) | balance at december 31 2007\n----------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------- | ---------------------------\nforeign currency translation                                                              | $ 267.7                     | $ 101.1                             | $ 368.8\nforeign currency hedges                                                                   | -22.6 ( 22.6 )              | -22.8 ( 22.8 )                      | -45.4 ( 45.4 )\nunrealized gains ( losses ) on securities                                                 | -0.5 ( 0.5 )                | -1.4 ( 1.4 )                        | -1.9 ( 1.9 )\nunrecognized prior service cost and unrecognized ( gain ) / loss in actuarial assumptions | -35.4 ( 35.4 )              | 4.2                                 | -31.2 ( 31.2 )\naccumulated other comprehensive income                                                    | $ 209.2                     | $ 81.1                              | $ 290.3"
}
{
    "_id": "dd4bf49c2",
    "title": "",
    "text": "2022 selling costs increased $ 25. 0 million to $ 94. 6 million in 2010 from $ 69. 6 million in 2009.\n increase due to higher personnel costs for expansion of direct to consumer distribution channel higher selling personnel costs including increased expenses for performance incentive plan prior year.\n percentage of net revenues selling costs increased to 8. 9% ( 8. 9 % ) in 2010 from 8. 1% ( 8. 1 % ) in 2009 due to higher personnel costs for expansion of factory house stores.\n 2022 product innovation and supply chain costs increased $ 25. 0 million to $ 96. 8 million in 2010 from $ 71. 8 million in 2009 due to higher personnel costs for design sourcing expanding apparel, footwear accessories lines higher distribution facilities operating and personnel costs support growth in net revenues.\n higher expenses for performance incentive plan prior year.\n percentage of net revenues product innovation and supply chain costs increased to 9. 1% ( 9. 1 % ) in 2010 from 8. 4% ( 8. 4 % ) in 2009 due.\n 2022 corporate services costs increased $ 24. 0 million to $ 98. 6 million in 2010 from $ 74. 6 million in 2009.\n increase attributable to higher corporate facility costs, information technology initiatives corporate personnel costs including increased expenses for performance incentive plan prior year.\n percentage of net revenues corporate services costs increased to 9. 3% ( 9. 3 % ) in 2010 from 8. 7% ( 8. 7 % ) in 2009 due to.\n income from operations increased $ 27. 1 million  or 31. 8% ( 31. 8 % ) to $ 112. 4 million in 2010 from $ 85. 3 million in 2009.\n income from operations percentage of net revenues increased to 10. 6% ( 10. 6 % ) in 2010 from 10. 0% ( 10. 0 % ) in 2009.\n increase result of items discussed above.\ninterest expense net remained unchanged at $ 2. 3 million in 2010.\n other expense net increased $ 0. 7 million to $ 1. 2 million in 2010 from $ 0. 5 million in 2009.\n increase 2010 due to higher net losses on foreign currency exchange rate changes on transactions in euro canadian dollar derivative financial instruments 2009.\n provision for income taxes increased $ 4. 8 million to $ 40. 4 million in 2010 from $ 35. 6 million in 2009.\n effective tax rate was 37. 1% (. ) in 2010 compared to 43. 2% (. ) in 2009 due to tax planning strategies federal state tax credits reducing effective tax rate offset by valuation allowance against foreign net operating loss carryforward.\n segment results of operations year ended december 31, 2011 compared to 2010 net revenues by geographic region summarized.\n net revenues in north american operating segment increased $ 385. 5 million to $ 1383. 3 million in 2011 from $ 997. 8 million in 2010 due to items consolidated results operations.\n net revenues in other foreign countries increased by $ 23. 2 million to $ 89. 3 million in 2011 from $ 66. 1 million in 2010 due to footwear shipments to dome licensee unit sales growth to distributors in latin american operating segment.\n\n( in thousands )        | year ended december 31 , 2011 | year ended december 31 , 2010 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n----------------------- | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\nnorth america           | $ 1383346                     | $ 997816                      | $ 385530                          | 38.6% ( 38.6 % )\nother foreign countries | 89338                         | 66111                         | 23227                             | 35.1\ntotal net revenues      | $ 1472684                     | $ 1063927                     | $ 408757                          | 38.4% ( 38.4 % )"
}
{
    "_id": "dd4bd05a4",
    "title": "",
    "text": "contractual obligations in 2011  issued $ 1200 million of senior notes entered into credit facility with third-party lenders amount of $ 1225 million.\n as of december 31 , 2011  total outstanding long-term debt was $ 1859 million  consisting of these senior notes and credit facility in addition to $ 105 million of third party debt remained outstanding subsequent to spin-off.\n connection with spin-off  entered transition services agreement with northrop grumman  northrop grumman subsidiaries provides us certain services to ensure orderly transition following distribution.\n under transition services agreement  northrop grumman provides for up to 12 months following spin-off  certain enterprise shared services ( including information technology , resource planning , financial , procurement human resource services )  benefits support services other specified services.\n original term of transition services agreement ends on march 31 , 2012 , right to cancelled certain services as transition to new third-party providers.\n services provided by northrop grumman charged at cost  limited number services may be extended for approximately six months to allow full information systems transition.\n see note 20 : related party transactions former parent company equity in item 8.\n connection with spin-off  entered tax matters agreement with northrop grumman ( 201ctax matters agreement 201d ) governs respective rights , responsibilities obligations of northrop grumman and us after spin-off with respect to tax liabilities benefits , tax attributes , tax contests other tax sharing regarding.\n federal , state , local foreign income taxes , other taxes related tax returns.\n several liabilities with northrop grumman irs for consolidated.\n federal income taxes of northrop grumman consolidated group relating to taxable periods in we were part of that group.\ntax matters agreement specifies portion tax liability for we bear responsibility northrop grumman agreed to indemnify us against amounts for we not responsible.\n tax matters agreement provides special rules for allocating tax liabilities in spin-off  certain related transactions not tax-free.\n see note 20 : related party transactions and former parent company equity in item 8.\n we not expect transition services agreement or tax matters agreement to significant impact on our financial condition and results of operations.\n table presents our contractual obligations as of december 31, 2011 related estimated timing of future cash payments : ( $ in millions ) total 2012 2013 - 2014 2015 - 2016 2017 and beyond.\n 1 interest payments include interest on $ 554 million of variable interest rate debt calculated based on interest rates at december 31 , 2011.\n 2 ) 201cpurchase obligation 201d is defined as agreement to purchase goods or services enforceable and legally binding on us specifies significant terms including fixed or minimum quantities to be purchased ; fixed  variable price provisions ; approximate timing of transaction.\n these amounts primarily comprised of open purchase order commitments to vendors and subcontractors pertaining to funded contracts.\n 3 ) other long-term liabilities consist of total accrued workers 2019 compensation reserves , deferred compensation other miscellaneous liabilities $ 201 million is current portion of workers 2019 compensation liabilities.\n excludes obligations for uncertain tax positions of $ 9 million  timing of payments cannot be reasonably estimated.\n table excludes retirement related contributions.\n in 2012  we expect to make minimum and discretionary contributions to our qualified pension plans of approximately $ 153 million and $ 65 million  respectively exclusive of.\n government recoveries.\ncontinue periodically evaluate make additional discretionary contributions.\n in 2012 , expect to make $ 35 million contributions for other postretirement plans , exclusive of any\n\n( $ in millions )                         | total  | 2012   | 2013 - 2014 | 2015 - 2016 | 2017 and beyond\n----------------------------------------- | ------ | ------ | ----------- | ----------- | ---------------\nlong-term debt                            | $ 1859 | $ 29   | $ 129       | $ 396       | $ 1305\ninterest payments on long-term debt ( 1 ) | 854    | 112    | 219         | 202         | 321\noperating leases                          | 124    | 21     | 32          | 23          | 48\npurchase obligations ( 2 )                | 2425   | 1409   | 763         | 209         | 44\nother long-term liabilities ( 3 )         | 587    | 66     | 96          | 67          | 358\ntotal contractual obligations             | $ 5849 | $ 1637 | $ 1239      | $ 897       | $ 2076"
}
{
    "_id": "dd4c25234",
    "title": "",
    "text": "september 2006  fasb issued sfas no.\n 158 , 201cemployers 2019 accounting for defined benefit pension postretirement plans amendment of fasb statements no.\n 87 , 88  106 132 ( r ). 201d standard eliminated requirement for 201cminimum pension liability adjustment 201d previously required under sfas no.\n 87 required employers to recognize underfunded or overfunded status of defined benefit plan as asset or liability in statement of financial position.\n 2006  implementation of sfas no.\n 158  company recognized after-tax decrease in accumulated other comprehensive income of $ 1. 187 billion and $ 513 million for.\n international pension benefit plans  $ 218 million for postretirement health care life insurance benefit plan.\n see note 11 for additional detail.\n reclassification adjustments to avoid double counting in comprehensive income items recorded as part of net income.\n 2007  net periodic benefit cost table note 11, $ 198 million pre-tax ( $ 123 million after-tax ) reclassified to earnings from accumulated other comprehensive income to pension postretirement expense income statement.\n pension postretirement expense amounts shown in table note 11 as amortization of transition ( asset ) obligation  amortization prior service cost ( benefit ) amortization of net actuarial ( gain ) loss.\n other reclassification adjustments except for cash flow hedging instruments adjustments in note 12 ) not material.\n no tax provision made for translation of foreign currency financial statements into.\n dollars.\n note 7.\n supplemental cash flow information.\n individual amounts in consolidated statement of cash flows exclude impacts of acquisitions  divestitures exchange rate impacts presented separately.\n201cother 2013 net 201d consolidated statement of cash flows operating activities 2007 2006 includes changes liabilities related to 3m 2019s restructuring actions ( note 4 ) 2005 includes non-cash impact adopting fin 47 ( $ 35 million cumulative effect accounting change ).\n transactions related to investing financing activities with significant non-cash components : 2007, 3m purchased assets diamond productions , inc.\n for approximately 150 thousand shares of 3m common stock  market value approximately $ 13 million at acquisition 2019s measurement date.\n liabilities assumed from acquisitions provided in tables note 2.\n\n( millions )             | 2007   | 2006   | 2005\n------------------------ | ------ | ------ | ------\ncash income tax payments | $ 1999 | $ 1842 | $ 1277\ncash interest payments   | 162    | 119    | 79\ncapitalized interest     | 25     | 16     | 12"
}
{
    "_id": "dd4b917dc",
    "title": "",
    "text": "performance graph shows five-year cumulative total stockholder return on applied common stock period from october 28 , 2012 through october 29 , 2017.\n compared with cumulative total return of standard & poor 2019s 500 stock index and rdg semiconductor composite index over same period.\n comparison assumes $ 100 invested on october 28 , 2012 in applied common stock and in each foregoing indices assumes reinvestment of dividends  if.\n dollar amounts in graph rounded to nearest whole dollar.\n performance represents past performance not indication of future performance.\n comparison of 5 year cumulative total return* among applied materials , inc. s&p 500 index rdg semiconductor composite index *assumes $ 100 invested on 10/28/12 in stock or 10/31/12 in index  including reinvestment of dividends.\n indexes calculated on month-end basis.\n copyright a9 2017 standard & poor 2019s , division of s&p global.\n all rights reserved.\n dividends during fiscal 2017 , 2016 and 2015  applied 2019s board of directors declared four quarterly cash dividends $ 0. 10 per share.\n anticipates cash dividends will continue to be paid quarterly basis declaration of future cash dividend at discretion of board of directors on applied 2019s financial condition  results of operations  capital requirements  business conditions other factors determination by board of directors that cash dividends in best interests of applied 2019s stockholders.\n 10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 applied materials , inc.\n s&p 500 rdg semiconductor composite\n\n| 10/28/2012 | 10/27/2013 | 10/26/2014 | 10/25/2015 | 10/30/2016 | 10/29/2017\n--------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\napplied materials                 | 100.00     | 171.03     | 207.01     | 165.34     | 293.64     | 586.91\ns&p 500 index                     | 100.00     | 127.18     | 149.14     | 156.89     | 163.97     | 202.72\nrdg semiconductor composite index | 100.00     | 131.94     | 167.25     | 160.80     | 193.36     | 288.96"
}
{
    "_id": "dd4bc0dd4",
    "title": "",
    "text": "levels during 2008  indication efforts to improve network operations translated into better customer service.\n 2022 fuel prices 2013 crude oil prices increased steady rate first seven months of 2008 closing record high $ 145. 29 a barrel in early july.\n economy worsened third and fourth quarters fuel prices dropped dramatically hitting $ 33. 87 per barrel in december near five-year low.\n despite price declines end of year 2008 average fuel price increased by 39% ( 39 % ) added $ 1. 1 billion operating expenses compared to 2007.\n fuel surcharge programs helped offset impact higher fuel prices.\n reduced consumption rate by 4% ( 4 % ) saving approximately 58 million gallons of fuel year.\n use of newer more fuel efficient locomotives ; fuel conservation programs improved network operations shift in commodity mix due to growth in bulk shipments contributed to improvement.\n 2022 free cash flow 2013 cash generated by operating activities totaled record $ 4. 1 billion  yielding free cash flow of $ 825 million in 2008.\n free cash flow defined as cash provided by operating activities less cash used in investing activities dividends paid.\n free cash flow not considered financial measure under accounting principles accepted in united states ( gaap ) by sec regulation g item 10 of sec regulation s-k.\n believe free cash flow important in evaluating financial performance measures ability to generate cash without additional external financings.\n free cash flow considered in addition to substitute for cash provided by operating activities.\n following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions of dollars 2008 2007 2006.\n 2009 outlook 2022 safety 2013 operating safe railroad benefits employees customers shareholders public.\ncontinue using multi-faceted approach to safety  utilizing technology , risk assessment  quality control  training engaging employees.\n plan to continue implementation of total safety culture ( tsc ) throughout operations.\n tsc , employee-focused initiative helped improve safety , is process designed to establish  maintain promote safety among co-workers.\n with respect to public safety  continue efforts to maintain , upgrade close crossings  install video cameras on locomotives educate public about crossing safety through railroad and industry programs  other activities.\n 2022 transportation plan 2013 in 2009 , continue to evaluate traffic flows network logistic patterns to identify additional opportunities to simplify operations improve network efficiency asset utilization.\n plan to maintain adequate manpower locomotives improve productivity using industrial engineering techniques.\n 2022 fuel prices 2013 on average  expect fuel prices to decrease substantially from average price paid in 2008.\n however due to economic uncertainty  global pressures  weather incidents , fuel prices could be volatile during year.\n to reduce impact of fuel price on earnings\n\nmillions of dollars                   | 2008           | 2007           | 2006\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 4070         | $ 3277         | $ 2880\ncash used in investing activities     | -2764 ( 2764 ) | -2426 ( 2426 ) | -2042 ( 2042 )\ndividends paid                        | -481 ( 481 )   | -364 ( 364 )   | -322 ( 322 )\nfree cash flow                        | $ 825          | $ 487          | $ 516"
}
{
    "_id": "dd4c31dd6",
    "title": "",
    "text": "summary of our floor space by business segment at december 31 , 2010 : ( square feet in millions ) owned leased government- owned total.\n some of our owned properties , primarily classified under corporate activities , are leased to third parties.\n in area of manufacturing , operations are of job-order nature , assembly line process , productive equipment has multiple uses for multiple products.\n management believes our major physical facilities are in good condition adequate for their intended use.\n item 3.\n legal proceedings we are a party to or have property subject to litigation and other proceedings, including matters under provisions relating to protection of environment.\n believe probability is remote that outcome of these matters have material adverse effect on corporation , notwithstanding unfavorable resolution of matter may have material effect on our net earnings in quarter.\n cannot predict outcome of legal proceedings with certainty.\n these matters include proceedings summarized in note 14 2013 legal proceedings , commitments, and contingencies beginning on page 78 of form 10-k.\n from time-to-time  agencies of u.\n government investigate our operations conducted in accordance with applicable regulatory requirements.\n.\n government investigations to government contracts or for could result in administrative , civil , or criminal liabilities , including repayments, fines , or penalties or could lead to suspension or debarment from future.\n government contracting.\n.\n government investigations often take years to complete many result in no adverse action against us.\n subject to federal and state requirements for protection of environment , including for discharge of hazardous materials and remediation of contaminated sites.\n we are a party to or have our property subject to various lawsuits or proceedings involving environmental protection matters.\ndue to complexity pervasiveness requirements resulted in us involved with related legal proceedings claims remediation obligations.\n extent of financial exposure cannot be reasonably estimated this time.\n for information regarding these matters including current estimates of amounts required for remediation clean-up extent estimable see 201ccritical accounting policies 2013 environmental matters 201d in management 2019s discussion analysis of financial condition results of operations on page 45 note 14 2013 legal proceedings , commitments  contingencies on page 78 of form 10-k.\n item 4.\n ( removed reserved ) item 4 ( a ).\n executive officers of registrant executive officers listed below information concerning age at december 31 , 2010  positions offices held with corporation principal occupation business experience over past five years.\n no family relationships among executive officers directors.\n all officers serve at pleasure of board of directors.\n linda r.\n gooden ( 57 ) , executive vice president 2013 information systems & global solutions.\n gooden served as executive vice president 2013 global solutions since january 2007.\n previously served as deputy executive vice president 2013 information & technology services from october 2006 to december 2006 president , lockheed martin information technology from september 1997 to december 2006.\n christopher j.\n gregoire ( 42 ) , vice president and controller ( chief accounting officer ).\n gregoire served as vice president and controller ( chief accounting officer ) since march 2010.\n previously employed by sprint nextel corporation from august 2006 to may 2009 recently as principal accounting officer and assistant controller partner at deloitte & touche llp from september 2003 to july 2006.\n\n( square feet in millions )            | owned | leased | government-owned | total\n-------------------------------------- | ----- | ------ | ---------------- | -----\naeronautics                            | 5.2   | 3.7    | 15.2             | 24.1\nelectronic systems                     | 10.3  | 11.5   | 7.1              | 28.9\ninformation systems & global solutions | 2.6   | 7.9    | 2014             | 10.5\nspace systems                          | 8.6   | 1.6    | .9               | 11.1\ncorporate activities                   | 2.9   | .8     | 2014             | 3.7\ntotal                                  | 29.6  | 25.5   | 23.2             | 78.3"
}
{
    "_id": "dd4c32ede",
    "title": "",
    "text": "five year summary ( a ) includes effects of items not considered in assessment operating performance business segments ( see section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in management 2019s discussion analysis financial condition results operations md&a ) ) increased earnings from continuing operations before income taxes by $ 214 million , $ 139 million after tax ( $ 0. 31 per share ).\n includes reduction in income tax expense of $ 62 million ( $ 0. 14 per share ) from tax benefit related to additional extraterritorial income exclusion ( eti ) tax benefits.\n items increased earnings by $ 201 million after tax ( $ 0. 45 per share ).\n ( b ) includes effects of items not considered in assessment operating performance segments ( section  201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) increased earnings from continuing operations before income taxes by $ 173 million , $ 113 million after tax ( $ 0. 25 per share ).\n ( c ) includes effects of items not considered in assessment operating performance business segments ( section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) decreased earnings from operations before income taxes by $ 215 million , $ 154 million after tax ( $ 0. 34 per share ).\n includes reduction in income tax expense from closure of internal revenue service examination of $ 144 million ( $ 0. 32 per share ).\n items reduced earnings by $ 10 million after tax ( $ 0. 02 per share ).\n ( d ) includes effects of items not considered in assessment operating performance decreased earnings from continuing operations before income taxes by $ 153 million , $ 102 million after tax ( $ 0.22 per share ).\n ( e ) includes effects of items not considered in assessment operating performance business segments combined decreased earnings from continuing operations before income taxes by $ 1112 million $ 632 million after tax ( $ 1. 40 per share ).\n ( f ) define return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) after adjusting stockholders 2019 equity by adding adjustments related to postretirement benefit plans.\n reporting roic provides investors visibility into capital invested in operations.\n use roic to evaluate multi-year investment decisions long-term performance measure factor in evaluating management performance under incentive compensation plans.\n roic not a measure of financial performance under gaap may not be defined and calculated by other companies same.\n roic not considered in isolation or alternative to net earnings indicator.\n calculate roic as follows : ( in millions ) 2006 2005 2004 2003 2002.\n 1 represents after-tax interest expense utilizing federal statutory rate of 35% ( 35 % ).\n 2 debt consists of long-term debt  current maturities short-term borrowings.\n 3 equity includes non-cash adjustments primarily for additional minimum pension liability years adoption of fas 158 in 2006.\n 4 average benefit plan adjustments reflect cumulative value of entries identified in statement of stockholders equity under captions 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability. annual benefit plan adjustments to equity were : 2006 = ( $ 1883 ) million ; 2005 = ( $ 105 ) million ; 2004 = ( $ 285 ) million 2003 = $ 331 million 2002 = ( $ 1537 ) million.\nentries recorded in fourth quarter , value added back to average equity in given year is cumulative impact of all prior year entries plus 20% ( 20 % ) of current year entry value.\n 5 yearly averages calculated using balances at start of year and end of each quarter.\n\n( in millions )                                   | 2006             | 2005             | 2004             | 2003           | 2002\n------------------------------------------------- | ---------------- | ---------------- | ---------------- | -------------- | --------------\nnet earnings                                      | $ 2529           | $ 1825           | $ 1266           | $ 1053         | $ 500\ninterest expense ( multiplied by 65% ( 65 % ) ) 1 | 235              | 241              | 276              | 317            | 378\nreturn                                            | $ 2764           | $ 2066           | $ 1542           | $ 1370         | $ 878\naverage debt2 5                                   | $ 4727           | $ 5077           | $ 5932           | $ 6612         | $ 7491\naverage equity3 5                                 | 7686             | 7590             | 7015             | 6170           | 6853\naverage benefit plan adjustments3 45              | 2006             | 1545             | 1296             | 1504           | 341\naverage invested capital                          | $ 14419          | $ 14212          | $ 14243          | $ 14286        | $ 14685\nreturn on invested capital                        | 19.2% ( 19.2 % ) | 14.5% ( 14.5 % ) | 10.8% ( 10.8 % ) | 9.6% ( 9.6 % ) | 6.0% ( 6.0 % )"
}
{
    "_id": "dd4bc1504",
    "title": "",
    "text": "table sets forth refined products sales by product group average sales price for last three years.\n refined product sales ( thousands of barrels per day ) 2009 2008 2007.\n we sell gasoline , gasoline blendstocks no.\n 1 and no.\n 2 fuel oils ( including kerosene , jet fuel diesel fuel ) to wholesale marketing customers in midwest , upper great plains  gulf coast southeastern regions of united states.\n sold 51 percent of gasoline volumes 87 percent of distillates volumes wholesale or spot market basis in 2009.\n demand for gasoline is seasonal in markets demand highest levels during summer months.\n blended ethanol into gasoline for over 20 years began expanding blending program in 2007  due to federal regulations require to use specified volumes of renewable fuels.\n ethanol volumes sold in blended gasoline were 60 mbpd in 2009, 54 mbpd in 2008 40 mbpd in 2007.\n future expansion or contraction of ethanol blending program driven by economics of ethanol supply government regulations.\n sell reformulated gasoline , also blended with ethanol  in parts of marketing territory  including : chicago, illinois ; louisville , kentucky ; northern kentucky ; milwaukee , wisconsin  hartford , illinois.\n also sell biodiesel-blended diesel in minnesota , illinois kentucky.\n produce propane at all seven refineries.\n propane primarily used for home heating cooking  feedstock within petrochemical industry  for grain drying fuel for trucks other vehicles.\n propane sales typically split evenly between home heating market and industrial consumers.\n we a producer and marketer of petrochemicals specialty products.\nproduct availability varies by refinery includes benzene  cumene dilute naphthalene oil  molten maleic anhydride molten sulfur  propylene  toluene xylene.\n market propylene  cumene sulfur domestically to customers in chemical industry.\n sell maleic anhydride throughout united states canada.\n capacity to produce 1400 tons per day of anode grade coke at robinson refinery used to make carbon anodes for aluminum smelting industry 5500 tons per day of fuel grade coke at garyville refinery used for power generation miscellaneous industrial applications.\n in early 2009 discontinued production and sales of petroleum pitch and aliphatic solvents at catlettsburg refinery.\n produce and market heavy residual fuel oil or related components at all seven of refineries.\n another product of crude oil  heavy residual fuel oil  primarily used in utility ship bunkering ( fuel ) industries other more specialized uses of product.\n refinery based asphalt production capacity of up to 108 mbpd.\n market asphalt through 33 owned or leased terminals throughout midwest and southeast.\n broad customer base  including approximately 675 asphalt-paving contractors government entities ( states counties cities townships ) asphalt roofing shingle manufacturers.\n sell asphalt in wholesale and cargo markets via rail and barge.\n produce asphalt cements  polymer modified asphalt emulsified asphalt industrial asphalts.\n in 2007  acquired 35 percent interest in entity owns operates 110-million-gallon-per-year ethanol production facility in clymers , indiana.\nwe also own 50 percent interest in entity owns 110-million-gallon-per-year ethanol production facility in greenville , ohio.\n greenville plant began production in february 2008.\n both facilities managed by co-owner.\n\n( thousands of barrels per day )           | 2009    | 2008     | 2007\n------------------------------------------ | ------- | -------- | -------\ngasoline                                   | 830     | 756      | 791\ndistillates                                | 357     | 375      | 377\npropane                                    | 23      | 22       | 23\nfeedstocks and special products            | 75      | 100      | 103\nheavy fuel oil                             | 24      | 23       | 29\nasphalt                                    | 69      | 76       | 87\ntotal                                      | 1378    | 1352     | 1410\naverage sales price ( dollars per barrel ) | $ 70.86 | $ 109.49 | $ 86.53"
}
{
    "_id": "dd497aec6",
    "title": "",
    "text": "38 2013 ppg annual report form 10-k notes to consolidated financial statements 1.\n summary of significant accounting policies principles of consolidation consolidated financial statements include accounts of ppg industries , inc.\n ( 201cppg 201d or 201ccompany 201d ) all subsidiaries , both u. s.\n and non-u. s. , it controls.\n ppg owns more than 50% ( 50 % ) of voting stock of most subsidiaries it controls.\n for consolidated subsidiaries in company 2019s ownership less than 100% ( 100 % ), outside shareholders 2019 interests shown as noncontrolling interests.\n investments in companies ppg owns 20% ( 20 % ) to 50% ( 50 % ) of voting stock ability exercise significant influence over operating financial policies of investee accounted for using equity method of accounting.\n ppg 2019s share of earnings or losses of equity affiliates included in consolidated statement of income ppg 2019s share of these companies 2019 shareholders 2019 equity included in \"investments\" in consolidated balance sheet.\n transactions between ppg and subsidiaries eliminated in consolidation.\n use of estimates in preparation of financial statements preparation of financial statements in conformity with u. s.\n generally accepted accounting principles requires management to make estimates assumptions affect reported amounts assets liabilities disclosure of contingent assets liabilities at date of financial statements reported amounts income and expenses during reporting period.\n such estimates include fair value of assets acquired liabilities assumed result of allocations of purchase price of business combinations.\n actual outcomes could differ from estimates.\n revenue recognition company recognizes revenue when earnings process complete.\nrevenue from sales recognized by all operating segments when goods shipped title to inventory risk of loss passes to customer or services rendered.\n shipping and handling costs amounts billed to customers for shipping handling reported in 201cnet sales 201d consolidated statement of income.\n shipping and handling costs incurred by company for delivery of goods to customers included in 201ccost of sales  exclusive of depreciation and amortization 201d consolidated statement of income.\n selling , general and administrative costs amounts presented as 201cselling , general administrative 201d income comprised of selling  customer service  distribution advertising costs costs of providing corporate- wide functional support in areas finance  law  human resources planning.\n distribution costs pertain to movement and storage of finished goods inventory at company- owned and leased warehouses  terminals other distribution facilities.\n advertising costs advertising costs expensed in year incurred totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 2011  respectively.\n research and development costs  primarily of employee related costs charged to expense as incurred.\n research and development costs for years ended december 31:.\n legal costs legal costs expensed as incurred.\n legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions  general litigation  environmental regulation compliance  patent and trademark protection other general corporate purposes.\n foreign currency translation functional currency of significant non-u.\n operations is local currency.\n assets and liabilities of operations translated into.\n dollars using year-end exchange rates income and expenses translated using average exchange rates for reporting period.\n unrealized foreign currency translation adjustments deferred in accumulated other comprehensive loss separate component of shareholders 2019 equity.\ncash equivalents are highly liquid investments ( valued at cost approximates fair value ) acquired with original maturity three months or less.\n short-term investments are highly liquid  high credit quality investments ( valued at cost plus accrued interest ) stated maturities greater than three months to one year.\n purchases and sales classified as investing activities in consolidated statement of cash flows.\n marketable equity securities company 2019s investment in marketable equity securities recorded at fair market value reported in 201cother current assets 201d and 201cinvestments 201d in consolidated balance sheet with changes in fair market value recorded in income for securities as trading securities and other comprehensive income net of tax for available for sale securities.\n\n( millions )                             | 2013  | 2012  | 2011\n---------------------------------------- | ----- | ----- | -----\nresearch and development 2013 total      | $ 505 | $ 468 | $ 443\nless depreciation on research facilities | 17    | 15    | 15\nresearch and development net             | $ 488 | $ 453 | $ 428"
}
{
    "_id": "dd4b8a7fc",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements continued note 8.\n other assets assets as of november 27 , 2009 and november 28 , 2008 consisted of in thousands ) :.\n acquired rights to use technology purchased during fiscal 2009 and fiscal 2008 was $ 6. 0 million and $ 100. 4 million .\n cost for fiscal 2008  estimated $ 56. 4 million related to future licensing rights capitalized amortized straight-line basis over estimated useful lives up to fifteen years.\n remaining costs for fiscal 2008  estimated $ 27. 2 million related to historical use of licensing rights expensed as cost of sales residual of $ 16. 8 million for fiscal 2008 expensed as general and administrative costs.\n ability to acquire additional rights to use technology in future.\n see note 17 for further information contractual commitments.\n acquired rights to use technology amortized over estimated useful lives of 3 to 15 years.\n included in investments are indirect investments through limited partnership interest in adobe ventures of approximately $ 37. 1 million and $ 39. 0 million as of november 27, 2009 and november 28 , 2008  consolidated in accordance with provisions for consolidating variable interest entities.\n partnership controlled by granite ventures  independent venture capital firm and sole general partner of adobe ventures.\n we are primary beneficiary of adobe ventures and bear all risks and rewards related to ownership.\n investment in adobe ventures not significant impact on our consolidated financial position results of operations or cash flows.\n adobe ventures carries investments in equity securities at estimated fair value investment gains and losses included in consolidated statements of income.\nall investments held by adobe ventures at november 27 , 2009 and november 28 , 2008 not publicly traded no established market for these securities.\n to determine fair value of these investments we use recent round of financing involving new non-strategic investors or estimates of current market value by granite ventures.\n our policy to evaluate fair value of these investments by adobe ventures our direct investments  on regular basis.\n this evaluation includes reviewing each company 2019s cash position , financing needs , earnings and revenue outlook  operational performance  management and ownership changes and competition.\n in case of privately-held companies evaluation based on information we request from these companies.\n information not subject to same disclosure regulations as.\n publicly traded companies basis for evaluations subject to timing and accuracy of data received from these companies.\n see note 4 for further information regarding adobe ventures.\n also included in investments are our direct investments in privately-held companies of approximately $ 26. 4 million and $ 37. 6 million as of november 27 , 2009 and november 28 , 2008  accounted for based on cost method.\n we assess these investments for impairment in value as circumstances dictate.\n see note 4 for further information regarding cost method investments.\n we entered into purchase and sale agreement  effective may 12 , 2008 , for acquisition of real property in waltham , massachusetts.\n purchased property upon completion of construction of office building shell core parking structure  and site improvements.\n purchase price for property was $ 44. 7 million closed on june 16 , 2009.\n made initial deposit of $ 7. 0 million included in security and other deposits as of november 28 , 2008 remaining balance paid at closing.\ndeposit held in escrow until closing then applied to purchase price.\n\n| 2009     | 2008\n--------------------------------- | -------- | --------\nacquired rights to use technology | $ 84313  | $ 90643\ninvestments                       | 63526    | 76589\nsecurity and other deposits       | 11692    | 16087\nprepaid royalties                 | 12059    | 9026\ndeferred compensation plan assets | 9045     | 7560\nrestricted cash                   | 4650     | 7361\nprepaid land lease                | 3209     | 3185\nprepaid rent                      | 1377     | 2658\nother                             | 1394     | 3420\nother assets                      | $ 191265 | $ 216529"
}
{
    "_id": "dd4bf03ea",
    "title": "",
    "text": "company has restricted stock plan for non-employee directors reserves for issuance of 300000 shares of company 2019s common stock.\n no restricted shares issued in 2009.\n company has directors 2019 deferral plan provides means to defer director compensation from time to time on deferred stock or cash basis.\n as of september 30 , 2009  86643 shares held in trust 4356 shares represented directors 2019 compensation in 2009 with provisions plan.\n under plan unfunded directors have unsecured contractual commitment from company.\n has deferred compensation plan allows highly-compensated employees including executive officers to defer salary annual incentive awards and equity-based compensation.\n as of september 30 , 2009 557235 shares were issuable under this plan.\n note 16 2014 earnings per share weighted average common shares used in computations of basic and diluted earnings per share for years ended september 30 were as follows:.\n average common and equivalent shares outstanding 2014 assuming dilution.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 246798 252681 254810 note 17 2014 segment data company 2019s organizational structure based upon three principal business segments : medical ( 201cmedical 201d diagnostics ( 201cdiagnostics 201d ) and biosciences ( 201cbiosciences 201d ).\nprincipal product lines in medical segment include needles  syringes intravenous catheters for medication delivery ; safety-engineered auto-disable devices ; prefilled iv flush syringes ; syringes pen needles for self-injection of insulin other drugs in treatment diabetes ; prefillable drug delivery devices pharmaceutical companies sold end-users as drug/device combinations ; surgical blades/scalpels regional anesthesia needles trays critical care monitoring devices ophthalmic surgical instruments sharps disposal containers.\n principal products services in diagnostics segment include integrated systems for specimen collection ; safety-engineered specimen blood collection products systems ; plated media automated blood culturing systems molecular testing systems for sexually transmitted diseases healthcare-associated infections microorganism identification drug susceptibility systems liquid-based cytology systems for cervical cancer screening rapid diagnostic assays.\n principal product lines biosciences segment include fluorescence activated cell sorters analyzers ; cell imaging systems monoclonal antibodies kits for cell analysis reagent systems for life sciences research tools drug discovery growth of tissue cells cell culture media supplements for biopharmaceutical manufacturing diagnostic assays.\n company evaluates performance business segments based operating income.\n segment operating income represents revenues reduced by product costs operating expenses.\n company hedges against forecasted sales of u. s. -produced products sold outside united states.\n gains losses associated with foreign currency translation hedges reported in segment revenues based upon proportionate share of international sales of u. s. -produced products.\n becton , dickinson company notes to consolidated financial statements 2014 ( )\n\n| 2009   | 2008   | 2007\n----------------------------------------------------------------------------- | ------ | ------ | ------\naverage common shares outstanding                                             | 240479 | 244323 | 244929\ndilutive share equivalents from share-based plans                             | 6319   | 8358   | 9881\naverage common and common equivalent sharesoutstanding 2014 assuming dilution | 246798 | 252681 | 254810"
}
{
    "_id": "dd4c47582",
    "title": "",
    "text": "retail electric price variance due to increase in formula rate plan revenues implemented with first billing cycle of march 2016 collect estimated first-year revenue requirement related to purchase of power blocks 3 and 4 of union power station march 2016 provision recorded 2016 related to settlement of waterford 3 replacement steam generator prudence review proceeding.\n see note 2 to financial statements for discussion of formula rate plan revenues waterford 3 replacement steam generator prudence review proceeding.\n louisiana act 55 financing savings obligation variance results from regulatory charge recorded in 2016 for tax savings shared with customers per agreement approved by lpsc.\n tax savings resulted from 2010-2011 irs audit settlement on treatment louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike.\n see note 3 to financial statements for discussion settlement benefit sharing.\n volume/weather variance due to effect of less favorable weather on residential and commercial sales decreased usage during unbilled sales period.\n decrease partially offset by increase of 1237 gwh  or 4% ( 4 % ) in industrial usage due to increase in demand from existing customers expansion projects in chemicals industry.\n 2016 compared to 2015 net revenue consists of operating revenues net of fuel , fuel-related expenses  gas purchased for resale 2 purchased power expenses  3 other regulatory charges.\n analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance due to increase in formula rate plan revenues implemented with first billing cycle of march 2016 collect estimated first-year revenue requirement related to purchase of power blocks 3 and 4 union power station.\n see note 2 to financial statements for further discussion.\nvolume/weather variance primarily due to effect less favorable weather on residential sales partially offset by increase in industrial usage increase volume during unbilled period.\n increase in industrial usage due to increased demand from new customers expansion projects primarily in chemicals industry.\n louisiana act 55 financing savings obligation variance results from regulatory charge for tax savings shared with customers per agreement approved by lpsc.\n tax savings resulted from 2010-2011 irs audit settlement on treatment louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike.\n see note 3 to financial statements for additional discussion of settlement benefit sharing.\n included in provision of $ 23 million recorded in 2016 related to settlement of waterford 3 replacement steam generator prudence review proceeding offset by provision of $ 32 million recorded in 2015 related to uncertainty associated with resolution of waterford 3 replacement steam generator prudence entergy louisiana, llc subsidiaries management 2019s financial discussion and analysis\n\n| amount ( in millions )\n--------------------------------------------- | ----------------------\n2015 net revenue                              | $ 2408.8\nretail electric price                         | 62.5\nvolume/weather                                | -6.7 ( 6.7 )\nlouisiana act 55 financing savings obligation | -17.2 ( 17.2 )\nother                                         | -9.0 ( 9.0 )\n2016 net revenue                              | $ 2438.4"
}
{
    "_id": "dd4b97e7a",
    "title": "",
    "text": "consolidated financial statements 2013 amounts in millions except per share amounts assumptions affect estimate fair value results operations impacted.\n no stock options granted during years ended december 31 2015 and 2014.\n weighted-average grant-date fair value per option year ended december 31 2013 was $ 4. 14.\n fair value of each option grant estimated with weighted-average assumptions.\n expected volatility 1.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 40. 2% ( 40. 2 % ) expected term ( years ) 2.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 6. 9 risk-free interest rate 3.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1. 3% ( 1. 3 % ) expected dividend yield 4.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2. 4% ( 2. 4 % ) 1 expected volatility to estimate fair value of stock options based on blend of historical volatility of common stock for periods equal expected term stock options implied volatility of tradable forward put call options to purchase and sell shares common stock.\n2 estimate of expected term based on average of i ) assumption all outstanding options exercised upon achieving full vesting date and ii ) assumption all outstanding options exercised at midpoint between current date (. date awards have ratably vested through ) and full contractual term.\n determining estimate considered several factors including historical option exercise behavior of employees terms and vesting periods of options.\n risk-free interest rate determined using implied yield available for zero-coupon u. s.\n government issuers with remaining term equal to expected term of options.\n 4 expected dividend yield calculated based on annualized dividend of $ 0. 30 per share in 2013.\n stock-based compensation we grant other stock-based compensation awards stock-settled awards, cash-settled awards performance- based awards ( settled in cash or shares ) to certain key employees.\n number of shares or units received by employee for performance-based awards depends on company performance against specific performance targets could range from 0% ( 0 % ) to 300% ( 300 % ) of target amount of shares originally granted.\n incentive awards subject to restrictions and vesting requirements as determined by compensation committee.\n fair value of shares on grant date amortized over vesting period generally three years.\n upon completion of vesting period for cash-settled awards grantee entitled to receive payment in cash based on fair market value of corresponding number of shares of common stock.\n no monetary consideration paid by recipient for any incentive award.\n fair value of cash-settled awards adjusted each quarter based on share price.\n holders of stock-settled awards have absolute ownership interest in underlying shares of common stock prior to vesting includes right to vote and receive dividends.\n dividends declared on common stock accrued during vesting period and paid when award vests.\nholders of cash-settled performance-based awards have no ownership interest in underlying shares of common stock until awards vest shares common stock are issued.\n\n| year ended december 31 2013\n------------------------- | ---------------------------\nexpected volatility1      | 40.2% ( 40.2 % )\nexpected term ( years ) 2 | 6.9\nrisk-free interest rate3  | 1.3% ( 1.3 % )\nexpected dividend yield4  | 2.4% ( 2.4 % )"
}
{
    "_id": "dd4c39c3e",
    "title": "",
    "text": "contribution incurred in 2013 foreign currency remeasurement partially offset by $ 50 million reduction of indemnification asset.\n adjusted.\n expense increased $ 362 million or 6% ( 6 % ) to $ 6518 million in 2014 from $ 6156 million in 2013.\n increase in total expense attributable to higher employee compensation benefits direct fund expense.\n amounts related to reduction of indemnification asset charitable contribution excluded from adjusted results.\n 2013 compared with 2012.\n expense increased $ 510 million or 9% ( 9 % ) from 2012 reflecting higher revenue-related expense $ 124 million expense related to charitable contribution.\n employee compensation benefits expense increased $ 273 million or 8% ( 8 % ) to $ 3560 million in 2013 from $ 3287 million in 2012 reflecting higher headcount higher incentive compensation driven by higher operating income higher performance fees.\n employees at december 31 , 2013 totaled approximately 11400 compared with 10500 at december 31 2012.\n distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012.\n costs included payments to bank of america/merrill lynch global distribution agreement payments to pnc other third parties associated with distribution servicing of client investments in blackrock products.\n distribution servicing costs for 2013 and 2012 included $ 184 million and $ 195 million attributable to bank of america/merrill lynch.\n direct fund expense increased $ 66 million reflecting higher average aum related to ishares blackrock pays certain nonadvisory expense funds.\n general and administration expense increased $ 181 million driven by $ 124 million expense related to charitable contribution higher marketing promotional costs lease exit costs.\n full year 2012 included one-time $ 30 million contribution to stifs.\nadjusted.\n expense  increased $ 393 million or 7% ( 7 % ) to $ 6156 million in 2013 from $ 5763 million 2012.\n increase total expense primarily attributable to higher employee compensation benefits direct fund expense general administration expense.\n nonoperating results income expense ) less net income ( loss ) attributable to nci for 2014 2013 2012 follows : ( in millions ) 2014 2013 2012 nonoperating income expense ) $ ( 79 ) $ 116 $ ( 54 ) less net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income ( expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related to charitable contribution 2014 ( 80 ) 2014 compensation expense related to appreciation ) depreciation on deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income ( expense ) adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) included losses of $ 41 million and $ 38 million attributable to consolidated variable interest entities for 2014 2012.\n during 2013 company record nonoperating income ( loss ) or net income ( loss ) attributable to vies on consolidated statements of income.\n 2 ) net net income ( loss ) attributable to nci.\n contribution incurred in 2013 foreign currency remeasurement partially offset by $ 50 million reduction of indemnification asset.\n adjusted.\n expense increased $ 362 million or 6% ( 6 % ) to $ 6518 million in 2014 from $ 6156 million 2013.\n increase in total expense primarily attributable to higher employee compensation benefits direct fund expense.\n amounts related to reduction of indemnification asset charitable contribution excluded from adjusted results.\n 2013 compared with 2012.\nexpense increased $ 510 million or 9% ( 9 % )  from 2012 reflecting higher revenue-related expense $ 124 million expense to charitable contribution.\n employee compensation and benefits expense increased $ 273 million or 8% ( 8 % ) to $ 3560 million in 2013 from $ 3287 million in 2012 reflecting higher headcount higher incentive compensation driven by higher operating income higher performance fees.\n employees at december 31 , 2013 totaled approximately 11400 compared with 10500 at december 2012.\n distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012.\n costs included payments to bank of america/merrill lynch payments to pnc  other third parties associated with distribution servicing of client investments in blackrock products.\n distribution and servicing costs for 2013 and 2012 included $ 184 million and $ 195 million attributable to bank of america/merrill lynch.\n direct fund expense increased $ 66 million reflecting higher average aum related to ishares  blackrock pays nonadvisory expense funds.\n general and administration expense increased $ 181 million driven by $ 124 million expense to charitable contribution higher marketing and promotional costs lease exit costs.\n full year 2012 included one-time $ 30 million contribution to stifs.\n adjusted.\n expense  increased $ 393 million or 7% ( 7 % ) to $ 6156 million in 2013 from $ 5763 million in 2012.\n increase in total expense attributable to higher employee compensation and benefits direct fund expense general and administration expense.\nnonoperating results income expense ) less net income loss ) to nci for 2014 2013 2012 : in millions ) 2014 2013 2012 nonoperating income expense ) gaap basis $ ( 79 ) $ 116 $ ( 54 ) less net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related charitable contribution 2014 ( 80 ) 2014 compensation expense related appreciation depreciation deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income expense ) adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) amounts included losses of $ 41 million and $ 38 million consolidated variable interest entities ( ) for 2014 2012 .\n 2013  company record nonoperating income loss or net income ( loss ) vies consolidated statements income.\n ( 2 ) net net income ( loss ) attributable to nci.\n\n( in millions )                                                                              | 2014         | 2013       | 2012\n-------------------------------------------------------------------------------------------- | ------------ | ---------- | ------------\nnonoperating income ( expense ) gaap basis                                                   | $ -79 ( 79 ) | $ 116      | $ -54 ( 54 )\nless : net income ( loss ) attributableto nci ( 1 )                                          | -30 ( 30 )   | 19         | -18 ( 18 )\nnonoperating income ( expense ) ( 2 )                                                        | -49 ( 49 )   | 97         | -36 ( 36 )\ngain related to the charitable contribution                                                  | 2014         | -80 ( 80 ) | 2014\ncompensation expense related to ( appreciation ) depreciation on deferred compensation plans | -7 ( 7 )     | -10 ( 10 ) | -6 ( 6 )\nnonoperating income ( expense ) asadjusted ( 2 )                                             | $ -56 ( 56 ) | $ 7        | $ -42 ( 42 )"
}
{
    "_id": "dd4980f7e",
    "title": "",
    "text": "54| duke realty corporation annual report 2009 net income ( loss ) per common share basic net income loss ) per common computed by dividing net income ( loss ) attributable to common shareholders less dividends on share-based awards expected to vest by weighted average number of common shares outstanding for period.\n diluted net income ( loss ) per common share computed by dividing sum of basic net income loss ) attributable to common shareholders and noncontrolling interest in earnings allocable to units not owned by us units dilutive ) by sum of weighted average number of common shares outstanding and limited partnership units outstanding potential dilutive securities for period.\n during first quarter of 2009  adopted new accounting standard ( fasb asc 260-10 ) on participating securities applied retrospectively to prior period calculations of basic and diluted earnings per common share.\n new standard certain share-based awards considered participating securities earn dividend equivalents not forfeited even if underlying award does not vest.\n following table reconciles components of basic and diluted net income ( loss ) per common share ( in thousands ) :.\n weighted average number of common shares and potential diluted securities 201206 154553 149250 ( 1 ) partnership units anti-dilutive for year ended december 31 , 2009 result of net loss for period.\n 6687 units ( in thousands ) excluded from weighted average number of common shares and potential dilutive securities for year ended december 31 , 2009 $ 11099 noncontrolling interest in earnings of common unitholders thousands ) excluded from diluted net loss attributable to common shareholders for year ended december 31 , 2009.\n( 2 ) excludes in thousands of shares ) 7872 ; 8219 1144 anti-dilutive shares for years ended december 31 , 2009 , 2008 2007 , respectively related to stock-based compensation plans.\n also excludes thousands shares ) exchangeable notes have 8089 ; 11771 11751 of anti-dilutive shares for years ended december 31, 2009 , 2008 2007  respectively.\n federal income taxes elected to be taxed as real estate investment trust ( 201creit 201d ) under internal revenue code of 1986 , as amended.\n to qualify as reit , must meet organizational operational requirements including requirement to distribute least 90% ( 90 % ) of adjusted taxable income to stockholders.\n management intends to continue adhere to these requirements maintain reit status.\n as reit entitled to tax deduction for some or all dividends we pay to shareholders.\n accordingly generally not subject to federal income taxes as long as distribute amount equal to or in excess of taxable income currently to shareholders.\n also generally subject to federal income taxes on any taxable income not currently distributed to shareholders.\n if fail to qualify as a reit in taxable year subject to federal income taxes may not able to qualify as a reit for four subsequent taxable years.\n reit qualification reduces but does not eliminate amount of state and local taxes we pay.\n financial statements include operations of taxable corporate subsidiaries not entitled to dividends paid deduction subject to corporate federal , state local income taxes.\n as reit  we may also be subject to certain federal excise taxes if engage in certain types of transactions.\n\n| 2009                 | 2008           | 2007\n-------------------------------------------------------------------------- | -------------------- | -------------- | --------------\nnet income ( loss ) attributable to common shareholders                    | $ -333601 ( 333601 ) | $ 50408        | $ 211942\nless : dividends on share-based awards expected to vest                    | -1759 ( 1759 )       | -1631 ( 1631 ) | -1149 ( 1149 )\nbasic net income ( loss ) attributable to common shareholders              | -335360 ( 335360 )   | 48777          | 210793\nnoncontrolling interest in earnings of common unitholders ( 1 )            | -                    | 2640           | 13998\ndiluted net income ( loss ) attributable to common shareholders            | $ -335360 ( 335360 ) | $ 51417        | $ 224791\nweighted average number of common shares outstanding                       | 201206               | 146915         | 139255\nweighted average partnership units outstanding                             | -                    | 7619           | 9204\nother potential dilutive shares ( 2 )                                      | -                    | 19             | 791\nweighted average number of common shares and potential dilutive securities | 201206               | 154553         | 149250"
}
{
    "_id": "dd4c24b7c",
    "title": "",
    "text": "fair value of grants receivable determined using discounted cash flow model discounts future cash flows using appropriate yield curve.\n as of december 28 , 2013  and december 29 , 2012  carrying amount of grants receivable classified within other current assets and long-term assets , applicable.\n our long-term debt recognized at amortized cost comprised of senior notes and convertible debentures.\n fair value of senior notes determined using active market prices classified as level 1.\n fair value of convertible long-term debt determined using discounted cash flow models with observable market inputs consideration variables interest rate changes , comparable securities , subordination discount  credit-rating changes  classified as level 2.\n nvidia corporation ( nvidia ) cross-license agreement liability in preceding table incurred as result of entering long-term patent cross-license agreement with nvidia in january 2011.\n agreed to make payments to nvidia over six years.\n as of december 28 , 2013 , and december 29 , 2012  carrying amount of liability arising from agreement classified within other accrued liabilities and other long-term liabilities  applicable.\n fair value determined using discounted cash flow model discounts future cash flows using incremental borrowing rates.\n note 5 : cash and investments cash investments at end of each period were as follows : ( in millions ) dec 28 , dec 29.\n in third quarter of 2013  sold shares in clearwire corporation , accounted for as available-for-sale marketable equity securities , and interest in clearwire communications , llc ( clearwire llc )  accounted for as equity method investment.\ntotal received proceeds $ 470 million on transactions recognized gain $ 439 million included in gains ( losses ) on equity investments net on consolidated statements of income.\n proceeds received gains recognized for each investment included in \"available-for-sale investments\" and \"equity method investments\" sections follow.\n table of contents intel corporation notes to consolidated financial statements ( continued )\n\n( in millions )                        | dec 282013 | dec 292012\n-------------------------------------- | ---------- | ----------\navailable-for-sale investments         | $ 18086    | $ 14001\ncash                                   | 854        | 593\nequity method investments              | 1038       | 992\nloans receivable                       | 1072       | 979\nnon-marketable cost method investments | 1270       | 1202\nreverse repurchase agreements          | 800        | 2850\ntrading assets                         | 8441       | 5685\ntotal cash and investments             | $ 31561    | $ 26302"
}
{
    "_id": "dd497d504",
    "title": "",
    "text": "2014 compared to 2013 mst 2019s net sales decreased $ 305 million  or 3% ( 3 % )  2014.\n net sales decreased $ 305 million due to wind-down completion of c4isr programs primarily ptds ) ; $ 85 million for undersea systems programs due to decreased volume deliveries $ 55 million related to settlements of contract cost matters on programs in 2013 not repeated in 2014 ( including terminated presidential helicopter program ).\n decreases partially offset by higher net sales of $ 80 million for integrated warfare systems and sensors programs due to increased volume primarily space fence ) $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ).\n mst 2019s operating profit decreased $ 129 million or 12% ( 12 % )  in 2014 2013.\n decrease primarily attributable to lower operating profit of $ 120 million related to settlements of contract cost matters on programs in 2013 not repeated in 2014 including terminated presidential helicopter program ) $ 55 million due to lower c4isr program sales performance matters on international program $ 45 million due to higher reserves on training and logistics solutions programs.\n decreases partially offset by higher operating profit of $ 45 million for performance matters and reserves recorded in 2013 not repeated in 2014 $ 60 million for programs due to increased risk retirements ( including mh-60 and radar surveillance programs ).\n adjustments not related to volume  including net profit booking rate adjustments other matters approximately $ 85 million lower for 2014 compared to 2013.\n backlog backlog increased in 2015 compared to 2014 primarily due to addition of sikorsky backlog  higher orders on new program starts ( australian defence force pilot training system ).\n backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( space fence ).\nexpect mst 2019s 2016 net sales to increase mid-double digit percentage range compared to 2015 net sales due to inclusion sikorsky programs year partially offset by decline in volume due to wind-down or completion of certain programs.\n operating profit expected equivalent to 2015 on higher volume operating margin expected decline due to costs associated sikorsky acquisition including impact purchase accounting adjustments integration costs inherited restructuring costs with actions committed sikorsky prior to acquisition.\n space systems business segment engaged in research development design engineering production of satellites  strategic defensive missile systems space transportation systems.\n systems provides network-enabled situational awareness integrates complex global systems help customers gather analyze distribute critical intelligence data.\n responsible for classified systems services support vital national security systems.\n space systems 2019 major programs include trident ii d5 fleet ballistic missile ( fbm ) orion  space based infrared system ( sbirs )  aehf  gps-iii  geostationary operational environmental satellite r-series ( goes )  muos.\n operating profit for space systems business segment includes share of earnings for investment in ula  provides expendable launch services to u. s.\n government.\n space systems 2019 operating results included in millions ).\n 2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million  or 1% ( 1 % )  compared to 2014.\n decrease attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) wind-down or completion of mission solutions programs approximately $ 55 million for strategic missile and defense systems due to lower volume.\n decreases partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 approximately $ 75 million for orion program due to increased volume.\n\n| 2015             | 2014             | 2013\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 9105           | $ 9202           | $ 9288\noperating profit    | 1171             | 1187             | 1198\noperating margins   | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % )\nbacklog at year-end | $ 17400          | $ 20300          | $ 21400"
}
{
    "_id": "dd497c870",
    "title": "",
    "text": "increased investment in programming support subscriber growth  higher offer costs continued investment in presto  partially offset by lower depreciation expense from foxtel 2019s reassessment of useful lives of cable and satellite installations.\n net income decreased of lower operating income partially offset by lower income tax expense.\n other equity affiliates , net for fiscal year ended june 30 , 2016 includes losses primarily from company 2019s interests in draftstars and elara technologies  owns proptiger.\n interest  net 2014interest , net for fiscal year ended june 30 , 2016 decreased $ 13 million, or 23% ( 23 % ) compared to fiscal 2015 primarily due to negative impact of foreign currency fluctuations and interest expense associated with rea facility.\n ( see note 9 to consolidated financial statements ).\n other net 2014 for fiscal years ended june 30.\n rea group recognized gain of $ 29 million from revaluation of previously held equity interest in iproperty during fiscal year ended june 30 , 2016.\n see note 3 to consolidated financial statements ).\n company recorded write-offs and impairments of certain investments in fiscal years ended june 30 , 2016 and 2015.\n write-offs impairments taken result of deteriorating financial position of investee or due to other-than-temporary impairment from sustained losses limited prospects for recovery.\n see note 6 to consolidated financial statements. in august 2014  rea group completed sale of minority interest in marketable securities for total cash consideration of $ 104 million.\n sale rea group recognized pre-tax gain of $ 29 million reclassified out of accumulated other comprehensive income included in other , net in statement of operations.\nincome tax benefit ( expense ) 2014the company 2019s income tax benefit and effective tax rate for fiscal year ended june 30  2016 were $ 54 million and ( 30% ( 30 % ) )  respectively compared to income tax expense and effective tax rate of $ 185 million and 34% ( 34 % )  for fiscal 2015.\n fiscal years ended june 30  2016 company recorded tax benefit of $ 54 million on pre-tax income of $ 181 million effective tax rate lower than u. s.\n statutory tax.\n lower tax rate due to tax benefit of approximately $ 106 million related to release of established valuation allowances certain u.\n federal net operating losses and state deferred tax assets.\n benefit recognized with management 2019s plan to dispose of company 2019s digital education business in first quarter of fiscal 2016  company expects to generate sufficient.\n taxable income to utilize deferred tax assets prior to expiration.\n effective tax rate impacted by $ 29 million non-taxable gain from revaluation of rea group 2019s previously equity interest in iproperty.\n for fiscal year ended june 30 , 2015 company 2019s effective tax rate lower than u.\n statutory tax rate due to impact from foreign operations subject to lower tax rates partially offset by impact of nondeductible items and changes in accrued liabilities for uncertain tax positions.\n ( see note 18 to consolidated financial statements ).\n\n( in millions )                                                       | for the fiscal years ended june 30 , 2016 | for the fiscal years ended june 30 , 2015\n--------------------------------------------------------------------- | ----------------------------------------- | -----------------------------------------\ngain on iproperty transaction ( a )                                   | $ 29                                      | $ 2014\nimpairment of marketable securities and cost method investments ( b ) | -21 ( 21 )                                | -5 ( 5 )\ngain on sale of marketable securities ( c )                           | 2014                                      | 29\ndividends received from cost method investments                       | 2014                                      | 25\ngain on sale of cost method investments                               | 2014                                      | 15\nother                                                                 | 10                                        | 11\ntotal other net                                                       | $ 18                                      | $ 75"
}
{
    "_id": "dd497edaa",
    "title": "",
    "text": "future minimum lease commitments under leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31:.\n rental expense for operating leases was approximately $ 66. 9 million , $ 57. 2 million and $ 49. 0 million during years ended december 31 , 2010 , 2009 and 2008 , respectively.\n in connection with acquisitions of businesses , we entered agreements with sellers of businesses , some became stockholders of acquisitions for lease of certain properties used in our operations.\n typical lease terms include initial term of five years  three to five five-year renewal options and purchase options various times throughout lease periods.\n we maintain right of first refusal concerning sale of leased property.\n lease payments to employee who became officer of company after acquisition business were approximately $ 1. 0 million , $ 0. 9 million and $ 0. 9 million during each years ended december 31 , 2010 , 2009 and 2008 ,.\n we guarantee residual values of majority of truck and equipment operating leases.\n residual values decline over lease terms to defined percentage of original cost.\n in event lessor not realize residual value when equipment is sold we be responsible for portion of shortfall.\n if lessor realizes more than residual value when equipment is sold  we would be paid amount realized over residual value.\n had terminated all operating leases subject to guarantees at december 31 , 2010 , guaranteed residual value would have totaled approximately $ 31. 4 million.\n not recorded a liability for guaranteed residual value of equipment under operating leases as recovery on disposition of equipment under leases expected to approximate guaranteed residual value.\nlitigation related contingencies in december 2005 may 2008 , ford global technologies , llc filed complaints with international trade commission against us others alleging certain aftermarket parts imported into u. s.\n infringed on ford design patents.\n parties settled matters in april 2009 settlement arrangement expires september 2011.\n pursuant settlement  we ( and our designees ) became sole distributor in u. s.\n of aftermarket automotive parts correspond to ford collision parts covered by u. s.\n design patent.\n we paid ford upfront fee for rights will pay royalty for each such part we sell.\n amortization of upfront fee royalty expenses reflected in cost of goods sold on accompanying consolidated statements of income.\n have certain other contingencies resulting from litigation , claims other commitments subject to variety of environmental pollution control laws regulations incident to ordinary course of business.\n expect resolution of contingencies will not materially affect our financial position , results of operations or cash flows.\n\n2011                          | $ 62465\n----------------------------- | --------\n2012                          | 54236\n2013                          | 47860\n2014                          | 37660\n2015                          | 28622\nthereafter                    | 79800\nfuture minimum lease payments | $ 310643"
}
{
    "_id": "dd4c501b4",
    "title": "",
    "text": "catlettsburg , kentucky refinery  map completed $ 440 million multi-year investment program to upgrade product yield realizations reduce fixed variable manufacturing expenses.\n program involves expansion , conversion retirement of refinery processing units improving profitability allow refinery begin producing low-sulfur ( tier 2 ) gasoline.\n project startup first quarter of 2004.\n fourth quarter of 2003  map commenced $ 300 million in new capital projects for 74000 bpd detroit , michigan refinery.\n one projects $ 110 million expansion project , expected to raise crude oil capacity refinery by 35 percent to 100000 bpd.\n other projects expected to enable refinery produce new clean fuels control regulated air emissions.\n completion of projects scheduled for fourth quarter of 2005.\n marathon will loan map funds necessary for upgrade expansion projects.\n marketing in 2003  map 2019s refined product sales volumes ( excluding matching buy/sell transactions ) totaled 19. 8 billion gallons ( 1293000 bpd ).\n excluding sales related to matching buy/sell transactions  wholesale distribution of petroleum products to private brand marketers large commercial industrial consumers primarily located in midwest, upper great plains southeast  sales in spot market  accounted for 70 percent of map 2019s refined product sales volumes in 2003.\n approximately 50 percent of map 2019s gasoline volumes 91 percent of distillate volumes sold wholesale or spot market basis to independent unbranded customers or other wholesalers in 2003.\n approximately half of map 2019s propane sold into home heating markets industrial consumers purchase balance.\n propylene , cumene , aromatics , aliphatics , sulfur marketed to customers in chemical industry.\n base lube oils slack wax sold throughout united states.\n pitch sold domestically approximately 13 percent pitch products exported into growing markets canada mexico india south america.\n map markets asphalt through owned leased terminals throughout midwest southeast.\n map customer base includes approximately 900 asphalt-paving contractors government entities ( states counties cities townships ) asphalt roofing shingle manufacturers.\n following table volume of map 2019s consolidated refined product sales by product group for last three years : refined product sales ( thousands of barrels per day ) 2003 2002 2001.\n map sells reformulated gasoline in marketing territory primarily chicago , illinois louisville , kentucky northern kentucky milwaukee , wisconsin.\n map sells low-vapor-pressure gasoline in nine states.\n as of december 31 , 2003  map supplied petroleum products to approximately 3900 marathon ashland branded retail outlets primarily in michigan , ohio indiana kentucky illinois.\n branded retail outlets also located in florida , georgia , wisconsin , west virginia, minnesota, tennessee, virginia pennsylvania north carolina south carolina alabama.\n\n( thousands of barrels per day )            | 2003 | 2002 | 2001\n------------------------------------------- | ---- | ---- | ----\ngasoline                                    | 776  | 773  | 748\ndistillates                                 | 365  | 346  | 345\npropane                                     | 21   | 22   | 21\nfeedstocks and special products             | 97   | 82   | 71\nheavy fuel oil                              | 24   | 20   | 41\nasphalt                                     | 74   | 75   | 78\ntotal                                       | 1357 | 1318 | 1304\nmatching buy/sell volumes included in above | 64   | 71   | 45"
}
{
    "_id": "dd4bca050",
    "title": "",
    "text": "entergy corporation subsidiaries notes financial statements entergy new orleans securitization bonds - hurricane isaac may 2015 city council issued financing order authorizing issuance securitization bonds to recover entergy new orleans 2019s hurricane isaac storm restoration costs $ 31. 8 million  including carrying costs costs funding replenishing storm recovery reserve $ 63. 9 million  approximately $ 3 million up-front financing costs associated securitization.\n july 2015  entergy new orleans storm recovery funding l. c. company wholly owned consolidated by entergy new orleans issued $ 98. 7 million storm cost recovery bonds.\n bonds have coupon 2. 67% ( 2. 67 % ) expected maturity date june 2024.\n principal amount not due until date given above entergy new orleans storm recovery funding expects make principal payments on bonds over next five years amounts $ 11. 4 million for 2016 , $ 10. 6 million for 2017 , $ 11 million for 2018 , $ 11. 2 million for 2019  $ 11. 6 million for 2020.\n proceeds  entergy new orleans storm recovery funding purchased from entergy new orleans storm recovery property  right to recover from customers through storm recovery charge amounts sufficient service securitization bonds.\n storm recovery property reflected as regulatory asset on consolidated entergy new orleans balance sheet.\n creditors of entergy new orleans do not have recourse to assets or revenues of entergy new orleans storm recovery funding including storm recovery property creditors entergy storm recovery funding not recourse assets revenues entergy new orleans.\n entergy new orleans has no payment obligations to entergy new orleans storm recovery funding except remit storm recovery charge collections.\nentergy texas securitization bonds - hurricane rita april 2007 puct issued financing order authorizing issuance securitization bonds to recover $ 353 million entergy texas 2019s hurricane rita reconstruction costs up $ 6 million transaction costs offset by $ 32 million related deferred income tax benefits.\n june 2007  entergy gulf states reconstruction funding i , llc  company now wholly-owned consolidated by entergy texas  issued $ 329. 5 million senior secured transition bonds ( securitization bonds ) : amount ( in thousands ).\n principal amount each tranche not due until dates given above entergy gulf states reconstruction funding expects make principal payments on bonds over next five years amounts $ 26 million for 2016 , $ 27. 6 million for 2017 , $ 29. 2 million for 2018 , $ 30. 9 million for 2019  $ 32. 8 million for 2020.\n all scheduled principal payments for 2016 for tranche a-2 , $ 23. 6 million scheduled principal payments 2017 for tranche a-2 $ 4 million scheduled principal payments 2017 for tranche a-3.\n all scheduled principal payments for 2018-2020 for tranche a-3.\n proceeds entergy gulf states reconstruction funding purchased from entergy texas transition property  right to recover from customers through transition charge amounts sufficient to service securitization bonds.\n transition property reflected as regulatory asset on consolidated entergy texas balance sheet.\n creditors of entergy texas not have recourse to assets or revenues of entergy gulf states reconstruction funding  including transition property  creditors entergy gulf not recourse assets or revenues entergy texas.\n entergy texas has no payment obligations to entergy gulf states reconstruction funding except remit transition charge collections.\n\n| amount ( in thousands )\n------------------------------------------------- | -----------------------\nsenior secured transition bonds series a:         |\ntranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013 | $ 93500\ntranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018 | 121600\ntranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022    | 114400\ntotal senior secured transition bonds             | $ 329500"
}
{
    "_id": "dd4bbd79c",
    "title": "",
    "text": "performance graph graph compares return on lilly stock with standard & poor 2019s 500 stock index peer group for years 2014 through 2018.\n graph assumes on december 31 , 2013  person invested $ 100 each in lilly stock , s&p 500 stock index peer groups' common stock.\n graph measures total shareholder return  takes account stock price and dividends.\n assumes dividends paid by company are reinvested in company 2019s stock.\n value of $ 100 invested on last business day of 2013 comparison of five-year cumulative total return among lilly , s&p 500 stock index  peer group ( 1 ).\n 1 constructed peer group as industry index for graph.\n comprises companies in pharmaceutical biotech industries used to benchmark compensation of executive officers for 2018 : abbvie inc. amgen inc. astrazeneca plc baxter international inc. biogen idec inc. bristol-myers squibb company celgene corporation ; gilead sciences inc. glaxosmithkline plc johnson & johnson ; medtronic plc ; merck & co. , inc. novartis ag. pfizer inc. roche holdings ag ; sanofi ; shire plc.\n\n| lilly    | peer group | s&p 500\n------ | -------- | ---------- | --------\ndec-13 | $ 100.00 | $ 100.00   | $ 100.00\ndec-14 | $ 139.75 | $ 114.39   | $ 113.69\ndec-15 | $ 175.21 | $ 116.56   | $ 115.26\ndec-16 | $ 157.03 | $ 112.80   | $ 129.05\ndec-17 | $ 185.04 | $ 128.90   | $ 157.22\ndec-18 | $ 259.88 | $ 136.56   | $ 150.33"
}
{
    "_id": "dd4b89942",
    "title": "",
    "text": "purchases of equity securities table provides information about our repurchases of common stock registered pursuant to section 12 of securities exchange act of 1934 during quarter ended december 31 , 2014.\n period ( a ) number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs ( b ) amount available for future share repurchases under plans or programs b ) ( in millions ).\n total 1269242 ( c ) $ 185. 23 1212228 $ 3671 we close books and records on last sunday of each month to align financial closing with business processes except for month of december fiscal year ends on december 31.\n fiscal months differ from calendar months.\n for september 29 , 2014 was first day of october 2014 fiscal month.\n in october 2010  board of directors approved share repurchase program authorized to repurchase common stock in privately negotiated transactions or in open market at prices per share not exceeding then-current market prices.\n on september 25 , 2014  board of directors authorized $ 2. 0 billion increase to program.\n management has discretion to determine dollar amount of shares to be repurchased and timing of repurchases in compliance with applicable law and regulation.\n may make purchases under program pursuant to rule 10b5-1 plans.\n program does not expiration date.\n during quarter ended december 31 , 2014  total number of shares purchased included 57014 shares transferred to us by employees in satisfaction of minimum tax withholding obligations associated with vesting of restricted stock units.\n these purchases were made separate authorization by board of directors not included within program.\n\nperiod ( a )                           | total number of shares purchased | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( b ) | amount available for future share repurchases under the plans or programs ( b ) ( in millions )\n-------------------------------------- | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------\nseptember 29 2014 2013 october 26 2014 | 399259                           | $ 176.96                     | 397911                                                                                 | $ 3825\noctober 27 2014 2013 november 30 2014  | 504300                           | $ 187.74                     | 456904                                                                                 | $ 3739\ndecember 1 2014 2013 december 31 2014  | 365683                           | $ 190.81                     | 357413                                                                                 | $ 3671\ntotal                                  | 1269242 ( c )                    | $ 185.23                     | 1212228                                                                                | $ 3671"
}
{
    "_id": "dd4975d4a",
    "title": "",
    "text": "marathon oil corporation notes consolidated financial statements $ 446 million present value of net minimum capital lease payments, $ 53 million related to obligations assumed by united states steel under financial matters agreement.\n operating lease rental expense was : ( in millions ) 2009 2008 2007 minimum rental ( a ) $ 238 $ 245 $ 209.\n ( a ) excludes $ 3 million , $ 5 million $ 8 million paid by united states steel in 2009 , 2008 2007 on assumed leases.\n 26.\n commitments contingencies subject of party to pending or threatened legal actions  contingencies commitments involving variety of matters including laws regulations relating to environment.\n certain matters discussed below.\n ultimate resolution of contingencies could or be material to consolidated financial statements.\n management believes we will remain viable competitive enterprise possible contingencies could be resolved unfavorably.\n environmental matters 2013 subject to federal , state local foreign laws regulations relating to environment.\n laws provide for control of pollutants released environment require responsible parties undertake remediation of hazardous waste disposal sites.\n penalties may be imposed for noncompliance.\n at december 31 , 2009 and 2008 , accrued liabilities for remediation totaled $ 116 million and $ 111 million.\n not possible to estimate ultimate amount of all remediation costs incurred or penalties imposed.\n receivables for recoverable costs from certain states under programs to assist companies in clean-up efforts related to underground storage tanks at retail marketing outlets were $ 59 and $ 60 million at december 31 , 2009 and 2008.\n legal cases 2013 with other refining companies settled lawsuits pertaining to methyl tertiary-butyl ether ( 201cmtbe 201d ) in 2008.\nwe are a defendant  with other refining companies in 27 cases in four states alleging damages for mtbe contamination.\n like cases settled in 2008  12 of remaining cases consolidated in multi-district litigation ( 201cmdl 201d ) in southern district of new york for pretrial proceedings.\n other 15 cases in new york state courts ( nassau and suffolk counties ).\n plaintiffs in 26 of 27 cases allege damages to water supply wells from contamination of groundwater by mtbe similar to damages claimed in cases settled in 2008.\n in remaining case  new jersey department of environmental protection seeking cost of remediating mtbe contamination and natural resources damages from contamination groundwater mtbe.\n we vigorously defending these cases.\n engaged in settlement discussions to majority of cases.\n do not expect our share liability for cases to significantly impact our consolidated results of operations , financial position or cash flows.\n voluntarily discontinued producing mtbe in 2002.\n currently a party to one qui tam case  alleges marathon and other defendants violated false claims act with to reporting and payment of royalties on natural gas and natural gas liquids for federal and indian leases.\n qui tam action is in relator files suit on behalf of himself federal government.\n case currently pending is.\n harrold.\n wright.\n agip petroleum co.\n.\n primarily a gas valuation case.\n marathon reached settlement with relator and doj finalized after indian tribes review and approve settlement terms.\n such settlement not expected to significantly impact our consolidated results of operations , financial position or cash flows.\n guarantees 2013 we provided certain guarantees  direct and indirect of indebtedness of other companies.\nunder terms of most guarantee arrangements, we required to perform should guaranteed party fail to fulfill obligations specified arrangements.\n in addition to financial guarantees we also have various performance guarantees related to specific agreements.\n\n( in millions )      | 2009  | 2008  | 2007\n-------------------- | ----- | ----- | -----\nminimum rental ( a ) | $ 238 | $ 245 | $ 209\ncontingent rental    | 19    | 22    | 33\nnet rental expense   | $ 257 | $ 267 | $ 242"
}
{
    "_id": "dd4c55e7a",
    "title": "",
    "text": "performance graph graph compares yearly change in cumulative total stockholder return for last five full fiscal years  based upon market price of our common stock , with cumulative total return on nasdaq composite index (. s.\n companies ) and peer group , nasdaq medical equipment-sic code 3840-3849 index , of medical equipment companies for period.\n performance graph assumes investment of $ 100 on march 31 , 2007 in our common stock , nasdaq composite index (.\n companies ) peer group index , and reinvestment of any all dividends.\n graph not 201csoliciting material 201d under regulation 14a or 14c of rules under securities exchange act of 1934  not deemed filed with securities and exchange commission not to be incorporated by reference in filings under securities act of 1933 , as amended , or exchange act made before or after date hereof irrespective of general incorporation language in filing.\n transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038  is our stock transfer agent.\n\n| 3/31/2007 | 3/31/2008 | 3/31/2009 | 3/31/2010 | 3/31/2011 | 3/31/2012\n------------------------------------------- | --------- | --------- | --------- | --------- | --------- | ---------\nabiomed inc                                 | 100       | 96.19     | 35.87     | 75.55     | 106.37    | 162.45\nnasdaq composite index                      | 100       | 94.11     | 63.12     | 99.02     | 114.84    | 127.66\nnasdaq medical equipment sic code 3840-3849 | 100       | 82.91     | 41.56     | 77.93     | 94.54     | 74.40"
}
{
    "_id": "dd4ba63da",
    "title": "",
    "text": "customary affirmative and negative covenants events of default for unsecured financing arrangement  including limitations on consolidations  mergers sales of assets.\n financial covenants include maximum leverage ratio of 3. 0 to 1. 0 minimum interest coverage ratio of 3. 5 to 1. 0.\n if fall below investment grade credit rating  additional restrictions result  including restrictions on investments payment of dividends stock repurchases.\n in compliance with all covenants under senior credit facility as of december 31 , 2007.\n commitments under senior credit facility subject to certain fees including facility utilization fee.\n senior credit facility rated a- by standard & poor 2019s ratings services not rated by moody 2019s investors 2019 service , inc.\n available uncommitted credit facilities totaling $ 70. 4 million.\n management believes cash flows from operations with available borrowings under senior credit facility sufficient to meet expected working capital  capital expenditure debt service needs.\n should investment opportunities arise  believe earnings balance sheet cash flows will allow to obtain additional capital  if necessary.\n contractual obligations entered into contracts with third parties normal business require future payments.\n following table illustrates contractual obligations ( in millions ) : contractual obligations total 2008.\n total contractual obligations $ 591. 6 $ 58. 6 $ 156. 4 $ 203. 9 $ 172. 7 critical accounting estimates financial results affected by selection application of accounting policies methods.\n significant accounting policies require management 2019s judgment discussed below.\n excess inventory and instruments 2013 must determine as of each balance sheet date how much  if of inventory may prove to be unsaleable or unsaleable at carrying cost.\n must determine if instruments on hand will be put to productive use or remain undeployed result of excess supply.\nreserves established to adjust inventory instruments to net realizable value.\n to determine appropriate level of reserves we evaluate current stock levels in relation to historical expected patterns of demand for all our products instrument systems components.\n basis for determination generally same for all inventory instrument items categories except for work-in-progress inventory , recorded at cost.\n obsolete or discontinued items generally destroyed completely written off.\n management evaluates need for changes to valuation reserves based on market conditions  competitive offerings other factors regular basis.\n income taxes we estimate income tax expense income tax liabilities assets by taxable jurisdiction.\n realization of deferred tax assets in each taxable jurisdiction dependent on our ability to generate future taxable income sufficient to realize benefits.\n evaluate deferred tax assets ongoing basis provide valuation allowances if determined to likely not deferred tax benefit not be realized.\n federal income taxes provided on portion of income of foreign subsidiaries expected to be remitted to u.\n operate within numerous taxing jurisdictions.\n subject to regulatory review or audit in all jurisdictions reviews audits may require extended periods of time to resolve.\n we make use of all available information make reasoned judgments regarding matters requiring interpretation in establishing tax expense liabilities reserves.\n believe adequate provisions exist for income taxes for all periods jurisdictions subject to review or audit.\n commitments contingencies 2013 accruals for product liability other claims established with internal external legal counsel based on current information historical settlement information for claims related fees for claims incurred but not reported.\n use actuarial model to assist management in determining appropriate level of accruals for product liability claims.\n historical patterns of claim loss development over time statistically analyzed to factors applied to loss estimates in actuarial model.\namounts established equate less than 5 percent total liabilities represent management 2019s best estimate of ultimate costs incur under various contingencies.\n goodwill intangible assets 2013 evaluate carrying value of goodwill indefinite life intangible assets annually or whenever events circumstances indicate carrying value may not recoverable.\n evaluate carrying value finite life intangible assets whenever events circumstances carrying value not recoverable.\n significant assumptions required to estimate fair value of goodwill intangible assets notably estimated future cash flows assets.\n fair valuation measurements use significant unobservable inputs defined under statement financial accounting standards no.\n 157 , fair value measurements.\n changes to assumptions could require record impairment charges on assets.\n share-based payment 2013 account for share-based payment expense accordance with fair value z i m m e r h o l d i n g s , i n c.\n 2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t\n\ncontractual obligations        | total   | 2008   | 2009 and 2010 | 2011 and 2012 | 2013 and thereafter\n------------------------------ | ------- | ------ | ------------- | ------------- | -------------------\nlong-term debt                 | $ 104.3 | $ 2013 | $ 2013        | $ 104.3       | $ 2013\noperating leases               | 134.3   | 35.4   | 50.0          | 28.6          | 20.3\npurchase obligations           | 24.6    | 23.2   | 1.4           | 2013          | 2013\nlong-term income taxes payable | 137.0   | 2013   | 57.7          | 53.9          | 25.4\nother long-term liabilities    | 191.4   | 2013   | 47.3          | 17.1          | 127.0\ntotal contractual obligations  | $ 591.6 | $ 58.6 | $ 156.4       | $ 203.9       | $ 172.7"
}
{
    "_id": "dd4b9c542",
    "title": "",
    "text": "stock performance graph performance graph compares cumulative total return ( including dividends ) to holders of our common stock from december 31 , 2002 through december 31 , 2007  with cumulative total returns of nyse composite index , ftse nareit composite reit index ( 201call reit index 201d )  ftse nareit healthcare equity reit index ( 201chealthcare index 201d ) and russell 1000 index over same period.\n comparison assumes $ 100 invested on december 31 , 2002 in our common stock and in each foregoing indices and assumes reinvestment of dividends , as applicable.\n included nyse composite index in performance graph because our common stock is listed on nyse.\n included other indices because believe they most representative of industry in compete or provide fair basis for comparison with ventas  particularly relevant to assessment of our performance.\n figures in table below rounded to nearest dollar.\n ventas nyse composite index all reit index healthcare reit index russell 1000 index\n\n| 12/31/2002 | 12/31/2003 | 12/31/2004 | 12/31/2005 | 12/31/2006 | 12/31/2007\n--------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nventas                | $ 100      | $ 206      | $ 270      | $ 331      | $ 457      | $ 512\nnyse composite index  | $ 100      | $ 132      | $ 151      | $ 166      | $ 200      | $ 217\nall reit index        | $ 100      | $ 138      | $ 181      | $ 196      | $ 262      | $ 215\nhealthcare reit index | $ 100      | $ 154      | $ 186      | $ 189      | $ 273      | $ 279\nrussell 1000 index    | $ 100      | $ 130      | $ 145      | $ 154      | $ 178      | $ 188"
}
{
    "_id": "dd4980376",
    "title": "",
    "text": "4.\n stock options other stock plans 100962 options outstanding under 1993 stock option and retention stock plan of union pacific corporation 1993 plan ).\n 7140 restricted shares outstanding under 1992 restricted stock plan for non-employee directors of union pacific corporation.\n no longer grant options or awards of retention shares and units under these plans.\n april 2000 shareholders approved union pacific corporation 2000 directors plan ) 1100000 shares of common stock reserved for issuance to non-employee directors.\n directors plan each non-employee director upon initial election to board of directors receives grant of 2000 shares of retention shares or retention stock units.\n prior to december 31 , 2007 each non-employee director received annually option to purchase at fair value number of shares of common stock not to exceed 10000 shares during any calendar year determined by dividing 60000 by 1/3 of fair market value of one share common stock on date board of directors meeting resulting quotient rounded to nearest 50 shares.\n as of december 31 , 2009  18000 restricted shares outstanding under directors plan 292000 options outstanding under directors plan.\n union pacific corporation 2001 stock incentive plan ( 2001 plan ) approved in april 2001.\n reserved 24000000 shares of common stock for issuance to eligible employees corporation subsidiaries in form of non-qualified options , incentive stock options  retention shares  stock units incentive bonus awards.\n non-employee directors not eligible for awards under 2001 plan.\n as of december 31 , 2009 3366230 options outstanding under 2001 plan.\n no longer grant stock options or other stock or unit awards under this plan.\n union pacific corporation 2004 stock incentive plan ( 2004 plan ) approved by shareholders in april 2004.\n2004 plan reserved 42000000 shares common stock for issuance plus shares subject to awards under 2001 plan and 1993 plan outstanding on april 16 , 2004  available for regrant terms 2004 plan.\n under 2004 plan non- qualified options , stock appreciation rights  retention shares  stock units  incentive bonus awards may be granted to eligible employees corporation and subsidiaries.\n non-employee directors not eligible for awards under 2004 plan.\n as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units outstanding under 2004 plan.\n 33559150 ; 36961123 ; 38601728 shares of common stock authorized and available for grant at december 31, 2009 , 2008  2007 , respectively.\n stock options 2013 estimate fair value of stock option awards using black-scholes option pricing model.\n groups of employees and non-employee directors similar historical and expected exercise behavior considered separately for valuation purposes.\n table below shows annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007.\n\nweighted-average assumptions                              | 2009             | 2008             | 2007\n--------------------------------------------------------- | ---------------- | ---------------- | ----------------\nrisk-free interest rate                                   | 1.9% ( 1.9 % )   | 2.8% ( 2.8 % )   | 4.9% ( 4.9 % )\ndividend yield                                            | 2.3% ( 2.3 % )   | 1.4% ( 1.4 % )   | 1.4% ( 1.4 % )\nexpected life ( years )                                   | 5.1              | 5.3              | 4.7\nvolatility                                                | 31.3% ( 31.3 % ) | 22.2% ( 22.2 % ) | 20.9% ( 20.9 % )\nweighted-average grant-date fair value of options granted | $ 11.33          | $ 13.35          | $ 11.19"
}
{
    "_id": "dd4b8a14e",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations executive summary international paper 2019s operating results in 2007 bene- fited from higher paper packaging price realizations.\n sales volumes slightly high- er  growth in overseas markets offset by lower volumes in north america balance production with customers 2019 demand.\n operationally our pulp paper containerboard mills ran well in 2007.\n input costs for wood , energy transportation costs above 2006 levels.\n in forest products business  earnings decreased 31% ( 31 % ) reflect- ing sharp decline in harvest income smaller drop in forestland real estate sales reflect- ing forestland divestitures in 2006.\n interest expense decreased over 40% ( 40 % ) principally due to lower debt balances interest rates from debt repayments refinancings.\n to first quarter of 2008  expect demand for north american printing papers packaging to remain steady.\n if economic downturn in 2008 greater than expected could have negative impact on sales volumes earnings.\n slight increases in paper packaging price realizations expected as implement announced price increases.\n first quarter earnings will reflect increased planned maintenance expenses continued escalation of wood , energy transportation costs.\n excluding impact of projected reduced earnings from land sales addition of equity earnings contributions from recent investment in ilim holding s.\n expect 2008 first-quarter earnings to be lower than in 2007 fourth quarter.\n results of operations industry segment operating profits used by inter- national paper 2019s management to measure earn- ings performance of businesses.\n management believes this measure allows better under- standing of trends in costs  operating efficiencies  prices volumes.\n industry segment operating profits defined as earnings before taxes minority interest , interest expense  corporate items corporate special items.\nindustry segment profits defined by securities exchange commission as non-gaap financial measure not gaap alternatives to net earn- ings or other operating measure accounting principles accepted in united states.\n international paper operates in six segments : print- ing papers industrial packaging consumer pack- aging distribution forest products specialty businesses other.\n table shows components of net earnings for last three years : in millions 2007 2006 2005.\n corporate special items include restructuring charg- es  net losses on sales impairments businesses gains on transformation plan forestland sales goodwill impairment charges insurance recoveries reversals of reserves required.\n industry segment operating profits of $ 2. 4 billion $ 349 million higher in 2007 than 2006 due to benefits from higher average price realizations ( $ 461 million ) cost reduction initiatives improved operating perform- ance favorable mix of products sold ( $ 304 million ) higher sales volumes ( $ 17 million ) lower special item costs ( $ 115 million ) other items ( $ 4 million ).\n benefits offset impacts of higher energy  raw material freight costs ( $ 205 million ) higher costs for planned mill maintenance outages ( $ 48 million ) lower earn- ings from land sales ( $ 101 million ) costs at pensacola mill with conversion machine to production linerboard ( $ 52 million ) reduced earnings due to net acquisitions divestitures ( $ 146 million ).\n segment operating profit ( in millions ) $ 2074 ( $ 205 ) ( $ 48 ) $ 17 ( $ 244 ) $ 2423$ 4 ( $ 52 ) ( $ 101 ) $ 461 $ 1000 $ 1500 $ 2000 $ 2500 $ 3000\n\nin millions                        | 2007         | 2006           | 2005\n---------------------------------- | ------------ | -------------- | ------------\nindustry segment operating profits | $ 2423       | $ 2074         | $ 1622\ncorporate items net                | -732 ( 732 ) | -746 ( 746 )   | -607 ( 607 )\ncorporate special items*           | 241          | 2373           | -134 ( 134 )\ninterest expense net               | -297 ( 297 ) | -521 ( 521 )   | -595 ( 595 )\nminority interest                  | -5 ( 5 )     | -9 ( 9 )       | -9 ( 9 )\nincome tax benefit ( provision )   | -415 ( 415 ) | -1889 ( 1889 ) | 407\ndiscontinued operations            | -47 ( 47 )   | -232 ( 232 )   | 416\nnet earnings                       | $ 1168       | $ 1050         | $ 1100"
}
{
    "_id": "dd496e3c4",
    "title": "",
    "text": "entergy corporation notes to consolidated financial statements consists of pollution control revenue bonds and environmental revenue bonds  secured by non-interest bearing first mortgage bonds.\n b bonds subject to mandatory tender for purchase from holders at 100% ( 100 % ) of principal amount outstanding on september 1 , 2005 can then be remarketed.\n c ) bonds subject to mandatory tender for purchase from holders at 100% ( 100 % ) of principal amount outstanding on september 1 , 2004 can then be remarketed.\n d bonds had mandatory tender date of october 1 , 2003.\n entergy louisiana purchased bonds from holders not remarketed bonds.\n entergy louisiana used cash on hand and short-term borrowing to buy-in bonds.\n e on june 1 , 2002  entergy louisiana remarketed $ 55 million st.\n parish pollution control revenue refunding bonds due 2030  resetting interest rate to 4. 9% ( 4. 9 % ) through may 2005.\n f bonds subject to mandatory tender for purchase from holders at 100% ( 100 % ) of principal amount outstanding on june 1 , 2005 can then be remarketed.\n g pursuant to nuclear waste policy act of 1982 entergy's nuclear owner/licensee subsidiaries have contracts with doe for spent nuclear fuel disposal service.\n contracts include one-time fee for generation prior to april 7 , 1983.\n entergy arkansas is only entergy company generated electric power with nuclear fuel prior to that date includes one-time fee  plus accrued interest  long-term fair value excludes lease obligations , long-term doe obligations  other long-term debt includes debt due within one year.\n determined using bid prices reported by dealer markets and nationally recognized investment banking firms.\nannual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2003 for next five years are as follows:.\n in november 2000  entergy's non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\n entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from date closing and eight annual installments of $ 20 million commencing eight years from closing.\n these notes stated interest rate implicit interest rate of 4. 8% (. % ).\n accordance with purchase agreement with nypa purchase of indian point 2 resulted in entergy's non-utility nuclear business liable to nypa for additional $ 10 million per year for 10 years beginning in september 2003.\n liability recorded upon purchase of indian point 2 in september 2001 included in note payable to nypa balance above.\n in july 2003 payment of $ 102 million made prior to maturity on note payable to nypa.\n under provision in letter of credit supporting notes if domestic utility companies or system energy default on indebtedness entergy could be required to post collateral to support letter of credit.\n covenants in entergy corporation notes require to maintain consolidated debt ratio of 65% ( 65 % ) or less of total capitalization.\n if entergy's debt ratio exceeds this limit or if entergy or domestic utility companies default or in bankruptcy or insolvency proceedings acceleration of notes' maturity dates may occur.\n\n| ( in thousands )\n---- | ----------------\n2004 | $ 503215\n2005 | $ 462420\n2006 | $ 75896\n2007 | $ 624539\n2008 | $ 941625"
}
{
    "_id": "dd4be3ac8",
    "title": "",
    "text": "notes to consolidated financial statements union pacific corporation subsidiary companies for this report  unless context otherwise requires references to 201ccorporation 201d , 201ccompany 201d , 201cupc 201d  201cwe 201d  201cus 201d  201cour 201d mean union pacific corporation subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.\n 1.\n nature of operations operations segmentation 2013 we are class i railroad operating in u. s.\n network includes 32122 route miles  linking pacific coast gulf coast ports with midwest eastern u. s.\n gateways providing several corridors to key mexican gateways.\n own 26042 miles operate on remainder to trackage rights or leases.\n serve western two-thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast  pacific coast southeast southwest  canada  mexico.\n export and import traffic moved through gulf coast pacific coast ports across mexican canadian borders.\n railroad , along with subsidiaries rail affiliates is our one reportable operating segment.\n provide analyze revenue by commodity group treat financial results of railroad as one segment due to integrated nature of rail network.\n following table provides freight revenue by commodity group:.\n revenues principally derived from customers domiciled in u. s. , ultimate points of origination or destination for some products transport outside u. s.\n each commodity groups includes revenue from shipments to and from mexico.\n included in above table are freight revenues from our mexico business amounted to $ 2. 3 billion in 2017 , $ 2. 2 billion in 2016 , $ 2. 2 billion in 2015.\nbasis presentation 2013 consolidated financial statements presented in accordance with accounting principles accepted.\n codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).\n.\n significant accounting policies principles of consolidation 2013 consolidated financial statements include accounts of union pacific corporation subsidiaries.\n investments in affiliated companies ( 20% 20 % ) to 50% ( 50 % ) owned ) accounted for using equity method accounting.\n intercompany transactions eliminated.\n no less than majority-owned investments require consolidation under variable interest entity requirements.\n cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less.\n accounts receivable 2013 includes receivables reduced by allowance for doubtful accounts.\n allowance based upon historical losses credit worthiness customers current economic conditions.\n receivables not expected to be collected in one year associated allowances classified as other assets in consolidated statements of financial position.\n\nmillions                 | 2017    | 2016    | 2015\n------------------------ | ------- | ------- | -------\nagricultural products    | $ 3685  | $ 3625  | $ 3581\nautomotive               | 1998    | 2000    | 2154\nchemicals                | 3596    | 3474    | 3543\ncoal                     | 2645    | 2440    | 3237\nindustrial products      | 4078    | 3348    | 3808\nintermodal               | 3835    | 3714    | 4074\ntotal freight revenues   | $ 19837 | $ 18601 | $ 20397\nother revenues           | 1403    | 1340    | 1416\ntotal operating revenues | $ 21240 | $ 19941 | $ 21813"
}
{
    "_id": "dd4bfc9d8",
    "title": "",
    "text": "deposits 2014deposits include escrow funds other deposits in trust.\n company includes cash deposits in other current assets.\n deferred compensation obligations 2014the company 2019s deferred compensation plans allow participants to defer cash compensation into notional investment accounts.\n company includes such plans in long-term liabilities.\n value of company 2019s deferred compensation obligations based on market value of participants 2019 notional investment accounts.\n notional investments primarily of mutual funds based on observable market prices.\n mark-to-market derivative asset and liability 2014the company utilizes fixed-to-floating interest-rate swaps as fair-value hedges to achieve targeted level variable-rate debt percentage of total debt.\n company employs derivative financial instruments in variable-to-fixed interest rate swaps forward starting interest rate swaps as economic hedges and cash flow hedges  to fix interest cost on existing forecasted debt.\n company uses calculation of future cash inflows estimated future outflows discounted to determine current fair value.\n additional inputs to present value calculation include contract terms  counterparty credit risk  interest rates market volatility.\n other investments 2014other investments represent money market funds for active employee benefits.\n company includes other investments in other current assets.\n note 18 : leases company entered into operating leases involving facilities and equipment.\n rental expenses under operating leases were $ 29 million , $ 24 million and $ 21 million for years ended december 31 , 2017 , 2016 2015 .\n operating leases for facilities expire over next 25 years operating leases for equipment over next 5 years.\n certain operating leases have renewal options from one to five years.\nminimum annual future rental commitment under operating leases initial or remaining non-cancelable lease terms over next 5 years and thereafter are as follows:.\n company has agreements with public entities ( 201cpartners 201d ) to establish joint ventures , referred to as 201cpublic-private partnerships. 201d under public-private partnerships , company constructed utility plant , financed by company and partners constructed utility plant ( connected to company 2019s property ) , financed by partners.\n company agreed to transfer and convey some real and personal property to partners in exchange for equal principal amount of industrial development bonds ( 201cidbs 201d ), issued by partners under state industrial development bond and commercial development act.\n company leased back total facilities , including portions funded by both company and partners , under leases for period 40 years.\n leases related to portion of facilities funded by company have required payments from company to partners that approximate payments required by terms of idbs from partners to company ( as holder of idbs ).\n as ownership of portion of facilities constructed by the\n\n| amount\n---------- | ------\n2018       | $ 15\n2019       | 14\n2020       | 12\n2021       | 9\n2022       | 8\nthereafter | 65"
}
{
    "_id": "dd4c14a24",
    "title": "",
    "text": "rental and management operations new site revenue growth.\n during year ended december 31 , 2014 , we grew our portfolio of communications real estate through acquisition and construction of approximately 8450 sites.\n in majority of international markets acquisition or construction of new sites results in increased pass-through revenues ( ground rent or power and fuel costs ) and expenses.\n we continue to evaluate opportunities to acquire communications real estate portfolios domestically and internationally to determine meet our risk-adjusted hurdle rates and integrate them into existing portfolio.\n majority of sites acquired or constructed in 2014 were in brazil , india mexico ; in 2013 in brazil, colombia , costa rica , india , mexico south africa ; in 2012 in brazil , germany , india uganda.\n rental and management operations expenses.\n direct operating expenses incurred by domestic international rental management segments include direct site level expenses consist primarily of ground rent power and fuel costs  some may passed through to tenants property taxes , repairs maintenance.\n these segment direct operating expenses exclude all segment and corporate selling , general , administrative development expenses  aggregated into one line item entitled selling , general  administrative development expense in consolidated statements of operations.\n domestic and international rental and management segments 2019 selling , general  administrative development expenses do not significantly increase adding incremental tenants to legacy sites typically increase only modestly year-over-year.\n leasing additional space to new tenants on legacy sites provides significant incremental cash flow.\n we may  incur additional segment selling , general , administrative development expenses as we increase presence in geographic areas where recently launched operations or focused on expanding portfolio.\n profit margin growth positively impacted by addition of new tenants to legacy sites can be temporarily diluted by development activities.\nnetwork development services segment revenue growth.\n focus on growing rental management operations anticipate network development services revenue represent small percentage of total revenues.\n non-gaap financial measures in analysis of results operations are discussions regarding earnings before interest  taxes  depreciation  amortization accretion  adjusted ( 201cadjusted ebitda 201d )  funds from operations  defined by national association of real estate investment trusts ( 201cnareit ffo 201d ) adjusted funds from operations ( 201caffo 201d ).\n define adjusted ebitda as net income before income ( loss ) on discontinued operations net ; income ( loss ) on equity method investments ; income tax benefit provision ) other income ( expense ) ; gain ( loss ) on retirement of long-term obligations ; interest expense ; interest income other operating income expense ) depreciation  amortization accretion stock-based compensation expense.\n nareit ffo defined as net income before gains or losses from sale or disposal of real estate real estate related impairment charges  related depreciation  amortization accretion dividends declared on preferred stock including adjustments for unconsolidated affiliates noncontrolling interest.\n\nnew sites ( acquired or constructed ) | 2014 | 2013 | 2012\n------------------------------------- | ---- | ---- | ----\ndomestic                              | 900  | 5260 | 960\ninternational ( 1 )                   | 7550 | 7810 | 7850"
}
{
    "_id": "dd49749cc",
    "title": "",
    "text": "entergy texas , inc.\n subsidiaries management 2019s financial discussion analysis results of operations net income 2016 compared to 2015 net income increased $ 37. 9 million due to lower operation maintenance expenses asset write-off of receivable with spindletop gas storage facility in 2015 higher net revenue.\n 2015 compared to 2014 net income decreased $ 5. 2 million due to asset write-off receivable spindletop gas storage facility higher other operation maintenance expenses offset by higher net revenue lower effective tax rate.\n net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges.\n analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n reserve equalization variance due to reduction in reserve equalization expense due to changes in entergy system generation mix compared to same period 2015 execution of new purchased power agreement entergy mississippi 2019s exit from system agreement  each in november 2015 entergy texas 2019s exit from system agreement in august 2016.\n see note 2 to financial statements for discussion of system agreement.\n purchased power capacity variance due to decreased expenses due to termination of purchased power agreements between entergy louisiana and entergy texas in august 2016 capacity cost changes for ongoing purchased power capacity contracts.\n transmission revenue variance due to increase in attachment o rates charged by miso to transmission customers settlement of attachment o rates previously billed to transmission customers by miso.\n\n| amount ( in millions )\n------------------------ | ----------------------\n2015 net revenue         | $ 637.2\nreserve equalization     | 14.3\npurchased power capacity | 12.4\ntransmission revenue     | 7.0\nretail electric price    | 5.4\nnet wholesale            | -27.8 ( 27.8 )\nother                    | -4.3 ( 4.3 )\n2016 net revenue         | $ 644.2"
}
{
    "_id": "dd4be026a",
    "title": "",
    "text": "stock performance graph graph provides comparison of five year cumulative total stockholder returns of teleflex common stock , standard a0& poor 2019s ( s&p ) 500 stock index s&p 500 healthcare equipment & supply index.\n annual changes for five-year period based on assumption $ 100 invested in teleflex common stock each index on december a031 , 2012 all dividends reinvested.\n market performance.\n s&p 500 healthcare equipment & supply index 100 128 161 171 181 238\n\ncompany / index                             | 2012 | 2013 | 2014 | 2015 | 2016 | 2017\n------------------------------------------- | ---- | ---- | ---- | ---- | ---- | ----\nteleflex incorporated                       | 100  | 134  | 166  | 192  | 237  | 368\ns&p 500 index                               | 100  | 132  | 151  | 153  | 171  | 208\ns&p 500 healthcare equipment & supply index | 100  | 128  | 161  | 171  | 181  | 238"
}
{
    "_id": "dd4b95954",
    "title": "",
    "text": "n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s continued ) ace limited subsidiaries table shows changes in company 2019s restricted stock for years ended december 31 , 2008  2007  2006 : number of restricted stock weighted average grant- date fair value.\n under provisions fas 123r  recognition of deferred compensation  contra-equity account representing unrecognized restricted stock expense reduced as expense recognized at date restricted stock granted no longer permitted.\n upon adoption of fas 123r  deferred compensation reflected in unearned stock grant compensation reclassified to additional paid-in capital in company 2019s consolidated balance sheet.\n restricted stock units company 2019s 2004 ltip provides for grants other awards including restricted stock units.\n company generally grants restricted stock units with 4-year vesting period graded vesting schedule.\n each restricted stock unit repre- sents company 2019s obligation to deliver to holder one share of common shares upon vesting.\n during 2008 , company awarded 223588 restricted stock units to officers company subsidiaries weighted-average grant date fair value of $ 59. 93.\n 2007 , 108870 restricted stock units  weighted-average grant date fair value of $ 56. 29 awarded to officers company subsidiaries.\n 2006 , 83370 restricted stock units  weighted-average grant date fair value of $ 56. 36 awarded to officers company subsidiaries.\n company also grants restricted stock units with 1-year vesting period to non-management directors.\ndelivery of common shares on restricted stock units to non-management directors deferred until six months after date non-management directors 2019 termination from board.\n during 2008 , 2007  and 2006 , 40362 restricted stock units , 29676 restricted and 23092 restricted stock units , awarded to non-management direc- espp gives participating employees right to purchase common shares through payroll deductions during consecutive 201csubscription periods. 201d annual purchases by participants limited to number of whole shares purchased by amount equal to ten percent of participant 2019s compensation or $ 25000 , whichever is less.\n espp has two six-month subscription periods , first runs between january 1 and june 30 and second runs between july 1 and december 31 of each year.\n amounts collected from participants during subscription period used on 201cexercise date 201d to purchase full shares of common shares.\n exercise date is generally last trading day of sub- scription period.\n number of shares purchased is equal to total amount  of exercise date  collected from participants through payroll deductions for subscription period , divided by 201cpurchase price 201d , rounded down to next full share.\n effective for from second subscription period of 2007 , purchase price is 85 percent of fair value of common share on exercise date.\n prior to second subscription period of 2007 , purchase price was calculated as lower of ( i ) 85 percent of fair value of common share on first day of subscription period \n\n| number of restricted stock | weighted average grant- date fair value\n------------------------------------------ | -------------------------- | ---------------------------------------\nunvested restricted stock december 31 2005 | 3488668                    | $ 41.26\ngranted                                    | 1632504                    | $ 56.05\nvested and issued                          | -1181249 ( 1181249 )       | $ 40.20\nforfeited                                  | -360734 ( 360734 )         | $ 44.04\nunvested restricted stock december 31 2006 | 3579189                    | $ 48.07\ngranted                                    | 1818716                    | $ 56.45\nvested and issued                          | -1345412 ( 1345412 )       | $ 44.48\nforfeited                                  | -230786 ( 230786 )         | $ 51.57\nunvested restricted stock december 31 2007 | 3821707                    | $ 53.12\ngranted                                    | 1836532                    | $ 59.84\nvested and issued                          | -1403826 ( 1403826 )       | $ 50.96\nforfeited                                  | -371183 ( 371183 )         | $ 53.75\nunvested restricted stock december 31 2008 | 3883230                    | $ 57.01"
}
{
    "_id": "dd4bde186",
    "title": "",
    "text": "second largest closed-end fund manager top- ten manager by aum 2013 net flows of long-term open-end mutual funds1.\n 2013 leading manager by net flows for long-dated fixed income mutual funds1.\n 2022 integrated legacy retail and ishares retail distribution teams unified client-facing presence.\n retail clients use blackrock 2019s capabilities combination 2014 active alternative passive 2014 strategic priority for blackrock to deliver capabilities through one integrated team.\n 2022 international retail long-term net inflows of $ 17. 5 billion  15% ( 15 % ) organic growth positive across major regions diversified across asset classes.\n equity net inflows of $ 6. 4 billion driven by strong demand for top-performing european equities franchise investor risk appetite sector improved.\n multi-asset class fixed income products each generated net inflows of $ 4. 8 billion  investors manage duration volatility portfolios.\n 2013 ranked as third largest cross border fund provider2.\n in united kingdom ranked among five largest fund managers2.\n ishares.\n alternatives ) 24337 ( 3053 ) 1645 ( 6837 ) 16092 total ishares $ 752706 $ 63971 $ 15960 $ 81735 $ 914372 amounts represent $ 16. 0 billion of aum acquired in credit suisse etf acquisition in july 2013.\n amounts include commodity ishares.\n leading etf provider world with $ 914. 4 billion of aum at december 31 , 2013 top asset gatherer globally in 20133 with $ 64. 0 billion of net inflows organic growth rate of 8% ( 8 % ).\n equity net inflows of $ 74. 1 billion driven by flows into funds with broad developed market exposures partially offset by outflows from emerging markets products.\nishares fixed income experienced net outflows $ 7. 5 billion  as low interest rate environment led liquidity-oriented investors to sell long-duration assets majority of ishares fixed income suite.\n in 2013  launched several funds to meet demand from clients seeking protection in rising interest rate environment offering expanded product set includes four new.\n funds including short-duration versions flagship high yield and investment grade credit products short maturity and liquidity income funds.\n ishares alternatives had $ 3. 1 billion net outflows predominantly out of commodities.\n ishares represented 23% ( 23 % ) of long-term aum at december 31, 2013 35% ( 35 % ) of long-term base fees for ishares offers most diverse product set in industry with 703 etfs at year-end 2013 serves broadest client base covering 25 countries on five continents.\n during 2013  ishares continued commitment to innovation responsible product structuring introducing 42 new etfs  acquiring credit suisse 2019s 58 etfs in europe entering new strategic alliance with fidelity investments deliver fidelity 2019s more than 10 million clients increased access to ishares products  tools support.\n alliance with fidelity investments successful full first year for core series expanded presence and offerings among buy-and-hold investors.\n broad product range offers investors precise transparent low-cost way to tap market returns gain access to full range of asset classes and global markets difficult or expensive for access liquidity required to make adjustments to exposures quickly cost-efficiently.\n 2022.\n ishares aum ended at $ 655. 6 billion with $ 41. 4 billion net inflows driven by strong demand for developed markets equities and short-duration fixed income.\nfourth quarter of 2012  debuted core series in united states designed provide essential building blocks for buy-and-hold investors constructing core portfolio.\n core series demonstrated solid results in first full year raising $ 20. 0 billion net inflows primarily in u. s.\n equities.\n united states ishares maintained position largest etf provider with 39% ( 39 % ) share of aum3.\n 2022 international ishares aum ended at $ 258. 8 billion with robust net new business of $ 22. 6 billion led by demand for european and japanese equities diverse range of fixed income products.\n year-end 2013 ishares largest european etf provider with 48% ( 48 % ) of aum3.\n 1 simfund 2 lipper feri 3 blackrock ; bloomberg\n\n( in millions )    | component changes in aum 2014 ishares 12/31/2012 | component changes in aum 2014 ishares net new business | component changes in aum 2014 ishares acquisition ( 1 ) | component changes in aum 2014 ishares market / fx | component changes in aum 2014 ishares 12/31/2013\n------------------ | ------------------------------------------------ | ------------------------------------------------------ | ------------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------\nequity             | $ 534648                                         | $ 74119                                                | $ 13021                                                 | $ 96347                                           | $ 718135\nfixed income       | 192852                                           | -7450 ( 7450 )                                         | 1294                                                    | -7861 ( 7861 )                                    | 178835\nmulti-asset class  | 869                                              | 355                                                    | 2014                                                    | 86                                                | 1310\nalternatives ( 2 ) | 24337                                            | -3053 ( 3053 )                                         | 1645                                                    | -6837 ( 6837 )                                    | 16092\ntotal ishares      | $ 752706                                         | $ 63971                                                | $ 15960                                                 | $ 81735                                           | $ 914372"
}
{
    "_id": "dd4b95f26",
    "title": "",
    "text": "table represents unrealized losses related to derivative amounts in 201caccumulated other comprehensive loss 201d for years ended december 31 , ( in thousands ) : balance in accumulated other comprehensive loss.\n note 9 2013 fair value measurements company uses fair value hierarchy  prioritizes inputs measure fair value of financial instruments.\n hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ( level 1 measurement ) lowest priority to unobservable inputs ( level 3 ).\n three levels of fair value hierarchy set below : 2022 level 1 2013 quoted prices are available in active markets for identical assets or liabilities as of reporting date.\n active markets are those in which transactions for asset liability occur in sufficient frequency and volume to provide pricing information ongoing basis.\n 2022 level 2 2013 pricing inputs are other than quoted prices in active markets included in level 1 directly or indirectly observable as of reporting date.\n level 2 includes financial instruments valued using models or other valuation methodologies.\n models are primarily industry-standard models consider assumptions including time value  volatility factors current market and contractual prices for underlying instruments other relevant economic measures.\n all assumptions are observable in marketplace throughout full term instrument derived from observable data or supported by observable levels at transactions executed in marketplace.\n 2022 level 3 2013 pricing inputs include significant inputs less observable from objective sources.\n inputs may be used with internally developed methodologies result in management 2019s best estimate of fair value from perspective market participant.\n fair value of interest rate swap transactions based on discounted net present value of swap using third party quotes ( level 2 ).\nchanges in fair market value recorded in comprehensive income ( loss ) changes from ineffectiveness recorded in current earnings.\n assets and liabilities measured at fair value based on of three valuation techniques.\n three valuation techniques identified in table below : a ) market approach 2013 prices relevant information by market transactions involving identical comparable assets or liabilities b ) cost approach 2013 amount required to replace service capacity of asset ( replacement cost ) c ) income approach 2013 techniques to convert future amounts to single present amount based on market expectations ( including present value techniques  option-pricing excess earnings models )\n\ncontract type       | balance in accumulated other comprehensive loss 2009 | balance in accumulated other comprehensive loss 2008\n------------------- | ---------------------------------------------------- | ----------------------------------------------------\ninterest rate swaps | $ 13053                                              | $ 18874"
}
{
    "_id": "dd4bb9b92",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations continued ) table presents average u. s.\n non-u. s.\n short-duration advances for years ended december 31 december 31.\n average short-duration advances for year ended december 31 , 2013 increased compared to year december 31 2012, average advances remained low relative to historical levels result of clients hold higher levels liquidity.\n average other interest-earning assets increased to $ 11. 16 billion for year ended december 31 , 2013 from $ 7. 38 billion for year december 31  2012.\n increased levels result of higher cash collateral participation in principal securities finance transactions.\n aggregate average interest-bearing deposits increased to $ 109. 25 billion for year ended december 31 , 2013 from $ 98. 39 billion for december 31 2012.\n increase due to higher levels of non-u. s.\n transaction accounts associated with growth of new existing business assets under custody administration.\n future transaction account levels influenced by underlying asset servicing business market conditions including general levels of u. s.\n non-u. s.\n interest rates.\n average other short-term borrowings declined to $ 3. 79 billion for year ended december 31, 2013 from $ 4. 68 billion for december 31 2012 higher levels client deposits provided additional liquidity.\n average long-term debt increased to $ 8. 42 billion for year ended december 31 , 2013 from $ 7. 01 billion for december 31 2012.\n increase reflected issuance of $ 1. 0 billion of extendible notes by state street bank in december 2012 issuance of $ 1. 5 billion of senior and subordinated debt in may 2013  issuance of $ 1. 0 billion of senior debt in november 2013.\n increase partly offset by maturities of $ 1. 75 billion of senior debt in second quarter of 2012.\naverage interest-bearing liabilities increased to $ 6. 46 billion for year ended december 31 , 2013 from $ 5. 90 billion for year ended december 31 , 2012 , primarily result of higher cash collateral received from clients in with participation in principal securities finance transactions.\n several factors could affect future our net interest revenue and margin , including mix of client liabilities ; actions of central banks ; changes in.\n and non-u.\n interest rates ; changes in yield curves ; revised proposed regulatory capital or liquidity standards interpretations ; discount accretion generated by former conduit securities in our investment securities portfolio ; yields earned on securities purchased compared to yields on securities sold or matured.\n based on market conditions and other factors , we continue to reinvest majority of proceeds from pay- downs and maturities of investment securities in highly-rated securities ,.\n treasury and agency securities , federal agency mortgage-backed securities and u. s.\n non-u. s.\n mortgage- and asset-backed securities.\n pace we to reinvest and types of investment securities purchased will depend on impact of market conditions and other factors over time.\n expect these factors and levels global interest rates to dictate effect our reinvestment program on future net interest revenue and net interest margin.\n\n( in millions )                           | 2013   | 2012   | 2011\n----------------------------------------- | ------ | ------ | ------\naverage u.s . short-duration advances     | $ 2356 | $ 1972 | $ 1994\naverage non-u.s . short-duration advances | 1393   | 1393   | 1585\naverage total short-duration advances     | $ 3749 | $ 3365 | $ 3579"
}
{
    "_id": "dd4bd0d60",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion analysis net revenues table below presents our net revenues by line item in consolidated statements of earnings.\n table 2030 investment banking consists of revenues ( excluding net interest ) from financial advisory underwriting assignments derivative transactions related to these assignments.\n these activities included in our investment banking segment.\n 2030 investment management of revenues ( excluding net interest ) from providing investment management services to diverse clients wealth advisory services certain transaction services to high-net-worth individuals and families.\n activities included in investment management segment.\n 2030 commissions and fees revenues from executing and clearing client transactions on major stock  options futures exchanges worldwide over-the-counter ( otc ) transactions.\n activities included in institutional client services and investment management segments.\n 2030 market making revenues ( excluding net interest ) from client execution activities related to making markets in interest rate products  credit products mortgages currencies  commodities equity products.\n activities included in institutional client services segment.\n 2030 other principal transactions of revenues ( excluding net interest ) from investing activities origination of loans to provide financing to clients.\n other principal transactions includes revenues related to consolidated investments.\n activities included in investing & lending segment.\n operating environment.\n during 2017  higher asset prices tighter credit spreads supportive of industry-wide underwriting activities  investment management performance other principal transactions.\n low levels of volatility in equity , fixed income  currency commodity markets continued to negatively affect market-making activities particularly in fixed income  currency commodity products.\n price of natural gas decreased significantly during 2017  price of oil increased compared with end of 2016.\nif trend of low volatility continues long term market-making activity levels remain low or investment banking activity levels asset prices assets under supervision decline net revenues likely negatively impacted.\n see 201csegment operating results 201d below for further information about operating environment material trends uncertainties impact results operations.\n first half of 2016 included challenging trends in operating environment for business activities including concerns uncertainties about global economic growth central bank activity political uncertainty economic implications surrounding potential exit of u. k.\n from e. u.\n second half of 2016 operating environment improved global equity markets increased investment grade high-yield credit spreads tightened.\n trends provided favorable backdrop for business activities.\n 2017 versus 2016 net revenues in consolidated statements earnings were $ 32. 07 billion for 2017 , 5% ( 5 % ) higher than 2016  due to higher other principal transactions revenues  higher investment banking revenues  investment management revenues net interest income.\n increases partially offset by lower market making revenues lower commissions and fees.\n non-interest revenues.\n investment banking revenues consolidated statements earnings were $ 7. 37 billion for 2017 , 18% ( 18 % ) higher than 2016.\n revenues in financial advisory higher compared with 2016  reflecting increase in completed mergers and acquisitions transactions.\n revenues in underwriting significantly higher compared with 2016  due to higher revenues in debt underwriting  increase industry-wide leveraged finance activity equity underwriting  increase in industry-wide secondary offerings.\n 52 goldman sachs 2017 form 10-k\n\n$ in millions                | year ended december 2017 | year ended december 2016 | year ended december 2015\n---------------------------- | ------------------------ | ------------------------ | ------------------------\ninvestment banking           | $ 7371                   | $ 6273                   | $ 7027\ninvestment management        | 5803                     | 5407                     | 5868\ncommissions and fees         | 3051                     | 3208                     | 3320\nmarket making                | 7660                     | 9933                     | 9523\nother principal transactions | 5256                     | 3200                     | 5018\ntotalnon-interestrevenues    | 29141                    | 28021                    | 30756\ninterest income              | 13113                    | 9691                     | 8452\ninterest expense             | 10181                    | 7104                     | 5388\nnet interest income          | 2932                     | 2587                     | 3064\ntotal net revenues           | $ 32073                  | $ 30608                  | $ 33820"
}
{
    "_id": "dd4bc4c36",
    "title": "",
    "text": "warfighter information network-tactical ( win-t ) ; command , control , battle management and communications ( c2bmc ) ; twic ).\n offsetting decreases were higher net sales of $ 140 million from qtc  acquired early in fourth quarter 2011 ; $ 65 million from increased activity on other programs  primarily federal cyber security programs ptds operational support.\n is&gs 2019 operating profit for 2012 decreased $ 66 million  or 8% ( 8 % ) compared to 2011.\n decrease attributable to lower operating profit of $ 50 million due to odin contract completion in 2011 ; $ 25 million due to increase in reserves for performance issues international airborne surveillance system 2012 $ 20 million due to lower volume on programs ( primarily c2bmc and win-t ).\n partially offsetting decreases was increase in operating profit due to higher risk retirements of $ 15 million from twic program $ 10 million due to increased activity on other programs  primarily federal cyber security programs ptds operational support.\n operating profit for jtrs program comparable decrease in volume offset by decrease in reserves.\n adjustments not related to volume  including net profit booking rate adjustments other matters $ 20 million higher for 2012 compared to 2011.\n backlog backlog decreased in 2013 2012 due to lower orders on programs ( eram ngi ) higher sales on certain programs ( national science foundation antarctic support disa gsm-o ) declining activities on smaller programs due to downturn in federal information technology budgets.\n backlog decreased in 2012 compared to 2011 due to substantial completion of various programs in 2011 ( primarily odin , u. k.\n census  jtrs ).\n expect is&gs 2019 net sales to decline in 2014 high single digit percentage range compared to 2013 due to continued downturn in federal information technology budgets.\noperating profit expected to decline in 2014 high single digit percentage range consistent with expected decline net sales margins comparable with 2013 results.\n missiles fire control mfc business segment provides air missile defense systems ; tactical missiles air-to-ground precision strike weapon systems ; logistics technical services ; fire control systems mission operations support  readiness  engineering support  integration services manned unmanned ground vehicles.\n mfc 2019s major programs include pac-3  thaad  multiple launch rocket system  hellfire  joint air-to-surface standoff missile ( jassm ) javelin  apache fire control system sniper ae  low altitude navigation targeting infrared for night ( lantirn ae )  sof clss.\n mfc 2019s operating results included ( in millions ) :.\n 2013 compared to 2012 mfc 2019s net sales for 2013 increased $ 300 million  or 4% ( 4 % )  compared to 2012.\n increase attributable to higher net sales of approximately $ 450 million for air missile defense programs ( thaad pac-3 ) due to increased production volume deliveries ; $ 70 million for fire control programs due net increased deliveries volume approximately $ 55 million for tactical missile programs due to net increased deliveries.\n increases partially offset by lower net sales of $ 275 million for technical services programs due to lower volume defense budget reductions competitive pressures.\n increase for fire control programs attributable to increased deliveries on sniper ae lantirn ae programs increased volume on sof clss program offset by lower volume on longbow fire control radar other programs.\n increase for tactical missile programs attributable to increased deliveries on jassm other programs offset by fewer deliveries on guided multiple launch rocket system javelin programs.\n\n| 2013             | 2012             | 2011\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 7757           | $ 7457           | $ 7463\noperating profit    | 1431             | 1256             | 1069\noperating margins   | 18.4% ( 18.4 % ) | 16.8% ( 16.8 % ) | 14.3% ( 14.3 % )\nbacklog at year-end | 15000            | 14700            | 14400"
}
{
    "_id": "dd4bb340e",
    "title": "",
    "text": "at december 31 , 2014  total future minimum commitments under existing non-cancelable operating leases purchase obligations were follows:.\n ( a ) includes $ 2. 3 billion to fiber supply agreements at time of company 2019s 2006 transformation plan forestland sales 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging recycling business.\n rent expense was $ 154 million , $ 168 million $ 185 million for 2014 , 2013 2012 , respectively.\n guarantees in connection with sales of businesses , property  equipment  forestlands other assets  international paper makes representations warranties relating to such businesses assets  may agree to indemnify buyers with tax environmental liabilities  breaches of representations warranties  other matters.\n where liabilities for matters probable subject to reasonable estimation  accrued liabilities are recorded at time of sale as cost of transaction.\n environmental proceedings cercla state actions international paper named as potentially responsible party in environmental remediation actions under federal state laws  including comprehensive environmental response , compensation and liability act ( cercla ).\n many proceedings involve cleanup of hazardous substances at large commercial landfills received waste from many different sources.\n joint several liability authorized under cercla equivalent state laws liability for cercla cleanups typically allocated among many potential responsible parties.\n remedial costs recorded in consolidated financial statements when become probable reasonably estimable.\n international paper estimated probable liability associated with these matters to be approximately $ 95 million in aggregate as of december 31 , 2014.\n cass lake : matters referenced above is closed wood treating facility in cass lake , minnesota.\n during 2009  with environmental site remediation action under cercla international paper submitted to epa remediation feasibility study.\njune 2011 , epa selected published proposed soil remedy at site with estimated cost of $ 46 million.\n overall remediation reserve for site is currently $ 50 million to address selection alternative for soil remediation component overall site remedy.\n october 2011 , epa released public statement indicating final soil remedy decision would be delayed.\n in unlikely event epa changes proposed soil remedy approves more expensive clean- up alternative , remediation costs could be material  significantly higher than amounts currently recorded.\n october 2012  natural resource trustees for site provided notice to international paper other potentially responsible parties of intent to perform natural resource damage assessment.\n premature to predict outcome of assessment or to estimate loss or range of loss  if may be incurred.\n other remediation costs in addition to above other remediation costs typically associated with cleanup of hazardous substances at company 2019s current  closed or formerly-owned facilities  recorded as liabilities in balance sheet totaled approximately $ 41 million as of december 31 , 2014.\n completion of required remedial actions not expected to have material effect on consolidated financial statements.\n legal proceedings environmental kalamazoo river : company is potentially responsible party with respect to allied paper , inc. / portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan.\n epa asserts site is contaminated primarily by pcbs result of discharges from various paper mills along kalamazoo river including paper mill formerly owned by st.\n regis paper company ( st.\n regis ).\n company is successor in interest to st.\n regis.\ncompany not received orders from epa , in december 2014 , epa sent company a letter demanding payment of $ 19 million to reimburse epa for costs associated with time critical removal action of pcb contaminated sediments from portion of site.\n company 2019s cercla liability not finally determined with respect to this or other portion of site and we declined to reimburse epa time.\n noted, company involved in allocation/ apportionment litigation with to site.\n accordingly premature to estimate loss or range of loss with respect to this site.\n company was named as a defendant by georgia- pacific consumer products lp , fort james corporation and georgia pacific llc in contribution and cost recovery action for alleged pollution at site.\n suit\n\nin millions                | 2015   | 2016  | 2017  | 2018  | 2019  | thereafter\n-------------------------- | ------ | ----- | ----- | ----- | ----- | ----------\nlease obligations          | $ 142  | $ 106 | $ 84  | $ 63  | $ 45  | $ 91\npurchase obligations ( a ) | 3266   | 761   | 583   | 463   | 422   | 1690\ntotal                      | $ 3408 | $ 867 | $ 667 | $ 526 | $ 467 | $ 1781"
}
{
    "_id": "dd4b98c76",
    "title": "",
    "text": "zimmer holdings , inc.\n 2013 form 10-k annual report notes to consolidated financial statements continued ) unrealized gains losses on cash flow hedges unrealized gains losses on available-for-sale securities amortization of prior service costs unrecognized gains losses in actuarial assumptions.\n treasury stock 2013 account for repurchases of common stock under cost method present treasury stock as reduction of stockholders 2019 equity.\n reissue common stock in treasury for limited purposes.\n noncontrolling interest 2013 in 2011  made investment in company acquired controlling financial interest not 100 percent of equity.\n 2013  purchased additional shares company from minority shareholders.\n further information related to noncontrolling interests investment not provided not significant to consolidated financial statements.\n accounting pronouncements 2013 effective january 1, 2013 adopted fasb 2019s accounting standard updates ( asus ) requiring reporting of amounts reclassified accumulated other comprehensive income ( oci ) balance sheet offsetting between derivative assets liabilities.\n asus change financial statement disclosure requirements do not impact financial position results of operations or cash flows.\n see note 12 for disclosures relating to oci.\n see note 13 for disclosures relating balance sheet offsetting.\n no other recently issued accounting pronouncements not yet adopted expected material effect on financial position results of operations or cash flows.\n 3.\n share-based compensation share-based payments consist of stock options  restricted stock  restricted stock units ( rsus ) employee stock purchase plan.\n share-based compensation expense follows ( in millions ) :.\n share-based compensation cost capitalized as part of inventory for years ended december 31 , 2013 , 2012 2011 was $ 4. 1 million , $ 6.1 million  and $ 8. 8 million , respectively.\n as of december 31 , 2013 and 2012  approximately $ 2. 4 million and $ 3. 3 million capitalized costs remained in finished goods inventory.\n stock options two equity compensation plans in effect at december 31 , 2013 : 2009 stock incentive plan ) and stock plan for non-employee directors.\n 2009 plan succeeded 2006 stock incentive plan and teamshare stock option plan ).\n no further awards granted under 2006 plan or teamshare plan since may 2009 shares remaining available for grant under those plans merged into 2009 plan.\n vested and unvested stock options and unvested restricted stock and rsus previously granted under 2006 plan teamshare plan prior 2001 stock incentive plan  remained outstanding as of december 31 , 2013.\n reserved maximum number of shares of common stock available for award under each these plans.\n registered 57. 9 million shares of common stock under these plans.\n 2009 plan provides for grant of nonqualified stock options and incentive stock options  long-term performance awards performance shares or units restricted stock  rsus and stock appreciation rights.\n compensation and management development committee of board of directors determines grant date for annual grants under equity compensation plans.\n date for annual grants under 2009 plan to executive officers expected to occur in first quarter of each year following earnings announcements for previous quarter full year.\n stock plan for non-employee directors provides for awards of stock options , restricted stock and rsus to non-employee directors.\n practice to issue shares of common stock upon exercise of stock options from previously unissued shares except in limited circumstances issued from treasury stock.\n total number of awards granted in given year and/or over life of plan under each equity compensation plans is limited.\nat december 31 , 2013  aggregate of 10. 4 million shares available for future grants awards under plans.\n stock options granted to under plans generally vest over four years have maximum contractual life of 10 years.\n established under equity compensation plans vesting may accelerate upon retirement after first anniversary date award if criteria met.\n recognize expense related to stock options on straight-line basis over requisite service period less awards expected to forfeited using estimated forfeiture rates.\n due to accelerated retirement provisions requisite service period of stock options range from one to four years.\n stock options granted with exercise price equal to market price of common stock on date of grant except in limited circumstances where local law dictate otherwise.\n\nfor the years ended december 31, | 2013           | 2012           | 2011\n-------------------------------- | -------------- | -------------- | --------------\nstock options                    | $ 24.7         | $ 32.4         | $ 41.7\nrsus and other                   | 23.8           | 22.6           | 18.8\ntotal expense pre-tax            | 48.5           | 55.0           | 60.5\ntax benefit related to awards    | -15.6 ( 15.6 ) | -16.6 ( 16.6 ) | -17.8 ( 17.8 )\ntotal expense net of tax         | $ 32.9         | $ 38.4         | $ 42.7"
}
{
    "_id": "dd4b8be0e",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations comcast corporation and subsidiaries28 subsidiaries exchangeable notes varies based upon fair market value of security to it indexed.\n exchangeable notes collateralized by investments in cablevision  microsoft vodafone .\n comcast exchangeable notes collateralized by our class a special common stock held in treasury.\n settled intend future to settle all comcast exchangeable notes using cash.\n during 2004 and 2003  settled aggregate of $ 847 million face amount and $ 638 million face amount of obligations relating to notes exchangeable into comcast stock by delivering cash to counterparty upon maturity of instruments equity collar agreements related to underlying shares expired or settled.\n during 2004 and 2003  settled $ 2. 359 billion face amount and $ 1. 213 billion face amount  of obligations relating to exchangeable notes by delivering underlying shares of common stock to counterparty upon maturity of investments.\n as of december 31 , 2004  debt includes aggregate of $ 1. 699 billion of exchangeable notes including $ 1. 645 billion within current portion of long-term debt.\n of december 31 2004 securities hold collateralizing exchangeable notes sufficient to satisfy debt obligations associated with outstanding exchangeable notes.\n stock repurchases.\n during 2004  under board-authorized $ 2 billion share repurchase program repurchased 46. 9 million shares of our class a special common stock for $ 1. 328 billion.\n expect repurchases to continue in open market or in private transactions subject to market conditions.\n refer to notes 8 and 10 to consolidated financial statements for discussion of financing activities.\n investing activities net cash used in investing activities from continuing operations was $ 4.512 billion for year ended december 31 , 2004  consists primarily of capital expenditures of $ 3. 660 billion , additions to intangible noncurrent assets of $ 628 million acquisition of techtv for approximately $ 300 million.\n capital expenditures.\n most significant recurring investing activity expected to continue be capital expendi- tures.\n following table illustrates capital expenditures incurred in cable segment during 2004 expect to incur in 2005 ( dollars in millions ) :.\n amount capital expenditures for 2005 and subsequent years depend on numerous factors some beyond control including competition  changes in technology timing rate of deployment of new services.\n additions to intangibles.\n additions intangibles during 2004 primarily relate to investment in $ 250 million long-term strategic license agreement with gemstar , multiple dwelling unit contracts of approximately $ 133 million other licenses and software intangibles of approximately $ 168 million.\n investments.\n proceeds from sales , settlements restructurings of investments totaled $ 228 million during 2004  related to sales of non-strategic investments including 20% ( 20 % ) interest in dhc ventures , llc ( discovery health channel ) for approximately $ 149 million.\n consider investments determine non-strategic , highly-valued  or both source of liquidity.\n consider investment in $ 1. 5 billion in time warner common-equivalent preferred stock anticipated source of liquidity.\n not significant contractual funding commitments with respect investments.\n refer to notes 6 and 7 to consolidated financial statements for discussion of investments intangible assets.\n off-balance sheet arrangements not significant off-balance sheet arrangements reasonably likely to have current or future effect on financial condition  results of operations  liquidity  capital expenditures or capital resources.\n\n| 2004   | 2005\n----------------------------------------------------------------------- | ------ | ------\ndeployment of cable modems digital converters and new service offerings | $ 2106 | $ 2300\nupgrading of cable systems                                              | 902    | 200\nrecurring capital projects                                              | 614    | 500\ntotal cable segment capital expenditures                                | $ 3622 | $ 3000"
}
{
    "_id": "dd4bd1800",
    "title": "",
    "text": "management 2019s discussion analysis 122 jpmorgan chase & co. /2015 annual report wholesale credit portfolio firm 2019s wholesale businesses exposed to credit risk through underwriting  lending  market-making hedging activities with for clients counterparties operating services cash management clearing activities.\n portion of loans originated or acquired by firm 2019s wholesale businesses retained on balance sheet.\n firm distributes significant percentage of loans into market syndicated loan business manage portfolio concentrations credit risk.\n wholesale credit portfolio  excluding oil & gas  stable throughout 2015 by low levels of criticized exposure nonaccrual loans charge-offs.\n growth in loans retained driven by increased client activity notably in commercial real estate.\n discipline in underwriting across all areas lending key point of focus.\n wholesale portfolio actively managed by conducting ongoing in-depth reviews of client credit quality transaction structure inclusive of collateral industry  product client concentrations.\n wholesale credit portfolio december 31 , credit exposure nonperforming ( c ).\n receivables from customers and other ( a ) 13372 28972 2014 2014 total wholesale credit- related assets 434064 438861 1220 899 lending-related commitments 366399 366881 193 103 total wholesale credit exposure $ 800463 $ 805742 $ 1413 $ 1002 credit derivatives used in credit portfolio management activities ( b ) $ ( 20681 ) $ ( 26703 ) $ ( 9 ) $ 2014 liquid securities other cash collateral held against derivatives ( 16580 ) ( 19604 ) na na ) receivables from customers other include $ 13. 3 billion and $ 28. 8 billion of margin loans at december 31 , 2015 and 2014   to prime and retail brokerage customers classified in accrued interest accounts receivable on consolidated balance sheets.\n( b ) represents net notional protection purchased sold through credit derivatives manage performing and nonperforming wholesale credit exposures ; derivatives not qualify for hedge accounting under u.\n.\n for additional information  see credit derivatives page 129  note 6.\n ( c ) excludes assets acquired in loan satisfactions.\n\ndecember 31 , ( in millions )                                          | december 31 , 2015 | december 31 , 2014 | 2015       | 2014\n---------------------------------------------------------------------- | ------------------ | ------------------ | ---------- | ------\nloans retained                                                         | $ 357050           | $ 324502           | $ 988      | $ 599\nloans held-for-sale                                                    | 1104               | 3801               | 3          | 4\nloans at fair value                                                    | 2861               | 2611               | 25         | 21\nloans 2013 reported                                                    | 361015             | 330914             | 1016       | 624\nderivative receivables                                                 | 59677              | 78975              | 204        | 275\nreceivables from customers and other ( a )                             | 13372              | 28972              | 2014       | 2014\ntotal wholesale credit-related assets                                  | 434064             | 438861             | 1220       | 899\nlending-related commitments                                            | 366399             | 366881             | 193        | 103\ntotal wholesale credit exposure                                        | $ 800463           | $ 805742           | $ 1413     | $ 1002\ncredit derivatives usedin credit portfolio management activities ( b ) | $ -20681 ( 20681 ) | $ -26703 ( 26703 ) | $ -9 ( 9 ) | $ 2014\nliquid securities and other cash collateral held against derivatives   | -16580 ( 16580 )   | -19604 ( 19604 )   | na         | na"
}
{
    "_id": "dd4bbbf6e",
    "title": "",
    "text": "december 31 , 2018.\n alcoa corporation supply required raw materials to arconic arconic process raw materials into finished can sheet coils ready for shipment to end customer.\n tolling revenue for two months ended december 31 , 2016 was approximately $ 37 million.\n in 2017  demand in automotive end market expected to continue grow due to growing demand for innovative products aluminum-intensive vehicles.\n demand from commercial airframe end market expected to be flat in 2017 as ramp up of new programs offset by customer destocking lower build rates for aluminum intensive wide-body programs.\n sales to packaging market expected to decline due to continuing pricing pressure market ramp-down of north american packaging operations.\n net productivity improvements anticipated to continue.\n engineered products and solutions.\n engineered products solutions segment produces products used primarily in aerospace ( commercial and defense )  commercial transportation  power generation end markets.\n products include fastening systems ( titanium , steel , nickel superalloys ) seamless rolled rings ( mostly nickel superalloys ) ; investment castings ( nickel superalloys , titanium aluminum ) airfoils forged jet engine components (. jet engine disks ) extruded , machined formed aircraft parts ( titanium and aluminum ) sold directly to customers and through distributors.\n more than 75% ( 75 % ) of third-party sales in segment from aerospace end market.\n small part of segment also produces forged , extruded , machined metal products ( titanium , aluminum steel ) for oil and gas , industrial products  automotive  land and sea defense end markets.\n seasonal decreases in sales generally experienced in third quarter of year due to european summer slowdown end markets.\n sales and costs expenses of segment transacted in local currency of respective operations mostly u.s.\n dollar  british pound euro.\n in july 2015  arconic completed acquisition of rti , global supplier of titanium specialty metal products services for commercial aerospace defense energy medical device end markets.\n purpose acquisition was to expand arconic 2019s range of titanium offerings add advanced technologies materials primarily related to aerospace end market.\n in 2014  rti generated net sales of $ 794 had approximately 2600 employees.\n operating results assets liabilities of rti included within engineered products and solutions segment since acquisition.\n in march 2015  arconic completed acquisition of tital , privately held aerospace castings company with approximately 650 employees in germany.\n tital produces aluminum titanium investment casting products for aerospace defense end markets.\n in 2014  tital generated sales of approximately $ 100.\n purpose acquisition was to capture increasing demand for advanced jet engine components titanium establish titanium- casting capabilities in europe expand existing aluminum casting capacity.\n operating results assets liabilities of tital included within engineered products and solutions segment since acquisition.\n in november 2014  arconic completed acquisition of firth rixson , global leader in aerospace jet engine components.\n firth rixson manufactures rings forgings metal products for aerospace end market other markets requiring highly-engineered material applications.\n purpose of acquisition was to strengthen arconic 2019s aerospace business position company to capture additional aerospace growth with broader range of high-growth value-add jet engine components.\n firth rixson generated sales of approximately $ 970 in 2014 had 13 operating facilities in united states united kingdom europe asia employing approximately 2400 people combined.\noperating results and assets liabilities of firth rixson included within engineered products and solutions segment since date of acquisition.\n\n| 2016   | 2015   | 2014\n----------------- | ------ | ------ | ------\nthird-party sales | $ 5728 | $ 5342 | $ 4217\natoi              | $ 642  | $ 595  | $ 579"
}
{
    "_id": "dd4c4cf78",
    "title": "",
    "text": "expect mst 2019s 2015 net sales comparable to 2014 sales increased volume from new program starts specifically space fence combat rescue presidential helicopter programs offset by decline in volume due to wind-down completion of certain programs.\n operating profit expected to decline mid single digit percentage range from 2014 levels driven by reduction in expected risk retirements in 2015.\n operating profit margin expected slightly decline from 2014 levels.\n space systems business segment engaged in research development design engineering production of satellites strategic defensive missile systems space transportation systems.\n responsible for classified systems services support vital national security systems.\n space systems 2019 major programs include space based infrared system ( sbirs ) aehf gps-iii  geostationary operational environmental satellite r-series ( goes-r ) muos  trident ii d5 fleet ballistic missile ( fbm ) orion.\n operating profit for space systems business segment includes share of earnings for investment in ula  provides expendable launch services to u.\n government.\n space systems 2019 operating results included in millions ) :.\n 2014 compared to 2013 space systems 2019 net sales for 2014 increased $ 107 million  or 1% ( 1 % )  compared to 2013.\n increase primarily attributable to higher net sales of approximately $ 340 million for orion program due to increased volume primarily first unmanned test flight of orion mpcv ) $ 145 million for commercial space transportation programs due to launch-related activities.\n increases offset by lower net sales of approximately $ 335 million for government satellite programs due to decreased volume ( primarily aehf  gps-iii muos ) $ 45 million for other programs due to decreased volume.\n space systems 2019 operating profit for 2014 comparable to 2013.\noperating profit decreased $ 20 million for government satellite programs due to lower volume primarily aehf gps-iii ) partially offset by increased risk retirements primarily muos ) $ 20 million due to decreased equity earnings for joint ventures.\n decreases offset by higher operating profit $ 30 million for orion program due to increased volume.\n operating profit reduced $ 40 million for charges  net of recoveries related to restructuring action november 2013.\n adjustments not related volume including net profit booking rate adjustments other $ 10 million lower for 2014 compared to 2013.\n 2013 space systems 2019 net sales 2013 decreased $ 389 million 5% ( 5 % )  compared to 2012.\n decrease attributable to lower net sales $ 305 million for commercial satellite programs due fewer deliveries ( zero delivered 2013 compared to two 2012 ) $ 290 million for orion program due to lower volume.\n decreases partially offset by higher net sales $ 130 million for government satellite programs due to net increased volume $ 65 million for strategic defensive missile programs primarily fbm ) due to increased volume risk retirements.\n increase for government satellite programs primarily attributable to higher volume on aehf other programs partially offset by lower volume on goes-r , muos sbirs programs.\n space systems 2019 operating profit 2013 decreased $ 38 million 4% ( 4 % )  compared to 2012.\n decrease attributable to lower operating profit $ 50 million for orion program due to lower volume risk retirements $ 30 million for government satellite programs due to decreased risk retirements partially offset by higher equity earnings from joint ventures $ 35 million.\n decrease in operating profit for government satellite programs primarily attributable to lower risk retirements for muos , gps iii other programs partially offset by higher risk retirements for sbirs aehf programs.\noperating profit 2013 included $ 15 million charges, net recoveries related to november 2013 restructuring plan.\n adjustments not related to volume including net profit booking rate adjustments other matters approximately $ 15 million lower 2013 compared to 2012.\n\n| 2014             | 2013             | 2012\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 8065           | $ 7958           | $ 8347\noperating profit    | 1039             | 1045             | 1083\noperating margins   | 12.9% ( 12.9 % ) | 13.1% ( 13.1 % ) | 13.0% ( 13.0 % )\nbacklog at year-end | $ 18900          | $ 20500          | $ 18100"
}
{
    "_id": "dd4c1c7b0",
    "title": "",
    "text": "kimco realty corporation and subsidiaries notes to consolidated financial statements continued during 2012  albertsons joint venture distributed $ 50. 3 million company received $ 6. 9 million  recognized as income from cash received in excess of company 2019s investment  before income tax included in equity in income from other real estate investments net on company 2019s consolidated statements of income.\n in january 2015  company invested additional $ 85. 3 million new equity in company 2019s albertsons joint venture to facilitate acquisition of safeway inc.\n by cerberus lead consortium.\n kimco now holds 9. 8% ( 9. 8 % ) ownership interest in combined company operates 2230 stores across 34 states.\n leveraged lease - during june 2002  company acquired 90% ( 90 % ) equity participation interest in existing leveraged lease of 30 properties.\n properties leased under long-term bond-type net lease primary term expires in 2016 lessee having certain renewal option rights.\n company 2019s cash equity investment was $ 4. 0 million.\n equity investment reported as net investment in leveraged lease in accordance with fasb 2019s lease guidance.\n as of december 31 , 2014  19 properties sold proceeds from sales used to pay down $ 32. 3 million in mortgage debt remaining 11 properties remain encumbered by third-party non-recourse debt of $ 11. 2 million scheduled to fully amortize during primary term of lease from portion of periodic net rents receivable under net lease.\n as equity participant in leveraged lease company has no recourse obligation for principal or interest payments on debt collateralized by first mortgage lien on properties collateral assignment of lease.\n obligation offset against related net rental receivable under lease.\nat december 31 , 2014 and 2013 , company 2019s net investment in leveraged lease consisted of following ( in millions ) :.\n 9.\n variable interest entities : consolidated ground-up development projects included within company 2019s ground-up development projects at december 31 , 2014 , is entity is a vie  for company is primary beneficiary.\n entity established to develop real estate property long-term investment.\n company 2019s involvement with entity is through majority ownership and management of property.\n entity deemed a vie based on equity investment at risk not sufficient to permit entity finance activities without additional financial support.\n initial equity contributed entity not sufficient to fully finance real estate construction as development costs funded by partners throughout construction period.\n company determined primary beneficiary of vie result of controlling financial interest.\n at december 31 , 2014 , total assets of ground-up development vie were $ 77. 7 million total liabilities were $ 0. 1 million.\n classification of assets primarily within real estate under development in company 2019s consolidated balance sheets and classifications of liabilities are primarily within accounts payable and accrued expenses on company 2019s consolidated balance sheets.\n substantially all of projected development costs to be funded for this ground-up development vie , aggregating $ 32. 8 million , funded with capital contributions from company and by outside partners when contractually obligated.\n company not provided financial support to this vie not previously contractually required to provide.\n\n| 2014           | 2013\n------------------------------------- | -------------- | --------------\nremaining net rentals                 | $ 8.3          | $ 15.9\nestimated unguaranteed residual value | 30.3           | 30.3\nnon-recourse mortgage debt            | -10.1 ( 10.1 ) | -16.1 ( 16.1 )\nunearned and deferred income          | -12.9 ( 12.9 ) | -19.9 ( 19.9 )\nnet investment in leveraged lease     | $ 15.6         | $ 10.2"
}
{
    "_id": "dd4b94ed2",
    "title": "",
    "text": "asian industrial packaging net sales 2007 $ 265 million compared $ 180 million 2006.\n 2005 net sales $ 105 million sub- sequent to international paper 2019s acquisition majority interest business august 2005.\n operating profits totaled $ 6 million 2007 $ 3 million 2006 compared loss $ 4 million consumer packaging demand pricing consumer packaging prod ucts correlate with consumer spending general economic activity.\n prices volumes major factors affecting profitability consumer packaging raw material energy costs freight costs manufacturing efficiency product mix.\n consumer packaging net sales increased 12% ( 12 % ) compared with 2006 24% ( 24 % ) compared 2005.\n operating profits rose 15% ( 15 % ) from 2006 24% ( 24 % ) from 2005 levels.\n benefits from improved average sales price realizations ( $ 52 million ) higher sales volumes for.\n european coated paperboard ( $ 9 million ) favorable mill operations ( $ 14 million ) contributions from international paper & sun cartonboard co. , ltd.\n acquired 2006 ( $ 16 million ) offset by higher raw material energy costs ( $ 53 million ) unfavorable mix of products sold ( $ 4 million ) increased freight costs ( $ 5 million ) other costs ( $ 3 million ).\n consumer packaging millions 2007 2006 2005.\n north american consumer packaging net sales $ 2. 4 billion in 2007 and 2006 com pared with $ 2. 2 billion 2005.\n operating earnings $ 143 million in 2007 improved from $ 129 million 2006 $ 121 million in 2005.\n coated paperboard sales volumes increased 2007 compared 2006 particularly folding carton board reflecting improved demand.\n average sales price realizations improved 2007 for folding carton board cup stock.\n impact higher sales prices improved manufacturing performance mills offset negative effects higher wood energy costs.\n foodservice sales volumes slightly higher 2007 than 2006.\nsales prices higher reflecting price increases to recover raw material cost increases.\n more favorable mix of hot cups food containers led to higher average margins.\n raw material costs for bleached board polystyrene higher than 2006 increases partially offset by improved manufacturing costs increased productivity reduced waste.\n shorewood sales volumes in 2007 declined from 2006 levels due to weak demand in home enter- tainment , tobacco display markets demand stronger in consumer products segment.\n sales margins declined from 2006 reflect less favorable mix of products sold.\n raw material costs higher for bleached board  impact offset by improved manufacturing operations lower operating costs.\n charges to restructure operations impacted 2007 results.\n entering 2008  coated paperboard sales volumes expected to even with fourth quarter of 2007 average sales price realizations expected to slightly improve.\n earnings bene- fit from fewer planned mill maintenance outages compared 2007 quarter.\n costs for wood  polyethylene energy expected to higher.\n foodservice results expected to benefit from increased sales volumes higher sales price realizations.\n shorewood sales volumes for first quarter 2008 expected to seasonally decline negative impact partially offset by benefits from cost improve- ments with prior-year restructuring actions.\n european consumer packaging net sales in 2007 were $ 280 million compared with $ 230 million in 2006 $ 190 million in 2005.\n sales volumes in 2007 higher than 2006 reflecting stronger market demand improved productivity mill.\n average sales price realizations improved in 2007.\n operating earnings in 2007 of $ 37 million declined from $ 41 million in 2006 and $ 39 million in 2005.\n additional contribution from higher net sales offset by higher input costs for wood  energy freight.\n entering 2008  sales volumes and prices expected to comparable to fourth quarter.\nmachine performance sales mix expected to improve ; , wood costs expected to higher , especially in russia due to strong demand ahead of tariff increases , energy costs anticipated seasonally higher.\n\nin millions      | 2007   | 2006   | 2005\n---------------- | ------ | ------ | ------\nsales            | $ 3015 | $ 2685 | $ 2435\noperating profit | $ 198  | $ 172  | $ 160"
}
{
    "_id": "dd4b90bb6",
    "title": "",
    "text": "schedule of future minimum rental payments required under long-term operating leases at october 29 , 2011 : fiscal years operating leases.\n 12.\n commitments and contingencies time to time in ordinary course company 2019s business  claims , charges litigation asserted or commenced against company from related to contractual matters patents trademarks personal injury environmental matters product liability insurance coverage personnel employment disputes.\n company can give no assurance it will prevail.\n company not believe current legal matters will material adverse effect on company 2019s financial position  results of operations or cash flows.\n 13.\n retirement plans company and subsidiaries have savings and retirement plans covering all employees.\n company maintains defined contribution plan for benefit of eligible u. s.\n employees.\n plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation.\n company contributes amount equal to each participant 2019s pre-tax contribution up to maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation.\n total expense related to defined contribution plan for u. s.\n employees was $ 21. 9 million in fiscal 2011 , $ 20. 5 million in fiscal 2010 $ 21. 5 million in fiscal 2009.\n company has various defined benefit pension and other retirement plans for certain non-u. s.\n employees consistent with local statutory requirements practices.\n total expense related to defined benefit pension retirement plans for certain non-u. s.\n employees was $ 21. 4 million in fiscal 2011  $ 11. 7 million in fiscal 2010 $ 10. 9 million in fiscal 2009.\n non-u. s.\n plan company 2019s funding policy for foreign defined benefit pension plans consistent with local requirements of each country.\n plans 2019 assets consist primarily of u. s.\nnon-u. s.\n equity securities  bonds property cash.\n benefit obligations related assets under plans measured at october 29 , 2011 october 30 , 2010.\n analog devices .\n notes to consolidated financial statements 2014 ( continued\n\nfiscal years | operating leases\n------------ | ----------------\n2012         | $ 17590\n2013         | 12724\n2014         | 6951\n2015         | 5649\n2016         | 3669\nlater years  | 19472\ntotal        | $ 66055"
}
{
    "_id": "dd4befb5c",
    "title": "",
    "text": "backlog backlog increased in 2015 compared to 2014 primarily due to higher orders on f-35 c-130 programs.\n backlog decreased slightly in 2014 compared to 2013 primarily due to lower orders on f-16 f-22 programs.\n expect aeronautics 2019 2016 net sales to increase mid-single digit percentage range compared to 2015 due to increased volume on f-35 c-130 programs partially offset by decreased volume f-16 program.\n operating profit expected to increase low single-digit percentage range driven by increased volume on f-35 program offset by contract mix slight decrease in operating margins between years.\n information systems & global solutions is&gs business segment provides advanced technology systems expertise  integrated information technology solutions management services broad spectrum applications for civil , defense  intelligence other government customers.\n is&gs 2019 technical services business provides comprehensive portfolio of technical sustainment services.\n is&gs has portfolio of many smaller contracts business segments.\n is&gs impacted by continued downturn in federal agencies 2019 information technology budgets increased re-competition on existing contracts fragmentation of large contracts into multiple smaller contracts awarded basis price.\n is&gs 2019 operating results included ( in millions ) :.\n 2015 compared to 2014 is&gs 2019 net sales decreased $ 58 million , or 1% ( 1 % ) , in 2015 compared to 2014.\n decrease attributable to lower net sales of approximately $ 395 million key program completions  lower customer funding levels increased competition fragmentation of existing large contracts into multiple smaller contracts awarded primarily basis price including cms.\n decreases partially offset by higher net sales of approximately $ 230 million for businesses acquired in 2014 approximately $ 110 million due to start-up of new programs growth in recently awarded programs.\n is&gs 2019 operating profit increased $ 36 million  or 8% ( 8 % ) , in 2015 compared to 2014.\nincrease attributable to improved program performance risk retirements offset by decreased operating profit from activities for net sales.\n adjustments not related to volume including net profit booking rate adjustments other matters approximately $ 70 million higher in 2015 compared to 2014.\n 2014 2013 is&gs 2019 net sales decreased $ 461 million  or 8% ( 8 % )  in 2014 compared to 2013.\n decrease attributable to lower net sales of $ 475 million due to wind-down completion of certain programs reductions in direct warfighter support including jieddo $ 320 million due to decreased volume in technical services programs market pressures.\n decreases offset by higher net sales of $ 330 million due to start-up of new programs growth in recently awarded programs integration of recently acquired companies.\n is&gs 2019 operating profit decreased $ 26 million  or 5% ( 5 % )  in 2014 compared to 2013.\n decrease attributable to activities for sales partially offset by severance recoveries related to restructuring november 2013 of approximately $ 20 million in 2014.\n adjustments not related to volume including net profit booking rate adjustments comparable in 2014 and 2013.\n\n| 2015           | 2014           | 2013\n------------------- | -------------- | -------------- | --------------\nnet sales           | $ 5596         | $ 5654         | $ 6115\noperating profit    | 508            | 472            | 498\noperating margins   | 9.1% ( 9.1 % ) | 8.3% ( 8.3 % ) | 8.1% ( 8.1 % )\nbacklog at year-end | $ 4800         | $ 6000         | $ 6300"
}
{
    "_id": "dd4bb90d4",
    "title": "",
    "text": "table of contents table discloses purchases of shares our common stock made by us or our behalf during fourth quarter of 2016.\n period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares may yet be purchased under plans or programs.\n shares reported in column represent purchases settled in fourth quarter of 2016 relating to i our purchases of shares in open-market transactions to meet obligations under stock-based compensation plans  ) purchases of shares from employees and non-employee directors in connection with exercise of stock options vesting of restricted stock  other stock compensation transactions in accordance with terms stock compensation plans.\n on july 13 , 2015  board of directors authorized our purchase of up to $ 2. 5 billion of outstanding common stock.\n authorization has no expiration date.\n as of december 31 , 2016 approximate dollar value of shares yet be purchased under 2015 authorization is $ 40 million.\n on september 21 , 2016  board of directors authorized purchase of up to additional $ 2. 5 billion of outstanding common stock with no expiration date.\n as of december 31 , 2016 no purchases made under 2016 authorization.\n\nperiod        | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )\n------------- | ------------------------------ | -------------------------- | -------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------\noctober 2016  | 433272                         | $ 52.69                    | 50337                                                                                  | 382935                                                                       | $ 2.7 billion\nnovember 2016 | 667644                         | $ 62.25                    | 248349                                                                                 | 419295                                                                       | $ 2.6 billion\ndecember 2016 | 1559569                        | $ 66.09                    | 688                                                                                    | 1558881                                                                      | $ 2.5 billion\ntotal         | 2660485                        | $ 62.95                    | 299374                                                                                 | 2361111                                                                      | $ 2.5 billion"
}
{
    "_id": "dd4c498dc",
    "title": "",
    "text": "marathon oil corporation notes consolidated financial statements expected long-term return on plan assets 2013 return on plan assets assumption for our u. s.\n funded plan determined based on asset rate-of-return modeling tool developed by third-party investment group utilizes underlying assumptions based on actual returns by asset category inflation our u. s.\n pension plan 2019s asset allocation.\n determine expected long-term return on plan assets assumption for international plans consider current level expected returns on risk-free investments ( primarily government bonds ) historical levels risk premiums with other applicable asset categories expectations for future returns of each asset class.\n expected return for each asset category weighted based on actual asset allocation to develop overall expected long-term return on plan assets assumption.\n assumed weighted average health care cost trend rates.\n n/a all retiree medical subsidies frozen as of january 1 , 2019.\n employer provided subsidies for post-65 retiree health care coverage frozen effective january 1, 2017 at january 1, 2016 established amount levels.\n company contributions funded to health reimbursement account on retiree 2019s behalf to subsidize retiree 2019s cost of obtaining health care benefits through private exchange ( 201cpost-65 retiree health benefits 201d ).\n 1% ( 1 % ) change in health care cost trend rates not material impact on service and interest cost components postretirement benefit obligations.\n fourth quarter of 2018 terminated post-65 retiree health benefits effective as of december 31 , 2020.\n post-65 health benefits no longer provided after that date.\n pre-65 retiree medical coverage subsidy frozen as of january 1 , 2019 ability for retirees to opt in and out of this coverage pre-65 retiree dental and vision coverage eliminated.\nretirees must enroll in with retirement for coverage , or lose eligibility.\n plan changes reduced retiree medical benefit obligation by approximately $ 99 million.\n plan investment policies and strategies 2013 investment policies for u. s.\n and international pension plan assets reflect funded status plans expectations regarding future ability to contributions.\n long-term investment goals are to : 1 ) manage assets in accordance with legal requirements ; 2 produce investment returns meet or exceed rates return in capital markets while maintaining risk parameters by plan's investment committees protecting assets from erosion of purchasing power ; 3 ) position portfolios with long-term risk/ return orientation.\n investment performance and risk measured monitored ongoing through quarterly investment meetings periodic asset and liability studies.\n u. s.\n plan 2013 plan 2019s current targeted asset allocation of 55% ( 55 % ) equity securities 45% ( 45 % ) other fixed income securities.\n over time  as plan 2019s funded ratio ( investment policy ) improves , to reduce volatility in returns match plan 2019s liabilities, allocation to equity securities will decrease amount allocated to fixed income securities will increase.\n plan's assets managed by third-party investment manager.\n international plan 2013 international plan's target asset allocation of 55% ( 55 % ) equity securities and 45% ( 45 % ) fixed income securities.\n plan assets invested in ten separate portfolios , mainly pooled fund vehicles  managed by several professional investment managers performance measured independently by third-party asset servicing consulting fair value measurements 2013 plan assets measured at fair value.\n description of valuation techniques employed for each major plan asset class at december 31 , 2018 and 2017.\n cash and cash equivalents 2013 cash cash equivalents are valued using market approach considered level 1.\nequity securities 2013 investments in common stock valued using market approach at closing price in active market considered level 1.\n private equity investments include interests in limited partnerships valued based on sum of estimated fair values of investments held by each partnership determined using combination of market , income cost approaches plus working capital  adjusted for liabilities  currency translation estimated performance incentives.\n private equity investments considered level 3.\n investments in pooled funds valued using market approach  various funds consist of equity with underlying investments in u. s.\n and non-u. s.\n securities.\n pooled funds benchmarked against relative public index considered level 2.\n\n| 2018 | 2017             | 2016\n----------------------------------- | ---- | ---------------- | ----------------\ninitial health care trend rate      | n/a  | 8.00% ( 8.00 % ) | 8.25% ( 8.25 % )\nultimate trend rate                 | n/a  | 4.70% ( 4.70 % ) | 4.50% ( 4.50 % )\nyear ultimate trend rate is reached | n/a  | 2025             | 2025"
}
{
    "_id": "dd4b9199e",
    "title": "",
    "text": "company recognizes accrued interest penalties related to tax positions as component of income tax expense accounts for sales tax collected from customers remitted to taxing authorities on net basis.\n allowance for funds used during construction afudc is a non-cash credit to income with corresponding charge to utility plant represents cost of borrowed funds or return on equity funds devoted to plant under construction.\n regulated utility subsidiaries record afudc to extent permitted by pucs.\n portion of afudc attributable to borrowed funds is shown as reduction of interest , net in consolidated statements of operations.\n any portion of afudc attributable to equity funds included in other income ( expenses ) in consolidated statements of operations.\n afudc summarized in following table for years ended december 31:.\n environmental costs company 2019s water and wastewater operations subject to.\n federal  state  local foreign requirements to environmental protection company periodically becomes subject to environmental claims in normal course of business.\n environmental expenditures relate to current operations or provide future benefit are expensed or capitalized as appropriate.\n remediation costs relate to existing condition caused by past operations are accrued  on undiscounted basis when probable these costs will be incurred can be reasonably estimated.\n remediation costs accrued amounted to $ 1 and $ 2 as of december 31 , 2015 and 2014  respectively.\n accrual relates to conservation agreement by subsidiary of company with national oceanic and atmospheric administration ( ) requiring company to implement measures to protect steelhead trout habitat in carmel river watershed in state of california.\n company agreed to pay $ 1 annually from 2010 to 2016.\ncompany 2019s inception-to-date costs related to noaa agreement recorded in regulatory assets in consolidated balance sheets as of december 31 , 2015 and 2014 expected to be fully recovered from customers in future rates.\n derivative financial instruments company uses derivative instruments for hedging exposures to fluctuations in interest rates.\n derivative contracts entered into for periods consistent with related underlying exposures not constitute positions independent of.\n company not enter derivative contracts for speculative purposes not use leveraged instruments.\n all derivatives recognized on balance sheet at fair value.\n on date derivative contract entered company may designate derivative as a hedge of fair value of recognized asset or liability ( fair-value hedge ) or hedge of forecasted transaction or of variability of cash flows to received or paid related to recognized asset liability ( cash-flow hedge ).\n changes in fair value of fair-value hedge  with gain or loss on underlying hedged item  recorded in current-period earnings.\n effective portion of gains and losses on cash-flow hedges recorded in other comprehensive income  until earnings affected by variability of cash flows.\n ineffective portion of designated hedges recognized in current-period earnings.\n cash flows from derivative contracts included in net cash by operating activities in consolidated statements of cash flows.\n\n| 2015 | 2014 | 2013\n----------------------------------------------------- | ---- | ---- | ----\nallowance for other funds used during construction    | $ 13 | $ 9  | $ 13\nallowance for borrowed funds used during construction | 8    | 6    | 6"
}
{
    "_id": "dd4bbe84a",
    "title": "",
    "text": "wholly-owned subsidiary of company is registered life insurance company maintains separate account assets segregated funds for funding individual group pension contracts offsetting account liabilities.\n at decem - ber 31 , 2008 and 2007  level 3 account assets were approximately $ 4 and $ 12  respectively.\n changes in level 3 assets relate to purchases  sales gains/ losses ).\n net investment income net gains and losses attributable to account assets accrue directly to contract owner not reported as non-operating income ( expense ) on consolidated statements of income.\n level 3 assets  includes equity method investments consolidated investments of real estate funds private equity funds funds equity funds are valued based valuations from internal third party fund managers.\n fair valuations at underlying funds based on methods third-party independent appraisals discounted cash flow techniques.\n direct investments in private equity companies by funds of private equity funds are valued based on assessment of each under - lying investment  evaluation of significant third party financing changes in valuations of comparable peer companies business environment.\n see note 2 for detail on fair value policies by underlying funds.\n changes in level 3 assets measured at fair value recurring basis for year ended december 31 , 2008.\n total net ( losses ) for period included in earnings attributable to change in unrealized gains or ( losses ) relating to assets still held at reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses for level 3 assets are reported in non-operating income ( expense ) on consolidated statements of income.\n non-controlling interest expense is recorded for consoli- dated investments to reflect portion of gains and losses not attributable to company.\ncompany transfers assets in out of level 3 as significant inputs  including performance attributes used for fair value measurement become observable.\n 6.\n variable interest entities in normal business company is manager of various sponsored investment vehicles including collateralized debt obligations and sponsored investment funds considered vies.\n company receives management fees or other incen- tive related fees for services and may own equity or debt securities or enter into derivatives with vehicles  each considered variable inter- ests.\n company engages in these variable interests to address client needs through launch of investment vehicles.\n vies primarily financed via capital contributed by equity and debt holders.\n company 2019s involvement in financing operations of vies is limited to equity interests , unfunded capital commitments for certain sponsored investment funds and capital support agreements for two enhanced cash funds.\n primary beneficiary of a vie is party that absorbs majority of entity 2019s expected losses receives major - ity of entity 2019s expected residual returns or both as result of holding variable interests.\n to determine company primary beneficiary of a vie  management must make significant estimates and assumptions of probable future cash flows assign probabilities to different cash flow scenarios.\n assumptions analyses include market prices of securities  market interest rates  poten- tial credit defaults on securities or default rates portfolio securities  gain realization  liquidity or marketability of certain securities  discount rates probability of certain other outcomes.\n vies in blackrock is primary beneficiary at december 31 , 2008  company was primary beneficiary of three vies  resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund funds ).\n creditors of vies do not have recourse to credit of company.\n2008 , company determined became primary beneficiary of two enhanced cash management funds concluding under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73\n\n| investments    | other assets\n------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------- | ------------\ndecember 31 2007                                                                                                                                                         | $ 1240         | $ 2014\nrealized and unrealized gains / ( losses ) net                                                                                                                           | -409 ( 409 )   | -16 ( 16 )\npurchases sales other settlements and issuances net                                                                                                                      | 11             | 2\nnet transfers in and/or out of level 3                                                                                                                                   | -29 ( 29 )     | 78\ndecember 31 2008                                                                                                                                                         | $ 813          | $ 64\ntotal net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets stillheld at the reporting date | $ -366 ( 366 ) | $ -17 ( 17 )"
}
{
    "_id": "dd4bb9e4e",
    "title": "",
    "text": "shareowner return performance graph graph and related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission  nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934  each as amended except company specifically incorporates such information into filing.\n graph shows five-year comparison of cumulative total shareowners 2019 returns for class b common stock , s&p 500 index  dow jones transportation average.\n comparison of total cumulative return on investment  change in quarterly stock price plus reinvested dividends for quarterly periods assumes $ 100 invested on december 31, 2002 in s&p 500 index  dow jones transportation average  class b common stock of united parcel service .\n comparison of five year cumulative total return $ 40. 00 $ 60. 00 $ 80. 00 $ 100. 00 $ 120. 00 $ 140. 00 $ 160. 00 $ 180. 00 $ 200. 00 $ 220. 00 2002 20072006200520042003 s&p 500 ups dj transport.\n securities authorized for issuance under equity compensation plans table provides information as of december 31 , 2007 regarding compensation plans under our class a common stock authorized for issuance.\n plans do not authorize issuance of class b common stock.\n\n| 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06 | 12/31/07\n-------------------------------- | -------- | -------- | -------- | -------- | -------- | --------\nunited parcel service inc .      | $ 100.00 | $ 119.89 | $ 139.55 | $ 124.88 | $ 127.08 | $ 122.64\ns&p 500 index                    | $ 100.00 | $ 128.68 | $ 142.68 | $ 149.69 | $ 173.33 | $ 182.85\ndow jones transportation average | $ 100.00 | $ 131.84 | $ 168.39 | $ 188.00 | $ 206.46 | $ 209.40"
}
{
    "_id": "dd4bd0acc",
    "title": "",
    "text": "table of contents notes to consolidated financial statements of american airlines , inc.\n asset.\n projected cash flows discounted at required market rate of return reflects relative risk of achieving cash flows and time value of money.\n cost approach , estimates value by determining current cost of replacing asset with another equivalent economic utility , used appropriate for certain assets for market and income approaches not be applied due to nature of asset.\n cost to replace given asset reflects estimated reproduction or replacement cost for asset  less allowance for loss in value due to depreciation.\n fair value of us airways 2019 dividend miles loyalty program liability determined based on weighted average equivalent ticket value of outstanding miles expected to be redeemed for future travel at december 9 , 2013.\n weighted average equivalent ticket value contemplates differing classes of service , domestic and international itineraries carrier providing award travel.\n pro-forma impact of merger american 2019s unaudited pro-forma results include effects of merger as if consummated as of january 1 , 2012.\n pro- forma results include depreciation and amortization associated with acquired tangible and intangible assets  lease and debt fair value adjustments  elimination of deferred gains or losses  adjustments relating to reflecting fair value of loyalty program liability impact of income changes on profit sharing expense  others.\n pro-forma results reflect impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots effective upon closing merger elimination of american 2019s reorganization items , net and merger transition costs.\n pro-forma results not include anticipated synergies or other expected benefits of merger.\nunaudited pro-forma financial information below not indicative of future results operations or results achieved had acquisition consummated as of january 1 , 2012.\n december 31 , ( in millions ).\n 5.\n basis of presentation and summary of significant accounting policies basis presentation on december 30 , 2015 , us airways merged with into american  reflected in american 2019s consolidated financial statements transaction occurred on december 9, 2013 , when subsidiary of amr merged with into us airways group.\n full years of 2015 and 2014 and period from december 9, 2013 to december 31 , 2013 are comprised of consolidated financial data of american and us airways.\n for periods prior to december 9 , 2013  financial data reflects results of american only.\n for financial reporting transaction constituted transfer of assets between entities under common control accounted for similar to pooling of interests method of accounting.\n under method carrying amount of net assets recognized in balance sheets of each combining entity carried forward to balance sheet of combined entity no other assets or liabilities recognized.\n preparation of financial statements in accordance with accounting principles accepted in united states ( ) requires management to make certain estimates and assumptions affect reported amounts of assets and liabilities , revenues and expenses  disclosure of contingent assets and liabilities at date of financial statements.\n actual results could differ from estimates.\n significant areas of judgment relate to passenger revenue recognition , impairment of goodwill , impairment of long-lived and\n\n| december 31 2013 ( in millions )\n---------- | --------------------------------\nrevenue    | $ 40782\nnet income | 2707"
}
{
    "_id": "dd4c26116",
    "title": "",
    "text": "1 our long-term debt consists of secured and unsecured debt includes principal and interest.\n interest payments for variable rate debt calculated using interest rates as of december 31 , 2016.\n repayment of our $ 250. 0 million variable rate term note  contractual maturity date in january 2019 , reflected as a 2020 obligation in table above based on ability to exercise one-year extension at our discretion.\n 2 ) unsecured line of credit has contractual maturity date in january 2019 reflected as a 2020 obligation in table based on ability to exercise one-year extension exercise at our discretion.\n interest payments for unsecured line of credit calculated using most recent stated interest rate in effect. 3 ) share of unconsolidated joint venture debt includes both principal and interest.\n interest expense for variable rate debt calculated using interest rate at december 31 , 2016.\n ( 4 ) represents estimated remaining costs on completion of owned development projects and third-party construction projects.\n we provide property and asset management , leasing , construction other tenant-related services to unconsolidated companies in we have equity interests.\n for years ended december 31 , 2016 , 2015 and 2014 earned management fees of $ 4. 5 million , $ 6. 8 million $ 8. 5 million  leasing fees of $ 2. 4 million , $ 3. 0 million $ 3. 4 million construction and development fees of $ 8. 0 million , $ 6. 1 million and $ 5. 8 million  from these companies prior to elimination of ownership percentage.\n recorded these fees based on contractual terms approximate market rates for these services eliminated ownership percentages of these fees in consolidated financial statements.\n partnership guaranteed repayment of $ 32.9 million of economic development bonds issued by various municipalities in connection with commercial developments.\n we required to make payments under our guarantees to extent incremental taxes from specified developments not sufficient to pay bond ff debt service.\n management not believe probable we required to make significant payments in satisfaction of these guarantees.\n partnership guaranteed repayment of unsecured loan of one of our unconsolidated subsidiaries.\n at december 31 , 2016  maximum guarantee exposure for this loan was approximately $ 52. 1 million.\n we lease certain land positions with terms extending toww march 2114 total future payment obligation of $ 311. 1 million.\n payments on these ground leases , classified as operating leases  not material in any individual year.\n in addition to ground leases we party to other operating leases conducting business including leases of office space from third parties with total future payment obligation of ff $ 43. 4 million at december 31 , 2016.\n no future payments on these leases material in any individual year.\n subject to legal proceedings and claims in ordinary course of business.\n in opinion of management ultimate liability with these actions not expected to materially affect our consolidated financial statements or results of operations.\n own certain parcels of land subject to special property tax assessments levied by quasi municipalww entities.\n to extent such special assessments fixed and determinable discounted value of fulltt\n\ncontractual obligations                            | payments due by period ( in thousands ) total | payments due by period ( in thousands ) 2017 | payments due by period ( in thousands ) 2018 | payments due by period ( in thousands ) 2019 | payments due by period ( in thousands ) 2020 | payments due by period ( in thousands ) 2021 | payments due by period ( in thousands ) thereafter\n-------------------------------------------------- | --------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | --------------------------------------------------\nlong-term debt ( 1 )                               | $ 3508789                                     | $ 203244                                     | $ 409257                                     | $ 366456                                     | $ 461309                                     | $ 329339                                     | $ 1739184\nline of credit ( 2 )                               | 56127                                         | 2650                                         | 2650                                         | 2650                                         | 48177                                        | 2014                                         | 2014\nshare of unconsolidated joint ventures' debt ( 3 ) | 91235                                         | 2444                                         | 28466                                        | 5737                                         | 11598                                        | 1236                                         | 41754\nground leases                                      | 311120                                        | 10745                                        | 5721                                         | 5758                                         | 5793                                         | 5822                                         | 277281\ndevelopment and construction backlog costs ( 4 )   | 344700                                        | 331553                                       | 13147                                        | 2014                                         | 2014                                         | 2014                                         | 2014\nother                                              | 43357                                         | 7502                                         | 7342                                         | 5801                                         | 4326                                         | 3906                                         | 14480\ntotal contractual obligations                      | $ 4355328                                     | $ 558138                                     | $ 466583                                     | $ 386402                                     | $ 531203                                     | $ 340303                                     | $ 2072699"
}
{
    "_id": "dd4bfcf6e",
    "title": "",
    "text": "25feb201400255845 performance graph graph compares performance our common stock with s&p 500 index s&p 500 healthcare equipment index.\n cumulative total return assumes initial investment $ 100 december 31 , 2008 reinvestment of dividends.\n comparison five year cumulative total return 2008 2009 2010 2011 20132012 edwards lifesciences s&p 500 s&p 500 healthcare equipment december 31.\n\ntotal cumulative return            | 2009     | 2010     | 2011     | 2012     | 2013\n---------------------------------- | -------- | -------- | -------- | -------- | --------\nedwards lifesciences               | $ 158.05 | $ 294.23 | $ 257.32 | $ 328.19 | $ 239.34\ns&p 500                            | 126.46   | 145.51   | 148.59   | 172.37   | 228.19\ns&p 500 healthcare equipment index | 120.83   | 117.02   | 123.37   | 145.84   | 186.00"
}
{
    "_id": "dd4ba660a",
    "title": "",
    "text": "2007 annual report 39 corporate snap-on 2019s general corporate expenses totaled $ 53. 8 million in 2006  up from $ 46. 4 million in 2005 primarily due to $ 15. 2 million increased stock-based and performance-based incentive compensation  including $ 6. 3 million from january 1 , 2006 , adoption of sfas no.\n 123 ( r ).\n increased expenses in 2006 included $ 4. 2 million higher insurance other costs.\n expense increases partially offset by $ 9. 5 million benefits from rci initiatives.\n see note 13 to consolidated financial statements for information on company 2019s adoption of sfas no.\n 123 ( r ).\n financial condition snap-on 2019s growth funded by combination cash operating activities debt financing.\n snap-on believes cash from operations with sources borrowings sufficient to fund anticipated requirements for working capital  capital expenditures restructuring activities acquisitions common stock repurchases dividend payments.\n due to snap-on 2019s credit rating external funds available at reasonable cost.\n of close of business on february 15 , 2008  snap-on 2019s long-term debt and commercial paper rated a3 and p-2 by moody 2019s investors service a- and a-2 by standard & poor 2019s.\n snap-on believes strength of balance sheet cash flows from operating activities affords company financial flexibility to respond to internal growth opportunities acquisitions.\n discussion focuses on information in consolidated balance sheets.\n snap-on focused on improving asset utilization by making effective use of investment in certain working capital items.\n company assesses management 2019s operating performance effectiveness relative to those components of working capital  particularly accounts receivable inventories directly impacted by operational decisions.\ndecember 29 , 2007 working capital ( current assets less liabilities ) of $ 548. 2 million up $ 117. 0 million from $ 431. 2 million december 30 , 2006.\n increase year-over-year working capital reflects higher levels 201ccash and cash equivalents of $ 29. 6 million  lower 201cnotes payable current maturities of long-term debt $ 27. 7 million  $ 27. 7 million increased 201caccounts receivable 2013 net of allowances. represents company 2019s working capital position as of december 29, 2007 and december 30 , 2006.\n amounts in millions ) 2007 2006.\n accounts receivable end of 2007 was $ 586. 9 million  up $ 27. 7 million from year-end 2006 levels.\n year-over- year increase in accounts receivable reflects impact higher sales fourth quarter of 2007 $ 25. 1 million of currency translation.\n increase accounts receivable partially offset by lower levels receivables improvement in days sales outstanding from 76 days year-end 2006 to 73 days year-end 2007.\n\n( amounts in millions ) ad                             | 2007             | 2006\n------------------------------------------------------ | ---------------- | ----------------\ncash and cash equivalents                              | $ 93.0           | $ 63.4\naccounts receivable 2013 net of allowances             | 586.9            | 559.2\ninventories                                            | 322.4            | 323.0\nother current assets                                   | 185.1            | 167.6\ntotal current assets                                   | 1187.4           | 1113.2\naccounts payable                                       | -171.6 ( 171.6 ) | -178.8 ( 178.8 )\nnotes payable and current maturities of long-term debt | -15.9 ( 15.9 )   | -43.6 ( 43.6 )\nother current liabilities                              | -451.7 ( 451.7 ) | -459.6 ( 459.6 )\ntotal current liabilities                              | -639.2 ( 639.2 ) | -682.0 ( 682.0 )\ntotal working capital                                  | $ 548.2          | $ 431.2"
}
{
    "_id": "dd4c29d3e",
    "title": "",
    "text": "dish network corporation notes to consolidated financial statements - continued capital lease obligations anik f3.\n f3 , fss satellite  launched commenced commercial operation april 2007.\n satellite accounted for as capital lease depreciated over term satellite service agreement.\n leased 100% ( 100 % ) ku-band capacity on anik f3 for 15 years.\n ciel ii.\n ciel , canadian dbs satellite  launched december 2008 commenced commercial operation february 2009.\n satellite accounted for as capital lease depreciated over term satellite service agreement.\n leased 100% ( 100 % ) capacity on ciel ii for initial 10 year term.\n as of december 31 , 2014 and 2013  had $ 500 million capitalized for estimated fair value of satellites acquired under capital leases included in 201cproperty and equipment , net  201d with related accumulated depreciation of $ 279 million and $ 236 million , respectively.\n consolidated statements of operations comprehensive income loss ) recognized $ 43 million, $ 43 million $ 43 million in depreciation expense on satellites acquired under capital lease agreements during years ended december 31 , 2014 , 2013 2012 .\n future minimum lease payments under capital lease obligations present value of net minimum lease payments as of december 31, 2014 are as follows ( in thousands ) : for years ended december 31.\n summary of future maturities of outstanding long-term debt as of december 31 , 2014 included in commitments table in note 16.\n 12.\n income taxes accounting for uncertainty in income taxes income tax policy to record estimated future tax effects of temporary differences between tax bases of assets liabilities amounts reported on consolidated balance sheets probable operating loss , tax credit other carryforwards.\ndeferred tax assets offset by valuation allowances when believe more likely not net deferred tax assets not be realized.\n we periodically evaluate need for valuation allowance.\n determining necessary valuation allowances requires assessments about historical financial information timing of future events including probability of expected future taxable income available tax planning opportunities.\n we file consolidated tax returns in u. s.\n income taxes of domestic and foreign subsidiaries not included in u. s.\n tax group presented in consolidated financial statements based separate return basis for each tax paying entity.\n\n2015                                                                                                                                                                                             | $ 77089\n------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------\n2016                                                                                                                                                                                             | 76809\n2017                                                                                                                                                                                             | 76007\n2018                                                                                                                                                                                             | 75982\n2019                                                                                                                                                                                             | 50331\nthereafter                                                                                                                                                                                       | 112000\ntotal minimum lease payments                                                                                                                                                                     | 468218\nless : amount representing lease of the orbital location and estimated executory costs ( primarily insurance and maintenance ) including profit thereon included in total minimum lease payments | -220883 ( 220883 )\nnet minimum lease payments                                                                                                                                                                       | 247335\nless : amount representing interest                                                                                                                                                              | -52421 ( 52421 )\npresent value of net minimum lease payments                                                                                                                                                      | 194914\nless : current portion                                                                                                                                                                           | -28378 ( 28378 )\nlong-term portion of capital lease obligations                                                                                                                                                   | $ 166536"
}
{
    "_id": "dd4c1d962",
    "title": "",
    "text": "corporation of america notes consolidated financial statements continued december 31 , 2006.\n stock-based compensation continued same period $ 1988000 lower than if continued account share-based compensation under apb no.\n 25.\n basic and diluted earnings per share for year ended december 31 , 2006 $ 0. 02 lower if company continued account share-based compensation under apb no.\n 25.\n prior to adoption of sfas no.\n 123 ( r )  company presented tax benefits of deductions from share-based payment arrangements as operating cash flows in statements cash flows.\n sfas no.\n 123 ( r ) requires cash flows from tax benefits tax deductions excess of compensation cost recognized for share awards excess tax benefits classified as financing cash flows.\n excess tax benefit of $ 2885000 classified as financing cash inflow for year ended december 31 , 2006 would classified operating cash inflow if not adopted sfas no.\n 123 ( r ).\n adopting sfas no 123 ( r ) unearned compensation recorded in stockholders 2019 equity reclassified against additional paid in capital on january 1 , 2006.\n stock-based compensation expense not recognized as of december 31, 2005 expense related to post 2005 grants of stock options and amortization of restricted stock recorded directly to additional paid in capital.\n compensation expense for stock options and restricted stock recognized in statements of income for year ended december 31 , 2006 , 2005 2004 as follows year ended december 31 , thousands ) 2006 2005 2004.\n\n( in thousands )                     | year ended december 31 , 2006 | year ended december 31 , 2005 | year ended december 31 , 2004\n------------------------------------ | ----------------------------- | ----------------------------- | -----------------------------\nstock options                        | $ -3273 ( 3273 )              | $ 2014                        | $ 2014\nrestricted stock                     | -2789 ( 2789 )                | -1677 ( 1677 )                | -663 ( 663 )\nimpact on income before income taxes | -6062 ( 6062 )                | -1677 ( 1677 )                | -663 ( 663 )\nincome tax benefit                   | 2382                          | 661                           | 260\nimpact on net income                 | $ -3680 ( 3680 )              | $ -1016 ( 1016 )              | $ -403 ( 403 )"
}
{
    "_id": "dd4c520b8",
    "title": "",
    "text": "reporting environmental results  company classifies gross exposure into direct , assumed reinsurance  london market.\n table displays gross environmental reserves and other statistics by category as of december 31 , 2011.\n summary of environmental reserves as of december 31 , 2011.\n one year gross paid amount for total environmental claims is $ 58 , one year gross survival ratio of 6. 4.\n [2] three year average gross paid amount for total environmental claims is $ 58 , three year gross survival ratio of 6. 4.\n during second quarters of 2011 , 2010 2009  company completed annual ground-up asbestos reserve evaluations.\n of evaluations company reviewed open direct domestic insurance accounts exposed to asbestos liability assumed reinsurance accounts and london market exposures for direct insurance assumed reinsurance.\n based on evaluation company strengthened net asbestos reserves by $ 290 in second quarter 2011.\n during 2011  for certain direct policyholders company experienced increases in claim frequency , severity and expense driven by mesothelioma claims  particularly against certain smaller  peripheral insureds.\n company also experienced unfavorable development on assumed reinsurance accounts driven by same factors experienced by direct policyholders.\n during 2010 and 2009  for certain direct policyholders company experienced increases in claim severity and expense.\n increases in severity expense driven by litigation in certain jurisdictions development on primarily peripheral accounts.\n company experienced unfavorable development on assumed reinsurance accounts driven by same factors experienced by direct policyholders.\n net effect of these changes in 2010 and 2009 resulted in $ 169 and $ 138 increases in net asbestos reserves.\n company expects to continue to perform evaluation of asbestos liabilities annually.\ncompany divides gross asbestos exposures into direct , assumed reinsurance london market.\n company divides direct asbestos exposures into categories : major asbestos defendants ( 201ctop 70 201d accounts in tillinghast 2019s published tiers 1 and 2 wellington accounts )  subdivided as : structured settlements, wellington , other major asbestos defendants , accounts with future expected exposures greater than $ 2. 5 , accounts with future exposures less than $ 2. 5  unallocated.\n 2022 structured settlements are accounts where company agreement with insured amount and timing of claim payments to insured.\n 2022 wellington subcategory includes insureds entered into 201cwellington agreement 201d dated june 19 , 1985.\n wellington agreement provided terms conditions for signatory asbestos producers access coverage from signatory insurers.\n 2022 other major asbestos defendants subcategory represents insureds included in tiers 1 and 2 defined by tillinghast not wellington signatories not entered into structured settlements with hartford.\n tier 1 and 2 classifications to capture insureds for expected to significant exposure to asbestos claims.\n 2022 accounts with future expected exposures greater or less than $ 2. 5 include accounts not major asbestos defendants.\n 2022 unallocated category includes estimate of reserves necessary for asbestos claims related to direct insureds not previously tendered asbestos claims to company exposures related to liability claims may not be subject to aggregate limit under applicable policies.\n account may move between categories from one evaluation to next.\n account with future expected exposure of greater than $ 2. 5 in one evaluation may be reevaluated due to changing conditions recategorized as less than $ 2. 5 in subsequent evaluation or vice versa.\n\n| total reserves\n------------------- | --------------\ngross [1] [2]       |\ndirect              | $ 271\nassumed reinsurance | 39\nlondon market       | 57\ntotal               | 367\nceded               | -47 ( 47 )\nnet                 | $ 320"
}
{
    "_id": "dd4c0ce78",
    "title": "",
    "text": "net cash flows by operating activities of $ 704. 4 million for 2016 increased $ 154. 7 million from 2015 due to improved operating performance lower supplier payments 2016 compared to 2015 partially offset by impact excess tax benefits from stock plans due to increased stock price increase in accounts receivable due to increased sales  primarily in united states.\n net cash flows operating activities of $ 549. 7 million for 2015 decreased $ 472. 6 million from 2014 due to $ 750. 0 million upfront payment from medtronic under litigation settlement agreement  higher bonus payout in 2015 associated with 2014 performance.\n decreases partially offset by income tax payments of $ 224. 5 million in 2014 related to medtronic settlement  improved operating performance 2015 $ 50. 0 million charitable contribution in 2014 to edwards lifesciences foundation.\n net cash used in investing activities of $ 211. 7 million in 2016 consisted of capital expenditures of $ 176. 1 million $ 41. 3 million for acquisition of intangible assets.\n net cash in investing activities of $ 316. 1 million in 2015 of $ 320. 1 million net payment associated with acquisition of cardiaq  capital expenditures of $ 102. 7 million  partially offset by net proceeds from investments of $ 119. 6 million.\n net cash used in investing activities of $ 633. 0 million in 2014 consisted of net purchases of investments of $ 527. 4 million capital expenditures of $ 82. 9 million.\n net cash in financing activities of $ 268. 5 million in 2016 consisted primarily of purchases of treasury stock of $ 662. 3 million  partially offset by net proceeds from issuance of debt of $ 222. 1 million  proceeds from stock plans of $ 103.3 million  3 ) excess tax benefit from stock plans of $ 64. 3 million.\n net cash used in financing activities $ 158. 6 million in 2015 primarily of purchases of treasury stock $ 280. 1 million  partially offset by proceeds from stock plans $ 87. 2 million  2 excess tax benefit from stock plans of $ 41. 3 million.\n net cash used in financing activities $ 153. 0 million in 2014 primarily purchases of treasury stock $ 300. 9 million  partially offset by 1 proceeds from stock plans $ 113. 3 million  2 excess tax benefit from stock plans $ 49. 4 million ( including realization of previously unrealized excess tax benefits ).\n summary of contractual obligations and commercial commitments as of december 31, 2016 ( in millions ) :.\n amount included in 2018 2018less than 1 year 2019 reflects anticipated contributions to various pension plans.\n anticipated contributions beyond one year not determinable.\n total accrued benefit liability for pension plans as of december 31, 2016 was $ 50. 1 million.\n amount impacted\n\ncontractual obligations                        | payments due by period total | payments due by period less than1 year | payments due by period 1-3years | payments due by period 4-5years | payments due by period after 5years\n---------------------------------------------- | ---------------------------- | -------------------------------------- | ------------------------------- | ------------------------------- | -----------------------------------\ndebt                                           | $ 825.0                      | $ 2014                                 | $ 825.0                         | $ 2014                          | $ 2014\noperating leases                               | 72.6                         | 22.3                                   | 24.9                            | 8.8                             | 16.6\ninterest on debt                               | 30.8                         | 16.4                                   | 14.4                            | 2014                            | 2014\npension obligations ( a )                      | 6.1                          | 6.1                                    | 2014                            | 2014                            | 2014\ncapital commitment obligations ( b )           | 0.6                          | 0.3                                    | 0.3                             | 2014                            | 2014\npurchase and other commitments                 | 16.4                         | 13.7                                   | 2.7                             | 2014                            | 2014\ntotal contractual cash obligations ( c ) ( d ) | $ 951.5                      | $ 58.8                                 | $ 867.3                         | $ 8.8                           | $ 16.6"
}
{
    "_id": "dd4c1f136",
    "title": "",
    "text": "indemnification and repurchase claims typically settled on individual loan basis through make-whole payments or loan repurchases ;  on occasion we may negotiate pooled settlements with investors.\n pooled settlements we typically do not repurchase loans consummation of transactions generally results in no longer having indemnification and repurchase exposure with investor in transaction.\n for first and second-lien mortgage balances of unresolved and settled claims in tables below significant amount of these claims associated with sold loans originated through correspondent lender and broker origination channels.\n in certain instances when indemnification or repurchase claims settled for these sold loans, we have recourse back to correspondent lenders, brokers other third-parties (. contract underwriting companies  closing agents appraisers. ).\n depending on underlying reason for investor claim we determine our ability to pursue recourse with these parties and file claims with them accordingly.\n historical recourse recovery rate insignificant as efforts impacted by inability of parties to reimburse us for recourse obligations (. capital availability remain in business ) or factors limit our ability to pursue recourse from parties (. contractual loss caps statutes of limitations ).\n origination and sale of residential mortgages is ongoing business activity management continually assesses need to recognize indemnification and repurchase liabilities to associated investor sale agreements.\n we establish indemnification and repurchase liabilities for estimated losses on sold first and second-lien mortgages for which indemnification expected to be provided or for loans expected to be repurchased.\nfirst and second- lien mortgage sold portfolio established indemnification and repurchase liability to investor sale agreements based on claims made demand patterns observed expected future estimate of future claims loan by loan basis.\n estimate mortgage repurchase liability from breaches of representations warranties consider factors : i ) borrower performance in historically sold portfolio ( actual and estimated future defaults ) ii ) level of outstanding unresolved repurchase claims  iii ) estimated probable future repurchase claims  considering information about file requests  delinquent liquidated loans resolved unresolved mortgage insurance rescission notices historical experience with claim rescissions iv ) potential ability to cure defects identified in repurchase claims ( 201crescission rate 201d ) v ) estimated severity of loss upon repurchase of loan or collateral , make-whole settlement  or indemnification.\n see note 24 commitments and guarantees in notes to consolidated financial statements in item 8 report for additional information.\n following tables present unpaid principal balance of repurchase claims by vintage total unresolved repurchase claims for past five quarters.\n table 28 : analysis of quarterly residential mortgage repurchase claims by vintage dollars in millions december 31 september 30 june 30 march 31 december 31.\n pnc financial services group , inc.\n 2013 form 10-k 79\n\ndollars in millions          | december 31 2012 | september 30 2012 | june 30 2012 | march 31 2012 | december 312011\n---------------------------- | ---------------- | ----------------- | ------------ | ------------- | ---------------\n2004 & prior                 | $ 11             | $ 15              | $ 31         | $ 10          | $ 11\n2005                         | 8                | 10                | 19           | 12            | 13\n2006                         | 23               | 30                | 56           | 41            | 28\n2007                         | 45               | 137               | 182          | 100           | 90\n2008                         | 7                | 23                | 49           | 17            | 18\n2008 & prior                 | 94               | 215               | 337          | 180           | 160\n2009 2013 2012               | 38               | 52                | 42           | 33            | 29\ntotal                        | $ 132            | $ 267             | $ 379        | $ 213         | $ 189\nfnma fhlmc and gnma % (  % ) | 94% ( 94 % )     | 87% ( 87 % )      | 86% ( 86 % ) | 88% ( 88 % )  | 91% ( 91 % )"
}
{
    "_id": "dd4bd4a32",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014continued municipal bond portfolio comprised of tax exempt bonds diversified across states and sectors.\n portfolio has average credit quality of double-a.\n short-term bond funds invest in fixed income securities including corporate bonds  mortgage-backed securities asset-backed securities.\n company holds investments in ars.\n interest on securities exempt from.\n federal income tax interest rate resets every 35 days.\n securities fully collateralized by student loans with guarantees ranging from approximately 95% ( 95 % ) to 98% ( 98 % ) of principal and interest by.\n government via department of education.\n beginning february 11, 2008  auction mechanism provided liquidity to ars investments began to fail.\n since mid-february 2008 all investment positions in company 2019s ars investment portfolio experienced failed auctions.\n securities for which auctions failed continued to pay interest in accordance with contractual terms will continue to accrue interest be auctioned at each reset date until auction succeeds issuer redeems securities or mature.\n during 2008  ars reclassified as level 3 from level 2.\n as of december 31 , 2010  ars market remained illiquid issuer call and redemption activity in ars student loan sector occurred periodically since auctions began fail.\n during 2010 and 2009  company did not sell any ars in auction market but were calls at par.\n table below includes roll-forward of company 2019s ars investments from january 1 , 2009 to december 31 , 2010.\n significant unobservable inputs ( level 3 ) ( in millions ).\n company evaluated estimated impairment of ars portfolio to determine if other-than- temporary.\ncompany considered factors including not following : ( 1 ) reasons for decline in value ( changes in interest rates , credit event  or market fluctuations ) ; ( 2 ) assessments to whether it more likely not it will hold and not be required to sell investments for sufficient period time to allow for recovery of cost basis ; ( 3 ) whether decline is substantial ; ( 4 ) historical and anticipated duration of events causing decline in value.\n evaluation for other-than-temporary impairments is quantitative and qualitative process  subject to risks and uncertainties.\n risks uncertainties include changes in credit quality , market liquidity , timing amounts of issuer calls and interest rates.\n as of december 31 , 2010 , company believed unrealized losses on ars were not related to credit quality but due to lack of liquidity in market.\n company believes it is more\n\n| significant unobservable inputs ( level 3 ) ( in millions )\n------------------------------------------------- | -----------------------------------------------------------\nfair value december 31 2008                       | $ 192\ncalls at par                                      | -28 ( 28 )\nrecovery of unrealized losses due to issuer calls | 5\nincrease in fair value                            | 11\nfair value december 31 2009                       | 180\ncalls at par                                      | -94 ( 94 )\nrecovery of unrealized losses due to issuer calls | 13\nincrease in fair value                            | 7\nfair value december 31 2010                       | $ 106"
}
{
    "_id": "dd4bd84e8",
    "title": "",
    "text": "consolidated financial statements minority partner approves annual budget receives monthly reporting meets quarterly review results joint venture approves joint venture tax return before filing approves leases more than nominal space relative total rentable space property not consolidate joint venture substantive participation rights.\n joint venture agreements contain pro- tective rights requirement partner approval to sell finance refinance property payment capital expenditures operating expenditures outside approved budget operating plan.\n table general information joint venture as of december 31, 2009 thousands ) : property partner ownership interest economic interest square feet acquired acquisition price ) 1221 avenue of americas ( 2 ) rgii 45. 00% ( 45. 00 % ) 45. 00% ( 45. 00 % ) 2550 12/03 $ 1000000 1515 broadway ( 3 ) sitq 55. 00% ( 55. 00 % ) 68. 45% ( 68. 45 % ) 1750 05/02 $ 483500.\n meadows ( 10 ) onyx 50. 00% ( 50. 00 % ) 50. 00% ( 50. 00 % ) 582 09/07 $ 111500 388 and 390 greenwich street ( 11 ) sitq 50. 60% ( 50. 60 % ) 50. 60% ( 50. 60 % ) 2600 12/07 $ 1575000 27 201329 west 34th street ( 12 ) sutton 50. 00% ( 50. 00 % ) 50. 00% ( 50. 00 % ) 41 01/06 $ 30000 1551 20131555 broadway ( 13 ) sutton 10. 00% ( 10. 00 % ) 10. 00% ( 10. 00 % ) 26 07/05 $ 80100 717 fifth avenue ( 14 ) sutton/nakash 32. 75% ( 32. 75 % ) 32. 75% ( 32. 75 % ) 120 09/06 $ 251900 ( acquisition price represents actual implied purchase price joint venture.\n2 acquired interest from mcgraw-hill companies , or mhc.\n mhc is a tenant at property accounted for approximately 14. 7% ( 14. 7 % ) of property 2019s annualized rent at december 31 , 2009.\n do not manage this joint venture.\n 3 under tax protection agreement to protect limited partners of partnership transferred 1515 broadway to joint venture, joint venture agreed not to adversely affect limited partners 2019 tax positions before december 2011.\n one tenant , leases primarily ends in 2015  represents approximately 77. 4% ( 77. 4 % ) of this joint venture 2019s annualized rent at december 31, 2009.\n 4 ) effective november 2006 deconsolidated this investment.\n result of recapitalization of property  no longer primary beneficiary.\n both partners had same amount equity at risk neither partner controlled joint venture.\n 5 invested approximately $ 109. 5 million in this asset through origination of loan secured by up to 47% ( 47 % ) of interests in property 2019s ownership  with option to convert loan to equity interest.\n certain existing members have right to re-acquire approximately 4% ( 4 % ) of property 2019s equity.\n these interests re-acquired in december 2008 reduced our interest to 42. 95% ( 42. 95 % ) 6 effective april 2007 , deconsolidated this investment.\n result of recapitalization of property  no longer primary beneficiary.\n both partners had same amount of equity at risk neither partner controlled joint venture.\n 7 ability to syndicate interest down to 14. 79% ( 14. 79 % ).\n 8 ), along with gramercy  as tenants-in-common acquired fee interest in 2 herald square.\n fee interest subject to long-term operating lease.\n( 9 ) we , along with gramercy , as tenants-in-common  acquired fee and leasehold interest in 885 third avenue.\n fee and leasehold interests subject to long-term operating lease.\n ( 10 ) we , with onyx acquired remaining 50% ( 50 % ) interest pro-rata basis in september 2009.\n ( 11 ) property subject to 13-year triple-net lease arrangement with single tenant.\n ( 12 ) effective may 2008  we deconsolidated this investment.\n result of recapitalization property we no longer primary beneficiary.\n both partners had same equity at risk neither partner controlled joint venture.\n ( 13 ) effective august 2008 we deconsolidated this investment.\n result of sale of 80% ( 80 % ) of our interest joint venture no longer a vie.\n ( 14 ) effective september 2008  we deconsolidated this investment.\n result of recapitalization property we no longer primary beneficiary.\n\nproperty                            | partner                    | ownership interest | economic interest  | square feet | acquired | acquisition price ( 1 )\n----------------------------------- | -------------------------- | ------------------ | ------------------ | ----------- | -------- | -----------------------\n1221 avenue of the americas ( 2 )   | rgii                       | 45.00% ( 45.00 % ) | 45.00% ( 45.00 % ) | 2550        | 12/03    | $ 1000000\n1515 broadway ( 3 )                 | sitq                       | 55.00% ( 55.00 % ) | 68.45% ( 68.45 % ) | 1750        | 05/02    | $ 483500\n100 park avenue                     | prudential                 | 49.90% ( 49.90 % ) | 49.90% ( 49.90 % ) | 834         | 02/00    | $ 95800\n379 west broadway                   | sutton                     | 45.00% ( 45.00 % ) | 45.00% ( 45.00 % ) | 62          | 12/05    | $ 19750\n21 west 34thstreet ( 4 )            | sutton                     | 50.00% ( 50.00 % ) | 50.00% ( 50.00 % ) | 30          | 07/05    | $ 22400\n800 third avenue ( 5 )              | private investors          | 42.95% ( 42.95 % ) | 42.95% ( 42.95 % ) | 526         | 12/06    | $ 285000\n521 fifth avenue                    | cif                        | 50.10% ( 50.10 % ) | 50.10% ( 50.10 % ) | 460         | 12/06    | $ 240000\none court square                    | jp morgan                  | 30.00% ( 30.00 % ) | 30.00% ( 30.00 % ) | 1402        | 01/07    | $ 533500\n1604-1610 broadway ( 6 )            | onyx/sutton                | 45.00% ( 45.00 % ) | 63.00% ( 63.00 % ) | 30          | 11/05    | $ 4400\n1745 broadway ( 7 )                 | witkoff/sitq/lehman bros . | 32.26% ( 32.26 % ) | 32.26% ( 32.26 % ) | 674         | 04/07    | $ 520000\n1 and 2 jericho plaza               | onyx/credit suisse         | 20.26% ( 20.26 % ) | 20.26% ( 20.26 % ) | 640         | 04/07    | $ 210000\n2 herald square ( 8 )               | gramercy                   | 55.00% ( 55.00 % ) | 55.00% ( 55.00 % ) | 354         | 04/07    | $ 225000\n885 third avenue ( 9 )              | gramercy                   | 55.00% ( 55.00 % ) | 55.00% ( 55.00 % ) | 607         | 07/07    | $ 317000\n16 court street                     | cif                        | 35.00% ( 35.00 % ) | 35.00% ( 35.00 % ) | 318         | 07/07    | $ 107500\nthe meadows ( 10 )                  | onyx                       | 50.00% ( 50.00 % ) | 50.00% ( 50.00 % ) | 582         | 09/07    | $ 111500\n388 and 390 greenwich street ( 11 ) | sitq                       | 50.60% ( 50.60 % ) | 50.60% ( 50.60 % ) | 2600        | 12/07    | $ 1575000\n27-29 west 34thstreet ( 12 )        | sutton                     | 50.00% ( 50.00 % ) | 50.00% ( 50.00 % ) | 41          | 01/06    | $ 30000\n1551-1555 broadway ( 13 )           | sutton                     | 10.00% ( 10.00 % ) | 10.00% ( 10.00 % ) | 26          | 07/05    | $ 80100\n717 fifth avenue ( 14 )             | sutton/nakash              | 32.75% ( 32.75 % ) | 32.75% ( 32.75 % ) | 120         | 09/06    | $ 251900"
}
{
    "_id": "dd4bb42d2",
    "title": "",
    "text": "notes to consolidated financial statements firm reinvests eligible earnings of foreign subsidiaries does not accrue.\n income taxes if earnings repatriated.\n as of december 2012 and 2011  policy resulted in unrecognized net deferred tax liability of $ 3. 75 billion and $ 3. 32 billion  attributable to reinvested earnings of $ 21. 69 billion and $ 20. 63 billion .\n unrecognized tax benefits firm recognizes tax positions in financial statements only when more likely not position be sustained on examination by relevant taxing authority based on technical merits position.\n position meets standard is measured at largest amount of benefit more likely not be realized on settlement.\n liability established for differences between positions taken in tax return and amounts recognized in financial statements.\n as of december 2012 and 2011 accrued liability for interest expense related to income tax matters and income tax penalties was $ 374 million and $ 233 million  respectively.\n firm recognized $ 95 million , $ 21 million and $ 28 million of interest and income tax penalties for years ended december 2012 , december 2011 december 2010 .\n possible unrecognized tax benefits could change significantly during twelve months subsequent to december 2012 due to potential audit settlements not possible to estimate potential change.\n table below presents changes in liability for unrecognized tax benefits.\n liability included in 201cother liabilities and accrued expenses. 201d see note 17 for further information.\n related deferred income tax asset 1 685 569 972 net unrecognized tax benefit 2 $ 1552 $ 1318 $ 1109 1.\n included in 201cother assets. 201d see note 12.\n.\n if recognized net tax benefit would reduce firm 2019s effective income tax rate.\n 194 goldman sachs 2012 annual\n\nin millions                                                  | as of december 2012 | as of december 2011 | as of december 2010\n------------------------------------------------------------ | ------------------- | ------------------- | -------------------\nbalance beginning of year                                    | $ 1887              | $ 2081              | $ 1925\nincreases based on tax positions related to the current year | 190                 | 171                 | 171\nincreases based on tax positions related to prior years      | 336                 | 278                 | 162\ndecreases related to tax positions of prior years            | -109 ( 109 )        | -41 ( 41 )          | -104 ( 104 )\ndecreases related to settlements                             | -35 ( 35 )          | -638 ( 638 )        | -128 ( 128 )\nacquisitions/ ( dispositions )                               | -47 ( 47 )          | 47                  | 56\nexchange rate fluctuations                                   | 15                  | -11 ( 11 )          | -1 ( 1 )\nbalance end of year                                          | $ 2237              | $ 1887              | $ 2081\nrelated deferred income tax asset1                           | 685                 | 569                 | 972\nnet unrecognized tax benefit2                                | $ 1552              | $ 1318              | $ 1109"
}
{
    "_id": "dd497f354",
    "title": "",
    "text": "62 general mills amounts recorded in accumulated comprehensive loss unrealized losses from interest rate cash flow hedges recorded in aoci as of may 27 , 2012  totaled $ 73. 6 million after tax.\n deferred losses primarily related to interest rate swaps entered in future borrowings financ- ing requirements being reclassified into net interest over hedged forecasted transac- tions.\n unrealized losses from foreign currency cash flow hedges recorded in aoci as of may 27, 2012  were $ 1. 7 million after-tax.\n net amount of pre-tax gains and losses expect to be reclassified into net earnings within next 12 months is $ 14. 0 million of expense.\n credit-risk-related contingent features derivative instruments contain provisions require to maintain investment grade credit rating on debt from major credit rat- ing agencies.\n if debt fall below investment grade counterparties to derivative instruments could request full collateralization on derivative instru- ments in net liability positions.\n aggregate fair value of all derivative instruments with credit-risk-related contingent features in liability position on may 27 , 2012  was $ 19. 9 million.\n posted col- lateral of $ 4. 3 million in normal course of business with contracts.\n if credit-risk-related contingent features agreements triggered on may 27 , 2012  would have required to post additional $ 15. 6 million of collateral to counterparties.\n concentrations credit counterparty credit risk during fiscal 2012  wal-mart stores , inc.\n affili- ates accounted for 22 percent of our con- solidated net sales and 30 percent of our net sales in u.\n retail segment.\n no other customer accounted for 10 percent or more of our consolidated net sales.\nwal- mart represented 6 percent our net sales in international segment 7 percent net sales in bakeries and foodservice segment.\n as of may 27 , 2012  wal-mart accounted for 26 percent of our.\n retail receivables  5 percent international receiv- ables  9 percent bakeries and foodservice receivables.\n five largest customers in our. s.\n retail segment accounted for 54 percent of fiscal 2012 net sales  five largest customers international segment accounted for 26 percent of fiscal 2012 net sales five largest customers in bakeries and foodservice segment accounted for 46 percent of fis- cal 2012 net sales.\n we enter into interest rate, foreign exchange  cer- tain commodity and equity derivatives primarily with diversified group of highly rated counterparties.\n monitor positions credit rat- ings of counterparties involved by policy  limit credit exposure to any one party.\n transactions may expose us to potential losses due to risk of nonperformance by counterparties ; not incurred material loss.\n enter into commodity futures transactions through vari- ous regulated exchanges.\n amount of loss due to credit risk of coun- terparties  should counterparties fail to perform according to terms contracts , is $ 19. 5 million against which we do not hold collateral.\n under terms of master swap agreements some transactions require collateral or other security to support financial instruments subject to threshold levels exposure and counterparty credit risk.\n collateral assets are cash or.\n treasury instruments held in trust account may access if counterparty defaults.\n note 8.\n debt notes payable components of notes payable and respective weighted-average interest rates at end of periods were as follows:.\n to ensure availability of funds we maintain bank credit lines sufficient to cover outstanding short- term borrowings.\ncommercial paper continuing source of short-term financing.\n commercial paper programs available in united states europe.\n in april 2012  entered into fee-paid commit- ted credit lines  consisting $ 1. 0 billion facility sched- uled to expire in april 2015 $ 1. 7 billion facility\n\nin millions            | may 27 2012 notes payable | may 27 2012 weighted- average interest rate | may 27 2012 notespayable | weighted-averageinterest rate\n---------------------- | ------------------------- | ------------------------------------------- | ------------------------ | -----------------------------\nu.s . commercial paper | $ 412.0                   | 0.2% ( 0.2 % )                              | $ 192.5                  | 0.2% ( 0.2 % )\nfinancial institutions | 114.5                     | 10.0                                        | 118.8                    | 11.5\ntotal                  | $ 526.5                   | 2.4% ( 2.4 % )                              | $ 311.3                  | 4.5% ( 4.5 % )"
}
{
    "_id": "dd4b9045e",
    "title": "",
    "text": "18.\n allowance for credit losses.\n ( 1 ) reclassified to conform current period 2019s presentation.\n ( 2 ) 2009 includes reductions to loan loss reserve $ 543 million to securitizations $ 402 million sale or transfers to held-for-sale of u. s.\n real estate lending loans  $ 562 million transfer of u. k.\n cards portfolio to held-for-sale.\n 2008 includes reductions to loan loss reserve $ 800 million to fx translation  $ 102 million to securitizations $ 244 million for sale of german retail banking operation $ 156 million for sale of citicapital offset by additions of $ 106 million cuscatl e1n bank of overseas chinese acquisitions.\n 2007 includes reductions to loan loss reserve of $ 475 million to securitizations transfers to loans held-for-sale  reductions $ 83 million transfer of u.\n citifinancial portfolio to held-for-sale  offset by additions of $ 610 million to acquisitions of egg , nikko cordial  grupo cuscatl e1n grupo financiero uno.\n ( 3 ) represents additional credit loss reserves for unfunded corporate lending commitments letters of credit recorded in other liabilities on consolidated balance sheet.\n\nin millions of dollars                                                                 | 2009               | 2008 ( 1 )         | 2007 ( 1 )\n-------------------------------------------------------------------------------------- | ------------------ | ------------------ | ----------------\nallowance for loan losses at beginning of year                                         | $ 29616            | $ 16117            | $ 8940\ngross credit losses                                                                    | -32784 ( 32784 )   | -20760 ( 20760 )   | -11864 ( 11864 )\ngross recoveries                                                                       | 2043               | 1749               | 1938\nnet credit ( losses ) recoveries ( ncls )                                              | $ -30741 ( 30741 ) | $ -19011 ( 19011 ) | $ -9926 ( 9926 )\nncls                                                                                   | $ 30741            | $ 19011            | $ 9926\nnet reserve builds ( releases )                                                        | 5741               | 11297              | 6550\nnet specific reserve builds ( releases )                                               | 2278               | 3366               | 356\ntotal provision for credit losses                                                      | $ 38760            | $ 33674            | $ 16832\nother net ( 2 )                                                                        | -1602 ( 1602 )     | -1164 ( 1164 )     | 271\nallowance for loan losses at end of year                                               | $ 36033            | $ 29616            | $ 16117\nallowance for credit losses on unfunded lending commitments at beginning of year ( 3 ) | $ 887              | $ 1250             | $ 1100\nprovision for unfunded lending commitments                                             | 244                | -363 ( 363 )       | 150\nallowance for credit losses on unfunded lending commitments at end of year ( 3 )       | $ 1157             | $ 887              | $ 1250\ntotal allowance for loans leases and unfunded lending commitments                      | $ 37190            | $ 30503            | $ 17367"
}
{
    "_id": "dd4bb14b0",
    "title": "",
    "text": "2022 asset utilization 2013 response to economic conditions lower revenue in 2009 implemented productivity initiatives to improve efficiency reduce costs adjusting resources to reflect lower demand.\n varying resource reductions included removing from service 26% ( 26 % ) road locomotives 18% ( 18 % ) freight car inventory by year end.\n reduced shift levels at most rail facilities closed or significantly reduced operations in 30 of 114 principal rail yards.\n demand-driven resource adjustments productivity initiatives combined to reduce workforce by 10% ( 10 % ).\n 2022 fuel prices 2013 economy worsened third fourth quarters 2008 fuel prices dropped dramatically reaching $ 33. 87 per barrel in december 2008 near five-year low.\n throughout 2009  crude oil prices increased ending year around $ 80 per barrel.\n average fuel price decreased by 44% ( 44 % ) in 2009 reducing operating expenses by $ 1. 3 billion compared to 2008.\n reduced consumption rate by 4% ( 4 % ) year saving approximately 40 million gallons of fuel.\n use of newer more fuel efficient locomotives ; increased use of distributed locomotive power fuel conservation programs improved network operations asset utilization contributed to improvement.\n 2022 free cash flow 2013 cash generated by operating activities totaled $ 3. 2 billion yielding free cash flow of $ 515 million in 2009.\n free cash flow defined as cash provided by operating activities less cash used in investing activities dividends paid.\n free cash flow not considered a financial measure under accounting principles accepted in united states ( sec regulation g item 10 of sec regulation s-k.\n believe free cash flow important in evaluating financial performance measures ability to generate cash without additional external financings.\n free cash flow should be considered in addition to substitute for cash provided by operating activities.\ntable reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions of dollars 2009 2008 2007.\n 2010 outlook 2022 safety 2013 operating a safe railroad benefits employees  customers  shareholders  public.\n we continue using multi-faceted approach to safety  utilizing technology , risk assessment  quality control  training  by engaging employees.\n continue implementing total safety culture ( tsc ) throughout operations.\n tsc is designed to establish  maintain reinforce promote safe practices among co-workers.\n this process allows us to identify and implement best practices for employee and operational safety.\n reducing grade-crossing incidents is critical aspect of safety programs continue efforts to maintain  upgrade close crossings ; install video cameras on locomotives educate public about crossing safety through our own programs, industry programs  other activities.\n 2022 transportation plan 2013 to build upon success years continue evaluating traffic flows and network logistic patterns  dynamic year-to to identify additional opportunities to simplify operations remove network variability improve network efficiency and asset utilization.\n plan to adjust manpower and locomotive and rail car fleets to\n\nmillions of dollars                   | 2009           | 2008           | 2007\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 3234         | $ 4070         | $ 3277\ncash used in investing activities     | -2175 ( 2175 ) | -2764 ( 2764 ) | -2426 ( 2426 )\ndividends paid                        | -544 ( 544 )   | -481 ( 481 )   | -364 ( 364 )\nfree cash flow                        | $ 515          | $ 825          | $ 487"
}
{
    "_id": "dd4c4249c",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements when determined uncollectible.\n determination includes analysis consideration of particular conditions of account.\n changes in allowances were as follows for years ended december 31 , ( in thousands ) :.\n functional currency 2014as result of changes to organizational structure of company 2019s subsidiaries in latin america in 2010 , company determined effective january 1, 2010 , functional currency of foreign subsidiary in brazil is brazilian real.\n all assets and liabilities held by subsidiary in brazil translated into u. s.\n dollars at exchange rate effect at end of applicable reporting period.\n revenues and expenses translated at average monthly exchange rates cumulative translation effect included in equity.\n change in functional currency from u. s.\n dollars to brazilian real gave rise to increase in net value of certain non-monetary assets and liabilities.\n aggregate impact on such assets and liabilities was $ 39. 8 million with offsetting increase in accumulated other comprehensive income during year ended december 31 , 2010.\n result of renegotiation of company 2019s agreements with grupo iusacell ,.\n c. v.\n ( 201ciusacell 201d ) included changes converting iusacell 2019s contractual obligations to company from u. s.\n dollars to mexican pesos  company determined effective april 1, 2010 , functional currency of certain foreign subsidiaries in mexico is mexican peso.\n all assets and liabilities held by subsidiaries in mexico translated into u. s.\n dollars at exchange rate effect at end of applicable reporting period.\n revenues and expenses translated at average monthly exchange rates cumulative translation effect included in equity.\n change in functional currency from u. s.\ndollars to mexican pesos decrease in net value of non-monetary assets liabilities.\n aggregate impact on assets liabilities was $ 33. 6 million with offsetting decrease in accumulated other comprehensive income.\n functional currency of company 2019s other foreign operating subsidiaries is also respective local currency.\n all assets and liabilities subsidiaries translated into u. s.\n dollars at exchange rate at end of applicable fiscal reporting period.\n revenues and expenses translated at average monthly exchange rates.\n cumulative translation effect included in equity as component of accumulated other comprehensive income.\n foreign currency transaction gains and losses recognized in consolidated statements of operations result of transactions of subsidiary denominated in currency other than its functional currency.\n cash and cash equivalents 2014cash equivalents include cash on hand  demand deposits short-term investments including money market funds  with remaining maturities of three months or less when acquired cost approximates fair value.\n restricted cash 2014the company classifies as restricted cash all cash pledged as collateral to secure obligations cash use limited by contractual provisions including cash on deposit in reserve accounts to commercial mortgage pass-through certificates , series 2007-1 issued in company 2019s securitization transaction secured cellular site revenue notes , series 2010-1 class c , series 2010-2 class c series 2010-2 class f  assumed by company of acquisition of legal entities from unison holdings , llc and unison site management ii  l.\n 201cunison 201d ).\n\n| 2012             | 2011             | 2010\n-------------------------------------- | ---------------- | ---------------- | ----------------\nbalance as of january 1                | $ 24412          | $ 22505          | $ 28520\ncurrent year increases                 | 8028             | 17008            | 16219\nwrite-offs net of recoveries and other | -12034 ( 12034 ) | -15101 ( 15101 ) | -22234 ( 22234 )\nbalance as of december 31              | $ 20406          | $ 24412          | $ 22505"
}
{
    "_id": "dd496d7c6",
    "title": "",
    "text": "credit facility amended in 2013 and 2012.\n in march 2014 company 2019s credit facility amended to extend maturity date to march 2019.\n aggregate commitment is $ 3. 990 billion ( 201c2014 credit facility 201d ).\n 2014 credit facility permits company to request additional $ 1. 0 billion borrowing capacity subject to lender credit approval increasing overall size 2014 credit facility to aggregate principal amount not to exceed $ 4. 990 billion.\n interest on borrowings outstanding accrues at rate based on applicable london interbank offered rate plus spread.\n 2014 credit facility requires company not to exceed maximum leverage ratio ( ratio of net debt to earnings before interest  taxes depreciation amortization net debt equals total debt less unrestricted cash ) of 3 to 1 satisfied with ratio of less than 1 to 1 at december 31 , 2014.\n 2014 credit facility provides back-up liquidity funds ongoing working capital for general corporate purposes funds investment opportunities.\n at december 31 , 2014 company had no amount outstanding under 2014 credit facility.\n commercial paper program.\n on october 14 , 2009 blackrock established commercial paper program ( 201ccp program 201d ) company could issue unsecured commercial paper notes ( 201ccp notes 201d ) private placement basis up to maximum aggregate amount outstanding of $ 3. 0 billion.\n blackrock increased maximum aggregate amount borrowed under cp program to $ 3. 5 billion in 2011 to $ 3. 785 billion in 2012.\n in april 2013 blackrock increased maximum aggregate amount for company issue unsecured cp notes private-placement basis up to maximum aggregate amount outstanding of $ 3. 990 billion.\n cp program supported by 2014 credit facility.\n at december 31 , 2014 blackrock had no cp notes outstanding.\nlong-term borrowings carrying value fair value estimated market prices at december 31 , 2014 included : ( in millions ) maturity amount unamortized discount carrying value fair value.\n long-term borrowings at december 31 , 2013 had carrying value $ 4. 939 billion fair value $ 5. 284 billion determined market prices end december 2013.\n 2024 notes.\n march 2014 company issued $ 1. 0 billion principal amount 3. 50% ( 3. 50 % ) senior unsecured unsubordinated notes maturing march 18, 2024 ( 201c2024 notes 201d ).\n net proceeds 2024 notes used to refinance certain indebtedness matured in fourth quarter of 2014.\n interest payable semi-annually arrears on march 18 and september 18 each year approximately $ 35 million per year.\n 2024 notes may be redeemed prior to maturity whole or part at option company at 201cmake-whole 201d redemption price.\n 2024 notes issued at discount of $ 3 million amortized over term of notes.\n company incurred approximately $ 6 million of debt issuance costs amortized over term of 2024 notes.\n at december 31 , 2014 $ 6 million of unamortized debt issuance costs included in other assets on consolidated statement of financial condition.\n 2015 and 2022 notes.\n may 2012 company issued $ 1. 5 billion principal amount unsecured unsubordinated obligations.\n notes issued as two separate series senior debt securities including $ 750 million of 1. 375% ( 1. 375 % ) notes maturing in june 2015 ( 201c2015 notes 201d ) and $ 750 million of 3. 375% ( 3. 375 % ) notes maturing in june 2022 ( 201c2022 notes 201d ).\nnet proceeds used fund repurchase of blackrock 2019s common stock series b preferred from barclays affiliates for general corporate purposes.\n interest on 2015 notes 2022 notes of approximately $ 10 million and $ 25 million per year payable semi-annually on june 1 and december 1 each year commenced december 1 , 2012.\n 2015 notes and 2022 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.\n 201cmake-whole 201d redemption price represents price  subject to specific terms of 2015 and 2022 notes related indenture greater of par value and b ) present value of future payments not paid because of early redemption discounted at fixed spread over comparable treasury security.\n 2015 notes and 2022 notes issued at discount of $ 5 million amortized over term of notes.\n company incurred approximately $ 7 million of debt issuance costs amortized over terms of 2015 notes 2022 notes.\n at december 31 , 2014 $ 4 million of unamortized debt issuance costs included in other assets on consolidated statement of financial condition.\n 2021 notes.\n in may 2011  company issued $ 1. 5 billion in aggregate principal amount unsecured unsubordinated obligations.\n notes issued as two separate series of senior debt securities  including $ 750 million of 4. 25% ( 4. 25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) repaid in may 2013 at maturity.\n net proceeds offering used fund repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc.\n ( 201cmerrill lynch 201d ).\n interest\n\n( in millions )                   | maturity amount | unamortized discount | carrying value | fair value\n--------------------------------- | --------------- | -------------------- | -------------- | ----------\n1.375% ( 1.375 % ) notes due 2015 | $ 750           | $ 2014               | $ 750          | $ 753\n6.25% ( 6.25 % ) notes due 2017   | 700             | -1 ( 1 )             | 699            | 785\n5.00% ( 5.00 % ) notes due 2019   | 1000            | -2 ( 2 )             | 998            | 1134\n4.25% ( 4.25 % ) notes due 2021   | 750             | -3 ( 3 )             | 747            | 825\n3.375% ( 3.375 % ) notes due 2022 | 750             | -3 ( 3 )             | 747            | 783\n3.50% ( 3.50 % ) notes due 2024   | 1000            | -3 ( 3 )             | 997            | 1029\ntotal long-term borrowings        | $ 4950          | $ -12 ( 12 )         | $ 4938         | $ 5309"
}
{
    "_id": "dd4c1a4c4",
    "title": "",
    "text": "interest expense.\n 2014 vs.\n 2013 interest incurred decreased $ 9. 5.\n decrease due to lower average interest rate debt portfolio reduced interest by $ 13  offset by higher average debt balance increased interest by $ 6.\n change in capitalized interest driven by higher carrying value in construction progress.\n 2013 vs.\n 2012 interest incurred increased $ 13. 7.\n increase driven by higher average debt balance for $ 41 offset by lower average interest rate debt portfolio of $ 24.\n change in capitalized interest driven by decrease in project spending lower average interest rate.\n effective tax rate effective tax rate equals income tax provision divided by income from continuing operations before taxes.\n refer to note 22 , income taxes consolidated financial statements for effective tax rate.\n 2014 vs.\n 2013 gaap basis effective tax rate was 27. 0% ( 27. 0 % ) and 22. 8% ( 22. 8 % ) in 2014 and 2013 .\n effective tax rate higher in current year due to goodwill impairment charge of $ 305. 2 not deductible for tax purposes chilean tax reform in september 2014 increased income tax expense by $ 20. 6.\n impacts offset by income tax benefit of $ 51. 6 associated with losses from transactions tax election in non-u.\n subsidiary.\n prior year rate included income tax benefits of $ 73. 7 related to business restructuring and cost reduction plans and $ 3. 7 for advisory costs.\n refer to note 4 , business restructuring and cost reduction actions ; note 9 , goodwill ; note 22 , income taxes note 23  supplemental information consolidated financial statements for transactions.\n non-gaap basis effective tax rate was 24. 0% ( 24. 0 % ) and 24. 2% ( 24. 2 % ) in 2014 and 2013  respectively.\n 2013 vs.\n2012 gaap basis effective tax rate was 22. 8% ( 22. 8 % ) and 21. 9% ( 21. 9 % ) in 2013 and 2012  respectively.\n effective rate 2013 includes income tax benefits of $ 73. 7 to business restructuring and cost reduction plans and $ 3. 7 for advisory costs.\n effective rate 2012 includes income tax benefits of $ 105. 0 to business restructuring and cost reduction plans, $ 58. 3 second quarter spanish tax ruling $ 3. 7 customer bankruptcy charge offset by income tax expense of $ 43. 8 first quarter spanish tax settlement $ 31. 3 gain on previously held equity interest in nanomaterials.\n refer to note 4 , business restructuring and cost reduction actions ; note 5, business combinations ; note 22 , income taxes ; note 23 , supplemental information consolidated financial statements for details transactions.\n non-gaap basis effective tax rate was 24. 2% ( 24. 2 % ) in 2013 and 2012.\n discontinued operations second quarter of 2012 board of directors authorized sale of homecare business part of merchant gases operating segment.\n in 2012 sold majority of homecare business to linde group for sale proceeds of 20ac590 million ( $ 777 ) recognized gain of $ 207. 4 ( $ 150. 3 after-tax , or $. 70 per share ).\n impairment charge of $ 33. 5 ( $ 29. 5 after-tax , or $. 14 per share ) recorded to write down remaining business primarily in united kingdom and ireland  to estimated net realizable value.\n in 2013  recorded additional charge of $ 18. 7 ( $ 13. 6 after-tax , or $. 06 per share ) to update estimate of net realizable value.\n in 2014  gain of $ 3.9 recognized for sale of remaining homecare business settlement of contingencies on sale to linde group.\n refer to note 3 , discontinued operations , consolidated financial statements for additional details on business.\n\n| 2014    | 2013    | 2012\n--------------------------- | ------- | ------- | -------\ninterest incurred           | $ 158.1 | $ 167.6 | $ 153.9\nless : capitalized interest | 33.0    | 25.8    | 30.2\ninterest expense            | $ 125.1 | $ 141.8 | $ 123.7"
}
{
    "_id": "dd4c043ae",
    "title": "",
    "text": "74 2013 ppg annual report form 10-k 22.\n separation and merger transaction on january 28 , 2013 company completed announced separation of commodity chemicals business merger of wholly-owned subsidiary  eagle spinco inc. with subsidiary of georgia gulf corporation in tax ef ficient reverse morris trust transaction ( 201ctransaction 201d ).\n pursuant merger eagle spinco  entity holding ppg's former commodity chemicals business became wholly-owned subsidiary of georgia gulf.\n closing of merger followed expiration of related exchange offer satisfaction of certain other conditions.\n combined company formed by uniting georgia gulf with ppg's former commodity chemicals business named axiall corporation ( 201caxiall 201d ).\n ppg holds no ownership interest in axiall.\n ppg received necessary ruling from internal revenue service transaction generally tax free to ppg shareholders in united states canada.\n under terms exchange offer 35249104 shares of eagle spinco common stock available for distribution in exchange for shares of ppg common stock accepted offer.\n following merger each share of eagle spinco common stock converted into right to receive one share of axiall corporation common stock.\n ppg shareholders who tendered shares of ppg common stock offer received 3. 2562 shares of axiall common stock for each share of ppg common stock accepted for exchange.\n ppg to accept maximum of 10825227 shares of ppg common stock for exchange offer reduced outstanding shares by approximately 7% ( 7 % ).\n completion of exchange offer non-cash financing transaction resulted in increase in \"treasury stock\" at cost of $ 1. 561 billion based on ppg closing stock price on january 25 , 2013.\nunder terms transaction , ppg received $ 900 million cash and 35. 2 million shares of axiall common stock ( market value of $ 1. 8 billion on january 25 , 2013 ) distributed to ppg shareholders by exchange offer described.\n ppg received $ 67 million in cash for preliminary post-closing working capital adjustment transaction agreements.\n net assets transferred to axiall included $ 27 million cash on books business transferred.\n transaction  ppg transferred environmental remediation liabilities , defined benefit pension plan assets liabilities other post-employment benefit liabilities related to commodity chemicals business to axiall.\n during first quarter of 2013 , ppg recorded gain of $ 2. 2 billion on transaction reflecting excess of sum cash proceeds received and cost ( closing stock price on january 25 , 2013 ) of ppg shares tendered accepted in exchange for 35. 2 million shares of axiall common stock over net book value of net assets of ppg's former commodity chemicals business.\n transaction resulted in net partial settlement loss of $ 33 million associated with spin out termination of defined benefit pension liabilities transfer of other post-retirement benefit liabilities transaction.\n company incurred $ 14 million of pretax expense  for professional services related to transaction in 2013 approximately $ 2 million of net expense related to certain retained obligations post-closing adjustments under transaction agreements.\n net gain on transaction includes these related losses and expenses.\n results of operations and cash flows of ppg's former commodity chemicals business for january 2013 net gain transaction reported as results from discontinued operations for year -ended december 31 , 2013.\nprior periods results operations cash flows of ppg's former commodity chemicals business reclassified from presented as results discontinued operations.\n ppg provide axiall transition services for 24 months following closing date transaction.\n services include logistics  purchasing  finance information technology human resources tax payroll processing.\n net sales income before income taxes of commodity chemicals business reclassified reported as discontinued operations presented in table below:.\n income from discontinued operations , net of tax $ 2197 $ 228 $ 250 less : net income attributable to non- controlling interests  discontinued operations $ 2014 $ ( 13 ) $ ( 13 ) net income from discontinued operations ( attributable to ppg ) $ 2197 $ 215 $ 237 during 2012  $ 21 million of business separation costs included within \"income from discontinued operations , net. \" notes to consolidated financial statements\n\nmillions                                                                            | year-ended 2013 | year-ended 2012 | year-ended 2011\n----------------------------------------------------------------------------------- | --------------- | --------------- | ---------------\nnet sales                                                                           | $ 108           | $ 1688          | $ 1732\nincome from operations before income tax                                            | $ 2014          | $ 345           | $ 376\nnet gain from separation and merger of commodity chemicals business                 | 2192            | 2014            | 2014\nincome tax expense                                                                  | -5 ( 5 )        | 117             | 126\nincome from discontinued operations net of tax                                      | $ 2197          | $ 228           | $ 250\nless : net income attributable to non-controlling interests discontinued operations | $ 2014          | $ -13 ( 13 )    | $ -13 ( 13 )\nnet income from discontinued operations ( attributable to ppg )                     | $ 2197          | $ 215           | $ 237"
}
{
    "_id": "dd4ba002a",
    "title": "",
    "text": "stock option gains previously deferred by participants to terms deferred compensation plan earnings on deferred amounts.\n result of provisions of american jobs creation act , participants had opportunity until december 31 , 2005 to elect to withdraw amounts previously deferred.\n 11.\n lease commitments company leases facilities , equipment software under various operating leases expire at various dates through 2022.\n lease agreements include renewal escalation clauses require company to pay taxes  insurance maintenance costs.\n total rental expense under operating leases was approximately $ 43 million in fiscal 2007, $ 45 million in fiscal 2006 $ 44 million in fiscal 2005.\n schedule of future minimum rental payments required under long-term operating leases at november 3, 2007 : fiscal years operating leases.\n 12.\n commitments contingencies tentative settlement of sec 2019s previously announced stock option investigation in company 2019s 2004 form 10-k filing  company disclosed securities and exchange com- mission ( sec ) had initiated inquiry into stock option granting practices  focusing on options granted shortly before issuance of favorable financial results.\n on november 15 , 2005 , company announced reached a tentative settlement with sec.\n since notice inquiry company has cooperated with sec.\n in november 2005 , company president and ceo , mr.\n jerald g.\n fishman , made offer of settlement to staff sec.\n settlement submitted to commission for approval.\n no assurance final settlement will be approved.\n sec 2019s inquiry focused on two separate issues.\n first issue concerned company 2019s disclosure regarding grants of options to employees and directors prior to release of favorable financial results.\n specifically issue related to options granted to employees ( including officers ) of company on november 30 , 1999 and to employees including officers and directors of company on november 10 , 2000.\n second issue concerned grant dates for options granted to employees ( including officers ) in 1998 and 1999 , and grant date for options granted to employees including officers directors in 2001.\n settlement conclude appropriate grant date for september 4, 1998 options should have been september 8th ( one trading day later than date used to price options ) ; appropriate grant date for november 30 , 1999 options should have been november 29th ( one trading day earlier than date used ) ; appropriate grant date for july 18 , 2001 options should been july 26th ( five trading days after original date ).\n analog devices , inc.\n notes to consolidated financial statements 2014 ( continued )\n\nfiscal years | operating leases\n------------ | ----------------\n2008         | $ 30774\n2009         | $ 25906\n2010         | $ 13267\n2011         | $ 5430\n2012         | $ 3842\nlater years  | $ 12259\ntotal        | $ 91478"
}
{
    "_id": "dd4b8d844",
    "title": "",
    "text": "entergy new orleans , inc.\n management's financial discussion analysis results of operations net income ( loss ) 2004 compared to 2003 net income increased $ 20. 2 million due to higher net revenue.\n 2003 compared to 2002 had net income of $ 7. 9 million in 2003 compared to net loss in 2002.\n increase due to higher net revenue lower interest expense offset by higher operation and maintenance expenses depreciation amortization expenses.\n net revenue 2004 compared to 2003 net revenue ' measure of gross margin consists of operating revenues net of 1 ) fuel , fuel-related  purchased power expenses 2 ) other regulatory credits.\n analysis of change in net revenue comparing 2004 to 2003.\n increase in base rates effective june 2003.\n rate increase discussed in note 2 to domestic utility companies system energy financial statements.\n volume/weather variance due to increased billed electric usage of 162 gwh in industrial service sector.\n increase partially offset by milder weather in residential and commercial sectors.\n 2004 deferrals variance due to deferral of voluntary severance plan fossil plant maintenance expenses in accordance with stipulation approved by city council in august 2004.\n stipulation allows for recovery of costs through amortization of regulatory asset.\n voluntary severance plan fossil plant maintenance expenses amortized over five-year period effective january 2004 and january 2003.\n formula rate plan discussed in note 2 to domestic utility companies system energy financial statements.\n price applied to unbilled electric sales variance due to increase in fuel price applied unbilled sales.\n\n| ( in millions )\n---------------------------------------- | ---------------\n2003 net revenue                         | $ 208.3\nbase rates                               | 10.6\nvolume/weather                           | 8.3\n2004 deferrals                           | 7.5\nprice applied to unbilled electric sales | 3.7\nother                                    | 0.6\n2004 net revenue                         | $ 239.0"
}
{
    "_id": "dd4bb3512",
    "title": "",
    "text": "masco corporation notes to consolidated financial statements continued ).\n segment information 1 included in net sales were export sales from u. s.\n of $ 229 million , $ 241 million $ 246 million in 2012  2011 2010 .\n excluded from net sales were intra-company sales between segments approximately two percent of net sales in 2012  2011 2010.\n included in net sales were sales to one customer of $ 2143 million, $ 1984 million $ 1993 million in 2012  2011 2010.\n net sales included in segments : cabinets related products plumbing products  decorative architectural products other specialty products.\n 4 net sales from company 2019s operations in u. s.\n were $ 5793 million , $ 5394 million $ 5618 million in 2012 , 2011 2010 .\n net sales  operating ( loss ) profit  property additions depreciation amortization expense for 2012  2011 2010 excluded results of businesses reported discontinued operations in 2012 2011 2010.\n 6 included in segment operating profit ( loss ) for 2012 was impairment charge for other intangible assets other specialty products 2013 $ 42 million.\n included in segment operating ( loss ) profit for 2011 impairment charges for goodwill other intangible assets : cabinets related products 2013 $ 44 million plumbing products 2013 $ 1 million decorative architectural products 2013 $ 75 million ; other specialty products 2013 $ 374 million.\n included in segment operating ( loss ) profit for 2010 impairment charges for goodwill other intangible assets plumbing products 2013 $ 1 million ; installation and other services 2013 $ 697 million.\n 7 general corporate expense , net included expenses not specifically attributable to company 2019s segments.\n( 8 ) charge for litigation settlement  net in 2012 relates to business in installation and services segment 2011 relates to business units in cabinets and related products specialty products segments.\n ( 9 ) long-lived assets of company 2019s operations in u. s.\n and europe were $ 2795 million and $ 567 million , $ 2964 million and $ 565 million  $ 3684 million and $ 617 million at december 31 , 2012 , 2011 2010 , respectively.\n ( 10 ) segment assets for 2012 and 2011 excluded assets of businesses reported as discontinued operations in years.\n.\n severance costs as part of company 2019s continuing review of operations  actions taken during 2012 , 2011 2010 to respond to market conditions.\n company recorded charges related to severance and early retirement programs of $ 36 million , $ 17 million $ 14 million for years ended december 31 , 2012 , 2011 2010 .\n such charges reflected in statement of operations in selling , general administrative expenses paid when incurred.\n.\n other income ( expense ) , net other  included was as follows  in millions:.\n other items net included realized foreign currency transaction losses of $ 2 million, $ 5 million and $ 2 million in 2012 , 2011 and 2010  other miscellaneous items.\n\n| 2012     | 2011     | 2010\n------------------------------------------------ | -------- | -------- | --------\nincome from cash and cash investments            | $ 6      | $ 8      | $ 6\nother interest income                            | 1        | 1        | 1\nincome from financial investments net ( note e ) | 24       | 73       | 9\nother items net                                  | -4 ( 4 ) | -5 ( 5 ) | -9 ( 9 )\ntotal other net                                  | $ 27     | $ 77     | $ 7"
}
{
    "_id": "dd4bbc7ca",
    "title": "",
    "text": "35% ( 35 % ) due to undistributed foreign earnings for which no u. s.\n taxes are provided because earnings intended to be indefinitely reinvested outside the u. s.\n as of september 24 , 2011  company had deferred tax assets from deductible temporary differences , tax losses  tax credits of $ 3. 2 billion , deferred tax liabilities of $ 9. 2 billion.\n management believes likely not forecasted income , including income result of tax planning strategies, with future reversals of existing taxable temporary differences, will be sufficient to fully recover deferred tax assets.\n company will continue to evaluate realizability of deferred tax assets quarterly by assessing need for amount valuation allowance.\n internal revenue service ( 201cirs 201d ) completed field audit of company 2019s federal income tax returns for years 2004 through 2006 proposed adjustments.\n company contested certain these adjustments through irs appeals office.\n irs currently examining years 2007 through 2009.\n all irs audit issues for years prior to 2004 resolved.\n company subject to audits by state , local , and foreign tax authorities.\n management believes adequate provisions made for adjustments from tax examinations.\n outcome of tax audits cannot be predicted with certainty.\n if issues addressed in company 2019s tax audits resolved not consistent with management expectations company could be required to adjust provision for income taxes in period such resolution occurs.\n liquidity and capital resources following table presents selected financial information and statistics as of for three years ended september 24 , 2011 ( in millions ) :.\n cash , cash equivalents and marketable securities increased $ 30. 6 billion or 60% ( 60 % ) during 2011.\n principal components of net increase was cash generated by operating activities of $ 37.5 billion  partially offset by payments for acquisition of property  plant equipment of $ 4. 3 billion  payments for acquisition intangible assets of $ 3. 2 billion payments business acquisitions  net of cash acquired of $ 244 million.\n company believes existing balances of cash  cash equivalents marketable securities sufficient to satisfy working capital needs capital asset purchases outstanding commitments liquidity requirements existing operations over next 12 months.\n company 2019s marketable securities investment portfolio invested primarily in highly rated securities policy limits credit exposure to one issuer.\n company 2019s investment policy requires investments to be investment grade objective minimizing potential risk of principal loss.\n as of september 24 , 2011 and september 25 , 2010 , $ 54. 3 billion and $ 30. 8 billion  respectively  of company 2019s cash  cash equivalents marketable securities held by foreign subsidiaries generally based in u. s.\n dollar-denominated holdings.\n amounts held by foreign subsidiaries subject to u. s.\n income taxation on repatriation to u.\n capital assets company 2019s capital expenditures were $ 4. 6 billion during 2011  approximately $ 614 million for retail store facilities $ 4. 0 billion for other capital expenditures including product tooling manufacturing\n\n| 2011    | 2010    | 2009\n----------------------------------------------- | ------- | ------- | -------\ncash cash equivalents and marketable securities | $ 81570 | $ 51011 | $ 33992\naccounts receivable net                         | $ 5369  | $ 5510  | $ 3361\ninventories                                     | $ 776   | $ 1051  | $ 455\nworking capital                                 | $ 17018 | $ 20956 | $ 20049\nannual operating cash flow                      | $ 37529 | $ 18595 | $ 10159"
}
{
    "_id": "dd4b928a8",
    "title": "",
    "text": "u. s.\n equity securities and international equity securities categorized as level 1 traded on active national international exchanges valued at closing prices last trading day of year.\n for u.\n not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor , broker or investment manager.\n securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor or categorized as level 3 if custodian obtains uncorroborated quotes from broker or investment manager.\n commingled equity funds categorized as level 1 traded on active national international exchanges valued at closing prices on last trading day of year.\n for commingled equity funds not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor , broker or investment manager.\n securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor.\n fixed income investments categorized as level 2 valued by trustee using pricing models use verifiable observable market data (. interest rates yield curves commonly quoted intervals credit spreads ) bids provided by brokers or dealers or quoted prices of securities with similar characteristics.\n fixed income investments categorized at level 3 when valuations using observable inputs unavailable.\n trustee obtains pricing based on indicative quotes or bid evaluations from vendors  brokers or investment manager.\n commodities traded on active commodity exchange valued at closing prices on last trading day of certain commingled equity funds  equity mutual funds  valued using nav. aa thenavaa valuations based on underlying investments typically redeemable within 90 days.\n private equity funds consist of partnership and co-investment funds.\nnavaa based on valuation models of underlying securities  includes unobservable inputs be corroborated using verifiable observable market data.\n funds typically have redemption periods between eight and 12 years.\n real estate funds consist of partnerships  most closed-end funds  for navaa based on valuationmodels and periodic appraisals.\n funds typically have redemption periods between eight and 10 years.\n hedge funds consist of direct hedge funds forwhich thenavaa generally based on valuation of underlying investments.\n redemptions in hedge funds based on specific terms of each fund range from minimum one month to several months.\n contributions and expected benefit payments funding of our qualified defined benefit pension plans determined in accordance with erisa , amended by ppa , consistent with cas and internal revenue code rules.\n no material contributions to qualified defined benefit pension plans during 2017.\n will make contributions of $ 5. 0 billion to qualified defined benefit pension plans in 2018 including required and discretionary contributions. not expect material qualified defined benefit cash funding required until 2021. plan to fund contributions using mix of cash on hand and commercial paper.\n not anticipate need to capital structure and resources allow to issue new debt if circumstances change.\n following table presents estimated future benefit payments  reflect expected future employee service , as of december 31 , 2017 ( in millions ) :.\n defined contribution plans wemaintain number of defined contribution plans  most with 401 ( k ) features  cover substantially all of employees.\n under provisions 401 ( k ) plans wematchmost employees 2019 eligible contributions at rates specified in plan documents.\n contributions were $ 613 million in 2017 , $ 617 million in 2016 and $ 393 million in 2015  majority funded using common stock.\n defined contribution plans held approximately 35.5 million 36. 9 million shares common stock as of december 31  2017 2016.\n\n| 2018   | 2019   | 2020   | 2021   | 2022   | 2023 2013 2027\n---------------------------------------- | ------ | ------ | ------ | ------ | ------ | --------------\nqualified defined benefit pension plans  | $ 2450 | $ 2480 | $ 2560 | $ 2630 | $ 2700 | $ 14200\nretiree medical and life insurance plans | 180    | 180    | 180    | 180    | 180    | 820"
}
{
    "_id": "dd4980c68",
    "title": "",
    "text": "equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2017.\n equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 448859 $ 0. 00 4087587 equity compensation plans not approved by security holders ( 2 ) 2014.\n 1 includes grants made under huntington ingalls industries , inc.\n 2012 long-term incentive stock plan ( \"2012 plan\" ) approved by stockholders on may 2 , 2012 and huntington ingalls industries , inc.\n 2011 long-term incentive stock plan ( \"2011 plan\" )  approved by sole stockholder of prior to spin-off from northrop grumman corporation.\n 27123 were stock rights granted under 2011 plan.\n number includes 28763 stock rights , 3075 restricted stock rights , and 389898 restricted performance stock rights granted under 2012 plan  target performance achievement.\n no awards made under plans not approved by security holders.\n item 13.\n certain relationships and related transactions , and director independence information relationships transactions director independence will be incorporated by reference to proxy statement for 2018 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n item 14.\n principal accountant fees and services information will be incorporated by reference to proxy statement for 2018 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n\nplan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )\n---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders           | 448859                                                                                                       | $ 0.00                                                                    | 4087587\nequity compensation plans not approved by security holders ( 2 ) | 2014                                                                                                         | 2014                                                                      | 2014\ntotal                                                            | 448859                                                                                                       | $ 0.00                                                                    | 4087587"
}
{
    "_id": "dd4c4bb3c",
    "title": "",
    "text": "market risk management 2013 equity other investment equity investment risk is risk of potential losses with investing in private and public equity markets.\n addition to extending credit  taking deposits  securities underwriting trading financial instruments  we make manage direct investments in variety transactions including management buyouts  recapitalizations growth financings in variety industries.\n also have investments in affiliated and non-affiliated funds similar investments in private equity debt and equity-oriented hedge funds.\n economic book value of these investments other assets loan servicing rights affected by changes in market factors.\n primary risk measurement for equity other investments is economic capital.\n economic capital is common measure of risk for credit , market operational risk.\n estimate of potential value depreciation over one year horizon with solvency expectations of institution rated single-a by credit rating agencies.\n illiquid nature of investments can challenge to determine fair values.\n see note 7 fair value in notes to consolidated financial statements in item 8 of report for additional information.\n various pnc business units manage our equity other investment activities.\n businesses responsible for making investment decisions within approved policy limits guidelines.\n summary of equity investments follows : table 54 : equity investments summary in millions december 31 december 31.\n december 31, 2013 amount updated to reflect first quarter 2014 adoption of asu 2014-01 related to investments in low income housing tax credits.\n blackrock pnc owned approximately 35 million common stock equivalent shares of blackrock equity at december 31 , 2014 accounted for under equity method.\n primary risk measurement is economic capital.\n business segments review section of item 7 includes additional information about blackrock.\n tax credit investments included in our equity investments are direct tax credit investments and equity investments held by consolidated partnerships totaled $ 2.6 billion at december 31 , 2014 and 31  2013.\n equity investment balances include unfunded commitments totaling $ 717 million and $ 802 million at 2014 2013.\n unfunded commitments included in other liabilities on consolidated balance sheet.\n note 2 loan sale servicing activities variable interest entities in notes to consolidated financial statements item 8 report further information on tax credit investments.\n private equity private equity portfolio is illiquid portfolio mezzanine and equity investments vary by industry stage type investment.\n private equity investments estimated fair value totaled $ 1. 6 billion at december 31, 2014 and $ 1. 7 billion at december 31 , 2013.\n as of december 31  2014 $ 1. 1 billion invested directly in companies $. 5 billion invested indirectly through private equity funds.\n included direct investments are investment activities of two private equity funds consolidated for financial reporting purposes.\n noncontrolling interests of funds totaled $ 212 million as of december 31 , 2014.\n interests in indirect private equity funds not redeemable pnc may receive distributions partnership from liquidation of underlying investments.\n see item 1 business 2013 supervision and regulation item 1a risk factors report for discussion potential impacts of volcker rule provisions of dodd-frank on interests in sponsorship of private funds covered volcker rule.\n unfunded commitments related to private equity totaled $ 140 million at december 31, 2014 compared with $ 164 million at december 31 , 2013.\n pnc financial services group , inc.\n 2013 form 10-k 93\n\nin millions                  | december 312014 | december 312013\n---------------------------- | --------------- | ---------------\nblackrock                    | $ 6265          | $ 5940\ntax credit investments ( a ) | 2616            | 2572\nprivate equity               | 1615            | 1656\nvisa                         | 77              | 158\nother                        | 155             | 234\ntotal                        | $ 10728         | $ 10560"
}
{
    "_id": "dd4b8c016",
    "title": "",
    "text": "marathon oil corporation notes to consolidated financial statements obligation relates to lease of equipment at united states steel 2019s clairton works cokemaking facility in pennsylvania.\n we are primary obligor under lease.\n financial matters agreement united states steel assumed responsibility for all obligations under lease.\n lease is amortizing financing with final maturity of 2012.\n notes are senior secured notes of marathon oil canada corporation.\n notes secured by substantially all marathon oil canada corporation 2019s assets.\n in january 2008 provided full unconditional guarantee covering payment of all principal and interest due under senior notes.\n obligations as of december 31, 2009 include $ 36 million related to assets under construction for capital lease commence upon completion of construction.\n amounts reported based upon percent of construction completed as of december 31 , 2009 do not reflect future minimum lease obligations of $ 164 million related asset.\n payments of long-term debt for years 2010 - 2014 are $ 102 million, $ 246 million , $ 1492 million  $ 287 million $ 802 million.\n united steel due to pay $ 17 million in 2010  $ 161 million in 2011  $ 19 million in 2012  $ 11 for year 2014.\n in change in control in related agreements debt obligations totaling $ 662 million at december 31, 2009 may be declared immediately due and payable.\n see note 16 for information on interest rate swaps.\n.\n asset retirement obligations summarizes changes in asset retirement obligations : ( in millions ) 2009 2008.\n asset retirement obligations as of december 31 ( ) $ 1102 $ 965 includes asset retirement obligation of $ 3 and $ 2 million classified as short-term at december 31 , 2009  and 2008.\n\n( in millions )                                                           | 2009       | 2008\n------------------------------------------------------------------------- | ---------- | ------------\nasset retirement obligations as of january 1                              | $ 965      | $ 1134\nliabilities incurred including acquisitions                               | 14         | 30\nliabilities settled                                                       | -65 ( 65 ) | -94 ( 94 )\naccretion expense ( included in depreciation depletion and amortization ) | 64         | 66\nrevisions to previous estimates                                           | 124        | 24\nheld for sale                                                             | -          | -195 ( 195 )\nasset retirement obligations as of december 31 ( a )                      | $ 1102     | $ 965"
}
{
    "_id": "dd4bbb096",
    "title": "",
    "text": "entergy corporation subsidiaries notes to financial statements consists of pollution control revenue bonds environmental revenue bonds  secured by collateral first mortgage bonds.\n b these notes have stated interest rate implicit interest rate of 4. 8% ( 4. 8 % ).\n pursuant to nuclear waste policy act of 1982  entergy 2019s nuclear owner/licensee subsidiaries have contracts with doe for spent nuclear fuel disposal service.\n contracts include one-time fee for generation prior to april 7 , 1983.\n entergy arkansas only entergy company generated electric power with nuclear fuel prior to that date includes one-time fee  plus accrued interest  in long-term debt.\n see note 10 to financial statements for discussion of waterford 3 lease obligation entergy louisiana 2019s acquisition of equity participant 2019s beneficial interest in waterford 3 leased assets discussion grand gulf lease obligation.\n this note stated interest rate implicit interest rate of 7. 458% ( 7. 458 % ).\n f fair value excludes lease obligations of $ 57 million at entergy louisiana $ 34 million at system energy  long-term doe obligations of $ 182 million at entergy arkansas  includes debt due within one year.\n fair values classified as level 2 in fair value hierarchy discussed in note 15 to financial statements based on prices from inputs benchmark yields reported trades.\n annual long-term debt maturities ( excluding lease obligations long-term doe obligations ) for debt outstanding as of december 31 , 2016  for next five years are as follows : amount ( in thousands ).\n in november 2000  entergy 2019s non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\npurchase agreement with nypa  entergy recorded liability representing net present value of payments entergy liable to nypa for each year fitzpatrick and indian point 3 power plants run beyond original nrc license expiration date.\n in october 2015  entergy announced planned shutdown of fitzpatrick at end of fuel cycle.\n announcement entergy reduced liability by $ 26. 4 million to terms purchase agreement.\n in august 2016  entergy entered trust transfer agreement with nypa to transfer decommissioning trust funds and decommissioning liabilities for indian point 3 and fitzpatrick plants to entergy.\n trust transfer agreement original decommissioning agreements amended entergy subsidiaries 2019 obligation to make additional license extension payments to nypa eliminated.\n in third quarter 2016  entergy removed note payable of $ 35. 1 million from consolidated balance sheet.\n entergy louisiana , entergy mississippi , entergy texas , and system energy obtained long-term financing authorizations from ferc extend through october 2017.\n entergy arkansas obtained long-term financing authorization from apsc extends through december 2018.\n entergy new orleans obtained long-term financing authorization from city council extends through june 2018.\n capital funds agreement agreement with certain creditors entergy corporation agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at minimum of 35% ( 35 % ) of total capitalization ( excluding short- term debt )\n\n| amount ( in thousands )\n---- | -----------------------\n2017 | $ 307403\n2018 | $ 828084\n2019 | $ 724899\n2020 | $ 795000\n2021 | $ 1674548"
}
{
    "_id": "dd4bb51aa",
    "title": "",
    "text": "following tables present reconciliation beginning ending balances fair value measurements using significant unobservable inputs ( level 3 ) 2017 2016 respectively:.\n purchases , issuances settlements , net.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n ( 4 ) balance as december 31 , 2016.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 140 company 2019s postretirement benefit plans different levels funded status assets held under various trusts.\n investments risk mitigation strategies plans tailored specifically each trust.\n setting new strategic asset mixes  consideration given likelihood selected asset allocation effectively fund projected plan liabilities meet risk tolerance criteria company.\n company periodically updates long-term strategic asset allocations plans through asset liability studies uses various analytics determine optimal asset allocation.\n considerations include plan liability characteristics , liquidity needs , funding requirements  expected rates of return distribution of returns.\n strategies address goal ensuring sufficient assets pay benefits include target allocations broad array asset classes within asset classes  strategies employed provide adequate returns , diversification liquidity.\n2012 , company implemented de-risking strategy for american water pension plan after conducting asset-liability study to reduce volatility of funded status plan.\n part of de-risking strategy company revised asset allocations to increase matching characteristics of fixed-income assets relative to liabilities.\n fixed income portion portfolio designed to match bond-like and long-dated nature of postretirement liabilities.\n in 2017  company increased exposure to liability-driven investing increased fixed-income allocation to 50% ( 50 % ) , up from 40% ( 40 % ) effort to decrease funded status volatility plan hedge portfolio from movements in interest rates.\n in 2012  company implemented de-risking strategy for medical bargaining trust within plan to minimize volatility.\n in 2017  company conducted new asset-liability study indicated medical trend inflation outpaced consumer price index by more than 2% ( 2 % ) for last 20 years.\n continuously rising medical costs company decided to increase equity exposure of portfolio to 30% ( 30 % ) , up from 20% ( 20 % )  reducing fixed-income portion of portfolio from 80% ( 80 % ) to 70% ( 70 % ).\n company conducted asset-liability study for post-retirement non-bargaining medical plan.\n allocation adjusted to more conservative reducing equity allocation from 70% ( 70 % ) to 60% ( 60 % ) increasing fixed- income allocation from 30% ( 30 % ) to 40% ( 40 % ).\n post-retirement medical non-bargaining plan 2019s equity allocation reduced due to cap on benefits for some non-union participants and resultant reduction in plan 2019s liabilities.\n changes take place in 2018.\n company engages third party investment managers for all invested assets.\n managers not permitted to invest outside of asset class.\nfixed income , equity , alternatives ) or strategy for they appointed.\n investment management agreements recurring performance attribution analysis used as tools to ensure investment managers invest solely within investment strategy provided.\n futures options used to adjust portfolio duration to align with plan 2019s targeted investment policy.\n\n| level 3\n--------------------------------------- | -------\nbalance as of january 1 2017            | $ 140\nactual return on assets                 | 2\npurchases issuances and settlements net | 136\nbalance as of december 31 2017          | $ 278"
}
{
    "_id": "dd4bc5ca8",
    "title": "",
    "text": "mutual and pooled funds shares of mutual funds valued at net asset value ( nav ) quoted on exchange where fund traded classified as level 1 assets.\n units of pooled funds valued at per unit nav determined by fund manager classified as level 2 assets.\n investments utilizing nav as practical expedient for fair value.\n corporate and government bonds corporate government bonds classified as level 2 assets  either valued at quoted market prices from reporting date or valued based upon comparable securities with similar yields and credit ratings.\n mortgage and asset-backed securities mortgage asset 2013backed securities classified as level 2 assets either valued at quoted market prices from pricing sources reporting date or valued based upon comparable securities with similar yields , credit ratings  purpose of underlying loan.\n real estate pooled funds real pooled funds classified as level 3 assets  carried at estimated fair value of underlying properties.\n estimated fair value calculated utilizing combination of key inputs  revenue and expense growth rates terminal capitalization rates discount rates.\n key inputs consistent with practices prevailing within real estate investment management industry.\n other pooled funds pooled funds classified as level 2 assets valued at nav of shares held at year end  based on fair value of underlying investments.\n securities and interests classified as level 3 carried at estimated fair value of underlying investments.\n underlying investments valued based on bids from brokers or other third-party vendor sources utilize expected cash flow streams other uncorroborated data , including counterparty credit quality , default risk  discount rates  overall capital market liquidity.\n insurance contracts insurance contracts classified as level 3 assets  carried at contract value  approximates estimated fair value.\nestimated fair value based on fair value underlying investment insurance company.\n contributions projected benefit payments pension contributions to funded plans benefit payments for unfunded plans for fiscal year 2015 were $ 137. 5.\n contributions resulted from assessment of long-term funding requirements plans tax planning.\n benefit payments to unfunded plans due to timing of retirements cost reduction actions.\n anticipate contributing $ 100 to $ 120 to defined benefit pension plans in 2016.\n contributions driven primarily by benefit payments for unfunded plans dependent upon timing of retirements actions to reorganize business.\n projected benefit payments reflect expected future service as follows:.\n estimated benefit payments based on assumptions about future events.\n actual benefit payments may vary significantly from estimates.\n\n| u.s .   | international\n------------- | ------- | -------------\n2016          | $ 129.0 | $ 52.0\n2017          | 135.8   | 53.5\n2018          | 142.2   | 55.3\n2019          | 149.6   | 57.5\n2020          | 157.4   | 57.8\n2021 20132025 | 917.9   | 332.3"
}
{
    "_id": "dd4c439dc",
    "title": "",
    "text": "at december 31, 2015 and 2014  options for 5 million and 6 million shares common stock exercisable at weighted-average price of $ 55. 42 and $ 56. 21 .\n total intrinsic value of options exercised was approximately $. 1 billion during 2016  2015 2014.\n cash received from option exercises under all incentive plans for 2016  2015 2014 was approximately $. 1 billion , $. 1 billion $. 2 billion.\n tax benefit from option exercises incentive plans insignificant for 2016  2015 2014.\n shares common stock available next year for granting options and other awards under incentive plans were approximately 39 million shares at december 31, 2016.\n total shares of pnc common stock authorized for future issuance under all equity compensation plans totaled approximately 40 million shares at december 31 , 2016.\n during 2016  issued approximately 2 million common shares from treasury stock with stock option exercise activity.\n intend to utilize primarily treasury stock for future stock option exercises.\n incentive/performance unit awards and restricted share/restricted unit awards fair value of nonvested incentive initially determined based on prices not less than market value of common stock on date of grant with reduction for estimated forfeitures.\n value of certain incentive/ performance unit awards remeasured based on achievement of one more financial and other performance goals.\n certain incentive/ performance unit awards require adjustment to current market value due to discretionary risk review triggers.\n weighted-average grant date fair value of incentive performance unit awards restricted awards granted in 2016 , 2015 2014 was $ 78. 37 , $ 91. 57 $ 80. 79 per share.\ntotal value of incentive/performance unit restricted share awards vested during 2016  2015 2014 was approximately $. 1 billion , $. 2 billion $. 1 billion  respectively.\n recognize compensation expense for awards over vesting performance periods for each program.\n table 78 : nonvested incentive/performance unit awards restricted share/restricted share unit awards 2013 rollforward shares in millions nonvested incentive/ performance units shares weighted- average date fair nonvested restricted share/ restricted weighted- average grant date fair value.\n forfeited awards during 2016 were insignificant.\n ) includes adjustments for achieving specific performance goals for incentive performance unit share awards granted in prior periods.\n table 78  units related weighted-average grant date fair value of incentive unit share awards exclude effect of dividends on underlying shares dividends paid in cash if underlying shares issued to participants.\n blackrock long-term incentive plans ( ltip ) blackrock adopted 2002 ltip program to attract retain qualified professionals.\n agreed to transfer up to four million shares of blackrock common stock to fund portion 2002 ltip program future ltip programs approved by blackrock 2019s board directors.\n in 2009  obligation to deliver remaining blackrock common shares replaced with obligation to deliver shares of blackrock 2019s series c preferred stock held.\n in 2016  transferred. 5 million shares of blackrock series c preferred stock to blackrock in with obligation.\n at december 31 , 2016  held approximately. 8 million shares of blackrock series c preferred stock available to fund obligations.\n see note 23 subsequent events for information on february 1, 2017 transfer of. 5 million shares of series c preferred stock to blackrock to satisfy portion ltip obligation.\naccount for blackrock series c preferred stock at fair value offsets impact marking-to-market obligation to deliver shares to blackrock.\n see note 6 fair value for additional information valuation blackrock series c preferred stock.\n pnc financial services group , inc.\n 2013 form 10-k 139\n\nshares in millions december 31 2015 | nonvested incentive/ performance units shares 2 | weighted- average grant date fair value $ 79.27 | nonvested restricted share/ restricted share units 3 | weighted- average grant date fair value $ 79.26\n----------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ---------------------------------------------------- | -----------------------------------------------\ngranted ( b )                       | 1                                               | $ 77.77                                         | 1                                                    | $ 78.71\nvested/released ( b )               | -1 ( 1 )                                        | $ 71.59                                         | -1 ( 1 )                                             | $ 65.53\ndecember 31 2016                    | 2                                               | $ 81.42                                         | 3                                                    | $ 83.27"
}
{
    "_id": "dd4b88498",
    "title": "",
    "text": "value  maturity company not consider investments-temporarily impaired as of december 31 , 2005 and 2004.\n gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively.\n gross realized gains and losses for 2004 were $ 628000 and $ 205000 ,.\n gross realized gains for 2003 were $ 1249000.\n no gross realized losses for 2003.\n maturities stated are effective maturities.\n.\n restricted cash at december 31 , 2005 and 2004  company held $ 41482000 and $ 49847000  respectively in restricted cash.\n at december 31, 2005 2004 balance was held in deposit with certain banks to collateralize conditional stand-by letters of credit in names of company's landlords operating lease agreements.\n.\n property and equipment consist of following at december 31 ( in thousands ) : depreciation expense for years ended december 31 , 2005 , 2004 and 2003 was $ 26307000 , $ 28353000 and $ 27988000 respectively.\n in 2005 and 2004  company wrote off certain assets fully depreciated no longer utilized.\n no effect on company's net property and equipment.\n company wrote off or sold certain assets not fully depreciated.\n net loss on disposal of assets was $ 344000 for 2005 and $ 43000 for 2004.\n.\n investments in accordance with company's policy  in note b , \"accounting policies\" company assessed investment in altus pharmaceuticals , inc.\n \"altus\" ) accounts for using cost method determined any adjustments to fair values of investment indicate decrease in fair value below carrying value require company to write down investment basis of asset  as of december 31 , 2005 and december 31 , 2004.\ncompany's cost basis value outstanding equity warrants of altus was $ 18863000 at december 31 , 2005 2004.\n\n| 2005    | 2004\n---------------------------------------------- | ------- | -------\nfurniture and equipment                        | $ 98387 | $ 90893\nleasehold improvements                         | 66318   | 65294\ncomputers                                      | 18971   | 18421\nsoftware                                       | 18683   | 16411\ntotal property and equipment gross             | 202359  | 191019\nless accumulated depreciation and amortization | 147826  | 126794\ntotal property and equipment net               | $ 54533 | $ 64225"
}
{
    "_id": "dd4c11a22",
    "title": "",
    "text": "agencies consider factors determining final rating of insurance company.\n consideration is relative level of statutory surplus to support business.\n statutory surplus represents capital insurance company reported in accordance with accounting practices by state insurance department.\n see part i  item 1a.\n risk factors 2014 201cdowngrades in financial strength or credit ratings may make products less attractive could increase cost of capital inhibit ability to refinance debt adverse effect on business  financial condition  results of operations liquidity. statutory surplus table sets forth statutory surplus for company 2019s insurance companies as of december 31, 2014 and 2013:.\n statutory capital and surplus for.\n life insurance subsidiaries  including domestic captive insurance subsidiaries in 2013 increased by $ 518 , due to variable annuity surplus of $ 788 , net income from non-variable annuity business of $ 187 , increases in unrealized gains from other invested assets $ 138 , offset by returns of capital of $ 500  changes in reserves on change in valuation basis of $ 100.\n effective april 30 , 2014 last domestic captive ceased operations.\n statutory capital and surplus for property and casualty insurance increased by $ 47 , due to statutory net income of $ 1. 1 billion  unrealized gains on investments of $ 1. 4 billion  offset by dividends to hfsg holding company of $ 2. 5 billion.\n company held regulatory capital and surplus for former operations in japan until sale operations on june 30 , 2014.\n under accounting practices japanese regulatory authorities company 2019s statutory capital and surplus was $ 1. 2 billion as of december 31 , 2013.\n\n| 2014    | 2013\n------------------------------------------------------------------------------------------ | ------- | -------\nu.s . life insurance subsidiaries includes domestic captive insurance subsidiaries in 2013 | $ 7157  | $ 6639\nproperty and casualty insurance subsidiaries                                               | 8069    | 8022\ntotal                                                                                      | $ 15226 | $ 14661"
}
{
    "_id": "dd4bd7228",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity related stockholder matters market information our common stock traded on new york stock exchange ( 2018 2018nyse 2019 2019 ) under symbol 2018 2018exr 2019 2019 since ipo august 17 , 2004.\n prior no public market for common stock.\n following table sets forth for periods indicated high and low bid price for common stock reported by nyse per share dividends declared : dividends high low declared.\n on february 28 , 2006  closing price of common stock nyse was $ 15. 00.\n at february 28, 2006  had 166 holders of record of common stock.\n holders shares common stock entitled to receive distributions when declared by board of directors of assets legally available for purpose.\n reit  required to distribute at least 90% ( 90 % ) of 2018 2018reit taxable income 2019 2019 equivalent to net taxable ordinary income determined without regard to deduction for dividends paid to stockholders annually to maintain reit qualifications for u. s.\n federal income tax purposes.\n unregistered sales of equity securities use of proceeds on june 20 , 2005  completed sale of 6200000 shares of common stock , $. 01 par value , for $ 83514 , reported in current report on form 8-k filed with securities and exchange commission on june 24 , 2005.\n used proceeds for general corporate purposes including debt repayment.\n shares issued pursuant to exemption from registration under securities act of 1933  as amended.\n\n| high    | low     | dividends declared\n----------------------------------------------- | ------- | ------- | ------------------\nperiod from august 17 2004 to september 30 2004 | $ 14.38 | $ 12.50 | $ 0.1113\nquarter ended december 31 2004                  | 14.55   | 12.60   | 0.2275\nquarter ended march 31 2005                     | 14.30   | 12.55   | 0.2275\nquarter ended june 30 2005                      | 14.75   | 12.19   | 0.2275\nquarter ended september 30 2005                 | 16.71   | 14.32   | 0.2275\nquarter ended december 31 2005                  | 15.90   | 13.00   | 0.2275"
}
{
    "_id": "dd4bb10f0",
    "title": "",
    "text": "table contents performance graph graph compares total return  assuming reinvestment of dividends on investment in company  based on performance of company's common stock with total return of standard & poor's 500 composite stock index ( \"s&p 500 ) and dow jones united states travel and leisure index for five year period by measuring changes in common stock prices from december 31 , 2013 to december 31 , 2018.\n stock performance graph assumes value of company's common stock and each index was $ 100 on december 31 , 2013 all dividends were reinvested.\n past performance not indicator of future results.\n\n| 12/13  | 12/14  | 12/15  | 12/16  | 12/17  | 12/18\n-------------------------------- | ------ | ------ | ------ | ------ | ------ | ------\nroyal caribbean cruises ltd .    | 100.00 | 176.94 | 220.72 | 182.99 | 271.25 | 227.46\ns&p 500                          | 100.00 | 113.69 | 115.26 | 129.05 | 157.22 | 150.33\ndow jones u.s . travel & leisure | 100.00 | 116.37 | 123.23 | 132.56 | 164.13 | 154.95"
}
{
    "_id": "dd4bcd94e",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements table summarizes preliminary allocation of aggregate purchase consideration paid amounts of assets acquired liabilities assumed based upon estimated fair value at date of acquisition ( in thousands ) : preliminary purchase price allocation.\n 1 consists of customer-related intangibles of approximately $ 80. 0 million network location intangibles of approximately $ 38. 0 million.\n customer-related intangibles network location intangibles amortized straight-line basis over periods up to 20 years.\n company expects goodwill recorded deductible for tax purposes.\n goodwill allocated to company 2019s international rental management segment.\n ghana acquisition 2014on december 6, 2010  company entered definitive agreement with mtn group limited ( 201cmtn group 201d ) to establish joint venture in ghana.\n joint venture controlled by holding company wholly owned subsidiary of company ( 201catc ghana subsidiary 201d ) holds 51% ( 51 % ) interest mobile telephone networks ( netherlands ). wholly owned subsidiary of mtn group ( 201cmtn ghana subsidiary 201d ) holds 49% ( 49 % ) interest.\n joint venture managed controlled by company owns tower operations company in ghana.\n pursuant agreement on may 6 , 2011, august 11, 2011 december 23 , 2011  joint venture acquired 400 , 770 686 communications sites from mtn group 2019s operating subsidiary in ghana for aggregate purchase price of $ 515. 6 million ( including contingent consideration of $ 2. 3 million value added tax of $ 65. 6 million ).\n aggregate purchase price increased to $ 517. 7 million ( including contingent consideration of $ 2. 3 million value added tax of $ 65. 6 million ) after post-closing adjustments.\nunder terms purchase agreement , legal title to certain communications sites acquired on december 23 , 2011 will be transferred upon fulfillment of conditions by mtn group.\n prior to fulfillment conditions company will operate and maintain control of these communications sites reflect these sites in allocation of purchase price and consolidated operating results.\n in december 2011  company signed amendment to agreement with mtn group requires company to make additional payments upon conversion of barter agreements with wireless carriers to cash-paying master lease agreements.\n company estimates fair value of remaining potential contingent consideration payments required under amended agreement between zero and $ 1. 0 million estimated to be $ 0. 9 million using probability weighted average of expected outcomes at december 31 , 2012.\n company previously made payments under this arrangement of $ 2. 6 million.\n during year ended december 31 , 2012  company recorded increase in fair value of $ 0. 4 million as other operating expenses in consolidated statements of operations.\n\n| preliminary purchase price allocation\n--------------------------------- | -------------------------------------\nnon-current assets                | $ 24460\nproperty and equipment            | 138959\nintangible assets ( 1 )           | 117990\nother non-current liabilities     | -18195 ( 18195 )\nfair value of net assets acquired | $ 263214\ngoodwill ( 2 )                    | 47481"
}
{
    "_id": "dd4c5e502",
    "title": "",
    "text": "remaining change in expense driven by changes on foreign currency exchange instruments discussed in note 7 201citem 8.\n financial statements supplementary data 201d of report.\n income taxes.\n for discussion on income taxes see note 8 201citem 8.\n financial statements supplementary data 201d report.\n discontinued operations net earnings increased due to gain on sale of aggregate ownership interests in enlink and general partner of $ 2. 6 billion ( $ 2. 2 billion after-tax ).\n for discussion on discontinued operations see note 19 in 201citem 8.\n financial statements supplementary data 201d report.\n results of operations 2013 2017 vs.\n 2016 graph shows change in net earnings from 2016 to 2017.\n material changes discussed by category on following pages.\n numbers presented before consideration of earnings attributable to noncontrolling interests.\n $ 1308 ( $ 165 ) ( $ 4 ) $ 1 $ 63 $ 400 ( $ 397 ) $ 126 $ 1204 ( $ 1458 ) $ 1078 2016 upstream operations marketing operations exploration expenses dd&a g&a financing costs  net other ( 1 ) income discontinued operations net earnings ( 1 ) table includes asset impairments asset dispositions  restructuring transaction costs other expenses.\n graph presents drivers of upstream operations change additional details discussion drivers following graph.\n ( $ 427 ) ( $ 427 ) $ 1395$ 1 395 $ 2176$ 2 176 $ 3484 2016 production volumes field prices hedging 2017 upstream operations expenses\n\n| 2018         | 2017\n---------------------------- | ------------ | ----------\ncurrent expense ( benefit )  | $ -70 ( 70 ) | $ 112\ndeferred expense ( benefit ) | 226          | -97 ( 97 )\ntotal expense                | $ 156        | $ 15\neffective income tax rate    | 17% ( 17 % ) | 2% ( 2 % )"
}
{
    "_id": "dd4c5c572",
    "title": "",
    "text": "stock total return performance graph compares our total return to stockholders with returns standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and dow jones us select health care providers index ( 201cpeer group 201d ) for five years ended december 31 , 2014.\n graph assumes investment of $ 100 in each common stock , s&p 500  peer group on december 31 , 2009  dividends reinvested when paid.\n stock price performance graph not indicative of future stock price performance.\n table of contents\n\n| 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014\n---------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nhum        | $ 100      | $ 125      | $ 201      | $ 160      | $ 244      | $ 342\ns&p 500    | $ 100      | $ 115      | $ 117      | $ 136      | $ 180      | $ 205\npeer group | $ 100      | $ 112      | $ 123      | $ 144      | $ 198      | $ 252"
}
{
    "_id": "dd4bb6870",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 continued ) december 31 , 2010 , 2009  2008 3 multilateral loans include loans funded guaranteed by bilaterals  multilaterals development banks similar institutions.\n non-recourse debt of $ 708 million as of december 31 , 2009 excluded from non-recourse debt included in current long-term liabilities of held for sale discontinued businesses in accompanying consolidated balance sheets.\n non-recourse debt as of december 31 , 2010 scheduled to reach maturity in table below : december 31 , annual maturities ( in millions ).\n as of december 31 , 2010  aes subsidiaries with facilities under construction had total approximately $ 432 million of committed unused credit facilities available to fund construction related costs.\n excluding facilities under construction aes subsidiaries had approximately $ 893 million in available unused committed revolving credit lines to support working capital debt service reserves business needs.\n credit lines can be used in solely for borrowings ; for letters of credit ; or combination of uses.\n weighted average interest rate on borrowings from facilities was 3. 24% ( 3. 24 % ) at december 31 , 2010.\n non-recourse debt covenants , restrictions defaults terms company 2019s non-recourse debt include certain financial and non-financial covenants.\n covenants limited to subsidiary activity vary among subsidiaries.\n covenants may include maintenance of reserves minimum levels of working capital limitations on incurring additional indebtedness.\n compliance with certain covenants may not be objectively determinable.\nas of december 31 , 2010 and 2009 , approximately $ 803 million and $ 653 million  respectively of restricted cash maintained in with non-recourse debt agreements amounts included within 201crestricted cash 201d and 201cdebt service reserves and other deposits 201d in accompanying consolidated balance sheets.\n lender and governmental provisions restrict ability company 2019s subsidiaries to transfer net assets to parent company.\n restricted net assets of subsidiaries amounted to approximately $ 5. 4 billion at december 31 , 2010.\n\ndecember 31,            | annual maturities ( in millions )\n----------------------- | ---------------------------------\n2011                    | $ 2577\n2012                    | 657\n2013                    | 953\n2014                    | 1839\n2015                    | 1138\nthereafter              | 7957\ntotal non-recourse debt | $ 15121"
}
{
    "_id": "dd4bbd8a0",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued ) maturities 2014as of december 31 , 2007  aggregate carrying value of long-term debt  including capital leases for next five years thereafter estimated to be ( in thousands ) : year ending december 31.\n 4.\n acquisitions during years ended december 31 , 2007 , 2006 2005  company used cash to acquire total 293 towers assets of structural analysis firm for approximately $ 44. 0 million in cash 84 towers 6 in-building distributed antenna systems for approximately $ 14. 3 million 30 towers for approximately $ 6. 0 million in cash.\n tower asset acquisitions primarily in mexico brazil under ongoing agreements.\n year ended december 31 , 2005  company completed merger with spectrasite , inc.\n company acquired approximately 7800 towers 100 in-building distributed antenna systems.\n merger agreement in august 2005  spectrasite  inc.\n merged with wholly- owned subsidiary of company each share of spectrasite , inc.\n common stock converted into right to receive 3. 575 shares of company 2019s class a common stock.\n company issued approximately 169. 5 million shares of class a common stock reserved for issuance approximately 9. 9 million and 6. 8 million of class a common stock pursuant to spectrasite , inc.\n options warrants assumed in merger.\n final allocation of $ 3. 1 billion purchase price summarized in company 2019s annual report on form 10-k for year ended december 31 , 2006.\n acquisitions consummated company during 2007 , 2006 2005  accounted for under purchase method of accounting accordance with sfas no.\n 141 201cbusiness combinations 201d ( sfas.\n 141 ).\npurchase prices allocated to net assets acquired liabilities assumed based on estimated fair values at date of acquisition.\n company primarily acquired tower assets from third parties in one of two types transactions : purchase of business or purchase of assets.\n structure of each transaction affects company allocates purchase price within consolidated financial statements.\n in case of tower assets acquired through purchase of business , as company 2019s merger with spectrasite , inc., company allocates purchase price to assets acquired and liabilities assumed at estimated fair values as of date of acquisition.\n excess of purchase price paid by company over estimated fair value of net assets acquired recorded as goodwill.\n in case of asset purchase , company first allocates purchase price to property and equipment for appraised value of towers and to identifiable intangible assets ( primarily acquired customer base ).\n company then records remaining purchase price within intangible assets as a 201cnetwork location intangible. 201d\n\n2008                                                                                              | $ 1817\n------------------------------------------------------------------------------------------------- | ---------\n2009                                                                                              | 1241\n2010                                                                                              | 78828\n2011                                                                                              | 13714\n2012                                                                                              | 1894998\nthereafter                                                                                        | 2292895\ntotal cash obligations                                                                            | $ 4283493\naccreted value of the discount and premium of 3.00% ( 3.00 % ) notes and 7.125% ( 7.125 % ) notes | 1791\nbalance as of december 31 2007                                                                    | $ 4285284"
}
{
    "_id": "dd4c4e8c8",
    "title": "",
    "text": "5.\n other current assets consisted of following at december 31:.\n 6.\n performance bonds guaranty fund contributions cme clears guarantees settlement of cme , cbot nymex contracts traded in respective markets.\n guarantor role cme has equal offsetting claims to from clearing firms on opposite sides of each contract standing as intermediary on every contract cleared.\n clearing firm positions combined to create single portfolio for each clearing firm 2019s regulated and non-regulated accounts with cme for performance bond and guaranty fund requirements calculated.\n funds not available to satisfy obligation under applicable contract cme bears counterparty credit risk in future market movements create conditions could lead to clearing firms failing to meet obligations to cme.\n cme reduces exposure through risk management program includes initial ongoing financial standards for designation as clearing firm, performance bond requirements mandatory guaranty fund contributions.\n each clearing firm required to deposit maintain balances in of cash, u. s.\n government securities  bank letters of credit other approved investments to satisfy performance bond guaranty fund requirements.\n all obligations non-cash deposits marked to market daily basis.\n rules and regulations of cbot require minimum financial requirements for delivery of physical commodities maintenance of capital requirements deposits on pending arbitration matters.\n to satisfy requirements cbot clearing firms have deposited cash ,. s.\n treasury securities letters of credit.\n cme marks-to-market open positions twice a day requires payment from clearing firms whose positions lost value makes payments to clearing firms whose positions gained value.\n for select product offerings within newer markets positions marked-to-market once daily capability to mark-to-market more frequently as market conditions warrant.\nunlikely scenario of simultaneous default by every clearing firm open positions with unrealized losses maximum exposure to cme 2019s guarantee one half day of changes in fair value of all open positions before considering cme 2019s ability to access defaulting clearing firms 2019 performance bond guaranty fund balances other available resources.\n during 2010  cme transferred average of approximately $ 2. 4 billion a day through clearing system for settlement from clearing firms positions lost value to clearing firms gained value.\n cme reduces guarantee exposure through initial maintenance performance bond requirements mandatory guaranty fund contributions.\n company believes guarantee liability is immaterial not recorded liability at december 31 , 2010.\n\n( in millions )                                      | 2010    | 2009\n---------------------------------------------------- | ------- | -------\nrefundable income tax                                | $ 61.0  | $ 24.1\nnet deferred income taxes ( note 14 )                | 18.3    | 23.8\nprepaid technology license and maintenance contracts | 18.0    | 17.0\nforward contract receivable ( note 20 )              | 11.8    | 27.3\nreceivables from brokers                             | 11.2    | 8.8\nother prepaid expenses                               | 9.6     | 13.5\nprepaid insurance                                    | 6.3     | 7.0\ncboe exercise rights privilege                       | 2014    | 39.8\nother                                                | 9.9     | 4.3\ntotal                                                | $ 146.1 | $ 165.6"
}
{
    "_id": "dd4bd2bd8",
    "title": "",
    "text": "notes to consolidated financial statements 2014 continued ) amounts in millions except per share amounts ) sales of businesses investments 2013 includes realized gains losses relating to sales of businesses cumulative translation adjustment balances from liquidation of entities sales of marketable securities investments in publicly traded and privately held companies in rabbi trusts.\n during 2009  realized gain of $ 15. 2 related to sale of investment in rabbi trusts partially offset by losses from sale of various businesses.\n losses in 2007 related to sale of several businesses within draftfcb for loss of $ 9. 3 charges at lowe of $ 7. 8 result of realization of cumulative translation adjustment balances from liquidation of businesses.\n vendor discounts credit adjustments 2013 process of settling liabilities related to vendor discounts credits established during restatement presented in 2004 annual report on form 10-k.\n adjustments reflect reversal of liabilities of settlements with clients or vendors or where statute of limitations lapsed.\n litigation settlement 2013 during may 2008  sec concluded investigation began in 2002 into financial reporting practices in settlement charge of $ 12. 0.\n investment impairments 2013 in 2007 realized other-than-temporary charge of $ 5. 8 to $ 12. 5 investment in auction rate securities representing total investment in auction rate securities.\n see note 12 for further information.\n note 5 : intangible assets goodwill is excess purchase price remaining from acquisition after allocation of purchase price made to identifiable assets acquired liabilities assumed based on estimated fair values.\n changes in carrying value of goodwill for our segments , integrated agency networks ( 201cian 201d ) constituency management group ( 201ccmg 201d ) for years ended december 31 , 2009 2008 listed below.\n1 all periods presented not recorded goodwill impairment charge.\n 2 acquisitions completed after january 1 , 2009 amount includes contingent deferred payments recorded at fair value on acquisition date.\n see note 6 for further information.\n see note 1 for further information annual impairment methodology.\n other intangible assets included are assets with indefinite lives not subject to amortization and assets with definite lives subject to amortization.\n assets primarily include customer lists trade names.\n assets with definitive lives subject to amortization amortized straight-line basis estimated useful lives between 7 and 15 years.\n amortization expense for other intangible assets years ended december 31, 2009, 2008 2007 was $ 19. 3 , $ 14. 4 $ 8. 5 , respectively.\n following table provides summary of other intangible assets included in assets on consolidated balance sheets.\n\n| ian              | cmg            | total 1\n------------------------------------------------------- | ---------------- | -------------- | ----------------\nbalance as of december 31 2007                          | $ 2789.7         | $ 441.9        | $ 3231.6\ncurrent year acquisitions                               | 99.5             | 1.8            | 101.3\ncontingent and deferred payments for prior acquisitions | 28.9             | 1.1            | 30.0\nother ( primarily foreign currency translation )        | -128.1 ( 128.1 ) | -13.9 ( 13.9 ) | -142.0 ( 142.0 )\nbalance as of december 31 2008                          | $ 2790.0         | $ 430.9        | $ 3220.9\ncurrent year acquisitions2                              | 5.2              | 2014           | 5.2\ncontingent and deferred payments for prior acquisitions | 14.2             | 2014           | 14.2\nother ( primarily foreign currency translation )        | 76.2             | 4.5            | 80.7\nbalance as of december 31 2009                          | $ 2885.6         | $ 435.4        | $ 3321.0"
}
{
    "_id": "dd4b98f46",
    "title": "",
    "text": "entergy mississippi may refinance, redeem retire debt preferred stock prior to maturity to extent market conditions interest dividend rates favorable.\n all debt common preferred stock issuances by require prior regulatory approval. a0preferred stock debt issuances subject to issuance tests in corporate charter, bond indenture other agreements. a0entergy mississippi has sufficient capacity under these tests to meet foreseeable capital needs.\n entergy mississippi 2019s receivables from money pool were as follows as of december 31 for each following years.\n see note 4 to financial statements for description of money pool.\n entergy mississippi has four separate credit facilities in aggregate amount of $ 102. 5 million scheduled to expire may 2018.\n no borrowings outstanding under credit facilities as of december a031 , 2017. entergy mississippi is a party to uncommitted letter of credit facility to post collateral to support obligations.\n as of december a031 , 2017 $ 15. 3 million letter of credit was outstanding under entergy mississippi 2019s uncommitted letter of credit facility.\n see note 4 to financial statements for additional discussion of credit facilities.\n entergy mississippi obtained authorizations from ferc through october 2019 for short-term borrowings not to exceed aggregate amount $ 175 million any time outstanding long-term borrowings security issuances.\n see note 4 to financial statements for further discussion of entergy mississippi 2019s short-term borrowing limits.\n entergy mississippi .\n management 2019s financial discussion analysis state local rate regulation fuel-cost recovery rates entergy mississippi charges for electricity influence financial position results of operations liquidity.\nentergy mississippi regulated rates charged to customers determined in regulatory proceedings.\n governmental agency mpsc  responsible for approval of rates charged customers.\n formula rate plan march 2016 entergy mississippi submitted formula rate plan 2016 test year filing showing 2019s projected earned return for 2016 year below formula rate plan bandwidth.\n filing showed $ 32. 6 million rate increase necessary to reset entergy mississippi 2019s earned return on common equity to specified point of adjustment of 9. 96% ( 9. 96 % ) within formula rate plan bandwidth.\n june 2016 mpsc approved entergy mississippi 2019s joint stipulation with mississippi public utilities staff.\n joint stipulation provided for total revenue increase of $ 23. 7 million.\n revenue increase includes $ 19. 4 million increase through formula rate plan in return on common equity point of adjustment of 10. 07% ( 10. 07 % ).\n revenue increase includes $ 4. 3 million in incremental ad valorem tax expenses collected through updated ad valorem tax adjustment rider.\n revenue increase and ad valorem tax adjustment rider effective with july 2016 bills.\n march 2017 entergy mississippi submitted formula rate plan 2017 test year filing and 2016 look-back filing showing 2019s earned return for historical 2016 calendar year and projected earned return for 2017 year within formula rate plan bandwidth in no change in rates.\n june 2017  entergy mississippi and mississippi public utilities staff entered into stipulation confirmed entergy\n\n2017             | 2016             | 2015             | 2014\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 1633           | $ 10595          | $ 25930          | $ 644"
}
{
    "_id": "dd4bc2044",
    "title": "",
    "text": "schedule of future minimum rental payments required under long-term operating leases at october 30 , 2010 : fiscal years operating leases.\n 12.\n commitments and contingencies from time to time in ordinary course company 2019s business  claims , charges litigation asserted or commenced against company from related to contractual matters patents trademarks personal injury environmental matters product liability insurance coverage personnel employment disputes.\n company can give no assurance that it will prevail.\n company not believe current legal matters will material adverse effect on company 2019s financial position  results of operations or cash flows.\n 13.\n retirement plans company and subsidiaries have savings and retirement plans covering all employees.\n company maintains defined contribution plan for benefit of eligible u.\n employees.\n plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation.\n company contributes amount equal to each participant 2019s pre-tax contribution  up to maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation.\n total expense related to defined contribution plan for u.\n employees was $ 20. 5 million in fiscal 2010  $ 21. 5 million in fiscal 2009 $ 22. 6 million in fiscal 2008.\n company has various defined benefit pension and other retirement plans for certain non-u. s.\n employees consistent with local statutory requirements practices.\n total expense related to defined benefit pension retirement plans for certain non-u. s.\n employees was $ 11. 7 million in fiscal 2010  $ 10. 9 million in fiscal 2009 $ 13. 9 million in fiscal 2008.\n during fiscal 2009 measurement date of plan 2019s funded status changed from september 30 to company 2019s fiscal year end.\n non-u. s.\nplan disclosures company 2019s funding policy for foreign defined benefit pension plans consistent with local requirements of each country.\n plans 2019 assets consist primarily of u.\n non-u.\n equity securities  bonds  property cash.\n benefit obligations related assets under plans measured at october 30, 2010 and october 31 , 2009.\n analog devices.\n notes to consolidated financial statements 2014 ( continued\n\nfiscal years | operating leases\n------------ | ----------------\n2011         | $ 21871\n2012         | 12322\n2013         | 9078\n2014         | 6381\n2015         | 5422\nlater years  | 30655\ntotal        | $ 85729"
}
{
    "_id": "dd4b9af30",
    "title": "",
    "text": "fair value of financial instruments carrying amounts for company 2019s cash and cash equivalents , accounts receivable and accounts payable approximate fair value short term maturity of instruments.\n fair value of long term debt approximates carrying value based on variable nature of interest rates and current market rates available company.\n fair value of foreign currency forward contracts based on net difference between u. s.\n dollars received or paid at contracts 2019 settlement date and u.\n dollar value of foreign currency sold or purchased at current forward exchange rate.\n recently issued accounting standards in june 2011  financial accounting standards board ( 201cfasb 201d ) issued accounting standards update eliminates option to report other comprehensive income and components in statement of changes in stockholders 2019 equity.\n requires entity to present total comprehensive income  includes components of net income and components other comprehensive income in single continuous statement or in two separate consecutive statements.\n in december 2011  fasb issued amendment to pronouncement defers specific requirement to present components of reclassifications of other comprehensive income on face of income statement.\n pronouncements effective for financial statements issued for fiscal years  and interim periods years beginning after december 15 , 2011.\n company believes adoption of pronouncements not material impact on consolidated financial statements.\n in may 2011  fasb issued accounting standards update clarifies requirements for to measure fair value and for disclosing information about fair value measurements common to accounting principles accepted in united states of america and international financial reporting standards.\n guidance effective for interim and annual periods beginning on or after december 15 , 2011.\n company believes adoption of guidance not material impact on consolidated financial statements.\n.\n inventories consisted of following:.\n 4.\nacquisitions in july 2011 company acquired approximately 400. 0 thousand square feet office space corporate headquarters for $ 60. 5 million.\n acquisition included land  buildings tenant improvements third party lease-related intangible assets.\n purchase date 163. 6 thousand square feet of 400. 0 thousand square feet acquired leased to third party tenants.\n leases had remaining lease terms from 9 months to 15 years on purchase date.\n company intends to occupy additional space as becomes available.\n since acquisition company invested $ 2. 2 million in additional improvements.\n acquisition included assumption of $ 38. 6 million loan secured by property remaining purchase price paid in cash funded by $ 25. 0 million term loan borrowed in may 2011.\n carrying value of assumed loan approximated fair value on date of acquisition.\n refer to note 7 for\n\n( in thousands )  | december 31 , 2011 | december 31 , 2010\n----------------- | ------------------ | ------------------\nfinished goods    | $ 323606           | $ 214524\nraw materials     | 803                | 831\ntotal inventories | $ 324409           | $ 215355"
}
{
    "_id": "dd4bdac8e",
    "title": "",
    "text": "entergy arkansas , inc.\n management's financial discussion analysis results of operations net income 2004 compared to 2003 net income increased $ 16. 2 million due to lower operation maintenance expenses  lower effective income tax rate for 2004 lower interest charges.\n increase partially offset by lower net revenue.\n 2003 compared to 2002 net income decreased $ 9. 6 million due to lower net revenue  higher depreciation amortization expenses higher effective income tax rate for 2003 compared 2002.\n decrease offset by lower other operation maintenance expenses  higher other income  lower interest charges.\n net revenue 2004 compared to 2003 net revenue ' measure of gross margin consists of operating revenues net of 1 ) fuel , fuel-related  purchased power expenses 2 ) other regulatory credits.\n analysis of change in net revenue comparing 2004 to 2003.\n deferred fuel cost revisions includes difference between estimated deferred fuel expense and actual calculation of recoverable fuel expense  annual basis.\n deferred fuel cost revisions decreased net revenue due to revised estimate of fuel costs filed for recovery at in march 2004 energy cost recovery rider  reduced net revenue by $ 11. 5 million.\n remainder of variance due to 2002 energy cost recovery true-up  in first quarter of 2003 increased net revenue in 2003.\n gross operating revenues , fuel purchased power expenses  other regulatory credits gross operating revenues increased due to 2022 increase of $ 20. 7 million in fuel cost recovery revenues due to increase in energy cost recovery rider effective april 2004 fuel cost recovery revenues in note 2 domestic ; 2022 increase of $ 15. 5 million in grand gulf revenues due to increase in grand gulf rider effective january 2004 ; 2022 increase of $ 13. 9 million in gross wholesale revenue due to increased sales to affiliated systems ; 2022 increase of $ 9.5 million due to volume/weather primarily from increased usage unbilled sales period partially offset by effect milder weather on billed sales 2004.\n\n| ( in millions )\n---------------------------- | ---------------\n2003 net revenue             | $ 998.7\ndeferred fuel cost revisions | -16.9 ( 16.9 )\nother                        | -3.4 ( 3.4 )\n2004 net revenue             | $ 978.4"
}
{
    "_id": "dd4c56bb8",
    "title": "",
    "text": "6.\n principal transactions 2019s revenue consists of realized unrealized gains losses from trading activities.\n trading activities include revenues from fixed income equities credit commodities products foreign exchange transactions managed portfolio basis by primary risk.\n not included table impact of net interest revenue related to trading activities integral part of trading activities 2019 profitability.\n for additional information principal transactions revenue see note a04 to consolidated financial statements for information about net interest revenue related trading activities.\n principal transactions include cva ( credit valuation adjustments on derivatives ) fva ( funding valuation adjustments ) on over-the-counter derivatives.\n adjustments discussed in note 24 to consolidated financial statements.\n table presents principal transactions revenue:.\n ( 1 ) includes revenues from government securities corporate debt municipal securities mortgage securities other debt instruments.\n includes spot forward trading of currencies exchange-traded over-the-counter otc ) currency options  options on fixed income securities interest rate swaps currency swaps  swap options  caps floors  financial futures otc options forward contracts on fixed securities.\n ( 2 ) includes revenues from foreign exchange spot  forward  option swap contracts foreign currency translation ( fx translation ) gains and losses.\n ( 3 ) includes revenues from common  preferred convertible stock  convertible corporate debt  equity-linked notes exchange-traded otc equity options warrants.\n ( 4 ) includes revenues from crude oil refined oil products natural gas commodities trades.\n ( 5 ) includes revenues from structured credit products.\n\nin millions of dollars          | 2018   | 2017   | 2016\n------------------------------- | ------ | ------ | ------\ninterest rate risks ( 1 )       | $ 5186 | $ 5301 | $ 4229\nforeign exchange risks ( 2 )    | 1423   | 2435   | 1699\nequity risks ( 3 )              | 1346   | 525    | 330\ncommodity and other risks ( 4 ) | 662    | 425    | 899\ncredit products and risks ( 5 ) | 445    | 789    | 700\ntotal                           | $ 9062 | $ 9475 | $ 7857"
}
{
    "_id": "dd4c4b81c",
    "title": "",
    "text": "power purchase contracts dominion entered contracts for long-term purchases of capacity energy from other utilities qualifying facilities independent power producers.\n as of december 31 , 2002 dominion had 42 non-utility purchase contracts with bined dependable summer capacity of 3758 megawatts.\n table reflects dominion 2019s minimum commitments as of december 31  2002 under contracts.\n capacity purchases contracts totaled $ 691 million , $ 680 million $ 740 million for 2002  2001 2000 .\n in 2001  dominion completed purchase of three gener facilities termination of seven long-term power purchase contracts with non-utility generators.\n recorded after-tax charge of $ 136 million purchase termination of long-term power purchase contracts.\n cash payments related to purchase of three gener facilities totaled $ 207 million.\n allocation of pur- chase price assigned to assets liabilities acquired based upon estimated fair values as of date of acquisition.\n all value attributed to power pur- chase contracts terminated resulted in charge included in operation maintenance expense.\n fuel purchase commitments dominion enters into long-term purchase commitments for fuel in electric generation natural gas for purposes other than trading.\n estimated payments under commitments for next five years : 2003 2014$ 599 million ; 2004 2014$ 311 million ; 2005 2014$ 253 million ; 2006 2014$ 205 mil- lion ; 2007 2014$ 89 million ; years beyond 2007 2014$ 215 mil- lion.\n purchase commitments include required for regulated operations.\n dominion recovers costs of pur- chases through regulated rates.\n natural gas purchase com- mitments of dominion field services operations included net of related sales commitments.\n dominion committed to purchase certain volumes of nat- ural gas at market index prices in period natural gas delivered.\ntransactions designated as normal purchases sales under sfas no.\n 133.\n natural gas pipeline storage capacity commitments dominion enters long-term commitments for purchase of natural gas pipeline storage capacity for purposes other than trading.\n estimated payments under commitments for next five years : 2003 2014$ 34 million ; 2004 2014$ 23 million ; 2005 2014$ 13 million.\n no signifi- cant commitments beyond 2005.\n production handling firm transportation commitments with gas oil production operations dominion entered into transportation produc- tion handling agreements with minimum commitments expected paid in following years : 2003 2014$ 23 million ; 2004 2014$ 57 million ; 2005 2014$ 56 million ; 2006 2014$ 53 million ; 2007 2014$ 44 million ; years after 2007 2014$ 68 million.\n lease commitments dominion leases facilities  vehicles  aircraft equip- ment under operating capital leases.\n future minimum lease payments under operating capital leases initial remaining lease terms excess of one year as of december 31, 2002 are : 2003 2014$ 94 million ; 2004 2014 $ 94 million ; 2005 2014$ 82 million ; 2006 2014$ 67 million ; 2007 2014 $ 62 million ; years beyond 2007 2014$ 79 million.\n rental expense included in other operations maintenance expense was $ 84 million , $ 75 million $ 107 million for 2002 , 2001  2000  respectively.\n as of december 31 , 2002 dominion entered agreements with special purpose enti- ties ( lessors ) to finance lease new power generation projects corporate headquarters air- craft.\n lessors have aggregate financing commitment from equity debt investors of $ 2. 2 billion  $ 1. 6 billion used for total project costs to date.\n dominion  construction agent for lessors responsible for com- pleting construction by specified date.\nproject terminated before completion, dominion has option to purchase project for 100 percent of project costs or terminate project make payment to lessor of approximately no more than 89. 9 percent of project costs.\n upon completion each individual project, dominion has use of project assets subject to operating lease.\n dominion 2019s lease payments to lessors sufficient to provide return to investors.\n at end of each individual project 2019s lease term  dominion may renew lease at negotiated amounts based on project costs current market conditions  subject to investors 2019 approval ; purchase project at original construction cost ; or sell project  on behalf lessor to independent third party.\n if project sold and proceeds from sale insufficient to repay investors, dominion may be required to make payment to lessor up to amount from 81 percent to 85 percent of project cost depending 85d o m i n i o n 2019 0 2 a n n u a l r e p o r t\n\n( millions )               | commitment capacity | commitment other\n-------------------------- | ------------------- | ----------------\n2003                       | $ 643               | $ 44\n2004                       | 635                 | 29\n2005                       | 629                 | 22\n2006                       | 614                 | 18\n2007                       | 589                 | 11\nlater years                | 5259                | 113\ntotal                      | 8369                | 237\npresent value of the total | $ 4836              | $ 140"
}
{
    "_id": "dd4c4b6be",
    "title": "",
    "text": "total debt at july 1 , 2006 was $ 1762692000 approximately 75% ( 75 % ) at fixed rates averaging 6. 0% (. 0 % ) average life 19 years remainder at floating rates averaging 5. 2% (. 2 % ).\n certain loan agreements contain typical debt covenants to protect noteholders including provisions to maintain company 2019s long-term debt to total capital ratio below specified level.\n sysco in compliance with all debt covenants at july 1 , 2006.\n fair value of sysco 2019s total long-term debt estimated based on quoted market prices for same or similar issues or current rates company for debt same remaining maturities.\n fair value total long-term debt approximated $ 1669999000 at july 1, 2006 and $ 1442721000 at july 2 , 2005  respectively.\n letters of credit outstanding were $ 60000000 and $ 76817000  respectively.\n 9.\n leases sysco normally purchases assets has obligations under capital and operating leases for certain distribution facilities  vehicles computers.\n total rental expense under operating leases was $ 100690000 , $ 92710000  and $ 86842000 in fiscal 2006 , 2005 2004  respectively.\n contingent rentals  subleases assets and obligations under capital leases not significant.\n aggregate minimum lease payments by fiscal year under existing non-capitalized long-term leases are:.\n 2007 $ 56499000 2008 46899000 2009 39904000 2010 33329000 2011 25666000 later 128981000 10.\nemployee benefit plans sysco has defined benefit defined contribution retirement plans for employees.\n company contributes to multi-employer plans under provides health care benefits to eligible retirees dependents.\n sysco maintains qualified retirement plan ( ) pays benefits to employees at retirement using formulas based on participant 2019s years of service compensation.\n defined contribution 401 ( k ) plan provides under certain circumstances company may make matching contributions of up to 50% ( ) of first 6% ( 6 % ) of participant 2019s compensation.\n sysco 2019s contributions to plan were $ 21898000 in 2006, $ 28109000 in 2005  $ 27390000 in 2004.\n in addition to receiving benefits upon retirement under company 2019s defined benefit plan participants in management incentive plan ( 2018 2018management incentive compensation 2019 plans ) will receive benefits under supplemental executive retirement plan ( serp ).\n this plan is nonqualified , unfunded supplementary retirement plan.\n sysco maintains life insurance policies on lives participants with carrying values of $ 153659000 at july 1 , 2006 $ 138931000 at july 2 , 2005.\n these policies not included as plan assets or in funded status amounts in table below.\n sysco is sole owner and beneficiary of such policies.\n projected benefit obligations and accumulated benefit obligations for serp were $ 327450000 and $ 238599000  as of july 1 , 2006 and $ 375491000 and $ 264010000  as of july 2 , 2005.\n company made cash contributions to pension plans of $ 73764000 and $ 220361000 in fiscal years 2006 and 2005 including $ 66000000 and $ 214000000 in voluntary contributions to retirement plan in fiscal 2006 and 2005.\n in fiscal 2006  company 2019s voluntary contribution to retirement plan represented maximum tax-deductible amount.\nfiscal 2005 company made voluntary contribution $ 134000000 fourth quarter addition $ 80000000 %%transmsg*** transmitting job : h39408 pcn : 049000000 *** %%pcmsg|47 |00011|yes|no|09/06/2006 17:22|0|1|page valid no graphics -- color : n|\n\n| amount\n----------- | ----------\n2007        | $ 56499000\n2008        | 46899000\n2009        | 39904000\n2010        | 33329000\n2011        | 25666000\nlater years | 128981000"
}
{
    "_id": "dd4bf89fa",
    "title": "",
    "text": "table provides minimum annual future rental commitment under operating leases initial or remaining non-cancelable lease terms over next five years and thereafter:.\n company has agreements with public entities ( 201cpartners 201d ) to establish joint ventures , referred to as 201cpublic-private partnerships. 201d under public-private partnerships company constructed utility plant , financed by company , and partners constructed utility plant ( connected to company 2019s property ) , financed by partners.\n company agreed to transfer and convey some of its real and personal property to partners in exchange for equal principal amount of industrial development bonds ( 201cidbs 201d ), issued by partners under state industrial development bond and commercial development act.\n company leased back total facilities , including portions funded by both company and partners , under leases for period 40 years.\n leases related to portion of facilities funded by company have required payments from company to partners that approximate payments required by terms of idbs from partners to company ( as holder of idbs ).\n ownership of portion of facilities constructed by company will revert back to company at end of lease , company has recorded these as capital leases.\n lease obligation and receivable for principal amount of idbs are presented by company on net basis.\n carrying value of facilities funded by company recognized as capital lease asset was $ 147 million and $ 150 million as of december 31 , 2018 and 2017 , respectively  presented in property , plant and equipment on consolidated balance sheets.\n future payments under lease obligations are equal to and offset by payments receivable under idbs.\nas of december 31 , 2018  minimum annual future rental commitment under operating leases for facilities funded by partners initial non-cancelable lease terms in one year preceding minimum annual rental commitments are $ 4 million in 2019 through 2023 , and $ 59 million thereafter.\n note 20 : segment information company 2019s operating segments revenue-generating components businesses for separate financial information is internally produced used by management to make operating decisions assess performance.\n company operates businesses primarily through one reportable segment , regulated businesses segment.\n company also operates market-based businesses provide broad range of related complementary water and wastewater services within non-reportable operating segments  collectively referred market-based businesses.\n regulated businesses segment is largest component of company 2019s business includes 20 subsidiaries provide water and wastewater services to customers in 16 states.\n company 2019s primary market-based businesses include homeowner services group  provides warranty protection programs to residential smaller commercial customers ; military services group  provides water and wastewater services to u. s.\n government on military installations ; keystone , provides water transfer services for shale natural gas exploration and production companies.\n\n| amount\n---------- | ------\n2019       | $ 17\n2020       | 15\n2021       | 12\n2022       | 11\n2023       | 6\nthereafter | 80"
}
{
    "_id": "dd4bf22b2",
    "title": "",
    "text": "hollyfrontier corporation notes to consolidated financial statements continued.\n transportation and storage costs incurred under agreements totaled $ 140. 5 million , $ 135. 1 million and $ 137. 7 million for years ended december 31 , 2017 , 2016 2015 , respectively.\n these amounts do not include contractual commitments under long-term transportation agreements with hep , all transactions with hep eliminated in consolidated financial statements.\n crude oil supply contract requires supplier to deliver specified volume of crude oil or pay shortfall fee for difference in actual barrels delivered less specified barrels per supply contract.\n for contract year ended august 31, 2017 actual number of barrels delivered was substantially less than specified barrels recorded reduction to cost of goods sold and accumulated shortfall fee receivable of $ 26. 0 million during this period.\n in september 2017  supplier notified us disputing shortfall fee owed in october 2017 notified us of demand for arbitration.\n offset receivable with payments of invoices for deliveries of crude oil received subsequent to august 31 , 2017  permitted under supply contract.\n believe disputes and claims made by supplier without merit.\n in march , 2006 , subsidiary of ours sold assets of montana refining company under asset purchase agreement ( 201capa 201d ).\n montana refining llc , current owner of assets submitted requests for reimbursement of approximately $ 20. 0 million to contractual indemnity provisions under apa for various costs incurred additional claims related to environmental matters.\n rejected most of claims for payment matter scheduled for arbitration beginning in july 2018.\n accrued costs we believe owed pursuant to apa estimate any reasonably possible losses beyond amounts accrued are not material.\nnote 20 : segment information effective fourth quarter of 2017  revised reportable segments to align with changes in chief operating decision maker manages allocates resources to business.\n tulsa refineries 2019 lubricants operations  previously reported in refining segment now combined with operations petro-canada lubricants business ( acquired february 1 , 2017 ) reported in lubricants and specialty products segment.\n prior period segment information retrospectively adjusted to reflect current segment presentation.\n operations organized into three reportable segments , refining , lubricants specialty products and hep.\n operations not included in refining , lubricants specialty products hep segments included in corporate and other.\n intersegment transactions eliminated in consolidated financial statements included in eliminations.\n corporate and other eliminations aggregated presented under corporate , other and eliminations column.\n refining segment represents operations of el dorado , tulsa , navajo , cheyenne woods cross refineries and hfc asphalt ( aggregated as reportable segment ).\n refining activities involve purchase and refining of crude oil wholesale branded marketing of refined products  gasoline  diesel fuel jet fuel.\n petroleum products primarily marketed in mid-continent , southwest rocky mountain regions of united states.\n hfc asphalt operates asphalt terminals in arizona , new mexico oklahoma.\n\n| ( in thousands )\n---------- | ----------------\n2018       | $ 148716\n2019       | 132547\n2020       | 119639\n2021       | 107400\n2022       | 102884\nthereafter | 857454\ntotal      | $ 1468640"
}
{
    "_id": "dd4b9667e",
    "title": "",
    "text": "royal caribbean cruises ltd.\n 15 from two to 17 nights throughout south america  caribbean europe.\n majesty of the seas will redeployed from royal caribbean international to pullmantur in 2016.\n pullmantur serves contemporary segment of spanish  portuguese latin american cruise mar- kets.\n pullmantur 2019s strategy is to attract cruise guests from these target markets by providing variety of cruising options onboard activities directed at couples families traveling with children.\n last years pullmantur increased focus on latin america expanded pres- ence in market.\n to facilitate pullmantur focus on core cruise business on march 31 , 2014  pullmantur sold majority of interest in non-core busi- nesses.\n non-core businesses included pullmantur 2019s land-based tour operations , travel agency 49% ( 49 % ) interest in air business.\n with sale agreement retained 19% ( 19 % ) interest in each non-core businesses 100% ( % ) ownership of aircraft dry leased to pullmantur air.\n see note 1.\n general and note 6.\n other assets to consolidated financial statements under item 8.\n financial statements supplementary data for further details.\n cdf croisi e8res de france operate two ships with aggregate capacity of approximately 2800 berths under cdf croisi e8res de france brand.\n cdf croisi e8res de france offers seasonal itineraries to mediterranean  europe caribbean.\n during winter season zenith deployed to pullmantur brand for sailings in south america.\n cdf croisi e8res de france designed to serve contemporary segment french cruise market providing brand tailored for french cruise guests.\ntui cruises is a joint venture owned 50% ) by us and 50% 50 % ) by tui ag , a german tourism and shipping com- pany  designed to serve contemporary and premium segments of german cruise market by offering product tailored for german guests.\n all onboard activities  services  shore excursions menu offerings designed to suit preferences this target market.\n tui cruises operates three ships  mein schiff 1 , mein schiff 2 and mein schiff 3 , aggregate capacity of approximately 6300 berths.\n has three newbuild ships on order at finnish meyer turku yard capacity approximately 7500 berths : mein schiff 4  scheduled for delivery in second quarter of 2015 , mein schiff 5  for delivery third quarter of 2016 mein schiff 6  for in second quarter of 2017.\n in november 2014  formed strategic partnership with ctrip. com international ltd.\n ( 201cctrip 201d )  a chinese travel service provider to operate new cruise brand skysea cruises.\n skysea cruises will offer custom-tailored product for chinese cruise guests operating ship purchased from celebrity cruises.\n new cruise line begin service in second quarter of 2015.\n we and ctrip each own 35% ( 35 % ) of new company  skysea holding , balance owned by skysea holding management and a private equity fund.\n industry cruising is considered a well-established vacation sector in north american market growing sec tor in european market developing but promising sector in other emerging markets.\n industry data indicates market penetration rates low significant portion of cruise guests carried are first-time cruisers.\n believe presents opportunity for long-term growth and potential for increased profitability.\ntable details market penetration rates for north america and europe computed based on number of annual cruise guests as percentage of total population : america ( 1 ) europe ( 2 ).\n ( 1 ) source : estimates based on combination data from publicly sources including interna- tional monetary fund cruise lines international association ( ).\n rates based on cruise guests carried for at least two consecutive nights.\n includes united states of america and canada.\n ( 2 ) source : estimates based on combination of data from interna- tional monetary fund clia europe , formerly european cruise council.\n estimate global cruise fleet served by approximately 457000 berths on approximately 283 ships at end of 2014.\n approximately 33 ships with estimated 98650 berths expected to be placed in service in global cruise market between 2015 and 2019  possible ships could be ordered or taken out of service during these periods.\n estimate global cruise industry carried 22. 0 million cruise guests in 2014 compared to 21. 3 million cruise guests carried in 2013 and 20. 9 million cruise guests carried in 2012.\n\n\nyear | north america ( 1 ) | europe ( 2 )\n---- | ------------------- | --------------\n2010 | 3.1% ( 3.1 % )      | 1.1% ( 1.1 % )\n2011 | 3.4% ( 3.4 % )      | 1.1% ( 1.1 % )\n2012 | 3.3% ( 3.3 % )      | 1.2% ( 1.2 % )\n2013 | 3.4% ( 3.4 % )      | 1.2% ( 1.2 % )\n2014 | 3.5% ( 3.5 % )      | 1.3% ( 1.3 % )"
}
{
    "_id": "dd498f254",
    "title": "",
    "text": "rights each holder of a share of outstanding common stock holds one share purchase right ( \"right\" ) for each share stock.\n each right entitles holder to purchase from company one half of one-hundredth of a share of series junior participating preferred stock , $ 0. 01 par value ( \"junior preferred shares\" )  of company at a price of $ 135 per one half of one-hundredth of junior preferred share ( \"purchase price\" ).\n rights not exercisable until earlier of acquisition by a person or group of 15% ( 15 % ) or more of outstanding common stock ( \"acquiring person\" ) or announcement of intention to make or commencement of tender offer or exchange offer , consummation in beneficial ownership by person or group of 15% ( 15 % ) or more of outstanding common stock.\n in any person or group becomes acquiring person  each holder of right other than acquiring person will right to receive upon exercise that number of shares of common stock having market value of two times the purchase price in company acquired in a business combination transaction or 50% ( 50 % ) or more of assets are sold each holder of right will right to receive upon exercise that number of shares of common stock of acquiring company at time transaction market value of two times purchase price.\n under certain specified circumstances board of directors company may cause rights ( other ) to be exchanged  in whole or in part for common stock or junior preferred shares , at exchange rate of one share of common stock per right or one half of one-hundredth of junior preferred share per right.\n prior to acquisition by person or group of beneficial ownership of 15% ( 15 % ) or more of outstanding common stock  board of directors company may redeem rights in whole at a price of $ 0. 01 per right.\ncommon stock reserved for future issuance at december 31 , 2003 , company has reserved shares common stock for future issuance under all equity compensation plans ( shares in thousands ) : p.\n significant revenue arrangements company formed strategic collaborations with major pharmaceutical companies in drug discovery , development  commercialization.\n research and development agreements provide company financial support valuable resources for research programs development of clinical drug candidates  product development marketing sales of products.\n collaborative research and development agreements company research development commercialization programs company seeks to discover  develop commercialize major pharmaceutical products with supported by company collaborators.\n collaborative research development arrangements provide research funding over initial contract period with renewal termination options vary by agreement.\n agreements include milestone payments based on achievement occurrence of designated event.\n agreements may contain development reimbursement provisions  royalty rights profit sharing rights manufacturing options.\n terms of each agreement vary.\n company entered into significant research and development collaborations with large pharmaceutical companies.\n p.\n significant revenue arrangements novartis in may 2000 , company and novartis pharma ag ( \"novartis\" ) entered agreement to collaborate on discovery , development commercialization of small molecule drugs at targets in kinase protein family.\n agreement novartis agreed to pay company up-front payment of $ 15000000 upon signing agreement, up to $ 200000000 in product research funding over six.\n\ncommon stock under stock and option plans    | 21829\n-------------------------------------------- | -----\ncommon stock under the vertex purchase plan  | 249\ncommon stock under the vertex 401 ( k ) plan | 125\ntotal                                        | 22203"
}
{
    "_id": "dd4ba523c",
    "title": "",
    "text": "jpmorgan chase & co. /2012 annual report 119 implementing revisions to capital accord in.\n ( revisions referred to as 201cbasel iii 201d ).\n basel iii revised basel ii by narrowing definition of capital  increasing capital requirements for specific exposures.\n basel iii includes higher capital ratio requirements provides tier 1 common capital requirement increased to 7% ( 7 % ) , minimum ratio of 4. 5% ( 4. 5 % ) plus 2. 5% ( 2. 5 % ) capital conservation buffer.\n implementation of 7% ( 7 % ) tier 1 common capital requirement required by january 1 , global systemically important banks ( 201cgsibs 201d ) required to maintain tier 1 common requirements above 7% ( 7 % ) minimum in amounts ranging from additional 1% ( 1 % ) to additional 2. 5% ( 2. 5 % ).\n in november 2012  financial stability board ( 201cfsb 201d ) indicated require firm , three other banks , to hold additional 2. 5% ( 2. 5 % ) of tier 1 common ; requirement phased in beginning in 2016.\n basel committee intended to require certain gsibs to hold additional 1% ( 1 % ) of tier 1 common under certain circumstances to as disincentive for gsib from taking actions increase systemic importance.\n currently no gsib ( including firm ) required to hold this additional 1% ( 1 % ) of tier 1 common.\n pursuant to requirements of dodd-frank act ,.\n federal banking agencies proposed certain permanent basel i floors under basel ii and basel iii capital calculations.\n following table presents comparison of firm 2019s tier 1 common under basel i rules to estimated tier 1 common under basel iii rules  with firm 2019s estimated risk-weighted assets.\ntier 1 common under basel iii includes additional adjustments deductions not included in basel i tier 1 common  inclusion of aoci related to afs securities defined benefit pension postretirement employee benefit ( 201copeb 201d ) plans.\n firm estimates its tier 1 common ratio under basel iii rules 8. 7% ( 8. 7 % ) as of december 31 , 2012.\n tier 1 common ratio under both basel i and basel iii are non- gaap financial measures.\n measures used by bank regulators investors analysts as key measure to assess firm 2019s capital position to compare firm 2019s capital to other financial services companies.\n december 31 , 2012 ( in millions , except ratios ).\n estimated risk-weighted assets under basel iii rules ( a ) $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ) 8. 7% ( 8. 7 % ) key differences in calculation of risk-weighted assets between basel i and basel iii include basel iii credit risk rwa is based on risk-sensitive approaches on internal credit models parameters  basel i rwa based on fixed supervisory risk weightings vary by counterparty type asset class 2 basel iii market risk rwa reflects new capital requirements related to trading assets securitizations include incremental capital requirements for stress var , correlation trading  re-securitization positions basel iii includes rwa for operational risk  basel i does not.\n actual impact on firm 2019s capital ratios upon implementation could differ depending on final implementation guidance from regulators regulatory approval of firm 2019s internal risk models.\n tier 1 common ratio is tier 1 common divided by rwa.\nfirm 2019s estimate of tier 1 common ratio under basel iii reflects current understanding of basel iii rules based on information published by basel committee and.\n federal banking agencies application of rules to businesses conducted ; excludes impact of changes firm may make in future to businesses implementing basel iii rules  possible enhancements to market risk models further implementation guidance from regulators.\n basel iii capital requirements subject to prolonged transition periods.\n transition period for banks to meet tier 1 common requirement under basel iii originally scheduled to begin in 2013 full implementation on january 1 , 2019.\n in november 2012 .\n federal banking agencies announced delay in implementation dates for basel iii capital requirements.\n additional capital requirements for gsibs will phased in starting january 1, 2016  with full implementation on january 1 , 2019.\n management 2019s current objective is for firm to reach by end of 2013 , estimated basel iii tier i common ratio of 9. 5% ( 9. 5 % ).\n additional information regarding firm 2019s capital ratios federal regulatory capital standards presented in supervision and regulation on pages 1 20138 of 2012 form 10-k , note 28 on pages 306 2013 308 of this annual report.\n broker-dealer regulatory capital jpmorgan chase 2019s principal.\n broker-dealer subsidiaries are j.\n morgan securities llc ( 201cjpmorgan securities 201d ) and j.\n morgan clearing corp.\n ( 201cjpmorgan clearing 201d ).\n jpmorgan clearing is subsidiary of jpmorgan securities provides clearing and settlement services.\n jpmorgan securities clearing subject to rule 15c3-1 under securities exchange act of 1934 ( 201cnet capital rule 201d ).\njpmorgan securities and jpmorgan clearing registered as futures commission merchants subject to rule 1. 17 of commodity futures trading commission ( 201ccftc 201d ).\n jpmorgan elected to compute minimum net capital requirements in accordance with 201calternative net capital requirements 201d of net capital rule.\n at december 31 , 2012  jpmorgan securities 2019 net capital  defined net rule was $ 13. 5 billion , exceeding minimum requirement by\n\ntier 1 common under basel i rules                                                         | $ 140342\n----------------------------------------------------------------------------------------- | --------------\nadjustments related to aoci for afs securities and defined benefit pension and opeb plans | 4077\nall other adjustments                                                                     | -453 ( 453 )\nestimated tier 1 common under basel iii rules                                             | $ 143966\nestimated risk-weighted assets under basel iii rules ( a )                                | $ 1647903\nestimated tier 1 common ratio under basel iii rules ( b )                                 | 8.7% ( 8.7 % )"
}
{
    "_id": "dd4c2add8",
    "title": "",
    "text": "unit shipments increased 49% ( 49 % ) to 217. 4 million units in 2006 compared to 146. 0 million units in 2005.\n increase driven by increased unit shipments of products for gsm , cdma 3g technologies offset by decreased unit shipments of products for iden technology.\n for full year 2006 unit shipments by segment increased in all regions.\n due to segment 2019s increase in unit shipments outpacing growth in worldwide handset market grew approximately 20% ( 20 % ) in 2006 segment expanded global handset market share to estimated 22% ( 22 % ) for full year 2006.\n in 2006 asp decreased approximately 11% ( 11 % ) compared to 2005.\n decrease in asp driven by changes in geographic and product-tier mix of sales.\n asp decreased approximately 10% ( 10 % ) in 2005 increased 15% ( 15 % ) in 2004.\n asp impacted by factors including product mix  market conditions competitive product offerings asp trends vary over time.\n in 2006 largest segment 2019s end customers ( including sales distributors ) were china mobile , verizon  sprint nextel  cingular  t-mobile.\n these five largest customers accounted for approximately 39% ( 39 % ) of segment 2019s net sales in 2006.\n besides selling directly to carriers operators segment also sold products through third-party distributors and retailers accounted for approximately 38% ( 38 % ) of segment 2019s net sales.\n largest of distributors was brightstar corporation.\n u. s.\n market continued segment 2019s largest individual market many customers more than 65% ( 65 % ) of segment 2019s 2006 net sales were outside u. s.\n largest international markets were china , brazil  united kingdom mexico.\nhome networks mobility segment designs  manufactures sells installs services digital video  internet protocol ( 201cip 201d ) video broadcast network interactive set-tops 201cdigital entertainment devices 201d end-to- end video delivery solutions  broadband access infrastructure systems data voice customer premise equipment ( 201cbroadband gateways 201d ) to cable television telecom service providers 201chome business 201d ) wireless access systems 201cwireless networks 201d ) including cellular infrastructure systems wireless broadband systems to wireless service providers.\n 2007 segment 2019s net sales represented 27% ( 27 % ) of company 2019s consolidated net sales compared to 21% ( 21 % ) in 2006 26% ( 26 % ) in 2005.\n dollars in millions ) 2007 2006 2005 2007 20142006 years ended december 31 percent change.\n segment results 20142007 compared to 2006 segment 2019s net sales increased 9% ( 9 % ) to $ 10. 0 billion  compared to $ 9. 2 billion in 2006.\n 9% ( 9 % ) increase net sales reflects 27% ( 27 % ) increase in net sales in home business offset by 1% ( 1 % ) decrease in net sales of wireless networks.\n net sales of digital entertainment devices increased 43% ( 43 % ) increased demand for digital set-tops including hd/dvr set-tops ip set-tops offset by decline in asp due to product mix shift towards all-digital set-tops.\n unit shipments of digital entertainment devices increased 51% ( 51 % ) to 15. 2 million units.\n net sales of broadband gateways increased 6% ( 6 % ) due to higher net sales of data modems driven by net sales from netopia business acquired in february 2007.\nnet sales wireless networks decreased 1% ( 1 % ) driven by lower net sales of iden cdma infrastructure equipment partially offset by higher net sales gsm infrastructure equipment despite competitive pricing pressure.\n geographic 9% ( 9 % ) increase in net sales reflects higher net sales in all geographic regions.\n increase in net sales in north america driven by higher sales of digital entertainment devices partially offset by lower net sales of iden cdma infrastructure equipment.\n increase in net sales in asia due to higher net sales gsm infrastructure equipment partially offset by lower net sales cdma equipment.\n increase in net sales in emea due to higher net sales gsm infrastructure equipment partially offset by lower demand for iden cdma equipment.\n net sales in north america significant portion of segment 2019s business accounting for 52% ( 52 % ) of segment 2019s total net sales in 2007 compared to 56% ( 56 % ) 2019s net sales in 2006.\n 60 management 2019s discussion analysis of financial condition results of operations\n\n( dollars in millions ) | years ended december 31 2007 | years ended december 31 2006 | years ended december 31 2005 | years ended december 31 2007 20142006 | 2006 20142005\n----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | ---------------\nsegment net sales       | $ 10014                      | $ 9164                       | $ 9037                       | 9% ( 9 % )                            | 1% ( 1 % )\noperating earnings      | 709                          | 787                          | 1232                         | ( 10 ) % (  % )                       | ( 36 ) % (  % )"
}
{
    "_id": "dd4beeb30",
    "title": "",
    "text": "synopsys , inc.\n notes to consolidated financial statements 2014 electronic applications markets.\n company believes acquisition will expand technology portfolio channel reach addressable market by adding complementary products expertise for fpga solutions rapid asic prototyping.\n purchase price.\n synopsys paid $ 8. 00 per share for all outstanding shares including vested options of synplicity for aggregate cash payment of $ 223. 3 million.\n synopsys assumed employee stock options restricted stock units called 201cstock awards. total purchase consideration consisted of.\n acquisition related costs of professional services severance employee related costs facilities closure costs $ 6. 8 million paid as of october 31 , 2009.\n fair value of stock awards assumed.\n aggregate of 4. 7 million shares of synplicity stock options restricted stock units exchanged for synopsys stock options stock units at exchange ratio of 0. 3392 per share.\n fair value of stock options assumed determined using black-scholes valuation model.\n fair value of stock awards vested or earned of $ 4. 2 million included as part of purchase price.\n fair value of unvested awards of $ 5. 0 million recorded as operating expense over remaining service periods straight-line basis.\n purchase price allocation.\n company allocated $ 80. 0 million of purchase price to identifiable intangible assets amortized over two to seven years.\n in-process research and development expense related to acquisitions was $ 4. 8 million.\n goodwill  excess of purchase price over fair value of tangible identifiable intangible assets acquired was $ 120. 3 million not be amortized.\n goodwill resulted from company expectation of cost synergies sales growth from integration of synplicity 2019s technology with company 2019s technology operations expansion of products market reach.\nfiscal 2007 acquisitions 2007 company completed purchase acquisitions for cash.\n allocated total purchase considerations $ 54. 8 million included acquisition related costs $ 1. 4 million ) to assets and liabilities acquired including identifiable intangible assets based on fair values at acquisition dates resulting in aggregate goodwill of $ 36. 6 million.\n acquired identifiable intangible assets of $ 14. 3 million amortized over two to nine years.\n in-process research and development expense related to acquisitions was $ 3. 2 million.\n\n| ( in thousands )\n--------------------------------------------------- | ----------------\ncash paid net of cash acquired                      | $ 180618\nfair value of assumed vested or earned stock awards | 4169\nacquisition related costs                           | 8016\ntotal purchase price consideration                  | $ 192803"
}
{
    "_id": "dd4bc1f68",
    "title": "",
    "text": "entergy corporation subsidiaries management 2019s financial discussion analysis volume/weather variance due to increase of 1402 gwh , or 1% ( 1 % ) in billed electricity usage including increase in industrial usage effect of favorable weather.\n increase in industrial sales due to expansion in chemicals industry addition of new customers partially offset by decreased demand due to extended maintenance outages for existing chemicals customers.\n waterford 3 replacement steam generator provision due to regulatory charge of approximately $ 32 million recorded in 2015 related to uncertainty with resolution of waterford 3 replacement steam generator project.\n see note 2 to financial statements for discussion of waterford 3 replacement steam generator prudence review proceeding.\n miso deferral variance due to deferral in 2014 of non-fuel miso-related charges  approved by lpsc mpsc.\n deferral non-fuel miso-related charges partially offset in other operation maintenance expenses.\n see note 2 to financial statements for discussion of recovery of non-fuel miso-related charges.\n louisiana business combination customer credits variance due to regulatory liability of $ 107 million recorded by entergy in october 2015 result of entergy gulf states louisiana entergy louisiana business combination.\n consistent with terms stipulated settlement business combination proceeding electric customers of entergy louisiana will realize customer credits associated with business combination in october 2015 entergy recorded regulatory liability of $ 107 million ( $ 66 million net-of-tax ).\n see note 2 to financial statements for discussion of business combination customer credits.\n entergy wholesale commodities following analysis of change in net revenue comparing 2015 to 2014.\n amount ( in millions ).\nshown in table above net revenue for entergy wholesale commodities decreased by $ 558 million in 2016 primarily due to 2022 lower realized wholesale energy prices  due higher northeast market power prices in 2014  lower capacity prices in 2015 ; 2022 decrease in net revenue vermont yankee ceasing power production in december 2014.\n decrease partially offset by higher volume in entergy wholesale commodities nuclear fleet  excluding vermont yankee from fewer refueling outage days in 2015 compared to 2014 partially offset by more unplanned outage days in 2015 2014.\n\n| amount ( in millions )\n---------------------------------------------- | ----------------------\n2014 net revenue                               | $ 2224\nnuclear realized price changes                 | -310 ( 310 )\nvermont yankee shutdown in december 2014       | -305 ( 305 )\nnuclear volume excluding vermont yankee effect | 20\nother                                          | 37\n2015 net revenue                               | $ 1666"
}
{
    "_id": "dd4c4f930",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued ) 12.\n impairments , net loss on sale of long-lived assets  restructuring merger related expense significant components reflected in impairments  net loss on sale long-lived assets restructuring merger related expense in consolidated statements operations include : impairments net loss on sale of long-lived assets 2014during years ended december 31 , 2005  2004 2003  company recorded impairments net loss on sale of long-lived assets primarily related to rental management segment ) of $ 19. 1 million , $ 22. 3 million $ 28. 3 million , respectively.\n 2022 non-core asset impairment charges 2014during years ended december 31 2005 2004 company sold limited number of non-core towers other non-core assets recorded impairment charges to write-down to net realizable value.\n year ended december 31 , 2003  company sold approximately 300 non-core towers other non-core assets recorded impairment charges to write-down assets to net realizable value.\n company recorded impairment charges net losses of approximately $ 16. 8 million , $ 17. 7 million $ 19. 1 million for years ended december 31 , 2005 , 2004 2003 .\n 2022 construction-in-progress impairment charges 2014for year ended december 31  2005 2004 2003  company wrote-off approximately $ 2. 3 million , $ 4. 6 million $ 9. 2 million , of construction-in-progress costs  primarily associated with sites no longer planned to build.\n restructuring expense 2014during year ended december 31 , 2005  company made cash payments against previous accrued restructuring liability amount of $ 0. 8 million.\nyear ended december 31 , 2004  company incurred employee separation costs of $ 0. 8 million decreased lease terminations facility closing costs liability by $ 0. 1 million.\n year ended december 31 , 2003  company incurred employee separation costs associated with reorganization of functions within rental and management segment increased accrued restructuring liability by $ 2. 3 million.\n charges reflected in impairments , net loss on sale of long-lived assets  restructuring merger related expense in consolidated statement of operations for years ended december 31 , 2004 2003.\n table displays activity accrued restructuring liability for years ended december 31 , 2003 , 2004 2005 ( in thousands ).\n accrued restructuring liability reflected in accounts payable accrued expenses in consolidated balance sheets as of december 31 , 2005 liability january 1 , restructuring expense payments liability as december 31 , restructuring expense payments liability december 31 payments liability december 31.\n no material changes in estimates related to accrued restructuring liability year ended december 31 , 2005.\n company expects to pay balance of employee separation liabilities prior to end of 2006.\n company continues to negotiate certain lease terminations associated with restructuring liability.\n merger related expense 2014during year ended december 31 , 2005  company assumed certain obligations result of merger with spectrasite , inc. primarily related to employee separation costs former\n\n| liability as of january 1 2003 | 2003 restructuring expense | 2003 cash payments | liability as of december 31 2003 | 2004 restructuring expense | 2004 cash payments | liability as of december 31 2004 | 2005 restructuring expense | 2005 cash payments | liability as of december 31 2005\n--------------------------------------------------- | ------------------------------ | -------------------------- | ------------------ | -------------------------------- | -------------------------- | ------------------ | -------------------------------- | -------------------------- | ------------------ | --------------------------------\nemployee separations                                | $ 1639                         | $ 1919                     | $ -1319 ( 1319 )   | $ 2239                           | $ 823                      | $ -2397 ( 2397 )   | $ 665                            | $ 84                       | $ -448 ( 448 )     | $ 301\nlease terminations and other facility closing costs | 1993                           | 347                        | -890 ( 890 )       | 1450                             | -131 ( 131 )               | -888 ( 888 )       | 431                              | 12                         | -325 ( 325 )       | 118\ntotal                                               | $ 3632                         | $ 2266                     | $ -2209 ( 2209 )   | $ 3689                           | $ 692                      | $ -3285 ( 3285 )   | $ 1096                           | $ 96                       | $ -773 ( 773 )     | $ 419"
}
{
    "_id": "dd4b9dd0c",
    "title": "",
    "text": "air mobility sales declined $ 535 million due to c-130j deliveries ( 12 in 2006 compared to 15 2005 ) lower volume c-5 program.\n combat aircraft sales increased $ 292 million due to higher f-35 f-22 volume offset by reduced volume f-16 programs.\n other aeronautics programs sales increased $ 83 million due to higher volume sustainment services activities.\n operating profit segment increased 21% ( 21 % ) in 2007 compared to 2006.\n operating profit increases in combat aircraft offset decreases other aeronautics programs air mobility.\n combat aircraft operating profit increased $ 326 million due to improved performance on f-22 f-16 programs.\n air mobility other aeronautics programs declined $ 77 million due to lower operating profit in support sustainment activities.\n operating profit segment increased 20% ( 20 % ) in 2006 compared to 2005.\n operating profit increased in combat aircraft air mobility.\n combat aircraft increased $ 114 million due to higher volume on f-35 f-22 programs improved performance on f-16 programs.\n improvement attributable to 2005 operating profit included reduction in earnings on f-35 program.\n air mobility operating profit increased $ 84 million due to improved performance on c-130j sustainment activities 2006.\n backlog decreased 2007 compared to 2006 result of sales volume on f-35 program.\n decrease offset by increased orders on f-22 c-130j programs.\n electronic systems systems 2019 operating results included ( in millions ) 2007 2006 2005.\n net sales for electronic systems increased 6% ( 6 % ) in 2007 compared to 2006.\n sales increased in missiles & fire control m&fc ) maritime systems & sensors ms2 platform , training & energy pt&e ).\n m&fc sales increased $ 258 million due to higher volume in fire control systems air defense programs offset declines in tactical missile programs.\nms2 sales grew $ 254 million due to volume increases undersea radar systems activities offset by decreases surface systems activities.\n pt&e sales increased $ 113 million due to higher volume platform integration activities offset declines distribution technology activities.\n net sales for electronic systems increased 7% ( 7 % ) in 2006 compared to 2005.\n higher volume platform integration led to increased sales $ 329 million at pt&e.\n ms2 sales increased $ 267 million due to surface systems activities.\n air defense programs contributed increased sales $ 118 million at m&fc.\n operating profit segment increased 12% ( 12 % ) in 2007 compared to 2006 increase in all three lines of business.\n operating profit increased $ 70 million at pt&e due to higher volume improved performance platform integration activities.\n ms2 operating profit increased $ 32 million due to higher volume undersea tactical systems activities lower volume surface systems.\n m&fc operating profit increased $ 32 million due to higher volume fire control systems improved performance in tactical missile programs offset by performance international air defense programs 2006.\n operating profit increased 17% ( 17 % ) in 2006 compared to 2005.\n operating profit increased $ 74 million at ms2 due to higher volume on surface systems undersea programs.\n pt&e operating profit increased $ 61 million due to improved performance distribution technology activities.\n higher volume on air defense programs contributed $ 52 million increase operating profit at m&fc.\n increase in backlog 2007 over 2006 resulted from increased orders for tactical missile programs fire control systems at m&fc platform integration programs at pt&e.\n\n( in millions )     | 2007    | 2006    | 2005\n------------------- | ------- | ------- | ------\nnet sales           | $ 11143 | $ 10519 | $ 9811\noperating profit    | 1410    | 1264    | 1078\nbacklog at year-end | 21200   | 19700   | 18600"
}
{
    "_id": "dd496ebc6",
    "title": "",
    "text": "entergy corporation subsidiaries notes to financial statements consists of pollution control revenue bonds environmental revenue bonds  some secured by collateral first mortgage bonds.\n these notes not have stated interest rate implicit interest rate of 4. 8% (. ).\n pursuant to nuclear waste policy act of 1982  entergy 2019s nuclear owner/licensee subsidiaries have contracts with doe for spent nuclear fuel disposal service.\n contracts include one-time fee for generation prior to april 7 , 1983.\n entergy arkansas only entergy company generated electric power with nuclear fuel prior to that date includes one-time fee  plus accrued interest  long-term see note 10 to financial statements for discussion of waterford 3 grand gulf lease obligations.\n fair value excludes lease obligations of $ 149 million at entergy louisiana $ 97 million at system energy  long-term doe obligations of $ 181 million at entergy arkansas  note payable to nypa of $ 95 million at entergy  includes debt due within one year.\n fair values classified as level 2 in fair value hierarchy discussed in note 16 financial statements based on prices from inputs benchmark yields reported trades.\n annual long-term debt maturities ( excluding lease obligations long-term doe obligations ) for debt outstanding as of december 31 , 2013 for next five years are as follows : amount ( in thousands ).\n in november 2000  entergy 2019s non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\n entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from date closing eight annual installments of $ 20 million commencing eight years from date closing.\n these notes not have stated interest rate implicit interest rate of 4. 8% (.8 % ).\n with purchase agreement with nypa purchase of indian point 2 in 2001 resulted in entergy liable to nypa for additional $ 10 million per year for 10 years beginning september 2003.\n liability recorded upon purchase indian point 2 september 2001.\n in july 2003 payment of $ 102 million made prior to maturity on note payable to nypa.\n under provision in letter of credit supporting notes if utility operating companies or system energy default on other indebtedness entergy could be required to post collateral to support letter of credit.\n entergy gulf states louisiana , entergy louisiana  entergy mississippi entergy texas  system energy obtained long-term financing authorizations from ferc through october 2015.\n entergy arkansas obtained long-term financing authorization from apsc through december 2015.\n entergy new orleans obtained long-term financing authorization from city council extends through july 2014.\n capital funds agreement agreement creditors entergy corporation agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at minimum of 35% ( 35 % ) of total capitalization ( excluding short- term debt )\n\n| amount ( in thousands )\n---- | -----------------------\n2014 | $ 385373\n2015 | $ 1110566\n2016 | $ 270852\n2017 | $ 766801\n2018 | $ 1324616"
}
{
    "_id": "dd4bc1b94",
    "title": "",
    "text": "108 / sl green realty corp.\n 2017 annual report espp provides for eligible employees to purchase common stock at purchase price equal to 85% ( 85 % ) of lesser of 1 market value common stock on first day of offer- ing period or 2 ) market value common on last day of offering period.\n espp approved by stockholders at 2008 annual meeting.\n as of december a031 , 2017  104597 a0shares of common stock issued under espp.\n available for issuance subject to adjustment upon merger  reorganization  stock split or similar corporate change.\n company filed registration statement on form a0s-8 with sec espp.\n common stock offered for purchase through series of successive offering periods.\n each offering period three months duration begin first day of each calendar quarter first a0offering period commenced on january a01 , 2008.\n 15.\n accumulated other comprehensive income tables set changes in accumulated other comprehensive income ( loss ) by component as of december a031, 2017 2016 2015 ( in thousands ) : a0green 2019s share net unrealized of joint venture net unrealized gain on net unrealized gain on derivative gain on derivative marketable instruments 1 ) instruments 2 ) securities total.\n 1 amount reclassified from accumulated other comprehensive income ( loss ) included in interest expense in consolidated statements of operations.\n as of december a031 , 2017 and 2016  deferred net losses from these terminated hedges  included in accumulated other comprehensive loss net unrealized loss on derivative instrument was $ 3. 2 a0million and $ 7. 1 a0million  respectively.\n 2 ) amount reclassified from accumulated other comprehensive income ( loss ) included in equity in net income from unconsolidated joint ventures in consolidated statements of operations.\n 16.\nfair value measurements required to disclose fair value information financial instruments , whether or not recognized in consolidated balance sheets , for practical to estimate fair value.\n fasb guidance defines fair value as price received to sell asset or paid to transfer a liability in orderly transaction between market participants on measurement date.\n we measure disclose estimated fair value of financial assets and liabilities based on hierarchy distinguishes between market participant assumptions based on market data sources independent of reporting entity and reporting entity 2019s own assumptions about market participant assumptions.\n hierarchy consists of three broad levels : level a01 2014 quoted prices ( unadjusted ) in active markets for identical assets or liabilities reporting entity can access at measurement date ; level a02 2014 inputs other than quoted prices included within level a01  observable for asset or liability  directly or indirectly ; and level a03 2014 unobservable inputs for asset or liability used when little or no market data available.\n follow this hierarchy for assets and liabilities measured at fair value on recurring and nonrecurring basis.\n in instances determination of fair value measurement based on inputs from different levels of fair value hierarchy, level in fair value hierarchy entire fair value measure- ment falls based on lowest level of input significant to fair value measurement in entirety.\n assessment of significance of particular input to fair value mea- surement entirety requires judgment and considers factors specific to asset or liability.\n\n| net unrealized gain on derivative instruments ( 1 ) | sl green 2019s share of joint venture net unrealized gain on derivative instruments ( 2 ) | net unrealized gain on marketable securities | total\n---------------------------------------------------------------- | --------------------------------------------------- | ----------------------------------------------------------------------------------------- | -------------------------------------------- | ----------------\nbalance at december 31 2014                                      | $ -9498 ( 9498 )                                    | $ -95 ( 95 )                                                                              | $ 2613                                       | $ -6980 ( 6980 )\nother comprehensive loss before reclassifications                | -11143 ( 11143 )                                    | -1714 ( 1714 )                                                                            | -610 ( 610 )                                 | -13467 ( 13467 )\namounts reclassified from accumulated other comprehensive income | 10481                                               | 1217                                                                                      | 2014                                         | 11698\nbalance at december 31 2015                                      | -10160 ( 10160 )                                    | -592 ( 592 )                                                                              | 2003                                         | -8749 ( 8749 )\nother comprehensive income before reclassifications              | 13534                                               | 1160                                                                                      | 3517                                         | 18211\namounts reclassified from accumulated other comprehensive income | 9222                                                | 3453                                                                                      | 2014                                         | 12675\nbalance at december 31 2016                                      | 12596                                               | 4021                                                                                      | 5520                                         | 22137\nother comprehensive ( loss ) income before reclassifications     | -1618 ( 1618 )                                      | 233                                                                                       | -1348 ( 1348 )                               | -2733 ( 2733 )\namounts reclassified from accumulated other comprehensive income | 1564                                                | 766                                                                                       | -3130 ( 3130 )                               | -800 ( 800 )\nbalance at december 31 2017                                      | $ 12542                                             | $ 5020                                                                                    | $ 1042                                       | $ 18604"
}
{
    "_id": "dd4c453ae",
    "title": "",
    "text": "contractual obligations fis 2019 long-term contractual obligations include long-term debt , interest on long-term debt  lease payments on property equipment payments for data processing and maintenance.\n for more descriptive information company's long-term debt , see note 13 in notes to consolidated financial statements.\n following table summarizes fis 2019 significant contractual obligations and commitments as of december 31 , 2012 ( in millions ) : less than 1-3 3-5 more than total 1 year years years 5 years.\n 1 calculations assume : applicable margins remain constant all variable rate debt priced at one-month libor rate as of december 31, 2012 ; no new hedging transactions effected only mandatory debt repayments made no refinancing occurs at debt maturity.\n 2 amount includes payment for labor claims related to fis' former item processing and remittance operations in brazil ( see note 3 to consolidated financial statements ) amounts due to brazilian venture partner.\n fis believes existing cash balances  cash flows from operations borrowing programs will provide adequate sources liquidity capital resources to meet fis 2019 expected short-term liquidity needs long-term needs for operations business  expected capital spending for next 12 months foreseeable future satisfaction of obligations and commitments.\n off-balance sheet arrangements fis not have off-balance sheet arrangements.\n item 7a.\n quantitative qualitative disclosure about market risks market risk exposed to market risks primarily from changes in interest rates foreign currency exchange rates.\n use certain derivative financial instruments  including interest rate swaps foreign currency forward exchange contracts to manage interest rate foreign currency risk.\n do not use derivatives for trading purposes to generate income or engage in speculative activity.\n interest rate risk in addition to existing cash balances cash by operating activities use fixed rate and variable rate debt to finance operations.\nexposed to interest rate risk on debt obligations and related interest rate swaps.\n notes ( defined in note 13 to consolidated financial statements ) represent all fixed-rate long-term debt obligations.\n carrying value of notes was $ 1950. 0 million as of december 31 , 2012.\n fair value notes was approximately $ 2138. 2 million as of december 31 , 2012.\n potential reduction in fair value of notes from hypothetical 10 percent increase in market interest rates not material to overall fair value of debt.\n floating rate long-term debt obligations relate to borrowings under fis credit agreement ( defined in note 13 consolidated financial statements ).\n increase of 100 basis points in libor rate would increase annual debt service under fis credit agreement  after impact of interest rate swaps  by $ 9. 3 million ( based on principal amounts outstanding as of december 31, 2012 ).\n performed foregoing sensitivity analysis based on principal amount of floating rate debt as of december 31 , 2012 less principal amount of debt subject to interest rate swap converting debt into fixed rate debt.\n sensitivity analysis based solely on\n\n| total    | less than 1 year | 1-3 years | 3-5 years | more than 5 years\n----------------------------------- | -------- | ---------------- | --------- | --------- | -----------------\nlong-term debt                      | $ 4385.5 | $ 153.9          | $ 757.1   | $ 2274.5  | $ 1200.0\ninterest ( 1 )                      | 1137.6   | 200.4            | 372.9     | 288.8     | 275.5\noperating leases                    | 226.6    | 55.0             | 96.2      | 46.4      | 29.0\ndata processing and maintenance     | 246.7    | 131.7            | 78.9      | 28.4      | 7.7\nother contractual obligations ( 2 ) | 100.7    | 18.8             | 52.0      | 10.6      | 19.3\ntotal                               | $ 6097.1 | $ 559.8          | $ 1357.1  | $ 2648.7  | $ 1531.5"
}
{
    "_id": "dd4980dd0",
    "title": "",
    "text": "at december 31 , 2012  total future minimum commitments under existing non-cancelable operat- ing leases purchase obligations were follows:.\n ( a ) includes $ 3. 6 billion to fiber supply agreements at time company 2019s 2006 transformation plan forestland sales 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging recycling business.\n rent expense was $ 231 million , $ 205 million $ 210 million for 2012 , 2011 2010 , respectively.\n guarantees in connection with sales of businesses , property , equipment  forestlands other assets , interna- tional paper makes representations warranties relating to such businesses assets may agree to indemnify buyers tax environmental liabilities  breaches of representations warranties  other matters.\n where liabilities for matters probable subject to reasonable estimation accrued liabilities are recorded at time of sale as cost of transaction.\n environmental proceedings international paper named as potentially responsible party in environmental remediation actions under federal state laws  comprehensive environmental response , compensation and liability act ( cercla ).\n many these proceedings involve cleanup of hazardous substances at large commercial landfills waste from many different sources.\n joint several liability authorized under cercla equivalent state laws liability for cercla cleanups typically allocated among many potential responsible parties.\n remedial costs recorded in consolidated financial statements when become probable reasonably estimable.\n international paper estimated probable liability associated with these matters to be approximately $ 92 million in aggregate at december 31 , 2012.\n one matters referenced above is a closed wood treating facility in cass lake , minneso- ta.\n during 2009  with environmental site remediation action under cercla international paper submitted to epa a site remediation feasi- bility study.\nin june 2011 , epa selected published proposed soil remedy at site with estimated cost of $ 46 million.\n overall remediation reserve for site is currently $ 48 mil- lion to address selection alternative for soil remediation component overall site remedy.\n in october 2011 , epa released public statement indicating final soil remedy deci- sion would be delayed.\n in unlikely event epa changes proposed soil remedy approves more expensive clean-up alternative , remediation costs could be material  sig- nificantly higher than amounts currently recorded.\n in october 2012, natural resource trustees for site provided notice to international paper other potentially responsible parties of intent to per- form natural resource damage assessment.\n premature to predict outcome of assessment or to estimate loss or range of loss , if any may be incurred.\n in addition other remediation costs typically associated with cleanup of hazardous substances at company 2019s current  closed or formerly-owned facilities  recorded as liabilities in balance sheet  totaled approximately $ 46 million at december 31 , 2012.\n completion of required remedial actions not expected to have material effect on consolidated financial statements.\n company is potentially responsible party with respect to allied paper , inc. /portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan.\n epa asserts site is contaminated primarily by pcbs result of discharges from various paper mills along river  including paper mill formerly owned by st.\n regis.\n company is successor in interest to st.\n regis.\ninternational paper not received orders from epa site in process of collecting information from epa other parties relative to kalamazoo river superfund site to evaluate extent its liability , if any , to site.\n accordingly pre- mature to estimate loss or range of loss with respect to this site.\n in connection with kalamazoo river superfund site  company named as a defendant by georgia-pacific consumer products lp , fort james corporation georgia pacific llc in contribution and cost recovery action for alleged pollution at kalamazoo river super- fund site.\n suit seeks contribution under cercla for $ 79 million in costs expended by plaintiffs of filing com- plaint  and for future remediation costs.\n suit alleges a mill , during allegedly owned and operated by st.\n regis , discharged pcb contaminated solids and paper residuals from paper de-inking and recycling.\n also named as defendants in suit are ncr corporation and weyerhaeuser company.\n in mid-2011  suit was\n\nin millions                | 2013   | 2014  | 2015  | 2016  | 2017  | thereafter\n-------------------------- | ------ | ----- | ----- | ----- | ----- | ----------\nlease obligations          | $ 198  | $ 136 | $ 106 | $ 70  | $ 50  | $ 141\npurchase obligations ( a ) | 3213   | 828   | 722   | 620   | 808   | 2654\ntotal                      | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795"
}
{
    "_id": "dd4c0d3e6",
    "title": "",
    "text": "failure to comply with financial other covenants under our credit facilities occurrence of certain material adverse events constitute defaults allow lenders under credit facilities to accelerate maturity of all indebtedness under related agreements.\n this could have adverse impact on availability of financial assurances.\n in maturity acceleration on our credit facilities constitutes event of default under our other debt instruments  including senior notes  senior notes also subject to acceleration of maturity.\n if such acceleration to occur we not have sufficient liquidity available to repay indebtedness.\n we likely have to seek amendment under credit facilities for relief from financial covenants or repay debt with proceeds from issuance of new debt or equity  asset sales if necessary.\n we may be unable to amend credit facilities or raise sufficient capital to repay obligations in event maturities are accelerated.\n financial assurance we required to provide financial assurance to governmental agencies and other entities under environmental regulations relating to our landfill operations for capping , closure post-closure costs related to our performance under certain collection , landfill and transfer station contracts.\n we satisfy these financial assurance requirements by providing surety bonds , letters of credit  insurance policies or trust deposits.\n amount of financial assurance requirements for capping , closure and post-closure costs is determined by state environmental regulations.\n financial assurance requirements for capping  closure-closure costs may be associated with portion of landfill or entire landfill.\n generally states will require a third-party engineering specialist to determine estimated capping , closure and post- closure costs used to determine required amount of financial assurance for landfill.\n amount of financial assurance required can differ from obligation determined and recorded under u.\n.\nfinancial assurance requirements related to contract performance varies by contract.\n we required to provide financial assurance for our insurance program and collateral for certain performance obligations.\n do not expect a material increase in financial assurance requirements during 2010 , mix of financial assurance instruments may change.\n these financial instruments are issued in normal course of business not debt of our company.\n no liability for these financial assurance instruments not reflected in our consolidated balance sheets.\n we record capping , closure post-closure liabilities and self-insurance liabilities as incurred.\n underlying obligations of financial assurance instruments  in excess of those reflected in consolidated balance sheets be recorded if probable we unable to fulfill related obligations.\n do not expect this to occur.\n off-balance sheet arrangements no off-balance sheet debt or similar obligations  other than financial assurance instruments and operating leases not classified as debt.\n not guarantee any third-party debt.\n free cash flow define free cash flow not in with.\n as cash provided by operating activities less purchases of property and equipment  plus proceeds from sales of property and equipment as presented in consolidated statements of cash flows.\n our free cash flow for years ended december 31 , 2009 , 2008 and 2007 is calculated as follows ( in millions ) :.\n\n| 2009             | 2008             | 2007\n--------------------------------------------- | ---------------- | ---------------- | ----------------\ncash provided by operating activities         | $ 1396.5         | $ 512.2          | $ 661.3\npurchases of property and equipment           | -826.3 ( 826.3 ) | -386.9 ( 386.9 ) | -292.5 ( 292.5 )\nproceeds from sales of property and equipment | 31.8             | 8.2              | 6.1\nfree cash flow                                | $ 602.0          | $ 133.5          | $ 374.9"
}
{
    "_id": "dd4ba83ec",
    "title": "",
    "text": "liquidity and capital resources as of december 31 , 2006  principal sources of liquidity included cash , cash equivalents  sale of receivables  revolving credit facilities availability of commercial paper and other sources of financing through capital markets.\n had $ 2 billion of committed credit facilities available no borrowings outstanding as of december 31 , 2006  not make short-term borrowings under these facilities during year.\n value of outstanding undivided interest held by investors under sale of receivables program was $ 600 million as of december 31 , 2006.\n sale of receivables program subject to certain requirements including maintenance of investment grade bond rating.\n if bond rating to deteriorate could adverse impact on liquidity.\n access to commercial paper dependent on market conditions.\n deterioration of operating results or financial condition to external factors could negatively impact ability to utilize commercial paper as source of liquidity.\n liquidity through capital markets dependent on financial stability.\n at both december 31 , 2006 and 2005  had working capital deficit of approximately $ 1. 1 billion.\n working capital deficit common in industry does not indicate lack of liquidity.\n maintain adequate resources to meet daily cash requirements sufficient financial capacity to satisfy current liabilities.\n financial condition cash flows millions of dollars 2006 2005 2004.\n cash provided by operating activities 2013 higher income in 2006 generated increased cash provided by operating activities partially offset by higher income tax payments  $ 150 million in voluntary pension contributions  higher material and supply inventories  higher management incentive payments in 2006.\n higher income , lower management incentive payments in 2005 ( executive bonuses  paid in 2005 not awarded based on company performance in 2004 bonuses for professional workforce paid out in 2005 significantly reduced ) working capital performance generated higher cash from operating activities in 2005.\nvoluntary pension contribution $ 100 million in 2004 augmented positive year-over-year variance 2005 no pension contribution made 2005.\n improvement partially offset by cash received 2004 for income tax refunds.\n cash used in investing activities 2013 insurance settlement 2005 january west coast storm lower balances for work process decreased cash used investing activities 2006.\n higher capital investments lower proceeds from asset sales offset decrease.\n increased capital spending offset by higher proceeds from asset sales increased cash used investing activities 2005 compared to 2004.\n cash used in financing activities 2013 increase in cash financing activities resulted from lower net proceeds from equity compensation plans ( $ 189 million in 2006 compared to $ 262 million 2005 ).\n increase 2005 results from debt issuances 2004 higher debt repayments 2005.\n did not issue debt in 2005 versus $ 745 million debt issuances 2004 repaid $ 699 million debt 2005 compared to $ 588 million in 2004.\n higher outflows 2005 partially offset by higher net proceeds from equity compensation plans ( $ 262 million in 2005 compared to $ 80 million in 2004 ).\n\ncash flowsmillions of dollars           | 2006           | 2005           | 2004\n--------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities   | $ 2880         | $ 2595         | $ 2257\ncash used in investing activities       | -2042 ( 2042 ) | -2047 ( 2047 ) | -1732 ( 1732 )\ncash used in financing activities       | -784 ( 784 )   | -752 ( 752 )   | -75 ( 75 )\nnet change in cash and cash equivalents | $ 54           | $ -204 ( 204 ) | $ 450"
}
{
    "_id": "dd4be4248",
    "title": "",
    "text": "page 74 notes five year summary ( a ) includes effects of items not considered in senior management 2019s assessment operating performance corporation 2019s business segments ( see section , 201cresults of operations 201d management 2019s discussion analysis financial condition results operations ) combined increased earnings from continuing operations before income taxes by $ 173 million , $ 113 million after tax ( $ 0. 25 per share ).\n ( b ) includes effects of items not considered in senior management 2019s assessment operating performance corporation business segments see section , 201cresults of operations 201d md&a ) combined decreased earnings from continuing operations before income taxes by $ 215 million , $ 154 million after tax ( $ 0. 34 per share ).\n includes reduction in income tax expense from closure of internal revenue service examination of $ 144 million ( $ 0. 32 per share ).\n items reduced earnings by $ 10 million after tax ( $ 0. 02 per share ).\n ( c ) includes effects of items not considered in senior management 2019s assessment operating performance corporation business segments see section  201cresults of operations 201d md&a ) combined decreased earnings from continuing operations before income taxes by $ 153 million , $ 102 million after tax ( $ 0. 22 per share ).\n ( d ) includes effects of items not considered in senior management 2019s assessment operating performance business segments combined decreased earnings from continuing operations before income taxes by $ 1112 million , $ 632 million after tax ( $ 1. 40 per share ).\n in 2002  corporation adopted fas 142 prohibits amortization of goodwill.\n( e ) includes effects of items not considered in senior management 2019s assessment of operating performance of corporation business segments combined decreased earnings from continuing operations before income taxes by $ 973 million, $ 651 million after tax ( $ 1. 50 per share ).\n includes gain from disposal of business and charges for corporation 2019s exit from global telecommunications services business included in discontinued operations increased net loss by $ 1 billion ( $ 2. 38 per share ).\n f corporation defines return on invested capital ( roic ) as net income plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) after adjusting stockholders 2019 equity by adding back minimum pension liability.\n adjustment to add back minimum pension liability is revision to calculation in 2005 corporation believes links roic to management performance.\n corporation believes reporting roic provides investors greater visibility into lockheed martin uses capital invested in operations.\n corporation uses roic to evaluate multi-year investment decisions and long-term performance measure uses roic factor in evaluating management performance under certain incentive compensation plans.\n roic not a measure of financial performance under gaap may not be defined and calculated by other companies same.\n roic not be considered in isola- tion or as alternative to net earnings as indicator of performance.\n following calculations of roic reflect revision to calculation discussed for all periods presented.\n ( in millions ) 2005 2004 2003 2002 2001.\n 1 represents after-tax interest expense utilizing federal statutory rate of 35% ( 35 % ).\n 2 debt consists of long-term debt  including current maturities and short-term borrowings.\n 3 equity includes non-cash adjustments for other comprehensive losses primarily for additional minimum pension liability.\nminimum pension liability values reflect cumulative value entries in statement stockholders equity under caption 201cminimum pension liability. 201d annual minimum pension liability adjustments to equity were : 2001 = ( $ 33 million ) ; 2002 = ( $ 1537 million ) 2003 = $ 331 million ; 2004 = ( $ 285 million ) 2005 = ( $ 105 million ).\n entries recorded in fourth quarter , value added to average equity year is cumulative impact of all prior year entries plus 20% ( % ) cur- rent year entry value.\n yearly averages calculated using balances at start year and end of each quarter.\n lockheed martin corporation\n\n( in millions )                                   | 2005             | 2004             | 2003           | 2002           | 2001\n------------------------------------------------- | ---------------- | ---------------- | -------------- | -------------- | ----------------\nnet earnings                                      | $ 1825           | $ 1266           | $ 1053         | $ 500          | $ -1046 ( 1046 )\ninterest expense ( multiplied by 65% ( 65 % ) ) 1 | 241              | 276              | 317            | 378            | 455\nreturn                                            | $ 2066           | $ 1542           | $ 1370         | $ 878          | $ -591 ( 591 )\naverage debt2 5                                   | $ 5077           | $ 5932           | $ 6612         | $ 7491         | $ 8782\naverage equity3 5                                 | 7590             | 7015             | 6170           | 6853           | 7221\naverage minimum pension liability3 4 5            | 1545             | 1296             | 1504           | 341            | 6\naverage invested capital                          | $ 14212          | $ 14243          | $ 14286        | $ 14685        | $ 16009\nreturn on invested capital                        | 14.5% ( 14.5 % ) | 10.8% ( 10.8 % ) | 9.6% ( 9.6 % ) | 6.0% ( 6.0 % ) | ( 3.7 ) % (  % )"
}
{
    "_id": "dd4bbd4e0",
    "title": "",
    "text": "shareholder return performance presentation graph compares cumulative total shareholder return on state street's common stock to cumulative total return s&p 500 index s&p financial index over five-year period.\n cumulative total shareholder return assumes investment of $ 100 in state street common stock each index on december 31 , 2007 at closing price last trading day 2007 assumes reinvestment of common stock dividends.\n s&p financial index is publicly available measure of 80 of standard & poor's 500 companies representing 26 diversified financial services companies 22 insurance companies 17 real estate companies 15 banking companies.\n comparison of five-year cumulative total shareholder return.\n\n| 2007  | 2008 | 2009 | 2010 | 2011 | 2012\n------------------------ | ----- | ---- | ---- | ---- | ---- | ----\nstate street corporation | $ 100 | $ 49 | $ 55 | $ 58 | $ 52 | $ 61\ns&p 500 index            | 100   | 63   | 80   | 92   | 94   | 109\ns&p financial index      | 100   | 45   | 52   | 59   | 49   | 63"
}
{
    "_id": "dd4b974d4",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of common stock on nyse for years 2015 and 2014.\n on february 19 , 2016  closing price common stock was $ 87. 32 per share reported nyse.\n as of february 19 , 2016  had 423897556 outstanding shares of common stock 159 registered holders.\n dividends as reit  must annually distribute to stockholders amount equal to least 90% ( 90 % ) of reit taxable income ( determined before deduction for distributed earnings excluding net capital gain ).\n distributed and expect to continue to distribute all or substantially all reit taxable income after consideration utilization of net operating losses ( 201d ).\n two series of preferred stock outstanding , 5. 25% ( 5. 25 % ) mandatory convertible preferred stock , series a issued in may 2014 201d dividend rate of 5. 25% ( 5. 25 % )  and 5. 50% ( 5. 50 % ) mandatory convertible preferred stock , series b ( preferred stock 201d ) issued in march 2015 dividend rate of 5. 50% ( 5. 50 % ).\n dividends payable quarterly in arrears subject to declaration by board of directors.\namount , timing frequency of future distributions at sole discretion of our board of directors dependent upon various factors  number may beyond our control , including our financial condition operating cash flows , amount required to maintain our qualification for taxation as a reit reduce income and excise taxes required to pay , limitations on distributions in existing future debt and preferred equity instruments , ability to utilize nols to offset distribution requirements  limitations on ability to fund distributions using cash generated through our trss other factors board of directors may deem relevant.\n we distributed aggregate of approximately $ 2. 3 billion to common stockholders , including dividend paid in january 2016 , primarily subject to taxation as ordinary income.\n during year ended december 31 , 2015 , declared following cash distributions:\n\n2015                       | high     | low\n-------------------------- | -------- | -------\nquarter ended march 31     | $ 101.88 | $ 93.21\nquarter ended june 30      | 98.64    | 91.99\nquarter ended september 30 | 101.54   | 86.83\nquarter ended december 31  | 104.12   | 87.23\n2014                       | high     | low\nquarter ended march 31     | $ 84.90  | $ 78.38\nquarter ended june 30      | 90.73    | 80.10\nquarter ended september 30 | 99.90    | 89.05\nquarter ended december 31  | 106.31   | 90.20"
}
{
    "_id": "dd4b96bce",
    "title": "",
    "text": "reinvested for continued use in foreign operations.\n if total undistributed earnings of foreign subsidiaries remitted significant additional tax be offset by allowable foreign tax credits.\n not practical for to determine additional tax of remitting these earnings.\n in september 2007  reached settlement with united states department of justice to resolve investigation into financial relationships between major orthopaedic manufacturers and consulting orthopaedic surgeons.\n under terms settlement paid civil settlement amount of $ 169. 5 million recorded expense in amount.\n no tax benefit recorded related to settlement expense due to uncertainty tax treatment.\n during third quarter of 2008  reached agreement with u. s.\n internal revenue service ( irs ) confirming deductibility of portion of settlement payment.\n during 2008 recorded current tax benefit of $ 31. 7 million.\n in june 2006  financial accounting standards board ( fasb ) issued interpretation no.\n 48 , accounting for uncertainty in income taxes 2013 interpretation of fasb statement no.\n 109 , accounting for income taxes ( fin 48 ).\n fin 48 addresses determination of whether tax benefits claimed or expected to claimed on tax return should be recorded in financial statements.\n under fin 48  may recognize tax benefit from uncertain tax position only if more likely not tax position will be sustained on examination by taxing authorities based on technical merits of position.\n tax benefits recognized in financial statements from such position should be measured based on largest benefit greater than fifty percent likelihood of being realized upon ultimate settlement.\n fin 48 provides guidance on derecognition , classification  interest and penalties on income taxes accounting in interim periods requires increased disclosures.\n adopted fin 48 on january 1 , 2007.\nprior to adoption of fin 48 had long term tax liability for expected settlement of federal state foreign income tax liabilities reflected net of corollary tax impact of settlements of $ 102. 1 million  separate accrued interest liability of $ 1. 7 million.\n result adoption of fin 48  required to present different components of liability on gross basis versus historical net presentation.\n adoption resulted in financial statement liability for unrecognized tax benefits decreasing by $ 6. 4 million as of january 1 , 2007.\n adoption resulted in decrease in liability reduction to retained earnings of $ 4. 8 million  reduction in goodwill of $ 61. 4 million  establishment of tax receivable of $ 58. 2 million  recorded in other current and non-current assets on consolidated balance sheet  increase in interest/penalty payable of $ 7. 9 million  all as of january 1 , 2007.\n after adoption of fin 48  unrecognized tax benefits is $ 95. 7 million as of january 1 , 2007.\n as of december 31 , 2008  unrecognized tax benefits is $ 129. 5 million.\n $ 45. 5 million would impact effective tax rate if recognized.\n $ 38. 2 million of $ 129. 5 million liability for unrecognized tax benefits relate to tax positions of acquired entities taken prior to acquisition by us.\n under fas 141 ( r ) if liabilities settled for different amounts affect income tax expense in period of reversal or settlement.\n following tabular reconciliation of total amounts of unrecognized tax benefits ( in millions ) :.\n recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in consolidated statements of earnings  consistent with recognition of items in prior reporting periods.\nas of december 31, 2007  recorded liability of $ 19. 6 million for accrued interest and penalties  $ 14. 7 million would impact our effective tax rate , if recognized.\n amount liability is $ 22. 9 million as of december 31 , 2008.\n amount , $ 17. 1 million would impact our effective tax rate  if recognized.\n expect amount tax liability for unrecognized tax benefits will change in next twelve months ; do not expect these changes significant impact on results of operations or financial position.\n u. s.\n federal statute of limitations remains open for year 2003 and onward.\n u. s.\n federal returns for years 2003 and 2004 under examination by irs.\n on july 15 , 2008  irs issued examination report.\n filed formal protest on august 15 , 2008 and requested conference with appeals office regarding disputed issues.\n appeals process could take several years do not anticipate resolution of audit significant impact on results of operations , financial position or cash flows.\n for 1999 tax year of centerpulse , acquired in october 2003  one issue remains in dispute.\n state income tax returns subject to examination for 3 to 5 years after filing respective return.\n state impact of federal changes remains subject to examination by various states for up to one year after formal notification to states.\n have various state income tax returns in process of examination , administrative appeals or litigation.\n z i m m e r h o l d i n g s n c.\n2 0 0 8 f o r m 1 0 - a l r e p t notes consolidated financial statements continued ) %%transmsg*** transmitting job : c48761 pcn : 057000000%pcmsg|57 |00010|yes|no|02/24/2009 06:10|0|0|page valid no graphics color : d|\n\n| 2008           | 2007\n-------------------------------------------------------- | -------------- | ------------\nbalance at january 1                                     | $ 135.2        | $ 95.7\nincreases related to prior periods                       | 12.1           | 27.4\ndecreases related to prior periods                       | -32.0 ( 32.0 ) | -5.5 ( 5.5 )\nincreases related to current period                      | 15.8           | 21.9\ndecreases related to settlements with taxing authorities | -1.3 ( 1.3 )   | -1.3 ( 1.3 )\ndecreases related to lapse of statue of limitations      | -0.3 ( 0.3 )   | -3.0 ( 3.0 )\nbalance at december 31                                   | $ 129.5        | $ 135.2"
}
{
    "_id": "dd4b979de",
    "title": "",
    "text": "stock options 2005 stock incentive plan june 2005  stockholders company approved 2005 stock incentive plan 2005 stock plan ).\n upon adoption issuance of options under company 2019s existing 2000 stock plan ceased.\n acquisition of solexa  company assumed stock options granted under 2005 solexa equity incentive plan 2005 solexa equity plan ).\n as of december 30 , 2007  aggregate up to 13485619 shares of company 2019s common stock reserved for issuance under 2005 stock plan 2005 solexa equity plan.\n 2005 stock plan provides for automatic annual increase in shares reserved for issuance by lesser of 5% ( 5 % ) of outstanding shares company 2019s common stock on last day of preceding fiscal year , 1200000 shares or lesser amount as determined by company 2019s board of directors.\n as of december 30 , 2007  options to purchase 1834384 shares remained available for future grant under 2005 stock plan 2005 solexa equity plan.\n company 2019s stock option activity under all stock option plans from january 2, 2005 through december 30 , 2007 : options weighted- average exercise price.\n illumina , inc.\n notes to consolidated financial statements 2014 continued\n\n| options              | weighted- average exercise price\n-------------------------------------------- | -------------------- | --------------------------------\noutstanding at january 2 2005                | 6205020              | $ 6.99\ngranted                                      | 2992300              | $ 10.02\nexercised                                    | -869925 ( 869925 )   | $ 4.66\ncancelled                                    | -1001964 ( 1001964 ) | $ 11.00\noutstanding at january 1 2006                | 7325431              | $ 7.96\ngranted                                      | 2621050              | $ 27.24\nexercised                                    | -1273119 ( 1273119 ) | $ 7.28\ncancelled                                    | -314242 ( 314242 )   | $ 12.44\noutstanding at december 31 2006              | 8359120              | $ 13.94\noptions assumed through business combination | 1424332              | $ 21.37\ngranted                                      | 3784508              | $ 40.64\nexercised                                    | -2179286 ( 2179286 ) | $ 12.06\ncancelled                                    | -964740 ( 964740 )   | $ 22.38\noutstanding at december 30 2007              | 10423934             | $ 24.26"
}
{
    "_id": "dd4bcdf70",
    "title": "",
    "text": "38 2015 ppg annual report form 10-k notes to consolidated financial statements 1.\n summary of significant accounting policies principles of consolidation consolidated financial statements include accounts of ppg industries , inc.\n ( 201cppg 201d or 201ccompany 201d ) all subsidiaries , both u. s.\n and non-u. s. , it controls.\n ppg owns more than 50% ( 50 % ) of voting stock of most subsidiaries it controls.\n for consolidated subsidiaries company 2019s ownership less than 100% ( 100 % ), outside shareholders 2019 interests shown as noncontrolling interests.\n investments in companies ppg owns 20% ( 20 % ) to 50% ( 50 % ) of voting stock ability exercise significant influence over operating financial policies of investee accounted for using equity method of accounting.\n ppg 2019s share of earnings or losses of equity affiliates included in consolidated statement of income ppg 2019s share of companies 2019 shareholders 2019 equity included in 201cinvestments 201d in accompanying consolidated balance sheet.\n transactions between ppg and subsidiaries eliminated in consolidation.\n use of estimates in preparation of financial statements preparation of financial statements in conformity with.\n generally accepted accounting principles requires management to make estimates assumptions affect reported amounts of assets liabilities disclosure of contingent assets liabilities at date of financial statements reported amounts of income and expenses during reporting period.\n estimates include fair value of assets acquired liabilities assumed resulting from allocation of purchase price related to business combinations consummated.\n actual outcomes could differ from estimates.\n revenue recognition company recognizes revenue when earnings process complete.\nrevenue from sales recognized by all operating segments when goods shipped title to inventory risk of loss passes to customer or services rendered.\n shipping and handling costs amounts billed to customers for reported in 201cnet sales 201d consolidated statement of income.\n shipping and handling costs incurred by company for delivery goods to customers included in 201ccost of sales  exclusive of depreciation and amortization 201d consolidated statement of income.\n selling , general and administrative costs amounts presented as 201cselling , general administrative 201d comprised of selling  customer service  distribution advertising costs  costs of providing corporate- wide functional support in finance  law  human resources planning.\n distribution costs pertain to movement storage of finished goods inventory at company- owned and leased warehouses  terminals other distribution facilities.\n advertising costs costs expensed as incurred totaled $ 324 million , $ 297 million and $ 235 million in 2015 , 2014 2013 .\n research and development costs  primarily of employee related costs  charged to expense as incurred.\n legal costs legal costs  include costs associated with acquisition and divestiture transactions  general litigation environmental regulation compliance patent and trademark protection other general corporate purposes charged to expense as incurred.\n foreign currency translation functional currency of significant non-u. s.\n operations is local currency.\n assets and liabilities of operations translated into u. s.\n dollars using year-end exchange rates ; income and expenses translated using average exchange rates for reporting period.\n unrealized foreign currency translation adjustments deferred in accumulated other comprehensive loss  separate component of shareholders 2019 equity.\n cash equivalents cash equivalents are highly liquid investments ( valued at cost  approximates fair value ) acquired with original maturity of three months or less.\nshort-term investments are highly liquid  high credit quality ( valued at cost plus accrued interest ) stated maturities greater than three months to one year.\n purchases and sales classified as investing activities in consolidated statement of cash flows.\n marketable equity securities company 2019s investment in marketable equity securities recorded at fair market value reported in current assets 201d and 201cinvestments 201d in consolidated balance sheet with changes in fair market value recorded in income for securities as trading securities and in other comprehensive income  net of tax  for available for sale securities.\n\n( $ in millions )                        | 2015  | 2014  | 2013\n---------------------------------------- | ----- | ----- | -----\nresearch and development 2013 total      | $ 505 | $ 509 | $ 479\nless depreciation on research facilities | 19    | 17    | 16\nresearch and development net             | $ 486 | $ 492 | $ 463"
}
{
    "_id": "dd4c002fe",
    "title": "",
    "text": "expenditures acquisitions of leased properties funded by original contributor no change in ownership interest result from contributions.\n excess of ashland funded improvements over marathon funded improvements results in net gain excess marathon funded improvements over ashland improvements results in net loss.\n cost of revenues increased by $ 8. 718 billion in 2003 from 2002 $ 367 million in 2002 from 2001.\n increases in oerb segment result of higher natural gas liquid hydrocarbon costs.\n increases in rm&t segment reflected higher acquisition costs for crude oil refined products refinery charge blend feedstocks increased manufacturing expenses.\n selling  general administrative expenses increased by $ 107 million in 2003 from 2002 $ 125 million in 2002 from 2001.\n increase in 2003 result of increased employee benefits increased pension expense changes in actuarial assumptions decrease in realized returns on plan assets ) other employee related costs.\n marathon changed assumptions in health care cost trend rate from 7. 5%. to 10% ( 10 % ) in higher retiree health care costs.\n during 2003 marathon recorded charge of $ 24 million related to organizational business process changes.\n increase in 2002 reflected increased employee related costs.\n inventory market valuation reserve established to reduce cost basis of inventories to current market value.\n 2002 results of operations include credits to income from operations of $ 71 million reversing imv reserve at december 31 , 2001.\n for additional information adjustment see 201cmanagement 2019s discussion analysis of critical accounting estimates 2013 net realizable value of inventories 201d page 31.\n net interest other financial costs decreased by $ 82 million in 2003 from 2002 increase of $ 96 million in 2002 from 2001.\ndecrease in 2003 due to increase in capitalized interest to increased long-term construction projects favorable effect of interest rate swaps favorable effect interest on tax deficiencies increased interest income on investments.\n increase in 2002 due to higher average debt levels from acquisitions separation.\n included in net interest financing costs are foreign currency gains of $ 13 million and $ 8 million for 2003 and 2002 losses of $ 5 million for 2001.\n loss from early extinguishment of debt in 2002 attributable to retirement of $ 337 million aggregate principal debt in loss of $ 53 million.\n result of adoption of financial accounting standards no.\n 145 201crescission of fasb statements no.\n 4 , 44  64  amendment of fasb statement no.\n 13  technical corrections 201d (.\n loss from early extinguishment of debt previously reported as extraordinary item ( net of taxes $ 20 million ) reclassified into income before income taxes.\n adoption of sfas no.\n 145 no impact on net income for 2002.\n minority interest in income of map  ashland 2019s 38 percent ownership interest increased by $ 129 million in 2003 from 2002 following decrease of $ 531 million in 2002 from 2001.\n map income higher in 2003 compared to 2002 rm&t segment.\n map income significantly lower in 2002 compared to 2001.\n provision for income taxes increased by $ 215 million in 2003 from 2002  following decrease of $ 458 million in 2002 from 2001 due to $ 720 million increase $ 1. 356 billion decrease in income before income taxes.\n effective tax rate for 2003 was 36. 6% ( 36. 6 % ) compared to 42. 1% (. 1 % ) and 37. 1% (. 1 % ) for 2002 and 2001.\nhigher rate in 2002 due to united kingdom enactment of supplementary 10 percent tax on profits from north sea oil and gas production retroactively effective to april 17, 2002.\n in 2002  marathon recognized one-time noncash deferred tax adjustment of $ 61 million result of rate increase.\n analysis of effective tax rate for periods presented:.\n a ) deferred tax effect related to enactment of supplemental tax in u. k.\n increased effective tax rate 7. 0 percent in 2002.\n\n| 2003             | 2002             | 2001\n------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nstatutory tax rate                                            | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % )\neffects of foreign operations ( a )                           | -0.4 ( 0.4 )     | 5.6              | -0.7 ( 0.7 )\nstate and local income taxes after federal income tax effects | 2.2              | 3.9              | 3.0\nother federal tax effects                                     | -0.2 ( 0.2 )     | -2.4 ( 2.4 )     | -0.2 ( 0.2 )\neffective tax rate                                            | 36.6% ( 36.6 % ) | 42.1% ( 42.1 % ) | 37.1% ( 37.1 % )"
}
{
    "_id": "dd4baa73c",
    "title": "",
    "text": "17.\n leases we lease certain locomotives  freight cars  other property.\n consolidated statements of financial position as of december 31 , 2017  and 2016 included $ 1635 million , net of $ 953 million of accumulated depreciation  and $ 1997 million , net of $ 1121 million of accumulated depreciation  for properties under capital leases.\n charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial remaining non-cancelable lease terms in excess of one year as of december 31, 2017 , were : millions operating leases capital leases.\n approximately 97% ( 97 % ) of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 480 million in 2017  $ 535 million in 2016  $ 590 million in 2015.\n when cash rental payments not made straight-line basis recognize variable rental expense on straight-line basis over lease term.\n contingent rentals and sub-rentals not significant.\n 18.\n commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us and subsidiaries.\n cannot fully determine effect of all asserted unasserted claims on consolidated results of operations  financial condition liquidity.\n recorded liability where asserted claims considered probable claims reasonably estimated.\n do not expect any known lawsuits , claims environmental costs commitments contingent liabilities  guarantees will material adverse effect on consolidated results of operations  financial condition liquidity after taking account liabilities insurance recoveries previously recorded for.\npersonal injury 2013 cost of personal injuries to employees others related to activities charged to expense based on estimates of ultimate cost and number of incidents each year.\n use actuarial analysis to measure expense and liability including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n under fela damages assessed based on finding of fault through litigation or out-of-court settlements.\n offer comprehensive services and rehabilitation programs for employees injured at work.\n personal injury liability not discounted to present value due to uncertainty surrounding timing of future payments.\n approximately 95% ( 95 % ) of recorded liability related to asserted claims approximately 5% ( 5 % ) related to unasserted claims at december 31 , 2017.\n uncertainty surrounding ultimate outcome of personal injury claims possible future costs to settle claims may range from approximately $ 285 million to $ 310 million.\n record accrual at low end of range no loss within range more probable.\n estimates can vary over time due to evolving trends in litigation.\n\nmillions                                | operatingleases | capitalleases\n--------------------------------------- | --------------- | -------------\n2018                                    | $ 398           | $ 173\n2019                                    | 359             | 156\n2020                                    | 297             | 164\n2021                                    | 259             | 168\n2022                                    | 221             | 147\nlater years                             | 1115            | 271\ntotal minimum lease payments            | $ 2649          | $ 1079\namount representing interest            | n/a             | -187 ( 187 )\npresent value of minimum lease payments | n/a             | $ 892"
}
{
    "_id": "dd4bf589a",
    "title": "",
    "text": "notes to consolidated financial statements investments in funds calculate net asset value per share cash instruments at fair value include investments in funds valued based on net asset value per share ( nav ) of investment fund.\n firm uses nav as measure of fair value for fund investments when fund investment not readily determinable fair value and nav investment fund is calculated consistent with measurement principles of investment company accounting including measurement of underlying investments at fair value.\n firm 2019s investments in funds calculate nav primarily consist of investments in firm-sponsored funds where firm co-invests with third-party investors.\n private equity , credit and real estate funds are primarily closed-end funds firm 2019s investments not eligible for redemption.\n distributions will be received from these funds as underlying assets are liquidated estimated substantially all underlying assets of existing funds will be liquidated over next seven years.\n firm continues to manage existing funds transition periods under volcker rule of.\n dodd-frank wall street reform and consumer protection act ( dodd-frank act ) rules not yet finalized.\n firm 2019s investments in hedge funds are generally redeemable on quarterly basis with 91 days 2019 notice subject to maximum redemption level of 25% ( 25 % ) of firm 2019s initial investments at any quarter-end.\n firm plans to comply with volcker rule by redeeming certain interests in hedge funds.\n firm redeemed approximately $ 1. 06 billion of these interests in hedge funds during year ended december 2012.\n table below presents fair value of firm 2019s investments in  and unfunded commitments to  funds that calculate nav.\n.\nfunds invest in broad industries worldwide variety situations including leveraged buyouts recapitalizations growth investments.\n 2.\n funds generally invest in loans fixed income instruments focused on providing private high-yield capital for mid- to large-sized leveraged management buyout transactions  recapitalizations financings refinancings  acquisitions restructurings for private equity firms private family companies corporate issuers.\n 3.\n funds are primarily multi-disciplinary hedge funds employ fundamental bottom-up investment approach across various asset classes strategies including long/short equity  credit  convertibles  risk arbitrage  special situations capital structure arbitrage.\n 4.\n funds invest globally primarily in real estate companies loan portfolios debt recapitalizations direct property.\n goldman sachs 2012 annual report 127\n\nin millions           | as of december 2012 fair value of investments | as of december 2012 unfunded commitments | as of december 2012 fair value of investments | unfunded commitments\n--------------------- | --------------------------------------------- | ---------------------------------------- | --------------------------------------------- | --------------------\nprivate equity funds1 | $ 7680                                        | $ 2778                                   | $ 8074                                        | $ 3514\ncredit funds2         | 3927                                          | 2843                                     | 3596                                          | 3568\nhedge funds3          | 2167                                          | 2014                                     | 3165                                          | 2014\nreal estatefunds4     | 2006                                          | 870                                      | 1531                                          | 1613\ntotal                 | $ 15780                                       | $ 6491                                   | $ 16366                                       | $ 8695"
}
{
    "_id": "dd4ba850e",
    "title": "",
    "text": "35% ( 35 % ) due to undistributed foreign earnings for which no u. s.\n taxes provided because earnings intended to be indefinitely reinvested outside the u. s.\n as of september 29 , 2012  company had deferred tax assets from deductible temporary differences , tax losses  tax credits of $ 4. 0 billion , deferred tax liabilities of $ 14. 9 billion.\n management believes likely not forecasted income , including income result of tax planning strategies, future reversals of existing taxable temporary differences, will be sufficient to fully recover deferred tax assets.\n company will continue to evaluate realizability of deferred tax assets quarterly by assessing need for amount valuation allowance.\n internal revenue service ( 201cirs 201d ) completed field audit of company 2019s federal income tax returns for years 2004 through 2006 proposed adjustments.\n company contested certain these adjustments through irs appeals office.\n irs currently examining years 2007 through 2009.\n all irs audit issues for years prior to 2004 resolved.\n company subject to audits by state , local , and foreign tax authorities.\n management believes adequate provisions made for adjustments from tax examinations.\n outcome of tax audits cannot be predicted with certainty.\n if issues addressed in company 2019s tax audits resolved not consistent with management expectations company could be required to adjust provision for income taxes in period such resolution occurs.\n liquidity and capital resources following table presents selected financial information and statistics as of for years ended september 29 , 2012 , september 24 , 2011 , and september 25 , 2010 ( in millions ) :.\n as of september 29 , 2012 , company had $ 121. 3 billion in cash , cash equivalents and marketable securities , an increase of $ 39.7 billion or 49% ( 49 % ) from september 24 , 2011.\n principal net increase was cash generated by operating activities of $ 50. 9 billion  partially offset by payments for acquisition of property  plant equipment of $ 8. 3 billion  payments for acquisition of intangible assets $ 1. 1 billion payments dividends dividend equivalent rights of $ 2. 5 billion.\n company 2019s marketable securities investment portfolio invested primarily in highly-rated securities investment policy limits credit exposure to one issuer.\n policy requires investments be investment grade objective minimizing potential risk of principal loss.\n as of september 29, 2012 and september 24 , 2011 , $ 82. 6 billion and $ 54. 3 billion  respectively of company 2019s cash  cash equivalents marketable securities held by foreign subsidiaries generally based in u. s.\n dollar-denominated holdings.\n amounts held by foreign subsidiaries subject to u. s.\n income taxation on repatriation u.\n company believes existing balances of cash  cash equivalents marketable securities sufficient to satisfy working capital needs capital asset purchases  outstanding commitments common stock repurchases dividends common stock other liquidity requirements existing operations over next 12 months.\n capital assets company 2019s capital expenditures were $ 10. 3 billion during 2012  $ 865 million for retail store facilities $ 9. 5 billion for other capital expenditures including product tooling and manufacturing process\n\n| 2012     | 2011    | 2010\n----------------------------------------------- | -------- | ------- | -------\ncash cash equivalents and marketable securities | $ 121251 | $ 81570 | $ 51011\naccounts receivable net                         | $ 10930  | $ 5369  | $ 5510\ninventories                                     | $ 791    | $ 776   | $ 1051\nworking capital                                 | $ 19111  | $ 17018 | $ 20956\nannual operating cash flow                      | $ 50856  | $ 37529 | $ 18595"
}
{
    "_id": "dd4be05ee",
    "title": "",
    "text": "packaging corporation of america notes to consolidated financial statements continued ) december 31 , 2005 9.\n shareholders 2019 equity continued ) stockholder received proceeds net of underwriting discount of $ 20. 69 per share.\n company sell shares in or receive proceeds from secondary offering.\n concurrent closing secondary offering december 21 , 2005 company entered common stock repurchase agreement with pca holdings llc.\n company purchased 4500000 shares of common stock from pca holdings llc at initial price public net of underwriting discount or $ 20. 69 per share  same net price per share received by pca holdings llc in secondary offering.\n shares retired on december 21 , 2005.\n 10.\n commitments contingencies capital commitments company had authorized capital expenditures of approximately $ 33. 1 million and $ 55. 2 million as of december 31 , 2005 and 2004  connection expansion replacement of existing facilities and equipment.\n operating leases pca leases space for facilities cutting rights to approximately 108000 acres of timberland under long-term leases.\n company also leases equipment  primarily vehicles and rolling stock other assets under long-term leases duration generally three years.\n minimum lease payments under non-cancelable operating leases with lease terms excess of one year : ( in thousands ).\n capital lease obligations not significant to financial statements.\n total lease expense  including base rent on all leases and executory costs  insurance , taxes  maintenance  for years ended december 31 , 2005 , 2004 and 2003 was $ 35. 8 million , $ 33. 0 million and $ 31. 6 million  respectively.\n costs included in cost of goods sold and selling and administrative expenses.\n\n2006       | $ 24569\n---------- | --------\n2007       | 21086\n2008       | 14716\n2009       | 9801\n2010       | 6670\nthereafter | 37130\ntotal      | $ 113972"
}
{
    "_id": "dd4b9698a",
    "title": "",
    "text": "operating financial activities 2012 include : 2022 net proved reserve additions for e&p and osm segments 389 mmboe 226 percent reserve replacement 2022 increased liquid hydrocarbon synthetic crude oil reserves by 316 mmbbls reserve replacement of 268 percent for these commodities 2022 recorded than 95 percent average operational availability for operated e&p assets increased e&p net sales volumes excluding libya by 8 percent 2022 eagle ford shale average net sales volumes 65 mboed for december 2012 fourfold increase over december 2011 2022 bakken shale average net sales volumes 29 mboed 71 percent increase over last year 2022 resumed sales from libya reached pre-conflict production levels 2022 international liquid hydrocarbon sales volumes average realizations exceeded wti 62 percent of net e&p liquid hydrocarbon sales 2022 closed $ 1 billion of acquisitions in core eagle ford shale assumed operatorship of vilje field offshore norway signed agreements for new exploration positions in e. g.  gabon kenya ethiopia issued $ 1 billion of 3-year senior notes at 0. 9 percent interest $ 1 billion of 10-year senior notes at 2. 8 percent interest significant 2013 activities through february 22 2013 include : 2022 closed sale of alaska assets in january 2013 closed sale of interest in neptune gas plant in february 2013 consolidated results operations : 2012 compared to 2011 consolidated income before income taxes 38 percent higher 2012 than income from continuing operations before taxes 2011 due to higher liquid hydrocarbon sales volumes in e&p segment offset by lower earnings from osm and ig segments.\n 7 percent decrease in income from continuing operations included lower earnings in u. k.\n e. g. offset by higher earnings in libya.\n in 2011 not in excess foreign tax credit position entire year as in 2012.\neffective income tax rate for continuing operations 74 percent in 2012 compared to 61 percent 2011.\n revenues summarized in table:.\n e&p segment revenues increased $ 1055 million from 2011 to 2012 primarily due to higher average liquid hydrocarbon sales volumes.\n e&p segment revenues included net gain on crude oil derivative instruments $ 15 million in 2012 impact derivatives not significant in 2011.\n see item 8.\n financial statements supplementary data 2013 note 16 consolidated financial statement for information crude oil derivative instruments.\n included e&p segment supply optimization activities include purchase of commodities from third parties for resale.\n see cost of revenues discussion revenues from supply optimization approximate related costs.\n supply optimization aggregate volumes satisfy transportation commitments achieve flexibility within product\n\n( in millions )                                     | 2012    | 2011\n--------------------------------------------------- | ------- | ----------\ne&p                                                 | $ 14084 | $ 13029\nosm                                                 | 1552    | 1588\nig                                                  | 2014    | 93\nsegment revenues                                    | 15636   | 14710\nelimination of intersegment revenues                | 2014    | -47 ( 47 )\nunrealized gain on crude oil derivative instruments | 52      | 2014\ntotal revenues                                      | $ 15688 | $ 14663"
}
{
    "_id": "dd4ba940e",
    "title": "",
    "text": "regulatory credit from reduction of federal corporate income tax rate variance due to reduction vidalia purchased power agreement regulatory liability by $ 30. 5 million and reduction of louisiana act 55 financing savings obligation regulatory liabilities by $ 25 million enactment of tax cuts and jobs act  in december 2017 lowered federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ).\n effects of tax cuts and jobs act discussed in note 3 to financial statements.\n grand gulf recovery variance due to increased recovery of higher operating costs.\n louisiana act 55 financing savings obligation variance results from regulatory charge in 2016 for tax savings shared with customers per agreement approved by lpsc.\n tax savings resulted from 2010-2011 irs audit settlement on treatment louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike.\n see note 3 to financial statements for additional discussion of settlement benefit sharing.\n volume/weather variance due to effect of less favorable weather on residential and commercial sales offset by increase in industrial usage.\n increase in industrial usage due to new customers in primary metals industry expansion projects increase in demand for existing customers in chlor-alkali industry.\n entergy wholesale commodities analysis of change in net revenue comparing 2017 to 2016.\n amount ( in millions ).\n table net revenue for entergy wholesale commodities decreased by approximately $ 73 million in 2017 due to absence of net revenue from fitzpatrick plant after sold to exelon in march 2017 lower volume in entergy wholesale commodities nuclear fleet from more outage days in 2017 compared to 2016.\ndecrease partially offset by increase from reimbursement agreement with exelon exelon reimbursed entergy for specified out-of-pocket costs with preparing for refueling and operation of fitzpatrick otherwise would have avoided had entergy shut down fitzpatrick in january 2017 decrease in nuclear fuel expenses related to impairments of indian point 2  indian point 3  palisades plants related assets.\n revenues received from exelon in 2017 under reimbursement agreement offset by other operation and maintenance expenses taxes other than income taxes no effect on net income.\n see note 14 to financial statements for discussion of sale of fitzpatrick  reimbursement agreement with exelon  impairments related charges.\n entergy corporation and subsidiaries management 2019s financial discussion analysis\n\n| amount ( in millions )\n----------------------------------- | ----------------------\n2016 net revenue                    | $ 1542\nfitzpatrick sale                    | -158 ( 158 )\nnuclear volume                      | -89 ( 89 )\nfitzpatrick reimbursement agreement | 57\nnuclear fuel expenses               | 108\nother                               | 9\n2017 net revenue                    | $ 1469"
}
{
    "_id": "dd4b9c66e",
    "title": "",
    "text": "measurement point december 31 booking holdings nasdaq composite index s&p 500 rdg internet composite.\n sales of unregistered securities between october 1 , 2017 and december 31 , 2017  issued 103343 shares common stock connection with conversion of $ 196. 1 million principal amount 1. 0% ( 1. 0 % ) convertible senior notes due 2018.\n conversions effected accordance with indenture , provides principal amount converted notes paid in cash and conversion premium paid in cash and/or shares common stock at election.\n each case chose to pay conversion premium in shares common stock ( fractional shares paid in cash ).\n issuances shares not registered under securities act of 1933 , as amended ( \"act\" ) pursuant section 3 ( a ) ( 9 ) act.\n\nmeasurement pointdecember 31 | booking holdings inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite\n---------------------------- | ---------------------- | --------------------- | ------------ | ---------------------\n2012                         | 100.00                 | 100.00                | 100.00       | 100.00\n2013                         | 187.37                 | 141.63                | 132.39       | 163.02\n2014                         | 183.79                 | 162.09                | 150.51       | 158.81\n2015                         | 205.51                 | 173.33                | 152.59       | 224.05\n2016                         | 236.31                 | 187.19                | 170.84       | 235.33\n2017                         | 280.10                 | 242.29                | 208.14       | 338.52"
}
{
    "_id": "dd4b893de",
    "title": "",
    "text": "maintain effective universal shelf registration allows for public offering and sale of debt securities  capital securities common stock depositary shares preferred stock  warrants to purchase securities including shares preferred stock depositary shares convertible  or any combination thereof.\n have issued past may issue future  securities pursuant to shelf registration.\n issuance of debt or equity securities depend on future market conditions funding needs other factors.\n additional information about debt equity securities issued pursuant to shelf registration provided in notes 9 and 12 to consolidated financial statements under item 8.\n maintain corporate commercial paper program can issue up to $ 3 billion with original maturities of up to 270 days from date of issue.\n at december 31 , 2011  had $ 2. 38 billion of commercial paper outstanding compared to $ 2. 80 billion at december 31 , 2010.\n additional information about corporate commercial paper program in note 8 to consolidated financial statements under item 8.\n state street bank had initial board authority to issue bank notes up to aggregate of $ 5 billion  including up to $ 1 billion of subordinated bank notes.\n approximately $ 2. 05 billion available under board authority as of december 31 , 2011.\n in 2011 , $ 2. 45 billion of senior notes  outstanding at december 31 , 2010  matured.\n state street bank maintains line of credit with financial institution of cad $ 800 million  or approximately $ 787 million as of december 31 , 2011 to support canadian securities processing operations.\n line of credit has no stated termination date cancelable by either party with prior notice.\n as of december 31 , 2011 no balance outstanding on line of credit.\n contractual cash obligations.\n long-term debt excludes capital lease obligations ( separate line item ) effect of interest-rate swaps.\ninterest payments calculated at stated rate exception of floating-rate debt for payments calculated using indexed rate in effect as of december 31 , 2011.\n obligations in table above recorded in consolidated statement of condition at december 31 , 2011 except for interest on long-term debt capital lease obligations.\n table not include obligations settled in cash  primarily in less than one year , such as deposits  federal funds purchased  securities sold under repurchase agreements other short-term borrowings.\n additional information about deposits  federal funds purchased securities sold under repurchase agreements other short-term borrowings in notes 7 and 8 to consolidated financial statements under item 8.\n table not include obligations related to derivative instruments amounts included in consolidated statement of condition at december 31 , 2011 related to derivatives not represent amounts ultimately be paid under contracts upon settlement.\n additional information about derivative contracts in note 16 to consolidated financial statements under item 8.\n obligations under pension post-retirement benefit plans  described in note 18 to consolidated financial statements included under item 8  not included in above table.\n additional information about contractual cash obligations related to long-term debt operating capital leases in notes 9 and 19 to consolidated financial statements under item 8.\n consolidated statement of cash flows , included under item 8  provides additional liquidity information.\n\nas of december 31 2011 ( in millions ) | payments due by period total | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 4-5 years | payments due by period over 5 years\n-------------------------------------- | ---------------------------- | --------------------------------------- | -------------------------------- | -------------------------------- | -----------------------------------\nlong-term debt ( 1 )                   | $ 9276                       | $ 1973                                  | $ 1169                           | $ 1944                           | $ 4190\noperating leases                       | 1129                         | 237                                     | 389                              | 228                              | 275\ncapital lease obligations              | 989                          | 68                                      | 136                              | 138                              | 647\ntotal contractual cash obligations     | $ 11394                      | $ 2278                                  | $ 1694                           | $ 2310                           | $ 5112"
}
{
    "_id": "dd4ba4e36",
    "title": "",
    "text": "net change in total valuation allowance for years ended december 31 , 2018 and 2017 was increase of $ 12 million and increase $ 26 million  respectively.\n deferred income tax assets and liabilities recorded in consolidated balance sheet under captions deferred charges and other assets and deferred income taxes.\n decrease in deferred income tax assets principally relating to utilization of.\n federal alternative minimum tax credits under tax reform.\n deferred tax liabilities increased due to tax deferral of book gain on transfer of north american consumer packaging business to subsidiary of graphic packaging holding company.\n of $ 1. 5 billion of deferred tax liabilities for forestlands  related installment sales  investment in subsidiary  $ 884 million is attributable to investment in subsidiary 2006 international paper installment sale of forestlands and $ 538 million attributable to 2007 temple-inland installment sale of forestlands note 14.\n reconciliation of beginning and ending amount of unrecognized tax benefits for years ended december 31 , 2018 , 2017 and 2016 is.\n if company prevail on unrecognized tax benefits recorded all balances at december 31 , 2018, 2017 and 2016 would benefit effective tax rate.\n company accrues interest on unrecognized tax benefits as component of interest expense.\n penalties  if recognized as component of income tax expense.\n company had approximately $ 21 million and $ 17 million accrued for payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017.\n major jurisdictions where company files income tax returns are united states , brazil , france poland and russia.\n tax years 2006 through 2017 remain open and subject to examination by relevant tax authorities.\n company frequently faces challenges regarding amount taxes due.\nchallenges include positions taken by company related to timing nature amount of deductions allocation of income among various tax jurisdictions.\n pending audit settlements expiration of statute of limitations could reduce uncertain tax positions by $ 30 million during next twelve months.\n brazilian federal revenue service challenged deductibility of goodwill amortization generated in 2007 acquisition by international paper do brasil ltda., wholly-owned subsidiary of company.\n company received assessments for tax years 2007-2015 totaling approximately $ 150 million in tax  $ 380 million in interest and penalties as of december 31, 2018 ( adjusted for variation in currency exchange rates ).\n after previous favorable ruling challenging basis for assessments received unfavorable decision in october 2018 from brazilian administrative council of tax appeals.\n company intends to further appeal matter in brazilian federal courts in 2019 ; tax litigation matter may take years to resolve.\n company believes appropriately evaluated transaction underlying assessments concluded based on brazilian tax law its tax position would be sustained.\n company intends to defend position against current assessments similar assessments issued for tax years subsequent to 2015.\n international paper uses flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities combined heat and power system expenditures.\n under method investment tax credits recognized as reduction to income tax expense in year they earned rather than reduction in asset basis.\n company recorded tax benefit of $ 6 million during 2018 tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017.\n\nin millions                                                             | 2018           | 2017           | 2016\n----------------------------------------------------------------------- | -------------- | -------------- | --------------\nbalance at january 1                                                    | $ -188 ( 188 ) | $ -98 ( 98 )   | $ -150 ( 150 )\n( additions ) reductions based on tax positions related to current year | -7 ( 7 )       | -54 ( 54 )     | -4 ( 4 )\n( additions ) for tax positions of prior years                          | -37 ( 37 )     | -40 ( 40 )     | -3 ( 3 )\nreductions for tax positions of prior years                             | 5              | 4              | 33\nsettlements                                                             | 2              | 6              | 19\nexpiration of statutes oflimitations                                    | 2              | 1              | 5\ncurrency translation adjustment                                         | 3              | -7 ( 7 )       | 2\nbalance at december 31                                                  | $ -220 ( 220 ) | $ -188 ( 188 ) | $ -98 ( 98 )"
}
{
    "_id": "dd497587c",
    "title": "",
    "text": "debt issuances in 2014 : ( millions ) type face value interest rate issuance maturity euro notes ) 20ac750 ( approximately $ 1029 ) 1. 875% ( 1. 875 % ) march 2014 march 2021 euro notes ) 20ac1000 ( approximately $ 1372 ) 2. 875% ( 2. 875 % ) march 2014 march 2026 euro notes b ) 20ac500 ( approximately $ 697 ) 2. 875% ( 2. 875 % ) may 2014 may 2029 swiss franc notes c ) chf275 ( approximately $ 311 ) 0. 750% ( 0. 750 % ) may 2014 december 2019 swiss franc notes b ) chf250 ( approximately $ 283 ) 1. 625% ( 1. 625 % ) may 2014 may 2024.\n dollar notes d ) $ 500 1. 250% ( 1. 250 % ) november 2014 november 2017.\n dollar notes d ) $ 750 3. 250% ( 3. 250 % ) november 2014 november 2024.\n dollar notes ) $ 750 4. 250% ( 4. 250 % ) november 2014 november 2044 interest on notes payable annually in arrears beginning march 2015.\n b ) interest payable annually arrears beginning may 2015.\n c ) interest notes payable annually arrears december 2014.\n ) interest payable semiannually arrears beginning may 2015.\n.\n dollar equivalents for foreign currency notes calculated based on exchange rates on date of issuance.\n net proceeds from sale of securities used for general corporate purposes.\n weighted-average time to maturity of long-term debt 10. 8 years at end of 2013 and 2014.\n 2022 off-balance sheet arrangements contractual obligations no off-balance sheet arrangements including special purpose entities other than guarantees contractual obligations discussed below.\n guarantees 2013 at december 31 , 2014 contingently liable for $ 1.0 billion guarantees performance primarily related to excise taxes on shipment products.\n no liability in consolidated financial statements guarantees.\n at december 31, 2014 third-party guarantees insignificant.\n debt issuances in 2014 : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes a ) 20ac750 ( approximately $ 1029 ) 1. 875% ( 1. 875 % ) march 2014 march 2021 euro notes a ) 20ac1000 ( approximately $ 1372 ) 2. 875% ( 2. 875 % ) march 2014 march 2026 euro notes b ) 20ac500 ( approximately $ 697 ) 2. 875% ( 2. 875 % ) may 2014 may 2029 swiss franc notes c ) chf275 ( approximately $ 311 ) 0. 750% ( 0. 750 % ) may 2014 december 2019 swiss franc notes b ) chf250 ( approximately $ 283 ) 1. 625% ( 1. 625 % ) may 2014 may 2024 u.\n dollar notes d ) $ 500 1. 250% ( 1. 250 % ) november 2014 november 2017 u.\n dollar notes d ) $ 750 3. 250% ( 3. 250 % ) november 2014 november 2024 u.\n dollar notes d ) $ 750 4. 250% ( 4. 250 % ) november 2014 november 2044 interest notes payable annually arrears beginning march 2015.\n b ) interest payable annually arrears beginning may 2015.\n c ) interest notes payable annually arrears beginning december 2014.\n d ) interest notes payable semiannually arrears beginning may 2015.\n ).\n dollar equivalents for foreign currency notes calculated based on exchange rates on date issuance.\n net proceeds from sale securities used for general corporate purposes.\n weighted-average time to maturity long-term debt was 10. 8 years at end of 2013 and 2014.\n2022 off-balance sheet arrangements aggregate contractual obligations no off-balance sheet arrangements including special purpose entities other than guarantees contractual obligations discussed below.\n guarantees 2013 at december 31 , 2014  contingently liable for $ 1. 0 billion guarantees our own performance primarily related to excise taxes on shipment products.\n no liability in consolidated financial statements associated with these guarantees.\n at december 31 , 2014  third-party guarantees insignificant.\n\ntype               |       | face value ( e )                  | interest rate      | issuance      | maturity\n------------------ | ----- | --------------------------------- | ------------------ | ------------- | -------------\neuro notes         | ( a ) | 20ac750 ( approximately $ 1029 )  | 1.875% ( 1.875 % ) | march 2014    | march 2021\neuro notes         | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014    | march 2026\neuro notes         | ( b ) | 20ac500 ( approximately $ 697 )   | 2.875% ( 2.875 % ) | may 2014      | may 2029\nswiss franc notes  | ( c ) | chf275 ( approximately $ 311 )    | 0.750% ( 0.750 % ) | may 2014      | december 2019\nswiss franc notes  | ( b ) | chf250 ( approximately $ 283 )    | 1.625% ( 1.625 % ) | may 2014      | may 2024\nu.s . dollar notes | ( d ) | $ 500                             | 1.250% ( 1.250 % ) | november 2014 | november 2017\nu.s . dollar notes | ( d ) | $ 750                             | 3.250% ( 3.250 % ) | november 2014 | november 2024\nu.s . dollar notes | ( d ) | $ 750                             | 4.250% ( 4.250 % ) | november 2014 | november 2044"
}
{
    "_id": "dd4b92f10",
    "title": "",
    "text": "entergy arkansas , inc.\n management's financial discussion analysis results of operations net income 2008 compared to 2007 net income decreased $ 92. 0 million due to higher other operation maintenance expenses  higher depreciation amortization expenses  higher effective income tax rate  partially offset by higher net revenue.\n higher other operation maintenance expenses resulted from write-off of approximately $ 70. 8 million of costs december 2008 arkansas court of appeals decision in entergy arkansas' base rate case.\n case discussed in in note 2 to financial statements.\n 2007 compared to 2006 net income decreased $ 34. 0 million due to higher other operation maintenance expenses higher depreciation amortization expenses higher effective income tax rate.\n decrease partially offset by higher net revenue.\n net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 fuel , fuel-related expenses gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory credits.\n analysis of change in net revenue comparing 2008 to 2007.\n amount ( in millions ).\n rider revenue variance due to energy efficiency rider effective in november 2007.\n establishment rider results in increase in rider revenue corresponding increase in other operation and maintenance expense no effect on net income.\n contributing to variance was increase in franchise tax rider revenue higher retail revenues.\n corresponding increase in taxes other than income taxes no effect on net income.\n purchased power capacity variance due to lower reserve equalization expenses.\n volume/weather variance due to effect of less favorable weather on residential and commercial sales during billed unbilled sales periods compared to 2007 2. 9% ( 2. 9 % ) volume decrease in industrial sales primarily in wood industry small customer class.\n billed electricity usage decreased 333 gwh in all sectors.\nsee \"critical accounting estimates\" below note 1 financial statements for further discussion accounting for unbilled revenues.\n\n| amount ( in millions )\n------------------------ | ----------------------\n2007 net revenue         | $ 1110.6\nrider revenue            | 13.6\npurchased power capacity | 4.8\nvolume/weather           | -14.6 ( 14.6 )\nother                    | 3.5\n2008 net revenue         | $ 1117.9"
}
{
    "_id": "dd4bba038",
    "title": "",
    "text": "item 1.\n business loews hotels holding corporation subsidiaries ( 201cloews hotels 201d ) wholly owned subsidiary operate 18 hotels.\n accounted for 2. 0% ( 2. 0 % ) , 2. 9% ( 2. 9 % ) 2. 7% ( 2. 7 % ) of consolidated total revenue for years ended december 31 , 2009  2008 2007.\n number name location rooms owned  leased managed loews annapolis hotel 220 owned annapolis , maryland loews coronado bay 440 land lease expiring 2034 san diego, california loews denver hotel 185 owned denver , colorado don cesar loews hotel 347 management contract ) st.\n pete beach , florida hard rock hotel , 650 management contract ) universal orlando , florida loews lake las vegas 493 management contract henderson , nevada loews le concorde hotel 405 land lease expiring 2069 quebec city, canada the madison  loews hotel 353 management contract expiring 2021 washington , d. c.\nloews miami beach hotel 790 owned miami beach , florida loews new orleans hotel 285 management contract expiring 2018 new orleans , louisiana loews philadelphia hotel 585 owned philadelphia , pennsylvania loews portofino bay hotel , 750 management contract c ) at universal orlando orlando , florida loews regency hotel 350 land lease expiring 2013 renewal option new york, new york for 47 years loews royal pacific resort 1000 management contract ) at universal orlando orlando , florida loews santa monica beach hotel 340 management contract expiring 2018 santa monica, california renewal option for 5 years loews vanderbilt hotel 340 owned nashville, tennessee loews ventana canyon 400 management contract expiring 2019 tucson , arizona loews hotel vogue 140 owned montreal , canada management contracts subject to termination rights.\n loews hotels subsidiary 20% ( 20 % ) owner of hotel operated by loews hotels management contract.\n loews hotels subsidiary 50% ( 50 % ) owner of hotels at universal orlando theme park  joint venture with universal studios and rank group.\n hotels on land leased by joint venture operated by loews hotels management contract.\n.\n loews hotels holding corporation subsidiaries of loews hotels holding corporation ( hotels 201d ) wholly owned subsidiary operate 18 hotels.\n loews hotels accounted for 2. 0% ( 2. 0 % ) , 2. 9% ( 2. 9 % ) and 2. 7% ( 2. 7 % ) of consolidated total revenue for years ended december 31 , 2009 , 2008 and 2007.\nnumber name location rooms owned  leased managed loews annapolis hotel 220 owned annapolis , maryland coronado bay 440 land lease expiring 2034 san diego , california denver hotel 185 owned denver , colorado don cesar , loews hotel 347 management contract a ) ) st.\n pete beach , florida hard rock hotel , 650 management contract c ) at universal orlando orlando , florida loews lake las vegas 493 management contract henderson , nevada loews le concorde hotel 405 land lease expiring 2069 quebec city, canada the madison , loews hotel 353 management contract expiring 2021 washington , d. c.\n loews miami beach hotel 790 owned miami beach , florida new orleans hotel 285 management contract expiring 2018 new orleans , louisiana philadelphia hotel 585 owned philadelphia , pennsylvania portofino bay hotel , 750 management contract c ) universal orlando , florida regency hotel 350 land lease expiring 2013  renewal option new york , new york for 47 years royal pacific resort 1000 management contract c ) universal orlando , florida santa monica beach hotel 340 management contract expiring 2018 santa monica , california renewal option for 5 years loews vanderbilt hotel 340 owned nashville , tennessee ventana canyon 400 management contract expiring 2019 tucson , arizona loews hotel vogue 140 owned montreal , canada management contracts subject to termination rights.\n loews hotels subsidiary 20% ) owner of hotel  operated by loews hotels management contract.\n( c ) loews hotels subsidiary is 50% ( 50 % ) owner of these hotels located at universal orlando theme park , through joint venture with universal studios and rank group.\n hotels on land leased by joint venture operated by loews hotels management contract.\n\nname and location                                               | number of rooms | owned leased or managed\n--------------------------------------------------------------- | --------------- | ----------------------------------------------------------------------\nloews annapolis hotel annapolis maryland                        | 220             | owned\nloews coronado bay san diego california                         | 440             | land lease expiring 2034\nloews denver hotel denver colorado                              | 185             | owned\nthe don cesar a loews hotel st . pete beach florida             | 347             | management contract ( a ) ( b )\nhard rock hotel at universal orlando orlando florida            | 650             | management contract ( c )\nloews lake las vegas henderson nevada                           | 493             | management contract ( a )\nloews le concorde hotel quebec city canada                      | 405             | land lease expiring 2069\nthe madison a loews hotel washington d.c .                      | 353             | management contract expiring 2021 ( a )\nloews miami beach hotel miami beach florida                     | 790             | owned\nloews new orleans hotel new orleans louisiana                   | 285             | management contract expiring 2018 ( a )\nloews philadelphia hotel philadelphia pennsylvania              | 585             | owned\nloews portofino bay hotel at universal orlando orlando florida  | 750             | management contract ( c )\nloews regency hotel new york new york                           | 350             | land lease expiring 2013 with renewal option for 47 years\nloews royal pacific resort at universal orlando orlando florida | 1000            | management contract ( c )\nloews santa monica beach hotel santa monica california          | 340             | management contract expiring 2018 with renewal option for5 years ( a )\nloews vanderbilt hotel nashville tennessee                      | 340             | owned\nloews ventana canyon tucson arizona                             | 400             | management contract expiring 2019 ( a )\nloews hotel vogue montreal canada                               | 140             | owned"
}
{
    "_id": "dd4c32772",
    "title": "",
    "text": "31mar201122064257 notes to consolidated financial statements continued ) 10.\n income taxes continued reconciliation of beginning and ending amount gross unrecognized tax benefits follows ( in thousands ) :.\n company 2019s major tax jurisdictions as of october 1 , 2010 are united states  california iowa.\n for united states company has open tax years back to fiscal year 1998 due to carry forward of tax attributes.\n for california and iowa company open tax years back to fiscal year 2002 due to carry forward tax attributes.\n during year ended october 1, 2010 $ 0. 6 million of previously unrecognized tax benefits related to expiration of statute of limitations period recognized.\n company 2019s policy to recognize accrued interest and penalties if incurred on unrecognized tax benefits as component of income tax expense.\n company did not incur significant accrued interest or penalties related to unrecognized tax benefits during fiscal year 2010.\n 11.\n stockholders 2019 equity common stock company authorized to issue ( 1 ) 525000000 shares of common stock  par value $ 0. 25 per share 2 ) 25000000 shares of preferred stock  without par value.\n holders company 2019s common stock entitled to such dividends declared by company 2019s board of directors out of funds legally available for such purpose.\n dividends not paid on common stock unless all accrued dividends on preferred stock paid or declared and set aside.\n company 2019s liquidation , dissolution winding up holders of common stock entitled to share pro rata in assets remaining after payment to creditors payment liquidation preference plus unpaid dividends to holders outstanding preferred stock.\n each holder company 2019s common stock entitled to one vote for each share outstanding in holder 2019s name.\nno holder of common stock entitled to cumulate votes in voting for directors.\n company 2019s second amended certificate of incorporation provides unless otherwise determined by 2019s board of directors no holder common stock has preemptive right to purchase or subscribe for any stock of any class company may issue on august 3 , 2010  company 2019s board of directors approved stock repurchase program company authorized to repurchase up to $ 200 million of company 2019s common stock on open market or in privately negotiated transactions as permitted by securities laws other legal requirements.\n company had not repurchased any shares under program for fiscal year ended october 1 , 2010.\n as of november 29 , 2010 , skyworks / 2010 annual report 137\n\nbalance at october 2 2009                                          | $ 8859\n------------------------------------------------------------------ | ------------\nincreases based on positions related to prior years                | 437\nincreases based on positions related to current year               | 11221\ndecreases relating to settlements with taxing authorities          | 2014\ndecreases relating to lapses of applicable statutes of limitations | -617 ( 617 )\nbalance at october 1 2010                                          | $ 19900"
}
{
    "_id": "dd4c53148",
    "title": "",
    "text": "devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) restricted stock awards and units subject to terms  conditions  restrictions limitations  if compensation committee deems appropriate including restrictions on continued employment.\n service requirement for vesting ranges from zero to four years.\n during vesting period  recipients of restricted stock awards receive dividends not subject to restrictions or other limitations.\n devon estimates fair values of restricted stock awards and units as closing price of devon 2019s common stock on grant date of award unit expensed over applicable vesting period.\n performance-based restricted stock awards granted to certain members of devon 2019s senior management.\n vesting of awards dependent on devon meeting certain internal performance targets recipient meeting certain service requirements.\n service requirement for vesting ranges from zero to four years.\n for awards to vest  performance target must be met in first year if met  recipients entitled to dividends on awards over remaining service vesting period.\n if performance target and service period requirements not met , award does not vest.\n devon estimates fair values of awards as closing price of devon 2019s common stock on grant date of award expensed over applicable vesting period.\n performance share units units granted to certain members of devon 2019s senior management.\n each unit vests entitles recipient to one share of devon common stock.\n vesting of units based on comparing devon 2019s tsr to tsr of predetermined group of fourteen peer companies over specified two- or three- year performance period.\n vesting of units may be between zero and 200% ( 200 % ) of units granted depending on devon 2019s tsr as compared to peer group on vesting date.\nend of vesting period , recipients receive dividend equivalents with respect to number of units vested.\n fair value of each performance share unit estimated as of date of grant using monte carlo simulation with following assumptions used for all grants made under plan : ( i ) risk-free interest rate based on u. s.\n treasury rates as of grant date ; ii ) volatility assumption based on historical realized price volatility of devon and designated peer group ; ( iii ) estimated ranking of devon among designated peer group.\n fair value of unit on date of grant expensed over applicable vesting period.\n following table presents assumptions related to performance share units granted.\n stock options in accordance with devon 2019s incentive plans  exercise price of stock options granted may not be less than market value of stock at date of grant.\n options granted exercisable during period established for each grant not exceed eight years from date of grant.\n recipient must pay exercise price in cash or common stock or combination thereof  at time option exercised.\n service requirement for vesting ranges from zero to four years.\n fair value of stock options on\n\n| 2015                 | 2014                 | 2013\n-------------------------- | -------------------- | -------------------- | --------------------------------------\ngrant-date fair value      | $ 81.99 2013 $ 85.05 | $ 70.18 2013 $ 81.05 | $ 61.27 2013 $ 63.48\nrisk-free interest rate    | 1.06% ( 1.06 % )     | 0.54% ( 0.54 % )     | 0.26% ( 0.26 % ) 2013 0.36% ( 0.36 % )\nvolatility factor          | 26.2% ( 26.2 % )     | 28.8% ( 28.8 % )     | 30.3% ( 30.3 % )\ncontractual term ( years ) | 2.89                 | 2.89                 | 3.0"
}
{
    "_id": "dd498682a",
    "title": "",
    "text": "hartford financial services group , inc.\n notes to consolidated financial statements continued ) 7.\n deferred policy acquisition costs and present value of future profits continued ) results changes in dac balance are as follows:.\n significant contributors to unlock charge recorded year ended december 31 , 2011 were assumption changes reduced expected future gross profits including additional costs associated with implementing japan hedging strategy and.\n variable annuity macro hedge program , actual separate account returns below aggregated estimated return.\n significant contributors to unlock benefit year ended december 31 , 2010 were actual separate account returns above aggregated estimated return.\n included in benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , long-term expected rate of return updates.\n significant contributors to unlock charge recorded year ended december 31 , 2009 were results of actual separate account returns significantly below aggregated estimated return for first quarter of 2009 , partially offset by actual returns greater than aggregated estimated return for period from april 1 , 2009 to december 31 , 2009.\n most significant contributor to adjustments was effect of declining interest rates , resulting in unrealized gains on securities classified in aoci.\n includes $ 34 decrease result of disposition of dac from sale of hartford investment canadian canada in 2010.\n for year ended december 31 , 2010 effect of adopting new accounting guidance for embedded credit derivatives resulted in decrease to retained earnings and dac benefit.\n offsetting amount recorded in unrealized losses as losses decreased upon adoption of new accounting guidance.\nyear ended december 31 , 2009 effect adopting new accounting guidance for investments other- than- temporarily impaired resulted in increase to retained earnings dac charge.\n offsetting amount recorded in unrealized losses unrealized losses increased upon adoption new accounting guidance.\n as of december 31 , 2011  estimated future net amortization expense of present value of future profits for succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 $ 22 in 2012 , 2013  2014  2015 2016  respectively.\n\n| 2011           | 2010           | 2009\n----------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\nbalance january 1                                                                         | $ 9857         | $ 10686        | $ 13248\ndeferred costs                                                                            | 2608           | 2648           | 2853\namortization 2014 dac                                                                     | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 )\namortization 2014 dac from discontinued operations                                        | 2014           | -17 ( 17 )     | -10 ( 10 )\namortization 2014 unlock benefit ( charge ) pre-tax [1]                                   | -507 ( 507 )   | 138            | -1010 ( 1010 )\nadjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 )   | -1159 ( 1159 ) | -1031 ( 1031 )\neffect of currency translation                                                            | 83             | 215            | -39 ( 39 )\ncumulative effect of accounting change pre-tax [3]                                        | 2014           | 11             | -78 ( 78 )\nbalance december 31                                                                       | $ 8744         | $ 9857         | $ 10686"
}
{
    "_id": "dd4c4ac6e",
    "title": "",
    "text": "funding practices believe we not be required to make contributions under new ppa requirements until after 2012.\n not expect significant statutory or contractual funding requirements for major retiree benefit plans next years total 2007.\n and foreign plan contributions estimated at approximately $ 54 million.\n actual 2007 contributions could exceed current projections influenced by decision to undertake discretionary funding of benefit trusts versus other competing investment priorities future changes in government requirements renewals of union contracts or higher-than-expected health care claims experience.\n projections concerning timing of ppa funding requirements subject to change based on general market conditions affecting trust asset performance and future decisions regarding certain elective provisions of ppa.\n comparison to 2005 unfavorable movement in core working capital during 2006 related to trade payables performance higher inventory balances.\n at december 30 , 2006 consolidated trade payables balance within 3% ( 3 % ) of balance at year-end 2005.\n trade payables balance increased approximately 22% ( 22 % ) during 2005  from historically-low level at end of 2004.\n higher inventory balance related to higher commodity prices for raw material and packaging inventories overall increase in average number of weeks of inventory on hand.\n consolidated inventory balances unfavorably affected by.\n capacity limitations during 2006 ; consolidated inventory balances remain at industry-leading levels.\n despite unfavorable movement in absolute balance average core working capital continues to improve as percentage of net sales.\n for trailing fifty-two weeks ended december 30 , 2006  core working capital was 6. 8% ( 6. 8 % ) of net sales  compared to 7. 0% ( 7. 0 % ) as of year-end 2005 and 7. 3% ( 7. 3 % ) as of year-end 2004.\nachieved multi-year reduction through faster collection of accounts receivable extension of terms on trade payables.\n up until 2006  successful in implementing logistics improvements to reduce inventory on hand while meet customer requirements.\n believe opportunity to reduce inventory from year-end 2006 levels could represent source of operating cash flow during 2007.\n for 2005  net favorable movement in core working capital related to increase in trade payables partially offset by unfavorable movement in trade receivables returned to historical levels relation to sales ) in early 2005 from lower levels at end of 2004.\n believe lower levels related to timing of 53rd week over 2004 holiday period impacted core working capital component of operating cash flow throughout 2005.\n presented in table on page 16  other working capital was source of cash in 2006 versus use of cash in 2005.\n year-over-year favorable variance of approximately $ 116 million attributable to factors including lower debt-related currency swap payments in 2006 business-related growth in accrued compensation and promotional liabilities.\n unfavorable movement in other working capital for 2004  to years primarily relates to decrease in current income tax liabilities offset in deferred income taxes line management measure of cash flow is defined as net cash provided by operating activities reduced by expenditures for property additions.\n use non-gaap financial measure of cash flow to focus management investors on amount cash available for debt repayment  dividend distributions  acquisition opportunities share repurchase.\n cash flow metric reconciled to most comparable gaap measure .\n year-over-year change 24. 5% ( 24. 5 % ) fffd19. 1% ( fffd19. 1 % ) 2006 and 2005 cash flow performance reflects increased spending for selected capacity expansions to accommodate company 2019s strong sales growth past years.\n increased capital spending represented 4.2% ( 4. 2 % ) of net sales in 2006 3. 7% ( 3. 7 % ) of net sales in 2005  compared to 2. 9% ( 2. 9 % ) in 2004.\n for 2007  expect property expenditures to remain at approximately 4% ( 4 % ) of net sales consistent with long-term target for capital spending.\n forecast includes expenditures construction new manufacturing facility in ontario , canada  represents approximately 15% ( 15 % ) of 2007 capital plan.\n facility constructed to satisfy existing capacity needs in north america business believe will partially ease logistics and inventory management issues encountered during 2006.\n for 2007  targeting cash flow of $ 950-$ 1025 million.\n expect to achieve target principally through operating\n\n( dollars in millions )                   | 2006             | 2005                     | 2004\n----------------------------------------- | ---------------- | ------------------------ | ----------------\nnet cash provided by operating activities | $ 1410.5         | $ 1143.3                 | $ 1229.0\nadditions to properties                   | -453.1 ( 453.1 ) | -374.2 ( 374.2 )         | -278.6 ( 278.6 )\ncash flow                                 | $ 957.4          | $ 769.1                  | $ 950.4\nyear-over-yearchange                      | 24.5% ( 24.5 % ) | 221219.1% ( 221219.1 % ) |"
}
{
    "_id": "dd496f2ec",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) ( amounts in millions except per share amounts ) summary of remaining liability for 2007 , 2003 2001 restructuring programs follows : program total.\n 1 includes amounts representing adjustments to liability for changes in foreign currency exchange rates.\n other reorganization-related charges charges relate to realignment of media businesses into newly management entity mediabrands 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb.\n charges related to severance and terminations costs lease termination exit costs.\n expect charges associated with mediabrands to completed during first half of 2009.\n charges related to creation of draftfcb in 2006 complete.\n charges separated from rest operating expenses within consolidated statements of operations because did not result from charges in normal course of business.\n\n| 2007 program   | 2003 program | 2001 program | total\n----------------------------------------- | -------------- | ------------ | ------------ | --------------\nliability at december 31 2006             | $ 2014         | $ 12.6       | $ 19.2       | $ 31.8\nnet charges ( reversals ) and adjustments | 19.1           | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4\npayments and other1                       | -7.2 ( 7.2 )   | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 )\nliability at december 31 2007             | $ 11.9         | $ 9.0        | $ 8.7        | $ 29.6\nnet charges and adjustments               | 4.3            | 0.8          | 0.7          | 5.8\npayments and other1                       | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 )\nliability at december 31 2008             | $ 1.2          | $ 5.7        | $ 5.9        | $ 12.8"
}
{
    "_id": "dd4bdeac8",
    "title": "",
    "text": "actual return on plan assets compared to expected return on plan assets (. s.\n pension plans had actual rate of return 7. 8 percent compared to expected rate return 6. 9 percent ).\n 2022 2015 net mark-to-market loss of $ 179 million - primarily due to difference between actual return on plan assets compared to expected return on plan assets (. s.\n pension plans had actual rate of return of ( 2. 0 ) percent compared to expected rate return 7. 4 percent ) partially offset by higher discount rates at end of 2015 compared to 2014.\n net mark-to-market losses in results of operations line items:.\n effective january 1, 2018, adopted new accounting guidance by fasb related to presentation of net periodic pension and opeb costs.\n guidance requires employer disaggregate service cost component from other components of net benefit cost.\n service cost required to reported in same line item or items as other compensation costs from services rendered by pertinent employees period.\n other components of net benefit cost required to reported outside subtotal for income from operations.\n components of pension and opeb costs  other than service costs reclassified from operating costs to other income/expense.\n change applied retrospectively to prior years.\n in fourth quarter of 2017  company reviewed and made changes to mortality assumptions for u. s.\n pension plans resulted in increase in life expectancy of plan participants.\n as of december 31 , 2017 changes resulted in increase in liability for postemployment benefits of approximately $ 290 million.\n in fourth quarter of 2016  company adopted new mortality improvement scales by soa for. s.\n pension and opeb plans.\n of december 31, 2016 resulted in increase in liability for postemployment benefits of approximately $ 200 million.\n in first quarter of 2017  announced closure of gosselies , belgium facility.\nannouncement impacted employees participated in defined benefit pension plan resulted in curtailment and recognition of termination benefits.\n in march 2017  recognized net loss of $ 20 million for curtailment and termination benefits.\n announced decision to phase out production at our aurora , illinois , facility  resulted in termination benefits of $ 9 million for certain hourly employees in our u. s.\n hourly defined benefit pension plan.\n beginning in 2016  elected to utilize full yield curve approach in estimation of service and interest costs by applying specific spot rates along yield curve used in determination benefit obligation to relevant projected cash flows.\n service and interest costs in 2017 and 2016 lower by $ 140 million and $ 180 million respectively  under new method than previous method.\n change had no impact on year-end defined benefit pension and opeb obligations or annual net periodic benefit cost lower service and interest costs offset in actuarial loss ( gain ) reported for respective year.\n expect total defined benefit pension and opeb expense ( excluding impact mark-to-market gains and losses ) to decrease approximately $ 80 million in 2018.\n decrease primarily due to higher expected return on plan assets higher asset base in 2018.\n strategy for u. s.\n and non-u. s.\n pensions includes ongoing alignment of investments to liabilities, reducing risk in portfolio.\n for u. s.\n pension plans  year-end 2017 asset allocation was 34 a0percent equities , 62 a0percent fixed income 4 percent other.\n current u. s.\n pension target asset allocation is 30 percent equities 70 percent fixed income.\n target allocation is revisited periodically to ensure reflects overall objectives.\n u. s.\n plans rebalanced to plus or minus 5 percentage points of target asset allocation ranges on monthly basis.\nyear-end 2017 asset allocation for non-u. s.\n pension plans was 40 a0percent equities 53 fixed income 4 a0percent real estate 3 percent other.\n 2017 weighted-average target allocations for non-u. s.\n pension plans was 38 a0percent equities 54 fixed income 5 real estate 3 a0percent other.\n target allocations each plan vary based local statutory requirements demographics plan participants funded status.\n frequency of rebalancing for non-u.\n plans varies depending on plan.\n contributions to pension and opeb plans were $ 1. 6 billion and $ 329 million in 2017 and 2016 respectively.\n 2017 contributions include $ 1. 0 billion discretionary contribution to. s.\n pension plans in december 2017.\n expect to make approximately $ 365 million contributions to pension opeb plans in 2018.\n believe adequate resources to fund both pension and opeb plans.\n 48| 2017 form 10-k\n\n( millions of dollars )                     | years ended december 31 , 2017 | years ended december 31 , 2016 | years ended december 31 , 2015\n------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\ncost of goods sold                          | $ -29 ( 29 )                   | $ 476                          | $ 122\nselling general and administrative expenses | 244                            | 382                            | 18\nresearch and development expenses           | 86                             | 127                            | 39\ntotal                                       | $ 301                          | $ 985                          | $ 179"
}
{
    "_id": "dd4c5eb9c",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 continued ) high quality financial institutions.\n balances may be in excess of fdic insured limits.\n to manage related credit exposure  we monitor credit worthiness of financial institutions where deposits.\n concentrations of credit risk to trade accounts receivable limited due to wide variety of customers and markets in provide services dispersion of operations across geographic areas.\n provide services to small-container , large-container  municipal residential  energy services customers in united states and puerto rico.\n perform ongoing credit evaluations of customers do not require collateral to support customer receivables.\n establish allowance for doubtful accounts based on factors including credit risk of specific customers  age of receivables outstanding  historical trends  economic conditions other information.\n accounts receivable , net accounts receivable represent receivables from customers for collection , transfer , recycling , disposal  energy services other services.\n receivables recorded when billed or when related revenue earned represent claims against third parties settled in cash.\n carrying value of receivables , net of allowance for doubtful accounts customer credits  represents estimated net realizable value.\n provisions for doubtful accounts evaluated monthly basis recorded based on historical collection experience  age of receivables  specific customer information economic conditions.\n review outstanding balances account-specific basis.\n reserves provided for accounts receivable in excess of 90 days outstanding.\n past due receivable balances written-off when collection efforts unsuccessful in collecting amounts due.\n following table reflects activity in allowance for doubtful accounts for years ended december 31:.\n restricted cash and marketable securities as of december 31 , 2018 , had $ 108. 1 million of restricted cash and marketable securities of which $ 78.6 million supports our insurance programs for workers 2019 compensation  commercial general liability  commercial auto liability.\n we obtain funds through issuance of tax-exempt bonds for financing qualifying expenditures at our landfills  transfer stations  collection and recycling processing centers.\n funds deposited directly into trust accounts by bonding authorities at time of issuance.\n use of these funds is contractually restricted  not ability to use funds for general operating purposes they classified as restricted cash and marketable securities in our consolidated balance sheets.\n in normal course business we may be required to provide financial assurance to governmental agencies other entities in connection with municipal residential collection contracts closure post- closure of landfills environmental remediation environmental permits business licenses and permits as financial guarantee of performance.\n at several landfills satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.\n\n| 2018     | 2017     | 2016\n---------------------------- | -------- | -------- | --------\nbalance at beginning of year | $ 38.9   | $ 44.0   | $ 46.7\nadditions charged to expense | 34.8     | 30.6     | 20.4\naccounts written-off         | ( 39.4 ) | ( 35.7 ) | ( 23.1 )\nbalance at end of year       | $ 34.3   | $ 38.9   | $ 44.0"
}
{
    "_id": "dd4c0bce4",
    "title": "",
    "text": "capitalized software : internally developed computer software costs and costs of product enhancements capitalized subsequent to determination technological feasibility ; capitalization continues until product available for commercial release.\n judgment required in determining when technological feasibility product is established.\n company determined technological feasibility reached after high-risk development issues resolved through coding and testing.\n time between establishment technological feasibility and commercial release of software is minimal resulting in insignificant or no capitalization of internally developed software costs.\n amortization of capitalized software costs  for internally developed as as for purchased software products computed on product-by-product basis over estimated economic life of product  generally three years.\n amortization is greater of amount computed using : ratio of current year 2019s gross revenue to total current and anticipated future gross revenue for product or straight-line method over estimated life of product.\n amortization expense related to capitalized and acquired software costs , including related trademarks  was $ 40. 9 million , $ 33. 7 million and $ 32. 8 million for years ended december 31 , 2012 , 2011 and 2010 , respectively.\n company periodically reviews carrying value of capitalized software.\n impairments recognized in results operations when expected future undiscounted operating cash flow from capitalized costs of internally developed software is less than carrying value.\n no impairment charges required to date.\n goodwill and other intangible assets : goodwill represents excess of consideration transferred over fair value of net identifiable assets acquired.\n intangible assets consist of trademarks , customer lists , contract backlog , acquired software and technology.\n company tests goodwill for impairment annually by qualitative assessment of sufficient evidence likely not fair value of each reporting unit exceeds its carrying amount.\napplication of qualitative assessment requires company to assess make judgments regarding variety of factors potentially impact fair value of a reporting unit , including general economic conditions , industry market-specific conditions , customer behavior  cost factors  company 2019s financial performance trends  company 2019s strategies business plans  capital requirements  management personnel issues  company 2019s stock price , among others.\n company considers totality of these and other factors , placing more weight on events and circumstances to most affect reporting unit 2019s fair value or carrying amount of net assets , to reach qualitative conclusion regarding whether more likely not fair value of reporting unit is less than its carrying amount.\n if determined more likely than not fair value reporting unit exceeds its carrying value , no further analysis is necessary.\n if determined more likely than not reporting unit's carrying value exceeds fair value , a quantitative two-step analysis is performed where fair value of reporting unit is estimated and impairment loss , if any, is recorded.\n company tests indefinite-lived intangible assets for impairment annually by comparing carrying value asset to estimated fair value.\n company performs annual goodwill and indefinite-lived intangible assets impairment test on january 1 of each year unless indicator require test during year.\n company periodically reviews carrying value of other intangible assets and will recognize impairments when events circumstances indicate such assets may be impaired.\n no impairment charges required to date for company's goodwill and other intangible assets.\n concentrations of credit risk : company has concentration of credit risk with respect to revenue and trade receivables due to use of certain significant channel partners to market sell company 2019s products.\n company performs periodic credit evaluations of customers 2019 financial condition and generally does not require collateral.\nfollowing table outlines concentrations of risk respect company 2019s revenue:.\n table of contents\n\n( as a % (  % ) of revenue except customer data )     | year ended december 31 , 2012 | year ended december 31 , 2011 | year ended december 31 , 2010\n----------------------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------\nrevenue from channel partners                         | 26% ( 26 % )                  | 26% ( 26 % )                  | 27% ( 27 % )\nlargest channel partner                               | 6% ( 6 % )                    | 4% ( 4 % )                    | 4% ( 4 % )\n2ndlargest channel partner                            | 3% ( 3 % )                    | 3% ( 3 % )                    | 3% ( 3 % )\ndirect sale customers exceeding 5% ( 5 % ) of revenue | 2014                          | 2014                          | 2014"
}
{
    "_id": "dd4b90774",
    "title": "",
    "text": "note 10.\n commitments and contingencies credit-related commitments contingencies : credit-related financial instruments  off-balance sheet include indemnified securities financing  unfunded commitments to extend credit or purchase assets standby letters of credit.\n potential loss associated with indemnified securities financing  unfunded commitments standby letters of credit is equal to total gross contractual amount not consider value of collateral.\n table summarizes total gross contractual amounts of credit-related off-balance sheet financial instruments at december 31.\n amounts not reflect participations to independent third parties.\n ( 1 amount for 2009 excludes agreements related to commercial paper conduits consolidated in may 2009 ; see note 11.\n approximately 81% ( 81 % ) of unfunded commitments to extend credit expire within one year from date of issue.\n many commitments expected to expire or renew without drawn upon total commitment amount not represent future cash requirements.\n securities finance : on behalf of customers we lend securities to creditworthy brokers other institutions.\n indemnify customers for fair market value of securities against failure of borrower to return securities.\n collateral funds received in with securities finance services held by us as agent not recorded in consolidated statement of condition.\n require borrowers to provide collateral in amount equal to or in excess of 100% ( ) of fair market value of securities borrowed.\n borrowed securities revalued daily to determine if additional collateral necessary.\n we held  as agent  cash.\n government securities with aggregate fair value of $ 375. 92 billion and $ 333. 07 billion as collateral for indemnified securities on loan at december 31 , 2009 and 2008  presented in table.\n collateral held by us is invested on behalf of customers in accordance with their guidelines.\ncertain cases collateral invested in third-party repurchase agreements for we indemnify customer against loss of principal invested.\n we require repurchase agreement counterparty to provide collateral amount equal to or excess of 100% ( ) of amount repurchase agreement.\n indemnified repurchase agreements and related collateral not recorded in our consolidated statement of condition.\n of collateral of $ 375. 92 billion at december 31 , 2009 and $ 333. 07 billion at december 31 , 2008 above , $ 77. 73 billion at december 31 , 2009 and $ 68. 37 billion at december 31 , 2008 invested in indemnified repurchase agreements.\n we held as agent cash and securities with aggregate fair value of $ 82. 62 billion and $ 71. 87 billion as collateral for indemnified investments in repurchase agreements at december 31 , 2009 and december 31 , 2008.\n legal proceedings : ordinary business we and subsidiaries involved in disputes  litigation regulatory inquiries investigations pending and threatened.\n these matters if resolved adversely against us may result in monetary damages  fines penalties or require changes in business practices.\n resolution of proceedings difficult to predict.\n we do not believe amount any judgment , settlement or other action from pending proceeding have material adverse effect on our consolidated financial condition although outcome of certain matters described below may have material adverse effect on our consolidated results of operations for period matter resolved\n\n( in millions )                       | 2009     | 2008\n------------------------------------- | -------- | --------\nindemnified securities financing      | $ 365251 | $ 324590\nasset purchase agreements ( 1 )       | 8211     | 31780\nunfunded commitments to extend credit | 18078    | 20981\nstandby letters of credit             | 4784     | 6061"
}
{
    "_id": "dd498c0cc",
    "title": "",
    "text": "before purchase in november 2008 units reflected in diluted earnings per share calculations using treasury stock method defined by sfas no.\n 128 , earnings per share.\n under this method number of shares of common stock used in calculating diluted earnings per share ( based on settlement formula applied at end of reporting period ) increased by excess  if of number of shares issued upon settlement of purchase contracts less number of shares purchased by company in market at average market price during period using proceeds received upon settlement.\n dilution occur for periods when average market price of company 2019s common stock for reporting period above $ 21. 816.\n senior secured revolving credit facility in september 2005 company entered into $ 250 million  three-year senior secured revolving credit facility.\n result of citadel investment in november 2007 facility terminated all unamortized debt issuance costs expensed.\n corporate debt covenants company 2019s corporate debt described terms include customary financial covenants.\n as of december 31 , 2007 company in compliance with all such covenants.\n early extinguishment of debt in 2006 company called entire remaining $ 185. 2 million principal amount of 6% ( 6 % ) notes for redemption.\n company recorded $ 0. 7 million loss on early extinguishment of debt relating to write-off of unamortized debt offering costs.\n company early extinguishments of debt in 2005.\n other corporate debt company has multiple term loans from financial institutions.\n loans collateralized by equipment included within other borrowings on consolidated balance sheet.\n see note 14 2014securities sold under agreement to repurchase and other borrowings.\n future maturities of corporate debt scheduled principal payments of corporate debt as of december 31, 2007 are as follows ( dollars in thousands ) : years ending december 31.\n\n2008                                              | $ 2014\n------------------------------------------------- | ------------------\n2009                                              | 2014\n2010                                              | 2014\n2011                                              | 453815\n2012                                              | 2014\nthereafter                                        | 2996337\ntotal future principal payments of corporate debt | 3450152\nunamortized discount net                          | -427454 ( 427454 )\ntotal corporate debt                              | $ 3022698"
}
{
    "_id": "dd4b9d514",
    "title": "",
    "text": "to  rather than substitute for cash provided by operating activities.\n following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) :.\n 2017 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : employees , customers  shareholders communities we serve.\n will continue using multi-faceted approach to safety  utilizing technology , risk assessment  training and employee engagement  quality control  targeted capital investments.\n continue using expanding deployment of total safety culture and courage to care throughout operations to identify and implement best practices for employee and operational safety.\n continue efforts to increase detection of rail defects ; improve or close crossings ; educate public and law enforcement agencies about crossing safety through combination our own programs ( including risk assessment strategies ) industry programs local community activities across network.\n network operations 2013 in 2017  continue to align resources with customer demand maintain efficient network ensure surge capability with assets.\n fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in current environment.\n could see volatile fuel prices during year  sensitive to global.\n domestic demand  refining capacity geopolitical events  weather conditions other factors.\n as prices fluctuate timing impact on earnings  fuel surcharge programs trail increases or decreases in fuel price by approximately two months.\n lower fuel prices could have positive impact on economy by increasing consumer discretionary spending increase demand for various consumer products transport.\n alternatively lower fuel prices could likely have negative impact on other commodities coal and domestic drilling-related shipments.\n capital plan 2013 in 2017  expect our capital plan to be approximately $ 3.1 billion , including expenditures for ptc , approximately 60 locomotives scheduled to delivered  intermodal containers and chassis  freight cars.\n capital plan may be revised if business conditions warrant or if new laws or regulations affect ability to generate sufficient returns on investments.\n ( see further discussion in item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in market sectors continue drive uncertainty with volume levels.\n expect volume to grow in low single digit range in 2017 compared to 2016  depend on overall economy and market conditions.\n significant uncertainties is outlook for energy markets  bring challenges and opportunities.\n in current environment  expect continued margin improvement driven by continued pricing opportunities  ongoing productivity initiatives  ability to leverage resources strengthen franchise.\n over longer term  expect overall u. s.\n economy to continue improve at modest pace  some markets outperforming others.\n\nmillions                              | 2016           | 2015           | 2014\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 7525         | $ 7344         | $ 7385\ncash used in investing activities     | -3393 ( 3393 ) | -4476 ( 4476 ) | -4249 ( 4249 )\ndividends paid                        | -1879 ( 1879 ) | -2344 ( 2344 ) | -1632 ( 1632 )\nfree cash flow                        | $ 2253         | $ 524          | $ 1504"
}
{
    "_id": "dd4bf331a",
    "title": "",
    "text": "management 2019s discussion analysis 118 jpmorgan chase & co. /2018 form 10-k equivalent to risk of loan exposures.\n dre is less extreme measure of potential credit loss than peak used as input for aggregating derivative credit risk exposures with loans other credit risk.\n avg is measure of expected fair value of firm 2019s derivative receivables at future time periods , including benefit of collateral.\n avg over total life of derivative contract used as primary metric for pricing purposes used to calculate credit risk capital and cva , described below.\n fair value of firm 2019s derivative receivables incorporates cva to reflect credit quality of counterparties.\n cva based on firm 2019s avg to counterparty and counterparty 2019s credit spread in credit derivatives market.\n firm believes active risk management essential to controlling dynamic credit risk in derivatives portfolio.\n firm 2019s risk management process consideration potential impact of wrong-way risk , defined potential for increased correlation between firm 2019s exposure to counterparty ( avg ) and counterparty 2019s credit quality.\n many factors may influence nature magnitude of these correlations over time.\n extent correlations identified  firm may adjust cva associated with counterparty 2019s avg.\n firm risk manages exposure to changes in cva by entering into credit derivative contracts , interest rate , foreign exchange , equity and commodity derivative contracts.\n accompanying graph shows exposure profiles to firm 2019s current derivatives portfolio over next 10 years as calculated by peak , dre and avg metrics.\n three measures generally show exposure will decline after first year , if no new trades added to portfolio.\nexposure profile of derivatives measures december 31 , 2018 ( in billions ) table summarizes ratings profile firm 2019s derivative receivables  including credit derivatives  net of all collateral  at dates indicated.\n ratings scale based on firm 2019s internal ratings correspond to ratings assigned by s&p and moody 2019s.\n ratings profile derivative receivables.\n firm uses collateral agreements to mitigate counterparty credit risk.\n percentage of firm 2019s over-the-counter derivative transactions subject to collateral agreements 2014 excluding foreign exchange spot trades not typically covered by collateral agreements due to short maturity centrally cleared trades settled daily 2014 was approximately 90% ( 90 % ) at december 31, 2018  and december 31 , 2017.\n\nrating equivalent december 31 ( in millions except ratios ) | rating equivalent exposure net of all collateral | rating equivalent % (  % ) of exposure netof all collateral | exposure net of all collateral | % (  % ) of exposure netof all collateral\n----------------------------------------------------------- | ------------------------------------------------ | ----------------------------------------------------------- | ------------------------------ | -----------------------------------------\naaa/aaa to aa-/aa3                                          | $ 11831                                          | 31% ( 31 % )                                                | $ 11529                        | 29% ( 29 % )\na+/a1 to a-/a3                                              | 7428                                             | 19                                                          | 6919                           | 17\nbbb+/baa1 to bbb-/baa3                                      | 12536                                            | 32                                                          | 13925                          | 34\nbb+/ba1 to b-/b3                                            | 6373                                             | 16                                                          | 7397                           | 18\nccc+/caa1 and below                                         | 723                                              | 2                                                           | 645                            | 2\ntotal                                                       | $ 38891                                          | 100% ( 100 % )                                              | $ 40415                        | 100% ( 100 % )"
}
{
    "_id": "dd4bd9d20",
    "title": "",
    "text": "table of contents table presents payments due by company under contractual obligations with minimum firm commitments as of september 28 , 2013 excludes amounts recorded on consolidated balance sheet except for long-term debt ( in millions ) : lease commitments company 2019s major facility leases typically for terms not exceeding 10 years provide renewal options for terms not exceeding five additional years.\n leases for retail space are for terms from five to 20 years  majority for 10 years often contain multi-year renewal options.\n as of september 28 , 2013  company 2019s total future minimum lease payments under noncancelable operating leases were $ 4. 7 billion  $ 3. 5 billion related to leases for retail space.\n purchase commitments with outsourcing partners component suppliers company utilizes outsourcing partners to manufacture sub-assemblies for products perform final assembly testing of finished products.\n outsourcing partners acquire components build product based on demand information supplied company covers periods up to 150 days.\n company obtains individual components for products from variety of suppliers.\n company acquires components through purchase orders , supplier contracts  open orders based on projected demand information.\n appropriate purchases applied to inventory component prepayments outstanding with supplier.\n as of september 28 , 2013  company had outstanding off-balance sheet third- party manufacturing commitments and component purchase commitments of $ 18. 6 billion.\n other obligations in addition to off-balance sheet commitments company had outstanding obligations of $ 1. 3 billion as of september 28 , 2013  mainly of commitments to acquire capital assets including product tooling manufacturing process equipment  commitments related to advertising , research and development , internet and telecommunications services other obligations.\ncompany 2019s other non-current liabilities in consolidated balance sheets consist primarily of deferred tax liabilities , gross unrecognized tax benefits related gross interest and penalties.\n as of september 28 , 2013 , company had non-current deferred tax liabilities of $ 16. 5 billion.\n additionally as of september 28 , 2013  company had gross unrecognized tax benefits of $ 2. 7 billion additional $ 590 million for gross interest and penalties as non-current liabilities.\n company unable to make reliable estimate of timing of payments in individual years connection with these tax liabilities ; such amounts not included in above contractual obligation table.\n indemnification company does not indemnify end-users of operating system application software against legal claims software infringes third-party intellectual property rights.\n other agreements entered by payments due in than 1 payments due than 5 years total.\n\n| payments due in less than1 year | payments due in 1-3 years | payments due in 4-5 years | payments due in more than5 years | total\n-------------------- | ------------------------------- | ------------------------- | ------------------------- | -------------------------------- | -------\nlong-term debt       | $ 0                             | $ 2500                    | $ 6000                    | $ 8500                           | $ 17000\noperating leases     | 610                             | 1200                      | 1056                      | 1855                             | 4721\npurchase obligations | 18616                           | 0                         | 0                         | 0                                | 18616\nother obligations    | 1081                            | 248                       | 16                        | 3                                | 1348\ntotal                | $ 20307                         | $ 3948                    | $ 7072                    | $ 10358                          | $ 41685"
}
{
    "_id": "dd4bcbb1c",
    "title": "",
    "text": "notes consolidated financial statements jpmorgan chase & co. /2009 annual report 168 nonrecurring fair value changes table presents total change in value of financial instruments fair value adjustment included in consolidated statements income for years ended december 31 , 2009  2008 2007  related to financial instru- ments held dates.\n year ended december 31.\n accounts payable other liabilities 31 ( 285 ) 2 total nonrecurring fair value gains/ ( losses ) $ ( 4012 ) $ ( 4857 ) $ ( 879 ) table loans include 1 write-downs of delinquent mortgage home equity loans impairment based on fair value underlying collateral ; 2 ) change in fair value for leveraged lending loans consolidated balance sheets at lower of cost or fair value.\n accounts payable other liabilities include change in fair value for unfunded lending-related commitments within leveraged lending portfolio.\n level 3 analysis level 3 assets including assets measured fair value nonre- curring basis ) were 6% ( 6 % ) of total firm assets at december 31 , 2009 and 2008.\n level 3 assets were $ 130. 4 billion at december 31 , 2009  decrease of $ 7. 3 billion in 2009  due to net decrease of $ 6. 3 billion in gross derivative receivables  driven by tightening of credit spreads.\n offset- ting portion decrease net transfers into level 3 year transfer into level 3 of $ 41. 3 billion of structured credit derivative receivables  transfer out of level 3 of $ 17. 7 billion of single-name cds on abs.\n fair value of receivables transferred into level 3 year was $ 22. 1 billion at december 31 , 2009.\nfair value of struc- tured credit derivative payables with similar risk profile to previously noted receivables classified in level 3  was $ 12. 5 billion at december 31 , 2009.\n de- rivatives payables offset receivables modeled valued same way with same parameters inputs as assets.\n 2022 net decrease of $ 3. 5 billion in loans  driven by sales of leveraged loans transfers of similar loans to level 2  due to increased price transparency for.\n leveraged loans typically classified as held-for-sale measured at lower of cost or fair value included in nonre- curring fair value assets.\n 2022 net decrease of $ 6. 3 billion in trading assets 2013 debt and equity instruments  primarily in loans residential- commercial- mbs  principally driven by sales markdowns sales unwinds of structured transactions with hedge funds.\n declines partially offset by transfer from level 2 to level 3 of structured notes reflecting lower liquidity less pricing ob- servability increases in fair value of other abs.\n 2022 net increase of $ 6. 1 billion in msrs  due to increases in fair value of asset  related to market interest rate changes affecting firm's estimate of future pre- payments sales in of originated loans for servicing rights retained.\n increases offset par tially by servicing portfolio runoff.\n 2022 net increase of $ 1. 9 billion in accrued interest and accounts receivable related to increases in subordinated retained interests from firm 2019s credit card securitization activities.\n gains and losses losses included in tables for 2009 and 2008 included 2022 $ 11. 4 billion of net losses on derivatives primarily related to tightening of credit spreads.\n2022 net losses on trading 2013debt equity instruments $ 671 million $ 2. 1 billion losses primarily related to residential commercial loans mbs driven by markdowns sales partially offset by gains $ 1. 4 billion reflecting increases in fair value other abs.\n further discussion gains losses on mortgage-related expo- sures inclusive risk management activities see 201cmort- gage-related exposures carried at fair value 201d discussion below. 2022 $ 5. 8 billion gains on msrs.\n 2022 $ 1. 4 billion losses related to structured note liabilities due to volatility in equity markets.\n 2022 losses on trading-debt equity instruments approximately $ 12. 8 billion principally from mortgage-related transactions auction-rate securities.\n 2022 losses of $ 6. 9 billion on msrs.\n losses approximately $ 3. 9 billion on leveraged loans.\n 2022 net gains of $ 4. 6 billion related to derivatives principally due to changes in credit spreads rate curves.\n 2022 gains of $ 4. 5 billion related to structured notes due to significant volatility in fixed income commodities eq- uity markets.\n 2022 private equity losses $ 638 million.\n further information on changes fair value msrs see note 17 on pages 223 2013224 of annual.\n\n( in millions )                               | 2009             | 2008             | 2007\n--------------------------------------------- | ---------------- | ---------------- | --------------\nloans retained                                | $ -3550 ( 3550 ) | $ -1159 ( 1159 ) | $ -218 ( 218 )\nloans held-for-sale                           | -389 ( 389 )     | -2728 ( 2728 )   | -502 ( 502 )\ntotal loans                                   | -3939 ( 3939 )   | -3887 ( 3887 )   | -720 ( 720 )\nother assets                                  | -104 ( 104 )     | -685 ( 685 )     | -161 ( 161 )\naccounts payable andother liabilities         | 31               | -285 ( 285 )     | 2\ntotal nonrecurringfairvalue gains/ ( losses ) | $ -4012 ( 4012 ) | $ -4857 ( 4857 ) | $ -879 ( 879 )"
}
{
    "_id": "dd4c277dc",
    "title": "",
    "text": "entergy corporation notes consolidated financial statements sale leaseback transactions waterford 3 lease obligations in 1989  entergy louisiana sold leased back 9. 3% ( 9. 3 % ) of interest in waterford 3 for aggregate sum of $ 353. 6 million.\n lease has approximate term of 28 years.\n lessors financed sale-leaseback through issuance waterford 3 secured lease obligation bonds.\n lease payments entergy louisiana sufficient to service debt.\n in 1994  entergy louisiana not exercise option to repurchase 9. 3% ( 9. 3 % ) interest in waterford 3.\n entergy louisiana issued $ 208. 2 million of non-interest bearing first mortgage bonds as collateral for equity portion of certain amounts payable under lease.\n in 1997  lessors refinanced outstanding bonds finance purchase of waterford 3 at lower interest rates reduced annual lease payments.\n occurrence of certain events entergy louisiana may be obligated to assume outstanding bonds finance purchase unit pay amount sufficient to withdraw from lease transaction.\n such events include lease events of default  events loss  deemed loss events certain adverse \"financial events. events include failure by entergy louisiana following expiration of applicable grace or cure period to maintain total equity capital ( including preferred stock ) at least equal to 30% ( 30 % ) of adjusted capitalization or fixed charge coverage ratio of at least 1. 50 rolling 12 month basis.\n as of december 31 , 2003  entergy louisiana's total equity capital ( including preferred stock ) was 49. 82% ( 49. 82 % ) of adjusted capitalization fixed charge coverage ratio for 2003 was 4. 06.\nof december 31, 2003, entergy louisiana had future minimum lease payments ( reflecting overall implicit rate of 7. 45% ( 7. 45 % ) ) in connection with waterford 3 sale and leaseback transactions recorded as long-term debt .\n grand gulf 1 lease obligations in december 1988  system energy sold 11. 5% ( 11. 5 % ) of undivided ownership interest in grand gulf 1 for aggregate sum of $ 500 million.\n system energy leased back interest in unit for term 26-1/2 years.\n system energy has option of terminating lease and repurchasing 11. 5% (. 5 % ) interest in unit at certain intervals during lease.\n end of lease term system energy has option of renewing lease or repurchasing 11. 5% ( 11. 5 % ) interest in grand gulf 1.\n system energy required to report sale-leaseback as financing transaction in financial statements.\n for financial reporting system energy expenses interest portion of lease obligation and plant\n\n| ( in thousands )\n------------------------------------------- | ----------------\n2004                                        | $ 31739\n2005                                        | 14554\n2006                                        | 18262\n2007                                        | 18754\n2008                                        | 22606\nyears thereafter                            | 366514\ntotal                                       | 472429\nless : amount representing interest         | 209895\npresent value of net minimum lease payments | $ 262534"
}
{
    "_id": "dd4bb8fa8",
    "title": "",
    "text": "generate cash without additional external financings.\n free cash flow should be considered in addition to than substitute for cash provided by operating activities.\n following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2014 2013 2012.\n 2015 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : employees , customers  shareholders communities we serve.\n continue using multi-faceted approach to safety  utilizing technology  risk assessment quality control  training employee engagement  targeted capital investments.\n continue using expanding deployment of total safety culture and courage to care throughout operations identify implement best practices for employee and operational safety.\n continue efforts to increase detection of rail defects improve close crossings educate public and law enforcement agencies about crossing safety through combination our own programs ( including risk assessment strategies ) industry programs local community activities across network.\n f0b7 network operations 2013 in 2015 , continue to add resources to support growth  improve service  replenish surge capability.\n f0b7 fuel prices 2013 with dramatic drop in fuel prices at end of 2014  more uncertainty around projections of fuel prices.\n could see volatile fuel prices during year  sensitive to global.\n domestic demand  refining capacity  geopolitical events weather conditions other factors.\n as prices fluctuate timing impact on earnings fuel surcharge programs trail fluctuations in fuel price by approximately two months.\n lower fuel prices could have positive impact on economy by increasing consumer discretionary spending increase demand for various consumer products transport.\n alternatively lower fuel prices will likely negative impact on other commodities coal , frac sand and crude oil shipments.\n f0b7 capital plan 2013 in 2015 , expect our capital plan to be approximately $ 4.3 billion  including expenditures for ptc and 218 locomotives.\n capital plan may be revised if business conditions warrant or new laws or regulations affect ability generate sufficient returns on investments.\n ( see further discussion in item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 expect overall u. s.\n economy to continue improve at moderate pace.\n biggest uncertainties is outlook for energy markets  bring challenges and opportunities.\n on balance  expect see positive volume growth for 2015 versus prior year.\n current environment expect continued margin improvement driven by continued pricing opportunities ongoing productivity initiatives ability to leverage resources improve fluidity of network.\n\nmillions                              | 2014           | 2013           | 2012\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 7385         | $ 6823         | $ 6161\ncash used in investing activities     | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 )\ndividends paid                        | -1632 ( 1632 ) | -1333 ( 1333 ) | -1146 ( 1146 )\nfree cash flow                        | $ 1504         | $ 2085         | $ 1382"
}
{
    "_id": "dd4bc7a6c",
    "title": "",
    "text": "management 2019s discussion analysis net revenues in equities were $ 8. 21 billion for 2012 , unchanged compared with 2011.\n net revenues in securities services significantly higher compared with 2011  reflecting gain of $ 494 million on sale of hedge fund administration business.\n equities client execution net revenues higher than 2011  primarily reflecting higher results in cash products due to increased client activity.\n increases offset by lower commissions and fees reflecting declines in united states  europe asia.\n average daily volumes during 2012 lower in each regions compared with 2011  consistent with listed cash equity market volumes.\n during 2012  equities operated in environment characterized by increase in global equity prices lower volatility levels.\n net loss attributable to impact of changes in credit spreads on borrowings for fair value option elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency commodities client execution equities client execution ) for 2012  compared with net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency commodities client execution equities client execution ) for 2011.\n during 2012  institutional client services operated in environment characterized by continued broad market concerns uncertainties  positive developments improve market conditions.\n developments included central bank actions to ease monetary policy address funding risks for european financial institutions.\n u. s.\n economy posted stable improving economic data including favorable developments in unemployment housing.\n improvements resulted in tighter credit spreads higher global equity prices lower levels volatility.\n concerns about outlook for global economy continued political uncertainty  particularly political debate in united states surrounding fiscal cliff  resulted in client risk aversion lower activity levels.\n uncertainty over financial regulatory reform persisted.\noperating expenses were $ 12. 48 billion for 2012  3% ( 3 % ) lower than 2011 primarily due to lower brokerage  clearing  exchange distribution fees lower impairment charges offset by higher net provisions for litigation regulatory proceedings.\n pre- tax earnings were $ 5. 64 billion in 2012 27% ( 27 % ) higher than 2011.\n investing & lending includes investing activities origination of loans provide financing to clients.\n investments  some consolidated loans typically longer-term.\n make investments directly indirectly through funds manage in debt securities loans public private equity securities real estate entities.\n table presents operating results of investing & lending segment.\n 2013 versus 2012.\n net revenues in investing & lending were $ 7. 02 billion for 2013 19% ( 19 % ) higher than 2012 reflecting significant increase in net gains from investments in equity securities driven by company-specific events stronger corporate performance higher global equity prices.\n net gains net interest income from debt securities loans slightly higher other net revenues related to consolidated investments lower compared with 2012.\n if equity markets decline or credit spreads widen net revenues in investing & lending likely be negatively impacted.\n operating expenses were $ 2. 68 billion for 2013  unchanged compared with 2012.\n operating expenses 2013 included lower impairment charges lower operating expenses related to consolidated investments offset by increased compensation and benefits expenses due to higher net revenues 2012.\n pre-tax earnings were $ 4. 33 billion in 2013 34% ( 34 % ) higher than 2012.\n 52 goldman sachs 2013 annual report\n\nin millions                | year ended december 2013 | year ended december 2012 | year ended december 2011\n-------------------------- | ------------------------ | ------------------------ | ------------------------\nequity securities          | $ 3930                   | $ 2800                   | $ 603\ndebt securities and loans  | 1947                     | 1850                     | 96\nother                      | 1141                     | 1241                     | 1443\ntotal net revenues         | 7018                     | 5891                     | 2142\noperating expenses         | 2684                     | 2666                     | 2673\npre-tax earnings/ ( loss ) | $ 4334                   | $ 3225                   | $ -531 ( 531 )"
}
{
    "_id": "dd4b92d62",
    "title": "",
    "text": "marathon oil corporation notes to consolidated financial statements changes in carrying amount of goodwill for years ended december 31 , 2007  and 2008 , were as follows : ( in millions ) e&p osm rm&t total.\n ( a ) adjustments related to prior period income tax and royalty adjustments.\n ( b ) goodwill allocated to norwegian outside-operated properties sold in 2008.\n 17.\n fair value measurements as defined in sfas no.\n 157  fair value is price received to sell asset or paid to transfer liability in orderly transaction between market participants at measurement date.\n sfas.\n 157 describes three approaches to measuring fair value of assets and liabilities : market approach , income approach cost approach , each includes multiple valuation techniques.\n market approach uses prices and other relevant information by market transactions involving identical or comparable assets or liabilities.\n income approach uses valuation techniques to measure fair value by converting future amounts cash flows or earnings into single present value amount using current market expectations about future amounts.\n cost approach based on amount currently required to replace service capacity of asset.\n referred to as current replacement cost.\n cost approach assumes fair value not exceed cost market participant to acquire or construct substitute asset of comparable utility adjusted for obsolescence.\n.\n 157 does not prescribe valuation technique used when measuring fair value does not prioritize among techniques.\n.\n 157 establishes fair value hierarchy prioritizes inputs used in applying various valuation techniques.\n inputs refer to assumptions market participants use to make pricing decisions including assumptions about risk.\n level 1 inputs given highest priority in fair value hierarchy level 3 inputs lowest priority.\n three levels of fair value hierarchy are as follows.\n2022 level 1 2013 observable inputs reflect unadjusted quoted prices for identical assets or liabilities in active markets as of reporting date.\n active markets are those which transactions for asset or liability occur in sufficient frequency and volume to provide pricing information ongoing basis.\n 2022 level 2 2013 observable market-based inputs or unobservable inputs corroborated by market data.\n inputs other than quoted prices in active markets included in level 1 either directly or indirectly observable reporting date.\n 2022 level 3 2013 unobservable inputs not corroborated by market data used with internally developed methodologies result in management 2019s best estimate of fair value.\n use market or income approach for recurring fair value measurements endeavor to use best information available.\n valuation techniques maximize use of observable inputs favored.\n financial assets and liabilities classified entirety based on lowest priority level of input significant to fair value measurement.\n assessment of significance of particular input fair value measurement requires judgment may affect placement of assets and liabilities within levels fair value hierarchy.\n\n( in millions )                | e&p        | osm            | rm&t     | total\n------------------------------ | ---------- | -------------- | -------- | --------------\nbalance as of december 31 2006 | $ 519      | $ 2013         | $ 879    | $ 1398\nacquired                       | 71         | 1437           | 2013     | 1508\nadjusted ( a )                 | 2013       | 2013           | -7 ( 7 ) | -7 ( 7 )\nbalance as of december 31 2007 | 590        | 1437           | 872      | 2899\nadjusted ( a )                 | -17 ( 17 ) | -25 ( 25 )     | 7        | -35 ( 35 )\nimpaired                       | 2013       | -1412 ( 1412 ) | 2013     | -1412 ( 1412 )\ndisposed ( b )                 | -5 ( 5 )   |                | 2013     | -5 ( 5 )\nbalance as of december 31 2008 | $ 568      | $ 2013         | $ 879    | $ 1447"
}
{
    "_id": "dd4bbc202",
    "title": "",
    "text": "performance graph table compares cumulative total shareholder return on our common stock with return of standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) standard & poor 2019s industrials index ( index 201d ) standard & 2019s consumer durables & apparel index ( 201d )  from december 31  2005 through december 31  2010 , when closing price our common stock was $ 12. 66.\n graph assumes investments of $ 100 on december 31 , 2005 in our common stock and in each three indices and reinvestment of dividends.\n performance graph 201020092008200720062005 s&p 500 index s&p industrials index s&p consumer durables & apparel index table sets forth value  as of december 31 for each years of $ 100 investment made on december 31 , 2005 in each our common stock , s&p 500 index  s&p industrials index s&p consumer durables & apparel index and includes reinvestment of dividends.\n in july 2007  board of directors authorized purchase of up to 50 million shares of common stock in open-market transactions or.\n at december 31 , 2010  had remaining authorization to repurchase up to 27 million shares.\n during 2010  repurchased and retired three million shares of common stock for cash aggregating $ 45 million to offset dilutive impact of 2010 grant of three million shares of long-term stock awards.\n did not purchase any shares during three months ended december 31 , 2010.\n\n| 2006     | 2007     | 2008    | 2009    | 2010\n------------------------------------- | -------- | -------- | ------- | ------- | --------\nmasco                                 | $ 101.79 | $ 76.74  | $ 42.81 | $ 54.89 | $ 51.51\ns&p 500 index                         | $ 115.61 | $ 121.95 | $ 77.38 | $ 97.44 | $ 111.89\ns&p industrials index                 | $ 113.16 | $ 126.72 | $ 76.79 | $ 92.30 | $ 116.64\ns&p consumer durables & apparel index | $ 106.16 | $ 84.50  | $ 56.13 | $ 76.51 | $ 99.87"
}
{
    "_id": "dd4c52c70",
    "title": "",
    "text": "net impairment recognized $ 16. 9 million and $ 14. 9 million of net impairment during years ended december 31 , 2012 and 2011 on certain securities in our non-agency cmo portfolio due to continued deterioration in expected credit performance of underlying loans in specific securities.\n gross other-than-temporary impairment ( 201cotti 201d ) and noncredit portion of otti  previously recorded through other comprehensive income ( loss ) shown in table below ( dollars in millions ) : year ended december 31 , 2012 2011.\n provision for loan losses decreased 20% ( 20 % ) to $ 354. 6 million for year ended december 31, 2012 compared to 2011.\n decrease in provision for loan losses driven primarily by improving credit trends evidenced by lower levels of delinquent loans in one- to four-family and home equity loan portfolios loan portfolio run-off.\n decrease partially offset by $ 50 million in charge-offs associated with newly identified bankruptcy filings during third quarter of 2012 approximately 80% ( 80 % ) related to prior years.\n utilize third party loan servicers to obtain bankruptcy data on borrowers third quarter of 2012 identified increase in bankruptcies reported by one specific servicer.\n researching increase discovered servicer not reporting historical bankruptcy data timely basis.\n implemented enhanced procedure around servicer reporting to corroborate bankruptcy reporting with independent third party data.\n additional process approximately $ 90 million of loans identified in which servicers failed to report bankruptcy filing to us approximately 90% ( 90 % ) of were current at end of third quarter of 2012.\n these loans written down to estimated current value of underlying property less estimated selling costs or approximately $ 40 million  during third quarter of 2012.\ncharge-offs resulted in increase to provision for loan losses of $ 50 million for year ended december 31 , 2012.\n provision for loan losses declined four consecutive years  down 78% ( 78 % ) from peak of $ 1. 6 billion for year ended december 31 , 2008.\n expect provision for loan losses to continue decline long term, subject to variability quarter.\n\n| year ended december 31 2012 | 2011\n-------------------------------------------------------------------------------------------------------------- | --------------------------- | ----------------\nother-than-temporary impairment ( 201cotti 201d )                                                              | $ -19.8 ( 19.8 )            | $ -9.2 ( 9.2 )\nless : noncredit portion of otti recognized into ( out of ) other comprehensive income ( loss ) ( before tax ) | 2.9                         | -5.7 ( 5.7 )\nnet impairment                                                                                                 | $ -16.9 ( 16.9 )            | $ -14.9 ( 14.9 )"
}
{
    "_id": "dd4bd3484",
    "title": "",
    "text": "physical transaction occurs.\n not qualified commodity derivative instruments used in our osm or rm&t segments for hedge accounting.\n we recognize in net income all changes in fair value of derivative instruments used in operations.\n open commodity derivative positions as of december 31 , 2008 sensitivity analysis december our e&p segment held open derivative contracts to mitigate price risk on natural gas held in storage or purchased to be marketed with our own natural gas production in amounts in line with normal levels activity.\n at december 31 , 2008 no significant open derivative contracts related to future sales of liquid hydrocarbons and natural gas remained substantially exposed to market prices of these commodities.\n osm segment holds crude oil options purchased by western for three year period ( january 2007 to december 2009 ).\n premiums for purchased put options partially offset through sale of call options for same three-year period resulting in net premium liability.\n payment of net premium liability deferred until settlement of option contracts.\n as of december 31 , 2008 following put and call options outstanding:.\n in first quarter of 2009 sold derivative instruments at average exercise price of $ 50. 50 offset open put options for remainder of 2009.\n at december 31 , 2008 number of open derivative contracts held by rm&t segment lower than in previous periods.\n starting in second quarter of 2008 decreased use of derivatives to mitigate crude oil price risk between domestic spot crude oil purchases priced and refined into salable petroleum products.\n addressing price risk through other means including changes in contractual terms and crude oil acquisition practices.\nin previous periods  certain contracts in our rm&t segment for purchase or sale of commodities not qualified as normal purchase or normal sales under accepted accounting principles accounted for as derivative instruments.\n during second quarter of 2008 , we decreased use of derivatives  began to designate such contracts for normal purchase and normal sale exclusion.\n\noption expiration date                          | 2009\n----------------------------------------------- | -------\noption contract volumes ( barrels per day ) :   |\nput options purchased                           | 20000\ncall options sold                               | 15000\naverage exercise price ( dollars per barrel ) : |\nput options                                     | $ 50.50\ncall options                                    | $ 90.50"
}
{
    "_id": "dd497be3e",
    "title": "",
    "text": "table presents net unrealized losses on securities available for sale as of december 31:.\n net unrealized amounts above excluded remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity.\n these unrealized losses related to reclassifications totaled $ 303 million  or $ 189 million after-tax , and $ 523 million  or $ 317 million after-tax , as of december 31 , 2011 and 2010  respectively recorded in accumulated other comprehensive income .\n refer to note 12 to consolidated financial statements under item 8.\n decline in remaining after-tax unrealized losses related to reclassifications from december 31, 2010 to december 31 , 2011 resulted primarily from amortization.\n we conduct periodic reviews of individual securities to assess other-than-temporary impairment exists.\n other-than-temporary impairment identified impairment is broken into credit component and non-credit component.\n credit component recorded in consolidated statement of income  non-credit component is recorded in oci not intend to sell security.\n assessment of other-than-temporary impairment involves evaluation  in note 3  of economic and security-specific factors.\n such factors based on estimates derived by management contemplate current market conditions and security-specific performance.\n market conditions worse than management 2019s expectations other-than-temporary impairment could increase  in credit component be recorded in our consolidated statement of income.\n given exposure of investment securities portfolio particularly mortgage- and asset-backed securities to residential mortgage and other consumer credit risks performance of.\n housing market is a significant driver of portfolio 2019s credit performance.\nour assessment of other-than-temporary impairment relies on estimates of trends in national housing prices.\n indices measure trends in national housing prices are published in arrears.\n as of september 30 , 2011 , national housing prices  according to case-shiller national home price index , had declined by approximately 31. 3% ( 31. 3 % ) peak-to-current.\n management 2019s expectation  for as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough.\n performance of certain mortgage products and vintages of securities to deteriorate.\n management continues to believe housing prices will decline further.\n combination of these factors led to increase in management 2019s overall loss expectations.\n our investment portfolio to sensitive to management 2019s estimates of future cumulative losses.\n other-than- temporary impairment is based on specific cusip-level detailed analysis of unique characteristics of each security.\n we perform sensitivity analysis across each significant product type within non-agency.\n residential mortgage-backed portfolio.\n we estimate for other-than-temporary impairment of investment portfolio could increase by approximately $ 10 million to $ 50 million  if national housing prices to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough  compared to management 2019s expectation of 35% ( 35 % ) above.\n this sensitivity estimate is based on factors including level of housing prices and timing of defaults.\n to such factors differ substantially from management 2019s current expectations resulting loss estimates may differ materially from stated.\n excluding securities for which other-than-temporary impairment was recorded in 2011  management considers aggregate decline in fair value of remaining\n\n( in millions )               | 2011           | 2010\n----------------------------- | -------------- | --------------\nfair value                    | $ 99832        | $ 81881\namortized cost                | 100013         | 82329\nnet unrealized loss pre-tax   | $ -181 ( 181 ) | $ -448 ( 448 )\nnet unrealized loss after-tax | $ -113 ( 113 ) | $ -270 ( 270 )"
}
{
    "_id": "dd4c0e962",
    "title": "",
    "text": "cost amount could have material adverse effect on our business.\n changes may include for increase or reduction in number of persons enrolled or eligible to enroll due to federal government 2019s decision to increase or decrease.\n military presence.\n government reimbursements decline from projected failure to reduce health care costs associated with programs could adverse effect on our business.\n during 2004  completed contractual transition of tricare business.\n on july 1 , 2004 , regions 2 and 5 contract servicing approximately 1. 1 million tricare members became part of new north region  awarded to another contractor.\n on august 1 , 2004  regions 3 and 4 contract became part of new south region contract.\n on november 1 , 2004 , region 6 contract with approximately 1 million members became part of south region contract.\n members added with region 6 contract offset members lost four months earlier with expiration of regions 2 and 5 contract.\n for year ended december 31 , 2005  tricare premium revenues were approximately $ 2. 4 billion , or 16. 9% (. 9 % ) of total premiums and aso fees.\n tricare transition during 2004 included carve out of tricare senior pharmacy and tricare for life program.\n june 1 , 2004 and august 1 , 2004 administrative services under these programs transferred to another contractor.\n for year ended december 31 , 2005  tricare administrative services fees totaled $ 50. 1 million , or 0. 4% ( 0. 4 % ) of total premiums and aso fees.\n products marketed to commercial segment employers and members consumer-choice products developed and offered various commercial products designed to provide options and choices to employers facing substantial premium increases driven by double-digit medical cost inflation.\nconsumer-choice products , offered on fully insured or aso basis  provided coverage to approximately 371100 members at december 31 , 2005 , representing approximately 11. 7% ( 11. 7 % ) of our total commercial medical membership detailed below.\n consumer-choice membership other commercial membership commercial medical membership.\n products often offered to employer groups as 201cbundles 201d , subscribers offered various hmo and ppo options  with various employer contribution strategies as determined by employer.\n paramount to consumer-choice product strategy developed group of innovative consumer products  styled as 201csmart 201d products , believe will be long-term solution for employers.\n this new generation of products provides more choices for individual consumer  transparency of provider costs  3 benefit designs engage consumers in costs and effectiveness of health care choices.\n innovative tools and technology available to assist consumers with decisions including trade-offs between higher premiums and point-of-service costs at time consumers choose plans to suggest ways consumers maximize individual benefits at use plans.\n believe when consumers can make informed choices about cost and effectiveness of health care  sustainable long term solution for employers can be realized.\n smart products , accounted for approximately 65. 1% ( 65. 1 % ) of enrollment in all our consumer-choice plans as of december 31 , 2005, only sold to employers who use humana as their sole health insurance carrier.\n\n| consumer-choice membership | other commercial membership | commercial medical membership\n---------------------------- | -------------------------- | --------------------------- | -----------------------------\nfully insured                | 184000                     | 1815800                     | 1999800\nadministrative services only | 187100                     | 983900                      | 1171000\ntotal commercial medical     | 371100                     | 2799700                     | 3170800"
}
{
    "_id": "dd4b9cbaa",
    "title": "",
    "text": "valuation of 4199466 performance-based options granted in 2005 : risk free interest rate was 4. 2% ( 4. 2 % ) volatility factor for expected market price common stock was 44% ( 44 % ) expected dividend yield zero objective time to exercise was 4. 7 years objective in money assumption of 2. 95 years.\n expected initial public offering assumption occur within 9 month period from grant date.\n fair value of performance-based options calculated to $ 5. 85.\n fair value for fis options granted in 2006 estimated at date of grant using black-scholes option- pricing model with weighted average assumptions.\n risk free interest rates calculation are rate corresponds to weighted average expected life of option.\n risk free interest rate used for options granted during 2006 was 4. 9% ( 4. 9 % ).\n volatility factor for expected market price common stock of 30% ( 30 % ) used for options 2006.\n expected dividend yield for 2006 was 0. 5% ( 0. 5 % ).\n weighted average expected life of 6. 4 years used for 2006.\n weighted average fair value of each option granted during 2006 was $ 15. 52.\n at december 31 , 2006 total unrecognized compensation cost related to non-vested stock option grants is $ 86. 1 million  expected to recognized in pre-tax income over weighted average period of 1. 9 years.\n company intends to limit dilution caused by option exercises by repurchasing shares on open market or in privately negotiated transactions.\n during 2006 company repurchased 4261200 shares at average price of $ 37. 60.\n october 25 , 2006 company 2019s board of directors approved plan authorizing repurchase of to additional $ 200 million worth company 2019s common stock.\ndefined benefit plans certegy pension plan connection with certegy merger  company announced will terminate settle certegy. s.\n retirement income plan ( usrip ).\n estimated impact of settlement reflected in purchase price allocation as increase in pension liability  less fair value of pension plan assets based on estimates of total cost to settle liability through purchase of annuity contracts or lump sum settlements to beneficiaries.\n final settlement not occur until after irs determination obtained expected to be received in 2007.\n addition to net pension plan obligation of $ 21. 6 million  company assumed liabilities of $ 8. 0 million for certegy 2019s supplemental executive retirement plan ( 201cserp 201d ) and $ 3. 0 mil- lion for postretirement benefit plan.\n reconciliation of changes in fair value of plan assets of usrip for period from february 1, 2006 through december 31 , 2006 as follows ( in thousands ) :.\n benefits paid table include only amounts paid directly from plan assets.\n as of december 31 , 2006 for 2007 through pay out pension liability assets invested in.\n treasury bonds due to short duration until final payment.\n fidelity national information services , inc.\n subsidiaries affiliates consolidated and combined financial statements notes to consolidated combined financial statements 2014 (\n\n| 2006\n--------------------------------------------- | ------------\nfair value of plan assets at acquisition date | $ 57369\nactual return on plan assets                  | 8200\nbenefits paid                                 | -797 ( 797 )\nfair value of plan assets at end of year      | $ 64772"
}
{
    "_id": "dd4c4ff98",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 continued ) december 31 , 2010 , 2009  2008 recourse debt as of december 31 , 2010 scheduled to reach maturity in table below : december 31 , annual maturities ( in millions ).\n recourse debt transactions during 2010  company redeemed $ 690 million aggregate principal of 8. 75% (. 75 % ) second priority senior secured notes due 2013 ( 2013 notes 201d ).\n 2013 notes redeemed at redemption price equal to 101. 458% ( 101. 458 % ) of principal amount redeemed.\n company recognized pre-tax loss on redemption of 2013 notes of $ 15 million for year ended december 31 , 2010  included in 201cother expense 201d in accompanying consolidated statement of operations.\n july 29 , 2010  company entered second amendment ( 201camendment no.\n 2 201d ) to fourth amended and restated credit and reimbursement agreement  dated july 29 , 2008  among company , subsidiary guarantors lending institutions ( 201cexisting credit agreement 201d ) amends restates existing credit agreement ( amended and restated by amendment no.\n 2 , 201cfifth amended and restated credit agreement 201d ).\n fifth amended and restated credit agreement adjusted terms and conditions of existing credit agreement changes : 2022 aggregate commitment for revolving credit loan facility increased to $ 800 million ; final maturity date of revolving credit loan facility extended to january 29 , 2015 ; 2022 changes to facility fee applicable revolving credit loan facility ; interest rate margin credit loan facility based on credit rating assigned to loans under credit agreement pricing at libor + 3. 00% ( 3. 00 % ) ; 2022 undrawn fee of 0. 625% ( 0.625 % ) per annum ; 2022 company may incur combination additional term loan and revolver commitments total term loan revolver commitments ( including currently outstanding ) not exceed $ 1. 4 billion ; 2022 negative pledge (. cap on first lien debt ) of $ 3. 0 billion.\n recourse debt covenants and guarantees certain company 2019s obligations under senior secured credit facility guaranteed by direct subsidiaries company owns interests in aes shady point , aes hawaii , aes warrior run aes eastern energy businesses.\n company 2019s obligations under senior secured credit facility  subject to exceptions  secured by : i ) all capital stock of domestic subsidiaries owned directly by company and 65% ( 65 % ) of capital stock of certain foreign subsidiaries owned directly or indirectly by company ;\n\ndecember 31,        | annual maturities ( in millions )\n------------------- | ---------------------------------\n2011                | $ 463\n2012                | 2014\n2013                | 2014\n2014                | 497\n2015                | 500\nthereafter          | 3152\ntotal recourse debt | $ 4612"
}
{
    "_id": "dd4baa93a",
    "title": "",
    "text": "table of contents performance graph not 201csoliciting material , 201d not filed with sec  not to incorporated into valero 2019s filings under securities act of 1933 or securities exchange act of 1934 , as amended.\n performance graph and related textual information based on historical data not indicative of future performance.\n line graph compares cumulative total return 1 on investment in our common stock against cumulative total return of s&p 500 composite index and index of peer companies selected ) for five-year period commencing december 31 , 2008 and ending december 31 , 2013.\n peer group comprises 11 companies : alon usa energy , inc. bp plc ; cvr energy , inc. delek us holdings , inc.\n dk hollyfrontier corporation ; marathon petroleum corporation ; pbf energy inc.\n pbf phillips 66 ; royal dutch shell plc ; tesoro corporation ; western refining , inc.\n peer group previously included hess corporation  exited refining business replaced by dk and pbf also engaged in refining operations.\n comparison of 5 year cumulative total return1 among valero energy corporation , s&p 500 index , old peer group  and new peer group.\n 1 assumes investment in valero common stock and each index was $ 100 on december 31 , 2008.\n 201ccumulative total return 201d based on share price appreciation plus reinvestment of dividends from december 31, 2008 through december 31 , 2013.\n\n| 12/2008  | 12/2009 | 12/2010  | 12/2011  | 12/2012  | 12/2013\n------------------- | -------- | ------- | -------- | -------- | -------- | --------\nvalero common stock | $ 100.00 | $ 79.77 | $ 111.31 | $ 102.57 | $ 170.45 | $ 281.24\ns&p 500             | 100.00   | 126.46  | 145.51   | 148.59   | 172.37   | 228.19\nold peer group      | 100.00   | 126.98  | 122.17   | 127.90   | 138.09   | 170.45\nnew peer group      | 100.00   | 127.95  | 120.42   | 129.69   | 136.92   | 166.57"
}
{
    "_id": "dd4bb0038",
    "title": "",
    "text": "jpmorgan chase & co.\n / 2007 annual report 117 nonrecurring fair value changes table presents total change in value of financial instruments for fair value adjustment included in consolidated statement of income for year ended december 31 , 2007  related to financial instruments held at december 31 , 2007.\n year ended december 31 , 2007 ( in millions ) 2007.\n table loans include changes in fair value for loans balance sheet at lower of cost or fair value ; accounts payable , accrued expense other liabilities includes change in fair value for unfunded lending-related commitments within leveraged lending portfolio.\n level 3 assets analysis level 3 assets ( including assets measured at lower of cost or fair value ) were 5% ( 5 % ) of total firm assets at december 31 , 2007.\n assets increased during 2007 principally during second half of year when liquidity in mortgages and credit products fell dra.\n increase due to increase in leveraged loan balances within level 3 as ability firm to syndicate risk to third parties limited by credit environment.\n transfers from level 2 to level 3 during 2007.\n transfers principally for instruments within mortgage market where inputs significant to valuation became unob- servable during year.\n subprime and alt-a whole loans , subprime home equity securities , commercial mortgage-backed mezzanine loans credit default swaps to asset-backed securities majority of affected instruments reflecting significant decline in liquidity in these instruments in third and fourth quarters of 2007 as new issue activity nonexistent independent pric- ing information no longer available for assets.\ntransition initial adoption of sfas 157 , firm recorded on january 1 , 2007 : 2022 cumulative effect increase to retained earnings of $ 287 million  primarily related to release of profit previously deferred eitf 02-3 ; 2022 increase to pretax income of $ 166 million ( $ 103 million after-tax ) related to incorporation firm 2019s creditworthiness in valuation of liabilities recorded at fair value ; 2022 increase to pretax income of $ 464 million ( $ 288 million after-tax ) related to valuations of nonpublic private equity investments.\n prior to adoption sfas 157  firm applied provisions of eitf 02-3 to derivative portfolio.\n eitf 02-3 precluded recogni- tion of initial trading profit in absence of quoted market prices , observable prices of other current market transactions or c ) other observable data supporting valuation technique.\n with eitf 02-3  firm recognized deferred profit in principal transactions revenue on systematic basis ( typically straight- line amortization over life of instruments ) when observ- able market data became available.\n prior to adoption sfas 157 firm did not incorporate adjustment into valuation of liabilities carried at fair value on consolidated balance sheet.\n commencing january 1 , 2007 , with requirements sfas 157 , adjustment made to valuation of liabilities measured at fair value to reflect credit quality of firm.\n prior to adoption sfas 157  privately held investments were initially valued based upon cost.\n carrying values investments adjusted from cost to reflect positive and neg- ative changes by financing events with third-party capital providers.\n investments subject to ongoing impairment reviews by private equity senior investment professionals.\nincrease in pretax income related to nonpublic private equity investments in with adoption of sfas 157 due to sufficient market evidence to support increase in fair values using sfas 157 methodology not actual third-party market transaction related to such investments.\n financial disclosures required by sfas 107 sfas 107 requires disclosure of estimated fair value of certain financial instruments and methods significant assumptions used to estimate fair values.\n many not all financial instruments held by firm recorded at fair value on consolidated balance sheets.\n financial instruments within scope sfas 107 not carried at fair value on consolidated balance sheets discussed below.\n certain financial instruments and all nonfinancial instruments excluded from scope sfas 107.\n fair value disclosures required by sfas 107 provide only partial estimate of fair value of jpmorgan chase.\n for firm developed long-term relationships with customers through deposit base and credit card accounts core deposit intangibles credit card relationships.\n in management these items add significant value to jpmorgan chase  but fair value not disclosed in this note.\n financial instruments for which fair value approximates carrying value certain financial instruments not carried at fair value on consolidated balance sheets carried at amounts approxi- mate fair value due to short-term nature negligi- ble credit risk.\n these instruments include cash and due from banks , deposits with banks , federal funds sold , securities purchased under resale agreements with short-dated maturities , securities borrowed , short-term receivables accrued interest receivable  commercial paper  federal funds purchased  securities sold under repurchase agreements with short-dated maturities  other borrowed funds  accounts payable and accrued liabilities.\nsfas 107 requires fair value for deposit liabilities with no stated matu- rity ( i. e.  demand savings certain money market deposits ) equal to their carrying value.\n sfas 107 allow for recog- nition of inherent funding value of these instruments.\n\nyear ended december 31 2007 ( in millions )            | 2007\n------------------------------------------------------ | --------------\nloans                                                  | $ -720 ( 720 )\nother assets                                           | -161 ( 161 )\naccounts payable accrued expense and other liabilities | 2\ntotal nonrecurring fair value gains ( losses )         | $ -879 ( 879 )"
}
{
    "_id": "dd4bb4610",
    "title": "",
    "text": "long-term product offerings include active and index strategies.\n active strategies seek to earn attractive returns excess market benchmark performance hurdle while maintaining appropriate risk profile.\n offer two types of active strategies : rely on fundamental research and utilize quantitative models portfolio construction.\n contrast index strategies track returns of corresponding index by investing in same underlying securities within index or subset securities similar risk return profile index.\n index strategies include non-etf index products and ishares etfs.\n althoughmany clients use both active and index strategies  application strategies may differ.\n for clients may use index products to gain exposure to market or asset class.\n institutional non-etf index assignments large ( multi-billion dollars ) reflect low fee rates.\n potential to exaggerate significance of net flows in institutional index products on blackrock 2019s revenues earnings.\n equity year-end 2014 equity aum of $ 2. 451 trillion increased by $ 133. 4 billion , or 6% ( 6 % ), from end of 2013 due to net new business of $ 52. 4 billion and net market appreciation and foreign exchange movements of $ 81. 0 billion.\n net inflows driven by $ 59. 6 billion and $ 17. 7 billion into ishares and non-etf index accounts .\n index inflows offset by active net outflows of $ 24. 9 billion  with outflows of $ 18. 0 billion and $ 6. 9 billion from fundamental and scientific active equity products .\n blackrock 2019s effective fee rates fluctuate due to changes in aummix.\n approximately half of blackrock 2019s equity aum tied to international markets including emerging markets tend have higher fee rates than similar.\n equity strategies.\nfluctuations in international equity markets not consistently tandemwith.\n markets may impact on blackrock 2019s equity fee rates revenues.\n fixed income income aum ended 2014 at $ 1. 394 trillion  increasing $ 151. 5 billion  or 12% ( 12 % )  from december 31 , 2013.\n increase reflected $ 96. 4 billion in net new business $ 55. 1 billion in net market appreciation foreign exchange movements.\n in 2014 net new business diversified across fixed income offerings strong flows into our unconstrained total return high yield products.\n flagship funds include unconstrained strategic income opportunities and fixed income global opportunities funds with net inflows of $ 13. 3 billion and $ 4. 2 billion  total return fund $ 2. 1 billion high yield bond fund with net inflows of $ 2. 1 billion.\n fixed income net inflows positive across investment styles with ishares  non- etf index  active net inflows of $ 40. 0 billion , $ 28. 7 billion $ 27. 7 billion .\n multi-asset class blackrock 2019s multi-asset class teammanages balanced funds bespoke mandates for diversified client base leverages investment expertise in global equities currencies bonds commodities extensive risk management capabilities.\n investment solutions might include long-only portfolios alternative investments tactical asset allocation overlays.\n component changes in multi-asset class aum for 2014 presented below.\n ( in millions ) december 31 , 2013 net inflows ( outflows ) market change impact december 31 , 2014.\n flows reflected ongoing institutional demand for our solutions-based advice with $ 15. 1 billion  or 52% ( 52 % )  of net inflows from institutional clients.\ncontribution plans of institutional clients significant driver of flows contributed $ 12. 8 billion to institutional multi- asset class net new business in 2014 primarily into target date target risk product offerings.\n retail net inflows of $ 13. 4 billion driven by demand for our multi- asset income fund  raised $ 6. 3 billion in 2014.\n company 2019s multi-asset strategies include : 2022 asset allocation balanced products represented 48% ( 48 % ) of multi-asset class aum at year-end growth in aum driven by net new business of $ 18. 4 billion.\n strategies combine equity  fixed income alternative components for investors seeking tailored solution specific benchmark risk budget.\n strategies minimize downside risk through diversification derivatives strategies tactical asset allocation decisions.\n flagship products include global allocation andmulti-asset income suites.\n 2022 target date and target risk products grew 10% ( 10 % ) organically in 2014.\n institutional investors represented 90% ( 90 % ) of target date target risk aum  defined contribution plans for over 80% ( 80 % ) of aum.\n remaining 10% ( 10 % ) of target date target risk aum of retail client investments.\n flows driven by defined contribution investments in lifepath lifepath retirement income ae offerings.\n lifepath products utilize proprietary asset allocation model balance risk and return over investment based on investor 2019s expected retirement timing.\n 2022 fiduciary management services are complex mandates pension plan sponsors endowments foundations retain assume responsibility for aspects planmanagement.\n services require partnership with clients 2019 investment staff trustees to tailor investment strategies to meet client-specific risk budgets return objectives.\n\n( in millions )               | december 31 2013 | net inflows ( outflows ) | market change  | fx impact          | december 31 2014\n----------------------------- | ---------------- | ------------------------ | -------------- | ------------------ | ----------------\nasset allocation and balanced | $ 169604         | $ 18387                  | $ -827 ( 827 ) | $ -4132 ( 4132 )   | $ 183032\ntarget date/risk              | 111408           | 10992                    | 7083           | -872 ( 872 )       | 128611\nfiduciary                     | 60202            | -474 ( 474 )             | 14788          | -8322 ( 8322 )     | 66194\nmulti-asset                   | $ 341214         | $ 28905                  | $ 21044        | $ -13326 ( 13326 ) | $ 377837"
}
{
    "_id": "dd4982f7c",
    "title": "",
    "text": "table summarizes future estimated cash payments under existing contractual obligations including payments due by period:.\n ( a ) amounts represent expected cash payments of long-term debt not include $ 0. 3 million for capital leases or $ 72. 0 million for net unamortized debt issuance costs , premiums discounts  fair value adjustments.\n ( b ) operating leases represents minimum rental commitments under non-cancelable operating leases.\n ( c ) majority of purchase obligations represent commitments for raw material packaging in normal course business for consumer marketing spending commitments support brands.\n arrangements are considered purchase obligations if contract specifies significant terms including fixed or minimum quantities purchased pricing structure approximate timing of transaction.\n most arrangements cancelable without significant penalty with short notice ( usually 30 days ).\n amounts reflected on consolidated balance sheets as accounts payable and accrued liabilities excluded from table.\n ( d ) fair value of foreign exchange  equity  commodity  grain derivative contracts with payable position to counterparty was $ 17. 3 million as of may 26 , 2019  based on fair market values.\n future changes in market values will impact amount of cash paid or received to settle instruments in future.\n other long-term obligations mainly consist of liabilities for accrued compensation and benefits  including underfunded status of defined benefit pension , other postretirement benefit  postemployment benefit plans  miscellaneous liabilities.\n expect to pay approximately $ 20 million of benefits from unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020.\n unable to reliably estimate amount these payments beyond fiscal 2020.\nas of may 26 , 2019  total liability for uncertain tax positions accrued interest penalties was $ 165. 1 million.\n significant accounting estimates for complete description significant accounting policies see note 2 to consolidated financial statements in item 8 report.\n significant accounting estimates meaningful impact on reporting financial condition results of operations.\n estimates include accounting for promotional expenditures  valuation of long-lived assets  intangible assets  redeemable interest  stock-based compensation  income taxes  defined benefit pension  other postretirement benefit  postemployment benefit plans.\n revenue recognition revenues are reported net of variable consideration consideration payable to customers including trade promotion  consumer coupon redemption other costs  estimated allowances for returns  unsalable product , prompt pay discounts.\n trade promotions recorded using significant judgment of estimated participation performance levels for offered programs at time of sale.\n differences between estimated expenses and actual costs recognized as change in management estimate in subsequent period.\n accrued trade liabilities were $ 484 million as of may 26 , 2019  and $ 500 million as of may 27 , 2018.\n amounts significant  if estimates inaccurate to make adjustments in subsequent periods could significant effect on results of operations.\n\nin millions                       | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter\n--------------------------------- | --------------------------------- | -------------------------------- | ------------------------------------ | ------------------------------------ | -----------------------------------------------\nlong-term debt ( a )              | $ 13093.0                         | $ 1396.3                         | $ 3338.4                             | $ 2810.2                             | $ 5548.1\naccrued interest                  | 92.6                              | 92.6                             | -                                    | -                                    | -\noperating leases ( b )            | 482.6                             | 120.0                            | 186.7                                | 112.9                                | 63.0\ncapital leases                    | 0.3                               | 0.2                              | 0.1                                  | -                                    | -\npurchase obligations ( c )        | 2961.8                            | 2605.1                           | 321.9                                | 27.6                                 | 7.2\ntotal contractual obligations     | 16630.3                           | 4214.2                           | 3847.1                               | 2950.7                               | 5618.3\nother long-term obligations ( d ) | 1302.4                            | -                                | -                                    | -                                    | -\ntotal long-term obligations       | $ 17932.7                         | $ 4214.2                         | $ 3847.1                             | $ 2950.7                             | $ 5618.3"
}
{
    "_id": "dd4bc75f8",
    "title": "",
    "text": "stock performance graph * $ 100 invested 11/17/11 our stock or 10/31/11 relevant index including reinvestment dividends.\n fiscal year ending december 31 , 2013.\n ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index  including american axle & manufacturing , borgwarner inc. cooper tire & rubber company  dana holding corp. delphi automotive plc dorman products inc. federal-mogul corp. ford motor co. fuel systems solutions inc. general motors co. gentex corp. gentherm inc. genuine parts co. johnson controls inc. lkq corp. lear corp. meritor inc. remy international inc. standard motor products inc. stoneridge inc. superior industries international  trw automotive holdings corp. tenneco inc. tesla motors inc. goodyear tire & rubber co. tower international inc. visteon corp. wabco holdings inc.\n company index november 17 , december 31  december.\n dividends february 26, 2013 board of directors approved initiation dividend payments company's ordinary shares.\n board of directors declared regular quarterly cash dividend $ 0. 17 per ordinary share paid each quarter of 2013.\n january 2014  board of directors declared regular quarterly cash dividend $ 0. 25 per ordinary share payable february 27 , 2014 shareholders record close of business february 18 , 2014.\noctober 2011 , board of managers delphi automotive llp approved distribution approximately $ 95 million  paid december 5 , 2011  principally in respect of taxes  to members delphi automotive llp held membership interests as of close of business october 31 , 2011.\n\ncompany index                        | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013\n------------------------------------ | ---------------- | ---------------- | ---------------- | ----------------\ndelphi automotive plc ( 1 )          | $ 100.00         | $ 100.98         | $ 179.33         | $ 285.81\ns&p 500 ( 2 )                        | 100.00           | 100.80           | 116.93           | 154.80\nautomotive supplier peer group ( 3 ) | 100.00           | 89.27            | 110.41           | 166.46"
}
{
    "_id": "dd4ba81f8",
    "title": "",
    "text": "table of contents company concluded acquisition of sentinelle medical not represent material business combination no pro forma financial information provided herein.\n subsequent to acquisition date  company 2019s results of operations include results of sentinelle medical , included within company 2019s breast health reporting segment.\n company accounted for sentinelle medical acquisition as purchase of business under asc 805.\n purchase price comprised of $ 84. 8 million cash payment  net of certain adjustments, plus three contingent payments up to maximum of additional $ 250. 0 million in cash.\n contingent payments based on multiple of incremental revenue growth during two-year period following completion acquisition : six months after acquisition , 12 months after acquisition  and 24 months after acquisition.\n pursuant to asc 805  company recorded estimate of fair value of contingent consideration liability based on future revenue projections of sentinelle medical business under various potential scenarios and weighted probability assumptions of outcomes.\n as of date of acquisition  cash flow projections discounted using rate of 16. 5% ( 16. 5 % ).\n discount rate based on weighted-average cost of capital of acquired business plus credit risk premium for non-performance risk related to liability pursuant to asc 820.\n analysis resulted in initial contingent consideration liability of $ 29. 5 million , adjusted periodically as component of operating expenses based on changes in fair value of liability driven by accretion of liability for time value of money and changes in assumptions pertaining to achievement of defined revenue growth milestones.\n fair value measurement based on significant inputs not observable in market represented level 3 measurement as defined in asc during each quarter in fiscal 2011  company re-evaluated assumptions updated revenue and probability assumptions for future earn-out periods and lowered projections.\nresult of adjustments partially offset by accretion of liability using current discount rate of approximately 17. 0% ( 17. 0 % )  company recorded reversal of expense of $ 14. 3 million in fiscal 2011 to record contingent consideration liability at fair value.\n during second quarter of fiscal 2011  first earn-out period ended company adjusted fair value of contingent consideration liability for actual results during earn-out period.\n payment of $ 4. 3 million made in third quarter of fiscal 2011.\n at september 24 , 2011  fair value of liability is $ 10. 9 million.\n company did not issue equity awards in with acquisition.\n company incurred third-party transaction costs of $ 1. 2 million  expensed within general and administrative expenses in fiscal 2010.\n purchase price was as follows:.\n source : hologic inc , 10-k , november 23, 2011 powered by morningstar ae document research 2120 information may not be copied, adapted or distributed not warranted to be accurate  complete or timely.\n user assumes all risks for damages or losses from use of information except extent damages or losses cannot be limited or excluded by applicable law.\n past financial performance no guarantee of future results.\n\ncash                     | $ 84751\n------------------------ | --------\ncontingent consideration | 29500\ntotal purchase price     | $ 114251"
}
{
    "_id": "dd4c31ebc",
    "title": "",
    "text": "synopsys , inc.\n notes to consolidated financial statements 2014continued acquired identifiable intangible assets of $ 107. 3 million  total goodwill of $ 257. 6 million.\n intangible assets amortized over three to eight years.\n acquisition-related costs attributable to business combination were $ 6. 6 million for fiscal 2012 expensed as incurred in consolidated statements of operations.\n costs primarily of employee separation costs professional services.\n acquisition of magma design automation , inc.\n magma ) on february 22, 2012 company acquired magma chip design software provider at per- share price of $ 7. 35.\n company assumed unvested restricted stock units and stock options 201cequity awards. aggregate purchase price was approximately $ 550. 2 million.\n acquisition enables company to meet needs of leading-edge semiconductor designers for sophisticated design tools.\n company allocated total purchase consideration of $ 550. 2 million ( including $ 6. 8 million related to equity awards assumed ) to assets acquired and liabilities assumed based on fair values at acquisition date including acquired identifiable intangible assets of $ 184. 3 million  total goodwill of $ 316. 3 million.\n identifiable intangible assets amortized over three to ten years.\n acquisition-related costs attributable to business combination totaling $ 33. 5 million for fiscal 2012 expensed as in consolidated statements of operations primarily of employee separation costs  contract terminations , professional services  facilities closure costs.\n other fiscal 2012 acquisitions during fiscal 2012 company acquired five other companies  including emulation & verification engineering .\n for cash allocated total purchase consideration of $ 213.2 million to assets acquired liabilities assumed based fair values resulting in total goodwill $ 118. 1 million.\n acquired identifiable intangible assets totaling $ 73. 3 million valued using appropriate valuation methods income or cost methods amortized over useful lives one to eight years.\n during fiscal 2012  acquisition-related costs totaling $ 6. 8 million expensed incurred in consolidated statements of operations.\n fiscal 2011 acquisitions fiscal 2011  company completed two acquisitions for cash allocated total purchase consideration of $ 37. 4 million to assets liabilities acquired fair values at acquisition date resulting in goodwill of $ 30. 6 million.\n acquired identifiable intangible assets of $ 9. 3 million amortized over two to ten years.\n note 4.\n goodwill intangible assets goodwill:.\n\n| ( in thousands )\n-------------------------- | ----------------\nbalance at october 31 2011 | $ 1289286\nadditions                  | 687195\nother adjustments ( 1 )    | 506\nbalance at october 31 2012 | $ 1976987\nadditions                  | 2014\nother adjustments ( 1 )    | -1016 ( 1016 )\nbalance at october 31 2013 | $ 1975971"
}
{
    "_id": "dd4c4d108",
    "title": "",
    "text": "shares excluded from calculation average shares outstanding 2013 diluted as effect anti- dilutive ( shares in millions ).\n average exercise price of options per share was $ 26. 79 , $ 33. 32  $ 26. 93 for 2018  2017 2016 .\n in 2017  arconic generated sufficient net income  30 million  14 million  5 million  1 million potential shares of common stock related to mandatory convertible preferred stock , convertible notes stock awards stock options would have included in diluted average shares outstanding.\n mandatory convertible preferred stock converted on october 2 , 2017 ( see note i ).\n in 2016  arconic generated sufficient net income  28 million  10 million  4 million  1 million potential shares of common stock related to mandatory convertible preferred stock , convertible notes  stock awards  stock options would have included in diluted average shares outstanding.\n\n| 2018 | 2017 | 2016\n------------------------------------- | ---- | ---- | ----\nmandatory convertible preferred stock | n/a  | 39   | 39\nconvertible notes                     | 2014 | 14   | 14\nstock options ( 1 )                   | 9    | 11   | 13\nstock awards                          | 2014 | 7    | 8"
}
{
    "_id": "dd4b95a76",
    "title": "",
    "text": "table of contents.\n company issued 35000 , 115485 39900 performance-based restricted stock awards during 2016  2015 2014 .\n cumulative performance stock awards issued defined operating metrics assigned to 63462 , 51795 20667 awards with grant-date fair values of $ 84. 61 , $ 86. 38 $ 81. 52 during 2016  2015 2014.\n grant-date fair value of awards recorded from grant date through conclusion of measurement period with each operating metric based on management's estimates probability of vesting.\n as of december 31 , 2016 , 7625 units of total 2014 awards granted were earned will be issued in 2017.\n total compensation expense with awards for years ended december 31 , 2016  2015 2014 was $ 0. 4 million , $ 0. 4 million $ 0. 1 million .\n in 2016 , 2015 2014  company granted restricted stock units of 488622 , 344500 364150  will vest over three- or four-year period with weighted-average grant-date fair values of $ 88. 51 , $ 86. 34 $ 82. 13 ,.\n during 2016 and 2015 , 162019 and 85713 shares vested and released.\n as of december 31 , 2016  2015 2014 , 838327 , 571462 344750 units were outstanding.\n total compensation expense recorded over service period was $ 19. 1 million , $ 12. 5 million $ 5. 8 million for years ended december 31 , 2016  2015 2014.\n with 2015 acquisition  ansys issued 68451 shares of replacement restricted stock with weighted-average grant-date fair value of $ 90. 48.\n of $ 6. 2 million grant-date fair value , $ 3.5 million  related to partially vested awards recorded as non-cash purchase price consideration.\n remaining fair value recognized as stock compensation expense through conclusion of service period.\n during years ended december 31 , 2016 and 2015  company recorded $ 1. 2 million and $ 0. 6 million  of stock compensation expense related to awards.\n in conjunction with 2011 acquisition company granted performance-based restricted stock awards.\n vesting determined based on achievements revenue and operating income targets entity post-acquisition.\n total compensation expense with awards recorded for year ended december 31, 2014 was $ 4. 7 million.\n company granted deferred stock awards to non-affiliate independent directors rights to receive shares of common stock upon termination of service as director.\n in 2015 and prior deferred stock awards granted quarterly in arrears vested immediately upon grant.\n company established non-qualified 409 ( a ) deferred compensation plan with assets under rabbi trust to provide directors opportunity to diversify vested awards.\n during open trading windows elective option directors may convert company shares into non-company-stock investment options to diversify holdings.\n as of december 31 , 2016  5000 shares diversified and 184099 undiversified deferred stock awards vested with underlying shares remaining unissued until service termination of director owners.\n in may 2016  company granted 38400 deferred stock awards will vest in full on one-year anniversary of grant.\n total compensation expense associated with awards recorded for years ended december 31 , 2016 , 2015 and 2014 was $ 1. 9 million , $ 4. 0 million and $ 3. 5 million  respectively.\n\nassumptions used in monte carlo lattice pricing model | year ended december 31 , 2016 | year ended december 31 , 2015 | year ended december 31 , 2014\n----------------------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------\nrisk-free interest rate                               | 1.0% ( 1.0 % )                | 1.1% ( 1.1 % )                | 0.7% ( 0.7 % )\nexpected dividend yield                               | 2014% ( 2014 % )              | 2014% ( 2014 % )              | 2014% ( 2014 % )\nexpected volatility 2014ansys stock price             | 21% ( 21 % )                  | 23% ( 23 % )                  | 25% ( 25 % )\nexpected volatility 2014nasdaq composite index        | 16% ( 16 % )                  | 14% ( 14 % )                  | 15% ( 15 % )\nexpected term                                         | 2.8 years                     | 2.8 years                     | 2.8 years\ncorrelation factor                                    | 0.65                          | 0.60                          | 0.70"
}
{
    "_id": "dd4ba327a",
    "title": "",
    "text": "sales competitive supply gross margin declined in south america europe/africa caribbean remained flat in north america asia.\n large utilities gross margin increased $ 201 million or 37% ( 37 % ) to $ 739 million in 2001 from $ 538 million in 2000.\n excluding businesses acquired commenced operations during 2001 2000 large utilities gross margin increased 10% ( 10 % ) to $ 396 million in 2001.\n large utilities gross margin as percentage of revenues increased to 30% ( 30 % ) in 2001 from 25% ( 25 % ) in 2000.\n caribbean venezuela large utility gross margin increased $ 166 million due to full year contribution from edc acquired in june 2000.\n north america gross margin contributions from ipalco and cilcorp increased.\n growth distribution gross margin increased $ 165 million or 126% ( 126 % ) to $ 296 million in 2001 from $ 131 million in 2000.\n excluding businesses acquired during 2001 2000 growth distribution gross margin increased 93% ( 93 % ) to $ 268 million in 2001.\n growth distribution gross margin percentage of revenue increased to 18% ( 18 % ) in 2001 from 10% ( 10 % ) in 2000.\n growth distribution business gross margin percentage of sales increased in south america caribbean decreased in europe/africa asia.\n south america growth distribution margin increased $ 157 million 38% ( 38 % ) of revenues.\n increase due to sul 2019s sales of excess energy into southeast market rationing.\n caribbean growth distribution margin increased $ 39 million 5% ( 5 % ) of revenues.\n increase due to lower losses at ede este increase in contribution from caess.\n europe/africa growth distribution margin decreased $ 10 million negative due to losses at sonel.\n in asia growth distribution margin decreased $ 18 million negative due to increase in losses at telasi.\n breakdown of aes 2019s gross margin for years ended december 31 , 2001 2000 based on geographic region earned below.\n includes venezuela and colombia.\n selling  general administrative expenses increased $ 38 million or 46% ( 46 % ) to $ 120 million in 2001 from $ 82 million in 2000.\n selling general administrative expenses percentage of revenues remained constant at 1% ( 1 % ) in 2001 and 2000.\n overall increase in selling general administrative expenses due to increased development activities.\n interest net interest expense increased $ 327 million or 29% ( 29 % ) to $ 1. 5 billion in 2001 from $ 1. 1 billion in 2000.\n net interest expense percentage of revenues increased to 16% ( 16 % ) in 2001 from 15% ( 15 % ) in 2000.\n net interest expense increased primarily due to new businesses additional corporate interest expense from senior debt issued during 2001 to finance new investments mark-to-market losses on interest rate related derivative instruments.\n\nnorth america | 2001 $ 912 million | % (  % ) of revenue 25% ( 25 % ) | 2000 $ 844 million | % (  % ) of revenue 25% ( 25 % ) | % (  % ) change 8% ( 8 % )\n------------- | ------------------ | -------------------------------- | ------------------ | -------------------------------- | --------------------------\nsouth america | $ 522 million      | 30% ( 30 % )                     | $ 416 million      | 36% ( 36 % )                     | 25% ( 25 % )\ncaribbean*    | $ 457 million      | 25% ( 25 % )                     | $ 226 million      | 21% ( 21 % )                     | 102% ( 102 % )\neurope/africa | $ 310 million      | 22% ( 22 % )                     | $ 371 million      | 29% ( 29 % )                     | ( 16% ( 16 % ) )\nasia          | $ 101 million      | 15% ( 15 % )                     | $ 138 million      | 22% ( 22 % )                     | ( 27% ( 27 % ) )"
}
{
    "_id": "dd496cd4e",
    "title": "",
    "text": "purchase asset  we capitalize all costs necessary to make asset ready for intended use.\n many assets are self-constructed.\n large portion of capital expenditures for track structure expansion ( capacity projects ) and replacement ( program projects ) typically performed by employees.\n approximately 13% ( 13 % ) of full-time equivalent employees dedicated to construction of capital assets.\n costs directly attributable or overhead costs relate directly to capital projects capitalized.\n direct costs capitalized of self-constructed assets include material  labor  work equipment.\n indirect costs capitalized if clearly relate to construction asset.\n costs allocated using appropriate statistical bases.\n capitalization of indirect costs consistent with fasb statement no.\n 67  accounting for costs initial rental operations of real estate projects.\n general and administrative expenditures expensed as incurred.\n normal repairs and maintenance also expensed as incurred costs incurred that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.\n assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n 10.\n accounts payable other current liabilities dec.\n 31 .\n 31 millions of dollars 2008 2007.\n 11.\n fair value measurements during first quarter of 2008 adopted fasb statement no.\n 157 , fair value measurements ( fas 157 ).\n fas 157 established framework for measuring fair value expanded disclosures about fair value measurements.\n adoption of fas 157 no impact on financial position or results of operations.\n fas 157 applies to all assets and liabilities measured and reported on fair value basis.\nenables reader financial statements to assess inputs to develop measurements by establishing hierarchy for ranking quality reliability of information to determine fair values.\n statement requires each asset and liability carried at fair value classified into following categories : level 1 : quoted market prices in active markets for identical assets or liabilities.\n level 2 : observable market based inputs or unobservable inputs corroborated by market data.\n level 3 : unobservable inputs not corroborated by market data.\n\nmillions of dollars                                  | dec . 31 2008 | dec . 31 2007\n---------------------------------------------------- | ------------- | -------------\naccounts payable                                     | $ 629         | $ 732\naccrued wages and vacation                           | 367           | 394\naccrued casualty costs                               | 390           | 371\nincome and other taxes                               | 207           | 343\ndividends and interest                               | 328           | 284\nequipment rents payable                              | 93            | 103\nother                                                | 546           | 675\ntotal accounts payable and other current liabilities | $ 2560        | $ 2902"
}
{
    "_id": "dd4be1aac",
    "title": "",
    "text": "entergy new orleans , inc.\n management's financial discussion analysis includes approximately $ 30 million annually for maintenance capital  planned spending on routine capital projects necessary to support reliability of service , equipment systems support normal customer growth.\n purchase obligations represent minimum purchase obligation or cancellation charge for contractual obligations to purchase goods or services.\n for entergy new orleans  almost total consists of unconditional fuel and purchased power obligations  including obligations under unit power sales agreement discussed in note 8 to financial statements.\n addition contractual obligations entergy new orleans expects to make payments of approximately $ 113 million for years 2009-2011 related to hurricane katrina and hurricane gustav restoration work and gas rebuild project of $ 32 million expected to be incurred in 2009.\n entergy expects to contribute $ 1. 7 million to pension plan and $ 5. 9 million to other postretirement plans in 2009.\n guidance pension protection act of 2006 rules  effective for 2008 may affect level entergy orleans' pension contributions in future.\n addition to contractual obligations entergy new orleans has $ 26. 1 million of unrecognized tax benefits and interest for timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in timing of effective settlement of tax positions.\n see note 3 to financial statements for additional information regarding unrecognized tax benefits.\n planned capital investment estimate for entergy new orleans reflects capital required to support existing business.\n estimated capital expenditures subject to periodic review modification may vary based on regulatory constraints environmental compliance market volatility economic trends ability to access capital.\n management provides more information on long-term debt and preferred stock maturities in notes 5 and 6 and to financial statements.\nsources of capital entergy new orleans' sources to meet capital requirements include : internally generated funds ; cash on hand ; debt preferred stock issuances.\n entergy orleans' receivables from ( payables to ) money pool were as follows as of december 31 for each following years:.\n see note 4 to financial statements for description of money pool.\n discussed in \"bankruptcy proceedings\" entergy new orleans issued notes due in three years in satisfaction of affiliate prepetition accounts payable , including indebtedness to entergy system money pool of $ 37. 2 million.\n entergy new orleans obtained short-term borrowing authorization from ferc may borrow through march 2010  up to aggregate amount outstanding of $ 100 million.\n see note 4 to financial statements for discussion of entergy new orleans' short-term borrowing limits.\n long- term securities issuances limited to amounts authorized by city council  current authorization extends through august 2010.\n\n2008             | 2007             | 2006             | 2005\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 60093          | $ 47705          | ( $ 37166 )      | ( $ 37166 )"
}
{
    "_id": "dd4c4cb72",
    "title": "",
    "text": "note 5 loans , commitments to extend credit concentrations of credit risk loans outstanding were follows:.\n concentrations of credit risk exist when changes in economic industry geographic factors affect groups of counterparties aggregate exposure material in relation to our total credit exposure.\n loans outstanding and related unfunded commitments concentrated in our primary geographic markets.\n at december 31 , 2007  no specific industry concentration exceeded 5% ( 5 % ) of total commercial loans outstanding and unfunded commitments.\n normal business we originate or purchase loan products whose contractual features concentrated may increase our exposure as holder servicer loan.\n possible product terms features may create concentration of credit risk include loan products permit negative amortization  high loan-to-value ratio features may expose borrower to future increases in repayments above increases market interest rates below-market interest rates interest-only loans .\n we originate interest-only loans to commercial borrowers.\n these products standard in financial services industry features products considered during underwriting process to mitigate increased risk of product feature in borrowers not able to make interest and principal payments when due.\n we do not believe these product features create concentration of credit risk.\n we also originate home equity loans and lines of credit that result in credit concentration of high loan-to-value ratio loan products at time of origination.\n these loans concentrated in our primary geographic markets.\n at december 31 , 2007 , $ 2. 7 billion of $ 14. 4 billion of home equity loans ( included in 201cconsumer 201d table ) had loan-to-value ratio greater than 90% ( 90 % ).\n these loans collateralized primarily by 1-4 family residential properties.\n we also periodically purchase residential mortgage loans collateralized by 1-4 family residential properties.\ndecember 31 , 2007  $ 3. 0 billion of $ 9. 6 billion residential mortgage loans were interest- only loans.\n realized net gains from sales commercial mortgages $ 39 million 2007  $ 55 million 2006 $ 61 million 2005.\n gains on sales education loans totaled $ 24 million 2007  $ 33 million 2006 $ 19 million 2005.\n loans held for sale reported separately on consolidated balance sheet not included in table.\n interest income from total loans for sale was $ 184 million for 2007  $ 157 million 2006 $ 104 million 2005 included in other interest income consolidated income statement.\n\ndecember 31 - in millions          | 2007         | 2006\n---------------------------------- | ------------ | ------------\ncommercial                         | $ 28607      | $ 20584\ncommercial real estate             | 8906         | 3532\nconsumer                           | 18326        | 16515\nresidential mortgage               | 9557         | 6337\nlease financing                    | 3500         | 3556\nother                              | 413          | 376\ntotal loans                        | 69309        | 50900\nunearned income                    | -990 ( 990 ) | -795 ( 795 )\ntotal loans net of unearned income | $ 68319      | $ 50105"
}
{
    "_id": "dd4bddb28",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements table below presents summary of level 3 financial assets.\n level 3 financial assets as of december 2018 increased compared with december 2017 primarily reflecting increase in level 3 cash instruments.\n see notes 6 through 8 for further information about level 3 financial assets ( including information unrealized gains and losses related level 3 financial assets financial liabilities  transfers in and out of level 3 ).\n note 6.\n cash instruments include.\n government and agency obligations  non-u.\n government agency obligations  mortgage-backed loans securities corporate debt instruments equity securities investments in funds at nav other non-derivative financial instruments owned financial instruments sold but not yet purchased.\n see below for types of cash instruments included in each level of fair value hierarchy valuation techniques significant inputs to determine fair values.\n see note 5 for overview of firm 2019s fair value measurement policies.\n level 1 cash instruments include certain money market instruments .\n government obligations  non-u.\n government obligations certain government agency obligations corporate debt instruments actively traded listed equities.\n instruments valued using quoted prices for identical unrestricted instruments in active markets.\n firm defines active markets for equity instruments based on average daily trading volume and relative market capitalization for instrument.\n firm defines active markets for debt instruments based on average daily trading volume number of days with trading activity.\n level 2 cash instruments include most money market instruments  government agency obligations  certain non-u. s.\ngovernment obligations  mortgage-backed loans securities corporate debt instruments state municipal obligations other debt obligations restricted or less liquid listed equities commodities certain lending commitments.\n valuations of level 2 cash instruments be verified to quoted prices recent trading activity for identical similar instruments broker or dealer quotations alternative pricing sources with reasonable levels price transparency.\n consideration given to nature of quotations (. indicative or firm ) relationship of recent market activity to prices from alternative pricing sources.\n valuation adjustments typically made to level 2 cash instruments i ) if cash instrument subject to transfer restrictions/or ii ) for other premiums liquidity discounts market participant require to arrive at fair value.\n valuation adjustments generally based on market evidence.\n level 3 cash instruments level 3 cash instruments have one or more significant valuation inputs not observable.\n absent evidence to contrary level 3 cash instruments initially valued at transaction price considered best initial estimate of fair value.\n subsequently firm uses other methodologies to determine fair value vary based on type of instrument.\n valuation inputs and assumptions changed when corroborated by substantive observable evidence including values realized on sales.\n valuation techniques and significant inputs of level 3 cash instruments valuation techniques of level 3 cash instruments vary by instrument generally based on discounted cash flow techniques.\n valuation techniques nature of significant inputs used to determine fair values of each type level 3 cash instrument described below : loans and securities backed by commercial real estate.\n loans securities commercial real directly or indirectly collateralized by single commercial real estate property or portfolio of properties may include tranches of varying levels of subordination.\nsignificant inputs determined based on relative value analyses include : 2030 market yields implied by transactions of similar related assets current levels changes in market indices cmbx ( index tracks performance of commercial mortgage bonds ) ; 118 goldman sachs 2018 form 10-k\n\n$ in millions          | as of december 2018 | as of december 2017\n---------------------- | ------------------- | -------------------\ncash instruments       | $ 17227             | $ 15395\nderivatives            | 4948                | 3802\nother financial assets | 6                   | 4\ntotal                  | $ 22181             | $ 19201"
}
{
    "_id": "dd4bd4c58",
    "title": "",
    "text": "item 15.\n exhibits financial statement schedules.\n continued kinder morgan , inc.\n form 10-k.\n result of implementation of asu 2009-17  effective january 1 , 2010 include transactions balances of business trust , k n capital trust i k n capital trust iii in consolidated financial statements no longer include junior subordinated deferrable interest debentures issued to capital trusts ( see note 18 accounting pronouncements 201d ).\n kmp issued $ 500 million principal amount of 9. 00% ( 9. % ) senior notes due february 1, 2019 december 2008.\n each holder of notes right to require kmp to repurchase all or portion of notes owned by holder on february 1 , 2012 at purchase price equal to 100% ( ) of principal amount of notes tendered by holder plus accrued unpaid interest excluding repurchase date.\n on after february 1, 2012  interest cease to accrue on notes tendered for repayment.\n holder 2019s exercise repurchase option irrevocable.\n kinder morgan kansas , inc.\n 2028 and 2098 debentures 2012 and 2015 senior notes redeemable in whole or in part at kinder morgan kansas , inc. 2019s option any time at redemption prices defined in associated prospectus supplements.\n 2027 debentures redeemable in whole or in part at kinder morgan kansas , inc. 2019s option after november 1 , 2004 at redemption prices defined in associated prospectus supplements.\n on september 2 , 2010  kinder morgan kansas , inc.\n paid remaining $ 1. 1 million principal balance outstanding on kinder morgan kansas , inc. 2019s 6. 50% ( 6. 50 % ) series debentures  due 2013.\nkinder morgan finance company , llc december 20 , 2010 wholly owned subsidiary of kinder morgan kansas , inc. completed public offering of senior notes.\n issued total $ 750 million principal amount 6. 00% ( 6. 00 % ) senior notes due january 15 , 2018.\n net proceeds from issuance notes after underwriting discounts commissions $ 744. 2 million  used to retire principal amount of 5. 35% ( 5. 35 % ) senior notes matured january 5 , 2011.\n 2011 , 2016, 2018 2036 senior notes issued by kinder morgan finance redeemable whole or in part at kinder morgan kansas , inc. 2019s option any time at redemption prices defined in associated prospectus supplements.\n each series notes fully unconditionally guaranteed by kinder morgan kansas , inc.\n senior unsecured basis principal , interest additional amounts required paid withholding or deduction for canadian taxes.\n capital trust securities kinder morgan kansas , inc. 2019s business trusts , k n capital trust i and k n capital trust iii obligated for $ 12. 7 million of 8. 56% ( 8. 56 % ) capital trust securities maturing on april 15 , 2027 and $ 14. 4 million of 7. 63% ( 7. 63 % ) capital trust securities maturing on april 15 , 2028  guarantees.\n 2028 securities redeemable in whole or in part  at kinder morgan kansas , inc. 2019s option any time at redemption prices as defined in associated prospectus.\n 2027 securities redeemable in whole or in part at kinder morgan kansas , inc.2019s option at any time certain limited circumstances occurrence of certain events at prices  defined in associated prospectus supplements.\n upon redemption by kinder morgan kansas , inc.\n maturity of junior subordinated deferrable interest debentures  must use proceeds to make redemptions of capital trust securities pro rata basis.\n\nkinder morgan liquids terminals llc-n.j . development revenue bonds due january 15 2018 kinder morgan columbus llc-5.50% ( llc-5.50 % ) ms development revenue note due september 1 2022 | 25.0 8.2           | 25.0 8.2\n---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ----------------\nkinder morgan operating l.p . 201cb 201d-jackson-union cos . il revenue bonds due april 1 2024                                                                                           | 23.7               | 23.7\ninternational marine terminals-plaquemines la revenue bonds due march 15 2025                                                                                                            | 40.0               | 40.0\nother miscellaneous subsidiary debt                                                                                                                                                      | 1.3                | 1.3\nunamortized debt discount on long-term debt                                                                                                                                              | -20.3 ( 20.3 )     | -21.2 ( 21.2 )\ncurrent maturities of long-term debt                                                                                                                                                     | -1263.3 ( 1263.3 ) | -596.6 ( 596.6 )\ntotal long-term debt 2013 kmp                                                                                                                                                            | $ 10282.8          | $ 10007.5"
}
{
    "_id": "dd4be409a",
    "title": "",
    "text": "reporting unit 2019s related goodwill assets.\n in 2013 recorded non-cash goodwill impairment charge of $ 195 million net of state tax benefits.\n see 201ccritical accounting policies - goodwill 201d management 2019s discussion analysis of financial condition results of operations 201cnote 1 2013 significant accounting policies 201d for more information on impairment charge.\n changes in.\n foreign tax laws  including possibly retroactive effect audits by tax authorities could result in unanticipated increases in tax expense affect profitability cash flows.\n proposals to lower.\n corporate income tax rate require reduce net deferred tax assets upon enactment related tax legislation one-time increase to income tax expense income tax expense and payments materially reduced in subsequent years.\n actual financial results could differ from judgments estimates.\n refer to 201ccritical accounting policies 201d in management 2019s discussion analysis of financial condition results of operations 201cnote 1 2013 significant accounting policies 201d of consolidated financial statements for complete discussion of significant accounting policies use of estimates.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n at december 31, 2013  owned or leased building space ( including offices manufacturing plants warehouses service centers laboratories other facilities ) at 518 locations primarily in u.\n manage or occupy various.\n government-owned facilities under lease other arrangements.\n at december 31 , 2013 had significant operations in following locations : 2022 aeronautics 2013 palmdale , california ; marietta , georgia ; greenville , south carolina ; fort worth and san antonio , texas ; montreal , canada.\n2022 information systems & global solutions 2013 goodyear , arizona ; sunnyvale , california ; colorado springs denver , colorado ; gaithersburg rockville , maryland ; valley forge , pennsylvania houston , texas.\n 2022 missiles and fire control 2013 camden , arkansas orlando , florida lexington , kentucky grand prairie , texas.\n 2022 mission systems training 2013 orlando , florida baltimore , maryland moorestown/mt.\n laurel , new jersey ; owego syracuse , new york ; akron , ohio manassas , virginia.\n 2022 space systems 2013 huntsville , alabama ; sunnyvale , california denver , colorado albuquerque, new mexico ; newtown , pennsylvania.\n 2022 corporate activities 2013 lakeland , florida bethesda , maryland.\n in november 2013  committed to plan to vacate leased facilities in goodyear , arizona akron , ohio close owned facility in newtown , pennsylvania certain owned buildings at sunnyvale , california facility.\n expect closures include approximately 2. 5 million square feet of facility space complete by middle of 2015.\n for information see 201cnote 2 2013 restructuring charges 201d consolidated financial statements.\n summary of square feet of floor space by business segment at december 31 , 2013 inclusive of facilities plan to vacate mentioned above ( in millions ) : owned leased.\n government- owned total.\n believe facilities in good condition adequate for current use.\n may improve  replace reduce facilities as appropriate to meet needs operations.\n\n| owned | leased | u.s . government- owned | total\n-------------------------------------- | ----- | ------ | ----------------------- | -----\naeronautics                            | 5.8   | 2.7    | 14.2                    | 22.7\ninformation systems & global solutions | 2.5   | 5.7    | 2014                    | 8.2\nmissiles and fire control              | 4.2   | 5.1    | 1.3                     | 10.6\nmission systems and training           | 5.8   | 5.3    | 0.4                     | 11.5\nspace systems                          | 8.5   | 1.6    | 7.9                     | 18.0\ncorporate activities                   | 3.0   | 0.9    | 2014                    | 3.9\ntotal                                  | 29.8  | 21.3   | 23.8                    | 74.9"
}
{
    "_id": "dd4c40034",
    "title": "",
    "text": "34| | duke realty corporation annual report 2009 property investment we evaluate development acquisition opportunities based upon market outlook  supply long-term growth potential.\n ability to make future property investments dependent upon continued access to longer-term sources liquidity including issuances of debt or equity securities generating cash flow by disposing of selected properties.\n in light current economic conditions  management continues evaluate investment priorities focused on accretive growth.\n continued operate at substantially reduced level of new development activity compared to recent years focused on core operations of existing base of properties.\n recurring expenditures principal uses of liquidity is to fund recurring leasing/capital expenditures of real estate investments.\n summary of recurring capital expenditures for years ended december 31 , 2009 , 2008 2007  ( in thousands ) : dividends and distributions required to meet distribution requirements of internal revenue code of 1986 , as amended ( 201ccode 201d ) to maintain reit status.\n depreciation and impairments are non-cash expenses  cash flow typically be greater than operating income.\n paid dividends per share of $ 0. 76 , $ 1. 93 and $ 1. 91 for years ended december 31 , 2009 , 2008 2007 .\n expect to continue to distribute at least amount equal to taxable earnings meet requirements to maintain reit status additional amounts as determined by board of directors.\n distributions declared at discretion of board of directors subject to actual cash available for distribution  financial condition  capital requirements other factors as board of directors deems relevant.\n at december 31 , 2009 had six series of preferred shares outstanding.\n annual dividend rates on preferred shares range between 6. 5% ( 6. 5 % ) and 8. 375% ( 8. 375 % ) paid in arrears quarterly.\n\n| 2009    | 2008    | 2007\n----------------------------- | ------- | ------- | -------\nrecurring tenant improvements | $ 29321 | $ 36885 | $ 45296\nrecurring leasing costs       | 40412   | 28205   | 32238\nbuilding improvements         | 9321    | 9724    | 8402\ntotals                        | $ 79054 | $ 74814 | $ 85936"
}
{
    "_id": "dd4c50d08",
    "title": "",
    "text": "home equity repurchase obligations pnc 2019s repurchase obligations include obligations certain brokered home equity loans/lines sold to limited private investors in financial services industry by national city prior to our acquisition of national city.\n pnc no longer engaged in brokered home equity lending business  our exposure under these loan repurchase obligations limited to repurchases of loans sold in these transactions.\n repurchase activity associated with brokered home equity lines/loans is reported in non- strategic assets portfolio segment.\n loan covenants and representations and warranties established through loan sale agreements with investors to assurance that loans pnc sold to investors are of sufficient investment quality.\n key aspects of covenants representations warranties include loan 2019s compliance with applicable loan criteria established for transaction  including underwriting standards  delivery of all required loan documents to investor designated party sufficient collateral valuation  validity of lien securing loan.\n alleged breaches of contractual obligations , investors may request pnc to indemnify against losses on certain loans or to repurchase loans.\n we investigate every investor claim loan by loan basis to determine existence of legitimate claim all other conditions for indemnification or repurchase met prior to settlement with investor.\n indemnifications for loss or loan repurchases typically occur when  after review claim agree insufficient evidence exists to dispute investor 2019s claim that breach of loan covenant and representation and warranty occurred breach not cured  effect of breach deemed to had material and adverse effect on value of transferred loan.\n depending on sale agreement and upon proper notice from investor we typically respond to home equity indemnification and repurchase requests within 60 days , final resolution claim may take longer time.\nhome equity sale agreements provide for penalties remedies if not respond timely to investor indemnification or repurchase requests.\n investor indemnification repurchase claims typically settled individual loan basis through make-whole payments or loan repurchases ; on occasion we may negotiate pooled settlements with investors.\n typically do not repurchase loans consummation of transactions results in no longer having indemnification repurchase exposure with investor transaction.\n table details unpaid principal balance of unresolved home equity indemnification and repurchase claims at december 31, 2012 and december 31, 2011 .\n table 31 : analysis of home equity unresolved asserted indemnification and repurchase claims in millions december 31 december 31.\n ( a ) activity relates to brokered home equity loans/lines sold through loan sale transactions occurred during 2005-2007.\n pnc financial services group , inc.\n 2013 form 10-k 81\n\nin millions              | december 31 2012 | december 31 2011\n------------------------ | ---------------- | ----------------\nhome equity loans/lines: |                  |\nprivate investors ( a )  | $ 74             | $ 110"
}
{
    "_id": "dd4c1da48",
    "title": "",
    "text": "leases , was $ 92 million , $ 80 million  and $ 72 million in 2002 , 2001  and 2000 , respectively.\n future minimum lease payments under noncancelable operating leases remaining terms in excess of one year as of september 28 , 2002 , are as follows ( in millions ) : concentrations in available sources of supply of materials and product certain components essential to company business are generally available from multiple sources , other key components ( including microprocessors and application-specific integrated circuits , or ( \"asics\" ) ) currently obtained by company from single or limited sources.\n some other key components , available from multiple sources, subject to industry- wide availability and pricing pressures.\n in company uses some components not common to personal computer industry new products often initially utilize custom components obtained from only one source until company evaluated need for and qualifies additional suppliers.\n if supply of key single-sourced component company delayed or curtailed or key manufacturing vendor delays shipments of completed products company company's ability to ship related products in desired quantities and in timely manner could be adversely affected.\n company's business and financial performance could be adversely affected depending on time required to obtain sufficient quantities from original source , or to identify and obtain sufficient quantities from alternative source.\n continued availability of these components may be affected if producers to concentrate on production of common components instead of components customized to company requirements.\n significant portions of company's cpus , logic boards , and assembled products are now manufactured by outsourcing partners  majority in various parts of asia.\n company works closely with outsourcing partners on manufacturing schedules and levels company's operating results could be adversely affected if outsourcing partners unable to meet production obligations.\ncontingencies beginning september 27 , 2001  three shareholder class action lawsuits filed in united states district court for northern district of california against company and chief executive officer.\n lawsuits substantially identical purport to bring suit on behalf of persons purchased company's publicly traded common stock between july 19 , 2000  and september 28 , 2000.\n complaints allege violations of 1934 securities exchange act seek unspecified compensatory damages and other relief.\n company believes these claims without merit intends to defend them vigorously.\n company filed motion to dismiss on june 4, 2002 heard by court on september 13 , 2002.\n december 11 , 2002  court granted company's motion to dismiss for failure to state cause of action with leave to plaintiffs to amend complaint within thirty days.\n company subject to certain other legal proceedings and claims arisen in ordinary course of business not fully adjudicated.\n in opinion of management company does not have potential liability related to current legal proceedings and claims material adverse effect on financial condition , liquidity or results of operations.\n results of legal proceedings cannot be predicted with certainty.\n should company fail to prevail in legal matters or several legal matters resolved against company in same reporting period operating results of particular reporting period could be materially adversely affected.\n parliament of european union working on finalizing waste electrical and electronic equipment directive ( directive ).\n directive makes producers of electrical goods  including personal computers  financially responsible for collection , recycling  safe disposal of past and future products.\n directive must be approved and implemented by individual european union governments by june 2004 producers' financial obligations scheduled to start june 2005.\ncompany's potential liability from directive related to past sales products and expenses with future sales product may be substantial.\n  because likely specific laws , regulations , enforcement policies will vary significantly between individual european member states , not currently possible to estimate company's existing liability or future expenses from directive.\n as european union and individual member states clarify specific requirements and policies with respect to directive , company will continue to assess potential financial impact.\n similar legislation may be enacted in other geographies , including federal and state legislation in united states , cumulative impact could be significant.\n fiscal years.\n\n2003                         | $ 83\n---------------------------- | -----\n2004                         | 78\n2005                         | 66\n2006                         | 55\n2007                         | 42\nlater years                  | 140\ntotal minimum lease payments | $ 464"
}
{
    "_id": "dd4bb6186",
    "title": "",
    "text": "vertex pharmaceuticals incorporated notes to consolidated financial statements continued ).\n altus investment continued offering held 450000 shares of redeemable preferred stock not convertible into common stock redeemable for $ 10. 00 per share plus annual dividends of $ 0. 50 per share accruing since redeemable preferred stock issued in 1999 at vertex 2019s option on or after december 31 , 2010 or by altus any time.\n company restricted from trading altus securities for six months following initial public offering.\n altus securities trading restrictions expired company sold 817749 shares of altus common stock for approximately $ 11. 7 million in realized gain of approximately $ 7. 7 million in august 2006.\n restrictions expired company began accounting for altus warrants as derivative instruments under financial accounting standards board statement no.\n fas 133 , 201caccounting for derivative instruments and hedging activities 201d ( 201cfas 133 201d ).\n in accordance with fas 133 in third quarter of 2006 company recorded altus warrants on consolidated balance sheet at fair market value of $ 19. 1 million recorded unrealized gain on fair market value altus warrants of $ 4. 3 million.\n in fourth quarter of 2006 company sold altus warrants for approximately $ 18. 3 million in realized loss of $ 0. 7 million.\n result of company 2019s sales of altus common stock and altus warrrants in 2006 company recorded realized gain on sale of investment of $ 11. 2 million.\naccordance with company 2019s policy , outlined in note b , 201caccounting policies , 201d company assessed investment in altus , accounts for using cost method  determined adjustments to fair values of investment require company to write down investment basis of asset , in 2005 and 2006.\n company 2019s cost basis carrying value in outstanding equity and warrants of altus was $ 18. 9 million at december 31 , 2005.\n.\n accrued expenses and other current liabilities consist of following at december 31 ( in thousands ) :.\n company leases facilities and certain equipment under non-cancelable operating leases.\n company 2019s leases have terms through april 2018.\n term of kendall square lease began january 1 , 2003 lease payments commenced in may 2003.\n company obligation under kendall square lease staged through 2006 , to build-out space into finished laboratory and office space.\n lease will expire in 2018  company option to extend term for two consecutive terms of ten years each expiring in 2038.\n company occupies and uses for operations approximately 120000 square feet of kendall square facility.\n company has sublease arrangements in place for remaining rentable square footage square facility with initial terms expires in april 2011 and august 2012.\n see note e , 201crestructuring 201d for further information.\n research and development contract costs $ 57761 $ 20098 payroll and benefits 25115 15832 professional fees 3848 4816 4635 1315 $ 91359 $ 42061\n\n| 2006    | 2005\n--------------------------------------- | ------- | -------\nresearch and development contract costs | $ 57761 | $ 20098\npayroll and benefits                    | 25115   | 15832\nprofessional fees                       | 3848    | 4816\nother                                   | 4635    | 1315\ntotal                                   | $ 91359 | $ 42061"
}
{
    "_id": "dd4bc729c",
    "title": "",
    "text": "2022 higher 2017 sales volumes , incremental year-over-year cost savings with restructuring productivity improvement initiatives  costs with growth investments in 2016 changes in currency exchange rates  partially offset by incremental year-over-year costs with product development sales marketing growth investments : 60 basis points year-over-year operating profit margin comparisons unfavorably impacted by : 2022 incremental year-over-year net dilutive effect of acquired businesses : 20 basis points 2016 compared to 2015 year-over-year price increases in segment contributed 0. 3% ( 0. 3 % ) to sales growth 2016 compared to 2015 reflected as component of change in sales from existing businesses.\n sales from existing businesses in segment 2019s transportation technologies businesses grew at high-single digit rate during 2016 compared to 2015 due to strong demand for dispenser , payment point-of-sale systems  environmental compliance products vehicle fleet management products offset by weaker year-over-year demand for compressed natural gas products.\n expected  second half of 2016  business reduced emv-related demand for indoor point-of-sale solutions as customers upgraded to products indoor emv requirements prior year in response to indoor liability shift.\n  demand increased year-over-year for dispensers payment systems as customers in united states continued to upgrade equipment driven by emv deadlines related to outdoor payment systems.\n geographically sales from existing businesses continued to increase year-over-year in united states lesser extent in asia and western europe.\n sales from existing businesses in segment 2019s automation & specialty components business declined at low-single digit rate during 2016 as compared to 2015.\n businesses experienced sequential year-over-year improvement in demand during second half of 2016 first half 2016.\n2016  year-over-year demand declined for engine retarder products due to weakness in north american heavy-truck market offset by strong growth in china europe.\n year-over demand declined in medical and defense related end markets offset by increased demand for industrial automation products particularly in china.\n sales from businesses in segment 2019s automation & specialty components businesses declined in north america offset by growth in western europe china.\n sales from businesses in segment 2019s franchise distribution business grew at mid-single digit rate 2016  compared to 2015 due to net increases in franchisees growth in demand for professional tool products tool storage products primarily in united states.\n growth partly offset by year- over-year declines in wheel service equipment sales 2016.\n operating profit margins increased 70 basis points 2016 compared to 2015.\n factors favorably impacted year operating profit margin comparisons : 2022 higher 2016 sales volumes  pricing improvements incremental year-over-year cost savings associated with restructuring productivity improvement initiatives favorable impact of impairment of tradenames used in segment in 2015 2016 net of costs associated with growth investments  product development sales marketing growth investments  higher year-over-year costs associated with restructuring actions changes in currency exchange rates : 65 basis points 2022 incremental net accretive effect in 2016 of acquired businesses : 5 basis points cost of sales and gross profit.\n year-over-year increase in cost of sales during 2017 compared to 2016 due to impact higher year- over-year sales volumes changes in currency exchange rates partly offset by incremental year-over-year cost savings\n\n( $ in millions )   | for the year ended december 31 2017 | for the year ended december 31 2016 | for the year ended december 31 2015\n------------------- | ----------------------------------- | ----------------------------------- | -----------------------------------\nsales               | $ 6656.0                            | $ 6224.3                            | $ 6178.8\ncost of sales       | -3357.5 ( 3357.5 )                  | -3191.5 ( 3191.5 )                  | -3178.8 ( 3178.8 )\ngross profit        | 3298.5                              | 3032.8                              | 3000.0\ngross profit margin | 49.6% ( 49.6 % )                    | 48.7% ( 48.7 % )                    | 48.6% ( 48.6 % )"
}
{
    "_id": "dd4c1d62e",
    "title": "",
    "text": "table of contents cdw corporation subsidiaries 6.\n goodwill other intangible assets changes in goodwill by reportable segment : ( in millions ) corporate business ( 2 ) public other ( 4 ) consolidated balance at december 31 , 2014 ( 1 ) $ 1045. 9 $ 185. 9 $ 911. 3 $ 74. 5 $ 2217. 6.\n balances as of december 31 , 2017 ( 1 ) $ 1074. 1 $ 185. 9 $ 929. 6 $ 290. 0 $ 2479. 6 ( 1 ) goodwill net of accumulated impairment losses of $ 1571 million , $ 354 million $ 28 million related to corporate , public other segments.\n ( 2 ) amounts recast to present small business as own operating reportable segment.\n ( 3 ) effective january 1, 2016  cdw advanced services business included in company's corporate public segments.\n ( 4 ) other comprised of canada and cdw uk operating segments.\n establishment of small business as own reporting unit company performed quantitative analysis to allocate goodwill between corporate small business.\n based results quantitative analysis as of january 1 , 2017 company determined fair values of corporate small business reporting units exceeded carrying values by 227% ( 227 % ) and 308% ( 308 % ) no impairment existed.\n december 1 , 2017 impairment analysis company completed annual impairment analysis as of december 1 , 2017.\n for corporate , small business uk reporting units company performed qualitative analysis.\n determined more-likely individual fair values of corporate small business uk reporting units exceeded carrying values quantitative impairment analysis deemed unnecessary.\nuncertainty regarding impact of referendum on uk 2019s membership of european union ( 201ceu 201d ) , advising for exit of uk from eu ( referred to as 201cbrexit 201d ) still exists in current year , company does not believe to additional risk indicate quantitative analysis performed in prior year have different result.\n , qualitative analysis deemed appropriate for uk reporting unit.\n company performed quantitative analysis of public and canada reporting units.\n based on results of quantitative analysis , company determined fair value of public and canada reporting units exceeded carrying values by 179% ( 179 % ) and 153% ( 153 % ), respectively , and no impairment existed.\n december 1 , 2016 impairment analysis company completed annual impairment analysis as of december 1 , 2016.\n for corporate (  of december 1 , 2016  included small business ) , public and canada reporting units , company performed qualitative analysis.\n company determined more-likely-than-not individual fair values of corporate , public and canada reporting units exceeded respective carrying values.\n as result of determination , quantitative impairment analysis deemed unnecessary.\n due to substantial uncertainty regarding impact of brexit , company performed quantitative analysis of cdw uk reporting unit.\n based on results of quantitative analysis  company determined fair value of cdw uk reporting unit exceeded its carrying value and no impairment existed.\n\n( in millions )                        | corporate | small business ( 2 ) | public  | other ( 4 )    | consolidated\n-------------------------------------- | --------- | -------------------- | ------- | -------------- | --------------\nbalance at december 31 2014 ( 1 )      | $ 1045.9  | $ 185.9              | $ 911.3 | $ 74.5         | $ 2217.6\nforeign currency translation           | 2014      | 2014                 | 2014    | -22.4 ( 22.4 ) | -22.4 ( 22.4 )\nacquisition                            | 2014      | 2014                 | 2014    | 305.2          | 305.2\nbalance at december 31 2015 ( 1 )      | 1045.9    | 185.9                | 911.3   | 357.3          | 2500.4\nforeign currency translation           | 2014      | 2014                 | 2014    | -45.4 ( 45.4 ) | -45.4 ( 45.4 )\ncdw advanced services allocation ( 3 ) | 28.2      | 2014                 | 18.3    | -46.5 ( 46.5 ) | 2014\nbalance at december 31 2016 ( 1 )      | 1074.1    | 185.9                | 929.6   | 265.4          | 2455.0\nforeign currency translation           | 2014      | 2014                 | 2014    | 24.6           | 24.6\nbalances as of december 31 2017 ( 1 )  | $ 1074.1  | $ 185.9              | $ 929.6 | $ 290.0        | $ 2479.6"
}
{
    "_id": "dd496e8ec",
    "title": "",
    "text": "page 31 of 94 liquidity items cash payments for long-term debt maturities rental payments under noncancellable operating leases purchase obligations commitments effect at december 31 , 2007 summarized in table:.\n total payments on contractual obligations $ 9517. 7 $ 2918. 1 $ 3985. 2 $ 1947. 0 $ 667. 4 ( a ) amounts reported in local currencies translated at year-end exchange rates.\n b ) for variable rate facilities  amounts based on interest rates at year end not contemplate effects of hedging instruments.\n company 2019s purchase obligations include contracted amounts for aluminum  steel plastic resin direct materials.\n included are commitments for purchases of natural gas and electricity  aerospace and technologies contracts other less significant items.\n variable prices usage involved management 2019s best estimates used.\n on circumstances early termination of contracts may not result in penalties actual payments could vary significantly.\n contributions to company 2019s defined benefit pension plans  not including unfunded german plans expected to be $ 49 million in 2008.\n estimate may change based on plan asset performance.\n benefit payments related to these plans expected to be $ 66 million , $ 70 million $ 74 million  $ 77 million $ 82 million for years ending december 31 , 2008 through 2012  total of $ 473 million for years 2013 through 2017.\n payments to participants in unfunded german plans expected to be approximately $ 26 million in each years 2008 through 2012 total of $ 136 million for years 2013 through 2017.\n accordance with united kingdom pension regulations ball provided a38 million guarantee to plan for defined benefit plan in united kingdom.\nif company 2019s credit rating falls below specified levels, ball required to 1 ) contribute additional a38 million to plan ; 2 ) provide letter of credit to plan or 3 ) if imposed by regulatory agency provide lien on company assets for benefit plan.\n guarantee can be removed upon approval by ball and pension plan trustees.\n share repurchase program in 2007 was $ 211. 3 million , net of issuances  compared to $ 45. 7 million net repurchases in 2006 and $ 358. 1 million in 2005.\n net repurchases included $ 51. 9 million settlement on january 5, 2007  of forward contract entered in december 2006 for repurchase of 1200000 shares.\n 2007 net repurchases did not include forward contract in december 2007 for repurchase of 675000 shares.\n contract settled on january 7 , 2008  for $ 31 million in cash.\n on december 12 , 2007  in privately negotiated transaction ball entered into accelerated share repurchase agreement to buy $ 100 million of common shares using cash on hand and available borrowings.\n company advanced $ 100 million on january 7 , 2008  received approximately 2 million shares represented 90 percent of total shares as calculated using previous day 2019s closing price.\n exact number of shares to be repurchased under agreement determined on settlement date ( no later than june 5 , 2008 )  subject to adjustment based on weighted average price calculation for period between initial purchase date and settlement date.\n company has option to settle contract in either cash or shares.\n including settlements of forward share purchase contract and accelerated share repurchase agreement expect to repurchase approximately $ 300 million of common shares , net of issuances, in 2008.\nannual cash dividends on common stock 40 cents per share in 2007 , 2006 2005.\n total dividends $ 40. 6 million 2007  $ 41 million 2006 $ 42. 5 million 2005.\n\n( $ in millions )                         | payments due by period ( a ) total | payments due by period ( a ) less than 1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years\n----------------------------------------- | ---------------------------------- | --------------------------------------------- | -------------------------------------- | -------------------------------------- | ----------------------------------------------\nlong-term debt                            | $ 2302.6                           | $ 126.1                                       | $ 547.6                                | $ 1174.9                               | $ 454.0\ncapital lease obligations                 | 4.4                                | 1.0                                           | 0.8                                    | 0.5                                    | 2.1\ninterest payments on long-term debt ( b ) | 698.6                              | 142.9                                         | 246.3                                  | 152.5                                  | 156.9\noperating leases                          | 218.5                              | 49.9                                          | 71.7                                   | 42.5                                   | 54.4\npurchase obligations ( c )                | 6092.6                             | 2397.2                                        | 3118.8                                 | 576.6                                  | 2013\ncommon stock repurchase agreements        | 131.0                              | 131.0                                         | 2013                                   | 2013                                   | 2013\nlegal settlement                          | 70.0                               | 70.0                                          | 2013                                   | 2013                                   | 2013\ntotal payments on contractual obligations | $ 9517.7                           | $ 2918.1                                      | $ 3985.2                               | $ 1947.0                               | $ 667.4"
}
{
    "_id": "dd4c322cc",
    "title": "",
    "text": "united parcel service , inc.\n subsidiaries management's discussion analysis of financial condition results of operations liquidity capital resources as of december 31 , 2017  had $ 4. 069 billion in cash , cash equivalents marketable securities.\n believe current cash position  access to long-term debt capital markets cash flow from operations should be adequate for operating requirements to enable complete capital expenditure programs fund dividend payments share repurchases long-term debt payments next years.\n have funds available from commercial paper program ability to obtain alternative sources of financing.\n regularly evaluate opportunities to optimize capital structure  including through issuances of debt refinance existing debt fund ongoing cash needs.\n cash flows from operating activities summary of significant sources ( uses ) of cash from operating activities ( amounts in millions ) :.\n ( 1 ) represents depreciation amortization  gains losses on derivative transactions foreign exchange  deferred income taxes  provisions for uncollectible accounts  pension and postretirement benefit expense  stock compensation expense other non-cash items.\n cash from operating activities remained strong throughout 2015 to 2017.\n most of variability in operating cash flows during 2015 to 2017 relates to funding of company-sponsored pension and postretirement benefit plans ( related cash tax deductions ).\n except for discretionary accelerated fundings plans contributions to company- sponsored pension plans varied based on minimum funding requirements present for individual pension plans.\n 2022 made discretionary contributions to three primary company-sponsored.\n pension plans totaling $ 7. 291 , $ 2. 461 and $ 1. 030 billion in 2017 , 2016 and 2015 .\n remaining contributions from 2015 to 2017 largely due to contributions to international pension plans and.\n postretirement medical benefit plans.\ntransactions described operating cash flow impacted by changes in working capital position  payments for income taxes changes in hedge margin payables and receivables.\n cash payments for income taxes were $ 1. 559 , $ 2. 064 and $ 1. 913 billion for 2017 , 2016 2015  primarily impacted by timing of current tax deductions.\n net hedge margin collateral ( paid ) /received from derivative counterparties was $ ( 732 ), $ ( 142 ) and $ 170 million during 2017, 2016 2015  due to settlements changes in fair value of derivative contracts used in currency and interest rate hedging programs.\n as of december 31 , 2017  total worldwide holdings of cash , cash equivalents marketable securities were $ 4. 069 billion  of approximately $ 1. 800 billion held by foreign subsidiaries.\n amount of cash cash equivalents marketable securities held by.\n foreign subsidiaries fluctuates throughout year due to factors including timing of cash receipts and disbursements in normal course of business.\n cash provided by operating activities in.\n continues to be primary source of funds to finance domestic operating needs capital expenditures  share repurchases dividend payments to shareowners.\n result of tax act all cash  cash equivalents marketable securities held by foreign subsidiaries generally available for distribution to u. s.\n without.\n federal income taxes.\n distributions may be subject to foreign withholding and.\n state taxes.\n when amounts earned by foreign subsidiaries expected to be indefinitely reinvested no accrual for taxes provided.\n\n| 2017           | 2016           | 2015\n----------------------------------------------------------------------- | -------------- | -------------- | --------------\nnet income                                                              | $ 4910         | $ 3431         | $ 4844\nnon-cash operating activities ( 1 )                                     | 5776           | 6444           | 4122\npension and postretirement plan contributions ( ups-sponsored plans )   | -7794 ( 7794 ) | -2668 ( 2668 ) | -1229 ( 1229 )\nhedge margin receivables and payables                                   | -732 ( 732 )   | -142 ( 142 )   | 170\nincome tax receivables and payables                                     | -550 ( 550 )   | -505 ( 505 )   | -6 ( 6 )\nchanges in working capital and other non-current assets and liabilities | -178 ( 178 )   | -62 ( 62 )     | -418 ( 418 )\nother operating activities                                              | 47             | -25 ( 25 )     | -53 ( 53 )\nnet cash from operating activities                                      | $ 1479         | $ 6473         | $ 7430"
}
{
    "_id": "dd4c121fc",
    "title": "",
    "text": "notes consolidated financial statements jpmorgan chase & co.\n 162.\n 2007 annual report note 25 2013 accumulated other comprehensive income ( loss ) includes after-tax change in sfas 115 unrealized gains losses on afs securities sfas 52 foreign currency translation adjustments impact of related derivatives ) sfas 133 cash flow hedging activities sfas 158 net loss prior service cost ( credit ) related to firm 2019s defined benefit pension opeb plans.\n net loss accumulated translation prior service ( credit ) other unrealized gains ( losses ) adjustments  cash defined benefit pension comprehensive in millions ) on afs securities net of hedges flow hedges opeb plans income ( loss ) balance at december 31, 2004 $ ( 61 ) $ ( 8 ) $ ( 139 ) $ 2014 $ ( 208 ) net change ( 163 ) ( b ) 2014 ( 255 ) 2014 ( 418 ) balance at december 31 , 2005 ( 224 ) ( 8 ) ( 394 ) 2014 ( 626 ) net change 253 ( c ) 13 ( 95 ) 2014 171 adjustment to initially apply sfas 158  net of taxes 2014 ( 1102 ) ( 1102 ).\n net change 352 ( d ) 3 ( 313 ) 599 641 balance at december 31 , 2007 $ 380 $ 8 $ ( 802 ) $ ( 503 ) $ ( 917 ) represents after-tax difference between fair value amortized cost of afs securities portfolio retained interests in securitizations other assets.\n net change 2005 due to higher interest rates offset by reversal of unrealized losses from securities sales.\n net change 2006 due to reversal of unrealized losses from securities sales.\n net change 2007 due to decline in interest rates.\n further discussion of sfas 158  see note 9 pages 124 2013130 of annual report.\n\n( in millions )                                                    | unrealized gains ( losses ) on afs securities ( a ) | translation adjustments net of hedges | cash flow hedges | net loss andprior service ( credit ) of defined benefit pension and opeb plans ( e ) | accumulated other comprehensive income ( loss )\n------------------------------------------------------------------ | --------------------------------------------------- | ------------------------------------- | ---------------- | ------------------------------------------------------------------------------------ | -----------------------------------------------\nbalance at december 31 2004                                        | $ -61 ( 61 )                                        | $ -8 ( 8 )                            | $ -139 ( 139 )   | $ 2014                                                                               | $ -208 ( 208 )\nnet change                                                         | ( 163 ) ( b )                                       | 2014                                  | -255 ( 255 )     | 2014                                                                                 | -418 ( 418 )\nbalance at december 31 2005                                        | -224 ( 224 )                                        | -8 ( 8 )                              | -394 ( 394 )     | 2014                                                                                 | -626 ( 626 )\nnet change                                                         | 253 ( c )                                           | 13                                    | -95 ( 95 )       | 2014                                                                                 | 171\nadjustment to initially apply sfas 158 net of taxes                | 2014                                                | 2014                                  | 2014             | -1102 ( 1102 )                                                                       | -1102 ( 1102 )\nbalance at december 31 2006                                        | 29                                                  | 5                                     | -489 ( 489 )     | -1102 ( 1102 )                                                                       | -1557 ( 1557 )\ncumulative effect of changes in accounting principles ( sfas 159 ) | -1 ( 1 )                                            | 2014                                  | 2014             | 2014                                                                                 | -1 ( 1 )\nbalance at january 1 2007 adjusted                                 | 28                                                  | 5                                     | -489 ( 489 )     | -1102 ( 1102 )                                                                       | -1558 ( 1558 )\nnet change                                                         | 352 ( d )                                           | 3                                     | -313 ( 313 )     | 599                                                                                  | 641\nbalance at december 31 2007                                        | $ 380                                               | $ 8                                   | $ -802 ( 802 )   | $ -503 ( 503 )                                                                       | $ -917 ( 917 )"
}
{
    "_id": "dd4bb655a",
    "title": "",
    "text": "advance auto parts , inc.\n subsidiaries notes to consolidated financial statements december 31 , 2016, january 2 , 2016 january 3 , 2015 ( in thousands  except per share data ) 2.\n inventories  net : merchandise inventory company used lifo method accounting for approximately 89% ( 89 % ) of inventories at december 31  2016 and january 2 , 2016.\n under lifo  company 2019s cost of sales reflects costs most recently purchased inventories inventory carrying balance represents costs for inventories purchased in 2016 and prior years.\n utilizing lifo company recorded reduction to cost of sales of $ 40711 and $ 42295 in 2016 and 2015  increase to cost of sales of $ 8930 in 2014.\n historically company 2019s overall costs to acquire inventory for same or similar products decreased as growth execution merchandise strategies.\n increase in cost of sales for 2014 result of increase in supply chain costs.\n product cores remaining inventories of product cores , non-consumable portion of certain parts and batteries inventory of certain subsidiaries valued under first-in , first-out ( 201cfifo 201d ) method.\n product cores included as part of company 2019s merchandise costs passed on to customer or returned to vendor.\n product cores not subject to frequent cost changes like other merchandise inventory no material difference when applying lifo or fifo valuation method.\n inventory overhead costs purchasing and warehousing costs included in inventory as of december 31 , 2016 and january 2 , 2016  were $ 395240 and $ 359829 , respectively.\n inventory balance and inventory reserves inventory balances at end of 2016 and 2015 were as follows : december 31 , january 2.\ninventory quantities tracked through perpetual inventory system.\n company completes physical inventories other targeted inventory counts in store locations to ensure accuracy of perpetual inventory quantities of merchandise and core inventory.\n in distribution centers branches  company uses cycle counting program to ensure accuracy of perpetual inventory quantities of merchandise product core inventory.\n reserves for estimated shrink established based on results of physical inventories company other targeted inventory counts in stores , results from recent cycle counts in distribution facilities historical and current loss trends.\n company establishes reserves for potentially excess and obsolete inventories based on i current inventory levels ii historical analysis of product sales iii ) current market conditions.\n company has return rights with many vendors majority of excess inventory returned to vendors for full credit.\n in certain situations , company establishes reserves when less than full credit expected from vendor or when liquidating product result in retail prices below recorded costs.\n\n| december 312016 | january 22016\n---------------------------------------- | --------------- | -------------\ninventories at fifo net                  | $ 4120030       | $ 4009641\nadjustments to state inventories at lifo | 205838          | 165127\ninventories at lifo net                  | $ 4325868       | $ 4174768"
}
{
    "_id": "dd4bb0de4",
    "title": "",
    "text": "june 2011  fasb issued asu no.\n 2011-05 201ccomprehensive income 2013 presentation comprehensive income. 201d asu 2011-05 requires comprehensive income  components of net income  components other comprehensive income in single continuous statement comprehensive income or two separate consecutive statements.\n both choices entity required to present each component of net income with total net income , each component of other comprehensive income total for other comprehensive income  total amount for comprehensive income.\n update eliminates option to present components of other comprehensive income as part of statement changes in stockholders' equity.\n amendments update do not change items must reported in other comprehensive income or item other comprehensive income reclassified to net income.\n amendments update applied retrospectively effective for interim annual reporting periods beginning after december 15 , 2011.\n company adopted guidance first quarter of 2012.\n adoption of asu 2011-05 for presentation purposes only no material impact on company 2019s consolidated financial statements.\n 3.\n inventories , net : merchandise inventory company used lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 29, 2012 and december 31 , 2011.\n under lifo  company 2019s cost of sales reflects costs most recently purchased inventories inventory carrying balance represents costs for inventories purchased in fiscal 2012 and prior years.\n company recorded reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010  respectively.\n result utilizing lifo  company recorded increase to cost of sales of $ 24708 for fiscal 2011  due to increase in supply chain costs and inflationary pressures affecting certain product categories.\ncompany 2019s costs to acquire inventory for same or similar products decreased historically as company growth merchandise strategies supply chain efficiencies.\n product cores remaining inventories comprised of product cores , non-consumable portion of certain parts and batteries valued under first-in , first-out ( \"fifo\" ) method.\n product cores included as part of company's merchandise costs either passed on to customer or returned to vendor.\n product cores not subject to frequent cost changes like other merchandise inventory no material difference when applying lifo or fifo valuation method.\n inventory overhead costs purchasing and warehousing costs included in inventory at december 29, 2012 and december 31 , 2011  were $ 134258 and $ 126840 , respectively.\n inventory balance and inventory reserves inventory balances at end of fiscal 2012 and 2011 were as follows : december 29 , december 31.\n inventory quantities tracked through perpetual inventory system.\n company completes physical inventories targeted inventory counts in store locations to ensure accuracy of perpetual inventory quantities of merchandise and core inventory in.\n in distribution centers and pdq aes  company uses cycle counting program to ensure accuracy of perpetual inventory quantities of merchandise product core inventory.\n reserves advance auto parts , inc.\n subsidiaries notes to consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands  except per share data )\n\n| december 292012 | december 312011\n---------------------------------------- | --------------- | ---------------\ninventories at fifo net                  | $ 2182419       | $ 1941055\nadjustments to state inventories at lifo | 126190          | 102103\ninventories at lifo net                  | $ 2308609       | $ 2043158"
}
{
    "_id": "dd4c52612",
    "title": "",
    "text": "compensation cost recognized over stated vesting period consistent with terms arrangement (. straight-line or graded-vesting basis ).\n expense recognition accelerated for retirement-eligible individuals meet requirements for vesting awards upon retirement.\n as of 30 september 2018 no unrecognized compensation cost all stock option awards fully vested.\n cash received from option exercises during fiscal year 2018 was $ 76. 2.\n total tax benefit realized from stock option exercises fiscal year 2018 was $ 25. 8 $ 19. 0 was excess tax benefit.\n restricted stock grant-date fair value of restricted stock estimated on date of grant based on closing price stock compensation cost amortized to expense straight-line basis over vesting period during employees perform related services.\n expense recognition accelerated for retirement-eligible individuals meet requirements for vesting awards retirement.\n elected to account for forfeitures as they occur rather than estimate.\n forfeitures not significant historically.\n issued shares of restricted stock to certain officers.\n participants entitled to cash dividends and vote shares.\n restrictions on shares lift in one to four years or upon earlier of retirement , death  or disability.\n shares nontransferable while subject to forfeiture.\n summary of restricted stock activity presented below : restricted stock shares ( 000 ) weighted average grant- date fair value.\n as of 30 september 2018  $. 1 of unrecognized compensation cost related to restricted stock awards.\n cost expected to be recognized over weighted average period of 0. 5 years.\n total fair value of restricted stock vested during fiscal years 2018 , 2017  and 2016 was $ 2. 2 , $ 4. 1 , and $ 4. 3 , respectively.\ndiscussed in note 3 discontinued operations air products completed spin-off of versum on 1 october 2016.\n connection spin-off company adjusted deferred stock units stock options pursuant existing anti-dilution provisions ltip to preserve intrinsic value of awards before and after separation.\n outstanding awards continue to vest over original vesting period defined at grant date.\n outstanding awards at time spin-off primarily converted into awards of holders' employer following separation.\n stock awards held upon separation adjusted based conversion ratio of air products' new york stock exchange ( 201cnyse 201d ) volume weighted-average closing stock price 30 september 2016 ( $ 150. 35 ) to nyse volume weighted-average opening stock price on 3 october 2016 ( $ 140. 38 ) , or 1. 071.\n adjustment to awards did not result in incremental fair value no incremental compensation expense recorded related to conversion of awards.\n\nrestricted stock                 | shares ( 000 ) | weighted averagegrant-date fair value\n-------------------------------- | -------------- | -------------------------------------\noutstanding at 30 september 2017 | 56             | $ 135.74\nvested                           | ( 14 )         | 121.90\noutstanding at 30 september 2018 | 42             | $ 140.28"
}
{
    "_id": "dd4974328",
    "title": "",
    "text": "entergy arkansas , inc.\n subsidiaries management 2019s financial discussion analysis results of operations net income 2017 compared to 2016 income decreased $ 27. 4 million due to higher nuclear refueling outage expenses higher depreciation amortization expenses  higher taxes other than income taxes higher interest expense  partially offset by higher other income.\n 2016 compared to 2015 net income increased $ 92. 9 million due to higher net revenue lower other operation maintenance expenses offset by higher effective income tax rate higher depreciation amortization expenses.\n net revenue 2017 compared to 2016 consists of operating revenues net of : 1 fuel  fuel-related expenses gas purchased for resale 2 purchased power expenses 3 ) other regulatory charges ( credits ). analysis of change in net revenue comparing 2017 to 2016.\n amount ( in millions ).\n retail electric price variance due to implementation of formula rate plan rates effective first billing cycle of january 2017 increase in base rates effective february 24, 2016 approved by apsc.\n significant portion of base rate increase related to purchase of power block 2 of union power station in march 2016.\n increase partially offset by decreases in energy efficiency rider  approved by apsc effective april 2016 january 2017.\n see note 2 to financial statements for discussion of rate case formula rate plan filings.\n see note 14 to financial statements for discussion union power station purchase.\n opportunity sales variance results from estimated net revenue effect of 2017 and 2016 ferc orders in opportunity sales proceeding attributable to wholesale customers.\n see note 2 to financial statements for discussion of opportunity sales proceeding.\n\n| amount ( in millions )\n--------------------------- | ----------------------\n2016 net revenue            | $ 1520.5\nretail electric price       | 33.8\nopportunity sales           | 5.6\nasset retirement obligation | -14.8 ( 14.8 )\nvolume/weather              | -29.0 ( 29.0 )\nother                       | 6.5\n2017 net revenue            | $ 1522.6"
}
{
    "_id": "dd4b8f6f8",
    "title": "",
    "text": "information.\n company 2019s annual reports on form 10-k , quarterly reports form 10-q , current reports on form 8- k  proxy statements amendments reports available free of charge through company 2019s internet website at http://www. everestregroup. com as soon after reports electronically filed with securities and exchange commission ( 201csec 201d ).\n item 1a.\n risk factors in to other information report following risk factors should be considered when evaluating investment in our securities.\n if circumstances by individual risk factors materialize , our business , financial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.\n risks to business fluctuations in financial markets could result in investment losses.\n prolonged severe disruptions in overall public debt and equity markets , occurred during 2008 , could result in significant realized and unrealized losses in investment portfolio.\n financial markets improved since 2008 , could deteriorate in future.\n could disruption in individual market sectors , as occurred in energy sector during fourth quarter of 2014.\n declines in financial markets could result in significant realized unrealized losses on investments material adverse impact on results of operations , equity , business insurer financial strength debt ratings.\n results could be adversely affected by catastrophic events.\n exposed to unpredictable catastrophic events , including weather-related other natural catastrophes  acts of terrorism.\n material reduction in operating results caused by one or more catastrophes could inhibit ability to pay dividends or to meet interest and principal payment obligations.\n subsequent to april 1 , 2010  define a catastrophe as event causes loss on property exposures before reinsurance of at least $ 10. 0 million , before corporate level reinsurance and taxes.\nprior to april 1 , 2010  used threshold of $ 5. 0 million.\n illustration during past five calendar years  pre-tax catastrophe losses  net of contract specific reinsurance before cessions under corporate reinsurance programs were as follows:.\n losses from future catastrophic events could exceed projections.\n use projections of possible losses from future catastrophic events varying types magnitudes as strategic underwriting tool.\n use loss projections to estimate potential catastrophe losses in certain geographic areas decide on placement of retrocessional coverage or other actions to limit extent potential losses in geographic area.\n loss projections are approximations reliant on mix of quantitative and qualitative processes actual losses may exceed projections by material amount resulting in material adverse effect on financial condition results of operations.\n\ncalendar year:          | pre-tax catastrophe losses\n----------------------- | --------------------------\n( dollars in millions ) |\n2014                    | $ 62.2\n2013                    | 195.0\n2012                    | 410.0\n2011                    | 1300.4\n2010                    | 571.1"
}
{
    "_id": "dd4be9c84",
    "title": "",
    "text": "entergy mississippi , inc.\n management 2019s financial discussion analysis plan to spin off utility 2019s transmission business see 201cplan to spin off utility 2019s transmission business 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis discussion matter including planned retirement of debt preferred securities.\n results operations net income 2011 compared to 2010 net income increased $ 23. 4 million due to lower effective income tax rate.\n 2010 compared to 2009 net income increased $ 6. 0 million due to higher net revenue higher other income offset by higher taxes higher depreciation amortization expenses higher interest expense.\n net revenue 2011 compared to 2010 net revenue consists of operating revenues net of 1 fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2011 to 2010.\n amount ( in millions ).\n volume/weather variance due to decrease of 97 gwh in weather-adjusted usage in residential commercial sectors decrease in sales volume in unbilled sales period.\n transmission equalization variance due to addition in 2011 of transmission investments subject to equalization.\n gross operating revenues fuel purchased power expenses gross operating revenues increased due to increase of $ 57. 5 million in gross wholesale revenues due to increase in sales to affiliated customers offset by decrease of $ 26. 9 million in power management rider revenue.\n fuel purchased power expenses increased due to increase in deferred fuel expense higher fuel revenues due to higher fuel rates offset by decrease in average market prices of natural gas purchased power.\n\n| amount ( in millions )\n------------------------- | ----------------------\n2010 net revenue          | $ 555.3\nvolume/weather            | -4.5 ( 4.5 )\ntransmission equalization | 4.5\nother                     | -0.4 ( 0.4 )\n2011 net revenue          | $ 554.9"
}
{
    "_id": "dd4c4cc62",
    "title": "",
    "text": "note 2 2013 earnings per share weighted average number of shares outstanding used to compute earnings per common share as follows ( in millions ) :.\n compute basic and diluted earnings per common share by dividing net earnings by weighted average number of common shares outstanding for periods presented.\n calculation of diluted earnings per common share includes dilutive effects for assumed exercise of stock options and vesting of restricted stock units based on treasury stock method.\n computation diluted earnings per share excluded 8. 0 million , 13. 4 million  14. 7 million stock options for years ended december 31 , 2012, 2011  2010 because inclusion anti-dilutive due to exercise prices exceeding average market price of common stock during each reporting period.\n note 3 2013 information on business segments organize business segments based on nature of products and services offered.\n effective december 31 , 2012  operate in five business segments : aeronautics , information systems & global solutions ( is&gs ) missiles and fire control ( mfc ) mission systems and training ( mst )  space systems.\n structure reflects reorganization of former electronic systems business segment into new mfc and mst business segments to streamline operations enhance customer alignment.\n with reorganization management layers at former electronic systems business segment and former global training and logistics ( gtl ) business eliminated former gtl business split between two new business segments.\n operating results for sandia corporation  manages sandia national laboratories for.\n department of energy equity interest in.\n atomic weapons establishment joint venture transferred from former electronic systems business segment to space systems business segment.\n amounts  discussion presentation of business segments reflect this reorganization for all years presented in annual report on form 10-k.\nbrief description of activities our business segments : 2030 aeronautics 2013 engaged in research  design  development  manufacture  integration  sustainment  support  upgrade of advanced military aircraft  including combat and air mobility aircraft  unmanned air vehicles  related technologies.\n 2030 information systems & global solutions 2013 provides management services  integrated information technology solutions  advanced technology systems expertise broad spectrum applications for civil  defense  intelligence  other government customers.\n 2030 missiles and fire control 2013 provides air and missile defense systems ; tactical missiles air-to-ground precision strike weapon systems ; fire control systems ; mission operations support  readiness  engineering support  integration services ; logistics technical services ; manned and unmanned ground vehicles.\n 2030 mission systems and training 2013 provides surface ship submarine combat systems ; sea land-based missile defense systems ; radar systems ; mission systems sensors for rotary fixed-wing aircraft ; littoral combat ships ; simulation and training services ; unmanned technologies and platforms ; ship systems integration ; military and commercial training systems.\n 2030 space systems 2013 in research development  design engineering production of satellites  strategic defensive missile systems  space transportation systems.\n space systems responsible for classified systems services in support of vital national security systems.\n operating results for space systems business segment include equity interests in united launch alliance  expendable launch services for u. s.\n government , united space alliance , provided processing activities for space shuttle program space joint venture manages u. k. 2019s atomic weapons establishment program.\n\n| 2012  | 2011  | 2010\n--------------------------------------------------------------------------- | ----- | ----- | -----\nweighted average common shares outstanding for basic computations           | 323.7 | 335.9 | 364.2\nweighted average dilutive effect of stock options and restricted stockunits | 4.7   | 4.0   | 4.1\nweighted average common shares outstanding for diluted computations         | 328.4 | 339.9 | 368.3"
}
{
    "_id": "dd4b938f2",
    "title": "",
    "text": "2018 ppg annual report form 10-k 59 other acquisitions in 2018 , 2017  2016  company completed several smaller business acquisitions.\n total consideration paid for acquisitions net of cash acquired , debt assumed post closing adjustments was $ 108 million , $ 74 million $ 43 million , respectively.\n january 2018  ppg acquired procoatings  leading architectural paint and coatings wholesaler in netherlands.\n procoatings  established in 2001 distributes large portfolio of well-known professional paint brands network of 23 multi-brand stores.\n company employs nearly 100 people.\n results of business since acquisition reported within architectural coatings americas asia pacific business performance coatings reportable segment.\n january 2017  ppg acquired assets of automotive refinish coatings company futian xinshi ( 201cfutian 201d ) guangdong province of china.\n futian distributes products in china through network more than 200 distributors.\n january 2017  ppg completed acquisition of deutek s. a. , leading romanian paint architectural coatings manufacturer from emerging europe accession fund.\n deutek  established in 1993  manufactures markets large portfolio of well-known professional consumer paint brands including oskar and danke!.\n company 2019s products sold in more than 120 do-it-yourself stores 3500 independent retail outlets in romania.\n divestitures glass segment in 2017  ppg completed multi-year strategic shift in company business portfolio resulting in exit of all glass operations global fiber glass business , ppg's ownership interest in two asian fiber glass joint ventures flat glass business.\n results of operations  including gains on divestitures  cash flows recast as discontinued operations for all periods presented.\nppg has two reportable business segments.\n net sales and income from discontinued operations related to former glass segment for three years ended december 31 , 2018 , 2017  2016 were follows:.\n during 2018  ppg released $ 13 million of recorded accruals and contingencies with divestitures of businesses within former glass segment result of completed actions new information updated estimates.\n during 2018  ppg made final payment of $ 20 million to vitro s. b.\n. related to transfer of pension obligations upon sale of former flat glass business.\n north american fiber glass business on september 1, 2017 ppg completed sale of north american fiber glass business to nippon electric glass co.\n ltd.\n.\n cash proceeds from sale were $ 541 million  in pre-tax gain of $ 343 million net of accruals and contingencies with divestiture.\n ppg 2019s fiber glass operations included manufacturing facilities in chester , south carolina lexington and shelby , north carolina ; administrative and research-and-development operations in shelby and harmar , pennsylvania  near pittsburgh.\n business  employed more than 1000 people had net sales of approximately $ 350 million in 2016  supplies transportation  energy  infrastructure consumer markets.\n flat glass business in october 2016  ppg completed sale of flat glass manufacturing and glass coatings operations to vitro s. b.\n. v.\n ppg received approximately $ 740 million in cash proceeds recorded pre-tax gain of $ 421 million on sale.\nterms agreement  ppg divested entire flat glass manufacturing glass coatings operations including production sites in fresno  california ; salem , oregon carlisle  pennsylvania wichita falls , texas ; four distribution/fabrication facilities across canada ; research-and-development center in harmar , pennsylvania.\n ppg 2019s flat glass business included approximately 1200 employees.\n business manufactures glass fabricated into products used primarily in commercial residential construction.\n notes to consolidated financial statements\n\n( $ in millions )                              | 2018   | 2017  | 2016\n---------------------------------------------- | ------ | ----- | -----\nnet sales                                      | $ 2014 | $ 217 | $ 908\nincome from operations                         | $ 21   | $ 30  | $ 111\nnet gains on the divestitures of businesses    | 2014   | 343   | 421\nincome tax expense                             | 5      | 140   | 202\nincome from discontinued operations net of tax | $ 16   | $ 233 | $ 330"
}
{
    "_id": "dd4977c4e",
    "title": "",
    "text": "segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31, operating earnings return on common equity 2013 goodwill ( c ).\n jpmorgan chase & co.\n / 2005 annual report 35 retained in corporate.\n retained expenses include parent company costs not incurred if segments stand-alone businesses ; adjustments to align corporate staff , technology operations allocations with market prices ; other one-time items not aligned with business segments.\n during 2005  firm refined cost allocation methodologies related to corporate functions  technology operations expenses to improve transparency consistency accountability costs allocated across business segments.\n prior periods not revised to reflect new cost allocation methodologies.\n capital allocation each business segment allocated capital by consideration stand- alone peer comparisons  economic risk measures regulatory capital requirements.\n amount of capital assigned to each business referred to as equity.\n at time of merger  goodwill  associated capital  allocated solely to corporate.\n effective january 2006  firm expects to refine methodology for allocating capital to business segments to include goodwill associated with line of business-directed acquisitions since merger.\n.\n requires allocation of goodwill to business segments for impairment testing ( see critical accounting estimates used firm note 15 on pages 81 2013 83 114 2013116  of this annual report ).\n see capital management section on page 56 of annual report for discussion of equity framework.\n credit reimbursement tss reimburses ib for credit portfolio exposures ib manages on behalf of clients segments share.\n at time of merger  reimbursement methodology revised based upon pre-tax earnings net of cost of capital related to exposures.\nprior to merger  credit reimbursement based upon pre-tax earnings plus allocated capital associated with shared clients.\n tax-equivalent adjustments segment and firm results reflect revenues on tax-equivalent basis for segment reporting purposes.\n refer to explanation reconciliation of firm 2019s non-gaap financial measures on page 31 of annual report for additional details.\n description of business segment reporting methodology results business segments intended to reflect each segment as if stand-alone business.\n management reporting process results allocates income and expense using market-based methodologies.\n effective with merger on july 1, 2004  allocation methodologies revised  noted below.\n prior periods not revised to reflect these new methodologies not comparable to presentation of periods beginning with third quarter of 2004.\n firm continues to assess assumptions  methodologies reporting reclassifications used for segment reporting further refinements may be implemented in future periods.\n revenue sharing when business segments join efforts to sell products services to firm 2019s clients participating business segments agree to share revenues from transactions.\n revenue-sharing agreements revised on merger date to provide consistency across lines of business.\n funds transfer pricing funds transfer pricing ( 201cftp 201d ) used to allocate interest income and expense to each business transfer primary interest rate risk exposures to corporate.\n allocation process unique to each business considers interest rate risk , liquidity risk regulatory requirements of stand- alone peers.\n business segments may retain certain interest rate exposures  subject to management approval  expected in normal operation of similar peer business.\n in third quarter of 2004  ftp revised to conform policies of combined firms.\nexpense allocation where business segments use services provided by support units within firm , costs of support units allocated to business segments.\n expenses allocated based upon actual cost , or lower of actual cost or market cost , upon usage of services provided.\n effective with third quarter of 2004 , cost allocation methodologies of heritage firms aligned to provide consistency across business segments.\n in  expenses related to certain corporate functions , technology operations ceased to be allocated to business segments\n\nyear ended december 31 , ( in millions except ratios ) | year ended december 31 , 2005 | year ended december 31 , 2004 | year ended december 31 , change | 2005         | 2004\n------------------------------------------------------ | ----------------------------- | ----------------------------- | ------------------------------- | ------------ | ------------\ninvestment bank                                        | $ 3658                        | $ 2948                        | 24% ( 24 % )                    | 18% ( 18 % ) | 17% ( 17 % )\nretail financial services                              | 3427                          | 2199                          | 56                              | 26           | 24\ncard services                                          | 1907                          | 1274                          | 50                              | 16           | 17\ncommercial banking                                     | 1007                          | 608                           | 66                              | 30           | 29\ntreasury & securities services                         | 1037                          | 440                           | 136                             | 55           | 17\nasset & wealth management                              | 1216                          | 681                           | 79                              | 51           | 17\ncorporate                                              | -1731 ( 1731 )                | 61                            | nm                              | nm           | nm\ntotal                                                  | $ 10521                       | $ 8211                        | 28% ( 28 % )                    | 17% ( 17 % ) | 16% ( 16 % )"
}
{
    "_id": "dd4b9a558",
    "title": "",
    "text": "cgmhi has substantial borrowing arrangements facilities advised available no contractual lending obligation exists.\n these arrangements are reviewed ongoing to ensure flexibility in meeting cgmhi 2019s short-term requirements.\n company issues fixed and variable rate debt in range of currencies.\n uses derivative contracts  primarily interest rate swaps to convert portion fixed rate debt to variable rate debt variable rate debt to fixed rate debt.\n maturity structure of derivatives corresponds to maturity structure debt being hedged.\n company uses other derivative contracts to manage foreign exchange impact of certain debt issuances.\n at december 31, 2008  company 2019s overall weighted average interest rate for long-term debt was 3. 83% ( 3. 83 % ) on contractual basis and 4. 19% ( 4. 19 % ) including effects of derivative contracts.\n aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows : in millions of dollars 2009 2010 2011 2012 2013.\n long-term debt at december 31 , 2008 and december 31 , 2007 includes $ 24060 million and $ 23756 million  of junior subordinated debt.\n company formed statutory business trusts under laws of state of delaware.\n trusts exist for exclusive purposes of issuing trust securities representing undivided beneficial interests in assets trust ; investing gross proceeds trust securities in junior subordinated deferrable interest debentures ( ) of parent ; engaging in only those activities necessary or incidental.\n upon approval from federal reserve citigroup has right to redeem these securities.\n citigroup contractually agreed not to redeem or purchase 6. 50% ( 6. 50 % ) enhanced trust preferred securities of citigroup capital xv before september 15, 2056 , ) the 6.45% ( 6. 45 % ) enhanced trust preferred securities citigroup capital xvi before december 31 , 2046  iii 6. 35% ( 6. 35 % ) enhanced trust securities citigroup capital xvii before march 15 , 2057  6. 829% ( 6. 829 % ) fixed rate/floating rate enhanced trust securities citigroup capital xviii before june 28 , 2047  7. 250% ( 7. 250 % ) enhanced trust securities citigroup capital xix before august 15 , 2047  7. 875% ( 7. 875 % ) enhanced trust securities citigroup capital xx before december 15, 2067  8. 300% ( 8. 300 % ) fixed rate/floating rate enhanced trust securities citigroup capital xxi before december 21 , 2067 unless certain conditions  described in exhibit 4. 03 to citigroup 2019s current report on form 8-k filed september 18 , 2006  exhibit 4. 02 citigroup 2019s current report form 8-k filed november 28 , 2006  exhibit 4. 02 citigroup 2019s current report form 8-k filed march 8 , 2007  exhibit 4. 02 citigroup report 8-k filed july 2 , 2007  exhibit 4. 02 report 8-k filed august 17 , 2007  exhibit 4. 2 to citigroup 2019s current report form 8-k filed november 27 , 2007  and exhibit 4. 2 to citigroup 2019s current report form 8-k filed december 21 , 2007  met.\n agreements for benefit of holders of citigroup 2019s 6. 00% ( 6. 00 % ) junior subordinated deferrable interest debentures due 2034.\n citigroup owns all voting securities of these subsidiary trusts.\nsubsidiary trusts have no assets , operations revenues cash flows other than related to issuance  administration repayment of subsidiary trusts subsidiary trusts 2019 common securities.\n subsidiary trusts 2019 obligations are fully unconditionally guaranteed by citigroup.\n\nin millions of dollars                  | 2009    | 2010    | 2011    | 2012    | 2013    | thereafter\n--------------------------------------- | ------- | ------- | ------- | ------- | ------- | ----------\ncitigroup parent company                | $ 13463 | $ 17500 | $ 19864 | $ 21135 | $ 17525 | $ 102794\nother citigroup subsidiaries            | 55853   | 16198   | 18607   | 2718    | 4248    | 11691\ncitigroup global markets holdings inc . | 1524    | 2352    | 1487    | 2893    | 392     | 11975\ncitigroup funding inc .                 | 17632   | 5381    | 2154    | 1253    | 3790    | 7164\ntotal                                   | $ 88472 | $ 41431 | $ 42112 | $ 27999 | $ 25955 | $ 133624"
}
{
    "_id": "dd4c49544",
    "title": "",
    "text": "vornado realty trust72 ( 6 ) june 21 , 2002 , one lenders purchased other participant 2019s interest in loan.\n loan extended for one year  with certain modifications including i risk of loss due to terrorism not covered by insurance recourse company ii granting of two 1-year renewal options company.\n 7 ) november 25 , 2003  company completed offering of $ 200000, aggregate principal amount of 4. 75% ( 4. 75 % ) senior unsecured notes due december 1 , 2010.\n interest on notes payable semi-annually on june 1st and december 1st  commencing 2004.\n notes priced at 99. 869% ( 99. 869 % ) of face amount to yield 4. 772% ( 4. 772 % ).\n notes contain same financial covenants in company 2019s notes issued in june 2002  except maximum ratio of secured debt to total assets now 50% ( 50 % ) ( previously 55% ( 55 % ) ).\n net proceeds of approximately $ 198500 used primarily to repay existing mortgage debt.\n 8 ) july 3, 2003  company entered into new $ 600000 unsecured revolving credit facility replaced $ 1 billion unsecured revolving credit facility to mature in july 2003.\n new facility has three-year term  one-year extension option bears interest at libor plus. 65% (. 65 % ).\n company ability under new facility to seek up to $ 800000 of commitments during facility 2019s term.\n new facility contains financial covenants similar to prior facility.\n net carrying amount of properties collateralizing notes and mortgages amounted to $ 4557065000 at december 31 , 2003.\n december 31 2003 principal repayments required for next five years and thereafter are as follows : ( amounts in thousands ).\n 8.\nshareholders 2019 equity common shares of beneficial interest on february 25 , 2002  company sold 1398743 common shares closing price $ 42. 96 nyse.\n net proceeds company approximately $ 56453000.\n series a preferred shares of beneficial interest holders series a shares entitled to receive dividends amount equivalent to $ 3. 25 per annum per share.\n dividends cumulative payable quarterly in arrears.\n series a preferred shares convertible any time at option of respective holders at conversion rate of 1. 38504 common shares per series a preferred share  subject to adjustment in certain circumstances.\n satisfaction of certain conditions company  at option may redeem $ 3. 25 series a preferred shares at current conversion rate of 1. 38504 common shares per series a preferred share subject to adjustment in certain circumstances.\n no time series a preferred shares redeemable for cash.\n series b preferred shares of beneficial interest holders series b preferred shares entitled to receive dividends at annual rate of 8. 5% ( 8. 5 % ) of liquidation preference , or $ 2. 125 per series b preferred share per annum.\n dividends cumulative payable quarterly in arrears.\n series b preferred shares not convertible into or exchangeable for any other property or other securities company at election of holders.\n subject to certain limitations relating to source of funds used in connection with redemption on or after march 17 , 2004 ( or sooner under limited circumstances ) company  at option may redeem series b preferred shares at redemption price of $ 25. 00 per share  plus accrued and unpaid dividends through date of redemption.\n series b preferred shares have no maturity date remain outstanding indefinitely unless redeemed by company.\nfebruary 17 , 2004 company called for redemption of outstanding series b preferred shares.\n shares redeemed march 17 , 2004 redemption price $ 25. 00 per share aggregating $ 85000000 plus accrued dividends.\n redemption amount exceeds carrying amount $ 2100000  representing original issuance costs.\n notes to consolidated financial statements sr-176_fin_l02p53_82v1. qxd 4/8/04 2:17 pm page 72\n\nyear ending december 31, | amount\n------------------------ | --------\n2004                     | $ 296184\n2005                     | 357171\n2006                     | 551539\n2007                     | 807784\n2008                     | 378841\nthereafter               | 1672866"
}
{
    "_id": "dd4bb04e8",
    "title": "",
    "text": "table of contents notional amounts for outstanding derivative instruments provide measure of transaction volume outstanding not represent company 2019s exposure to credit or market loss.\n credit risk amounts represent company 2019s gross exposure to potential accounting loss on derivative instruments outstanding or unsettled if all counterparties failed to perform according to terms contract  based on then-current currency or interest rates at each date.\n company 2019s exposure to credit loss and market risk vary over time as currency and interest rates change.\n table reflects notional and credit risk amounts of company 2019s derivative instruments not reflect gains or losses associated with exposures and transactions instruments intended to hedge.\n amounts realized upon settlement of financial instruments with gains and losses exposures depend on actual market conditions during remaining life of instruments.\n company enters into master netting arrangements  to reduce credit risk by permitting net settlement of transactions with same counterparty.\n limit credit risk company enters into collateral security arrangements provide for collateral to be received or posted when net fair value of financial instruments fluctuates from contractually established thresholds.\n company presents derivative assets and derivative liabilities at gross fair values in consolidated balance sheets.\n net cash collateral received by company related to derivative instruments under collateral security arrangements was $ 1. 0 billion as of september 26 , 2015 and $ 2. 1 billion as of september 27 , 2014.\n under master netting arrangements with counterparties to company 2019s derivative contracts company allowed to net settle transactions with single net amount payable by one party to other.\n as of september 26 , 2015 and 27 , 2014 potential effects of these rights of set-off associated with company 2019s derivative contracts  including effects collateral would be a reduction to both derivative assets and derivative liabilities of $ 2.2 billion and $ 1. 6 billion  respectively resulting in net derivative liabilities of $ 78 million and $ 549 million.\n accounts receivable receivables company has trade receivables outstanding with third-party cellular network carriers  wholesalers retailers value-added resellers small mid-sized businesses education enterprise government customers.\n company generally not require collateral from customers ; will require collateral in certain instances to limit credit risk.\n possible company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing  loans or leases to support credit exposure.\n credit-financing arrangements directly between third-party financing company and end customer.\n company does not assume recourse or credit risk sharing related to arrangements.\n as of september 26 , 2015  company had one customer represented 10% ( 10 % ) or more of total trade receivables accounted for 12% ( 12 % ).\n of september 27 , 2014  company had two customers represented 10% ( 10 % ) or more of total trade receivables one accounted for 16% ( 16 % ) and other 13% ( 13 % ).\n company 2019s cellular network carriers accounted for 71% ( 71 % ) and 72% ( 72 % ) of trade receivables as of september 26 , 2015 and september 27 , 2014.\n vendor non-trade receivables company has non-trade receivables from manufacturing vendors from sale of components to vendors manufacture sub-assemblies final products company.\n company purchases these components directly from suppliers.\nvendor non-trade receivables from three company 2019s vendors accounted 38% ( 38 % 18% ( 18 % ) 14% ( 14 % ) total receivables as september 26 , 2015 three vendors accounted 51% ( 51 % ) 16% ( 16 % ) 14% ( 14 % ) total vendor non-trade receivables as september 27 , 2014.\n note 3 2013 consolidated financial statement details tables show company 2019s consolidated financial statement details as september 26  2015 september 27 , 2014 ( in millions ) : property  plant equipment  net.\n apple inc.\n | 2015 form 10-k | 53\n\n| 2015             | 2014\n--------------------------------------------- | ---------------- | ----------------\nland and buildings                            | $ 6956           | $ 4863\nmachinery equipment and internal-use software | 37038            | 29639\nleasehold improvements                        | 5263             | 4513\ngross property plant and equipment            | 49257            | 39015\naccumulated depreciation and amortization     | -26786 ( 26786 ) | -18391 ( 18391 )\ntotal property plant and equipment net        | $ 22471          | $ 20624"
}
{
    "_id": "dd4c1e0e2",
    "title": "",
    "text": "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) customer leases 2014the company 2019s lease agreements with customers vary depending industry.\n television and radio broadcasters prefer long-term leases wireless communications providers favor leases five to ten years.\n most leases contain renewal options.\n escalation clauses in operating leases  excluding tied to cpi  straight-lined over term of lease.\n future minimum rental receipts expected from customers under noncancelable operating lease agreements in effect at december 31 , 2002 are as follows ( in thousands ) : year ending december 31.\n acquisition commitments 2014as of december 31 , 2002  company party to agreement relating acquisition of tower assets from third party for estimated aggregate purchase price of approximately $ 74. 0 million.\n company may pursue acquisitions of other properties businesses in new existing locations no definitive material agreements.\n build-to-suit agreements 2014as december 31  2002 company party to various arrangements relating to construction of tower sites under existing build-to-suit agreements.\n under terms agreements company obligated to construct up to 1000 towers over five year period includes 650 towers in mexico 350 towers in brazil over next three years.\n company process of renegotiating several agreements to reduce overall commitment ; no assurance successful.\n atc separation 2014the company was wholly owned subsidiary of american radio systems corporation ( american radio ) until consummation of spin-off of company from american radio on june 4 , 1998 atc separation ).\n on june 4 , 1998  merger of american radio and subsidiary of cbs corporation ( cbs ) consummated.\nresult of merger , all outstanding shares of company 2019s common stock owned by american radio were distributed or reserved for distribution to american radio stockholders , company ceased to be a subsidiary of , or to affiliated with  american radio.\n from company began operating as an independent publicly traded company.\n in connection with atc separation , company agreed to reimburse cbs for tax liabilities incurred by american radio of transaction.\n upon completion of final american radio tax returns , amount of these tax liabilities determined and paid by company.\n company continues to be obligated under a tax indemnification agreement with cbs  until june 30 , 2003 , subject to extension of federal and state statutes of limitations.\n company aware internal revenue service ( irs ) in of auditing certain tax returns filed by cbs and predecessors , including those relate to american radio and atc separation transaction.\n in irs imposes additional tax liabilities on american radio relating to atc separation , company would be obligated to reimburse cbs for such liabilities.\n company cannot anticipate or estimate potential additional tax liabilities , if may be imposed by irs , such amounts could be material to company 2019s consolidated financial position and results of operations.\n company not aware of material obligations relating to this tax indemnity as of december 31 , 2002.\n accordingly no amounts provided for in consolidated financial statements relating to this indemnification.\n\n2003       | $ 459188\n---------- | ---------\n2004       | 439959\n2005       | 409670\n2006       | 363010\n2007       | 303085\nthereafter | 1102597\ntotal      | $ 3077509"
}
{
    "_id": "dd4c2403c",
    "title": "",
    "text": "changes from december 31 2008 to 2009 in level 3 assets liabilities due to net decrease in trading securities of $ 10. 8 billion driven by 2022 net transfers of $ 6. 5 billion due to transfer of debt 2013 securities from level 3 to level 2 to increased liquidity pricing transparency net settlements of $ 5. 8 billion due to liquidations of 2013 subprime securities of $ 4. 1 billion.\n change in net trading derivatives driven by 2022 net loss of $ 4. 9 billion to complex derivative contracts  2013 credit.\n losses include realized and unrealized losses during 2009 partially offset by gains in instruments classified in levels 1 and 2 net increase in derivative assets of $ 4. 3 billion includes cash 2013 settlements of derivative contracts in unrealized loss position linked to subprime exposures.\n decrease in level 3 investments of $ 6. 9 billion primarily 2022 from reduction of $ 5. 0 billion  due to paydowns on debt 2013 securities sales of private equity investments ; net transfer of investment securities from level 3 to level 2 2013 of $ 1. 5 billion  due to increased availability of observable pricing inputs net losses of $ 0. 4 billion due to losses on non- 2013 marketable equity securities including write-downs on private equity investments.\n decrease in securities sold under agreements to repurchase of 2022 $ 9. 1 billion driven by $ 8. 6 billion net transfers from level 3 to level 2 maturity dates structured repos shortened.\n decrease in long-term debt of $ 1. 5 billion driven by 2022 $ 1. 3 billion of net terminations of structured notes.\ntransfers between level 1 and level 2 of fair value hierarchy company have significant transfers of assets or liabilities between levels 1 and 2 fair value during 2010.\n items measured at fair value on nonrecurring basis certain assets and liabilities measured at fair value nonrecurring basis not included in tables above.\n these include assets measured at cost written down to fair value during periods result of impairment.\n these assets include loans held-for-sale measured at locom recognized at fair value below cost at end of period.\n fair value of loans measured on locom basis is determined using quoted secondary-market prices.\n such loans generally classified as level 2 of fair value hierarchy given level of activity in market and frequency of available quotes.\n if no such quoted price exists , fair value of loan is determined using quoted prices for similar asset or assets , adjusted for specific attributes of loan.\n following table presents all loans held-for-sale carried at locom as of december 31 , 2010 and 2009 : in billions of dollars aggregate cost fair value level 2 level 3.\n\nin billions of dollars | aggregate cost | fair value | level 2 | level 3\n---------------------- | -------------- | ---------- | ------- | -------\ndecember 31 2010       | $ 3.1          | $ 2.5      | $ 0.7   | $ 1.8\ndecember 31 2009       | $ 2.5          | $ 1.6      | $ 0.3   | $ 1.3"
}
{
    "_id": "dd4be518e",
    "title": "",
    "text": "investments prior to acquisition of keystone on october 12 , 2007  held common shares of keystone  classified as available-for-sale investment security.\n accordingly investment included in other assets at fair value  unrealized gain excluded from earnings included in accumulated other comprehensive income  net of applicable taxes.\n upon acquisition of keystone october 12 , 2007  unrealized gain removed from accumulated other comprehensive income  net of taxes original cost of common shares considered component of purchase price.\n fair value of financial instruments debt reflected on balance sheet at cost.\n based current market conditions  interest rate margins below rate available in market causes fair value of debt to fall below carrying value.\n fair value of term loans ( see note 6 , 201clong-term obligations 201d ) is approximately $ 570 million at december 31 , 2009  compared to carrying value of $ 596 million.\n estimated fair value of term loans by calculating upfront cash payment market participant would require to assume obligations.\n upfront cash payment , excluding issuance costs is amount market participant would able to lend at december 31 , 2009 to entity with credit rating similar to ours achieve sufficient cash inflows to cover scheduled cash outflows under term loans.\n carrying amounts of cash and equivalents , net trade receivables accounts payable approximate fair value.\n apply market approach to value financial assets and liabilities  include cash surrender value of life insurance  deferred compensation liabilities interest rate swaps.\n market approach utilizes available market information to estimate fair value.\n required fair value disclosures included in note 8 , 201cfair value measurements. 201d accrued expenses self-insure portion of employee medical benefits under employee health insurance program.\n purchase certain stop-loss insurance to limit liability exposure.\nwe self-insure portion of property casualty risk  includes automobile liability general liability workers 2019 compensation property under deductible insurance programs.\n insurance premium costs expensed over contract periods.\n reserve for liabilities associated with these losses established for claims filed claims incurred but not yet reported based upon estimate of ultimate cost calculated using analyses historical data.\n monitor new claims claim development trends related to claims incurred but not reported to assess adequacy of insurance reserves.\n self-insurance reserves on consolidated balance sheets are net of claims deposits of $ 0. 7 million and $ 0. 8 million , at december 31, 2009 and 2008 , respectively.\n not expect amounts ultimately paid to differ significantly from estimates, insurance reserves expenses could be affected if future claim experience differs significantly from historical trends assumptions.\n product warranties some mechanical products sold with standard six-month warranty against defects.\n record estimated warranty costs at time of sale using historical warranty claim information to project future warranty claims activity related expenses.\n changes in warranty reserve are as follows ( in thousands ) :.\n\nbalance as of january 1 2008   | $ 580\n------------------------------ | --------------\nwarranty expense               | 3681\nwarranty claims                | -3721 ( 3721 )\nbalance as of december 31 2008 | 540\nwarranty expense               | 5033\nwarranty claims                | -4969 ( 4969 )\nbalance as of december 31 2009 | $ 604"
}
{
    "_id": "dd4976682",
    "title": "",
    "text": "defined benefit pension plans 2019 trust $ 130 million to retiree medical plans reduce cash funding requirements for 2007 and 2008.\n in 2007  expect no contributions to defined benefit pension plans expect contribute $ 175 million to retiree medical and life insurance plans after consideration 2006 prepayments.\n following benefit payments reflect expected future service  appropriate expected to be paid : ( in millions ) pension benefits benefits.\n sponsor nonqualified defined benefit plans provide benefits in excess of qualified plan limits.\n aggregate liabilities for these plans at december 31 , 2006 were $ 641 million.\n expense associated with plans totaled $ 59 million in 2006  $ 58 million in 2005 $ 61 million in 2004.\n sponsor small number of foreign benefit plans.\n liabilities and expenses plans not material to results of operations financial position or cash flows.\n note 13 2013 leases total rental expense under operating leases was $ 310 million , $ 324 million $ 318 million for 2006 , 2005 2004 .\n future minimum lease commitments at december 31 , 2006 for all operating leases remaining term of more than one year were $ 1. 1 billion ( $ 288 million in 2007 , $ 254 million in 2008 , $ 211 million in 2009 , $ 153 million in 2010  $ 118 million in 2011 $ 121 million in later years ).\n certain major plant facilities and equipment furnished by u. s.\n government under short-term or cancelable arrangements.\n note 14 2013 legal proceedings , commitments contingencies party to or property subject to litigation other proceedings including matters under provisions relating to protection of environment.\n believe probability is remote outcome of matters material adverse effect on corporation.\n cannot predict outcome of legal proceedings with certainty.\nmatters include following items all previously reported : march 27 , 2006 , received subpoena issued by grand jury in united states district court for northern district of ohio.\n subpoena requests documents related to our application for patents issued in united states and united kingdom relating to missile detection and warning technology.\n cooperating with government 2019s investigation.\n on february 6 , 2004  submitted certified contract claim to united states requesting contractual indemnity for remediation and litigation costs ( past and future ) related to our former facility in redlands , california.\n submitted claim consistent with claim sponsorship agreement with boeing company ( boeing )  executed in 2001  in boeing 2019s role as prime contractor on short range attack missile ( sram ) program.\n contract for sram program formed significant portion of our work at redlands facility had special contractual indemnities from u.\n air force  authorized by public law 85-804.\n august 31 , 2004 , united states denied claim.\n appeal of decision pending with armed services board of contract appeals.\n on august 28 , 2003 , department of justice ( doj ) filed complaints in partial intervention in two lawsuits filed under provisions of civil false claims act in united states district court for western district of kentucky united states ex.\n natural resources defense council .\n lockheed martin corporation  united states ex rel.\n john d.\n.\n lockheed martin energy systems , inc.\n doj alleges we committed violations of resource conservation and recovery act at paducah gaseous diffusion plant by not properly handling , storing\n\n( in millions )      | pensionbenefits | otherbenefits\n-------------------- | --------------- | -------------\n2007                 | $ 1440          | $ 260\n2008                 | 1490            | 260\n2009                 | 1540            | 270\n2010                 | 1600            | 270\n2011                 | 1660            | 270\nyears 2012 2013 2016 | 9530            | 1260"
}
{
    "_id": "dd4bccf58",
    "title": "",
    "text": "at december 31 , 2013  total future minimum commitments under existing non-cancelable operating leases purchase obligations were follows:.\n ( a ) includes $ 3. 3 billion to fiber supply agreements at time of company 2019s 2006 transformation plan forestland sales 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging recycling business.\n rent expense was $ 215 million , $ 231 million $ 205 million for 2013 , 2012 2011 , respectively.\n guarantees in connection with sales of businesses , property  equipment  forestlands other assets  international paper makes representations warranties relating to such businesses assets may agree to indemnify buyers with tax environmental liabilities  breaches of representations warranties  other matters.\n where liabilities for matters probable subject to reasonable estimation accrued liabilities recorded at time of sale as cost of transaction.\n environmental proceedings international paper named as potentially responsible party in environmental remediation actions under various federal state laws  including comprehensive environmental response , compensation and liability act ( cercla ).\n many proceedings involve cleanup of hazardous substances at large commercial landfills received waste from many different sources.\n joint several liability authorized under cercla equivalent state laws liability for cercla cleanups typically allocated among many potential responsible parties.\n remedial costs are recorded in consolidated financial statements when become probable reasonably estimable.\n international paper estimated probable liability associated with these matters to be approximately $ 94 million in aggregate at december 31 , 2013.\n cass lake : matters referenced above is closed wood treating facility in cass lake , minnesota.\n during 2009  with environmental site remediation action under cercla international paper submitted to epa site remediation feasibility study.\nin june 2011 , epa selected published proposed soil remedy at site with estimated cost of $ 46 million.\n overall remediation reserve for site is currently $ 51 million to address this selection alternative for soil remediation component overall site remedy.\n october 2011 , epa released public statement indicating final soil remedy decision would be delayed.\n in unlikely event epa changes proposed soil remedy approves more expensive clean-up alternative , remediation costs could be material , significantly higher than amounts currently recorded.\n october 2012, natural resource trustees for site provided notice to international paper other potentially responsible parties of intent to perform natural resource damage assessment.\n premature to predict outcome of assessment or to estimate loss or range of loss , if any  may be incurred.\n other : in addition to other remediation costs typically associated with cleanup of hazardous substances at company 2019s current , closed or formerly-owned facilities  recorded as liabilities in balance sheet , totaled approximately $ 42 million at december 31 , 2013.\n other completion of required remedial actions not expected to have material effect on consolidated financial statements.\n kalamazoo river : company is potentially responsible party with respect to allied paper , inc. / portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan.\n epa asserts site is contaminated primarily by pcbs result of discharges from various paper mills along kalamazoo river , including paper mill formerly owned by st.\n regis paper company ( st.\n regis ).\n company successor in interest to st.\n regis.\n company has not received orders from epa respect to site continues to collect information from epa other parties relative to site to evaluate extent of liability , if any  respect to site.\npremature to estimate loss or range loss with respect to this site.\n in connection with kalamazoo river superfund site  company named as defendant by georgia-pacific consumer products lp , fort james corporation georgia pacific llc in contribution and cost recovery action for alleged pollution at site.\n suit seeks contribution under cercla for $ 79 million in costs expended by plaintiffs as of filing complaint and for future remediation costs.\n suit alleges a mill , allegedly owned operated by st.\n regis , discharged pcb contaminated solids and paper residuals from paper de-inking and recycling.\n also named as defendants in suit are ncr corporation weyerhaeuser company.\n in mid-2011  suit transferred from district court for eastern district of wisconsin to district court for western\n\nin millions                | 2014   | 2015  | 2016  | 2017  | 2018  | thereafter\n-------------------------- | ------ | ----- | ----- | ----- | ----- | ----------\nlease obligations          | $ 171  | $ 133 | $ 97  | $ 74  | $ 59  | $ 162\npurchase obligations ( a ) | 3170   | 770   | 642   | 529   | 453   | 2404\ntotal                      | $ 3341 | $ 903 | $ 739 | $ 603 | $ 512 | $ 2566"
}
{
    "_id": "dd4c28682",
    "title": "",
    "text": "marathon oil corporation notes consolidated financial statements preferred shares 2013 connection with acquisition of western discussed in note 6 , board of directors authorized class of voting preferred stock of 6 million shares.\n upon completion acquisition issued 5 million shares voting preferred stock to trustee  holds shares for benefit of holders of exchangeable shares discussed above.\n each share of voting preferred stock entitled to one vote on all matters submitted to holders of marathon common stock.\n each holder of exchangeable shares may direct trustee to vote number of shares of voting preferred stock equal to number of shares marathon common stock issuable upon exchange of exchangeable shares held by holder.\n no event will aggregate number of votes entitled cast by trustee outstanding shares of voting preferred stock exceed number of votes entitled cast outstanding exchangeable shares.\n except otherwise provided in restated certificate of incorporation or by applicable law common stock and voting preferred stock will vote together as single class in election of directors of marathon on all other matters submitted to vote of stockholders marathon.\n voting preferred stock no other voting rights except required by law.\n other than dividends payable solely in shares of voting preferred stock  no dividend or other distribution  paid or payable to holder of voting preferred stock.\n event liquidation , dissolution or winding up of marathon  holder of shares of voting preferred stock not entitled to receive assets of marathon available for distribution to stockholders.\n voting preferred stock not convertible into other class or series of capital stock of marathon or into cash , property or other rights  may not be redeemed.\n 26.\n leases we lease wide variety of facilities and equipment under operating leases  including land and building space  office equipment  production facilities transportation equipment.\nlong-term leases include renewal options certain purchase options.\n future minimum commitments for capital lease obligations ( including sale-leasebacks for as financings ) operating lease obligations initial noncancelable lease terms in excess of one year are as follows : ( in millions ) capital obligations ( a ) operating obligations.\n ) capital lease obligations includes $ 335 million related to assets under construction as of december 31 , 2008.\n leases currently reported in long-term debt based on percentage of construction completed at $ 126 million.\n connection with past sales of plants operations assigned purchasers assumed leases of major equipment used in divested plants operations of united states steel.\n in default by purchasers united states steel assumed these obligations ; we remain primarily obligated for payments under these leases.\n minimum lease payments under operating lease obligations of $ 21 million included above equal amount reported as sublease rentals.\n of $ 459 million present value of net minimum capital lease payments, $ 69 million related to obligations assumed by united states steel under financial matters agreement.\n\n( in millions )                             | capital lease obligations ( a ) | operating lease obligations\n------------------------------------------- | ------------------------------- | ---------------------------\n2009                                        | $ 40                            | $ 181\n2010                                        | 45                              | 133\n2011                                        | 47                              | 110\n2012                                        | 60                              | 100\n2013                                        | 39                              | 85\nlater years                                 | 426                             | 379\nsublease rentals                            | 2013                            | -21 ( 21 )\ntotal minimum lease payments                | $ 657                           | $ 967\nless imputed interest costs                 | -198 ( 198 )                    |\npresent value of net minimum lease payments | $ 459                           |"
}
{
    "_id": "dd4c5fd4e",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion analysis in table total net inflows/ outflows ) for 2017 included $ 23 billion inflows ( $ 20 billion in long- term aus and $ 3 billion in liquidity products ) with acquisition of portion verus investors 2019 outsourced chief investment officer business ( verus acquisition ) and $ 5 billion equity asset outflows with divestiture of local australian- focused investment capabilities and fund platform ( australian divestiture ).\n table presents average monthly assets under supervision by asset class.\n for year ended december $ in billions 2018 2017 2016.\n operating environment.\n during 2018 assets under supervision increased reflecting net inflows in liquidity products  fixed income assets equity assets.\n increase partially offset by depreciation in client assets  primarily in equity assets as global equity prices decreased in 2018 end of year.\n mix of average assets under supervision between long-term assets under supervision and liquidity products during 2018 unchanged compared with 2017.\n future if asset prices decline investors favor assets lower fees or investors withdraw assets net revenues in investment management likely be negatively impacted.\n during 2017  investment management operated in environment higher asset prices in appreciation in equity and fixed income assets.\n long-term assets under supervision increased from net inflows primarily in fixed income and alternative investment assets.\n increases partially offset by net outflows in liquidity products.\n mix of average assets under supervision during 2017 shifted slightly from liquidity products to long-term assets under supervision compared to mix end of 2016.\n 2018 versus 2017.\n net revenues in investment management were $ 7. 02 billion for 2018 , 13% ( 13 % ) higher than 2017 primarily due to higher incentive fees result harvesting.\nmanagement fees higher reflecting higher average assets under supervision impact recently adopted revenue recognition standard offset by shifts in mix client assets strategies.\n transaction revenues higher.\n see note 3 consolidated financial statements for information asu no.\n 2014-09 , 201crevenue from contracts with customers ( topic 606 ). 201d during 2018  total assets under supervision increased $ 48 billion to $ 1. 54 trillion.\n long-term assets supervision decreased $ 4 billion including net market depreciation of $ 41 billion primarily in equity assets offset by net inflows of $ 37 billion primarily in fixed income equity assets.\n liquidity products increased $ 52 billion.\n operating expenses $ 5. 27 billion for 2018 10% ( 10 % ) higher than 2017 due to impact recently adopted revenue recognition standard increased compensation benefits expenses reflecting higher net revenues.\n pre-tax earnings $ 1. 76 billion in 2018 24% ( 24 % ) higher than 2017.\n see note 3 consolidated financial statements for information asu no.\n 2014-09  201crevenue from contracts with customers ( topic 606 ). 201d 2017 versus 2016.\n net revenues in investment management $ 6. 22 billion for 2017 7% ( 7 % ) higher than 2016 due to higher management other fees higher average assets supervision higher transaction revenues.\n 2017 total assets under supervision increased $ 115 billion to $ 1. 49 trillion.\n long-term assets supervision increased $ 128 billion including net market appreciation of $ 86 billion primarily in equity fixed income assets net inflows of $ 42 billion ( includes $ 20 billion inflows verus acquisition $ 5 billion equity asset outflows australian divestiture ) primarily in fixed income alternative investment assets.\n liquidity products decreased $ 13 billion includes $ 3 billion inflows verus acquisition ).\noperating expenses $ 4. 80 billion 2017  3% ( % ) higher than 2016 due to increased compensation benefits expenses reflecting higher net revenues.\n pre-tax earnings $ 1. 42 billion 2017  25% ( % ) higher than geographic data see note 25 consolidated financial statements summary total net revenues pre-tax earnings net earnings by geographic region.\n 62 goldman sachs 2018 form 10-k\n\n$ in billions           | average for theyear ended december 2018 | average for theyear ended december 2017 | average for theyear ended december 2016\n----------------------- | --------------------------------------- | --------------------------------------- | ---------------------------------------\nalternative investments | $ 171                                   | $ 162                                   | $ 149\nequity                  | 329                                     | 292                                     | 256\nfixed income            | 665                                     | 633                                     | 578\ntotal long-term aus     | 1165                                    | 1087                                    | 983\nliquidity products      | 352                                     | 330                                     | 326\ntotal aus               | $ 1517                                  | $ 1417                                  | $ 1309"
}
{
    "_id": "dd4b8e8f2",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions  except per share amounts ) financing activities net cash used financing activities during 2015 related to repurchase of common stock payment of dividends.\n repurchased 13. 6 shares common stock for aggregate cost of $ 285. 2  including fees made dividend payments of $ 195. 5 on common stock.\n net cash used in financing activities during 2014 related to purchase of long-term debt repurchase of common stock payment of dividends.\n redeemed all $ 350. 0 in aggregate principal amount of 6. 25% ( 6. 25 % ) notes repurchased 14. 9 shares common stock for aggregate cost of $ 275. 1  including fees made dividend payments of $ 159. 0 on common stock.\n offset by issuance of $ 500. 0 in aggregate principal amount of 4. 20% ( 4. 20 % ) notes.\n foreign exchange rate changes effect foreign rate on cash cash equivalents consolidated statements cash flows resulted in decrease of $ 156. 1 in 2015.\n decrease result of u. s.\n dollar stronger than several foreign currencies  including australian dollar  brazilian real canadian dollar euro south african rand as of december 31 , 2015 compared to december 31 , 2014.\n effect of foreign exchange rate changes on cash cash equivalents consolidated statements cash flows resulted in decrease of $ 101. 0 in 2014.\n decrease result of u. s.\n dollar stronger than foreign currencies  including australian dollar  brazilian real canadian dollar euro as of december 31 , 2014 compared to december 31 , 2013.\n liquidity outlook expect cash flow from operations , cash cash equivalents to sufficient to meet anticipated operating requirements minimum for next twelve months.\nwe have committed corporate credit facility uncommitted facilities available to support operating needs.\n we continue maintain disciplined approach to managing liquidity , with flexibility over significant uses of cash , including capital expenditures , cash for new acquisitions , common stock repurchase program common stock dividends.\n from time to  we evaluate market conditions financing alternatives for opportunities to raise additional funds or improve liquidity profile  enhance financial flexibility manage market risk.\n ability to access capital markets depends on factors  include those specific to us  our credit rating , related to financial markets , amount or terms of available credit.\n no guarantee we to access new sources of liquidity on commercially reasonable terms , or at all.\n funding requirements most significant funding requirements include operations , non-cancelable operating lease obligations , capital expenditures , acquisitions , common stock dividends  taxes  debt service contributions to pension and postretirement plans.\n may be required to make payments to minority shareholders in certain subsidiaries if they exercise options to sell us equity interests.\n\nbalance sheet data                              | december 31 , 2015 | december 31 , 2014\n----------------------------------------------- | ------------------ | ------------------\ncash cash equivalents and marketable securities | $ 1509.7           | $ 1667.2\nshort-term borrowings                           | $ 150.1            | $ 107.2\ncurrent portion of long-term debt               | 1.9                | 2.1\nlong-term debt                                  | 1610.3             | 1612.9\ntotal debt                                      | $ 1762.3           | $ 1722.2"
}
{
    "_id": "dd4bb43c2",
    "title": "",
    "text": "table presents estimated future amortization of deferred stock compensation reported in cost of revenue and operating expenses : fiscal year ( in thousands ).\n impairment of intangible assets.\n in fiscal 2002  recognized aggregate impairment charge of $ 3. 8 million to reduce certain intangible assets associated with prior acquisitions to estimated fair value.\n approximately $ 3. 7 million and $ 0. 1 million included in integration expense and amortization of intangible assets on consolidated statement of operations.\n impairment charge attributable to certain technology acquired from and goodwill related to acquisition of stanza , inc.\n ( stanza in 1999.\n during fiscal 2002  determined not allocate future resources to assist in market growth of this technology as products acquired in merger with avant! provided superior capabilities.\n not anticipate future sales of stanza product.\n in fiscal 2001  recognized aggregate impairment charge of $ 2. 2 million to reduce certain intangible assets associated with prior acquisitions to estimated fair value.\n approximately $ 1. 8 million and $ 0. 4 million included in cost of revenues and amortization of intangible assets on consolidated statement of operations.\n impairment charge attributable to certain technology acquired from and goodwill related to acquisition of eagle design automation , inc.\n eagle in 1997.\n during fiscal 2001  determined not allocate future resources to assist in market growth of this technology.\n do not anticipate future sales of eagle product.\n no impairment charges during fiscal 2003.\n other ( expense ) income , net.\n income  was $ 24. 1 million in fiscal 2003 consisted primarily of realized gain on investments of $ 20. 7 million ; rental income of $ 6. 3 million ; interest income of $ 5.2 million ; iv ) impairment charges related to assets in venture portfolio ( $ 4. 5 ) million ; vii foundation contributions ( $ 2. 1 ) million ; viii ) interest expense ( $ 1. 6 ) million.\n other expense ) net other income was ( $ 208. 6 ) million in fiscal 2002 primarily of i ( $ 240. 8 ) million expense due to settlement of cadence design systems , inc.\n cadence ) litigation ; ii ( $ 11. 3 ) million in impairment charges related assets venture portfolio ; iii realized gains on investments $ 22. 7 million ; iv gain of $ 3. 1 million for termination fee on ikos systems , inc.\n ikos ) merger agreement ; v rental income $ 10. 0 million ; vi interest income $ 8. 3 million ; vii other miscellaneous expenses including amortization of premium forwards foreign exchange gains and losses fiscal year of ( $ 0. 6 ) million.\n other income , net was $ 83. 8 million in fiscal 2001 primarily of gain of $ 10. 6 million on sale of silicon libraries business to artisan components , inc. ii ( $ 5. 8 ) million in impairment charges related certain assets venture portfolio iii realized gains on investments of $ 55. 3 million ; iv rental income of $ 8. 6 million ; v interest income $ 12. 8 million ; vi other miscellaneous income including amortization of premium forwards foreign exchange gains and losses recognized fiscal year of $ 2. 3 million.\n termination of agreement to acquire ikos systems , inc.\n on july 2 , 2001  entered agreement plan of merger and reorganization ( ikos merger agreement ) with ikos systems , inc.\n ikos merger agreement provided for acquisition of all outstanding shares of ikos common stock by synopsys.\n\nfiscal year                                                        | ( in thousands )\n------------------------------------------------------------------ | ----------------\n2004                                                               | $ 3677\n2005                                                               | 2403\n2006                                                               | 840\n2007                                                               | 250\ntotal estimated future amortization of deferred stock compensation | $ 7170"
}
{
    "_id": "dd4bc37b4",
    "title": "",
    "text": "company encountered quality issues on aircraft carrier construction overhaul programs virginia-class submarine construction program at newport news location.\n primarily involve matters related to filler metal in pipe welds identified in 2007 , issues associated with non-nuclear weld inspection installation of weapons handling equipment on certain submarines  purchased material quality issues identified in 2009.\n company not believe resolution of these issues material effect upon consolidated financial position  results of operations or cash flows.\n environmental matters 2014the estimated cost to complete environmental remediation accrued where probable company will incur costs in future to address environmental conditions at currently or formerly owned or leased operating facilities or at sites where named potentially responsible party ( 201cprp 201d ) by environmental protection agency or designated by another environmental agency costs can be estimated by management.\n accruals do not include litigation costs related to environmental matters  nor include amounts asset retirement obligations.\n to assess potential impact on company 2019s consolidated financial statements  management estimates range of reasonably possible remediation costs could be incurred company account currently available facts on each site current state of technology prior experience in remediating contaminated sites.\n estimates reviewed periodically adjusted to reflect changes in facts technical legal circumstances.\n management estimates as of december 31 , 2011  probable future costs for environmental remediation is $ 3 million  accrued in other current liabilities.\n factors could result in changes to company 2019s estimates include : modification of planned remedial actions  increases or decreases in estimated time required to remediate  changes to determination of legally responsible parties  discovery of more extensive contamination than anticipated  changes in laws and regulations affecting remediation requirements improvements in remediation technology.\nother prps not pay allocable share of remediation costs , company may incur costs exceeding those already estimated and accrued.\n in certain potential remediation sites where costs remediation cannot be reasonably estimated.\n management cannot predict whether new information projects progress affect estimated liability, management does not believe future remediation expenditures material effect on company 2019s consolidated financial position , results of operations or cash flows.\n financial arrangements 2014in business , hii uses standby letters of credit issued by commercial banks and surety bonds issued by insurance companies to support company 2019s self-insured workers 2019 compensation plans.\n at december 31 , 2011 , $ 121 million of standby letters of credit issued but undrawn and $ 297 million of surety bonds outstanding related to hii.\n u. s.\n government claims 2014from time to  u. s.\n government advises company of claims and penalties concerning potential disallowed costs.\n when such findings presented  company and u. s.\n government representatives engage in discussions to evaluate merits of claims to assess amounts claimed.\n company does not believe outcome of any such matters will material effect on its consolidated financial position , results of operations or cash flows.\n collective bargaining agreements 2014the company believes it maintains good relations with approximately 38000 employees of which approximately 50% ( 50 % ) are covered by total of 10 collective bargaining agreements.\n company expects to renegotiate renewals of of collective bargaining agreements between 2013 and 2015 as they approach expiration.\n collective bargaining agreements generally expire after three to five years subject to renegotiation.\n not expected results of these negotiations  individually or, material effect on company 2019s consolidated results of operations.\noperating leases 2014rental expense was $ 44 million 2011, $ 44 million 2010  $ 48 million 2009.\n amounts net of immaterial amounts sublease rental income.\n minimum rental commitments under long- term non-cancellable operating leases next five years thereafter are : ( $ in millions ).\n\n2012       | $ 21\n---------- | -----\n2013       | 17\n2014       | 15\n2015       | 13\n2016       | 10\nthereafter | 48\ntotal      | $ 124"
}
{
    "_id": "dd4b8fc2a",
    "title": "",
    "text": "z i m m e r h o l d i n g s , i n c.\n a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k contractual obligations company entered into contracts with third parties business require future payments.\n table illustrates company 2019s contractual obligations : than 1 1 - 3 4 - 5 after 5 contractual obligations total year years.\n critical accounting policies equipment based on historical patterns of use physical and technological characteristics of assets  financial results company affected by appropriate.\n in accordance with statement of financial selection and application of accounting policies and methods.\n accounting standards ( 2018 2018sfas 2019 2019 ) no.\n 144 , 2018 2018accounting for significant accounting policies require impairment or disposal of long-lived assets  2019 management 2019s judgment discussed below.\n company reviews property , plant equipment for revenue recognition 2013 significant portion of com- impairment whenever events or changes in circumstances 2019s revenue recognized for field based product carrying value of asset may not be notification product implanted or used.\n recoverable.\n impairment loss recognized for all other transactions  company recognizes when estimated future cash flows relating to asset revenue when title passed to customers  generally less than its carrying amount.\n upon shipment.\n estimated returns and allowances are derivative financial instruments 2013 critical aspects recorded as reduction of sales when revenue is company 2019s accounting policy for derivative financial recognized.\n instruments include conditions require critical inventories 2013 company must determine each terms of hedging instrument same as balance sheet date how much  of inventory may hedged forecasted transaction.\n important ele- prove to be unsaleable or unsaleable policy requires formal documentation be carrying cost.\n reserves established to maintained as required by sfas no.\n133 , 2018 2018accounting adjust inventory to net realizable value.\n for derivative instruments and hedging activities. 2019 fail- determine appropriate level of reserves company comply with conditions result in evaluates current stock levels in relation to historical requirement to recognize changes in market value of expected patterns of demand for all products.\n hedge instruments in earnings as occur.\n manage- algorithms applied to data to assist ment monitors significant estimates  assump- management in evaluation.\n management evaluates tions judgments associated with derivative need for changes to valuation reserves based on market instruments compliance with formal documentation conditions competitive offerings other factors on requirements.\n regular basis.\n further information about inventory stock compensation 2013 company applies provi- reserves provided in notes to consolidated financial sions of apb opinion no.\n 25 , 2018 2018accounting for stock statements.\n issued to employees , 2019 in accounting for stock-based instruments 2013 company  customary in compensation no compensation expense industry , consigns surgical instruments for use in recognized for fixed stock option plans as orthopaedic procedures with company 2019s products.\n options granted at fair market value.\n sfas no.\n 123 , company 2019s accounting policy requires full 2018 2018accounting for stock-based compensation 2019 provides cost of instruments be recognized as expense in alternative method of accounting for stock options based year in instruments placed in service.\n on option pricing model  black-scholes.\n alternative to method is to depreciate the cost of company adopted disclosure requirements of instruments over useful lives.\n company may sfas no.\n 123 no.\n 148 , 2018 2018accounting for stock- consider change in accounting for based compensation-transition and disclosure.2019 informa- instruments align accounting policy with tion compensation expense under alterna- certain company competitors.\n tive method provided in notes to consolidated financial statements.\n property , plant equipment 2013 company deter- mines estimated useful lives of property  plant\n\ncontractual obligations       | total   | less than 1 year | 1 - 3 years | 4 - 5 years | after 5 years\n----------------------------- | ------- | ---------------- | ----------- | ----------- | -------------\nshort-term debt               | $ 156.7 | $ 156.7          | $ 2013      | $ 2013      | $ 2013\noperating leases              | 36.9    | 8.3              | 12.7        | 7.3         | 8.6\nminimum purchase commitments  | 25.0    | 25.0             | 2013        | 2013        | 2013\ntotal contractual obligations | $ 218.6 | $ 190.0          | $ 12.7      | $ 7.3       | $ 8.6"
}
{
    "_id": "dd4bcbde2",
    "title": "",
    "text": "significant portion of natural gas production in lower 48 states u. s.\n is sold at bid-week prices or first-of-month indices relative to specific producing areas.\n average settlement date henry hub natural gas prices relatively stable for periods this report ; decline began in september 2011 continued in 2012 with february averaging $ 2. 68 per mmbtu.\n should.\n natural gas prices remain depressed impairment charge related to natural gas assets may be necessary.\n other major natural gas-producing regions are europe and eg.\n natural gas prices in europe significantly higher than u. s.\n eg natural gas sales subject to term contracts making realized prices less volatile.\n natural gas sales from eg at fixed prices ; worldwide reported average natural gas realized prices may not fully track market price movements.\n oil sands mining osm segment revenues correlate with prevailing market prices for various qualities synthetic crude oil.\n roughly two-thirds of normal output mix will track movements in wti one-third track movements in canadian heavy sour crude oil marker primarily western canadian select.\n output mix can be impacted by operational problems or planned unit outages at mines upgrader.\n operating cost structure of oil sands mining operations is predominantly fixed costs incurred in times full operation continue during production downtime.\n per-unit costs sensitive to production rates.\n key variable costs are natural gas and diesel fuel track commodity markets canadian alberta energy company ( 201caeco 201d ) natural gas sales index and crude oil prices.\n recently aeco prices declined henry hub prices.\n expect significant continued declined in natural gas prices to favorable impact on osm operating costs.\n table below shows average benchmark prices impact revenues and variable costs.\n wti crude oil ( dollars per bbl ) $ 95.11 $ 79. 61 $ 62. 09 western canadian select ( dollars per bbl ) ( a ) 77. 97 65. 31 52. 13 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 3. 68 $ 3. 89 $ 3. 49 a ) monthly pricing based average wti adjusted for differentials unique to western canada.\n b ) monthly average day ahead index.\n integrated gas operations include production marketing of products from natural gas lng and methanol.\n world lng trade in 2011 estimated to be 241 mmt.\n long-term lng continues in demand as markets seek benefits of clean burning natural gas.\n market prices for lng not reported or posted.\n lng delivered to u. s.\n tied to henry hub prices track with changes in.\n natural gas prices lng sold in europe and asia indexed to crude oil prices track movement prices.\n 60 percent ownership in lng production facility in equatorial guinea sells lng under long-term contract at prices tied to henry hub natural gas prices.\n gross sales from plant were 4. 1 mmt , 3. 7 mmt 3. 9 mmt in 2011 , 2010 2009.\n own 45 percent interest in methanol plant in equatorial guinea investment ampco.\n gross sales of methanol plant totaled 1039657 , 850605 960374 metric tonnes in 2011 , 2010 2009.\n methanol demand impact on ampco 2019s earnings.\n global demand for methanol limited changes in supply-demand balance can impact on sales prices.\n world demand for methanol in 2011 estimated to be 55. 4 mmt.\n plant capacity of 1. 1 mmt about 2 percent of total demand.\noperating financial highlights operating highlights during 2011 include : 2022 completed spin-off downstream business on june 30 , 2011 2022 acquired significant operated position in eagle ford shale play south texas 2022 added net proved reserves for e&p and osm segments combined of 307 mmboe  excluding dispositions for 212 percent reserve replacement ratio\n\nbenchmark                                                | 2011    | 2010    | 2009\n-------------------------------------------------------- | ------- | ------- | -------\nwti crude oil ( dollars per bbl )                        | $ 95.11 | $ 79.61 | $ 62.09\nwestern canadian select ( dollars per bbl ) ( a )        | 77.97   | 65.31   | 52.13\naeco natural gas sales index ( dollars per mmbtu ) ( b ) | $ 3.68  | $ 3.89  | $ 3.49"
}
{
    "_id": "dd4bca276",
    "title": "",
    "text": "biomet holdings , inc.\n 2015 form 10-k annual report notes to consolidated financial statements continued interest to date of redemption.\n merger notes and 3. 375% ( 3. 375 % ) senior notes due 2021 may be redeemed at option without make-whole premium at specified dates one month to six months in advance of scheduled maturity date.\n between closing date and june 30 , 2015 repaid biomet senior notes assumed in merger.\n fair value of principal amount plus interest was $ 2798. 6 million.\n senior notes required pay call premium in excess of fair value notes when repaid.\n recognized $ 22. 0 million in non-operating other expense related to call premium.\n estimated fair value of senior notes as of december 31 , 2015 based on quoted prices for specific securities transactions over-counter markets level 2 ) was $ 8837. 5 million.\n estimated fair value of japan term loan as of december 31, 2015  based publicly market yield curves terms of debt level 2 ) was $ 96. 4 million.\n carrying value of.\n term loan approximates fair value as bears interest at short-term variable market rates.\n entered into interest rate swap agreements as fair value hedges of underlying fixed- rate obligations on senior notes due 2019 and 2021.\n see note 14 for additional information interest rate swap agreements.\n available uncommitted credit facilities totaling $ 35. 8 million.\n at december 31 , 2015 and 2014 weighted average interest rate for long-term borrowings was 2. 9 percent and 3. 5 percent .\n paid $ 207. 1 million , $ 67. 5 million and $ 68. 1 million in interest during 2015 , 2014 and 2013  respectively.\n 13.\naccumulated comprehensive ( loss ) income oci refers to gains and losses under gaap included in comprehensive income excluded from net earnings amounts initially recorded as adjustment to stockholders 2019 equity.\n amounts in oci may be reclassified to net earnings upon occurrence certain events.\n oci comprised of foreign currency translation adjustments  unrealized gains losses on cash flow hedges  unrealized gains losses on available-for-sale securities amortization of prior service costs unrecognized gains and losses in actuarial assumptions on defined benefit plans.\n foreign currency translation adjustments reclassified to net earnings upon sale or complete liquidation of investment in foreign entity.\n unrealized gains and losses on cash flow hedges reclassified to net earnings when hedged item affects net earnings.\n unrealized gains and losses on available-for-sale securities reclassified to net earnings if sell security before maturity or if unrealized loss considered other-than-temporary.\n amounts related to defined benefit plans in oci reclassified over service periods of employees in plan.\n reclassification amounts allocated to all employees in plans reclassified amounts may become part of inventory considered direct labor costs.\n see note 15 for more information on defined benefit plans.\n following table shows changes in components of oci , net of tax ( in millions ) : foreign currency translation hedges unrealized gains on securities defined.\n\n| foreign currency translation | cash flow hedges | unrealized gains on securities | defined benefit plan items\n---------------------------- | ---------------------------- | ---------------- | ------------------------------ | --------------------------\nbalance december 31 2014     | $ 111.8                      | $ 70.1           | $ -0.4 ( 0.4 )                 | $ -143.4 ( 143.4 )\noci before reclassifications | -305.2 ( 305.2 )             | 52.7             | -0.2 ( 0.2 )                   | -30.6 ( 30.6 )\nreclassifications            | 2013                         | -93.0 ( 93.0 )   | 2013                           | 9.2\nbalance december 31 2015     | $ -193.4 ( 193.4 )           | $ 29.8           | $ -0.6 ( 0.6 )                 | $ -164.8 ( 164.8 )"
}
{
    "_id": "dd4bb5402",
    "title": "",
    "text": "intangible assets amortized straight-line basis over estimated useful lives or accelerated method amortization expected reflect estimated pattern economic use.\n remaining amortization expense recognized over weighted-average period of approximately 0. 9 years.\n amortization expense from continuing operations  related to intangibles was $ 7. 4 million , $ 9. 3 million and $ 9. 2 million in fiscal 2009 , 2008 2007  respectively.\n company expects annual amortization expense for intangible assets to be:.\n g.\n grant accounting company 2019s foreign subsidiaries received grants from governmental agencies.\n grants include capital , employment research and development grants.\n capital grants for acquisition of property equipment netted against related capital expenditures amortized as credit to depreciation expense over useful life of related asset.\n employment grants relate to employee hiring training research and development grants recognized in earnings in period related expenditures incurred by company.\n h.\n translation of foreign currencies functional currency for company 2019s foreign sales research development operations is applicable local currency.\n gains and losses from translation of foreign currencies into u. s.\n dollars recorded in accumulated other comprehensive ( loss ) income.\n transaction gains and losses remeasurement of foreign currency denominated assets liabilities included in income currently including at company 2019s principal foreign manufacturing operations where functional currency is u. s.\n dollar.\n foreign currency transaction gains or losses included in other expenses net not material in fiscal 2009 , 2008 or 2007.\n i.\n derivative instruments hedging agreements foreign exchange exposure management 2014 company enters into forward foreign currency exchange contracts to offset operational balance sheet exposures from impact changes in foreign currency exchange rates.\n such exposures result from portion company 2019s operations, assets liabilities denominated in currencies other than u.s.\n dollar , primarily euro ; other exposures include philippine peso british pound.\n foreign currency exchange contracts entered into to support transactions in normal course of business not speculative in nature.\n contracts for periods consistent with terms of underlying transactions generally one year or less.\n hedges related to anticipated transactions designated and documented at inception hedges as cash flow hedges evaluated for effectiveness monthly.\n derivative instruments employed to eliminate or minimize certain foreign currency exposures be confidently identified and quantified.\n as terms of contract and underlying transaction matched at inception forward contract effectiveness calculated by comparing change in fair value of contract to change in forward value of anticipated transaction with effective portion of gain or loss on derivative instrument reported as component of accumulated other comprehensive ( loss ) income ( oci ) in shareholders 2019 equity reclassified into earnings in same period during hedged transaction affects earnings.\n any residual change in fair value of instruments or ineffectiveness recognized immediately in other income/expense.\n company enters into forward foreign currency contracts that economically hedge gains and losses generated by remeasurement of certain recorded assets and liabilities in non-functional currency.\n changes in fair value of these undesignated hedges recognized in other income/expense immediately as offset to changes in fair value of asset or liability being hedged.\n analog devices  inc.\n notes to consolidated financial statements 2014 ( continued )\n\nfiscal years | amortization expense\n------------ | --------------------\n2010         | $ 5425\n2011         | $ 1430"
}
{
    "_id": "dd4c38e74",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued ) of assets liabilities under interest rate swap agreements held as of december 31 , 2006 entered first half of 2007.\n company paid $ 8. 0 million to treasury rate lock agreement settled year ended december 31 , 2008.\n cost of treasury rate lock recognized as additional interest expense over 10-year term of 7. 00% ( 7. 00 % ) notes.\n year ended december 31 , 2007 company received $ 3. 1 million in cash upon settlement of assets liabilities under ten forward starting interest rate swap agreements aggregate notional amount of $ 1. 4 billion  designated as cash flow hedges to manage exposure to variability in cash flows forecasted interest payments in connection with certificates issued in securitization in may 2007.\n settlement recognized as reduction in interest expense over five-year period for interest rate swaps designated as hedges.\n company received $ 17. 0 million in cash upon settlement of assets liabilities under thirteen additional interest rate swap agreements aggregate notional amount of $ 850. 0 million managed exposure to variability of interest rates under credit facilities not considered cash flow hedges for accounting purposes.\n gain included in other income in consolidated statement of operations for year ended december 31 , 2007.\n as of december 31 , 2008 and 2007  other comprehensive ( loss ) income included items related to derivative financial instruments ( in thousands ) :.\n years ended december 31 , 2008 2007 company recorded aggregate net unrealized loss of approximately $ 15. 8 million and $ 3. 2 million , ( net of tax provision of approximately $ 10. 2 million and $ 2. 0 million , ) other comprehensive loss for change in fair value of interest rate swaps designated as cash flow hedges reclassified aggregate of $ 0.1 million and $ 6. 2 million , respectively ( net of income tax provision of $ 2. 0 million and income tax benefit of $ 3. 3 million , respectively ) into results of operations.\n 9.\n fair valuemeasurements company determines fair market values of financial instruments based on fair value hierarchy in sfas no.\n 157 , requires to maximize use of observable inputs minimize unobservable inputs when measuring fair value.\n standard describes three levels of inputs to measure fair value.\n level 1 quoted prices in active markets for identical assets or liabilities company ability access at measurement date.\n company 2019s level 1 assets consist of available-for-sale securities traded on active markets certain brazilian treasury securities highly liquid actively traded in over-the-counter markets.\n level 2 observable inputs other than level 1 prices, quoted prices for similar assets or liabilities ; quoted prices in markets not active ; or other inputs observable or corroborated by observable market data for full term of assets or liabilities.\n\n| 2008             | 2007\n----------------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------------\ndeferred loss on the settlement of the treasury rate lock net of tax                                                          | $ -4332 ( 4332 ) | $ -4901 ( 4901 )\ndeferred gain on the settlement of interest rate swap agreements entered into in connection with the securitization net oftax | 1238             | 1636\nunrealized losses related to interest rate swap agreements net of tax                                                         | -16349 ( 16349 ) | -486 ( 486 )"
}
{
    "_id": "dd4c657f8",
    "title": "",
    "text": "jpmorgan chase & co.\n / 2008 annual report 85 of $ 1. 0 billion required to notify securities and exchange commission ( 201csec 201d ) tentative net capital less than $ 5. 0 billion with market and credit risk standards of appendix e of net capital rule.\n as of december 31 , 2008 jpmorgan securities had tentative net capital in excess of minimum notification requirements.\n on october 1 , 2008  j.\n morgan securities inc.\n merged with into bear , stearns & co.\n inc. surviving entity changed name to j. p.\n morgan securities inc.\n.\n morgan clearing corp. subsidiary of jpmorgan securities provides clearing and settlement services.\n december 31 , 2008 j.\n morgan clearing corp. 2019s net capital  defined net capital rule of $ 4. 7 billion exceeded minimum requirement by $ 3. 3 billion.\n dividends february 23, 2009  board of directors reduced firm's quar- terly common stock dividend from $ 0. 38 to $ 0. 05 per share  dividend payable april 30, 2009 to shareholders of record april 6 , 2009.\n jpmorgan chase declared quarterly cash dividends common stock $ 0. 38 for each quarter of 2008 second  third fourth quarters of 2007  $ 0. 34 per share for first quarter of 2007 each quarter of 2006.\n firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook desired dividend payout ratios need maintain adequate capital level alternative investment opportunities.\n firm 2019s ability to pay dividends subject to restrictions.\n for information regarding restrictions see page 84 note 24 and note 29 on pages 205 2013206 211  of annual report additional information regarding reduction dividend  see page 44.\ntable shows common dividend payout ratio based upon reported net income.\n.\n firm issued $ 6. 0 billion and $ 1. 8 billion of noncumulative preferred stock on april 23 , 2008  and august 21 , 2008  respectively.\n pursuant capital purchase program october 28, 2008  firm issued to.\n treasury $ 25. 0 billion of cumu- lative preferred stock and warrant to purchase up to 88401697 shares of firm 2019s common stock.\n for additional information preferred stock see note 24 on pages 205 2013206 of annual report.\n on september 30 , 2008  firm issued $ 11. 5 billion  or 284 million shares of common stock at $ 40. 50 per share.\n for additional infor- mation common stock see note 25 on pages 206 2013207 of annual report.\n stock repurchases during year ended december 31 , 2008 firm did not repur- chase any shares of common stock.\n during 2007  under respective stock repurchase programs firm repur- chased 168 million shares for $ 8. 2 billion at average price per share of $ 48. 60.\n board of directors approved in april 2007  stock repurchase program authorizes repurchase of up to $ 10. 0 billion of firm 2019s common shares superseded $ 8. 0 billion stock repur- chase program approved in 2006.\n $ 10. 0 billion authorization includes shares to be repurchased to offset issuances under firm 2019s employee stock-based plans.\n actual number of shares may be repurchased subject to various factors including market conditions ; legal considerations affecting amount timing repurchase activity ; firm 2019s capital position internal capital generation alternative potential investment opportunities.\nrepurchase program include specific price targets timetables may be executed through open market purchases privately negotiated transactions rule 10b5-1 programs may be suspended at any time.\n rule 10b5-1 repurchase plan allows firm to repurchase shares during periods not repurchasing com- mon stock 2013 during internal trading 201cblack-out peri- ods. 201d all purchases under rule 10b5-1 plan must be made to predefined plan established when firm not aware of material nonpublic information.\n as of december 31 , 2008  $ 6. 2 billion authorized repurchase capacity remained under current stock repurchase program.\n discussion of restrictions on stock repurchases see capital purchase program on page 84 note 24 on pages 205 2013206 of annual report.\n additional information regarding repurchases of firm 2019s equity securities see part ii , item 5 , market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities page 17 of jpmorgan chase 2019s 2008 form 10-k.\n\nyear ended december 31,      | 2008           | 2007         | 2006\n---------------------------- | -------------- | ------------ | ------------\ncommon dividend payout ratio | 114% ( 114 % ) | 34% ( 34 % ) | 34% ( 34 % )"
}
{
    "_id": "dd497875c",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.\n company 2019s common stock listed on new york stock exchange.\n prior to separation of alcoa corporation from company company 2019s common stock traded under symbol 201caa. 201d connection with separation november 1, 2016  company changed stock symbol common stock began trading under symbol 201carnc. 201d on october 5 , 2016 company 2019s common shareholders approved 1-for-3 reverse stock split of company 2019s outstanding authorized shares common stock ( 201creverse stock split 201d ).\n result reverse stock split every 3 shares of issued and outstanding common stock combined into one issued outstanding share common stock without change in par value per share.\n reverse stock split reduced shares common stock outstanding from approximately 1. 3 billion shares to approximately 0. 4 billion shares decreased number authorized shares common stock from 1. 8 billion to 0. 6 billion shares.\n company 2019s common stock began trading on reverse stock split-adjusted basis on october 6 , 2016.\n november 1 , 2016  company completed separation business into two independent publicly traded companies : company and alcoa corporation.\n separation effected by pro rata distribution company of 80. 1% (. % ) of outstanding shares of alcoa corporation common stock to company 2019s shareholders.\n company 2019s shareholders of record as of close of business on october 20 , 2016 ( 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of company 2019s common stock held as of record date.\n company retained 19. 9% (. % ) of outstanding common stock of alcoa corporation following separation.\nfollowing table sets forth for periods indicated high and low sales prices quarterly dividend amounts per share of company 2019s common stock as reported on new york stock exchange  adjusted to account reverse stock split effected on october 6 , 2016.\n prices listed below for fourth quarter of 2016 not reflect adjustment for impact of separation of alcoa corporation from company on november 1, 2016 not comparable to pre-separation prices from earlier periods.\n number of holders of record common stock was approximately 12885 as of february 23 , 2017.\n\nquarter                                           | 2016 high | 2016 low | 2016 dividend | 2016 high | 2016 low | dividend\n------------------------------------------------- | --------- | -------- | ------------- | --------- | -------- | --------\nfirst                                             | $ 30.66   | $ 18.42  | $ 0.09        | $ 51.30   | $ 37.95  | $ 0.09\nsecond                                            | 34.50     | 26.34    | 0.09          | 42.87     | 33.45    | 0.09\nthird                                             | 32.91     | 27.09    | 0.09          | 33.69     | 23.91    | 0.09\nfourth ( separation occurred on november 1 2016 ) | 32.10     | 16.75    | 0.09          | 33.54     | 23.43    | 0.09\nyear                                              | $ 34.50   | $ 16.75  | $ 0.36        | $ 51.30   | $ 23.43  | $ 0.36"
}
{
    "_id": "dd4bdca34",
    "title": "",
    "text": "capital resources liquidity capital resources overview capital generated via earnings from operating businesses.\n augmented through issuance of common stock , convertible preferred stock , preferred stock  subordinated debt  equity issued through awards under employee benefit plans.\n capital used primarily to support assets in company 2019s businesses absorb unexpected market  credit operational losses.\n company 2019s uses of capital  particularly to pay dividends repurchase common stock  became restricted during latter half of 2008.\n see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2, 9 , 44 , 47 95 ,.\n citigroup 2019s capital management framework designed to ensure citigroup principal subsidiaries maintain sufficient capital consistent with company 2019s risk profile  applicable regulatory standards guidelines  external rating agency considerations.\n capital management process overseen by senior management reviewed at consolidated , legal entity  country level.\n senior management oversees capital management process of citigroup principal subsidiaries through citigroup 2019s finance and asset liability committee ( finalco ).\n committee composed of senior-most management of citigroup for engaging management in decision-making related discussions on capital liquidity items.\n committee 2019s responsibilities include : determining financial structure of citigroup principal subsidiaries ; ensuring citigroup regulated entities adequately capitalized determining appropriate asset levels return hurdles for citigroup individual businesses reviewing funding capital markets plan for citigroup monitoring interest-rate risk  corporate bank liquidity  impact of currency translation on non-u. s.\n earnings capital.\n finalco established capital targets for citigroup and for significant subsidiaries.\ndecember 31 , 2008  targets exceeded regulatory standards.\n common and preferred stock issuances discussed under 201cevents 2008 201d page 9 2008  company issued $ 45 billion in preferred stock and warrants $ 12. 5 billion convertible preferred stock in private offering $ 11. 7 billion non-convertible preferred stock in public offerings $ 3. 2 billion convertible preferred stock in public offerings $ 4. 9 billion common stock in public offerings.\n january 23 , 2009  prior agreement with purchasers of $ 12. 5 billion convertible preferred stock issued in private offering conversion price reset from $ 31. 62 per share to $ 26. 35 per share.\n reset result in citigroup 2019s issuing approximately 79 million additional common shares if converted.\n no impact to net income  total stockholders 2019 equity or capital ratios due to reset.\n reset result in reclassification from retained earnings to additional paid-in capital of $ 1. 2 billion reflect benefit of reset to preferred stockholders.\n capital ratios citigroup subject to risk-based capital ratio guidelines by federal reserve board ( frb ).\n capital adequacy measured via two risk- based ratios  tier 1 and total capital ( tier 1 + tier 2 capital ).\n tier 1 capital considered core capital total capital includes other items subordinated debt loan loss reserves.\n both measures of capital stated as percentage of risk-weighted assets.\n risk-weighted assets measured primarily on perceived credit risk include certain off-balance-sheet exposures unfunded loan commitments letters of credit  notional amounts of derivative and foreign- exchange contracts.\n citigroup subject to leverage ratio requirement non-risk-based asset ratio defined as tier 1 capital as percentage of adjusted average assets.\nbe 201cwell capitalized 201d under federal bank regulatory agency definitions, bank holding company must have tier 1 capital ratio at least 6% ( 6 % ) , total capital ratio at least 10% ( 10 % ) leverage ratio at least 3% ( 3 % ) not subject to frb directive to maintain higher capital levels.\n noted table citigroup maintained 201cwell capitalized 201d position during 2008 and 2007.\n citigroup regulatory capital ratios at year end 2008 2007.\n leverage ( 1 ) 6. 08 4. 03 ( 1 ) tier 1 capital divided by adjusted average assets.\n events during 2008  including transactions with u. s.\n government affected citigroup 2019s capital ratios additional u. s.\n government financial involvement with company could impact company 2019s capital ratios.\n future operations affect capital levels changes fasb proposed regarding off-balance-sheet assets , consolidation and sale treatment could impact on capital ratios.\n see note 23 to consolidated financial statements on page 175  including 201cfunding liquidity facilities and subordinate interests. 201d\n\nat year end                         | 2008               | 2007\n----------------------------------- | ------------------ | ----------------\ntier 1 capital                      | 11.92% ( 11.92 % ) | 7.12% ( 7.12 % )\ntotal capital ( tier 1 and tier 2 ) | 15.70              | 10.70\nleverage ( 1 )                      | 6.08               | 4.03"
}
{
    "_id": "dd4bdf694",
    "title": "",
    "text": "direct activities of vies do not control ongoing activities significant impact on economic performance vies.\n we not have obligation to absorb losses vies or right to receive benefits vies potentially significant not primary beneficiary do not consolidate vies our actions decisions not significant effect on vie 2019s performance fixed-price purchase options not potentially significant to vies.\n future minimum lease payments associated with vie leases totaled $ 3. 0 billion as of december 31 , 2014.\n 17.\n leases we lease certain locomotives , freight cars  other property.\n consolidated statements of financial position as of december 31 , 2014 and 2013 included $ 2454 million , net of $ 1210 million of accumulated depreciation and $ 2486 million , net of $ 1092 million of accumulated depreciation respectively for properties held under capital leases.\n charge to income from depreciation for assets under capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2014 were follows : millions operating leases capital leases.\n approximately 95% ( 95 % ) of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 593 million in 2014 , $ 618 million in 2013  $ 631 million in 2012.\n when cash rental payments not made straight-line basis recognize variable rental expense on straight-line basis over lease term.\n contingent rentals and sub-rentals not significant.\n 18.\n commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits pending against us and our subsidiaries.\ncannot fully determine effect of all asserted and unasserted claims on our consolidated results of operations financial condition or liquidity ; to extent possible where asserted claims considered probable and claims reasonably estimated we recorded liability.\n do not expect any known lawsuits , claims environmental costs commitments contingent liabilities or guarantees have material adverse effect on our consolidated results of operations financial condition or liquidity after taking account liabilities and insurance recoveries previously recorded for.\n personal injury 2013 cost of personal injuries to employees related activities charged to expense based on estimates of ultimate cost and number of incidents each year.\n use actuarial analysis to measure expense and liability  including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n under fela damages assessed based on finding of fault through litigation or out-of-court settlements.\n offer comprehensive variety of services and rehabilitation programs for employees injured at work.\n personal injury liability not discounted to present value due to uncertainty surrounding timing of future payments.\n approximately 93% ( 93 % ) of recorded liability related to asserted claims approximately 7% ( 7 % ) related to unasserted claims at december 31 , 2014.\n because of uncertainty\n\nmillions                               | operatingleases | capitalleases\n-------------------------------------- | --------------- | -------------\n2015                                   | $ 508           | $ 253\n2016                                   | 484             | 249\n2017                                   | 429             | 246\n2018                                   | 356             | 224\n2019                                   | 323             | 210\nlater years                            | 1625            | 745\ntotal minimum leasepayments            | $ 3725          | $ 1927\namount representing interest           | n/a             | -407 ( 407 )\npresent value of minimum leasepayments | n/a             | $ 1520"
}
{
    "_id": "dd4bf0cc8",
    "title": "",
    "text": "1 2 4 effective january 1 , 2011 all u. s.\n employees  including.\n legacy bgi employees participate in brsp.\n all plan assets in two legacy bgi plans including 401k plan and retirement plan merged into brsp on january 1 , 2011.\n under combined brsp  employee contributions of up to 8% ( 8 % ) of eligible compensation  defined by plan subject to irc limitations matched by company at 50% ( 50 % ).\n company continue to make annual retirement contribution to eligible participants equal to 3-5% ( 3-5 % ) of eligible compensation.\n blackrock institutional trust company 401 ( k ) savings plan ( formerly bgi 401 ( k ) savings plan ) company assumed 401 ( k ) plan ( 201cbgi plan 201d ) covering employees of former bgi result of bgi transaction.\n bgi employee contributions for participants with at least one year of service matched at 200% ( % ) of participants 2019 pre-tax contributions up to 2% ( 2 % ) of base salary and overtime matched 100% ( 100 % ) of next 2% ( 2 % ) of base salary and overtime defined by plan subject to irc limitations.\n maximum matching contribution participant is equal to 6% ( 6 % ) of base salary up to irc limitations.\n bgi plan expense was $ 12 million for year ended december 31 , 2010 to company 2019s consolidated financial statements for year ended december 31 , 2009.\n effective january 1 , 2011 net assets of this plan merged into brsp.\n blackrock institutional trust company retirement plan ( formerly bgi retirement plan ) company assumed a defined contribution money purchase pension plan ( 201cbgi retirement plan 201d ) as result of bgi transaction.\nsalaried employees of former bgi and participating affiliates were u.\n residents on.\n payroll were eligible to participate.\n for participants earning less than $ 100000 base salary company contributed 6% ( 6 % ) of participant 2019s total compensation ( base salary , overtime performance bonus ) up to $ 100000.\n for participants earning $ 100000 or more base salary company contributed 6% ( 6 % ) of participant 2019s base salary and overtime up to $ 245000 in 2010.\n contributions were 25% ( 25 % ) vested once participant completed two years of service vested at 25% ( 25 % ) for each additional year of service completed.\n employees with five or more years of service under retirement plan were 100% ( 100 % ) vested in entire balance.\n retirement plan expense was $ 13 million for year ended december 31 , 2010 consolidated for year december 31 2009.\n effective january 1 , 2011 net assets plan merged into.\n blackrock group personal pension plan blackrock investment management ( uk ) limited ( ) wholly-owned subsidiary of company contributes to blackrock group personal pension plan defined contribution plan for all employees bim.\n bim contributes between 6% ( 6 % ) and 15% ( 15 % ) of each employee 2019s eligible compensation.\n expense for plan was $ 22 million , $ 13 million and $ 16 million for years ended december 31 , 2010 , 2009 2008.\n defined benefit plans in 2009 prior to bgi transaction company had several defined benefit pension plans in japan , germany  luxembourg jersey.\n all accrued benefits under these defined benefit plans currently frozen plans closed to new participants.\n in 2008  defined benefit pension values in luxembourg transferred into new defined contribution plan for employees removing future liabilities.\nparticipant benefits under plans change with salary increases or additional years of service.\n through bgi transaction company assumed defined benefit pension plans in japan and germany closed to new participants.\n during 2010  plans merged into legacy blackrock plans in japan ( 201cjapan plan 201d ) and germany.\n at december 31 , 2010 and 2009  plan assets for plans were approximately $ 19 million and $ 10 million unfunded obligations less than $ 6 million and $ 3 million recorded in accrued compensation and benefits on consolidated statements of financial condition.\n benefit payments for next five years five years not expected to be material.\n defined benefit plan assets for japan plan of approximately $ 16 million invested using total return investment approach mix of equity securities debt securities other investments used to preserve asset values diversify risk achieve target investment return benchmark.\n investment strategies and asset allocations based on plan liabilities and funded status of plan.\n investment performance asset allocation measured and monitored ongoing basis.\n current target allocations for plan assets are 45-50% ( % ) for.\n international equity securities 50-55% 50-55 % ) for.\n international fixed income securities 0-5% ( 0-5 % ) for cash and cash equivalents.\n table below provides fair value of defined benefit japan plan assets at december 31 , 2010 by asset category.\n table identifies level of inputs used to determine fair value of assets in each category.\n quoted prices significant in active other markets for observable identical assets inputs december 31 , ( dollar amounts in millions ) level 1 ) level 2 ) 2010.\n assets and unfunded obligation for defined benefit pension plan in germany and jersey immaterial to company 2019s consolidated financial statements at december 31 , 2010.\npost-retirement benefit plans prior to bgi transaction  company had requirements to deliver post-retirement medical benefits to closed population in united kingdom through bgi transaction  company assumed post-retirement benefit plan to closed population of former bgi employees in united kingdom.\n for years ended december 31 , 2010 , 2009 2008 , expenses and unfunded obligations for these benefits immaterial to company 2019s consolidated financial statements.\n through bgi transaction  company assumed requirement to deliver post-retirement medical benefits to\n\n( dollar amounts in millions ) | quoted prices inactive marketsfor identical assets ( level 1 ) | significant other observable inputs ( level 2 ) | december 31 2010\n------------------------------ | -------------------------------------------------------------- | ----------------------------------------------- | ----------------\ncash and cash equivalents      | $ 9                                                            | $ 2014                                          | $ 9\nequity securities              | 4                                                              | 2014                                            | 4\nfixed income securities        | 2014                                                           | 3                                               | 3\nfair value of plan assets      | $ 13                                                           | $ 3                                             | $ 16"
}
{
    "_id": "dd4c18d4a",
    "title": "",
    "text": "jpmorgan chase & co. /2016 annual report 103 risk in derivatives portfolio.\n firm 2019s risk management process potential impact of wrong-way risk , defined as potential for increased correlation between firm 2019s exposure to counterparty ( avg ) and counterparty 2019s credit quality.\n many factors may influence nature and magnitude of these correlations over time.\n correlations identified firm may adjust cva associated with counterparty 2019s avg.\n firm risk manages exposure to changes in cva by entering into credit derivative transactions  interest rate , foreign exchange  equity and commodity derivative transactions.\n graph shows exposure profiles to firm 2019s current derivatives portfolio over next 10 years as calculated by peak , dre and avg metrics.\n three measures show exposure will decline after first year  if no new trades added to portfolio.\n exposure profile of derivatives measures december 31 , 2016 ( in billions ) table summarizes ratings profile by derivative counterparty of firm 2019s derivative receivables  including credit derivatives , net of all collateral  at dates indicated.\n ratings scale based on firm 2019s internal ratings  correspond to ratings as defined by s&p and moody 2019s.\n ratings profile of derivative receivables rating equivalent 2016 2015 ( a ) december 31, ( in millions , except ratios ) exposure net of all collateral % ( % ) of exposure net of all collateral exposure net of all collateral % ( % exposure net all collateral.\n prior period amounts revised to conform with current period presentation.\n firm uses collateral agreements to mitigate counterparty credit risk.\npercentage firm 2019s derivatives transactions subject to collateral agreements 2014 excluding foreign exchange spot trades not typically covered by collateral due to short maturity 2014 was 90% ( 90 % ) as of december 31 , 2016  largely unchanged compared with 87% ( 87 % ) as of december 31 , 2015.\n credit derivatives firm uses credit derivatives for two purposes : market-maker  and second end-user to manage firm 2019s own credit risk associated with various exposures.\n detailed description of credit derivatives see credit derivatives in note 6.\n credit portfolio management activities included in firm 2019s end-user activities are credit derivatives to mitigate credit risk with traditional lending activities ( loans unfunded commitments ) and derivatives counterparty exposure in firm 2019s wholesale businesses ( collectively , 201ccredit portfolio management 201d activities ).\n information on credit portfolio management activities provided in table below.\n further information on derivatives used credit portfolio management activities see credit derivatives in note 6.\n firm also uses credit derivatives end-user to manage other exposures  including credit risk from certain securities held in firm 2019s market-making businesses.\n these credit derivatives not included in credit portfolio management activities ; for further information on these credit derivatives market-maker derivatives see credit derivatives in note 6.\n\nrating equivalent december 31 ( in millions except ratios ) | rating equivalent exposure net of all collateral | rating equivalent % (  % ) of exposure netof all collateral | exposure net of all collateral | % (  % ) of exposure netof all collateral\n----------------------------------------------------------- | ------------------------------------------------ | ----------------------------------------------------------- | ------------------------------ | -----------------------------------------\naaa/aaa to aa-/aa3                                          | $ 11449                                          | 28% ( 28 % )                                                | $ 10371                        | 24% ( 24 % )\na+/a1 to a-/a3                                              | 8505                                             | 20                                                          | 10595                          | 25\nbbb+/baa1 to bbb-/baa3                                      | 13127                                            | 32                                                          | 13807                          | 32\nbb+/ba1 to b-/b3                                            | 7308                                             | 18                                                          | 7500                           | 17\nccc+/caa1 and below                                         | 984                                              | 2                                                           | 824                            | 2\ntotal                                                       | $ 41373                                          | 100% ( 100 % )                                              | $ 43097                        | 100% ( 100 % )"
}
{
    "_id": "dd4bdc296",
    "title": "",
    "text": "institutions.\n international paper monitors positions credit quality of financial institutions not expect non- performance counterparties.\n note 14 capital stock authorized capital stock at december 31 , 2006 and 2005  consisted of 990850000 shares common stock , $ 1 par value ; 400000 shares cumulative $ 4 preferred stock  without par value ( stated value $ 100 per share ) ; 8750000 shares serial preferred stock , $ 1 par value.\n serial preferred stock issuable in one or more series by board of directors without further shareholder action.\n july 2006  planned use projected proceeds from company 2019s trans- formation plan international paper 2019s board of direc- tors authorized share repurchase program to acquire up to $ 3. 0 billion of company 2019s stock.\n modified 201cdutch auction 201d tender offer completed in september 2006  international paper purchased 38465260 shares common stock at price $ 36. 00 per share  plus costs to acquire shares for total cost approximately $ 1. 4 billion.\n december 2006  company purchased addi- tional 1220558 shares common stock in open market at average price $ 33. 84 per share  plus costs to acquire shares for total cost of approximately $ 41 million.\n following completion share repurchases international paper had approximately 454 million shares of common stock issued outstanding.\n note 15 retirement plans.\n defined benefit plans international paper maintains pension plans provide retirement benefits to all domestic employees hired prior to july 1 , 2004.\n employees eligible to participate plans upon completion one year of service attainment age 21.\n employees hired after june 30 , 2004 not eligible for pension plans receive additional company contribution to savings plan ( see 201cother plans 201d on page 83 ).\nplans provide defined benefits based on years credited service final average earnings ( salaried employees hourly job rates or specified benefit rates ( hourly union employees ).\n for qualified defined benefit pension plan  interna- tional paper makes contributions sufficient to fund actuarially determined costs equal to minimum amounts required by employee retirement income security act ( erisa ).\n international paper made volun- tary contributions of $ 1. 0 billion to qualified defined benefit plan in 2006 expect to make contributions in 2007.\n company has two unfunded nonqualified defined benefit pension plans : pension restoration plan to employees hired prior to july 1, 2004 provides retirement benefits based on eligible compensation in excess of limits set by internal revenue service and supplemental retirement plan for senior managers alternative retirement plan for senior vice presi- dents and above designated by chief executive officer participants.\n these nonqualified plans only funded to extent of benefits paid expected to be $ 41 million in 2007.\n net periodic pension expense service cost is actuarial present value of benefits attributed by plans 2019 benefit formula to services rendered by employees during year.\n interest cost represents increase in projected benefit obli- gation discounted amount due to passage of time.\n expected return on plan assets reflects computed current year earn- ings from investment of plan assets using estimated long-term rate of return.\n net periodic pension expense for qualified and nonqualified.\n defined benefit plans comprised following : in millions 2006 2005 2004.\n excludes $ 9. 1 million , $ 6. 5 million $ 3. 4 million in 2006 , 2005 and 2004  in curtailment losses  $ 8. 7 million , $ 3. 6 million and $ 1.4 million in 2006 , 2005 2004  of termination benefits connection with cost reduction programs facility rationalizations recorded in restructuring other charges in con- solidated statement of operations.\n excludes $ 77. 2 million $ 14. 3 million in 2006 2005  in curtailment losses $ 18. 6 million $ 7. 6 million of termination bene- fits in 2006 2005  related to certain divest- itures recorded in net losses on sales impairments of businesses held for sale in consolidated statement of oper- ations.\n\nin millions                        | 2006         | 2005         | 2004\n---------------------------------- | ------------ | ------------ | ------------\nservice cost                       | $ 141        | $ 129        | $ 115\ninterest cost                      | 506          | 474          | 467\nexpected return on plan assets     | -540 ( 540 ) | -556 ( 556 ) | -592 ( 592 )\nactuarial loss                     | 243          | 167          | 94\namortization of prior service cost | 27           | 29           | 27\nnet periodic pension expense ( a ) | $ 377        | $ 243        | $ 111"
}
{
    "_id": "dd4c619b4",
    "title": "",
    "text": "consumer loan balances  net unearned income.\n in billions of dollars 2008 2007 2006 on-balance-sheet 1 ) $ 515. 7 $ 557. 8 $ 478. 2 $ 548. 8 $ 516. 4 $ 446. 2 securitized receivables all in na cards ) 105. 9 108. 1 99. 6 106. 9 98. 9 96. 4 credit card receivables held-for-sale 2 2014 1. 0 2014 0. 5 3. 0 0. 3 total managed $ 621. 6 $ 666. 9 $ 577. 8 $ 656. 2 $ 618. 3 $ 542. 9 total loans average loans exclude interest fees on credit cards of approximately $ 3 billion and $ 2 billion , for 2008 , $ 3 billion $ 2 billion 2007  $ 2006  included in consumer loans on consolidated balance sheet.\n 2 included in other assets on consolidated balance sheet.\n 3 table presents loan information on held basis impact of securitization to managed basis.\n managed-basis reporting is non-gaap measure.\n held-basis reporting related gaap measure.\n discussion managed-basis reporting on page 57.\n citigroup 2019s total allowance for loans , leases unfunded lending commitments of $ 30. 503 billion to absorb probable credit losses in entire portfolio.\n analytical purposes portion citigroup 2019s allowance for loan losses consumer portfolio was $ 22. 366 billion at december 31 , 2008 , $ 12. 393 billion at december 31 , 2007 $ 6. 006 billion at december 31 , 2006.\n increase in allowance for loan losses from december 31 , 2007 of $ 9. 973 billion included net builds of $ 11. 034 billion.\n builds consisted of $ 10. 785 billion in global cards and consumer banking ( $ 8.216 billion in north america $ 2. 569 billion in regions outside north america ) $ 249 million in global wealth management.\n build of $ 8. 216 billion in north america reflected increase in estimate of losses across all portfolios based on weakening leading credit indicators including increased delinquencies on first second mortgages  unsecured personal loans credit cards auto loans.\n build reflected trends in.\n macroeconomic environment  including housing market downturn  rising unemployment portfolio growth.\n build of $ 2. 569 billion in regions outside north america reflected portfolio growth impact of recent acquisitions  credit deterioration in mexico , brazil, u. k. spain greece india colombia.\n on-balance-sheet consumer loans of $ 515. 7 billion decreased $ 42. 1 billion , or 8% ( 8 % ), from december 31 , 2007  driven by decrease in residential real estate lending in north america consumer banking impact of foreign currency translation across global cards consumer banking.\n citigroup mortgage foreclosure moratoriums on february 13, 2009  citigroup announced initiation of foreclosure moratorium on all citigroup-owned first mortgage loans principal residence of owner all loans serviced by company where company reached understanding with owner.\n moratorium effective february 12 , 2009  extend until earlier.\n government 2019s loan modification program ( described ) or march 12 , 2009.\n company will not initiate or complete new foreclosures on eligible owners during this time.\nabove foreclosure moratorium expands on company 2019s current foreclosure moratorium citigroup will not initiate or complete foreclosure sale on any eligible owner where citigroup owns mortgage and owner seeking to stay in home ( owner 2019s primary residence ) working in good faith with company has sufficient income for affordable mortgage payments.\n since start housing crisis in 2007  citigroup worked successfully with approximately 440000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately $ 43 billion.\n proposed u. s.\n mortgage modification legislation in january 2009 , u. s.\n senate and house of representatives introduced legislation ( legislation ) give bankruptcy courts authority to modify mortgage loans originated on borrowers 2019 principal residences in chapter 13 bankruptcy.\n support for some version of legislation endorsed by obama administration.\n modification provisions of legislation require mortgage loan to be modified be originated prior to effective date of legislation , debtor receive notice of foreclosure attempt to contact mortgage lender/servicer regarding modification of loan.\n difficult to project impact legislation on company 2019s consumer secured and unsecured lending portfolio and capital market positions.\n impact dependent on numerous factors  including final form of legislation , implementation guidelines for administration 2019s housing plan  number of borrowers file for bankruptcy after enactment legislation response of markets and credit rating agencies.\n consumer credit outlook consumer credit losses in 2009 expected to increase from prior-year levels due to : 2022 continued deterioration in u. s.\n housing and labor markets and higher levels of bankruptcy filings expected to drive higher losses in secured and unsecured portfolios.\n 2022 negative economic outlook globe notably in emea  lead to higher credit costs in global cards and consumer banking.\n\nin billions of dollars                      | end of period 2008 | end of period 2007 | end of period 2006 | end of period 2008 | end of period 2007 | 2006\n------------------------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ------------------ | -------\non-balance-sheet ( 1 )                      | $ 515.7            | $ 557.8            | $ 478.2            | $ 548.8            | $ 516.4            | $ 446.2\nsecuritized receivables ( all inna cards )  | 105.9              | 108.1              | 99.6               | 106.9              | 98.9               | 96.4\ncredit card receivables held-for-sale ( 2 ) | 2014               | 1.0                | 2014               | 0.5                | 3.0                | 0.3\ntotal managed ( 3 )                         | $ 621.6            | $ 666.9            | $ 577.8            | $ 656.2            | $ 618.3            | $ 542.9"
}
{
    "_id": "dd4bc16bc",
    "title": "",
    "text": "table of contents notes to consolidated financial statements of american airlines group inc.\n secured financings collateralized by assets  primarily aircraft , engines  simulators  rotable aircraft parts  airport leasehold rights  route authorities airport slots.\n at december 31 , 2015 , company operating 35 aircraft under capital leases.\n leases renewed at rates based on fair market value at end of lease term for additional years.\n at december 31 , 2015  maturities of long-term debt and capital lease obligations as follows ( in millions ) :.\n ) 2013 credit facilities on june 27 , 2013, american and aag entered credit and guaranty agreement ( amended restated 2013 credit agreement ) with deutsche bank ag new york branch , as administrative agent  certain lenders provided for $ 1. 9 billion term loan facility scheduled to mature on june 27 , 2019 ( 2013 term loan facility ) and $ 1. 0 billion revolving credit facility scheduled to mature on june 27 , 2018 ( 2013 revolving facility ).\n maturity of term loan facility extended to june 2020 revolving credit facility commitments increased to $ 1. 4 billion with extended maturity date of october 10 , 2020  further described below.\n on may 21 , 2015 , american amended and restated 2013 credit agreement refinanced 2013 term loan facility ( $ 1. 9 billion 2015 term loan facility with 2013 revolving facility 2013 credit facilities ) to extend maturity date to june 2020 reduce libor margin from 3. 00% (. % ) to 2. 75% ( 2. 75 % ).\n american entered into amendments to reflect ability for american to make future modifications to collateral pledged , subject to certain restrictions.\n $ 1.9 billion 2015 term loan facility repayable in annual installments first installment equal to 1. 25% (. 25 % ) of principal amount commencing june 27 , 2016 installments thereafter equal to 1. 0% ( 1. 0 % ) of principal amount unpaid balance due on maturity date.\n as of december 31 , 2015  $ 1. 9 billion principal outstanding under $ 1. 9 billion 2015 term loan facility.\n voluntary prepayments may be made by american any time.\n october 10 , 2014  american and aag amended 2013 credit agreement to extend maturity date 2013 revolving facility to october 10, 2019 increased commitments to aggregate principal amount of $ 1. 4 billion reducing letter of credit commitments to $ 300 million.\n october 26 , 2015  american , aag , us airways group us airways amended 2013 credit agreement to extend maturity date 2013 revolving facility to october 10 , 2020.\n 2013 revolving facility provides american may borrow  repay reborrow loans have letters of credit issued.\n as of december 31 , 2015 no borrowings or letters of credit outstanding under 2013 revolving facility.\n 2013 credit facilities bear interest at index rate plus applicable index margin or american 2019s option , libor ( subject to floor of 0. 75% ( 0. 75 % )  $ 1. 9 billion 2015 term loan facility ) plus libor margin of 3. 00% ( 3. 00 % ) with 2013 revolving facility 2. 75% ( 2. 75 % ) with to $ 1. 9 billion 2015 term loan facility american 2019s corporate credit rating is ba3 or higher from moody 2019s and bb- or higher from s&p  applicable libor margin 2. 50% ( 2. 50 % ) for $ 1. 9 billion 2015 term loan\n\n2016                | $ 2266\n------------------- | -------\n2017                | 1598\n2018                | 2134\n2019                | 3378\n2020                | 3587\n2021 and thereafter | 7844\ntotal               | $ 20807"
}
{
    "_id": "dd4c36192",
    "title": "",
    "text": "liquidity monitoring and measurement stress testing liquidity stress testing performed for each citi 2019s major entities  operating subsidiaries/or countries.\n stress testing and scenario analyses intended to quantify potential impact of adverse liquidity event on balance sheet and liquidity position identify viable funding alternatives.\n scenarios include assumptions about significant changes in key funding sources market triggers ( credit ratings ) potential uses of funding geopolitical and macroeconomic conditions.\n conditions include expected and stressed market conditions company-specific events.\n liquidity stress tests conducted to ascertain potential mismatches between liquidity sources and uses over variety of time horizons different stressed conditions.\n liquidity limits set accordingly.\n to monitor liquidity entity stress tests and potential mismatches calculated with varying frequencies several tests performed daily.\n range of potential stresses citi maintains contingency funding plans on consolidated basis for individual entities.\n plans specify wide range of readily available actions for variety of adverse market conditions or idiosyncratic stresses.\n short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal liquidity stress metrics citi developed for 30-day stress scenario citi also monitors liquidity by reference to lcr  calculated to. s.\n lcr rules.\n lcr designed to ensure banks maintain adequate level of hqla to meet liquidity needs under acute 30-day stress scenario.\n lcr calculated by dividing hqla by estimated net outflows over stressed 30-day period net outflows determined by applying prescribed outflow factors to various categories of liabilities deposits unsecured and secured wholesale borrowings unused lending commitments derivatives- related exposures partially offset by inflows from assets maturing within 30 days.\nbanks required to calculate add-on to address potential maturity mismatches between contractual cash outflows and inflows within 30-day period in determining total net outflows.\n minimum lcr requirement is 100% ( 100 % )  effective january 2017.\n pursuant to federal reserve board 2019s final rule regarding lcr disclosures effective april 1 , 2017  citi began to disclose lcr in prescribed format.\n table below sets forth components of citi 2019s lcr calculation and hqla in excess of net outflows for periods indicated : in billions of dollars dec.\n 31 , sept.\n 30 , dec.\n 31.\n note : amounts in table are presented on average basis.\n citi 2019s lcr increased year- over-year  increase in hqla ( more than offset increase in modeled net outflows.\n increase in modeled net outflows primarily driven by changes in assumptions including changes in methodology to align citi 2019s outflow assumptions with in resolution planning.\n citi 2019s lcr remained unchanged.\n long-term liquidity measurement : net stable funding ratio ( nsfr ) in 2016 , federal reserve board , fdic and occ issued proposed rule to implement basel iii nsfr requirement.\n. -proposed nsfr consistent with basel committee 2019s final nsfr rules.\n nsfr assesses availability of bank 2019s stable funding against required level.\n bank 2019s available stable funding would include portions of equity , deposits and long-term debt required stable funding based on liquidity characteristics of assets , derivatives and commitments.\n prescribed factors required to be applied to various categories of asset and liabilities classes.\nratio of available stable funding to required stable funding required greater than 100% ( 100 % ).\n while citi believes it compliant with proposed u. s.\n nsfr rules as of december 31 , 2017 , will need to evaluate final version of rules , expected to be released during 2018.\n citi expects nsfr final rules implementation period will communicated with final version of rules.\n\nin billions of dollars         | dec . 31 2017  | sept . 30 2017 | dec . 31 2016\n------------------------------ | -------------- | -------------- | --------------\nhqla                           | $ 446.4        | $ 448.6        | $ 403.7\nnet outflows                   | 364.3          | 365.1          | 332.5\nlcr                            | 123% ( 123 % ) | 123% ( 123 % ) | 121% ( 121 % )\nhqla in excess of net outflows | $ 82.1         | $ 83.5         | $ 71.3"
}
{
    "_id": "dd4bf82d4",
    "title": "",
    "text": "annual report on form 10-k 108 fifth third bancorp part ii item 5.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities information required by item included in corporate information on inside back cover discussion of dividend limitations subsidiaries can pay to bancorp discussed in note 26 notes to consolidated financial statements.\n as of december 31 , 2008  bancorp had approximately 60025 shareholders of record.\n issuer purchases of equity securities period shares purchased average paid per shares purchased as part of publicly announced plans or programs maximum shares purchased under plans or programs.\n ( a ) bancorp repurchased 25394, 7526 40 shares during october , november december of 2008 connection with various employee compensation plans bancorp.\n purchases not included against maximum number of shares be purchased under board of directors authorization.\n\nperiod        | sharespurchased ( a ) | averagepricepaid pershare | sharespurchasedas part ofpubliclyannouncedplans orprograms | maximumshares thatmay bepurchasedunder theplans orprograms\n------------- | --------------------- | ------------------------- | ---------------------------------------------------------- | ----------------------------------------------------------\noctober 2008  | 25394                 | $ -                       | -                                                          | 19201518\nnovember 2008 | 7526                  | -                         | -                                                          | 19201518\ndecember 2008 | 40                    | -                         | -                                                          | 19201518\ntotal         | 32960                 | $ -                       | -                                                          | 19201518"
}
{
    "_id": "dd4c61c98",
    "title": "",
    "text": "see note 8 notes to consolidated financial statements in item 8.\n financial statements supplementary data for discussion of transactions.\n capital resources outlook for 2007 international paper expects to meet pro- jected capital expenditures service existing debt meet working capital dividend requirements during 2007 through current cash balances cash from operations divestiture proceeds supple mented by existing credit facilities.\n international paper has approximately $ 3. 0 billion of committed liquidity adequate to cover expected operating cash flow variability during industry 2019s economic cycles.\n in march 2006 international paper replaced matur- ing $ 750 million revolving bank credit agreement with 364-day $ 500 million fully committed revolv- ing bank credit agreement expires march 2007 facility fee of 0. 08% ( 0. 08 % ) payable quarterly  replaced $ 1. 25 billion revolving bank credit agreement with $ 1. 5 billion fully committed revolv- ing bank credit agreement expires march 2011 facility fee of 0. 10% ( 0. % ) payable quarterly.\n in october 2006 company amended receivables securitization program for up to $ 1. 2 billion commercial paper- based financings with facility fee of 0. 20% (. % ) expiration date in november 2007 to provide up to $ 1. 0 billion available commercial paper-based financings with facility fee of 0. 10% ( 0. % ) expira- tion date of october 2009.\n at december 31 , 2006 no borrowings under bank credit agreements or receivables securitization program.\n international paper investments ( luxembourg ) s. wholly-owned subsidiary of international paper  has $ 100 million bank credit agreement maturing in december 2007 with $ 40 million in borrowings outstanding as of december 31 , 2006.\n company will continue rely upon debt and capital markets for majority of necessary long-term funding not provided by operating cash flow or divestiture proceeds.\nfunding decisions guided by capital structure planning liability management practices.\n primary goals company planning to maximize financial flexibility preserve liquidity while reducing interest expense.\n majority of international paper 2019s debt accessed through global public capital markets wide base of investors.\n company in compliance with all debt covenants at december 31 , 2006.\n principal financial covenants include minimum net worth  sum common stock paid-in capital retained earnings less treasury stock plus goodwill impairment charges of $ 9 billion maximum total debt to capital ratio as total debt divided by debt plus net worth maintaining investment grade credit rating important element of 2019s financing strategy.\n third quarter of 2006  standard & poor 2019s reaffirmed company long-term credit rating of bbb  revised ratings outlook from neg- ative to stable  upgraded short-term credit rating from a-3 to a-2.\n at december 31 , 2006 company held long-term credit ratings of baa3 stable outlook ) short-term credit rating of p-3 from moody 2019s investor services.\n contractual obligations for future payments under existing debt lease commitments purchase obligations at december 31 , 2006 were as follows : in millions 2007 2008 2009 2010 2011 thereafter.\n total debt includes scheduled principal payments only.\n b ) included in amounts are $ 76 million of lease obligations related to discontinued operations businesses held for sale due as : 2007 - $ 23 million ; 2008 - $ 19 million ; 2009 - $ 15 million ; 2010 - $ 7 million ; 2011 - $ 5 million ; thereafter - $ 7 million.\n ( c ) included in amounts are $ 1.3 billion purchase obliga- tions related to discontinued operations businesses for sale due : 2007 - $ 335 million ; 2008 - $ 199 million ; 2009 - $ 157 million ; 2010 - $ 143 million ; 2011 - $ 141 million ; thereafter - $ 331 million.\n ( d ) includes $ 2. 2 billion fiber supply agreements transformation plan forestland sales.\n transformation plan in july 2005  company announced plan to focus business portfolio on two key global businesses : uncoated papers ( dis- tribution ) packaging.\n plan 2019s elements include exploring strategic options for other busi- nesses including possible sale or spin-off  returning value to shareholders strengthening balance sheet selective reinvestment to strengthen paper\n\nin millions                 | 2007   | 2008  | 2009   | 2010   | 2011  | thereafter\n--------------------------- | ------ | ----- | ------ | ------ | ----- | ----------\ntotal debt ( a )            | $ 692  | $ 129 | $ 1143 | $ 1198 | $ 381 | $ 3680\nlease obligations ( b )     | 144    | 117   | 94     | 74     | 60    | 110\npurchase obligations ( cd ) | 2329   | 462   | 362    | 352    | 323   | 1794\ntotal                       | $ 3165 | $ 708 | $ 1599 | $ 1624 | $ 764 | $ 5584"
}
{
    "_id": "dd4b8aa86",
    "title": "",
    "text": "corporate income taxes withholding taxes on certain investment income and premium excise taxes.\n if group or bermuda subsidiaries subject to u. s.\n income tax , could be material adverse effect on company 2019s financial condition  results of operations cash flows.\n united kingdom.\n bermuda re 2019s uk branch conducts business in uk subject to taxation in uk.\n bermuda re believes it has operated will continue to operate bermuda operation in not cause them to subject to uk taxation.\n if bermuda re 2019s bermuda operations subject to uk income tax, could be material adverse impact on company 2019s financial condition  results of operations cash flow.\n ireland.\n holdings ireland and ireland re conduct business in ireland subject to taxation in ireland.\n available information.\n company 2019s annual reports on form 10-k , quarterly reports on form 10-q  current reports on form 8- k  proxy statements amendments to reports available free of charge through company 2019s internet website at http://www. everestregroup. com after reports electronically filed with securities and exchange commission ( 201csec 201d ).\n item 1a.\n risk factors in other information in report following risk factors should be considered when evaluating investment in our securities.\n if circumstances by individual risk factors materialize , our business, financial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.\n risks to business fluctuations in financial markets could result in investment losses.\n prolonged severe disruptions in public debt and equity markets  occurred during 2008  could result in significant realized and unrealized losses in investment portfolio.\n although financial markets improved since 2008 , could deteriorate in future.\ndeclines in financial markets could result in significant realized unrealized losses on investments material adverse impact on our results of operations , equity business insurer financial strength debt ratings.\n our results could be adversely affected by catastrophic events.\n exposed to unpredictable catastrophic events  including weather-related natural catastrophes acts of terrorism.\n material reduction in operating results caused by one more catastrophes could inhibit ability to pay dividends or meet interest principal payment obligations.\n subsequent to april 1, 2010  define a catastrophe as event causes loss on property exposures before reinsurance of at least $ 10. 0 million , before corporate level reinsurance and taxes.\n prior to april 1 , 2010  used threshold of $ 5. 0 million.\n illustration during past five calendar years  pre-tax catastrophe losses , net of contract specific reinsurance before cessions under corporate reinsurance programs  were as follows:.\n\ncalendar year:          | pre-tax catastrophe losses\n----------------------- | --------------------------\n( dollars in millions ) |\n2013                    | $ 195.0\n2012                    | 410.0\n2011                    | 1300.4\n2010                    | 571.1\n2009                    | 67.4"
}
{
    "_id": "dd4bc486c",
    "title": "",
    "text": "investment tax credits deferred by regulated utility subsidiaries amortized to income over average estimated service lives of related assets.\n company recognizes accrued interest and penalties related to tax positions as component of income tax expense and accounts for sales tax collected from customers remitted to taxing authorities on net basis.\n see note 14 2014income taxes for additional information.\n allowance for funds used during construction afudc is non-cash credit to income with corresponding charge to utility plant represents cost of borrowed funds or return on equity funds devoted to plant under construction.\n regulated utility subsidiaries record afudc to extent permitted by pucs.\n portion of afudc attributable to borrowed funds shown as reduction of interest , net on consolidated statements of operations.\n any portion of afudc attributable to equity funds included in other , net on consolidated statements of operations.\n afudc provided in following table for years ended december 31:.\n environmental costs company 2019s water and wastewater operations and operations of market-based businesses subject to.\n federal , state  local foreign requirements to environmental protection company periodically becomes subject to environmental claims in normal course of business.\n environmental expenditures relate to current operations or provide future benefit expensed or capitalized as appropriate.\n remediation costs relate to existing condition caused by past operations accrued  on undiscounted basis  when probable costs will be incurred and can be reasonably estimated.\n conservation agreement by subsidiary of company with national oceanic and atmospheric administration in 2010 amended in 2017 required subsidiary to implement measures to protect steelhead trout and habitat in carmel river watershed in state of california.\nsubsidiary agreed to pay $ 1 million annually commencing 2010 final payment made 2021.\n remediation costs accrued amounted to $ 4 million and $ 6 million as of december 31 , 2018 and 2017 , respectively.\n derivative financial instruments company uses derivative financial instruments for hedging exposures to fluctuations interest rates.\n derivative contracts entered into for periods consistent with related underlying exposures not constitute positions independent of exposures.\n company not enter derivative contracts for speculative purposes not use leveraged instruments.\n all derivatives recognized on balance sheet at fair value.\n on date derivative contract entered company may designate derivative as hedge of fair value of recognized asset or liability ( fair-value hedge ) or hedge of forecasted transaction or variability of cash flows received or paid related to recognized asset or liability ( cash-flow hedge ).\n changes in fair value of fair-value hedge  with gain or loss on underlying hedged item recorded in current-period earnings.\n gains and losses on effective portion of cash-flow hedges recorded in other comprehensive income  until earnings affected by variability of cash flows.\n ineffective portion of designated cash-flow hedges recognized in current-period earnings.\n\n| 2018 | 2017 | 2016\n----------------------------------------------------- | ---- | ---- | ----\nallowance for other funds used during construction    | $ 24 | $ 19 | $ 15\nallowance for borrowed funds used during construction | 13   | 8    | 6"
}
{
    "_id": "dd4bce934",
    "title": "",
    "text": "asbestos claims company and subsidiaries are defendants in asbestos cases.\n during year ended december 31 , 2010 , asbestos case activity is follows:.\n cases involve numerous plaintiffs company subject to claims in excess of number of actual cases.\n company has reserves for defense costs related claims matters.\n award proceedings in relation to domination agreement and squeeze-out on october 1 , 2004, celanese gmbh and company 2019s subsidiary , bcp holdings gmbh ( 201cbcp holdings 201d ), german limited liability company entered domination agreement bcp holdings obligated to offer to acquire all outstanding celanese gmbh shares from minority shareholders in return for payment of fair cash compensation ( 201cpurchaser offer 201d ).\n amount of fair cash compensation determined to be a41. 92 per share in accordance with applicable german law.\n all minority shareholders who elected not to sell shares to bcp holdings under purchaser offer entitled to remain shareholders celanese gmbh receive from bcp holdings gross guaranteed annual payment of a3. 27 per celanese gmbh share less certain corporate taxes in lieu of dividend.\n as of march 30 , 2005 , several minority shareholders celanese gmbh initiated special award proceedings seeking court 2019s review of amounts of fair cash compensation and guaranteed annual payment offered in purchaser offer under domination agreement.\n in purchaser offer , 145387 shares tendered at fair cash compensation of a41. 92 , 924078 shares remained outstanding entitled to guaranteed annual payment under domination agreement.\nresult of proceedings , fair cash consideration and guaranteed annual payment paid under domination agreement could be increased by court so all minority shareholders , including those tendered shares in purchaser offer for fair cash compensation, could claim higher amounts.\n on december 12 , 2006 , court of first instance appointed expert to assist court in determining value of celanese gmbh.\n on may 30 , 2006 majority shareholder of celanese gmbh adopted squeeze-out resolution under all outstanding shares by minority shareholders should be transferred to bcp holdings for fair cash compensation of a66. 99 per share ( 201csqueeze-out 201d ).\n shareholder resolution was challenged by shareholders but squeeze-out became effective after disputes settled on december 22 , 2006.\n award proceedings filed by 79 shareholders against bcp holdings with frankfurt district court requesting court to set higher amount for squeeze-out compensation.\n pursuant to settlement agreement between bcp holdings and certain former celanese gmbh shareholders  if court sets higher value for fair cash compensation or guaranteed payment under purchaser offer or squeeze-out compensation , former celanese gmbh shareholders who ceased to be shareholders due to squeeze-out will entitled to claim for shares higher of compensation amounts determined by court in proceedings purchaser offer squeeze-out.\n if fair cash compensation determined by court is higher than squeeze-out compensation of a 66. 99 , then 1069465 shares will be entitled to adjustment.\ncourt confirms fair cash compensation under domination agreement determines higher value for squeeze-out compensation, 924078 shares %%transmsg*** transmitting job : d77691 pcn : 148000000 ***%%pcmsg|148 |00010|yes|no|02/08/2011 16:10|0|0|page valid no graphics -- color : n|\n\n| asbestos cases\n---------------------- | --------------\nas of december 31 2009 | 526\ncase adjustments       | 2\nnew cases filed        | 41\nresolved cases         | -70 ( 70 )\nas of december 31 2010 | 499"
}
{
    "_id": "dd4c56aaa",
    "title": "",
    "text": "management 2019s discussion analysis of financial conditionand results of operations d u k e r e a l t y c o r p o r a t i o n 1 3 2 0 0 2 a n n u a l r e p o r t $ 19. 5 million decrease in interest expense attributable to lower outstanding balances on company 2019s lines of credit associated with financing of company 2019s investment operating activities.\n company maintained significantly lower balance on lines of credit throughout 2001 compared to 2000  result of property dispositions proceeds to fund future development  lower development level slower economy.\n company paid off $ 128. 5 million of secured mortgage loans throughout 2001  $ 85 million unsecured term loan.\n decreases partially offset by increase in interest expense on unsecured debt company issuing $ 175. 0 million of debt in february 2001  decrease in amount of interest capitalized in 2001 versus 2000  because of decrease in development activity company.\n earnings from rental operations increased $ 28. 9 million from $ 225. 2 million for year ended december 31 , 2000  to $ 254. 1 million for year ended december 31 , 2001.\n service operations service operations revenues decreased from $ 82. 8 million for 2000 to $ 80. 5 million for year ended december 31 , 2001.\n company experienced decrease of $ 4. 3 million in net general contractor revenues from third party jobs because of decrease in volume of construction in 2001  compared to 2000  slightly lower profit margins.\n decrease is effect of businesses delaying or terminating plans to expand in slowed economy.\n property management , maintenance and leasing fee revenues decreased approximately $ 2. 7 million because of decrease in landscaping maintenance revenue associated with sale of landscape business in third quarter of 2001 ( see discussion below ).\nconstruction management development activity income represents construction development fees on projects company acts as construction manager profits from company 2019s held for sale program company develops property for sale upon completion.\n increase in revenues of $ 2. 2 million in 2001 primarily because of increase in profits on sale of properties from held for sale program.\n other income increased approximately $ 2. 4 million in 2001 over 2000 ; due to $ 1. 8 million gain company recognized on sale of landscape business in third quarter of 2001.\n sale landscape business resulted in total net profit of over $ 9 million after deducting expenses.\n gain recognized in varying amounts over next seven years because company has on-going contract to purchase future services from buyer.\n service operations expenses decreased by $ 4. 7 million for year ended december 31 , 2001  compared to same period in 2000 company reduced total overhead costs throughout 2001 to minimize effects of decreased construction development activity.\n primary savings experienced in employee salary related costs through personnel reductions reduced overhead costs from sale of landscaping business.\n earnings from service operations increased from $ 32. 8 million for year ended december 31 2000 to $ 35. 1 million for year ended december 31 , 2001.\n general and administrative expense decreased from $ 21. 1 million in 2000 to $ 15. 6 million for year ended december 31 , 2001 through overhead cost reduction efforts.\n in late 2000 throughout 2001 company introduced cost cutting measures to reduce overhead including personnel reductions centralization of responsibilities reduction of employee costs travel entertainment.\n other income expenses gain on sale of land depreciable property dispositions  net of impairment adjustment comprised of following amounts in 2001 and 2000 : gain on sales of depreciable properties represent sales of previously held for investment rental properties.\nbeginning 2000 continuing 2001  company pursued opportunities to dispose of real estate assets no longer meet long-term investment objectives.\n gain on land sales represents sales undeveloped land owned company.\n company pursues opportunities to dispose land in markets high concentration of undeveloped land markets where land no longer meets strategic development plans company.\n company recorded $ 4. 8 million asset impairment adjustment in 2001 on single property sold in 2002.\n other expense for year ended december 31, 2001 includes $ 1. 4 million expense related to interest rate swap not qualify for hedge accounting.\n net income available for common shares net income shares for year ended december 31, 2001 was $ 230. 0 million compared to $ 213. 0 million for year ended december 31 , 2000.\n increase results from operating result fluctuations in rental service operations earnings from sales of real estate assets explained.\n\n| 2001           | 2000\n--------------------------------------- | -------------- | ------------\ngain on sales of depreciable properties | $ 45428        | $ 52067\ngain on land sales                      | 5080           | 9165\nimpairment adjustment                   | -4800 ( 4800 ) | -540 ( 540 )\ntotal                                   | $ 45708        | $ 60692"
}
{
    "_id": "dd4b8ce1c",
    "title": "",
    "text": "through current cash balances and cash from oper- ations.\n company has existing credit facilities totaling $ 2. 5 billion.\n company in compliance with debt covenants at december 31 , 2012.\n company 2019s financial covenants require minimum net worth of $ 9 billion total debt-to- capital ratio of less than 60% ( 60 % ).\n net worth defined as sum of common stock paid-in capital retained earnings less treasury stock plus cumulative goodwill impairment charges.\n excludes accumulated other compre- hensive income/loss nonrecourse financial liabilities of special purpose entities.\n total debt- to-capital ratio defined as total debt divided by sum total debt plus net worth.\n at december 31 , 2012 international paper 2019s net worth was $ 13. 9 bil- lion  total-debt-to-capital ratio was 42% ( 42 % ).\n company will rely upon debt and capital markets for majority of necessary long-term funding not by operating cash flows.\n funding decisions guided by capi- tal structure planning objectives.\n primary goals structure planning are to maximize financial flexibility preserve liquidity while reducing interest expense.\n majority of international paper 2019s debt accessed through global public capital markets wide base of investors.\n maintaining investment grade credit rating important element of financing strategy.\n at december 31, 2012 company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s.\n contractual obligations for future payments under existing debt lease commitments purchase obligations at december 31 , 2012 were as follows:.\n total debt includes scheduled principal payments only.\n( b ) represents debt obligations borrowed from non-consolidated variable interest entities for international paper has intends to legal right to offset obligations with investments held in entities.\n in con- solidated balance sheet at december 31 , 2012  international paper has offset approximately $ 5. 2 billion of interests in entities against $ 5. 2 billion of debt obligations held by entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8.\n financial statements and supplementary data ).\n ( c ) includes $ 3. 6 billion relating to fiber supply agreements at 2006 transformation plan forest- land sales and 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business.\n ( d ) not included in table due to uncertainty amount and timing of payment are unrecognized tax bene- fits of approximately $ 620 million.\n consider undistributed earnings of for- eign subsidiaries as of december 31, 2012 indefinitely reinvested no.\n income taxes provided thereon.\n as of december 31 2012 amount cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million.\n do not anticipate need to repatriate funds to united states to sat isfy domestic liquidity needs in ordinary course business including liquidity needs with domestic debt service requirements.\n pension obligations and funding at december 31 , 2012  projected benefit obliga- tion for company 2019s.\n defined benefit plans.\n was approximately $ 4. 1 billion higher than fair value of plan assets.\n approximately $ 3. 7 billion of this amount relates to plans subject to minimum funding require- ments.\ncurrent irs funding rules  calcu- lation of minimum funding requirements differs from calculation present value of plan benefits ( projected benefit obligation ) for accounting purposes.\n in december 2008 , worker , retiree and employer recovery act of 2008 ( wera ) passed by u. s.\n congress provided for pension funding relief and technical corrections.\n funding contributions depend on funding method selected by company , timing of implementation  actual demo- graphic data targeted funding level.\n company continually reassesses amount timing of discretionary contributions elected to make voluntary contributions totaling $ 44 million and $ 300 million for years ended december 31, 2012 and 2011 , respectively.\n expect required contributions to plans in 2013 will be approximately $ 31 million, company may elect to make future voluntary contributions.\n timing and amount of future contributions  could material depend on factors  including actual earnings changes in values of plan assets changes in interest rates.\n ilim holding s. a.\n shareholder 2019s agreement in october 2007  in connection with for- mation of ilim holding s. a.\n joint venture , international paper entered into share- holder 2019s agreement includes provisions relating to reconciliation of disputes among partners.\n agreement provides at\n\nin millions                                 | 2013   | 2014   | 2015   | 2016   | 2017   | thereafter\n------------------------------------------- | ------ | ------ | ------ | ------ | ------ | ----------\nmaturities of long-term debt ( a )          | $ 444  | $ 708  | $ 479  | $ 571  | $ 216  | $ 7722\ndebt obligations with right of offset ( b ) | 2014   | 2014   | 2014   | 5173   | 2014   | 2014\nlease obligations                           | 198    | 136    | 106    | 70     | 50     | 141\npurchase obligations ( c )                  | 3213   | 828    | 722    | 620    | 808    | 2654\ntotal ( d )                                 | $ 3855 | $ 1672 | $ 1307 | $ 6434 | $ 1074 | $ 10517"
}
{
    "_id": "dd4b8874a",
    "title": "",
    "text": "management 2019s discussion analysis fully phased-in capital ratios table below presents estimated ratio of cet1 to rwas calculated under basel iii advanced rules standardized capital rules on fully phased-in basis.\n fully phased-in capital ratios not applicable until 2019  believe estimated ratios table meaningful measures we regulators investors use to assess ability meet future regulatory capital requirements.\n estimated fully phased-in basel iii advanced standardized cet1 ratios are non-gaap measures as of december 2014 and december 2013 may not be comparable to similar non-gaap measures by other companies dates ).\n estimated ratios based on current interpretation  expectations understanding of revised capital framework may evolve as discuss interpretation application with regulators.\n see note 20 to consolidated financial statements for information about transitional capital ratios  represent binding ratios as of december 2014.\n table above : 2030 deduction for goodwill and identifiable intangible assets  net of deferred tax liabilities represents goodwill of $ 3. 65 billion and $ 3. 71 billion as of december 2014 and december 2013  identifiable intangible assets of $ 515 million and $ 671 million as of december 2014 and december 2013  net of associated deferred tax liabilities of $ 964 million and $ 908 million as of december 2014 and december 2013 .\n 2030 deduction for investments in nonconsolidated financial institutions represents amount by investments in capital of nonconsolidated financial institutions exceed certain prescribed thresholds.\n decrease from december 2013 to december 2014 reflects reductions in fund investments.\n2030 adjustments include overfunded defined benefit pension plan obligation net associated deferred tax liabilities disallowed deferred tax assets credit valuation adjustments on derivative liabilities debt valuation adjustments other required credit risk-based deductions.\n supplementary leverage ratio revised capital framework introduces new supplementary leverage ratio for advanced approach banking organizations.\n under amendments revised capital framework.\n federal bank regulatory agencies approved final rule implements supplementary leverage ratio aligned with definition of leverage by basel committee.\n supplementary leverage ratio compares tier 1 capital to measure leverage exposure as sum of quarterly average assets less certain deductions plus off-balance-sheet exposures including derivatives exposures commitments.\n revised capital framework requires minimum supplementary leverage ratio of 5. 0% ( 5. 0 % ) ( comprised of minimum requirement of 3. 0% ( 3. 0 % ) and 2. 0% ( 2. 0 % ) buffer ) for.\n banks g-sibs effective on january 1 , 2018.\n certain disclosures regarding supplementary leverage ratio required beginning in first quarter of 2015.\n as of december 2014 estimated supplementary leverage ratio was 5. 0% ( 5. 0 % )  including tier 1 capital on fully phased-in basis of $ 73. 17 billion ( of $ 64. 26 billion plus perpetual non-cumulative preferred stock of $ 9. 20 billion less other adjustments of $ 290 million ) divided by total leverage exposure of $ 1. 45 trillion ( total quarterly average assets of $ 873 billion plus adjustments of $ 579 billion primarily of off-balance-sheet exposure related to derivatives and commitments ).\n estimated supplementary leverage ratio is meaningful measure regulators investors use to assess ability to meet future regulatory capital requirements.\nsupplementary leverage ratio non-gaap measure may not comparable to similar non-gaap measures used by other companies.\n estimated supplementary leverage ratio based on current interpretation understanding of u. s.\n federal bank regulatory agencies 2019 final rule may evolve as discuss interpretation application with regulators.\n 60 goldman sachs 2014 annual report\n\n$ in millions                                                                              | as of december 2014 | as of december 2013\n------------------------------------------------------------------------------------------ | ------------------- | -------------------\ncommon shareholders 2019 equity                                                            | $ 73597             | $ 71267\ndeductions for goodwill and identifiable intangible assets net of deferred tax liabilities | -3196 ( 3196 )      | -3468 ( 3468 )\ndeductions for investments in nonconsolidated financial institutions                       | -4928 ( 4928 )      | -9091 ( 9091 )\nother adjustments                                                                          | -1213 ( 1213 )      | -489 ( 489 )\ncet1                                                                                       | $ 64260             | $ 58219\nbasel iii advanced rwas                                                                    | $ 577869            | $ 594662\nbasel iii advanced cet1 ratio                                                              | 11.1% ( 11.1 % )    | 9.8% ( 9.8 % )\nstandardized rwas                                                                          | $ 627444            | $ 635092\nstandardized cet1 ratio                                                                    | 10.2% ( 10.2 % )    | 9.2% ( 9.2 % )"
}
{
    "_id": "dd4bc1e96",
    "title": "",
    "text": "remitted to u. s.\n due to foreign tax credits exclusions available at time of remittance.\n december 31 , 2010  aon had domestic federal operating loss carryforwards of $ 56 million expire dates from 2011 to 2024  state operating loss carryforwards of $ 610 million expire 2011 to 2031  foreign operating and capital loss carryforwards of $ 720 million and $ 251 million nearly all subject to indefinite carryforward.\n unrecognized tax provisions reconciliation of company 2019s beginning and ending amount unrecognized tax benefits ( in millions ) :.\n as of december 31, 2010  $ 85 million of unrecognized tax benefits would impact effective tax rate if recognized.\n aon not expect unrecognized tax positions to change significantly over next twelve months except for potential reduction of unrecognized tax benefits $ 10-$ 15 million relating to anticipated audit settlements.\n company recognizes penalties and interest related to unrecognized income tax benefits in provision for income taxes.\n aon accrued potential penalties of less than $ 1 million during 2010 , 2009 2008.\n accrued interest of less than $ 1 million in 2010 , $ 2 million during 2009 less than $ 1 million in 2008.\n recorded liability for penalties of $ 5 million for interest of $ 18 million for both december 31 , 2010 and 2009.\n aon subsidiaries file income tax returns in.\n federal jurisdiction various state and international jurisdictions.\n aon concluded all.\n federal income tax matters for years through 2006.\n.\n state and local income tax jurisdiction examinations concluded for years through 2002.\n concluded income tax examinations in primary international jurisdictions through 2004.\n\n| 2010     | 2009\n------------------------------------------------------------ | -------- | ----------\nbalance at january 1                                         | $ 77     | $ 86\nadditions based on tax positions related to the current year | 7        | 2\nadditions for tax positions of prior years                   | 4        | 5\nreductions for tax positions of prior years                  | -7 ( 7 ) | -11 ( 11 )\nsettlements                                                  | -1 ( 1 ) | -10 ( 10 )\nlapse of statute of limitations                              | -5 ( 5 ) | -3 ( 3 )\nacquisitions                                                 | 26       | 6\nforeign currency translation                                 | -1 ( 1 ) | 2\nbalance at december 31                                       | $ 100    | $ 77"
}
{
    "_id": "dd4b88bfa",
    "title": "",
    "text": "z i m m e r h o l d i n g s , i n c.\n a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements continued ) rating as of december 31 , 2002 met requirement.\n fair value commitments under credit facility subject to certain carrying value of company 2019s borrowings approxi- fees including facility and utilization fee.\n fair value due to short-term maturities uncommitted credit facilities variable interest rates.\n company has $ 26 million uncommitted unsecured 8.\n derivative financial instruments revolving line of credit.\n purpose credit line to support working capital needs letters of credit company exposed to market risk due to changes overdraft needs for company.\n uncommitted credit in currency exchange rates.\n company utilizes agreement contains customary affirmative negative cove- foreign exchange forward contracts to offset effect of events of default exchange rate fluctuations on anticipated foreign currency restrictive to operation business.\n transactions intercompany sales and purchases uncommitted credit agreement provides for unconditional expected occur within next twelve to twenty-four irrevocable guarantees by company.\n months.\n company does not hold financial instruments company 2019s long-term debt ratings standard and for trading or speculative purposes.\n for derivatives poor 2019s ratings services moody 2019s investor 2019s service . qualify as hedges of future cash flows effective portion fall below bb- and ba3  company may be required of changes in fair value temporarily recorded to repay outstanding contingent obligations.\n comprehensive income  recognized in earnings when company 2019s credit rating as of december 31 , 2002 met hedged item affects earnings.\n ineffective portion of requirement.\nuncommitted credit line matures on derivative 2019s change in fair value reported in july 31 , 2003.\n outstanding borrowings under uncommit- earnings.\n net amount recognized in earnings during ted line of credit as of december 31 , 2002 were $ 0. 5 million years ended december 31 , 2002 and 2001 due to ineffective- weighted average interest rate of 6. 35 percent.\n amounts excluded from assessment of hedge company also has $ 15 million uncommitted effectiveness not significant.\n revolving unsecured line of credit.\n purpose of line outstanding foreign exchange credit is to support short-term working capital needs of forward contracts principally japanese yen and euro company.\n agreement for uncommitted unsecured entered into with third parties at december 31 , 2002 line of credit contains customary covenants none of which $ 252 million.\n fair value of derivative instruments recorded considered restrictive to operation business.\n accrued liabilities at december 31 , 2002 was $ 13. 8 million  uncommitted line matures on july 31 , 2003.\n $ 8. 5 million net of taxes  deferred in other no borrowings under uncommitted line of credit as comprehensive income expected to be reclassified to december 31 , 2002.\n earnings over next two years  $ 7. 7 million , company has $ 20 million uncommitted revolving $ 4. 8 million , net of taxes expected to be reclassified to unsecured line of credit.\n purpose of line of credit is earnings over next twelve months.\n support short-term working capital needs of company.\n pricing based upon money market rates.\n agree- 9.\ncapital stock earnings per share ment for uncommitted unsecured line of credit contains discussed in note 14 , all shares of company customary covenants  none considered restrictive common stock distributed at distribution by to operation of business.\n uncommitted line former parent to stockholders in form of dividend matures on july 31 , 2003.\n no borrowings under one share of company common stock associated uncommitted line of credit as of december 31 , 2002.\n preferred stock purchase right  for every ten shares of company in compliance with all covenants common stock of former parent.\n in july 2001 board under all three uncommitted credit facilities directors company adopted rights agreement december 31 , 2002.\n company had no long-term debt anti-takeover effects.\n under agreement as of december 31 , 2002.\n one right attaches to each share of company common stock.\n outstanding debt as of december 31 , 2002 and 2001  rights not become exercisable until earlier of : consist of following ( in millions ) : a ) company learns person or group acquired , or 2002 2001 obtained right to acquire , beneficial ownership of securi- credit facility $ 156. 2 $ 358. 2 ties representing more than 20 percent of shares of uncommitted credit facilities 0. 5 5. 7 company common stock then outstanding  or b ) such date  if any designated by board of directorstotal debt $ 156. 7 $ 363. 9 following commencement of , or first public disclosure of company paid $ 13. 0 million and $ 4. 6 million in intention to commence  tender offer or exchange offer interest charges during 2002 and 2001  respectively.\n n s.\na n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements continued ) rating as of december 31 , 2002 met requirement.\n fair value commitments under credit facility subject to carrying value company 2019s borrowings approxi- fees including facility and utilization fee.\n fair value due to short-term maturities uncommitted credit facilities variable interest rates.\n company has $ 26 million uncommitted unsecured 8.\n derivative financial instruments revolving line of credit.\n purpose credit line to support working capital needs letters of credit company exposed to market risk due to changes overdraft needs for company.\n uncommitted credit in currency exchange rates.\n company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset effect of nants events of default none exchange rate fluctuations on anticipated foreign currency restrictive to operation business.\n transactions intercompany sales and purchases uncommitted credit agreement provides for unconditional expected occur within next twelve to twenty-four irrevocable guarantees by company.\n months.\n company does not hold financial instruments company 2019s long-term debt ratings standard and for trading or speculative purposes.\n for derivatives poor 2019s ratings services moody 2019s investor 2019s service . qualify as hedges of future cash flows effective portion fall below bb- and ba3  company may be required of changes in fair value temporarily recorded in to repay all outstanding and contingent obligations.\n comprehensive income  recognized in earnings when company 2019s credit rating as of december 31 , 2002 met hedged item affects earnings.\n ineffective portion of requirement.\nuncommitted credit line matures on derivative 2019s change in fair value reported in july 31 , 2003.\n outstanding borrowings under uncommit- earnings.\n net amount recognized in earnings during ted line of credit as of december 31 , 2002 were $ 0. 5 million years ended december 31 , 2002 and 2001 due to ineffective- weighted average interest rate of 6. 35 percent.\n amounts excluded from assessment of hedge company also has $ 15 million uncommitted effectiveness not significant.\n revolving unsecured line of credit.\n purpose of line outstanding foreign exchange credit is to support short-term working capital needs of forward contracts principally japanese yen and euro company.\n agreement for uncommitted unsecured entered into with third parties at december 31 , 2002 line of credit contains customary covenants none of which $ 252 million.\n fair value of derivative instruments recorded considered restrictive to operation business.\n accrued liabilities at december 31 , 2002 was $ 13. 8 million  uncommitted line matures on july 31 , 2003.\n $ 8. 5 million net of taxes  deferred in other no borrowings under uncommitted line of credit as comprehensive income expected to be reclassified to december 31 , 2002.\n earnings over next two years  $ 7. 7 million , company has $ 20 million uncommitted revolving $ 4. 8 million , net of taxes expected to be reclassified to unsecured line of credit.\n purpose of line of credit is earnings over next twelve months.\n support short-term working capital needs of company.\n pricing based upon money market rates.\n agree- 9.\ncapital stock earnings per share for uncommitted unsecured line of credit contains discussed in note 14  all shares of company customary covenants none considered restrictive common stock distributed at distribution by operation business.\n uncommitted line former parent to stockholders in form of dividend matures on july 31 , 2003.\n no borrowings under one share of company common stock associated uncommitted line of credit as of december 31 , 2002.\n preferred stock purchase right  for every ten shares company in compliance with all covenants common stock of former parent.\n in july 2001 board under three uncommitted credit facilities directors company adopted rights agreement december 31 , 2002.\n company no long-term debt anti-takeover effects.\n under agreement as of december 31 , 2002.\n one right attaches to each share of company common stock.\n outstanding debt as of december 31 , 2002 and 2001 rights not become exercisable until earlier of : consist following ( in millions ) : a ) company learns person or group acquired  or 2002 2001 obtained right to acquire , beneficial ownership of securi- credit facility $ 156. 2 $ 358. 2 ties representing more than 20 percent of shares of uncommitted credit facilities 0. 5 5. 7 company common stock then outstanding  or b ) such date designated by board of directorstotal debt $ 156. 7 $ 363. 9 following commencement of  first public disclosure of company paid $ 13. 0 million and $ 4. 6 million in intention to commence  tender offer or exchange offer interest charges during 2002 and 2001  respectively.\n\n| 2002    | 2001\n----------------------------- | ------- | -------\ncredit facility               | $ 156.2 | $ 358.2\nuncommitted credit facilities | 0.5     | 5.7\ntotal debt                    | $ 156.7 | $ 363.9"
}
{
    "_id": "dd4bc495c",
    "title": "",
    "text": "operations extended to four additional years for each unit by mutual agreement of entergy and new york state based on exigent reliability need for indian point generation.\n in accordance with ferc-approved tariff of new york independent system operator ( nyiso ), entergy submitted to nyiso notice of generator deactivation based on dates in settlement ( no later than april 30 , 2020 for indian point unit 2 and april 30 , 2021 for indian point unit 3 ).\n in december 2017  nyiso issued report stating not system reliability need following deactivation of indian point.\n nyiso advised will perform analysis of potential competitive impacts of proposed retirement under provisions tariff.\n deadline for nyiso to withholding determination in dispute pending before ferc.\n contractually agreeing to cease commercial operations early  in february 2017 entergy filed with nrc amendment to license renewal application changing term of requested licenses to coincide with latest possible extension by mutual agreement based exigent reliability needs : april 30, 2024 for indian point 2 and april 30 , 2025 for indian point 3.\n if entergy determines nrc treat amendment as routine amendment , entergy may withdraw amendment.\n other provisions settlement include termination of all then-existing investigations of indian point by agencies signing agreement include new york state department of environmental conservation  new york state department of state  new york state department of public service  new york state department of health new york state attorney general.\n settlement recognizes right of new york state agencies to pursue new investigations enforcement actions with new circumstances or existing conditions materially exacerbated.\n provision settlement obligates entergy to establish $ 15 million fund for environmental projects community support.\n apportionment allocation of funds to beneficiaries determined by mutual agreement of new york state and entergy.\n settlement recognizes new york state 2019s right to perform annual inspection of indian point  scope and timing determined by mutual agreement.\n in may 2017 plaintiff filed two parallel state court appeals challenging new york state 2019s actions in signing implementing indian point settlement with entergy basis state failed to perform sufficient environmental analysis actions.\n all signatories to settlement agreement including entergy affiliates hold nrc licenses for indian point  named.\n appeals voluntarily dismissed in november 2017.\n entergy corporation and subsidiaries management 2019s financial discussion analysis liquidity capital resources section discusses entergy 2019s capital structure capital spending plans other uses of capital  sources of capital  cash flow activity in cash flow statement.\n capital structure entergy 2019s capitalization balanced between equity and debt  as shown in following table.\n increase in debt to capital ratio for entergy as of december 31 , 2017 primarily due to increase in commercial paper outstanding in 2017 compared to 2016.\n calculation excludes arkansas , louisiana  new orleans  texas securitization bonds non- recourse to entergy arkansas entergy louisiana  entergy new orleans  texas .\n\n| 2017               | 2016\n------------------------------------------------------------ | ------------------ | ------------------\ndebt to capital                                              | 67.1% ( 67.1 % )   | 64.8% ( 64.8 % )\neffect of excluding securitization bonds                     | ( 0.8% ( 0.8 % ) ) | ( 1.0% ( 1.0 % ) )\ndebt to capital excluding securitization bonds ( a )         | 66.3% ( 66.3 % )   | 63.8% ( 63.8 % )\neffect of subtracting cash                                   | ( 1.1% ( 1.1 % ) ) | ( 2.0% ( 2.0 % ) )\nnet debt to net capital excluding securitization bonds ( a ) | 65.2% ( 65.2 % )   | 61.8% ( 61.8 % )"
}
{
    "_id": "dd4be45d6",
    "title": "",
    "text": "jpmorgan chase & co. /2018 form 10-k 41 five-year stock performance table and graph compare five-year cumulative total return for jpmorgan chase & co.\n ( 201cjpmorgan chase 201d or 201cfirm 201d ) common stock with cumulative return of s&p 500 index  kbw bank index s&p financial index.\n s&p 500 index is commonly referenced equity benchmark in united states of america ( 201cu. 201d ) leading companies from different economic sectors.\n kbw bank index performance of banks and thrifts publicly traded in u. s.\n composed of leading national money center regional banks and thrifts.\n s&p financial index is index of financial companies all components of s&p 500.\n firm component of all three industry indices.\n table and graph assume simultaneous investments of $ 100 on december 31, 2013, in jpmorgan chase common stock in each above indices.\n comparison assumes all dividends are reinvested.\n december 31 , ( in dollars ) 2013 2014 2015 2016 2017 2018.\n december 31, ( in dollars\n\ndecember 31 ( in dollars ) | 2013     | 2014     | 2015     | 2016     | 2017     | 2018\n-------------------------- | -------- | -------- | -------- | -------- | -------- | --------\njpmorgan chase             | $ 100.00 | $ 109.88 | $ 119.07 | $ 160.23 | $ 203.07 | $ 189.57\nkbw bank index             | 100.00   | 109.36   | 109.90   | 141.23   | 167.49   | 137.82\ns&p financial index        | 100.00   | 115.18   | 113.38   | 139.17   | 169.98   | 147.82\ns&p 500 index              | 100.00   | 113.68   | 115.24   | 129.02   | 157.17   | 150.27"
}
{
    "_id": "dd4b961ce",
    "title": "",
    "text": "assets ( including trade receivables ) in scope of update.\n asu 2016-13 made amendments to current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees.\n guidance effective for on january 1 , 2020.\n early adoption permitted for periods beginning on or after january 1 , 2019.\n evaluating effect of asu 2016-13 on consolidated financial statements.\n note 2 2014 acquisitions transactions accounted for as business combinations requires record assets acquired and liabilities assumed at fair value as of acquisition date.\n on october 17 , 2018 we acquired sicom systems , inc.\n ( 201csicom 201d ) for total purchase consideration of $ 409. 2 million  funded with cash on hand and by drawing on revolving credit facility ( described in 201cnote 8 2014 long-term debt and lines of credit 201d ).\n sicom is provider of end-to-end enterprise , cloud-based software solutions other technologies to quick service restaurants and food service management companies.\n sicom 2019s technologies complementary to our existing xenial solutions believe acquisition will expand software-driven payments strategy increase capabilities expand existing presence in restaurant vertical market.\n prior to acquisition  sicom was indirectly owned by private equity investment firm one of board members is partner and investor.\n his direct interest in transaction was approximately $ 1. 1 million  amount distributed to based on his investment interest in fund of private equity firm sold sicom.\n based on audit committee of board of directors recommended board approve acquisition of sicom .\n provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed as of december 31 , 2018  including reconciliation to total purchase consideration  were as follows ( in thousands ) :.\nas of december 31 , 2018 , considered balances to provisional still in process of determining final purchase consideration , subject to adjustment pursuant to purchase agreement , gathering and reviewing information to support valuations of assets acquired and liabilities assumed.\n goodwill from acquisition of $ 264. 8 million , included in north america segment  attributable to expected growth opportunities , assembled workforce potential synergies from combining existing businesses.\n expect approximately $ 50 million of goodwill from acquisition deductible for income tax purposes.\n 74 2013 global payments inc.\n | 2018 form 10-k annual report\n\ncash and cash equivalents     | $ 7540\n----------------------------- | ----------------\nproperty and equipment        | 5943\nidentified intangible assets  | 188294\nother assets                  | 22278\ndeferred income taxes         | -48448 ( 48448 )\nother liabilities             | -31250 ( 31250 )\ntotal identifiable net assets | 144357\ngoodwill                      | 264844\ntotal purchase consideration  | $ 409201"
}
{
    "_id": "dd4c3e590",
    "title": "",
    "text": "jpmorgan chase & co. /2010 annual report 59 consolidated results operations section provides comparative discussion of jpmorgan chase 2019s consolidated results operations for three-year period ended december 31 , 2010.\n factors related to single business segment discussed detail within business segment.\n discussion critical accounting estimates firm affect consolidated results operations see pages 149 2013 154 of annual report.\n revenue year ended december 31 , ( in millions ) 2010 2009 2008.\n 2010 compared with 2009 total net revenue for 2010 was $ 102. 7 billion  up by $ 2. 3 billion  or 2% ( 2 % )  from 2009.\n results 2010 driven by higher securities gains private equity gains in corporate equity higher asset management fees am administration fees in tss  higher other income in several businesses offset by lower credit card income.\n investment banking fees decreased from 2009 due to lower equity underwriting and advisory fees offset by higher debt underwriting fees.\n competitive markets flat industry-wide equity underwriting completed m&a volumes resulted in lower equity underwriting advisory fees strong industry-wide loan syndication high-yield bond volumes drove record debt underwriting fees in ib.\n additional information on investment banking fees recorded in ib  see ib segment results on pages 69 201371 of annual report.\n principal transactions revenue  revenue from firm 2019s trading and private equity investing activities increased compared with 2009.\n driven by private equity business  significant private equity gains in 2010  compared with small loss in 2009 reflecting improvements in market conditions.\n trading revenue decreased  lower results in corporate  offset by higher revenue in ib reflecting gains from widening firm 2019s credit spread on certain structured derivative liabilities.\nadditional information on principal transactions revenue see ib corporate/private equity segment results on pages 69 201371 89 2013 90  note 7 on pages 199 2013200 annual report.\n lending- and deposit-related fees decreased in 2010 from 2009 levels reflecting lower deposit-related fees in rfs associated with newly-enacted legislation related to non-sufficient funds overdraft fees partially offset by higher lending- related service fees in ib  primarily from growth in business volume  in cb  from higher commitment letter-of-credit fees.\n for additional information on lending- deposit-related fees mostly recorded in ib , rfs  cb tss , see segment results for ib on pages 69 201371 , rfs on pages 72 201378 , cb pages 82 201383 tss on pages 84 201385 annual report.\n asset management , administration commissions revenue increased from 2009.\n increase reflected higher asset management fees in am  higher market levels  net inflows products higher margins higher performance fees ; higher administration fees in tss  reflecting effects higher market levels net inflows of assets under custody.\n increase partially offset by lower brokerage commissions in ib  result of lower market volumes.\n for additional information on fees and commissions see segment discussions for am on pages 86 201388 tss on pages 84 201385 annual report.\n securities gains significantly higher in 2010 compared with 2009  resulting from repositioning of portfolio in response to changes interest rate environment rebalance exposure.\n for additional information on securities gains mostly recorded in firm 2019s corporate segment  see corporate/private equity segment discussion on pages 89 201390 of annual report.\nmortgage fees related income increased in 2010 compared with 2009 driven by higher mortgage production revenue reflecting increased mortgage origination volumes in rfs am  wider margins particularly in rfs.\n increase offset by higher repurchase losses in rfs ( recorded as contra- revenue ) attributable to higher estimated losses related to repurchase demands predominantly from gses.\n for additional information on mortgage fees related income recorded primarily in rfs  see rfs 2019s mortgage banking , auto consumer lending discussion on pages 74 201377 annual report.\n additional information on repurchase losses see repurchase liability discussion on pages 98 2013101 note 30 on pages 275 2013280 annual report.\n credit card income decreased 2010 due to impact accounting guidance related to vies , effective january 1 , 2010 required firm to consolidate assets liabilities firm-sponsored credit card securitization trusts.\n adoption new guidance resulted in elimination of all servicing fees from firm-sponsored credit card securitization trusts ( offset by related increases in net\n\nyear ended december 31 ( in millions )         | 2010     | 2009     | 2008\n---------------------------------------------- | -------- | -------- | ----------------\ninvestment banking fees                        | $ 6190   | $ 7087   | $ 5526\nprincipal transactions                         | 10894    | 9796     | -10699 ( 10699 )\nlending- and deposit-related fees              | 6340     | 7045     | 5088\nasset management administrationand commissions | 13499    | 12540    | 13943\nsecurities gains                               | 2965     | 1110     | 1560\nmortgage fees and related income               | 3870     | 3678     | 3467\ncredit card income                             | 5891     | 7110     | 7419\nother income                                   | 2044     | 916      | 2169\nnoninterest revenue                            | 51693    | 49282    | 28473\nnet interest income                            | 51001    | 51152    | 38779\ntotal net revenue                              | $ 102694 | $ 100434 | $ 67252"
}
{
    "_id": "dd4bc654a",
    "title": "",
    "text": "company presents total net 201ceconomic 201d investment exposure  net of deferred compensation investments and hedged investments reflect gauge for investors economic impact of investments deferred compensation arrangements offset by change in compensation expense impact of hedged investments mitigated by total return swap hedges.\n carried interest capital allocations excluded no impact to blackrock 2019s stockholders 2019 equity until amounts realized as performance fees.\n company 2019s regulatory investment in federal reserve bank stock not subject to market or interest rate risk excluded from company 2019s net economic investment exposure.\n ( dollar amounts in millions ) december 31 , 31.\n total 201ceconomic 201d investment exposure.\n.\n.\n $ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million  respectively of blackrock 2019s total gaap investments maintained in sponsored investment funds controlled by blackrock in gaap consolidated blackrock may not own majority of funds.\n decrease of $ 239 million related to lower holding requirement of federal reserve bank stock held by blackrock institutional trust company .\n ( 201cbtc 201d ).\n total investments  adjusted at december 31 , 2012 increased $ 137 million from december 31 , 2011  from $ 765 million of purchases/capital contributions $ 185 million from positive market valuations and earnings from equity method investments $ 64 million from net additional carried interest capital allocations partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments.\n\n( dollar amounts in millions )                                   | december 31 2012 | december 31 2011\n---------------------------------------------------------------- | ---------------- | ----------------\ntotal investments gaap                                           | $ 1750           | $ 1631\ninvestments held by consolidated sponsored investmentfunds ( 1 ) | -524 ( 524 )     | -587 ( 587 )\nnet exposure to consolidated investment funds                    | 430              | 475\ntotal investments as adjusted                                    | 1656             | 1519\nfederal reserve bank stock ( 2 )                                 | -89 ( 89 )       | -328 ( 328 )\ncarried interest                                                 | -85 ( 85 )       | -21 ( 21 )\ndeferred compensation investments                                | -62 ( 62 )       | -65 ( 65 )\nhedged investments                                               | -209 ( 209 )     | -43 ( 43 )\ntotal 201ceconomic 201d investment exposure                      | $ 1211           | $ 1062"
}
{
    "_id": "dd4c37dd0",
    "title": "",
    "text": "maturities of long-term debt next five years and beyond are as follows:.\n on 4 february 2013  issued $ 400. 0 senior fixed-rate 2. 75% ( 2. 75 % ) note matures 3 february 2023.\n additionally 7 august 2013  issued 2. 0% ( 2. 0 % ) eurobond for 20ac300 million ( $ 397 ) matures 7 august 2020.\n various debt agreements we are party include financial covenants restrictions including restrictions to ability to create property liens enter certain sale and leaseback transactions.\n as of 30 september 2013  in compliance with all financial covenants under debt agreements.\n as of 30 september 2013  classified commercial paper of $ 400. 0 maturing in 2014 as long-term debt ability and intent to refinance debt under $ 2500. 0 committed credit facility maturing in 2018.\n current intent is to refinance debt via u.\n public or private placement markets.\n 30 april 2013  entered five-year $ 2500. 0 revolving credit agreement with syndicate of banks ( 201c2013 credit agreement 201d ) senior unsecured debt available to us and certain our subsidiaries.\n 2013 credit agreement provides source liquidity supports commercial paper program.\n agreement increases existing facility by $ 330. 0 , extends maturity date to 30 april 2018 modifies financial covenant to maximum ratio of total debt to total capitalization ( total debt plus total equity plus redeemable noncontrolling interest ) no greater than 70% ( 70 % ).\n no borrowings outstanding under 2013 credit agreement as of 30 september 2013.\n 2013 credit agreement terminates and replaces previous $ 2170.revolving credit agreement dated 8 july 2010 subsequently amended mature 30 june 2015 financial covenant of long-term debt divided by sum long-term debt plus equity no greater than 60% ( 60 % ).\n no borrowings outstanding under previous agreement at time termination no early termination penalties incurred.\n effective 11 june 2012 entered into offshore chinese renminbi ( rmb ) syndicated credit facility of rmb1000. 0 million ( $ 163. 5 )  maturing june 2015.\n rmb250. 0 million ( $ 40. 9 ) outstanding borrowings under commitment at 30 september 2013.\n additional commitments totaling $ 383. 0 maintained by foreign subsidiaries $ 309. 0 borrowed and outstanding at 30 september 2013.\n\n2014       | $ 907.4\n---------- | --------\n2015       | 453.0\n2016       | 433.0\n2017       | 453.8\n2018       | 439.9\nthereafter | 2876.6\ntotal      | $ 5563.7"
}
{
    "_id": "dd4c32a74",
    "title": "",
    "text": "year ended december 31 , 2004 compared to 2003 historical results of operations pca for years ended december 31  2004 and 2003 below year ended december 31 ( in millions ) 2004 2003 change.\n net sales increased by $ 154. 6 million  or 8. 9% ( 8. 9 % ) , for year ended december 31  2004 2003.\n net sales increased due to improved sales volumes prices of corrugated products and containerboard compared to 2003.\n total corrugated products volume sold increased 6. 6% ( 6. 6 % ) to 29. 9 billion square feet in 2004 compared to 28. 1 billion square feet in 2003.\n comparable shipment-per-workday basis corrugated products sales volume increased 7. 0% ( 7. 0 % ) in 2004 from 2003.\n excluding pca 2019s acquisition of acorn in february 2004 volume was 5. 3% ( 5. 3 % ) higher in 2004 than 2003 up 5. 8% ( 5. 8 % ) compared to 2003 shipment-per-workday basis.\n-per-workday calculated by dividing total corrugated products volume year by number workdays year.\n larger percentage increase due to 2004 had one less workday ( 251 days ) not weekend or holiday than 2003 ( 252 days ).\n containerboard sales volume to domestic export customers increased 6. 8% ( 6. 8 % ) to 475000 tons for year ended december 31 , 2004 from 445000 tons in 2003.\n income before interest and taxes increased by $ 43. 6 million  or 45. 1% ( 45. 1 % )  for year ended december 31  2004 compared to 2003.\n income before interest and taxes 2004 income of $ 27. 8 million , net of expenses attributable to dividend paid to pca by stv , timberlands joint venture pca owns 311 20443% ( 20443 % ) ownership interest.\nincome before interest taxes for year ended december 31 , 2003 is $ 3. 3 million charge for fees expenses related to company 2019s debt refinancing completed july 2003 fourth quarter charge of $ 16. 0 million to settle benefits related matters with pactiv corporation back to april 12 , 1999 when pca became stand-alone company.\n fourth quarter 2003  pactiv notified pca owed pactiv additional amounts for hourly pension benefits workers 2019 compensation liabilities back to april 12 , 1999.\n settlement of $ 16. 0 million negotiated between pactiv pca december 2003.\n full amount settlement accrued fourth quarter of 2003.\n excluding special items operating income decreased $ 3. 4 million in 2004 compared to 2003.\n $ 3. 4 million decrease in income before interest taxes attributable to increased energy transportation costs ( $ 19. 2 million ) higher recycled wood fiber costs ( $ 16. 7 million ) increased salary expenses related to annual increases new hires ( $ 5. 7 million ) increased contractual hourly labor costs ( $ 5. 6 million ) partially offset by increased sales volume sales prices ( $ 44. 3 million ).\n\n( in millions )                        | for the year ended december 31 , 2004 | for the year ended december 31 , 2003 | change\n-------------------------------------- | ------------------------------------- | ------------------------------------- | --------------\nnet sales                              | $ 1890.1                              | $ 1735.5                              | $ 154.6\nincome before interest and taxes       | $ 140.5                               | $ 96.9                                | $ 43.6\ninterest expense net                   | -29.6 ( 29.6 )                        | -121.8 ( 121.8 )                      | 92.2\nincome ( loss ) before taxes           | 110.9                                 | -24.9 ( 24.9 )                        | 135.8\n( provision ) benefit for income taxes | -42.2 ( 42.2 )                        | 10.5                                  | -52.7 ( 52.7 )\nnet income ( loss )                    | $ 68.7                                | $ -14.4 ( 14.4 )                      | $ 83.1"
}
{
    "_id": "dd4c4b452",
    "title": "",
    "text": "total shareholder return of entergy corporation measured over nine-year period between mr.\n leonard's appointment as ceo in january 1999 and january 24 , 2008 grant date exceeded all industry peer group companies other u. s.\n utility companies.\n for additional information regarding stock options awarded in 2008 to named executive officers see 2008 grants of plan-based awards table.\n under equity ownership plans all options must have exercise price equal to closing fair market value of entergy corporation common stock on date of grant.\n in 2008  entergy corporation implemented guidelines require executive officer to achieve maintain entergy corporation stock ownership equal to multiple of his salary.\n until executive officer achieves multiple ownership position entergy common stock executive officer ( including named executive officer ) upon exercising any stock option granted on or after january 1, 2003 must retain at least 75% ( 75 % ) of after-tax net profit from stock option exercise in entergy corporation common stock.\n entergy corporation not adopted formal policy regarding granting of options at times when in possession of material non-public information.\n generally grants options to named executive officers only during january in connection with annual executive compensation decisions.\n on occasion may grant options to newly hired employees or existing employees for retention or other limited purposes.\n restricted units units granted under equity ownership plans represent phantom shares of entergy corporation common stock (. non-stock interests economic value equivalent to share of entergy corporation common stock ).\n entergy corporation occasionally grants restricted units for retention purposes to offset forfeited compensation from previous employer or other limited purposes.\n if all conditions of grant satisfied restrictions on restricted units lift at end of restricted period and cash equivalent value of restricted units is paid.\nsettlement price equal to number of restricted units multiplied by closing price of entergy corporation common stock on date restrictions lift.\n restricted units not entitled to dividends or voting rights.\n restricted units are generally time-based awards for restrictions lift  subject to continued employment  over two- to five-year period.\n in january 2008  committee granted mr.\n denault , entergy corporation's chief financial officer , 24000 restricted units.\n committee determined in strategic challenges facing entergy ( including challenges with completion of entergy's pending separation of non- utility nuclear business ) essential entergy retain mr.\n denault's continued services as executive officer entergy.\n committee took into account competitive market for chief financial officers and mr.\n denault's broader role in leadership entergy.\n in determining size of grant  committee consulted independent consultant to confirm grant consistent with market practices.\n committee chose restricted units over other retention instruments because believes restricted stock units better align interest of officer with entergy corporation's shareholders in growing shareholder value and increasing shareholder returns on equity.\n committee noted on advice independent consultant such grants are commonly used market technique for retention purposes.\n restricted units will vest on following dates:.\n\nvesting date    | restricted stock units\n--------------- | ----------------------\njanuary 25 2011 | 8000\njanuary 25 2012 | 8000\njanuary 25 2013 | 8000"
}
{
    "_id": "dd4bdd984",
    "title": "",
    "text": "asia-pacific acquisition on july 24 , 2006  completed purchase of fifty-six percent ownership interest in merchant acquiring business of hongkong and shanghai banking corporation limited , or hsbc.\n business provides card payment processing services to merchants in asia-pacific region.\n business includes hsbc 2019s payment processing operations in ten countries and territories : brunei , china , hong kong , india , macau , malaysia , maldives , singapore , sri lanka taiwan.\n under terms agreement  initially paid hsbc $ 67. 2 million in cash to acquire ownership interest.\n paid additional $ 1. 4 million agreement during fiscal 2007  for total purchase price of $ 68. 6 million to acquire ownership interest.\n conjunction with acquisition entered transition services agreement with hsbc may be terminated at any time.\n under agreement expect hsbc will continue to perform payment processing operations and related support services until we integrate functions into our own operations  expect completed in 2010.\n operating results of acquisition included in consolidated statements of income from date of acquisition.\n business description leading payment processing and consumer money transfer company.\n high-volume processor of electronic transactions enable merchants , multinational corporations , financial institutions , consumers , government agencies other profit and non-profit business enterprises to facilitate payments to purchase goods and services or further other economic goals.\n role is to serve as intermediary in exchange of information and funds between parties payment transaction or money transfer can be completed.\n incorporated in georgia as global payments inc.\n in september 2000  spun-off from former parent company on january 31 , 2001.\n former parent company provided transaction processing services since 1967.\nmarket products services throughout united states canada europe asia-pacific region.\n operate in two business segments , merchant services money transfer  offer various products through these segments.\n merchant services segment targets customers in many vertical industries including financial institutions  gaming  government  health care  professional services restaurants retail universities utilities.\n money transfer segment targets immigrants in united states europe.\n see note 10 in notes to consolidated financial statements for additional segment information 201citem 1a 2014risk factors 201d for discussion of risks with international operations.\n total revenues from merchant services money transfer segments , by geography sales channel , are as follows ( amounts in thousands ) :.\n\n| 2007      | 2006     | 2005\n--------------------------- | --------- | -------- | --------\ndomestic direct             | $ 558026  | $ 481273 | $ 410047\ncanada                      | 224570    | 208126   | 175190\nasia-pacific                | 48449     | 2014     | 2014\ncentral and eastern europe  | 51224     | 47114    | 40598\ndomestic indirect and other | 46873     | 51987    | 62033\nmerchant services           | 929142    | 788500   | 687868\ndomestic                    | 115416    | 109067   | 91448\neurope                      | 16965     | 10489    | 5015\nmoney transfer              | 132381    | 119556   | 96463\ntotal revenues              | $ 1061523 | $ 908056 | $ 784331"
}
{
    "_id": "dd4c1201c",
    "title": "",
    "text": "depreciation and amortization in operating segment profit for years ended december 31 , 2008 , 2007 2006 was as follows ( in millions ) :.\n 15.\n leases future minimum rental commitments under non- cancelable operating leases effect as of december 31 , 2008 were $ 38. 2 million for 2009  $ 30. 1 million for 2010  $ 20. 9 million for 2011  $ 15. 9 million for 2012  $ 14. 3 million for 2013 $ 29. 9 million thereafter.\n total rent expense for years ended december 31, 2008 , 2007 2006 aggregated $ 41. 4 million , $ 37. 1 million $ 31. 1 million ,.\n 16.\n commitments contingencies intellectual property product liability-related litigation in july 2008  temporarily suspended marketing distribution of durom bb acetabular component ( durom cup ) in u. s.\n to allow update product labeling provide detailed surgical technique instructions to surgeons implement surgical training program.\n following announcement product liability lawsuits other claims asserted against us some settled.\n claims still pending expect additional claims be submitted.\n recorded provision of $ 47. 5 million in third quarter of 2008  management estimate of durom cup-related claims.\n increased provision by $ 21. 5 million in fourth quarter of 2008.\n provision limited to revisions within two years of original surgery prior to july 2008.\n parameters consistent with data cup loosenings associated with surgical technique likely to occur within that time period.\n claims outside of these defined parameters managed in normal course reflected in standard product liability accruals.\n on february 15 , 2005  howmedica osteonics corp.\n filed action against us and unrelated party in united states district court for district of new jersey alleging infringement of u. s.\npatent nos.\n 6174934 ; 6372814 ; 6664308 ; 6818020.\n on june 13 , 2007  court granted motion for summary judgment on invalidity of asserted claims of u. s.\n patent nos.\n 6174934 ; 6372814 ; 6664308 ruling all asserted claims invalid for indefiniteness.\n august 19 , 2008  court granted motion for summary judgment of non- infringement of certain claims of u. s.\n patent no.\n 6818020  reducing number of claims issue in suit to five.\n believe defenses against infringement of remaining claims are valid and meritorious intend to defend this lawsuit vigorously.\n in addition to certain claims related to durom cup discussed subject to product liability and other claims lawsuits arising in ordinary course of business for maintain insurance  subject to self- insured retention limits.\n establish accruals for product liability other claims with outside counsel based on current information and historical settlement information for open claims  related fees claims incurred but not reported.\n not possible to predict with certainty outcome of cases opinion of management upon ultimate resolution liabilities from these cases in excess of recorded will not have material adverse effect on consolidated financial position  results of operations or cash flows.\n government investigations in march 2005 , u. s.\n department of justice through u. s.\n attorney 2019s office in newark , new jersey commenced investigation of us and four other orthopaedic companies pertaining to consulting contracts , professional service agreements other agreements by remuneration provided to orthopaedic surgeons.\n on september 27 , 2007  reached settlement with government to resolve all claims related to investigation.\n part of settlement entered into settlement agreement with u. s.\n through u. s.\ndepartment of justice office of inspector general of department of health and human services ( 201coig-hhs 201d ).\n entered deferred prosecution agreement ( 201cdpa 201d ) with u. s.\n attorney 2019s office for district of new jersey ( 201cu. s.\n attorney 201d ) corporate integrity agreement ( 201ccia 201d ) with oig- hhs.\n did not admit wrongdoing , plead guilty to criminal charges or pay criminal fines part of settlement.\n settled all civil and administrative claims related to federal investigation by making settlement payment to u. s.\n government of $ 169. 5 million.\n under terms dpa  u. s.\n attorney filed criminal complaint in u. s.\n district court for district of new jersey charging us with conspiracy to commit violations of anti-kickback statute ( 42 u. s. c.\n a7 1320a-7b ) during years 2002 through 2006.\n court deferred prosecution of criminal complaint during 18-month term of dpa.\n u. s.\n attorney will seek dismissal of criminal complaint after 18-month period if comply with provisions of dpa.\n dpa provides for oversight by federally-appointed monitor.\n under cia , term of five years  agreed to continue operation of enhanced corporate compliance program  promote compliance with federal healthcare program z s i n c.\n 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 060000000 ***%%pcmsg|60 |00012|yes|no|02/24/2009 06:10|0|0|page is valid , no graphics -- color : d|\n\n| 2008    | 2007    | 2006\n----------------------------------------- | ------- | ------- | -------\namericas                                  | $ 78.5  | $ 66.9  | $ 56.7\neurope                                    | 57.0    | 60.7    | 46.5\nasia pacific                              | 25.6    | 22.7    | 18.7\nglobal operations and corporate functions | 114.0   | 79.7    | 75.5\ntotal                                     | $ 275.1 | $ 230.0 | $ 197.4"
}
{
    "_id": "dd4bbcce8",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations executive summary international paper 2019s operating results in 2006 bene- fited from strong gains in pricing sales volumes lower operating costs.\n average paper packaging prices in 2006 increased faster than costs for first time in four years.\n improve- ment in sales volumes reflects increased uncoated papers  corrugated box  coated paperboard european papers shipments improved revenues from xpedx distribution business.\n manufacturing operations made solid cost reduction improvements.\n lower interest expense  reflecting debt repayments in 2005 and 2006  positive factor.\n improvements offset effects of high raw material distribution costs lower real estate sales higher net corporate expenses lower con- tributions from businesses forestlands divested during 2006.\n looking forward to 2007  expect seasonally higher sales volumes in first quarter.\n average paper price realizations should improve implement announced price increases in europe brazil.\n input costs for energy , fiber chemicals expected to be mixed  slightly higher in first quarter.\n operating results benefit from recently completed international paper/sun paperboard joint ventures in china addition of luiz anto- nio paper mill to operations in brazil.\n result of lower real estate sales in first quarter  anticipate earnings from continuing operations somewhat lower than 2006 fourth quarter.\n significant steps taken in 2006 execution company 2019s transformation plan.\n completed sales of u. s.\n brazilian coated papers businesses 5. 6 million acres of u. s.\n forestlands  announced definitive sale agreements for kraft papers , beverage pack- aging arizona chemical businesses majority of wood products business  all expected to close during 2007.\n through december 31 , 2006  received approximately $ 9. 7 billion of estimated proceeds from divest- itures announced under this plan of approximately $ 11.3 billion  balance to be received as remaining divestitures completed in first half of 2007.\n strengthened balance sheet by reducing debt by $ 6. 2 billion  returned value to shareholders by repurchasing 39. 7 million shares common stock for approximately $ 1. 4 billion.\n made $ 1. 0 billion voluntary contribution to.\n qualified pension fund.\n identified selective reinvestment opportunities totaling approx- $ 2. 0 billion  including opportunities in china  brazil russia.\n remain focused on three-year $ 1. 2 billion target for non-price profit- ability improvements $ 330 million realized during 2006.\n more remains to be done in 2007 made substantial progress toward achiev- ing objectives announced outset plan in july 2005.\n results of operations industry segment operating profits used by inter- national paper management to measure earn- ings performance businesses.\n management believes measure allows better under- standing of trends in costs  operating efficiencies  prices volumes.\n industry segment operating profits defined as earnings before taxes minority interest  interest expense  corporate items corporate special items.\n industry segment oper- ating profits defined by securities and exchange commission as non-gaap financial measure not gaap alternatives to net income or other operating measure accounting principles united states.\n international paper operates in six segments : print- ing papers  industrial packaging  consumer pack- aging  distribution  forest products specialty businesses.\n table shows components of net earnings ( loss ) for each last three years : in millions 2006 2005 2004.\n corporate special items include gains on transformation plan forestland sales  goodwill impairment charges  restructuring other charges  net losses on sales impairments of businesses  insurance recoveries reversals of reserves no longer required.\n\nin millions                        | 2006           | 2005         | 2004\n---------------------------------- | -------------- | ------------ | ------------\nindustry segment operating profits | $ 2074         | $ 1622       | $ 1703\ncorporate items net                | -746 ( 746 )   | -607 ( 607 ) | -477 ( 477 )\ncorporate special items*           | 2373           | -134 ( 134 ) | -141 ( 141 )\ninterest expense net               | -521 ( 521 )   | -595 ( 595 ) | -712 ( 712 )\nminority interest                  | -9 ( 9 )       | -9 ( 9 )     | -21 ( 21 )\nincome tax ( provision ) benefit   | -1889 ( 1889 ) | 407          | -114 ( 114 )\ndiscontinued operations            | -232 ( 232 )   | 416          | -273 ( 273 )\nnet earnings ( loss )              | $ 1050         | $ 1100       | $ -35 ( 35 )"
}
{
    "_id": "dd4c16dc4",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) 11.\n employee benefit plans stock-based compensation february 2007  board of directors approved 2007 stock incentive plan ( 2007 plan ) may 2007 shareholders ratified 2007 plan.\n march 2011 board of directors approved amended and restated 2007 stock incentive plan may 2011 shareholders ratified amended restated 2007 stock incentive plan.\n march 2013  board of directors approved republic services , inc.\n amended and restated 2007 stock incentive plan amended restated plan ) may 2013 shareholders ratified amended and restated plan.\n approximately 15. 6 million shares of common stock reserved for future grants under amended and restated plan.\n options granted under 2007 plan and amended and restated plan non-qualified granted at price equal to fair market value of common stock at date of grant.\n options granted have term of seven to ten years from date of grant vest in increments of 25% ( 25 % ) per year over period four years beginning on first anniversary date of grant.\n options granted to non-employee directors have term of ten years fully vested at grant date.\n december 2008  board of directors amended and restated republic services , inc.\n 2006 incentive stock plan ( formerly known as allied waste industries , inc.\n 2006 incentive stock plan ) ( 2006 plan ).\n allied shareholders approved 2006 plan in may 2006.\n 2006 plan amended and restated in december 2008 to reflect republic as new sponsor of plan reflect references to shares of common stock are shares of common stock of republic adjust outstanding awards and number of shares available under plan to reflect allied acquisition.\n2006 plan  amended restated provided for grant of non- qualified stock options incentive stock options shares of restricted stock shares phantom stock  stock bonuses restricted stock units stock appreciation rights performance awards dividend equivalents cash awards other stock-based awards.\n awards granted under 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon closing of allied acquisition.\n no further awards made under 2006 stock options use lattice binomial option-pricing model to value stock option grants.\n recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award or to employee 2019s retirement eligible date earlier.\n expected volatility based on weighted average of most recent one year volatility and historical rolling average volatility of stock over expected life of option.\n risk-free interest rate based on federal reserve rates for bonds with maturity dates equal to expected term of option.\n use historical data to estimate future option exercises forfeitures ( at 3. 0% 3. 0 % ) for 2014 2013 ) expected life of options.\n when appropriate separate groups of employees similar historical exercise behavior considered separately for valuation purposes.\n did not grant stock options during year ended december 31 , 2015.\n weighted-average estimated fair values of stock options granted during years ended december 31 , 2014 and 2013 were $ 5. 74 and $ 5. 27 per option calculated using following weighted-average assumptions:.\n\n| 2014             | 2013\n----------------------------- | ---------------- | ----------------\nexpected volatility           | 27.5% ( 27.5 % ) | 28.9% ( 28.9 % )\nrisk-free interest rate       | 1.4% ( 1.4 % )   | 0.7% ( 0.7 % )\ndividend yield                | 3.2% ( 3.2 % )   | 3.2% ( 3.2 % )\nexpected life ( in years )    | 4.6              | 4.5\ncontractual life ( in years ) | 7.0              | 7.0"
}
{
    "_id": "dd4c0ee44",
    "title": "",
    "text": "entergy corporation and subsidiaries notes to financial statements computed on rolling 12 month basis.\n as of december 31 , 2008  entergy louisiana in compliance with provisions.\n of december 31 2008 entergy louisiana had future minimum lease payments ( reflecting overall implicit rate of 7. 45% ( 7. 45 % ) ) in connection with waterford 3 sale and leaseback transactions recorded as long-term debt  follows : amount ( in thousands ).\n grand gulf lease obligations in december 1988  in two separate identical transactions system energy sold and leased back undivided ownership interests in grand gulf for aggregate sum of $ 500 million.\n interests represent approximately 11. 5% ( 11. 5 % ) of grand gulf.\n leases expire in 2015.\n under certain circumstances system entergy may repurchase leased interests prior to end of term leases.\n end of lease terms system energy option to repurchase leased interests in grand gulf at fair market value or renew leases for fair market value or under certain conditions fixed rate.\n in may 2004  system energy caused grand gulf lessors to refinance outstanding bonds issued to finance purchase of undivided interest in grand gulf.\n refinancing at lower interest rate system energy's lease payments reduced to reflect lower interest costs.\n system energy required to report sale-leaseback as financing transaction in financial statements.\n for financial reporting system energy expenses interest portion of lease obligation and plant depreciation.\n operating revenues include recovery of lease payments transactions accounted for as sale and leaseback for ratemaking purposes.\nconsistent with recommendation in ferc audit report , system energy recorded as net regulatory asset difference between recovery lease payments and amounts expensed for interest and depreciation continues to record this difference as regulatory asset or liability ongoing basis  resulting in zero net balance for regulatory asset at end of lease term.\n amount net regulatory asset was $ 19. 2 million and $ 36. 6 million as of december 31 , 2008 and 2007 , respectively.\n\n| amount ( in thousands )\n------------------------------------------- | -----------------------\n2009                                        | $ 32452\n2010                                        | 35138\n2011                                        | 50421\n2012                                        | 39067\n2013                                        | 26301\nyears thereafter                            | 137858\ntotal                                       | 321237\nless : amount representing interest         | 73512\npresent value of net minimum lease payments | $ 247725"
}
{
    "_id": "dd4978892",
    "title": "",
    "text": "exposed to gains losses from fluctuations in foreign currency exchange rates on transactions by international subsidiaries in currencies other than local currencies.\n gains losses primarily driven by inter-company transactions.\n exposures included in other income ( expense )  net on consolidated statements income.\n since 2007  used foreign currency forward contracts to reduce risk from exchange rate fluctuations on inter-company transactions projected inventory purchases for our canadian subsidiary.\n beginning in december 2008  began using foreign currency forward contracts to reduce risk with foreign currency exchange rate fluctuations on inter-company transactions for european subsidiary.\n do not enter into derivative financial instruments for speculative or trading purposes.\n foreign currency forward contracts of december 31, 2009 receive us dollars in exchange for canadian dollars at average contractual foreign currency exchange rate of 1. 04 cad per $ 1. 00 us dollars in exchange for euros at exchange rate of 0. 70 eur per $ 1. 00.\n as of december 31 , 2009  notional value of outstanding foreign currency forward contracts for canadian subsidiary was $ 15. 4 million with contract maturities of 1 month value contracts for european subsidiary was $ 56. 0 million with contract maturities of 1 month.\n foreign currency forward contracts not designated as cash flow hedges changes in fair value recorded in other income ( expense )  net on consolidated statements of income.\n fair value of foreign currency forward contracts was $ 0. 3 million and $ 1. 2 million as of december 31 , 2009 and 2008 .\n amounts included in prepaid expenses other current assets on consolidated balance sheet.\n refer to note 9 for discussion of fair value measurements.\n other income ( expense )  net included following amounts related to changes in foreign currency exchange rates derivative foreign currency forward contracts:.\nwe entered into foreign currency forward contracts to minimize impact of foreign currency exchange rate fluctuations on future cash flows , cannot be assured foreign currency exchange rate fluctuations not material adverse impact on our financial condition results of operations.\n inflation inflationary factors as increases in cost of product and overhead costs may adversely affect operating results.\n not believe inflation material impact on our financial position or results of operations to date , high rate of inflation in future may have adverse effect on ability to maintain current levels of gross margin selling , general administrative expenses as percentage of net revenues if selling prices of products do not increase with increased costs.\n\nyear ended december 31 , ( in thousands )                  | year ended december 31 , 2009 | year ended december 31 , 2008 | 2007\n---------------------------------------------------------- | ----------------------------- | ----------------------------- | ------------\nunrealized foreign currency exchange rate gains ( losses ) | $ 5222                        | $ -5459 ( 5459 )              | $ 2567\nrealized foreign currency exchange rate gains ( losses )   | -261 ( 261 )                  | -2166 ( 2166 )                | 174\nunrealized derivative gains ( losses )                     | -1060 ( 1060 )                | 1650                          | -243 ( 243 )\nrealized derivative losses                                 | -4412 ( 4412 )                | -204 ( 204 )                  | -469 ( 469 )"
}
{
    "_id": "dd4bd1648",
    "title": "",
    "text": "blackrock n 96 n notes april 2009  company acquired $ 2 million finite- lived management contracts five-year estimated useful life associated with acquisition r3 capital partners funds.\n december 2009 , conjunction bgi trans- action  company acquired $ 163 million finite- lived management contracts weighted-average estimated useful life approximately 10 years.\n estimated amortization expense for finite-lived intangible assets for each five succeeding years follows : ( dollar amounts in millions ).\n indefinite-lived acquired management contracts september 29, 2006 conjunction with mlim transaction , company acquired indefinite-lived man- agement contracts valued $ 4477 million $ 4271 million for all retail mutual funds $ 206 million for alternative investment products.\n october 1 , 2007  conjunction quellos transaction  company acquired $ 631 million indefinite-lived management contracts alternative investment products.\n october 1 , 2007  company purchased remain- ing 20% ( 20 % ) of investment manager of fund of hedge funds.\n conjunction transaction company recorded $ 8 million additional indefinite-lived management contracts associated alternative investment products.\n december 1 , 2009 , conjunction bgi transaction  company acquired $ 9785 million indefinite-lived management contracts valued primarily for exchange traded funds common and collective trusts.\n indefinite-lived acquired trade names/trademarks december 1 , 2009 , conjunction with bgi transaction  company acquired trade names/ trademarks primarily related to ishares valued at $ 1402. 5 million.\n fair value determined using royalty rate based primarily on normalized marketing and promotion expenditures to develop support brands globally.\n 13.\nborrowings short-term borrowings 2007 facility august 2007  company entered five-year $ 2. 5 billion unsecured revolving credit facility ( 201c2007 facility 201d ) permits company to request additional $ 500 million borrowing capacity subject to lender credit approval up to maximum $ 3. 0 billion.\n 2007 facility requires company not to exceed maximum leverage ratio ( ratio of net debt to earnings before interest , taxes  depreciation amortiza- tion net debt equals total debt less domestic unrestricted cash ) of 3 to 1 satisfied with ratio less than 1 to 1 at december 31, 2009.\n 2007 facility provides back-up liquidity funds ongoing working capital for general corporate purposes funds various investment opportunities.\n december 31 , 2009 company had $ 200 million outstanding under 2007 facility interest rate of 0. 44% ( 0. 44 % ) maturity date february 2010.\n february 2010 company rolled over $ 100 million in borrowings interest rate of 0. 43% ( 0. 43 % ) maturity date in may 2010.\n lehman commercial paper inc.\n has $ 140 million participation under 2007 facility ; blackrock not expect lehman commercial paper inc.\n will honor commitment to fund additional amounts.\n bank of america , related party has $ 140 million participation under 2007 facility.\n december 2007 to support two enhanced cash funds blackrock manages blackrock elected to procure two letters of credit under existing 2007 facility aggregate amount of $ 100 million.\n decem- ber 2008  letters of credit terminated.\n commercial paper program october 14 , 2009 blackrock established com- mercial paper program ( 201ccp program 201d ) company may issue unsecured commercial paper notes ( 201ccp notes 201d ) private placement basis up to maximum aggregate amount outstanding $ 3 billion.\nproceeds of commercial paper issuances used for financing of portion bgi transaction.\n subsidiaries of bank of america and barclays other third parties act as dealers under cp program.\n cp program supported by 2007 facility.\n company began issuance of cp notes under program on november 4 , 2009.\n as of december 31 , 2009 blackrock had approximately $ 2 billion of out- standing cp notes with weighted average interest rate 0. 20% (. ) average maturity 23 days.\n since december 31 2009 company repaid approxi $ 1. 4 billion of cp notes with proceeds from long-term notes issued in december 2009.\n as of march 5, 2010 blackrock had $ 596 million of outstanding cp notes with weighted average interest rate of 0. 18% (. 18 % ) average maturity of 38 days.\n japan commitment-line in june 2008 blackrock japan co. ltd. wholly owned subsidiary company entered five billion japanese yen commitment-line agreement with bank- ing institution ( 201cjapan commitment-line 201d ).\n term japan commitment-line was one year interest accrued at applicable japanese short-term prime rate.\n in june 2009 blackrock japan.\n renewed japan commitment-line for one year.\n japan commitment-line intended to provide liquid- ity and flexibility for operating requirements in japan.\n at december 31 , 2009 company had no borrowings outstanding on japan commitment-line.\n convertible debentures in february 2005 company issued $ 250 million aggregate principal amount of convertible debentures ( 201cdebentures 201d ) due in 2035 bearing interest at rate of 2. 625% ( 2. 625 % ) per annum.\n interest payable semi- annually in arrears on february 15 and august 15 each year commenced august 15 , 2005.\nprior to february 15 , 2009 , debentures could have been convertible at option of holder at decem- ber 31 , 2008 conversion rate of 9. 9639 shares of common stock per one dollar principal amount of debentures under certain circumstances.\n debentures would have convertible into cash and  in some situations , additional shares of company 2019s common stock , if during five business day period after five consecutive trading day period trading price per debenture for each day is less than 103% ( 103 % ) of product last reported sales price of blackrock 2019s common stock and conversion rate of debentures on each day or upon occurrence of certain other corporate events , distribution to holders blackrock common stock of certain rights , assets debt securities , if company becomes party to merger , consolidation or transfer of all or assets or change of control of company.\n on february 15 , 2009 , debentures became convertible into cash any time prior to maturity at option of holder and  in some situations, additional shares of company 2019s common stock at current conversion rate.\n at time debentures tendered for conver- sion , for each one dollar principal amount of debentures converted , holder entitled to receive cash and shares of blackrock common stock  if aggregate value ( 201cconversion value 201d ) deter- mined by multiplying applicable conversion rate by average of daily volume weighted average price of blackrock common stock for each of ten consecutive trading days beginning on second trading day following day debentures tendered for conversion ( 201cten-day weighted average price 201d ).\ncompany deliver conversion value to holders as follows : ( 1 ) amount in cash ( 201cprincipal return 201d ) equal to lesser of ( a ) aggregate conversion value of debentures to converted and ( b ) aggregate principal amount of debentures converted , ( 2 ) if aggregate conversion value of debentures converted is greater than principal return , amount in shares ( 201cnet shares 201d ) , determined below, equal to aggregate conversion value less principal return ( 201cnet share amount 201d ).\n number of net shares to be paid determined by dividing net share amount by ten-day weighted average price.\n in lieu of delivering fractional shares , company deliver cash based on ten-day weighted average price.\n conversion rate for debentures subject to adjustments upon occurrence of certain corporate events , such as change of control of company , 193253ti_txt. indd 96 4/2/10 1:18 pm\n\n2010 | $ 160\n---- | -----\n2011 | 157\n2012 | 156\n2013 | 155\n2014 | 149"
}
{
    "_id": "dd4c5ddfa",
    "title": "",
    "text": "repurchase programs.\n utilized cash from operating activities $ 57. 0 million in cash proceeds from employee stock compensation plans borrowings under credit facilities to fund repurchases.\n during 2008  borrowed $ 330. 0 million from existing credit facilities to fund stock repurchases partially fund acquisition of abbott spine.\n may use excess cash or borrow from credit facilities to repurchase additional common stock under $ 1. 25 billion program expires december 31 , 2009.\n five year $ 1350 million revolving , multi- currency  senior unsecured credit facility maturing november 30, 2012 ( 201csenior credit facility 201d ).\n had $ 460. 1 million outstanding under senior credit facility at december 31, 2008 availability of $ 889. 9 million.\n senior credit facility contains provisions can increase line to $ 1750 million request maturity date extended for two additional one-year periods.\n we wholly owned foreign subsidiaries are borrowers under senior credit facility.\n borrowings senior credit facility used for general corporate purposes bear interest at libor- based rate plus applicable margin determined by reference to senior unsecured long-term credit rating amounts drawn under senior credit facility at alternate base rate or fixed rate determined through competitive bid process.\n senior credit facility contains customary affirmative and negative covenants events of default for unsecured financing arrangement including limitations on consolidations  mergers sales of assets.\n financial covenants include maximum leverage ratio of 3. 0 to 1. 0 minimum interest coverage ratio of 3. 5 to 1. 0.\n if fall below investment grade credit rating  additional restrictions result including restrictions on investments payment of dividends stock repurchases.\n in compliance with all covenants under senior credit facility as of december 31 , 2008.\ncommitments under senior credit facility subject to certain fees including facility and utilization fee.\n senior credit facility rated a- by standard & poor 2019s ratings services not rated by moody 2019s investors 2019 service .\n notwithstanding recent interruptions in global credit markets of date report believe access to senior credit facility not impaired.\n in october 2008  funded portion of acquisition of abbott spine with approximately $ 110 million of new borrowings under senior credit facility.\n each lenders under senior credit facility funded portion of new borrowings in accordance with commitment percentage.\n available uncommitted credit facilities totaling $ 71. 4 million.\n management believes cash flows from operations together with available borrowings under senior credit facility sufficient to meet expected working capital capital expenditure debt service needs.\n should investment opportunities arise believe earnings  balance sheet cash flows will allow to obtain additional capital if necessary.\n contractual obligations entered into contracts with third parties business require future payments.\n table illustrates contractual obligations ( in millions ) : contractual obligations total 2009.\n long-term income taxes payable 116. 9 2013 69. 6 24. 9 22. 4 other long-term liabilities 237. 0 2013 30. 7 15. 1 191. 2 total contractual obligations $ 1020. 1 $ 85. 9 $ 158. 9 $ 531. 8 $ 243. 5 critical accounting estimates financial results affected by selection application of accounting policies and methods.\n significant accounting policies require management 2019s judgment discussed below.\n excess inventory and instruments 2013 must determine as of each balance sheet date how much if of inventory may prove to be unsaleable or unsaleable at carrying cost.\n must determine if instruments on hand will be put to productive use or remain undeployed as result of excess supply.\nreserves established to adjust inventory instruments to net realizable value.\n determine appropriate level of reserves evaluate current stock levels relation to historical expected patterns of demand for all products instrument systems components.\n basis for determination generally same for all inventory instrument items categories except for work-in-progress inventory recorded at cost.\n obsolete or discontinued items destroyed written off.\n management evaluates need for changes to valuation reserves based on market conditions competitive offerings other factors regular basis.\n income taxes 2013 estimate income tax expense income tax liabilities assets by taxable jurisdiction.\n realization of deferred tax assets in each taxable jurisdiction dependent on ability to generate future taxable income sufficient to realize benefits.\n evaluate deferred tax assets ongoing basis provide valuation allowances if 201cmore likely not deferred tax benefit not realized.\n federal income taxes provided on portion of income of foreign subsidiaries expected to be remitted to u. s.\n operate within numerous taxing jurisdictions.\n subject to regulatory z i m m e r h o l d i n g s , i n c.\n 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t %%transmsg*** transmitting job : c48761 pcn : 031000000 ***%%pcmsg|31|00013|yes|no|02/24/2009 06:10|0|0|page is valid , no graphics -- color : d|\n\ncontractual obligations        | total    | 2009   | 2010 and 2011 | 2012 and 2013 | 2014 and thereafter\n------------------------------ | -------- | ------ | ------------- | ------------- | -------------------\nlong-term debt                 | $ 460.1  | $ 2013 | $ 2013        | $ 460.1       | $ 2013\noperating leases               | 149.3    | 38.2   | 51.0          | 30.2          | 29.9\npurchase obligations           | 56.8     | 47.7   | 7.6           | 1.5           | 2013\nlong-term income taxes payable | 116.9    | 2013   | 69.6          | 24.9          | 22.4\nother long-term liabilities    | 237.0    | 2013   | 30.7          | 15.1          | 191.2\ntotal contractual obligations  | $ 1020.1 | $ 85.9 | $ 158.9       | $ 531.8       | $ 243.5"
}
{
    "_id": "dd498f754",
    "title": "",
    "text": "2006  board of directors approved projected $ 3. 2 billion expansion of garyville , louisiana refinery by 180 mbpd to 425 mbpd increase total refining capacity to 1. 154 million barrels per day ( 2018 2018mmbpd 2019.\n recently received air permit approval from louisiana department of environmental quality for project construction expected to begin in mid-2007 startup planned for fourth quarter of 2009.\n commenced front-end engineering and design 2018 2018feed 2019 2019 for potential heavy oil upgrading project at detroit refinery allow process increased volumes of canadian oil sands production undertaking feasibility study for similar upgrading project at catlettsburg refinery.\n supplier of gasoline and distillates to resellers and consumers within market area in midwest , upper great plains southeastern united states.\n in 2006  refined product sales volumes ( excluding matching buy/sell transactions ) totaled 21. 5 billion gallons , or 1. 401 mmbpd.\n average sales price of refined products was $ 77. 76 per barrel for 2006.\n following table sets forth refined product sales by product group average sales price for each last three years.\n refined product sales ( thousands of barrels per day ) 2006 2005 2004.\n a ) includes matching buy/sell volumes of 24 mbpd , 77 mbpd 71 mbpd in 2006 , 2005 2004.\n on april 1 , 2006  changed accounting for matching buy/sell arrangements new accounting standard.\n change resulted in lower refined product sales volumes for remainder of 2006 than reported under previous accounting practices.\n see note 2 to consolidated financial statements.\nwholesale distribution of petroleum products to private brand marketers large commercial and industrial consumers sales in spot market accounted for 71 percent of refined product sales volumes in 2006.\n sold 52 percent gasoline volumes 89 percent distillates volumes wholesale spot market.\n half of propane sold into home heating market balance purchased by industrial consumers.\n propylene , cumene  aromatics  aliphatics  sulfur domestically marketed to customers in chemical industry.\n base lube oils , maleic anhydride  slack wax  extract pitch sold throughout united states canada pitch products exported worldwide.\n market asphalt through owned and leased terminals throughout midwest upper great plains southeastern united states.\n customer base includes approximately 800 asphalt-paving contractors  government entities ( states counties cities townships ) asphalt roofing shingle manufacturers.\n blended 35 mbpd of ethanol into gasoline in 2006.\n in 2005 and 2004  blended 35 mbpd and 30 mbpd of ethanol.\n expansion or contraction of ethanol blending program driven by economics of ethanol supply changes in government regulations.\n sell reformulated gasoline in parts marketing territory  primarily chicago , illinois ; louisville , kentucky ; northern kentucky milwaukee , wisconsin  sell low-vapor-pressure gasoline in nine states.\n as of december 31 , 2006  supplied petroleum products to about 4200 marathon branded retail outlets primarily in ohio , michigan , indiana , kentucky illinois.\nbranded retail outlets in florida georgia minnesota wisconsin west virginia tennessee virginia north carolina pennsylvania alabama south carolina.\n sales to marathon brand jobbers dealers accounted for 14 percent refined product sales volumes in 2006.\n ssa sells gasoline diesel fuel through company retail outlets.\n sales refined products through ssa retail outlets accounted for 15 percent refined product sales volumes in 2006.\n as of december 31 , 2006 ssa had 1636 retail outlets in nine states sold petroleum products convenience store merchandise services under brand names 2018 2018speedway 2019 2019 2018 2018superamerica. 2019 ssa 2019s revenues from non-petroleum merchandise totaled $ 2. 7 billion in 2006 compared with $ 2. 5 billion in 2005.\n profit levels from sale\n\n( thousands of barrels per day )     | 2006    | 2005    | 2004\n------------------------------------ | ------- | ------- | -------\ngasoline                             | 804     | 836     | 807\ndistillates                          | 375     | 385     | 373\npropane                              | 23      | 22      | 22\nfeedstocks and special products      | 106     | 96      | 92\nheavy fuel oil                       | 26      | 29      | 27\nasphalt                              | 91      | 87      | 79\ntotal ( a )                          | 1425    | 1455    | 1400\naverage sales price ( $ per barrel ) | $ 77.76 | $ 66.42 | $ 49.53"
}
{
    "_id": "dd4c465a6",
    "title": "",
    "text": "prepare estimates of research and development costs for projects in clinical development include direct costs and allocations of certain costs indirect labor , non-cash compensation expense  manufacturing and other costs related to activities benefit multiple projects under collaboration with bayer healthcare , portion of bayer healthcare 2019s vegf trap-eye development expenses we obligated to reimburse.\n estimates of research and development costs for clinical development programs shown below : project costs year ended december 31 , increase ( decrease ) ( in millions ) 2009 2008.\n for reasons described above in results of operations for years ended december 31 , 2010 2009  under caption 201cresearch and development expenses 201d  due to variability in costs necessary to develop pharmaceutical product uncertainties related to future indications studied, estimated cost and scope of projects ability to obtain governmental approval for commercialization , accurate meaningful estimates of total cost to bring product candidates to market not available.\n currently unable to reasonably estimate if product candidates will generate material product revenues and net cash inflows.\n in 2008  received fda approval for arcalyst ae for treatment of caps , group of rare  inherited auto-inflammatory diseases affect small group of people.\n currently do not expect to generate material product revenues and net cash inflows from sale of arcalyst ae for treatment of caps.\n selling , general , and administrative expenses expenses increased to $ 52. 9 million in 2009 from $ 48. 9 million in 2008.\n in 2009  incurred higher compensation expense  higher patent-related costs  higher facility-related costs due to increases in administrative headcount  iv higher patient assistance costs related to arcalyst ae.\nincreases offset by lower marketing costs related to arcalyst ae  decrease in administrative recruitment costs lower professional fees related to corporate matters.\n cost of goods sold during 2008  began recognizing revenue and cost of goods sold from net product sales of arcalyst ae.\n cost of goods sold in 2009 and 2008 was $ 1. 7 million and $ 0. 9 million  respectively consisted primarily of royalties and other period costs related to arcalyst ae commercial supplies.\n in 2009 and 2008 arcalyst ae shipments to customers consisted of supplies of inventory manufactured expensed as research and development costs prior to fda approval in 2008 costs of supplies not included in costs of goods sold.\n other income and expense investment income decreased to $ 4. 5 million in 2009 from $ 18. 2 million in 2008 due to lower yields on lower balances of cash and marketable securities.\n in 2009 and 2008  deterioration in credit quality of specific marketable securities in investment portfolio subjected to risk of not to recover these securities 2019 carrying values.\n in 2009 and 2008 recognized charges of $ 0. 1 million and $ 2. 5 million  related to these securities considered other than temporarily impaired.\n in 2009 and 2008 charges wholly or partly offset by realized gains of $ 0. 2 million and $ 1. 2 million  on sales of marketable securities during year.\n\nproject costs ( in millions )                     | project costs 2009 | 2008    | ( decrease )\n------------------------------------------------- | ------------------ | ------- | ------------\narcalyst ae                                       | $ 67.7             | $ 39.2  | $ 28.5\nvegf trap-eye                                     | 109.8              | 82.7    | 27.1\naflibercept                                       | 23.3               | 32.1    | -8.8 ( 8.8 )\nregn88                                            | 36.9               | 21.4    | 15.5\nother antibody candidates in clinical development | 74.4               | 27.4    | 47.0\nother research programs & unallocated costs       | 86.7               | 72.1    | 14.6\ntotal research and development expenses           | $ 398.8            | $ 274.9 | $ 123.9"
}
{
    "_id": "dd4c1edb2",
    "title": "",
    "text": "contributions and future benefit payments we expect to make contributions of $ 28. 1 million to our defined benefit , other postretirement, postemployment benefits plans in fiscal 2009.\n actual 2009 contributions could exceed our current projections , as influenced by our decision to undertake discretionary funding of our benefit trusts versus other competing investment priorities future changes in government requirements.\n estimated benefit payments , which reflect expected future service , as appropriate , are expected to be paid from fiscal 2009-2018 as follows : in millions defined benefit pension postretirement benefit plans gross payments medicare subsidy receipts postemployment benefit.\n defined contribution plans the general mills savings plan is a defined contribution plan that covers salaried and nonunion employees.\n it had net assets of $ 2309. 9 million as of may 25 , 2008 and $ 2303. 0 million as of may 27 , 2007. this plan is a 401 ( k ) savings plan that includes a number of investment funds and an employee stock ownership plan ( esop ).\n we sponsor another savings plan for certain hourly employees with net assets of $ 16. 0 million as of may 25 , 2008.\n our total recognized expense related to defined contribution plans was $ 61. 9 million in fiscal 2008 , $ 48. 3 million in fiscal 2007 , and $ 45. 5 million in fiscal 2006.\nesop purchased our common stock with funds borrowed from guaranteed by us. esop shares included in net shares outstanding for calculating eps.\n esop 2019s third-party debt repaid on june 30 , 2007.\n esop 2019s only assets are our common stock and temporary cash balances. esop 2019s share of total defined contribution expense was $ 52. 3 million in fiscal 2008 $ 40. 1 million in fiscal 2007 $ 37. 6 million in fiscal 2006.\n esop 2019s expensewas calculated by 201cshares allocated 201dmethod.\n esop used our common stock to convey benefits to employees align employee interests with stockholders. wematched percentage of employee contributions to general mills savings plan with base match plus variable year end match depended on annual results.\n employees received our match in form of common stock.\n cash contribution to esop calculated to pay off enough debt to release sufficient shares to make match.\n esop used cash contributions to plan plus dividends received on leveraged shares to make principal and interest payments on esop 2019s debt.\n loan payments made shares became unencumbered by debt committed to be allocated.\n esop allocated shares to individual employee accounts on basis of match of employee payroll savings ( contributions plus reinvested dividends received on allocated shares.\n esop incurred net interest of less than $ 1. 0 million in each fiscal 2007 and 2006.\n used dividends of $ 2. 5 million in fiscal 2007 and $ 3. 9 million in 2006 with our contributions of less than $ 1. 0 million in fiscal 2007 and 2006 to make interest and principal payments.\n number of shares of our common stock allocated to participants in esop was 5. 2 million as of may 25 , 2008  5.4 million may 27  2007.\n annual report 2008\n\nin millions    | defined benefit pension plans | other postretirement benefit plans gross payments | medicare subsidy receipts | postemployment benefit plans\n-------------- | ----------------------------- | ------------------------------------------------- | ------------------------- | ----------------------------\n2009           | $ 176.3                       | $ 56.0                                            | $ -6.1 ( 6.1 )            | $ 16.6\n2010           | 182.5                         | 59.9                                              | -6.7 ( 6.7 )              | 17.5\n2011           | 189.8                         | 63.3                                              | -7.3 ( 7.3 )              | 18.1\n2012           | 197.5                         | 67.0                                              | -8.0 ( 8.0 )              | 18.8\n2013           | 206.6                         | 71.7                                              | -8.7 ( 8.7 )              | 19.4\n2014 2013 2018 | 1187.3                        | 406.8                                             | -55.3 ( 55.3 )            | 106.3"
}
{
    "_id": "dd4c339ec",
    "title": "",
    "text": "adjusted grid ( 201cpricing grid 201d ) based on consolidated leverage ratio ranges between 1. 00% ( 1. 00 % ) to 1. 25% ( 1. 25 % ) for adjusted libor loans 0. 00% ( 0. 00 % ) to 0. 25% ( 0. 25 % ) for alternate base rate loans.\n weighted average interest rate under outstanding term loans and revolving credit facility borrowings was 1. 6% ( 1. 6 % ) and 1. 3% ( 1. 3 % ) during years ended december 31 , 2016 and 2015.\n company pays commitment fee on average daily unused amount revolving credit facility certain fees letters of credit.\n as of december 31 , 2016 commitment fee was 15. 0 basis points.\n company incurred deferred $ 3. 9 million in financing costs credit agreement.\n 3. 250% ( 3. 250 % ) senior notes in june 2016 issued $ 600. 0 million aggregate principal amount of 3. 250% ( 3. 250 % ) senior unsecured notes due june 15 , 2026 ( 201cnotes 201d ).\n proceeds used to pay down amounts outstanding under revolving credit facility.\n interest payable semi-annually on june 15 and december 15 beginning december 15 , 2016.\n prior to march 15 , 2026 ( three months prior to maturity date notes ) company may redeem some or all notes any time at redemption price equal to 100% ( % ) of principal amount of notes redeemed or 201cmake-whole 201d amount applicable to notes described in indenture governing notes plus accrued and unpaid interest to excluding redemption date.\nor after march 15 , 2026 ( three months prior to maturity date of notes )  company may redeem some or all notes at any time time to time at redemption price equal to 100% ( 100 % ) of principal amount of notes to be redeemed plus accrued and unpaid interest to excluding redemption date.\n indenture governing notes contains covenants limitations restrict company 2019s ability ability of certain subsidiaries to create or incur secured indebtedness enter into sale and leaseback transactions company ability to consolidate, merge or transfer all or properties or assets to another person subject to material exceptions described in indenture.\n company incurred and deferred $ 5. 3 million in financing costs in connection with notes.\n other long term debt in december 2012  company entered into $ 50. 0 million recourse loan collateralized by land , buildings tenant improvements comprising company 2019s corporate headquarters.\n loan has seven year term maturity date of december 2019.\n loan bears interest at one month libor plus margin of 1. 50% ( 1. 50 % )  allows for prepayment without penalty.\n loan includes covenants and events of default consistent with company 2019s credit agreement.\n loan requires prior approval of lender for certain matters related to property including transfers of interest in property.\n as of december 31 , 2016 and 2015  outstanding balance on loan was $ 42. 0 million and $ 44. 0 million .\n weighted average interest rate on loan was 2. 0% ( 2. 0 % ) and 1. 7% ( 1. 7 % ) for years ended december 31 , 2016 and 2015 .\n scheduled maturities of long term debt as of december 31 , 2016 : ( in thousands ).\n\n2017                                         | $ 27000\n-------------------------------------------- | --------\n2018                                         | 27000\n2019                                         | 63000\n2020                                         | 25000\n2021                                         | 86250\n2022 and thereafter                          | 600000\ntotal scheduled maturities of long term debt | $ 828250\ncurrent maturities of long term debt         | $ 27000"
}
{
    "_id": "dd4be6962",
    "title": "",
    "text": "estimates of synthetic crude oil reserves prepared by glj petroleum consultants of calgary, canada third-party consultants.\n their reports for all years filed as exhibits to this annual report on form 10-k.\n team lead responsible for estimates osm reserves has 34 years experience in petroleum engineering conducted surface mineable oil sands evaluations since 1986.\n member of spe  served as regional director from 1998 through 2001.\n second team member has 13 years experience in petroleum engineering conducted surface mineable oil sands evaluations since 2009.\n both registered practicing professional engineers in province of alberta.\n audits of estimates third-party consultants engaged provide independent estimates for fields 80 percent of our total proved reserves over rolling four-year period for auditing in-house reserve estimates.\n met this goal for four- year period ended december 31 , 2012.\n established tolerance level of 10 percent initial estimates by third-party consultants accepted if within 10 percent of our internal estimates.\n should third-party consultants 2019 initial analysis fail to reach tolerance level team and consultants re-examine information request additional data refine analysis if appropriate.\n resolution process continued until both estimates within 10 percent.\n in limited instances where differences outside 10 percent tolerance be resolved by year end plan to resolve difference is developed senior management informed.\n process did not result in significant changes to reserve estimates in 2012 or 2011.\n no third-party audits performed in 2010.\n during 2012  netherland , sewell & associates , inc.\n ( \"nsai\" ) prepared certification of december 31 , 2011 reserves for alba field.\n nsai summary report filed as exhibit to this annual report on form 10-k.\nmembers nsai team have years industry experience worked for large international oil and gas companies before joining nsai.\n senior technical advisor has bachelor of science degree in geophysics 15 years experience in estimation evaluation of reserves.\n second member has bachelor of science degree in chemical engineering master of business administration 3 years experience in estimation evaluation of reserves.\n both licensed in texas.\n ryder scott company ( \"ryder scott\" ) performed audits of our fields in 2012 and 2011.\n summary reports on audits 2012 2011 filed as exhibits to annual report on form 10-k.\n team lead for ryder scott has over 20 years industry experience worked for major international oil and gas company before joining ryder scott.\n has bachelor of science degree in mechanical engineering member of spe served on oil and gas reserves committee registered professional engineer in texas.\n changes in proved undeveloped reserves as of december 31, 2012, 571 mmboe of proved undeveloped reserves reported increase of 176 mmboe from december 31 , 2011.\n table shows changes in total proved undeveloped reserves for 2012 : ( mmboe ).\n significant additions to proved undeveloped reserves during 2012 include 56 mmboe due to acquisitions in eagle ford shale.\n development drilling added 124 mmboe in eagle ford 35 mmboe in bakken 15 mmboe in oklahoma resource basins shale play.\n gas sharing agreement with libyan government in 2012 added 19 mmboe.\n 30 mmboe transferred from proved undeveloped to proved developed reserves in eagle ford 14 mmboe in bakken shale plays due to producing wells.\n costs incurred in 2012 , 2011 2010 to development of proved undeveloped reserves were $ 1995 million $ 1107 million and $ 1463 million.\ntotal 27 mmboe booked result of reliable technology.\n technologies included statistical analysis of production performance  decline curve analysis rate transient analysis  reservoir simulation volumetric analysis.\n statistical nature of production performance with certain reservoir continuity or quality within reliable technology areas sufficient undeveloped locations establish reasonable certainty criteria required for booking reserves.\n\nbeginning of year                          | 395\n------------------------------------------ | ----------\nrevisions of previous estimates            | -13 ( 13 )\nimproved recovery                          | 2\npurchases of reserves in place             | 56\nextensions discoveries and other additions | 201\ntransfer to proved developed               | -70 ( 70 )\nend of year                                | 571"
}
{
    "_id": "dd4beb2fa",
    "title": "",
    "text": "devon energy corporation subsidiaries notes to consolidated financial statements 2013 ( continued ) debt maturities as of december 31 , 2015  excluding premiums discounts as follows ( millions ) :.\n credit lines devon has $ 3. 0 billion senior credit facility.\n maturity date for $ 30 million facility is october 24 , 2017.\n maturity date for $ 164 million is october 24 , 2018.\n maturity date for remaining $ 2. 8 billion is october 24 , 2019.\n amounts borrowed under senior credit facility may at election devon bear interest at fixed rate options for up to twelve months.\n such rates generally less than prime rate.\n devon may elect to borrow at prime rate.\n senior credit facility provides for annual facility fee of $ 3. 8 million payable quarterly in arrears.\n as of december 31 , 2015 no borrowings under senior credit facility.\n senior credit facility contains one material financial covenant.\n covenant requires devon 2019s ratio of total funded debt to total capitalization credit agreement be no greater than 65% ( 65 % ).\n credit agreement contains definitions of total funded debt and total capitalization include adjustments to amounts reported in accompanying consolidated financial statements.\n total capitalization adjusted to add back noncash financial write-downs full cost ceiling impairments goodwill impairments.\n as of december 31 , 2015 devon in compliance with this covenant with debt-to- capitalization ratio of 23. 7% ( 23. 7 % ).\n commercial paper devon 2019s senior credit facility supports $ 3. 0 billion of short-term credit under commercial paper program.\n commercial paper debt has maturity of between 1 and 90 days can up to 365 days bears interest at rates agreed to at time of borrowing.\ninterest rate based on standard index federal funds rate libor or money market rate in commercial paper market.\n as of december 31 , 2015  devon 2019s outstanding commercial paper borrowings had weighted-average borrowing rate of 0. 63% ( 0. 63 % ).\n issuance senior notes in june 2015  devon issued $ 750 million of 5. 0% ( 5. 0 % ) senior notes due 2045 unsecured and unsubordinated obligations.\n devon used net proceeds to repay floating rate senior notes matured on december 15, 2015  outstanding commercial paper balances.\n in december 2015 announcement powder river basin and stack acquisitions devon issued $ 850 million of 5. 85% ( 5. 85 % ) senior notes due 2025 unsecured and unsubordinated obligations.\n used net proceeds to fund cash portion of acquisitions.\n\n2016       | $ 976\n---------- | -------\n2017       | 2014\n2018       | 875\n2019       | 1100\n2020       | 414\nthereafter | 9763\ntotal      | $ 13128"
}
{
    "_id": "dd4bce1c8",
    "title": "",
    "text": "2015 compared to 2014 costs of revenue in 2015 increased $ 41 million.\n increase included constant currency increase in expenses of approximately $ 238 million  or 8. 9% ( 8. 9 % )  partially offset by positive impact of approximately $ 197 million from effects of foreign currency fluctuations.\n constant currency growth comprised of $ 71 million increase in commercial solutions  included impact from encore acquisition closed in july 2014 $ 146 million increase in research & development solutions incremental impact from businesses quest contributed to q2 solutions  $ 21 million increase in integrated engagement services.\n decrease in costs of revenue as percent of revenues for 2015 result of improvement in constant currency profit margin in commercial solutions , research & development solutions and integrated engagement services segments ( described in segment discussion ).\n for 2015  constant currency profit margin expansion partially offset by effect from higher proportion of consolidated revenues by lower margin integrated engagement services segment compared to 2014 negative impact from foreign currency fluctuations.\n selling , general and administrative expenses  exclusive of depreciation and amortization.\n 2016 compared to 2015 $ 196 million increase in selling , general and administrative expenses in 2016 included constant currency increase of $ 215 million  or 26. 4% ( 26. 4 % )  partially offset by positive impact of approximately $ 19 million from effects of foreign currency fluctuations.\n constant currency growth of $ 151 million increase in commercial solutions includes $ 158 million from merger with ims health  partially offset by decline in legacy service offerings  $ 32 million increase in research & development solutions includes incremental impact from businesses quest contributed to q2 solutions  $ 3 million increase in integrated engagement services  $ 29 million increase in general corporate and unallocated expenses includes $ 37 million from merger with ims health.\nconstant currency increase in general corporate unallocated expenses in 2016 due to higher stock-based compensation expense.\n 2015 compared to 2014 $ 34 million increase in selling  general administrative expenses in 2015 included constant currency increase of $ 74 million  or 9. 5% ( 9. % )  partially offset by positive impact of approximately $ 42 million from foreign currency fluctuations.\n constant currency growth comprised of $ 14 million increase in commercial solutions  included impact from encore acquisition closed in july 2014 $ 40 million increase in research & development solutions incremental impact from businesses quest contributed to q2 solutions  $ 4 million increase in integrated engagement services $ 14 million increase in general corporate unallocated expenses.\n constant currency increase in general corporate unallocated expenses in 2015 due to higher stock-based compensation expense costs associated with q2 solutions transaction.\n\n( dollars in millions )                     | year ended december 31 , 2016 | year ended december 31 , 2015 | year ended december 31 , 2014\n------------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------\nselling general and administrative expenses | $ 1011                        | $ 815                         | $ 781\n% (  % ) of revenues                        | 18.8% ( 18.8 % )              | 18.8% ( 18.8 % )              | 18.8% ( 18.8 % )"
}
{
    "_id": "dd4979602",
    "title": "",
    "text": "backlog decreased in 2015 compared to 2014 due to sales recognized on multi-year programs ( hmsc  nisc iii  ciog nsf asc ) related to prior year awards limited large new business awards.\n backlog decreased 2014 compared to 2013 due to lower customer funding levels declining activities on direct warfighter support programs impacted defense budget reductions.\n expect is&gs 2019 2016 net sales to decline high-single digit percentage range compared to 2015 driven by key loss contracts competitive environment volume contraction on segment 2019s major contracts.\n operating profit expected to decline higher percentage range in 2016  compared to net sales percentage declines driven by higher margin program losses re-compete programs at lower margins.\n 2016 margins expected be lower than 2015 results.\n missiles fire control mfc business segment provides air missile defense systems ; tactical missiles air-to-ground precision strike weapon systems ; logistics fire control systems mission operations support  readiness  engineering support integration services manned unmanned ground vehicles energy management solutions.\n mfc 2019s major programs include pac-3 , thaad  multiple launch rocket system  hellfire  jassm  javelin  apache sniper ae  low altitude navigation targeting infrared for night ( lantirn ae ) sof clss.\n mfc 2019s operating results included ( in millions ).\n 2015 compared to 2014 mfc 2019s net sales 2015 decreased $ 322 million  or 5% ( 5 % )  compared to same period 2014.\ndecrease attributable to lower net sales $ 345 million for air and missile defense programs due to fewer deliveries primarily pac-3 ) lower volume primarily thaad ) $ 85 million for tactical missile programs due to fewer deliveries primarily guided multiple launch rocket system gmlrs joint air-to-surface standoff missile partially offset by increased deliveries for hellfire.\n decreases partially offset by higher net sales $ 55 million for energy solutions programs due to increased volume.\n mfc 2019s operating profit in 2015 decreased $ 62 million 5% ( 5 % ) compared to 2014.\n decrease attributable to lower operating profit $ 100 million for fire control programs due to lower risk retirements lantirn sniper ) $ 65 million for tactical missile programs due to lower risk retirements primarily hellfire gmlrs ) fewer deliveries.\n decreases partially offset by higher operating profit $ 75 million for air missile defense programs due to increased risk retirements primarily thaad ).\n adjustments not related to volume net profit booking rate adjustments $ 60 million lower in 2015 compared to 2014.\n 2014 2013 mfc 2019s net sales increased $ 297 million 4% ( 4 % ) in 2014 compared 2013.\n increase attributable to higher net sales $ 180 million for air missile defense programs due to increased volume for thaad $ 115 million for fire control programs due to increased deliveries including apache ) $ 125 million for other programs due to increased volume.\n increases partially offset by lower net sales $ 115 million for tactical missile programs due to fewer deliveries primarily high mobility artillery rocket system army tactical missile system ).\n mfc 2019s operating profit decreased $ 35 million  3% ( 3 % )  in 2014 compared to 2013.\ndecrease attributable to lower operating profit $ 20 million for tactical missile programs due to net warranty reserve adjustments including jassm gmlrs fewer deliveries ; approximately $ 45 million for other programs due to lower risk retirements.\n decreases offset by higher operating profit approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; about\n\n| 2015             | 2014             | 2013\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 6770           | $ 7092           | $ 6795\noperating profit    | 1282             | 1344             | 1379\noperating margins   | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % )\nbacklog at year-end | $ 15500          | $ 13300          | $ 14300"
}
{
    "_id": "dd4bc9542",
    "title": "",
    "text": "earnings remitted as dividends after payment deferred taxes.\n more than 90% ( 90 % ) of undistributed earnings in countries with statutory tax rate 24% ( 24 % ) or higher not generate disproportionate taxable income in countries with low tax rates.\n reconciliation of beginning and ending amount unrecognized tax benefits:.\n at 30 september 2013 and 2012  had $ 124. 3 and $ 110. 8 of unrecognized tax benefits  excluding interest and penalties $ 63. 1 and $ 56. 9  impact effective tax rate if recognized.\n interest and penalties related to unrecognized tax benefits recorded as component of income tax expense totaled $ 2. 4 in 2013 , $ ( 26. 1 ) in 2012  and $ ( 2. 4 ) in 2011.\n accrued balance for interest and penalties was $ 8. 1 and $ 7. 2 in 2013 and 2012 .\n challenged by spanish tax authorities over income tax deductions taken by spanish subsidiaries during fiscal years 2005 20132011.\n in november 2011 reached settlement with spanish tax authorities for 20ac41. 3 million ( $ 56 ) in resolution of tax issues under.\n settlement increased income tax expense for fiscal year ended 30 september 2012 by $ 43. 8 ( $. 20 per share ) had 3. 3% ( 3. % ) impact on effective tax rate.\n result of settlement recorded reduction in unrecognized tax benefits of $ 6. 4 for tax positions in prior years and $ 11. 0 for settlements.\n on 25 january 2012 spanish supreme court released decision in favor of our spanish subsidiary related to certain tax transactions for years 1991 and 1992 .\n in second quarter of 2012  recorded reduction in income tax expense of $ 58. 3 ( $. 27 per share )  resulting in 4.4% ( 4. 4 % ) reduction in effective tax rate for fiscal year ended 30 september 2012.\n result of this ruling  recorded reduction in unrecognized tax benefits of $ 38. 3 for tax positions taken in prior years.\n during third quarter of 2012  unrecognized tax benefits increased $ 33. 3 result of certain tax positions taken conjunction with disposition of homecare business.\n when resolved  benefits recognized in 201cincome from discontinued operations , net of tax 201d on consolidated income statements not impact effective tax rate.\n for additional information, see note 3, discontinued operations.\n in third quarter of 2011  u. s.\n internal revenue service audit over tax years 2007 and 2008 completed resulting in decrease in unrecognized tax benefits of $ 36. 0 favorable impact to earnings of $ 23. 9.\n included tax benefit of $ 8. 9 ( $. 04 per share ) recognized in income from discontinued operations for fiscal year 2011 , relates to previously divested u. s.\n healthcare business.\n currently under examination in number tax jurisdictions , some may be resolved in next twelve months.\n possible change in unrecognized tax benefits may occur during next twelve months.\n quantification of estimated range cannot be made this time.\n\nunrecognized tax benefits                       | 2013         | 2012           | 2011\n----------------------------------------------- | ------------ | -------------- | --------------\nbalance at beginning of year                    | $ 110.8      | $ 126.4        | $ 197.8\nadditions for tax positions of the current year | 12.7         | 44.5           | 16.3\nadditions for tax positions of prior years      | 9.0          | 2.3            | 5.7\nreductions for tax positions of prior years     | -.5 ( .5 )   | -46.9 ( 46.9 ) | -72.4 ( 72.4 )\nsettlements                                     | -1.4 ( 1.4 ) | -11.0 ( 11.0 ) | -15.6 ( 15.6 )\nstatute of limitations expiration               | -8.0 ( 8.0 ) | -3.7 ( 3.7 )   | -4.8 ( 4.8 )\nforeign currency translation                    | 1.7          | -.8 ( .8 )     | -.6 ( .6 )\nbalance at end of year                          | $ 124.3      | $ 110.8        | $ 126.4"
}
{
    "_id": "dd4ba057a",
    "title": "",
    "text": "determine stock-based compensation expense grant- date fair value applied to options granted with reduction for estimated forfeitures.\n recognize compensation expense for stock options straight-line basis over pro rata vesting period.\n at december 31 , 2011 and 2010  options for 12337000 and 13397000 shares of common stock exercisable at weighted-average price of $ 106. 08 and $ 118. 21 .\n total intrinsic value of options exercised during 2012  2011 2010 was $ 37 million  $ 4 million and $ 5 million.\n cash received from option exercises under incentive plans for 2012 2010 was approximately $ 118 million , $ 41 million $ 15 million .\n actual tax benefit realized for tax deduction from option exercises was approximately $ 41 million , $ 14 million and $ 5 million .\n no options granted in excess of market value in 2012 , 2011 or 2010.\n shares of common stock available next year for granting of options and other awards under incentive plans were 29192854 at december 31 , 2012.\n total shares of common stock authorized for future issuance under equity compensation plans totaled 30537674 shares at december 31 , 2012 includes shares available for issuance under incentive plans and employee stock purchase plan.\n during 2012  issued approximately 1. 7 million shares from treasury stock in connection with stock option exercise activity.\n intend to utilize primarily treasury stock for future stock option exercises.\n awards granted to non-employee directors in 2012 , 2011 and 2010 include 25620 , 27090 and 29040 deferred stock units awarded under outside directors deferred stock unit plan.\n deferred stock unit is phantom share of common stock requires liability accounting treatment until awards paid to participants as cash.\nno vesting or service requirements on these awards, total compensation expense recognized in full on awarded deferred stock units on date of grant.\n incentive/performance unit share awards and restricted stock/unit awards fair value of nonvested incentive/performance unit share awards restricted stock/unit awards determined based on prices not less than market value of our common stock price on date of grant.\n value of certain incentive/ performance unit share awards remeasured based on achievement of one or more financial and other performance goals over three-year period.\n personnel and compensation committee of board of directors approves final award payout incentive/performance unit share awards.\n restricted stock/unit awards have vesting periods ranging from 36 months to 60 months.\n beginning in 2012  incorporated risk-related performance changes to incentive compensation programs.\n financial performance metrics peers final payout amount subject to negative adjustment if pnc fails to meet certain risk-related performance metrics specified in award agreement.\n p&cc has discretion to reduce any or this negative adjustment under certain circumstances.\n awards have three-year performance period payable in either stock or combination of stock and cash.\n performance-based restricted share units granted in 2012 to executives in lieu of stock options  with same terms and conditions as 2011 awards.\n weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2012 , 2011 and 2010 was $ 60. 68 , $ 63. 25 and $ 54. 59 per share , respectively.\n recognize compensation expense for such awards ratably over corresponding vesting and/or performance periods for each type of program.\ntable 130 : nonvested incentive/performance unit share awards restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair.\n chart unit shares related weighted- average grant-date fair value incentive/performance awards exclude effect dividends on underlying shares dividends paid in cash.\n december 31 , 2012 $ 86 million unrecognized deferred compensation expense related to nonvested share- based compensation arrangements under incentive plans.\n cost expected recognized as expense over no longer than five years.\n total fair value of incentive/performance unit share restricted stock/unit awards vested during 2012 , 2011 2010 approximately $ 55 million , $ 52 million $ 39 million  respectively.\n pnc financial services group , inc.\n 2013 form 10-k 203\n\nshares in thousands december 31 2011 | nonvested incentive/ performance unit shares 830 | weighted-averagegrantdate fairvalue $ 61.68 | nonvested restricted stock/ unit shares 2512 | weighted-averagegrantdate fairvalue $ 54.87\n------------------------------------ | ------------------------------------------------ | ------------------------------------------- | -------------------------------------------- | -------------------------------------------\ngranted                              | 465                                              | 60.70                                       | 1534                                         | 60.67\nvested                               | -100 ( 100 )                                     | 64.21                                       | -831 ( 831 )                                 | 45.47\nforfeited                            | -76 ( 76 )                                       | 60.27                                       | -154 ( 154 )                                 | 60.51\ndecember 31 2012                     | 1119                                             | $ 61.14                                     | 3061                                         | $ 60.04"
}
{
    "_id": "dd4bf143e",
    "title": "",
    "text": "fhlb advances other borrowings fhlb advances 2014the company had $ 0. 7 billion in floating-rate and $ 0. 2 billion in fixed-rate fhlb advances at december 31 , 2013 and 2012.\n floating-rate advances adjust quarterly based on libor.\n year ended december 31 , 2012  $ 650. 0 million of fixed-rate fhlb advances converted to floating-rate for total cost of approximately $ 128 million capitalized amortized over remaining maturities using effective interest method.\n year ended december 31 , 2012  company paid down in advance of maturity $ 1. 0 billion of fhlb advances recorded $ 69. 1 million in losses on early extinguishment.\n loss recorded in gains ( losses ) on early extinguishment of debt line item in consolidated statement of income ( loss ).\n company similar transactions for years ended december 31 , 2013 and 2011.\n condition of membership in fhlb atlanta  company required to maintain fhlb stock investment equal to percentage of 0. 12% ( 0. 12 % ) of total bank assets ; or dollar cap amount of $ 20 million.\n bank must maintain activity based stock investment equal to 4. 5% ( 4. 5 % ) of bank 2019s outstanding advances at time of borrowing.\n company had investment in fhlb stock of $ 61. 4 million and $ 67. 4 million at december 31, 2013 and 2012  respectively.\n company must maintain qualified collateral as percent of advances varies based on collateral type adjusted by outcome of recent annual collateral audit and fhlb 2019s internal ranking of bank 2019s creditworthiness.\n advances secured by pool of mortgage loans and mortgage-backed securities.\n at december 31 , 2013 and 2012  company pledged loans with lendable value of $ 3. 9 billion and $ 4.8 billion  one- to four-family home equity loans as collateral support advances and unused borrowing lines.\n other borrowings 2014prior to 2008  etbh raised capital through formation of trusts sold trust preferred securities in capital markets.\n capital securities must be redeemed in whole at due date generally 30 years after issuance.\n each trust issued floating rate cumulative preferred securities ( 201ctrust preferred securities 201d ) par with liquidation amount $ 1000 per capital security.\n trusts used proceeds from sale issuances to purchase floating rate junior subordinated debentures ( 201csubordinated debentures 201d ) issued by etbh guarantees trust obligations contributed proceeds from sale subordinated debentures to e*trade bank capital contribution.\n most recent issuance of trust preferred securities in 2007.\n face values of outstanding trusts at december 31 , 2013 shown below ( dollars in thousands ) : trusts face value maturity date annual interest rate.\n\ntrusts                               | face value | maturity date | annual interest rate\n------------------------------------ | ---------- | ------------- | ------------------------------------------------\netbh capital trust ii                | $ 5000     | 2031          | 10.25% ( 10.25 % )\netbh capital trust i                 | 20000      | 2031          | 3.75% ( 3.75 % ) above 6-month libor\netbh capital trust v vi viii         | 51000      | 2032          | 3.25%-3.65% ( 3.25%-3.65 % ) above 3-month libor\netbh capital trust vii ix 2014xii    | 65000      | 2033          | 3.00%-3.30% ( 3.00%-3.30 % ) above 3-month libor\netbh capital trust xiii 2014xviii xx | 77000      | 2034          | 2.45%-2.90% ( 2.45%-2.90 % ) above 3-month libor\netbh capital trust xix xxi xxii      | 60000      | 2035          | 2.20%-2.40% ( 2.20%-2.40 % ) above 3-month libor\netbh capital trust xxiii 2014xxiv    | 45000      | 2036          | 2.10% ( 2.10 % ) above 3-month libor\netbh capital trust xxv 2014xxx       | 110000     | 2037          | 1.90%-2.00% ( 1.90%-2.00 % ) above 3-month libor\ntotal                                | $ 433000   |               |"
}
{
    "_id": "dd4979094",
    "title": "",
    "text": "z i m m e r h o l d i n g s , i n c.\n a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ) unaudited pro forma results for 2003 include events changes circumstances indicate carrying $ 90. 4 million expense related to centerpulse hip and knee value asset may not be recoverable.\n impairment loss litigation , $ 54. 4 million cash income tax benefits recognized when estimated future cash flows of centerpulse carry back 2002 u.\n federal net relating to asset less than carrying amount.\n operating loss for 5 years versus 10 years  resulted in depreciation of instruments recognized as selling  more losses carried forward to future years less administrative expense consistent with classification tax credits unutilized due to shorter carry back of instrument cost periods prior to january 1 , 2003.\n $ 8. 0 million gain on sale of orquest inc. prior to january 1 , 2003 undeployed instruments were investment previously held by centerpulse.\n unaudited carried as prepaid expense at cost , net allowances for pro forma results not indicative of obsolescence ( $ 54. 8 million , net  at december 31 , 2002 )  results of operations would resulted recognized in selling  general administrative expense in exchange offers in effect at beginning of year instruments placed into service.\n years future results.\n new method of accounting for instruments adopted to recognize cost of important assets of transfx company 2019s business within consolidated balance sheet on june 25 , 2003  company acquired transfx allocate cost of assets over external fixation system product line from immedica , inc.\n periods benefited typically five years.\n for approximately $ 14.8 million cash effect of change year ended allocated primarily to goodwill technology based december 31 , 2003 increase earnings before intangible assets.\n company sold transfx cumulative effect of change in accounting principle by product line since early 2001 under distribution agreement $ 26. 8 million ( $ 17. 8 million net of tax ) or $ 0. 08 per diluted with immedica.\n share.\n cumulative effect adjustment of $ 55. 1 million ( net of income taxes $ 34. 0 million ) to retroactively apply implex corp.\n new capitalization method applied years prior to 2003 on march 2, 2004 company entered into included in earnings year ended december 31 , amended restated merger agreement 2003.\n pro forma amounts on consolidated acquisition of implex corp.\n ( 2018 2018implex 2019 2019 ) privately held statement of earnings adjusted for effect of orthopaedics company based in new jersey for cash.\n retroactive application on depreciation related share of implex stock converted into right to income taxes.\n receive cash aggregate value of approximately $ 108. 0 million at closing additional cash earn-out 5.\n inventories payments contingent on growth of implex inventories at december 31, 2003 and 2002 product sales through 2006.\n net value transferred ( in millions ) closing approximately $ 89 million  includes.\n zimmer to implex existing alliance raw materials work in progress 90. 8 50. 9 arrangement , escrow other items.\n acquisition inventory step-up 52. 6 2013 accounted for under purchase method of accounting.\n inventories net $ 527. 7 $ 257. 6 reserves for obsolete and slow-moving inventory.\n change in accounting principle december 31 , 2003 and 2002 were $ 47. 4 million instruments are hand held devices used by orthopaedic $ 45.5 million .\n provisions expense surgeons during joint replacement other surgical were $ 11. 6 million , $ 6. 0 million $ 11. 9 million for procedures.\n effective january 1 , 2003  instruments years ended december 31 , 2003  2002 2001 .\n recognized as long-lived assets included in property amounts written off against reserve were $ 11. 7 million  plant equipment.\n undeployed instruments carried at $ 7. 1 million and $ 8. 5 million for years ended cost net of allowances for obsolescence.\n instruments in december 31, 2003 2002 2001 .\n field carried at cost less accumulated depreciation.\n following acquisition of centerpulse  company depreciation computed using straight-line method common approach for estimating excess based on average estimated useful lives determined inventory instruments.\n change in estimate resulted in reference to associated product life cycles charge to earnings of $ 3. 0 million after tax in fourth five years.\n accordance with sfas no.\n 144  quarter.\n company reviews instruments for impairment\n\n| 2003    | 2002\n---------------------------------- | ------- | -------\nfinished goods                     | $ 384.3 | $ 206.7\nraw materials and work in progress | 90.8    | 50.9\ninventory step-up                  | 52.6    | 2013\ninventories net                    | $ 527.7 | $ 257.6"
}
{
    "_id": "dd4b91c64",
    "title": "",
    "text": "part a0iii item a010.\n directors  executive officers corporate governance information required by item a010 executive officers , see part a0i , item 1.\n report.\n other information required item a010  see 201celection of directors , 201d 201cnominees for election to board of directors , 201d 201ccorporate governance 201d 201csection a016 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2019 annual meeting information incorporated herein by reference.\n proxy statement 2019 annual meeting filed within 120 a0days after end of fiscal year annual report on form 10-k.\n item a011.\n executive compensation information required item a011  see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d 201cexecutive compensation 201d proxy statement for 2019 annual meeting  information incorporated reference.\n item a012.\n security ownership of certain beneficial owners management related stockholder matters information required item a012 beneficial ownership of common stock, see 201csecurity ownership of certain beneficial owners management 201d proxy statement for 2019 annual meeting  information incorporated herein by reference.\n following table sets information as of december a031, 2018 equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights ( 1 ) weighted-average exercise price of outstanding options , warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels achieved ; actual number of shares  if be issued with performance stock units based on performance specified financial and relative stock price measures.\n item a013.\n certain relationships related transactions  director independence for information required item a013 see 201ccertain transactions 201d and 201ccorporate governance 201d in proxy statement for 2019 annual meeting  information incorporated reference.\n item a014.\n principal accounting fees and services for information item a014 see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in proxy statement for 2019 annual meeting  information incorporated reference.\n part a0iii item a010.\n directors , executive officers corporate governance for information required by item a010 executive officers , see part a0i , item 1.\n of report.\n for other information required by item a010  see 201celection of directors , 201d 201cnominees for election to board of directors, 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in proxy statement for 2019 annual meeting  information incorporated reference.\n proxy statement for 2019 annual meeting filed within 120 a0days after end of fiscal year covered by annual report on form 10-k.\n item a011.\n executive compensation for information required item a011 see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in proxy statement for 2019 annual meeting  information incorporated by reference.\n item a012.\nsecurity ownership of certain beneficial owners management related stockholder matters for information required by item a012 beneficial ownership common stock , see 201csecurity ownership beneficial owners management 201d in proxy statement for 2019 annual meeting  information incorporated herein by reference.\n table sets information as of december a031 , 2018 equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights ( 1 ) weighted-average exercise price of outstanding options warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136. 62 3578241 ( 1 ) number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels achieved ; actual number of shares  be issued performance stock units based on performance specified financial relative stock price measures.\n item a013.\n certain relationships related transactions  director independence information required item a013  see 201ccertain transactions 201d 201ccorporate governance 201d in proxy statement for 2019 annual meeting  information incorporated herein by reference.\n item a014.\n principal accounting fees services for information required item a014 , see 201caudit non-audit fees 201d 201caudit committee pre-approval procedures 201d in proxy statement for 2019 annual meeting  information incorporated herein by reference.\n\nplan category                                          | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )\n------------------------------------------------------ | --------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders | 1471449                                                                                                   | $ 136.62                                                                 | 3578241"
}
{
    "_id": "dd4bbb276",
    "title": "",
    "text": "stock performance graph line compares cumulative shareholder returns with standard & poor 2019s information technology index standard 2019s 500 stock index for past five years.\n line graph assumes investment of $ 100 in common stock standard & poor 2019s information technology index standard 2019s 500 stock index on may 31 , 2002 assumes reinvestment of all dividends.\n comparison of 5 year cumulative total return* among global payments inc. s&p 500 index s&p information technology index 5/02 5/03 5/04 5/05 5/06 5/07 global payments inc.\n s&p 500 s&p information technology * $ 100 invested on 5/31/02 in stock or index-including reinvestment of dividends.\n fiscal year ending may 31.\n global payments s&p 500 information technology.\n issuer purchases of equity securities on april 5, 2007  board of directors authorized repurchases of common stock up to $ 100 million.\n board authorized us to purchase shares as market conditions permit.\n no expiration date authorization.\n no amounts repurchased during fiscal year ended may 31 , 2007.\n\n| global payments | s&p 500  | s&p information technology\n----------- | --------------- | -------- | --------------------------\nmay 31 2002 | $ 100.00        | $ 100.00 | $ 100.00\nmay 31 2003 | 94.20           | 91.94    | 94.48\nmay 31 2004 | 129.77          | 108.79   | 115.24\nmay 31 2005 | 193.30          | 117.75   | 116.29\nmay 31 2006 | 260.35          | 127.92   | 117.14\nmay 31 2007 | 224.24          | 157.08   | 144.11"
}
{
    "_id": "dd4b99a18",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements ( continued ) ( in thousands  except per share data ) restructuring accrual result of cytyc merger  company assumed previous cytyc management approved restructuring plans to reduce future operating expenses by consolidating mountain view , california operations into existing operations in costa rica and massachusetts restructuring plans relating to cytyc 2019s historical acquisitions completed in march 2007.\n plans company assumed total liability of approximately $ 4658.\n during twelve months ended september 27 , 2008 company incur additional restructuring costs related to retention costs for employees.\n result third wave acquisition  company assumed previous third wave management approved restructuring plans to reduce future operating expenses.\n company assumed total liability related to termination benefits of approximately $ 7509.\n company not incur additional restructuring costs related to retention costs for these employees from date of acquisition through september 27 , 2008.\n anticipate costs paid in full during fiscal 2009.\n company recorded liability related to cytyc merger in accordance with eitf 95-3 detailed primarily related to termination of certain employees minimum inventory purchase commitments and other contractual obligations for which business activities discontinued.\n during twelve months ended september 27, 2008 company incurred approximately $ 6. 4 million of expense related to resignation of chairman of board of directors not included in table below ( see note 12 ).\n changes in restructuring accrual for twelve months ended september 27 , 2008 were : twelve months ended september 27 , 2008 termination benefits.\n of dates of acquisition of aeg elektrofotografie gmbh ( 201caeg 201d ) , r2 technology , inc.\n 201cr2 201d ) and suros surgical , inc.\n( 201csuros 201d ) ( see note 3 ) management company implemented finalized plans to involuntarily terminate employees acquired companies.\n plans resulted in liability for costs with employee severance arrangement of approximately $ 3135 accordance with eitf issue no.\n 95-3 , recognition of liabilities with purchase business combination.\n as of september 29 , 2007  all amounts other than $ 105 paid.\n company made full payment on remaining liability as of september 27 , 2008.\n advertising costs costs charged to operations as incurred.\n company direct-response advertising.\n advertising costs  include trade shows conventions  were approximately $ 15281 , $ 6683 and $ 5003 for fiscal 2008, 2007 2006  respectively included in selling and marketing expense in consolidated statements of operations.\n\nother                                    | twelve months ended september 27 2008 other | twelve months ended september 27 2008\n---------------------------------------- | ------------------------------------------- | -------------------------------------\nbeginning balance                        | $ 2014                                      | $ 105\ncytyc balance acquired october 22 2007   | 2014                                        | 4658\nthird wave balance acquired july 24 2008 | 261                                         | 7029\nprovided for under eitf no . 95-3        | 1820                                        | 1020\nadjustments                              | -382 ( 382 )                                | -270 ( 270 )\npayments                                 | -817 ( 817 )                                | -11233 ( 11233 )\nending balance                           | $ 882                                       | $ 1309"
}
{
    "_id": "dd4b9d80c",
    "title": "",
    "text": "we do not expect transactions significant impact on our reported income tax expense.\n connection with completion reorganization we will reevaluate ability to realize deferred tax assets related to u. s.\n operations under new aon uk corporate structure may recognize non-cash deferred tax expense upon conclusion of evaluation.\n based on information available do not expect additional deferred tax expense  if be significant.\n reorganization will result in additional ongoing costs to us.\n completion of reorganization will in increase in ongoing expenses require us to incur new expenses.\n costs  including related to employees in our u. k.\n offices and holding board meetings in u. k.  expected to be higher than if principal executive offices not relocated to u. k.\n expect to incur new expenses including professional fees and sdrt in connection with settlement of equity-based awards under stock or share incentive plans to comply with u. k.\n corporate and tax laws.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n have offices in various locations throughout world.\n substantially all offices located in leased premises.\n maintain corporate headquarters at 200 e.\n randolph street in chicago, illinois occupy approximately 355000 square feet of space under operating lease agreement expires in 2013.\n two five-year renewal options at current market rates.\n own one building at pallbergweg 2-4 , amsterdam , netherlands ( 150000 square feet ).\n following additional significant leased properties  along with occupied square footage and expiration.\n 7201 hewitt associates drive , charlotte , north carolina.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 218000 2015 locations in lincolnshire , illinois , woodlands  texas  orlando  florida  charlotte north carolina, acquired as part of hewitt acquisition in 2010  primarily dedicated to our hr solutions segment.\n other locations listed above house personnel from our business segments.\n in november 2011 , aon entered agreement to lease 190000 square feet in new building be constructed in london, united kingdom.\n agreement contingent upon completion of building construction.\n aon expects to move into new building in 2015 exercises early break option at devonshire square location.\n\nproperty:                                                  | occupied square footage | lease expiration dates\n---------------------------------------------------------- | ----------------------- | ----------------------\n4 overlook point and other locations lincolnshire illinois | 1224000                 | 2014 2013 2019\n2601 research forest drive the woodlands texas             | 414000                  | 2020\ndlf city and unitech cyber park gurgaan india              | 383000                  | 2012 2013 2014\n2300 discovery drive orlando florida                       | 364000                  | 2020\ndevonshire square and other locations london uk            | 327000                  | 2018 2013 2023\n199 water street new york new york                         | 319000                  | 2018\n7201 hewitt associates drive charlotte north carolina      | 218000                  | 2015"
}
{
    "_id": "dd4bacaf0",
    "title": "",
    "text": "international crude oil production sweet generally sold in relation to brent crude benchmark.\n differential between wti and brent average prices widened in 2011 remained in 2012 comparison to almost no differential in 2010.\n natural gas 2013 significant portion of natural gas production in lower 48 states u. s.\n sold at bid-week prices or first-of-month indices relative to specific producing areas.\n average henry hub settlement prices for natural gas lower in 2012 than recent years.\n decline in average settlement date henry hub natural gas prices began in september 2011 continued into 2012.\n prices stabilized late 2012 not increased appreciably.\n other major natural gas-producing regions are e. g.\n europe.\n e. g.\n natural gas sales subject to term contracts making realizations less volatile.\n natural gas sales from e. g.\n at fixed prices worldwide reported average natural gas realizations may not fully track market price movements.\n natural gas prices in europe significantly higher than u. s.\n oil sands mining osm segment produces and sells various qualities synthetic crude oil.\n output mix can be impacted by operational problems or planned unit outages at mines upgrader.\n sales prices for two-thirds of normal output mix track movements in wti one-third track movements in canadian heavy sour crude oil marker  primarily wcs.\n in 2012  wcs discount from wti increased downward pressure on average realizations.\n operating cost structure of osm operations predominantly fixed costs incurred in times full operation continue during production downtime.\n per-unit costs sensitive to production rates.\n key variable costs are natural gas and diesel fuel track commodity markets canadian alberta energy company ( \"aeco\" ) natural gas sales index and crude oil prices.\n table below shows average benchmark prices impact revenues and variable costs.\nwcs ( dollars per bbl ) a ) $ 73. 18 $ 77. 97 $ 65. 31 aeco natural gas sales index ( dollars per mmbtu ) b ) $ 2. 39 $ 3. 68 $ 3. 89 monthly pricing based average wti adjusted for differentials unique to western canada.\n b ) monthly average day ahead index.\n integrated gas operations include production marketing of products from natural gas lng and methanol in e. g.\n world lng trade in 2012 estimated to be 240 mmt.\n long-term lng in demand as markets seek benefits of clean burning natural gas.\n market prices for lng not reported or posted.\n lng delivered to u. s.\n tied to henry hub prices will track with changes in.\n natural gas prices lng sold in europe and asia indexed to crude oil prices track movement prices.\n 60 percent ownership in lng production facility in e. g. sells lng under long-term contract at prices tied to henry hub natural gas prices.\n gross sales from plant were 3. 8 mmt , 4. 1 mmt 3. 7 mmt in 2012 , 2011 2010.\n own 45 percent interest in methanol plant in e. g.\n investment in ampco.\n gross sales of methanol from plant totaled 1. 1 mmt , 1. 0 mmt 0. 9 mmt in 2012 , 2011 2010.\n methanol demand impact on ampco 2019s earnings.\n global demand for methanol limited changes in supply-demand balance impact on sales prices.\n world demand for methanol in 2012 estimated to be 49 mmt.\n plant capacity of 1. 1 mmt is about 2 percent of world demand.\n\nbenchmark                                                | 2012    | 2011    | 2010\n-------------------------------------------------------- | ------- | ------- | -------\nwti crude oil ( dollars per bbl )                        | $ 94.15 | $ 95.11 | $ 79.61\nwcs ( dollars per bbl ) ( a )                            | $ 73.18 | $ 77.97 | $ 65.31\naeco natural gas sales index ( dollars per mmbtu ) ( b ) | $ 2.39  | $ 3.68  | $ 3.89"
}
{
    "_id": "dd4bfd5b8",
    "title": "",
    "text": "entergy texas , inc.\n management's financial discussion analysis dividends distributions on its common stock.\n all' retained earnings available for distribution.\n sources of capital sources to meet capital requirements include : internally generated funds ; cash on hand ; debt or preferred stock issuances ; bank financing under new existing facilities.\n entergy texas may refinance or redeem debt prior to maturity market conditions interest dividend rates favorable.\n all debt common preferred stock issuances require prior regulatory approval.\n preferred stock debt issuances subject to issuance tests in corporate charter , bond indentures other agreements.\n entergy texas has sufficient capacity under these tests to meet foreseeable capital needs.\n entergy gulf states , inc.\n filed with ferc application for authority to issue up to $ 200 million of short-term debt  up to $ 300 million of tax-exempt bonds up to $ 1. 3 billion of other long- term securities  including common preferred preference stock long-term debt.\n on november 8 , 2007  ferc issued orders granting requested authority for two-year period ending november 8 , 2009.\n entergy texas' receivables from ( payables to ) money pool were as follows as of december 31 for each of following years:.\n see note 4 to financial statements for description of money pool.\n entergy texas has credit facility in of $ 100 million to expire in august 2012.\n as of december 31 , 2008  $ 100 million outstanding on credit facility.\n in february 2009  entergy texas repaid credit facility with proceeds from bond issuance discussed.\njune 2 , 2008 and december 8 , 2008 debt assumption agreement between entergy texas and entergy gulf states louisiana discussed in note 5 to financial statements entergy texas paid at maturity $ 148. 8 million and $ 160. 3 million  of entergy gulf states louisiana first mortgage bonds decrease in entergy texas' debt assumption liability.\n december 2008  entergy texas borrowed $ 160 million from parent company entergy corporation  under $ 300 million revolving credit facility inter-company credit agreement between entergy corporation entergy texas.\n borrowing would have matured december 3 , 2013.\n entergy texas used borrowings with other corporate funds to pay at maturity portion of $ 350 million floating rate series of first mortgage bonds due december 2008 assumed by entergy texas bond series no longer outstanding.\n january 2009 entergy texas repaid $ 160 million note payable to entergy corporation with proceeds from bond issuance discussed below.\n january 2009  entergy texas issued $ 500 million of 7. 125% ( 7. 125 % ) series mortgage bonds due february 2019.\n entergy texas used portion proceeds to repay $ 160 million note payable to entergy corporation repay $ 100 million outstanding on credit facility repay short-term borrowings under entergy system money pool.\n entergy texas intends to use remaining proceeds to repay or prior to maturity approximately $ 70 million of obligations assumed by entergy texas under debt assumption agreement entergy gulf states louisiana for other general corporate purposes.\n\n2008             | 2007             | 2006             | 2005\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n( $ 50794 )      | $ 154176         | $ 97277          | $ 136545"
}
{
    "_id": "dd4975250",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ) employee stock purchase plan republic employees eligible to participate in employee stock purchase plan.\n plan allows participants to purchase common stock for 95% ( 95 % ) of quoted market price last day of each calendar quarter.\n for years ended december 31 , 2017 , 2016 2015  issuances under plan totaled 113941 shares , 130085 141055 shares  respectively.\n as of december 31 , 2017  shares reserved for issuance to employees plan totaled 0. 4 million republic held employee contributions of approximately $ 1. 8 million for purchase of common stock.\n 12.\n stock repurchases dividends stock repurchases stock repurchase activity during years ended december 31, 2017 and 2016 follows ( in millions except per share amounts ) :.\n as of december 31 , 2017 0. 5 million repurchased shares pending settlement $ 33. 8 million unpaid included within other accrued liabilities.\n october 2017 board of directors added $ 2. 0 billion to existing share repurchase authorization extends through december 31 , 2020.\n $ 98. 4 million remained under prior authorization.\n share repurchases under program may be made through open market purchases or privately negotiated transactions accordance with federal securities laws.\n board of directors approved program timing of purchases prices number of shares common stock purchased determined by management depend upon market conditions other factors.\n share repurchase program may be extended suspended or discontinued.\n as of december 31 , 2017 remaining authorized purchase capacity under october 2017 repurchase program was $ 1. 8 billion.\n in december 2015 board of directors changed status of 71272964 treasury shares to authorized and unissued.\nnumber of issued shares reduced by stated amount.\n accounting policy to deduct par value from common stock reflect excess of cost over par value as deduction from additional paid-in capital.\n change in unissued shares resulted in reduction of $ 2295. 3 million in treasury stock , $ 0. 6 million in common stock $ 2294. 7 million in additional paid-in capital.\n no effect on total stockholders 2019 equity position change.\n dividends in october 2017 board of directors approved quarterly dividend of $ 0. 345 per share.\n cash dividends declared were $ 446. 3 million , $ 423. 8 million $ 404. 3 million for years ended december 31 , 2017, 2016 2015  respectively.\n as of december 31 , 2017 recorded quarterly dividend payable of $ 114. 4 million to shareholders record at close of business on january 2 , 2018.\n.\n earnings per share computed by dividing net income attributable to republic services .\n by weighted average number of common shares ( including vested but unissued rsus ) outstanding during\n\n| 2017    | 2016\n------------------------------- | ------- | -------\nnumber of shares repurchased    | 9.6     | 8.4\namount paid                     | $ 610.7 | $ 403.8\nweighted average cost per share | $ 63.84 | $ 48.56"
}
{
    "_id": "dd4bb25d6",
    "title": "",
    "text": "issuer purchases of equity securities ( registered section 12 exchange act ) period number of shares purchased average price paid per share number of shares purchased part of publicly announced plans or programs maximum approximate dollar value of shares purchased under plans or programs ( 1 ) ( millions ).\n ( 1 ) total number of shares purchased includes : ( i ) shares purchased under board 2019s authorizations described ( ii ) shares purchased connection with exercise stock options ( totaled 34068 shares in january 2007 20091 shares february 2007 35772 shares in march 2007 71521 shares in april 2007 225419 shares in may 2007 74233 shares june 2007 135951 shares july 2007 82178 shares august 2007 56964 shares september 2007 13802 shares october 2007 10375 shares november 2007 23112 shares in december 2007 ).\n\nperiod                                | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | maximum approximate dollar value of shares that may yet be purchased under the plans or programs ( millions )\n------------------------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------\njanuary 1-31 2007                     | 1311268                                | $ 76.33                      | 1277200                                                                          | $ 651\nfebruary 1-28 2007                    | 6542591                                | $ 75.12                      | 6522500                                                                          | $ 6731\nmarch 1-31 2007                       | 8187472                                | $ 75.59                      | 8151700                                                                          | $ 6115\ntotal january 1 2014 march 31 2007    | 16041331                               | $ 75.46                      | 15951400                                                                         | $ 6115\napril 1-30 2007                       | 3548221                                | $ 77.55                      | 3476700                                                                          | $ 5846\nmay 1-31 2007                         | 4428219                                | $ 85.84                      | 4202800                                                                          | $ 5485\njune 1-30 2007                        | 3885033                                | $ 86.58                      | 3810800                                                                          | $ 5155\ntotal april 1 2014 june 30 2007       | 11861473                               | $ 83.60                      | 11490300                                                                         | $ 5155\njuly 1-31 2007                        | 1646251                                | $ 89.01                      | 1510300                                                                          | $ 5021\naugust 1-31 2007                      | 2329478                                | $ 87.05                      | 2247300                                                                          | $ 4825\nseptember 1-30 2007                   | 2086564                                | $ 90.24                      | 2029600                                                                          | $ 4642\ntotal july 1 2014 september 30 2007   | 6062293                                | $ 88.68                      | 5787200                                                                          | $ 4642\noctober 1-31 2007                     | 2192302                                | $ 88.89                      | 2178500                                                                          | $ 4448\nnovember 1-30 2007                    | 1702375                                | $ 82.35                      | 1692000                                                                          | $ 4309\ndecember 1-31 2007                    | 1896612                                | $ 85.41                      | 1873500                                                                          | $ 4149\ntotal october 1 2014 dec . 31 2007    | 5791289                                | $ 85.83                      | 5744000                                                                          | $ 4149\ntotal january 1 2014 december 31 2007 | 39756386                               | $ 81.42                      | 38972900                                                                         | $ 4149"
}
{
    "_id": "dd4c0e6ec",
    "title": "",
    "text": "no options granted in excess of market value in 2011 , 2010 or 2009.\n shares of common stock available next year for granting options and other awards under incentive plans were 33775543 at december 31 , 2011.\n total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 35304422 shares at december 31 , 2011 includes shares available for issuance under incentive plans and employee stock purchase plan ( espp ).\n during 2011  issued 731336 shares from treasury stock in connection with stock option exercise activity.\n intend to utilize primarily treasury stock for future stock option exercises.\n awards granted to non-employee directors in 2011 , 2010 2009 include 27090 , 29040 , and 39552 deferred stock units  awarded under outside directors deferred stock unit plan.\n deferred stock unit is phantom share of common stock requires liability accounting treatment until awards paid to participants as cash.\n no vesting or service requirements on awards total compensation expense recognized in full on awarded deferred stock units on date of grant.\n incentive/performance unit share awards and restricted stock/unit awards fair value of nonvested determined based on prices not less than market value of common stock price on date of grant.\n value of certain incentive/ performance unit share awards remeasured based on achievement of one financial and other performance goals over three-year period.\n personnel and compensation committee of board of directors approves final award payout incentive/performance unit share awards.\n restricted stock/unit awards have various vesting periods ranging from 36 months to 60 months.\n beginning in 2011  incorporated two changes to certain awards under existing long-term incentive compensation programs.\nfor certain grants of incentive performance units future payout amount subject to negative annual adjustment if pnc fails to meet risk-related performance metrics.\n adjustment in addition to existing financial performance metrics.\n grants have three-year performance period payable in stock or combination stock and cash.\n performance-based restricted share units ( performance rsus ) granted in 2011 to executives in lieu of stock options.\n performance rsus payable solely in stock ) have service condition , internal risk-related performance condition external market condition.\n satisfaction of performance condition based on four independent one-year performance periods.\n weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2011, 2010 2009 was $ 63. 25 , $ 54. 59 $ 41. 16 per share  respectively.\n recognize compensation expense for such awards ratably over corresponding vesting and/or performance periods for each type program.\n nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair.\n unit shares grant fair value awards exclude effect of dividends on underlying shares dividends paid in cash.\n at december 31 , 2011  $ 61 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under incentive plans.\n cost expected to be recognized as expense over period no longer than five years.\n total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2011 , 2010 and 2009 was approximately $ 52 million , $ 39 million and $ 47 million  respectively.\nliability awards grant annually cash-payable restricted share units to executives.\n grants made primarily part of annual bonus incentive deferral plan.\n time- based service-related vesting criteria no market or performance criteria associated with awards.\n compensation expense recognized related to awards recorded in prior as part of annual cash bonus criteria.\n as of december 31 , 2011  753203 cash- payable restricted share units outstanding.\n 174 pnc financial services group , inc.\n 2013 form 10-k\n\nshares in thousands december 31 2010 | nonvested incentive/ performance unit shares 363 | weighted- average grant date fair value $ 56.40 | nonvested restricted stock/ unit shares 2250 | weighted- average grant date fair value $ 49.95\n------------------------------------ | ------------------------------------------------ | ----------------------------------------------- | -------------------------------------------- | -----------------------------------------------\ngranted                              | 623                                              | 64.21                                           | 1059                                         | 62.68\nvested                               | -156 ( 156 )                                     | 59.54                                           | -706 ( 706 )                                 | 51.27\nforfeited                            |                                                  |                                                 | -91 ( 91 )                                   | 52.24\ndecember 31 2011                     | 830                                              | $ 61.68                                         | 2512                                         | $ 54.87"
}
{
    "_id": "dd4b8dd76",
    "title": "",
    "text": "fidelity national information services , inc.\n subsidiaries notes to consolidated financial statements - intrinsic value based on closing stock price as of december 31 , 2016 of $ 75. 64.\n weighted average fair value of options granted during years ended december 31 , 2016 , 2015 2014 estimated to be $ 9. 35 , $ 10. 67 $ 9. 15  respectively using black-scholes option pricing model with assumptions below:.\n company estimates future forfeitures at time of grant revises estimates in subsequent periods if actual forfeitures differ.\n company bases risk-free interest rate in stock option valuation model on.\n treasury securities issued with maturities similar to expected term of options.\n expected stock volatility factor determined using historical daily price changes of company's common stock over recent period with expected term of option impact of expected trends.\n dividend yield assumption based on current dividend yield at grant date or management's forecasted expectations.\n expected life assumption determined by calculating average term from company's historical stock option activity considering impact of expected future trends.\n company granted total of 1 million restricted stock shares at prices ranging from $ 56. 44 to $ 79. 41 on various dates in 2016.\n granted total 1 million restricted stock shares at prices ranging from $ 61. 33 to $ 69. 33 on various dates in 15.\n company granted total of 1 million restricted stock shares at prices from $ 52. 85 to $ 64. 04 on various dates in 2014.\n shares granted at closing market price on date of grant vest annually over three years.\n as of december 31 , 2016 and 2015 approximately 3 million and 4 million unvested restricted shares remaining.\n december 31 , 2016 balance includes those rsu's converted in connection with sungard acquisition noted.\ncompany provided for total stock compensation expense of $ 137 million , $ 98 million $ 56 million for years ended december 31 , 2016 , 2015 2014  included in selling  general administrative expense in consolidated statements of earnings unless expense attributable to discontinued operation.\n total stock compensation expense , $ 2 million for 2014 relates to liability based awards not credited to additional paid in capital until issued.\n total d compensation expense for 2016 and 2015 not include amounts liability based awards.\n as of december 31 , 2016 2015 total unrecognized compensation cost related to non-vested stock awards is $ 141 million and $ 206 million expected to be recognized in pre-tax income over weighted average period of 1. 4 years and 1. 6 years .\n german pension plans german operations have unfunded defined benefit plan obligations.\n obligations relate to benefits to paid to germanaa employees upon retirement.\n accumulated benefit obligation as of december 31 , 2016 and 2015  was $ 49 million and $ 48 million projected benefit obligation was $ 50 million and $ 49 million .\n plan remains unfunded as of december 31 , 2016.\n ( 15 ) divestitures discontinued operations on december 7 , 2016  company entered definitive agreement to sell sungard public sector and education ( \"ps&e ) businesses for $ 850 million.\n transaction included all ps&e solutions comprehensive technology solutions to address public safety public administration needs of government entities needs k-12 school districts.\n divestiture consistent with strategy to serve financial services markets.\n received cash proceeds net of taxes and transaction-related expenses of approximately $ 500 million.\n net cash proceeds expected to used to reduce outstanding debt note 10.\n ps&e businesses included in corporate and other segment.\ntransaction closed february 1 , 2017 , resulting in expected pre-tax gain from $ 85 million to $ 90 million\n\n| 2016             | 2015             | 2014\n---------------------------------------- | ---------------- | ---------------- | ----------------\nrisk free interest rate                  | 1.2% ( 1.2 % )   | 1.4% ( 1.4 % )   | 1.4% ( 1.4 % )\nvolatility                               | 20.4% ( 20.4 % ) | 21.7% ( 21.7 % ) | 21.2% ( 21.2 % )\ndividend yield                           | 1.6% ( 1.6 % )   | 1.6% ( 1.6 % )   | 1.6% ( 1.6 % )\nweighted average expected life ( years ) | 4.2              | 4.2              | 4.2"
}
{
    "_id": "dd4beac7e",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements allocation of purchase price finalized year ended december 31 , 2012.\n table summarizes allocation of aggregate purchase consideration paid amounts of assets acquired liabilities assumed based upon estimated fair value at date of acquisition ( in thousands ) : purchase price allocation.\n ( 1 ) consists of customer-related intangibles of approximately $ 0. 4 million network location intangibles of approximately $ 0. 7 million.\n customer-related intangibles network location intangibles amortized straight-line basis over periods up to 20 years.\n 2 company expects goodwill recorded deductible for tax purposes.\n goodwill allocated to company 2019s international rental and management segment.\n colombia 2014colombia movil acquisition 2014on july 17 , 2011  company entered definitive agreement with colombia movil s.\n.\n 201ccolombia movil 201d ) atc sitios infraco . colombian subsidiary of company infraco 201d ) purchase up to 2126 communications sites from colombia movil for aggregate purchase price of approximately $ 182. 0 million.\n from december 21 , 2011 through year ended december 31, 2012  atc infraco completed purchase of 1526 communications sites for aggregate purchase price of $ 136. 2 million ( including contingent consideration of $ 17. 3 million ) subject to post-closing adjustments.\n subsidiary , millicom international cellular s.\n ( 201cmillicom 201d ) exercised option to acquire indirect  substantial non-controlling interest in atc infraco.\n under terms agreement company required to make additional payments upon conversion of certain barter agreements with other wireless carriers to cash paying lease agreements.\nbased company 2019s current estimates , value of potential contingent consideration payments required under amended agreement expected between zero and $ 32. 8 million estimated to be $ 17. 3 million using probability weighted average of expected outcomes at december 31 , 2012.\n during year ended december 31 , 2012  company recorded reduction in fair value of $ 1. 2 million  included in other operating expenses in consolidated statements of operations.\n\n| final purchase price allocation\n--------------------------------- | -------------------------------\nnon-current assets                | $ 2\nproperty and equipment            | 3590\nintangible assets ( 1 )           | 1062\nother non-current liabilities     | -91 ( 91 )\nfair value of net assets acquired | $ 4563\ngoodwill ( 2 )                    | 89"
}
{
    "_id": "dd4bb7450",
    "title": "",
    "text": "taxes.\n if group or bermuda subsidiaries become subject to u. s.\n income tax ; could be material adverse effect on company 2019s financial condition , results of operations cash flows.\n united kingdom.\n bermuda re 2019s uk branch conducts business in uk is subject to taxation in uk.\n bermuda re believes it has operated will continue to operate its bermuda operation in manner not cause them to subject to uk taxation.\n if bermuda re 2019s bermuda operations become subject to uk income tax could be material adverse impact on company 2019s financial condition , results of operations cash flow.\n available information company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8-k proxy state- ments amendments to reports are available free of charge through company 2019s internet website at http://www. everestre. com as soon after reports electronically filed with securities and exchange commission ( 201csec 201d ).\n t e m 1 a.\n r i s k f a c t o r s in addition to other information in report  following risk factors should be considered when evaluating investment in our securities.\n if circumstances contemplated by individual risk factors materialize , our business , finan- cial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.\n r i s our results could be adversely affected by catastrophic events.\n we are exposed to unpredictable catastrophic events , including weather-related other natural catastrophes  acts of terrorism.\n any material reduction in operating results caused by one or more catastrophes could inhibit our ability to pay dividends or to meet interest and principal payment obligations.\ndefine catastrophe as event causes pre-tax loss on property exposures before reinsurance of at least $ 5. 0 million , before corporate level rein- surance and taxes.\n effective for third quarter 2005 , industrial risk losses excluded from catastrophe losses  with prior periods adjusted for comparison purposes.\n illustration during past five calendar years  pre-tax catastrophe losses , net of contract specific reinsurance before cessions under corporate reinsurance programs, were as follows:.\n losses from future catastrophic events could exceed projections.\n use projections of possible losses from future catastrophic events of varying types and magnitudes as strategic under- writing tool.\n use loss projections to estimate potential catastrophe losses in certain geographic areas decide on purchase of retrocessional coverage or other actions to limit extent potential losses in geographic area.\n loss projections are approximations reliant on mix of quantitative and qualitative processes actual losses may exceed projections by material amount.\n focus on potential losses generated by any single event as of evaluation and monitoring of aggre- gate exposure to catastrophic events.\n employ various techniques to estimate loss from any single catastrophic event in various geographical areas.\n techniques range from non-modeled deterministic approaches tracking aggregate limits applying historic dam- age factors 2014to modeled approaches scientifically measure catastrophe risks using sophisticated monte carlo simulation techniques provide insights into frequency severity of expected losses probabilistic basis.\n if loss reserves inadequate to meet actual losses net income reduced or could incur loss.\n required to maintain reserves to cover estimated ultimate liability of losses and loss adjustment expenses for both reported and unreported claims incurred.\nreserves are estimates of we believe settlement adminis- tration of claims cost based on facts circumstances known to us.\n in setting reserves for reinsurance liabilities , we rely on claim data by ceding companies brokers employ actuarial statistical projections.\n information received from ceding companies not always timely or accurate, can contribute to inaccuracies in 81790fin_a 4/13/07 11:08 am page 23 http://www. everestre. com\n\ncalendar year | calendar year |\n------------- | ------------- | -------\n2006          | $ 287.9       | million\n2005          | $ 1485.7      | million\n2004          | $ 390.0       | million\n2003          | $ 35.0        | million\n2002          | $ 30.0        | million"
}
{
    "_id": "dd4bb987c",
    "title": "",
    "text": "notes to consolidated financial statements continued ) note 3 2014financial instruments continued ) accounts receivable trade receivables company distributes products through third-party distributors resellers directly to certain education  consumer commercial customers.\n company generally not require collateral from customers ; company will require collateral in certain instances to limit credit risk.\n when possible company to limit credit risk on trade receivables with credit insurance for certain customers in latin america europe asia australia by arranging with third- party financing companies to provide flooring arrangements loan and lease programs to company 2019s direct customers.\n credit-financing arrangements directly between third-party financing company and end customer.\n company not assume recourse or credit risk sharing related to these arrangements.\n considerable trade receivables not covered by collateral third-party flooring arrangements or credit insurance outstanding with company 2019s distribution and retail channel partners.\n no customer accounted for more than 10% ( 10 % ) of trade receivables as of september 30 , 2006 or september 24 , 2005.\n following table summarizes activity in allowance for doubtful accounts ( in millions ) : september 30 , september 24 , september 25.\n ( a ) represents amounts written off against allowance net of recoveries.\n vendor non-trade receivables company has non-trade receivables from manufacturing vendors from sale of raw material components to manufacturing vendors manufacture sub-assemblies final products for company.\n company purchases raw material components directly from suppliers.\n these non-trade receivables included in consolidated balance sheets other current assets totaled $ 1. 6 billion and $ 417 million as of september 30 , 2006 and september 24 , 2005 respectively.\ncompany not reflect sale of components in net sales and not recognize profits on sales until products sold through to end customer profit recognized as a reduction of cost of sales.\n derivative financial instruments company uses derivatives to partially offset business exposure to foreign exchange risk.\n foreign currency forward and option contracts used to offset foreign exchange risk on certain existing assets and liabilities and to hedge foreign exchange risk on expected future cash flows on certain forecasted revenue and cost of sales.\n from company enters into interest rate derivative agreements to modify interest rate profile of certain investments and debt.\n company 2019s accounting policies for these instruments based on instruments hedge or non-hedge instruments.\n company records all derivatives on balance sheet at fair value.\n\n| september 30 2006 | september 24 2005 | september 25 2004\n----------------------------- | ----------------- | ----------------- | -----------------\nbeginning allowance balance   | $ 46              | $ 47              | $ 49\ncharged to costs and expenses | 17                | 8                 | 3\ndeductions ( a )              | -11 ( 11 )        | -9 ( 9 )          | -5 ( 5 )\nending allowance balance      | $ 52              | $ 46              | $ 47"
}
{
    "_id": "dd4bd9f64",
    "title": "",
    "text": "organizational structure key enabler of republic way operating model organizational structure fosters high performance culture by maintaining 360-degree accountability full profit and loss responsibility with local management supported by functional structure provide subject matter expertise.\n structure allows us to advantage of scale by coordinating functionally across all markets empowering local management to respond to unique market dynamics.\n senior management evaluates  oversees manages financial performance of operations through two field groups , referred group 1 and group 2.\n group 1 primarily consists of geographic areas in western united states, and group 2 of geographic areas in southeastern and mid-western united states eastern seaboard of united states.\n each field group organized into several areas each area contains multiple business units or operating locations.\n each field groups all areas provide collection , transfer , recycling landfill services.\n see note 14 , segment reporting , to consolidated financial statements in item 8 of form 10-k for further discussion of operating segments.\n through this operating model  rolled out productivity and cost control initiatives to deliver best service to customers in efficient environmentally sound way.\n fleet automation approximately 75% ( 75 % ) of residential routes converted to automated single-driver trucks.\n converting residential routes to automated service reduce labor costs  improve driver productivity  decrease emissions create safer work environment for employees.\n communities using automated vehicles have higher participation rates in recycling programs complementing initiative to expand recycling capabilities.\n fleet conversion to compressed natural gas ( cng ) approximately 20% ( 20 % ) of fleet operates on natural gas.\n expect to continue gradual fleet conversion to cng as part of ordinary annual fleet replacement process.\n believe gradual fleet conversion is most prudent approach to realizing full value of previous fleet investments.\n13% ( ) of replacement vehicle purchases during 2018 were cng vehicles.\n we believe using cng vehicles provides competitive advantage in communities with strict clean emission initiatives protecting environment.\n upfront capital costs higher using cng reduces fleet operating costs through lower fuel expenses.\n as of december 31 , 2018  we operated 37 cng fueling stations.\n standardized maintenance industry trade publication operate seventh largest vocational fleet in united states.\n as of december 31 , 2018  average fleet age in years by line of business was : approximate number of vehicles approximate average age.\n onefleet standardized vehicle maintenance program enables us to use best practices for fleet management  truck care maintenance.\n through standardization of core functions believe we can minimize variability\n\n| approximate number of vehicles | approximate average age\n--------------- | ------------------------------ | -----------------------\nresidential     | 7000                           | 7.5\nsmall-container | 4700                           | 7.0\nlarge-container | 4300                           | 8.8\ntotal           | 16000                          | 7.7"
}
{
    "_id": "dd4bbb848",
    "title": "",
    "text": "\"distribution date\" ).\n until distribution date ( or earlier redemption or expiration of rights ) , rights traded with only with common stock.\n until right exercised  right not entitle holder to rights as a stockholder.\n if any person or group becomes acquiring person , each holder of right , other than rights beneficially owned by acquiring person will right to receive upon exercise and payment of purchase price number of shares of common stock having market value of two times purchase price and if company acquired in business combination transaction or 50% ( 50 % ) or more of assets are sold , each holder of right right to receive upon exercise and payment of purchase price number of shares of common stock of acquiring company at time of transaction market value of two times purchase price.\n after any person becomes acquiring person and prior to acquisition by person or group of 50% ( 50 % ) or more of outstanding common stock , board of directors company may cause rights ( other than rights owned by person or group ) to be exchanged  in or in part for common stock or junior preferred shares  at exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right.\n prior to acquisition by person or group of beneficial ownership of 15% ( 15 % ) or more of outstanding common stock , board of directors company may redeem rights at price of $ 0. 01 per right.\n rights have anti-takeover effects  cause substantial dilution to person or group attempts to acquire significant interest in vertex on terms not approved by board of directors.\n common stock reserved for future issuance at december 31 , 2005 , company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : o.\nsignificant revenue arrangements company has formed strategic collaborations with pharmaceutical companies other organizations in areas drug discovery , development  commercialization.\n research , development commercialization agreements provide company financial support other valuable resources for research programs for development of clinical drug candidates , marketing and sales of products.\n collaborative research , development commercialization agreements in company's collaborative research  development commercialization programs company seeks to discover , develop commercialize pharmaceutical products with supported by company's collaborators.\n collaborative research development arrangements may provide research funding over initial contract period with renewal and termination options.\n\ncommon stock under stock and option plans    | 17739\n-------------------------------------------- | -----\ncommon stock under the vertex purchase plan  | 842\ncommon stock under the vertex 401 ( k ) plan | 270\ntotal                                        | 18851"
}
{
    "_id": "dd4c4fde0",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements ( continued ) ( in thousands  except per share data ) company 2019s consolidated financial statements from date of acquisition part of other business segment.\n company concluded acquisition of aeg not represent a material business combination no pro forma financial information provided.\n aeg specializes in manufacture of photoconductor materials for in electro photographic applications including for coating of company 2019s digital detectors.\n acquisition of aeg allows company to control over critical step in detector manufacturing process 2013 efficiently manage supply chain improve manufacturing margins.\n combination of companies should facilitate manufacturing efficiencies accelerate research and development of new detector products.\n aeg was privately held group of companies headquartered in warstein , germany, with manufacturing operations in germany , china united states.\n aggregate purchase price for aeg was approximately $ 31300 ( subject to adjustment ) of eur $ 24100 in cash and 110 shares of hologic common stock valued at $ 5300, approximately $ 1900 for acquisition related fees and expenses.\n company determined fair value of shares issued in connection with acquisition in accordance with eitf issue no.\n 99-12 , determination of measurement date for market price of acquirer securities issued in purchase business combination.\n 110 shares subject to contingent put options holders have option to resell shares to company during period one year following completion acquisition if closing price of company 2019s stock falls remains below threshold price.\n repurchase price would be closing price of company 2019s common stock on date of exercise.\n company 2019s maximum aggregate obligation under these put options would be approximately $ 4100 if put option exercised for all shares covered by options and closing price of common stock on date of exercise equaled maximum threshold price permitting exercise of option.\nno shares subject to put option as of september 30 , 2006 as company 2019s stock price in excess of minimum value.\n acquisition provides for one-year earn out of eur 1700 ( approximately $ 2000 usd ) payable in cash if aeg calendar year 2006 earnings , exceeds pre-determined amount.\n company considered provision of eitf issue no.\n 95-8 , accounting for contingent consideration paid to shareholders of acquired enterprise in purchase business combination , concluded contingent consideration represents additional purchase price.\n result , goodwill increased by amount of additional consideration , if any, when it becomes due and payable.\n components and allocation of purchase price  consists of following approximate amounts:.\n purchase price allocation above revised from included in company 2019s form 10-q for period ended june 24 , 2006 , to decrease net tangible asset acquired and increased deferred income tax liability with corresponding increase to goodwill for both.\n decrease to net tangible assets primarily\n\nnet tangible assets acquired as of may 2 2006 | $ 23700\n--------------------------------------------- | --------------\nin-process research and development           | 600\ndeveloped technology and know how             | 1900\ncustomer relationship                         | 800\ntrade name                                    | 400\ndeferred income taxes                         | -3000 ( 3000 )\ngoodwill                                      | 6900\nestimated purchase price                      | $ 31300"
}
{
    "_id": "dd4b8cb06",
    "title": "",
    "text": "item 7a.\n quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.\n use derivative instruments established guidelines policies to manage these risks.\n derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.\n interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.\n majority of debt ( approximately 91% ( 91 % ) and 86% ( 86 % ) as of december 31, 2014 and 2013  ) bears interest at fixed rates.\n have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.\n fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.\n increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10 % ) decrease in interest rates.\n used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.\n interest rate swaps outstanding as of december 31 , 2014.\n had $ 1667. 2 of cash , cash equivalents marketable securities as of december 31, 2014 generally invest in conservative  short-term bank deposits or securities.\n interest income from investments subject to domestic and foreign interest rate movements.\n during 2014 and 2013  had interest income of $ 27. 4 and $ 24. 7 , respectively.\n based on 2014 results 100-basis-point increase or decrease in interest rates would affect interest income by approximately $ 16. 7  assuming all cash cash equivalents marketable securities impacted same balances remain constant from year-end 2014 levels.\nforeign currency rates subject to translation transaction risks related to changes in foreign currency exchange rates.\n report revenues expenses in.\n dollars changes in exchange rates may positively or negatively affect consolidated revenues and expenses ( expressed in.\n dollars ) from foreign operations.\n primary foreign currencies impacted results during 2014 included argentine peso australian dollar brazilian real british pound sterling.\n based on 2014 exchange rates operating results if u.\n dollar strengthen or weaken by 10% ( 10 % ) estimate operating income would decrease or increase approximately 4% ( 4 % ) assuming all currencies impacted same international revenue and expenses remain constant at 2014 levels.\n functional currency of foreign operations is generally respective local currency.\n assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.\n resulting translation adjustments recorded as component of accumulated other comprehensive loss  net of tax in stockholders 2019 equity section of consolidated balance sheets.\n foreign subsidiaries generally collect revenues pay expenses in functional currency  mitigating transaction risk.\n certain subsidiaries may enter into transactions in currencies other than functional currency.\n assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.\n currency transaction gains or losses from transactions in currencies other than functional currency included in office and general expenses.\n not entered into material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge effects of potential adverse fluctuations in foreign currency exchange rates.\n\nas of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates\n------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------\n2014               | $ -35.5 ( 35.5 )                                                                   | $ 36.6\n2013               | -26.9 ( 26.9 )                                                                     | 27.9"
}
{
    "_id": "dd4c42c8a",
    "title": "",
    "text": "analog devices , inc.\n notes to consolidated financial statements 2014 total intrinsic value of options exercised (.\n difference between market price at exercise and price paid by employee to exercise options ) during fiscal 2016 , 2015 and 2014 was $ 46. 6 million , $ 99. 2 million $ 130. 6 million  respectively total proceeds received company from exercise options during fiscal 2016  2015 2014 was $ 61. 5 million , $ 122. 6 million $ 200. 1 million  respectively.\n summary of company 2019s restricted stock unit award activity as of october 29, 2016 changes during fiscal year ended presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share.\n as of october 29 , 2016  $ 112. 3 million of total unrecognized compensation cost related to unvested share- based awards stock options and restricted stock units.\n cost expected to be recognized over period of 1. 4 years.\n total grant-date fair value of shares vested during fiscal 2016 , 2015 2014 was approximately $ 62. 8 million , $ 65. 6 million and $ 57. 4 million , respectively.\n common stock repurchases company 2019s common stock repurchase program in place since august 2004.\n board of directors authorized company to repurchase $ 6. 2 billion of company 2019s common stock under program.\n company may repurchase outstanding shares common stock in open market and through privately negotiated transactions.\n unless terminated by resolution board of directors repurchase program will expire when company repurchased all shares authorized under program.\n as of october 29 , 2016  company had repurchased total of approximately 147. 0 million shares of common stock for approximately $ 5. 4 billion under program.\n additional $ 792.5 million remains available for repurchase of shares under current authorized program.\n repurchased shares are held as authorized but unissued shares of common stock.\n result of company's planned acquisition of linear technology corporation  see note 6  acquisitions company temporarily suspended common stock repurchase plan in third quarter of 2016.\n company also  from time to time repurchases shares in settlement of employee minimum tax withholding obligations due upon vesting of restricted stock units or exercise of stock options.\n withholding amount based on employees minimum statutory withholding requirement.\n future common stock repurchases dependent upon factors  including company's financial performance  outlook  liquidity and amount of cash company has available in united states.\n preferred stock company has 471934 authorized shares of $ 1. 00 par value preferred stock , none is issued or outstanding.\n board of directors authorized to fix designations  relative rights preferences and limitations on preferred stock at time of issuance.\n\n| restrictedstock unitsoutstanding ( in thousands ) | weighted-average grant-date fair valueper share\n----------------------------------------------------- | ------------------------------------------------- | -----------------------------------------------\nrestricted stock units outstanding at october 31 2015 | 2698                                              | $ 47.59\nunits granted                                         | 1099                                              | $ 51.59\nrestrictions lapsed                                   | -905 ( 905 )                                      | $ 44.30\nforfeited                                             | -202 ( 202 )                                      | $ 50.34\nrestricted stock units outstanding at october 29 2016 | 2690                                              | $ 50.11"
}
{
    "_id": "dd4c602bc",
    "title": "",
    "text": "710 asphalt-paving contractors  government entities ( states  counties cities townships ) asphalt roofing shingle manufacturers.\n we produce asphalt cements  polymerized asphalt  asphalt emulsions industrial asphalts.\n retail marketing ssa , our wholly-owned subsidiary  sells gasoline merchandise through owned operated retail outlets under speedway ae superamerica ae brands.\n diesel fuel also sold at these outlets.\n ssa retail outlets offer wide variety of merchandise prepared foods  beverages non-food items significant proprietary items.\n as of december 31 , 2008  ssa had 1617 retail outlets in nine states.\n sales of refined products through retail outlets accounted for 15 percent of refined product sales volumes in 2008.\n revenues from sales non-petroleum merchandise through retail outlets totaled $ 2838 million in 2008 $ 2796 million in 2007 $ 2706 million in 2006.\n demand for gasoline seasonal in majority of ssa markets highest demand during summer driving season.\n profit levels from sale of merchandise services less volatile than profit levels from retail sale of gasoline diesel fuel.\n in october 2008  sold interest in pilot travel centers llc ( 201cptc 201d ) , operator of travel centers in united states.\n pipeline transportation own system of pipelines through marathon pipe line llc ( 201cmpl 201d ) ohio river pipe line llc ( 201corpl 201d )  wholly-owned subsidiaries.\n pipeline systems transport crude oil refined products in midwest gulf coast regions to refineries terminals other pipeline systems.\nmpl and orpl wholly-owned interest common carrier systems consist 1815 miles of crude oil lines 1826 miles refined product lines 34 systems in 11 states.\n mpl common carrier pipeline network is one of largest petroleum pipeline systems in united states on total barrels delivered.\n pipeline systems subject to state federal energy regulatory commission regulations guidelines including published tariffs for transportation of crude oil and refined products.\n third parties generated 11 percent of crude oil and refined product shipments on mpl and orpl common carrier pipelines in 2008.\n mpl pipelines transported volumes shown in for last three years.\n pipeline barrels handled ( thousands of barrels per day ) 2008 2007 2006.\n own 176 miles of private crude oil pipelines 850 miles of private refined products pipelines lease 217 miles of common carrier refined product pipelines.\n partial ownership interests in several pipeline companies approximately 780 miles of crude oil pipelines 3000 miles of refined products pipelines including 800 miles operated by mpl.\n mpl operates most of private pipelines 985 miles of crude oil 160 miles of natural gas pipelines owned by e&p segment.\n major refined product lines include cardinal products pipeline and wabash pipeline.\n cardinal products pipeline delivers refined products from kenova  west virginia to columbus , ohio.\n wabash pipeline delivers product from robinson , illinois to various terminals in chicago , illinois.\n other significant refined product pipelines owned and operated by mpl extend from robinson , illinois to louisville  kentucky ; garyville , louisiana to zachary , louisiana texas city  texas to pasadena , texas.\n\n( thousands of barrels per day ) | 2008 | 2007 | 2006\n-------------------------------- | ---- | ---- | ----\ncrude oil trunk lines            | 1405 | 1451 | 1437\nrefined products trunk lines     | 960  | 1049 | 1101\ntotal                            | 2365 | 2500 | 2538"
}
{
    "_id": "dd4b9e8ce",
    "title": "",
    "text": "backlog applied manufactures systems to meet demand represented by order backlog customer commitments.\n backlog consists of : ( 1 ) orders for written authorizations accepted assigned shipment dates within next 12 months  or shipment occurred but revenue not recognized ; ( 2 ) contractual service revenue and maintenance fees earned within next 12 months.\n backlog by reportable segment as of october 25 , 2015 and october 26 , 2014 was follows : 2015 2014 ( in millions , except percentages ).\n applied 2019s backlog on date not indicative of actual sales for future periods  due to potential for customer changes in delivery schedules or order cancellations.\n customers may delay delivery products or cancel orders prior to shipment  subject to possible cancellation penalties.\n delays in delivery schedules or reduction of backlog during period could have adverse effect on applied 2019s business results of operations.\n manufacturing , raw materials supplies applied 2019s manufacturing activities consist primarily of assembly , test integration of proprietary commercial parts , components subassemblies to manufacture systems.\n applied implemented distributed manufacturing model manufacturing supply chain activities conducted in various countries including germany  israel  italy singapore taiwan  united states other countries in asia.\n applied uses numerous vendors  including contract manufacturers, to supply parts assembly services for manufacture support of products including some systems completed at customer sites.\n applied efforts to assure parts available from multiple qualified suppliers not always possible.\n some key parts may be obtained from single supplier or limited group of suppliers.\n applied seeks to reduce costs lower risks of manufacturing service interruptions by selecting qualifying alternate suppliers for key parts ; monitoring financial condition of key suppliers maintaining appropriate inventories of key parts qualifying new parts timely basis ensuring quality and performance of parts.\n\n| 2015   | 2014           |        | ( in millions except percentages )\n---------------------------------- | ------ | -------------- | ------ | ----------------------------------\nsilicon systems                    | $ 1720 | 55% ( 55 % )   | $ 1400 | 48% ( 48 % )\napplied global services            | 812    | 26% ( 26 % )   | 775    | 27% ( 27 % )\ndisplay                            | 525    | 16% ( 16 % )   | 593    | 20% ( 20 % )\nenergy and environmental solutions | 85     | 3% ( 3 % )     | 149    | 5% ( 5 % )\ntotal                              | $ 3142 | 100% ( 100 % ) | $ 2917 | 100% ( 100 % )"
}
{
    "_id": "dd4bfa584",
    "title": "",
    "text": "cases ; ( ii ) management unable to estimate possible loss or range of loss from unfavorable outcome in pending tobacco-related cases ; and ( iii ) accordingly , management not provided amounts in consolidated financial statements for unfavorable outcomes , if.\n legal defense costs expensed as incurred.\n altria group , inc.\n and its subsidiaries achieved substantial success in managing litigation.\n nevertheless litigation subject to uncertainty and significant challenges remain.\n possible that consolidated results of operations , cash flows or financial position of altria group , inc. or one its subsidiaries, could be materially affected in particular fiscal quarter or fiscal year by unfavorable outcome or settlement of pending litigation.\n altria group , inc.\n and each its subsidiaries as defendant believe  each advised by counsel cases, that it has valid defenses to litigation against it, valid bases for appeal of adverse verdicts.\n each companies defended , and will continue to defend  vigorously against litigation challenges.\n altria group , inc.\n and its subsidiaries may enter into settlement discussions in particular cases if believe in best interests of altria group , inc.\n to.\n overview of altria group , inc.\npm usa tobacco-related litigation types number of cases : claims related to tobacco products fall within categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court- supervised programs for ongoing medical monitoring brought on behalf of class of individual plaintiffs  including cases aggregated claims of individual plaintiffs tried in single proceeding ; ( iii ) health care cost recovery cases by governmental domestic foreign ) plaintiffs seeking reimbursement for health care expenditures caused by cigarette smoking disgorgement of profits ; ( iv ) class action suits alleging terms 201clights 201d 201cultra lights 201d deceptive unfair trade practices  common law statutory fraud  unjust enrichment  breach of warranty violations of racketeer influenced corrupt organizations act ( 201crico 201d ) ; ( v ) other tobacco- related litigation described below.\n plaintiffs 2019 theories of recovery defenses raised in pending smoking and health , health care cost recovery 201clights/ultra lights 201d cases discussed below.\n table below lists number of certain tobacco-related cases pending in united states against pm usa  altria group , inc.\n as of december 31 , 2014 , december 31 , 2013 december 31 , 2012.\n type of case number of cases pending of december 31 , 2014 2013 december 2012 individual smoking and health cases ( 1 ) 67 67 77 smoking and health class actions aggregated claims litigation ( 2 ) 5 6 7 health care cost recovery actions ( 3 ) 1 1 1.\n( 1 ) not include 2558 cases by flight attendants seeking compensatory damages for personal injuries caused by exposure to environmental tobacco smoke ( 201d ).\n flight attendants allege members of ets smoking and health class action in florida settled in 1997.\n terms of court-approved settlement allow class members to file individual lawsuits seeking compensatory damages prohibit from seeking punitive damages.\n not include individual smoking and health cases by or behalf of plaintiffs in florida state and federal courts following decertification of engle case ( discussed in smoking health litigation - engle class action ).\n ( 2 ) includes as one case 600 civil actions ( 346 were actions against pm usa ) tried in single proceeding in west virginia ( re tobacco litigation ).\n west virginia supreme court of appeals ruled united states constitution did not preclude trial in two phases.\n issues related to defendants 2019 conduct and whether punitive damages permissible tried in first phase.\n trial in first phase began in april 2013.\n in may 2013  jury returned verdict in favor of defendants on claims for design defect  negligence  failure to warn  breach of warranty and concealment declined to find defendants 2019 conduct warranted punitive damages.\n plaintiffs prevailed on claim that ventilated filter cigarettes should have included use instructions for period 1964 - 1969.\n second phase  will consist of individual trials to determine liability and compensatory damages on claim only.\n in august 2013  trial court denied all post-trial motions.\n trial court entered final judgment in october 2013 in november 2013 plaintiffs filed notice of appeal to west virginia supreme court of appeals.\n on november 3 , 2014 west virginia supreme court of appeals affirmed final judgment.\nplaintiffs filed petition rehearing west virginia supreme court appeals court denied january 8  2015.\n ( 3 see health care cost recovery litigation federal government 2019s lawsuit below.\n altria group , inc.\n subsidiaries notes consolidated financial statements altria_mdc_2014form10k_nolinks_crops. pdf 68 2/25/15 5:56 pm\n\ntype of case                                                            | number of casespending as ofdecember 31 2014 | number of casespending as ofdecember 31 2013 | number of casespending as ofdecember 31 2012\n----------------------------------------------------------------------- | -------------------------------------------- | -------------------------------------------- | --------------------------------------------\nindividual smoking and health cases ( 1 )                               | 67                                           | 67                                           | 77\nsmoking and health class actions and aggregated claims litigation ( 2 ) | 5                                            | 6                                            | 7\nhealth care cost recovery actions ( 3 )                                 | 1                                            | 1                                            | 1\n201clights/ultra lights 201d class actions                              | 12                                           | 15                                           | 14"
}
{
    "_id": "dd4bcab5e",
    "title": "",
    "text": "notes to consolidated financial statements continued ) 72 snap-on incorporated following reconciliation of beginning and ending unrecognized tax benefits : ( amounts in millions ).\n of $ 18. 7 million of unrecognized tax benefits at end of 2007 , approximately $ 16. 2 million impact effective income tax rate if recognized.\n interest and penalties related to unrecognized tax benefits recorded in income tax expense.\n during years ended december 29 , 2007 , december 30 , 2006 december 31, 2005  company recognized approximately $ 1. 2 million , $ 0. 5 million ( $ 0. 5 ) million in net interest expense ( benefit ).\n company provided for approximately $ 3. 4 million , $ 2. 2 million  $ 1. 7 million of accrued interest related to unrecognized tax benefits at end of fiscal year 2007 , 2006 2005 .\n during next 12 months company not anticipate significant changes to total amount unrecognized tax benefits other than accrual of additional interest expense similar to prior year 2019s expense.\n few exceptions snap-on no longer subject to.\n federal and state/local income tax examinations by tax for years prior to 2003 snap no longer subject to non-u. s.\n income tax examinations by tax authorities for years prior to 2001.\n undistributed earnings of all non-u.\n subsidiaries totaled $ 338. 5 million , $ 247. 4 million $ 173. 6 million at end of fiscal 2007 , 2006 2005 .\n snap-on not provided deferred taxes on these undistributed earnings considers undistributed earnings permanently invested.\n determination of unrecognized deferred income tax liability related earnings not practicable.\n american jobs creation act of 2004 ( 201d ) created one-time tax incentive for.\ncorporations repatriate foreign earnings by providing tax deduction of 85% ( 85 % ) of qualifying dividends received from foreign affiliates.\n under snap-on repatriated $ 93 million qualifying dividends in 2005 resulted in additional income tax expense of $ 3. 3 million for year.\n note 9 : short-term and long-term debt as of december 29 , 2007 was $ 517. 9 million ; no commercial paper outstanding at december 29 , 2007.\n as of december 30 , 2006  notes payable long-term debt was $ 549. 2 million  including $ 314. 9 million of commercial paper.\n snap-on presented $ 300 million of december 30 , 2006 , outstanding commercial paper as 201clong-term debt on accompanying december 30, 2006  consolidated balance sheet.\n january 12 , 2007 snap-on sold $ 300 million of unsecured notes $ 150 million of floating rate notes mature on january 12 , 2010 $ 150 million fixed rate notes mature on january 15 , 2017.\n interest on floating rate notes accrues rate equal to three-month london interbank offer rate plus 0. 13% (. ) per year payable quarterly.\n interest on fixed rate notes accrues rate 5. 50% (. % ) per year payable semi-annually.\n snap-on used proceeds from sale of notes net of $ 1. 5 million transaction costs to repay commercial paper obligations finance acquisition of business solutions.\n january 12 , 2007 company terminated $ 250 million bridge credit agreement snap-on established prior to acquisition business solutions.\n\n( amounts in millions )                                  | amount\n-------------------------------------------------------- | ------------\nunrecognized tax benefits as of december 31 2006         | $ 21.3\ngross increases 2013 tax positions in prior periods      | 0.5\ngross decreases 2013 tax positions in prior periods      | -0.4 ( 0.4 )\ngross increases 2013 tax positions in the current period | 0.5\nsettlements with taxing authorities                      | -3.0 ( 3.0 )\nlapsing of statutes of limitations                       | -0.2 ( 0.2 )\nunrecognized tax benefits as of december 29 2007         | $ 18.7"
}
{
    "_id": "dd497e4cc",
    "title": "",
    "text": "proportional free cash flow non-gaap measure ) define as cash flows from operating activities less maintenance capital expenditures including non-recoverable environmental capital expenditures ) adjusted for estimated impact of noncontrolling interests.\n proportionate share of cash flows and related adjustments attributable to noncontrolling interests in subsidiaries comprise proportional adjustment factor in reconciliation below.\n company adoption of accounting guidance for service concession arrangements effective january 1, 2015  capital expenditures related to service concession assets classified as investing activities on consolidated statement cash flows now classified as operating activities.\n see note 1 2014general and summary of significant accounting policies of form 10-k for further information on adoption guidance.\n in quarter ended march 31 , 2015  company changed definition of proportional free cash flow to exclude cash flows for capital expenditures related to service concession assets now classified within net cash by operating activities on consolidated statement of cash flows.\n proportional adjustment factor for these capital expenditures presented in reconciliation below.\n exclude environmental capital expenditures expected to be recovered through regulatory , contractual or other mechanisms.\n example of recoverable environmental capital expenditures is ipl's investment in mats-related environmental upgrades recovered through tracker.\n see item 1. 2014us sbu 2014ipl 2014environmental matters for details of investments.\n gaap measure most comparable to proportional free cash flow is cash flows from operating activities.\n proportional free cash flow better reflects business performance company measures cash generated by business after funding of maintenance capital expenditures available for investing or repaying debt or other purposes.\n factors in determination include impact of noncontrolling interests  where aes consolidates results of subsidiary not wholly-owned by company.\n presentation of free cash flow has material limitations.\nproportional free cash flow not as alternative to cash from operating activities determined in accordance with gaap.\n cash flow not represent our cash flow for discretionary payments excludes certain payments required or committed debt service requirements dividend payments.\n definition of proportional free cash flow may not comparable to similarly titled measures other companies.\n calculation of proportional free cash flow ( in millions ) 2015 2014 2013 2015/2014change 2014/2013 change.\n 1 service concession asset expenditures excluded from proportional free cash flow non-gaap metric.\n proportional adjustment factor  proportional maintenance capital expenditures net reinsurance proceeds non-recoverable environmental capital expenditures calculated by multiplying percentage owned by noncontrolling interests for each entity by corresponding consolidated cash flow metric totaled to resulting figures.\n for example parent company a owns 20% ( 20 % ) of subsidiary company b  consolidated subsidiary.\n subsidiary company b has 80% ( 80 % ) noncontrolling interest.\n consolidated net cash flow from operating activities of $ 100 from subsidiary b proportional adjustment factor for subsidiary b would equal $ 80 ( or $ 100 x 80% ( 80 % ) ).\n company calculates proportional adjustment factor for each consolidated business sums amounts to determine total proportional adjustment factor in reconciliation.\n proportional adjustment factor may differ from proportion of income attributable to noncontrolling interests as result of non-cash items impact income but not cash and aes' ownership interest in subsidiary where such items occur.\n ( 3 ) includes proportional adjustment amount for service concession asset expenditures of $ 84 million for year ended december 31 , 2015.\n company adopted service concession accounting effective january 1 , 2015.\nexcludes ipl's proportional recoverable environmental capital expenditures $ 205 million  $ 163 million $ 110 million for years december 31  2015  2014 2013  respectively.\n\ncalculation of proportional free cash flow ( in millions )                             | 2015         | 2014         | 2013         | 2015/2014 change | 2014/2013 change\n-------------------------------------------------------------------------------------- | ------------ | ------------ | ------------ | ---------------- | ----------------\nnet cash provided by operating activities                                              | $ 2134       | $ 1791       | $ 2715       | $ 343            | $ -924 ( 924 )\nadd : capital expenditures related to service concession assets ( 1 )                  | 165          | 2014         | 2014         | 165              | 2014\nadjusted operating cash flow                                                           | 2299         | 1791         | 2715         | 508              | -924 ( 924 )\nless : proportional adjustment factor on operating cash activities ( 2 ) ( 3 )         | -558 ( 558 ) | -359 ( 359 ) | -834 ( 834 ) | -199 ( 199 )     | 475\nproportional adjusted operating cash flow                                              | 1741         | 1432         | 1881         | 309              | -449 ( 449 )\nless : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 ) | -449 ( 449 ) | -485 ( 485 ) | -535 ( 535 ) | 36               | 50\nless : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 )     | -51 ( 51 )   | -56 ( 56 )   | -75 ( 75 )   | 5                | 19\nproportional free cash flow                                                            | $ 1241       | $ 891        | $ 1271       | $ 350            | $ -380 ( 380 )"
}
{
    "_id": "dd4bc2bac",
    "title": "",
    "text": "9.\n junior subordinated debt securities payable provisions issued march 29 , 2004 , holdings elected redeem $ 329897 thousand of 6. 2% ( 6. 2 % ) junior subordinated debt securities outstanding on may 24 , 2013.\n result early redemption company incurred pre-tax expense of $ 7282 thousand related to immediate amortization of remaining capitalized issuance costs on trust preferred securities.\n interest expense incurred junior subordinated debt securities is follows for periods indicated:.\n holdings considered mechanisms obligations relating trust preferred securities constituted full unconditional guarantee by holdings of capital trust ii 2019s payment obligations trust preferred securities.\n 10.\n reinsurance and trust agreements certain subsidiaries of group have established trust agreements  use company 2019s investments as collateral  security for assumed losses payable to certain non-affiliated ceding companies.\n at december 31 , 2014  total amount on deposit in trust accounts was $ 322285 thousand.\n on april 24 , 2014 , company entered two collateralized reinsurance agreements with kilimanjaro re limited ( 201ckilimanjaro 201d ), bermuda based special purpose reinsurer  provide company catastrophe reinsurance coverage.\n agreements are multi-year reinsurance contracts cover specified named storm and earthquake events.\n first agreement provides up to $ 250000 thousand of reinsurance coverage from named storms in specified states of southeastern united states.\nsecond agreement provides $ 200000 thousand reinsurance coverage from named storms in specified states southeast mid-atlantic northeast regions united states puerto rico reinsurance coverage from earthquakes in specified states southeast mid-atlantic northeast west regions united states  puerto rico british columbia.\n on november 18 , 2014  company entered collateralized reinsurance agreement with kilimanjaro re to provide company catastrophe reinsurance coverage.\n agreement is multi-year reinsurance contract covers specified earthquake events.\n agreement provides up to $ 500000 thousand reinsurance coverage from earthquakes in united states  puerto rico canada.\n kilimanjaro financed property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated external investors.\n april 24 , 2014  kilimanjaro issued $ 450000 thousand of variable rate notes ( 201cseries 2014-1 notes 201d ).\n november 18 , 2014 kilimanjaro issued $ 500000 thousand of variable rate notes ( 201cseries 2014-2 notes 201d ).\n proceeds from issuance of series 2014-1 notes and series 2014-2 notes held in reinsurance trust duration reinsurance agreements invested solely in us government money market funds with rating of at least 201caaam 201d by standard & poor 2019s.\n\n( dollars in thousands )  | years ended december 31 , 2014 | years ended december 31 , 2013 | years ended december 31 , 2012\n------------------------- | ------------------------------ | ------------------------------ | ------------------------------\ninterest expense incurred | $ -                            | $ 8181                         | $ 20454"
}
{
    "_id": "dd4c1fa00",
    "title": "",
    "text": "pro forma financial information consolidated condensed financial results operations presented as if acquisition of valves & controls business occurred october 1 , 2015.\n pro forma information presented for informational purposes only not indicative of results operations acquisition occurred that time.\n pro forma results for 2016 adjusted to include first year acquisition accounting charges related to inventory and backlog of $ 122 in 2017.\n pro forma 2016 results include acquisition costs of $ 52  2017 pro forma results adjusted to exclude these charges.\n october 2, 2017 company sold residential storage business for $ 200 in cash subject to post-closing adjustments expects to recognize loss of approximately $ 40 in 2018 due to income taxes from nondeductible goodwill.\n company expects to realize approximately $ 140 in after-tax cash proceeds from sale.\n business sales of $ 298 pretax earnings of $ 15 in 2017 leader in home organization and storage systems reported tools & home products segment.\n assets and liabilities classified as held-for-sale as of september 30 , 2017.\n company acquired six businesses in 2016 four in automation solutions two in climate technologies.\n total cash paid for businesses was $ 132 , net of cash acquired.\n annualized sales for businesses approximately $ 51 in 2016.\n company recognized goodwill of $ 83 ( $ 27 expected be tax deductible ) other identifiable intangible assets of $ 50 , primarily customer relationships and intellectual property weighted-average life of nine years.\n company completed eight acquisitions in 2015  seven in automation solutions one in tools & home products combined annualized sales of approximately $ 115.\n total cash paid for all businesses was $ 324 , net of cash acquired.\ncompany recognized goodwill $ 178 ( $ 42 expected tax deductible ) other intangible assets $ 128  primarily customer relationships intellectual property weighted-average life approximately ten years.\n january 2015  company completed sale of mechanical power transmission solutions business for $ 1. 4 billion  recognized pretax gain transaction $ 939 ( $ 532 after-tax , $ 0. 78 per share ).\n assets liabilities sold : current assets  $ 182 ( accounts receivable inventories other current assets ) ; other assets  $ 374 ( property , plant equipment goodwill other noncurrent assets ) ; accrued expenses  $ 56 ( accounts payable  other current liabilities ) ; other liabilities , $ 41.\n proceeds from divestiture used for share repurchase.\n business previously reported in former industrial automation segment  had partial year sales 2015 $ 189 related pretax earnings $ 21.\n power transmission solutions designs manufactures market-leading couplings  bearings  conveying components gearing drive components provides supporting services solutions.\n september 30 , 2015 company sold intermetro commercial storage business for $ 411 in cash recognized pretax gain transaction $ 100 ( $ 79 after-tax , $ 0. 12 per share ).\n business had annual sales $ 288 pretax earnings $ 42 in 2015 reported in former commercial & residential solutions segment.\n assets liabilities sold : current assets  $ 62 ( accounts receivable  inventories  other current assets ) ; other assets , $ 292 ( property , plant and equipment  goodwill  other noncurrent assets ) ; current liabilities , $ 34 ( accounts payable , other current liabilities ) ; other liabilities , $ 9.\nintermetro is leading manufacturer supplier of storage transport products in food service , commercial products health care industries.\n results of operations of acquired businesses discussed included in company 2019s consolidated results of operations since dates of acquisition.\n ( 4 ) discontinued operations in 2017 , company completed announced strategic actions to streamline portfolio drive growth in core businesses.\n on november 30 , 2016 , company completed sale of network power systems business for $ 4. 0 billion in cash retained subordinated interest in distributions , contingent upon equity holders receiving threshold return on initial investment.\n this business comprised former network power segment.\n on january 31 , 2017 , company completed sale of power generation , motors drives business for approximately $ 1. 2 billion , subject to post-closing\n\n| 2016    | 2017\n----------------------------------------------------------- | ------- | -----\nnet sales                                                   | $ 16201 | 16112\nnet earnings from continuing operations common stockholders | $ 1482  | 1692\ndiluted earnings per share from continuing operations       | $ 2.28  | 2.62"
}
{
    "_id": "dd496f454",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued description of company 2019s reporting units results of related transitional impairment testing : verestar 2014verestar was single segment reporting unit until december 2002 , company committed plan to dispose of verestar.\n company recorded impairment charge of $ 189. 3 million relating to impairment of goodwill in this reporting unit.\n fair value reporting unit determined based on independent third party appraisal.\n network development services 2014as of january 1 , 2002  reporting units in company 2019s network development services segment included kline , specialty constructors , galaxy , mts components flash technologies.\n company estimated fair value of reporting units utilizing future discounted cash flows market information value each reporting unit on january 1 , 2002.\n company recorded impairment charge of $ 387. 8 million for year ended december 31 , 2002 related to impairment of goodwill within these reporting units.\n charge included full impairment for all goodwill reporting units except kline  for only partial impairment recorded.\n assets of all reporting units sold as of december 31 , 2003  except for kline and tower construction services unit  sold in march and november 2004 .\n rental and management 2014the company obtained independent third party appraisal of rental and management reporting unit contains goodwill determined goodwill not impaired.\n company 2019s other intangible assets subject to amortization consist of following as of december 31 , ( in thousands ) :.\n company amortizes intangible assets over periods from three to fifteen years.\n amortization of intangible assets for years ended december 31 , 2004 and 2003 aggregated approximately $ 97. 8 million and $ 94.6 million  ( excluding amortization of deferred financing costs included in interest expense ).\n company expects to record amortization expense of approximately $ 97. 8 million , $ 95. 9 million , $ 92. 0 million , $ 90. 5 million and $ 88. 8 million  for years ended december 31 , 2005 , 2006  2007  2008 2009 .\n 5.\n notes receivable in 2000  company loaned tv azteca .\n.\n tv azteca ) owner of major national television network in mexico , $ 119. 8 million.\n loan  initially bore interest at 12. 87% ( 12. 87 % ) payable quarterly discounted by company fair value interest rate at date of loan 14. 25% ( 14. 25 % ).\n loan amended effective january 1 , 2003 to increase original interest rate to 13. 11% ( 13. 11 % ).\n as of december 31 , 2004  and 2003 , approximately $ 119. 8 million undiscounted ( $ 108. 2 million discounted ) loan outstanding included in notes receivable and other long-term assets in consolidated balance sheets.\n term of loan is seventy years ; loan may be prepaid by tv\n\n| 2004               | 2003\n------------------------------------------------------- | ------------------ | ------------------\nacquired customer base and network location intangibles | $ 1369607          | $ 1299521\ndeferred financing costs                                | 89736              | 111484\nacquired licenses and other intangibles                 | 43404              | 43125\ntotal                                                   | 1502747            | 1454130\nless accumulated amortization                           | -517444 ( 517444 ) | -434381 ( 434381 )\nother intangible assets net                             | $ 985303           | $ 1019749"
}
{
    "_id": "dd4bb6398",
    "title": "",
    "text": "notes to consolidated financial statements 2014 table summarizes changes in non-vested restricted stock awards for year ended may 31 , 2009 ( share awards in thousands ) : share awards weighted average grant-date fair value.\n fair value of share awards in years ended may 31 , 2008 and 2007 was $ 38 and $ 45 ,.\n total fair value of share awards vested during years ended may 31 , 2009 , 2008 2007 was $ 6. 2 million , $ 4. 1 million $ 1. 7 million .\n recognized compensation expense for restricted stock of $ 9. 0 million , $ 5. 7 million  $ 2. 7 million in years ended may 31 , 2009 , 2008 2007.\n as of may 31 , 2009 $ 23. 5 million of total unrecognized compensation cost related to unvested restricted stock awards expected to be recognized over period of 2. 9 years.\n employee stock purchase plan sale of 2. 4 million shares of common stock authorized.\n employees may designate up to $ 25000 or 20% ( % ) of annual compensation for purchase of stock.\n price for shares purchased under plan is 85% ( 85 % ) of market value on last day of quarterly purchase period.\n as of may 31 , 2009  0. 8 million shares issued under plan 1. 6 million shares reserved for future issuance.\n weighted average grant-date fair value of each designated share purchased under plan was $ 6, $ 6 and $ 8 in years ended may 31 , 2009 , 2008 2007.\n values represent fair value of 15% ( 15 % ) discount.\n note 12 2014segment information during fiscal 2009  began assessing operating performance using new segment structure.\nmade change result of june 30 , 2008 acquisition of 51% ( 51 % ) of hsbc merchant services llp in united kingdom  addition anticipated future international expansion.\n beginning with quarter ended august 31 , 2008  reportable segments defined as north america merchant services , international merchant services  money transfer.\n following tables reflect changes reportable segments for fiscal years 2009 , 2008 2007.\n\n| share awards | weighted average grant-date fair value\n------------------------- | ------------ | --------------------------------------\nnon-vested at may 31 2007 | 278          | $ 37\ngranted                   | 400          | 38\nvested                    | -136 ( 136 ) | 30\nforfeited                 | -24 ( 24 )   | 40\nnon-vested at may 31 2008 | 518          | 39\ngranted                   | 430          | 43\nvested                    | -159 ( 159 ) | 39\nforfeited                 | -27 ( 27 )   | 41\nnon-vested at may 31 2009 | 762          | 42"
}
{
    "_id": "dd497d70c",
    "title": "",
    "text": "2015  $ 82 million provision recapture recorded for purchased impaired loans compared to $ 91 million provision recapture 2014.\n charge-offs specifically for commercial loans greater than defined threshold ) 2015 were $ 12 million compared to $ 42 million 2014.\n december 31 , 2015 and december 31 2014 alll on total purchased impaired loans was $. 3 billion and $. 9 billion  respectively.\n decline in alll primarily due to change in derecognition policy.\n for purchased impaired loan pools where allowance recognized increases in net present value cash flows result in provision recapture of previously recorded alll applicable/or reclassification from non-accretable difference to accretable yield  recognized prospectively.\n individual loan transactions where final dispositions occurred result in removal of loans from applicable pools for cash flow estimation purposes.\n cash flow re- estimation process completed quarterly to evaluate appropriateness of alll associated with purchased impaired loans.\n activity for accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield.\n note 5 allowances for loan and lease losses and unfunded loan commitments letters of credit allowance for loan and lease losses maintain alll at levels appropriate to absorb estimated probable credit losses incurred in portfolios as balance sheet date.\n use two main portfolio segments 2013 commercial lending and consumer lending 2013 develop and document alll under separate methodologies for each segments as discussed in note 1 accounting policies.\n rollforward of alll and associated loan data follows.\n pnc financial services group , inc.\n 2013 form 10-k 141\n\nin millions                                             | 2015         | 2014\n------------------------------------------------------- | ------------ | ------------\njanuary 1                                               | $ 1558       | $ 2055\naccretion ( including excess cash recoveries )          | -466 ( 466 ) | -587 ( 587 )\nnet reclassifications to accretable from non-accretable | 226          | 208\ndisposals                                               | -68 ( 68 )   | -118 ( 118 )\ndecember 31                                             | $ 1250       | $ 1558"
}
{
    "_id": "dd4baed28",
    "title": "",
    "text": "performance graph graph compares cumulative total shareholder return on pmi's common stock with cumulative total return for same period of pmi's peer group and s&p 500 index.\n graph assumes investment of $ 100 as of december 31 , 2012 in pmi common stock ( at prices quoted on new york stock exchange ) and each indices as of market close and reinvestment of dividends on quarterly basis.\n date pmi pmi peer group ( 1 ) s&p 500 index.\n ( 1 ) pmi peer group in graph is same as used in prior year , except reynolds american inc.\n removed following acquisition by british american tobacco p.\n on july 25 , 2017.\n pmi peer group established based on review of four characteristics : global presence ; focus on consumer products ; net revenues and market capitalization of similar size to pmi.\n review considered primary international tobacco companies.\n result of review following companies constitute pmi peer group : altria group , inc. anheuser-busch inbev sa/nv , british american tobacco p. coca-cola company , colgate-palmolive co. diageo plc , heineken n. v. imperial brands plc  japan tobacco inc. johnson & johnson, kimberly-clark corporation  kraft-heinz company  mcdonald's corp. mondel z international , inc. nestl e9 s. pepsico , inc. procter & gamble company  roche holding ag  unilever nv and plc.\n : figures are rounded to nearest $ 0. 10.\n\ndate             | pmi      | pmi peer group ( 1 ) | s&p 500 index\n---------------- | -------- | -------------------- | -------------\ndecember 31 2012 | $ 100.00 | $ 100.00             | $ 100.00\ndecember 31 2013 | $ 108.50 | $ 122.80             | $ 132.40\ndecember 31 2014 | $ 106.20 | $ 132.50             | $ 150.50\ndecember 31 2015 | $ 120.40 | $ 143.50             | $ 152.60\ndecember 31 2016 | $ 130.80 | $ 145.60             | $ 170.80\ndecember 31 2017 | $ 156.80 | $ 172.70             | $ 208.10"
}
{
    "_id": "dd4c2131e",
    "title": "",
    "text": "table of contents hologic , inc.\n notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) acquisition provides for up to two annual earn-out payments not to exceed $ 15000 in aggregate based on biolucent 2019s achievement of certain revenue targets.\n company considered provision of eitf 95-8 , concluded contingent consideration represents additional purchase price.\n goodwill increased by amount additional consideration , if any earned.\n as of september 26 , 2009  company not recorded amounts for these potential earn-outs.\n allocation of purchase price based upon estimates of fair value of assets acquired and liabilities assumed as of september 18 , 2007.\n components and allocation of purchase price consisted of following approximate amounts:.\n purchase price allocation all intangible assets part of acquisition were identified and valued.\n determined only customer relationship , trade name and developed technology had separately identifiable values.\n fair value of these intangible assets determined through application of income approach.\n customer relationship represented large customer base expected to purchase disposable mammopad product on regular basis.\n trade name represented biolucent product name company intended to continue to use.\n developed technology represented currently marketable purchased products company continues to sell utilize enhance incorporate into company 2019s existing products.\n deferred income tax liability relates to tax effect of acquired identifiable intangible assets and fair value adjustments to acquired inventory such amounts not deductible for tax purposes partially offset by acquired net operating loss carryforwards of approximately $ 2400.\n.\n sale of gestiva on january 16 , 2008  company entered into definitive agreement agreed to sell full u. s.\nworld-wide rights to gestiva to k-v pharmaceutical company upon approval of pending gestiva new drug application ( 201cgestiva nda 201d ) by fda for purchase price of $ 82000.\n company received $ 9500 of purchase price in fiscal 2008  balance due upon final approval of gestiva nda by fda on or before february 19 , 2010 production of quantity of gestiva suitable to enable commercial launch of product.\n either party right to terminate agreement if fda approval not obtained by february 19 , 2010.\n company agreed to continue efforts to obtain fda approval of nda for gestiva arrangement.\n all costs incurred in these efforts reimbursed by k-v pharmaceutical recorded as credit against research and development expenses.\n during fiscal 2009 and 2008  reimbursed costs were not material.\n company recorded $ 9500 as deferred gain within current liabilities in consolidated balance sheet.\n company expects gain will be recognized upon closing of transaction following final fda approval of gestiva nda or if agreement terminated.\n company cannot assure it will to obtain requisite fda approval , transaction will be completed or receive balance of purchase price.\n if k-v pharmaceutical terminates agreement of breach by company of material representation , warranty , covenant or agreement  company required to return funds previously received expenses reimbursed by k-v.\n source : hologic inc , 10-k , november 24 , 2009 powered by morningstar ae document research 2120 information contained herein may not be copied , adapted or distributed and not warranted to be accurate , complete or timely.\n user assumes all risks for any damages or losses arising from use of this information  except to extent such damages or losses cannot be limited or excluded by applicable law.\npast financial performance no guarantee future results.\n\nnet tangible assets acquired as of september 18 2007 | $ 2800\n---------------------------------------------------- | --------------\ndeveloped technology and know how                    | 12300\ncustomer relationship                                | 17000\ntrade name                                           | 2800\ndeferred income tax liabilities net                  | -9500 ( 9500 )\ngoodwill                                             | 47800\nfinal purchase price                                 | $ 73200"
}
{
    "_id": "dd496daaa",
    "title": "",
    "text": "revenues include $ 3. 8 billion 2017 $ 739 million 2016 related to sale rrps mainly driven by japan.\n net revenue include excise taxes billed customers.\n excluding excise taxes net revenues for rrps were $ 3. 6 billion 2017 $ 733 million 2016.\n some jurisdictions including japan not responsible for collecting excise taxes.\n 2017 approximately $ 0. 9 billion of $ 3. 6 billion rrp net revenues excluding excise taxes from iqos devices accessories.\n excise taxes on products increased by $ 1. 1 billion due to 2022 higher excise taxes changes retail prices tax rates ( $ 4. 6 billion ) offset by 2022 favorable currency ( $ 1. 9 billion ) 2022 lower excise taxes from volume/mix ( $ 1. 6 billion ).\n cost of sales ; marketing  administration research costs operating income as follows : years ended december 31 .\n cost of sales increased by $ 1. 0 billion due to 2022 higher cost of sales volume/mix ( $ 1. 1 billion ) offset by 2022 lower manufacturing costs ( $ 36 million ) 2022 favorable currency ( $ 30 million ).\n marketing , administration research costs increased by $ 320 million due to 2022 higher expenses ( $ 570 million increased investment behind reduced-risk products in european union asia ) offset by 2022 favorable currency ( $ 250 million ).\n operating income increased by $ 688 million due to 2022 price increases ( $ 1. 4 billion ) offset by 2022 higher marketing  administration research costs ( $ 570 million ) 2022 unfavorable currency ( $ 157 million ).\n interest expense  net of $ 914 million increased by $ 23 million due to unfavorably currency higher average debt levels offset by higher interest income.\n effective tax rate increased by 12.8 percentage points to 40. 7% ( 40. 7 % ).\n 2017 effective tax rate unfavorably impacted by $ 1. 6 billion due to tax cuts and jobs act.\n for further details, see item 8 , note 11.\n income taxes to consolidated financial statements.\n continuing to evaluate impact tax cuts and jobs act on tax liability.\n based current interpretation of tax cuts jobs act  estimate 2018 effective tax rate be approximately 28% ( 28 % ), subject to future regulatory developments and earnings mix by taxing jurisdiction.\n regularly examined by tax authorities around world currently under examination in jurisdictions.\n possible that within next 12 months certain tax examinations will close could result in change in unrecognized tax benefits related interest and penalties.\n estimate of possible change cannot be made.\n net earnings attributable to pmi of $ 6. 0 billion decreased by $ 932 million ( 13. 4% ( 13. 4 % ) ).\n decrease due primarily to higher effective tax rate partly offset by higher operating income.\n diluted and basic eps of $ 3. 88 decreased by 13. 4% ( 13. 4 % ).\n excluding\n\n( in millions )                             | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % (  % )\n------------------------------------------- | -------------------------------------- | -------------------------------------- | ----------------------------------- | ----------------\ncost of sales                               | $ 10432                                | $ 9391                                 | $ 1041                              | 11.1% ( 11.1 % )\nmarketing administration and research costs | 6725                                   | 6405                                   | 320                                 | 5.0% ( 5.0 % )\noperating income                            | 11503                                  | 10815                                  | 688                                 | 6.4% ( 6.4 % )"
}
{
    "_id": "dd49736c6",
    "title": "",
    "text": "14.\n capital stock shares outstanding.\n table presents information capital stock:.\n cme group has no shares of preferred stock issued outstanding.\n associated trading rights.\n members of cme , cbot  nymex comex own or lease trading rights entitle to access open outcry trading  discounts on trading fees right to vote on certain exchange matters provided by rules of exchange cme group 2019s subsidiaries 2019 organizational documents.\n each class of cme group class b common stock associated with membership in specific division for trading at cme.\n cme trading right is separate asset not part of evidenced by associated share of class b common stock cme group.\n class b common stock cme group intended to ensure class b shareholders cme retain rights representation on board of directors approval rights core rights described.\n trading rights at cbot evidenced by class b memberships cbot nymex by class a memberships comex by comex division memberships.\n members of cbot  nymex comex have rights to elect members board of directors not entitled to receive dividends or other distributions on memberships or trading permits.\n core rights.\n holders of cme group class b common shares have right to approve changes in specified rights relating to trading privileges at cme associated with shares.\n core rights relate primarily to trading right protections  trading fee protections membership benefit protections.\n votes on changes to core rights weighted by class.\n each class of class b common stock has following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share class b-3  one vote per share class b-4  1/6th of one vote per share.\napproval of majority of votes by holders of shares of class b common stock required to approve changes to core rights.\n holders of shares class a common stock not right to vote on changes to core rights.\n voting rights.\n with exception of matters reserved to holders cme group class b common stock holders cme group common stock vote together on all matters for vote common shareholders required.\n each holder of shares class a or class b common stock cme group has one vote per share.\n transfer restrictions.\n each class of cme group class b common stock subject to transfer restrictions in certificate of incorporation cme group.\n transfer restrictions prohibit sale or transfer of shares of class b common stock separate from sale associated trading rights.\n election of directors.\n cme group board of directors currently comprised of 20 members.\n holders of class b-1 , class b-2 and class b-3 common stock right to elect six directors  three elected by class b-1 shareholders two by class b-2 shareholders and one elected by class b-3 shareholders.\n remaining directors elected by class a and class b shareholders voting as single class.\n\n( in thousands )                                         | december 31 , 2017 | december 31 , 2016\n-------------------------------------------------------- | ------------------ | ------------------\nclass a common stock authorized                          | 1000000            | 1000000\nclass a common stock issued and outstanding              | 339235             | 338240\nclass b-1 common stock authorized issued and outstanding | 0.6                | 0.6\nclass b-2 common stock authorized issued and outstanding | 0.8                | 0.8\nclass b-3 common stock authorized issued and outstanding | 1.3                | 1.3\nclass b-4 common stock authorized issued and outstanding | 0.4                | 0.4"
}
{
    "_id": "dd4c2e3fc",
    "title": "",
    "text": "c effective january 1 , 2019  assets transferred from products pipelines business segment to natural gas pipelines business segment.\n effective january 1 , 2019  small number of terminals transferred between products pipelines and terminals business segments.\n competition our products pipelines 2019 pipeline operations compete against proprietary pipelines owned by major oil companies , other independent products pipelines , trucking and marine transportation firms ( for short-haul movements products railcars.\n products pipelines 2019 terminal operations compete with proprietary terminals owned by major oil companies and other independent terminal operators transmix operations compete with refineries owned by major oil companies and independent transmix facilities.\n terminals our terminals business segment includes operations of refined petroleum product , crude oil , chemical , ethanol other liquid terminal facilities ( other products pipelines ) and all petroleum coke , metal and ores facilities.\n terminals located throughout u. s.\n in portions of canada.\n believe location of facilities and ability to provide flexibility to customers help attract new and retain existing customers provide expansion opportunities.\n classify terminal operations based on handling of liquids or dry-bulk material products.\n terminals 2019 marine operations include jones act-qualified product tankers provide marine transportation of crude oil , condensate and refined petroleum products between.\n ports.\n summarizes terminals business segment assets  as of december 31 , 2018 : number capacity ( mmbbl ).\n effective january 1 , 2019  small number of terminals transferred between terminals and products pipelines business segments.\n we one of largest independent operators of liquids terminals in north america based on barrels of liquids terminaling capacity.\nliquids terminals compete with publicly or privately independent liquids terminals  terminals owned by oil  chemical pipeline refining companies.\n bulk terminals compete with independent terminal operators  terminals owned by producers distributors of bulk commodities stevedoring companies industrial companies opting not to outsource terminaling services.\n in some locations competitors are smaller independent operators with lower cost structures.\n jones act-qualified product tankers compete with other jones act qualified vessel fleets.\n co2 business segment produces  transports markets co2 for in enhanced oil recovery projects flooding for recovering crude oil from mature oil fields.\n co2 pipelines related assets allow us to market complete package of co2 supply transportation services to customers.\n hold ownership interests in oil-producing fields own crude oil pipeline all in permian basin region of west texas.\n\n| number | capacity ( mmbbl )\n----------------------- | ------ | ------------------\nliquids terminals ( a ) | 52     | 89.6\nbulk terminals          | 34     | 2014\njones act tankers       | 16     | 5.3"
}
{
    "_id": "dd4ba2654",
    "title": "",
    "text": "underlying exposure.\n for derivative contracts designated qualify as cash fl ow hedges effective portion of gains and losses on contracts reported as component of other comprehensive income reclassifi ed into earnings in same period hedged transaction affects earnings.\n hedge ineffectiveness recognized in earnings.\n derivative contracts not designated as hedging instruments recorded at fair value with gain or loss recognized in current earnings during period of change.\n may enter into foreign currency forward and option contracts to reduce effect of uctuating currency exchange rates ( principally euro british pound japanese yen ).\n foreign currency derivatives used for hedging put in place using same or like currencies and duration as underlying exposures.\n forward contracts used to manage exposures from subsidiary trade and loan payables and receivables denominated in foreign currencies.\n contracts recorded at fair value with gain or loss recognized in other 2014net.\n purchased option contracts used to hedge anticipated foreign currency transactions primarily intercompany inventory activities expected to occur within next year.\n contracts designated as cash fl ow hedges of future transactions impact on earnings included in cost of sales.\n may enter into foreign currency forward contracts and currency swaps as fair value hedges of fi commitments.\n forward and option contracts have maturities not exceeding 12 months.\n normal business operations exposed to uctuations in interest rates.\n uctuations can vary costs of fi nancing  investing operating.\n address portion of risks through controlled program of risk management includes use of derivative fi nancial instruments.\n objective of controlling risks is to limit impact of fl uctuations in interest rates on earnings.\n primary interest rate risk exposure results from changes in short-term.\n dollar interest rates.\nmanage interest rate exposures we strive to achieve acceptable balance between fi xed and fl oating rate debt investment positions may enter into interest rate swaps or collars to maintain balance.\n interest rate swaps collars convert fi xed- rate debt or investments to fl oating rate designated as fair value hedges of underlying instruments.\n interest rate swaps collars convert fl oating rate debt investments to fi xed rate designated as cash fl ow hedg- es.\n interest expense on debt adjusted to include payments under swap agreements.\n goodwill and other intangibles : goodwill not amortized.\n all other intangibles from acquisitions research alliances have fi nite lives amortized over estimated useful lives from 5 to 20 years using straight-line method.\n weighted-average amortization period for developed product technology is approximately 12 years.\n amortization expense for 2008 , 2007  2006 was $ 193. 4 million , $ 172. 8 million  $ 7. 6 million before tax.\n estimated amortization expense for each fi ve succeeding years approximates $ 280 million before tax per year.\n all amortization expense included in cost of sales.\n see note 3 for discussion of goodwill and other intangibles acquired in 2008 and 2007.\n goodwill other intangible assets at december 31 as follows.\n goodwill other intangibles reviewed to assess recoverability annually when impairment indicators present.\n no signifi cant impairments occurred carrying value of goodwill or other intangible assets in 2008 , 2007  2006.\n property and equipment : property and equipment stated on basis of cost.\n provisions for depreciation of buildings equipment computed by straight-line method at rates based on estimated useful lives ( 12 to 50 years for buildings 3 to 18 years for equipment ).\nreview carrying value of long-lived assets for potential impairment periodic basis whenever events or changes in circumstances indicate\n\n| 2008             | 2007\n--------------------------------------- | ---------------- | ----------------\ngoodwill                                | $ 1167.5         | $ 745.7\ndeveloped product technology 2014 gross | 3035.4           | 1767.5\nless accumulated amortization           | -346.6 ( 346.6 ) | -162.6 ( 162.6 )\ndeveloped product technology 2014 net   | 2688.8           | 1604.9\nother intangibles 2014 gross            | 243.2            | 142.8\nless accumulated amortization           | -45.4 ( 45.4 )   | -38.0 ( 38.0 )\nother intangibles 2014 net              | 197.8            | 104.8\ntotal intangibles 2014 net              | $ 4054.1         | $ 2455.4"
}
{
    "_id": "dd4c60bae",
    "title": "",
    "text": "notes to consolidated financial statements 2013 ( continued ) ( amounts in millions  except per share amounts ) guarantees guaranteed certain obligations of subsidiaries principally to operating leases and uncommitted lines of credit subsidiaries.\n amount of parent company guarantees on lease obligations was $ 829. 2 and $ 857. 3 as of december 31 , 2017 and 2016  respectively parent company guarantees relating to uncommitted lines of credit was $ 491. 0 and $ 395. 6 as of december 31 , 2017 and 2016 .\n in of non-payment by applicable subsidiary of obligations covered by guarantee we obligated to pay amounts covered by guarantee.\n as of december 31 , 2017 no material assets pledged as security for parent company guarantees.\n contingent acquisition obligations table details estimated future contingent acquisition obligations payable in cash as of december 31.\n entered into certain acquisitions contain redeemable noncontrolling interests and call options with similar terms and conditions.\n estimated amounts paid in event exercise at earliest exercise date.\n certain redeemable noncontrolling interests exercisable at discretion of noncontrolling equity owners as of december 31 , 2017.\n estimated payments of $ 24. 8 included within total payments expected to in 2018  continue to carried forward into 2019 or beyond until exercised or expired.\n redeemable noncontrolling interests included in table at current exercise price payable in cash not at applicable redemption value accordance with authoritative guidance for classification measurement of redeemable securities.\n majority of payments contingent upon achieving projected operating performance targets and satisfying other conditions in related agreements subject to revision in accordance with terms respective agreements.\n see note 4 for further information payment structure of acquisitions.\nlegal matters in normal course of business , we involved in various legal proceedings  subject to investigations , inspections  audits  inquiries similar actions by governmental authorities.\n types of allegations in with legal proceedings vary in can include claims related to contract , employment  tax intellectual property matters.\n we evaluate all cases each reporting period record liabilities for losses from legal proceedings when we determine probable outcome in legal proceeding be unfavorable and amount  potential range  of loss can be reasonably estimated.\n in certain cases , we cannot reasonably estimate potential loss because  for example litigation is in early stages.\n any outcome related to litigation or governmental proceedings we involved cannot be predicted with certainty , management believes outcome of these matters  individually aggregate will not have material adverse effect on our financial condition , results of operations or cash flows.\n previously disclosed on april 10 , 2015 , federal judge in brazil authorized search of records of agency 2019s offices in s e3o paulo and brasilia  in connection with ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts.\n company had previously investigated matter taken remedial and disciplinary actions.\n company in process of concluding a settlement related to matters with government agencies.\n company confirmed one of its standalone domestic agencies contacted by department of justice antitrust division for documents regarding video production practices cooperating with government.\n\n| 2018   | 2019   | 2020   | 2021   | 2022   | thereafter | total\n--------------------------------------------------------------------- | ------ | ------ | ------ | ------ | ------ | ---------- | -------\ndeferred acquisition payments                                         | $ 41.9 | $ 27.5 | $ 16.1 | $ 24.4 | $ 4.8  | $ 6.3      | $ 121.0\nredeemable noncontrolling interests and call options with affiliates1 | 37.1   | 26.4   | 62.9   | 10.3   | 6.6    | 4.1        | 147.4\ntotal contingent acquisition payments                                 | $ 79.0 | $ 53.9 | $ 79.0 | $ 34.7 | $ 11.4 | $ 10.4     | $ 268.4"
}
{
    "_id": "dd4b9b93a",
    "title": "",
    "text": "expense net increased $ 0. 8 million to $ 7. 2 million in 2015 from $ 6. 4 million 2014.\n increase due to higher net losses on foreign currency exchange rate changes on transactions in foreign currencies foreign currency derivative financial instruments 2015.\n provision for income taxes increased $ 19. 9 million to $ 154. 1 million in 2015 from $ 134. 2 million in 2014.\n effective tax rate was 39. 9% (. 9 % ) in 2015 compared to 39. 2% ( 39. 2 % ) in 2014.\n tax rate 2015 higher 2014 due to increased non-deductible costs connected fitness acquisitions in 2015.\n year ended december 31 2014 compared to 2013 net revenues increased $ 752. 3 million  or 32. 3% (. ) to $ 3084. 4 million in 2014 from $ 2332. 1 million in 2013.\n net revenues by product category summarized.\n increase net sales driven by 2022 apparel unit sales growth new offerings lines training golf 2022 footwear unit sales growth by running basketball.\n license revenues increased $ 13. 3 million  or 24. 7% ( 24. 7 % )  to $ 67. 2 million in 2014 from $ 53. 9 million in 2013.\n increase in license revenues result of increased distribution unit volume growth by licensees.\n connected fitness revenue increased $ 18. 1 million to $ 19. 2 million in 2014 from $ 1. 1 million in 2013 due to full year of revenue from connected fitness business 2014 gross profit increased $ 375. 5 million to $ 1512. 2 million in 2014 from $ 1136. 7 million in 2013.\n gross profit as percentage of net revenues increased 30 basis points to 49. 0% ( 49. 0 % ) in 2014 compared to 48. 7% ( 48. 7 % ) in 2013.\nincrease in gross margin percentage driven by : 2022 approximate 20 basis point increase by decreased sales mix of excess inventory through factory house outlet stores ; and 2022 approximate 20 basis point increase higher duty costs recorded prior year on certain products imported in previous years.\n increases partially offset by : 2022 10 basis point decrease by unfavorable foreign currency exchange rate fluctuations.\n\n( in thousands )   | year ended december 31 , 2014 | year ended december 31 , 2013 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n------------------ | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\napparel            | $ 2291520                     | $ 1762150                     | $ 529370                          | 30.0% ( 30.0 % )\nfootwear           | 430987                        | 298825                        | 132162                            | 44.2\naccessories        | 275409                        | 216098                        | 59311                             | 27.4\ntotal net sales    | 2997916                       | 2277073                       | 720843                            | 31.7\nlicense revenues   | 67229                         | 53910                         | 13319                             | 24.7\nconnected fitness  | 19225                         | 1068                          | 18157                             | 1700.1\ntotal net revenues | $ 3084370                     | $ 2332051                     | $ 752319                          | 32.3% ( 32.3 % )"
}
{
    "_id": "dd4bb027c",
    "title": "",
    "text": "2006 plan prior to december 5 , 2008 became fully vested nonforfeitable upon closing acquisition.\n awards may be granted under 2006 plan as amended restated after december 5, 2008 only to employees and consultants of allied waste industries , inc.\n subsidiaries not employed by republic services , inc.\n prior to date.\n at december 31 , 2010  approximately 15. 3 million shares of common stock reserved for future grants under 2006 plan.\n stock options use binomial option-pricing model to value stock option grants.\n recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award or to employee 2019s retirement eligible date.\n expected volatility based on weighted average of recent one-year volatility and historical rolling average volatility of stock over expected life of option.\n risk-free interest rate based on federal reserve rates for bonds with maturity dates equal to expected term of option.\n use historical data to estimate future option exercises  forfeitures expected life of options.\n separate groups of employees similar historical exercise behavior considered separately for valuation purposes.\n weighted-average estimated fair values of stock options granted during years ended december 31, 2010 , 2009 and 2008 were $ 5. 28 , $ 3. 79 $ 4. 36 per option  calculated using weighted-average assumptions:.\n republic services , inc.\n notes to consolidated financial statements continued\n\n| 2010             | 2009             | 2008\n----------------------------- | ---------------- | ---------------- | ----------------\nexpected volatility           | 28.6% ( 28.6 % ) | 28.7% ( 28.7 % ) | 27.3% ( 27.3 % )\nrisk-free interest rate       | 2.4% ( 2.4 % )   | 1.4% ( 1.4 % )   | 1.7% ( 1.7 % )\ndividend yield                | 2.9% ( 2.9 % )   | 3.1% ( 3.1 % )   | 2.9% ( 2.9 % )\nexpected life ( in years )    | 4.3              | 4.2              | 4.2\ncontractual life ( in years ) | 7                | 7                | 7\nexpected forfeiture rate      | 3.0% ( 3.0 % )   | 3.0% ( 3.0 % )   | 3.0% ( 3.0 % )"
}
{
    "_id": "dd4c57b08",
    "title": "",
    "text": "notes to consolidated financial statements for years ended february 3 , 2006 january 28, 2005 january 30 , 2004  gross realized gains and losses on sales of available-for-sale securities not mate- rial.\n cost of securities sold based upon specific identification method.\n merchandise inventories stated at lower of cost or market with cost determined using retail last-in , first-out ( ) method.\n excess of current cost over lifo cost was approximately $ 5. 8 million at february 3, 2006 and $ 6. 3 million at january 28 , 2005.\n current cost deter- mined using retail first-in , first-out method.\n lifo reserves decreased $ 0. 5 million and $ 0. 2 million in 2005 and 2004 increased $ 0. 7 million in 2003.\n costs associated with warehousing and distribu- tion capitalized into inventory.\n in 2005  company expanded number of inven- tory departments for gross profit calculation from 10 to 23.\n impact of change in estimate on company consolidated 2005 results operations was estimated reduction of gross profit and corre sponding decrease to inventory  at cost  of $ 5. 2 million.\n store pre-opening costs related to new store openings construction periods expensed as incurred.\n property and equipment recorded at cost.\n company provides for depreciation and amortization on straight-line basis over estimated useful lives:.\n improvements of leased properties amortized over shorter of life of applicable lease term or estimated useful life of asset.\n impairment of long-lived assets when indicators present company evaluates carrying value of long-lived assets goodwill in relation to operating perform- ance future cash flows or appraised values of underlying assets.\ncompany may adjust net book value of underlying assets based cash flow analysis to book value may consid- er appraised values.\n assets to be disposed of adjusted to fair value less cost to sell if less than book value.\n company recorded impairment charges of approximately $ 0. 5 million and $ 0. 6 million in 2004 and 2003  $ 4. 7 million prior to 2003 to reduce carrying value of homerville , georgia dc ( sold in 2004 ).\n company also recorded impair- ment charges of approximately $ 0. 6 million in 2005 and $ 0. 2 million in each 2004 and 2003 to reduce carrying value of certain stores 2019 assets due to negative sales trends and cash flows at locations.\n charges included in sg&a expense.\n other assets assets consist primarily of long-term invest- ments , debt issuance costs amortized over life of related obligations , utility and security deposits  life insurance policies goodwill.\n vendor rebates company records vendor rebates  new store allowances , volume purchase rebates promotional allowances  when realized.\n rebates recorded as reduction to inventory purchases  at cost reducing cost of goods sold as prescribed by emerging issues task force ( 201ceitf 201d ) issue no.\n 02-16 , 201caccounting by customer ( including reseller ) for certain consideration received from vendor 201d.\n rent expense expense recognized over term of lease.\n company records minimum rental expense on straight-line basis over base , non-cancelable lease term commencing on date company takes physical possession of property from landlord includes period prior to store opening to make necessary leasehold improvements and install store fixtures.\na lease contains predetermined fixed escalation of minimum rent , company recognizes related rent expense on straight-line basis and records difference between recognized rental expense and amounts payable under lease as deferred rent.\n company also receives tenant allowances , recorded in deferred incentive rent amortized as reduction to rent expense over term of lease.\n difference between calculated expense and amounts actually paid reflected as a liability in accrued expenses and other in consolidated balance sheets totaled approximately $ 25. 0 million\n\nland improvements                | 20\n-------------------------------- | -----\nbuildings                        | 39-40\nfurniture fixtures and equipment | 3-10"
}
{
    "_id": "dd4bcca62",
    "title": "",
    "text": "building.\n construction building completed in december 2003.\n due to lower than expected financing and construction costs , final lease balance lowered to $ 103. 0 million.\n as part of agreement , we entered into five-year lease began upon completion of building.\n at end of lease term , we can purchase building for lease balance , remarket or relinquish building.\n if we choose to remarket or required to upon relinquishing building , we bound to arrange sale of building to unrelated party and required to pay lessor any shortfall between net remarketing proceeds and lease balance, up to maximum recourse amount of $ 90. 8 million ( 201cresidual value guarantee 201d ).\n see note 14 in notes to consolidated financial statements for further information.\n in august 1999 , entered five-year lease agreement for other two office buildings serve as corporate headquarters in san jose , california.\n under agreement option to purchase buildings at any time during lease term for lease balance , approximately $ 142. 5 million.\n in process of evaluating alternative financing methods at expiration of lease in fiscal 2004 believe several suitable financing options will be available to.\n at end of lease term , we can purchase buildings for lease balance , remarket or relinquish buildings.\n if choose to remarket or required to upon relinquishing buildings  bound to arrange sale of buildings to unrelated party and required to pay lessor any shortfall between net remarketing proceeds and lease balance , up to maximum recourse amount of $ 132. 6 million ( 201cresidual value guarantee 201d ).\n for further information see note 14 in notes to consolidated financial statements.\n two lease agreements discussed above subject to standard financial covenants.\n agreements limit amount of indebtedness we can incur.\nleverage covenant requires us to keep debt to ebitda ratio less than 2. 5:1. 0.\n as of november 28 , 2003 , debt to ebitda ratio was 0. 53:1. 0  within limit.\n liquidity covenant requires maintain quick ratio equal to or greater than 1. 0.\n as of november 28 , 2003  quick ratio was 2. 2, above minimum.\n expect to remain within compliance in next 12 months.\n comfortable with these limitations believe they will not impact cash or credit coming year or restrict ability to execute business plan.\n table summarizes contractual commitments as of november 28, 2003 : less than over total 1 year 1 2013 3 years 3-5 years 5 years non-cancelable operating leases , net of sublease income.\n $ 83. 9 $ 23. 6 $ 25. 9 $ 16. 3 $ 18. 1 indemnifications in normal course business  provide indemnifications of varying scope to customers against claims of intellectual property infringement by third parties from use of products.\n costs related to indemnification provisions not significant unable to estimate maximum potential impact of indemnification provisions on future results of operations.\n commitments to make certain milestone and/or retention payments typically entered into in conjunction with various acquisitions  for made accruals in consolidated financial statements.\n connection with purchases of technology assets during fiscal 2003  entered employee retention agreements totaling $ 2. 2 million.\n required to make payments upon satisfaction of certain conditions in agreements.\n as permitted under delaware law  agreements indemnify officers and directors for certain events or occurrences while officer or director is or was serving at our request capacity.\n indemnification period covers all pertinent events and occurrences during officer 2019s or director 2019s lifetime.\n maximum potential amount of future payments required to under these indemnification agreements is unlimited ; we have director and officer insurance coverage limits our exposure and enables us to recover portion of future amounts paid.\n believe estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.\n building.\n construction building completed in december 2003.\n due to lower than expected financing and construction costs final lease balance lowered to $ 103. 0 million.\n as part of agreement we entered into five-year lease began upon completion of building.\n at end of lease term , we can purchase building for lease balance , remarket or relinquish building.\n if we choose to remarket or required to do upon relinquishing building, we bound to arrange sale of building to unrelated party and required to pay lessor any shortfall between net remarketing proceeds and lease balance , up to maximum recourse amount of $ 90. 8 million ( 201cresidual value guarantee 201d ).\n see note 14 in notes to consolidated financial statements for further information.\n in august 1999  entered into five-year lease agreement for our other two office buildings as corporate headquarters in san jose , california.\n under agreement option to purchase buildings at any time during lease term for lease balance , is approximately $ 142. 5 million.\n in process of evaluating alternative financing methods at expiration of lease in fiscal 2004 believe several suitable financing options will be available to.\n at end of lease term  we can purchase buildings for lease balance , remarket or relinquish buildings.\nif we choose to remarket or required to upon relinquishing buildings, bound to arrange sale of buildings to unrelated party required to pay lessor shortfall between net remarketing proceeds and lease balance , up to maximum recourse amount of $ 132. 6 million ( 201cresidual value guarantee 201d ).\n for further information see note 14 in notes to consolidated financial statements.\n two lease agreements subject to standard financial covenants.\n agreements limit indebtedness can incur.\n leverage covenant requires to keep debt to ebitda ratio less than 2. 5:1. 0.\n as of november 28, 2003 , debt to ebitda ratio was 0. 53:1. 0  within limit.\n liquidity covenant requires to maintain quick ratio equal to or greater than 1. 0.\n as of november 28 , 2003 , quick ratio was 2. 2 , above minimum.\n expect to remain within compliance in next 12 months.\n comfortable with these limitations believe they will not impact cash or credit coming year or restrict ability to execute business plan.\n following table summarizes contractual commitments as of november 28 , 2003 : less than over total 1 year 1 2013 3 years 3-5 years 5 years non-cancelable operating leases , net of sublease income.\n $ 83. 9 $ 23. 6 $ 25. 9 $ 16. 3 $ 18. 1 indemnifications in normal course of business provide indemnifications of varying scope to customers against claims of intellectual property infringement by third parties from use of our products.\n historically costs related to these indemnification provisions not significant unable to estimate maximum potential impact of these indemnification provisions on future results of operations.\ncommitments to make certain milestone retention payments typically entered into in conjunction with various acquisitions , for made accruals in consolidated financial statements.\n in connection with purchases of technology assets during fiscal 2003 , entered employee retention agreements totaling $ 2. 2 million.\n required to make payments upon satisfaction of certain conditions in agreements.\n as permitted under delaware law , agreements indemnify officers and directors for certain events or occurrences while officer or director is , or was serving  at our request in capacity.\n indemnification period covers all pertinent events occurrences during officer 2019s or director 2019s lifetime.\n maximum potential amount of future payments to under these indemnification agreements is unlimited ; director and officer insurance coverage limits exposure enables us to recover portion of future amounts paid.\n believe estimated fair value of indemnification agreements in excess of applicable insurance coverage is minimal.\n\n| total  | less than 1 year | 1-3 years | 3-5 years | over 5 years\n------------------------------------------------------ | ------ | ---------------- | --------- | --------- | ------------\nnon-cancelable operating leases net of sublease income | $ 83.9 | $ 23.6           | $ 25.9    | $ 16.3    | $ 18.1"
}
{
    "_id": "dd4b8c110",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements valuation allowance increased from $ 47. 8 million december 31 2009 to $ 48. 2 million december 31  2010.\n increase primarily due to valuation allowances on foreign loss carryforwards.\n at december 31 , 2010 company provided valuation allowance of approximately $ 48. 2 million primarily relates to state net operating loss carryforwards  equity investments foreign items.\n company not provided valuation allowance for remaining deferred tax assets primarily federal net operating loss carryforwards management believes company sufficient taxable income to realize these federal net operating loss carryforwards during twenty-year tax carryforward period.\n valuation allowances may be reversed if related deferred tax assets deemed realizable based on changes in facts circumstances relevant assets 2019 recoverability.\n recoverability of company 2019s remaining net deferred tax asset assessed utilizing projections based current operations.\n projections show significant decrease in depreciation in later years of carryforward period result of significant portion of assets fully depreciated during first fifteen years of carryforward period.\n recoverability of net deferred tax asset not dependent on material improvements to operations material asset sales or other non-routine transactions.\n based on current outlook of future taxable income during carryforward period management believes net deferred tax asset will be realized.\n company 2019s deferred tax assets as of december 31 , 2010 and 2009 table do not include $ 122. 1 million and $ 113. 9 million  of excess tax benefits from exercises employee stock options component of net operating losses.\n total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122. 1 million if when excess tax benefits realized.\ndecember 31, 2010  company had net federal state operating loss carryforwards available to reduce future federal state taxable income approximately $ 1. 2 billion  including losses related employee stock options $ 0. 3 billion.\n if not utilized  company 2019s net operating loss carryforwards expire ( in thousands ) :.\n company has mexican tax credits $ 5. 2 million if not utilized expire in 2017.\n\nyears ended december 31, | federal   | state     | foreign\n------------------------ | --------- | --------- | -------\n2011 to 2015             | $ 2014    | $ 2014    | $ 503\n2016 to 2020             | 2014      | 331315    | 5509\n2021 to 2025             | 774209    | 576780    | 2014\n2026 to 2030             | 423398    | 279908    | 92412\ntotal                    | $ 1197607 | $ 1188003 | $ 98424"
}
{
    "_id": "dd4c323bc",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements as of december 31, 2010 2009  company had $ 295. 4 million and $ 295. 0 million net  ( $ 300. 0 million aggregate principal amount ) outstanding under 7. 25% ( 7. 25 % ) notes.\n december 31, 2010 2009 carrying value includes discount of $ 4. 6 million $ 5. 0 million  respectively.\n 5. 0% ( 5. 0 % ) convertible notes 2014the 5. 0% ( 5. 0 % ) convertible notes due 2010 ( 201c5. 0% ( 201c5. 0 % ) notes 201d ) matured february 15, 2010 interest payable semiannually february 15 august 15 each year.\n 5. 0% ( 5. 0 % ) notes convertible into shares company 2019s class a common stock ( 201ccommon stock 201d ) conversion price of $ 51. 50 per share  subject to adjustment certain cases.\n as of december 31 , 2010 2009 company had none $ 59. 7 million outstanding  under 5. 0% ( 5. 0 % ) notes.\n ati 7. 25% ( 7. 25 % ) senior subordinated notes 2014the ati 7. 25% ( 7. 25 % ) notes issued maturity december 1 , 2011 interest payable semi-annually arrears june 1 december 1 each year.\n ati 7. 25% ( 7. 25 % ) notes jointly severally guaranteed senior subordinated basis by company all wholly owned domestic restricted subsidiaries of ati company other spectrasite subsidiaries.\n notes ranked junior in right of payment to all existing future senior indebtedness of ati  sister guarantors ( defined indenture relating notes ) domestic restricted subsidiaries.\n ati 7. 25% ( 7.25 % ) notes structurally senior right of payment to existing future indebtedness company including company 2019s senior notes  convertible notes revolving credit facility term loan.\n year ended december 31 , 2010 ati issued notice for redemption of principal amount outstanding ati 7. 25% ( 7. 25 % ) notes.\n accordance with redemption provisions indenture ati 7. 25% (. 25 % ) notes notes redeemed at price equal to 100. 00% ( 100. 00 % ) of principal amount plus accrued unpaid interest up to , excluding september 23 , 2010  for aggregate purchase price of $ 0. 3 million.\n as of december 31 , 2010 2009 company had none $ 0. 3 million  outstanding under ati 7. 25% ( 7. 25 % ) notes.\n capital lease obligations notes payable 2014the company 2019s capital lease obligations notes payable approximated $ 46. 3 million and $ 59. 0 million as of december 31 , 2010 2009 .\n obligations bear interest at rates from 2. 5% (. % ) to 9. 3% ( 9. 3 % ) mature periods less than one year to approximately seventy years.\n maturities 2014as of december 31 , 2010  aggregate carrying value of long-term debt  including capital leases for next five years thereafter estimated to be ( in thousands ) : year ending december 31.\n\n2011                                   | $ 74896\n-------------------------------------- | --------------\n2012                                   | 625884\n2013                                   | 618\n2014                                   | 1750479\n2015                                   | 600489\nthereafter                             | 2541858\ntotal cash obligations                 | 5594224\nunamortized discounts and premiums net | -6836 ( 6836 )\nbalance as of december 31 2010         | $ 5587388"
}
{
    "_id": "dd4be0846",
    "title": "",
    "text": "table of contents respect to mainline american and mainline us airways dispatchers , flight simulator engineers flight crew training instructors , all now represented by twu , rival organization , national association of airline professionals ( naap ) , filed single carrier applications seeking to represent those employees.\n nmb will to determine single transportation system exists certify post-merger representative of combined employee groups before process for negotiating new jcbas can begin.\n merger no impact on cbas cover employees of our wholly-owned subsidiary airlines not being merged ( envoy , piedmont psa ).\n for those employees , rla provides cbas do not expire , but become amendable as of stated date.\n in 2014 , envoy pilots ratified new 10 year collective bargaining agreement , piedmont pilots ratified new 10 year collective bargaining agreement piedmont flight attendants ratified new five-year collective bargaining agreement.\n with exception of passenger service employees now engaged in traditional rla negotiations expected to result in jcba us airways flight simulator engineers flight crew training instructors , other union-represented american mainline employees covered by agreements not currently amendable.\n until agreements become amendable  negotiations for jcbas conducted outside traditional rla bargaining process in meantime no self-help permissible.\n piedmont mechanics stock clerks psa and piedmont dispatchers also have agreements now amendable engaged in traditional rla negotiations.\n none of unions representing our employees may lawfully engage in concerted refusals to work , strikes , slow-downs , sick-outs or other similar activity , against us.\nrisk disgruntled employees with or without union involvement could engage in concerted refusals to work individually collectively harm operation our airline impair financial performance.\n for more discussion see part i , item 1a.\n risk factors 2013 201cunion disputes , employee strikes labor-related disruptions may affect operations. 201d aircraft fuel operations financial results affected by availability price of jet fuel.\n based on 2015 forecasted mainline regional fuel consumption estimate as of december 31 , 2014 one cent per gallon increase in aviation fuel price would increase 2015 annual fuel expense by $ 43 million.\n table shows annual aircraft fuel consumption costs including taxes for mainline operations for 2012 through 2014 ( gallons and aircraft fuel expense in millions ).\n year gallons average price per gallon aircraft fuel expense percent of total mainline operating expenses.\n ( a ) represents 201ccombined 201d financial data includes financial results of american and us airways group each standalone basis.\n total combined fuel expenses for wholly-owned and third-party regional carriers operating under capacity purchase agreements of american and us airways group each standalone basis were $ 2. 0 billion , $ 2. 1 billion and $ 2. 1 billion for years ended december 31 , 2014 , 2013 2012  respectively.\n\nyear       | gallons | average price per gallon | aircraft fuel expense | percent of total mainline operating expenses\n---------- | ------- | ------------------------ | --------------------- | --------------------------------------------\n2014       | 3644    | $ 2.91                   | $ 10592               | 33.2% ( 33.2 % )\n2013 ( a ) | 3608    | 3.08                     | 11109                 | 35.4\n2012 ( a ) | 3512    | 3.19                     | 11194                 | 35.8"
}
{
    "_id": "dd4bbad1c",
    "title": "",
    "text": "united parcel service , inc.\n subsidiaries notes to consolidated financial statements floating-rate senior notes with principal amounts totaling $ 1. 043 billion  bear interest at one or three-month libor  less spread from 30 to 45 basis points.\n average interest rate for 2017 and 2016 was 0. 74% ( 0. 74 % ) and 0. 21% ( 0. 21 % ) ,.\n notes callable various times after 30 years at stated percentage of par value and putable by note holders various times after one year at stated percentage of par value.\n notes have maturities from 2049 through 2067.\n classified floating-rate senior notes putable by note holder as long-term liability  due to intent and ability to refinance debt if put option exercised by note holder.\n in march and november 2017 issued floating-rate senior notes in principal amounts of $ 147 and $ 64 million  included in $ 1. 043 billion floating-rate senior notes.\n notes bear interest at three-month libor less 30 and 35 basis points  mature in 2067.\n remaining three floating-rate senior notes in principal amounts of $ 350 , $ 400 and $ 500 million  bear interest at three-month libor  plus spread from 15 to 45 basis points.\n average interest rate for 2017 and 2016 was 0. 50% ( 0. 50 % ) and 0. 0% ( 0. 0 % ) .\n notes not callable.\n notes maturities from 2021 through 2023.\n classified floating-rate senior notes putable by note holder as long-term liability  due to intent and ability to refinance debt if put option exercised by note holder.\n capital lease obligations certain property , plant and equipment subject to capital leases.\n some obligations associated with capital leases legally defeased.\nrecorded value of our property  plant equipment subject to capital leases is as of december 31 ( in millions ) :.\n capital lease obligations have principal payments due at various dates from 2018 through 3005.\n facility notes bonds entered agreements with municipalities to finance construction of or improvements to facilities support our.\n domestic package supply chain & freight operations in united states.\n facilities located around airport properties in louisville , kentucky ; dallas , texas philadelphia , pennsylvania.\n arrangements we enter lease or loan agreement covers debt service obligations on bonds issued by municipalities : 2022 bonds with principal balance of $ 149 million issued by louisville regional airport authority associated with our worldport facility in louisville  kentucky.\n bonds due in january 2029 bear interest at variable rate  average interest rates for 2017 and 2016 were 0. 83% ( 0. 83 % ) and 0. 37% (. 37 % ) .\n 2022 bonds with principal balance of $ 42 million due in november 2036 by louisville regional airport authority associated with our air freight facility in louisville  kentucky.\n bonds bear interest variable rate average interest rates for 2017 and 2016 were 0. 80% ( 0. 80 % ) and 0. 36% ( 0. 36 % ) .\n 2022 bonds with principal balance of $ 29 million issued by dallas / fort worth international airport facility improvement corporation associated with our dallas , texas airport facilities.\n bonds due in may 2032 bear interest at variable rate variable cash flows on obligation swapped to fixed 5. 11% (. 11 % ).\n2022 september 2015 entered agreement with delaware county pennsylvania industrial development authority associated with philadelphia  pennsylvania airport facilities for bonds issued with principal balance of $ 100 million.\n these bonds due september 2045 bear interest at variable rate.\n average interest rate for 2017 and 2016 was 0. 78% ( 0. 78 % ) and 0. 40% ( 0. 40 % ) respectively.\n\n| 2017         | 2016\n------------------------------------------------------ | ------------ | ------------\nvehicles                                               | $ 70         | $ 68\naircraft                                               | 2291         | 2291\nbuildings                                              | 285          | 190\naccumulated amortization                               | -990 ( 990 ) | -896 ( 896 )\nproperty plant and equipment subject to capital leases | $ 1656       | $ 1653"
}
{
    "_id": "dd4c0c8a6",
    "title": "",
    "text": "pullmantur during 2013  operated four ships with aggre- gate capacity of approximately 7650 berths under pullmantur brand  offering cruise itineraries ranged from four to 12 nights throughout south america , caribbean europe.\n one ships , zenith , redeployed from pullmantur to cdf croisi e8res de france in january 2014.\n pullmantur serves contemporary segment spanish , portuguese latin american cruise markets.\n pullmantur 2019s strategy is to attract cruise guests from these target markets by providing variety of cruising options and onboard activities directed at couples families traveling with children.\n last years pullmantur increased focus on latin america.\n recognition pullmantur opened regional head office in panama place operating management closer to largest fastest growing market.\n to facilitate pullmantur 2019s ability focus on core cruise business in december 2013 pullmantur reached agreement to sell majority of inter- est in land-based tour operations , travel agency and pullmantur air , closing subject to customary closing conditions.\n agreement we will retain 19% ( 19 % ) interest in non-core businesses.\n retain ownership of pullmantur aircraft be dry leased to pullmantur air.\n cdf croisi e8res de france in january 2014  redeployed zenith from pullmantur to cdf croisi e8res de france.\n as of january 2014  operate two ships with aggregate capac- ity of approximately 2750 berths under cdf croisi e8res de france brand.\n during summer of 2014  cdf croisi e8res de france will operate both ships in europe and for first time brand will operate in caribbean during winter of 2014.\ncdf croisi e8res de france offers seasonal itineraries to mediterranean.\n designed serve contemporary seg ment french cruise market providing brand tailored for french cruise guests.\n tui cruises designed serve contemporary and premium segments of german cruise market offering product tailored for german guests.\n all onboard activities , services  shore excursions menu offerings to suit preferences of this target market.\n tui cruises operates two ships  mein schiff 1 and mein schiff 2  aggregate capacity of approximately 3800 berths.\n tui cruises has two ships on order  each with capacity of 2500 berths scheduled for delivery in second quarter of 2014 and second quarter of 2015.\n tui cruises is joint venture owned 50% ( 50 % ) by us and 50% ( 50 % ) by tui ag , german tourism and shipping company owns 51% ( 51 % ) of tui travel , british tourism company.\n industry cruising well-established vacation sector in north american market growing sec tor in european market developing promising sector in other emerging markets.\n industry data indicates market penetration rates low significant portion of cruise guests are first-time cruisers.\n presents opportunity for long-term growth potential for increased profitability.\n table details market penetration rates for north america and europe computed based on number of annual cruise guests as percentage of total population : america ( 1 ) europe ( 2 ).\n ( 1 ) source : international monetary fund and cruise line international association based on cruise guests carried for at least two con- secutive nights for years 2009 through 2012.\n 2013 amounts represent estimates.\n includes united states of america and canada.\n ( 2 ) source : international monetary fund and clia europe , formerly european cruise council  for years 2009 through 2012.\nyear 2013 amounts represent estimates.\n estimate global cruise fleet was served by approximately 436000 berths on 269 ships at end of 2013.\n approximately 26 ships with estimated 71000 berths expected to be placed in service in global cruise market between 2014 and 2018, possible ships could be ordered or taken out of service during these periods.\n estimate global cruise industry carried 21. 3 million cruise guests in 2013 compared to 20. 9 million cruise guests in 2012 and 20. 2 million cruise guests in 2011.\n\n\nyear | north america ( 1 ) | europe ( 2 )\n---- | ------------------- | --------------\n2009 | 3.0% ( 3.0 % )      | 1.0% ( 1.0 % )\n2010 | 3.1% ( 3.1 % )      | 1.1% ( 1.1 % )\n2011 | 3.4% ( 3.4 % )      | 1.1% ( 1.1 % )\n2012 | 3.3% ( 3.3 % )      | 1.2% ( 1.2 % )\n2013 | 3.4% ( 3.4 % )      | 1.2% ( 1.2 % )"
}
{
    "_id": "dd4987a22",
    "title": "",
    "text": "net sales increased $ 29. 9 million  or 6. 3% ( 6. 3 % ) due to higher sales volume by improvement in.\n home products market benefit from new product introductions price increases to mitigate raw material cost increases.\n operating income increased $ 12. 6 million  or 20. 4% ( 20. 4 % )  due to higher net sales benefits from productivity improvements leveraging sales on existing fixed cost base.\n security net sales increased $ 12. 8 million  or 2. 2% ( 2. 2 % ) due to higher sales volume price increases to mitigate raw material cost increases.\n benefits partially offset by impact exiting of two product lines in commercial distribution channel.\n operating income increased $ 5. 8 million  or 8. 7% ( 8. 7 % )  due to higher net sales benefits from productivity improvements lower restructuring other charges ( approximately $ 6 million ) relating to completion in 2016 manufacturing facility relocation favorable foreign exchange related cost savings from facility relocation.\n corporate expenses increased by $ 5. 7 million due to impairment of long lived asset recognition actuarial gain versus actuarial loss in 2016 higher defined benefit plan income during 2017 compared to 2016.\n in millions ) 2017 2016.\n future periods company may record corporate segment material expense or income associated with actuarial gains losses from periodic remeasurement of liabilities for defined benefit plans.\n company will remeasure defined benefit plan liabilities in fourth quarter of each year.\n remeasurements due to plan amendments settlements may occur in interim periods during year.\n remeasurement of liabilities attributable to updating liability discount rates expected return on assets may result in material income or expense recognition.\n 2016 compared to 2015 total fortune brands net sales increased $ 405.5 million , or 9% ( 9 % ).\n increase due to higher sales volume from improvement in u. s.\n market conditions for home products  benefit from acquisitions in cabinets and plumbing segments price increases to mitigate raw material cost increases effect of unfavorable foreign exchange.\n benefits partially offset by unfavorable foreign exchange of approximately $ 27 million higher sales rebates.\n cost of products sold cost increased $ 182. 8 million , or 6% ( 6 % ) due to higher net sales including impact of acquisitions in cabinets and plumbing segments partially offset by benefit productivity improvements.\n\n( in millions )                                                | 2017             | 2016\n-------------------------------------------------------------- | ---------------- | ----------------\ngeneral and administrative expense                             | $ -90.3 ( 90.3 ) | $ -80.9 ( 80.9 )\ndefined benefit plan income                                    | 4.2              | 2.9\ndefined benefit plan recognition of actuarial gains ( losses ) | 0.5              | -1.9 ( 1.9 )\ntotal corporate expenses                                       | $ -85.6 ( 85.6 ) | $ -79.9 ( 79.9 )"
}
{
    "_id": "dd4c4dea0",
    "title": "",
    "text": "investment securities table 11 : details investment securities.\n ( a ) includes $ 367 million amortized cost and fair value of securities corporate stocks and other at december 31 , 2012.\n at december 31 , 2011  amortized cost and fair value of corporate stocks other was $ 368 million.\n remainder securities for sale were debt securities.\n carrying amount of investment securities totaled $ 61. 4 billion at december 31 , 2012 up of $ 51. 0 billion securities available for sale carried at fair value and $ 10. 4 billion securities held to maturity carried at amortized cost.\n at december 31, 2011  carrying value investment securities totaled $ 60. 6 billion $ 48. 6 billion securities available for sale at fair value $ 12. 0 billion securities held to maturity at amortized cost.\n increase in carrying amount between periods reflected increase of $ 2. 0 billion in available for sale asset-backed securities due to net purchase activity increase of $. 6 billion in available for sale non-agency residential mortgage-backed securities due to increases in fair value at december 31 , 2012.\n increases offset by $ 1. 7 billion decrease in held to maturity debt securities due to principal payments.\n investment securities represented 20% ( 20 % ) of total assets at december 31 , 2012 and 22% ( 22 % ) at december 31 , 2011.\n evaluate portfolio of investment securities changing market conditions take steps to improve overall positioning.\n consider portfolio well-diversified high quality.\n.\n treasury and government agencies , agency residential mortgage-backed and agency commercial mortgage-backed securities represented 59% ( 59 % ) of investment securities portfolio at december 31 , 2012.\n december securities available for sale portfolio included net unrealized gain of $ 1.6 billion represented difference between fair value and amortized cost.\n comparable amount at december 31 , 2011 was net unrealized loss of $ 41 million.\n fair value of investment securities impacted by interest rates credit spreads market volatility liquidity conditions.\n fair value decreases when interest rates increase vice versa.\n fair value decreases when credit spreads widen vice versa.\n improvement in net unrealized gain compared with loss at december 31 , 2011 primarily due to improvement in value of non-agency residential mortgage- backed securities decrease in net unrealized losses of $ 1. 1 billion lower market interest rates.\n net unrealized gains and losses in securities for sale portfolio included in shareholders 2019 equity as accumulated other comprehensive income or loss from continuing operations net of tax on consolidated balance sheet.\n additional information regarding investment securities included in note 8 investment securities and note 9 fair value in notes to consolidated financial statements in item 8 report.\n unrealized gains and losses on for sale securities do not impact liquidity or risk-based capital under effective capital rules.\n reductions in credit ratings of securities could impact on liquidity securities or determination of risk- weighted assets could reduce regulatory capital ratios under capital rules.\n credit-related portion of otti on available for sale securities would reduce earnings and regulatory capital ratios.\n expected weighted-average life of investment securities ( excluding corporate stocks was 4. 0 years at december 31 , 2012 and 3. 7 years at december 31 , 2011.\n at december 31 , 2012 effective duration of investment securities was 2. 3 years for immediate 50 basis points parallel increase in interest rates 2. 2 years for immediate 50 basis points parallel decrease in interest rates.\n comparable amounts at december 31 , 2011 were 2. 6 years and 2.4 years , respectively.\n following table provides detail vintage  current credit rating fico score of underlying collateral at origination where available for residential mortgage-backed commercial mortgage-backed other asset-backed securities held in available for sale to maturity portfolios : 46 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions                               | december 31 2012 amortized cost | december 31 2012 fair value | december 31 2012 amortized cost | fair value\n----------------------------------------- | ------------------------------- | --------------------------- | ------------------------------- | ----------\ntotal securities available for sale ( a ) | $ 49447                         | $ 51052                     | $ 48609                         | $ 48568\ntotal securities held to maturity         | 10354                           | 10860                       | 12066                           | 12450\ntotal securities                          | $ 59801                         | $ 61912                     | $ 60675                         | $ 61018"
}
{
    "_id": "dd4baee40",
    "title": "",
    "text": "item 7a quantitative qualitative disclosures about market risk exposed to market risk from changes in interest rates  foreign exchange rates commodity prices equity prices.\n changes factors could cause fluctuations in our earnings cash flows.\n normal course business actively manage exposure to market risks by entering into hedging trans- actions  authorized under our policies clear controls on activities.\n counterparties in transactions are generally highly rated institutions.\n establish credit limits for each counterparty.\n hedging transactions include not limited to variety of deriv- ative financial instruments.\n interest rates manage debt structure interest rate risk through use of fixed- floating-rate debt derivatives.\n use interest rate swaps forward-starting interest rate swaps to hedge exposure to interest rate changes reduce volatility of financing costs.\n under swaps agree with counterparty to exchange difference between fixed- rate and floating-rate interest amounts based on agreed notional principal amount.\n primary exposure is to u. s.\n interest rates.\n as of may 28 , 2006 , had $ 7. 0 billion of aggregate notional principal amount ( principal amount fixed or floating interest rate calculated ) outstanding.\n includes notional amounts of offsetting swaps neutralize exposure to interest rates on other interest rate swaps.\n see note six to consolidated finan- cial statements on pages 40 through 42 in item eight of report.\n foreign currency rates foreign currency fluctuations can affect net investments earnings denominated in foreign currencies.\n primarily use foreign currency forward contracts option contracts to hedge cash flow exposure to changes in exchange rates.\n contracts function as hedges change in value inversely to change underlying exposure as foreign exchange rates fluctuate.\n primary u. s.\n dollar exchange rate exposures are with canadian dollar , euro , australian dollar  mexican peso british pound.\ncommodities many commodities we use in produc- tion distribution of our products exposed to market price risks.\n we manage this market risk through inte grated financial instruments  including purchase orders  noncancelable contracts  futures contracts  options swaps.\n primary commodity price exposures are to cereal grains  sugar  dairy products vegetables  fruits meats vegetable oils other agricultural products paper and plastic packaging materials operating supplies energy.\n equity instruments equity price movements affect our compensation expense as certain investments owned by employees are revalued.\n we use equity swaps to manage market risk.\n value at risk estimates to measure maximum potential fair value we could lose from adverse changes in market interest rates foreign exchange rates commodity prices equity prices under normal market conditions.\n monte carlo ( var ) method- ology used to quantify market risk for exposures.\n models assumed normal market conditions used 95 percent confidence level.\n var calculation used historical interest rates  foreign exchange rates commodity equity prices from past year to estimate potential volatility correlation of rates in future.\n market data drawn from riskmetricstm data set.\n calculations not intended to represent actual losses in fair value we expect to incur.\n hedging instrument ( derivative ) inversely correlates with underlying expo- sure  expect any loss or gain in fair value of derivatives would be offset by increase or decrease in fair value of underlying exposures.\n positions included in calculations were : debt ; invest- ments ; interest rate swaps ; foreign exchange forwards ; commodity swaps , futures and options ; equity instru- ments.\n calculations do not include underlying foreign exchange and commodities-related positions hedged by these market-risk-sensitive instruments.\ntable presents estimated maximum tial one-day loss in fair value for our interest rate  foreign currency commodity equity market-risk-sensitive instruments outstanding on may 28 , 2006 may 29 , 2005 , average amount outstanding during year ended may 28 , 2006.\n amounts calculated using var methodology described above.\n\nin millions                  | fair value impact may 282006 | fair value impact averageduring2006 | fair value impact may 292005\n---------------------------- | ---------------------------- | ----------------------------------- | ----------------------------\ninterest rate instruments    | $ 8                          | $ 10                                | $ 18\nforeign currency instruments | 2                            | 1                                   | 1\ncommodity instruments        | 2                            | 2                                   | 1\nequity instruments           | 1                            | 1                                   | 2013"
}
{
    "_id": "dd4bfc2c6",
    "title": "",
    "text": "n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( c o n t i n u e d ) realization of investment gain ( $ 5624 net of award ).\n this award  paid out over three-year period presented as deferred compensation award on balance sheet.\n as of december 31 , 2002 , $ 1504 paid against this compensation award.\n 401 ( k ) plan during august 1997  company implemented 401 ( k ) savings/retirement plan ( 201c401 ( k ) plan 201d ) to cover eligible employees company and designated affiliate.\n 401 ( k ) plan permits eligible employees company to defer up to 15% ( 15 % ) of annual compensation  subject to limitations by code.\n employees 2019 elec tive deferrals immediately vested and non-forfeitable upon contribution to 401 ( k ) plan.\n during 2000  company amended 401 ( k ) plan to include matching contribution  subject to limitations equal to 50% ( 50 % ) of first 4% ( 4 % ) of annual compensation deferred by employee.\n for years ended december 31 , 2002 , 2001 and 2000  company made matching contributions of $ 140 , $ 116 and $ 54 , respectively.\n.\n commitments company and operating partnership not involved in material litigation nor material litigation threatened against them or properties other routine litigation business.\n management believes costs  incurred by company and operating partnership related to litigation will not affect financial position , operating results or liquidity of company and operating partnership.\n on october 24 , 2001  accident occurred at 215 park avenue south , property company manages but does not own.\npersonal injury claims filed against company others by 11 persons.\n company believes sufficient insurance coverage to cover cost of such claims  other personal injury or property claims.\n company entered into employment agreements with certain executives.\n six executives have employment agreements expire between november 2003 and december 2007.\n cash based compensation with employment agreements totals approximately $ 2125 for 2003.\n during march 1998  company acquired operating sub-leasehold position at 420 lexington avenue.\n oper sub-leasehold position requires annual ground lease payments totaling $ 6000 and sub-leasehold position pay- ments totaling $ 1100 ( excluding operating sub-lease position purchased january 1999 ).\n ground lease and sub-leasehold positions expire 2008.\n company may extend positions through 2029 at market rents.\n property at 1140 avenue of the americas operates under net ground lease ( $ 348 annually ) with term expiration date of 2016 option to renew for additional 50 years.\n property at 711 third avenue operates under operating sub-lease expires in 2083.\n sub- lease company responsible for ground rent payments of $ 1600 annually increased to $ 3100 in july 2001 continue for next ten years.\n ground rent reset after year ten based on estimated fair market value of property.\n in april 1988 sl green predecessor entered lease agreement for property at 673 first avenue in new york city capitalized for financial statement purposes.\n land estimated to be approximately 70% ( % ) of fair market value of property.\n portion of lease attributed to land classified as operating lease remainder as a capital lease.\n initial lease term is 49 years with option for additional 26 years.\n beginning in lease years 11 and 25 lessor entitled to additional rent as defined by lease agreement.\ncompany continues lease 673 first avenue prop- erty classified as capital lease cost basis $ 12208 cumulative amortization $ 3579 $ 3306 at december 31 , 2002 2001  respectively.\n fol lowing schedule of future minimum lease payments under capital leases noncancellable operating leases initial terms excess one year as of december 31 , 2002.\n non-cancellable operating december 31  capital leases leases.\n 19.\n financial instruments : derivatives hedging financial accounting standards board 2019s statement no.\n 133 , 201caccounting for derivative instruments hedging activities, 201d ( 201csfas 133 201d ) effective january 1, 2001 requires company recognize all derivatives on balance sheet at fair value.\n derivatives not hedges must adjusted to fair value through income.\n if derivative hedge  depending nature hedge f i f t y - t w o s l g r e e n r e a l t y c o r p.\n\ndecember 31,                                | capital leases | non-cancellable operating leases\n------------------------------------------- | -------------- | --------------------------------\n2003                                        | $ 1290         | $ 11982\n2004                                        | 1290           | 11982\n2005                                        | 1290           | 11982\n2006                                        | 1322           | 11982\n2007                                        | 1416           | 11982\nthereafter                                  | 56406          | 296277\ntotal minimum lease payments                | 63014          | 356187\nless amount representing interest           | 47152          | 2014\npresent value of net minimum lease payments | $ 15862        | $ 356187"
}
{
    "_id": "dd4be2196",
    "title": "",
    "text": "ordinary course of business based on evaluations of geologic trends prospective economics allowed certain lease acreage to expire may allow additional acreage to expire in future.\n if production not established or no other action to extend terms of leases , licenses  concessions undeveloped acreage listed in table below will expire over next three years.\n plan to continue terms of many licenses and concession areas or retain leases through operational or administrative actions.\n net undeveloped acres expiring year ended december 31.\n oil sands mining segment we hold 20 percent non-operated interest in aosp , oil sands mining and upgrading joint venture in alberta , canada.\n joint venture produces bitumen from oil sands deposits in athabasca region mining techniques upgrades bitumen to synthetic crude oils vacuum gas oil.\n aosp 2019s mining and extraction assets located near fort mcmurray , alberta include muskeg river jackpine mines.\n gross design capacity of combined mines is 255000 ( 51000 net to interest ) barrels of bitumen per day.\n aosp operations use established processes to mine oil sands deposits from open-pit mine extract bitumen upgrade into synthetic crude oils.\n ore mined using traditional truck and shovel mining techniques.\n mined ore passes through primary crushers to reduce ore chunks in size sent to rotary breakers ore chunks further reduced to smaller particles.\n particles combined with hot water to create slurry.\n slurry moves through extraction process separates into sand  clay bitumen-rich froth.\n solvent added to bitumen froth to separate remaining solids water heavy asphaltenes.\nsolvent washes sand produces clean bitumen required for upgrader to run efficiently.\n process yields mixture of solvent and bitumen transported from mine to scotford upgrader via 300-mile corridor pipeline.\n aosp's scotford upgrader located at fort saskatchewan  northeast of edmonton, alberta.\n bitumen upgraded at scotford using hydrotreating and hydroconversion processes to remove sulfur break heavy bitumen molecules into lighter products.\n blendstocks acquired from outside sources utilized in production of saleable products.\n upgrader produces synthetic crude oils and vacuum gas oil.\n vacuum gas oil sold to affiliate of operator under long-term contract at market-related prices other products sold in marketplace.\n as of december 31 , 2014 we own or have rights to participate in developed and undeveloped leases totaling approximately 163000 gross ( 33000 net ) acres.\n underlying developed leases held for duration of project royalties payable to province of alberta.\n synthetic crude oil sales volumes for 2014 averaged 50 mbbld net-of-royalty production was 41 mbbld.\n in december 2013 jackpine mine expansion project received conditional approval from canadian government.\n project includes additional mining areas processing facilities infrastructure.\n government conditions relate to wildlife  environment aboriginal health issues.\n will evaluate potential expansion project and government conditions after infrastructure reliability initiatives completed.\n governments of alberta and canada agreed to partially fund quest ccs for $ 865 million canadian.\n in third quarter of 2012 energy and resources conservation board ( ) alberta's primary energy regulator conditionally approved project aosp partners approved proceeding to construct and operate quest ccs.\ngovernment funding commenced 2012 continued as milestones achieved during development , construction operating phases.\n failure of aosp to meet timing  performance operating objectives may result in repaying some government funding.\n construction commissioning of quest ccs expected to be completed by late 2015.\n\n( in thousands )    | net undeveloped acres expiring year ended december 31 , 2015 | net undeveloped acres expiring year ended december 31 , 2016 | net undeveloped acres expiring year ended december 31 , 2017\n------------------- | ------------------------------------------------------------ | ------------------------------------------------------------ | ------------------------------------------------------------\nu.s .               | 211                                                          | 150                                                          | 94\ne.g .               | 36                                                           | 2014                                                         | 2014\nother africa        | 1950                                                         | 1502                                                         | 1089\ntotal africa        | 1986                                                         | 1502                                                         | 1089\nother international | 88                                                           | 2014                                                         | 2014\ntotal               | 2285                                                         | 1652                                                         | 1183"
}
{
    "_id": "dd4c230e2",
    "title": "",
    "text": "altria group , inc.\n and subsidiaries notes to consolidated financial statements _________________________ may not be obtainable in all cases.\n risk substantially reduced given 47 states and puerto rico limit dollar amount of bonds or require no bond at all.\n discussed  tobacco litigation plaintiffs have challenged constitutionality of florida 2019s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions.\n such challenges may include applicability of state bond caps in federal court.\n states , including florida , may seek to repeal or alter bond cap statutes through legislation.\n altria group , inc.\n cannot predict outcome of such challenges, possible consolidated results of operations, cash flows or financial position of altria group , inc. or one or more its subsidiaries could be materially affected in particular fiscal quarter or fiscal year by unfavorable outcome of one or more such challenges.\n altria group , inc.\n subsidiaries record provisions in consolidated financial statements for pending litigation when determine unfavorable outcome is probable and amount of loss can be reasonably estimated.\n present time reasonably possible unfavorable outcome in case may occur except to extent discussed in note 19.\n contingencies : i ) management concluded not probable loss incurred in pending tobacco-related cases ; ii ) management unable to estimate possible loss or range of loss could result from unfavorable outcome in pending tobacco-related cases ; iii ) management not provided amounts in consolidated financial statements for unfavorable outcomes , if any.\n litigation defense costs are expensed as incurred.\n altria group , inc.\n and subsidiaries achieved substantial success in managing litigation.\nnevertheless , litigation subject to uncertainty significant challenges remain.\n possible consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries, could be materially affected in particular fiscal quarter or fiscal year by unfavorable outcome or settlement of pending litigation.\n altria group , inc.\n and each its subsidiaries as defendant believe  each advised by counsel cases, it has valid defenses to litigation pending against it valid bases for appeal of adverse verdicts.\n each companies defended  and will continue to defend  vigorously against litigation challenges.\n altria group , inc.\n and its subsidiaries may enter into settlement discussions in particular cases if believe in best interests of altria group , inc.\n to.\n overview of altria group , inc.\npm usa tobacco- related litigation types number of cases : claims related to tobacco products fall within categories : ( i ) smoking and health cases alleging personal injury on behalf of individual plaintiffs ; ( ii ) smoking health cases primarily alleging personal injury or seeking court-supervised programs for medical monitoring brought on behalf of class of individual plaintiffs  including cases aggregated claims of individual plaintiffs tried in single proceeding ; ( iii ) health care cost recovery cases by governmental domestic foreign plaintiffs seeking reimbursement for health care expenditures caused by cigarette smoking disgorgement of profits ; ( iv ) class action suits alleging terms 201clights 201d 201cultra lights 201d deceptive unfair trade practices  common law statutory fraud  unjust enrichment  breach of warranty violations of racketeer influenced corrupt organizations act ( 201crico 201d ) ; ( v ) other tobacco-related litigation described below.\n plaintiffs 2019 theories of recovery defenses raised in pending smoking health , health care cost recovery 201clights/ultra lights 201d cases discussed below.\n table below lists number of certain tobacco-related cases pending in united states against pm usa ( 1 ) altria group , inc.\n as of december 31 , 2016 , 2015 2014:.\n ( 1 ) not include 25 cases filed on asbestos docket in circuit court for baltimore city , maryland  join pm usa other cigarette- manufacturing defendants in complaints against asbestos companies.\n ( 2 ) not include 2485 cases by flight attendants seeking compensatory damages for personal injuries caused by exposure to environmental tobacco smoke ( 201cets 201d ).\nflight attendants allege members of ets smoking and health class action in florida settled in 1997 (.\n terms court-approved settlement allowed class members to file individual lawsuits seeking compensatory damages prohibited from seeking punitive damages.\n not include individual smoking and health cases brought by or on behalf of plaintiffs in florida state and federal courts following decertification of engle case ( discussed in smoking and health litigation - engle class action ).\n ( 3 ) includes one case 600 civil actions ( 344 actions against pm usa ) tried in single proceeding in west virginia ( re : tobacco litigation ).\n west virginia supreme court of appeals ruled united states constitution did not preclude trial in two phases case.\n issues related to defendants 2019 conduct and whether punitive damages permissible tried in first phase.\n trial in first phase began in april 2013.\n may 2013  jury returned verdict in favor of defendants on claims for design defect  negligence  failure to warn  breach of warranty  concealment declined to find defendants 2019 conduct warranted punitive damages.\n plaintiffs prevailed on claim ventilated filter cigarettes should have included use instructions for period 1964 - 1969.\n second phase consist of trials to determine liability and compensatory damages.\n in november 2014  west virginia supreme court of appeals affirmed final judgment.\n in july 2015 trial court entered order result in entry of final judgment in favor of defendants against all but 30 plaintiffs who potentially have claim against one or more defendants may be pursued in second phase of trial.\n court intends to try claims of these 30 plaintiffs in six consolidated trials each with group of five plaintiffs.\n first trial scheduled to begin may 1 , 2018.\ndates five remaining consolidated trials not scheduled.\n ( 4 see health care cost recovery litigation federal government 2019s lawsuit below.\n\n| 2016 | 2015 | 2014\n----------------------------------------------------------------------- | ---- | ---- | ----\nindividual smoking and health cases ( 2 )                               | 70   | 65   | 67\nsmoking and health class actions and aggregated claims litigation ( 3 ) | 5    | 5    | 5\nhealth care cost recovery actions ( 4 )                                 | 1    | 1    | 1\n201clights/ultra lights 201d class actions                              | 8    | 11   | 12"
}
{
    "_id": "dd4bff886",
    "title": "",
    "text": "mission systems training mst business segment provides ship submarine mission combat systems ; mission systems sensors for rotary fixed-wing aircraft sea land-based missile defense systems radar systems littoral combat ships simulation training services unmanned systems technologies.\n mst 2019s major programs include aegis combat system littoral combat ship mh-60  tpq-53 radar system mk-41 vertical launching system.\n mst 2019s operating results included in millions ) :.\n 2014 compared to 2013 mst 2019s net sales for 2014 comparable to 2013.\n net sales decreased by approximately $ 85 million for undersea systems programs due to decreased volume deliveries about $ 55 million related to settlements of contract cost matters on certain programs including terminated presidential helicopter program ) in 2013 not repeated in 2014.\n decreases offset by higher net sales of approximately $ 80 million for integrated warfare systems sensors programs due to increased volume primarily space fence ) approximately $ 40 million for training logistics solutions programs due to increased deliveries primarily close combat tactical trainer ).\n mst 2019s operating profit for 2014 decreased $ 62 million  or 7% ( 7 % )  compared to 2013.\n decrease attributable to lower operating profit of approximately $ 120 million related to settlements of contract cost matters programs including terminated presidential helicopter program 2013 not repeated in 2014 approximately $ 45 million due to higher reserves on training logistics solutions programs.\n decreases partially offset by higher operating profit of approximately $ 45 million for performance matters reserves recorded in 2013 not repeated in 2014 about $ 60 million for programs due to increased risk retirements including mh-60 radar surveillance programs ).\n adjustments not related to volume  including net profit booking rate adjustments other matters approximately $ 50 million lower for 2014 compared to 2013.\n2013 compared to 2012 mst 2019s net sales 2013 decreased $ 426 million or 6% ( 6 % ) 2012.\n decrease attributable to lower net sales of $ 275 million for ship and aviation systems programs due to lower volume primarily ptds final surveillance system deliveries occurred second quarter 2012 ) $ 195 million for integrated warfare systems and sensors programs primarily naval systems ) due to lower volume $ 65 million for training and logistics programs due to lower volume $ 55 million for aegis program due to lower volume.\n decreases partially offset by higher net sales of $ 155 million for lcs program due to increased volume.\n mst 2019s operating profit for 2013 increased $ 168 million or 23% ( 23 % ) compared to 2012.\n increase attributable to higher operating profit of $ 120 million related to settlement of contract cost matters on programs including terminated presidential helicopter program ) $ 55 million for integrated warfare systems and sensors programs radar halifax class modernization programs due to increased risk retirements $ 30 million for undersea systems programs due to increased risk retirements.\n increases partially offset by lower operating profit of $ 55 million for training and logistics programs due to recording of $ 30 million of charges related to lower-of-cost-or-market considerations $ 25 million for ship and aviation systems programs primarily ptds ) due to lower risk retirements and volume.\n operating profit related to lcs program comparable.\n adjustments not related to volume net profit booking rate adjustments other matters approximately $ 170 million higher for 2013 compared to 2012.\n backlog backlog increased in 2014 2013 due to higher orders on new program starts ( space fence ).\nbacklog increased slightly 2013 compared to 2012 mainly due to higher orders lower sales on integrated warfare system sensors programs primarily aegis ) lower sales service programs partially offset by lower orders ship aviation systems primarily mh-60 ).\n\n| 2014             | 2013             | 2012\n------------------- | ---------------- | ---------------- | --------------\nnet sales           | $ 7147           | $ 7153           | $ 7579\noperating profit    | 843              | 905              | 737\noperating margins   | 11.8% ( 11.8 % ) | 12.7% ( 12.7 % ) | 9.7% ( 9.7 % )\nbacklog at year-end | $ 11700          | $ 10800          | $ 10700"
}
{
    "_id": "dd4be5b20",
    "title": "",
    "text": "notes to consolidated financial statements table presents information regarding group inc. 2019s regulatory capital ratios tier 1 leverage ratio under basel i  implemented by federal reserve board.\n information as of december 2013 reflects revised market risk regulatory capital requirements.\n changes resulted in increased regulatory capital requirements for market risk.\n information as of december 2012 prior to implementation revised market risk regulatory capital requirements.\n revised capital framework u. s.\n federal bank regulatory agencies ( agencies ) approved revised risk-based capital and leverage ratio regulations establishing new comprehensive capital framework for u. s.\n banking organizations ( revised capital framework ).\n regulations based on basel committee 2019s december 2010 final capital framework for strengthening international capital standards ( basel iii ) implement provisions of dodd-frank act.\n under revised capital framework  group inc.\n is 201cadvanced approach 201d banking organization.\n below aspects of rules relevant to firm  advanced approach banking organization.\n definition of capital capital ratios.\n revised capital framework introduced changes to definition of regulatory capital  to transitional provisions became effective across firm 2019s regulatory capital leverage ratios on january 1 , 2014.\n changes include introduction of new capital measure called common equity tier 1 ( cet1 )  related regulatory capital ratio of cet1 to rwas ( cet1 ratio ).\n definition of tier 1 capital narrowed to include only cet1 instruments perpetual non- cumulative preferred stock , meet certain criteria.\n revised requirements phase in over time.\n include increases in minimum capital ratio requirements introduction of new capital buffers deductions from regulatory capital ( investments in nonconsolidated financial institutions ).\n junior subordinated debt issued to trusts phased out of regulatory capital.\n minimum cet1 ratio is 4. 0% ( 4.0 % ) of january 1 , 2014 increase to 4. 5% ( 4. 5 % ) on january 1 , 2015.\n minimum tier 1 capital ratio increased from 4. 0% ( 4. 0 % ) to 5. 5% ( 5. 5 % ) on january 1 , 2014 increase to 6. 0% ( 6. 0 % ) beginning january 1 , 2015.\n minimum total capital ratio remains unchanged at 8. 0% ( 8. 0 % ).\n minimum ratios supplemented by new capital conservation buffer phases in beginning january 1, 2016 increments of 0. 625% ( 0. 625 % ) per year until reaches 2. 5% ( 2. 5 % ) on january 1 , 2019.\n revised capital framework introduces new counter-cyclical capital buffer  imposed national supervisors necessary to counteract excessive credit growth.\n risk-weighted assets.\n february 2014 federal reserve board informed completed satisfactory 201cparallel run , 201d required advanced approach banking organizations under revised capital framework changes to rwas take effect beginning second quarter of 2014.\n calculation of rwas in future quarters based on methodologies : 2030 first quarter of 2014 basel i risk-based capital framework adjusted for certain items related to existing capital deductions and phase-in of new capital deductions ( basel i adjusted ) ; 2030 remaining quarters of 2014 higher of rwas computed under basel iii advanced approach or basel i adjusted calculation ; 2030 first quarter of 2015 2014 higher of rwas computed under basel iii advanced or standardized approach.\n goldman sachs 2013 annual report 191\n\n$ in millions         | as of december 2013 | as of december 2012\n--------------------- | ------------------- | -------------------\ntier 1 capital        | $ 72471             | $ 66977\ntier 2 capital        | $ 13632             | $ 13429\ntotal capital         | $ 86103             | $ 80406\nrisk-weighted assets  | $ 433226            | $ 399928\ntier 1 capital ratio  | 16.7% ( 16.7 % )    | 16.7% ( 16.7 % )\ntotal capital ratio   | 19.9% ( 19.9 % )    | 20.1% ( 20.1 % )\ntier 1 leverage ratio | 8.1% ( 8.1 % )      | 7.3% ( 7.3 % )"
}
{
    "_id": "dd4bce0f6",
    "title": "",
    "text": "entergy new orleans , inc.\n management 2019s financial discussion analysis addition to contractual obligations has $ 53. 7 million of unrecognized tax benefits and interest net of unused tax attributes payments for timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in timing of effective settlement of tax positions.\n see note 3 to financial statements for additional information regarding unrecognized tax benefits.\n planned capital investment estimate for entergy new orleans reflects capital required to support existing business.\n estimated capital expenditures subject to periodic review modification may vary based on regulatory constraints environmental compliance  market volatility economic trends changes in project plans  ability to access capital.\n management provides more information on long-term debt preferred stock maturities in notes 5 and 6 financial statements.\n as indirect , wholly-owned subsidiary of entergy corporation  entergy new orleans pays dividends from earnings at percentage determined monthly.\n entergy 2019s long-term debt indentures contain restrictions on payment of cash dividends or other distributions on common and preferred stock.\n sources of capital entergy sources to meet capital requirements include : internally generated funds ; cash on hand ; debt and preferred stock issuances.\n entergy orleans may refinance , redeem retire debt and preferred stock prior to maturity market conditions interest and dividend rates are favorable.\n entergy 2019s receivables from money pool were as follows as of december 31 for each following years:.\n see note 4 to financial statements for description of money pool.\n entergy new orleans obtained short-term borrowing authorization from ferc may borrow through october 2013 up to aggregate amount time outstanding of $ 100 million.\nnote 4 to financial statements for discussion entergy new orleans 2019s short-term borrowing limits.\n long-term securities issuances limited to amounts authorized by city council current authorization extends through july 2012.\n entergy louisiana 2019s ninemile point unit 6 self-build project in june 2011  filed with lpsc application seeking certification public necessity convenience served by entergy 2019s construction of combined-cycle gas turbine generating facility ( ninemile 6 ) at existing ninemile point electric generating station.\n ninemile 6 nominally-sized 550 mw unit estimated to cost approximately $ 721 million to construct excluding interconnection transmission upgrades.\n entergy gulf states louisiana joined application seeking certification of purchase under life-of-unit power purchase agreement of up to 35% ( 35 % ) of capacity and energy generated by ninemile 6.\n ninemile 6 capacity energy proposed allocated 55% ( 55 % ) to entergy louisiana 25% ( 25 % ) to entergy gulf states louisiana  20% ( 20 % ) to entergy new orleans.\n february 2012 city council passed resolution authorizing entergy new orleans to purchase 20% ( 20 % ) of ninemile 6 energy and capacity.\n if approvals obtained from lpsc other permitting agencies ninemile 6 construction is\n\n2011             | 2010             | 2009             | 2008\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 9074           | $ 21820          | $ 66149          | $ 60093"
}
{
    "_id": "dd4983698",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 table summarizes activity in gross unrecognized tax benefits for years ended december 31:.\n during 2015  settled tax matters in various states puerto rico reduced gross unrecognized tax benefits by $ 13. 9 million.\n 2014  settled tax matters in various jurisdictions reduced gross unrecognized tax benefits by $ 1. 5 million.\n during 2013  settled with irs appeals division joint committee on taxation 2009 and 2010 tax years.\n resolution of these tax periods state tax resolutions reduced gross unrecognized tax benefits by $ 20. 7 million.\n in gross unrecognized tax benefits as of december 31, 2015 and 2014 are $ 30. 5 million and $ 45. 6 million of unrecognized tax benefits ( net of federal benefit on state matters ) if recognized affect effective income tax rate in future periods.\n recognize interest and penalties as incurred within provision for income taxes in consolidated statements of income.\n related unrecognized tax benefits recorded interest expense of approximately $ 1. 2 million during 2015 total as of december 31 , 2015 recognized liability for penalties of $ 0. 5 million interest of $ 10. 3 million.\n during 2014  accrued interest of approximately $ 1. 5 million total as of december 31, 2014 recognized liability for penalties of $ 0. 5 million interest of $ 18. 7 million.\n during 2013  accrued interest of approximately $ 1. 2 million total as of december 31 , 2013 recognized liability for penalties of $ 0. 5 million interest of $ 17. 0 million.\ngross unrecognized benefits we expect to settle in following twelve months range of $ 0 to $ 10 million ;, possible amount unrecognized tax benefits may increase or decrease in next twelve months.\n we currently under examination or administrative review by state and local taxing authorities for various tax years.\n state audits ongoing.\n believe recorded liabilities for uncertain tax positions are adequate.\n, significant assessment against us in excess of liabilities recorded could have material adverse effect on our consolidated financial position, results of operations or cash flows.\n\n| 2015           | 2014         | 2013\n--------------------------------------------------------------------------- | -------------- | ------------ | --------------\nbalance at beginning of year                                                | $ 70.1         | $ 72.0       | $ 84.7\nadditions based on tax positions related to current year                    | 0.2            | 0.8          | 0.3\nadditions for tax positions of prior years                                  | 1.4            | 5.0          | 11.4\nreductions for tax positions of prior years                                 | -10.2 ( 10.2 ) | -6.0 ( 6.0 ) | -2.4 ( 2.4 )\nreductions for tax positions resulting from lapse of statute of limitations | -0.6 ( 0.6 )   | -0.2 ( 0.2 ) | -1.3 ( 1.3 )\nsettlements                                                                 | -13.9 ( 13.9 ) | -1.5 ( 1.5 ) | -20.7 ( 20.7 )\nbalance at end of year                                                      | $ 47.0         | $ 70.1       | $ 72.0"
}
{
    "_id": "dd4bb7a0e",
    "title": "",
    "text": "table sets components of foreign currency translation adjustments for fiscal 2011 , 2010 2009 ( in thousands ) : beginning balance foreign currency translation adjustments income tax effect relating to translation adjustments for undistributed foreign earnings ending balance $ 7632 ( 2208 ) $ 10580 $ 10640 ( 4144 ) $ 7632 $ ( 431 ) 17343 ( 6272 ) $ 10640 stock repurchase program to return value to stockholders minimize dilution from stock issuances repurchase shares in open market enter structured repurchase agreements with third-parties.\n authorization to repurchase shares to cover on-going dilution not subject to expiration.\n repurchase program limited to covering net dilution from stock issuances subject to business conditions cash flow requirements as determined by board of directors.\n third quarter of fiscal 2010  board of directors approved amendment to stock repurchase program authorized in april 2007 from non-expiring share-based authority to time-constrained dollar-based authority.\n amendment board granted authority to repurchase up to $ 1. 6 billion in common stock through end of fiscal 2012.\n amended program affect $ 250. 0 million structured stock repurchase agreement entered during march 2010.\n as of december 3 , 2010  no prepayments remain under agreement.\n during fiscal 2011 , 2010 2009  entered structured repurchase agreements with large financial institutions provided with prepayments totaling $ 695. 0 million , $ 850. 0 million $ 350. 0 million  respectively.\n of $ 850. 0 million of prepayments during fiscal 2010 , $ 250. 0 million was under stock repurchase program prior to program amendment remaining $ 600. 0 million under amended $ 1. 6 billion time-constrained dollar- based authority.\nenter agreements to advantage repurchasing shares at guaranteed discount to volume weighted average price ( 201cvwap 201d ) of our common stock over specified period of time.\n only enter transactions when discount is higher than foregone return on our cash prepayments to financial institutions.\n no explicit commissions or fees on structured repurchases.\n agreements no requirement for financial institutions to return portion of prepayment to.\n financial institutions agree to deliver shares at monthly intervals during contract term.\n parameters to calculate number of shares deliverable are : total notional amount of contract  number of trading days in contract trading days interval and average vwap of our stock during interval less agreed upon discount.\n during fiscal 2011  repurchased approximately 21. 8 million shares at average price of $ 31. 81 through structured repurchase agreements fiscal 2011.\n during fiscal 2010  repurchased approximately 31. 2 million shares at average price of $ 29. 19 through structured repurchase agreements during fiscal 2009 and fiscal 2010.\n during fiscal 2009  repurchased approximately 15. 2 million shares at average price per share of $ 27. 89 through structured repurchase agreements during fiscal 2008 and fiscal 2009.\n for fiscal 2011 , 2010 and 2009  prepayments classified as treasury stock on consolidated balance sheets at payment date only shares physically delivered by december 2 , 2011 , december 3 , 2010 and november 27 , 2009 excluded from computation of earnings per share.\n as of december 2 , 2011 and december 3 , 2010  no prepayments remained under these agreements.\n as of november 27 , 2009  approximately $ 59. 9 million of prepayments remained under these agreements.\n subsequent to december 2 , 2011  part of our $ 1.6 billion stock repurchase program entered structured stock repurchase agreement with large financial institution provided prepayment of $ 80. 0 million.\n amount classified as treasury stock on consolidated balance sheets.\n upon completion of $ 80. 0 million stock table of contents adobe systems incorporated notes to consolidated financial statements jarcamo typewritten text.\n following table sets components of foreign currency translation adjustments for fiscal 2011 , 2010 2009 ( in thousands ) : beginning balance foreign currency translation adjustments income tax effect relating to translation adjustments for undistributed foreign earnings ending balance $ 7632 ( 2208 ) $ 10580 $ 10640 ( 4144 ) $ 7632 $ ( 431 ) 17343 ( 6272 ) $ 10640 stock repurchase program stock repurchase program to return value to stockholders minimize dilution from stock issuances repurchase shares in open market enter structured repurchase agreements with third-parties.\n authorization to repurchase shares to cover on-going dilution not subject to expiration.\n repurchase program limited to covering net dilution from stock issuances subject to business conditions cash flow requirements determined by board of directors.\n third quarter of fiscal 2010 board of directors approved amendment to stock repurchase program authorized april 2007 from non-expiring share-based authority to time-constrained dollar-based authority.\n amendment board of directors granted authority to repurchase up to $ 1. 6 billion in common stock through end of fiscal 2012.\n amended program not affect $ 250. 0 million structured stock repurchase agreement during march 2010.\n as of december 3 , 2010 no prepayments remain under agreement.\nfiscal 2011 , 2010 2009 , we entered structured repurchase agreements with large financial institutions  provided financial institutions prepayments totaling $ 695. 0 million , $ 850. 0 million and $ 350. 0 million , respectively.\n of $ 850. 0 million of prepayments during fiscal 2010 , $ 250. 0 million was under stock repurchase program prior to program amendment remaining $ 600. 0 million under amended $ 1. 6 billion time-constrained dollar- based authority.\n enter agreements to take advantage repurchasing shares at guaranteed discount to volume weighted average price ( 201cvwap 201d ) of our common stock over specified period of time.\n only enter transactions when discount receive is higher than foregone return on cash prepayments to financial institutions.\n no explicit commissions or fees on structured repurchases.\n terms agreements no requirement for financial institutions to return portion of prepayment to us.\n financial institutions agree to deliver shares at monthly intervals during contract term.\n parameters to calculate number of shares deliverable are : total notional amount of contract , number of trading days in contract , number of trading days in interval average vwap of our stock during interval less agreed upon discount.\n during fiscal 2011  repurchased approximately 21. 8 million shares at average price of $ 31. 81 through structured repurchase agreements during fiscal 2011.\n fiscal 2010 , repurchased approximately 31. 2 million shares at average price of $ 29. 19 through structured repurchase agreements during fiscal 2009 and fiscal 2010.\n during fiscal 2009  repurchased approximately 15. 2 million shares at average price per share of $ 27. 89 through structured repurchase agreements during fiscal 2008 and fiscal 2009.\nfiscal 2011 , 2010 2009  prepayments classified as treasury stock on consolidated balance sheets at payment date only shares physically delivered by december 2 , 2011 , december 3, 2010 november 27 , 2009 excluded from computation earnings per share.\n as of december 2 , 2011 december 3 , 2010  no prepayments remained under agreements.\n as of november 27 , 2009  approximately $ 59. 9 million prepayments remained under agreements.\n subsequent to december 2 , 2011  of $ 1. 6 billion stock repurchase program entered structured stock repurchase agreement with large financial institution provided prepayment of $ 80. 0 million.\n amount classified as treasury stock on consolidated balance sheets.\n upon completion of $ 80. 0 million stock table of contents adobe systems incorporated notes to consolidated financial statements continued jarcamo typewritten text\n\n| 2011           | 2010           | 2009\n--------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\nbeginning balance                                                                       | $ 7632         | $ 10640        | $ -431 ( 431 )\nforeign currency translation adjustments                                                | 5156           | -4144 ( 4144 ) | 17343\nincome tax effect relating to translation adjustments forundistributed foreign earnings | -2208 ( 2208 ) | 1136           | -6272 ( 6272 )\nending balance                                                                          | $ 10580        | $ 7632         | $ 10640"
}
{
    "_id": "dd4c62ddc",
    "title": "",
    "text": "biomet holdings , inc.\n 2015 form 10-k annual report notes to consolidated financial statements unaudited pro forma results prepared for comparative purposes include adjustments inventory step-up amortization of acquired intangible assets interest expense on debt to finance merger.\n nonrecurring pro forma adjustments attributable to biomet merger include : 2022 $ 90. 4 million merger compensation expense for unvested lvb stock options lvb stock-based awards removed from net earnings for year ended december 31 , 2015 recognized as expense in year ended december 31 , 2014.\n 2022 $ 73. 0 million retention plan expense removed from net earnings for year ended december 31 , 2015 recognized as expense in year ended december 31 , 2014.\n 2022 transaction costs of $ 17. 7 million removed from net earnings for year ended december 31 , 2015 recognized as expense in year ended december 31  other acquisitions made business acquisitions during years 2014 and 2013.\n october 2014 acquired etex holdings , inc.\n ( 201cetex 201d ).\n etex acquisition enhanced biologics portfolio through addition of etex 2019s bone void filler products.\n may 2013  acquired business assets of knee creations , llc ( 201cknee creations 201d ).\n acquisition enhanced product portfolio of joint preservation solutions.\n june 2013 acquired normed medizin-technik gmbh ( 201cnormed 201d ).\n normed acquisition strengthened extremities and trauma product portfolios brought new product development capabilities in foot ankle hand wrist markets.\nresults of operations of acquired companies included in our consolidated results operations subsequent to transaction dates assets and liabilities of recorded at estimated fair values in our consolidated statement of financial position as of transaction dates excess purchase price recorded as goodwill.\n pro forma financial information and other information required by gaap not included for these acquisitions not material impact upon our financial position or results of operations.\n 5.\n share-based compensation share-based payments primarily consist of stock options and restricted stock units ( 201crsus 201d ).\n share-based compensation expense was as follows ( in millions ) :.\n stock options two equity compensation plans in effect at december 31, 2015 : 2009 stock incentive plan ( 201c2009 plan 201d ) and stock plan for non-employee directors.\n 2009 plan succeeded 2006 stock incentive plan ( 201c2006 plan 201d ) and teamshare stock option plan ( 201cteamshare plan 201d ).\n no further awards granted under 2006 plan or teamshare plan since may 2009 shares remaining available for grant under those plans merged into 2009 plan.\n vested stock options previously granted under 2006 plan  teamshare plan prior plan 2001 stock incentive plan  remained outstanding as of december 31 , 2015.\n reserved maximum number of shares of common stock available for award under terms each these plans.\n registered 57. 9 million shares of common stock under these plans.\n 2009 plan provides for grant of nonqualified stock options and incentive stock options  long-term performance awards in form of performance shares or units  restricted stock  rsus stock appreciation rights.\n compensation and management development committee of board of directors determines grant date for annual grants under equity compensation plans.\ndate for annual grants under 2009 plan to executive officers expected occur in first quarter of each year following earnings announcements for previous quarter and full year.\n in 2015  compensation and management development committee set closing date as grant date for awards to executive officers.\n stock plan for non-employee directors provides for awards of stock options  restricted stock and rsus.\n practice to issue shares of common stock upon exercise of stock options from previously unissued shares except in limited circumstances where issued from treasury stock.\n total number of awards granted in given year and/or over life of plan under each equity compensation plans is limited.\n at december 31 , 2015 aggregate of 5. 6 million shares available for future grants and awards under plans.\n stock options granted to under plans vest over four years have maximum contractual life of 10 years.\n established under equity compensation plans vesting may accelerate upon retirement after first anniversary date of award if criteria met.\n recognize expense related to stock options on straight-line basis over requisite service period less awards expected be forfeited using estimated forfeiture rates.\n due to accelerated retirement provisions requisite service period of stock options range from one to four years.\n stock options granted with exercise price equal to market price of common stock on date of grant except in limited circumstances where local law may dictate otherwise.\n\nfor the years ended december 31, | 2015           | 2014           | 2013\n-------------------------------- | -------------- | -------------- | --------------\ntotal expense pre-tax            | $ 46.4         | $ 49.4         | $ 48.5\ntax benefit related to awards    | -14.5 ( 14.5 ) | -15.5 ( 15.5 ) | -15.6 ( 15.6 )\ntotal expense net of tax         | $ 31.9         | $ 33.9         | $ 32.9"
}
{
    "_id": "dd4c13e26",
    "title": "",
    "text": "minimum operating lease payments for leases with remaining terms greater than one year for each years five years ending december 31 , 2015 and are as follows ( in millions ) :.\n company has operating lease commitments to office equipment and computer hardware with annual lease payments of approximately $ 16. 3 million per year renew on short-term basis.\n rent expense incurred under all operating leases during years ended december 31, 2010 , 2009 2008 was $ 116. 1 million , $ 100. 2 million and $ 117. 0 million  respectively.\n in discontinued operations in consolidated statements of earnings was rent expense of $ 2. 0 million , $ 1. 8 million and $ 17. 0 million for years ended december 31 , 2010  2009 2008 .\n data processing and maintenance services agreements.\n company has agreements with various vendors expire between 2011 and 2017  for portions computer data processing operations and related functions.\n company 2019s estimated aggregate contractual obligation remaining under these agreements was approximately $ 554. 3 million as of december 31 , 2010.\n amount could be more or less depending on inflation rate foreign exchange rates introduction of new technologies or changes in company data processing needs.\n employee benefit plans stock purchase plan employees participate in employee stock purchase plan.\n eligible employees may voluntarily purchase at market prices shares of fis 2019 common stock through payroll deductions.\n employees may contribute between 3% ( 3 ) and 15% ( 15 % ) of base salary and commissions.\n shares purchased are allocated to employees based upon contributions.\n company contributes varying matching amounts as specified in espp.\n company recorded expense of $ 14. 3 million , $ 12. 4 million and $ 14.3 million  respectively years ended december 31 , 2010, 2009 2008  participation fis employees in espp.\n included discontinued operations consolidated statements of earnings expense of $ 0. 1 million and $ 3. 0 million years ended december 31 , 2009 2008 .\n 401 ( k ) profit sharing plan company 2019s employees covered by qualified 401 ( k ) plan.\n eligible employees contribute up to 40% ( 40 % ) of pretax annual compensation  amount allowed internal revenue code.\n company matches 50% ( 50 % ) of each dollar employee contribution up to 6% ( 6 % ) employee 2019s total eligible compensation.\n company recorded expense of $ 23. 1 million , $ 16. 6 million $ 18. 5 million  respectively years ended december 31 , 2010, 2009 2008  participation of fis employees in 401 ( k ) plan.\n included discontinued operations consolidated statements of earnings expense of $ 0. 1 million and $ 3. 9 million years ended december 31 , 2009 2008 .\n fidelity national information services , inc.\n subsidiaries notes consolidated financial statements 2014 ( continued ) %%transmsg*** transmitting job : g26369 pcn : 083000000 ***%%pcmsg|83 |00006|yes|no|03/28/2011 17:32|0|0|page valid , no graphics -- color : n|\n\n2011       | $ 65.1\n---------- | -------\n2012       | 47.6\n2013       | 35.7\n2014       | 27.8\n2015       | 24.3\nthereafter | 78.1\ntotal      | $ 278.6"
}
{
    "_id": "dd4c0d670",
    "title": "",
    "text": "table of contents stock performance graph * $ 100 invested 11/17/11 our stock or 10/31/11 relevant index including reinvestment dividends.\n fiscal year ending december 31 , 2015.\n ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index  including american axle & manufacturing , borgwarner inc. cooper tire & rubber company  dana holding corp. delphi automotive plc dorman products inc. federal-mogul corp. ford motor co. fuel systems solutions inc. general motors co. gentex corp. gentherm inc. genuine parts co. johnson controls inc. lear corp. lkq corp. meritor inc. standard motor products inc. stoneridge inc. superior industries international  tenneco inc. tesla motors inc. goodyear tire & rubber co. tower international inc. visteon corp. wabco holdings inc.\n company index november 17 , december 31 december 31.\n dividends company declared paid cash dividends $ 0. 25 per ordinary share each quarter of 2014 and 2015.\n january 2016  board of directors increased annual dividend rate to $ 1. 16 per ordinary share  declared regular quarterly cash dividend $ 0. 29 per ordinary share  payable february 29 , 2016 shareholders record close of business february 17 , 2016.\n\ncompany index                        | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | december 31 2015\n------------------------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------\ndelphi automotive plc ( 1 )          | $ 100.00         | $ 100.98         | $ 179.33         | $ 285.81         | $ 350.82         | $ 418.67\ns&p 500 ( 2 )                        | 100.00           | 100.80           | 116.93           | 154.80           | 175.99           | 178.43\nautomotive supplier peer group ( 3 ) | 100.00           | 89.62            | 109.96           | 166.26           | 176.25           | 171.91"
}
{
    "_id": "dd4b9675a",
    "title": "",
    "text": "mw mamonal plant.\n approximately $ 77 million of purchase price allocated to goodwill amortized over 32 years.\n termocandelaria power plant included in discontinued operations in accompanying consolidated financial statements.\n table below presents supplemental unaudited pro forma operating results as if all acquisitions occurred at beginning of periods shown ( in millions , except per share amounts ).\n no pro forma operating results provided for 2001 , because impact not material.\n pro forma amounts include adjustments primarily for depreciation and amortization based on allocated purchase price and additional interest expense : year ended december 31 , 2000.\n pro forma results based upon assumptions and estimates company believes reasonable.\n pro forma results not to be indicative of results obtained had acquisitions occurred at beginning of periods shown nor intended to be projection of future results.\n.\n discontinued operations effective january 1 , 2001 , company adopted sfas no.\n 144.\n statement addresses financial accounting and reporting for impairment or disposal of long-lived assets.\n sfas no.\n 144 requires component of entity either disposed of or classified as held for sale to be reported as discontinued operations if certain conditions met.\n during year  company decided to exit certain businesses.\n these businesses included power direct , geoutilities , termocandelaria , ib valley several telecommunications businesses in brazil.\n businesses either disposed of or abandoned during year or classified as held for sale at december 31 , 2001.\n for those businesses disposed of or abandoned  company determined significant adverse changes in legal factors and/or business climate , unfavorable market conditions and low tariffs , negatively affected value of these assets.\n company has certain businesses held for sale , including termocandelaria.\ncompany approved committed to plan to sell these assets  available for immediate sale  plan established to locate buyer at reasonable fair market value price.\n company believes it will sell assets within one year unlikely significant changes to plan to sell.\n at december 31 , 2001  assets and liabilities associated with discontinued operations segregated on consolidated balance sheets.\n majority of long-lived assets related to discontinued operations are for termocandelaria competitive supply business in colombia.\n revenues associated with discontinued operations were $ 287 million , $ 74 million and $ 7 million for years ended december 31 , 2001 , 2000 and 1999 , respectively.\n pretax losses with discontinued operations were $ 58 million , $ 31 million $ 4 million for each of years ended december 31 , 2001 , 2000 1999 ,.\n loss on disposal and impairment write-downs for businesses held for sale , net of tax associated with discontinued operations was $ 145 million for year ended december 31 , 2001.\n\n| year ended december 31 2000\n--------------------------------- | ---------------------------\nrevenue                           | $ 8137\nincome before extraordinary items | 833\nnet income                        | 822\nbasic earnings per share          | $ 1.67\ndiluted earnings per share        | $ 1.61"
}
{
    "_id": "dd497c6ae",
    "title": "",
    "text": "federal realty investment trust schedule iii summary real estate accumulated depreciation three years ended december 31 2005 reconciliation accumulated depreciation amortization.\n\nbalance december 31 2002                                             | $ 450697000\n-------------------------------------------------------------------- | ----------------------\nadditions during period 2014depreciation and amortization expense    | 68125000\ndeductions during period 2014disposition and retirements of property | -4645000 ( 4645000 )\nbalance december 31 2003                                             | 514177000\nadditions during period 2014depreciation and amortization expense    | 82551000\ndeductions during period 2014disposition and retirements of property | -1390000 ( 1390000 )\nbalance december 31 2004                                             | 595338000\nadditions during period 2014depreciation and amortization expense    | 83656000\ndeductions during period 2014disposition and retirements of property | -15244000 ( 15244000 )\nbalance december 31 2005                                             | $ 663750000"
}
{
    "_id": "dd4bae1de",
    "title": "",
    "text": "biomet holdings , inc.\n 2018 form 10-k annual report ( 8 ) incurred various expenses from specific events or projects consider highly variable or significant impact to operating results excluded from non-gaap financial measures.\n includes legal entity and operational restructuring costs of complying with dpa with u. s.\n government related to certain fcpa matters involving biomet and subsidiaries.\n under dpa , three-year term subject to oversight by independent compliance monitor  monitorship commenced in july 2017.\n excluded costs include fees paid to independent compliance monitor and external legal counsel assisting matter.\n ( 9 ) represents tax effects on previously specified items.\n tax effect for u. s.\n jurisdiction calculated based on effective rate considering federal and state taxes  permanent items.\n for jurisdictions outside u. s.  tax effect calculated based upon statutory rates where items incurred.\n ( 10 ) 2016 period includes negative effects from finalizing tax accounts for biomet merger.\n under applicable u. s.\n gaap rules  measurement period adjustments recognized on prospective basis in period of change.\n 11 ) 2017 tax act resulted in net favorable provisional adjustment due to reduction of deferred tax liabilities for unremitted earnings and revaluation of deferred tax liabilities to 21 percent rate partially offset by provisional tax charges related to toll charge provision of 2017 tax act.\n in 2018  finalized estimates of effects of 2017 tax act based upon final guidance issued by u. s.\n tax authorities.\n ( 12 ) other certain tax adjustments in 2018 primarily related to changes in tax rates on deferred tax liabilities recorded on intangible assets recognized in acquisition-related accounting and adjustments from internal restructuring transactions provide access to offshore funds in tax efficient.\n2017  tax adjustments relate to tax benefits from lower tax rates unrelated to impact 2017 tax act net favorable resolutions of tax matters net favorable adjustments from internal restructuring transactions.\n 2016 adjustment related to favorable adjustment to deferred tax liabilities acquisition-related accounting favorable resolution of tax matters with taxing authorities offset by internal restructuring transactions provide access to offshore funds tax efficient manner.\n ( 13 ) diluted share count used in adjusted diluted eps : year ended december 31 , 2018.\n liquidity capital resources cash flows by operating activities were $ 1747. 4 million in 2018 compared to $ 1582. 3 million and $ 1632. 2 million in 2017 and 2016 respectively.\n increase in operating cash flows in 2018 compared to 2017 driven by additional cash flows from sale of accounts receivable in certain countries lower acquisition and integration expenses lower quality remediation expenses significant payments made in 2017 period.\n 2017 period made payments related to.\n cup settlement program paid $ 30. 5 million in settlement payments to resolve previously-disclosed fcpa matters involving biomet subsidiaries discussed in note 19 to consolidated financial statements in item 8 report.\n decline in operating cash flows in 2017 compared to 2016 driven by additional investments in inventory additional expenses for quality remediation significant payments made in 2017 period.\n unfavorable items partially offset by $ 174. 0 million of incremental cash flows in 2017 from sale of accounts receivable in certain countries.\n cash flows used in investing activities were $ 416. 6 million in 2018 compared to $ 510. 8 million and $ 1691. 5 million in 2017 and 2016.\n instrument property , plant and equipment additions reflected ongoing investments in product portfolio optimization of manufacturing and logistics network.\n2018  entered into receive-fixed-rate , pay-fixed-rate cross-currency interest rate swaps.\n investing cash flows reflect net cash inflows from fixed- rate interest rate receipts/payments termination of certain swaps in gain position year.\n 2016 period included cash outflows for acquisition of ldr holding corporation ( 201cldr 201d ) other business acquisitions.\n 2016 period reflects maturity of available-for-sale debt securities.\n investments matured used cash to pay off debt not reinvested in additional debt securities.\n cash flows used in financing activities were $ 1302. 2 million in 2018.\n primary use of available cash 2018 for debt repayment.\n received net proceeds of $ 749. 5 million from issuance of additional senior notes borrowed $ 400. 0 million from multicurrency revolving facility to repay $ 1150. 0 million of senior notes due on april 2, 2018.\n subsequently repaid $ 400. 0 million of multicurrency revolving facility borrowings.\n 2018 borrowed another $ 675. 0 million under new u. s.\n term loan c used cash proceeds with cash generated from operations year to repay aggregate of $ 835. 0 million on u. s.\n term loan a , $ 450. 0 million on u. s.\n term loan b  repaid $ 140. 0 million on u. s.\n term loan c.\n overall had approximately $ 1150 million of net principal repayments on senior notes and term loans in 2018.\n 2017 primary use of available cash for debt repayment compared to 2016 not able to repay as much debt due to financing requirements to complete ldr and other business acquisitions.\n in 2017 had net cash inflows of $ 103. 5 million on factoring programs not remitted to third party.\nin 2018 , had net cash outflows related to factoring programs remitted $ 103. 5 million collected only $ 66. 8 million not yet remitted by end of year.\n since factoring programs started end of 2016 , not have similar cash flows in that year.\n january 2019  borrowed additional $ 200. 0 million under u. s.\n term loan c used proceeds with cash on hand to repay remaining $ 225. 0 million outstanding under u. s.\n term loan b.\n in february , may  august december 2018 board of directors declared cash dividends of $ 0. 24 per share.\n expect to continue paying cash dividends quarterly basis ; future dividends subject to approval of board of directors may be adjusted as business needs or market conditions change.\n discussed in note 11 to consolidated financial statements  debt facilities restrict payment of dividends in certain circumstances.\n\n| year endeddecember 31 2018\n------------------------------------- | --------------------------\ndiluted shares                        | 203.5\ndilutive shares assuming net earnings | 1.5\nadjusted diluted shares               | 205.0"
}
{
    "_id": "dd4b91d40",
    "title": "",
    "text": "federal realty investment trust schedule iii summary real estate accumulated depreciation three years ended december 31 2009 reconciliation accumulated depreciation amortization thousands ).\n\nbalance december 31 2006                                             | $ 740507\n-------------------------------------------------------------------- | ----------------\nadditions during period 2014depreciation and amortization expense    | 96454\ndeductions during period 2014disposition and retirements of property | -80258 ( 80258 )\nbalance december 31 2007                                             | 756703\nadditions during period 2014depreciation and amortization expense    | 101321\ndeductions during period 2014disposition and retirements of property | -11766 ( 11766 )\nbalance december 31 2008                                             | 846258\nadditions during period 2014depreciation and amortization expense    | 103.698\ndeductions during period 2014disposition and retirements of property | -11869 ( 11869 )\nbalance december 31 2009                                             | $ 938087"
}
{
    "_id": "dd4ba16fa",
    "title": "",
    "text": "guarantees adopted fasb interpretation no.\n 45 ( 201cfin 45 201d ) , 201cguarantor 2019s accounting and disclosure requirements for guarantees  including indirect guarantees of indebtedness of others 201d beginning of fiscal 2003.\n see 201crecent accounting pronouncements 201d for further information regarding fin 45.\n lease agreements for three office buildings in san jose , california provide for residual value guarantees.\n lease agreements in place prior to december 31 , 2002 disclosed in note 14.\n normal course of business  provide indemnifications of varying scope to customers against claims of intellectual property infringement by third parties from use our products.\n historically costs related to indemnification provisions not significant unable to estimate maximum potential impact of indemnification provisions on future results of operations.\n commitments to make certain milestone/or retention payments typically entered conjunction with various acquisitions  for made accruals in consolidated financial statements.\n connection with purchases of technology assets during fiscal 2003  entered employee retention agreements totaling $ 2. 2 million.\n required to make payments upon satisfaction of certain conditions in agreements.\n as permitted under delaware law  agreements indemnify officers and directors for certain events or occurrences while officer or director is or serving  at our request in capacity.\n indemnification period covers all pertinent events and occurrences during officer 2019s or director 2019s lifetime.\n maximum potential amount of future payments required under indemnification agreements unlimited ; have director and officer insurance coverage limits exposure enables to recover portion of future amounts paid.\n believe estimated fair value of indemnification agreements in excess of applicable insurance coverage minimal.\nour limited partnership interests in adobe ventures  we provided general indemnification to granite ventures , independent venture capital firm and sole general partner for certain events occurrences while granite ventures serving at our request provided granite ventures acts in good faith partnerships.\n unable to develop estimate of maximum potential future payments from hypothetical future claim but believe risk of payments under general indemnification to be remote.\n we accrue for costs associated with future obligations include costs for undetected bugs discovered after product installed used by customers.\n accrual remaining at end of fiscal 2003 relates to new releases of creative suites products during fourth quarter of fiscal 2003.\n table below summarizes activity related to accrual during fiscal 2003 : balance at november 29 , 2002 accruals payments balance at november 28 , 2003.\n advertising expenses expense all advertising costs as incurred classify these costs under sales and marketing expense.\n advertising expenses for fiscal years 2003 , 2002  and 2001 were $ 24. 0 million , $ 26. 7 million and $ 30. 5 million , respectively.\n foreign currency and other hedging instruments statement of financial accounting standards no.\n 133 ( 201csfas no.\n 133 201d ) , 201caccounting for derivative instruments and hedging activities , 201d establishes accounting reporting standards for derivative instruments hedging activities requires to recognize these as assets or liabilities on balance sheet measure them at fair value.\n described in note 15 , gains and losses resulting from\n\nbalance at november 29 2002 | accruals | payments         | balance at november 28 2003\n--------------------------- | -------- | ---------------- | ---------------------------\n$ 2014                      | $ 5554   | $ -2369 ( 2369 ) | $ 3185"
}
{
    "_id": "dd4c36eda",
    "title": "",
    "text": "intrinsic value of restricted stock awards vested during years ended december 31 , 2016 , 2015 2014 was $ 25 million , $ 31 million $ 17 million , respectively.\n restricted stock awards to employees have vesting periods from 1 year to 10 years.\n summary of future vesting of outstanding restricted stock awards : vesting of restricted shares.\n related compensation costs less estimated forfeitures recognized ratably over vesting period awards.\n upon vesting grants be paid in class p common shares.\n during 2016 , 2015 2014  recorded $ 66 million, $ 52 million $ 51 million  in expense related to restricted stock awards capitalized approximately $ 9 million , $ 15 million and $ 6 million , respectively.\n at december 31 , 2016 and 2015  unrecognized restricted stock awards compensation costs  less estimated forfeitures was approximately $ 133 million and $ 154 million , respectively.\n pension and other postretirement benefit plans savings plan maintain defined contribution plan covering eligible.\n employees.\n contribute 5% ( 5 % ) of eligible compensation for most plan participants.\n plan participants 2019 contributions and company contributions based on collective bargaining agreements.\n total expense for savings plan was approximately $ 48 million , $ 46 million , and $ 42 million for years ended december 31 , 2016  2015 2014 .\n pension plans.\n pension plan is defined benefit plan covers all.\n employees provides benefits under cash balance formula.\n participant in cash balance plan accrues benefits through contribution credits based on age and years of service eligible compensation.\n interest is credited to participant 2019s plan account.\n participant becomes fully vested in plan after three years may take lump sum distribution upon termination of employment or retirement.\ncollectively bargained grandfathered employees accrue benefits through career pay or final pay formulas.\n two our subsidiaries , kinder morgan canada inc.\n and trans mountain pipeline inc.\n. are sponsors of pension plans for eligible canadian and trans mountain pipeline employees.\n plans include registered defined benefit pension plans  supplemental unfunded arrangements provide pension benefits in excess of statutory limits ) and defined contributory plans.\n benefits under defined benefit components accrue through career pay or final pay formulas.\n net periodic benefit costs  contributions liability amounts associated with canadian plans not material to consolidated income statements or balance sheets ; began to include activity and balances associated with canadian plans ( including canadian opeb plans discussed ) in disclosures prospective beginning in 2016.\n associated net periodic benefit costs for these combined canadian plans of $ 12 million and $ 10 million for years ended december 31, 2015 and 2014 reported separately in prior years.\n other postretirement benefit plans we.\n subsidiaries provide other postretirement benefits opeb including medical benefits for closed groups of retired employees certain grandfathered employees and dependents limited postretirement life insurance benefits for retired employees.\n canadian subsidiaries provide opeb benefits to current and future retirees and dependents.\n medical benefits under these opeb plans may be subject to deductibles  co-payment provisions  dollar\n\nyear              | vesting of restricted shares\n----------------- | ----------------------------\n2017              | 1476832\n2018              | 2352443\n2019              | 4358728\n2020              | 539790\n2021              | 199850\nthereafter        | 110494\ntotal outstanding | 9038137"
}
{
    "_id": "dd496d30c",
    "title": "",
    "text": "acquisition date on or after beginning first annual reporting period or after december 15 , 2008.\n evaluate new requirements of statement no.\n 141 ( r ) impact business combinations completed in 2009 or thereafter.\n in december 2007  fasb issued statement of financial accounting standards no.\n 160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no.\n 51.\n noncontrolling interest  minority interest  is portion of equity in subsidiary not attributable directly or indirectly to parent.\n statement no.\n 160 establishes accounting and reporting standards for noncontrolling interest in subsidiary and for deconsolidation of subsidiary.\n under statement no.\n 160  noncontrolling interests in subsidiary must be reported as component of consolidated equity separate from parent 2019s equity.\n amounts of consolidated net income attributable to both parent and noncontrolling interest must be reported separately on face of income statement.\n statement no.\n 160 effective for fiscal years beginning or after december 15, 2008 earlier adoption prohibited.\n do not expect adoption of statement no.\n 160 to material impact on financial statements and related disclosures.\n 2008 estimates forward-looking statements discussion based on historical operating trends information used to prepare december 31, 2007 reserve reports and other data possession or available from third parties.\n forward-looking statements prepared assuming demand , curtailment  producibility general market conditions for oil , natural gas and ngls during 2008 substantially similar to those of 2007  unless otherwise noted.\n reference to 201cdisclosure regarding forward-looking statements 201d at beginning report.\n amounts related to canadian operations converted to u. s.\n dollars using projected average 2008 exchange rate of $ 0. 98 u. s.\n dollar to $ 1. 00 canadian dollar.\njanuary 2007 , announced intent to divest west african oil and gas assets terminate operations in west africa  including equatorial guinea , cote d 2019ivoire  gabon other countries in region.\n november 2007  announced agreement to sell operations in gabon for $ 205. 5 million.\n finalizing purchase and sales agreements obtaining necessary partner and government approvals for remaining properties in divestiture package.\n optimistic can complete sales during first half of 2008.\n all west african related revenues , expenses capital reported as discontinued operations in 2008 financial statements.\n all forward-looking estimates discussion exclude amounts related to operations in west africa unless otherwise noted.\n completed several major property acquisitions dispositions in recent years transactions are opportunity driven.\n following forward-looking estimates do not include financial operating effects of potential property acquisitions or divestitures occur during 2008 except for west africa as previously discussed.\n oil , gas and ngl production set below estimates of oil , gas ngl production for 2008.\n estimate combined 2008 oil , gas and ngl production total approximately 240 to 247 mmboe.\n total approximately 92% ( 92 % ) estimated to produced from reserves classified as 201cproved 201d at december 31 , 2007.\n following estimates for oil , gas and ngl production calculated at midpoint of estimated range for total production.\n oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ).\n\n| oil ( mmbbls ) | gas ( bcf ) | ngls ( mmbbls ) | total ( mmboe )\n-------------- | -------------- | ----------- | --------------- | ---------------\nu.s . onshore  | 12             | 626         | 23              | 140\nu.s . offshore | 8              | 68          | 1               | 20\ncanada         | 23             | 198         | 4               | 60\ninternational  | 23             | 2           | 2014            | 23\ntotal          | 66             | 894         | 28              | 243"
}
{
    "_id": "dd4c4d824",
    "title": "",
    "text": "entergy louisiana , inc.\n management's financial discussion analysis results of operations net income 2004 compared to 2003 net income decreased $ 18. 7 million due to lower net revenue  offset by lower operation maintenance expenses.\n 2003 compared to 2002 net income increased slightly due to higher net revenue lower interest charges offset by higher operation maintenance expenses  higher depreciation amortization expenses higher taxes other than income taxes.\n net revenue 2004 compared to 2003 net revenue  measure of gross margin consists of operating revenues net of 1 ) fuel , fuel-related  purchased power expenses 2 ) other regulatory credits.\n analysis of change in net revenue comparing 2004 to 2003.\n price applied to unbilled sales variance due to decrease in fuel price included in unbilled sales in 2004 caused by effect of nuclear plant outages in 2003 on average fuel costs.\n deferred fuel cost revisions variance resulted from revised unbilled sales pricing estimate 2003 to align fuel component pricing with recoverable fuel costs.\n rate refund provisions caused decrease in net revenue due to additional provisions recorded in 2004 compared to 2003 for potential rate actions refunds.\n volume/weather variance due to total increase of 620 gwh in weather-adjusted usage in all sectors offset by effect of milder weather on billed sales in residential commercial sectors.\n summer capacity charges variance due to amortization in 2003 of deferred capacity charges for summer of 2001 compared to absence amortization in 2004.\n amortization of these capacity charges began in august 2002 ended in july 2003.\n\n| ( in millions )\n------------------------------- | ---------------\n2003 net revenue                | $ 973.7\nprice applied to unbilled sales | -31.9 ( 31.9 )\ndeferred fuel cost revisions    | -29.4 ( 29.4 )\nrate refund provisions          | -12.2 ( 12.2 )\nvolume/weather                  | 17.0\nsummer capacity charges         | 11.8\nother                           | 2.3\n2004 net revenue                | $ 931.3"
}
{
    "_id": "dd4c159ec",
    "title": "",
    "text": "products software ongoing investment in next-generation technologies offset by savings from cost-reduction initiatives.\n reorganization of business charges increased due to employee severance costs expenses related to exit facility.\n sg&a expenses decreased due to lower marketing expenses savings from cost-reduction initiatives offset by increased expenditures on information technology upgrades.\n percentage of net sales in 2007 compared to 2006 gross margin and operating margin decreased sg&a expenses r&d expenditures increased.\n segment 2019s backlog was $ 647 million at december 31, 2007 compared to $ 1. 4 billion at december 31 , 2006.\n decrease in backlog due to decline in customer demand segment 2019s limited product portfolio.\n segment shipped 159. 1 million units in 2007 27% ( 27 % ) decrease compared to shipments 217. 4 million units in 2006.\n overall decrease reflects decreased unit shipments of products for all technologies.\n for full year 2007 unit shipments decreased in asia and emea decreased in north america increased in latin america.\n unit shipments by segment decreased in 2007 total unit shipments in worldwide handset market increased by approximately 16% ( 16 % ).\n segment estimates worldwide market share was approximately 14% ( 14 % ) for full year 2007 decrease of approximately 8 percentage points versus 2006.\n in 2007 asp decreased approximately 9% ( 9 % ) compared to 2006.\n overall decrease in asp driven by changes in product-tier and geographic mix of sales.\n asp decreased approximately 11% ( 11 % ) in 2006 and 10% ( 10 % ) in 2005.\n segment has large customers throughout world.\n in 2007 aggregate net sales to segment 2019s five largest customers accounted for approximately 42% ( 42 % ) of segment 2019s net sales.\nselling directly to carriers operators segment sells products through third-party distributors retailers account for approximately 33% ( 33 % ) of segment 2019s net sales.\n largest distributors was brightstar corporation.\n u. s.\n market segment 2019s largest individual market  many customers  more than 54% ( 54 % ) of segment 2019s 2007 net sales  were outside u. s.\n largest international markets were brazil , china mexico.\n home and networks mobility segment designs  manufactures  sells installs services : digital video , internet protocol video broadcast network interactive set-tops  end-to-end video delivery systems  broadband access infrastructure platforms associated data and voice customer premise equipment to cable television telecom service providers ( referred to as 201chome business 201d ) ii ) wireless access systems  including cellular infrastructure systems wireless broadband systems  to wireless service providers ( 201cnetwork business 201d ).\n in 2008  segment 2019s net sales represented 33% ( 33 % ) of company 2019s consolidated net sales  compared to 27% ( 27 % ) in 2007 21% ( 21 % ) in 2006.\n ( dollars in millions ) 2008 2007 2006 2008 20142007 20142006 years ended december 31 percent change.\n segment results 20142008 compared to 2007 2008 segment 2019s net sales increased 1% ( 1 % ) to $ 10. 1 billion  compared to $ 10. 0 billion in 2007.\n 1% ( 1 % ) increase in net sales reflects 16% ( 16 % ) increase in net sales in home business  offset by 11% ( 11 % ) decrease in net sales in networks business.\n 16% ( 16 % ) increase in net sales in home business driven by 17% ( 17 % ) increase in net sales of digital entertainment devices  reflecting 19% ( 19 % ) increase in unit shipments to 18.0 million units offset by lower asp due to product mix shift pricing pressure.\n 11% ( % ) decrease in net sales in networks business driven by i absence of net sales by embedded communication computing group ( 201cecc 201d ) divested end of 2007 ii lower net sales of iden  gsm cdma infrastructure equipment offset by higher net sales of umts infrastructure equipment.\n geographic basis 1% ( 1 % ) increase in net sales driven by higher net sales in latin america asia partially offset by lower net sales in north america.\n increase in net sales in latin america 63management 2019s discussion analysis of financial condition results of operations %%transmsg*** transmitting job : c49054 pcn : 066000000 ***%pcmsg|63 |00024|yes|no|02/24/2009 12:31|0|0|page valid  no graphics -- color : n|\n\n( dollars in millions ) | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2006 | years ended december 31 2008 20142007 | 2007 20142006\n----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | ---------------\nsegment net sales       | $ 10086                      | $ 10014                      | $ 9164                       | 1% ( 1 % )                            | 9% ( 9 % )\noperating earnings      | 918                          | 709                          | 787                          | 29% ( 29 % )                          | ( 10 ) % (  % )"
}
{
    "_id": "dd4c04688",
    "title": "",
    "text": "descriptions fair value methodologies for u. s.\n international pension plan assets are : cash and cash equivalents carrying amounts cash approximate fair value due to short-term maturity.\n equity securities equity securities valued at closing market price on u. s.\n or international exchange where security actively traded classified as level 1 assets.\n equity mutual and pooled funds shares of mutual funds valued at net asset value ( nav ) of fund classified as level 1 assets.\n units of pooled funds valued at per unit nav determined by fund manager based on value of underlying traded holdings classified as level 2 assets.\n corporate and government bonds corporate government bonds classified as level 2 assets  valued at quoted market prices from observable pricing sources at reporting date or valued based upon comparable securities with similar yields credit ratings.\n other pooled funds pooled funds classified as level 2 assets valued at nav of shares held at year end  based on fair value of underlying investments.\n securities interests classified as level 3 carried at estimated fair value.\n estimated fair value based on fair value of underlying investment values  includes estimated bids from brokers or other third-party vendor sources expected cash flow streams other uncorroborated data including counterparty credit quality default risk  discount rates overall capital market liquidity.\n insurance contracts insurance contracts classified as level 3 assets  carried at contract value  approximates estimated fair value.\n estimated fair value based on fair value of underlying investment of insurance company discount rates require inputs with limited observability.\n contributions and projected benefit payments pension contributions to funded plans benefit payments for unfunded plans for fiscal year 2018 were $ 68. 3.\n contributions for funded plans resulted primarily from contractual and regulatory requirements.\n benefit payments to unfunded plans due to timing of retirements.\n anticipate contributing $ 45 to $ 65 to defined benefit pension plans in fiscal year 2019.\n contributions driven by contractual and regulatory requirements for funded plans and benefit payments for unfunded plans dependent upon timing of retirements.\n projected benefit payments reflect expected future service as follows:.\n estimated benefit payments based on assumptions about future events.\n actual benefit payments may vary significantly from estimates.\n\n| u.s .   | international\n--------- | ------- | -------------\n2019      | $ 165.5 | $ 52.8\n2020      | 152.4   | 53.9\n2021      | 157.0   | 55.6\n2022      | 163.7   | 56.0\n2023      | 167.9   | 60.6\n2024-2028 | 900.2   | 336.8"
}
{
    "_id": "dd4c4da04",
    "title": "",
    "text": "part i item 1.\n business.\n merck & co. , inc.\n ( 201cmerck 201d or 201ccompany 201d ) is a global health care company delivers innovative health solutions through prescription medicines , vaccines  biologic therapies  animal health  consumer care products markets directly and through joint ventures.\n company 2019s operations principally managed on products basis comprised of four operating segments pharmaceutical , animal health  consumer care alliances segments  one reportable segment  pharmaceutical segment.\n pharmaceutical segment includes human health pharmaceutical and vaccine products marketed directly by company or through joint ventures.\n human health pharmaceutical products consist of therapeutic preventive agents  generally sold by prescription for treatment of human disorders.\n company sells products primarily to drug wholesalers retailers  hospitals  government agencies managed health care providers health maintenance organizations  pharmacy benefit managers other institutions.\n vaccine products consist of preventive pediatric , adolescent adult vaccines  primarily administered at physician offices.\n company sells human health vaccines primarily to physicians , wholesalers  physician distributors government entities.\n company has animal health operations discover  develop  manufacture market animal health products  including vaccines sells to veterinarians , distributors animal producers.\n company has consumer care operations develop  manufacture market over-the- counter , foot care sun care products sold through wholesale retail drug , food chain mass merchandiser outlets club stores specialty channels.\n company incorporated in new jersey in for financial information other information about company 2019s segments , see item 7.\n 201cmanagement 2019s discussion and analysis of financial condition and results of operations 201d and item 8.\n201cfinancial statements supplementary data 201d below.\n all product or service marks in type form different from surrounding text are trademarks service marks owned licensed promoted distributed by merck  subsidiaries affiliates  except noted.\n all other trademarks services marks are respective owners.\n product sales sales of company 2019s top pharmaceutical products  total sales of animal health consumer care products were as follows:.\n other revenues ( 1 ) 1340 1315 1665 ( 1 ) other revenues primarily comprised of alliance revenue  miscellaneous corporate revenues third-party manufacturing sales.\n on october 1 , 2013  company divested substantial portion of third-party manufacturing sales.\n table of contents\n\n( $ in millions )       | 2013    | 2012    | 2011\n----------------------- | ------- | ------- | -------\ntotal sales             | $ 44033 | $ 47267 | $ 48047\npharmaceutical          | 37437   | 40601   | 41289\njanuvia                 | 4004    | 4086    | 3324\nzetia                   | 2658    | 2567    | 2428\nremicade                | 2271    | 2076    | 2667\ngardasil                | 1831    | 1631    | 1209\njanumet                 | 1829    | 1659    | 1363\nisentress               | 1643    | 1515    | 1359\nvytorin                 | 1643    | 1747    | 1882\nnasonex                 | 1335    | 1268    | 1286\nproquad/m-m-rii/varivax | 1306    | 1273    | 1202\nsingulair               | 1196    | 3853    | 5479\nanimal health           | 3362    | 3399    | 3253\nconsumer care           | 1894    | 1952    | 1840\nother revenues ( 1 )    | 1340    | 1315    | 1665"
}
{
    "_id": "dd4bb03d0",
    "title": "",
    "text": "can issue debt securities  preferred stock  common stock warrants  share purchase contracts share purchase units without predetermined limit.\n securities can be sold in one or more separate offerings with size  price terms determined at time of sale.\n emerson 2019s financial structure provides flexibility to achieve strategic objectives.\n company successful in efficiently deploying cash needed worldwide to fund operations complete acquisitions sustain long-term growth.\n at september 30 , 2017 , $ 3. 1 billion of company 2019s cash held outside u. s.\n primarily in europe and asia ) , $ 1. 4 billion income taxes provided for  available for repatriation u.\n under current tax law repatriated cash may be subject to.\n federal income taxes  net of available foreign tax credits.\n company routinely repatriates portion of non-u.\n cash from earnings each year when accomplished tax efficiently provides for u. s.\n income taxes as appropriate.\n company to meet all funding requirements believes sufficient funds will available to meet company 2019s needs foreseeable future through operating cash flow existing resources short- long-term debt capacity backup credit lines.\n contractual obligations at september 30 , 2017  company 2019s contractual obligations  including estimated payments are as follows : amounts due by period less more than 1 2013 3 3 2013 5 than ( dollars in millions ) total 1 year years years 5 years long-term debt ( including interest ) $ 5342 428 1434 966 2514.\n purchase obligations consist primarily of inventory purchases made in normal course of business to meet operational requirements.\n table not include $ 2.0 billion noncurrent liabilities recorded in balance sheet summarized in note 19  consist primarily of pension postretirement plan liabilities deferred income taxes unrecognized tax benefits not certain when amounts become due.\n see notes 11 and 12 for estimated future benefit payments note 14 for additional information on deferred income taxes.\n financial instruments company exposed to market risk related to changes in interest rates foreign currency exchange rates commodity prices selectively uses derivative financial instruments including forwards  swaps purchased options to manage risks.\n company does not hold derivatives for trading or speculative purposes.\n value of derivatives other financial instruments subject to change of market movements in rates prices.\n sensitivity analysis technique to forecast impact of these movements.\n based on hypothetical 10 percent increase in interest rates 10 percent decrease in commodity prices 10 percent weakening in.\n dollar across all currencies potential losses in future earnings fair value cash flows not material.\n sensitivity analysis has limitations ; for weaker.\n dollar would benefit future earnings through favorable translation of non-u.\n operating results lower commodity prices benefit future earnings through lower cost of sales.\n see notes 1 , 8 through 10.\n critical accounting policies preparation of company 2019s financial statements requires management to make judgments  assumptions estimates regarding uncertainties affect reported revenue  expenses assets liabilities equity.\n note 1 describes significant accounting policies used in preparation consolidated financial statements.\n most significant areas where management judgments estimates impact primary financial statements described below.\n actual results in areas could differ materially from management 2019s estimates under different assumptions or conditions.\nrevenue recognition company recognizes majority revenue through sale of manufactured products records sale when products shipped or delivered title and risk of loss pass to customer collection is reasonably assured.\n in certain circumstances  revenue recognized using percentage-of- completion method  as performance occurs or in accordance with asc 985-605 related to software.\n sales arrangements sometimes involve delivering multiple elements requires management judgment affects amount and timing of revenue recognized.\n in these instances revenue assigned to each element based on vendor-specific objective evidence third-party evidence or management estimate of relative selling price.\n revenue recognized for delivered elements if they have value to customer on stand-alone basis performance related to undelivered items is probable substantially in company 2019s control or undelivered elements are inconsequential or perfunctory no unsatisfied contingencies related to payment.\n majority of deliverables are tangible products smaller portion attributable to installation , service or maintenance.\n management believes all relevant criteria and conditions considered when recognizing revenue.\n\n( dollars in millions )               | amounts due by period total | amounts due by period less than 1 year | amounts due by period 1 - 3years | amounts due by period 3 - 5years | amounts due by period more than5 years\n------------------------------------- | --------------------------- | -------------------------------------- | -------------------------------- | -------------------------------- | --------------------------------------\nlong-term debt ( including interest ) | $ 5342                      | 428                                    | 1434                             | 966                              | 2514\noperating leases                      | 536                         | 171                                    | 206                              | 80                               | 79\npurchase obligations                  | 746                         | 655                                    | 71                               | 14                               | 6\ntotal                                 | $ 6624                      | 1254                                   | 1711                             | 1060                             | 2599"
}
{
    "_id": "dd4bcbef0",
    "title": "",
    "text": "jpmorgan chase & co. /2009 annual report 181 table shows current credit risk of derivative receivables after netting adjustments , and current liquidity risk of derivative payables after netting adjustments , as of december 31 , 2009.\n in addition to collateral amounts reflected in table above at december 31 , 2009 , firm received and posted liquid secu- rities collateral of $ 15. 5 billion and $ 11. 7 billion , respectively.\n firm also receives and delivers collateral at initiation of derivative transactions , available as security against potential exposure should fair value of transactions move in firm 2019s or client 2019s favor .\n firm and counterparties hold collateral related to contracts non-daily call frequency for collateral posted and collateral firm or counterparty agreed to return but not yet settled as of reporting date.\n at december 31 , 2009  firm received $ 16. 9 billion and delivered $ 5. 8 billion of such additional collateral.\n these amounts not netted against derivative receivables and payables in table above , because at individual counterparty level  collateral exceeded fair value exposure at december 31 , 2009.\n credit derivatives credit derivatives are financial instruments value derived from credit risk associated with debt of third-party issuer ( reference entity ) allow one party ( protection purchaser ) to transfer risk to another party ( protection seller ).\n credit derivatives expose protection purchaser to creditworthiness of protection seller , as protection seller required to make payments under contract when reference entity experiences credit event , bankruptcy , failure to pay obligation or restructuring.\n seller of credit protection receives a premium for providing protection but has risk that underlying instrument referenced in contract will be subject to credit event.\nfirm is a purchaser and seller of protection in credit derivatives market uses these derivatives for two primary purposes.\n first  in as a market-maker dealer/client business firm risk manages portfolio of credit derivatives by purchasing and selling credit protection  pre- dominantly on corporate debt obligations  to meet needs customers.\n as seller of protection firm 2019s exposure to given reference entity may be offset partially or entirely with a contract to purchase protection from another counterparty on same or similar reference entity.\n second firm uses credit derivatives to mitigate credit risk with overall derivative receivables and traditional commercial credit lending exposures ( loans unfunded commitments ) to manage exposure to residential and commercial mortgages.\n see note 3 on pages 156--- 173 of annual report for further information on firm 2019s mortgage-related exposures.\n firm uses different types of credit derivatives.\n summary of various types of credit derivatives.\n credit default swaps credit derivatives may reference credit of single refer- ence entity ( 201csingle-name 201d ) or broad-based index .\n firm purchases and sells protection on both single- name and index-reference obligations.\n single-name cds and index cds contracts are both otc derivative contracts.\n single- name cds used to manage default risk of single reference entity cds index to manage credit risk with broader credit markets or credit market segments.\n like s&p 500 other market indices cds index is comprised of portfolio of cds across many reference entities.\n new series of cds indices are established every six months with new portfolio of reference entities to reflect changes in credit markets.\n if one reference entities in index experi- ences a credit event reference entity defaulted is removed from index.\ncds can be referenced against spe- cific portfolios of reference names or against customized exposure levels based on specific client demands : for example , to provide protection against first $ 1 million realized credit losses in a $ 10 million portfolio of exposure.\n such structures are known as tranche cds.\n for both single-name cds contracts and index cds , upon occurrence of credit event , under terms cds contract neither party to cds contract has recourse to reference entity.\n protection purchaser has recourse to protection seller for difference between face value of cds contract and fair value of reference obligation at time settling credit derivative contract , also known as recovery value.\n protection purchaser does not need to hold debt instrument of underlying reference entity in to receive amounts due under cds contract when credit event occurs.\n credit-linked notes credit linked note ( 201ccln 201d ) is a funded credit derivative where issuer cln purchases credit protection on referenced entity from note investor.\n under contract investor pays issuer par value of note at inception transaction , and in return issuer pays periodic payments to investor  based on credit risk of referenced entity.\n issuer also repays investor par value of note at maturity unless reference entity experiences specified credit event.\n in event issuer not obligated to repay par value of note  but issuer pays investor difference between par value of the note\n\ndecember 31 2009 ( in millions )                       | derivative receivables | derivative payables\n------------------------------------------------------ | ---------------------- | --------------------\ngross derivative fair value                            | $ 1565518              | $ 1519183\nnettingadjustment 2013 offsetting receivables/payables | -1419840 ( 1419840 )   | -1419840 ( 1419840 )\nnettingadjustment 2013 cash collateral received/paid   | -65468 ( 65468 )       | -39218 ( 39218 )\ncarrying value on consolidated balance sheets          | $ 80210                | $ 60125"
}
{
    "_id": "dd4c3c0e2",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 continued ) december 31 , 2011  2010  2009 may require government to acquire ownership interest current expectation of future losses.\n evaluation indicated long-lived assets no longer recoverable written down to estimated fair value of $ 24 million based on discounted cash flow analysis.\n long-lived assets had carrying amount $ 66 million prior to recognition of asset impairment expense.\n kelanitissa is a build- operate-transfer ( bot ) generation facility payments under ppa scheduled to decline over ppa term.\n possible further impairment charges may be required future as kelanitissa gets closer to bot date.\n kelanitissa reported in asia generation reportable segment.\n asset impairment expense for year ended december 31 , 2010 consisted of : ( in millions ).\n southland 2014in september 2010  new environmental policy on use ocean water to cool generation facilities issued in california requires generation plants to comply with policy by december 31 , 2020 require significant capital expenditure or plants 2019 shutdown.\n company 2019s huntington beach gas-fired generation facility in california part of aes 2019 southland business  impacted by new policy.\n company performed asset impairment test determined fair value of asset group using discounted cash flow analysis.\n carrying value of asset group of $ 288 million exceeded fair value of $ 88 million in recognition of asset impairment expense of $ 200 million for year ended december 31 , 2010.\n southland reported in north america generation reportable segment.\n third quarter of 2010  company entered into annual negotiations with offtaker of tisza ii.\nresult of preliminary negotiations , further deterioration of economic environment in hungary , company determined indicator of impairment existed at september 30 , 2010.\n company performed asset impairment test determined based on undiscounted cash flow analysis, carrying amount of tisza ii asset group not recoverable.\n fair value of asset group determined using discounted cash flow analysis.\n carrying value of tisza ii asset group of $ 160 million exceeded fair value of $ 75 million resulting in recognition of asset impairment expense of $ 85 million during year ended december 31 , 2010.\n deepwater 2014in 2010 , deepwater , our 160 mw petcoke-fired merchant power plant in texas , experienced deteriorating market conditions due to increasing petcoke prices and diminishing power prices.\n deepwater incurred operating losses and shut down from to avoid negative operating margin.\n in fourth quarter of 2010 , management concluded on undiscounted cash flow basis carrying amount of asset group was no longer recoverable.\n fair value of deepwater determined using discounted cash flow analysis and $ 79 million of impairment expense recognized.\n deepwater reported in north america generation reportable segment.\n\n| 2010 ( in millions )\n------------------------------ | --------------------\nsouthland ( huntington beach ) | $ 200\ntisza ii                       | 85\ndeepwater                      | 79\nother                          | 25\ntotal                          | $ 389"
}
{
    "_id": "dd4bfb808",
    "title": "",
    "text": "schedule iii page 6 of 6 host hotels & resorts , inc. , subsidiaries l. p. subsidiaries real estate accumulated depreciation december 31, 2018 ( in millions ) b change in accumulated depreciation and amortization of real estate assets for fiscal years ended december 31 , 2018 , 2017 2016 as follows:.\n c aggregate cost of real estate for federal income tax purposes approximately $ 10458 million at december 31 , 2018.\n d total cost of properties excludes construction-in-progress properties.\n\nbalance at december 31 2015          | $ 5666\n------------------------------------ | ------------\ndepreciation and amortization        | 572\ndispositions and other               | -159 ( 159 )\ndepreciation on assets held for sale | -130 ( 130 )\nbalance at december 31 2016          | 5949\ndepreciation and amortization        | 563\ndispositions and other               | -247 ( 247 )\ndepreciation on assets held for sale | 7\nbalance at december 31 2017          | 6272\ndepreciation and amortization        | 546\ndispositions and other               | -344 ( 344 )\ndepreciation on assets held for sale | -101 ( 101 )\nbalance at december 31 2018          | $ 6373"
}
{
    "_id": "dd4c65154",
    "title": "",
    "text": "news corporation notes to consolidated financial statements consideration transferred over fair value of net tangible and intangible assets acquired recorded as goodwill.\n allocation as follows ( in millions ) : assets acquired:.\n acquired intangible assets relate to license of realtor. com ae trademark  fair value of approximately $ 116 million and indefinite life , customer relationships , other tradenames multiple listing service agreements with aggregate fair value of approximately $ 100 million amortized over weighted-average useful life of approximately 15 years.\n company acquired technology  primarily associated with realtor. com ae website  fair value of approximately $ 39 million amortized over 4 years.\n acquired technology recorded in property , plant and equipment  net in consolidated balance sheets as of date of acquisition.\n move.\n federal net operating loss carryforwards ( 201cnols 201d ) of $ 947 million ( $ 332 million tax-effected ) at date of acquisition.\n nols subject to limitations as promulgated under section 382 of internal revenue code of 1986  amended 201d.\n section 382 code limits amount of acquired nols can use annual basis to offset future.\n consolidated taxable income.\n valuation allowances and unrecognized tax benefits recorded against these nols in amount of $ 484 million ( $ 170 million tax- effected ) as part of purchase price allocation.\n company expected approximately $ 463 million of nols could be utilized recorded net deferred tax asset of $ 162 million as part of purchase price allocation.\n result of management 2019s plan to dispose of digital education business  company increased estimated utilization of move 2019s nols by $ 167 million ( $ 58 million tax-effected ) released valuation allowances equal to that amount.\nfiling fiscal 2015 federal income tax return company reduced move 2019s nols by $ 298 million amount expected to expire unutilized due to section 382 limitation.\n as of june 30 , 2016  remaining move nols expected to utilized are $ 573 million ( $ 201 million tax-effected ).\n utilization nols dependent on generating sufficient u. s.\n taxable income prior to expiration begins starting in 2021.\n deferred tax assets established for move 2019s nols  net of valuation allowance unrecognized tax benefits included in non- current deferred tax assets on balance sheets.\n\ncash                          | $ 108\n----------------------------- | ------\nother current assets          | 28\nintangible assets             | 216\ndeferred income taxes         | 153\ngoodwill                      | 552\nother non-current assets      | 69\ntotal assets acquired         | $ 1126\nliabilities assumed:          |\ncurrent liabilities           | $ 50\ndeferred income taxes         | 52\nborrowings                    | 129\nother non-current liabilities | 3\ntotal liabilities assumed     | 234\nnet assets acquired           | $ 892"
}
{
    "_id": "dd4b9cec0",
    "title": "",
    "text": "consolidated income statement review presented in item 8 report.\n net income for 2012 was $ 3. 0 billion compared with $ 3. 1 billion for 2011.\n revenue growth of 8 percent decline in provision for credit losses offset by 16 percent increase in noninterest expense in 2012 compared to 2011.\n further detail included in net interest income  noninterest income provision for credit losses noninterest expense portions of statement review.\n net interest income table 2 : net interest income net interest margin year ended december 31 dollars in millions 2012 2011.\n changes in net interest income margin result from interaction volume composition of interest-earning assets related yields interest-bearing liabilities related rates paid noninterest-bearing sources of funding.\n see statistical information 2013 average consolidated balance sheet net interest analysis analysis of year-to-year changes in net interest income in item 8 report discussion of purchase accounting accretion of purchased impaired loans in consolidated balance sheet review item 7 for.\n increase in net interest income in 2012 compared with 2011 due to impact rbc bank ( usa ) acquisition  organic loan growth lower funding costs.\n purchase accounting accretion remained stable at $ 1. 1 billion in both periods.\n net interest margin was 3. 94% ( 3. 94 % ) for 2012 and 3. 92% ( 3. 92 % ) for 2011.\n increase in comparison due to decrease in weighted-average rate accrued on total interest- bearing liabilities of 29 basis points offset by 21 basis point decrease on yield on total interest-earning assets.\n decrease in rate on interest-bearing liabilities due to runoff of maturing retail certificates of deposit redemption of additional trust preferred and hybrid capital securities during 2012 increase in fhlb borrowings and commercial paper as lower-cost funding sources.\ndecrease in yield on interest-earning assets due to lower rates new loan volume lower yields on new securities in current low rate environment.\n first quarter 2013 expect net interest income to decline by two to three percent compared to fourth quarter 2012 net interest income $ 2. 4 billion  due to decrease in purchase accounting accretion up to $ 50 to $ 60 million including lower expected cash recoveries.\n full year 2013 expect net interest income to decrease compared with 2012 expected decline in purchase accounting accretion of approximately $ 400 million core net interest income expected to increase year-over-year comparison.\n believe net interest margin under pressure in 2013 due to expected decline in purchase accounting accretion current low rate environment continues.\n noninterest income totaled $ 5. 9 billion for 2012 $ 5. 6 billion for 2011.\n overall increase due to increase in residential mortgage loan sales revenue by higher loan origination volume gains on sales of visa class b common shares higher corporate service fees offset by higher provision for residential mortgage repurchase obligations.\n asset management revenue  including blackrock  totaled $ 1. 2 billion in 2012 compared with $ 1. 1 billion 2011.\n increase due to higher earnings from blackrock investment.\n discretionary assets under management increased to $ 112 billion at december 31 , 2012 compared with $ 107 billion 2011 stronger average equity markets positive net flows strong sales performance.\n 2012 consumer services fees were $ 1. 1 billion compared with $ 1. 2 billion in 2011.\n decline reflected regulatory impact of lower interchange fees on debit card transactions offset by customer growth.\ndiscussed in retail banking business segments review section item 7  dodd-frank limits on interchange rates effective october 1 , 2011 negative impact on revenue $ 314 million in 2012 $ 75 million in 2011.\n impact partially offset by higher volumes merchant customer credit card debit card transactions impact rbc bank ( usa ) acquisition.\n corporate services revenue increased by $. 3 billion  or 30 percent to $ 1. 2 billion in 2012 compared with $. 9 billion in 2011 due to higher commercial mortgage servicing revenue higher merger and acquisition advisory fees 2012.\n major components of corporate services revenue are treasury management revenue  corporate finance fees  revenue capital markets-related products services commercial mortgage servicing revenue  commercial mortgage banking activities.\n see product revenue portion consolidated income statement review for detail.\n pnc financial services group , inc.\n 2013 form 10-k 39\n\nyear ended december 31dollars in millions | 2012             | 2011\n----------------------------------------- | ---------------- | ----------------\nnet interest income                       | $ 9640           | $ 8700\nnet interest margin                       | 3.94% ( 3.94 % ) | 3.92% ( 3.92 % )"
}
{
    "_id": "dd4bb78a6",
    "title": "",
    "text": "improvements amortized using straight-line method over lesser remaining lease term or estimated useful lives from 1 to 15 years.\n goodwill , purchased intangibles other long-lived assets we review goodwill for impairment annually  or more frequently if facts circumstances warrant review.\n completed annual impairment test in second quarter of fiscal 2011 determined no impairment.\n in fourth quarter of fiscal 2011  changes to business strategy resulted in reduction of forecasted revenue for certain products.\n performed update to goodwill impairment test for enterprise reporting unit determined no impairment.\n goodwill assigned to one or more reporting segments on date of acquisition.\n evaluate goodwill for impairment by comparing fair value of each reporting segments to carrying value  including associated goodwill.\n to determine fair values use market approach based on comparable publicly traded companies in similar lines of businesses and income approach based on estimated discounted future cash flows.\n cash flow assumptions consider historical and forecasted revenue , operating costs other relevant factors.\n amortize intangible assets with finite lives over estimated useful lives and review them for impairment whenever impairment indicator exists.\n continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.\n when such events changes circumstances occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.\n if future undiscounted cash flows less than carrying amount of assets recognize impairment loss based on excess of carrying amount over fair value of assets.\n not recognize intangible asset impairment charges in fiscal 2011 , 2010 or 2009.\n intangible assets amortized over estimated useful lives of 1 to 13 years.\namortization based on pattern economic benefits of intangible asset consumed.\n weighted average useful lives of intangibles assets was as follows:.\n weighted average useful life ( years ) software development costs capitalization of software development costs for software to be sold , leased  or otherwise marketed begins upon establishment of technological feasibility , generally completion of working prototype certified as no critical bugs and release candidate.\n amortization begins once software ready for intended use , generally based on pattern economic benefits consumed.\n to date , software development costs incurred between completion of working prototype and general availability of related product not been material.\n internal use software we capitalize costs associated with customized internal-use software systems reached application development stage.\n such capitalized costs include external direct costs in developing or obtaining applications and payroll and payroll-related expenses for employees , directly associated with development of applications.\n capitalization of such costs begins when preliminary project stage complete and ceases at point project substantially complete and ready for intended purpose.\n table of contents adobe systems incorporated notes to consolidated financial statements ( continued )\n\n| weighted averageuseful life ( years )\n------------------------------------ | -------------------------------------\npurchased technology                 | 6\ncustomer contracts and relationships | 10\ntrademarks                           | 7\nacquired rights to use technology    | 9\nlocalization                         | 1\nother intangibles                    | 3"
}
{
    "_id": "dd4c51c44",
    "title": "",
    "text": "notes to consolidated financial statements 2014 risk-free interest rate based on yield of zero coupon united states treasury security with maturity equal to expected life of option from date of grant.\n assumption on expected volatility based on historical volatility.\n dividend yield assumption calculated using average stock price preceding year and annualized amount of current quarterly dividend.\n based assumptions on expected lives of options on analysis of historical exercise patterns options assumption on future exercise pattern of options.\n restricted stock shares awarded under restricted stock program  issued under 2000 plan and 2005 plan held in escrow released to grantee upon grantee 2019s satisfaction of conditions grantee 2019s restricted stock agreement.\n grant date fair value of restricted stock awards based on quoted fair market value of common stock at award date.\n compensation expense recognized during escrow period award.\n grants of restricted shares subject to forfeiture if grantee leaves employment prior to expiration of restricted period.\n grants of restricted shares vest one year after date of grant with to 25% ( 25 % ) of shares granted additional 25% ( 25 % ) after two years additional 25% ( 25 % ) after three years remaining 25% ( 25 % ) after four years.\n table summarizes changes in non-vested restricted stock awards for years ended may 31 , 2010 and 2009 ( share awards in thousands ) : shares weighted average grant-date fair value.\n weighted average grant-date fair value of share awards granted in year ended may 31 , 2008 was $ 38.\n total fair value of share awards vested during years ended may 31 , 2010 , 2009 and 2008 was $ 12. 4 million , $ 6. 2 million and $ 4. 1 million  respectively.\n recognized compensation expense for restricted stock of $ 12. 1 million , $ 9.0 million , $ 5. 7 million in years ended may 31, 2010 , 2009 and 2008.\n as of may 31 , 2010  $ 21. 1 million total unrecognized compensation cost related to unvested restricted stock awards expected to be recognized over average period 2. 5 years.\n employee stock purchase plan employee stock purchase plan sale of 2. 4 million shares of common stock authorized.\n employees may designate up to $ 25000 or 20% ( 20 % ) of annual compensation for purchase of stock.\n price for shares purchased under plan is 85% ( 85 % ) of market value on last day of quarterly purchase period.\n as of may 31, 2010 , 0. 9 million shares issued under plan 1. 5 million shares reserved for future issuance.\n\n| shares       | weighted average grant-date fair value\n------------------------- | ------------ | --------------------------------------\nnon-vested at may 31 2008 | 518          | $ 39\ngranted                   | 430          | 43\nvested                    | -159 ( 159 ) | 39\nforfeited                 | -27 ( 27 )   | 41\nnon-vested at may 31 2009 | 762          | 42\ngranted                   | 420          | 42\nvested                    | -302 ( 302 ) | 41\nforfeited                 | -167 ( 167 ) | 43\nnon-vested at may 31 2010 | 713          | 42"
}
{
    "_id": "dd4c59cf0",
    "title": "",
    "text": "notes to consolidated financial statements table sets activity related 2005 restructuring plan liabilities.\n ( millions ).\n aon 2019s unpaid restructuring liabilities included in accounts payable and accrued liabilities non-current liabilities in consolidated statements financial position.\n aon corporation\n\nbalance at january 1 2005    | $ 2014\n---------------------------- | ------------\nexpensed in 2005             | 141\ncash payments in 2005        | -23 ( 23 )\nforeign currency revaluation | -2 ( 2 )\nbalance at december 31 2005  | 116\nexpensed in 2006             | 155\ncash payments in 2006        | -141 ( 141 )\nforeign currency revaluation | 4\nbalance at december 31 2006  | 134\nexpensed in 2007             | 38\ncash payments in 2007        | -110 ( 110 )\nforeign currency revaluation | 1\nbalance at december 31 2007  | $ 63"
}
{
    "_id": "dd4bec3f8",
    "title": "",
    "text": "equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2015.\n equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights 1 weighted-average exercise price of outstanding options , warrants and rights 2 number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 1424356 $ 33. 90 4281952 equity compensation plans not approved by security holders 3 2014.\n includes grants under huntington ingalls industries , inc.\n 2012 long-term incentive stock plan ( \"2012 plan\" ) approved by stockholders on may 2 , 2012  and huntington ingalls industries , inc.\n 2011 long-term incentive stock plan ( \"2011 plan\" ) approved by sole stockholder prior to spin-off from northrop grumman corporation.\n shares 533397 were subject to stock options and 54191 were stock rights granted under 2011 plan.\n number includes 35553 stock rights , 10279 restricted stock rights, 790936 restricted performance stock rights granted under 2012 plan  assuming target performance achievement.\n 2 weighted average exercise price of 533397 outstanding stock options only.\n 3 no awards made under plans not approved by security holders.\n item 13.\n certain relationships and related transactions , and director independence information relationships transactions director independence will incorporated by reference to proxy statement for 2016 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n item 14.\nprincipal accountant fees and services information to principal fees services incorporated herein by reference to proxy statement for our 2016 annual meeting of stockholders , filed within 120 days after end of company 2019s fiscal year.\n\nplan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights ( 2 ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )\n---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders           | 1424356                                                                                                      | $ 33.90                                                                         | 4281952\nequity compensation plans not approved by security holders ( 3 ) | 2014                                                                                                         | 2014                                                                            | 2014\ntotal                                                            | 1424356                                                                                                      | $ 33.90                                                                         | 4281952"
}
{
    "_id": "dd4be5d3c",
    "title": "",
    "text": "2014 , 2013 2012 , netherland , sewell & associates , inc.\n ( \"nsai\" ) prepared certification of prior year's reserves for alba field.\n nsai summary reports filed as exhibit to annual report on form 10-k.\n members nsai team have multiple years industry experience worked for large international oil and gas companies before joining nsai.\n senior technical advisor has 35 years experience in petroleum geosciences 15 years experience in estimation and evaluation of reserves.\n second team member has 10 years experience in petroleum engineering 5 years experience in estimation and evaluation of reserves.\n both registered professional engineers in texas.\n ryder scott company ( \"ryder scott\" ) performed audits of prior years' reserves of fields in 2014 , 2013 2012.\n summary reports filed as exhibits to annual report on form 10-k.\n team lead for ryder scott has over 20 years industry experience worked for major international oil and gas company before joining ryder scott.\n member of spe , served on oil and gas reserves committee registered professional engineer in texas.\n changes in proved undeveloped reserves as of december 31 , 2014 , 728 mmboe of proved undeveloped reserves reported increase of 101 mmboe from december 31 , 2013.\n following table shows changes in total proved undeveloped reserves for 2014 : ( mmboe ).\n significant additions to proved undeveloped reserves during 2014 included 121 mmboe in eagle ford 61 mmboe in bakken shale plays due to development drilling.\n transfers from proved undeveloped to proved developed reserves included 67 mmboe in eagle ford , 26 mmboe in bakken 1 mmboe in oklahoma resource basins due to development drilling completions.\ncosts incurred in 2014 , 2013 2012 to development of proved undeveloped reserves  were $ 3149 million , $ 2536 million $ 1995 million.\n total of 102 mmboe booked as extensions  discoveries additions due to application of reliable technology.\n technologies included statistical analysis of production performance  decline curve analysis  pressure rate transient analysis  reservoir simulation volumetric analysis.\n statistical nature production performance with certain reservoir continuity quality within reliable technology areas sufficient proved undeveloped locations establish reasonable certainty criteria for booking proved reserves.\n projects can remain in proved undeveloped reserves for extended periods in certain situations large development projects more than five years to complete or timing of when additional gas compression needed.\n of 728 mmboe of proved undeveloped reserves at december 31 , 2014, 19 percent of volume associated with projects included in proved reserves for more than five years.\n majority of volume related to compression project in e. g.\n sanctioned by board of directors in 2004.\n timing of installation of compression driven by reservoir performance project intended to maintain maximum production levels.\n performance of field since project exceeded expectations.\n estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010.\n during 2012  compression project received approval of e. g.\n government  design planning work to progress towards implementation completion expected by mid-2016.\n other component of alba proved undeveloped reserves is infill well approved in 2013 to be drilled in second quarter of 2015.\n proved undeveloped reserves for north gialo development  in libyan sahara desert  booked for first time in 2010.\n this development  anticipated to take more than five years to develop executed by operator encompasses multi-year drilling program including design , fabrication installation of extensive liquid handling and gas recycling facilities.\nanecdotal evidence from similar development projects in region lead to expected project execution time frame more than five years from reserves initially booked.\n interruptions civil unrest in 2011 third-party labor strikes civil unrest in 2013-2014 extended project duration.\n as of december 31 , 2014  future development costs estimated required for development of undeveloped crude oil condensate  ngls  natural gas synthetic crude oil reserves related to operations for years 2015 through 2019 projected to be $ 2915 million , $ 2598 million  $ 2493 million  $ 2669 million $ 2745 million.\n\nbeginning of year                          | 627\n------------------------------------------ | ------------\nrevisions of previous estimates            | 1\nimproved recovery                          | 1\npurchases of reserves in place             | 4\nextensions discoveries and other additions | 227\ndispositions                               | -29 ( 29 )\ntransfers to proved developed              | -103 ( 103 )\nend of year                                | 728"
}
{
    "_id": "dd4bd1fa8",
    "title": "",
    "text": "pnc financial services group , inc.\n 2013 form 10-k 65 liquidity and capital management liquidity risk has two fundamental components.\n first is potential loss assuming unable to meet funding requirements at reasonable cost.\n second is potential inability to operate businesses because adequate contingent liquidity not available.\n we manage liquidity risk at consolidated company level ( bank , parent company and nonbank subsidiaries combined ) to ensure obtain cost-effective funding to meet current and future obligations under normal 201cbusiness as usual 201d and stressful circumstances  to ensure maintain appropriate level of contingent liquidity.\n management monitors liquidity through early warning indicators indicate potential market , or pnc-specific  liquidity stress event.\n management performs liquidity stress tests over multiple time horizons with varying levels of severity and maintains contingency funding plan to address potential liquidity stress event.\n in most severe liquidity stress simulation  assume liquidity position is under pressure  market is under systemic pressure.\n simulation considers impact of restricted access to secured and unsecured external sources of funding  accelerated run-off of customer deposits  valuation pressure on assets heavy demand to fund committed obligations.\n parent company liquidity guidelines designed to ensure sufficient liquidity available to meet parent company obligations over succeeding 24-month period.\n liquidity-related risk limits are established within enterprise liquidity management policy and supporting policies.\n management committees  including asset and liability committee  and board of directors and risk committee regularly review compliance with key established limits.\n in addition to liquidity monitoring measures tools we monitor liquidity by reference to liquidity coverage ratio ( lcr ) described in supervision and regulation section in item 1 of this report.\npnc and pnc bank calculate lcr daily as of december 31, 2018  lcr for exceeded fully phased-in requirement of 100% ( % ).\n provide additional information regarding regulatory liquidity requirements potential impact in supervision and regulation section of item 1 business and item 1a risk factors of this report.\n sources of liquidity largest source of liquidity is customer deposit base by banking businesses.\n these deposits provide stable low-cost funding.\n total deposits increased to $ 267. 8 billion at december 31 , 2018 from $ 265. 1 billion at december 31, 2017 driven by growth in interest-bearing deposits offset by decrease in noninterest-bearing deposits.\n see funding sources section of consolidated balance sheet review report for additional information related to deposits.\n certain assets determined liquid unused borrowing capacity from sources available to manage liquidity position.\n at december 31 , 2018  liquid assets consisted of short-term investments ( federal funds sold  resale agreements trading securities interest-earning deposits with banks ) totaling $ 22. 1 billion securities available for sale totaling $ 63. 4 billion.\n level of liquid assets fluctuates over time based on factors market conditions loan and deposit growth balance sheet management activities.\n liquid assets included $ 2. 7 billion of securities available for sale and trading securities pledged as collateral to secure public and trust deposits repurchase agreements for other purposes.\n $ 4. 9 billion of securities held to maturity also pledged as collateral for purposes.\n obtain liquidity through various forms of funding including long-term debt ( senior notes  subordinated debt fhlb borrowings ) and short-term borrowings ( securities sold under repurchase agreements commercial paper other short-term borrowings.\nsee note 10 borrowed funds funding sources section consolidated balance sheet review report for additional information related to borrowings.\n total senior and subordinated debt  consolidated basis decreased due to following activity : table 24 : senior subordinated debt.\n\nin billions          | 2018\n-------------------- | ------------\njanuary 1            | $ 33.3\nissuances            | 4.5\ncalls and maturities | -6.8 ( 6.8 )\nother                | -.1 ( .1 )\ndecember 31          | $ 30.9"
}
{
    "_id": "dd4be1700",
    "title": "",
    "text": "credit commitments lines of credit table below summarizes citigroup 2019s credit commitments : in millions of dollars u. s.\n outside u. s.\n december 31 , december 31.\n majority of unused commitments contingent upon customers maintaining specific credit standards.\n commercial commitments have floating interest rates fixed expiration dates may require payment of fees.\n such fees ( net of certain direct costs ) are deferred  upon exercise commitment , amortized over life of loan or if exercise deemed remote , amortized over commitment period.\n commercial and similar letters of credit commercial letter of credit is instrument citigroup substitutes its credit for customer to enable customer finance purchase of goods or incur other commitments.\n citigroup issues letter on behalf of client to supplier agrees to pay supplier upon presentation of documentary evidence supplier performed in accordance with terms of letter of credit.\n when letter of credit drawn, customer required to reimburse citigroup.\n one- to four-family residential mortgages one- to four-family residential mortgage commitment is written confirmation from citigroup to seller of property that bank will advance specified sums enabling buyer to complete purchase.\n revolving open-end loans secured by one- to four-family residential properties revolving-end loans secured properties are essentially home equity lines of credit.\n home equity line of credit is loan secured by primary residence or second home to extent of excess of fair market value over debt outstanding for first mortgage.\n commercial real estate , construction and land development commercial real estate  construction land development include unused portions of commitments to extend credit for financing commercial and multifamily residential properties land development projects.\n both secured-by-real-estate and unsecured commitments included in this line, undistributed loan proceeds , obligation to advance for construction progress payments.\nline includes extensions of credit once funded classified as total loans net on consolidated balance sheet.\n credit card lines citigroup provides credit to customers by issuing credit cards.\n credit card lines cancelable by notice to cardholder or without notice as permitted by local law.\n commercial and other consumer loan commitments commitments include overdraft liquidity facilities commercial commitments to make or purchase loans purchase third-party receivables provide note issuance or revolving underwriting facilities invest in equity.\n other commitments and contingencies commitments contingencies include committed or unsettled regular-way reverse repurchase agreements other transactions related to commitments contingencies not reported on lines above.\n unsettled reverse repurchase and securities lending agreements unsettled repurchase and securities borrowing agreements in normal business citigroup enters into reverse repurchase and securities borrowing agreements repurchase securities lending agreements settle at future date.\n at december 31 , 2018  and 2017  citigroup had $ 36. 1 billion and $ 35. 0 billion unsettled reverse repurchase and securities borrowing agreements $ 30. 7 billion and $ 19. 1 billion unsettled repurchase and securities lending agreements , respectively.\n for further discussion of securities purchased under agreements to resell and securities borrowed securities sold under agreements to repurchase and securities loaned  including company 2019s policy for offsetting repurchase and reverse repurchase agreements , see note 11 to consolidated financial statements.\n\nin millions of dollars                                                         | u.s .    | outside ofu.s . | december 312018 | december 31 2017\n------------------------------------------------------------------------------ | -------- | --------------- | --------------- | ----------------\ncommercial and similar letters of credit                                       | $ 823    | $ 4638          | $ 5461          | $ 5000\none- to four-family residential mortgages                                      | 1056     | 1615            | 2671            | 2674\nrevolving open-end loans secured by one- to four-family residential properties | 10019    | 1355            | 11374           | 12323\ncommercial real estate construction and land development                       | 9565     | 1728            | 11293           | 11151\ncredit card lines                                                              | 605857   | 90150           | 696007          | 678300\ncommercial and other consumer loan commitments                                 | 185849   | 102918          | 288767          | 272655\nother commitments and contingencies                                            | 2560     | 761             | 3321            | 3071\ntotal                                                                          | $ 815729 | $ 203165        | $ 1018894       | $ 985174"
}
{
    "_id": "dd4bff188",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands except percent and per share data ) note 17.\n commitments at december 31 , 2008  company had future minimum payments due under non-cancelable agreements : capital leases operating leases sponsorship  licensing &.\n included in table are capital leases with imputed interest expense of $ 9483 net present value of minimum lease payments of $ 42343.\n at december 31 , 2008  $ 92300 of future minimum payments in table for leases  sponsorship  licensing other agreements accrued.\n consolidated rental expense for company 2019s office space  recognized on straight line basis over life of lease was approximately $ 42905 , $ 35614 $ 31467 for years ended december 31 , 2008  2007 2006 .\n consolidated lease expense for automobiles  computer equipment office equipment was $ 7694 , $ 7679 $ 8419 for years ended december 31  2008  2007 2006.\n in january 2003 mastercard purchased building in kansas city , missouri for approximately $ 23572.\n building is co-processing data center replaced back-up data center in lake success , new york.\n during 2003  mastercard entered agreements with city of kansas city for sale-leaseback of building and related equipment totaled $ 36382 purchase of municipal bonds for same amount classified municipal bonds held-to-maturity.\n agreements enabled mastercard to secure state and local financial benefits.\n no gain or loss recorded in connection with agreements.\n leaseback accounted for as capital lease agreement contains bargain purchase option at end of ten-year lease term on april 1 , 2013.\nbuilding and related equipment depreciated over estimated economic life in accordance with company 2019s policy.\n rent of $ 1819 due annually equal to interest due on municipal bonds.\n future minimum lease payments are $ 45781 included in table above.\n portion of building subleased to original building owner for five-year term with renewal option.\n as of december 31 , 2008  future minimum sublease rental income is $ 4416.\n note 18.\n obligations under litigation settlements on october 27, 2008  mastercard and visa inc.\n ( 201cvisa 201d ) entered settlement agreement ( 201cdiscover settlement 201d ) with discover financial services , inc.\n ( 201cdiscover 201d ) relating to.\n federal antitrust litigation amongst parties.\n discover settlement ended all litigation parties for total of $ 2750000.\n in july 2008  mastercard and visa entered judgment sharing agreement allocated responsibility for any judgment or settlement of discover action between parties.\n mastercard share of discover settlement was $ 862500  paid to discover in november 2008.\n connection with discover settlement morgan stanley , discover 2019s former parent company , paid mastercard $ 35000 in november 2008  separate agreement.\n net impact of $ 827500 included in litigation settlements for year ended december 31 , 2008.\n\n| total    | capital leases | operating leases | sponsorship licensing & other\n---------- | -------- | -------------- | ---------------- | -----------------------------\n2009       | $ 372320 | $ 8435         | $ 40327          | $ 323558\n2010       | 140659   | 2758           | 18403            | 119498\n2011       | 80823    | 1978           | 11555            | 67290\n2012       | 50099    | 1819           | 9271             | 39009\n2013       | 50012    | 36837          | 7062             | 6113\nthereafter | 21292    | 2014           | 19380            | 1912\ntotal      | $ 715205 | $ 51827        | $ 105998         | $ 557380"
}
{
    "_id": "dd4c229ee",
    "title": "",
    "text": "notes to consolidated financial statements 2013 ( continued ) amounts in millions except per share amounts ) guarantees guaranteed certain obligations of subsidiaries relating principally to operating leases and credit facilities subsidiaries.\n amount of parent company guarantees on lease obligations was $ 410. 3 and $ 385. 1 as of december 31 , 2012 and 2011  respectively parent company guarantees relating to credit facilities was $ 283. 4 and $ 327. 5 as of december 31 , 2012 and 2011 .\n event of non-payment by applicable subsidiary of obligations covered by guarantee we obligated to pay amounts covered by guarantee.\n as of december 31, 2012 no material assets pledged as security for parent company guarantees.\n contingent acquisition obligations table details estimated future contingent acquisition obligations payable in cash as of december 31.\n entered into certain acquisitions contain redeemable noncontrolling interests and call options with similar terms and conditions.\n certain redeemable noncontrolling interests exercisable at discretion of noncontrolling equity owners as of december 31 , 2012.\n estimated payments of $ 16. 4 included within total payments expected in 2013 continue to carried forward into 2014 or beyond until exercised or expired.\n redeemable noncontrolling interests included in table at current exercise price payable in cash not at applicable redemption value authoritative guidance for classification and measurement of redeemable securities.\n estimated amounts listed paid in event of exercise at earliest exercise date.\n see note 6 for further information payment structure of acquisitions.\n all payments contingent upon achieving projected operating performance targets and satisfying other conditions in related agreements subject to revisions as earn-out periods progress.\nlegal matters we involved in various legal proceedings  subject to investigations  inspections  audits  inquiries similar actions by governmental authorities  arising in normal course of business.\n evaluate all cases each reporting period record liabilities for losses from legal proceedings when determine probable outcome in legal proceeding unfavorable amount  potential range of loss can be reasonably estimated.\n in certain cases  cannot reasonably estimate potential loss because for litigation in early stages.\n any outcome related to litigation or governmental proceedings involved cannot be predicted with certainty , management believes outcome of these matters individually in aggregate will not have material adverse effect on our financial condition , results of operations or cash flows.\n note 15 : recent accounting standards impairment of indefinite-lived intangible assets in july 2012  financial accounting standards board ( 201cfasb 201d ) issued amended guidance to simplify impairment testing of indefinite-lived intangible assets other than goodwill.\n amended guidance permits entity to first assess qualitative factors to determine whether 201cmore likely than not 201d that indefinite-lived intangible asset is impaired.\n if after assessing qualitative factors entity concludes not 201cmore likely than not 201d indefinite-lived intangible\n\n| 2013         | 2014         | 2015         | 2016         | 2017   | thereafter | total\n--------------------------------------------------------------------- | ------------ | ------------ | ------------ | ------------ | ------ | ---------- | ------------\ndeferred acquisition payments                                         | $ 26.0       | $ 12.4       | $ 9.7        | $ 46.4       | $ 18.9 | $ 2.0      | $ 115.4\nredeemable noncontrolling interests and call options with affiliates1 | 20.5         | 43.8         | 32.9         | 5.7          | 2.2    | 10.6       | 115.7\ntotal contingent acquisition payments                                 | 46.5         | 56.2         | 42.6         | 52.1         | 21.1   | 12.6       | 231.1\nless : cash compensation expense included above                       | -0.7 ( 0.7 ) | -0.6 ( 0.6 ) | -0.8 ( 0.8 ) | -0.2 ( 0.2 ) | 0.0    | 0.0        | -2.3 ( 2.3 )\ntotal                                                                 | $ 45.8       | $ 55.6       | $ 41.8       | $ 51.9       | $ 21.1 | $ 12.6     | $ 228.8"
}
{
    "_id": "dd496f152",
    "title": "",
    "text": "dish network corporation notes to consolidated financial statements - continued 9.\n acquisitions dbsd north america terrestar transactions on march 2 , 2012 , fcc approved transfer of 40 mhz of aws-4 wireless spectrum licenses by dbsd north america and terrestar to us.\n on march 9 , 2012 , completed dbsd transaction and terrestar transaction , acquired  certain satellite assets and wireless spectrum licenses by dbsd north america and terrestar.\n fourth quarter 2011 , we and sprint entered mutual release and settlement agreement ( 201csprint settlement agreement 201d ) all issues disputed relating to dbsd transaction terrestar transaction resolved between us and sprint  including issues relating costs allegedly incurred by sprint to relocate users from spectrum licensed to dbsd north america and terrestar.\n total consideration to acquire dbsd north america terrestar assets was approximately $ 2. 860 billion.\n amount includes $ 1. 364 billion for dbsd transaction , $ 1. 382 billion for terrestar transaction , net payment of $ 114 million to sprint pursuant sprint settlement agreement.\n see note 16 for further information.\n result of acquisitions  recognized acquired assets and assumed liabilities based on estimates of fair value at acquisition date including $ 102 million in uncertain tax position in 201clong-term deferred revenue , distribution and carriage payments other long-term liabilities 201d on consolidated balance sheets.\n in third quarter 2013  uncertain tax position resolved $ 102 million reversed recorded as decrease in 201cincome tax ( provision ) benefit , net 201d on consolidated statements of operations and comprehensive income ( loss ) for year ended december 31 , 2013.\n 10.\ndiscontinued operations as of december 31 , 2013  blockbuster ceased all material operations.\n consolidated balance sheets  statements of operations comprehensive income ( loss ) statements of cash flows recast to present blockbuster as discontinued operations for all periods amounts in notes to consolidated financial statements relate only to continuing operations unless otherwise noted.\n during years ended december 31 , 2013 , 2012 2011  revenue from discontinued operations was $ 503 million , $ 1. 085 billion $ 974 million  respectively.\n 201cincome loss ) from discontinued operations  before income taxes 201d for same periods was loss of $ 54 million , $ 62 million $ 3 million , respectively.\n 201cincome loss ) from discontinued operations  net of tax 201d for same periods loss of $ 47 million , $ 37 million $ 7 million  respectively.\n as of december 31 , 2013  net assets from discontinued operations following : december 31 , 2013 ( in thousands ).\n\n| as of december 31 2013 ( in thousands )\n-------------------------------------------------- | ---------------------------------------\ncurrent assets from discontinued operations        | $ 68239\nnoncurrent assets from discontinued operations     | 9965\ncurrent liabilities from discontinued operations   | -49471 ( 49471 )\nlong-term liabilities from discontinued operations | -19804 ( 19804 )\nnet assets from discontinued operations            | $ 8929"
}
{
    "_id": "dd4bcfe2e",
    "title": "",
    "text": "equity equity at december 31 , 2014 was $ 6. 6 billion , a decrease of $ 1. 6 billion from december 31  2013.\n decrease due to share repurchases of $ 2. 3 billion , $ 273 million of dividends to shareholders increase in accumulated other comprehensive loss of $ 760 million  partially offset by net income of $ 1. 4 billion.\n $ 760 million increase in accumulated other comprehensive loss from december 31  2013 reflects : 2022 negative net foreign currency translation adjustments of $ 504 million attributable to strengthening of u. s.\n dollar against certain foreign currencies  2022 increase of $ 260 million in net post-retirement benefit obligations  2022 net derivative gains of $ 5 million  2022 net investment losses of $ 1 million.\n review by segment general we serve clients through segments : 2022 risk solutions acts as advisor and insurance and reinsurance broker  helping clients manage risks via consultation negotiation and placement of insurance risk with insurance carriers through global distribution network.\n 2022 hr solutions partners with organizations to solve complex benefits , talent financial challenges improve business performance by designing implementing communicating administering human capital , retirement  investment management  health care  compensation talent management strategies.\n risk solutions.\n demand for property and casualty insurance rises as economic activity increases and falls as activity decreases affecting commissions and fees by brokerage business.\n economic activity impacts property and casualty insurance as exposure units closely correlated with employment levels  corporate revenue and asset values.\n during 2014 , pricing was flat on average globally \"soft market. \" in soft market premium rates flatten or decrease  with commission revenues  due to increased competition for market share among insurance carriers or increased underwriting capacity.\nchanges in premiums direct potentially material impact on insurance brokerage industry , commission revenues generally based on percentage of premiums paid by insureds.\n additionally , through 2014 , we faced difficult conditions result of continued weakness in global economy , repricing of credit risk deterioration of financial markets.\n weak economic conditions in markets reduced customers' demand for our retail brokerage and reinsurance brokerage products , negative impact on our operational results.\n risk solutions generated approximately 65% ( 65 % ) of our consolidated total revenues in 2014.\n revenues generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , investment income on funds held on behalf of clients.\n revenues vary from quarter to quarter year result of timing of clients' policy renewals , net effect of new and lost business , timing of services provided to clients income earn on investments , heavily influenced by short-term interest rates.\n we operate in highly competitive industry compete with many retail insurance brokerage and agency firms  with individual brokers , agents , direct writers of insurance coverage.\n specifically we address highly specialized\n\nyears ended december 31 ( millions except percentage data ) | 2014             | 2013             | 2012\n----------------------------------------------------------- | ---------------- | ---------------- | ----------------\nrevenue                                                     | $ 7834           | $ 7789           | $ 7632\noperating income                                            | 1648             | 1540             | 1493\noperating margin                                            | 21.0% ( 21.0 % ) | 19.8% ( 19.8 % ) | 19.6% ( 19.6 % )"
}
{
    "_id": "dd4ba3e6e",
    "title": "",
    "text": "entergy louisiana , llc management's financial discussion analysis net revenue 2008 compared to 2007 revenue consists of operating revenues net of 1 fuel  fuel-related expenses gas purchased for resale  2 ) purchased power expenses 3 ) other regulatory charges.\n analysis of change in net revenue comparing 2008 to 2007.\n amount ( in millions ).\n retail electric price variance due to cessation of interim storm recovery through formula rate plan act 55 financing of storm costs credit passed to customers storm cost financing partially offset by increases in formula rate plan effective october 2007.\n refer to \"hurricane rita hurricane katrina\" \"state and local rate regulation\" for discussion interim recovery of storm costs act 55 storm cost financing formula rate plan filing.\n purchased power capacity variance due to amortization of deferred capacity costs effective september 2007 formula rate plan filing may 2007.\n purchased power capacity costs offset in base revenues due to base rate increase to recover incremental deferred ongoing purchased power capacity charges.\n see \"state and local rate regulation\" for discussion formula rate plan filing.\n net wholesale revenue variance due to provisions for potential rate refunds related to treatment of interruptible load in pricing entergy system affiliate sales.\n gross operating revenue fuel purchased power expenses gross operating revenues increased due to increase of $ 364. 7 million in fuel cost recovery revenues due to higher fuel rates offset by decreased usage.\n increase partially offset by decrease of $ 56. 8 million in gross wholesale revenue due to decrease in system agreement rough production cost equalization credits.\n fuel and purchased power expenses increased due to increases in average market prices of natural gas purchased power partially offset by decrease in recovery from customers of deferred fuel costs.\n\n| amount ( in millions )\n------------------------ | ----------------------\n2007 net revenue         | $ 991.1\nretail electric price    | -17.1 ( 17.1 )\npurchased power capacity | -12.0 ( 12.0 )\nnet wholesale revenue    | -7.4 ( 7.4 )\nother                    | 4.6\n2008 net revenue         | $ 959.2"
}
{
    "_id": "dd4bcdaf2",
    "title": "",
    "text": "summary of company 2019s significant contractual obligations as of december 31 , 2015 : contractual obligations.\n long-term debt payments due in 2016 and 2017 include floating rate notes totaling $ 126 million ( current portion of long-term debt ) and $ 96 million ( separate floating rate note in long-term debt table ) respectively result of put provisions associated with debt instruments.\n interest projections on floating and fixed rate long-term debt  including effects of interest rate swaps based on effective interest rates as of december 31 , 2015.\n unconditional purchase obligations defined as agreement to purchase goods or services enforceable and legally binding on company.\n included in unconditional purchase obligations category are obligations related to take or pay contracts , capital commitments  service agreements utilities.\n estimates include unconditional purchase obligations with terms in excess of one year and normal ongoing purchase obligations with terms less than one year.\n many commitments relate to take or pay contracts  3m guarantees payment to ensure availability of products or services sold to customers.\n company expects to receive consideration products or services ) for these unconditional purchase obligations.\n contractual capital commitments included in preceding table commitments represent small part of company 2019s expected capital spending in 2016 and beyond.\n purchase obligation amounts not represent entire anticipated purchases future represent only those items for which company contractually obligated.\n majority of 3m 2019s products and services purchased as needed with no unconditional commitment.\n these amounts not provide reliable indicator of company 2019s expected future cash outflows stand-alone.\n other obligations  included in preceding table entitled 201cunconditional purchase obligations and other include current portion of liability for uncertain tax positions under asc 740  expected to be paid out in cash in next 12 months.\ncompany not able to estimate timing long-term payments or amount liability increase or decrease over time ; long-term portion of net tax liability of $ 208 million excluded from preceding table.\n refer to note 8 for further details.\n discussed in note 11 company not have required minimum cash pension contribution obligation for u. s.\n plans in 2016 company contributions to u. s.\n and international pension plans expected to be largely discretionary in future years ; amounts related to these plans not included in preceding table.\n financial instruments company enters into foreign exchange forward contracts, options swaps to hedge against effect exchange rate fluctuations on cash flows in foreign currencies certain intercompany financing transactions.\n company manages interest rate risks using mix of fixed and floating rate debt.\n to manage borrowing costs company may enter into interest rate swaps.\n under arrangements company agrees to exchange  at specified intervals difference between fixed and floating interest amounts calculated by reference to agreed-upon notional principal amount.\n company manages commodity price risks through negotiated supply contracts  price protection agreements forward contracts.\n\n( millions )                                         | total   | payments due by year 2016 | payments due by year 2017 | payments due by year 2018 | payments due by year 2019 | payments due by year 2020 | payments due by year after 2020\n---------------------------------------------------- | ------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | -------------------------------\nlong-term debt including current portion ( note 10 ) | $ 9878  | $ 1125                    | $ 744                     | $ 993                     | $ 622                     | $ 1203                    | $ 5191\ninterest on long-term debt                           | 2244    | 174                       | 157                       | 153                       | 149                       | 146                       | 1465\noperating leases ( note 14 )                         | 943     | 234                       | 191                       | 134                       | 86                        | 72                        | 226\ncapital leases ( note 14 )                           | 59      | 11                        | 6                         | 4                         | 3                         | 3                         | 32\nunconditional purchase obligations and other         | 1631    | 1228                      | 160                       | 102                       | 54                        | 56                        | 31\ntotal contractual cash obligations                   | $ 14755 | $ 2772                    | $ 1258                    | $ 1386                    | $ 914                     | $ 1480                    | $ 6945"
}
{
    "_id": "dd4c4ee72",
    "title": "",
    "text": "stockholder return performance graph graph compares cumulative 5-year stockholder return on our common stock relative to return nasdaq composite index s&p 400 information technology index.\n graph assumes value investment in common stock on january 2 , 2010 and each index on december 31 , 2009 ( including reinvestment dividends ) was $ 100 tracks each year last day of cadence 2019s fiscal year through january 3 , 2015 for each index last day calendar comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index  s&p 400 information technology cadence design systems.\n nasdaq composite s&p 400 information technology 12/28/13 1/3/151/1/11 12/31/11 12/29/121/2/10 *$ 100 invested on 1/2/10 in stock or 12/31/09 in index  including reinvestment of dividends.\n indexes calculated on month-end basis.\n copyright a9 2014 s&p , division of mcgraw-hill companies inc.\n all rights reserved.\n stock price performance graph not indicative of future stock price performance.\n\n| 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 | 12/28/2013 | 1/3/2015\n------------------------------ | -------- | -------- | ---------- | ---------- | ---------- | --------\ncadence design systems inc .   | 100.00   | 137.90   | 173.62     | 224.37     | 232.55     | 314.36\nnasdaq composite               | 100.00   | 117.61   | 118.70     | 139.00     | 196.83     | 223.74\ns&p 400 information technology | 100.00   | 128.72   | 115.22     | 135.29     | 173.25     | 187.84"
}
{
    "_id": "dd4bacbf4",
    "title": "",
    "text": "offset by higher raw material energy costs ( $ 312 million ) increased market downtime ( $ 187 million ) other items ( $ 30 million ).\n pared with 2003 higher 2005 earnings in brazilian papers  u. s.\n coated papers.\n market pulp busi- nesses offset by lower earnings in u. s.\n un- coated papers european papers businesses.\n printing papers segment took 995000 tons of downtime in 2005 including 540000 tons of lack-of-order down- time to align production with customer demand.\n compared with 525000 tons downtime in 2004 65000 tons related to lack-of-orders.\n printing papers in 2005 2004 2003.\n uncoated papers sales totaled $ 4. 8 billion in 2005 compared with $ 5. 0 billion in 2004 and 2003.\n sales price realizations in united states averaged 4. 4% ( 4. 4 % ) higher in 2005 than 2004 4. 6% ( 4. 6 % ) higher than 2003.\n favorable pricing momentum began in 2004 carried over into beginning of 2005.\n demand weaken across grades year resulting in lower price realizations in second third quarters.\n prices stabilized as year ended.\n total shipments for year were 7. 2% ( 7. 2 % ) lower than 2004 4. 2% ( 4. 2 % ) lower than in 2003.\n matching productive capacity with customer demand business announced perma nent closure of three uncoated freesheet machines took significant lack-of-order downtime during period.\n demand showed improvement end of year bolstered by introduction new line of vision innovation paper products ( improved brightness white- ness.\n mill operations favorable compared to last year rebuild of no.\n 1 machine at east- over , south carolina mill completed as planned in fourth quarter.\nfavorable impacts of improved mill operations lower overhead costs offset by high input costs for energy wood higher transportation costs compared to 2004.\n earnings decline in 2005 2003 due to lower shipments higher down- time increased costs for wood energy trans- portation partially offset by lower overhead costs favorable mill operations.\n average sales price realizations for european operations remained stable during 2005 averaged 1% ( 1 % ) lower than 2004 6% ( 6 % ) below 2003 levels.\n sales volumes rose slightly up 1% ( 1 % ) in 2005 2004 5% ( 5 % ) compared to 2003.\n earnings lower than 2004 reflecting higher wood energy costs compression of margins due to un- favorable foreign currency exchange movements.\n earn ings affected by downtime related to rebuild of three paper machines.\n coated papers sales in united states were $ 1. 6 bil- lion in 2005 compared with $ 1. 4 billion in 2004 $ 1. 3 billion in 2003.\n business reported operating profit in 2005 versus small operating loss in 2004.\n earnings improvement driven by higher average sales prices improved mill operations.\n price realiza- tions in 2005 averaged 13% ( 13 % ) higher than 2004.\n higher input costs for raw materials energy offset benefits from improved prices operations.\n sales volumes about 1% ( 1 % ) lower in 2005 versus 2004.\n market pulp sales from.\n european facilities totaled $ 757 million in 2005 compared with $ 661 mil- lion and $ 571 million in 2004 and 2003.\n operating profits in 2005 up 86% ( 86 % ) from 2004.\n operating loss reported in 2003.\n higher prices sales volumes lower overhead costs improved mill operations in 2005 offset in- creases in raw material  energy chemical costs.\n.\nsoftwood hardwood pulp prices improved 2005 first second quarters declined third quarter recovered year end.\n softwood pulp prices ended year 2% ( 2 % ) lower than 2004 15% ( 15 % ) higher than 2003 hardwood pulp prices ended year 15% ( 15 % ) higher than 2004 10% ( 10 % ) higher than 2003.\n.\n pulp sales volumes 12% ( 12 % ) higher than 2004 19% ( 19 % ) higher than 2003 reflecting increased global demand.\n euro- pean pulp volumes increased 15% ( 15 % ) 2% ( 2 % ) compared with 2004 2003 average sales prices increased 4% ( 4 % ) 11% ( 11 % ) compared with 2004 2003.\n brazilian paper sales were $ 684 million in 2005 com pared with $ 592 million in 2004 $ 540 million in 2003.\n sales volumes for uncoated freesheet paper coated paper wood chips down from 2004 average price realizations improved for exported un- coated freesheet coated groundwood paper.\n favorable currency translation yearly average real exchange rates versus.\n dollar 17% ( 17 % ) higher in 2005 than 2004 positively impacted reported sales in.\n dollars.\n average sales prices for domestic un- coated paper declined 4% ( 4 % ) in local currency versus 2004 domestic coated paper prices down 3% ( 3 % ).\n operating profits in 2005 down 9% ( 9 % ) from 2004 up 2% ( 2 % ) from 2003.\n earnings 2005 neg- atively impacted by weaker product geographic sales mix for uncoated coated papers reflecting increased competition softer demand particularly in printing  commercial editorial market segments.\n\nin millions      | 2005   | 2004   | 2003\n---------------- | ------ | ------ | ------\nsales            | $ 7860 | $ 7670 | $ 7280\noperating profit | $ 552  | $ 581  | $ 464"
}
{
    "_id": "dd4b8c4ee",
    "title": "",
    "text": "note 9.\n commitments contingencies operating leases we obligated under noncancelable operating leases for corporate office space , warehouse distribution facilities , trucks certain equipment.\n future minimum lease commitments under these leases at december 31 , 2009 are as follows ( in thousands ) : years ending december 31:.\n rental expense for operating leases was approximately $ 57. 2 million , $ 49. 0 million $ 26. 6 million during years ended december 31 , 2009 , 2008 2007 , respectively.\n we guarantee residual values of majority of truck and equipment operating leases.\n residual values decline over lease terms to defined percentage of original cost.\n in event lessor not realize residual value when equipment sold we be responsible for portion of shortfall.\n if lessor realizes more than residual value when equipment sold we be paid amount realized over residual value.\n had terminated all operating leases subject to these guarantees at december 31, 2009 guaranteed residual value would have totaled approximately $ 27. 8 million.\n litigation related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with international trade commission against us others alleging certain aftermarket parts imported into u.\n infringed on ford design patents.\n parties settled matters in april 2009 settlement arrangement expires in september 2011.\n settlement we ( designees ) became sole distributor in united states of aftermarket automotive parts correspond to ford collision parts covered by united states design patent.\n paid ford upfront fee for these rights will pay royalty for each such part we sell.\n amortization of upfront fee and royalty expenses reflected in cost of goods sold on accompanying consolidated statements of income.\nwe have certain other contingencies from litigation  claims commitments subject to environmental pollution control laws regulations incident to ordinary course of business.\n expect resolution of contingencies not affect our financial position  results of operations or cash flows.\n note 10.\n business combinations on october 1 , 2009  we acquired greenleaf auto recyclers , llc ( 201cgreenleaf 201d ) from ssi for $ 38. 8 million , net of cash acquired.\n greenleaf is entity through ssi operated late model automotive parts recycling business.\n recorded gain on bargain purchase for greenleaf acquisition totaling $ 4. 3 million ,\n\n2010                          | $ 55178\n----------------------------- | --------\n2011                          | 45275\n2012                          | 36841\n2013                          | 30789\n2014                          | 22094\nthereafter                    | 59263\nfuture minimum lease payments | $ 249440"
}
{
    "_id": "dd4c4e9fe",
    "title": "",
    "text": "february 2018 had no remaining authority.\n at december 31 , 2018 , we had remaining authority to issue up to $ 6. 0 billion of debt securities under our shelf registration.\n receivables securitization facility 2013 as of december 31 , 2018 , and 2017 , recorded $ 400 million and $ 500 million  respectively  of borrowings under our receivables facility  as secured debt.\n ( see further discussion of receivables securitization facility in note 11 ).\n 16.\n variable interest entities entered into various lease transactions structure leases contain variable interest entities ( vies ).\n these vies created solely for purpose of lease transactions ( principally involving railroad equipment and facilities ) no other activities , assets or liabilities outside lease transactions.\n within lease arrangements  right to purchase some or all assets at fixed prices.\n depending on market conditions  fixed-price purchase options in leases could potentially provide benefits to us ; benefits not expected to be significant.\n maintain and operate assets based on contractual obligations within lease arrangements  set specific guidelines consistent within railroad industry.\n no control over activities could materially impact fair value of leased assets.\n do not hold power to direct activities of vies do not control ongoing activities significant impact on economic performance of vies.\n do not have obligation to absorb losses of vies or right to receive benefits of vies potentially be significant to vies.\n not considered to primary beneficiary and do not consolidate these vies because our actions and decisions do not have most significant effect on vie 2019s performance and fixed-price purchase options not considered potentially significant to vies.\n future minimum lease payments associated with vie leases totaled $ 1. 7 billion as of december 31 , 2018.\n 17.\nleases lease locomotives freight cars other property.\n consolidated statements of financial position as of december 31 , 2018  and 2017 included $ 1454 million  net of $ 912 million of accumulated depreciation and $ 1635 million  net of $ 953 million of accumulated depreciation for properties under capital leases.\n charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial non-cancelable lease terms in excess of one year as of december 31, 2018 were follows : millions operating leases capital leases.\n approximately 97% ( 97 % ) of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 397 million in 2018 $ 480 million in 2017  $ 535 million in 2016.\n when cash rental payments not made straight-line basis recognize variable rental expense straight-line basis over lease term.\n contingent rentals sub-rentals not significant.\n 18.\n commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us and subsidiaries.\n cannot fully determine effect of all asserted unasserted claims on consolidated results of operations  financial condition liquidity.\n recorded\n\nmillions                                | operatingleases | capitalleases\n--------------------------------------- | --------------- | -------------\n2019                                    | $ 419           | $ 148\n2020                                    | 378             | 155\n2021                                    | 303             | 159\n2022                                    | 272             | 142\n2023                                    | 234             | 94\nlater years                             | 1040            | 200\ntotal minimum lease payments            | $ 2646          | $ 898\namount representing interest            | n/a             | -144 ( 144 )\npresent value of minimum lease payments | n/a             | $ 754"
}
{
    "_id": "dd4bbfb96",
    "title": "",
    "text": "management 2019s discussion analysis jpmorgan chase & co.\n / 2008 annual report allowance for credit losses increased $ 13. 7 billion prior year to $ 23. 8 billion.\n increase included $ 4. 1 billion allowance noncredit-impaired loans acquired in washington mutual transaction related accounting conformity provision.\n excluding held-for-sale loans  loans carried at fair value pur- chased credit-impaired consumer loans allowance for loan losses represented 3. 62% ( 3. 62 % ) of loans at december 31 , 2008 compared with 1. 88% ( 1. 88 % ) at december 31 2007.\n consumer allowance for loan losses increased $ 10. 5 billion prior year washington mutual transaction increased allowance for loan loss in residential real estate credit card.\n increase included additions to allowance for loan losses of $ 4. 7 billion driven by higher estimated losses for residential mort- gage home equity loans weak labor market weak economic conditions resulted in increased delinquencies weak housing prices driven increase loss severity.\n allowance for loan losses related to credit card increased $ 4. 3 billion prior year due to acquired allowance conforming provision for loan loss related washington mutual bank acquisition increase in provision for loan losses of $ 2. 3 billion in 2008 over 2007 higher estimated net charge-offs expected current economic conditions.\n wholesale allowance for loan losses increase of $ 3. 4 billion from december 31  2007 reflected effect weakening credit envi- ronment transfer of $ 4. 9 billion of funded unfunded leveraged lending commitments to retained loans from held-for-sale.\nprovide for risk of loss in firm 2019s process extending credit allowance for lending-related commitments held for both wholesale and consumer reported in other lia- bilities.\n wholesale component computed using methodology similar to wholesale loan portfolio modified for expected maturities probabilities of drawdown has asset- specific component formula-based component.\n further discussion on allowance for lending-related commitment see note 15 on pages 178 2013180 of annual report.\n allowance for lending-related commitments for wholesale and consumer was $ 659 million and $ 850 million at december 31 , 2008 and 2007 .\n decrease reflects reduction in lending-related commitments at december 31 , 2008.\n more information see page 102 annual report.\n table presents allowance for loan losses net charge-offs ( recoveries ) by business segment at december 31 , 2008 and 2007.\n net charge-offs ( recoveries ) december 31  allowance for loan losses year ended.\n\ndecember 31 , ( in millions )  | december 31 , 2008 | december 31 , 2007 | 2008     | 2007\n------------------------------ | ------------------ | ------------------ | -------- | --------\ninvestment bank                | $ 3444             | $ 1329             | $ 105    | $ 36\ncommercial banking             | 2826               | 1695               | 288      | 44\ntreasury & securities services | 74                 | 18                 | -2 ( 2 ) | 2014\nasset management               | 191                | 112                | 11       | -8 ( 8 )\ncorporate/private equity       | 10                 | 2014               | 2014     | 2014\ntotal wholesale                | 6545               | 3154               | 402      | 72\nretail financial services      | 8918               | 2668               | 4877     | 1350\ncard services                  | 7692               | 3407               | 4556     | 3116\ncorporate/private equity       | 9                  | 5                  | 2014     | 2014\ntotal consumer 2013 reported   | 16619              | 6080               | 9433     | 4466\ncredit card 2013 securitized   | 2014               | 2014               | 3612     | 2380\ntotal consumer 2013 managed    | 16619              | 6080               | 13045    | 6846\ntotal                          | $ 23164            | $ 9234             | $ 13477  | $ 6918"
}
{
    "_id": "dd4c1eb78",
    "title": "",
    "text": "liquidity and capital resources expect to fund all cash requirements foreseeable for 2018  including scheduled debt repayments new investments business share repurchases dividend payments possible business acquisitions pension contributions with cash from operating activities as needed additional short-term and/or long-term borrowings.\n expect operating cash flow to remain strong.\n as of december 31 , 2017  had $ 211 million of cash and cash equivalents on hand $ 151 million held outside of as of december 31, 2016  had $ 327 million of cash and cash equivalents on hand $ 184 million held outside of.\n as of december 31 , 2015  had $ 26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with legacy nalco entities legacy champion entities intended to repatriate.\n liabilities recorded as part of purchase price accounting of each transaction.\n remaining foreign earnings repatriated in 2016 reducing deferred tax liabilities to zero at december 31 , 2016.\n as of december 31 , 2017 had $ 2. 0 billion multi-year credit facility expires in november 2022.\n credit facility established with diverse syndicate of banks.\n no borrowings under credit facility as of december 31 , 2017 or 2016.\n credit facility supports $ 2. 0 billion u.\n commercial paper program and $ 2. 0 billion european commercial paper program.\n combined borrowing under these two commercial paper programs may not exceed $ 2. 0 billion.\n at year-end no amount outstanding under european commercial paper program and no amount outstanding under u. s.\n commercial paper program.\n uncommitted credit lines of $ 660 million with major international banks and financial institutions to support general global funding needs.\n most lines used to support global cash pooling structures.\napproximately $ 643 million credit lines available for use as of year-end 2017.\n bank supported letters of credit , surety bonds and guarantees total $ 198 million represent commercial business transactions.\n not other significant unconditional purchase obligations or commercial commitments.\n as of december 31 , 2017  short-term borrowing program rated a-2 by standard & poor 2019s and p-2 by moody 2019s.\n as of december 31 , 2017  standard & poor 2019s and moody 2019s rated long-term credit at a- ( stable outlook ) and baa1 ( stable outlook ) , respectively.\n reduction in credit ratings could limit or preclude ability to issue commercial paper under current programs or could affect ability to renew existing or negotiate new credit facilities in future could increase cost of facilities.\n we could seek additional sources of funding  including issuing additional term notes or bonds.\n ability at option to draw upon $ 2. 0 billion of committed credit facility.\n in compliance with debt covenants and other requirements of credit agreements and indentures.\n schedule of various obligations as of december 31 , 2017 summarized in following table:.\n * interest on variable rate debt calculated using interest rate at year-end 2017.\n during fourth quarter of 2017 recorded one-time transition tax related to enactment of tax act.\n expense primarily related to one-time transition tax  payable over eight years.\n in note 12 balance is provisional amount subject to adjustment during measurement period of up to one year following enactment of tax act  by recent sec guidance.\n as of december 31 , 2017  gross liability for uncertain tax positions was $ 68 million.\nwe not able to reasonably estimate amount by liability will increase or decrease over extended period of time or whether cash settlement liability will be required.\n therefore , these amounts excluded from schedule of contractual obligations.\n\n( millions )              | total   | payments due by period less than 1 year | payments due by period 2-3 years | payments due by period 4-5 years | payments due by period more than 5 years\n------------------------- | ------- | --------------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------\nnotes payable             | $ 15    | $ 15                                    | $ -                              | $ -                              | $ -\none-time transition tax   | 160     | 13                                      | 26                               | 26                               | 95\nlong-term debt            | 7303    | 549                                     | 696                              | 1513                             | 4545\ncapital lease obligations | 5       | 1                                       | 1                                | 1                                | 2\noperating leases          | 617     | 131                                     | 211                              | 160                              | 115\ninterest*                 | 2753    | 242                                     | 436                              | 375                              | 1700\ntotal                     | $ 10853 | $ 951                                   | $ 1370                           | $ 2075                           | $ 6457"
}
{
    "_id": "dd4c2663e",
    "title": "",
    "text": "note 9 2014goodwill and other intangibles , net goodwill table outlines activity in carrying value of company 2019s goodwill , all assigned to company 2019s trading and investing segment ( dollars in thousands ) :.\n goodwill evaluated for impairment annual basis when events or changes indicate carrying value of asset exceeds fair value and loss may not be recoverable.\n at december 31 , 2013 and 2012 , company 2019s trading and investing segment had two reporting units ; market making and retail brokerage.\n at end of june 2013 , company decided to exit market making business.\n based on decision in second quarter of 2013  company conducted interim goodwill impairment test for market making reporting unit , using expected sale structure of market making business.\n structure assumed shorter period of cash flows related to order flow arrangement  compared to prior estimates of fair value.\n based on results of first step of goodwill impairment test company determined carrying value of market making reporting unit , including goodwill , exceeded fair value for reporting unit as of june 30 , 2013.\n company proceeded to second step of goodwill impairment test to measure amount of goodwill impairment.\n result of evaluation  determined entire carrying amount of goodwill allocated to market making reporting unit was impaired company recognized $ 142. 4 million impairment of goodwill during second quarter of 2013.\n for year ended december 31 , 2013 , company performed annual goodwill assessment for retail brokerage reporting unit , to qualitatively assess whether more likely than not fair value was less than carrying value.\n result of assessment company determined first step of goodwill impairment test not necessary concluded goodwill was not impaired at december 31 , 2013.\ndecember 31, 2013, goodwill net of accumulated impairment losses $ 142. 4 million related to trading and investing segment $ 101. 2 million balance sheet management segment.\n december 31 , 2012  goodwill net of accumulated impairment losses $ 101. 2 million balance sheet management segment.\n\n| trading & investing\n--------------------------- | -------------------\nbalance at december 31 2011 | $ 1934232\nactivity                    | 2014\nbalance at december 31 2012 | 1934232\nimpairment of goodwill      | -142423 ( 142423 )\nbalance at december 31 2013 | $ 1791809"
}
{
    "_id": "dd4b9da64",
    "title": "",
    "text": "maturities of debt scheduled maturities of outstanding debt balances  excluding debt fair value adjustments as of december 31 , 2014  summarized as ( in millions ) :.\n _______ interest rates , interest rate swaps contingent debt weighted average interest rate on borrowings was 5. 02% ( 5. 02 % ) during 2014 and 5. 08% ( 5. 08 % ) during 2013.\n information on interest rate swaps in note 13.\n for information about contingent debt agreements , see note 12.\n subsequent event to december 31 , 2014  additional ep trust i preferred securities converted primarily 969117 ep trust i preferred securities converted on january 14, 2015  into 697473 of class p common stock ; approximately $ 24 million in cash ; iii ) 1066028 in warrants.\n 9.\n share-based compensation and employee benefits share-based compensation kinder morgan , inc.\n class p shares stock compensation plan for non-employee directors stock compensation plan for non-employee directors eligible non-employee directors participate.\n plan recognizes compensation paid to each eligible non-employee director fixed by board generally annually compensation payable in cash.\n in lieu of receiving or cash compensation each eligible non-employee director may elect to receive shares of class p common stock.\n each election at around first board meeting in january of each calendar year effective for entire calendar year.\n eligible director may make new election each calendar year.\n total number of shares of class p common stock authorized under plan is 250000.\n during 2014 , 2013 2012  made restricted class p common stock grants to non-employee directors of 6210 , 5710 and 5520  respectively.\ngrants valued at issuance at $ 220000, $ 210000 $ 185000  respectively.\n all restricted stock grants made to non-employee directors vest during six-month period.\n table of contents\n\nyear       | total\n---------- | -------\n2015       | $ 2717\n2016       | 1684\n2017       | 3059\n2018       | 2328\n2019       | 2819\nthereafter | 28422\ntotal      | $ 41029"
}
{
    "_id": "dd4bc783c",
    "title": "",
    "text": "equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2014.\n equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights 1 weighted-average exercise price of outstanding options , warrants and rights 2 number of securities remaining available for future issuance under plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 1955024 $ 36. 06 4078093 equity compensation plans not approved by security holders 3 2014.\n 1 includes grants under huntington ingalls industries , inc.\n 2012 long-term incentive stock plan ( \"2012 plan\" ) approved by stockholders on may 2 , 2012 and huntington ingalls industries , inc.\n 2011 long-term incentive stock plan ( \"2011 plan ) approved by sole stockholder prior to spin-off from northrop grumman corporation.\n shares 644321 subject to stock options  539742 subject to outstanding restricted performance stock rights  63022 were stock rights granted under 2011 plan.\n number includes 33571 stock rights , 11046 restricted stock rights and 663322 restricted performance stock rights granted under 2012 plan  assuming target performance achievement.\n 2 weighted average exercise price of 644321 outstanding stock options only.\n 3 no awards made under plans not approved by security holders.\n item 13.\n certain relationships and related transactions , and director independence information relationships transactions director independence will be incorporated by reference to proxy statement for 2015 annual meeting of stockholders to filed within 120 days after end of company 2019s fiscal year.\n item 14.\nprincipal accountant fees and services information principal fees incorporated herein by reference to proxy statement for our 2015 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n this proof printed at 96% ( 96 % ) of original size line represents final trim will not print\n\nplan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights ( 2 ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )\n---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders           | 1955024                                                                                                      | $ 36.06                                                                         | 4078093\nequity compensation plans not approved by security holders ( 3 ) | 2014                                                                                                         | 2014                                                                            | 2014\ntotal                                                            | 1955024                                                                                                      | $ 36.06                                                                         | 4078093"
}
{
    "_id": "dd4bb7fc2",
    "title": "",
    "text": "management 2019s discussion analysis jpmorgan chase & co. /2009 annual report 130 histogram illustrates daily market risk 2013related gains losses for ib consumer/cio positions for 2009.\n chart shows firm posted market risk 2013related gains on 227 out of 261 days period 69 days exceeding $ 160 million.\n inset graph looks days firm experienced losses depicts amount 95% ( 95 % ) confidence level var exceeded actual loss each days.\n losses sustained on 34 days during 2009 exceeded var measure one day due to high market volatility in first quarter of 2009.\n under 95% ( 95 % ) confidence interval firm expect incur daily losses greater than pre- dicted by var estimates about twelve times a year.\n table provides information about gross sensitivity of dva to one-basis-point increase in jpmorgan chase 2019s credit spreads.\n sensitivity represents impact from one-basis-point parallel shift in jpmorgan chase 2019s entire credit curve.\n credit curves not typically move parallel sensitivity multiplied by change in spreads at single maturity point may not be representative of actual revenue recognized.\n debit valuation adjustment sensitivity 1 basis point increase in ( in millions ) jpmorgan chase credit spread.\n loss advisories and drawdowns loss advisories tools highlight senior management trading losses above certain levels initiate discus- sion of remedies.\n economic value stress testing var reflects risk of loss due to adverse changes in normal markets stress testing captures firm 2019s exposure to unlikely plausible events in abnormal markets.\n firm conducts economic- value stress tests using multiple scenarios assume credit spreads widen equity prices decline significant changes in interest rates across major currencies.\n other scenar- ios focus on risks in individual business segments include scenarios focus potential for adverse movements in complex portfolios.\nscenarios updated more frequently in 2009  in some cases redefined to reflect signifi- cant market volatility began in late 2008.\n with var , stress testing important in measuring controlling risk.\n stress testing enhances understanding of firm 2019s risk profile loss potential , stress losses monitored against limits.\n stress testing utilized in one-off approvals cross-business risk measurement  input to economic capital allocation.\n stress-test results , trends explanations based on current market risk positions reported to firm 2019s senior management and to lines of business to help them better measure manage risks understand event risk 2013sensitive positions.\n\n( in millions )  | 1 basis point increase in jpmorgan chase credit spread\n---------------- | ------------------------------------------------------\ndecember 31 2009 | $ 39\ndecember 31 2008 | $ 37"
}
{
    "_id": "dd4bef38c",
    "title": "",
    "text": "j. p.\n morgan chase & co.\n / 2003 annual report 49 off 2013balance sheet arrangements contractual cash obligations special-purpose entities entities ( 201cspes 201d ) , special-purpose vehicles ( 201cspvs 201d ) or variable-interest entities ( 201cvies 201d )  important part of financial markets  providing market liquidity facili- tating investors 2019 access to specific portfolios of assets and risks.\n spes not operating entities ; typically established for single  discrete purpose limited life no employees.\n basic spe structure involves company selling assets to spe.\n spe funds asset purchase by selling securities to investors.\n to insulate investors from creditors other entities including seller assets spes often structured to be bankruptcy-remote.\n spes critical to functioning of many investor markets including for market for mortgage-backed securities , other asset-backed securities commercial paper.\n jpmorgan chase involved with spes in three broad categories transactions : loan securi- tizations ( through 201cqualifying 201d spes ), multi-seller conduits  client intermediation.\n capital held  against all spe-related transactions related exposures deriva- tive transactions lending-related commitments.\n firm has no commitments to issue its own stock to support any spe transaction policies require transactions with spes conducted at arm 2019s length reflect market pric- ing.\n consistent policy no jpmorgan chase employee permitted to invest in spes with firm involved where investment would violate firm 2019s worldwide rules of conduct.\n these rules prohibit employees from self- dealing prohibit employees from acting on behalf of firm in transactions with family have significant financial interest.\nfor liquidity commitments to spes , firm could be required to provide funding if credit rating of jpmorgan chase bank downgraded below specific levels  primarily p-1 , a-1 and f1 for moody 2019s , standard & poor 2019s and fitch .\n liquidity commitments was $ 34. 0 billion at december 31 , 2003.\n if jpmorgan chase bank required to provide funding under commitments firm could be replaced as liquidity provider.\n multi-seller conduits structured commercial loan vehicles for jpmorgan chase bank has extended liq- uidity commitments bank could facilitate sale or refi- nancing of assets in spe to provide liquidity.\n liquidity commitments to spes , $ 27. 7 billion included in firm 2019s total other unfunded commitments to extend credit included in table page.\n result of consolidation of multi-seller conduits in with fin 46 , $ 6. 3 billion of commitments excluded from table underlying assets of spe included on firm 2019s consolidated balance sheet.\n table summarizes revenue information related to vies with firm has significant involvement qualifying spes:.\n ( a ) includes consolidated and nonconsolidated asset-backed commercial paper conduits for consistent presentation of 2003 results.\n revenue table represents primarily servicing fee income.\n firm has exposure to vie vehicles from derivative transactions with vies ; transactions recorded at fair value on firm 2019s consolidated balance sheet with changes in fair value (. mark-to-market gains and losses ) recorded in trading revenue.\n mtm gains and losses not included in revenue amounts reported in table above.\n for further discussion of spes and firm 2019s accounting for spes , see note 1 on pages 86 201387 , note 13 on pages 100 2013103 , and note 14 on pages 103 2013106 of this annual report.\ncontractual cash obligations normal course business firm enters into con- tractual obligations require future cash payments.\n contractual obligations at december 31 , 2003 include long-term debt  trust preferred capital securities  operating leases  contractual purchases capital expenditures other liabilities.\n further discussion long-term debt trust preferred capital securities see note 18 on pages 109 2013111 of annual report.\n discussion operating leases see note 27 on page 115 annual report.\n accompanying table summarizes jpmorgan chase 2019s off 2013 balance sheet lending-related financial instruments signifi cant contractual cash obligations by remaining maturity at december 31 , 2003.\n contractual purchases include commit- ments for future cash expenditures primarily for services contracts involving certain forward purchases of securities commodities.\n capital expenditures represent future cash payments for real estate 2013related obligations equip- ment.\n contractual purchases capital expenditures at december 31 , 2003 reflect minimum contractual obligation under legally enforceable contracts with contract terms fixed and determinable.\n excluded from table are obligations to be settled in cash  primarily in under one year.\n obligations reflected on firm 2019s consolidated balance sheet include deposits ; federal funds purchased securities sold under repurchase agreements ; other borrowed funds ; purchases of debt equity instruments settle within standard market timeframes.\n ; derivative payables do not require physical delivery underlying instrument certain purchases of instruments resulted in settlement failures.\n\nyear ended december 31 2003 ( in millions ) | year ended december 31 2003 vies | year ended december 31 2003 ( a ) | year ended december 31 2003 spes | total\n------------------------------------------- | -------------------------------- | --------------------------------- | -------------------------------- | ------\nrevenue                                     | $ 79                             |                                   | $ 979                            | $ 1058"
}
{
    "_id": "dd4c616da",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 7. 50% ( 7. 50 % ) notes mature may 1 , 2012 interest payable semi-annually arrears may 1 november 1 each year beginning may 1 , 2004.\n company may redeem 7. 50% ( 7. 50 % ) notes after may 1 , 2008.\n initial redemption price on 7. 50% ( 7. 50 % ) notes is 103. 750% ( 103. 750 % ) of principal amount subject to ratable decline after may 1 following year to 100% ( 100 % ) of principal amount in 2010 thereafter.\n company may redeem up to 35% ( 35 % ) of 7. 50% ( 7. 50 % ) notes time prior to february 1, 2007 price equal to 107. 50% ( 107. 50 % ) of principal amount notes plus accrued unpaid interest net cash proceeds of certain public equity offerings within sixty days after closing offering.\n 7. 50% ( 7. 50 % ) notes rank equally with 5. 0% ( 5. 0 % ) convertible notes 93 20448% ( 20448 % ) notes structurally junior to indebtedness outstanding under credit facilities , ati 12. 25% ( 12. 25 % ) notes ati 7. 25% ( 7. 25 % ) notes.\n indenture for 7. 50% ( 7. 50 % ) notes contains covenants restrict company ability to incur more debt ; guarantee indebtedness issue preferred stock pay dividends make certain investments merge , consolidate or sell assets enter transactions with affiliates sale leaseback transactions.\n 6. 25% ( 6. 25 % ) notes redemption 2014in february 2004  company completed redemption of all outstanding $ 212. 7 million principal amount of 6. 25% ( 6. 25 % ) notes.\n 6. 25% ( 6. 25 % ) notes redeemed terms indenture at 102. 083% ( 102.083 % ) principal amount plus unpaid accrued interest.\n total aggregate redemption price was $ 221. 9 million  including $ 4. 8 million accrued interest.\n company record charge of $ 7. 1 million first quarter of 2004 from loss on redemption write-off of deferred financing fees.\n other debt repurchases 2014from january 1 , 2004 to march 11 , 2004  company repurchased $ 36. 2 million principal amount 5. 0% ( 5. 0 % ) notes for approximately $ 36. 1 million cash made $ 21. 0 million voluntary prepayment of term loan a under credit facilities.\n giving effect to issuance of 7. 50% ( 7. 50 % ) notes use net proceeds to redeem outstanding 6. 25% ( 6. 25 % ) notes ; repurchases of $ 36. 2 million principal amount 5. 0% ( 5. 0 % ) notes ; voluntary prepayment of $ 21. 0 million term a loan under credit facilities ; company 2019s aggregate principal payments of long- term debt  including capital leases for next five years thereafter are as follows ( in thousands ) : year ending december 31.\n atc mexico holding 2014in january 2004  mr.\n gearon exercised right to require company to purchase 8. 7% ( 8. 7 % ) interest in atc mexico.\n effect january 2004 exercise of options company owns 88% ( 88 % ) interest in atc mexico  subsidiary through company conducts mexico operations.\n purchase price for mr.\n gearon 2019s interest in atc mexico subject to review by independent financial advisor payable in cash or shares of company 2019s class a common stock  company 2019s option.\n company intends to pay purchase price in shares class a common stock closing expected second quarter of 2004.\nin addition , company expects payment of portion of purchase price contingent upon atc mexico meeting certain performance objectives.\n\n2004                                                                          | $ 73684\n----------------------------------------------------------------------------- | ------------------\n2005                                                                          | 109435\n2006                                                                          | 145107\n2007                                                                          | 688077\n2008                                                                          | 808043\nthereafter                                                                    | 1875760\ntotal cash obligations                                                        | 3700106\naccreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes | -339601 ( 339601 )\naccreted value of the related warrants                                        | -44247 ( 44247 )\ntotal                                                                         | $ 3316258"
}
{
    "_id": "dd4bea18e",
    "title": "",
    "text": "holders of grupo gondi manage joint venture provide technical and commercial resources.\n believe joint venture helping us to grow our presence in attractive mexican market.\n included financial results of joint venture in corrugated packaging segment since date of formation.\n accounting for investment on equity method.\n on january 19 , 2016 , completed packaging acquisition.\n entities acquired provide value-added folding carton and litho-laminated display packaging solutions.\n believe transaction provided us with attractive complementary customers , markets facilities.\n included financial results of acquired entities in consumer packaging segment since date acquisition.\n on october 1, 2015 , completed sp fiber acquisition.\n transaction included acquisition of mills in dublin, ga and newberg , or, produce lightweight recycled containerboard and kraft and bag paper.\n newberg mill produced newsprint.\n part of transaction  acquired sp fiber's 48% ( 48 % ) interest in green power solutions of georgia, llc ( fffdgps fffd ), consolidate.\n gps is joint venture providing steam to dublin mill and electricity to georgia power.\n subsequent to transaction  announced permanent closure of newberg mill due to decline in market conditions of newsprint business need to balance supply and demand in containerboard system.\n included financial results of acquired entities in corrugated packaging segment since date acquisition.\n see fffdnote 2.\n mergers , acquisitions and investment fffdtt of notes to consolidated financial statements for additional information.\n see also item 1a.\n fffdrisk factors fffd fffdwe may be unsuccessful in making integrating mergers , acquisitions investments completing divestitures fffd.\n business.\n in fiscal 2018 , continued to pursue strategy of offering differentiated paper and packaging solutions help customers win.\nexecuted strategy in fiscal 2018 changing cost price environment.\n net sales of $ 16285. 1 million for fiscal 2018 increased $ 1425. 4 million  or 9. 6% ( 9. 6 % )  compared to fiscal 2017.\n increase primarily result of increase in corrugated packaging segment sales driven by higher selling price/mix contributions from acquisitions increased consumer packaging segment sales primarily due to contribution from acquisitions ( primarily mps acquisition ).\n increases partially offset by absence of net sales from hh&b in fiscal 2018 due to sale of hh&b in april 2017 lower land and development segment sales due to timing of real estate sales portfolio lower merchandising display sales in consumer packaging segment.\n segment income increased $ 491. 5 million in fiscal 2018 compared to fiscal 2017 primarily due to increased corrugated packaging segment income.\n experienced higher levels cost inflation during fiscal 2018 compared to fiscal 2017 partially offset by recycled fiber deflation.\n primary inflationary items were freight costs chemical costs virgin fiber costs wage other costs.\n productivity improvements in fiscal 2018 offset net impact of cost inflation.\n difficult predict inflationary expect higher cost inflation to continue through fiscal 2019.\n corrugated packaging segment increased net sales by $ 695. 1 million in fiscal 2018 to $ 9103. 4 million from $ 8408. 3 million in fiscal 2017.\n increase net sales primarily due to higher corrugated selling price/mix higher corrugated volumes ( including acquisitions ) partially offset by lower net sales from recycling operations due to lower recycled fiber costs lower sales related to deconsolidation of foreign joint venture fiscal 2017 impact of foreign currency.\n north american box shipments increased 4. 1% ( 4. 1 % ) per day basis in fiscal 2018 compared to fiscal 2017.\nincome to corrugated packaging segment fiscal 2018 increased $ 454. 0 million to $ 1207. 9 million compared to $ 753. 9 million fiscal 2017.\n increase primarily due to higher selling price/mix lower recycled fiber costs productivity improvements partially offset by higher cost inflation items including increased depreciation amortization.\n consumer packaging segment increased net sales by $ 838. 9 million in fiscal 2018 to $ 7291. 4 million from $ 6452. 5 million fiscal 2017.\n increase net sales primarily due to increase sales from acquisitions ( primarily mps acquisition ) higher selling price/mix offset by absence of net sales from hh&b in fiscal 2018 due to hh&b sale april 2017 lower volumes.\n segment income to\n\n( in millions ) | year ended september 30 , 2018 | year ended september 30 , 2017 | year ended september 30 , 2016\n--------------- | ------------------------------ | ------------------------------ | ------------------------------\nnet sales       | $ 16285.1                      | $ 14859.7                      | $ 14171.8\nsegment income  | $ 1685.0                       | $ 1193.5                       | $ 1226.2"
}
{
    "_id": "dd4c58e5e",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) ( amounts in millions  except per share amounts ) withholding taxes on temporary differences from earnings for certain foreign subsidiaries permanently reinvested outside u. s.\n not practicable to determine unrecognized deferred tax liability associated with these temporary differences.\n pursuant provisions of fasb interpretation no.\n 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) table summarizes activity related to unrecognized tax benefits:.\n included total unrecognized tax benefits of $ 148. 8 as of december 31, 2008 , is $ 131. 8 of tax benefits if recognized impact effective tax rate and $ 17. 1 of tax benefits if recognized result in adjustments to other tax accounts  primarily deferred taxes.\n total amount accrued interest and penalties as of december 31 , 2008 and 2007 is $ 33. 5 and $ 33. 6 , of $ 0. 7 and $ 9. 2 included in 2008 and 2007 consolidated statement of operations .\n accounting policy interest and penalties accrued on unrecognized tax benefits classified as income taxes in consolidated statements of operations.\n not elected to change this classification with adoption of fin 48.\n all tax years open to examination by.\n federal state , local  non-u.\n tax authorities anticipate total unrecognized tax benefits will decrease by between $ 45. 0 and $ 55. 0 in next twelve months  portion will affect effective tax rate  primarily result of settlement of tax examinations and lapsing of statutes of limitation.\n net decrease related to various items of income and expense  including transfer pricing adjustments and restatement adjustments.\nfor purpose we expect to complete discussions with irs appeals division regarding years 1997 through 2004 within next twelve months.\n expect to settle  within next twelve months  uncertainties for 2005 and 2006.\n in december 2007  irs commenced examination for 2005 and 2006 tax years.\n in we have various tax years under examination by tax authorities in various countries  such as u. k. , and in various states  such as new york , in significant business operations.\n not yet known whether these examinations will result in paying additional taxes.\n we have established tax reserves believe to adequate in relation to potential for additional assessments in each jurisdictions in we subject to taxation.\n regularly assess likelihood of additional tax assessments in jurisdictions and adjust reserves as additional information or events require.\n on may 1 , 2007  irs completed examination of 2003 and 2004 income tax returns and proposed adjustments to taxable income.\n we appealed a number of these items.\n in during second quarter of 2007  were net reversals of tax reserves  primarily related to previously unrecognized tax benefits related to various items of income and expense  including approximately $ 80. 0 for certain worthless securities deductions associated with investments in consolidated subsidiaries  result of completion of tax examination.\n\n| 2008           | 2007\n-------------------------------------------------------------------- | -------------- | ----------------\nbalance at beginning of period                                       | $ 134.8        | $ 266.9\nincreases as a result of tax positions taken during a prior year     | 22.8           | 7.9\ndecreases as a result of tax positions taken during a prior year     | -21.3 ( 21.3 ) | -156.3 ( 156.3 )\nsettlements with taxing authorities                                  | -4.5 ( 4.5 )   | -1.0 ( 1.0 )\nlapse of statutes of limitation                                      | -1.7 ( 1.7 )   | -2.4 ( 2.4 )\nincreases as a result of tax positions taken during the current year | 18.7           | 19.7\nbalance at end of period                                             | $ 148.8        | $ 134.8"
}
{
    "_id": "dd4bb1e4c",
    "title": "",
    "text": "aeronautics 2019 operating profit for 2012 increased $ 69 million or 4% ( 4 % ) compared to 2011.\n increase attributable to higher operating profit $ 105 million from c-130 programs due to increase in risk retirements ; $ 50 million from f-16 programs due to higher aircraft deliveries offset by decline in risk retirements ; $ 50 million from f-35 production contracts due to increased production volume risk retirements $ 50 million from completion of purchased intangible asset amortization on f-16 contracts.\n partially offsetting increases lower operating profit of $ 90 million from f-35 development contract due to reducing profit booking rate second quarter 2012 ; $ 50 million from decreased production volume risk retirements on f-22 program offset by resolution of contractual matter in second quarter 2012 approximately $ 45 million due to decrease in risk retirements on other sustainment activities offset by other aeronautics programs due to increased risk retirements volume.\n operating profit for c-5 programs comparable to 2011.\n adjustments not related to volume net profit booking rate adjustments approximately $ 30 million lower for 2012 compared to 2011.\n backlog backlog decreased in 2013 compared to 2012 due to lower orders on f-16 , c-5  c-130 programs offset by higher orders on f-35 program.\n backlog decreased in 2012 compared to 2011 due to lower orders on f-35 and c-130 programs partially offset by higher orders on f-16 programs.\n expect aeronautics 2019 net sales to increase in 2014 mid-single digit percentage range compared to 2013 due to increase in net sales from f-35 production contracts.\n operating profit expected to increase slightly from 2013  slight decrease in operating margins between years due to program mix.\ninformation systems & global solutions is&gs business segment provides advanced technology systems expertise  integrated information technology solutions  management services across applications for civil  defense intelligence other government customers.\n is&gs has portfolio of smaller contracts.\n impacted by downturn in federal information technology budgets.\n is&gs 2019 operating results included ( in millions ) :.\n 2013 compared to 2012 is&gs 2019 net sales decreased $ 479 million or 5% ( 5 % )  for 2013 compared to 2012.\n decrease attributable to lower net sales of $ 495 million due to decreased volume on various programs ( command and control programs for classified customers ngi programs ) approximately $ 320 million due to completion of certain programs ( total information processing support services transportation worker identification credential twic odin ).\n decrease partially offset by higher net sales of $ 340 million due to start-up of certain programs ( disa gsm-o national science foundation antarctic support ).\n is&gs 2019 operating profit decreased $ 49 million  or 6% ( 6 % )  for 2013 compared to 2012.\n decrease primarily attributable to lower operating profit of $ 55 million due to certain programs nearing end of lifecycles partially offset by higher operating profit of $ 15 million due to start-up of certain programs.\n adjustments not related to volume  including net profit booking rate adjustments other matters comparable for 2013 compared to 2012 2011 is&gs 2019 net sales for 2012 decreased $ 535 million  or 6% ( 6 % )  compared to 2011.\n decrease attributable to lower net sales of approximately $ 485 million due to substantial completion of various programs during 2011 ( primarily jtrs ; odin.\n census ) about $ 255 million due to lower volume on other programs ( primarily hanford\n\n| 2013           | 2012           | 2011\n------------------- | -------------- | -------------- | --------------\nnet sales           | $ 8367         | $ 8846         | $ 9381\noperating profit    | 759            | 808            | 874\noperating margins   | 9.1% ( 9.1 % ) | 9.1% ( 9.1 % ) | 9.3% ( 9.3 % )\nbacklog at year-end | 8300           | 8700           | 9300"
}
{
    "_id": "dd4b89762",
    "title": "",
    "text": "management 2019s discussion analysis net interest income 2013 versus 2012.\n net interest income on consolidated statements of earnings was $ 3. 39 billion for 2013  13% ( 13 % ) lower than 2012.\n decrease 2012 primarily due to lower average yields on financial instruments owned at fair value partially offset by lower interest expense on financial instruments sold not yet purchased at fair value collateralized financings.\n 2012 versus 2011.\n net interest income consolidated statements earnings was $ 3. 88 billion for 2012  25% ( 25 % ) lower than 2011.\n decrease 2011 primarily due to lower average yields on financial instruments owned at fair value collateralized agreements.\n see 201cstatistical disclosures 2014 distribution of assets , liabilities shareholders 2019 equity 201d for further information about sources of net interest income.\n operating expenses influenced by compensation  headcount levels business activity.\n compensation benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.\n discretionary compensation impacted by level net revenues  overall financial performance prevailing labor markets business mix  structure of share-based compensation programs external environment.\n table below presents operating expenses total staff ( includes employees  consultants temporary staff ).\n.\n related revenues included in 201cmarket making 201d in consolidated statements of earnings.\n goldman sachs 2013 annual report 45\n\n$ in millions                                    | year ended december 2013 | year ended december 2012 | year ended december 2011\n------------------------------------------------ | ------------------------ | ------------------------ | ------------------------\ncompensation and benefits                        | $ 12613                  | $ 12944                  | $ 12223\nbrokerage clearing exchange anddistribution fees | 2341                     | 2208                     | 2463\nmarket development                               | 541                      | 509                      | 640\ncommunications and technology                    | 776                      | 782                      | 828\ndepreciation and amortization                    | 1322                     | 1738                     | 1865\noccupancy                                        | 839                      | 875                      | 1030\nprofessional fees                                | 930                      | 867                      | 992\ninsurance reserves1                              | 176                      | 598                      | 529\nother expenses                                   | 2931                     | 2435                     | 2072\ntotal non-compensation expenses                  | 9856                     | 10012                    | 10419\ntotal operating expenses                         | $ 22469                  | $ 22956                  | $ 22642\ntotal staff at period-end                        | 32900                    | 32400                    | 33300"
}
{
    "_id": "dd498b1f4",
    "title": "",
    "text": "stock performance graph * $ 100 invested 11/17/11 our stock or 10/31/11 relevant index  including reinvestment dividends.\n fiscal year ending december 31 , 2014.\n ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index  including american axle & manufacturing , borgwarner inc. cooper tire & rubber company  dana holding corp. delphi automotive plc  dorman products inc. federal-mogul corp. ford motor co. fuel systems solutions inc. general motors co. gentex corp. gentherm inc. genuine parts co. johnson controls inc. lkq corp. lear corp. meritor inc. remy international inc. standard motor products inc. stoneridge inc. superior industries international  trw automotive holdings corp. tenneco inc. tesla motors inc. goodyear tire & rubber co. tower international inc. visteon corp. wabco holdings inc.\n company index november 17 , december 31 , december 31.\n dividends february 26, 2013  board of directors approved initiation dividend payments company's ordinary shares.\n board of directors declared regular quarterly cash dividend $ 0. 17 per ordinary share paid each quarter of 2013.\n january 2014 board of directors increased quarterly dividend rate to $ 0. 25 per ordinary share  paid each quarter of 2014.\n january 2015 board of directors declared regular quarterly cash dividend $ 0. 25 per ordinary share  payable february 27 , 2015 to shareholders record close of business february 18 , 2015.\n\ncompany index                        | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014\n------------------------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ----------------\ndelphi automotive plc ( 1 )          | $ 100.00         | $ 100.98         | $ 179.33         | $ 285.81         | $ 350.82\ns&p 500 ( 2 )                        | 100.00           | 100.80           | 116.93           | 154.80           | 175.99\nautomotive supplier peer group ( 3 ) | 100.00           | 89.27            | 110.41           | 166.46           | 178.05"
}
{
    "_id": "dd4b87c00",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 continued ) december 31 , 2011 , 2010 , 2009 1 ) weighted average interest rate at december 31 , 2011.\n company has interest rate swaps interest rate option agreements in aggregate notional principal amount of approximately $ 3. 6 billion on non-recourse debt outstanding at december 31 , 2011.\n swap agreements change variable interest rates on portion debt covered notional amounts to fixed rates from 1. 44% (. ) to 6. 98% (. 98 % ).\n option agreements fix interest rates range from 1. 00% (. 00 % ) to 7. 00% ( 7. 00 % ).\n agreements expire dates from 2016 through 2028.\n multilateral loans include loans funded guaranteed by bilaterals , multilaterals  development banks similar institutions.\n non-recourse debt of $ 704 million and $ 945 million as of december 31, 2011 and 2010  excluded from non-recourse debt included in current long-term liabilities of held for sale discontinued businesses in consolidated balance sheets.\n non-recourse debt as of december 31 , 2011 scheduled to reach maturity in table below : december 31 , annual maturities ( in millions ).\n as of december 31 , 2011  aes subsidiaries with facilities under construction had total approximately $ 1. 4 billion of committed but unused credit facilities available to fund construction related costs.\n excluding facilities under construction aes subsidiaries had approximately $ 1. 2 billion in available but unused committed revolving credit lines to support working capital , debt service reserves business needs.\n credit lines can be used in solely for borrowings ; for letters of credit ; or combination uses.\n weighted average interest rate on borrowings from these facilities was 14. 75% ( 14. 75 % ) at december 31 , 2011.\n october 3 , 2011  dolphin subsidiary ii .\n ( 201cdolphin ii 201d ) newly formed wholly-owned special purpose indirect subsidiary of aes entered into indenture 201cindenture 201d ) with wells fargo bank .\n 201ctrustee 201d ) of issuance of $ 450 million principal amount 6. 50% ( 6. 50 % ) senior notes due 2016 ( 201c2016 notes 201d ) and $ 800 million principal amount 7. 25% ( 7. 25 % ) senior notes due 2021 201c7. 25%. 25 % 2021 notes 201d together with 2016 notes  201cnotes 201d finance acquisition 201cacquisition 201d ) of dpl.\n closing acquisition november 28, 2011 dolphin ii merged into dpl dpl surviving entity and obligor.\n 2016 notes and 7. 25% ( 7. 25 % ) 2021 notes included under 201cnotes and bonds 201d in non-recourse detail table.\n see note 23 2014acquisitions dispositions for further information.\n interest on 2016 notes and 7. 25% ( 7. 25 % ) 2021 notes accrues at rate of 6. 50% ( 6. 50 % ) and 7. 25% ( 7. 25 % ) per year payable april 15 and october 15 of each year beginning april 15 , 2012.\n prior to september 15 , 2016 2016 notes and july 15 , 2021 7. 25% ( 7. 25 % ) 2021 notes dpl may redeem some or all of 2016 notes or 7. 25% ( 7. 25 % ) 2021 notes at par  plus 201cmake-whole 201d amount set forth in\n\ndecember 31,            | annual maturities ( in millions )\n----------------------- | ---------------------------------\n2012                    | $ 2152\n2013                    | 1389\n2014                    | 1697\n2015                    | 851\n2016                    | 2301\nthereafter              | 7698\ntotal non-recourse debt | $ 16088"
}
{
    "_id": "dd498d95e",
    "title": "",
    "text": "table of contents notes to consolidated financial statements of american airlines group inc.\n information generated by market transactions involving comparable assets  pricing guides other sources.\n current market for aircraft , maintenance condition aircraft expected proceeds from sale of assets  among other factors considered.\n market approach utilized to value certain intangible assets airport take off and landing slots when sufficient market information available.\n income approach primarily used to value intangible assets , including customer relationships  marketing agreements  international route authorities  us airways tradename.\n income approach indicates value for subject asset based on present value of cash flows projected to be generated by asset.\n projected cash flows discounted at required market rate of return reflects relative risk of achieving cash flows time value of money.\n cost approach  estimates value by determining current cost of replacing asset with another of equivalent economic utility , used for certain assets for market and income approaches not be applied due to nature of asset.\n cost to replace given asset reflects estimated reproduction or replacement cost for asset less allowance for loss in value due to depreciation.\n fair value of us airways 2019 dividend miles loyalty program liability determined based on weighted average equivalent ticket value of outstanding miles expected to be redeemed for future travel at december 9 , 2013.\n weighted average equivalent ticket value contemplates differing classes of service , domestic and international itineraries carrier providing award travel.\n pro-forma impact of merger company 2019s unaudited pro-forma results presented below include effects of merger as if consummated as of january 1 , 2012.\npro-forma results include depreciation amortization associated with acquired tangible and intangible assets , lease and debt fair value adjustments  elimination of deferred gains or losses  adjustments relating to reflecting fair value of loyalty program liability impact of income changes on profit sharing expense ,.\n in pro-forma results reflect impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots effective upon closing merger elimination of company 2019s reorganization items , net and merger transition costs.\n pro-forma results do not include anticipated synergies or other expected benefits of merger.\n unaudited pro-forma financial information below not necessarily indicative of future results of operations or results might have been achieved had acquisition consummated as of january 1 , 2012.\n december 31 , ( in millions ).\n 5.\n basis of presentation summary of significant accounting policies presentation consolidated financial statements for full years of 2015 and 2014 and period from december 9, 2013 to december 31 , 2013 include accounts of company and its wholly-owned subsidiaries.\n for periods prior to december 9 , 2013 consolidated financial statements do not include accounts of us airways group.\n all significant intercompany transactions eliminated.\n preparation of financial statements in accordance with accounting principles generally accepted in united states ( ) requires management to make certain estimates and assumptions that affect reported amounts of assets liabilities , revenues expenses  disclosure of contingent assets and liabilities at date of financial statements.\n actual results could differ from estimates.\n most significant areas\n\n| december 31 2013 ( in millions )\n---------- | --------------------------------\nrevenue    | $ 40678\nnet income | 2526"
}
{
    "_id": "dd4c20130",
    "title": "",
    "text": "securities historically returned approximately 10% ( 10 % ) annually over long periods time.\n debt securities returned approximately 6% ( 6 % ) annually over long periods.\n application of these historical returns to plan 2019s allocation ranges for equities and bonds produces result between 7. 25% ( 7. 25 % ) and 8. 75% ( 8. 75 % ) is one point of reference  among other factors consideration.\n we also examine plan 2019s actual historical returns over various periods and consider current economic environment.\n recent experience considered in evaluation with consideration especially for short time periods recent returns not reliable indicators of future returns.\n annual returns can vary significantly ( actual returns for 2012 , 2011  and 2010 were +15. 29% ( +15. 29 % ) , +. 11% ( +. 11 % )  and +14. 87% ( +14. 87 % ) , respectively ) selected assumption represents our estimated long-term average prospective returns.\n potentially wide range for assumption we annually examine assumption used by other companies with similar pension investment strategies ascertain whether our determinations differ from others.\n all cases this data informs our process places emphasis on qualitative judgment of future investment returns given conditions existing at each annual measurement date.\n expected long-term return on plan assets for determining net periodic pension cost for 2012 was 7. 75% ( 7. 75 % ) , same as for 2011.\n after considering views internal and external capital market advisors effects of recent economic environment on long-term prospective fixed income returns reducing expected long-term return on assets to 7. 50% ( 7. 50 % ) for determining pension cost for under current accounting rules difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods.\none percentage point difference in actual return compared with expected return causes expense in subsequent years to increase or decrease by up to $ 8 million as impact amortized into results operations.\n estimate pretax pension expense of $ 73 million in 2013 compared with pretax $ 89 million in 2012.\n year-over-year expected decrease reflects impact of favorable returns on plan assets experienced in 2012 effects of lower discount rate table below reflects estimated effects on pension expense of changes in annual assumptions using 2013 estimated expense as baseline.\n table 27 : pension expense - sensitivity analysis change in assumption ( a ) estimated increase to 2013 pension expense ( in millions ).\n a ) impact is effect of changing specified assumption while holding other assumptions constant.\n pension plan contribution requirements not particularly sensitive to actuarial assumptions.\n investment performance most impact on contribution requirements and will drive amount required contributions in future years.\n current law  including provisions pension protection act of 2006 sets limits to minimum and maximum contributions to plan.\n do not expect to be required by law to make contributions to plan during 2013.\n maintain other defined benefit plans less significant effect on financial results including nonqualified supplemental retirement plans for certain employees described in note 15 employee benefit plans in notes to consolidated financial statements in item 8 of report.\n pnc financial services group , inc.\n 2013 form 10-k 77\n\nchange in assumption ( a )                                   | estimatedincrease to 2013pensionexpense ( in millions )\n------------------------------------------------------------ | -------------------------------------------------------\n.5% ( .5 % ) decrease in discount rate                       | $ 21\n.5% ( .5 % ) decrease in expected long-term return on assets | $ 19\n.5% ( .5 % ) increase in compensation rate                   | $ 2"
}
{
    "_id": "dd4c51212",
    "title": "",
    "text": "management 2019s discussion analysis 120 jpmorgan chase & co. /2014 annual report wholesale credit portfolio firm 2019s wholesale businesses exposed to credit risk through underwriting  lending trading activities with for clients counterparties operating services cash management clearing activities.\n portion of loans originated or acquired by firm 2019s wholesale businesses retained on balance sheet.\n firm distributes significant percentage of loans into market syndicated loan business manage portfolio concentrations credit risk.\n wholesale credit environment remained favorable throughout 2014 driving increase in client activity.\n growth in loans retained driven by activity commercial banking growth in lending-related commitments reflected increased activity in corporate & investment bank commercial banking.\n discipline in underwriting across all areas lending key point of focus consistent with evolving market conditions firm 2019s risk management activities.\n wholesale portfolio actively managed by conducting ongoing in-depth reviews of client credit quality transaction structure inclusive of collateral applicable industry , product client concentrations.\n year wholesale criticized assets decreased from 2013  including reduction in nonaccrual loans by 40% ( 40 % ).\n wholesale credit portfolio december 31 , credit exposure nonperforming ( ).\n receivables from customers and other ( a ) 28972 26744 2014 2014 total wholesale credit- related assets 438861 414067 899 1459 lending-related commitments ) 472056 446232 103 206 total wholesale credit exposure $ 910917 $ 860299 $ 1002 $ 1665 credit portfolio management derivatives notional , net ( c ) $ ( 26703 ) $ ( 27996 ) $ 2014 $ ( 5 ) liquid securities other cash collateral held against derivatives ( 19604 ) ( 14435 ) na na receivables from customers other include $ 28. 8 billion and $ 26.5 billion margin loans at december 31 , 2014 and 2013  respectively to prime retail brokerage customers classified in accrued interest accounts receivable on consolidated balance sheets.\n ( b ) includes unused advised lines of credit of $ 105. 2 billion and $ 102. 0 billion as of december 31 , 2014 and 2013 .\n advised line of credit is revolving credit line specifies maximum amount firm may make available to obligor nonbinding basis.\n borrower receives written or oral advice facility.\n firm may cancel facility by providing borrower notice or some cases without notice as permitted by law.\n ( c ) represents net notional amount of protection purchased sold through credit derivatives to manage performing and nonperforming wholesale credit exposures ; derivatives not qualify for hedge accounting.\n.\n for additional information see credit derivatives on page 127  note 6.\n ( d ) excludes assets acquired in loan satisfactions.\n\ndecember 31 , ( in millions )                                        | december 31 , 2014 | december 31 , 2013 | 2014   | 2013\n-------------------------------------------------------------------- | ------------------ | ------------------ | ------ | ----------\nloans retained                                                       | $ 324502           | $ 308263           | $ 599  | $ 821\nloans held-for-sale                                                  | 3801               | 11290              | 4      | 26\nloans at fair value                                                  | 2611               | 2011               | 21     | 197\nloans 2013 reported                                                  | 330914             | 321564             | 624    | 1044\nderivative receivables                                               | 78975              | 65759              | 275    | 415\nreceivables from customers and other ( a )                           | 28972              | 26744              | 2014   | 2014\ntotal wholesale credit-related assets                                | 438861             | 414067             | 899    | 1459\nlending-related commitments ( b )                                    | 472056             | 446232             | 103    | 206\ntotal wholesale credit exposure                                      | $ 910917           | $ 860299           | $ 1002 | $ 1665\ncredit portfolio management derivatives notional net ( c )           | $ -26703 ( 26703 ) | $ -27996 ( 27996 ) | $ 2014 | $ -5 ( 5 )\nliquid securities and other cash collateral held against derivatives | -19604 ( 19604 )   | -14435 ( 14435 )   | na     | na"
}
{
    "_id": "dd4bf3fd6",
    "title": "",
    "text": "new accounting pronouncements information included in note 1 to consolidated financial statements.\n financial condition liquidity company generates significant ongoing cash flow.\n increases in long-term debt used to fund share repurchase activities and acquisitions.\n on november 15 , 2007 3m ( safety security protection services business ) announced definitive agreement for 3m 2019s acquisition of 100 percent of outstanding shares of aearo holding corp.\n e83a global leader in personal protection industry manufactures markets personal protection energy absorbing products for approximately $ 1. 2 billion.\n sale expected to close end of first quarter of 2008.\n at december 31.\n cash , cash equivalents marketable securities at december 31 , 2007 totaled approximately $ 3 billion helped by strong cash flow generation timing of debt issuances.\n at december 31 , 2006 cash balances higher due to significant pharmaceuticals sales proceeds received in december 2006.\n 3m believes ongoing cash flows provide ample cash to fund expected investments capital expenditures.\n company has sufficient access to capital markets to meet anticipated growth and acquisition investment funding needs.\n company does not utilize derivative instruments linked to company 2019s stock.\n contingently convertible debt if conditions for conversion convertible into shares of 3m common stock ( refer to note 10 ).\n company 2019s financial condition and liquidity are strong.\n assets and liabilities including cash and short-term debt can fluctuate significantly month to month depending on short-term liquidity needs.\n working capital ( current assets minus liabilities ) totaled $ 4. 476 billion at december 31 , 2007 compared with $ 1. 623 billion at december 31 , 2006.\nworking capital higher due to increases in cash cash equivalents short-term marketable securities receivables inventories decreases in short-term debt accrued income taxes.\n company 2019s liquidity remains strong cash cash equivalents marketable securities at december 31 , 2007 totaling approximately $ 3 billion.\n primary short-term liquidity needs provided through u. s.\n commercial paper euro commercial paper issuances.\n as of december 31 , 2007 outstanding total commercial paper issued totaled $ 349 million averaged $ 1. 249 billion during 2007.\n company believes unlikely access to commercial paper market restricted.\n june 2007 company established medium-term notes program up to $ 3 billion medium-term notes offered remaining shelf borrowing capacity of $ 2. 5 billion as of december 31 , 2007.\n april 30 , 2007 company replaced $ 565-million credit facility with new $ 1. 5-billion five-year credit facility provisions for company to request increase facility up to $ 2 billion ( lenders 2019 discretion ) providing for up to $ 150 million in letters of credit.\n as of december 31 , 2007 $ 110 million in letters of credit drawn against facility.\n december 31 2007 available short-term committed lines of credit internationally totaled approximately $ 67 million $ 13 million utilized.\n debt covenants not restrict payment of dividends.\n company has \"well-known seasoned issuer\" shelf registration statement effective february 24, 2006 to register indeterminate amount of debt equity securities for future sales.\n company intends to use proceeds from future securities sales for general corporate purposes.\n december 31 , 2007 certain debt agreements ( $ 350 million of dealer remarketable securities $ 87 million of esop debt ) had ratings triggers ( bbb-/baa3 or lower ) require repayment of debt.\ncompany has aa credit rating  stable outlook  from standard & poor 2019s and aa1 credit rating  negative outlook from moody 2019s investors service.\n under $ 1. 5-billion five-year credit facility agreement , 3m required to maintain ebitda to interest ratio end of each fiscal quarter at not less than 3. 0 to 1.\n this calculated defined in agreement ) as ratio of consolidated total ebitda for four consecutive quarters then ended to total interest expense on all funded debt for same period.\n at december 31 , 2007, ratio was approximately 35 to 1.\n\n( millions )                                           | 2007   | 2006   | 2005\n------------------------------------------------------ | ------ | ------ | ------\ntotal debt                                             | $ 4920 | $ 3553 | $ 2381\nless : cash cash equivalents and marketable securities | 2955   | 2084   | 1072\nnet debt                                               | $ 1965 | $ 1469 | $ 1309"
}
{
    "_id": "dd4c4bdc6",
    "title": "",
    "text": "july , 2002 , marathon received notice of enforcement from state of texas for alleged excess air emissions from yates gas plant production operations on kloh lease.\n settlement finalized in 2004  with marathon co-owners paying civil penalty of $ 74000 donation of land as supplemental environmental project in lieu of further penalty of $ 74000.\n marathon is owner of 38% ( 38 % ) interest in facilities.\n may , 2003  marathon received consolidated compliance order & notice potential penalty from state of louisiana for alleged air permit regulatory violations.\n matter settled for civil penalty of $ 148628 awaits formal closure with state.\n august 2004 west virginia department of environmental protection ( 2018 2018wvdep 2019 2019 ) submitted draft consent order to map regarding map 2019s handling of hazardous waste from tank cleanings west virginia.\n proposed order seeks civil penalty of $ 337900.\n map met with wvdep discussions ongoing to resolve matter.\n item 4.\n submission of matters to vote of security holders not applicable.\n part ii item 5.\n market for registrant 2019s common equity related stockholder matters issuer purchases of equity securities principal market on company 2019s common stock traded is new york stock exchange.\n 2019s common stock also traded on chicago stock exchange pacific exchange.\n information concerning high and low sales prices for common stock reported in consolidated transaction reporting system frequency amount of dividends paid during last two years set forth in 2018 2018selected quarterly financial data ( unaudited ) 2019 2019 page f-41.\n as of january 31 , 2005  58340 registered holders of marathon common stock.\nboard of directors intends to declare pay dividends on marathon common stock based on financial condition results of operations of marathon oil corporation  no obligation under delaware law or restated certificate of incorporation.\n determining dividend policy marathon common board rely on financial statements of marathon.\n dividends on marathon common stock limited to legally available funds of marathon.\n table provides information about purchases by marathon affiliated purchaser during fourth quarter ended december 31, 2004 of equity securities registered by marathon pursuant section 12 of exchange act : issuer purchases of equity securities.\n ( 1 ) 42749 shares repurchased in open-market transactions under marathon oil corporation dividend reinvestment direct stock purchase plan ( 2018 2018plan 2019 2019 ) by administrator plan.\n stock needed to meet requirements plan purchased in open market or issued directly by marathon.\n ( 2 ) 2936 shares of restricted stock delivered by employees to marathon  vesting to satisfy tax withholding requirements.\n item 6.\n selected financial data see page f-49 through f-51.\n\n| ( a )                                        | ( b )                        | ( c )                                                                                  | ( d )\n---------------------- | -------------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------\nperiod                 | total number of shares purchased ( 1 ) ( 2 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( 1 ) | maximum number of shares that may yet be purchased under the plans or programs\n10/01/04 2013 10/31/04 | 6015                                         | $ 40.51                      | n/a                                                                                    | n/a\n11/01/04 2013 11/30/04 | 5145                                         | $ 38.94                      | n/a                                                                                    | n/a\n12/01/04 2013 12/31/04 | 34526                                        | $ 37.07                      | n/a                                                                                    | n/a\ntotal:                 | 45686                                        | $ 37.73                      | n/a                                                                                    | n/a"
}
{
    "_id": "dd4c46786",
    "title": "",
    "text": "security ownership 5% ( 5 % ) holders  directors nominees executive officers shares common stock percent common stock name beneficial owner beneficially owned ( 1 ) outstanding.\n current executive officers directors group ( 14 persons ) 8352396 ( 13 ) 1. 00% 1. 00 % ) 1 ) represents shares company 2019s common stock held options held by individuals exercisable at table date or within 60 days thereafter.\n not include options restricted stock units vest more than 60 days after table date.\n ( 2 ) based form 13g/a filed february 14, 2007 fmr corp.\n corp.\n lists address 82 devonshire street  boston , ma 02109 filing.\n ( 3 ) includes 110000 shares company 2019s common stock mr.\n campbell right to acquire by exercise stock options.\n ( 4 ) excludes 600000 unvested restricted stock units.\n ( 5 ) includes 40000 shares company 2019s common stock mr.\n drexler holds indirectly 190000 shares company 2019s common stock mr.\n drexler right to acquire by exercise stock options.\n ( 6 ) includes 275 shares company 2019s common stock mr.\n fadell holds indirectly 165875 shares company 2019s common stock mr.\n fadell right to acquire by exercise stock options within 60 days after table date 1157 shares company 2019s common stock held by mr.\n fadell 2019s spouse 117375 shares company 2019s common stock mr.\n fadell 2019s spouse right to acquire by exercise stock options within 60 days after table date.\n excludes 210000 unvested restricted stock units held by mr.\n fadell 40000 unvested restricted stock units held by mr.\n fadell 2019s spouse.\n ( 7 ) consists 70000 shares company 2019s common stock mr.\ngore right to acquire by exercise stock options.\n ( 8 ) includes 1300000 shares company 2019s common stock mr.\n johnson right to acquire stock options excludes 450000 unvested restricted stock units.\n ( 9 ) includes 2000 shares company 2019s common stock held by dr.\n levinson 2019s spouse 110000 shares company 2019s common stock dr.\n levinson right to acquire exercise stock options.\n ( 10 ) excludes 450000 unvested restricted stock units.\n\nname of beneficial owner                                               | shares of common stock beneficially owned ( 1 ) |            | percent of common stock outstanding\n---------------------------------------------------------------------- | ----------------------------------------------- | ---------- | -----------------------------------\nfidelity investments                                                   | 56583870                                        | -2 ( 2 )   | 6.49% ( 6.49 % )\nsteven p . jobs                                                        | 5546451                                         |            | *\nwilliam v . campbell                                                   | 112900                                          | -3 ( 3 )   | *\ntimothy d . cook                                                       | 13327                                           | -4 ( 4 )   | *\nmillard s . drexler                                                    | 230000                                          | -5 ( 5 )   | *\ntony fadell                                                            | 288702                                          | -6 ( 6 )   | *\nalbert a . gore jr .                                                   | 70000                                           | -7 ( 7 )   | *\nronald b . johnson                                                     | 1450620                                         | -8 ( 8 )   | *\narthur d . levinson                                                    | 365015                                          | -9 ( 9 )   | *\npeter oppenheimer                                                      | 14873                                           | -10 ( 10 ) | *\neric e . schmidt                                                       | 12284                                           | -11 ( 11 ) | *\njerome b . york                                                        | 90000                                           | -12 ( 12 ) | *\nall current executive officers and directors as a group ( 14 persons ) | 8352396                                         | -13 ( 13 ) | 1.00% ( 1.00 % )"
}
{
    "_id": "dd4c49d50",
    "title": "",
    "text": "contractual obligations summarize enforceable legally binding contractual obligations at september 30 , 2018  effect obligations expected on liquidity cash flow future periods in following table.\n certain amounts table based on management fffds estimates assumptions about obligations including duration  possibility of renewal anticipated actions by third parties other factors including estimated minimum pension plan contributions estimated benefit payments related to postretirement obligations  supplemental retirement plans deferred compensation plans.\n estimates assumptions subjective enforceable legally binding obligations pay future periods may vary from in table.\n ( 1 ) includes only principal payments owed on debt assuming all long-term debt held to maturity excluding scheduled payments.\n excluded $ 205. 2 million of fair value of debt step-up , deferred financing costs unamortized bond discounts from table to arrive at actual debt obligations.\n see fffdnote 13.\n debt fffd fffd of notes to consolidated financial statements for information on interest rates apply to various debt instruments.\n ( 2 ) see fffdnote 14.\n operating leases fffd of notes to consolidated financial statements for additional information.\n ( 3 ) fair value step-up of $ 18. 5 million excluded.\n see fffdnote 13.\n debt fffd fffd capital lease other indebtednesstt fffd of notes to consolidated financial statements for additional information.\n ( 4 ) purchase obligations include agreements to purchase goods or services enforceable legally binding specify all significant terms including fixed or minimum quantities to be purchased ; fixed , minimum or variable price provision approximate timing of transaction.\n purchase obligations exclude agreements cancelable without penalty.\n( 5 ) included in table future estimated minimum pension plan contributions estimated benefit payments related to postretirement obligations  supplemental retirement plans deferred compensation plans.\n estimates based on factors discount rates expected returns on plan assets.\n future contributions subject to changes in underfunded status based on factors investment performance discount rates returns on plan assets changes in legislation.\n possible assumptions may change actual market performance may vary or may decide to contribute different amounts.\n excluded $ 247. 8 million of multiemployer pension plan withdrawal liabilities recorded as of september 30, 2018 due to lack of definite payout terms for certain obligations.\n see fffdnote 4.\n retirement plans fffd multiemployer plans of notes to consolidated financial statements for additional information.\n ( 6 ) not included following items in table : fffd item labeled fffdother long-term liabilities reflected on consolidated balance sheet liabilities not have definite pay-out scheme.\n fffd $ 158. 4 million from line item fffdpurchase obligations other fffd for certain provisions of financial accounting standards board fffds ( accounting standards codification ( fffdasc fffd ) 740 , fffdincome taxes associated with liabilities for uncertain tax positions due to uncertainty to amount and timing of payment .\n in addition to enforceable legally binding obligations presented in table above other obligations for goods services raw materials entered into in normal course of business.\n these contracts subject to change based on business decisions.\n expenditures for environmental compliance see item 1.\nfffdbusiness fffd fffd governmental regulation fffd environmental other matters fffd , fffdbusiness fffd fffd governmental regulation fffd cercla remediation costs fffd fffd fffdbusiness fffd governmental regulation fffd climate change discussion expenditures environmental compliance.\n\n( in millions )                                                                   | payments due by period total | payments due by period fiscal 2019 | payments due by period fiscal 2020and 2021 | payments due by period fiscal 2022and 2023 | payments due by period thereafter\n--------------------------------------------------------------------------------- | ---------------------------- | ---------------------------------- | ------------------------------------------ | ------------------------------------------ | ---------------------------------\nlong-term debt including current portionexcluding capital lease obligations ( 1 ) | $ 6039.0                     | $ 726.6                            | $ 824.8                                    | $ 1351.0                                   | $ 3136.6\noperating lease obligations ( 2 )                                                 | 615.8                        | 132.1                              | 199.9                                      | 118.4                                      | 165.4\ncapital lease obligations ( 3 )                                                   | 152.5                        | 5.0                                | 6.7                                        | 2.7                                        | 138.1\npurchase obligations and other ( 4 ) ( 5 ) ( 6 )                                  | 2210.5                       | 1676.6                             | 224.1                                      | 114.9                                      | 194.9\ntotal                                                                             | $ 9017.8                     | $ 2540.3                           | $ 1255.5                                   | $ 1587.0                                   | $ 3635.0"
}
{
    "_id": "dd4bd938e",
    "title": "",
    "text": "14.\n capital stock earnings per share authorized to issue 250 million shares preferred stock none issued or outstanding as of december 31 , 2009.\n numerator for basic and diluted earnings per share is net earnings available to common stockholders.\n denominator for basic earnings per share is weighted average number of common shares outstanding period.\n denominator diluted earnings per share is weighted average shares outstanding adjusted for effect of dilutive stock options and other equity awards.\n reconciliation of weighted average shares for basic and diluted share computations for years ending december 31 ( in millions ) :.\n weighted average shares outstanding for basic net earnings per share 215. 0 227. 3 235. 5 effect of dilutive stock options and other equity awards 0. 8 1. 0 2. 0 weighted average shares outstanding for diluted net earnings per share 215. 8 228. 3 237. 5 year ended december 31 , 2009 average of 14. 3 million options to purchase shares common stock not included in computation diluted earnings per share exercise prices options greater than average market price common stock.\n years ended december 31 , 2008 and 2007  average of 11. 2 million and 3. 1 million options not included.\n during 2009  repurchased approximately 19. 8 million shares common stock at average price $ 46. 56 per share for total cash outlay of $ 923. 7 million  including commissions.\n april 2008 board of directors authorized $ 1. 25 billion share repurchase program to expire december 31 , 2009.\n september 2009 board extended program to december 31 , 2010.\n approximately $ 211. 1 million remains authorized for future repurchases.\n.\nsegment data we design , develop  manufacture market orthopaedic reconstructive implants , dental implants  spinal implants  trauma products related surgical products include surgical supplies instruments to aid in surgical procedures post-operation rehabilitation.\n we also provide other healthcare-related services.\n revenue related to these services represents less than 1 percent of our total net sales.\n manage operations through three major geographic segments 2013 americas , principally of united states includes other north, central south american markets ; europe  principally europe includes middle east and africa ; asia pacific  primarily of japan includes other asian and pacific markets.\n this structure is basis for reportable segment information below.\n management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations corporate expenses  share-based compensation expense  settlement , certain claims  acquisition , integration , realignment other expenses  net curtailment settlement  inventory step-up  in-process research and development write-offs intangible asset amortization expense.\n global operations include research , development engineering  medical education  brand management  corporate legal , finance  human resource functions.\n puerto rico-based manufacturing operations and logistics.\n intercompany transactions eliminated from segment operating profit.\n management reviews accounts receivable , inventory  property  plant and equipment  goodwill intangible assets by reportable segment exclusive of.\n puerto rico-based manufacturing operations logistics corporate assets.\n o l d i n g s n.\n2 0 0 9 f o r m 1 0 - a l r e p t notes consolidated financial statements continued ) %%transmsg*** transmitting job : c55340 pcn : 060000000%pcmsg|60 |00007|yes|no|02/24/2010 01:32|0|0|page valid no graphics color : d|\n\n| 2009  | 2008  | 2007\n---------------------------------------------------------------------- | ----- | ----- | -----\nweighted average shares outstanding for basic net earnings per share   | 215.0 | 227.3 | 235.5\neffect of dilutive stock options and other equity awards               | 0.8   | 1.0   | 2.0\nweighted average shares outstanding for diluted net earnings per share | 215.8 | 228.3 | 237.5"
}
{
    "_id": "dd4c391d0",
    "title": "",
    "text": "edwards lifesciences corporation notes to consolidated financial statements continued ) 7.\n acquisitions continued ) transaction closed january 23 , 2017  consideration paid included issuance of approximately 2. 8 million shares of company 2019s common stock ( fair value $ 266. 5 million ) and cash of $ 86. 2 million.\n company recognized in 201ccontingent consideration liabilities 201d $ 162. 9 million liability for estimated fair value of contingent milestone payments.\n fair value contingent milestone payments remeasured each quarter  changes fair value recognized within operating expenses on consolidated statements of operations.\n for further information on fair value contingent milestone payments see note 10.\n connection with acquisition  company placed $ 27. 6 million of purchase price into escrow to satisfy claims for indemnification merger agreement.\n funds remaining 15 months after acquisition date disbursed to valtech 2019s former shareholders.\n acquisition-related costs of $ 0. 6 million and $ 4. 1 million recorded in 201cselling , general  and administrative expenses during years ended december 31 , 2017 and 2016 .\n prior to close transaction valtech spun off early- stage transseptal mitral valve replacement technology program.\n concurrent closing company entered agreement for exclusive option to acquire program and associated intellectual property for approximately $ 200. 0 million  subject to certain adjustments plus additional $ 50. 0 million if european regulatory approval obtained within 10 years of acquisition closing date.\n option expires two years after closing date transaction can be extended by up to one year depending on results of clinical trials.\n valtech is developer of transcatheter mitral and tricuspid valve repair system.\n company plans to add this technology to portfolio of mitral and tricuspid repair products.\n acquisition accounted for as business combination.\ntangible and intangible assets acquired recorded based on estimated fair values at acquisition date.\n excess of purchase price over fair value of net assets acquired recorded to goodwill.\n following table summarizes fair values of assets acquired liabilities assumed ( in millions ) :.\n goodwill includes expected synergies other benefits company believes result from acquisition.\n goodwill assigned to company 2019s rest of world segment not deductible for tax purposes.\n ipr&d capitalized at fair value as intangible asset with indefinite life assessed for impairment in subsequent periods.\n fair value of ipr&d determined using income approach.\n approach determines fair value based on cash flow projections discounted to present value using risk-adjusted rate of return.\n discount rates fair value ipr&d ranged from 18. 0% ( 18. 0 % ) to 20. 0% ( 20. 0 % ).\n completion of successful design developments, bench testing  pre-clinical studies\n\ncurrent assets                            | $ 22.7\n----------------------------------------- | --------------\nproperty and equipment net                | 1.2\ngoodwill                                  | 316.5\ndeveloped technology                      | 109.2\nipr&d                                     | 87.9\nother assets                              | 0.8\ncurrent liabilities assumed               | -5.1 ( 5.1 )\ndeferred income taxes                     | -17.6 ( 17.6 )\ntotal purchase price                      | 515.6\nless : cash acquired                      | -4.3 ( 4.3 )\ntotal purchase price net of cash acquired | $ 511.3"
}
{
    "_id": "dd4bf7820",
    "title": "",
    "text": "impairment of long-lived assets , goodwill intangible assets - assess long-lived assets for impairment based on statement 144 , 201caccounting for impairment or disposal of long-lived assets. 201d long-lived asset tested for impairment whenever events or changes circumstances indicate its carrying amount may exceed fair value.\n fair values based on sum undiscounted future cash flows expected from use and eventual disposition of assets.\n assess goodwill and intangible assets for impairment annually based on statement 142 , 201cgoodwill other intangible assets. 201d no impairment charges from july 1, 2007, impairment tests no events indicating impairment occurred subsequent to that date.\n initial assessment made by comparing fair value of operations with goodwill  determined in accordance with statement 142 , to book value of each reporting unit.\n if fair value less than book value , impairment is indicated must perform second test to measure amount impairment.\n second test calculate implied fair value of goodwill by deducting fair value of all tangible and intangible net assets of operations with goodwill from fair value determined in step one assessment.\n if carrying value of goodwill exceeds calculated implied fair value of goodwill , will record impairment charge.\n at december 31 , 2007  had $ 600. 7 million of goodwill recorded on consolidated balance sheet as shown below.\n thousands dollars ) intangible assets with finite useful life are amortized over estimated useful life, intangible assets with indefinite useful life not amortized.\n all intangible assets subject to impairment testing.\n oneok partners segment had $ 443. 0 million of intangible assets recorded on consolidated balance sheet as of december 31 , 2007 , of which $ 287.5 million amortized over period 40 years remaining balance has indefinite life.\n during 2006  recorded goodwill and asset impairment related to oneok partners 2019 black mesa pipeline of $ 8. 4 million and $ 3. 6 million  respectively recorded as depreciation and amortization.\n reduction to net income net of minority interests and income taxes was $ 3. 0 million.\n in third quarter of 2005  decision to sell spring creek power plant  in oklahoma exit power generation business.\n in october 2005  concluded spring creek power plant impaired recorded impairment expense of $ 52. 2 million.\n conclusion based on statement 144 impairment analysis of results of operations for plant through september 30 , 2005 net sales proceeds from anticipated sale plant.\n sale completed on october 31 , 2006.\n component of business accounted for as discontinued operations in accordance with statement 144.\n see 201cdiscontinued operations 201d on page 46 for additional information.\n total unamortized excess cost over underlying fair value of net assets accounted for under equity method was $ 185. 6 million as of december 31 , 2007 and 2006.\n based on statement 142  amount referred as equity method goodwill  should continue to be recognized in accordance with apb opinion no.\n 18 , 201cthe equity method of accounting for investments in common stock. 201d included amount in investment in unconsolidated affiliates on consolidated balance sheets.\n pension and postretirement employee benefits - defined benefit retirement plans covering certain full-time employees.\n sponsor welfare plans provide postretirement medical and life insurance benefits to certain employees retire with five years of service.\n actuarial consultant calculates expense and liability related to plans uses statistical factors to anticipate future events.\nfactors include assumptions about discount rate expected return on plan assets rate future compensation increases age employment periods.\n in determining projected benefit obligations costs assumptions can change from period to period result in material changes in costs liabilities.\n see note j of notes to consolidated financial statements in annual report on form 10-k for additional information.\n\n| ( thousands of dollars )\n--------------- | ------------------------\noneok partners  | $ 431418\ndistribution    | 157953\nenergy services | 10255\nother           | 1099\ntotal goodwill  | $ 600725"
}
{
    "_id": "dd4bf481e",
    "title": "",
    "text": "29 annual report 2012 duke realty corporation  indirect costs not allocated to or absorbed by operations charged to general and administrative expenses.\n regularly review total overhead cost structure relative to leasing , development construction volume adjust level total overhead through changes in level staffing in various functional departments necessary to control overall general and administrative expense.\n administrative expenses increased from $ 43. 1 million in 2011 to $ 46. 4 million in 2012.\n table sets factors led to increase in general administrative expenses from 2011 to 2012 ( in millions ) :.\n 1 reduced total pool of overhead costs through staff reductions other measures result of changes in product mix anticipated future levels of third-party construction , leasing management other operational activities.\n increased focus on development of wholly-owned properties significantly increased leasing activity during 2012 resulted in increased absorption of overhead costs.\n capitalized $ 30. 4 million and $ 20. 0 million of total overhead costs to leasing and development  for consolidated properties during 2012  compared to capitalizing $ 25. 3 million and $ 10. 4 million of such costs  for 2011.\n combined overhead costs capitalized to leasing and development totaled 31. 1% ( 31. 1 % ) and 20. 6% ( 20. 6 % ) of overall pool of overhead costs for 2012 and 2011 .\n reduction in allocation of overhead costs to service operations and rental operations resulted from reduced volumes of third-party construction projects due to reducing overall investment in office properties more management intensive.\n interest expense expense allocable to continuing operations increased from $ 220. 5 million in 2011 to $ 245. 2 million in 2012.\n had $ 47.4 million interest expense allocated to discontinued operations in 2011  associated with properties disposed of during 2011 compared to allocation of only $ 3. 1 million interest expense to discontinued operations for 2012.\n total interest expense  combined for continuing and discontinued operations decreased from $ 267. 8 million in 2011 to $ 248. 3 million in 2012.\n reduction total interest expense result of lower weighted average borrowing rate in 2012 due to refinancing higher rate bonds in 2011 and 2012 slight decrease in average level of borrowings compared to 2011.\n due to increase in properties under development from 2011  met criteria for capitalization of interest financed in part by common equity issuances during 2012 $ 5. 0 million increase in capitalized interest contributed to decrease in total interest expense in 2012.\n acquisition-related activity during 2012 recognized approximately $ 4. 2 million in acquisition costs compared to $ 2. 3 million costs in 2011.\n increase from 2011 to 2012 result of acquiring higher volume of medical office properties  higher level of acquisition costs incurred other property types in 2012.\n during 2011 recognized $ 1. 1 million gain related to acquisition of building from 50%-owned unconsolidated joint ventures.\n discontinued operations subject to certain criteria results of operations for properties sold during year to unrelated parties or classified as held-for-sale at end of period required to be classified as discontinued operations.\n property specific components of earnings classified as discontinued operations include rental revenues  rental expenses  real estate taxes  allocated interest expense and depreciation expense net gain or loss on disposition of properties.\n operations of 150 buildings currently classified as discontinued operations.\n150 buildings consist 114 office 30 industrial four retail two medical office properties.\n result classified operating losses  before gain on sales of $ 1. 5 million , $ 1. 8 million $ 7. 1 million in discontinued operations for years ended december 31 , 2012 , 2011 and 2010  respectively.\n properties  28 sold during 2012 , 101 properties sold during 2011 19 properties sold during 2010.\n gains on disposal of properties of $ 13. 5 million , $ 100. 9 million $ 33. 1 million for years ended december 31, 2012, 2011\n\ngeneral and administrative expenses - 2011                                             | $ 43.1\n-------------------------------------------------------------------------------------- | --------------\nreduction to overall pool of overhead costs ( 1 )                                      | -11.0 ( 11.0 )\nincreased absorption of costs by wholly-owned development and leasing activities ( 2 ) | -14.7 ( 14.7 )\nreduced allocation of costs to service operations and rental operations ( 3 )          | 29.0\ngeneral and administrative expenses - 2012                                             | $ 46.4"
}
{
    "_id": "dd4c0f3ee",
    "title": "",
    "text": "international networks segment owns operates regional television networks  reached following number subscribers and viewers via pay and fta or broadcast networks  as of december 31 , 2017 : television service international subscribers/viewers ( millions ).\n ) number of subscribers corresponds to sum of subscribers to nordic broadcast networks in sweden , norway  finland denmark subject to retransmission agreements with pay-tv providers.\n nordic broadcast networks include kanal 5 , kanal 9  kanal 11 in sweden , tv norge , max , fem and vox in norway  tv 5, kutonen , frii in finland  kanal 4 , kanal 5 , 6'eren , canal 9 in denmark.\n similar to.\n significant source of revenue for international networks relates to fees charged to operators distribute our linear networks.\n such operators include cable and dth satellite service providers  internet protocol television ( \"iptv ) over-the-top operators ( ).\n international television markets vary in stages of development.\n some markets. are more advanced digital television markets others remain in analog environment with varying degrees of investment from operators to expand channel capacity or convert to digital technologies.\n common practice in international markets results in long-term contractual distribution relationships with terms generally shorter than similar customers in.\n distribution revenue for international networks segment dependent on number of subscribers receive our networks or content , rates negotiated in distributor agreements market demand for content.\n other significant source of revenue for international networks relates to advertising sold on our television networks and across other distribution platforms similar.\n.\nadvertising revenue dependent upon factors including development of pay and fta television markets number of subscribers and viewers channels viewership demographics popularity of programming ability to sell commercial time over all media platforms.\n in certain markets our advertising sales business operates with in-house sales teams rely on external sales representation services in other markets.\n during 2017  distribution , advertising and other revenues were 57% ( 57 % ), 41% ( 41 % ) and 2% ( 2 % )  of total net revenues for this segment.\n company traditionally operated cable networks in increasing portion of company international advertising revenue generated by fta or broadcast networks unlike.\n networks.\n during 2017  fta or broadcast networks generated 54% ( 54 % ) of international networks' advertising revenue and pay-tv networks generated 46% ( 46 % ) of international networks' advertising revenue.\n international networks' largest cost is content expense for localized programming via more 400 unique distribution feeds.\n international networks segment maximizes use of programming from.\n networks also develop local programming tailored to individual market preferences license rights to air films  television series sporting events from third parties.\n international networks amortizes cost of capitalized content rights based on proportion current estimated revenues relative to estimated remaining total lifetime revenues results in accelerated method or straight-line method over estimated useful lives of content of up to five years.\n content acquired from.\n networks and content developed locally airing on same network is amortized similarly amortization rates vary by network.\n more than half of international networks' content is amortized using accelerated amortization method remainder amortized on straight-line basis.\ncosts for multi-year sports programming arrangements expensed when event broadcast based on estimated relative value of each component arrangement.\n international networks and u. s.\n networks have similarities with nature of operations  generation of revenue categories of expense , international networks have lower segment margin due to lower economies of scale from in over 220 markets requiring additional cost for localization to market variations.\n international networks include sports and fta broadcast channels drive higher costs from sports rights and production and investment in broad entertainment programming for broadcast networks.\n on june 23 , 2016  u. k.\n held referendum voters approved exit from european union ( 201ce. u. 201d )  referred to as 201cbrexit. 201d after preliminary phase of negotiations end of 2017  u. k.\n government and e. u.\n will in 2018 negotiate main principles of u. k. 2019s future relationship with e. u.  transitional period.\n brexit may have adverse impact on advertising  subscribers distributors employees  described in item 1a risk factors .\n continue to monitor situation plan for potential effects to distribution and licensing agreements unusual foreign currency exchange rate fluctuations changes to legal and regulatory landscape.\n education and other education generated revenues of $ 158 million during 2017 represented 2% ( 2 % ) of our total consolidated revenues.\n education is of curriculum-based product and service offerings generates revenues primarily from subscriptions to k-12 schools for access to online suite of curriculum-based vod tools  professional development services  digital textbooks student assessments publication of hard copy curriculum-based content.\n other of our wholly-owned production studio  provides services to u. s.\n networks and international networks segments at cost.\nfebruary 26 , 2018 , company announced planned sale of controlling equity stake in education business in first half of 2018  to francisco partners for cash of $ 120 million.\n no loss expected upon sale.\n company will retain equity interest.\n company have ongoing license agreements considered to at fair value.\n as of december 31 , 2017  company determined education business did not meet held for sale criteria management not committed to plan to sell assets.\n april 28 , 2017  company sold raw and betty to all3media.\n all3media is u. k.\n based television , film and digital production and distribution company.\n company owns 50% ( 50 % ) of all3media accounts for investment in all3media under equity method of accounting.\n raw and betty were components of studios operating segment reported with education other.\n november 12 , 2015  paid $ 195 million to acquire 5 million shares , or approximately 3% ( 3 % ), of lions gate entertainment corp.\n ( \"lionsgate\" )  entertainment company involved in production of movies and television accounted for as available-for-sale ( \"afs\" ) security.\n during 2016  determined decline in value of investment in lionsgate is other- than-temporary in nature cost basis adjusted to fair value of investment as of september 30 , 2016.\n ( see note 4 to accompanying consolidated financial statements. ) content development content development strategy designed to increase viewership  maintain innovation and quality leadership provide value for network distributors and advertising customers.\n content sourced from wide range of third-party producers include world 2019s leading nonfiction production companies  independent producers and wholly-owned production studios.\n production arrangements fall into three categories : produced , coproduced and licensed.\nproduced content includes content we engage third parties or wholly owned production studios to develop produce.\n we retain editorial control own most or all rights , in exchange for paying development production costs.\n production of digital-first content virtual reality short-form video typically done through wholly-owned production studios.\n coproduced content refers to program rights collaborated with third parties to finance develop world-wide rights not available for acquisition or save costs by collaborating with third parties.\n licensed content comprised of films or\n\n| television service | internationalsubscribers/viewers ( millions )\n------------------------------- | ------------------ | ---------------------------------------------\nquest                           | fta                | 66\ndsport                          | fta                | 43\nnordic broadcast networks ( a ) | broadcast          | 34\nquest red                       | fta                | 27\ngiallo                          | fta                | 25\nfrisbee                         | fta                | 25\nfocus                           | fta                | 25\nk2                              | fta                | 25\nnove                            | fta                | 25\ndiscovery hd world              | pay                | 17\ndkiss                           | pay                | 15\nshed                            | pay                | 12\ndiscovery hd theater            | pay                | 11\ndiscovery history               | pay                | 10\ndiscovery civilization          | pay                | 8\ndiscovery world                 | pay                | 6\ndiscovery en espanol ( u.s. )   | pay                | 6\ndiscovery familia ( u.s. )      | pay                | 6\ndiscovery historia              | pay                | 6"
}
{
    "_id": "dd4bedf0a",
    "title": "",
    "text": "discussion analysis of financial condition results of operations 2014liquidity capital resources 2014 factors affecting sources liquidity. 201d recent sales of unregistered securities year ended december 31 , 2005  issued aggregate of 4670335 shares of our class a common stock upon conversion of $ 57. 1 million principal amount of 3. 25% ( 3. 25 % ) notes.\n terms indenture holders of 3. 25% ( 3. 25 % ) notes received 81. 808 shares of class a common stock for every $ 1000 principal amount of notes converted.\n shares issued noteholders in reliance on exemption from registration section 3 ( a ) ( 9 ) of securities act of 1933 , as amended.\n no underwriters engaged connection such issuances.\n conversion paid holders aggregate of $ 4. 9 million , calculated based on accrued unpaid interest on notes discounted value of future interest payments on notes.\n subsequent to december 31 , 2005  issued shares of class a common stock upon conversions of additional 3. 25% ( 3. 25 % ) notes  in item 9b of annual report under caption 201cother information. 201d year ended december 31 , 2005  issued aggregate of 398412 shares of class a common stock upon exercises of 55729 warrants assumed in merger with spectrasite , inc.\n august 2005  merger spectrasite. assumed approximately 1. 0 million warrants to purchase shares of spectrasite , inc.\n common stock.\n upon completion merger each warrant to purchase shares spectrasite  inc.\n common stock converted into warrant to purchase 7. 15 shares of class a common stock at exercise price of $ 32 per warrant.\n net proceeds from warrant exercises approximately $ 1. 8 million.\nshares of class a common stock issued to warrantholders upon exercise of warrants issued in reliance on exemption from registration in section 3 ( a ) ( 9 ) of securities act of 1933 , as amended.\n no underwriters engaged with issuances.\n subsequent to december 31 , 2005  we issued shares of class a common stock upon exercises of additional warrants in item 9b of this annual report under caption 201cother information. 201d issuer purchases of equity securities in november 2005 board of directors approved stock repurchase program intend to repurchase up to $ 750. 0 million of our class a common stock through december 2006.\n during fourth quarter of 2005  repurchased 2836519 shares of class a common stock for aggregate of $ 76. 6 million stock repurchase program as : period total number of shares purchased ( 1 average price paid per share total number of shares purchased as part of publicly announced plans or programs ( 1 ) approximate dollar value of shares may yet be purchased under plans or programs ( in millions ).\n ( 1 all issuer repurchases made to stock repurchase program announced in november 2005.\n program intend to repurchase up to $ 750. 0 million of our class a common stock during period november 2005 through december 2006.\n under program management authorized to purchase shares in open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements subject to market conditions and other factors.\n to facilitate repurchases entered into trading plan under rule 10b5-1 of securities exchange act of 1934  allows us to repurchase shares during periods prevented from under insider trading laws or self- imposed trading blackout periods.\nprogram may be discontinued any time.\n since december 31 , 2005  continued to repurchase shares our class a common stock stock repurchase program.\n between january 1 , 2006 and march 9 , 2006  repurchased 3. 9 million shares of class common stock for aggregate of $ 117. 4 million stock repurchase program.\n\nperiod                 | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( 1 ) | approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions )\n---------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------\n11/17/05 2013 11/30/05 | 874306                                 | $ 26.25                      | 874306                                                                                 | $ 727.0\n12/1/05 2013 12/31/05  | 1962213                                | $ 27.29                      | 1962213                                                                                | $ 673.4\ntotal fourth quarter   | 2836519                                | $ 26.97                      | 2836519                                                                                | $ 673.4"
}
{
    "_id": "dd4be669c",
    "title": "",
    "text": "guarantees to third parties.\n issued guar- antees and comfort letters of $ 171 million for debt and other obligations of unconsolidated affiliates, primarily for cpw.\n off-balance sheet arrangements limited to future payments under noncancelable operating leases totaled $ 408 million at may 28  may 28  2006 invested in four variable interest entities ( vies ).\n primary beneficiary ( pb ) of general mills capital , inc.\n ( gm capital ) , a subsidiary we consolidate in note eight to consoli- dated financial statements on pages 43 and 44 in item eight of report.\n interest in contract manufacturer at our former facility in geneva .\n not consolidated this entity because not material to our results of oper- ations , financial condition , or liquidity at may 28 , 2006.\n this entity had property and equipment of $ 50 million and long-term debt of $ 50 million at may 28 , 2006.\n not the pb of remaining two vies.\n maximum exposure to loss from these vies limited to $ 150 million minority interest in gm capital , contract manufactur- er 2019s debt and our $ 6 million of equity investments in two remaining vies.\n following table summarizes future estimated cash payments under existing contractual obligations including payments due by period.\n majority of purchase obligations represent commitments for raw mate- rial and packaging in normal course of business and for consumer-directed marketing commit- ments support our brands.\n net fair value of our interest rate and equity swaps was $ 159 million at may 28 , 2006 based on market values.\n future changes in market values will impact amount of cash paid or received to settle those instruments in future.\nlong-term obligations consist of income taxes , accrued compensation and benefits miscella- neous liabilities.\n unable to estimate timing of payments for these items.\n not significant statutory or contractual funding requirements for defined-benefit retirement and other postretirement benefit plans.\n further information on these plans including expected contributions for fiscal 2007  set in note thirteen to consolidated financial statements on pages 47 through 50 in item eight of report.\n in millions  payments due by fiscal year total 2007 2008-09 2010-11 2012 and thereafter.\n significant accounting estimates for complete description of significant accounting policies see note one to consolidated financial statements on pages 35 through 37 in item eight report.\n significant accounting estimates meaningful impact on reporting of financial condition and results of operations.\n poli- cies include accounting for trade and consumer promotion activities ; goodwill intangible asset impairments ; income taxes ; pension other postretirement benefits.\n trade and consumer promotion activities report sales net of certain coupon and trade promotion costs.\n consumer coupon costs recorded as reduction of sales based on estimated redemption value of coupons determined by historical patterns of coupon redemption consideration of current market conditions competitive activity in product categories.\n trade promotion costs include payments to customers to perform merchandising activities on behalf advertising in-store displays  discounts to list prices to lower retail shelf prices payments to gain distribution of new products.\n cost of these activi- ties recognized as related revenue is recorded precedes actual cash expenditure.\n recog- nition of these costs requires estimation of customer participation and performance levels.\n estimates made based on quantity of customer sales  timing forecasted costs of promotional activities other factors.\ndifferences between estimated expenses and actual costs normally insignificant recognized as change in management estimate in subsequent period.\n accrued trade and consumer promotion liability was $ 339 million as of may 28 , 2006 , and $ 283 million as of may 29 , 2005.\n unit volume in last week of each quarter- higher than average for preceding weeks quarter.\n in comparison to average daily shipments in first 12 weeks quarter, final week of each quarter has approximately two to four days 2019 of incre- mental shipments ( based on five-day week ) reflecting increased promotional activity end of quarter.\n increased activity includes promotions to assure customers have sufficient inventory to support major marketing events or increased seasonal demand early next quarter promotions to help achieve interim unit volume targets.\n if due to quarter-end promotions or other reasons customers purchase more product in any reporting period than end-consumer demand require in future periods sales level in future reporting periods could be adversely affected.\n\nin millionspayments dueby fiscal year | total  | 2007   | 2008-09 | 2010-11 | 2012 andthereafter\n------------------------------------- | ------ | ------ | ------- | ------- | ------------------\nlong-term debt                        | $ 4546 | $ 2131 | $ 971   | $ 55    | $ 1389\naccrued interest                      | 152    | 152    | 2013    | 2013    | 2013\noperating leases                      | 408    | 92     | 142     | 89      | 85\npurchaseobligations                   | 2351   | 2068   | 144     | 75      | 64\ntotal                                 | $ 7457 | $ 4443 | $ 1257  | $ 219   | $ 1538"
}
{
    "_id": "dd4c0fb0a",
    "title": "",
    "text": "five-year performance comparison 2013 graph indicator of cumulative total shareholder returns for corporation compared to peer group index ) , dj trans  s&p 500.\n graph assumes $ 100 invested in common stock of union pacific corporation and each index on december 31 , 2012 all dividends reinvested.\n information historical not indicative of future performance.\n purchases of equity securities 2013 during 2017  repurchased 37122405 shares of common stock at average price of $ 110. 50.\n table presents common stock repurchases during each month for fourth quarter of 2017 : period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plan or program maximum number of shares remaining under plan or program.\n total number of shares purchased during quarter includes approximately 323670 shares delivered or attested to upc by employees to pay stock option exercise prices, satisfy excess tax withholding obligations for stock option exercises or vesting of retention units  pay withholding obligations for vesting of retention shares.\n effective january 1 , 2017  board of directors authorized repurchase of up to 120 million shares of common stock by december 31 , 2020.\n repurchases may be made on open market or through other transactions.\n management has sole discretion determining timing and amount of transactions.\n\nperiod                   | total number of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]\n------------------------ | ------------------------------------ | ---------------------------- | ----------------------------------------------------------------------------------- | ----------------------------------------------------------------\noct . 1 through oct . 31 | 3831636                              | $ 113.61                     | 3800000                                                                             | 89078662\nnov . 1 through nov . 30 | 3005225                              | 117.07                       | 2937410                                                                             | 86141252\ndec . 1 through dec . 31 | 2718319                              | 130.76                       | 2494100                                                                             | 83647152\ntotal                    | 9555180                              | $ 119.58                     | 9231510                                                                             | n/a"
}
{
    "_id": "dd4be678c",
    "title": "",
    "text": "disclosure of  issuance of certain guarantees.\n adoption of fasb interpretation no.\n 45 signif- icant impact on net income or equity of company.\n in january 2003  fasb interpretation no.\n 46 , 201cconsolidation of variable interest entities  interpretation of arb 51 , 201d issued.\n primary objectives of interpretation to provide guidance on identification and consolidation of variable interest entities entities for control achieved through means other than voting rights.\n company completed analysis of this interpretation determined it any vies.\n 4.\n acquisitions family health plan , inc.\n effective january 1, 2004  company commenced opera- tions in ohio through acquisition from family health plan , inc.\n of certain medicaid-related assets for purchase price of approximately $ 6800.\n cost to acquire medicaid-related assets allocated to assets acquired and liabilities assumed according to estimated fair values.\n hmo blue texas effective august 1, 2003  company acquired certain medicaid-related contract rights of hmo blue texas in san antonio , texas market for $ 1045.\n purchase price allocated to acquired contracts amor- tized on straight-line basis over period five years expected period benefit.\n group practice affiliates during 2003  company acquired 100% ( ) ownership interest in group practice affiliates , llc  behavioral healthcare services company ( 63. 7% ( 63. 7 % ) in march 2003 and 36. 3% ( 36. 3 % ) in august 2003 ).\n consolidated financial state- ments include results of operations of gpa since march 1 , 2003.\n company paid $ 1800 for purchase of gpa.\ncost to acquire ownership interest allocated to assets acquired liabilities assumed according to estimated fair values subject to adjustment when additional information asset liability valuations finalized.\n preliminary allocation resulted in goodwill of approximately $ 3895.\n goodwill not amortized not deductible for tax purposes.\n pro forma disclosures related to acquisition excluded as immaterial.\n scriptassist in march 2003  company purchased contract and name rights of scriptassist , llc ( scriptassist ) medication com- pliance company.\n purchase price of $ 563 allocated to acquired contracts amortized straight-line basis over period five years expected period benefit.\n investor group held membership interests in scriptassist included one of company 2019s executive officers.\n university health plans , inc.\n on december 1 , 2002 company purchased 80% ( 80 % ) of outstanding capital stock of university health plans , inc.\n uhp in new jersey.\n october 2003  company exercised option to purchase remaining 20% ( 20 % ) of outstanding capital stock.\n centene paid total purchase price of $ 13258.\n results of operations for uhp included in consolidated financial statements since december 1 , 2002.\n acquisition of uhp resulted in identified intangible assets of $ 3800  representing purchased contract rights provider network.\n intangibles amortized over ten-year period.\n goodwill of $ 7940 not amortized not deductible for tax purposes.\n changes during 2003 to preliminary purchase price allocation consisted of purchase of remaining 20% ( 20 % ) of outstanding stock recognition of intangible assets and related deferred tax liabilities.\n unaudited pro forma information presents results of operations of centene and subsidiaries as if uhp acquisition occurred as of january 1 , 2001.\npro forma results may not- reflect actual results of operations achieved nor necessarily indicative of future results operations.\n diluted earnings per common share 1. 48 1. 00 texas universities health plan in june 2002  company purchased schip contracts in three texas service areas.\n cash purchase price of $ 595 recorded as purchased contract rights amortized straight-line basis over five years expected period of benefit.\n bankers reserve in march 2002  company acquired bankers reserve life insurance company of wisconsin for cash purchase price of $ 3527.\n company allocated purchase price to net tangible and identifiable intangible assets based on fair value.\n centene allocated $ 479 to identifiable intangible assets representing value assigned to acquired licenses  amortized straight-line basis over notes to consolidated financial statements ( continued ) centene corporation and subsidiaries\n\n| 2002     | 2001\n--------------------------------- | -------- | --------\nrevenue                           | $ 567048 | $ 395155\nnet earnings                      | 25869    | 11573\ndiluted earnings per common share | 1.48     | 1.00"
}
{
    "_id": "dd4bd3b46",
    "title": "",
    "text": "table of contents valero energy corporation subsidiaries notes to consolidated financial statements continued ) commodity price risk exposed to market risks related to volatility in price of crude oil , refined products ( primarily gasoline distillate ) grain ( primarily corn )  natural gas used in our operations.\n to reduce impact of price volatility on results operations cash flows  use commodity derivative instruments  including futures , swaps  options.\n use futures markets for available liquidity provides greater flexibility in transacting hedging trading operations.\n use swaps to manage price exposure.\n positions in commodity derivative instruments monitored managed daily by risk control group ensure compliance with risk management policy approved by board of directors.\n for risk management purposes use fair value hedges , cash flow hedges  economic hedges.\n in addition to use derivative instruments to manage commodity price risk enter into certain commodity derivative instruments for trading purposes.\n objective for entering into each type of hedge or trading derivative described below.\n fair value hedges fair hedges used to hedge price volatility in certain refining inventories firm commitments to purchase inventories.\n level of activity for fair value hedges based on level operating inventories represents amount by inventories differ from previous year-end lifo inventory levels.\n as of december 31 , 2012 , had following outstanding commodity derivative instruments entered into to hedge crude oil refined product inventories commodity derivative instruments related to physical purchase of crude oil refined products at fixed price.\n information presents notional volume of outstanding contracts by type of instrument year of maturity ( volumes in thousands of barrels ).\n notional contract volumes by year of maturity derivative instrument 2013.\n\nderivative instrument           | notionalcontractvolumes byyear ofmaturity 2013\n------------------------------- | ----------------------------------------------\ncrude oil and refined products: |\nfutures 2013 long               | 1052\nfutures 2013 short              | 4857\nphysical contracts - long       | 3805"
}
{
    "_id": "dd496ed24",
    "title": "",
    "text": "mandatorily redeemable securities of subsidiary trusts total qualify as tier 1 capital were $ 23. 899 billion at december 31 , 2008 compared to $ 23. 594 billion at december 31 , 2007.\n in 2008 citigroup issue new enhanced trust preferred securities.\n frb issued final rule effective date of april 11 , 2005 retains trust preferred securities in tier 1 capital of bank holding companies with stricter quantitative limits clearer qualitative standards.\n after five-year transition period aggregate amount of trust preferred securities and other restricted core capital elements included in tier 1 capital of internationally active banking organizations citigroup limited to 15% ( 15 % ) of total core capital elements net of goodwill less deferred tax liability.\n amount trust preferred securities and certain other elements in excess of limit could be included in tier 2 capital  subject to restrictions.\n at december 31 , 2008  citigroup had approximately 11. 8% ( 11. 8 % ) against limit.\n company expects to be within restricted core capital limits prior to implementation date of march 31 , 2009.\n frb permits additional securities equity units sold to adia be included in tier 1 capital up to 25% ( 25 % ) ( including restricted core capital elements in 15% ( 15 % ) limit ) of total core capital elements net of goodwill less deferred tax liability.\n at december 31 , 2008 citigroup had approximately 16. 1% ( 16. 1 % ) against limit.\n frb granted interim capital relief for impact of adopting sfas 158 at december 31 , 2008 and december 31 , 2007.\n frb and ffiec may propose amendments to issue interpretations of risk-based capital guidelines and reporting instructions.\nmay affect reported capital ratios net risk-weighted assets.\n capital resources of citigroup 2019s depository institutions subsidiary depository institutions in united states subject to risk-based capital guidelines issued by primary federal bank regulatory agencies similar to frb 2019s guidelines.\n to be 201cwell capitalized 201d under federal bank regulatory agency definitions citigroup 2019s depository institutions must have tier 1 capital ratio at least 6% ( 6 % ) total capital ( 1 + 2 capital ) ratio at least 10% ( 10 % ) leverage ratio at least 5% ( 5 % ) not subject to regulatory directive to meet maintain higher capital levels.\n at december 31 , 2008 all citigroup 2019s subsidiary depository institutions were 201cwell capitalized 201d under federal regulatory agencies 2019 definitions including citigroup 2019s primary depository institution  citibank , n. as noted in table :.\n components of capital ratios under regulatory guidelines in billions of dollars at year end 2008 2007.\n leverage ratio ( 1 ) 5. 82 6. 65 ( 1 ) tier 1 capital divided by adjusted average assets.\n citibank n.\n had net loss for 2008 to $ 6. 2 billion.\n during 2008 citibank.\n received contributions from parent company of $ 6. 1 billion.\n.\n did not issue additional subordinated notes in 2008.\n total subordinated notes issued to citicorp holdings inc.\n outstanding at december 31 , 2008 december 31 , 2007 included in citibank. 2019s tier 2 capital  amounted to $ 28. 2 billion.\n citibank.\n received additional $ 14. 3 billion in capital contribution from parent company in january 2009.\n impact of contribution not reflected in table.\nsubstantial events in 2008 impacting capital citigroup , potential future events discussed page 94 under 201ccitigroup regulatory capital ratios , 201d affected or could affect citibank , n. a.\n\nin billions of dollars at year end        | 2008             | 2007\n----------------------------------------- | ---------------- | ----------------\ntier 1 capital                            | $ 71.0           | $ 82.0\ntotal capital ( tier 1 and tier 2 )       | 108.4            | 121.6\ntier 1 capital ratio                      | 9.94% ( 9.94 % ) | 8.98% ( 8.98 % )\ntotal capital ratio ( tier 1 and tier 2 ) | 15.18            | 13.33\nleverage ratio ( 1 )                      | 5.82             | 6.65"
}
{
    "_id": "dd496f77e",
    "title": "",
    "text": "table of contents adobe inc.\n notes to consolidated financial statements continued ) certain states foreign jurisdictions to utilize available tax credits other attributes.\n deferred tax assets offset by valuation allowance likely than not not expected to be realized.\n provide.\n income taxes on earnings of foreign subsidiaries unless subsidiaries 2019 earnings considered permanently reinvested outside united states or exempted from taxation new territorial tax system.\n foreign earnings previously as permanently reinvested repatriated related.\n tax liability may be reduced by foreign income taxes paid on these earnings.\n as of november 30 , 2018  cumulative amount of earnings upon.\n income taxes not provided is approximately $ 275 million.\n unrecognized deferred tax liability for these earnings is approximately $ 57. 8 million.\n as of november 30 , 2018 net operating loss carryforwards of approximately $ 881. 1 million for federal and $ 349. 7 million for state.\n federal , state and foreign tax credit carryforwards of approximately $ 8. 8 million , $ 189. 9 million $ 14. 9 million  respectively.\n net operating loss carryforward assets and tax credits expire in various years from fiscal 2019 through 2036.\n state tax credit carryforwards and portion of federal net operating loss carryforwards can be carried forward indefinitely.\n net operating loss carryforward assets and certain credits reduced by valuation allowance subject to annual limitation under internal revenue code section 382 carrying amount expected to be fully realized.\n as of november 30 , 2018 valuation allowance of $ 174. 5 million established for certain deferred tax assets related to certain state and foreign assets.\n for fiscal 2018  total change in valuation allowance was $ 80. 9 million.\naccounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in total gross unrecognized tax benefits summarized as ( in thousands ) :.\n combined accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24. 6 million and $ 23. 6 million for fiscal 2018 and 2017 , respectively.\n these amounts included in long-term income taxes payable in respective years.\n we file income tax returns in united states federal basis and in many.\n state and foreign jurisdictions.\n subject to continual examination of income tax returns by irs domestic and foreign tax authorities.\n major tax jurisdictions are ireland , california and united states.\n for earliest fiscal years open for examination are 2008 , 2014 and 2015 .\n we regularly assess likelihood of outcomes from these examinations to determine adequacy of provision for income taxes and reserved for potential adjustments from examinations.\n believe such estimates to be reasonable ; no assurance that final determination of these examinations will not have adverse effect on our operating results and financial position.\n timing of resolution of income tax examinations highly uncertain as are amounts and timing of tax payments part of audit settlement process.\n these events could cause large fluctuations in balance of short-term and long- term assets , liabilities and income taxes payable.\n believe within next 12 months possible that certain audits will conclude or statutes of limitations on certain income tax examination periods will expire  or both.\n given uncertainties described can only determine range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million.\n\n| 2018             | 2017\n---------------------------------------------------------------------------- | ---------------- | ----------------\nbeginning balance                                                            | $ 172945         | $ 178413\ngross increases in unrecognized tax benefits 2013 prior year tax positions   | 16191            | 3680\ngross decreases in unrecognized tax benefits 2013 prior year tax positions   | -4000 ( 4000 )   | -30166 ( 30166 )\ngross increases in unrecognized tax benefits 2013 current year tax positions | 60721            | 24927\nsettlements with taxing authorities                                          | 2014             | -3876 ( 3876 )\nlapse of statute of limitations                                              | -45922 ( 45922 ) | -8819 ( 8819 )\nforeign exchange gains and losses                                            | -3783 ( 3783 )   | 8786\nending balance                                                               | $ 196152         | $ 172945"
}
{
    "_id": "dd4b8ece4",
    "title": "",
    "text": "transfer agent and registrar for common stock for is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable.\n repurchase of equity securities table provides information regarding our purchases of equity securities during period from october 1 , 2015 to december 31 , 2015.\n total number of shares units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number approximate dollar value ) of shares units ) be purchased under plans or programs 3.\n 1 included shares of common stock , par value $ 0. 10 per share , withheld under grants employee stock-based compensation plans to offset tax withholding obligations upon vesting release of restricted shares ( 201cwithheld shares 201d ).\n repurchased 1004 withheld shares in october 2015  1777 in november 2015 9342 withheld shares in december 2015.\n 2 average price per share for each months fiscal quarter three-month period calculated by dividing sum of applicable period aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under stock repurchase program  described in note 5 to consolidated financial statements , by sum of number of withheld shares and number of shares acquired in stock repurchase program.\n 3 in february 2015  board authorized share repurchase program to repurchase up to $ 300. 0 million , excluding fees  of our common stock ( 201c2015 share repurchase program 201d ).\n on february 12 , 2016  announced board approved new share repurchase program to repurchase up to $ 300.0 million  excluding fees  of common stock.\n new authorization in addition to amounts remaining for repurchase under 2015 share repurchase program.\n no expiration date associated with share repurchase programs.\n\n| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs3\n--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------\noctober 1 - 31  | 2140511                                       | $ 20.54                                   | 2139507                                                                                     | $ 227368014\nnovember 1 - 30 | 1126378                                       | $ 22.95                                   | 1124601                                                                                     | $ 201557625\ndecember 1 - 31 | 1881992                                       | $ 22.97                                   | 1872650                                                                                     | $ 158553178\ntotal           | 5148881                                       | $ 21.96                                   | 5136758                                                                                     |"
}
{
    "_id": "dd4c2b8f0",
    "title": "",
    "text": "entergy texas , inc.\n and subsidiaries management 2019s financial discussion analysis contractual obligations entergy texas expects to contribute approximately $ 17 million to qualified pension plans approximately $ 3. 2 million to other postretirement health care and life insurance plans in 2017  2017 required pension contributions known with more certainty when january 1 , 2017 valuations completed expected by april 1 , 2017.\n see 201ccritical accounting estimates - qualified pension and other postretirement benefits 201d below for discussion of qualified pension other postretirement benefits funding.\n contractual obligations entergy texas has $ 15. 6 million of unrecognized tax benefits and interest net of unused tax attributes payments for timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in timing of effective settlement of tax positions.\n see note 3 to financial statements for additional information regarding unrecognized tax benefits.\n routine capital spending to maintain operations  planned capital investment estimate for entergy texas includes specific investments montgomery county power station ; transmission projects reliability reduce congestion  economic growth ; distribution spending reliability improve service customers  initial investment support advanced metering ; system improvements ; other investments.\n estimated capital expenditures subject to periodic review modification may vary based on effects regulatory constraints requirements , environmental compliance , business opportunities  market volatility  economic trends  business restructuring changes in project plans ability to access capital.\n management provides more information on long-term debt in note 5 to financial statements.\n discussed in 201ccapital structure , 201d entergy texas evaluates ability to pay dividends to entergy corporation from earnings.\nsources capital entergy texas 2019s sources meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred stock issuances ; 2022 bank financing under new or existing facilities.\n entergy texas may refinance  redeem retire debt prior to maturity extent market conditions interest dividend rates favorable.\n all debt and common preferred stock issuances by entergy texas require prior regulatory approval.\n debt issuances subject to issuance tests in bond indenture other agreements.\n entergy texas has sufficient capacity under these tests to meet foreseeable capital needs.\n entergy texas 2019s receivables from payables to money pool were as follows as of december 31 for each following years.\n see note 4 to financial statements for description money pool.\n entergy texas has credit facility in $ 150 million scheduled to expire in august 2021.\n credit facility allows entergy to issue letters of credit against 50% ( 50 % ) of borrowing capacity facility.\n as of december 31, 2016 no cash borrowings $ 4. 7 million of letters of credit outstanding under credit facility.\n entergy texas is party to uncommitted letter of credit facility to post collateral\n\n2016             | 2015             | 2014             | 2013\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 681            | ( $ 22068 )      | $ 306            | $ 6287"
}
{
    "_id": "dd4b9a936",
    "title": "",
    "text": "increased by $ 105. 6 million , or 3. 4% (. 4 % )  from 2006 to 2007.\n table reflects components our revenue growth for years ended december 31 , 2008 , 2007 and 2006:.\n ( 1 ) core volume growth for year ended december 31 , 2006 includes. 8% (. 8 % ) associated with hauling waste from city of toronto to our landfills in michigan.\n hauling service provided city at rate approximates our cost.\n ( 2 ) includes impact of acquisition of allied in december 2008.\n ( 3 ) represents new taxes levied on landfill volumes in certain states passed on to customers.\n 2008 : year ended december 31, 2008 core revenue growth continued benefit from broad-based pricing initiative.\n 14. 7% ( 14. 7 % ) of revenue growth due to acquisition of allied in december 2008.\n revenue growth benefited from higher fuel surcharges and environmental fees.\n during 2008 experienced lower prices for commodities.\n decrease in core volumes primarily due to lower commercial and industrial collection volumes and lower landfill volumes from slowdown in economy.\n expect to continue to experience lower volumes until economic conditions improve.\n 2007 : year ended december 31, 2007 revenue growth from core pricing continued benefit from broad-based pricing initiative.\n benefited from higher prices for commodities.\n experienced decrease in core volume growth primarily due to lower industrial collection and landfill volumes from slowdown in residential construction.\n 2006 : year ended december 31 , 2006  revenue growth continued benefit from broad-based pricing initiative.\n experienced core volume growth in collection and landfill lines of business.\n growth partially offset by hurricane clean-up efforts during fourth quarter of 2005.\n 2009 outlook anticipate internal revenue from core operations to decrease approximately 4. 0% ( 4. 0 % ) during 2009.\ndecrease is expected net growth in core pricing approximately 4. 0% ( 4. 0 % ) expected decrease in volume approximately 8. 0% ( 8. 0 % ).\n projections assume no deterioration or improvement in overall economy from fourth quarter 2008.\n internal growth may remain flat or decline in 2009 depending on economic conditions success implementing pricing initiatives.\n cost of operations.\n cost was $ 2. 4 billion , $ 2. 0 billion $ 1. 9 billion  as percentage of revenue , 65. 6% ( 65. 6 % ) , 63. 1% ( 63. 1 % ) 62. 7% ( 62. 7 % ) for years ended december 31 , 2008 , 2007 2006 .\n increase in cost of operations aggregate for year ended december 31 , 2008 versus comparable 2007 period primarily result of acquisition of allied in december 2008.\n remaining increase in cost operations increase percentage revenue primarily due to charges recorded during 2008 of $ 98. 0 million related to estimated costs to comply with f&os issued oepa aoc issued by epa response to environmental conditions at countywide facility in ohio  $ 21. 9 million related to environmental conditions at closed disposal facility %%transmsg*** transmitting job : p14076 pcn : 048000000 ***%pcmsg|46 |00044|yes|no|02/28/2009 17:08|0|0|page valid  no graphics -- color : d|\n\n| 2008             | 2007           | 2006\n-------------------------------------- | ---------------- | -------------- | --------------\ncore price                             | 4.0% ( 4.0 % )   | 4.2% ( 4.2 % ) | 3.4% ( 3.4 % )\nfuel surcharges                        | 1.8              | .2             | 1.1\nenvironmental fees                     | .4               | .2             | .4\nrecycling commodities                  | .1               | .9             | -.1 ( .1 )\ntotal price                            | 6.3              | 5.5            | 4.8\ncore volume ( 1 )                      | -3.9 ( 3.9 )     | -1.5 ( 1.5 )   | 2.4\nnon-core volume                        | .1               | -.1 ( .1 )     | 2014\ntotal volume                           | -3.8 ( 3.8 )     | -1.6 ( 1.6 )   | 2.4\ntotal internal growth                  | 2.5              | 3.9            | 7.2\nacquisitions net of divestitures ( 2 ) | 13.4             | -.5 ( .5 )     | -.1 ( .1 )\ntaxes ( 3 )                            | .1               | 2014           | .1\ntotal revenue growth                   | 16.0% ( 16.0 % ) | 3.4% ( 3.4 % ) | 7.2% ( 7.2 % )"
}
{
    "_id": "dd4be2290",
    "title": "",
    "text": "entergy corporation subsidiaries notes to financial statements liability to $ 60 million recorded $ 2. 7 million difference as credit to interest expense.\n $ 60 million remaining liability eliminated upon payment of cash portion of purchase price.\n as of december 31 , 2016 entergy louisiana  connection with waterford 3 lease obligation had future minimum lease payment ( reflecting interest rate of 8. 09% ( 8. 09 % ) ) of $ 57. 5 million  including $ 2. 3 million in interest due january 2017 recorded as long-term debt.\n in february 2017 leases terminated leased assets conveyed to entergy louisiana.\n grand gulf lease obligations in 1988 in two separate identical transactions system energy sold and leased back undivided ownership interests in grand gulf for aggregate sum of $ 500 million.\n initial term of leases expired in july 2015.\n system energy renewed leases for fair market value with renewal terms expiring in july 2036.\n end of new lease renewal terms system energy option to repurchase leased interests grand gulf or renew leases at fair market value.\n system energy not renew or purchase interests system energy surrender interests and associated entitlement of grand gulf 2019s capacity and energy.\n system energy required to report sale-leaseback as financing transaction in financial statements.\n for financial reporting system energy expenses interest portion of lease obligation plant depreciation.\n operating revenues include recovery of lease payments transactions accounted for as sale and leaseback for ratemaking purposes.\nconsistent with recommendation in ferc audit report , system energy recorded as net regulatory asset difference between recovery lease payments and amounts expensed for interest and depreciation continues to record difference as regulatory asset or liability ongoing resulting in zero net balance for regulatory asset at end of lease term.\n was net regulatory liability of $ 55. 6 million and $ 55. 6 million as of december 31 , 2016 and 2015 , respectively.\n as of december 31  2016 system energy  with grand gulf sale and leaseback transactions  had future minimum lease payments ( reflecting implicit rate of 5. 13% ( 5. 13 % ) ) recorded as long-term debt  as : amount ( in thousands ).\n\n| amount ( in thousands )\n------------------------------------------- | -----------------------\n2017                                        | $ 17188\n2018                                        | 17188\n2019                                        | 17188\n2020                                        | 17188\n2021                                        | 17188\nyears thereafter                            | 257812\ntotal                                       | 343752\nless : amount representing interest         | 309393\npresent value of net minimum lease payments | $ 34359"
}
{
    "_id": "dd4be687c",
    "title": "",
    "text": "note 17.\n accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes  consisted of:.\n reclassifications from other comprehensive earnings movements in accumulated other comprehensive losses related tax impact  for components due to current period activity and reclassifications to income statement shown on consolidated statements of comprehensive earnings for years ended december 31 , 2017 , 2016 , and 2015.\n for years, $ 2 million , $ ( 5 ) million and $ 1 million of net currency translation adjustment gains/ ( losses ) transferred from other comprehensive earnings to marketing , administration research costs in consolidated statements of earnings  upon liquidation of subsidiaries.\n for additional information  see note 13.\n benefit plans and note 15.\n financial instruments for disclosures related to pmi's pension and other benefits derivative financial instruments.\n note 18.\n contingencies : tobacco-related litigation legal proceedings wide range matters pending or threatened against us  our subsidiaries  our indemnitees in various jurisdictions.\n indemnitees include distributors , licensees others named as parties in certain cases we agreed to defend to pay costs and judgments  if entered against them.\n to terms of distribution agreement between altria group , inc.\n ( \"altria\" ) and pmi , pmi will indemnify altria and philip morris usa inc.\n ( \"pm usa\" )  u. s.\n tobacco subsidiary of altria , for tobacco product claims based on products manufactured by pmi or contract manufactured for pmi by pm usa  pm usa will indemnify pmi for tobacco product claims based on products manufactured by pm usa  excluding tobacco products contract manufactured for pmi.\npossible could be adverse developments in pending cases against us and our subsidiaries.\n unfavorable outcome or settlement of pending tobacco-related litigation could encourage commencement of additional litigation.\n damages claimed in some tobacco-related litigation are significant and  in certain cases in brazil , canada and nigeria , range into billions of u. s.\n dollars.\n variability in pleadings in multiple jurisdictions , with actual experience of management in litigating claims , demonstrate monetary relief specified in lawsuit bears little relevance to ultimate outcome.\n much of tobacco-related litigation is in its early stages , litigation subject to uncertainty.\n however , discussed we have to date been largely successful in defending tobacco-related litigation.\n we and our subsidiaries record provisions in consolidated financial statements for pending litigation when we determine unfavorable outcome is probable and amount of loss can be reasonably estimated.\n at present time  reasonably possible unfavorable outcome in case may occur , after assessing information available ( management has not concluded it probable a loss incurred in any pending tobacco-related cases ; ( ii management unable to estimate possible loss or range of loss for any pending tobacco-related cases ; iii  no estimated loss accrued in consolidated financial statements for unfavorable outcomes in these cases , if any.\n legal defense costs are expensed as incurred.\n\n( losses ) earnings ( in millions )          | ( losses ) earnings 2017 | ( losses ) earnings 2016 | 2015\n-------------------------------------------- | ------------------------ | ------------------------ | ----------------\ncurrency translation adjustments             | $ -5761 ( 5761 )         | $ -6091 ( 6091 )         | $ -6129 ( 6129 )\npension and other benefits                   | -2816 ( 2816 )           | -3565 ( 3565 )           | -3332 ( 3332 )\nderivatives accounted for as hedges          | 42                       | 97                       | 59\ntotal accumulated other comprehensive losses | $ -8535 ( 8535 )         | $ -9559 ( 9559 )         | $ -9402 ( 9402 )"
}
{
    "_id": "dd4bea698",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements ( continued ) ( in thousands  except per share data ) determination of measurement date for market price of acquirer securities issued in purchase business combination.\n components and allocation of purchase price  consists of following approximate amounts:.\n company begun to assess formulate plan to restructure r2 2019s historical activities.\n as of acquisition date company recorded liability of approximately $ 798 in accordance with eitf issue no.\n 95-3 , recognition of liabilities in connection with purchase business combination  related to termination of certain employees and loss related to abandonment of lease space under plan approximately $ 46 paid as of september 30 , 2006.\n company believes plan will be finalized within one year from acquisition date record additional liabilities resulting in increase to goodwill.\n final purchase price allocations completed within one year of acquisition adjustments not expected to material impact on company 2019s financial position or results of operation.\n part of purchase price allocation  all intangible assets part of acquisition identified and valued.\n determined only customer relationships , trademarks and developed technology had separately identifiable values.\n customer relationships represent r2 2019s strong active customer base, dominant market position strong partnership with large companies.\n trademarks represent r2 product names company intends to continue to use.\n developed technology represents currently marketable purchased products company continues to resell utilize enhance incorporate into company 2019s existing products.\n estimated $ 10200 of purchase price allocated to in-process research and development projects related to r2s digital cad products.\n projects expected to add direct digital algorithm capabilities new platform technology to analyze images and breast density measurement.\n project is approximately 20% ( % ) complete company expects to spend approximately $ 3100 over the year to complete.\ndeferred income tax asset relates to tax effect of acquired net operating loss carry forwards company believes realizable partially offset by acquired identifiable intangible assets fair value adjustments to acquired inventory not deductible for tax.\n acquisition of suros surgical systems , inc.\n on july 27 , 2006  company completed acquisition suros. pursuant to agreement and plan of merger dated april 17 , 2006.\n results of operations for suros included in company 2019s consolidated financial statements from date of acquisition as part of mammography business segment.\n suros surgical  located in indianapolis , indiana develops manufactures sells minimally invasive interventional breast biopsy technology products for biopsy  tissue removal biopsy site marking.\n\nnet tangible assets acquired as of july 13 2006 | $ 800\n----------------------------------------------- | --------\nin-process research and development             | 10200\ndeveloped technology and know how               | 39500\ncustomer relationship                           | 15700\ntrade name                                      | 3300\norder backlog                                   | 800\ndeferred income taxes                           | 4400\ngoodwill                                        | 145900\nestimated purchase price                        | $ 220600"
}
{
    "_id": "dd4c5feac",
    "title": "",
    "text": "notes to consolidated financial statements union pacific corporation subsidiary companies for this report  unless context otherwise requires references to 201ccorporation 201d , 201ccompany 201d , 201cupc 201d  201cwe 201d  201cus 201d  201cour 201d mean union pacific corporation and subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.\n 1.\n nature of operations operations segmentation 2013 we are class i railroad operating in u. s.\n network includes 32084 route miles linking pacific coast gulf coast ports with midwest eastern u. s.\n gateways providing several corridors to key mexican gateways.\n own 26064 miles operate on remainder to trackage rights or leases.\n serve western two-thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast , pacific coast southeast southwest  canada  mexico.\n export and import traffic moved through gulf coast pacific coast ports across mexican and canadian borders.\n railroad , along with subsidiaries rail affiliates is our one reportable operating segment.\n provide analyze revenue by commodity group treat financial results of railroad as one segment due to integrated nature of rail network.\n following table provides freight revenue by commodity group:.\n revenues principally derived from customers domiciled in u. s. , ultimate points of origination or destination for some products transported outside u. s.\n each commodity groups includes revenue from shipments to and from mexico.\n included in above table are freight revenues from mexico business amounted to $ 2. 2 billion in 2015 , $ 2. 3 billion in 2014 , and $ 2.1 billion in 2013.\n basis presentation 2013 consolidated financial statements presented accordance with accounting principles accepted.\n codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).\n certain prior period amounts in statement of cash flows income tax footnote aggregated or disaggregated to conform current period financial presentation.\n 2.\n significant accounting policies principles of consolidation 2013 consolidated financial statements include accounts of union pacific corporation subsidiaries.\n investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) accounted for using equity method accounting.\n intercompany transactions eliminated.\n no less than majority-owned investments require consolidation under variable interest entity requirements.\n cash cash equivalents 2013 cash equivalents consist investments with original maturities of three months or less.\n accounts receivable 2013 accounts receivable includes receivables reduced by allowance for doubtful accounts.\n allowance based upon historical losses credit worthiness of customers current\n\nmillions                 | 2015    | 2014    | 2013\n------------------------ | ------- | ------- | -------\nagricultural products    | $ 3581  | $ 3777  | $ 3276\nautomotive               | 2154    | 2103    | 2077\nchemicals                | 3543    | 3664    | 3501\ncoal                     | 3237    | 4127    | 3978\nindustrial products      | 3808    | 4400    | 3822\nintermodal               | 4074    | 4489    | 4030\ntotal freight revenues   | $ 20397 | $ 22560 | $ 20684\nother revenues           | 1416    | 1428    | 1279\ntotal operating revenues | $ 21813 | $ 23988 | $ 21963"
}
{
    "_id": "dd4bd7f7a",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements continued ) we review goodwill for impairment annually or more frequently if facts circumstances warrant review.\n completed annual impairment test in second quarter of fiscal 2013.\n elected to use step 1 quantitative assessment for three reporting units 2014digital media , digital marketing and print and publishing 2014and determined no impairment of goodwill.\n no significant risk of material goodwill impairment in reporting units based upon results of annual goodwill impairment test.\n we amortize intangible assets with finite lives over estimated useful lives and review them for impairment whenever impairment indicator exists.\n continually monitor events and changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.\n when events changes circumstances occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.\n if future undiscounted cash flows less than carrying amount of assets recognize impairment loss based on excess of carrying amount over fair value of assets.\n did not recognize intangible asset impairment charges in fiscal 2013 , 2012 or 2011.\n intangible assets amortized over estimated useful lives of 1 to 14 years.\n amortization based on pattern in economic benefits of intangible asset consumed or on straight-line basis when consumption pattern not apparent.\n weighted average useful lives of intangible assets were as follows : weighted average useful life ( years ).\n software development costs capitalization of software development costs for software to be sold , leased or marketed begins upon establishment of technological feasibility generally completion of working prototype certified as having no critical bugs and release candidate.\namortization begins once software ready for intended use  generally based on pattern economic benefits consumed.\n to date , software development costs incurred between completion of working prototype and general availability of related product not material.\n internal use software we capitalize costs associated with customized internal-use software systems reached application development stage.\n such capitalized costs include external direct costs in developing or obtaining applications and payroll payroll-related expenses for employees  directly associated with development applications.\n capitalization of costs begins when preliminary project stage complete and ceases at point project substantially complete and ready for intended purpose.\n income taxes we use asset and liability method of accounting for income taxes.\n under method income tax expense recognized for amount of taxes payable or refundable for current year.\n in deferred tax assets and liabilities recognized for expected future tax consequences of temporary differences between financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards.\n we record valuation allowance to reduce deferred tax assets to amount for realization more likely than not.\n\n| weighted averageuseful life ( years )\n------------------------------------ | -------------------------------------\npurchased technology                 | 6\ncustomer contracts and relationships | 10\ntrademarks                           | 8\nacquired rights to use technology    | 8\nlocalization                         | 1\nother intangibles                    | 3"
}
{
    "_id": "dd4c3eb94",
    "title": "",
    "text": "note 18 2013 earnings per share ( eps ) basic eps calculated by dividing net earnings attributable to allegion plc by weighted-average number of ordinary shares outstanding for applicable period.\n diluted eps calculated after adjusting denominator basic eps calculation for effect all potentially dilutive ordinary shares  in includes shares issuable under share-based compensation plans.\n table summarizes weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations:.\n at december 31 , 2018 , 0. 1 million stock options excluded from computation of weighted-average diluted shares outstanding because effect including these shares would have been anti-dilutive.\n note 19 2013 net revenues recognized based on satisfaction of performance obligations under terms contract.\n performance obligation is promise contract to transfer control of distinct product or provide service  or bundle products services to customer unit of account under asc 606.\n company has two principal revenue streams , tangible product sales and services.\n approximately 99% ( 99 % ) of consolidated net revenues involve contracts with single performance obligation , transfer of control of product or bundle of products to customer.\n transfer of control typically occurs when goods shipped from company's facilities or at other predetermined control transfer points ( for destination terms ).\n net revenues measured as amount of consideration expected to received in exchange for transferring control of products takes into account variable consideration , as sales incentive programs including discounts and volume rebates.\n existence of these programs does not preclude revenue recognition but require company's best estimate of variable consideration based on expected activity items reserved for deduction to net revenues over time based on company's historical rates of providing incentives and annual forecasted sales volumes.\ncompany offers standard warranty with most product sales value of warranty included in contractual price.\n corresponding cost of warranty obligation accrued as a liability ( see note 20 ).\n company's remaining net revenues involve services  including installation and consulting.\n unlike single performance obligation to ship product or bundle of products service revenue stream delays revenue recognition until service performance obligations satisfied.\n in some instances customer acceptance provisions included in sales arrangements to buyer ability to ensure service meets criteria established in order.\n revenue recognition deferred until performance obligations satisfied could include acceptance terms in arrangement fulfilled through customer acceptance or demonstration established criteria satisfied.\n during year ended december 31, 2018  no adjustments related to performance obligations satisfied in previous periods recorded.\n upon adoption of asc 606  company used practical expedients to omit disclosure of remaining performance obligations for contracts with original expected duration of one year or less and for contracts where company right to invoice for performance completed to date.\n transaction price not adjusted for effects of significant financing component , as time period between control transfer of goods and services less than one year.\n sales , value-added other similar taxes collected by company excluded from net revenues.\n company elected to account for shipping and handling activities after control of related goods transfers as fulfillment activities instead of performance obligations.\n these activities included in cost of goods sold in consolidated statements of comprehensive income.\n company 2019s payment terms generally consistent with industries in businesses operate.\n following table shows company's net revenues for years ended december 31 , based on two principal revenue streams, tangible product sales and services , disaggregated by business segment.\nnet revenues shown by tangible product sales services , as contract terms  conditions economic factors affecting nature amount timing uncertainty around revenue recognition cash flows substantially similar within each of two principal revenue streams:\n\nin millions                                 | 2018 | 2017 | 2016\n------------------------------------------- | ---- | ---- | ----\nweighted-average number of basic shares     | 95.0 | 95.1 | 95.8\nshares issuable under incentive stock plans | 0.7  | 0.9  | 1.1\nweighted-average number of diluted shares   | 95.7 | 96.0 | 96.9"
}
{
    "_id": "dd4bb60a0",
    "title": "",
    "text": "2022 international.\n in  our international markets less advanced current technologies for wireless services.\n demand for communications sites driven by continued voice network investments  new market entrants initial 3g data network deployments.\n for example in india  nationwide voice networks continue to deployed as wireless service providers beginning initial investments in 3g data networks  result of recent spectrum auctions.\n in mexico and brazil  where nationwide voice networks deployed, some incumbent wireless service providers continue to invest in 3g data networks recent spectrum auctions enabled other incumbent wireless service providers new market entrants to begin initial investments in 3g data networks.\n in markets chile and peru  recent spectrum auctions attracted new market entrants expected to begin investment in deploying nationwide voice and 3g data networks.\n believe demand for our tower sites will continue in international markets as wireless service providers seek to remain competitive by increasing coverage of networks investing in next generation data networks.\n rental and management operations new site revenue growth.\n during year ended december 31 , 2010  grew portfolio of communications sites through acquisitions and construction activities including acquisition and construction of approximately 7800 sites.\n continue to evaluate opportunities to acquire larger communications site portfolios domestically and internationally believe can effectively integrate into existing portfolio.\n majority of sites acquired or constructed internationally during 2010 and 2009 were in india newly launched operations in chile , colombia peru.\n network development services segment revenue growth.\n continue focus on growing rental and management operations anticipate network development services revenue will continue to represent small percentage of total revenues.\nthrough our network development services segment  we offer tower-related services  including site acquisition  zoning permitting services structural analysis services primarily support our site leasing business addition of new tenants equipment on our sites.\n rental and management operations expenses.\n rental and management operations expenses include direct site level expenses consist primarily of ground rent  property taxes  repairs maintenance utilities.\n these segment level expenses exclude all segment and corporate level selling , general , administrative development expenses  aggregated into one line item entitled selling , general , administrative and development expense.\n rental and management segment level selling , general administrative expenses do not significantly increase of adding incremental tenants to legacy sites typically increase only modestly year-over-year.\n leasing additional space to new tenants on legacy sites provides significant incremental cash flow.\n in geographic areas where we recently launched operations or focused on materially expanding site footprint may incur additional segment level selling  general administrative expenses as we increase presence in these areas.\n profit margin growth positively impacted by addition of new tenants to legacy sites can be temporarily diluted by development activities.\n reit election.\n as review tax strategy assess utilization of federal and state nols actively considering election to reit for u. s.\n federal and  where applicable  state income tax purposes.\n may make determination to elect reit status for taxable year beginning january 1 , 2012  as early as second half of 2011  subject to approval of board of directors  no certainty to timing of reit election or whether make reit election at all.\n\nnew sites ( acquired or constructed ) | 2010 | 2009 | 2008\n------------------------------------- | ---- | ---- | ----\ndomestic                              | 947  | 528  | 160\ninternational ( 1 )                   | 6865 | 3022 | 801"
}
{
    "_id": "dd4c29028",
    "title": "",
    "text": "discount rate assumption determined for pension and postretirement benefit plans independently.\n year-end 2011  company began using approach process settlement of obligations tailored to plans 2019 expected cash flows by matching plans 2019 cash flows to coupons expected maturity values of selected bonds.\n yield curve developed for universe containing majority of u. s. -issued aa-graded corporate bonds all non callable ( or callable with make-whole provisions ).\n historically for each plan discount rate developed as level equivalent rate same present value as using spot rates aligned with projected benefit payments.\n expected long-term rate of return on plan assets based on historical projected rates of return prior to administrative investment management fees for current planned asset classes in plans 2019 investment portfolios.\n assumed projected rates of return for each plans 2019 projected asset classes selected after analyzing historical experience future expectations of returns volatility of various asset classes.\n based on target asset allocation for each asset class overall expected rate of return for portfolio developed adjusted for historical expected experience of active portfolio management results compared to benchmark returns for effect of expenses paid from plan assets.\n company 2019s pension expense increases as expected return on assets decreases.\n in determination of year end 2014 projected benefit plan obligations company adopted new table based on society of actuaries rp 2014 mortality table including generational bb-2d projection scale.\n adoption resulted in significant increase to pension other postretirement benefit plans 2019 projected benefit obligations.\n assumed health care cost trend rates significant effect on amounts reported for other postretirement benefit plans.\n health care cost trend rate based on historical rates expected market conditions.\none-percentage-point change in assumed health care cost trend rates effects : increase decrease effect on total service and interest cost components.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 5943 $ ( 4887 ) effect on postretirement benefit obligation.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 105967 $ ( 86179 ).\n discount rate assumption determined for pension and postretirement benefit plans independently.\n year-end 2011 company began using approach process of settlement of obligations tailored to plans 2019 expected cash flows by matching plans 2019 cash flows to coupons and expected maturity values of selected bonds.\n yield curve developed for universe containing majority of. -issued aa-graded corporate bonds all non callable ( or callable with make-whole provisions ).\n for each plan discount rate developed as level equivalent rate same present value as using spot rates aligned with projected benefit payments.\n expected long-term rate of return on plan assets based on historical and projected rates of return  prior to administrative investment management fees for current planned asset classes in plans 2019 investment portfolios.\n assumed projected rates of return for plans 2019 projected asset classes selected after analyzing historical experience and future expectations of returns and volatility of asset classes.\n based on target asset allocation for each asset class overall expected rate of return for portfolio developed adjusted for historical and expected experience of active portfolio management results compared to benchmark returns and for effect of expenses paid from plan assets.\n company 2019s pension expense increases as expected return on assets decreases.\ndetermination year end 2014 projected benefit plan obligations company adopted new table based society of actuaries 2014 mortality table including generational bb-2d projection scale.\n adoption resulted significant increase to pension other postretirement benefit plans 2019 projected benefit obligations.\n assumed health care cost trend rates significant effect on amounts reported other postretirement benefit plans.\n health care cost trend rate based historical rates expected market conditions.\n one-percentage-point change assumed health care cost trend rates effects increase decrease effect on total service interest cost components.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 5943 $ ( 4887 ) effect on other postretirement benefit obligation.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 105967 $ ( 86179 )\n\n| one-percentage-point increase | one-percentage-point decrease\n------------------------------------------------------- | ----------------------------- | -----------------------------\neffect on total of service and interest cost components | $ 5943                        | $ -4887 ( 4887 )\neffect on other postretirement benefit obligation       | $ 105967                      | $ -86179 ( 86179 )"
}
{
    "_id": "dd4c111ee",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010  and 2009 preliminary allocation of purchase price to fair value of assets acquired and liabilities assumed is as follows ( in millions ) :.\n at december 31 , 2011  assets acquired and liabilities assumed in acquisition were recorded at provisional amounts based on preliminary purchase price allocation.\n company in process of obtaining additional information to identify and measure all assets acquired and liabilities assumed in acquisition within measurement period could be up to one year from date of acquisition.\n provisional amounts will be retrospectively adjusted to reflect new information about facts and circumstances existed at acquisition date if affected measurement of amounts.\n key input assumptions and sensitivity to valuation of assets acquired and liabilities assumed being reviewed by management.\n likely value of generation business related property , plant and equipment , intangible asset related to electric security plan with regulated customers and long-term coal contracts , 4. 9% ( 4. 9 % ) equity ownership interest in ohio valley electric corporation , deferred taxes could change as valuation process is finalized.\n dpler , dpl 2019s wholly-owned competitive retail electric service ( 201ccres 201d ) provider , will likely have changes in initial purchase price allocation for valuation of intangible assets for trade name , customer relationships and contracts.\n in table preliminary purchase price allocation resulted in recognition of $ 2. 5 billion of goodwill.\n factors primarily contributing to price in excess of fair value of net tangible and intangible assets include ability to expand.\nutility platform in mid-west market , ability to capitalize on utility management experience from ipl , enhanced ability to negotiate with suppliers of fuel and energy  ability to capture value associated with aes 2019 u. s.\n tax position , well- positioned generating fleet  ability of dpl to leverage assembled workforce advantage growth opportunities , etc.\n ability to realize benefit of dpl 2019s goodwill depends on realization of expected benefits from successful integration of dpl into aes 2019 existing operations and ability to respond to changes in ohio utility market.\n for example  utilities in ohio face downward pressure on operating margins due to evolving regulatory environment  moving towards market-based competitive pricing mechanism.\n declining energy prices reducing operating\n\ncash                                      | $ 116\n----------------------------------------- | --------------\naccounts receivable                       | 278\ninventory                                 | 124\nother current assets                      | 41\nproperty plant and equipment              | 2549\nintangible assets subject to amortization | 166\nintangible assets 2014indefinite-lived    | 5\nregulatory assets                         | 201\nother noncurrent assets                   | 58\ncurrent liabilities                       | -401 ( 401 )\nnon-recourse debt                         | -1255 ( 1255 )\ndeferred taxes                            | -558 ( 558 )\nregulatory liabilities                    | -117 ( 117 )\nother noncurrent liabilities              | -195 ( 195 )\nredeemable preferred stock                | -18 ( 18 )\nnet identifiable assets acquired          | 994\ngoodwill                                  | 2489\nnet assets acquired                       | $ 3483"
}
{
    "_id": "dd4b902a6",
    "title": "",
    "text": "december 18 , 2007 issued additional 23182197 shares common stock to citadel.\n issuances exempt from registration section 4 ( 2 ) of securities act of 1933  each purchaser represented 201caccredited investor 201d as defined in regulation d promulgated under securities act of 1933  common stock acquired for investment.\n not engage in general solicitation or advertising issuances common stock not offered securities to public connection with issuances.\n see item 1.\n business 2014citadel investment.\n performance graph performance graph shows cumulative total return to holder of company 2019s common stock , assuming dividend reinvestment , compared with cumulative total return  assuming dividend reinvestment of standard & poor 2019s ( 201cs&p 201d ) 500 and s&p super cap diversified financials during period from december 31 , 2002 through december 31 , 2007.\n 2022 $ 100 invested on 12/31/02 in stock or index-including reinvestment of dividends.\n fiscal year ending december 31.\n 2022 copyright a9 2008 , standard & poor 2019s , division of mcgraw-hill companies , inc.\n all rights reserved.\n www. researchdatagroup. com/s&p. htm\n\n| 12/02  | 12/03  | 12/04  | 12/05  | 12/06  | 12/07\n------------------------------------ | ------ | ------ | ------ | ------ | ------ | ------\ne*trade financial corporation        | 100.00 | 260.29 | 307.61 | 429.22 | 461.32 | 73.05\ns&p 500                              | 100.00 | 128.68 | 142.69 | 149.70 | 173.34 | 182.87\ns&p super cap diversified financials | 100.00 | 139.29 | 156.28 | 170.89 | 211.13 | 176.62"
}
{
    "_id": "dd4c4fb38",
    "title": "",
    "text": "measurement point december 31 priceline nasdaq index s&p 500 rdg internet.\n\nmeasurement pointdecember 31 | the priceline group inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite\n---------------------------- | ------------------------- | --------------------- | ------------ | ---------------------\n2011                         | 100.00                    | 100.00                | 100.00       | 100.00\n2012                         | 132.64                    | 116.41                | 116.00       | 119.34\n2013                         | 248.53                    | 165.47                | 153.58       | 195.83\n2014                         | 243.79                    | 188.69                | 174.60       | 192.42\n2015                         | 272.59                    | 200.32                | 177.01       | 264.96\n2016                         | 313.45                    | 216.54                | 198.18       | 277.56"
}
{
    "_id": "dd4c00dee",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.\n equity compensation plans 2019 information incorporated by reference from part iii  item 12 , 201csecurity ownership of certain beneficial owners management related stockholder matters 201d document integral part of item 5.\n at january 31 , 2016 84607 shareholders record.\n 3m 2019s stock listed on new york stock exchange .\n chicago stock exchange . swx swiss exchange.\n cash dividends declared paid totaled $ 1. 025 per share for second  third fourth quarters of 2015.\n cash dividends declared fourth quarter of 2014 included dividend paid november 2014 of $ 0. 855 per share dividend paid march 2015 of $ 1. 025 per share.\n cash dividends declared paid totaled $ 0. 855 per share for second third quarters of 2014.\n cash dividends declared fourth quarter of 2013 include dividend paid march 2014 of $ 0. 855 per share.\n stock price comparisons follow stock price comparisons ( nyse composite transactions ).\n issuer purchases of equity securities repurchases of 3m common stock support company 2019s stock-based employee compensation plans for other corporate purposes.\n february 2014 3m 2019s board of directors authorized repurchase of up to $ 12 billion of 3m 2019s outstanding common stock no pre-established end date.\n february 2016 3m 2019s board of directors replaced company february 2014 repurchase program with new repurchase program.\n new program authorizes repurchase of up to $ 10 billion of 3m 2019s outstanding common stock no pre-established end date.\n\n( per share amounts ) | first quarter | second quarter | third quarter | fourth quarter | total\n--------------------- | ------------- | -------------- | ------------- | -------------- | --------\n2015 high             | $ 170.50      | $ 167.70       | $ 157.94      | $ 160.09       | $ 170.50\n2015 low              | 157.74        | 153.92         | 134.00        | 138.57         | 134.00\n2014 high             | $ 139.29      | $ 145.53       | $ 147.87      | $ 168.16       | $ 168.16\n2014 low              | 123.61        | 132.02         | 138.43        | 130.60         | 123.61"
}
{
    "_id": "dd4c515dc",
    "title": "",
    "text": "management 2019s discussion analysis operating expenses operating expenses influenced by compensation  headcount business activity.\n in see 201cuse of estimates 201d for expenses from litigation regulatory proceedings.\n compensation and benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.\n discretionary compensation impacted by net revenues  overall financial performance labor markets business mix structure of share-based compensation programs external environment.\n table below presents operating expenses total staff ( includes employees consultants temporary staff ).\n 1.\n consists of changes in reserves related to americas reinsurance business  including interest credited to policyholder account balances  expenses related to property catastrophe reinsurance claims.\n in april 2013 completed sale of majority stake in americas reinsurance business no longer consolidate this business.\n 2014 versus 2013.\n operating expenses on consolidated statements earnings were $ 22. 17 billion for 2014 , unchanged compared with 2013.\n compensation and benefits expenses on consolidated earnings were $ 12. 69 billion for 2014  unchanged compared with 2013.\n ratio of compensation and benefits to net revenues for 2014 was 36. 8% ( 36. 8 % ) compared with 36. 9% ( 36. 9 % ) for 2013.\n total staff increased 3% ( 3 % ) during 2014.\n non-compensation expenses on consolidated earnings were $ 9. 48 billion for 2014 , 4% ( 4 % ) lower than 2013.\n decrease compared with 2013 included decrease in other expenses due to lower net provisions for litigation regulatory proceedings lower operating expenses related to consolidated investments decline in insurance reserves reflecting sale of americas reinsurance business in 2013.\ndecreases partially offset by increase in brokerage  clearing  exchange distribution fees.\n net provisions for litigation and regulatory proceedings for 2014 were $ 754 million compared with $ 962 million for 2013 ( primarily net provisions for mortgage-related matters.\n 2014 included charitable contribution of $ 137 million to goldman sachs gives donor-advised fund.\n compensation reduced to fund this charitable contribution.\n firm asks managing directors to make recommendations regarding potential charitable recipients for contribution.\n 2013 versus 2012.\n operating expenses on consolidated earnings were $ 22. 47 billion for 2013 2% ( 2 % ) lower than 2012.\n compensation and benefits expenses were $ 12. 61 billion for 2013 3% ( 3 % ) lower compared with $ 12. 94 billion for 2012.\n ratio of compensation and benefits to net revenues for 2013 was 36. 9% (. 9 % ) compared with 37. 9% ( 37. 9 % ) for 2012.\n total staff increased 2% ( 2 % ) during 2013.\n non-compensation expenses were $ 9. 86 billion for 2013 2% ( 2 % ) lower than 2012.\n decrease compared with 2012 included decline in insurance reserves sale of americas reinsurance business decrease in depreciation and amortization expenses reflecting lower impairment charges lower operating expenses related to consolidated investments.\n decreases partially offset by increase in other expenses due to higher net provisions for litigation and regulatory proceedings higher brokerage  clearing  exchange distribution fees.\n net provisions for litigation regulatory proceedings for 2013 were $ 962 million for mortgage-related matters compared with $ 448 million for 2012 ( including settlement with board of governors of federal reserve system board ) regarding independent foreclosure review ).\n2013 included charitable contribution $ 155 million to goldman sachs gives  our donor-advised fund.\n compensation reduced to fund this charitable contribution.\n firm asks participating managing directors make recommendations potential charitable recipients for this contribution.\n 38 goldman sachs 2014 annual report\n\n$ in millions                                    | year ended december 2014 | year ended december 2013 | year ended december 2012\n------------------------------------------------ | ------------------------ | ------------------------ | ------------------------\ncompensation and benefits                        | $ 12691                  | $ 12613                  | $ 12944\nbrokerage clearing exchange anddistribution fees | 2501                     | 2341                     | 2208\nmarket development                               | 549                      | 541                      | 509\ncommunications and technology                    | 779                      | 776                      | 782\ndepreciation and amortization                    | 1337                     | 1322                     | 1738\noccupancy                                        | 827                      | 839                      | 875\nprofessional fees                                | 902                      | 930                      | 867\ninsurance reserves1                              | 2014                     | 176                      | 598\nother expenses                                   | 2585                     | 2931                     | 2435\ntotal non-compensation expenses                  | 9480                     | 9856                     | 10012\ntotal operating expenses                         | $ 22171                  | $ 22469                  | $ 22956\ntotal staff at period-end                        | 34000                    | 32900                    | 32400"
}
{
    "_id": "dd4bf1060",
    "title": "",
    "text": "stock total return performance graph compares our total return to stockholders with returns standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and dow jones us select health care providers index ( 201cpeer group 201d ) for five years ended december 31 , 2018.\n graph assumes investment of $ 100 in each our common stock , s&p 500  peer group on december 31 , 2013  dividends reinvested when paid.\n stock price performance graph not indicative of future stock price performance.\n\n| 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018\n---------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nhum        | $ 100      | $ 140      | $ 176      | $ 202      | $ 247      | $ 287\ns&p 500    | $ 100      | $ 114      | $ 115      | $ 129      | $ 157      | $ 150\npeer group | $ 100      | $ 128      | $ 135      | $ 137      | $ 173      | $ 191"
}
{
    "_id": "dd4b94856",
    "title": "",
    "text": "goldman sachs group  inc.\n subsidiaries management 2019s discussion analysis investing & lending lending includes investing activities origination of loans including relationship lending activities provide financing to clients.\n investments and loans typically longer-term.\n make investments some consolidated including through merchant banking business special situations group in debt securities and loans  public and private equity securities infrastructure real estate entities.\n some investments made indirectly through funds we manage.\n make unsecured and secured loans to retail clients through digital platforms marcus and goldman sachs private bank select ( gs select ).\n table below presents operating results of investing & lending segment.\n operating environment.\n during 2017  higher global equity prices tighter credit spreads contributed to favorable environment for equity and debt investments.\n results reflected net gains from company- specific events including sales  corporate performance.\n environment contrasts with 2016  first quarter 2016 market conditions difficult corporate performance particularly in energy sector impacted by challenging macroeconomic environment.\n market conditions improved during rest of 2016 as macroeconomic concerns moderated.\n if macroeconomic concerns negatively affect company-specific events or corporate performance or global equity markets decline credit spreads widen net revenues in investing & lending likely negatively impacted.\n 2017 versus 2016.\n net revenues in investing & lending were $ 6. 58 billion for 2017 , 61% ( 61 % ) higher than 2016.\n net revenues in equity securities were $ 4. 58 billion  including $ 3. 82 billion of net gains from private equities and $ 762 million in net gains from public equities.\nrevenues in equity securities 78% ( 78 % ) higher than 2016 reflecting increase in net gains from private equities impacted by company- specific events corporate performance.\n net gains from public equities higher global equity prices increased.\n $ 4. 58 billion net revenues in equity securities 60% ( 60 % ) driven by gains from company-specific events sales public equities.\n net revenues in debt securities and loans $ 2. 00 billion 33% ( 33 % ) higher than 2016 reflecting higher net interest income 2017 included $ 1. 80 billion net interest income.\n net revenues in debt securities loans 2017 included impairment of $ 130 million secured operating expenses were $ 2. 80 billion for 2017 17% ( 17 % ) higher than 2016 due to increased compensation benefits expenses higher net revenues increased expenses related to consolidated investments expenses related to marcus.\n pre-tax earnings $ 3. 79 billion in 2017 compared with $ 1. 69 billion in 2016.\n 2016 versus 2015.\n net revenues in investing & lending were $ 4. 08 billion for 2016 25% ( 25 % ) lower than 2015.\n net revenues in equity securities $ 2. 57 billion  including $ 2. 17 billion net gains from private equities $ 402 million net gains from public equities.\n net revenues equity securities 32% ( 32 % ) lower than 2015 decrease in net gains from private equities driven by company-specific events corporate performance.\n net revenues in debt securities loans $ 1. 51 billion  9% ( 9 % ) lower than 2015 lower net revenues related to relationship lending activities due to impact of changes in credit spreads on economic hedges.\n losses related to hedges were $ 596 million in 2016 compared with gains of $ 329 million in 2015.\ndecrease offset by higher net gains from investments debt instruments higher net interest income.\n see note 9 consolidated financial statements information economic hedges relationship lending activities.\n operating expenses were $ 2. 39 billion for 2016 unchanged compared with 2015.\n pre-tax earnings $ 1. 69 billion 2016 44% ( 44 % ) lower than 2015.\n goldman sachs 2017 form 10-k 61\n\n$ in millions             | year ended december 2017 | year ended december 2016 | year ended december 2015\n------------------------- | ------------------------ | ------------------------ | ------------------------\nequity securities         | $ 4578                   | $ 2573                   | $ 3781\ndebt securities and loans | 2003                     | 1507                     | 1655\ntotal net revenues        | 6581                     | 4080                     | 5436\noperating expenses        | 2796                     | 2386                     | 2402\npre-taxearnings           | $ 3785                   | $ 1694                   | $ 3034"
}
{
    "_id": "dd4becf7e",
    "title": "",
    "text": "year ended december 31 , 2011 granted 354660 performance share units fair value based on grant date closing stock price of $ 28. 79.\n units payable in stock subject to financial performance criteria.\n fair value performance share unit awards based on grant date closing stock price of each award grant apply to number of units ultimately awarded.\n number of shares ultimately issued for each award based on financial performance compared to peer group companies performance period range from zero to 200% ( ).\n as of december 31 , 2011  estimated share payouts for outstanding non-vested performance share unit awards ranged from 150% ( 150 % ) to 195% ( 195 % ).\n legacy frontier performance share units assumed at july 1, 2011  performance based on market performance criteria calculated as total shareholder return achieved by hollyfrontier stockholders compared with average shareholder return by equally-weighted peer group of independent refining companies over three-year period.\n share unit awards payable in stock based on share price performance relative to defined peer group range from zero to 125% ( 125 % ) of initial target award.\n performance share units valued at july 1 , 2011 using monte carlo valuation model simulates future stock price movements using inputs including grant date measurement date stock prices  expected stock price performance  expected rate of return volatility of stock price relative to peer group over three-year performance period.\n fair value of performance share units at july 1 , 2011 was $ 8. 6 million.\n $ 7. 3 million relates to post-merger services recognized ratably over remaining service period through 2013.\n summary of performance share unit activity and changes year ended december 31 , 2011 presented below.\n1 includes 225116 non-vested performance share grants under legacy frontier plan outstanding retained by hollyfrontier at july 1 , 2011.\n for year ended december 31 , 2011 issued 178148 shares of common stock fair value of $ 2. 6 million related to vested performance share units.\n based on weighted average grant date fair value of $ 20. 71 $ 11. 7 million total unrecognized compensation cost related to non-vested performance share units.\n cost expected to be recognized over weighted-average period of 1. 1 years.\n note 7 : cash cash equivalents investments in marketable securities investment portfolio at december 31, 2011 consisted of cash  cash equivalents investments in debt securities primarily issued by government and municipal entities.\n hold 1000000 shares of connacher oil and gas limited common stock received as partial consideration upon sale of montana refinery invest in highly-rated marketable debt securities primarily issued by government municipal entities maturities at date of purchase greater than three months.\n invest in other marketable debt securities with maximum maturity date not greater than two years from date of purchase.\n all instruments including investments in equity securities classified as available- for-sale.\n reported at fair value using quoted market prices.\n interest income recorded as earned.\n unrealized gains and losses  net of related income taxes reported as component of accumulated other comprehensive income.\n upon sale realized gains and losses on sale of marketable securities computed based on specific identification of underlying cost of securities sold unrealized gains and losses previously reported in comprehensive income reclassified to current earnings.\n\nperformance share units                         | grants\n----------------------------------------------- | ------------------\noutstanding at january 1 2011 ( non-vested )    | 556186\ngranted ( 1 )                                   | 354660\nvesting and transfer of ownership to recipients | -136058 ( 136058 )\noutstanding at december 31 2011 ( non-vested )  | 774788"
}
{
    "_id": "dd4becb14",
    "title": "",
    "text": "part i item 1.\n business company founded in 1886 american water works company , inc. ( 201ccompany , 201d 201camerican water 201d or 201caww 201d ) is delaware holding company.\n american water most geographically diversified largest publicly-traded united states water and wastewater utility company measured by operating revenues and population served.\n as holding company conduct all business operations through subsidiaries.\n approximately 6400 employees provide estimated 15 million people with drinking water , wastewater other water-related services in 47 states one canadian province.\n operating segments report results of operations in two operating segments : regulated businesses and market- based operations.\n additional information operating segment results included in section entitled 201citem 7 2014management 2019s discussion and analysis of financial condition and results of operations , 201d note 18 of consolidated financial statements.\n regulated businesses primary business involves ownership of subsidiaries provide water and wastewater utility services to residential  commercial industrial other customers including sale for resale public authority customers.\n report results of business in regulated businesses segment.\n subsidiaries provide services subject to economic regulation by state commissions or other entities economic regulation referred public utility commissions  or 201cpucs 201d states in operate.\n federal and state governments also regulate environmental , health and safety  water quality matters.\n regulated businesses segment operating revenues were $ 2674. 3 million for 2014 , $ 2539. 9 for 2013 , $ 2564. 4 million for 2012  accounting for 88. 8% ( 88. 8 % ) , 90. 1% ( 90. 1 % ) and 89. 9% ( 89. 9 % )  of total operating revenues for same periods.\ntable sets regulated businesses operating revenues  number customers estimate population served as of december 31 , 2014 : operating revenues ( in millions ) % ( % ) of total number customers % % ) total estimated population served ( in millions ) % ( % ) of total.\n ( a ) includes illinois-american water company  as ilawc and american lake water company regulated subsidiary in illinois.\n\nnew jersey                    | operatingrevenues ( in millions ) $ 652.3 | % (  % ) of total 24.5% ( 24.5 % ) | number ofcustomers 648066 | % (  % ) of total 20.2% ( 20.2 % ) | estimatedpopulationserved ( in millions ) 2.7 | % (  % ) of total 22.7% ( 22.7 % )\n----------------------------- | ----------------------------------------- | ---------------------------------- | ------------------------- | ---------------------------------- | --------------------------------------------- | ----------------------------------\npennsylvania                  | 605.4                                     | 22.6% ( 22.6 % )                   | 666415                    | 20.7% ( 20.7 % )                   | 2.2                                           | 18.5% ( 18.5 % )\nmissouri                      | 270.2                                     | 10.1% ( 10.1 % )                   | 464498                    | 14.4% ( 14.4 % )                   | 1.5                                           | 12.7% ( 12.7 % )\nillinois ( a )                | 262.3                                     | 9.8% ( 9.8 % )                     | 312017                    | 9.7% ( 9.7 % )                     | 1.3                                           | 10.9% ( 10.9 % )\ncalifornia                    | 209.8                                     | 7.8% ( 7.8 % )                     | 174198                    | 5.4% ( 5.4 % )                     | 0.6                                           | 5.0% ( 5.0 % )\nindiana                       | 200.6                                     | 7.5% ( 7.5 % )                     | 293666                    | 9.1% ( 9.1 % )                     | 1.2                                           | 10.1% ( 10.1 % )\nwest virginia ( b )           | 127.0                                     | 4.7% ( 4.7 % )                     | 170371                    | 5.3% ( 5.3 % )                     | 0.6                                           | 5.0% ( 5.0 % )\nsubtotal ( top seven states ) | 2327.6                                    | 87.0% ( 87.0 % )                   | 2729231                   | 84.8% ( 84.8 % )                   | 10.1                                          | 84.9% ( 84.9 % )\nother ( c )                   | 346.7                                     | 13.0% ( 13.0 % )                   | 489961                    | 15.2% ( 15.2 % )                   | 1.8                                           | 15.1% ( 15.1 % )\ntotal regulated businesses    | $ 2674.3                                  | 100.0% ( 100.0 % )                 | 3219192                   | 100.0% ( 100.0 % )                 | 11.9                                          | 100.0% ( 100.0 % )"
}
{
    "_id": "dd4bc907e",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results operations state street corporation | 89 $ 65. 35 billion and $ 87. 20 billion as of december 31 , 2017 december 31 , 2016  respectively.\n table 29 : components of average hqla by type ( in millions ) december 31 , 31.\n respect highly liquid short-term investments preceding table due to elevated level client deposits as of december 31 , 2017 maintained cash balances in excess of regulatory requirements governing deposits with federal reserve of approximately $ 33. 58 billion at federal reserve , ecb other non-u.\n central banks  compared to $ 48. 40 billion as december 31 , 2016.\n lower levels of deposits with central banks as december 31, 2017 compared to december 31  2016 due to normal deposit volatility.\n liquid securities in asset liquidity include securities pledged without advances from frbb  fhlb  other non- u.\n central banks.\n state street bank member of fhlb.\n membership allows for advances of liquidity varying terms against high-quality collateral facilitate asset-and-liability management.\n access to primary  intra-day contingent liquidity provided by utilities important source contingent liquidity utilization subject to underlying conditions.\n as of december 31 , 2017 december 31 , 2016 no outstanding primary credit borrowings from frbb discount window or other central bank facility same dates no fhlb advances outstanding.\n addition securities included asset liquidity significant amounts of other unencumbered investment securities.\n aggregate fair value of securities was $ 66. 10 billion as of december 31 , 2017 compared to $ 54. 40 billion as of december 31 , 2016.\n these securities available sources of liquidity not as rapidly deployed as included in asset liquidity.\nmeasures liquidity include lcr , nsfr tlac described in \"supervision and regulation\" under item 1 , business  of form 10-k.\n uses of liquidity significant uses liquidity could result from : withdrawals of client deposits ; draw- downs of unfunded commitments to extend credit or purchase securities  generally provided through lines of credit ; short-duration advance facilities.\n circumstances arise under stress conditions including deterioration in credit ratings.\n recurring significant use of liquidity involves deployment of hqla from investment portfolio to post collateral to financial institutions participants in agency lending program as sources of securities under enhanced custody program.\n unfunded commitments to extend credit with gross contractual amounts totaling $ 26. 49 billion and $ 26. 99 billion as of december 31 , 2017 and december 31 , 2016 .\n amounts do not reflect value of collateral.\n as of december 31 , 2017 approximately 72% ( 72 % ) of unfunded commitments to extend credit expire within one year.\n commitments expected to expire or renew without drawn upon gross contractual amounts do not represent future cash requirements.\n information about resolution planning impact actions resolution plans on liquidity provided in \"supervision and regulation\" under item 1.\n business , of form 10-k.\n funding deposits provide products and services including custody  accounting administration  daily pricing foreign exchange services cash management financial asset management  securities finance investment advisory services.\n generate client deposits provided stable  low-cost source of funds.\n as global custodian clients place deposits with state street entities in various currencies.\n as of december 31 , 2017 and december 31 , 2016  approximately 60% ( 60 % ) of average client deposit balances were denominated in u. s.\ndollars  approximately 20% ( 20 % ) in eur  10% ( 10 % ) in gbp 10% ( 10 % ) in all other currencies.\n for past several years frequently experienced higher client deposit inflows end of each fiscal quarter or end fiscal year.\n believe average client deposit balances more reflective of ongoing funding than period-end balances.\n\n( in millions )              | december 31 2017 | december 31 2016\n---------------------------- | ---------------- | ----------------\nexcess central bank balances | $ 33584          | $ 48407\nu.s . treasuries             | 10278            | 17770\nother investment securities  | 13422            | 15442\nforeign government           | 8064             | 5585\ntotal                        | $ 65348          | $ 87204"
}
{
    "_id": "dd4bd368c",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements assessments in tax jurisdictions examinations.\n company believes adequate provisions made for income taxes for all periods through december 31 , 2010.\n 12.\n stock-based compensation company recognized stock-based compensation of $ 52. 6 million , $ 60. 7 million $ 54. 8 million for years ended december 31 , 2010 , 2009 2008 .\n stock-based compensation for year ended december 31 , 2009 included $ 6. 9 million related to modification of vesting exercise terms for certain employee 2019s equity awards.\n company did not capitalize any stock-based compensation during years ended december 31, 2010 and 2009.\n summary of stock-based compensation plans 2014the company maintains equity incentive plans for grant of stock-based awards to directors  officers employees.\n under 2007 equity incentive plan ( 201c2007 plan 201d ) provides for grant of non-qualified incentive stock options restricted stock units  restricted stock other stock-based awards  exercise prices non-qualified incentive stock options not less than fair market value of underlying common stock on date of grant.\n equity awards vest ratably over various periods generally four years expire ten years from date of grant.\n stock options 2014as of december 31 , 2010  company had ability to grant stock-based awards aggregate of 22. 0 million shares of common stock under 2007 plan.\n fair value of each option grant estimated on date of grant using black-scholes option pricing model based on assumptions in table below.\n risk-free treasury rate based on.\n treasury yield in effect at accounting measurement date.\n expected life ( estimated period of time outstanding ) estimated using vesting term and historical exercise behavior of company employees.\nexpected volatility based on historical volatility for period equal to expected life of stock options.\n key assumptions pricing model.\n weighted average grant date fair value per share years ended december 31 , 2010 , 2009 2008 was $ 15. 03 , $ 8. 90 $ 9. 55  respectively.\n intrinsic value of stock options exercised years ended december 31, 2010  2009 2008 was $ 62. 7 million , $ 40. 1 million $ 99. 1 million  respectively.\n as of december 31, 2010  total unrecognized compensation expense related to unvested stock options was approximately $ 27. 7 million expected to be recognized over weighted average period of approximately two years.\n cash received from exercise stock options was approximately $ 129. 1 million during year ended december 31 , 2010.\n year ended december 31 2010 company realized approximately $ 0. 3 million of state tax benefits from exercise stock options.\n\n| 2010                                       | 2009                                       | 2008\n-------------------------------------------------------------- | ------------------------------------------ | ------------------------------------------ | ------------------------------------------\nrange of risk-free interest rate                               | 1.41% ( 1.41 % ) 2013 2.39% ( 2.39 % )     | 1.41% ( 1.41 % ) 2013 2.04% ( 2.04 % )     | 1.44% ( 1.44 % ) 2013 3.05% ( 3.05 % )\nweighted average risk-free interest rate                       | 2.35% ( 2.35 % )                           | 1.71% ( 1.71 % )                           | 1.89% ( 1.89 % )\nexpected life of option grants                                 | 4.60 years                                 | 4.00 years                                 | 4.00 years\nrange of expected volatility of underlying stock price         | 37.11% ( 37.11 % ) 2013 37.48% ( 37.48 % ) | 36.00% ( 36.00 % ) 2013 36.63% ( 36.63 % ) | 28.51% ( 28.51 % ) 2013 35.30% ( 35.30 % )\nweighted average expected volatility of underlying stock price | 37.14% ( 37.14 % )                         | 36.23% ( 36.23 % )                         | 29.10% ( 29.10 % )\nexpected annual dividends                                      | n/a                                        | n/a                                        | n/a"
}
{
    "_id": "dd4c30b66",
    "title": "",
    "text": "assumed health care cost trend rates for u. s.\n retiree health care benefit plan as of december 31 are.\n one percentage point increase or decrease in health care cost trend rates over future periods would have increased or decreased accumulated postretirement benefit obligation for.\n retiree health benefit plan as of december 31 , 2017  by $ 1 million.\n service cost and interest cost components of 2017 plan expense increased or decreased by less than $ 1 million.\n deferred compensation arrangements deferred compensation plan allows.\n employees base salary and management responsibility exceed certain level to defer receipt of portion of cash compensation.\n payments made based on participant 2019s distribution election and plan balance.\n participants can earn return on deferred compensation based on notional investments in same investment funds in defined contribution plans.\n as of december 31, 2017  liability to participants of deferred compensation plans was $ 255 million recorded in other long-term liabilities on consolidated balance sheets.\n amount reflects accumulated participant deferrals and earnings as of date.\n as of december 31 , 2017  held $ 236 million in mutual funds related to plans recorded in long-term investments on consolidated balance sheets serve as economic hedge against changes in fair values of other deferred compensation liabilities.\n record changes in fair value of liability and related investment in sg&a in note 8.\n 11.\n debt and lines of credit short-term borrowings maintain line of credit to support commercial paper borrowings provide additional liquidity through bank loans.\n as of december 31 , 2017 variable-rate revolving credit facility from consortium of investment-grade banks allows to borrow up to $ 2 billion until march 2022.\ninterest rate on borrowings under credit facility if drawn indexed to london interbank offered rate ( libor ).\n as of december 31 , 2017 credit facility undrawn no commercial paper outstanding.\n long-term debt retired $ 250 million of maturing debt in march 2017 another $ 375 million in june 2017.\n in may 2017 issued aggregate $ 600 million of fixed-rate , long-term debt.\n offering consisted of reissuance of $ 300 million of 2. 75% ( 2. 75 % ) notes due in 2021 at premium issuance of $ 300 million of 2. 625% ( 2. 625 % ) notes due in 2024 at discount.\n incurred $ 3 million of issuance and other related costs.\n proceeds of offerings were $ 605 million  net of original issuance discount and premium used for repayment of maturing debt and general corporate purposes.\n in november 2017 issued principal $ 500 million of fixed-rate , long-term debt due in 2027.\n incurred $ 3 million of issuance and other related costs.\n proceeds offering were $ 494 million  net of original issuance discount used for general corporate purposes.\n in may 2016 issued $ 500 million of fixed-rate long-term debt due in 2022.\n incurred $ 3 million of issuance other related costs.\n proceeds offering were $ 499 million  net of original issuance discount used toward repayment of portion of $ 1. 0 billion of maturing debt retired in may 2016.\n in may 2015 issued principal $ 500 million of fixed-rate , long-term debt due in 2020.\n incurred $ 3 million of issuance and other related costs.\n proceeds of offering were $ 498 million  net of original issuance discount used toward repayment of portion of debt matured in august 2015.\nretired 250 million maturing debt april 2015 $ 750 million august 2015.\n texas instruments 2022 2017 form 10-k 51\n\n| 2017             | 2016\n------------------------------------------------- | ---------------- | ----------------\nassumed health care cost trend rate for next year | 7.50% ( 7.50 % ) | 6.75% ( 6.75 % )\nultimate trend rate                               | 5.00% ( 5.00 % ) | 5.00% ( 5.00 % )\nyear in which ultimate trend rate is reached      | 2028             | 2024"
}
{
    "_id": "dd4bcd872",
    "title": "",
    "text": "internal revenue code.\n cash needed to execute strategy invest in new properties pay debt at maturity must come from or sources : 2022 cash not distributed to shareholders , 2022 proceeds of property dispositions  or 2022 proceeds from issuance of new debt or equity securities.\n management 2019s intention continually have access to capital resources necessary to expand develop business.\n intend to operate with maintain conservative capital structure maintain strong debt service coverage and fixed-charge coverage ratios of commitment to investment-grade debt ratings.\n may  seek to obtain funds by means : 2022 additional equity offerings  2022 unsecured debt financing and/or mortgage financings 2022 other debt and equity alternatives  including formation of joint ventures consistent with intention to operate conservative debt structure.\n cash and cash equivalents were $ 30. 5 million and $ 35. 0 million at december 31 , 2004 and december 31 , 2003 .\n summary of cash flows for year ended december 31 , 2004 ( in thousands ).\n cash provided by operating activities primarily attributable to operation of properties and change in working capital related to operations.\n used cash of $ 154. 3 million during twelve months ended december 31 , 2004 in investing activities including : 2022 $ 101. 7 million for acquisition of westgate mall , shaw 2019s plaza and several parcels of land  2022 capital expenditures of $ 59. 2 million for development and redevelopment of properties including santana row , 2022 maintenance capital expenditures of approximately $ 36. 9 million , 2022 $ 9. 4 million capital contribution to real estate partnership  2022 additional $ 3. 2 million net advance under existing mortgage note receivable ; offset by 2022 $ 41. 8 million in net sale proceeds from sale of properties\n\n| for the year ended december 31 2004 ( in thousands )\n--------------------------------------------- | ----------------------------------------------------\ncash provided by operating activities         | $ 161113\ncash used in investing activities             | -154273 ( 154273 )\ncash used by financing activities             | -11333 ( 11333 )\ndecrease in cash and cash equivalents         | -4493 ( 4493 )\ncash and cash equivalents beginning of period | 34968\ncash and cash equivalents end of period       | $ 30475"
}
{
    "_id": "dd4c36b88",
    "title": "",
    "text": "( c ) includes effects of items not considered in assessment operating performance business increased operating profit by $ 230 million , $ 150 million after tax ( $ 0. 34 per share ).\n includes expenses of $ 16 million , $ 11 million after tax ( $ 0. 03 per share ) for debt exchange  reduction in income tax expense of $ 62 million ( $ 0. 14 per share ) from tax benefit related to claims for additional extraterritorial income exclusion ( eti ) tax benefits.\n combined these items increased earnings by $ 201 million after tax ( $ 0. 45 per share ).\n ( d ) includes effects of items not considered in assessment operating performance increased operating profit by $ 173 million , $ 113 million after tax ( $ 0. 25 per share ).\n ( e ) includes effects of items not considered in decreased operating profit by $ 61 million , $ 54 million after tax ( $ 0. 12 per share ).\n includes charge of $ 154 million , $ 100 million after tax ( $ 0. 22 per share ) for early repayment of debt  reduction in income tax expense from closure of internal revenue service examination of $ 144 million ( $ 0. 32 per share ).\n combined these items reduced earnings by $ 10 million after tax ( $ 0. 02 per share ).\n ( f ) includes effects of items not considered in assessment operating performance decreased operating profit by $ 7 million , $ 6 million after tax ( $ 0. 01 per share ).\n includes charge of $ 146 million , $ 96 million after tax ( $ 0. 21 per share ) for early repayment of debt.\ndefine return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) after adjusting stockholders 2019 equity by adding adjustments related to postretirement benefit plans.\n reporting roic provides investors visibility into capital invested in operations.\n use roic to evaluate multi-year investment decisions long-term performance measure factor in evaluating management performance under incentive compensation plans.\n roic not a measure of financial performance under accepted accounting principles may not be defined and calculated by other companies same.\n roic not considered in isolation or alternative to net earnings indicator performance.\n calculate roic as follows : ( in millions ) 2007 2006 2005 2004 2003.\n 1 represents after-tax interest expense utilizing federal statutory rate of 35% ( 35 % ).\n 2 debt consists of long-term debt  including current maturities long-term debt short-term borrowings.\n 3 equity includes non-cash adjustments for unrecognized benefit plan actuarial losses and prior service costs in 2007 and 2006  adjustment for adoption of fas 158 in 2006 additional minimum pension liability in years prior to 2007.\n average benefit plan adjustments reflect cumulative value of entries in statement of stockholders equity under captions 201cpostretirement benefit plans , 201d 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability. total of annual benefit plan adjustments to equity were : 2007 = $ 1706 million ; 2006 = ( $ 1883 ) million 2005 = ( $ 105 ) million 2004 = ( $ 285 ) million 2003 = $ 331 million 2002 = $ 1537 million ) 2001 = ( $ 33 million ).\nentries recorded in fourth quarter , value added back to average equity in given year is cumulative impact of all prior year entries plus 20% ( 20 % ) of current year entry value.\n 5 yearly averages calculated using balances at start of year and end of each quarter.\n\n( in millions )                                   | 2007             | 2006             | 2005             | 2004             | 2003\n------------------------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | --------------\nnet earnings                                      | $ 3033           | $ 2529           | $ 1825           | $ 1266           | $ 1053\ninterest expense ( multiplied by 65% ( 65 % ) ) 1 | 229              | 235              | 241              | 276              | 317\nreturn                                            | $ 3262           | $ 2764           | $ 2066           | $ 1542           | $ 1370\naverage debt2 5                                   | $ 4416           | $ 4727           | $ 5077           | $ 5932           | $ 6612\naverage equity3 5                                 | 7661             | 7686             | 7590             | 7015             | 6170\naverage benefit plan adjustments3 4 5             | 3171             | 2006             | 1545             | 1296             | 1504\naverage invested capital                          | $ 15248          | $ 14419          | $ 14212          | $ 14243          | $ 14286\nreturn on invested capital                        | 21.4% ( 21.4 % ) | 19.2% ( 19.2 % ) | 14.5% ( 14.5 % ) | 10.8% ( 10.8 % ) | 9.6% ( 9.6 % )"
}
{
    "_id": "dd4c5a402",
    "title": "",
    "text": "table of contents configuration , amenities to passengers  loyalty programs  automation of travel agent reservation systems onboard products  markets served other services.\n compete with major network airlines and low-cost carriers throughout network.\n international in to extensive domestic service provide international service to canada  central and south america  asia  europe australia new zealand.\n providing international air transportation  compete with u. s.\n airlines , foreign investor-owned airlines foreign state- owned or state-affiliated airlines  including carriers based in middle east three largest benefit from significant government subsidies.\n to increase ability to compete for international air transportation service subject to extensive government regulation u.\n foreign carriers entered into marketing relationships  alliances  cooperation agreements jbas to exchange traffic between each other flights route networks.\n see 201cticket distribution and marketing agreements 201d above for further discussion.\n employees labor relations airline business is labor intensive.\n in 2016  mainline regional salaries , wages benefits were largest expense represented approximately 35% ( 35 % ) of total operating expenses.\n labor relations in air transportation industry regulated under railway labor act ( rla )  vests in national mediation board ( nmb ) functions with respect to disputes between airlines and labor unions relating to union representation collective bargaining agreements ( cbas ).\n when rla cba becomes amendable if either party to agreement wishes to modify terms must notify other party manner prescribed under rla as agreed by parties.\n under rla parties must meet for direct negotiations if no agreement reached either party may request nmb to appoint federal mediator.\n rla prescribes no set timetable for direct negotiation and mediation process.\nnot unusual for processes to last for many months even for several years.\n if no agreement reached in mediation , nmb in discretion may declare under rla impasse exists  if impasse declared , nmb proffers binding arbitration to parties.\n either party may decline to submit to binding arbitration.\n if arbitration rejected by either party , initial 30-day 201ccooling off 201d period commences.\n following conclusion of 30-day 201ccooling off 201d period , if no agreement reached , 201cself-help 201d ( described below ) can begin unless presidential emergency board ( peb ) is established.\n peb examines parties 2019 positions recommends solution.\n peb process lasts for 30 days ( if no resolution reached ) followed by another 201ccooling off 201d period of 30 days.\n at end of 201ccooling off 201d period ( unless agreement reached , peb established or action taken by congress ), labor organization may exercise 201cself-help , 201d as strike  airline may resort to its own 201cself-help , 201d including imposition of proposed amendments to cba hiring of new employees to replace striking workers.\n table below presents approximate number of active full-time equivalent employees as of december 31 , 2016.\n mainline operations wholly-owned regional carriers total.\n\n| mainline operations | wholly-owned regional carriers | total\n------------------------------------------- | ------------------- | ------------------------------ | ------\npilots and flight crew training instructors | 13400               | 3400                           | 16800\nflight attendants                           | 24700               | 2200                           | 26900\nmaintenance personnel                       | 14900               | 2000                           | 16900\nfleet service personnel                     | 16600               | 3500                           | 20100\npassenger service personnel                 | 15900               | 7100                           | 23000\nadministrative and other                    | 16000               | 2600                           | 18600\ntotal                                       | 101500              | 20800                          | 122300"
}
{
    "_id": "dd4c02ae0",
    "title": "",
    "text": "marathon oil corporation notes consolidated financial statements restricted stock awards summary of restricted stock award activity.\n awards weighted-average grant date fair value.\n vesting date fair value of restricted stock awards vested during 2009 , 2008 2007 was $ 24 million , $ 38 million $ 29 million.\n weighted average grant date fair value of restricted stock awards was $ 44. 89 , $ 47. 72 , $ 39. 87 for awards unvested at december 31, 2009 , 2008 2007.\n as of december 31, 2009 $ 43 million unrecognized compensation cost related to restricted stock awards expected to be recognized over average period 1. 6 years.\n stock-based performance awards all awards vested or forfeited.\n vesting date fair value of stock performance awards vested during 2007 was $ 38.\n 24.\n stockholders 2019 equity in each year  2009 and 2008  issued 2 million in common stock upon redemption of exchangeable shares addition to treasury shares issued for employee stock-based awards.\n board of directors authorized repurchase of up to $ 5 billion of marathon common stock.\n purchases under program may be in open market transactions block purchases or privately negotiated transactions.\n use cash on hand cash generated from operations proceeds from potential asset sales cash from available borrowings to acquire shares.\n program may be changed based financial condition or changes market conditions subject to termination prior completion.\n repurchase program not include specific price targets or timetables.\n as of december 31 , 2009 acquired 66 million common shares at cost of $ 2922 million program.\n no shares acquired since august 2008.\n securities exchangeable into marathon common stock 2013 acquired all outstanding shares of western on october 18 , 2007.\nwestern shareholders canadian residents received at election , cash , marathon common stock , securities exchangeable into marathon common stock ( 201cexchangeable shares 201d ) or combination thereof.\n western shareholders elected to receive 5 million exchangeable shares as part of acquisition consideration.\n exchangeable shares are shares of indirect canadian subsidiary of marathon at acquisition date exchangeable on one-for-one basis into marathon common stock.\n subsequent to acquisition  exchange ratio adjusted to reflect cash dividends  paid on marathon common stock and cash dividends paid on exchangeable shares.\n exchange ratio at december 31, 2009  was 1. 06109 common shares for each exchangeable share.\n exchangeable shares exchangeable at option of holder at any time automatically redeemable on october 18 , 2011.\n holders of exchangeable shares entitled to instruct trustee to vote ( or obtain proxy from trustee to vote directly ) on all matters submitted to holders of marathon common stock.\n number of votes to each holder entitled equal to whole number of shares of marathon common stock into which holder 2019s exchangeable shares exchangeable based on exchange ratio in effect on record date for vote.\n voting right is attached to voting preferred shares of marathon issued to trustee in amount\n\n| awards             | weighted-averagegrant datefair value\n---------------------------- | ------------------ | ------------------------------------\nunvested at december 31 2008 | 2049255            | $ 47.72\ngranted                      | 251335             | 24.74\nvested                       | -762466 ( 762466 ) | 46.03\nforfeited                    | -96625 ( 96625 )   | 43.56\nunvested at december 31 2009 | 1441499            | 44.89"
}
{
    "_id": "dd4ba7be0",
    "title": "",
    "text": "construction cvn-79 john f.\n kennedy  construction u. s.\n coast guard 2019s fifth national security cutter ( unnamed )  advance planning efforts cvn-72 uss abraham lincoln rcoh  continued execution cvn-71 uss theodore roosevelt rcoh.\n 2010 2014the value new contract awards year ended december 31 , 2010 approximately $ 3. 6 billion.\n significant new awards included $ 480 million for construction u. s.\n coast guard 2019s fourth national security cutter hamilton $ 480 million for design long-lead material procurement activities cvn-79 john f.\n kennedy aircraft carrier  $ 377 million for cvn-78 gerald r.\n ford  $ 224 million for lha-7 ( unnamed )  $ 184 million for lpd-26 john p.\n murtha  $ 114 million for ddg-114 ralph johnson $ 62 million for long-lead material procurement activities lpd-27 ( unnamed ).\n liquidity capital resources ensure efficient conversion operating results into cash for deployment operating businesses maximizing stockholder value.\n use financial measures assist capital deployment decision making including net cash provided by operating activities free cash flow.\n measures useful investors assessing financial performance.\n table below summarizes key components cash flow provided used operating activities:.\n cash flows discuss major operating , investing financing activities for each three years period ended december 31 , 2011  classified consolidated statements of cash flows.\n operating activities 2011 2014cash provided by operating activities was $ 528 million in 2011 compared with $ 359 million in 2010.\n increase $ 169 million due to increased earnings net of impairment charges lower pension contributions offset by increase in trade working capital.\n net cash paid by northrop grumman behalf for u. s.\n federal income tax obligations was $ 53 million.\n expect cash from operations for 2012 sufficient to service debt meet contract obligations finance capital expenditures.\n 2012 cash from operations expected sufficient service obligations, may borrow funds under credit facility to accommodate timing differences in cash flows.\n 2010 2014net cash provided by operating activities was $ 359 million in 2010 compared with cash used $ 88 million in 2009.\n change of $ 447 million due to decrease in discretionary pension contributions $ 97 million decrease in trade working capital $ 299 million  decrease in deferred income taxes $ 79 million.\n in 2009  trade working capital balances included unfavorable impact of delayed customer billings with negative performance adjustments on lpd-22 through lpd-25 contract due to projected cost increases at completion.\n see note 7 : contract charges in item 8.\n change in deferred taxes due to timing of contract related deductions.\n.\n federal income tax payments by northrop grumman behalf $ 89 million in 2010.\n\n( $ in millions )                                          | year ended december 31 2011 | year ended december 31 2010 | year ended december 31 2009\n---------------------------------------------------------- | --------------------------- | --------------------------- | ---------------------------\nnet earnings ( loss )                                      | $ -94 ( 94 )                | $ 135                       | $ 124\ngoodwill impairment                                        | 290                         | 0                           | 0\ndeferred income taxes                                      | 27                          | -19 ( 19 )                  | -98 ( 98 )\ndepreciation and amortization                              | 190                         | 183                         | 186\nstock-based compensation                                   | 42                          | 0                           | 0\nretiree benefit funding less than ( in excess of ) expense | 122                         | 33                          | -28 ( 28 )\ntrade working capital decrease ( increase )                | -49 ( 49 )                  | 27                          | -272 ( 272 )\nnet cash provided by ( used in ) operating activities      | $ 528                       | $ 359                       | $ -88 ( 88 )"
}
{
    "_id": "dd4b87462",
    "title": "",
    "text": "masco corporation notes to consolidated financial statements ( continued ) t.\n other commitments and contingencies litigation.\n we subject to claims , charges  litigation other proceedings in ordinary course of our business, including those arising from related to contractual matters  intellectual property  personal injury  environmental matters  product liability  construction defect  insurance coverage  personnel and employment disputes other matters  including class actions.\n we believe we have adequate defenses in these matters outcome of matters not likely to have material adverse effect on us.\n no assurance we will prevail in matters could future incur judgments , enter into settlements of claims or revise expectations regarding outcome matters could impact results of operations.\n in july 2012  company reached settlement agreement related to columbus drywall litigation.\n company insulation installation companies named in suit agreed to pay $ 75 million in return for dismissal with prejudice full release of all claims.\n company and insulation installation companies continue to deny challenged conduct unlawful admit no wrongdoing part of settlement.\n settlement reached to eliminate considerable expense and uncertainty of lawsuit.\n company recorded settlement expense in second quarter of 2012 amount paid in fourth quarter of 2012.\n warranty.\n at time of sale  company accrues warranty liability for estimated cost to provide products , parts or services to repair or replace products in satisfaction of warranty obligations.\n during third quarter of 2012 business in other specialty products segment recorded $ 12 million increase in expected future warranty claims resulting from completion of analysis prepared by company based upon periodic assessment of recent business unit specific operating trends including home ownership demographics  sales volumes  manufacturing quality  analysis of recent warranty claim activity estimate of current costs to service anticipated claims.\nchanges in company 2019s warranty liability follows  in millions:.\n investments.\n company 2019s investments in private equity funds  company had at december 31 , 2012 , commitments to contribute up to $ 19 million additional capital to such funds representing company 2019s aggregate capital commitment to funds less capital contributions made to date.\n company contractually obligated to make additional capital contributions to certain private equity funds upon receipt of capital call from private fund.\n company has no control over when or if capital calls occur.\n capital calls funded in cash result in increase in carrying value of company 2019s investment in private equity fund when paid.\n\n| 2012       | 2011\n---------------------------------------------------- | ---------- | ----------\nbalance at january 1                                 | $ 102      | $ 107\naccruals for warranties issued during the year       | 42         | 28\naccruals related to pre-existing warranties          | 16         | 8\nsettlements made ( in cash or kind ) during the year | -38 ( 38 ) | -38 ( 38 )\nother net ( including currency translation )         | -4 ( 4 )   | -3 ( 3 )\nbalance at december 31                               | $ 118      | $ 102"
}
{
    "_id": "dd4c3d01e",
    "title": "",
    "text": "discounted cash flow model ( dcf ) to estimate current fair value of reporting units when testing for impairment , management believes forecasted cash flows best indicator of fair value.\n significant assumptions and estimates involved in application dcf model to forecast operating cash flows , including sales growth ( volumes pricing ) , production costs , capital spending  discount rate.\n assumptions vary significantly among reporting units.\n cash flow forecasts based on approved business unit operating plans for early years and historical relationships in later years.\n wacc rate for individual reporting units estimated with assistance of valuation experts.\n arconic recognize impairment charge for amount carrying amount exceeds reporting unit 2019s fair value without exceeding total amount of goodwill allocated to reporting unit.\n in connection with interim impairment evaluation of long-lived assets for disks operations ( asset group within aen business unit ) in second quarter of 2018  resulted from decline in forecasted financial performance for business in connection with updated three-year strategic plan  company also performed interim impairment evaluation of goodwill for aen reporting unit.\n estimated fair value of reporting unit substantially in excess of carrying value ; no impairment of goodwill.\n goodwill impairment tests in 2017 and 2016 indicated goodwill not impaired for any company 2019s reporting units  except for arconic forgings and extrusions ( afe ) business whose estimated fair value lower than carrying value.\n arconic recorded impairment for full amount of goodwill in afe reporting unit of $ 719.\n decrease in afe fair value primarily due to unfavorable performance impacting operating margins higher discount rate due to increase in risk-free rate of return , carrying value increased compared to prior year.\n other intangible assets.\nintangible assets with indefinite useful lives not amortized intangible assets with finite useful lives amortized generally on straight-line basis over periods benefited.\n following table details weighted- average useful lives of software and other intangible assets by reporting segment ( numbers in years ) :.\n revenue recognition.\n company's contracts with customers of acknowledged purchase orders incorporating company 2019s standard terms and conditions or for larger customers may include terms under negotiated multi-year agreements.\n contracts with customers typically consist of manufacture of products represent single performance obligations satisfied upon transfer of control of product to customer.\n company produces fastening systems ; seamless rolled rings ; investment castings  airfoils forged jet engine components ; extruded, machined formed aircraft parts ; aluminum sheet and plate ; integrated aluminum structural systems ; architectural extrusions ; forged aluminum commercial vehicle wheels.\n transfer of control assessed based on alternative use of products produce and enforceable right to payment for performance to date under contract terms.\n transfer of control and revenue recognition occur upon shipment or delivery of product when title , ownership risk of loss pass to customer based on applicable shipping terms.\n shipping terms vary across businesses depend on product  country of origin type of transportation ( truck train vessel ).\n invoice for payment issued at time of shipment.\n company 2019s objective is to have net 30-day terms.\n business units set commercial terms on arconic sells products to customers.\n terms influenced by industry custom  market conditions  product line ( other considerations.\n in certain circumstances arconic receives advanced payments from customers for product to delivered in future periods.\n these advanced payments recorded as deferred revenue until product delivered and title and risk of loss passed to customer in accordance with terms of contract.\ndeferred revenue included in current liabilities and noncurrent liabilities deferred credits on accompanying consolidated balance sheet.\n environmental matters.\n expenditures for current operations expensed or capitalized  as appropriate.\n expenditures relating to existing conditions caused by past operations not contribute to future revenues are expensed.\n liabilities recorded when remediation costs probable reasonably estimated.\n liability may include costs as site investigations consultant fees feasibility studies outside contractors monitoring expenses.\n estimates not discounted or reduced by potential claims for recovery.\n claims for recovery recognized when probable as agreements reached with third parties.\n estimates include costs related to other potentially responsible parties to extent arconic reason to believe such parties will not fully pay their proportionate share.\n liability continuously reviewed and adjusted to reflect current remediation progress prospective estimates of required activity other factors relevant including changes in technology or regulations.\n litigation matters.\n for asserted claims assessments  liabilities recorded when unfavorable outcome of matter\n\n| software | other intangible assets\n----------------------------------------- | -------- | -----------------------\nengineered products and solutions         | 5        | 33\nglobal rolled products                    | 5        | 9\ntransportation and construction solutions | 5        | 16"
}
{
    "_id": "dd4c5169a",
    "title": "",
    "text": "table of contents our ownership interest in our cellulose derivatives ventures exceeds 20% ( 20 % )  we account for these investments using cost method of accounting exercise significant influence over entities due to local government investment influence limitations on our involvement in day-to-day operations inability entities to provide timely financial information in accordance with accepted accounting principles in united states of america ( \"us gaap\" ).\n other equity method investments infraservs.\n we hold indirect ownership interests in several german infraserv groups own develop industrial parks provide on-site general administrative support to tenants.\n our ownership interest in equity investments in infraserv affiliates are as follows : as of december 31 , 2016 ( in percentages ).\n research and development our businesses are innovation-oriented conduct research and development activities to develop new optimize existing production technologies develop commercially viable new products and applications.\n research and development expense was $ 78 million , $ 119 million and $ 86 million for years ended december 31 , 2016 , 2015 and 2014 ,.\n we consider amounts spent during last three fiscal years on research and development activities to sufficient to execute our current strategic initiatives.\n intellectual property we attach importance to protecting our intellectual property  including safeguarding confidential information through patents , trademarks copyrights  to preserve our investment in research and development  manufacturing marketing.\n patents may cover processes , equipment  products intermediate products product uses.\n seek to register trademarks protecting brand names of our company products.\n patents.\n in most industrial countries  patent protection exists for new substances formulations for certain unique applications production processes.\n we do business in regions where intellectual property protection may be limited difficult to enforce.\n confidential information.\n we maintain stringent information security policies procedures business.\n information security policies procedures include data encryption controls over disclosure safekeeping of confidential information trade secrets employee awareness training.\n trademarks.\n aoplus ae  ateva ae  avicor ae  britecoat ae  celanese ae  celanex ae  celcon ae  celfx ae  celstran ae  celvolit ae  clarifoil ae  duroset ae  ecovae ae  factor ae  fortron ae  gur ae  hostaform ae  impet ae  mowilith ae  metalx ae  mt ae  nutrinova ae  qorus ae  riteflex ae  slidex 2122, sunett ae  tcx ae  thermx ae  tufcor ae  vantage ae  vantageplus 2122  vectra ae  vinamul ae  vitaldose ae  zenite ae other branded products services named in document are registered reserved trademarks service marks owned licensed by celanese.\n not intended exhaustive comprehensive list of all registered reserved trademarks service marks owned licensed by celanese.\n fortron ae registered trademark of fortron industries llc.\n hostaform ae registered trademark of hoechst gmbh.\n mowilith ae registered trademark of celanese in most european countries.\n we monitor competitive developments defend against infringements on intellectual property rights.\n neither celanese nor business segment dependent upon any one patent , trademark  copyright trade secret.\n environmental other regulation matters discussed in item 1a.\n risk factors  note 2 - summary of accounting policies note 16 - environmental note 24 - commitments contingencies in accompanying consolidated financial statements.\n\n| as of december 31 2016 ( in percentages )\n--------------------------------- | -----------------------------------------\ninfraserv gmbh & co . gendorf kg  | 39\ninfraserv gmbh & co . hoechst kg  | 32\ninfraserv gmbh & co . knapsack kg | 27"
}
{
    "_id": "dd4beb624",
    "title": "",
    "text": "issuer purchases of equity securities table provides information regarding purchases of our common stock made by during fourth quarter of 2011.\n period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum dollar value of shares purchased under plans or programs ( ( in millions ).\n in may 2010  board of directors approved $ 3. 5 billion share repurchase program.\n completed this program in fourth quarter of 2011.\n total repurchased 49. 2 million common shares for $ 3. 5 billion , or $ 71. 18 per share  under program.\n during fourth quarter of 2011  repurchased 672326 shares from company employees for payment of personal income tax withholdings from restricted stock vesting and stock option exercises.\n repurchases in addition to $ 3. 5 billion repurchase program.\n under devon energy corporation incentive savings plan ( 201cplan 201d ) eligible employees may purchase shares of our common stock through investment in devon stock fund ( 201cstock 201d ) administered by independent trustee fidelity management trust company.\n eligible employees purchased approximately 45000 shares of our common stock in 2011  at then-prevailing stock prices held through ownership in stock fund.\n acquired shares common stock sold under plan through open-market purchases.\n filed registration statement on form s-8 on january 26 , 2012 registering any offers and sales of interests in plan or stock fund and of underlying shares of common stock purchased by plan participants after that date.\n under devon canada corporation savings plan ( 201ccanadian plan 201d ) eligible canadian employees may purchase shares of our common stock through investment in canadian plan administered by independent trustee  sun life assurance company of canada.\neligible canadian employees purchased approximately 9000 shares our common stock in 2011 at then-prevailing stock prices  they held through ownership in canadian plan.\n we acquired shares sold under canadian plan through open-market purchases.\n these shares and interest in canadian plan were offered and sold in reliance on exemptions for offers and sales of securities outside u. s.  including under regulation s for offers and sales securities to employees employee benefit plan established administered in with law of country other than u. s.\n\nperiod                      | total number of shares purchased ( 2 ) | average price paid per share | total number of shares purchased as part ofpublicly announced plans or programs ( 1 ) | maximum dollar value of shares that may yetbe purchased under the plans or programs ( 1 ) ( in millions )\n--------------------------- | -------------------------------------- | ---------------------------- | ------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------\noctober 1 2013 october 31   | 3228557                                | $ 58.52                      | 3227800                                                                               | $ 108\nnovember 1 2013 november 30 | 1813994                                | $ 66.38                      | 1618110                                                                               | $ 2014\ndecember 1 2013 december 31 | 475685                                 | $ 64.68                      | 2014                                                                                  | $ 2014\ntotal                       | 5518236                                | $ 61.64                      | 4845910                                                                               |"
}
{
    "_id": "dd4ba5732",
    "title": "",
    "text": "hartford financial services group , inc.\n notes to consolidated financial statements continued ).\n sales inducements accounting policy company offers enhanced crediting rates or bonus payments to contract holders on certain individual and group annuity products.\n expense associated with offering bonus is deferred and amortized over life of related contract pattern consistent with amortization of deferred policy acquisition costs.\n amortization expense associated with expenses previously deferred is recorded over remaining life of contract.\n consistent with unlock company unlocked amortization of sales inducement asset.\n see note 7 for more information unlock.\n changes in deferred sales inducement activity as follows for years ended december 31:.\n 11.\n reserves for future policy benefits unpaid losses loss adjustment expenses life insurance products accounting policy liabilities for future policy benefits calculated by net level premium method using interest  withdrawal mortality assumptions appropriate at time policies issued.\n methods in determining liability for unpaid losses future policy benefits are standard actuarial methods recognized by american academy of actuaries.\n for tabular reserves discount rates based on company 2019s earned investment yield morbidity/mortality tables are standard industry tables modified to reflect company 2019s actual experience when appropriate.\n for company 2019s group disability known claim reserves  morbidity table for early durations of claim based exclusively on company 2019s experience incorporating factors gender  elimination period diagnosis.\n reserves computed expected to meet company 2019s future policy obligations.\n future policy benefits computed at amounts that with additions from estimated premiums received and with interest on reserves compounded annually at certain assumed rates expected to be sufficient to meet company 2019s policy obligations at maturities or in event of insured 2019s death.\nchanges in or deviations from assumptions for mortality , morbidity  expected future premiums interest can affect company 2019s reserve levels related future operations provisions for adverse deviation are built into long-tailed liability assumptions.\n liabilities for company 2019s group life and disability contracts  individual term life insurance policies  include amounts for unpaid losses and future policy benefits.\n liabilities for unpaid losses include estimates of amounts to fully settle known reported claims , claims related to insured events company estimates incurred but not yet reported.\n these reserve estimates are based on known facts interpretations of circumstances  consideration of internal factors including hartford 2019s experience with similar cases  historical trends involving claim payment patterns  loss payments  pending levels of unpaid claims  loss control programs product mix.\n in reserve estimates are influenced by external factors including court decisions  economic conditions public attitudes.\n effects of inflation are implicitly considered in reserving process.\n\n| 2011       | 2010     | 2009\n------------------------------ | ---------- | -------- | ------------\nbalance beginning of year      | $ 459      | $ 438    | $ 553\nsales inducements deferred     | 20         | 31       | 59\namortization charged to income | -17 ( 17 ) | -8 ( 8 ) | -105 ( 105 )\namortization 2014 unlock       | -28 ( 28 ) | -2 ( 2 ) | -69 ( 69 )\nbalance end of year            | $ 434      | $ 459    | $ 438"
}
{
    "_id": "dd4b8df74",
    "title": "",
    "text": "2011 compared to 2010 mfc 2019s net sales 2011 increased $ 533 million or 8% ( 8 % ) compared to 2010.\n increase attributable to higher volume $ 420 million on air and missile defense programs ( primarily pac-3 thaad ) $ 245 million from fire control systems programs related to sof clss program began late third quarter of 2010.\n partially offsetting increases were lower net sales due to decreased volume $ 75 million from various services programs $ 20 million from tactical missile programs ( primarily mlrs jassm ).\n mfc 2019s operating profit 2011 increased $ 96 million  or 10% ( 10 % ) compared to 2010.\n increase attributable to higher operating profit $ 60 million for air and missile defense programs primarily pac-3 thaad ) increased volume retirement of risks $ 25 million for various services programs.\n adjustments not related to volume including net profit rate adjustments approximately $ 35 million higher in 2011 compared to 2010.\n backlog backlog increased 2012 2011 due to increased orders lower sales on fire control systems programs lantirn ae sniper ae ) various services programs offset by lower orders higher sales volume on tactical missiles programs.\n backlog increased 2011 due to increased orders on air and missile defense programs ( primarily thaad ).\n expect mfc 2019s net sales for 2013 comparable with 2012.\n expect low double digit percentage growth in air and missile defense programs offset by expected decline in volume on logistics services programs.\n operating profit and margin expected comparable with 2012 results.\n mission systems training mst business segment provides surface ship submarine combat systems ; sea land-based missile defense systems ; radar systems ; mission systems sensors for rotary fixed-wing aircraft ; littoral combat ships ; simulation training services ; unmanned technologies platforms ; ship systems integration ; military commercial training systems.\nmst 2019s major programs include aegis mk-41 vertical launching system vls tpq-53 radar system mh-60 lcs ptds.\n 2019s operating results included in millions ) :.\n 2012 compared to 2011 mst 2019s net sales for 2012 increased $ 447 million  or 6% ( 6 % )  compared to 2011.\n increase sales attributable to higher volume risk retirements of $ 395 million from ship and aviation system programs ( primarily ptds lcs vls mh-60 ) $ 115 million for training and logistics solutions programs due to net sales from sim industries acquired in fourth quarter 2011 approximately $ 30 million increased volume on integrated warfare systems sensors programs ( primarily aegis ).\n partially offsetting increases were lower net sales of $ 70 million from undersea systems programs due to lower volume on international combat system program towed array systems about $ 25 million due to lower volume on other programs.\n mst 2019s operating profit for 2012 increased $ 92 million  or 14% ( 14 % ) compared to 2011.\n increase attributable to higher operating profit of $ 175 million from ship and aviation system programs reflects higher volume risk retirements on certain programs primarily vls ptds mh-60 lcs reserves of about $ 55 million for contract cost matters on ship and aviation system programs in fourth quarter of 2011 including terminated presidential helicopter program ).\n partially offsetting increase was lower operating profit of $ 40 million from undersea systems programs due to reduced profit booking rates programs lower volume on international combat system program towed array systems about $ 40 million due to lower volume on other programs.\n adjustments not related to volume  including net profit booking rate adjustments other matters approximately $ 150 million higher for 2012 compared to 2011.\n\n| 2012           | 2011           | 2010\n------------------- | -------------- | -------------- | --------------\nnet sales           | $ 7579         | $ 7132         | $ 7443\noperating profit    | 737            | 645            | 713\noperating margins   | 9.7% ( 9.7 % ) | 9.0% ( 9.0 % ) | 9.6% ( 9.6 % )\nbacklog at year-end | 10700          | 10500          | 10600"
}
{
    "_id": "dd4c1f226",
    "title": "",
    "text": "research and development committed to investing in productive research and development capabilities  particularly in electro-mechanical systems.\n research and development ( \"r&d\" ) expenditures were approximately $ 48. 3 million , $ 47. 3 million and $ 45. 2 million for years ended december 31 , 2017 , 2016 2015  respectively.\n concentrate on developing technology innovations deliver growth through introduction of new products and solutions  driving continuous improvements in product cost , quality  safety sustainability.\n manage r&d team as global group with emphasis on global collaborative approach to identify develop new technologies and worldwide product platforms.\n organized on regional basis to leverage expertise in local standards and configurations.\n in addition to regional engineering centers in each geographic region also operate global engineering center of excellence in bangalore , india.\n seasonality business experiences seasonality varies by product line.\n more construction and do-it-yourself projects occur during second and third calendar quarters of each year in northern hemisphere security product sales  typically higher in those quarters than first and fourth calendar quarters.\n interflex business typically experiences higher sales in fourth calendar quarter due to project timing.\n revenue by quarter for years ended december 31 , 2017 , 2016 2015 are as follows:.\n employees currently have approximately 10000 employees.\n environmental regulation dedicated environmental program designed to reduce utilization generation of hazardous materials during manufacturing process to remediate identified environmental concerns.\n currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former production facilities.\n company regularly evaluates remediation programs considers alternative remediation methods in addition to replacement of currently utilized based upon enhanced technology and regulatory changes.\n sometimes a party to environmental lawsuits and claims received notices of potential violations of environmental laws and regulations from.\nenvironmental protection agency ( \"epa\" ) similar state authorities.\n we identified as potentially responsible party ( \"prp\" ) for cleanup costs with off-site waste disposal at federal superfund state remediation sites.\n for all sites other prps instances our involvement is minimal.\n in estimating liability we assumed we will not bear entire cost of remediation of any site to exclusion of other prps be jointly severally liable.\n ability of other prps to participate taken into account based on our understanding of parties 2019 financial condition probable contributions on per site basis.\n additional lawsuits and claims involving environmental matters likely to arise in future.\n incurred $ 3. 2 million , $ 23. 3 million  $ 4. 4 million of expenses during years ended december 31 , 2017 , 2016 2015  for environmental remediation at sites presently or formerly owned or leased by us.\n as of december 31 , 2017 2016  recorded reserves for environmental matters of $ 28. 9 million and $ 30. 6 million.\n these amounts $ 8. 9 million and $ 9. 6 million  relate to remediation of sites previously disposed by us.\n evolving nature of environmental laws , regulations technology ultimate cost of future compliance is uncertain.\n\n| first quarter | second quarter | third quarter | fourth quarter\n---- | ------------- | -------------- | ------------- | --------------\n2017 | 23% ( 23 % )  | 26% ( 26 % )   | 25% ( 25 % )  | 26% ( 26 % )\n2016 | 22% ( 22 % )  | 26% ( 26 % )   | 26% ( 26 % )  | 26% ( 26 % )\n2015 | 22% ( 22 % )  | 25% ( 25 % )   | 26% ( 26 % )  | 27% ( 27 % )"
}
{
    "_id": "dd4bc32fa",
    "title": "",
    "text": "notes to consolidated financial statements sumitomo mitsui financial group , inc.\n ( smfg ) provides firm credit loss protection on approved loan commitments ( primarily investment-grade commercial lending commitments ).\n notional amount of loan commitments was $ 32. 41 billion and $ 31. 94 billion as of december 2012 and december 2011 .\n credit loss protection on loan commitments by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.\n subject to satisfaction conditions upon firm 2019s request smfg will provide protection for 70% ( % ) of additional losses on commitments up to maximum of $ 1. 13 billion  of $ 300 million protection provided as of december 2012 and december 2011.\n firm uses other financial instruments to mitigate credit risks commitments not covered by smfg.\n instruments include credit default swaps reference same or similar underlying instrument or entity or credit swaps reference market index.\n warehouse financing.\n firm provides financing to clients who warehouse financial assets.\n arrangements secured by warehoused assets primarily of commercial mortgage loans.\n contingent and forward starting resale and securities borrowing agreements/forward starting repurchase secured lending agreements firm enters into resale securities borrowing agreements repurchase secured agreements settle future date.\n firm enters commitments to provide contingent financing to clients counterparties through resale agreements.\n firm 2019s funding of commitments depends on satisfaction of contractual conditions to resale agreement commitments can expire unused.\n investment commitments firm 2019s investment commitments consist of commitments to invest in private equity , real estate other assets directly and through funds firm raises and manages.\n commitments include $ 872 million and $ 1.62 billion of december 2012 and december 2011 related to real estate private investments $ 6. 47 billion and $ 7. 50 billion december 2012 2011 related to corporate and other private investments.\n amounts , $ 6. 21 billion and $ 8. 38 billion december 2012 2011 relate to commitments to invest in funds managed by firm funded at market value on date of investment.\n leases firm has contractual obligations under long-term noncancelable lease agreements principally for office space expiring dates through 2069.\n certain agreements subject to periodic escalation provisions for increases in real estate taxes other charges.\n table presents future minimum rental payments net of minimum sublease rentals.\n in millions december 2012.\n rent charged to operating expense for years ended december 2012, december 2011 december 2010 was $ 374 million , $ 475 million $ 508 million  respectively.\n operating leases include office space held in excess of current requirements.\n rent expense to space held for growth included in 201coccupancy. 201d firm records liability  based on fair value of remaining lease rentals reduced by potential or existing sublease rentals for leases where firm has ceased using space and management concluded firm not derive future economic benefits.\n costs to terminate lease before end of term recognized and measured at fair value on termination.\n goldman sachs 2012 annual report 175\n\nin millions       | as of december 2012\n----------------- | -------------------\n2013              | $ 439\n2014              | 407\n2015              | 345\n2016              | 317\n2017              | 306\n2018 - thereafter | 1375\ntotal             | $ 3189"
}
{
    "_id": "dd4b94b76",
    "title": "",
    "text": "22 2016 annual report performance graph chart presents comparison for five-year period ended june 30 , 2016 of market performance of company 2019s common stock with s&p 500 index and index of peer companies selected by company : comparison of 5 year cumulative total return among jack henry & associates , inc. s&p 500 index  peer group information depicts line graph with values:.\n comparison assumes $ 100 invested on june 30 , 2011  assumes reinvestments of dividends.\n total returns calculated according to market capitalization of peer group members beginning of each period.\n peer companies selected providing specialized computer software  hardware related services to financial institutions other businesses.\n companies in peer group are aci worldwide , inc. bottomline technology , inc. broadridge financial solutions  cardtronics , inc. convergys corp. corelogic , inc. dst systems , inc. euronet worldwide  inc. fair isaac corp. fidelity national information services , inc. fiserv , inc. global payments , inc. moneygram international  inc. ss&c technologies holdings  inc. total systems services  inc. tyler technologies  inc. verifone systems  inc. wex , inc.\n heartland payment systems , inc.\n removed from peer group as merged with global payments  inc.\n in april 2016.\n\n| 2011   | 2012   | 2013   | 2014   | 2015   | 2016\n---------- | ------ | ------ | ------ | ------ | ------ | ------\njkhy       | 100.00 | 116.62 | 161.33 | 206.53 | 228.24 | 312.11\npeer group | 100.00 | 107.65 | 126.89 | 174.28 | 219.46 | 251.24\ns&p 500    | 100.00 | 105.45 | 127.17 | 158.46 | 170.22 | 177.02"
}
{
    "_id": "dd4bee7ac",
    "title": "",
    "text": "proceeds from sale of equity securities.\n we raise funds through public offerings equity securities.\n we receive proceeds from sales equity securities stock option and stock purchase plans.\n for year ended december 31 , 2004  received approximately $ 40. 6 million in proceeds from sales of shares our class a common stock and common stock of atc mexico stock option stock purchase plans.\n financing activities year ended december 31 , 2004 took actions to increase financial flexibility reduce interest costs.\n new credit facility.\n in may 2004  refinanced previous credit facility with new $ 1. 1 billion senior secured credit facility.\n closing received $ 685. 5 million of net proceeds from borrowings under new facility after deducting expenses and fees approximately $ 670. 0 million used to repay principal and interest under previous credit facility.\n used remaining net proceeds of $ 15. 5 million for general corporate purposes including repurchase of other outstanding debt securities.\n new credit facility consists of : 2022 $ 400. 0 million in undrawn revolving loan commitments  against approximately $ 19. 3 million of undrawn letters of credit outstanding at december 31 , 2004 , maturing on february 28, 2011 ; 2022 a $ 300. 0 million term loan a , fully drawn , maturing on february 28 , 2011 ; and 2022 a $ 398. 0 million term loan b , fully drawn  maturing on august 31 , 2011.\n new credit facility extends previous credit facility maturity dates from 2007 to 2011 for majority of borrowings outstanding subject to earlier maturity upon certain events allows us to use credit facility borrowings and internally generated funds to repurchase other indebtedness without additional lender approval.\n new credit facility is guaranteed by us secured by pledge of all our assets.\nmaturity date for term loan a outstanding revolving loans accelerated to august 15, 2008 maturity date term loan b accelerated to october 31 , 2008 if prior to august 1, 2008  93 20448% ( 20448 % ) senior notes not refinanced with parent company indebtedness maturity date february 28 , 2012 or later or with loans under new credit facility or repaid , prepaid  redeemed repurchased or retired consolidated leverage ratio ( total parent company debt to annualized operating cash flow ) at june 30, 2008 greater than 4. 50 to 1. 00.\n if payments due in 2008 for term loan a and term loan b be $ 225. 0 million and $ 386. 0 million , respectively.\n offerings.\n during 2004  raised approximately $ 1. 1 billion in net proceeds from sale of debt securities through institutional private placements in millions ) : debt security date of offering principal amount approximate net proceeds.\n 2022 7. 50% ( 7. 50 % ) senior notes offering.\n in february 2004  sold $ 225. 0 million principal amount of 7. 50% ( 7. 50 % ) senior notes due 2012 through institutional private placement.\n 7. 50% ( 7. 50 % ) senior notes mature on may 1 , 2012 interest payable semiannually in arrears on may 1 and november 1 of each year.\n\ndebt security                                         | date of offering | principal amount | approximate net proceeds\n----------------------------------------------------- | ---------------- | ---------------- | ------------------------\n7.50% ( 7.50 % ) senior notes due 2012                | february 2004    | $ 225.0          | $ 221.7\n3.00% ( 3.00 % ) convertible notes due august 15 2012 | august 2004      | 345.0            | 335.9\n7.125% ( 7.125 % ) senior notes due 2012              | october 2004     | 300.0            | 292.8\n7.125% ( 7.125 % ) senior notes due 2012              | december 2004    | 200.0            | 199.8\ntotal                                                 |                  | $ 1070.0         | $ 1050.2"
}
{
    "_id": "dd4c62fb2",
    "title": "",
    "text": "contractual commitments we have contractual obligations commitments in form of capital leases , operating leases  debt obligations , purchase commitments  certain other liabilities.\n intend to satisfy these obligations through use of cash flow from operations.\n following table summarizes expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2010 ( in millions ) :.\n capital lease obligations relate primarily to leases on aircraft.\n capital leases , operating leases purchase commitments  debt principal obligations discussed in note 7 to consolidated financial statements.\n amount of interest on debt calculated as contractual interest payments due on fixed-rate debt in addition to interest on variable rate debt calculated based on interest rates as of december 31 , 2010.\n calculations of debt interest take account effect of interest rate swap agreements.\n for debt denominated in foreign currency.\n dollar equivalent principal amount of debt at end of year used as basis to calculate future interest payments.\n purchase commitments represent contractual agreements to purchase goods or services legally binding largest of are orders for aircraft , engines  parts.\n as of december 31 , 2010 firm commitments to purchase 20 boeing 767-300er freighters to delivered between 2011 and 2013  two boeing 747-400f aircraft scheduled for delivery during 2011.\n these aircraft purchase orders provide for replacement of existing capacity and anticipated future growth.\n pension fundings represent anticipated required cash contributions to qualified pension plans.\n contributions include those to ups ibt pension plan  established upon ratification of national master agreement with teamsters ups pension plan.\n these plans discussed in note 5 to consolidated financial statements.\npension funding requirements estimated under provisions pension protection act of 2006 and employee retirement income security act of 1974 , using discount rates  asset returns other assumptions appropriate for these plans.\n to extent funded status of plans in future years differs from current projections, actual contributions in future years could differ from amounts shown in table above.\n not included minimum funding requirements beyond 2015 , because projected contributions not reasonably determinable.\n not subject to minimum funding requirement for cash contributions in 2011 in ups retirement plan or ups pension plan.\n amount of minimum funding requirement  applicable for these plans could change significantly in future periods , depending on factors  including future plan asset returns discount rates.\n sustained significant decline in world equity markets  impact on pension assets investment returns could result in domestic pension plans subject to significantly higher minimum funding requirements.\n outcome could have material adverse impact on financial position and cash flows in future periods.\n contractual payments due for 201cother liabilities 201d primarily include commitment payments related to investment in certain partnerships.\n table above does not include approximately $ 284 million of liabilities for\n\ncommitment type      | 2011   | 2012   | 2013   | 2014   | 2015  | after 2016 | total\n-------------------- | ------ | ------ | ------ | ------ | ----- | ---------- | -------\ncapital leases       | $ 18   | $ 19   | $ 19   | $ 20   | $ 21  | $ 112      | $ 209\noperating leases     | 348    | 268    | 205    | 150    | 113   | 431        | 1515\ndebt principal       | 345    | 2014   | 1750   | 1000   | 100   | 7363       | 10558\ndebt interest        | 322    | 321    | 300    | 274    | 269   | 4940       | 6426\npurchase commitments | 642    | 463    | 425    | 16     | 2014  | 2014       | 1546\npension fundings     | 1200   | 196    | 752    | 541    | 274   | 2014       | 2963\nother liabilities    | 69     | 67     | 64     | 58     | 43    | 38         | 339\ntotal                | $ 2944 | $ 1334 | $ 3515 | $ 2059 | $ 820 | $ 12884    | $ 23556"
}
{
    "_id": "dd4c364c6",
    "title": "",
    "text": "agreements associated with agency securitizations most sale agreements provide for penalties remedies if not respond timely to investor indemnification or repurchase requests.\n origination and sale of residential mortgages is ongoing business activity management assesses need to recognize indemnification repurchase liabilities associated investor sale agreements.\n we establish indemnification repurchase liabilities for estimated losses on sold first and second-lien mortgages and home equity loans/lines for which indemnification expected to be provided or for loans expected to be repurchased.\n for first second-lien mortgage sold portfolio established indemnification and repurchase liability investor sale agreements based on claims made and estimate of future claims loan by loan basis.\n relate primarily to loans originated during 2006-2008.\n for home equity loans/lines sold portfolio established indemnification and repurchase liabilities based this same methodology for loans sold during 2005-2007.\n indemnification repurchase liabilities initially recognized when loans sold to investors subsequently evaluated by management.\n initial recognition subsequent adjustments to indemnification repurchase liability for sold residential mortgage portfolio recognized in residential mortgage revenue on consolidated income statement.\n since pnc no longer engaged in brokered home equity lending business only subsequent adjustments recognized to home equity loans/lines indemnification and repurchase liability.\n adjustments recognized in other noninterest income on consolidated income statement.\n management 2019s subsequent evaluation of indemnification repurchase liabilities based upon trends in indemnification and repurchase requests  actual loss experience  risks in underlying serviced loan portfolios current economic conditions.\n evaluation management considers estimated loss projections over life of subject loan portfolio.\ndecember 31 , 2011 and december 31, 2010  total indemnification and repurchase liability for estimated losses totaled $ 130 million and $ 294 million  respectively included in other liabilities on consolidated balance sheet.\n analysis of changes in liability during 2011 and 2010 follows : analysis of indemnification and repurchase liability for asserted claims and unasserted claims.\n ( a ) repurchase obligation associated with sold loan portfolios of $ 121. 4 billion and $ 139. 8 billion at december 31 , 2011 and december 31 , 2010 ,.\n ( b ) repurchase obligation associated with sold loan portfolios of $ 4. 5 billion and $ 6. 5 billion at december 31 , 2011 and 31 , 2010 ,.\n pnc no longer engaged in brokered home equity lending business acquired with national city.\n management believes indemnification and repurchase liabilities reflect estimated probable losses on investor indemnification repurchase claims at december 31 , 2011 and 2010.\n management seeks to obtain relevant information estimating indemnification repurchase liability estimation process is uncertain and imprecise possible future indemnification and repurchase losses could be more or less than established liability.\n factors affect estimate include volume of valid claims investor strategies behavior  ability to negotiate claims investors  housing prices  other economic conditions.\n at december 31 , 2011  estimate possible could incur additional losses in excess of indemnification and repurchase liability of up to $ 85 million.\n estimate of potential additional losses in excess liability based on assumed higher investor demands  lower claim rescissions  lower home prices than current assumptions.\nreinsurance agreements two wholly-owned captive insurance subsidiaries provide reinsurance to third-party insurers related to insurance sold to our customers.\n subsidiaries enter reinsurance agreements with insurers subsidiary assumes risk of loss through excess of loss or quota share agreement up to 100% ) reinsurance.\n in excess of loss agreements subsidiaries assume risk of loss for excess layer coverage up to specified limits once defined first loss percentage met.\n in quota share agreements subsidiaries and third-party insurers share responsibility for payment of all claims.\n subsidiaries provide reinsurance for accidental death & dismemberment , credit life  accident & health lender placed 200 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions                                  | 2011 residential mortgages ( a ) | 2011 home equity loans/lines ( b ) | 2011 total   | 2011 residential mortgages ( a ) | 2011 home equity loans/lines ( b ) | total\n-------------------------------------------- | -------------------------------- | ---------------------------------- | ------------ | -------------------------------- | ---------------------------------- | ------------\njanuary 1                                    | $ 144                            | $ 150                              | $ 294        | $ 229                            | $ 41                               | $ 270\nreserve adjustments net                      | 102                              | 4                                  | 106          | 120                              | 144                                | 264\nlosses 2013 loan repurchases and settlements | -163 ( 163 )                     | -107 ( 107 )                       | -270 ( 270 ) | -205 ( 205 )                     | -35 ( 35 )                         | -240 ( 240 )\ndecember 31                                  | $ 83                             | $ 47                               | $ 130        | $ 144                            | $ 150                              | $ 294"
}
{
    "_id": "dd4bbb370",
    "title": "",
    "text": "fair value of performance awards calculated using market value of share of snap-on 2019s common stock on date of grant.\n weighted-average grant date fair value of performance awards granted during 2013 , 2012 2011 was $ 77. 33 , $ 60. 00 $ 55. 97 , respectively.\n vested performance share units approximated 148000 shares as of 2013 year end  213000 shares 2012 year end 54208 shares as of 2011 year end.\n performance share units of 213459 shares paid out in 2013 53990 shares paid out in 2012 ; no performance share units paid out in 2011.\n earned performance share units generally paid out following conclusion of applicable performance period upon approval by organization and executive compensation committee of company 2019s board of directors (.\n based on company 2019s 2013 performance  84413 rsus granted in 2013 earned ; continued employment rsus vest at end of fiscal 2015.\n company 2019s 2012 performance 95047 rsus granted in 2012 earned continued employment rsus vest at end of fiscal 2014.\n company 2019s 2011 performance 159970 rsus granted in 2011 earned ; rsus vested as of fiscal 2013 year end paid out shortly thereafter.\n result of employee retirements total of 1614 of rsus earned in 2012 and 2011 vested related award agreements underlying shares paid out in third quarter of 2013.\n changes to company 2019s non-vested performance awards in 2013 are as follows : shares ( in thousands ) fair value price per share*.\n-average as of 2013 year end approximately $ 12. 9 million of unrecognized compensation cost related to non-vested performance awards expected to be recognized as charge to earnings over-average period of 1. 6 years.\nstock appreciation rights ( 201csars 201d ) company issues cash-settled stock-settled sars to certain key non-u. s.\n employees.\n sars have contractual term ten years vest ratably on first second third anniversaries of date of grant.\n sars granted with exercise price equal to market value of share snap-on 2019s common stock on date grant.\n cash-settled sars provide for cash payment of excess fair market value of snap-on 2019s common stock price on date exercise over grant price.\n cash-settled sars no effect on dilutive shares or shares outstanding appreciation of snap-on 2019s common stock value over grant price paid in cash not in common stock.\n in 2013 company began issuing stock-settled sars accounted for as equity instruments provide for issuance of snap-on common stock equal to amount company 2019s stock appreciated over exercise price.\n stock-settled sars have effect on dilutive shares and shares outstanding appreciation of snap-on 2019s common stock value over exercise price settled in shares common stock.\n 2013 annual report 101\n\n| shares ( in thousands ) | fair valueprice pershare*\n-------------------------------------------------- | ----------------------- | -------------------------\nnon-vested performance awards at beginning of year | 509                     | $ 59.36\ngranted                                            | 180                     | 77.33\nvested                                             | -306 ( 306 )            | 58.94\ncancellations                                      | -2 ( 2 )                | 69.23\nnon-vested performance awards at end of year       | 381                     | 68.13"
}
{
    "_id": "dd4c558b2",
    "title": "",
    "text": "loan activity.\n we make loans to owners hotels we operate or franchise.\n loan collections  net loan advances to $ 35 million in 2018 compared to net collections $ 94 million in 2017.\n at year-end 2018 had $ 131 million of senior  mezzanine other loans outstanding compared to $ 149 million at year-end 2017.\n equity method investments.\n cash outflows of $ 72 million in 2018  $ 62 million in 2017 $ 13 million in 2016 investments reflect investments in joint ventures.\n financing activities cash flows debt.\n debt increased by $ 1109 million in 2018 to $ 9347 million at year-end 2018 from $ 8238 million year-end 2017 due to issuance series x, y , z  aa notes offset by maturity of series s notes ( $ 330 million ) and lower outstanding commercial paper ( $ 126 million ).\n see footnote 10.\n long-term debt for additional information debt issuances.\n financial objectives include diversifying financing sources optimizing mix and maturity of long-term debt reducing working capital.\n at year-end 2018 long-term debt had weighted average interest rate of 3. 3 percent average maturity of approximately 4. 8 years.\n ratio of fixed-rate long-term debt to total long-term debt was 0. 7 to 1. 0 at year-end 2018.\n see 201ccash requirements and credit facility  201d caption 201cliquidity and capital resources 201d section for information credit facility.\n share repurchases.\n purchased 21. 5 million shares of common stock in 2018 at average price $ 130. 67 per share  29. 2 million shares in 2017 at average price $ 103. 66 per share  8. 0 million shares in 2016 at average price $ 71. 55 per share.\n at year-end 2018.7 million shares remained available for repurchase under board approved authorizations february 15 , 2019 board of directors increased common stock repurchase authorization by 25 million shares.\n for additional information see 201cfourth quarter 2018 issuer purchases of equity securities 201d part ii , item 5.\n dividends.\n board of directors declared quarterly cash dividends in 2018 : ( 1 ) $ 0. 33 per share declared february 9 , 2018 paid march 30, 2018 to shareholders of record february 23, 2018  ( 2 ) $ 0. 41 per share declared may 4 , 2018 paid june 29, 2018 to shareholders of record may 18 , 2018  ( 3 ) $ 0. 41 per share declared august 9 , 2018 paid september 28 , 2018 to shareholders of record august 23 , 2018  ( 4 ) $ 0. 41 per share declared november 8 , 2018 paid december 31 , 2018 to shareholders of record november 21 , 2018.\n board of directors declared cash dividend of $ 0. 41 per share on february 15 , 2019 payable march 29 , 2019 to shareholders of record on march 1 , 2019.\n contractual obligations off-balance sheet arrangements contractual obligations table summarizes contractual obligations at year-end 2018:.\n ( 1 ) includes principal interest payments.\n table not reflect transition tax payments totaling $ 507 million 2017 tax act.\n table not reflect unrecognized tax benefits at year-end 2018 of $ 559 million.\n addition to purchase obligations normal business enter into purchase commitments to manage daily operating needs of hotels we manage.\n reimbursed from cash flows hotels obligations have minimal impact on net income and cash flow.\n\n( $ in millions )                                 | total   | payments due by period less than1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period after5 years\n------------------------------------------------- | ------- | -------------------------------------- | -------------------------------- | -------------------------------- | -----------------------------------\ndebt ( 1 )                                        | $ 10483 | $ 1074                                 | $ 4392                           | $ 2054                           | $ 2963\ncapital lease obligations ( 1 )                   | 230     | 13                                     | 26                               | 26                               | 165\noperating leases where we are the primary obligor | 2073    | 171                                    | 315                              | 292                              | 1295\npurchase obligations                              | 286     | 153                                    | 116                              | 17                               | 2014\nother noncurrent liabilities                      | 136     | 3                                      | 28                               | 20                               | 85\ntotal contractual obligations                     | $ 13208 | $ 1414                                 | $ 4877                           | $ 2409                           | $ 4508"
}
{
    "_id": "dd4be0cba",
    "title": "",
    "text": "unconditional purchase obligations approximately $ 390 long-term unconditional purchase obligations relate to feedstock supply for hyco ( hydrogen , carbon monoxide  syngas ) facilities.\n price of feedstock supply principally related to price of natural gas.\n long-term take-or-pay sales contracts to hyco customers matched to term feedstock supply obligations provide recovery of price increases feedstock supply.\n due to matching long-term feedstock supply obligations to customer sales contracts not believe these purchase obligations material effect on our financial condition or results of operations.\n refer to note 17 , commitments and contingencies consolidated financial statements for additional information on unconditional purchase obligations.\n unconditional purchase obligations include other product supply and purchase commitments and electric power and natural gas supply purchase obligations primarily pass-through contracts with customers.\n purchase commitments to spend approximately $ 540 for additional plant and equipment included in unconditional purchase obligations in 2016.\n also purchase materials , energy  capital equipment supplies services as of ordinary course of business under arrangements not unconditional purchase obligations.\n majority of purchases are for raw materials and energy obtained under requirements-type contracts at market prices.\n obligation for future contribution to equity affiliate 19 april 2015 joint venture between air products and acwa holding entered 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant in jazan , saudi arabia.\n air products owns 25% ( % ) of joint venture guarantees repayment of share of equity bridge loan.\n expect to invest approximately $ 100 in joint venture.\n as of 30 september 2015 recorded noncurrent liability of $ 67. 5 for obligation to make future equity contributions based on advances received by joint venture under loan.\nincome tax liabilities noncurrent deferred income tax liabilities as of 30 september 2015 were $ 903. 3.\n tax liabilities related to unrecognized tax benefits as of 30 september 2015 were $ 97. 5.\n these tax liabilities excluded from contractual obligations table impractical to determine cash impact by year payments vary according to changes in tax laws tax rates  operating results.\n uncertainties in timing of effective settlement of uncertain tax positions with taxing authorities.\n refer to note 23, income taxes  consolidated financial statements for additional information.\n pension benefits company sponsors defined benefit pension plans and defined contribution plans cover substantial portion of worldwide employees.\n principal defined benefit pension plans 2014the.\n salaried pension plan.\n pension plan closed to new participants in 2005 replaced with defined contribution plans.\n shift to defined contribution plans expected to reduce volatility of plan expense and contributions.\n fair market value of plan assets for defined benefit pension plans as of 30 september 2015 decreased to $ 3916. 4 from $ 4114. 6 at end of fiscal year 2014.\n projected benefit obligation for these plans was $ 4787. 8 and $ 4738. 6 at end of fiscal years 2015 and 2014.\n refer to note 16 , retirement benefits  consolidated financial statements for comprehensive detailed disclosures on postretirement benefits.\n pension expense.\n\n| 2015           | 2014           | 2013\n-------------------------------------------------------------------- | -------------- | -------------- | --------------\npension expense                                                      | $ 135.6        | $ 135.9        | $ 169.7\nspecial terminations settlements and curtailments ( included above ) | 35.2           | 5.8            | 19.8\nweighted average discount rate                                       | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) | 4.0% ( 4.0 % )\nweighted average expected rate of return on plan assets              | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) | 7.7% ( 7.7 % )\nweighted average expected rate of compensation increase              | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) | 3.8% ( 3.8 % )"
}
{
    "_id": "dd4b9db40",
    "title": "",
    "text": "abiomed , inc.\n and subsidiaries notes to consolidated financial statements 2014 continued ) evidence of arrangement exists 2 delivery occurred or services rendered 3 seller 2019s price to buyer fixed or determinable 4 ) collectibility reasonably assured.\n sab 104 requires title and risks and rewards of ownership transferred to buyer before revenue recognized.\n in addition to sab 104  we follow guidance of eitf 00-21 , revenue arrangements with multiple deliverables.\n derive revenues primarily from product sales  including maintenance service agreements.\n majority of product revenues derived from shipments of ab5000 and bvs 5000 product lines to fulfill customer orders for specified number of consoles and/or blood pumps for specified price.\n recognize revenues and record costs related to such sales upon product shipment.\n maintenance and service support contract revenues recognized ratably over term of service contracts based upon elapsed term of service contract.\n government-sponsored research and development contracts and grants provide for payment on cost-plus-fixed-fee basis.\n revenues from these contracts grants recognized as work performed provided government appropriated sufficient funds for work.\n under contracts in company elects to spend significantly more on development project during term of contract than total contract amount company prospectively recognizes revenue on such contracts ratably over term of contract as incurs related research and development costs provided government appropriated sufficient funds for work.\n d translation of foreign currencies all assets and liabilities of company 2019s non-u. s.\n subsidiaries translated at year-end exchange rates revenues and expenses translated at average exchange rates for year in accordance with sfas no.\n 52  foreign currency translation.\n resulting translation adjustments reflected in accumulated other comprehensive loss component of shareholders 2019 equity.\ncurrency transaction gains losses included in accompanying statement of income not material for three years presented.\n ( e ) warranties company accrues for estimated future warranty costs on product sales at time of sale.\n products subject to rigorous regulation quality standards.\n warranty costs included in cost product revenues within consolidated statements of operations.\n following table summarizes activities in warranty reserve for two fiscal years ended march 31, 2006 ( in thousands ).\n\n| 2005         | 2006\n-------------------------------------- | ------------ | ------------\nbalance at the beginning of the year   | $ 245        | $ 231\naccrual for warranties                 | 198          | 193\nwarranty expense incurred for the year | -212 ( 212 ) | -257 ( 257 )\nbalance at the end of the year         | $ 231        | $ 167"
}
{
    "_id": "dd4c16450",
    "title": "",
    "text": "notes to consolidated financial statements 4.\n sum of quarters 2019 earnings per common share may not equal annual amounts due to averaging effect of number of shares and share equivalents year.\n 5.\n fourth quarter of 2016  net revenues included losses approximately $ 60 million on sales markdowns of legacy limited partnership investments in third-party-sponsored funds invest- ment management business segment.\n fourth quarter 2016 included $ 70 million provision wealth management busi- ness segment related to brokerage service reporting activities.\n employee share-based awards.\n 24.\n subsequent events firm evaluated subsequent events for adjustment or disclosure in financial statements through date report not identified recordable or disclos- able events not otherwise reported in financial state- ments or notes.\n 175 december 2017 form 10-k\n\n$ in millions        | 2017 quarter first | 2017 quarter second | 2017 quarter third | 2017 quarter fourth\n-------------------- | ------------------ | ------------------- | ------------------ | -------------------\ndiscrete tax benefit | $ 112              | $ 16                | $ 11               | $ 16"
}
{
    "_id": "dd4bac726",
    "title": "",
    "text": "stock performance graph line compares cumulative shareholder returns with standard & poor 2019s information technology index standard 2019s 500 stock index for past five years.\n line graph assumes investment of $ 100 in common stock standard & poor 2019s information technology index standard 2019s 500 stock index on may 31 , 2003 assumes reinvestment of all dividends.\n comparison of 5 year cumulative total return* among global payments inc. s&p 500 index s&p information technology index 5/03 5/04 5/05 5/06 5/07 5/08 global payments inc.\n s&p 500 s&p information technology * $ 100 invested on 5/31/03 in stock or index-including reinvestment of dividends.\n fiscal year ending may 31.\n global payments s&p 500 information technology.\n issuer purchases of equity securities in fiscal 2007  board of directors approved share repurchase program authorized purchase of up to $ 100 million of global payments 2019 stock in open market or as otherwise determined by us subject to market conditions business opportunities other factors.\n authorization repurchased 2. 3 million shares of common stock.\n authorization has no expiration date may be suspended or terminated.\n repurchased shares retired available for future issuance.\n\n| global payments | s&p 500  | s&p information technology\n----------- | --------------- | -------- | --------------------------\nmay 31 2003 | $ 100.00        | $ 100.00 | $ 100.00\nmay 31 2004 | 137.75          | 118.33   | 121.98\nmay 31 2005 | 205.20          | 128.07   | 123.08\nmay 31 2006 | 276.37          | 139.14   | 123.99\nmay 31 2007 | 238.04          | 170.85   | 152.54\nmay 31 2008 | 281.27          | 159.41   | 156.43"
}
{
    "_id": "dd4b8bbf2",
    "title": "",
    "text": "united parcel service , inc.\n subsidiaries management's discussion analysis of financial condition results of operations liquidity capital resources operating activities summary of significant sources ( uses ) of cash from operating activities ( amounts in millions ) :.\n ( a ) represents depreciation amortization , gains and losses on derivative and foreign exchange transactions , deferred income taxes  provisions for uncollectible accounts  pension and postretirement benefit expense  stock compensation expense impairment charges other non-cash items.\n cash from operating activities remained strong throughout 2010 to 2012 period.\n operating cash flow impacted in 2012  compared with 2011 by lower contributions into defined benefit pension and postretirement benefit plans ; partially offset by changes in working capital position , impacted by overall growth in business.\n change in cash flows for income tax receivables and payables in 2011 and 2010 primarily related to timing of discretionary pension contributions during 2010 .\n except for discretionary accelerated fundings plans contributions to company-sponsored pension plans varied based on minimum funding requirements present for individual pension plans.\n in 2012  made $ 355 million required contribution to ups ibt pension plan.\n in 2011 , made $ 1. 2 billion contribution to ups ibt pension plan  satisfied 2011 contribution requirements approximately $ 440 million in contributions not required until after 2011.\n 2022 in 2010 , made $ 2. 0 billion in discretionary contributions to ups retirement and ups pension plans  $ 980 million in required contributions to ups ibt pension plan.\n 2022 remaining contributions in 2010 through 2012 period largely due to contributions to international pension plans and.\n postretirement medical benefit plans.\ndiscussed in 201ccontractual commitments 201d section , minimum funding requirements next years  primarily related to ups ibt pension , ups retirement ups pension plans.\n as of december 31 , 2012  total worldwide holdings of cash and cash equivalents was $ 7. 327 billion.\n approximately $ 4. 211 billion amount held in european subsidiaries with intended purpose of completing acquisition of tnt express n. v.\n ( see note 16 to consolidated financial statements ).\n excluding portion cash held outside u. s.\n for acquisition-related purposes approximately 50%-60% ( 50%-60 % ) of remaining cash and cash equivalents held by foreign subsidiaries throughout year.\n amount of cash held by u. s.\n foreign subsidiaries fluctuates year due to variety of factors including timing of cash receipts and disbursements in normal course of business.\n cash provided by operating activities in united states continues primary source of funds to finance domestic operating needs, capital expenditures share repurchases dividend payments to shareowners.\n extent such amounts represent previously untaxed earnings  cash held by foreign subsidiaries subject to tax if repatriated in form of dividends ; not all international cash balances to be repatriated in form of dividend if returned to u. s.\n when amounts earned by foreign subsidiaries expected to be indefinitely reinvested  no accrual for taxes provided.\n\n| 2012         | 2011           | 2010\n---------------------------------------------------------------------- | ------------ | -------------- | --------------\nnet income                                                             | $ 807        | $ 3804         | $ 3338\nnon-cash operating activities ( a )                                    | 7301         | 4505           | 4398\npension and postretirement plan contributions ( ups-sponsored plans )  | -917 ( 917 ) | -1436 ( 1436 ) | -3240 ( 3240 )\nincome tax receivables and payables                                    | 280          | 236            | -319 ( 319 )\nchanges in working capital and other noncurrent assets and liabilities | -148 ( 148 ) | -12 ( 12 )     | -340 ( 340 )\nother operating activities                                             | -107 ( 107 ) | -24 ( 24 )     | -2 ( 2 )\nnet cash from operating activities                                     | $ 7216       | $ 7073         | $ 3835"
}
{
    "_id": "dd4ba8662",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) operating income increased 2017 compared to 2016  comprised of decrease in revenue of $ 42. 1 , discussed above , decrease in salaries related expenses of $ 28. 0 decrease in office and general expenses of $ 16. 9.\n decrease in salaries related expenses due to lower discretionary bonuses incentive expense decrease in base salaries , benefits tax.\n decrease in office general expenses due to decreases in adjustments to contingent acquisition obligations , compared to prior year.\n operating income increased 2016 compared to 2015 due to increase in revenue of $ 58. 8 , decrease in office and general expenses of $ 3. 7 , partially offset by increase in salaries related expenses of $ 38. 8.\n increase in salaries related expenses attributable to increase in base salaries , benefits tax due to increases in workforce to support business growth last twelve months.\n decrease in office and general expenses due to lower production expenses related to pass-through costs, reflected in revenue  for certain projects in acted as principal decreased in size or did not recur current year.\n corporate other certain corporate other charges reported as separate line item within total segment operating income include corporate office expenses , shared service center certain other centrally managed expenses not fully allocated to operating divisions.\n salaries related expenses include salaries , long-term incentives  annual bonuses miscellaneous benefits for corporate office employees.\n office general expenses include professional fees related to internal control compliance , financial statement audits legal , information technology other consulting services engaged managed through corporate office.\n office general expenses include rental expense depreciation of leasehold improvements for properties occupied by corporate office employees.\nportion of centrally managed expenses allocated to operating divisions based on formula planned revenues of operating units.\n amounts allocated include specific charges for information technology-related projects allocated based on utilization.\n corporate and other expenses decreased 2017 by $ 20. 6 to $ 126. 6 compared to 2016  primarily due to lower annual incentive expense.\n corporate and other expenses increased 2016 by $ 5. 4 to $ 147. 2 compared to 2015.\n liquidity capital resources cash flow overview tables summarize key financial data to liquidity  capital resources uses of capital.\n 1 reflects net income adjusted for depreciation and amortization of fixed assets intangible assets amortization of restricted stock non-cash compensation net losses on sales businesses deferred income taxes.\n 2 reflects changes in accounts receivable  expenditures billable to clients other current assets  accounts payable accrued liabilities.\n operating activities due to seasonality of business typically use cash from working capital in first nine months of year largest impact in first quarter generate cash from working capital in fourth quarter  driven by seasonally strong media spending by clients.\n quarterly and annual working capital results impacted by fluctuating annual media spending budgets of clients changing media spending patterns year across various countries.\n\ncash flow data                                                                 | years ended december 31 , 2017 | years ended december 31 , 2016 | years ended december 31 , 2015\n------------------------------------------------------------------------------ | ------------------------------ | ------------------------------ | ------------------------------\nnet income adjusted to reconcile to net cash provided by operating activities1 | $ 887.3                        | $ 1023.2                       | $ 848.8\nnet cash used in working capital2                                              | -29.9 ( 29.9 )                 | -414.9 ( 414.9 )               | -99.9 ( 99.9 )\nchanges in other non-current assets and liabilities                            | 24.4                           | -95.5 ( 95.5 )                 | -60.4 ( 60.4 )\nnet cash provided by operating activities                                      | $ 881.8                        | $ 512.8                        | $ 688.5\nnet cash used in investing activities                                          | -196.2 ( 196.2 )               | -263.9 ( 263.9 )               | -199.7 ( 199.7 )\nnet cash used in financing activities                                          | -1004.9 ( 1004.9 )             | -666.4 ( 666.4 )               | -490.9 ( 490.9 )"
}
{
    "_id": "dd4bafb7e",
    "title": "",
    "text": "table of contents company uses custom components not commonly used by competitors new products introduced often utilize custom components available from only one source.\n when component or product uses new technologies , initial capacity constraints may exist until suppliers 2019 yields matured or manufacturing capacity increased.\n if company 2019s supply of components for new or existing product delayed or constrained  or if outsourcing partner delayed shipments of completed products company company 2019s financial condition and operating results could be materially adversely affected.\n company 2019s business and financial performance could be adversely affected depending on time required to obtain sufficient quantities from original source  or to identify obtain sufficient quantities from alternative source.\n continued availability of components at acceptable prices or may be affected if suppliers concentrated on production of common components instead of components customized to meet company 2019s requirements.\n company entered into agreements for supply of many components ; no guarantee company will to extend or renew these agreements on similar terms or.\n company remains subject to significant risks of supply shortages and price increases could adversely affect financial condition and operating results.\n substantially all of company 2019s hardware products are manufactured by outsourcing partners located primarily in asia.\n significant concentration of manufacturing is performed by small number of outsourcing partners often in single locations.\n certain these outsourcing partners are sole- sourced suppliers of components and manufacturers for many company 2019s products.\n company works closely with outsourcing partners on manufacturing schedules company 2019s operating results could be adversely affected if outsourcing partners unable to meet production commitments.\n company 2019s purchase commitments typically cover requirements for periods up to 150 days.\n other off-balance sheet commitments operating leases company leases various equipment and facilities  including retail space under noncancelable operating lease arrangements.\ncompany utilize other off-balance sheet financing arrangements.\n major facility leases typically for terms not exceeding 10 years generally contain multi-year renewal options.\n as of september 26 , 2015  company had total 463 retail stores.\n leases for retail space for terms from five to 20 years majority for 10 years often contain multi-year renewal options.\n as of september 26 , 2015  company 2019s total future minimum lease payments under noncancelable operating leases were $ 6. 3 billion  $ 3. 6 billion related to leases for retail space.\n rent expense under all operating leases including cancelable and noncancelable leases was $ 794 million , $ 717 million and $ 645 million in 2015 , 2014 2013  respectively.\n future minimum lease payments under noncancelable operating leases remaining terms in excess of one year as of september 26  2015 are as follows ( in millions ) :.\n company utilizes outsourcing partners to manufacture sub-assemblies for products perform final assembly and testing of finished products.\n outsourcing partners acquire components build product based on demand information supplied company covers periods up to 150 days.\n company obtains individual components for products from wide variety of individual suppliers.\n company acquires components through combination purchase orders supplier contracts open orders based on projected demand information.\n appropriate purchases applied to inventory component prepayments outstanding with respective supplier.\n as of september 26 , 2015  company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $ 29. 5 billion.\n apple inc.\n 2015 form 10-k | 65\n\n2016       | $ 772\n---------- | ------\n2017       | 774\n2018       | 744\n2019       | 715\n2020       | 674\nthereafter | 2592\ntotal      | $ 6271"
}
{
    "_id": "dd4c0781a",
    "title": "",
    "text": "higher first half year declined second half reflecting pass- through to customers of lower resin input costs.\n average margins benefitted from favorable mix of products sold.\n raw material costs lower primarily for resins.\n freight costs favorable operating costs increased.\n shorewood sales volumes 2009 declined from 2008 levels reflecting weaker demand in home entertainment segment decrease in tobacco segment orders customers shifted pro- duction outside united states offset by higher shipments in consumer products segment.\n average sales margins improved reflecting favorable mix of products sold.\n raw material costs higher partially offset by lower freight costs.\n operating costs favorable reflect benefits from business reorganization cost reduction actions in 2008 and 2009.\n charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008.\n 2010 coated paperboard sales volumes expected to increase average sales price real- izations comparable to 2009 fourth-quarter levels.\n raw material costs expected higher for wood , energy chemicals planned maintenance downtime costs will decrease.\n foodservice sales volumes expected remain flat average sales price realizations should improve slightly.\n input costs for resins higher offset by lower costs for bleached board.\n shorewood sales volumes expected to decline reflecting seasonal decreases in home entertainment segment shipments.\n operating costs expected favorable reflecting benefits business reorganization efforts.\n european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 $ 280 million in 2007.\n operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007.\n sales volumes in 2009 higher than 2008 reflecting increased ship- ments to export markets.\n average sales margins declined due to increased shipments to lower- margin export markets lower average sales prices in western europe.\n2010 sales volumes first quarter expected remain strong.\n average margins improve reflecting increased sales price realizations favorable geographic mix of products sold.\n input costs expected higher due to increased wood prices in poland annual energy tariff increases in russia.\n asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million 2008 $ 330 million in 2007.\n operating earnings 2009 $ 24 million compared with loss $ 13 million in 2008 earnings $ 12 million in 2007.\n improved operating earnings 2009 reflect increased sales volumes higher average sales mar- gins lower input costs primarily for chemicals.\n loss in 2008 due to $ 12 million charge to revalue pulp inventories at shandong international paper sun coated paperboard co. , ltd.\n joint venture start-up costs associated with joint venture new folding box board paper machine.\n distribution distribution business markets diverse array of products supply chain services to cus tomers many business segments.\n customer demand sensitive to changes economic conditions commercial printing segment dependent on consumer advertising promotional spending.\n distribution 2019s margins stable across economic cycle.\n providing customers best choice value in products supply chain services key competitive factor.\n efficient customer service cost-effective logistics focused working capital management key factors in segment 2019s profitability.\n distribution in millions 2009 2008 2007.\n distribution 2009 annual sales decreased 18% ( 18 % ) from 2008 11% ( 11 % ) from 2007 operating profits 2009 decreased 51% ( 51 % ) compared with 2008 54% ( 54 % ) compared with 2007.\n annual sales of printing papers graphic arts supplies equipment totaled $ 4. 1 billion in 2009 compared with $ 5. 2 billion in 2008 $ 4. 7 billion in 2007 reflecting weak economic conditions 2009.\ntrade margins percent sales for printing papers increased from 2008 decreased 2007 due to higher mix lower margin direct ship- ments from manufacturers.\n revenue from packaging products was $ 1. 3 billion in 2009 compared with $ 1. 7 billion 2008 $ 1. 5 billion 2007.\n trade margins percent sales for packaging products higher past two years reflecting improved product service mix.\n facility supplies annual revenue was $ 1. 1 billion in 2009\n\nin millions      | 2009   | 2008   | 2007\n---------------- | ------ | ------ | ------\nsales            | $ 6525 | $ 7970 | $ 7320\noperating profit | 50     | 103    | 108"
}
{
    "_id": "dd4c2e726",
    "title": "",
    "text": "discount to brent narrower in 2013 than 2012 and 2011.\n result of significant increase in.\n production of light sweet crude oil historical relationship between wti , brent and lls pricing may not be indicative of future periods.\n 2013 proportion of liquid hydrocarbon sales volumes ngls continues increase due to development of united states unconventional liquids-rich plays.\n ngls were 15 percent of north america e&p liquid hydrocarbon sales volumes in 2013 compared to 10 percent in 2012 and 7 percent in 2011.\n natural gas 2013 significant portion of natural gas production in u.\n sold at bid-week prices or first-of-month indices relative to specific producing areas.\n average henry hub settlement prices for natural gas 31 percent higher for 2013 than 2012.\n international e&p liquid hydrocarbons 2013 international e&p crude oil production relatively sweet historically sold in relation to brent crude benchmark average 3 percent lower for 2013 than 2012.\n natural gas 2013 major international e&p natural gas-producing regions are europe and e. g.\n natural gas prices in europe higher than u. s.\n in recent years.\n. g. natural gas sales subject to term contracts making realized prices areas less volatile.\n natural gas sales from e. g.\n at fixed prices reported average international e&p natural gas realized prices may not fully track market price movements.\n oil sands mining mining segment produces and sells various synthetic crude oil.\n output mix can be impacted by operational problems or planned unit outages at mines.\n sales prices for two-thirds of normal output mix historically tracked movements in wti one-third historically tracked movements in canadian heavy crude oil marker primarily wcs.\n wcs discount to wti increasing on average in each year.\ndespite wider wcs discount in 2013 average oil sands mining price realizations increased due to greater higher value synthetic crude oil sales volumes compared to 2012.\n operating cost structure oil sands mining predominantly fixed costs incurred in full operation continue during production downtime.\n per-unit costs sensitive to production rates.\n key variable costs are natural gas and diesel fuel track commodity markets aeco natural gas sales index crude oil prices.\n table below shows average benchmark prices impact revenues variable costs:.\n wcs ( dollars per bbl ) ( a ) $ 72. 77 $ 73. 18 $ 77. 97 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 3. 08 $ 2. 39 $ 3. 68 monthly pricing based average wti adjusted for differentials unique to western canada.\n ) monthly average day ahead index.\n\nbenchmark                                                | 2013    | 2012    | 2011\n-------------------------------------------------------- | ------- | ------- | -------\nwti crude oil ( dollars per bbl )                        | $ 98.05 | $ 94.15 | $ 95.11\nwcs ( dollars per bbl ) ( a )                            | $ 72.77 | $ 73.18 | $ 77.97\naeco natural gas sales index ( dollars per mmbtu ) ( b ) | $ 3.08  | $ 2.39  | $ 3.68"
}
{
    "_id": "dd4bc9718",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements commercial lending.\n firm 2019s commercial lending commitments extended to investment-grade and non- investment-grade corporate borrowers.\n commitments to investment-grade corporate borrowers principally used for operating liquidity general corporate purposes.\n firm extends lending commitments in with contingent acquisition financing other corporate lending commercial real estate financing.\n commitments extended for contingent acquisition financing often intended short-term borrowers seek to replace with other funding sources.\n sumitomo mitsui financial group , inc.\n ( smfg ) provides firm credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ).\n notional amount of such loan commitments was $ 26. 88 billion and $ 27. 03 billion as of december 2016 and december 2015 .\n credit loss protection on loan commitments by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.\n subject to satisfaction conditions upon firm 2019s request smfg will provide protection for 70% ( ) of additional losses on commitments up to maximum of $ 1. 13 billion of $ 768 million of protection provided as of december 2016 and december 2015.\n firm uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg.\n instruments include credit default swaps reference same or similar underlying instrument or entity or credit default swaps reference market index.\n warehouse financing.\n firm provides financing to clients who warehouse financial assets.\n arrangements secured by warehoused assets primarily of consumer and corporate loans.\ncontingent forward starting resale securities borrowing agreements/forward starting repurchase secured lending agreements firm enters into resale securities agreements lending agreements settle at future date generally within three business days.\n firm enters commitments to provide contingent financing to clients counterparties through resale agreements.\n firm 2019s funding of commitments depends on satisfaction of contractual conditions resale agreement commitments can expire unused.\n letters of credit firm has commitments under letters of credit issued by banks provides to counterparties in lieu of securities or cash to satisfy collateral margin deposit requirements.\n investment commitments firm investment commitments include commitments to invest in private equity real estate other assets directly through funds firm raises manages.\n investment commitments include $ 2. 10 billion and $ 2. 86 billion as of december 2016 december 2015 respectively related to commitments to invest in funds managed by firm.\n if commitments called funded at market value on date of investment.\n leases firm has contractual obligations under long-term noncancelable lease agreements for office space expiring dates through 2069.\n certain agreements subject to periodic escalation provisions for increases in real estate taxes other charges.\n table presents future minimum rental payments  net of minimum sublease rentals.\n $ in millions december 2016.\n rent charged to operating expense was $ 244 million for 2016  $ 249 million for 2015 $ 309 million for 2014.\n operating leases include office space held in excess of current requirements.\n rent expense relating to space held for growth included in 201coccupancy. 201d firm records liability  based on fair value of remaining lease rentals reduced by potential existing sublease rentals for leases where firm ceased using space management concluded firm not derive future economic benefits.\ncosts terminate lease before end term recognized measured at fair value on termination.\n during 2016  firm incurred exit costs approximately $ 68 million to excess office space.\n goldman sachs 2016 form 10-k 169\n\n$ in millions     | as of december 2016\n----------------- | -------------------\n2017              | $ 290\n2018              | 282\n2019              | 238\n2020              | 206\n2021              | 159\n2022 - thereafter | 766\ntotal             | $ 1941"
}
{
    "_id": "dd4bbbe9c",
    "title": "",
    "text": "table of contents other areas in we do business.\n depending on scope of regulation , our facilities and operations  or operations of suppliers  may be subject to additional operating permit requirements  potentially resulting in increased operating costs.\n future regulatory developments future regulatory developments actions could affect operations increase operating costs for airline industry , including our airline subsidiaries.\n see part i , item 1a.\n risk factors 2013 201cif we unable to obtain maintain adequate facilities infrastructure system at some airports adequate slots , may be unable to operate existing flight schedule expand or change route network in future may material adverse impact on our operations , 201d 201cour business subject to extensive government regulation may result in increases in costs disruptions to operations limits on operating flexibility reductions in demand for air travel competitive disadvantages 201d and 201cwe subject to environmental regulation may incur substantial costs 201d for additional information.\n employees labor relations airline business is labor intensive.\n in 2015 , salaries , wages benefits were our largest expenses represented approximately 31% ( 31 % ) of operating expenses.\n table below presents approximate number of active full-time equivalent employees as of december 31 , 2015.\n mainline operations wholly-owned regional carriers total.\n\n| mainline operations | wholly-owned regional carriers | total\n------------------------------------------- | ------------------- | ------------------------------ | ------\npilots and flight crew training instructors | 13100               | 3200                           | 16300\nflight attendants                           | 24100               | 1900                           | 26000\nmaintenance personnel                       | 14400               | 1800                           | 16200\nfleet service personnel                     | 16100               | 3200                           | 19300\npassenger service personnel                 | 16500               | 7100                           | 23600\nadministrative and other                    | 14700               | 2400                           | 17100\ntotal                                       | 98900               | 19600                          | 118500"
}
{
    "_id": "dd4bcc7c4",
    "title": "",
    "text": "marketing supplier of gasoline distillates to resellers consumers within market area in midwest  upper great plains  gulf coast southeastern regions of united states.\n in 2007  refined products sales volumes totaled 21. 6 billion gallons  or 1. 410 mmbpd.\n average sales price refined products was $ 86. 53 per barrel for 2007.\n following table sets refined products sales by product group average sales price for each last three years.\n refined product sales ( thousands of barrels per day ) 2007 2006 2005.\n total ( a ) 1410 1425 1455 average sales price ( dollars per barrel ) $ 86. 53 $ 77. 76 $ 66. 42 includes matching buy/sell volumes of 24 mbpd and 77 mbpd in 2006 and 2005.\n on april 1, 2006  changed accounting for matching buy/sell arrangements new accounting standard.\n change resulted in lower refined products sales volumes for 2007 remainder of 2006 than reported under previous accounting practices.\n see note 2 to consolidated financial statements.\n wholesale distribution of petroleum products to private brand marketers large commercial industrial consumers sales in spot market accounted for 69 percent of refined products sales volumes in 2007.\n sold 49 percent of gasoline volumes 89 percent of distillates volumes wholesale or spot market basis.\n half of propane sold into home heating market balance purchased by industrial consumers.\n propylene , cumene  aromatics  aliphatics sulfur domestically marketed to customers in chemical industry.\n base lube oils , maleic anhydride  slack wax , extract pitch sold throughout united states canada pitch products exported worldwide.\nmarket asphalt through owned leased terminals throughout midwest upper great plains gulf coast southeastern regions of united states.\n customer base includes approximately 750 asphalt-paving contractors government entities ( states counties cities townships ) asphalt roofing shingle manufacturers.\n blended ethanol with gasoline for over 15 years increased blending program in 2007 due to renewable fuel mandates.\n blended 41 mbpd of ethanol into gasoline in 2007 35 mbpd in 2006 and 2005.\n future expansion or contraction of ethanol blending program driven by economics ethanol supply changes in government regulations.\n sell reformulated gasoline in marketing territory primarily chicago , illinois ; louisville , kentucky northern kentucky milwaukee, wisconsin hartford , illinois sell low-vapor-pressure gasoline in nine states.\n also sell biodiesel in minnesota , illinois kentucky.\n as of december 31 , 2007 supplied petroleum products to about 4400 marathon branded-retail outlets primarily in ohio , michigan indiana kentucky illinois.\n branded retail outlets also located in georgia , florida , minnesota, wisconsin  north carolina , tennessee  west virginia , virginia  south carolina  alabama pennsylvania texas.\n sales to marathon-brand jobbers dealers accounted for 16 percent of refined product sales volumes in 2007.\n speedway superamerica llc ( ) our wholly-owned subsidiary sells gasoline diesel fuel primarily through retail outlets we operate.\nsales refined products through ssa retail outlets accounted for 15 percent of refined products sales volumes in 2007.\n as of december 31 , 2007 ssa had 1636 retail outlets in nine states sold petroleum products convenience store merchandise services under brand names 201cspeedway 201d 201csuperamerica. 201d ssa 2019s revenues from non-petroleum merchandise totaled $ 2. 796 billion in 2007 compared with $ 2. 706 billion in 2006.\n profit levels from such merchandise services less volatile than retail sale gasoline diesel fuel.\n ssa operates 59 valvoline instant oil change retail outlets in michigan northwest ohio.\n pilot travel centers llc ( 201cptc 201d )  joint venture with pilot corporation ( 201cpilot 201d largest operator of travel centers in united states with 286 locations in 37 states canada at december 31 , 2007.\n travel centers offer diesel fuel  gasoline other services including on-premises brand-name restaurants at locations.\n pilot and marathon each own 50 percent interest in ptc.\n\n( thousands of barrels per day )           | 2007    | 2006    | 2005\n------------------------------------------ | ------- | ------- | -------\ngasoline                                   | 791     | 804     | 836\ndistillates                                | 377     | 375     | 385\npropane                                    | 23      | 23      | 22\nfeedstocks and special products            | 103     | 106     | 96\nheavy fuel oil                             | 29      | 26      | 29\nasphalt                                    | 87      | 91      | 87\ntotal ( a )                                | 1410    | 1425    | 1455\naverage sales price ( dollars per barrel ) | $ 86.53 | $ 77.76 | $ 66.42"
}
{
    "_id": "dd4c187be",
    "title": "",
    "text": "table of contents global brand concepts american living launched exclusively at jcpenney in february 2008 american living offers classic american style with fresh modern spirit authentic sensibility.\n from everyday essentials to special occasion looks for entire family to finely crafted bedding home furnishings promises stylish clothing home products exceptionally made offered at incredible value.\n american living available exclusively at jcpenney and jcp.\n chaps translates classic heritage timeless aesthetic of ralph lauren into accessible line for men , women  children home.\n from casual basics for versatility ease wear to smart finely tailored silhouettes for business formal occasions chaps creates interchangeable classics enduring and affordable.\n chaps men 2019s collection available at select department and specialty stores.\n chaps collections for women , children home available exclusively at kohl 2019s and kohls. com.\n wholesale segment sells products to leading upscale mid-tier department stores  specialty stores golf and pro shops domestically and internationally.\n focus on elevating brand by improving in-store product assortment presentation improving full-price sell-throughs.\n as of end of fiscal 2011  ralph lauren- branded products sold through approximately 10000 doors worldwide during fiscal 2011 invested approximately $ 35 million in related shop-within-shops primarily in domestic international department and specialty stores.\n department stores are our major wholesale customers in north america.\n in europe wholesale sales are varying mix of sales to both department stores and specialty shops depending on country.\n collection brands 2014 women 2019s ralph lauren collection black label and men 2019s purple label and black label 2014 distributed through limited number of premier fashion retailers.\nwe sell excess out-of-season products through secondary distribution channels including retail factory stores.\n in japan  wholesale products distributed primarily through shop-within-shops at premiere top-tier department stores mix of business weighted to women 2019s blue label.\n in asia ( excluding japan south korea )  wholesale products sold at mid top- tier department stores mix business primarily weighted to men 2019s women 2019s blue label.\n in asia worldwide basis products distributed through concessions-based sales arrangements reported within our retail segment ( see 201cour retail segment 201d for further discussion ).\n worldwide distribution channels table presents number of doors by geographic location  ralph lauren-branded products distributed by our wholesale segment sold to consumers in primary channels of distribution as of april 2 , 2011 : number of location doors.\n american living chaps-branded products distributed by wholesale segment sold domestically through approximately 1700 doors as of april 2 , 2011.\n\nlocation                 | number of doors\n------------------------ | ---------------\nunited states and canada | 5943\neurope                   | 3919\nasia                     | 93\ntotal                    | 9955"
}
{
    "_id": "dd4bd5eb4",
    "title": "",
    "text": "summary our cash flows for each period were as follows:.\n operating activities cash is net income adjusted for certain non-cash items changes in assets and liabilities.\n for 2013 compared to 2012  $ 1. 9 billion increase in cash due to changes in working capital partially offset by lower net income in 2013.\n income taxes paid  net of refunds  in 2013 compared to 2012 were $ 1. 1 billion lower due to lower income before taxes in 2013 and 2012 income tax overpayments.\n changes in assets and liabilities as of december 28 , 2013  compared to december 29 , 2012 included lower income taxes payable and receivable from reduction in taxes due in 2013 lower inventories due to sell-through of older-generation products partially offset by ramp of 4th generation intel core processor family products.\n for 2013  three largest customers accounted for 44% ( 44 % ) of net revenue ( 43% ( 43 % ) in 2012 and 2011 ) hewlett- packard company accounting for 17% ( 17 % ) of net revenue % 2012 19% ( 19 % 2011 dell for 15% ( 15 % ) net revenue lenovo for 12% ( 12 % ) of net revenue 11% 11 % 2012 9% ( 9 % 2011.\n these three customers accounted for 34% ( 34 % ) of accounts receivable as of december 28 , 2013 ( 33% ( 33 % ) as of december 29 , 2012 ).\n for 2012 compared to 2011  $ 2. 1 billion decrease in cash operating activities due to lower net income and changes in working capital partially offset by adjustments for non-cash items.\n adjustments for noncash items higher due primarily to higher depreciation in 2012 compared to 2011 partially offset by increases in non-acquisition-related deferred tax liabilities as of december 31 , 2011.\ninvesting activities cash flows consist of capital expenditures ; investment purchases  sales  maturities disposals cash used for acquisitions.\n increase in cash for investing activities in 2013 compared to 2012 due to increase in purchases of available-for-sale investments decrease in maturities sales of trading assets partially offset by increase in maturities sales of available-for-sale investments decrease in purchases of licensed technology patents.\n capital expenditures were $ 10. 7 billion in 2013 ( $ 11. 0 billion in 2012 and $ 10. 8 billion in 2011 ).\n cash used for investing activities increased in 2012 compared to 2011 primarily due to net purchases of available- for-sale investments trading assets in 2012 net maturities sales 2011 partially offset by decrease in cash paid for acquisitions.\n net purchases of available-for-sale investments in 2012 included purchase of $ 3. 2 billion of equity securities in in q3 2012.\n financing activities cash flows consist of repurchases of common stock  payment of dividends to stockholders issuance repayment of long-term debt proceeds from sale of shares through employee equity incentive plans.\n table of contents management 2019s discussion analysis of financial condition results of operations (\n\n( in millions )                                                   | 2013             | 2012             | 2011\n----------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet cash provided by operating activities                         | $ 20776          | $ 18884          | $ 20963\nnet cash used for investing activities                            | -18073 ( 18073 ) | -14060 ( 14060 ) | -10301 ( 10301 )\nnet cash used for financing activities                            | -5498 ( 5498 )   | -1408 ( 1408 )   | -11100 ( 11100 )\neffect of exchange rate fluctuations on cash and cash equivalents | -9 ( 9 )         | -3 ( 3 )         | 5\nnet increase ( decrease ) in cash and cash equivalents            | $ -2804 ( 2804 ) | $ 3413           | $ -433 ( 433 )"
}
{
    "_id": "dd4bbeb7e",
    "title": "",
    "text": "green realty corp.\n 2012 annual report 85 | in april a02011  purchased sitq immobilier  subsid- iary of caisse de depot et placement du quebec  or sitq 2019s , 31. 5% ( 31. 5 % ) economic interest in 1515 a0 broadway  consoli- dating full ownership of 1750000 a0square foot ( unaudited ) building.\n transaction valued consolidated interests at $ 1. 23 a0 billion.\n valuation based on negotiated sales agreement consideration factors distressed sale and minority dis- count warranted.\n acquired interest subject to $ 458. 8 a0million mortgage encumbering property.\n rec- ognized purchase price fair value adjustment of $ 475. 1 a0mil- lion upon closing transaction.\n property initially acquired in may a02002  previously accounted for as investment in unconsolidated joint ventures.\n january a0 2011  purchased city investment fund , or cif 2019s , 49. 9% ( 49. 9 % ) a0interest in 521 a0fifth avenue assum- ing full ownership of 460000 a0 square foot ( unaudited ) building.\n transaction valued consolidated interests at approximately $ 245. 7 a0 million  excluding $ 4. 5 a0 million of cash and other assets acquired.\n acquired interest subject to $ 140. 0 a0 million mortgage encumbering property.\n recognized purchase price fair value adjust- ment of $ 13. 8 a0million upon closing transaction.\n in april a02011 refinanced property with new $ 150. 0 a0mil- lion 2-year mortgage floating rate of interest of 200 a0basis points over 30-day libor.\n connection refinancing acquired fee interest in property for $ 15. 0 a0million.\nsummarizes allocation of purchase price assets acquired liabilities assumed upon closing 2011 acquisitions ( amounts in thousands ) : 51 east 180 110 east 1515 521 fifth 42nd street maiden lane 42nd street broadway avenue land fffd$ 44095 $ 191523 $ 34000 $ 2002 2008462700 $ 110100.\n net consideration funded by us at closing fffd$ 81632 $ 200281835 $ 20022744 $ 2002 2008259228 $ 200270000 equity and/or debt investment held fffd 2014 2014 $ 16000 $ 2002 2002 200840942 $ 200241432 debt assumed fffd$ 2002 2002 2002 2002 2008 2014 $ 2002 2002 2002 2002 2002 2008 2014 $ 65000 $ 2002 2008458767 $ 140000 2010 acquisitions  in january 2010  became sole owner of 100 a0church street , 1. 05 a0million square foot ( unau dited ) office tower in downtown manhattan  following successful foreclosure of senior mezzanine loan property.\n initial investment totaled $ 40. 9 a0million  50% ( 50 % ) a0interest in senior mezzanine loan two other mezzanine loans at 100 a0 church street  acquired from gramercy capital corp.\n ( ) summer of 2007.\n closing foreclo- sure funded additional $ 15. 0 a0million capital into project agreement with wachovia bank .\n to extend restructure existing financing.\n gramercy declined to fund share capital trans- ferred interests in investment to us at closing.\n restructured $ 139. 7 a0million mortgage carries interest rate of 350 a0basis points over 30-day libor.\n restructured mortgage  scheduled to mature in january 2013  repaid in march a02011.\naugust 2010  acquired 125 park avenue manhattan office tower for $ 330 a0million.\n acquisition assumed $ 146. 25 a0million in-place financ- ing.\n 5. 748% ( 5. 748 % ) interest-only loan matures october a02014.\n december a02010  completed acquisition of various investments from gramercy.\n acquisition included 1 remaining 45% ( 45 % ) a0interest in leased fee at 885 a0third avenue for approximately $ 39. 3 a0 million plus assumed mortgage debt approximately $ 120. 4 a0million remaining 45% ( 45 % ) interest in leased fee at 2 a0 herald square for approxi- mately $ 25. 6 a0 million plus assumed mortgage debt approximately $ 86. 1 a0 million 3 entire leased fee interest in 292 a0madison avenue for approximately $ 19. 2 a0mil- lion plus assumed mortgage debt approximately $ 59. 1 a0million.\n assets all leased to third a0party operators.\n\n| 51 east 42nd street | 180 maiden lane | 110 east 42nd street | 1515 broadway  | 521 fifth avenue\n---------------------------------------------- | ------------------- | --------------- | -------------------- | -------------- | ----------------\nland                                           | $ 44095             | $ 191523        | $ 34000              | $ 462700       | $ 110100\nbuilding                                       | 33470               | 233230          | 46411                | 707938         | 146686\nabove market lease value                       | 5616                | 7944            | 823                  | 18298          | 3318\nacquired in-place leases                       | 4333                | 29948           | 5396                 | 98661          | 23016\nother assets net of other liabilities          | 2014                | 2014            | 2014                 | 27127          | 2014\nassets acquired                                | 87514               | 462645          | 86630                | 1314724        | 283120\nfair value adjustment to mortgage note payable | 2014                | 2014            | 2014                 | -3693 ( 3693 ) | 2014\nbelow market lease value                       | 7514                | 20320           | 2326                 | 84417          | 25977\nliabilities assumed                            | 7514                | 20320           | 2326                 | 80724          | 25977\npurchase price allocation                      | $ 80000             | $ 442325        | $ 84304              | $ 1234000      | $ 257143\nnet consideration funded by us at closing      | $ 81632             | $ 81835         | $ 2744               | $ 259228       | $ 70000\nequity and/or debt investment held             | 2014                | 2014            | $ 16000              | $ 40942        | $ 41432\ndebt assumed                                   | $ 2014              | $ 2014          | $ 65000              | $ 458767       | $ 140000"
}
{
    "_id": "dd4bb1f8c",
    "title": "",
    "text": "table of contents item 1b.\n unresolved staff comments no unresolved sec staff comments to report.\n item 2.\n properties as of december 31 , 2015  owned or leased 126 major manufacturing sites 14 major technical centers.\n manufacturing site may include multiple plants be wholly or partially owned or leased.\n many smaller manufacturing sites , sales offices  warehouses  engineering centers joint ventures other investments strategically located throughout world.\n presence in 44 countries.\n table shows regional distribution of major manufacturing sites by operating segment uses facilities : north america europe , middle east & africa asia pacific south america total.\n in addition to manufacturing sites 14 major technical centers : four in north america five in europe , middle east and africa ; four in asia pacific one in south america.\n of 126 major manufacturing sites and 14 major technical centers  include facilities owned or leased by consolidated subsidiaries 77 are primarily owned 63 primarily leased.\n frequently review real estate portfolio develop footprint strategies to support customers 2019 global plans supporting technical needs controlling operating expenses.\n believe evolving portfolio will meet current and anticipated future needs.\n item 3.\n legal proceedings subject to various actions , claims , suits  government investigations  other proceedings incidental to business  including of alleged defects , breach of contracts  competition and antitrust matters  product warranties  intellectual property matters  personal injury claims employment-related matters.\n opinion outcome of such matters will not have material adverse impact on consolidated financial position , results of operations  or cash flows.\nrespect to warranty matters we cannot ensure future costs of warranty claims customers not material, believe our established reserves adequate to cover potential warranty settlements.\n final amounts required to resolve matters could differ from recorded estimates.\n gm ignition switch recall in first quarter of 2014  gm , delphi 2019s largest customer initiated product recall related to ignition switches.\n delphi received requests for information from cooperated with various government agencies related to this ignition switch recall.\n delphi initially named as co-defendant with gm ( certain other parties ) in class action and product liability lawsuits related to this matter.\n as of december 31 , 2015 delphi not named as defendant in any class action complaints.\n no assurances can be made ultimate outcome of these or other future claims delphi not believe loss probable no reserve made as of december 31 , 2015.\n unsecured creditors litigation fourth amended and restated limited liability partnership agreement of delphi automotive llp ( 201cfourth llp agreement 201d ) entered into on july 12, 2011 by members delphi automotive llp to position company for initial public offering.\n under terms fourth llp agreement if cumulative distributions to members delphi automotive llp under certain provisions fourth llp agreement exceed $ 7. 2 billion , delphi , as disbursing agent on behalf of dphh required to pay to holders of allowed general unsecured claims against dphh $ 32. 50 for every $ 67. 50 in excess of $ 7. 2 billion distributed to members up to maximum amount of $ 300 million.\ndecember 2014  complaint filed in bankruptcy court alleging redemption by delphi automotive llp of membership interests of gm and pbgc , repurchase of shares payment of dividends by delphi automotive plc  constituted distributions under terms fourth llp agreement approximating $ 7. 2 billion.\n delphi considers cumulative\n\n| north america | europemiddle east& africa | asia pacific | south america | total\n---------------------------------- | ------------- | ------------------------- | ------------ | ------------- | -----\nelectrical/electronic architecture | 30            | 32                        | 25           | 5             | 92\npowertrain systems                 | 4             | 10                        | 5            | 2             | 21\nelectronics and safety             | 3             | 7                         | 3            | 2014          | 13\ntotal                              | 37            | 49                        | 33           | 7             | 126"
}
{
    "_id": "dd4c5cebe",
    "title": "",
    "text": "devon energy corporation subsidiaries notes to consolidated financial statements 2013 continued ) debt maturities as of december 31 , 2014  excluding premiums discounts are as follows ( in millions ) :.\n credit lines devon has a $ 3. 0 billion syndicated  unsecured revolving line of credit ( senior credit facility ).\n maturity date for $ 30 million credit facility is october 24 , 2017.\n maturity date for $ 164 million is october 24 , 2018.\n maturity date for remaining $ 2. 8 billion is october 24 , 2019.\n amounts borrowed under senior credit facility may election devon bear interest at fixed rate options for up to twelve months.\n such rates generally less than prime rate.\n devon may elect to borrow at prime rate.\n senior credit facility provides for annual facility fee of $ 3. 8 million payable quarterly in arrears.\n as of december 31 , 2014 no borrowings under senior credit facility.\n senior credit facility contains one material financial covenant.\n covenant requires devon 2019s ratio of total funded debt to total capitalization in credit agreement no greater than 65 percent.\n credit agreement contains definitions of total funded debt and total capitalization include adjustments to amounts reported in accompanying consolidated financial statements.\n total capitalization adjusted to add back noncash financial write-downs full cost ceiling impairments or goodwill impairments.\n as of december 31 , 2014 devon in compliance with covenant with debt-to- capitalization ratio of 20. 9 percent.\n commercial paper devon has access to $ 3. 0 billion of short-term credit under commercial paper program.\n commercial paper debt has maturity of between 1 and 90 days can up to 365 days bears interest at rates agreed to at time of borrowing.\ninterest rate based on standard index federal funds rate libor or money market rate in commercial paper market.\n as of december 31 , 2014 devon 2019s commercial paper borrowings of $ 932 million have weighted- average borrowing rate 0. 44 percent.\n retirement of senior notes on november 13 , 2014  devon redeemed $ 1. 9 billion of senior notes prior to scheduled maturity primarily with proceeds from asset divestitures.\n redemption includes 2. 4%. ) $ 500 million senior notes due 2016  1. 2% ( 1. 2 % ) $ 650 million senior notes due 2016 1. 875% ( 1. 875 % ) $ 750 million senior notes due 2017.\n notes redeemed for $ 1. 9 billion  included 100 percent of principal amount make-whole premium of $ 40 million.\n date redemption notes had unamortized discount of $ 2 million unamortized debt issuance costs of $ 6 million.\n make-whole premium unamortized discounts debt issuance costs included in net financing costs on 2014 consolidated comprehensive statement of earnings.\n\n2015                | $ 1432\n------------------- | -------\n2016                | 350\n2017                | 2014\n2018                | 875\n2019                | 1337\n2020 and thereafter | 7263\ntotal               | $ 11257"
}
{
    "_id": "dd4b9a152",
    "title": "",
    "text": "worldwide wholesale distribution channels table presents number of doors by geographic location in which products distributed by our wholesale segment sold to consumers in primary channels distribution as of april 2 , 2016:.\n ( a ) includes u. s.  canada  latin america.\n ( b ) includes middle east.\n ( c ) includes australia and new zealand.\n three key wholesale customers generate significant sales volume.\n during fiscal 2016  sales to our largest wholesale customer , macy's , inc.\n accounted for approximately 11% ( 11 % ) and 25% ( 25 % ) of our total net revenues and total wholesale net revenues respectively.\n during fiscal 2016 sales to our three largest wholesale customers including macy's accounted for approximately 24% ( 24 % ) and 53% ( 53 % ) of our total net revenues and total wholesale net revenues respectively.\n our products sold primarily by our own sales forces.\n wholesale segment maintains primary showrooms in new york city.\n maintain regional showrooms in milan , paris  london  munich madrid stockholm panama.\n shop-within-shops.\n critical element of distribution to department stores utilize to enhance brand recognition permit complete merchandising of lines differentiate presentation of products.\n as of april 2 , 2016  had approximately 25000 shop-within-shops in our primary channels of distribution dedicated to wholesale products worldwide.\n size of shop-within-shops ranges from 100 to 9200 square feet.\n shop-within-shop fixed assets include items customized freestanding fixtures , wall cases and components  decorative items  and flooring.\nshare in cost of building shop-within-shops with wholesale customers.\n basic stock replenishment program.\n basic products as knit shirts , chino pants oxford cloth shirts select accessories  home products can be ordered by wholesale customers at any time through basic stock replenishment program.\n generally ship these products within two to five days of order receipt.\n retail segment retail segment sells directly to customers throughout world via 493 retail stores , totaling approximately 3. 8 million square feet  and 583 concession-based shop-within-shops , through various e-commerce sites.\n extension of direct-to-consumer reach is one of primary long-term strategic goals.\n operate retail business using omni-channel retailing strategy to deliver integrated shopping experience with consistent message of brands and products to customers regardless of shopping for products in physical stores or online.\n ralph lauren stores lauren stores feature broad range of apparel , accessories watch and jewelry  fragrance  home product assortments in atmosphere reflecting distinctive attitude and image of ralph lauren , polo , double rl , denim & supply brands including exclusive merchandise not sold in department stores.\n during fiscal 2016  opened 22 new ralph lauren stores closed 21 stores.\n ralph lauren stores primarily situated in major upscale street locations and upscale regional malls generally in large urban markets.\n\nlocation           | number of doors\n------------------ | ---------------\nthe americas ( a ) | 7741\neurope ( b )       | 5625\nasia ( c )         | 136\ntotal              | 13502"
}
{
    "_id": "dd4985704",
    "title": "",
    "text": "international networks generated revenues $ 1637 million during 2012  represented 37% ( 37 % ) of our total consolidated revenues.\n our international networks segment consists of national and pan-regional television networks.\n segment generates revenue from operations in every pay-television market through infrastructure includes operational centers in london  singapore miami.\n discovery channel , animal planet tlc lead international networks 2019 portfolio of television networks.\n international networks has largest international distribution platforms with fourteen networks in more than 200 countries territories.\n at december 31 , 2012 international networks operated over 180 unique distribution feeds in over 40 languages with channel feeds customized according to language needs advertising sales opportunities.\n international networks has free-to-air networks in u. k.  germany italy spain continues pursue international expansion.\n international networks segment owns and operates following television networks reached number of subscribers as of december 31 , 2012 : global networks international subscribers ( millions ) regional networks international subscribers ( millions ).\n on december 21 , 2012  international networks segment acquired 20% ( 20 % ) equity ownership interests in eurosport , european sports satellite cable network portfolio of pay television networks from tf1 french media company for $ 264 million  including transaction costs.\n call right enables us to purchase controlling interest in eurosport starting december 2014 for one year thereafter.\n if exercise call right tf1 will right to put remaining interest to us for one year thereafter.\n arrangement intended to increase growth of eurosport  focuses on niche regionally popular sports tennis  skiing cycling skating enhance our pay television offerings in france.\ndecember 28 , 2012 , we acquired switchover media , group of five italian television channels with children's entertainment programming.\n ( see note 3 to accompanying consolidated financial statements. ) education education generated revenues of $ 105 million during 2012 , represented 2% ( 2 % ) of total consolidated revenues.\n education comprised of curriculum-based product service offerings.\n segment generates revenues primarily from subscriptions to k-12 schools for access to online suite of curriculum-based vod tools , professional development services  digital textbooks student assessments publication of hardcopy curriculum-based content.\n education business participates in global brand content licensing engages in partnerships with leading non-profits  corporations  foundations trade associations.\n content development content development strategy designed to increase viewership maintain innovation quality leadership provide value for network distributors advertising customers.\n content sourced from wide range of third-party producers include world 2019s leading nonfiction production companies independent producers.\n production arrangements fall into three categories : produced , coproduced licensed.\n all produced content includes content we engage third parties to develop produce , we retain editorial control own most or all rights , in exchange for paying all development production costs.\n coproduced content refers to program rights we collaborated with third parties to finance develop because world-wide rights not available for acquisition or save costs collaborating with third parties.\n licensed content comprised of films or series previously produced by third parties.\n\nglobal networks discovery channel | internationalsubscribers ( millions ) 246 | regional networks dmax        | internationalsubscribers ( millions ) 90\n--------------------------------- | ----------------------------------------- | ----------------------------- | ----------------------------------------\nanimal planet                     | 183                                       | discovery kids                | 61\ntlc real time and travel & living | 174                                       | quest                         | 26\ndiscovery science                 | 75                                        | discovery history             | 13\ninvestigation discovery           | 63                                        | shed                          | 12\ndiscovery home & health           | 57                                        | discovery en espanol ( u.s. ) | 5\nturbo                             | 42                                        | discovery familia ( u.s )     | 4\ndiscovery world                   | 27                                        |                               |"
}
{
    "_id": "dd4c58418",
    "title": "",
    "text": "property and equipment recorded at cost.\n company provides for depreciation amortization straight-line basis over estimated useful lives:.\n improvements of leased properties amortized over shorter of life of applicable lease term or estimated useful life of asset.\n impairment of long-lived assets when indicators of impairment present company evaluates carrying value of long-lived assets other than goodwill in relation to operating performance future cash flows or appraised values of underlying assets.\n in accordance with sfas 144 , 201caccounting for impairment or disposal of long-lived assets, 201d company reviews for impairment stores open more than two years for current cash flows from operations negative.\n impairment results when carrying value of assets exceeds undiscounted future cash flows over life of lease.\n company 2019s estimate of undiscounted future cash flows over lease term based upon historical operations stores estimates of future store profitability factors subject to variability difficult to predict.\n if long-lived asset found to impaired amount recognized for impairment equal to difference between carrying value and asset 2019s fair value.\n fair value estimated based primarily upon future cash flows ( discounted at company 2019s credit adjusted risk-free rate ) or other reasonable estimates of fair market value.\n assets to be disposed of adjusted to fair value less cost to sell if less than book value.\n company recorded impairment charges included in sg&a expense of approximately $ 0. 2 million in 2007 predecessor period , $ 9. 4 million in 2006 $ 0. 6 million in 2005 to reduce carrying value of certain stores 2019 assets necessary due to negative sales trends cash flows at locations.\n majority of 2006 charges recorded pursuant to strategic initiatives discussed in note 3.\ngoodwill other intangible assets company amortizes assets over estimated useful lives unless lives indefinite.\n amortizable intangible assets tested for impairment based on undiscounted cash flows if impaired written down to fair value based on discounted cash flows or appraised values.\n intangible assets with indefinite lives tested annually for impairment written down to fair value as required.\n no impairment of intangible assets identified during periods presented.\n\nland improvements                | 20\n-------------------------------- | -----\nbuildings                        | 39-40\nfurniture fixtures and equipment | 3-10"
}
{
    "_id": "dd4972226",
    "title": "",
    "text": "equipment and energy.\n 2013 vs.\n 2012 sales of $ 451. 1 increased from higher lng project activity.\n operating income $ 65. 5 increased from higher lng project activity.\n sales backlog for equipment business at 30 september 2013 was $ 402  compared to $ 450 at 30 september 2012.\n expected approximately $ 250 of backlog be completed during 2014.\n 2012 vs.\n 2011 sales of $ 420. 1 increased 5% ( 5 % )  or $ 19. 5  reflecting higher air separation unit ) activity.\n operating income of $ 44. 6 decreased 29% ( 29 % ) or $ 18. 2 reflecting lower lng project activity.\n sales backlog for equipment business at 30 september 2012 was $ 450  compared to $ 334 at 30 september 2011.\n other operating income ( loss ) includes other expense and income directly associated with business segments including foreign exchange gains and losses.\n included lifo inventory valuation adjustments business segments not allocated to business segments.\n included stranded costs from discontinued operations not reallocated to businesses in 2012.\n 2013 vs.\n 2012 operating loss was $ 4. 7  compared to $ 6. 6 in prior year.\n current year includes unfavorable lifo adjustment versus prior year of $ 11.\n prior year loss included stranded costs from discontinued operations of $ 10.\n 2012 vs.\n 2011 operating loss was $ 6. 6  compared to $ 39. 3 in prior year due to reduction in stranded costs  decrease in lifo adjustment decreases in inventory values favorable foreign exchange  offset by gains on asset sales prior year.\n\n| 2013    | 2012    | 2011\n---------------- | ------- | ------- | -------\nsales            | $ 451.1 | $ 420.1 | $ 400.6\noperating income | 65.5    | 44.6    | 62.8"
}
{
    "_id": "dd4c10ae6",
    "title": "",
    "text": "cross-border outstandings defined by bank regulatory rules are amounts payable to state street by residents of foreign countries regardless of currency and local country claims in excess of local country obligations.\n outstandings consist primarily of deposits with banks loan and lease financing investment securities.\n to credit risk outstandings have risk that political or economic conditions in country borrowers may be unable to meet contractual repayment obligations of principal interest because of unavailability of or restrictions on foreign exchange needed.\n cross-border outstandings to countries in we business which amounted to at least 1% ( 1 % ) of our consolidated total assets were as follows as of december 31:.\n total cross-border outstandings in represented 5% ( 5 % ) , 12% ( 12 % ) and 9% ( 9 % ) of our consolidated total assets as of december 31 , 2008 , 2007 2006 .\n aggregate cross-border outstandings to countries totaled between. 75% (. 75 % ) and 1% ( 1 % ) of our consolidated total assets at december 31 , 2008 amounted to $ 3. 45 billion ( canada and germany ).\n no cross-border outstandings to countries which totaled between. 75% (. 75 % ) and 1% ( 1 % ) of consolidated total assets as of december 31 , 2007.\n aggregate cross-border outstandings to countries totaled between. 75% (. 75 % ) and 1% ( 1 % ) of total assets at december 31 , 2006 amounted to $ 1. 05 billion ( canada ).\n capital regulatory and economic capital management use key metrics to assess our actual level of capital commensurate with risk profile in compliance with regulatory requirements sufficient to financial flexibility to undertake future strategic business initiatives.\nregulatory capital objective regulatory capital management is to maintain strong capital base to provide financial flexibility for business needs , including funding corporate growth supporting customers 2019 cash management needs  provide protection against loss to depositors and creditors.\n we strive to maintain optimal level of capital , commensurate with risk profile , attractive return to shareholders realized over short and long term , while protecting obligations to depositors and creditors satisfying regulatory requirements.\n capital management process focuses on risk exposures , capital position relative to peers , regulatory capital requirements evaluations of major independent credit rating agencies assign ratings to public debt.\n our capital committee , in with asset and liability committee , to as alco , oversees management of regulatory capital  responsible for ensuring capital adequacy with to regulatory requirements  internal targets expectations of major independent credit rating agencies.\n primary regulator of state street and state street bank for regulatory capital purposes is federal reserve.\n both state street and state street bank subject to minimum capital requirements established by federal reserve defined in federal deposit insurance corporation improvement act\n\n( in millions )                 | 2008   | 2007    | 2006\n------------------------------- | ------ | ------- | ------\nunited kingdom                  | $ 5836 | $ 5951  | $ 5531\naustralia                       | 2044   | 3567    | 1519\ncanada                          | 2014   | 4565    | 2014\ngermany                         | 2014   | 2944    | 2696\ntotal cross-border outstandings | $ 7880 | $ 17027 | $ 9746"
}
{
    "_id": "dd4c37cfe",
    "title": "",
    "text": "36 duke realty corporation annual report 2013 leasing/capital costs tenant improvements lease-related costs to initial leasing of newly completed space or vacant space in acquired properties referred as first generation expenditures.\n first generation expenditures for tenant improvements included within \"development of real estate investments\" in consolidated statements of cash flows expenditures for lease-related costs included within \"other deferred leasing costs. cash expenditures related to construction of building's shell associated site improvements also included within \"development of real estate investments\" in consolidated statements of cash flows.\n tenant improvements leasing costs to re-let rental space previously leased to tenants referred as second generation expenditures.\n building improvements not specific to tenant improve integral components of real estate properties are also second generation expenditures.\n principal uses of liquidity to fund second generation leasing/capital expenditures of real estate investments.\n table summarizes second generation capital expenditures by type of expenditure ( in thousands ) :.\n second generation tenant improvements and leasing costs increased due to shift in industrial leasing volume from renewal leases to second generation leases ( see data in key performance indicators section of management's discussion analysis of financial condition results of operations ) generally more capital intensive.\n overall renewal volume lower renewals for office leases  more capital intensive than industrial increased from 2012.\n during 2013 increased investment across all product types in non-tenant specific building improvements.\n increase in capital expenditures for development of real estate investments result of increased focus on wholly owned development projects.\n wholly owned properties under development with expected cost of $ 572. 6 million at december 31 , 2013 compared to projects with expected cost of $ 468.8 million $ 124. 2 million at december 31 , 2012 2011.\n cash outflows for real estate development investments were $ 427. 4 million  $ 264. 8 million $ 162. 1 million for december 31 , 2013  2012 2011.\n capitalized $ 31. 3 million  $ 30. 4 million $ 25. 3 million overhead costs related to leasing activities including first and second generation leases during years ended december 31 , 2013  2012 2011.\n capitalized $ 27. 1 million  $ 20. 0 million $ 10. 4 million overhead costs related to development activities including construction  development tenant improvement projects on first and second generation space  years ended december 31 , 2013  2012 2011.\n combined overhead costs capitalized to leasing development totaled 35. 7% ( 35. 7 % )  31. 1% ( 31. 1 % ) 20. 6% ( 20. 6 % ) of overall pool of overhead costs at december 31 , 2013  2012 2011 .\n further discussion of capitalization of overhead costs found discussion general administrative expenses comparison sections management's discussion analysis of financial condition results of operations.\n\n| 2013     | 2012     | 2011\n-------------------------------------------- | -------- | -------- | --------\nsecond generation tenant improvements        | $ 39892  | $ 26643  | $ 50079\nsecond generation leasing costs              | 38617    | 31059    | 38130\nbuilding improvements                        | 13289    | 6182     | 11055\ntotal second generation capital expenditures | $ 91798  | $ 63884  | $ 99264\ndevelopment of real estate investments       | $ 427355 | $ 264755 | $ 162070\nother deferred leasing costs                 | $ 35376  | $ 27772  | $ 26311"
}
{
    "_id": "dd4be814a",
    "title": "",
    "text": "containerboard group ( division of tenneco packaging inc. ) notes to combined financial statements continued ) april 11 , 1999 5.\n pension and benefit plans continued ) funded status of group 2019s allocation of defined benefit plans excluding retirement plan reconciles with amounts recognized in 1998 statements of assets and liabilities interdivision account ( in thousands ) : actuarial present value at september 30 , 1998 2014.\n weighted average discount rate value of benefit obligations was 7. 00% ( 7. ) for year ended december 31 , 1998.\n weighted average expected long-term rate of return on plan assets was 10% ( 10 % ) for 1998.\n middle management employees participate in incentive compensation plans.\n plans provide for incentive payments based on achievement of targeted operating results specific business goals.\n targeted operating results determined each year by senior management of packaging.\n amounts charged to expense for these plans were $ 1599000 for period ended april 11 , 1999.\n in june , 1992  tenneco initiated employee stock purchase plan ( 2018 2018espp 2019 2019 ).\n plan allows.\n canadian employees group to purchase tenneco inc.\n common stock through payroll deductions at 15% ( 15 % ) discount.\n each year employee in plan may purchase shares with discounted value not to exceed $ 21250.\n weighted average fair value of employee purchase right  estimated using black-scholes option pricing model assumptions average life of each purchase right 90 days  was $ 6. 31 for period ended december 31 , 1998.\n espp terminated as of september 30 , 1996.\n tenneco adopted new employee stock purchase plan effective april 1 , 1997.\n tenneco sold 36883 shares to group employees for period ended april 11 , 1999.\ndecember , 1996  tenneco adopted 1996 stock ownership plan permits granting variety of awards  including common stock  restricted stock  performance units  stock appreciation rights stock options to officers employees tenneco.\n tenneco can issue up to 17000000 shares common stock under plan terminate december 31 , 2001.\n april 11 , 1999  fair market value of options granted calculated using tenneco 2019s stock price at grant date multiplying amount by historical percentage of past black-scholes pricing values fair value ( approximately 25% ( 25 % ) ).\n fair value of each stock option issued by tenneco group in prior periods estimated on date of grant using black-sholes option pricing model using ranges of weighted average assumptions for grants past three\n\nvested benefit obligation                      | $ -98512 ( 98512 )\n---------------------------------------------- | --------------------\naccumulated benefit obligation                 | -108716 ( 108716 )\nprojected benefit obligation                   | $ -108716 ( 108716 )\nplan assets at fair value at september 30 1998 | 146579\nunrecognized transition liability              | -1092 ( 1092 )\nunrecognized net gain                          | -14623 ( 14623 )\nunrecognized prior service cost                | 13455\nprepaid pension cost at december 31 1998       | $ 35603"
}
{
    "_id": "dd4c2c872",
    "title": "",
    "text": "table of contents table discloses purchases of shares our common stock made by us or behalf during fourth quarter of 2015.\n period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares yet be purchased under plans or programs b ).\n shares reported in column represent purchases settled in fourth quarter of 2015 relating to our purchases of shares in open-market transactions meet obligations under stock-based compensation plans ii ) purchases of shares from employees and non-employee directors in connection with exercise of stock options vesting of restricted stock other stock compensation transactions in accordance with terms stock compensation plans.\n on july 13 , 2015  announced board of directors approved purchase of $ 2. 5 billion of outstanding common stock ( with no expiration date ) in addition to remaining amount available under $ 3 billion program previously authorized.\n during third quarter of 2015  completed purchases under $ 3 billion program.\n as of december 31 , 2015  had $ 1. 3 billion remaining available for purchase under $ 2. 5 billion program.\n\nperiod        | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )\n------------- | ------------------------------ | -------------------------- | -------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------\noctober 2015  | 1658771                        | $ 62.12                    | 842059                                                                                 | 816712                                                                       | $ 2.0 billion\nnovember 2015 | 2412467                        | $ 71.08                    | 212878                                                                                 | 2199589                                                                      | $ 1.8 billion\ndecember 2015 | 7008414                        | $ 70.31                    | 980                                                                                    | 7007434                                                                      | $ 1.3 billion\ntotal         | 11079652                       | $ 69.25                    | 1055917                                                                                | 10023735                                                                     | $ 1.3 billion"
}
{
    "_id": "dd4bc29d6",
    "title": "",
    "text": "part iii item 10.\n directors  executive officers corporate governance.\n pursuant to section 406 of sarbanes-oxley act of 2002  adopted code of ethics for senior financial officers applies to principal executive officer principal financial officer  principal accounting officer controller  other persons performing similar functions.\n code of ethics for senior financial officers publicly available on our website at www. hologic. com.\n intend to satisfy disclosure requirement under item 5. 05 of current report on form 8-k regarding amendment to  or waiver from provision of code by posting information on our website at address specified above.\n additional information required by item incorporated by reference to definitive proxy statement for annual meeting of stockholders filed with securities and exchange commission within 120 days after close of fiscal year.\n item 11.\n executive compensation.\n information required by item incorporated by reference to definitive proxy statement for annual meeting of stockholders filed with securities and exchange commission within 120 days after close of fiscal year.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters.\n maintain number equity compensation plans for employees  officers directors others efforts contribute to our success.\n table below sets forth information as of end of fiscal year ended september 27, 2008 regarding shares of common stock available for grant or granted under stock option plans equity incentives i ) approved by stockholders  ii ) not approved by stockholders.\n number of securities exercise price of outstanding securities adjusted to reflect two-for-one stock splits effected on november 30 , 2005 and april 2 , 2008.\nequity compensation plan information plan category number securities issued exercise outstanding options warrants rights weighted-average exercise price outstanding options  warrants rights number securities remaining available future issuance under equity compensation plans excluding securities reflected column ( a ) ) equity compensation plans approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 15370814 $ 16. 10 19977099 equity compensation plans not approved by security holders ( 1 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 582881 $ 3. 79 2014.\n ( 1 ) includes following plans : 1997 employee equity incentive plan 2000 acquisition equity incentive plan.\n description each plans follows : 1997 employee equity incentive plan.\n purposes 1997 employee equity incentive plan ( 201c1997 plan 201d ) adopted by board of directors in may 1997 attract retain key employees consultants advisors provide incentive assist achieving long-range performance goals  enable person participate long-term growth.\n general under 1997 plan  employees\n\nplan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exercise price of outstanding options warrants and rights ( b ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )\n---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders           | 15370814                                                                                         | $ 16.10                                                                          | 19977099\nequity compensation plans not approved by security holders ( 1 ) | 582881                                                                                           | $ 3.79                                                                           | 2014\ntotal                                                            | 15953695                                                                                         | $ 15.65                                                                          | 19977099"
}
{
    "_id": "dd4bb7270",
    "title": "",
    "text": "page 73 of 98 notes to consolidated financial statements ball corporation subsidiaries 15.\n shareholders 2019 equity at december 31 , 2006 company had 550 million shares common stock 15 million shares preferred stock authorized both without par value.\n preferred stock includes 120000 authorized unissued shares series a junior participating preferred stock.\n under company 2019s shareholder rights agreement dated july 26, 2006 one preferred stock purchase right ( right ) attached to each outstanding share ball corporation common stock.\n subject to adjustment each right entitles registered holder to purchase company one one-thousandth of share of series a junior participating preferred stock at exercise price $ 185 per right.\n if person or group acquires 10 percent or more of company 2019s outstanding common stock certain other events ) rights acquiring person ) become exercisable entitle holder to purchase shares ball corporation common stock at 50 percent discount.\n rights  expire in 2016 redeemable company at redemption price of $ 0. 001 per right trade with common stock.\n exercise rights cause substantial dilution to person or group attempting acquire control company without approval ball 2019s board of directors.\n rights not interfere with merger or other business combinations approved by board of directors.\n company reduced share repurchase program in 2006 to $ 45. 7 million  net of issuances compared to $ 358. 1 million net repurchases in 2005 and $ 50 million in 2004.\n net repurchases in 2006 did not include forward contract december 2006 for repurchase of 1200000 shares.\n contract settled on january 5 , 2007 for $ 51. 9 million in cash.\n connection with employee stock purchase plan company contributes 20 percent of up to $ 500 of each participating employee 2019s monthly payroll deduction toward purchase of ball corporation common stock.\ncompany contributions for plan were $ 3. 2 million in 2006 $ 3. 2 million 2005 $ 2. 7 million in 2004.\n accumulated other comprehensive earnings ( loss ) activity related to was as follows : ( $ in millions ) foreign currency translation pension and postretirement items net of tax effective financial derivatives net tax accumulated comprehensive earnings ( loss ).\n 2005 distribution to jobs act management 2019s intention is to indefinitely reinvest foreign earnings.\n no taxes provided on foreign currency translation component for any period.\n change in minimum pension liability net of tax expense of $ 2. 9 million for 2006 related tax benefits of $ 27. 3 million and $ 20. 8 million for 2005 and 2004 .\n change in effective financial derivatives net of related tax expense of $ 5. 7 million for 2006 related tax benefit of $ 10. 7 million for 2005 tax benefit $ 0. 2 million for 2004.\n\n( $ in millions ) | foreign currency translation | pension and other postretirement items net of tax | effective financial derivatives net of tax | accumulated other comprehensive earnings ( loss )\n----------------- | ---------------------------- | ------------------------------------------------- | ------------------------------------------ | -------------------------------------------------\ndecember 31 2003  | $ 80.7                       | $ -93.1 ( 93.1 )                                  | $ 11.0                                     | $ -1.4 ( 1.4 )\n2004 change       | 68.2                         | -33.2 ( 33.2 )                                    | -0.4 ( 0.4 )                               | 34.6\ndecember 31 2004  | 148.9                        | -126.3 ( 126.3 )                                  | 10.6                                       | 33.2\n2005 change       | -74.3 ( 74.3 )               | -43.6 ( 43.6 )                                    | -16.0 ( 16.0 )                             | -133.9 ( 133.9 )\ndecember 31 2005  | 74.6                         | -169.9 ( 169.9 )                                  | -5.4 ( 5.4 )                               | -100.7 ( 100.7 )\n2006 change       | 57.2                         | 8.0                                               | 6.0                                        | 71.2\ndecember 31 2006  | $ 131.8                      | $ -161.9 ( 161.9 )                                | $ 0.6                                      | $ -29.5 ( 29.5 )"
}
{
    "_id": "dd4c63502",
    "title": "",
    "text": "results of second step testing at december 31 , 2008  company recorded $ 9. 6 billion pretax ( $ 8. 7 billion after-tax ) goodwill impairment charge in fourth quarter of 2008  representing most of goodwill allocated to these reporting units.\n primary cause for goodwill impairment at december 31 , 2008 units was rapid deterioration in financial markets global economic outlook particularly period beginning mid-november through year-end 2008.\n significant fair value adjustments in pro forma purchase price allocation in second step testing were to fair value loans and debt made to identify and value identifiable intangibles.\n adjustments to measure assets , liabilities intangibles for measuring implied fair value of goodwill adjustments not reflected in consolidated balance sheet.\n following table shows reporting units with goodwill balances and excess of fair value as percentage over allocated book value as of december 31 , 2009.\n in millions of dollars reporting unit ( 1 ) fair value as % ( % ) of allocated book value goodwill.\n ( 1 ) local consumer lending 2014other excluded from table no goodwill allocated to it.\n no impairment noted in step one of company 2019s local consumer lending 2014cards reporting unit impairment test at november 30 , 2009  goodwill present in reporting unit may be sensitive to further deterioration in economic conditions.\n market approach for valuing reporting unit earnings multiples and transaction multiples selected from multiples using data from guideline companies and acquisitions.\n selection of actual multiple considers operating performance financial condition return on equity and net income growth of local consumer lending 2014cards compared guideline companies acquisitions.\nfor valuation under income approach , company utilized discount rate  believes reflects risk and uncertainty related to projected cash flows selected 2012 as terminal year.\n small deterioration in assumptions used in valuations , in particular discount rate and growth rate assumptions in net income projections  could affect company 2019s impairment evaluation and  results.\n if future differ adversely from management 2019s best estimate of key economic assumptions and associated cash flows decrease by small margin , company could potentially experience future material impairment charges with respect to $ 4683 million of goodwill remaining in local consumer lending 2014 cards reporting unit.\n any such charges  not negatively affect company 2019s tier 1 , tier 1 common and total capital regulatory ratios , tangible common equity or company 2019s liquidity position.\n\nreporting unit ( 1 )                    | fair value as a % (  % ) of allocated book value | goodwill\n--------------------------------------- | ------------------------------------------------ | --------\nnorth america regional consumer banking | 174% ( 174 % )                                   | $ 2453\nemea regional consumer banking          | 163                                              | 255\nasia regional consumer banking          | 303                                              | 5533\nlatin america regional consumer banking | 215                                              | 1352\nsecurities and banking                  | 203                                              | 8784\ntransaction services                    | 2079                                             | 1573\nbrokerage and asset management          | 161                                              | 759\nlocal consumer lending 2014cards        | 112                                              | 4683"
}
{
    "_id": "dd4bb6d3e",
    "title": "",
    "text": "notes to consolidated financial statements continued ) 17.\n pension plans postretirement health care life insurance benefit plans continued ) benefit payments table sets forth amounts benefits expected to paid over next ten years from company 2019s pension postretirement plans as of december 31 , 2004:.\n 18.\n stock compensation plans on may 18 , 2000  shareholders hartford approved hartford incentive stock plan ( 201c2000 plan 201d ) replaced hartford 1995 incentive stock plan ( 201c1995 plan 201d ).\n terms of 2000 plan similar to terms 1995 plan except 1995 plan had annual award limit higher maximum award limit.\n under 2000 plan  awards may be granted in form of non-qualified incentive stock options qualifying under section 422a of internal revenue code , performance shares restricted stock  combination of.\n stock appreciation rights may be granted in connection with all or part of stock options granted under 2000 plan.\n in december 2004  2000 plan amended to allow for grants of restricted stock units effective as of january 1 , 2005.\n aggregate number of shares of stock  awarded subject to maximum limit of 17211837 shares applicable to all awards for ten-year duration of 2000 plan.\n all options granted have exercise price equal to market price of company 2019s common stock on date of grant option 2019s maximum term is ten years and two days.\n certain options exercisable over three year period commencing one year from date of grant certain other options exercisable upon attainment of specified market price appreciation of company 2019s common shares.\n for any year no individual employee may receive award of options for more than 1000000 shares.\n as of december 31 , 2004  hartford had not issued incentive stock options under 2000 plan.\nperformance awards of common stock granted under 2000 plan become payable upon attainment of specific performance goals achieved over period not less than one nor more than five years restricted stock granted subject to restriction period.\n cumulative basis no more than 20% ( 20 % ) of aggregate number shares awarded under 2000 plan available for performance shares and restricted stock awards.\n maximum award of performance shares for any individual employee in any year is 200000 shares.\n in 2004 , 2003 2002  company granted shares of common stock of 315452 , 333712 40852 with weighted average prices of $ 64. 93 , $ 38. 13 $ 62. 28  to performance restricted stock.\n in 1996  company established hartford employee stock purchase plan ( 201cespp 201d ).\n under eligible employees of hartford may purchase common stock company at 15% ( 15 % ) discount from lower closing market price at beginning or end of quarterly offering period.\n company may sell up to 5400000 shares of stock to eligible employees under espp.\n in 2004  2003 2002 , 345262 , 443467 408304 shares were sold .\n per share weighted average fair value of discount under espp was $ 9. 31 , $ 11. 96 , and $ 11. 70 in 2004  2003 2002 .\n during 1997  hartford established employee stock purchase plans for certain employees of company 2019s international subsidiaries.\n under plans participants may purchase common stock of hartford at fixed price at end of three-year period.\n activity under these programs is not material.\n\n| pension benefits | other postretirement benefits\n--------- | ---------------- | -----------------------------\n2005      | $ 125            | $ 30\n2006      | 132              | 31\n2007      | 143              | 31\n2008      | 154              | 33\n2009      | 166              | 34\n2010-2014 | 1052             | 193\ntotal     | $ 1772           | $ 352"
}
{
    "_id": "dd4c0a39e",
    "title": "",
    "text": "advance auto parts , inc.\n subsidiaries notes to consolidated financial statements 2013 ( continued ) december 29 , 2007 , december 30 , 2006 december 31 , 2005 ( in thousands  except per share data ) 11.\n stock repurchase program : fiscal 2007  company's board of directors authorized new stock repurchase program up to $ 500000 company's common stock plus related expenses.\n new program cancelled replaced remaining portion previous $ 300000 stock repurchase program.\n program allows company to repurchase common stock open market or privately negotiated transactions time to time accordance with requirements securities and exchange commission.\n fiscal 2007  company repurchased 8341 shares of common stock aggregate cost of $ 285869 , average price $ 34. 27 per share 1330 shares common stock repurchased under previous $ 300000 stock repurchase program.\n as of december 29 , 2007  77 shares repurchased at aggregate cost of $ 2959 remained unsettled.\n fiscal 2007  company retired 6329 shares previously repurchased under stock repurchase programs.\n december 29 , 2007  company had $ 260567 remaining under current stock repurchase program.\n subsequent to december 29 , 2007  company repurchased 4563 shares of common stock aggregate cost of $ 155350 , average price $ 34. 04 per share.\n fiscal 2006  company retired 5117 shares of common stock previously repurchased under company prior stock repurchase program.\n shares repurchased during fiscal 2006 and fiscal 2005 aggregate cost of $ 192339 , average price $ 37. 59 per share.\n 12.\nincome taxes : adoption of fin 48 on december 31 , 2006  company recorded increase of $ 2275 to liability for unrecognized tax benefits decrease in balance of retained earnings.\n table summarizes activity related to unrecognized tax benefits for fiscal year ended december 29 , 2007:.\n as of december 29 , 2007 entire unrecognized tax benefits if recognized would reduce company 2019s annual effective tax rate.\n with adoption of fin 48  company provides for interest and penalties income tax expense.\n during fiscal 2007  company accrued potential penalties and interest of $ 709 and $ 1827 , respectively related to unrecognized tax benefits.\n as of december 29 , 2007  company recorded liability for potential penalties and interest of $ 1843 and $ 4421 , respectively.\n prior to adoption of fin 48  company classified interest associated with tax contingencies in interest expense.\n company not provided for penalties associated with tax contingencies unless considered probable of assessment.\n company does not expect unrecognized tax benefits to change significantly over next 12 months.\n next 12 months possible company could conclude on $ 2000 to $ 3000 of contingencies associated with unrecognized tax uncertainties due to settlements expiration of statute of limitations ( including tax benefits interest penalties.\n majority of resolutions achieved through completion of current income tax examinations.\n\nbalance at december 31 2006                             | $ 16453\n------------------------------------------------------- | --------------\ngross increases related to prior period tax positions   | 1279\ngross decreases related to prior period tax positions   | -1853 ( 1853 )\ngross increases related to current period tax positions | 5340\nsettlements                                             | -539 ( 539 )\nexpiration of statute of limitations                    | -271 ( 271 )\nbalance at december 29 2007                             | $ 20409"
}
{
    "_id": "dd4c1bfb8",
    "title": "",
    "text": "year ended december 31 , 2006 compared to 2005 net revenues increased $ 149. 6 million  or 53. 2% (. 2 % )  to $ 430. 7 million in 2006 from $ 281. 1 million in 2005.\n increase result of increases net sales and license revenues in product category table below.\n net sales increased $ 143. 7 million  or 53. 0% ( 53. 0 % )  to $ 415. 0 million for year ended december 31  2006 from $ 271. 3 million same period 2005.\n increase net sales reflects : 2022 $ 26. 9 million footwear product sales  football cleats introduced second quarter 2006 baseball cleats introduced fourth quarter 2006 ; 2022 continued unit volume growth of existing products coldgear ae compression products sold to existing retail customers due to additional retail stores expanded floor space ; 2022 growth in average selling price of apparel products all categories ; increased women 2019s and youth market penetration relationships 2022 product introductions subsequent to december 31 2005 within all product categories in compression and training products.\n license revenues increased $ 5. 9 million  or 60. 8% ( 60. 8 % )  to $ 15. 7 million for year ended december 31 , 2006 from $ 9. 8 million same period 2005.\n increase in license revenues result of increased sales by licensees due to increased distribution  continued unit volume growth  new product offerings new licensing agreements included distribution products to college bookstores golf pro shops.\n gross profit increased $ 79. 7 million to $ 215. 6 million in 2006 from $ 135. 9 million in 2005.\n gross profit percentage of net revenues margin increased approximately 180 basis points to 50. 1% ( 50. 1 % ) in 2006 from 48. 3% ( 48. 3 % ) in 2005.\nincrease in gross margin driven by following : 2022 lower product costs of variations in product mix greater supplier discounts for increased volume lower cost sourcing arrangements , for approximate 170 basis point increase ; 2022 decreased close-out sales in 2006 period compared to 2005 period, for approximate 70 basis point increase ; 2022 lower customer incentives as percentage of net revenues , driven by changes to certain customer agreements decreased discounts increasing customer marketing expenditures recorded in selling , general administrative expenses , for approximate 70 basis point increase;\n\n( in thousands )   | year ended december 31 , 2006 | year ended december 31 , 2005 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n------------------ | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\nmen 2019s          | $ 255681                      | $ 189596                      | $ 66085                           | 34.9% ( 34.9 % )\nwomen 2019s        | 85695                         | 53500                         | 32195                             | 60.2% ( 60.2 % )\nyouth              | 31845                         | 18784                         | 13061                             | 69.5% ( 69.5 % )\napparel            | 373221                        | 261880                        | 111341                            | 42.5% ( 42.5 % )\nfootwear           | 26874                         | 2014                          | 26874                             | 2014\naccessories        | 14897                         | 9409                          | 5488                              | 58.3% ( 58.3 % )\ntotal net sales    | 414992                        | 271289                        | 143703                            | 53.0% ( 53.0 % )\nlicense revenues   | 15697                         | 9764                          | 5933                              | 60.8% ( 60.8 % )\ntotal net revenues | $ 430689                      | $ 281053                      | $ 149636                          | 53.2% ( 53.2 % )"
}
{
    "_id": "dd4c52f04",
    "title": "",
    "text": "transactions from matching buy/sell arrangements before april 1, 2006 continue reported as separate sale purchase transactions.\n adoption of eitf issue no.\n 04-13 change in accounting for nontraditional derivative instruments no effect on net income.\n revenues and cost of revenues recognized after april 1, 2006 less than recognized under previous accounting practices.\n sfas no.\n 123 ( revised 2004 ) 2013 december 2004  fasb issued sfas no.\n 123 ( r ), 2018 2018share-based payment , 2019 revision of sfas no.\n 123 , 2018 2018accounting for stock-based compensation. 2019 statement requires entities to measure cost of employee services received in exchange for award of equity instruments based on fair value of award on grant date.\n cost recognized over period during employee required provide service exchange for award usually vesting period.\n awards classified as liabilities remeasured at fair value each reporting period.\n marathon previously adopted fair value method under sfas no.\n 123 for grants made modified settled on after january 1 , 2003.\n sfas no.\n 123 ( r ) requires company to calculate pool of excess tax benefits to absorb tax deficiencies recognized subsequent to adopting statement.\n november 2005  fasb issued fsp no.\n 123r-3 , 2018 2018transition election related to accounting for tax effects of share-based payment awards  2019 2019 alternative transition election ( 2018 2018short-cut method 2019 2019 ) to account for tax effects of share-based payment awards to employees.\n marathon elected long-form method to determine pool of excess tax benefits as of january 1 , 2006.\n marathon adopted sfas no.\n123 ( r ) of january 1 , 2006 all awards granted modified or cancelled after adoption unvested portion of awards outstanding at january 1 , 2006.\n date of adoption sfas no.\n 123 ( r ) requires assumed forfeiture rate applied to unvested awards awards classified as liabilities measured at fair value.\n prior to adopting sfas no.\n 123 ( r ) marathon recognized forfeitures occurred applied intrinsic value method to awards classified as liabilities.\n adoption significant effect on marathon 2019s consolidated results of operations financial position cash flows.\n sfas no.\n 151 2013 effective january 1, 2006 marathon adopted sfas no.\n 151 , 2018 2018inventory costs 2013 amendment of arb no.\n 43  chapter 4. 2019 statement requires items idle facility expense excessive spoilage double freight re-handling costs recognized as current-period charge.\n adoption significant effect on marathon 2019s consolidated results of operations financial position cash flows.\n sfas no.\n 154 2013 effective january 1, 2006 marathon adopted sfas no.\n 154 , 2018 2018accounting changes error corrections 2013 replacement of apb opinion no.\n 20 fasb statement no.\n 3. 2019 2019 sfas no.\n 154 requires companies to recognize voluntary changes in accounting principle changes required by new accounting pronouncement pronouncement not include specific transition provisions retrospectively to prior periods 2019 financial statements unless impracticable to determine period-specific effects or cumulative effect of change.\n fin no.\n 47 2013 march 2005 fasb issued fasb interpretation ( 2018 2018fin 2019 2019 ) no.\n 47 , 2018 2018accounting for conditional asset retirement obligations 2013 interpretation of fasb statement no.\n 143.2019 interpretation clarifies entity required to recognize liability for legal obligation perform asset retirement activities retirement conditional on future event if liability 2019s fair value can be reasonably estimated.\n if liability 2019s fair value cannot be reasonably estimated entity must disclose description of obligation 2 fact liability not recognized because fair value cannot be reasonably estimated 3 reasons why fair value cannot be reasonably estimated.\n fin no.\n 47 clarifies when entity sufficient information to reasonably estimate fair value of asset retirement obligation.\n marathon adopted fin no.\n 47 as of december 31, 2005.\n charge of $ 19 million , net of taxes of $ 12 million  related to adopting fin no.\n 47 recognized as cumulative effect of change in accounting principle in 2005.\n time of adoption total assets increased $ 22 million total liabilities increased $ 41 million.\n pro forma net income net income per share effect as if fin no.\n 47 applied during 2005 and 2004 not significantly different than amounts reported.\n following summarizes total amount of liability for asset retirement obligations if fin no.\n 47 applied during all periods presented.\n pro forma impact of adoption of fin no.\n 47 on unaudited pro forma liability amounts measured using information  assumptions interest rates used to measure obligation recognized upon adoption of fin no.\n 47.\n ( in millions ).\n sfas no.\n 153 2013 marathon adopted sfas no.\n 153 , 2018 2018exchanges of nonmonetary assets 2013 amendment of apb opinion no.\n 29 , 2019 2019 prospective basis as of july 1, 2005.\n amendment eliminates apb opinion no.\n 29 exception for fair value recognition of nonmonetary exchanges of similar productive assets replaces with exception for exchanges of nonmonetary assets not commercial substance.\n fsp no.\n fas 19-1 2013 effective january 1 , 2005 marathon adopted fsp no.\n fas 19-1 , 2018 2018accounting suspended well costs 2019 amended guidance suspended exploratory well costs sfas no.\n 19 , 2018 2018financial accounting reporting oil gas producing companies. 2019 2019 sfas no.\n 19 requires costs drilling exploratory wells capitalized pending determination well found proved reserves.\n classification of proved\n\ndecember 31 2003 | $ 438\n---------------- | -----\ndecember 31 2004 | 527\ndecember 31 2005 | 711"
}
{
    "_id": "dd4bf4666",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) high quality financial institutions.\n such balances may be in excess of fdic insured limits.\n to manage related credit exposure we monitor credit worthiness of financial institutions where we have deposits.\n concentrations of credit risk to trade accounts receivable limited due to wide variety of customers and markets in provide services dispersion of operations across many geographic areas.\n we provide services to small-container , large-container  municipal and residential  energy services customers in united states and puerto rico.\n perform ongoing credit evaluations of customers do not require collateral to support customer receivables.\n establish allowance for doubtful accounts based on factors including credit risk of specific customers age of receivables outstanding  historical trends  economic conditions other information.\n accounts receivable  net accounts receivable represent receivables from customers for collection , transfer , recycling , disposal  energy services other services.\n receivables recorded when billed or when related revenue earned represent claims against third parties settled in cash.\n carrying value of receivables , net of allowance for doubtful accounts and customer credits represents their estimated net realizable value.\n provisions for doubtful accounts evaluated monthly basis recorded based on historical collection experience age of receivables specific customer information economic conditions.\n review outstanding balances on account-specific basis.\n reserves provided for accounts receivable in excess of 90 days outstanding.\n past due receivable balances are written-off when collection efforts unsuccessful collecting amounts due.\n following table reflects activity in allowance for doubtful accounts for years ended december 31:.\n restricted cash and marketable securities as of december 31 , 2017  had $ 141.1 million of restricted cash and marketable securities $ 71. 4 million supports our insurance programs for workers 2019 compensation , commercial general liability commercial auto liability.\n additionally we obtain funds through issuance of tax-exempt bonds for financing qualifying expenditures at landfills  transfer stations collection recycling centers.\n funds deposited directly into trust accounts by bonding authorities at time of issuance.\n use of these funds is contractually restricted not ability to use funds for general operating purposes classified as restricted cash and marketable securities in our consolidated balance sheets.\n in normal course of business we may be required to provide financial assurance to governmental agencies of other entities in connection with municipal residential collection contracts  closure post- closure of landfills environmental remediation environmental permits business licenses permits as financial guarantee of performance.\n at several landfills  satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.\n property and equipment record property and equipment at cost.\n expenditures for major additions improvements to facilities capitalized maintenance repairs charged to expense as incurred.\n when property is retired or\n\n| 2017           | 2016           | 2015\n---------------------------- | -------------- | -------------- | --------------\nbalance at beginning of year | $ 44.0         | $ 46.7         | $ 38.9\nadditions charged to expense | 30.6           | 20.4           | 22.7\naccounts written-off         | -35.7 ( 35.7 ) | -23.1 ( 23.1 ) | -14.9 ( 14.9 )\nbalance at end of year       | $ 38.9         | $ 44.0         | $ 46.7"
}
{
    "_id": "dd4bdbcc4",
    "title": "",
    "text": "scheduled maturities of our marketable securities are as follows:.\n as of may 27 , 2018  not have cash and cash equivalents pledged as collateral for derivative contracts.\n as of may 27 , 2018  $ 0. 9 million of certain accounts receivable were pledged as collateral against foreign uncommitted line of credit.\n fair value and carrying amounts of long-term debt  including current portion were $ 14169. 7 million and $ 14268. 8 million , respectively as of may 27 , 2018.\n fair value of long-term debt estimated using market quotations and discounted cash flows based on current incremental borrowing rates for similar types instruments.\n long-term debt is a level 2 liability in fair value hierarchy.\n risk management activities ongoing operations exposed to market risks changes in interest foreign currency exchange rates commodity and equity prices.\n to manage these risks may enter into derivative transactions (.  futures  options  swaps ) pursuant to established policies.\n commodity price risk many commodities use in production distribution of products are exposed to market price risks.\n utilize derivatives to manage price risk for principal ingredients and energy costs  including grains wheat corn ) oils ( soybean ) dairy products  natural gas  diesel fuel.\n primary objective derivative contracts is to achieve certainty with future price of commodities purchased for in supply chain.\n manage exposures through purchase orders , long-term contracts with suppliers  exchange-traded futures and options  over-the-counter options and swaps.\n offset exposures based on current and projected market conditions seek to acquire inputs at as close to planned cost as possible.\n use derivatives to manage exposure to changes in commodity prices.\ndo not perform assessments required to achieve hedge accounting for commodity derivative positions.\n accordingly changes in values of these derivatives recorded in cost of sales in our consolidated statements of earnings.\n although do not meet criteria for cash flow hedge accounting , believe these instruments effective in achieving our objective of providing certainty in future price of commodities purchased for in supply chain.\n accordingly for measuring segment operating performance gains and losses reported in unallocated corporate items outside of segment operating results until exposure managing affects earnings.\n at we reclassify gain or loss from unallocated corporate items to segment operating profit , allowing operating segments to realize economic effects of derivative without experiencing mark-to-market volatility , remains in unallocated corporate items.\n\nin millions              | available for sale cost | available for sale fair value\n------------------------ | ----------------------- | -----------------------------\nunder 1 year ( current ) | $ 25.4                  | $ 25.4\nequity securities        | 0.3                     | 3.5\ntotal                    | $ 25.7                  | $ 28.9"
}
{
    "_id": "dd4c3ecde",
    "title": "",
    "text": "arconic subsidiaries file income tax returns in.\n federal jurisdiction various states foreign jurisdictions.\n with few minor exceptions arconic no longer subject to income tax examinations by tax authorities for years prior to 2006.\n all.\n tax years prior to 2016 audited by internal revenue service.\n various state foreign jurisdiction tax authorities examining arconic 2019s income tax returns for tax years through 2015.\n reconciliation of beginning and ending amount unrecognized tax benefits ( excluding interest and penalties ):.\n for all periods portion of balance at end of year pertains to state tax liabilities presented before offset for federal tax benefits.\n effect of unrecognized tax benefits  if recorded impact annual effective tax rate for 2016 , 2015  2014 be approximately 6% ( 6 % ), 7% ( 7 % ) and 4% ( 4 % )  of pretax book income.\n arconic not anticipate changes in unrecognized tax benefits material impact on statement of consolidated operations during 2017 ( see tax in note l for for no reserve recognized ).\n arconic 2019s policy to recognize interest and penalties related to income taxes as component of provision for income taxes on statement of consolidated operations.\n in 2016 , 2015  2014  arconic did not recognize interest or penalties.\n due to expiration of statute of limitations  settlements with tax authorities refunded overpayments arconic recognized interest income of $ 1 in 2015 did not recognize any interest income in 2016 or 2014.\n as of december 31 , 2016 and 2015  amount accrued for payment of interest and penalties was $ 2 and $ 1 , respectively.\n.\n receivables sale of receivables programs arconic has arrangement with three financial institutions to sell certain customer receivables without recourse on revolving basis.\nsale of receivables completed through bankruptcy remote special purpose entity consolidated subsidiary of arconic.\n arrangement provides for minimum funding of $ 200 up to maximum $ 400 for receivables sold.\n on march 30 , 2012  arconic initially sold $ 304 of customer receivables in exchange for $ 50 in cash and $ 254 of deferred purchase price.\n arconic received additional net cash funding of $ 300 for receivables sold ( $ 1758 in draws and $ 1458 in repayments ) since program 2019s inception including $ 100 ( $ 500 in draws and $ 400 in repayments ) in 2016.\n no draws or repayments occurred in 2015.\n as of december 31 , 2016 and 2015 deferred purchase price receivable was $ 83 and $ 249  respectively included in other receivables on consolidated balance sheet.\n deferred purchase price receivable reduced as collections of underlying receivables occur ; revolving program sale of new receivables in increase in deferred purchase price receivable.\n net change in deferred purchase price receivable reflected in ( increase ) decrease in receivables line item on statement of consolidated cash flows.\n activity reflected as operating cash flow because related customer receivables result of operating activity with insignificant short-term interest rate risk.\n\ndecember 31,                                    | 2016     | 2015     | 2014\n----------------------------------------------- | -------- | -------- | --------\nbalance at beginning of year                    | $ 18     | $ 7      | $ 8\nadditions for tax positions of the current year | 12       | -        | -\nadditions for tax positions of prior years      | -        | 14       | 4\nreductions for tax positions of prior years     | -        | -2 ( 2 ) | -3 ( 3 )\nsettlements with tax authorities                | -1 ( 1 ) | -        | -1 ( 1 )\nexpiration of the statute of limitations        | -1 ( 1 ) | -1 ( 1 ) | -\nforeign currency translation                    | -        | -        | -1 ( 1 )\nbalance at end of year                          | $ 28     | $ 18     | $ 7"
}
{
    "_id": "dd4c38ce4",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations continued ) results drove changes in ccg operating income by amounts indicated:.\n 1 higher gross margin from higher ccg platform revenue driven by higher average selling prices on notebook desktop platforms  offset by lower desktop notebook platform unit sales.\n 2 lower gross margin from lower ccg platform revenue driven by lower desktop notebook platform unit sales  partially offset by higher average selling prices on desktop notebook tablet platforms.\n data center group segment product overview dcg operating segment offers platforms provide leading energy-efficient performance for server  network  storage applications.\n dcg focuses on lowering total cost of ownership on specific workload- optimizations for enterprise  cloud service providers communications service provider market segments.\n in 2016  launched platforms with functionalities advancements : 2022 intel ae xeon ae processor e5 v4 family  foundation for high performing clouds delivers energy-efficient performance for server  network storage workloads.\n 2022 intel xeon processor e7 v4 family  targeted at platforms requiring four or more cpus processor family delivers high performance optimized for real-time analytics in-memory computing industry-leading reliability availability serviceability.\n 2022 intel ae xeon phi 2122 product family  formerly code-named knights landing  with up to 72 high-performance intel processor cores  integrated memory fabric  common software programming model with intel xeon processors.\n intel xeon phi product family designed for highly parallel compute memory bandwidth-intensive workloads.\n intel xeon phi processors increase performance of supercomputers trillions of calculations per second address emerging data analytics artificial intelligence solutions.\n2017  expect to release next generation intel xeon processors for compute  storage network ; next-generation intel xeon phi processor for deep learning ; suite of single-socket products including next-generation intel xeon e3 processors , next-generation intel atom processors  next-generation intel xeon-d processors for dense solutions.\n\n( in millions ) | operating income reconciliation\n--------------- | -----------------------------------------------------------------------------------------\n$ 10646         | 2016 ccg operating income\n1250            | lower ccg platform unit cost\n905             | lower ccg operating expense\n625             | higher gross margin from ccg platform revenue1\n-645 ( 645 )    | higher factory start-up costs primarily driven by the ramp of our 10nm process technology\n345             | other\n$ 8166          | 2015 ccg operating income\n-2060 ( 2060 )  | higher ccg platform unit costs\n-1565 ( 1565 )  | lower gross margin from ccg platform revenue2\n435             | lower factory start-up costs primarily driven by the ramp of our 14nm process technology\n430             | lower production costs primarily on our 14nm products treated as period charges in 2014\n375             | lower operating expense\n224             | other\n$ 10327         | 2014 ccg operating income"
}
{
    "_id": "dd4ba91e8",
    "title": "",
    "text": "entergy texas , inc.\n management's financial discussion analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of 1 ) fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses 3 ) other regulatory charges.\n analysis of change in net revenue comparing 2008 to 2007.\n amount ( in millions ).\n volume/weather variance due to decreased usage during unbilled sales period.\n see \"critical accounting estimates\" below note 1 to financial statements for discussion accounting for unbilled revenues.\n reserve equalization variance due to lower reserve equalization revenue related to changes in entergy system generation mix compared to period in 2007.\n securitization transition charge variance due to issuance of securitization bonds.\n in june 2007 entergy gulf states reconstruction funding i  company wholly-owned consolidated by entergy texas issued securitization bonds with proceeds purchased from entergy texas transition property right to recover from customers through transition charge amounts sufficient to service securitization bonds.\n see note 5 to financial statements for additional information securitization bonds.\n fuel recovery variance due to reserve for potential rate refunds in first quarter 2007 of puct ruling related to application past puct rulings addressing transition to competition in texas.\n other variance caused by operational effects of jurisdictional separation on revenues fuel and purchased power expenses.\n gross operating revenues  fuel purchased power expenses other regulatory charges gross operating revenues increased $ 229. 3 million due to reasons increase of $ 157 million in fuel cost recovery revenues due to higher fuel rates increased usage offset by interim fuel refunds to customers for fuel cost recovery over-collections through november 2007.\n refund distributed over two-month period beginning february 2008.\ninterim refund puct approval discussed in note 2 to financial statements ; increase of $ 37. 1 million in affiliated wholesale revenue due to increases cost energy ; increase in transition charge amounts collected from customers to service securitization bonds discussed above.\n see note 5 financial statements for additional information securitization bonds ; implementation of interim surcharge to collect $ 10. 3 million in under-recovered incremental purchased capacity costs incurred through july 2007.\n surcharge collected over two-month period beginning february 2008.\n incremental capacity recovery rider puct approval discussed in note 2 financial statements.\n\n| amount ( in millions )\n-------------------------------- | ----------------------\n2007 net revenue                 | $ 442.3\nvolume/weather                   | -4.6 ( 4.6 )\nreserve equalization             | -3.3 ( 3.3 )\nsecuritization transition charge | 9.1\nfuel recovery                    | 7.5\nother                            | -10.1 ( 10.1 )\n2008 net revenue                 | $ 440.9"
}
{
    "_id": "dd4bbdb16",
    "title": "",
    "text": "table of contents performance graph shows cumulative total return to holder of company 2019s common stock , assuming dividend reinvestment , compared with cumulative total return  of standard & poor ( \"s&p\" ) 500 index and dow jones us financials index during period from december 31 , 2010 through december 31 , 2015.\n\n| 12/10  | 12/11  | 12/12  | 12/13  | 12/14  | 12/15\n----------------------------- | ------ | ------ | ------ | ------ | ------ | ------\ne*trade financial corporation | 100.00 | 49.75  | 55.94  | 122.75 | 151.59 | 185.25\ns&p 500 index                 | 100.00 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75\ndow jones us financials index | 100.00 | 87.16  | 110.56 | 148.39 | 170.04 | 170.19"
}
{
    "_id": "dd4bd52b6",
    "title": "",
    "text": "page 30 of 94 included in capital spending amounts.\n example company 2019s decision in 2007 to contribute additional $ 44. 5 million ( $ 27. 3 million ) to pension plans overall debt reduction plan.\n consolidated free cash flow summarized:.\n estimate cash flows from operating activities for 2008 approximately $ 650 million  capital spending approximately $ 350 million free cash flow in $ 300 million range.\n capital spending of $ 259. 9 million ( net of $ 48. 6 million in insurance recoveries ) in 2007 below depreciation and amortization expense of $ 281 million.\n continue invest capital in best performing operations including projects to increase custom can capabilities improve beverage can end making productivity add more beverage can capacity expenditures in aerospace and technologies segment.\n $ 350 million planned capital spending for 2008  approximately $ 180 million spent on top-line sales growth projects.\n debt facilities and refinancing interest-bearing debt at december 31 , 2007  decreased $ 93. 1 million to $ 2358. 6 million from $ 2451. 7 million at december 31 , 2006.\n 2007 debt decrease from 2006 attributed to debt payments offset by higher foreign exchange rates.\n at december 31 , 2007  $ 705 million available under company 2019s multi-currency revolving credit facilities.\n company had $ 345 million of short-term uncommitted credit facilities available at end of year $ 49. 7 million outstanding.\n on october 13 , 2005 ball refinanced senior secured credit facilities third and fourth quarters of 2005 ball redeemed 7. 75% (. 75 % ) senior notes due august 2006 through drawdown of funds under new credit facilities.\n refinancing and redemption resulted in pretax debt refinancing charge of $ 19. 3 million ( $ 12.3 million after tax ) reflect call premium with senior notes write off of unamortized debt issuance costs.\n company has receivables sales agreement provides for ongoing revolving sale of designated pool of trade accounts receivable of ball 2019s north american packaging operations  up to $ 250 million.\n agreement qualifies as off-balance sheet financing under statement of financial accounting standards ( sfas ) no.\n 140  amended by sfas no.\n 156.\n net funds from sale of accounts receivable totaled $ 170 million and $ 201. 3 million at december 31 , 2007 and 2006 reflected as reduction of accounts receivable in consolidated balance sheets.\n company not in default of loan agreement at december 31 , 2007  met all payment obligations.\n.\n note agreements , bank credit agreement industrial development revenue bond agreements contain restrictions relating to dividends  investments financial ratios guarantees incurrence of additional indebtedness.\n additional details about company 2019s receivables sales agreement debt available in notes 7 and 13  accompanying consolidated financial statements within item 8 of report.\n\n( $ in millions )                               | 2007             | 2006             | 2005\n----------------------------------------------- | ---------------- | ---------------- | ----------------\ncash flows from operating activities            | $ 673.0          | $ 401.4          | $ 558.8\nincremental pension funding net of tax          | 27.3             | 2013             | 2013\ncapital spending                                | -308.5 ( 308.5 ) | -279.6 ( 279.6 ) | -291.7 ( 291.7 )\nproceeds for replacement of fire-damaged assets | 48.6             | 61.3             | 2013\nfree cash flow                                  | $ 440.4          | $ 183.1          | $ 267.1"
}
{
    "_id": "dd4b9306e",
    "title": "",
    "text": "company 2019s 2017 reported tax rate includes $ 160. 9 million net tax benefits associated with tax act  $ 6. 2 million net tax benefits on special gains and charges net tax benefits of $ 25. 3 million with discrete tax items.\n company 2019s initial analysis of impact of tax act  provisional net discrete tax benefit of $ 160. 9 million recorded in period ended december 31 , 2017 includes $ 321. 0 million tax benefit for recording deferred tax assets and liabilities at u.\n enacted tax rate  net expense for one-time transition tax of $ 160. 1 million.\n company estimate of impact of reduction in u.\n rate on deferred tax assets liabilities and one-time transition tax  may be affected by other analyses related to tax act.\n special ( gains ) and charges represent tax impact of special charges additional tax benefits in anticipation of u. s.\n tax reform of $ 7. 8 million.\n during 2017 company recorded discrete tax benefit of $ 39. 7 million related to excess tax benefits resulting from adoption of accounting changes regarding treatment of tax benefits on share-based compensation.\n extent of excess tax benefits subject to variation in stock price and stock option exercises.\n company recorded net discrete expenses of $ 14. 4 million related to recognizing adjustments from filing 2016.\n federal income tax return and international adjustments due to changes in estimates partially offset by release of reserves for uncertain tax positions due to expiration of statute of limitations in state tax matters.\n during 2016  company recognized net expense related to discrete tax items of $ 3. 9 million.\n net expenses driven primarily by recognizing adjustments from filing company 2019s 2015 u. s.\nfederal income tax return offset by settlement of international tax matters remeasurement of deferred tax assets liabilities from application updated tax rates in international jurisdictions.\n net expense impacted by adjustments to deferred tax asset liability positions release of reserves for uncertain tax positions due to expiration of statute of limitations in non-u.\n jurisdictions.\n during 2015  company recognized net benefits related to discrete tax items of $ 63. 3 million.\n benefits driven by release of $ 20. 6 million valuation allowances based on realizability of foreign deferred tax assets ability recognize worthless stock deduction of $ 39. 0 million for tax basis in wholly-owned domestic subsidiary.\n reconciliation of beginning ending gross liability for unrecognized tax benefits.\n total unrecognized tax benefits if recognized would have affected effective tax rate by $ 47. 1 million as of december 31 , 2017  $ 57. 5 million december 31, 2016 $ 59. 2 million as of december 31 , 2015.\n company recognizes interest penalties related to unrecognized tax benefits in provision for income taxes.\n during 2017 , 2016 2015 company released $ 0. 9 million , $ 2. 9 million $ 1. 4 million related to interest and penalties.\n company had $ 9. 3 million , $ 10. 2 million $ 13. 1 million of accrued interest  including minor amounts for penalties at december 31 , 2017  2016 2015 .\n\n( millions )                                                 | 2017           | 2016         | 2015\n------------------------------------------------------------ | -------------- | ------------ | ------------\nbalance at beginning of year                                 | $ 75.9         | $ 74.6       | $ 78.7\nadditions based on tax positions related to the current year | 3.2            | 8.8          | 5.8\nadditions for tax positions of prior years                   | -              | 2.1          | 0.9\nreductions for tax positions of prior years                  | -4.9 ( 4.9 )   | -1.0 ( 1.0 ) | -8.8 ( 8.8 )\nreductions for tax positions due to statute of limitations   | -14.0 ( 14.0 ) | -5.5 ( 5.5 ) | -1.6 ( 1.6 )\nsettlements                                                  | -10.8 ( 10.8 ) | -2.0 ( 2.0 ) | -4.2 ( 4.2 )\nassumed in connection with acquisitions                      | 10.0           | -            | 8.0\nforeign currency translation                                 | 2.1            | -1.1 ( 1.1 ) | -4.2 ( 4.2 )\nbalance at end of year                                       | $ 61.5         | $ 75.9       | $ 74.6"
}
{
    "_id": "dd4bd4532",
    "title": "",
    "text": "57management's discussion analysis of financial condition results of operations facility include covenants to net interest coverage total debt-to-book capitalization ratios.\n company in compliance with terms 3-year credit facility at december 31 , 2005.\n company never borrowed under domestic revolving credit facilities.\n utilization of non-u.\n credit facilities may dependent on company's ability to meet conditions at time borrowing requested.\n contractual obligations  guarantees  purchase commitments contractual obligations summarized in table below are company's obligations commitments to make future payments under debt obligations ( assuming earliest exercise of rights by holders ) lease payment obligations  purchase obligations as of december 31 , 2005.\n payments due by period ( 1 ) ( in millions ) total 2006 2007 2008 2009 2010.\n 1 amounts included represent firm non-cancelable commitments.\n debt obligations at december 31 , 2005 company's long-term debt obligations  including current maturities unamortized discount issue costs totaled $ 4. 0 billion  compared to $ 5. 0 billion at december 31 , 2004.\n table of all outstanding long-term debt securities found in note 4 , \"\"debt and credit facilities'' to company's consolidated financial statements.\n decrease in long- term debt obligations compared to december 31, 2004 due to redemptions repurchases of $ 1. 0 billion principal amount of outstanding securities during 2005.\n remaining $ 118 million of 7. 6% ( 7. 6 % ) notes due january 1 , 2007 reclassified to current maturities of long-term debt.\n lease obligations : company owns most of major facilities but certain office  factory warehouse space  land  information technology other equipment under principally non-cancelable operating leases.\nat december 31 , 2005  future minimum lease obligations , net of minimum sublease rentals totaled $ 1. 2 billion.\n rental expense , net of sublease income, was $ 254 million in 2005 , $ 217 million in 2004 $ 223 million in 2003.\n purchase obligations : company entered into agreements for purchase of inventory , license of software  promotional agreements research and development agreements firm commitments not cancelable.\n longest of agreements extends through 2015.\n total payments expected under these agreements total $ 992 million.\n commitments under other long-term agreements : company entered into certain long-term agreements to purchase software , components  supplies materials from suppliers.\n most agreements extend for periods one to three years ( three to five years for software ).\n agreements do not obligate company to make purchases many permit company to terminate agreement with advance notice ( usually from 60 to 180 days ).\n if company to terminate agreements liable for certain termination charges typically based on work performed supplier on-hand inventory and raw materials attributable to canceled orders.\n company liability only arise in event it terminates agreements for reasons other than \"\"cause. '' in 2003  company entered into outsourcing contracts for certain corporate functions benefit administration information technology related services.\n contracts generally extend for 10 years expected to expire in 2013.\n total payments under contracts are approximately $ 3 billion over 10 years ; contracts can be terminated.\n termination would result in penalty substantially less than annual contract payments.\n company required to find another source for services including possibility of performing in-house.\ncustomary in bidding for completing network infrastructure projects pursuant to practice company followed for many years , company has number of performance/bid bonds standby letters of credit outstanding , primarily relating to projects of government enterprise mobility solutions segment networks segment.\n these instruments have maturities of up to three years standard in the\n\n( in millions )               | payments due by period ( 1 ) total | payments due by period ( 1 ) 2006 | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) thereafter\n----------------------------- | ---------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | ---------------------------------------\nlong-term debt obligations    | $ 4033                             | $ 119                             | $ 1222                            | $ 200                             | $ 2                               | $ 529                             | $ 1961\nlease obligations             | 1150                               | 438                               | 190                               | 134                               | 109                               | 84                                | 195\npurchase obligations          | 992                                | 418                               | 28                                | 3                                 | 2                                 | 2                                 | 539\ntotal contractual obligations | $ 6175                             | $ 975                             | $ 1440                            | $ 337                             | $ 113                             | $ 615                             | $ 2695"
}
{
    "_id": "dd4b8d254",
    "title": "",
    "text": "aeronautics 2019 operating profit for 2011 increased $ 132 million or 9% ( 9 % )  compared to 2010.\n increase attributable to $ 115 million higher operating profit on c-130 programs due to increased volume retirement of risks ; increased volume risk retirements on f-16 programs $ 50 million c-5 programs $ 20 million $ 70 million due to risk retirements on other aeronautics sustainment activities in 2011.\n increases offset by decline in operating profit of $ 75 million on f-22 program and f-35 development contract due to lower volume $ 55 million on other programs including f-35 lrip  due to lower profit rate adjustments in 2011 compared to 2010.\n adjustments not related to volume  including net profit rate adjustments approximately $ 90 million higher in 2011 compared to 2010.\n backlog backlog decreased in 2012 compared to 2011 due to lower orders on f-35 contracts and c-130 programs offset by higher orders on f-16 programs.\n backlog increased in 2011 compared to 2010 due to higher orders on f-35 contracts partially offset by higher sales volume on c-130 programs.\n expect aeronautics experience mid single digit percentage range decline in net sales for 2013 compared to 2012.\n decrease in net sales from decline in f-16 and c-130j aircraft deliveries expected offset by increase in net sales volume on f-35 lrip contracts.\n operating profit projected to decrease at high single digit percentage range from 2012 levels due to expected decline in net sales changes in aircraft mix slight decline in operating margins between years.\n information systems & global solutions is&gs business segment provides management services  integrated information technology solutions  advanced technology systems expertise broad applications for civil , defense  intelligence  other government customers.\n is&gs has portfolio of many smaller contracts compared.\nis&gs impacted by downturn in federal information technology budgets impact continuing resolution effective on october 1 , 2012 start of u. s.\n government 2019s fiscal year.\n is&gs 2019 operating results included ( in millions ) :.\n 2012 compared to 2011 is&gs 2019 net sales for 2012 decreased $ 535 million  or 6% ( 6 % )  compared to 2011.\n decrease attributable to lower net sales of $ 485 million due to substantial completion of programs during 2011 ( primarily jtrs ; odin u. k.\n census ) $ 255 million due to lower volume on other programs ( primarily hanford ; warfighter information network-tactical win-t ) command , control  battle management communications c2bmc transportation worker identification credential ( twic.\n partially offsetting decreases were higher net sales of $ 140 million from qtc  acquired early in fourth quarter 2011 $ 65 million from increased activity on other programs primarily federal cyber security programs persistent threat detection system ( ptds ) operational support.\n is&gs 2019 operating profit for 2012 decreased $ 66 million  or 8% ( 8 % )  compared to 2011.\n decrease attributable to lower operating profit of $ 50 million due to odin contract completion in 2011 ; $ 25 million due to increase in reserves for performance issues related international airborne surveillance system in 2012 approximately $ 20 million due to lower volume on programs ( primarily c2bmc win-t ).\n partially offsetting decreases was increase in operating profit due to higher risk retirements of approximately $ 15 million from twic program $ 10 million due to increased activity on other programs  primarily federal cyber security programs ptds operational support.\n operating profit for jtrs program comparable decrease in volume offset by decrease in reserves.\nadjustments not related to volume including net profit booking rate adjustments other matters approximately $ 20 million higher 2012 compared to 2011.\n\n| 2012           | 2011           | 2010\n------------------- | -------------- | -------------- | --------------\nnet sales           | $ 8846         | $ 9381         | $ 9921\noperating profit    | 808            | 874            | 814\noperating margins   | 9.1% ( 9.1 % ) | 9.3% ( 9.3 % ) | 8.2% ( 8.2 % )\nbacklog at year-end | 8700           | 9300           | 9700"
}
{
    "_id": "dd4bee9d2",
    "title": "",
    "text": "following table sets forth information concerning increases in total number of our aap stores during past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores opened as relocations of previously existing stores within same market area or substantial renovations of stores.\n our store-based information systems , designed to improve efficiency operations enhance customer service , are comprised of proprietary pos system and electronic parts catalog , or epc , system.\n information maintained by our pos system used to formulate pricing  marketing merchandising strategies replenish inventory accurately rapidly.\n our pos system integrated with epc system enables store team members to assist customers in parts selection and ordering based on year , make model engine type of vehicles.\n centrally-based epc data management system enables us to reduce time needed to exchange data with vendors catalog deliver updated  accurate parts information.\n epc system contains enhanced search engines user-friendly navigation tools enhance team members' ability to look up needed parts additional products customer automotive repair project.\n if hard-to-find part or accessory not available at stores , epc system can determine whether part is carried in-stock through hub or pdq ae networks or can be ordered directly from vendors.\n available parts and accessories are then ordered electronically from another store  hub  pdq ae or directly from vendor with immediate confirmation of price , availability estimated delivery time.\n we support store operations with additional proprietary systems customer driven labor scheduling capabilities.\n our store-level inventory management system provides real-time inventory tracking at store level.\nstore-level system , store team members can check quantity of on-hand inventory for sku  adjust stock levels for select items for store specific events  automatically process returns and defective merchandise designate skus for cycle counts track merchandise transfers.\n stores use radio frequency hand-held devices to ensure accuracy of inventory.\n standard operating procedure , sop system is web-based  electronic data management system provides team members instant access to standard operating procedures through comprehensive on-line search function.\n all systems tightly integrated provide real-time  comprehensive information to store personnel resulting in improved customer service levels team member productivity in-stock availability.\n purchasing for virtually all merchandise for stores is handled by merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; 2022 global sourcing office in taipei , taiwan.\n roanoke team responsible for parts categories minnesota team responsible for accessories , oil and chemicals.\n global sourcing team works closely with both teams.\n in fiscal 2011  purchased merchandise from approximately 500 vendors  no single vendor accounting for more than 9% ( 9 % ) of purchases.\n purchasing strategy involves negotiating agreements with most vendors to purchase merchandise over specified period of time with other terms  including pricing , payment terms volume.\n merchandising team developed strong vendor relationships in industry collaborative with vendor partners utilizes category management process manage mix of product offerings to meet customer demand.\n believe this process  develops customer-focused business plan for each merchandise category global sourcing operation critical to improving comparable store sales , gross margin inventory productivity.\nfollowing table sets forth information concerning increases in total number of our aap stores during past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores opened as relocations of previously existing stores within same market area or substantial renovations of stores.\n our store-based information systems , designed to improve efficiency operations enhance customer service , are comprised of proprietary pos system and electronic parts catalog , or epc , system.\n information maintained by our pos system used to formulate pricing  marketing merchandising strategies replenish inventory accurately rapidly.\n our pos system integrated with epc system enables store team members to assist customers in parts selection and ordering based on year , make model engine type of vehicles.\n centrally-based epc data management system enables us to reduce time needed to exchange data with vendors catalog deliver updated  accurate parts information.\n epc system contains enhanced search engines user-friendly navigation tools enhance team members' ability to look up needed parts additional products customer automotive repair project.\n if hard-to-find part or accessory not available at stores , epc system can determine whether part is carried in-stock through hub or pdq ae networks or can be ordered directly from vendors.\n available parts and accessories are then ordered electronically from another store  hub  pdq ae or directly from vendor with immediate confirmation of price , availability estimated delivery time.\n we support store operations with additional proprietary systems customer driven labor scheduling capabilities.\n our store-level inventory management system provides real-time inventory tracking at store level.\nstore-level system , store team members can check quantity on-hand inventory for sku  adjust stock levels for select items for store specific events  automatically process returns and defective merchandise designate skus for cycle counts track merchandise transfers.\n stores use radio frequency hand-held devices to ensure accuracy of inventory.\n standard operating procedure , or sop, system is web-based  electronic data management system provides team members instant access to standard operating procedures through comprehensive on-line search function.\n systems tightly integrated provide real-time  comprehensive information to store personnel resulting in improved customer service levels  team member productivity in-stock availability.\n purchasing for virtually all merchandise for stores is handled by merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; 2022 global sourcing office in taipei , taiwan.\n roanoke team responsible for parts categories minnesota team responsible for accessories , oil and chemicals.\n global sourcing team works closely with both teams.\n in fiscal 2011  purchased merchandise from approximately 500 vendors  no single vendor accounting for more than 9% ( 9 % ) of purchases.\n purchasing strategy involves negotiating agreements with most vendors to purchase merchandise over specified period of time with other terms  including pricing , payment terms volume.\n merchandising team developed strong vendor relationships in industry collaborative with vendor partners utilizes category management process manage mix of product offerings to meet customer demand.\n believe this process  develops customer-focused business plan for each merchandise category global sourcing operation critical to improving comparable store sales , gross margin inventory productivity.\n\n| 2011     | 2010     | 2009       | 2008       | 2007\n---------------- | -------- | -------- | ---------- | ---------- | ----------\nbeginning stores | 3369     | 3264     | 3243       | 3153       | 2995\nnew stores ( 1 ) | 95       | 110      | 75         | 109        | 175\nstores closed    | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | -17 ( 17 )\nending stores    | 3460     | 3369     | 3264       | 3243       | 3153"
}
{
    "_id": "dd4bca352",
    "title": "",
    "text": "reserves can be added as expansions permitted funding approved stipulations joint venture agreement satisfied.\n table sets changes in estimated quantities of net proved bitumen reserves for year 2008.\n estimated quantities of proved bitumen reserves ( millions of barrels ) 2008.\n revisions driven by price impact of new royalty regime discussed.\n estimated quantity of net proved bitumen reserves is forward-looking statement based on assumptions including commodity prices  volumes in-place known physical data  recoverability of bitumen  industry economic conditions cash flow from operations other operating considerations.\n assumptions inaccurate actual recoveries could be different than current estimates.\n for discussion of proved bitumen reserves estimation process see item 7.\n management 2019s discussion analysis of financial condition results of operations 2013 critical accounting estimates 2013 estimated net recoverable reserve quantities 2013 proved bitumen reserves.\n operations at aosp not within scope of statement of financial accounting standards ( 201csfas 201d ) no.\n 25 , 201csuspension of certain accounting requirements for oil and gas producing companies ( amendment of financial accounting standards board ( 201cfasb 201d ) statement no.\n 19 ) , 201d sfas no.\n 69 , 201cdisclosures about oil and gas producing activities ( amendment of fasb statements 19 , 25  33 39 )  201d securities and exchange commission ( 201csec 201d ) rule 4-10 of regulation s-x bitumen production and reserves not included in supplementary information on oil and gas producing activities.\n sec issued release amending disclosure requirements effective for annual reports on form 10-k for fiscal years ending on or after december 31 , 2009 see item 7.\nmanagement 2019s discussion analysis of financial condition results of operations 2013 accounting standards not yet adopted for additional information.\n prior to acquisition of western , first fully-integrated expansion of existing aosp facilities approved in 2006.\n expansion 1  includes construction of mining extraction facilities at jackpine mine , expansion treatment facilities at muskeg river mine  expansion scotford upgrader development of related infrastructure  anticipated to begin operations in late 2010 or 2011.\n when expansion 1 complete  more than 50000 bpd of net production upgrading capacity in canadian oil sands.\n timing scope of future expansions debottlenecking opportunities on existing operations under review.\n during 2008  alberta government accepted project 2019s application to portion of expansion 1 capital costs form part of muskeg river mine 2019s allowable cost recovery pool.\n due to commodity price declines year  royalties for 2008 were one percent of gross mine revenue.\n commencing january 1, 2009  alberta royalty regime amended royalty rates based on canadian dollar ( 201ccad 201d ) equivalent monthly average west texas intermediate ( 201cwti 201d ) price.\n royalty rates rise from minimum one percent to maximum nine percent under gross revenue method minimum 25 percent to maximum 40 percent under net revenue method.\n under both methods minimum royalty based on wti price of $ 55. 00 cad per barrel and below maximum royalty reached at wti price of $ 120. 00 cad per barrel and above linear increase in royalty between prices.\n above discussion of oil sands mining segment includes forward-looking statements concerning anticipated completion of aosp expansion 1.\nfactors affect expansion project include transportation logistics  availability of materials labor  unforeseen hazards weather conditions delays in obtaining conditions by necessary government third-party approvals other risks associated with construction projects.\n refining , marketing transportation refining we own operate seven refineries in gulf coast midwest upper great plains regions united states with aggregate refining capacity of 1. 016 million barrels per day ( 201cmmbpd 201d ) of crude oil.\n during 2008\n\n( millions of barrels )              | 2008\n------------------------------------ | ----------\nbeginning of year                    | 421\nrevisions ( a )                      | -30 ( 30 )\nextensions discoveries and additions | 6\nproduction                           | -9 ( 9 )\nend of year                          | 388"
}
{
    "_id": "dd4be481a",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations continued ) liquidity capital resources snap-on 2019s growth historically funded by combination of cash operating activities debt financing.\n snap-on believes its cash from operations collections of finance receivables with sources of borrowings available cash on hand sufficient to fund anticipated requirements for scheduled debt payments ( including march 2014 repayment of $ 100. 0 million of 5. 85% ( 5. 85 % ) unsecured notes upon maturity )  payments of interest dividends  new receivables by financial services businesses  capital expenditures working capital restructuring activities funding of pension plans  funding for additional share repurchases acquisitions .\n due to snap-on 2019s credit rating years external funds available at acceptable cost.\n as of close of business on february 7 , 2014  snap-on 2019s long-term debt commercial paper rated  , a3 and p-2 by moody 2019s investors service ; a- and a-2 by standard & poor 2019s ; a- and f2 by fitch ratings.\n snap-on believes current credit arrangements sound strength of balance sheet affords company financial flexibility to respond to internal growth opportunities acquisitions.\n snap-on cannot provide assurances of availability of future financing or terms available or debt ratings may not decrease.\n following discussion focuses on information in consolidated balance sheets.\n as of 2013 year end  working capital ( current assets less current liabilities ) of $ 1080. 8 million increased $ 1. 0 million from $ 1079. 8 million as of 2012 year end.\n following represents company 2019s working capital position as of 2013 and 2012 year end : ( amounts in millions ) 2013 2012.\n cash and cash equivalents of $ 217.6 million as of 2013 year end compared to cash cash equivalents of $ 214. 5 million at 2012 year end.\n $ 3. 1 million net increase in cash and cash equivalents includes impacts of $ 508. 8 million of cash from collections finance receivables ; $ 392. 6 million of cash generated from operations , net of $ 24. 3 million of discretionary cash contributions to company 2019s pension plans ; iii $ 29. 2 million cash proceeds from stock purchase and option plan exercises ; iv ) $ 8. 4 million cash proceeds from sale of property and equipment.\n increases in cash cash equivalents largely offset by funding of $ 651. 3 million of new finance receivables ; dividend payments to shareholders of $ 92. 0 million ; repurchase of 926000 shares of company 2019s common stock for $ 82. 6 million ; funding of $ 70. 6 million of capital expenditures ; v ) may 2013 acquisition of challenger for cash purchase price of $ 38. 2 million.\n of $ 217. 6 million of cash and cash equivalents as of 2013 year end , $ 124. 3 million was held outside of united states.\n snap-on considers these non-u.\n funds as permanently invested in foreign operations to provide adequate working capital satisfy regulatory requirements take advantage of business expansion opportunities ;  company does not expect to repatriate these funds to fund.\n operations or obligations.\n repatriation of cash from certain foreign subsidiaries could have adverse net tax consequences on company should snap-on required to pay record.\n income taxes and foreign withholding taxes on funds previously considered permanently invested.\n alternatively repatriation of cash from certain other foreign subsidiaries could result in favorable net tax consequences for company.\nsnap-on evaluates opportunities to repatriate foreign cash amounts does not incur additional unfavorable net tax consequences.\n 46 snap-on incorporated\n\n( amounts in millions )                                | 2013             | 2012\n------------------------------------------------------ | ---------------- | ----------------\ncash and cash equivalents                              | $ 217.6          | $ 214.5\ntrade and other accounts receivable 2013 net           | 531.6            | 497.9\nfinance receivables 2013 net                           | 374.6            | 323.1\ncontract receivables 2013 net                          | 68.4             | 62.7\ninventories 2013 net                                   | 434.4            | 404.2\nother current assets                                   | 169.6            | 166.6\ntotal current assets                                   | 1796.2           | 1669.0\nnotes payable and current maturities of long-term debt | -113.1 ( 113.1 ) | -5.2 ( 5.2 )\naccounts payable                                       | -155.6 ( 155.6 ) | -142.5 ( 142.5 )\nother current liabilities                              | -446.7 ( 446.7 ) | -441.5 ( 441.5 )\ntotal current liabilities                              | -715.4 ( 715.4 ) | -589.2 ( 589.2 )\nworking capital                                        | $ 1080.8         | $ 1079.8"
}
{
    "_id": "dd4c5dbb6",
    "title": "",
    "text": "future minimum lease payments for all non-cancelable operating leases at may 31 , 2013 were as follows : fiscal years ending may 31:.\n we are party to claims and lawsuits incidental to our business.\n liabilities , if any , result from outcome of such matters  not expected to have material adverse impact on our financial position , liquidity or results of operations.\n operating taxes define operating taxes as taxes unrelated to income taxes , sales , property , value-add and other business taxes.\n operations we must interpret meaning of operating tax matters in united states and in foreign jurisdictions in we do business.\n taxing authorities in jurisdictions may arrive at different interpretations of tax laws and regulations to operating tax matters could result in payment of additional taxes in jurisdictions.\n as of may 31 , 2013 and 2012  not have liabilities for contingencies related to operating tax items based on management 2019s best estimate given our history with similar matters interpretations of current laws regulations.\n bin/ica agreements entered into sponsorship or depository and processing agreements with certain banks.\n these agreements allow us to use banks 2019 identification numbers  bank identification number ( 201cbin 201d ) for visa transactions and interbank card association ( 201cica 201d ) number for mastercard transactions  to clear credit card transactions through visa mastercard.\n certain such agreements contain financial covenants  in compliance with all such covenants as of may 31 , 2013.\n our canadian visa sponsorship , obtained through canadian financial institution expired in march 2011.\n filed application with office of superintendent of financial institutions canada ( 201cosfi 201d ) for formation of a wholly owned loan company in canada as our financial institution sponsor.\ndecember 12 , 2012 , loan company received restricted order to commence carry on business from osfi enable loan company to become direct visa member at time global payments concludes appropriate bin transfer process with visa.\n in march 2011 , we obtained temporary direct participation in visa canada system , while loan company application pending.\n anticipate bin transfer process with visa completed by september 30 , 2013.\n\n2014                                | $ 11057\n----------------------------------- | -------\n2015                                | 8985\n2016                                | 7378\n2017                                | 6700\n2018                                | 6164\nthereafter                          | 16812\ntotal future minimum lease payments | $ 57096"
}
{
    "_id": "dd4befcce",
    "title": "",
    "text": "interest expense.\n interest incurred increased $. 5 with financing lu'an joint venture offset by favorable impacts from currency lower average interest rate on debt portfolio lower average debt balance.\n capitalized interest decreased 31% ( 31 % ) , or $ 6. 0  due to decrease in carrying value of projects under construction driven by lu'an project asia.\n other non-operating income ( expense ) net non income net of $ 66. 7 increased $ 61. 6  due to lower pension settlement losses higher non-service pension income  higher interest income on cash items.\n prior year included pension settlement losses of $ 43. 7 ( $ 33. 2 after-tax or $. 15 per share ) with transfer of pension assets and payment obligations to insurer for u.\n salaried hourly plans.\n in fiscal year 2019 recognized pension settlement loss of $ 5. 0 ( $ 3. 8 after-tax or $. 02 per share ) associated with u. s.\n supplementary pension plan during second quarter.\n net income and net income margin of $ 1809. 4 increased 18% ( 18 % )  or $ 276. 5  due to impacts from u. s.\n tax cuts jobs act  positive pricing  favorable volumes.\n net income margin of 20. 3% ( 20. 3 % ) increased 310 bp.\n adjusted ebitda margin of $ 3468. 0 increased 11% ( 11 % ) , or $ 352. 5 , due to positive pricing higher volumes partially offset by unfavorable currency.\n adjusted ebitda margin of 38. 9% ( 38. 9 % ) increased 400 bp  due to higher volumes positive pricing  india contract modification.\n contributed 80 bp.\neffective tax rate equals income tax provision divided by income from continuing operations before taxes.\n effective tax rate was 21. 0% ( 21. 0 % ) and 26. 0% ( 26. 0 % ) in fiscal years 2019 and 2018 .\n current year rate lower due to impacts to enactment of.\n tax cuts and jobs act ( 201ctax act\" ) in 2018  changed existing.\n tax laws  including reduction in federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ), deemed repatriation tax on unremitted foreign earnings other changes.\n result of tax act income tax provision reflects discrete net income tax costs of $ 43. 8 and $ 180. 6 in fiscal years 2019 and 2018 .\n current year included cost of $ 56. 2 ( $. 26 per share ) for reversal of benefit recorded in 2018 related to.\n taxation of deemed foreign dividends.\n recorded reversal based on regulations issued in 2019.\n 2019 reversal partially offset by favorable adjustment of $ 12. 4 ( $. 06 per share ) recorded as estimates of impacts of tax act.\n adjustment primarily related to foreign tax items including deemed repatriation tax for foreign tax redeterminations.\n current year rate included net gain on exchange of two equity affiliates of $ 29. 1 , not a taxable transaction.\n higher 2018 expense from tax act partially offset by $ 35. 7 tax benefit from restructuring of foreign subsidiaries , $ 9. 1 benefit from foreign audit settlement agreement  and higher excess tax benefits on share-based compensation.\n adjusted effective tax rate was 19. 4% ( 19. 4 % ) and 18. 6% ( 18. 6 % ) in fiscal years 2019 and 2018 .\n lower prior year rate due to $ 9.benefit from foreign audit settlement agreement higher excess tax benefits share-based compensation.\n\n| 2019    | 2018\n--------------------------- | ------- | -------\ninterest incurred           | $ 150.5 | $ 150.0\nless : capitalized interest | 13.5    | 19.5\ninterest expense            | $ 137.0 | $ 130.5"
}
{
    "_id": "dd4c5304e",
    "title": "",
    "text": "b ) as of december 31 , 2014 total amount authorized under stock repurchase program was $ 5. 5 billion remaining authorization of $ 738 million for future repurchases under common stock repurchase program will expire on february 3 , 2016.\n under stock repurchase program management authorized to purchase shares of company's common stock through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and legal requirements subject to stock price  business and market conditions other factors.\n funding and expect to continue to fund stock repurchases through combination of cash on hand and cash generated by operations.\n in future may choose to fund stock repurchase program under revolving credit facility or future financing transactions.\n no repurchases of series a and b common stock during three months ended december 31 , 2014.\n company first announced stock repurchase program on august 3 , 2010.\n stock performance graph graph sets cumulative total shareholder return on our series a common stock , series b common stock and series c common stock compared with cumulative total return of companies in standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and peer group of companies cbs corporation class b common stock scripps network interactive . time warner  inc. twenty-first century fox ,.\n class a common stock viacom  inc.\n class b common stock walt disney company.\n graph assumes $ 100 originally invested on december 31 , 2009 in each of our series a common stock , series b common stock and series c common stock , s&p 500 index  and stock of peer group companies including reinvestment of dividends for years ended december 31 , 2010 , 2011 , 2012 , 2013 and 2014.\ndecember 31 , december 31 , december 31.\n equity compensation plan information information regarding securities authorized for issuance under equity compensation plans set forth in our definitive proxy statement for our 2015 annual meeting of stockholders under caption 201csecurities authorized for issuance under equity compensation plans , 201d incorporated herein by reference.\n\n| december 312009 | december 312010 | december 312011 | december 312012 | december 312013 | december 312014\n---------- | --------------- | --------------- | --------------- | --------------- | --------------- | ---------------\ndisca      | $ 100.00        | $ 135.96        | $ 133.58        | $ 206.98        | $ 294.82        | $ 224.65\ndiscb      | $ 100.00        | $ 138.79        | $ 133.61        | $ 200.95        | $ 290.40        | $ 233.86\ndisck      | $ 100.00        | $ 138.35        | $ 142.16        | $ 220.59        | $ 316.21        | $ 254.30\ns&p 500    | $ 100.00        | $ 112.78        | $ 112.78        | $ 127.90        | $ 165.76        | $ 184.64\npeer group | $ 100.00        | $ 118.40        | $ 135.18        | $ 182.38        | $ 291.88        | $ 319.28"
}
{
    "_id": "dd4bcef88",
    "title": "",
    "text": "2015 and 2014 was $ 1. 5 billion and $ 1. 3 billion.\n aggregate notional amount of outstanding foreign currency hedges at december 31 , 2015 and 2014 was $ 4. 1 billion and $ 804 million.\n derivative instruments not material impact on net earnings and comprehensive income during 2015 , 2014 and 2013.\n substantially all derivatives are designated for hedge accounting.\n see note 16 for more information on fair value measurements related to derivative instruments.\n recent accounting pronouncements 2013 in may 2014  fasb issued new standard will change recognize revenue expand disclosure requirements for revenue arrangements.\n on july 9, 2015  fasb approved one-year deferral of effective date of standard to 2018 for public companies with option permit companies to adopt standard in 2017.\n early adoption prior to 2017 not permitted.\n new standard may be adopted retrospectively or on modified retrospective basis new standard applied to new contracts and existing contracts with remaining performance obligations as of effective date with cumulative catch-up adjustment recorded to beginning retained earnings at effective date for existing contracts with remaining performance obligations.\n in fasb contemplating making additional changes to certain elements of new standard.\n currently evaluating methods of adoption allowed by new standard and effect standard expected on consolidated financial statements and related disclosures.\n new standard will supersede all existing revenue guidance affecting us could impact revenue and cost recognition on thousands of contracts across all business segments in addition to business processes and information technology systems.\n evaluation of effect of new standard will extend over future periods.\n in september 2015 , fasb issued new standard simplifies accounting for adjustments made to preliminary amounts recognized in business combination by eliminating requirement to retrospectively account for adjustments.\nadjustments recognized in period in adjustments determined including effect on earnings of amounts recorded in previous periods if accounting completed at acquisition date.\n adopted standard on january 1 , 2016 will prospectively apply standard to business combination adjustments identified after date of adoption.\n in november 2015  fasb issued new standard simplifies presentation of deferred income taxes requires deferred tax assets and liabilities  related valuation allowance be classified as noncurrent in consolidated balance sheets.\n standard effective january 1, 2017 , with early adoption permitted.\n standard may be applied prospectively from date of adoption or retrospectively to all prior periods.\n currently evaluating when adopt standard and method of adoption.\n note 2 2013 earnings per share weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) :.\n compute basic and diluted earnings per common share by dividing net earnings by respective weighted average number of common shares outstanding for periods presented.\n calculation of diluted earnings per common share includes dilutive effects for assumed vesting of outstanding restricted stock units and exercise of outstanding stock options based on treasury stock method.\n computation of diluted earnings per common share excluded 2. 4 million stock options for year ended december 31 , 2013 because inclusion would have been anti-dilutive primarily due to exercise prices exceeding average market prices of common stock during respective periods.\n no anti-dilutive equity awards for years ended december 31 , 2015 and 2014.\n\n| 2015  | 2014  | 2013\n------------------------------------------------------------------- | ----- | ----- | -----\nweighted average common shares outstanding for basic computations   | 310.3 | 316.8 | 320.9\nweighted average dilutive effect of equity awards                   | 4.4   | 5.6   | 5.6\nweighted average common shares outstanding for diluted computations | 314.7 | 322.4 | 326.5"
}
{
    "_id": "dd4c0680c",
    "title": "",
    "text": "executive deferred compensation plan for company 2019s executives members of board of directors company adopted illumina , inc.\n deferred compensation plan ( plan ) effective january 1 , 2008.\n eligible participants can contribute up to 80% ( 80 % ) of base salary and 100% ( 100 % ) of all other forms of compensation into plan including bonus , commission director fees.\n company agreed to credit participants 2019 contributions with earnings reflect performance of certain independent investment funds.\n discretionary basis company may make employer contributions to participant accounts in amount determined by company.\n vesting schedules of employer contributions at sole discretion of compensation committee.\n all employer contributions become 100% ( 100 % ) vested upon participant 2019s disability , death or retirement or change in control of company.\n benefits under plan are unsecured.\n participants eligible to receive payment of vested benefit at end of elected deferral period or after termination of employment company for any reason or later date to comply with restrictions of section 409a.\n as of december 28 , 2008  no employer contributions made to plan.\n in january 2008  company established a rabbi trust for benefit of directors and executives under plan.\n in accordance with fasb interpretation ( fin ) no.\n 46 , consolidation of variable interest entities  interpretation of arb no.\n 51  eitf 97-14  accounting for deferred compensation arrangements where amounts earned held in rabbi trust and invested company included assets of rabbi trust in consolidated balance sheet since trust 2019s inception.\n as of december 28 , 2008 assets of trust and liabilities company were $ 1. 3 million.\n assets and liabilities classified as other assets and accrued liabilities on company 2019s balance sheet as of december 28 , 2008.\nchanges in values of assets held by rabbi trust accrue to company.\n 14.\n segment information  geographic data significant customers during first quarter of 2008  company reorganized operating structure into newly created life sciences business unit includes all products and services related to research market beadarray  beadxpress sequencing product lines.\n company created diagnostics business unit to focus on emerging opportunity in molecular diagnostics.\n for year ended december 28 , 2008  company had limited activity related to diagnostics business unit operating results reported aggregate basis to chief operating decision maker company chief executive officer.\n in accordance with sfas no.\n 131  disclosures about segments enterprise related information company operated in one reportable segment for year ended december 28 , 2008.\n company had revenue in following regions for years ended december 28 , 2008 , december 30 , 2007 december 31 , 2006 ( in thousands ) : year ended december 28 , year ended december 30 , year ended december 31.\n net revenues attributable to geographic areas based on region of destination.\n.\n notes to consolidated financial statements 2014 ( )\n\n| year ended december 28 2008 | year ended december 30 2007 | year ended december 31 2006\n------------------------ | --------------------------- | --------------------------- | ---------------------------\nunited states            | $ 280064                    | $ 207692                    | $ 103043\nunited kingdom           | 67973                       | 34196                       | 22840\nother european countries | 127397                      | 75360                       | 32600\nasia-pacific             | 72740                       | 35155                       | 15070\nother markets            | 25051                       | 14396                       | 11033\ntotal                    | $ 573225                    | $ 366799                    | $ 184586"
}
{
    "_id": "dd4bab2f4",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries item 9.\n changes in disagreements with accountants on accounting and financial disclosure no changes in or disagreements with accountants on accounting financial disclosure during last two years.\n item 9a.\n controls and procedures as of end of period covered by this report  evaluation carried out by goldman sachs 2019 management  participation of chief executive officer and chief financial officer  of effectiveness of disclosure controls and procedures ( defined in rule 13a-15 ( e ) under exchange act ).\n based evaluation chief executive officer chief financial officer concluded these disclosure controls procedures were effective as of end of period covered report.\n no change in internal control over financial reporting ( defined in rule 13a-15 ( f ) under exchange act ) occurred during fourth quarter of year ended december 31, 2018 materially affected or likely to affect internal control over financial reporting.\n management 2019s report on internal control over financial reporting report of independent registered public accounting firm set in part ii , item 8 of form 10-k.\n item 9b.\n other information not applicable.\n part iii item 10.\n directors , executive officers corporate governance information relating to executive officers included on page 20 of form 10-k.\n information relating to directors  including audit committee audit committee financial experts procedures by shareholders can recommend director nominees  executive officers in definitive proxy statement for 2019 annual meeting of shareholders filed within 120 days of end of 2018 ( 2019 proxy statement ) incorporated in form 10-k by reference.\n information relating to code of business conduct and ethics  applies to senior financial officers  included in 201cbusiness 2014 available information 201d in part i , item 1 of form 10-k.\n item 11.\nexecutive compensation information executive officer and director compensation compensation committee of board in 2019 proxy statement incorporated in form 10-k by reference.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters information relating to security ownership of certain beneficial owners of common stock information security ownership of management in 2019 proxy statement incorporated in form 10-k by reference.\n table below presents information as of december 31, 2018 regarding securities to be issued to outstanding restricted stock units ( rsus ) securities remaining available for issuance under equity compensation plans in effect during 2018.\n plan category securities to be issued exercise of outstanding options and rights ( a ) weighted average exercise price of outstanding options b ) securities available for future issuance under equity compensation plans ( c ) equity compensation plans approved by security holders 17176475 n/a 68211649 equity compensation plans not approved by security holders 2013 2013.\n in table above : 2030 securities to be issued upon exercise of outstanding options and rights includes 17176475 shares issued to outstanding rsus.\n awards subject to vesting other conditions extent in respective award agreements  underlying shares delivered net of required tax withholding.\n as of december 31 , 2018  no outstanding options.\n 2030 shares underlying rsus deliverable without payment of consideration , these awards not taken into account in calculating weighted average exercise price.\n 196 goldman sachs 2018 form 10-k\n\nplan category                                             | securities to be issued upon exercise of outstanding options and rights ( a ) | weighted average exercise price of outstanding options ( b ) | securities available for future issuance under equity compensation plans ( c )\n--------------------------------------------------------- | ----------------------------------------------------------------------------- | ------------------------------------------------------------ | ------------------------------------------------------------------------------\nequity compensation plans approved by security holders    | 17176475                                                                      | n/a                                                          | 68211649\nequity compensation plans not approved by securityholders | 2013                                                                          | 2013                                                         | 2013\ntotal                                                     | 17176475                                                                      |                                                              | 68211649"
}
{
    "_id": "dd4c1141e",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations results operations 2013 highmount 2013 ( continued ) highmount 2019s revenues , profitability future growth depend on natural gas ngl prices highmount 2019s ability to increase natural gas ngl production.\n in recent years significant price volatility in natural gas ngl prices due to variety of factors highmount cannot control or predict.\n these factors  include weather conditions  political economic events  competition from other energy sources  impact supply demand for natural gas  determines pricing.\n in recent months natural gas prices decreased significantly due to increased onshore natural gas production plentiful levels working gas in storage reduced commercial demand.\n increase in onshore natural gas production due to increased production from 201cunconventional 201d sources of natural gas shale gas  coalbed methane  tight sandstones methane hydrates  made possible by modern technology in creating artificial fractures around well bores advances in horizontal drilling technology.\n other key factors contributing to softness of natural gas prices likely included lower level industrial demand for natural gas  ongoing economic downturn low crude oil prices.\n due to industry conditions  in february of 2009 highmount elected to terminate contracts for five drilling rigs at permian basin property in sonora , texas area.\n estimated fee payable to rig contractor for early termination right will be approximately $ 23 million.\n developments highmount will reduce 2009 production volumes through decreased drilling activity.\n price highmount realizes for gas production affected by highmount 2019s hedging activities locational differences in market prices.\n highmount 2019s decision to increase natural gas production dependent upon highmount 2019s ability to realize attractive returns on capital investment program.\n returns affected by commodity prices  capital operating costs.\nhighmount 2019s operating income  represents revenues less operating expenses  affected by revenue factors function of varying production expenses  production ad valorem taxes  depreciation , depletion amortization ( 201cdd&a 201d ) expenses.\n highmount 2019s production expenses represent all costs to operate maintain wells and related equipment and facilities.\n principal components of highmount production expenses are  direct and indirect costs of labor and benefits , repairs and maintenance  materials  supplies fuel.\n during 2008 highmount 2019s labor costs increased due to higher salary levels upward pressure on salaries wages increased competition for skilled workers.\n in response to market conditions in 2008 highmount implemented retention programs  including increases in compensation.\n production expenses during 2008 affected by increases in cost of fuel  materials supplies.\n higher cost environment continued during all 2008.\n during fourth quarter of 2008 price of natural gas declined while operating expenses remained high.\n environment of low commodity prices and high operating expenses continued until december of 2008 when highmount began to see evidence of decreasing operating expenses and drilling costs.\n highmount 2019s production and ad valorem taxes increase when prices of natural gas and ngls increase also affected by changes in production  appreciated property values.\n highmount calculates depletion using units-of-production method depletes capitalized costs and future development costs associated with evaluated properties based on ratio of production volumes for current period to total remaining reserve volumes for evaluated properties.\n highmount 2019s depletion expense affected by capital spending program projected future development costs  reserve changes from drilling programs  well performance  revisions due to changing commodity prices.\n presented below are production and sales statistics related to highmount 2019s operations:.\n\nyear ended december 31                           | 2008   | 2007 ( a )\n------------------------------------------------ | ------ | ----------\ngas production ( bcf )                           | 78.9   | 34.0\ngas sales ( bcf )                                | 72.5   | 31.4\noil production/sales ( mbbls )                   | 351.3  | 114.0\nngl production/sales ( mbbls )                   | 3507.4 | 1512.9\nequivalent production ( bcfe )                   | 102.0  | 43.8\nequivalent sales ( bcfe )                        | 95.7   | 41.2\naverage realized prices without hedging results: |        |\ngas ( per mcf )                                  | $ 8.25 | $ 5.95\nngl ( per bbl )                                  | 51.26  | 51.02\noil ( per bbl )                                  | 95.26  | 83.37\nequivalent ( per mcfe )                          | 8.48   | 6.65"
}
{
    "_id": "dd4b93d66",
    "title": "",
    "text": "entergy arkansas , inc.\n management's financial discussion analysis gross operating revenues fuel and purchased power expenses operating revenues increased due to increase of $ 114 million in gross wholesale revenue due to increase in average price of energy available for resale sales increase in sales to affiliated customers ; increase of $ 106. 1 million in production cost allocation rider revenues effective in july 2007 result of system agreement proceedings.\n agreement entergy also has corresponding increase in deferred fuel expense for payments to other entergy system companies no effect on net income.\n entergy makes payments over seven-month period collections from customers occur over twelve-month period.\n production cost allocation rider discussed in note 2 to financial statements system agreement proceedings referenced below under \"federal regulation\" ; increase of $ 58. 9 million in fuel cost recovery revenues due to changes in energy cost recovery rider effective april 2008 and september 2008  partially offset by decreased usage.\n energy cost recovery rider filings discussed in note 2 financial statements.\n increase partially offset by decrease of $ 14. 6 million related to volume/weather ,.\n fuel and purchased power expenses increased due to increase of $ 106. 1 million in deferred system agreement payments  increase in average market price of purchased power.\n 2007 compared to 2006 net revenue consists of operating revenues net of : fuel , fuel-related expenses , gas purchased for resale , 2 ) purchased power expenses  3 ) other regulatory credits.\n analysis of change in net revenue comparing 2007 to 2006.\n amount ( in millions ).\nnet wholesale revenue variance due to lower wholesale revenues third quarter 2006 due to october 2006 ferc order requiring entergy arkansas to refund to coal plant co-owner from contract dispute  to re-pricing revisions  retroactive to 2003  of $ 5. 9 million of purchased power agreements among entergy system companies as directed by ferc.\n transmission revenue variance due to higher rates addition of new transmission customers late 2006.\n deferred fuel cost revisions variance due to 2006 energy cost recovery true-up  first quarter 2007 increased net revenue by $ 6. 6 million.\n gross operating revenue fuel and purchased power expenses gross operating revenues decreased due to decrease of $ 173. 1 million in fuel cost recovery revenues due to decrease in energy cost recovery rider effective april 2007.\n energy cost recovery rider discussed in note 2 to financial statements.\n decrease partially offset by production cost allocation rider revenues of $ 124. 1 million effective in july 2007 result of system agreement proceedings.\n\n\n| amount ( in millions )\n----------------------------- | ----------------------\n2006 net revenue              | $ 1074.5\nnet wholesale revenue         | 13.2\ntransmission revenue          | 11.8\ndeferred fuel costs revisions | 8.6\nother                         | 2.5\n2007 net revenue              | $ 1110.6"
}
{
    "_id": "dd4bf43a0",
    "title": "",
    "text": "relative percentages of operating companies income ( loss ) attributable to each reportable segment all other category as follows:.\n for items affecting comparability of relative percentages operating companies income ( loss ) each reportable segment see note 16.\n narrative description of business portions information called for by this item included in operating results by business segment in item 7.\n management 2019s discussion analysis of financial condition results of operations of annual report on form 10-k ( 201citem 7 201d ).\n tobacco space altria group , inc. 2019s tobacco operating companies include pm usa  usstc other subsidiaries of ust , middleton  nu mark nat sherman.\n altria group distribution company provides sales  distribution consumer engagement services to altria group  inc. tobacco operating companies.\n products of altria group. tobacco subsidiaries include smokeable tobacco products cigarettes manufactured sold by pm usa nat sherman  machine- made large cigars pipe tobacco sold by middleton premium cigars sold by nat sherman ; smokeless tobacco products sold by usstc ; innovative tobacco products including e-vapor products sold by nu mark.\n cigarettes : pm usa largest cigarette company in united states with total cigarette shipment volume of approximately 122. 9 billion units in 2016 decrease of 2. 5% ( 2. 5 % ) from 2015.\n marlboro  principal cigarette brand of pm usa largest-selling cigarette brand in united states for over 40 years.\n nat sherman sells all super-premium cigarettes in united states.\n cigars : middleton engaged in manufacture sale of machine-made large cigars pipe tobacco to customers all located in united states.\n middleton sources portion of cigars from importer through third-party contract manufacturing arrangement.\nshipment volume for cigars was approximately 1. 4 billion units in 2016 increase of 5. 9% ( 5. 9 % ) from 2015.\n black & mild principal cigar brand of middleton.\n nat sherman sources premium cigars from importers through third-party contract manufacturing arrangements sells all cigars in united states.\n smokeless tobacco products : usstc leading producer and marketer of moist smokeless tobacco ( 201d ) products.\n smokeless products segment includes premium brands , copenhagen and skoal  value brands , red seal and husky.\n all smokeless tobacco products manufactured and sold to customers in united states.\n total smokeless products shipment volume was 853. 5 million units in 2016 increase of 4. 9% ( 4. 9 % ) from 2015.\n innovative tobacco products : nu mark participates in e-vapor category developed and commercialized other innovative tobacco products.\n nu mark sources production e-vapor products through overseas contract manufacturing arrangements.\n in 2013 nu mark introduced markten e-vapor products.\n in april 2014 nu mark acquired e-vapor business of green smoke , inc.\n affiliates began selling e-vapor products in 2009.\n for further discussion of acquisition of green smoke see note 3.\n acquisition of green smoke to consolidated financial statements in item 8 ( 201cnote 3 201d ).\n in december 2013 altria group , inc. 2019s subsidiaries entered agreements with philip morris international inc.\n altria group. subsidiaries provide exclusive license to pmi to sell nu mark 2019s e-vapor products outside united states pmi 2019s subsidiaries provide exclusive license to altria group  inc.2019s subsidiaries sell two pmi 2019s heated tobacco product platforms in united states.\n in july 2015  altria group , inc.\n announced expansion strategic framework with pmi to include joint research , development technology-sharing agreement.\n under agreement altria group . 2019s subsidiaries pmi collaborate to develop e-vapor products for commercialization in united states by altria group. 2019s subsidiaries markets outside united states by pmi.\n agreement provides for exclusive technology cross licenses  technical information sharing cooperation on scientific assessment  regulatory engagement approval related to e-vapor products.\n fourth quarter of 2016  pmi submitted modified risk tobacco product ( 201cmrtp 201d ) application for electronically heated tobacco product with united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products plans to file corresponding pre-market tobacco product application during first quarter of 2017.\n fda must determine accept applications for review.\n upon regulatory authorization by fda altria group  inc. 2019s subsidiaries have exclusive license to sell this heated tobacco product in united states.\n distribution  competition raw materials altria group . 2019s tobacco subsidiaries sell tobacco products principally to wholesalers ( including distributors ) large retail organizations  chain stores  armed services.\n market for tobacco products is highly competitive characterized by brand recognition loyalty product quality , taste  price  product innovation  marketing  packaging distribution constituting significant methods of competition.\n promotional activities include  certain instances\n\n| 2016               | 2015               | 2014\n------------------ | ------------------ | ------------------ | ------------------\nsmokeable products | 86.2% ( 86.2 % )   | 87.4% ( 87.4 % )   | 87.2% ( 87.2 % )\nsmokeless products | 13.1               | 12.8               | 13.4\nwine               | 1.8                | 1.8                | 1.7\nall other          | -1.1 ( 1.1 )       | -2.0 ( 2.0 )       | -2.3 ( 2.3 )\ntotal              | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % )"
}
{
    "_id": "dd4bc597e",
    "title": "",
    "text": "pnc financial services group , inc.\n 2013 form 10-k 29 part ii item 5 2013 market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities ( ) 1 ) our common stock listed on new york stock exchange traded under symbol 201cpnc. 201d at close of business on february 15 , 2019  53986 common shareholders of record.\n holders pnc common stock entitled to receive dividends when declared by board of directors out of funds legally available for this purpose.\n board of directors may not pay or set apart dividends on common stock until dividends for all past dividend periods on series outstanding preferred stock certain outstanding capital securities issued by parent company paid or declared and set apart for payment.\n board of directors intends to continue policy of paying quarterly cash dividends.\n amount future dividends depend on economic market conditions  financial condition operating results  other factors  including contractual restrictions applicable government regulations policies ( relating ability of bank non-bank subsidiaries to pay dividends to parent company regulatory capital limitations ).\n amount of dividend subject to results of supervisory assessment of capital adequacy capital planning processes by federal reserve primary bank regulators part of comprehensive capital analysis and review ( ccar ) process described in supervision and regulation section in item 1 of report.\n federal reserve power to prohibit us from paying dividends without approval.\nfurther information concerning dividend restrictions factors limit ability to pay dividends restrictions on loans  dividends advances from bank subsidiaries to parent company see supervision and regulation section in item 1 , item 1a risk factors  liquidity and capital management portion of risk management section in item 7  note 10 borrowed funds , note 15 equity note 18 regulatory matters in notes to consolidated financial statements in item 8 report include by reference.\n include information regarding compensation plans under pnc equity securities authorized for issuance as of december 31, 2018 in table ( with introductory paragraph notes ) in item 12 of report.\n stock transfer agent and registrar is : computershare trust company , n. a.\n 250 royall street canton , ma 02021 800-982-7652 www. computershare. com/pnc registered shareholders may contact computershare regarding dividends shareholder services.\n include reference information under common stock performance graph caption at end of item 5.\n a ) ( 2 ) none.\n ( b ) not applicable.\n details of repurchases of pnc common stock during fourth quarter of 2018 included in following table : in thousands  except per share data 2018 period total shares purchased ( ) average price paid per share total shares purchased as part of publicly announced programs b ) maximum number of shares yet be purchased under programs.\n includes pnc common stock purchased in connection with employee benefit plans related to forfeitures of unvested restricted stock awards shares used to cover employee payroll tax withholding requirements.\n note 11 employee benefit plans note 12 stock based compensation plans in notes to consolidated financial statements in item 8 report include additional information regarding employee benefit and equity compensation plans use pnc common stock.\n( b ) march 11 , 2015  announced board of directors approved stock repurchase program authorization 100 million shares of pnc common stock  effective april 1 , 2015.\n repurchases made in open market or privately negotiated transactions timing exact amount of common stock repurchases depend on factors including market general economic conditions  regulatory capital considerations  alternative uses of capital  potential impact on credit ratings  contractual and regulatory limitations  including results of supervisory assessment of capital adequacy and capital planning processes by federal reserve part of ccar process.\n june 2018  announced share repurchase programs up to $ 2. 0 billion for four quarter period beginning third quarter of 2018  including repurchases of up to $ 300 million related to stock issuances under employee benefit plans  in accordance with pnc's 2018 capital plan.\n november 2018  announced increase to previously announced programs up to $ 900 million in additional common share repurchases.\n aggregate repurchase price of shares repurchased fourth quarter of 2018 was $. 8 billion.\n see liquidity and capital management portion risk management section in item 7 of report for more information on authorized share repurchase programs for period july 1 , 2018 through june 30 , 2019.\n http://www. computershare. com/pnc\n\n2018 period        | total shares purchased ( a ) | average price paid per share | total shares purchased as part of publicly announced programs ( b ) | maximum number of shares that may yet be purchased under the programs ( b )\n------------------ | ---------------------------- | ---------------------------- | ------------------------------------------------------------------- | ---------------------------------------------------------------------------\noctober 1 2013 31  | 1204                         | $ 128.43                     | 1189                                                                | 25663\nnovember 1 2013 30 | 1491                         | $ 133.79                     | 1491                                                                | 24172\ndecember 1 2013 31 | 3458                         | $ 119.43                     | 3458                                                                | 20714\ntotal              | 6153                         | $ 124.67                     |                                                                     |"
}
{
    "_id": "dd4c26850",
    "title": "",
    "text": "gain on business divestitures and impairments net strive to have number one or number two market position in each markets we serve or clear path on achieve leading market position over time.\n where cannot establish leading market position or operations not generating acceptable returns may decide to divest assets reallocate resources to other markets.\n asset or business divestitures could result in gains  losses asset impairment charges material to our results of operations in given period.\n during 2018  recorded net gain on business divestitures  net of asset impairments of $ 44. 9 million.\n during 2017  recorded net gain on business divestitures net of asset impairments of $ 27. 1 million.\n also recorded gain on business divestitures of $ 6. 8 million due to transfer of ownership of landfill gas collection and control system and remaining post-closure and environmental liabilities associated with one divested landfills.\n during 2016  recorded charge to earnings of $ 4. 6 million primarily related to environmental costs associated with one divested landfills.\n during 2016  recorded net gain related to business divestiture of $ 4. 7 million.\n restructuring charges in january 2018 eliminated certain positions following consolidation of select back-office functions including integration of national accounts support functions into existing corporate support functions.\n changes include reduction in administrative staffing closure of certain office locations.\n during 2018  incurred restructuring charges of $ 26. 4 million primarily consisted of severance and other employee termination benefits closure of offices with non-cancelable lease agreements redesign of back-office functions and upgrades to software systems.\n paid $ 24. 7 million during 2018 related to these restructuring efforts.\njanuary 2016  realigned field support functions combining three regions into two field groups  consolidating areas streamlining select operational support roles at phoenix headquarters.\n second quarter of 2016  began redesign of back-office functions consolidation of over 100 customer service locations into three customer resource centers.\n redesign back-office functions and upgrades to software systems continued into 2018.\n years ended december 31 , 2017 and 2016  incurred $ 17. 6 million and $ 40. 7 million of restructuring charges primarily consisted of severance other employee termination benefits , transition costs , relocation benefits  closure of offices with lease agreements with non-cancelable terms.\n savings from restructuring efforts reinvested in customer-focused programs and initiatives.\n interest expense following table provides components of interest expense  including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions ( in millions of dollars ) :.\n total interest expense for 2018 increased compared to 2017 due to increase in debt outstanding period higher interest rates on floating rate debt.\n total interest expense for 2017 decreased\n\n| 2018         | 2017         | 2016\n------------------------------------------------------ | ------------ | ------------ | ------------\ninterest expense on debt and capital lease obligations | $ 349.4      | $ 324.8      | $ 324.1\nnon-cash interest                                      | 41.2         | 43.6         | 53.4\nless : capitalized interest                            | -6.8 ( 6.8 ) | -6.5 ( 6.5 ) | -6.2 ( 6.2 )\ntotal interest expense                                 | $ 383.8      | $ 361.9      | $ 371.3"
}
{
    "_id": "dd4bbd3f0",
    "title": "",
    "text": "consume significant energy , we may future incur additional increased capital , operating other expenditures from changes due to new increased climate-related environmental regulations.\n we could incur substantial liabilities  including fines sanctions  enforcement actions  natural resource damages claims  cleanup and closure costs  third-party claims for property damage personal injury under environmental common laws.\n foreign corrupt practices act of 1977 and local anti-bribery laws , including those in brazil , china mexico  india united kingdom ( where maintain operations directly or through joint venture )  prohibit companies intermediaries from making improper payments to government officials for influencing official decisions.\n internal control policies and procedures  or vendors may not adequately protect us from reckless or criminal acts committed or alleged to committed by our employees  agents or vendors.\n such violations could lead to civil or criminal monetary non-monetary penalties/or could damage our reputation.\n subject to labor and employment laws regulations could increase operating costs reduce operational flexibility.\n changing privacy laws in united states ( including california consumer privacy act  effective in january 2020 ) europe ( general data protection regulation effective in 2018 ) elsewhere have created new individual privacy rights imposed increased obligations on companies handling personal data increased potential exposure to fines and penalties.\n item 1b.\n unresolved staff comments no unresolved sec staff comments.\n item 2.\n properties we operate locations in north america  including majority of u. s.\n states  south america  europe  asia australia.\n lease principal offices in atlanta , ga.\n believe existing production capacity is adequate to serve existing demand for products consider plants and equipment to in good condition.\n corporate and operating facilities as of september 30 , 2019 are summarized below:.\ntables show annual production capacity by mill at september 30 , 2019 in thousands of tons  except for north charleston , sc mill reflects capacity after machine closure expected in fiscal 2020.\n mill system production levels and operating rates may vary year to year due to changes in market other factors  including impact of hurricanes other weather-related events.\n simple average mill system operating rates for last three years averaged 94% ( 94 % ).\n we own all mills.\n\nsegment                                    | number of facilities owned | number of facilities leased | number of facilities total\n------------------------------------------ | -------------------------- | --------------------------- | --------------------------\ncorrugated packaging                       | 112                        | 61                          | 173\nconsumer packaging                         | 84                         | 55                          | 139\ncorporate and significant regional offices | 2014                       | 10                          | 10\ntotal                                      | 196                        | 126                         | 322"
}
{
    "_id": "dd4c50c54",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued ) atc mexico stock option plan 2014as of december 31 , 2006 company maintained stock option plan for atc mexico subsidiary ( atc mexico plan ) terminated february 2007.\n atc mexico plan provided for issuance of options to officers  employees directors consultants of atc mexico no option activity no outstanding options for years ended december 31 , 2006 and 2005.\n atc south america stock option plan 2014as december 31 , 2006 company maintained stock option plan for atc south america subsidiary ( atc south america plan ) terminated february 2007.\n atc south america plan provided for issuance of options to officers employees directors consultants of atc south america.\n during year ended december 31 , 2004  atc south america granted options to purchase 6024 shares of atc south america common stock to officers employees including messrs.\n gearon and hess  received options to purchase approximate 6. 7% ( 6. 7 % ) and 1. 6% ( 1. 6 % ) interest  respectively.\n options issued one time with exercise price of $ 1349 per share.\n exercise price per share at fair market value on date of issuance determined by board of directors assistance independent financial advisor company 2019s request.\n fair value of atc south america plan options granted during 2004 were $ 79 per share determined black-scholes option pricing model.\n options granted vested upon earlier occur ) exercise by behalf of mr.\n gearon of right to sell interest in atc south america to company b ) exercise by company right to acquire mr.\n gearon 2019s interest in atc south america  c ) july 1 , 2006.\n options expired ten years from date of grant.\noctober 2005 connection with exercise by mr.\n gearon 2019s right to require company to purchase interest in atc south america all options granted atc south america stock option plan vested full exercised.\n exercise holders received 4428 shares of atc south america ( representing 7. 8%. % ) interest ) net of 1596 shares retained company to satisfy employee tax withholding obligations.\n see note 11. ) employee stock purchase plan 2014the company maintains employee stock purchase plan ( espp ) for all eligible employees.\n under espp shares of company 2019s class a common stock be purchased during bi-annual offering periods at 85% ( 85 % ) of lower fair market value on first or last day of each offering period.\n employees purchase shares value not exceeding 15% ( 15 % ) of gross compensation during offering period not purchase more than $ 25000 worth stock in a calendar year ( based on market values at beginning each offering period ).\n offering periods run from june 1 through november 30 and december 1 through may 31 each year.\n during 2007 , 2006 2005  offering periods employees purchased 48886 , 53210 and 50119 shares  at weighted average prices per share of $ 33. 93 , $ 24. 98 $ 15. 32 .\n fair value of espp offerings estimated on offering period commencement date using black-scholes pricing model with expense recognized over expected life six month offering period employees accumulate payroll deductions to purchase company 2019s class common stock.\n weighted average fair value for espp shares purchased during 2007 , 2006 and 2005 were $ 9. 09 , $ 6. 79 and $ 5. 15 .\n at december 31 , 2007  3895402 shares remain reserved for future issuance under plan.\nkey assumptions used apply pricing model years ended december 31 , are as follows:.\n\n| 2007                                      | 2006                                      | 2005\n-------------------------------------------------------------- | ----------------------------------------- | ----------------------------------------- | -----------------------------------------\nrange of risk free interest rates                              | 4.98% ( 4.98 % ) 20145.05% ( 20145.05 % ) | 5.01% ( 5.01 % ) 20145.17% ( 20145.17 % ) | 3.17% ( 3.17 % ) 20144.30% ( 20144.30 % )\nweighted average risk-free interest rate                       | 5.02% ( 5.02 % )                          | 5.08% ( 5.08 % )                          | 3.72% ( 3.72 % )\nexpected life of the shares                                    | 6 months                                  | 6 months                                  | 6 months\nrange of expected volatility of underlying stock price         | 27.5% ( 27.5 % ) 201428.7% ( 201428.7 % ) | 29.6% ( 29.6 % )                          | 29.6% ( 29.6 % ) 201477.8% ( 201477.8 % )\nweighted average expected volatility of underlying stock price | 28.2% ( 28.2 % )                          | 29.6% ( 29.6 % )                          | 54.30% ( 54.30 % )\nexpected annual dividends                                      | n/a                                       | n/a                                       | n/a"
}
{
    "_id": "dd4c326a0",
    "title": "",
    "text": "included in loan table are purchased distressed loans evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup.\n accordance with sop 03-3  difference between total expected cash flows for these loans and initial recorded investments is recognized in income over life of loans using level yield.\n these loans excluded from impaired loan information.\n per sop 03-3  subsequent decreases to expected cash flows for purchased distressed loan require build of allowance so loan retains level yield.\n increases in expected cash flows first recognized as reduction of established allowance and then recognized as income prospectively over remaining life loan by increasing loan level yield.\n where expected cash flows cannot be reliably estimated purchased distressed loan is accounted for under cost recovery method.\n carrying amount of purchased distressed loan portfolio at december 31, 2009 was $ 825 million net of allowance of $ 95 million.\n changes in accretable yield  related allowance and carrying amount net of accretable yield for 2009 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance.\n 1 balance reported in column 201ccarrying amount of loan receivable 201d consists of $ 87 million of purchased loans accounted for under level-yield method and $ 242 million under cost-recovery method.\n these balances represent fair value of loans at acquisition date.\n related total expected cash flows for level-yield loans were $ 101 million at acquisition dates.\n 2 balance reported in column 201ccarrying amount of loan receivable 201d consists of $ 561 million of loans accounted for under level-yield method and $ 359 million accounted for under cost-recovery method.\n\nin millions of dollars                 | accretable yield | carrying amount of loan receivable | allowance\n-------------------------------------- | ---------------- | ---------------------------------- | ----------\nbeginning balance                      | $ 92             | $ 1510                             | $ 122\npurchases ( 1 )                        | 14               | 329                                | 2014\ndisposals/payments received            | -5 ( 5 )         | -967 ( 967 )                       | 2014\naccretion                              | -52 ( 52 )       | 52                                 | 2014\nbuilds ( reductions ) to the allowance | -21 ( 21 )       | 1                                  | -27 ( 27 )\nincrease to expected cash flows        | 10               | 2                                  | 2014\nfx/other                               | -11 ( 11 )       | -7 ( 7 )                           | 2014\nbalance december 31 2009 ( 2 )         | $ 27             | $ 920                              | $ 95"
}
{
    "_id": "dd4bb2d7e",
    "title": "",
    "text": "shareowner return performance graph performance graph and related information not deemed 201csoliciting material 201d or to be 201cfiled 201d with sec , nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended , except company specifically incorporates such information into such filing.\n graph shows five year comparison of cumulative total shareowners 2019 returns for class b common stock , standard & poor 2019s 500 index , and dow jones transportation average.\n comparison of total cumulative return on investment , is change in quarterly stock price plus reinvested dividends for each quarterly periods , assumes $ 100 invested on december 31 , 2010 in standard & poor 2019s 500 index , dow jones transportation average , and class b common stock.\n\n| 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015\n-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nunited parcel service inc .      | $ 100.00   | $ 103.88   | $ 107.87   | $ 158.07   | $ 171.77   | $ 160.61\nstandard & poor 2019s 500 index  | $ 100.00   | $ 102.11   | $ 118.43   | $ 156.77   | $ 178.22   | $ 180.67\ndow jones transportation average | $ 100.00   | $ 100.01   | $ 107.49   | $ 151.97   | $ 190.08   | $ 158.23"
}
{
    "_id": "dd4c51b22",
    "title": "",
    "text": "table contents marketaxess holdings inc.\n notes to consolidated financial statements 2014 continued ) ( in thousands  except share and per share amounts ) combined aggregate redemption requirements for senior preferred shares : shares of series b convertible preferred stock convertible into common stock 3. 33-for-one basis only connection with initial public offering of company 2019s stock.\n dividends on series b convertible preferred stock accrued 8% ( 8 % ) per annum subordinate to dividend payments senior preferred shares.\n shares series b convertible preferred stock had liquidation preference equal to original issue price plus all cumulative accrued unpaid dividends.\n liquidation preference subordinate to senior preferred shares.\n cumulative accrued unpaid dividends forfeited upon conversion of shares series b convertible preferred stock into common stock.\n company did not accrue dividends liquidation of shares series b convertible preferred stock not anticipated.\n as of december 31 , 2004 , company had 110000000 authorized shares of common stock and 10000000 authorized shares of non-voting common stock.\n as of december 31 , 2003 , company had 120000000 authorized shares of common stock and 450060 authorized shares of non-voting common stock.\n common stock entitles holder to one vote per share of common stock held.\n non-voting common stock convertible one-for-one basis into shares common stock subject to limitation on conversion extent conversion in stockholder  with affiliates owning more than 9. 99% ( 9. 99 % ) of outstanding shares of common stock.\nmarch 30 , 2004  company 2019s board of directors authorized november 1 , 2004 company effectuated one-for-three reverse stock split of shares common stock and non-voting common stock effective prior to closing company 2019s initial public offering.\n references in financial statements to number of shares of common stock and non-voting common stock company , securities convertible or exercisable and per share amounts restated for all periods to reflect effect of common stock reverse stock split.\n in 2004 and 2003  company had 1939734 shares and 1937141 shares , respectively of common stock issued to employees.\n included 2001  company awarded 64001 shares and 289581 shares to employees at $. 003 and $ 3. 60 , respectively  per share.\n common stock subscribed issued in 2001 in exchange for three-year promissory notes ( 64001 shares ) and eleven-year promissory notes ( 289581 shares ) bear interest at applicable federal rate collateralized by subscribed shares.\n promissory note due in 2004 repaid january 15 , 2005.\n compensation expense in relation to excess of fair value of awards over amount paid recorded over vesting period.\n awards vest over period of one and one-half or three years restricted to transferability based on vesting schedule in award agreement.\n eleven-year promissory notes ( 289581 shares ) entered into in connection with loans of approximately $ 1042 made to company 2019s chief executive officer in 2001.\n loans made prior to passage of sarbanes-oxley act of 2002.\n convertible preferred stock 9.\n stockholders 2019 equity ( deficit ) common stock restricted common stock and common stock subscribed\n\nyear ended december 31, | as of december 31 , 2004 | as of december 31 , 2003\n----------------------- | ------------------------ | ------------------------\n2005                    | $ 2014                   | $ 177973"
}
{
    "_id": "dd4bdce30",
    "title": "",
    "text": "aes corporation notes consolidated financial statements 2014 continued ) december 31 , 2011 , 2010  2009 company for aggregate proceeds of approximately $ 234 million.\n company recognized gain on disposal of $ 6 million  net of tax year ended december 31 , 2010.\n previously reported in asia generation segment.\n 23.\n acquisitions dispositions acquisitions dpl 2014on november 28 , 2011  aes completed acquisition of 100% ( % ) common stock of dpl for approximately $ 3. 5 billion  terms conditions definitive agreement ( 201cmerger agreement 201d ) dated april 19 , 2011.\n dpl serves over 500000 customers primarily west central ohio through operating subsidiaries dp&l and dpl energy resources.\n dpl operates over 3800 mw of power generation facilities provides competitive retail energy services to residential  commercial industrial governmental customers.\n acquisition strengthens company.\n utility operations by expanding in midwest and pjm  regional transmission organization serving eastern states eastern interconnection.\n company expects to benefit from regional scale provided by indianapolis power & light company nearby integrated utility business indiana.\n aes funded aggregate purchase consideration through combination : 2022 proceeds from $ 1. 05 billion term loan may 2011 ; 2022 proceeds from private offering of $ 1. 0 billion notes in june 2011 ; 2022 temporary borrowings of $ 251 million under revolving credit facility ; 2022 proceeds from private offerings of $ 450 million aggregate principal amount of 6. 50% (. 50 % ) senior notes due 2016 and $ 800 million aggregate principal amount of 7. 25% (. 25 % ) senior notes due 2021 collectively 201cnotes 201d ) in october 2011 by dolphin subsidiary ii , inc.\n( 201cdolphin ii 201d ) wholly-owned special purpose indirect subsidiary of aes  merged into dpl upon completion acquisition.\n fair value of consideration paid for dpl follows ( in millions ) :.\n\nagreed enterprise value                                     | $ 4719\n----------------------------------------------------------- | --------------\nless : fair value of assumed long-term debt outstanding net | -1255 ( 1255 )\ncash consideration paid to dpl 2019s common stockholders    | 3464\nadd : cash paid for outstanding stock-based awards          | 19\ntotal cash consideration paid                               | $ 3483"
}
{
    "_id": "dd4bc36b0",
    "title": "",
    "text": "billion at december 31 , 2008 and december 31 , 2007  respectively.\n securities and other marketable assets held as collateral amounted to $ 27 billion and $ 54 billion majority collateral held to reimburse losses under securities lending indemnifications.\n decrease from prior year in line with decrease in notional amount of these indemnifications collateralized.\n letters of credit in favor of company held as collateral amounted to $ 503 million and $ 370 million at december 31, 2008 and december 31 , 2007  respectively.\n other property may also be available to cover losses under certain guarantees and indemnifications value of property not determined.\n performance risk citigroup evaluates performance risk of guarantees based on assigned referenced counterparty internal or external ratings.\n external investment-grade ratings considered to be baa/bbb and above anything below considered non-investment grade.\n citigroup internal ratings in line with related external rating system.\n on certain underlying referenced credits or entities ratings not available.\n such referenced credits included in 201cnot-rated 201d category.\n maximum potential amount of future payments related to guarantees and credit derivatives sold is determined to be notional amount of these contracts par amount of assets guaranteed.\n presented in table below is maximum potential amount of future payments classified based upon internal and external credit ratings as of december 31 , 2008.\n determination of maximum potential future payments based on notional amount of guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged.\n such amounts bear no relationship to anticipated losses on these guarantees.\ncredit derivatives credit derivative is a bilateral contract between buyer and seller seller sells protection against credit risk of a particular entity ( 201creference entity 201d or 201creference credit 201d ).\n credit derivatives require seller of credit protection make payments to buyer upon occurrence of predefined credit events ( referred to as 201csettlement triggers 201d ).\n these settlement triggers defined by form of derivative and reference credit limited to market standard of failure to pay on indebtedness bankruptcy of reference credit  in limited transactions , debt restructuring.\n credit derivative transactions referring to emerging market reference credits also include additional settlement triggers to cover acceleration of indebtedness risk of repudiation or payment moratorium.\n in certain transactions  protection may be provided on a portfolio of referenced credits or asset-backed securities.\n seller of protection may not be required to make payment until specified amount of losses occurred portfolio/or may only be required to pay for losses up to specified amount.\n company makes markets in and trades range of credit derivatives , on behalf of clients for its own account.\n contracts company purchases or writes protection on single name or portfolio of reference credits.\n company uses credit derivatives to mitigate credit risk in corporate loan portfolio and other cash positions  take proprietary trading positions  facilitate client transactions.\n range of credit derivatives sold includes credit default swaps , total return swaps credit options.\n a credit default swap is a contract in for a fee  protection seller ( guarantor ) agrees to reimburse protection buyer ( beneficiary ) for losses due to a credit event on a reference entity.\nif no credit default event or settlement trigger , as defined by specific derivative contract , guarantor makes no payments to beneficiary receives only contractually specified fee.\n , if credit event occurs and in accordance with specific derivative contract sold , guarantor required to make payment to beneficiary.\n total return swap transfers total economic performance of reference asset , includes all associated cash flows , capital appreciation or depreciation.\n protection buyer ( beneficiary ) receives floating rate of interest and any depreciation on reference asset from protection seller ( guarantor ) , and in return protection seller receives cash flows associated with reference asset , plus any appreciation.\n beneficiary obligated to make payment any time floating interest rate payment according to total return swap agreement and any depreciation of reference asset exceed cash flows associated with underlying asset.\n total return swap may terminate upon default of reference asset subject to provisions in related total return swap agreement between protection seller ( guarantor ) and protection buyer ( beneficiary ).\n\nin billions of dollars                             | maximum potential amount of future payments investment grade | maximum potential amount of future payments non-investment grade | maximum potential amount of future payments not rated | maximum potential amount of future payments total\n-------------------------------------------------- | ------------------------------------------------------------ | ---------------------------------------------------------------- | ----------------------------------------------------- | -------------------------------------------------\nfinancial standby letters of credit                | $ 49.2                                                       | $ 28.6                                                           | $ 16.4                                                | $ 94.2\nperformance guarantees                             | 5.7                                                          | 5.0                                                              | 5.6                                                   | 16.3\nderivative instruments deemed to be guarantees     | 2014                                                         | 2014                                                             | 67.9                                                  | 67.9\nguarantees of collection of contractual cash flows | 2014                                                         | 2014                                                             | 0.3                                                   | 0.3\nloans sold with recourse                           | 2014                                                         | 2014                                                             | 0.3                                                   | 0.3\nsecurities lending indemnifications                | 2014                                                         | 2014                                                             | 47.6                                                  | 47.6\ncredit card merchant processing                    | 2014                                                         | 2014                                                             | 56.7                                                  | 56.7\ncustody indemnifications and other                 | 18.5                                                         | 3.1                                                              | 2014                                                  | 21.6\ntotal                                              | $ 73.4                                                       | $ 36.7                                                           | $ 194.8                                               | $ 304.9"
}
{
    "_id": "dd4c55b0a",
    "title": "",
    "text": "system energy resources , inc.\n management's financial discussion analysis operating activities cash flow increased by $ 232. 1 million in 2004 due to income tax refunds of $ 70. 6 million in 2004 compared to payments $ 230. 9 million in 2003.\n increase partially offset by money pool activity  discussed.\n in 2003  domestic utility companies and system energy filed with irs change in tax accounting method notification for calculations cost of goods sold.\n adjustment implemented simplified method of allocation of overhead to production electricity under irs capitalization regulations.\n cumulative adjustment companies new methodology resulted in $ 430 million deduction for system energy on entergy's 2003 income tax return.\n no cash benefit from method change in 2003.\n in 2004 system energy realized $ 144 million in cash tax benefit from method change.\n tax accounting method change issue across utility industry likely be challenged by irs on audit.\n cash flow from operations decreased by $ 124. 8 million in 2003 due to 2022 increase in federal income taxes paid of $ 74. 0 million in 2003 compared to 2002 ; 2022 cessation of entergy mississippi ggart.\n system energy collected $ 21. 7 million in 2003 and $ 40. 8 million in 2002 from entergy mississippi ggart for acceleration of entergy mississippi's grand gulf purchased power obligation.\n mpsc authorized cessation of ggart effective july 1 , 2003.\n see note 2 to domestic utility companies system energy financial statements for discussion of ggart ; 2022 money pool activity.\n system energy's receivables from money pool were as of december 31 for each following years:.\n money pool activity used $ 42. 5 million of system energy's operating cash flows in 2004 used $ 12. 0 million in 2003  provided $ 6.8 million in 2002.\n see note 4 to domestic utility companies system energy financial statements for description money pool.\n investing activities net cash for investing activities unchanged in 2004 compared to 2003 primarily increase in construction expenditures by reclassification of inventory items to capital offset by maturity of $ 6. 5 million other temporary investments made in 2003, provided cash in 2004.\n increase of $ 16. 2 million in net cash in investing activities in 2003 due to : 2022 maturity in 2002 of $ 22. 4 million other temporary investments made in 2001  provided cash in 2002 ; 2022 increase in decommissioning trust contributions realized change in trust assets of $ 8. 2 million in 2003 compared to 2002 ; 2022 other temporary investments of $ 6. 5 million in 2003.\n partially offsetting increases in net cash investing activities decrease in construction expenditures of $ 22. 1 million in 2003 compared to 2002 due to power uprate project in 2002.\n\n2004             | 2003             | 2002             | 2001\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 61592          | $ 19064          | $ 7046           | $ 13853"
}
{
    "_id": "dd4bd97ee",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 continued in december 2008  board of directors amended restated republic services  inc.\n 2006 incentive stock plan ( formerly known as allied waste industries , inc.\n 2006 incentive stock plan ( 2006 plan ) ).\n allied 2019s stockholders approved 2006 plan in may 2006.\n 2006 plan amended restated in december 2008 to reflect republic services , inc.\n new sponsor of plan references to shares common stock shares common stock republic services , inc. adjust outstanding awards number of shares available under plan to reflect acquisition.\n 2006 plan  amended restated provides for grant of non-qualified stock options  incentive stock options  shares of restricted stock  shares phantom stock  stock bonuses restricted stock units stock appreciation rights  performance awards dividend equivalents  cash awards other stock-based awards.\n awards granted under 2006 plan prior to december 5, 2008 became fully vested nonforfeitable upon closing of acquisition.\n awards may be granted under 2006 plan  amended after december 5 , 2008 only to employees consultants of allied waste industries , inc.\n subsidiaries not employed by republic services , inc.\n prior to such date.\n at december 31 , 2012  approximately 15. 5 million shares of common stock reserved for future grants under 2006 plan.\n stock options use binomial option-pricing model to value stock option grants.\n recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award  or to employee 2019s retirement eligible date  earlier.\n expected volatility based on weighted average of recent one year volatility historical rolling average volatility of our stock over expected life of option.\n risk-free interest rate based on federal reserve rates for bonds with maturity dates equal to expected term of option.\n use historical data to estimate future option exercises forfeitures ( at 3. 0% ( 3. 0 % ) for each period presented ) and expected life of options.\n appropriate separate groups of employees similar historical exercise behavior considered separately for valuation purposes.\n weighted-average estimated fair values of stock options granted during years ended december 31, 2012  2011 2010 were $ 4. 77 , $ 5. 35 $ 5. 28 per option  calculated using weighted-average assumptions:.\n\n| 2012             | 2011             | 2010\n----------------------------- | ---------------- | ---------------- | ----------------\nexpected volatility           | 27.8% ( 27.8 % ) | 27.3% ( 27.3 % ) | 28.6% ( 28.6 % )\nrisk-free interest rate       | 0.8% ( 0.8 % )   | 1.7% ( 1.7 % )   | 2.4% ( 2.4 % )\ndividend yield                | 3.2% ( 3.2 % )   | 2.7% ( 2.7 % )   | 2.9% ( 2.9 % )\nexpected life ( in years )    | 4.5              | 4.4              | 4.3\ncontractual life ( in years ) | 7.0              | 7.0              | 7.0"
}
{
    "_id": "dd4bebe26",
    "title": "",
    "text": "table of contents interest expense  net capitalized interest decreased $ 129 million or 18. 1% (. 1 % ) in 2014 from 2013 period due to $ 63 million decrease in special charges recognized period-over-period refinancing activities resulted in $ 65 million less interest expense recognized in 2014.\n 2014 american recognized $ 29 million of special charges to non-cash interest accretion on bankruptcy settlement obligations.\n in 2013  american recognized $ 48 million of special charges post-petition interest expense on unsecured obligations plan and penalty interest related to american 2019s 10. 5% (. 5 % ) secured notes and 7. 50%. % ) senior secured notes.\n in 2013 american recorded special charges of $ 44 million for debt extinguishment costs repayment of certain aircraft secured indebtedness including cash interest charges non-cash write offs of unamortized debt issuance costs.\n 2013 refinancing activities early extinguishment of american 2019s 7. 50% (. % ) senior secured notes in 2014 american recognized $ 65 million less interest expense in 2014 compared to 2013 period.\n other nonoperating expense  net of $ 153 million in 2014 of net foreign currency losses of $ 92 million early debt extinguishment charges of $ 48 million.\n other nonoperating expense net of $ 84 million in 2013 net foreign currency losses of $ 55 million early debt extinguishment charges of $ 29 million.\n other nonoperating expense  net increased $ 69 million or 81. 0% ( 81. 0 % )  during 2014 primarily due to special charges early debt extinguishment and increase in foreign currency losses by strengthening of u.\n dollar in foreign currency transactions principally in latin american markets.\namerican recorded $ 43 million special charge for venezuelan foreign currency losses in 2014.\n see part ii , item 7a.\n quantitative qualitative disclosures about market risk for discussion of cash held in venezuelan bolivars.\n american 2019s nonoperating special items included $ 48 million in special charges in 2014 primarily related to early extinguishment of american 2019s 7. 50% ( 7. 50 % ) senior secured notes other indebtedness.\n reorganization items  net reorganization items refer to revenues  expenses ( including professional fees ) realized gains losses provisions for losses realized incurred direct result of chapter 11 cases.\n table summarizes components included in reorganization items  net on american 2019s consolidated statement of operations for year ended december 31 , 2013 ( in millions ) :.\n exchange for employees 2019 contributions to successful reorganization including agreeing reductions in pay and benefits american agreed plan to provide each employee group deemed claim  used provide distribution of portion of equity of reorganized entity to employees.\n each employee group received deemed claim amount based upon portion of value of cost savings provided group through reductions to pay benefits certain work rule changes.\n total value of deemed claim was approximately $ 1. 7 billion.\n amounts include allowed claims ( claims approved by bankruptcy court ) estimated allowed claims relating to rejection or modification of financings related to aircraft entry of orders treated as unsecured claims with respect facility agreements supporting certain issuances of special facility revenue bonds.\n debtors recorded estimated claim associated with rejection or modification of financing or facility agreement when applicable motion filed with bankruptcy court to reject or modify\n\n| 2013\n------------------------------------------------------------------------- | ------\nlabor-related deemed claim ( 1 )                                          | $ 1733\naircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 320\nfair value of conversion discount ( 4 )                                   | 218\nprofessional fees                                                         | 199\nother                                                                     | 170\ntotal reorganization items net                                            | $ 2640"
}
{
    "_id": "dd49797ec",
    "title": "",
    "text": "long-term borrowings carrying value and fair value estimated using market prices at december 31 , 2013 included : ( in millions ) maturity amount unamortized discount carrying value fair value.\n long-term borrowings at december 31 , 2012 had carrying value $ 5. 687 billion fair value of $ 6. 275 billion determined using market prices at end of december 2012.\n 2015 and 2022 notes.\n in may 2012  company issued $ 1. 5 billion in aggregate principal amount unsecured unsubordinated obligations.\n notes issued as two separate series of senior debt securities including $ 750 million of 1. 375% ( 1. 375 % ) notes maturing in june 2015 ( 201c2015 notes 201d ) and $ 750 million of 3. 375% ( 3. 375 % ) notes maturing in june 2022 ( 201c2022 notes 201d ).\n net proceeds used to fund repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates for general corporate purposes.\n interest on 2015 notes and 2022 notes of approximately $ 10 million and $ 25 million per year payable semi-annually on june 1 and december 1 of each year commenced december 1 , 2012.\n 2015 notes and 2022 notes may be redeemed prior to maturity in whole or in part at option of company at 201cmake-whole 201d redemption price.\n redemption price represents price  subject to specific terms of 2015 and 2022 notes greater of par value and present value of future payments not paid because of early redemption discounted at fixed spread over comparable treasury security.\n 2015 notes and 2022 notes issued at discount of $ 5 million amortized over term of notes.\n company incurred approximately $ 7 million of debt issuance costs amortized over terms of 2015 notes and 2022 notes.\ndecember 31, 2013 , $ 5 million unamortized debt issuance costs included in other assets on consolidated statement of financial condition.\n 2013 and 2021 notes.\n may 2011  company issued $ 1. 5 billion aggregate unsecured unsubordinated obligations.\n notes issued as two separate series senior debt securities including $ 750 million of 4. 25% ( 4. 25 % ) notes maturing in may 2021 and $ 750 million floating rate notes ( 201c2013 floating rate notes 201d ) repaid may 2013 at maturity.\n net proceeds used to fund repurchase of blackrock 2019s series b preferred from affiliates merrill lynch & co. , inc.\n ( 201cmerrill lynch 201d ).\n interest on 4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually may 24 and november 24 each year commenced november 24 , 2011 approximately $ 32 million per year.\n 2021 notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.\n 2021 notes issued at discount of $ 4 million amortized over term of notes.\n company incurred approximately $ 7 million debt issuance costs for $ 1. 5 billion note issuances amortized over respective terms of notes.\n december 31 , 2013 , $ 3 million unamortized debt issuance costs included in other assets on consolidated statement of financial condition.\n may 2011  with issuance 2013 floating rate notes company entered into $ 750 million notional interest rate swap maturing in 2013 to hedge future cash flows obligation at fixed rate of 1. 03% ( 1. 03 % ).\n second quarter of 2013  interest rate swap matured 2013 floating rate notes fully repaid.\n 2012 , 2014 and 2019 notes.\ndecember 2009  company issued $ 2. 5 billion in aggregate principal unsecured unsubordinated obligations.\n notes issued as three separate series senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2014 and 2019 .\n net proceeds used to repay borrowings under cp program finance acquisition of barclays global investors ( 201cbgi 201d ) from barclays december 1, 2009 ( 201cbgi transaction 201d ) for general corporate purposes.\n interest on 2014 notes and 2019 notes of approximately $ 35 million and $ 50 million per year payable semi-annually in arrears on june 10 december 10 each year.\n notes may be redeemed prior to maturity any in whole or part at option company at 201cmake-whole 201d redemption price.\n notes issued collectively at discount of $ 5 million  amortized over respective terms of notes.\n company incurred approximately $ 13 million of debt issuance costs amortized over respective terms of notes.\n at december 31 , 2013 $ 4 million of unamortized debt issuance costs included in other assets on consolidated statement of financial condition.\n 2017 notes.\n september 2007  company issued $ 700 million aggregate principal amount of 6. 25% ( 6. 25 % ) senior unsecured unsubordinated notes maturing on september 15 , 2017 ( 201c2017 notes 201d ).\n portion of net proceeds of 2017 notes used to fund initial cash payment for acquisition of fund of funds business of quellos remainder used for general corporate purposes.\ninterest payable semi-annually arrears march 15 september 15 each year , or approximately $ 44 million per year.\n 2017 notes may redeemed prior\n\n( in millions )                   | maturity amount | unamortized discount | carrying value | fair value\n--------------------------------- | --------------- | -------------------- | -------------- | ----------\n3.50% ( 3.50 % ) notes due 2014   | $ 1000          | $ 2014               | $ 1000         | $ 1029\n1.375% ( 1.375 % ) notes due 2015 | 750             | 2014                 | 750            | 759\n6.25% ( 6.25 % ) notes due 2017   | 700             | -2 ( 2 )             | 698            | 812\n5.00% ( 5.00 % ) notes due 2019   | 1000            | -2 ( 2 )             | 998            | 1140\n4.25% ( 4.25 % ) notes due 2021   | 750             | -3 ( 3 )             | 747            | 799\n3.375% ( 3.375 % ) notes due 2022 | 750             | -4 ( 4 )             | 746            | 745\ntotal long-term borrowings        | $ 4950          | $ -11 ( 11 )         | $ 4939         | $ 5284"
}
{
    "_id": "dd497947c",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 continued ) 7 ) commitments contingencies company applies disclosure provisions of fin no.\n 45 , guarantor 2019s accounting disclosure requirements for guarantees including guarantees of indebtedness others interpretation of fasb statements no.\n 5 , 57 107 rescission of fasb interpretation no.\n 34 ( fin no.\n 45 ) to agreements guarantee or indemnification clauses.\n disclosure provisions expand required by sfas no.\n 5 accounting for contingencies requiring guarantors disclose certain types of guarantees even if likelihood requiring guarantor 2019s performance remote.\n description of arrangements company guarantor.\n product warranties company accrues for estimated future warranty costs on product sales at time of sale.\n ab5000 bvs products subject to rigorous regulation quality standards.\n operating results could be adversely effected if actual cost of product failures exceeds estimated warranty provision.\n patent indemnifications 2014in sales transactions company indemnifies customers against possible claims of patent infringement by company 2019s products.\n indemnifications sales contracts do not include limits on claims.\n company never incurred material costs to defend lawsuits settle patent infringement claims related to sales transactions.\n under provisions of fin no.\n 45  intellectual property indemnifications require disclosure only.\n as of march 31 , 2006  company entered into leases for facilities including primary operating facility in danvers , massachusetts terms through fiscal 2010.\n danvers lease may be extended at company 2019s option for two successive additional periods of five years each with monthly rent charges determined based on current fair rental values.\ncompany 2019s lease for aachen location expires august 2008 unless option to extend for additional four years exercised by company.\n in december 2005 closed office facility in netherlands , recording charge of approximately $ 58000 for remaining lease term.\n total rent expense under these leases  included in accompanying consolidated statements of operations approximated $ 821000 , $ 824000 $ 1262000 for fiscal years ended march 31 , 2004 , 2005 2006 , respectively.\n future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2006 are approximately as follows ( in thousands ) : fiscal year ending march 31 , operating leases.\n time-to-time company involved in legal administrative proceedings claims various types.\n while any litigation contains element uncertainty , management  consultation with company 2019s general counsel believes outcome of each other proceedings or claims pending or known threatened combined not expected have material adverse effect on company 2019s financial position , cash flow results.\n on may 15 , 2006 richard a.\n nazarian , selling stockholder representative , filed demand for arbitration ( amended ) with boston office of american arbitration association\n\nfiscal year ending march 31,        | operating leases\n----------------------------------- | ----------------\n2007                                | 1703\n2008                                | 1371\n2009                                | 1035\n2010                                | 710\ntotal future minimum lease payments | $ 4819"
}
{
    "_id": "dd4c09098",
    "title": "",
    "text": "changes in proved undeveloped reserves as of december 31 , 2013  627 mmboe reserves reported increase of 56 mmboe from december 31  2012.\n table shows changes in total proved undeveloped reserves for 2013 :.\n significant additions to proved undeveloped reserves during 2013 included 72 mmboe in eagle ford 49 mmboe in bakken shale plays due to development drilling.\n transfers from proved undeveloped to developed reserves included 57 mmboe in eagle ford 18 mmboe in bakken 7 mmboe in oklahoma resource basins due to producing wells.\n costs incurred in 2013, 2012 2011 to development of proved undeveloped reserves were $ 2536 million , $ 1995 million and $ 1107 million.\n total of 59 mmboe booked result of reliable technology.\n technologies included statistical analysis of production performance  decline curve analysis rate transient analysis reservoir simulation volumetric analysis.\n statistical nature of production performance with certain reservoir continuity quality within reliable technology areas sufficient proved undeveloped locations establish reasonable certainty criteria for booking reserves.\n projects can remain in proved undeveloped reserves for extended periods in certain situations large development projects more than five years to complete or timing of when additional gas compression needed.\n of 627 mmboe of proved undeveloped reserves at december 31, 2013 24 percent of volume associated with projects included in proved reserves for more than five years.\n majority of volume related to compression project in.\n sanctioned by board of directors in 2004.\n timing of installation of compression driven by reservoir performance project intended to maintain maximum production levels.\n performance of field since board project exceeded expectations.\n estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010.\n2012  compression project received approval of e. g.\n government  allowing design and planning work to progress towards implementation completion expected by mid-2016.\n other component of alba proved undeveloped reserves is infill well approved in 2013 to be drilled late 2014.\n proved undeveloped reserves for north gialo development , in libyan sahara desert booked for first time reserves in 2010.\n development  anticipated to take more than five years to be developed executed by operator encompasses continuous drilling program including design , fabrication installation of extensive liquid handling and gas recycling facilities.\n anecdotal evidence from similar development projects in region led to expected project execution of more than five years from reserves initially booked.\n interruptions with civil unrest in 2011 third-party labor strikes in 2013 extended project duration.\n no other significant undeveloped reserves expected to be developed more than five years after original booking.\n as of december 31 , 2013 future development costs estimated required for development of proved undeveloped liquid hydrocarbon , natural gas synthetic crude oil reserves related to continuing operations for years 2014 through 2018 projected to be $ 2894 million , $ 2567 million , $ 2020 million , $ 1452 million and $ 575 million.\n timing of future projects and estimated future development costs development undeveloped liquid hydrocarbon natural gas synthetic crude oil reserves are forward-looking statements based on assumptions including commodity prices  presently known physical data concerning size character of reservoirs economic recoverability  technology developments  future drilling success  industry economic conditions  levels cash flow from operations  production experience other operating considerations.\n extent assumptions prove inaccurate  actual recoveries , timing and development costs could be different than current estimates.\n\nbeginning of year                          | 571\n------------------------------------------ | ------------\nrevisions of previous estimates            | 4\nimproved recovery                          | 7\npurchases of reserves in place             | 16\nextensions discoveries and other additions | 142\ndispositions                               | -4 ( 4 )\ntransfer to proved developed               | -109 ( 109 )\nend of year                                | 627"
}
{
    "_id": "dd4c001dc",
    "title": "",
    "text": "location approximate size ( sq.\n ft. ) segment majority owned or leased.\n our manufacturing facilities adequate to meet existing in-house production needs.\n continue to invest in plant sites to maintain viable operations add capacity necessary to meet business imperatives.\n most of manufacturing plants serve as distribution centers.\n operate distribution centers around world most leased  utilize third party logistics service providers to facilitate distribution of products and services.\n year end 2016 ecolab 2019s corporate headquarters of three adjacent multi-storied buildings in downtown st.\n paul , minnesota.\n main 19-story building constructed to specifications leased through june 30 , 2018.\n second building leased through 2019.\n company intends to vacate current leased buildings in 2018.\n third building owned.\n ecolab acquired 17-story north tower from travelers indemnity company in downtown st.\n paul , minnesota on august 4 , 2015.\n building became corporate headquarters in 2017.\n 90 acre campus in eagan , minnesota owned and provides for future growth.\n eagan facility houses significant research and development center , data center and training facilities administrative functions.\n significant business presence in naperville , illinois  where water and paper operating segment maintain principal administrative offices and research center.\n discussed in part ii , item 8, note 6 , 201cdebt interest 201d of form 10-k company acquired beneficial interest in trust owning these facilities during 2015.\n energy operating segment maintains administrative and research facilities in sugar land , texas and additional research facilities in fresno , texas.\ndecember 2013  announced construction new 133000 square-foot headquarters building adjacent to existing sugar land operations completed early 2016 renovation of existing 45000 square-foot research facilities in sugar land.\n significant regional administrative/or research facilities located in leiden , netherlands  campinas , brazil  pune , india  we own  monheim , germany  singapore  shanghai , china  zurich , switzerland  we lease.\n have network of small leased sales offices in united states lesser extent other parts of world.\n item 3.\n legal proceedings.\n discussion legal proceedings incorporated by reference from part ii , item 8 , note 15 , 201ccommitments contingencies , 201d of form 10-k considered integral part of part i , item 3 , 201clegal proceedings. 201d other environmental-related legal proceedings discussed at part i , item 1 ( c ) above under heading 201cenvironmental and regulatory considerations 201d incorporated herein by reference.\n item 4.\n mine safety disclosures.\n not applicable.\n\nlocation               | approximatesize ( sq . ft. ) | segment                                | majorityowned orleased\n---------------------- | ---------------------------- | -------------------------------------- | ----------------------\nhamilton new zealand   | 96000                        | global institutional global industrial | owned\ncalgary alberta canada | 94000                        | global energy                          | owned\nkwinana australia      | 87000                        | global institutional global industrial | owned\nrevesby australia      | 87000                        | global institutional global industrial | owned\nyangsan korea          | 85000                        | global energy global industrial        | owned\ncisterna italy         | 80000                        | global industrial                      | owned\nrovigo italy           | 77000                        | global institutional                   | owned\ncuautitlan mexico      | 76000                        | global institutional global industrial | owned\nbarueri brazil         | 75000                        | global institutional global industrial | leased\nmullingar ireland      | 74000                        | global institutional global industrial | leased\nmosta malta            | 73000                        | global institutional                   | leased"
}
{
    "_id": "dd4b9c33a",
    "title": "",
    "text": "part ii item 5 : market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities motorola 2019s common stock listed on new york chicago stock exchanges.\n number of stockholders of record motorola common stock on january 31 , 2008 was 79907.\n information regarding securities authorized for issuance under equity compensation plans incorporated by reference to information under caption 201cequity compensation plan information 201d of motorola 2019s proxy statement for 2008 annual meeting of stockholders.\n remainder response item incorporates reference note 16, 201cquarterly other financial data ( unaudited ) 201d notes to consolidated financial statements under 201citem 8 : financial statements supplementary data 201d.\n table provides information acquisitions by company of shares common stock during quarter ended december 31 , 2007.\n issuer purchases of equity securities period ( ) total number of shares purchased 1 2 b ) average price paid per share 1 3 c ) total number of shares purchased as part of publicly announced plans or programs 2 d ) maximum number approximate dollar value ) of shares be purchased under plans or programs 2.\n 1 in addition to purchases under 2006 stock repurchase program defined included column are transactions under company 2019s equity compensation plans involving delivery to company of 12043 shares of motorola common stock to satisfy tax withholding obligations connection with vesting of restricted stock granted to company employees.\n 2 through actions taken on july 24 , 2006 and march 21 , 2007  board of directors authorized company to repurchase aggregate amount up to $ 7. 5 billion of outstanding shares of common stock over period ending june 2009  subject to market conditions ( 201c2006 stock repurchase program 201d ).\n( 3 average price paid per share common stock repurchased under 2006 stock repurchase program is execution price excluding commissions brokers.\n\nperiod               | ( a ) total number of shares purchased ( 1 ) ( 2 ) | ( b ) average price paid per share ( 1 ) ( 3 ) | ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) | ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 )\n-------------------- | -------------------------------------------------- | ---------------------------------------------- | -------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------\n9/30/07 to 10/26/07  | 2972951                                            | $ 18.84                                        | 2964225                                                                                      | $ 4267375081\n10/27/07 to 11/23/07 | 5709917                                            | $ 17.23                                        | 5706600                                                                                      | $ 4169061854\n11/24/07 to 12/31/07 | 25064045                                           | $ 16.04                                        | 25064045                                                                                     | $ 3767061887\ntotal                | 33746913                                           | $ 16.49                                        | 33734870                                                                                     |"
}
{
    "_id": "dd4c194a2",
    "title": "",
    "text": "contents company receives foreign tax credit ( 201cftc 201d ) against.\n tax liability for foreign taxes paid by company including payments from separate account assets.\n separate account ftc estimated for current year using information from recent filed return adjusted for change in allocation of separate account investments to international equity markets during current year.\n actual current year ftc can vary from estimates due to actual ftcs passed by mutual funds.\n company recorded benefits of $ 16 , $ 11 $ 17 related to separate account ftc in years ended december 31 , 2008 , 2007  2006 .\n amounts included benefits related to true- ups of prior years 2019 tax returns of $ 4 , $ 0 and $ 7 in 2008  2007 and 2006.\n company 2019s unrecognized tax benefits increased by $ 15 during 2008 result of tax positions taken on company 2007 tax return and expected to be taken on 2008 tax return total unrecognized tax benefits to $ 91 as of december 31 , 2008.\n entire amount if recognized would affect effective tax rate.\n earnings ( losses ) per common share table represents earnings per common share data for past three years : for additional information on earnings losses ) per common share see note 2 of notes to consolidated financial statements.\n outlooks hartford provides projections forward-looking information in 201coutlook 201d sections within md&a.\n 201coutlook 201d sections contain forward-looking statements particularly relating to company 2019s future financial performance.\n these forward-looking statements are estimates based on information currently available company made pursuant to safe harbor provisions of private securities litigation reform act of 1995 subject to precautionary statements in introduction to md&a.\nresults likely to differ  in past differed materially from forecast by company , depending on outcome of various factors , including those in each 201coutlook 201d section and in item 1a , risk factors.\n outlook during 2008 , company negatively impacted by conditions global financial markets and economic conditions in general.\n as these conditions persist in 2009 , company anticipate it continue to be negatively impacted , including effect of rating downgrades occurred and could occur in future.\n see risk factors in item 1a.\n retail in long-term  management believe market for retirement products will expand as individuals increasingly save and plan for retirement.\n demographic trends suggest as 201cbaby boom 201d generation matures  significant portion of united states population will allocate greater percentage of disposable incomes to saving for retirement years due to uncertainty surrounding social security system increases in average life expectancy.\n near-term  industry and company experiencing lower variable annuity sales as result of recent market turbulence uncertainty in u. s.\n financial system.\n current market pressures increasing expected claim costs , cost and volatility of hedging programs  level of capital needed to support living benefit guarantees.\n some companies begun to increase price of guaranteed living benefits and change level of guarantees offered.\n in 2009 , company intends to adjust pricing levels take actions to reduce risks in variable annuity product features to address risks costs associated with variable annuity benefit features in current economic environment explore other risk limiting techniques as increased hedging or other reinsurance structures.\n competitor reaction , including extent of competitor risk limiting strategies  difficult to predict may result in decline in retail 2019s market share.\n significant declines in equity markets increased equity market volatility likely to continue to impact cost and effectiveness of our gmwb hedging program.\nequity market volatility could result in material losses in our hedging program.\n for more information gmwb hedging program see equity risk management section capital markets risk management.\n during volatile equity markets policyholders may allocate variable account assets to fixed account options fixed annuities may see increased deposits.\n fourth quarter of 2008  company seen increase in fixed.\n weighted average common shares outstanding dilutive potential common shares ( diluted ) 306. 7 319. 1 315. 9\n\n| 2008             | 2007   | 2006\n------------------------------------------------------------------------------------------- | ---------------- | ------ | ------\nbasic earnings ( losses ) per share                                                         | $ -8.99 ( 8.99 ) | $ 9.32 | $ 8.89\ndiluted earnings ( losses ) per share                                                       | $ -8.99 ( 8.99 ) | $ 9.24 | $ 8.69\nweighted average common shares outstanding ( basic )                                        | 306.7            | 316.3  | 308.8\nweighted average common shares outstanding and dilutive potential common shares ( diluted ) | 306.7            | 319.1  | 315.9"
}
{
    "_id": "dd4bc2f30",
    "title": "",
    "text": "notes to consolidated financial statements continued ) note 8 2014commitments and contingencies provide renewal options for 3 to 7 additional years.\n leases for retail space are for 5 to 20 years  majority for 10 years often contain multi-year renewal options.\n as of september 29 , 2007  company 2019s total future minimum lease payments under noncancelable operating leases were $ 1. 4 billion  $ 1. 1 billion related to leases for retail space.\n rent expense under all operating leases including cancelable and noncancelable leases was $ 151 million , $ 138 million  and $ 140 million in 2007, 2006  2005  respectively.\n future minimum lease payments under noncancelable operating leases remaining terms in excess of one year as of september 29  2007 are as follows ( in millions ) : fiscal years.\n accrued warranty and indemnifications company offers basic limited parts and labor warranty on hardware products.\n basic warranty period for hardware products is typically one year from date of purchase end-user.\n company offers 90-day basic warranty for service parts repair company hardware products.\n company provides for estimated cost incurred under basic limited product warranties time related revenue recognized.\n factors in determining appropriate accruals for product warranty obligations include size of installed base of products subject to warranty protection  historical and projected warranty claim rates  projected cost-per-claim  knowledge of specific product failures outside company 2019s typical experience.\n company assesses adequacy of preexisting warranty liabilities and adjusts amounts as necessary based on actual experience and changes in future estimates.\n for products accounted for under subscription accounting.\n company recognizes warranty expense as incurred.\n company periodically provides updates to applications and system software to maintain software compliance with specifications.\nestimated cost to develop updates accounted for as warranty costs recognized at time related software revenue recognized.\n factors considered in determining appropriate accruals related to updates include number of units delivered , number of updates expected occur  historical cost and estimated future cost of resources necessary to develop these updates.\n\n2008                         | $ 155\n---------------------------- | ------\n2009                         | 172\n2010                         | 173\n2011                         | 160\n2012                         | 148\nthereafter                   | 617\ntotal minimum lease payments | $ 1425"
}
{
    "_id": "dd4c596a6",
    "title": "",
    "text": "humana inc.\n notes consolidated financial statements 2014 continued ) amortization expense for other intangible assets was approximately $ 75 million 2017  $ 77 million 2016  $ 93 million 2015.\n following table presents estimate amortization expense for each five next fiscal years:.\n\n| ( in millions )\n--------------------------------- | ---------------\nfor the years ending december 31, |\n2018                              | $ 64\n2019                              | 54\n2020                              | 52\n2021                              | 19\n2022                              | 16"
}
{
    "_id": "dd4970f84",
    "title": "",
    "text": "note 6 : inventories use last-in, first-out ( lifo ) method for majority inventories in continental u. s.\n other inventories valued by first-in , first-out ( fifo ) method.\n fifo cost approximates current replacement cost.\n inventories measured using lifo must be valued at lower of cost or market.\n inventories measured using fifo must valued at lower of cost or net realizable value.\n inventories at december 31:.\n inventories valued under lifo method comprised $ 1. 57 billion and $ 1. 56 billion of total inventories at december 31, 2018 and 2017  respectively.\n note 7 : financial instruments potentially subject to credit risk consist principally of trade receivables interest- bearing investments.\n wholesale distributors of life-science products account for substantial portion of trade receivables ; collateral generally not required.\n mitigate risk concentration through ongoing credit-review procedures insurance.\n large portion of cash held by few major financial institutions.\n monitor exposures with these institutions do not expect institutions to fail to meet obligations.\n major financial institutions represent largest component of investments in corporate debt securities.\n accordance corporate risk-management policies monitor credit exposure to any one financial institution or corporate issuer.\n exposed to credit-related losses in event nonperformance by counterparties to risk-management instruments do not expect counterparties to fail to meet obligations given high credit ratings.\n consider all highly liquid investments with maturity of three months or less from date of purchase to be cash equivalents.\n cost investments approximates fair value.\nequity investments accounted for using three methods depending on type equity investment : 2022 investments in companies we significant influence but not controlling interest accounted for using equity method  our share of earnings or losses reported in other-net , ( income ) expense.\n 2022 for equity investments not readily determinable fair values measure investments at cost , less impairment , plus or minus changes from observable price changes in orderly transactions for identical or similar investment of same issuer.\n any change in recorded value recorded in other-net , ( income ) expense.\n 2022 public equity investments measured and carried at fair value.\n change in fair value recognized in other-net , ( income ) expense.\n review equity investments other than public equity investments for indications of impairment regular basis.\n derivative activities initiated within guidelines documented corporate risk-management policies intended to offset losses and gains on assets , liabilities transactions hedged.\n management reviews correlation effectiveness of derivatives quarterly basis.\n\n| 2018           | 2017\n--------------------------------------- | -------------- | --------\nfinished products                       | $ 988.1        | $ 1211.4\nwork in process                         | 2628.2         | 2697.7\nraw materials and supplies              | 506.5          | 488.8\ntotal ( approximates replacement cost ) | 4122.8         | 4397.9\nincrease ( reduction ) to lifo cost     | -11.0 ( 11.0 ) | 60.4\ninventories                             | $ 4111.8       | $ 4458.3"
}
{
    "_id": "dd4b956fc",
    "title": "",
    "text": "reduced administrative expense.\n in connection with project  eliminated 749 positions.\n incurred $ 54. 7 million of net expenses most cash.\n recorded $ 0. 4 million of restructuring charges to action in fiscal 2018 , restructuring charges reduced by $ 0. 4 million in fiscal 2017  incurred $ 54. 7 million of restructuring charges in fiscal 2016.\n action completed in fiscal 2018.\n in fiscal 2015  announced project century ( century ) involved review of north american manufacturing and distribution network to streamline operations identify potential capacity reductions.\n in fiscal 2016  broadened scope of century to identify opportunities to streamline supply chain outside north america.\n century in second quarter of fiscal 2016 approved restructuring plan to close manufacturing facilities in europe & australia segment supply chain in berwick , united kingdom and east tamaki , new zealand.\n actions affected 287 positions incurred $ 31. 8 million of net expenses to actions $ 12 million was cash.\n recorded $ 1. 8 million of restructuring charges actions in fiscal 2017 and $ 30. 0 million in fiscal 2016.\n actions completed in fiscal 2017.\n of century in first quarter of fiscal 2016  approved restructuring plan to close west chicago, illinois cereal and dry dinner manufacturing plant in north america retail segment supply chain.\n action affected 484 positions  incurred $ 109. 3 million of net expenses action $ 21 million was cash.\n recorded $ 6. 9 million of restructuring charges action in fiscal 2018 , $ 23. 2 million in fiscal 2017 and $ 79. 2 million in fiscal 2016.\n action completed in fiscal 2018.\n part of century first quarter of fiscal 2016  approved restructuring plan to close joplin , missouri snacks plant in north america retail segment supply chain.\naction affected 125 positions incurred $ 8. 0 million net expenses less than $ 1 million was cash.\n recorded $ 1. 4 million restructuring charges in fiscal 2018  $ 0. 3 million in fiscal 2017  $ 6. 3 million in fiscal 2016.\n action completed in fiscal 2018.\n paid cash related to restructuring initiatives of $ 53. 6 million in fiscal 2018  $ 107. 8 million in fiscal 2017  $ 122. 6 million in fiscal 2016.\n addition to restructuring charges expect to incur approximately $ 130 million project-related costs recorded in cost of sales all cash.\n recorded project-related costs in cost of sales of $ 11. 3 million in fiscal 2018  $ 43. 9 million in fiscal 2017 $ 57. 5 million in fiscal 2016.\n paid cash for project-related costs of $ 10. 9 million in fiscal 2018 , $ 46. 9 million in fiscal 2017  $ 54. 5 million in fiscal 2016.\n expect activities to completed in fiscal 2019.\n restructuring charges and project-related costs classified in consolidated statements of earnings.\n\nin millions                                      | fiscal 2018 | fiscal 2017 | fiscal 2016\n------------------------------------------------ | ----------- | ----------- | -----------\ncost of sales                                    | $ 14.0      | $ 41.5      | $ 78.4\nrestructuring impairment and other exit costs    | 68.7        | 182.6       | 151.4\ntotal restructuring charges                      | 82.7        | 224.1       | 229.8\nproject-related costs classified in cost ofsales | $ 11.3      | $ 43.9      | $ 57.5"
}
{
    "_id": "dd4c2eb4a",
    "title": "",
    "text": "46 d e v o n e n e r g y a n n u a l r e p o r t 2 0 0 4 contents of gas produced , transportation availability costs and demand for products derived from oil , natural gas and ngls.\n all devon 2019s revenues attributable to sales , processing transportation of these three commodities.\n our financial results resources influenced by price volatility.\n estimates for devon 2019s future production of oil , natural gas ngls based on assumption market demand and prices continue at levels allow for profitable production of these products.\n no assurance of such stability.\n most of canadian production subject to government royalties fluctuate with prices.\n price fluctuations can affect reported production.\n our international production governed by payout agreements with governments of countries in we operate.\n if payout under these agreements attained earlier than projected devon 2019s net production and proved reserves in could be reduced.\n estimates for future processing and transport of oil , natural gas ngls based on assumption market demand prices continue at levels allow for profitable processing transport of these products.\n no assurance of such stability.\n production , transportation  processing marketing of oil, natural gas ngls are complex processes subject to disruption from many causes.\n these causes include transportation processing availability , mechanical failure , human error  meteorological events including hurricanes  other factors.\n forward-looking statements prepared assuming demand , curtailment  producibility general market conditions for devon 2019s oil , natural gas and ngls during 2005 will be similar to those of 2004  unless otherwise noted.\n all following dollar amounts are expressed in u. s.\n dollars.\n amounts related to canadian operations converted to u. s.\ndollars using projected average 2005 exchange rate of $ 0. 82 u.\n to $ 1. 00 canadian.\n actual 2005 exchange rate may vary from this estimate.\n variations could have material effect on following estimates.\n completed major property acquisitions and dispositions in recent years transactions are opportunity driven.\n forward-looking data excludes financial and operating effects of potential property acquisitions or divestitures except as discussed in 201cproperty acquisitions and divestitures , 201d during year 2005.\n timing and ultimate results of acquisition and divestiture activity difficult to predict may vary materially from discussed in report.\n geographic reporting areas for 2005 estimates of production , average price differentials capital expenditures provided separately for each geographic areas : 2022 united states onshore ; 2022 united states offshore  all oil and gas properties in gulf of mexico ; 2022 canada ; 2022 international  all oil and gas properties outside of united states and canada.\n year 2005 potential operating items estimates related to oil , gas and ngl production , operating costs dd&a based on estimates for devon 2019s properties other than those designated for possible sale ( see 201cproperty acquisitions and divestitures 201d ).\n estimates exclude results of potential sale properties for entire year.\n oil , gas and ngl production in paragraphs are individual estimates of devon 2019s oil , gas and ngl production for 2005.\n combined basis devon estimates 2005 oil , gas and ngl production will total 217 mmboe.\n of total  approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2004.\n oil production expect oil production in 2005 to total 60 mmbbls.\ntotal , approximately 95% ( 95 % ) estimated to produced from reserves classified as 201cproved 201d at december 31 , 2004.\n expected production by area as follows:.\n oil prices 2013 fixed through price swaps , devon fixed price it receive in 2005 on portion of its oil production.\n following table includes information on fixed-price production by area.\n where necessary prices adjusted for certain transportation costs netted against prices recorded by devon.\n\n| ( mmbbls )\n---------------------- | ----------\nunited states onshore  | 12\nunited states offshore | 10\ncanada                 | 12\ninternational          | 26"
}
{
    "_id": "dd4be7b28",
    "title": "",
    "text": "d u r l t y c o r p o r a t i o n 2 8 2 0 0 2 a n a l r e p o r t notes to consolidated financial statements company recognizes income on long-term construction contracts general contractor on percentage of completion method.\n profits recorded on company 2019s estimates of percentage of completion of individual contracts commencing when progress reaches experience sufficient to estimate final results with accuracy.\n portion of estimated earnings accrued on company 2019s estimates of percentage of completion based on contract expenditures incurred and work performed.\n property sales gains from sales of depreciated property recognized with financial accounting standards ( 201csfas 201d ) no.\n 66  included in earnings from sales of land and depreciable property dispositions  net of impairment adjustment  in statement of operations if identified held for sale prior to adoption sfas 144 and discontinued operations if held for sale after adoption sfas 144.\n gains or losses from sale of property considered held for sale in dclp recognized in with sfas 66 included in construction management and development activity income in statement of operations.\n net income per common share basic net income per common share computed by dividing net income available for common shares by weighted average number of common shares outstanding for period.\n diluted net income per share computed by dividing sum of net income available for common shares and minority interest in earnings of unitholders by sum of weighted average number of common shares and units outstanding and dilutive potential common shares for period.\ntable reconciles components basic and diluted net income per share ( in thousands ) : series d convertible preferred stock and series g convertible preferred limited partner units were anti-dilutive for years ended december 31 , 2002 , 2001 2000 ; no conversion to common shares included in weighted dilutive potential common shares.\n in september 2002  company redeemed series g convertible preferred units at par value of $ 35. 0 million.\n joint venture partner in company 2019s unconsolidated companies has option to convert portion of ownership to company common shares ( see discussion in investments in unconsolidated companies section ).\n effect of option on earnings per share was dilutive for year ended december 31 , 2001 ; conversion to common shares included in weighted dilutive potential common shares.\n federal income taxes company elected to be taxed as real estate investment trust ( 201creit 201d ) under internal revenue code.\n to qualify as reit  company must meet organizational and operational requirements including requirement distribute at least 90% ( 90 % ) of taxable income to stockholders.\n management intends to continue to adhere to requirements maintain company 2019s reit status.\n as reit company entitled to tax deduction for some or all dividends it pays to shareholders.\n company generally not subject to federal income taxes as long as it distributes amount equal to or in excess of taxable income currently to stockholders.\n reit generally subject to federal income taxes on any taxable income not currently distributed to shareholders.\n if company fails to qualify as a reit in taxable year subject to federal income taxes may not able to qualify as a reit for four subsequent taxable years.\n reit qualification reduces but not eliminate amount of state and local taxes paid by company.\n, company 2019s financial statements include operations of taxable corporate subsidiaries not entitled to dividends paid deduction subject to corporate federal , state and local income taxes.\n reit company may also be subject to certain federal excise taxes if it engages in certain types of transactions.\n\n| 2002     | 2001     | 2000\n----------------------------------------------------------------------------------- | -------- | -------- | --------\nbasic net income available for common shares                                        | $ 161272 | $ 229967 | $ 212958\njoint venture partner convertible ownership net income                              | 2014     | 3423     | 2014\nminority interest in earnings of common unitholders                                 | 18568    | 32463    | 32071\ndiluted net income available for common shares and dilutive potential common shares | $ 179840 | $ 265853 | $ 245029\nweighted average number of common shares outstanding                                | 133981   | 129660   | 126836\nweighted average partnership units outstanding                                      | 15442    | 18301    | 19070\njoint venture partner convertible ownership common share equivalents                | 2014     | 2092     | 2014\ndilutive shares for stock-based compensation plans                                  | 1416     | 1657     | 1535\nweighted average number of common shares and dilutive potential common shares       | 150839   | 151710   | 147441"
}
{
    "_id": "dd4c53a80",
    "title": "",
    "text": "action commenced by california attorney general providing customers greater transparency into pricing of this product other alternatives for addressing foreign exchange requirements.\n believe disclosures will address customer interests for increased transparency over time action may result in pressure on our pricing product or in clients electing other foreign exchange execution options adverse impact on revenue from profitability of product for.\n we may be exposed to customer claims  financial loss  reputational damage regulatory scrutiny of transacting purchases and redemptions relating to unregistered cash collateral pools underlying our securities lending program at net asset value of $ 1. 00 per unit rather than lower net asset value based upon market value of underlying portfolios.\n portion of cash collateral received by customers under our securities lending program is invested in cash collateral pools we manage.\n interests in these cash collateral pools held by unaffiliated customers and by registered and unregistered investment funds that we manage.\n our cash collateral pools are money market funds registered under investment company act of 1940 required to maintain constant net asset value of $ 1. 00 per unit.\n remainder of cash collateral pools are collective investment funds not required to be registered under investment company act.\n unregistered cash collateral pools seek not required to maintain transact purchases and redemptions at constant net asset value of $ 1. 00 per unit.\n our securities lending operations consist of two components ; direct lending program for third-party investment managers and asset owners collateral pools for refer to as direct lending collateral pools ; investment funds with broad range of investment objectives managed by ssga engage in securities lending  refer to as ssga lending funds.\ntable shows aggregate net asset values of unregistered direct lending collateral pools and unregistered collateral pools underlying ssga lending funds  each case based on constant net asset value of $ 1. 00 per ( in billions ) december 31 , 2009 december 31 , 2008 december 31 , 2007 ( 1 ).\n ssga lending funds were participants in direct lending collateral pools until october 2008.\n direct lending collateral pool balances at december 31 , 2007 related to ssga lending funds included within ssga lending fund balances and excluded from direct lending collateral pool balances above.\n\n( in billions )                                | december 31 2009 | december 31 2008 | december 31 2007 ( 1 )\n---------------------------------------------- | ---------------- | ---------------- | ----------------------\ndirect lending collateral pools                | $ 85             | $ 85             | $ 150\ncollateral pools underlying ssga lending funds | 24               | 31               | 44"
}
{
    "_id": "dd4c14cea",
    "title": "",
    "text": "act of 1933 , amended section 1145 united states code.\n no underwriters engaged such issuances.\n during three months ended december 31 , 2008  issued aggregate of 7173456 shares common stock upon conversion of $ 147. 1 million principal amount of 3. 00% ( 3. 00 % ) notes.\n pursuant terms indenture  holders of 3. 00% ( 3. 00 % ) notes receive 48. 7805 shares common stock for every $ 1000 principal amount of notes converted.\n conversions paid holders aggregate approximately $ 3. 7 million , calculated based on accrued and unpaid interest on notes discounted value of future interest payments on notes.\n all shares issued in reliance exemption from registration in section 3 ( a ) ( 9 ) of securities act of 1933 , amended.\n no underwriters engaged such issuances.\n issuer purchases of equity securities during three months ended december 31, 2008 repurchased 2784221 shares common stock for aggregate of $ 79. 4 million , including commissions and fees pursuant publicly announced stock repurchase program  follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased part of publicly announced plans or programs approximate dollar value of shares may yet be purchased under plans or programs ( in millions ).\n ( 1 ) repurchases made pursuant $ 1. 5 billion stock repurchase program approved by board of directors in february 2008.\n under program management authorized to purchase shares time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws other legal requirements subject to market conditions other.\nfacilitate repurchases , we make purchases pursuant trading plan under rule 10b5-1 of exchange act , allows us to repurchase shares during periods might prevented from under insider trading laws or self-imposed trading blackout periods.\n program may be discontinued at any time.\n reflected in above table , in fourth quarter of 2008 , significantly reduced purchases of common stock under stock repurchase program based on downturn in economy disruptions in financial and credit markets.\n subsequent to december 31 , 2008 , repurchased approximately 28000 shares of common stock for aggregate of $ 0. 8 million , including commissions and fees , pursuant program.\n expect to continue to manage pacing program in future in response to general market conditions other relevant factors.\n\nperiod               | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | approximate dollar value of shares that may yet be purchased under the plans orprograms ( in millions )\n-------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------\noctober 2008         | 1379180                                | $ 30.51                      | 1379180                                                                          | $ 1005.3\nnovember 2008        | 1315800                                | $ 26.51                      | 1315800                                                                          | $ 970.4\ndecember 2008        | 89241                                  | $ 27.32                      | 89241                                                                            | $ 967.9\ntotal fourth quarter | 2784221                                | $ 28.53                      | 2784221                                                                          | $ 967.9"
}
{
    "_id": "dd4bbe44e",
    "title": "",
    "text": "fortron industries llc.\n fortron is a leading global producer of pps  sold under fortron ae brand used in automotive other applications especially those requiring heat chemical resistance.\n fortron's facility located in wilmington , north carolina.\n venture combines sales  marketing distribution compounding manufacturing expertise of celanese with pps polymer technology expertise of kureha america inc.\n cellulose derivatives strategic ventures.\n cellulose derivatives ventures fund operations using operating cash flow pay dividends based on ventures' performance in preceding year.\n in 2014 , 2013 2012 received cash dividends of $ 115 million , $ 92 million $ 83 million , respectively.\n ownership interest in each cellulose derivatives ventures exceeds 20% ( 20 % )  account for investments using cost method of accounting exercise significant influence over entities due to local government investment influence entities limitations on involvement in day-to-day operations inability of entities to provide timely financial information in accordance with generally accepted accounting principles in united states of america (.\n 2022 other equity method investments infraservs.\n we hold indirect ownership interests in several german infraserv groups that own develop industrial parks provide on-site general administrative support to tenants.\n ownership interest in equity investments in infraserv affiliates are as follows : as of december 31 , 2014 ( percentages ).\n research and development our businesses are innovation-oriented conduct research and development activities to develop new  optimize existing production technologies develop commercially viable new products and applications.\n research and development expense was $ 86 million , $ 85 million and $ 104 million for years ended december 31 , 2014 , 2013 2012 , respectively.\nconsider amounts spent during last three fiscal years on research and development activities to sufficient to execute current strategic initiatives.\n intellectual property attach importance to protecting our intellectual property , including safeguarding confidential information through patents , trademarks copyrights , to preserve investment in research and development , manufacturing marketing.\n patents may cover processes , equipment , products  intermediate products product uses.\n also seek to register trademarks protecting brand names of company and products.\n patents.\n in most industrial countries , patent protection exists for new substances formulations, for certain unique applications production processes.\n however , we do business in regions world where intellectual property protection may be limited difficult to enforce.\n confidential information.\n maintain stringent information security policies and procedures wherever do business.\n such information security policies procedures include data encryption  controls over disclosure safekeeping of confidential information trade secrets  employee awareness training.\n trademarks.\naoplus ae , ae2  ae3 , ateva ae  avicor ae  britecoat ae  celanese ae  celanex ae  celcon ae  celfx 2122 , celstran ae  celvolit ae  clarifoil ae  duroset ae  ecovae ae  factor ae  fortron ae  gur ae  hostaform ae  impet ae  mowilith ae  nutrinova ae  qorus 2122 , riteflex ae  sunett ae  tcx 2122, thermx ae tufcor ae  vantage ae  vantageplus 2122 , vantage ae2 vectra ae  vinamul ae  vitaldose ae  zenite ae certain other branded products services in document are registered reserved trademarks service marks owned licensed by celanese.\n not exhaustive list of all registered trademarks service marks licensed by celanese.\n fortron ae registered trademark of fortron industries llc.\n\n| as of december 31 2014 ( in percentages )\n--------------------------------- | -----------------------------------------\ninfraserv gmbh & co . gendorf kg  | 39\ninfraserv gmbh & co . hoechst kg  | 32\ninfraserv gmbh & co . knapsack kg | 27"
}
{
    "_id": "dd4b9ab8e",
    "title": "",
    "text": "primary beneficiary of either entity deconsolidated both entities.\n at december 31 , 2010  held 36% ( 36 % ) interest in juniperus accounted for using equity method of accounting.\n potential loss at december 31 , 2010 limited to investment of $ 73 million in juniperus  recorded in investments in consolidated statements of financial position.\n not provided financing to juniperus other than previously contractually required amounts.\n juniperus and jchl had combined assets and liabilities of $ 121 million and $ 22 million  respectively at december 31 , 2008.\n for year ended december 31 , 2009 recognized $ 36 million of pretax income from juniperus and jchl.\n recognized $ 16 million of after-tax income after allocating share net income to non-controlling interests.\n previously owned 85% ( 85 % ) economic equity interest in globe re limited ( 2018 2018globe re 2019 2019 ) vie provided reinsurance coverage for defined portfolio of property catastrophe reinsurance contracts by third party for limited period ended june 1 , 2009.\n consolidated globe re primary beneficiary.\n winding up of operations globe re repaid $ 100 million of short-term debt and our equity investment from available cash in 2009.\n recognized $ 2 million of after-tax income from globe re in 2009  share net income attributable to non-controlling interests.\n globe re fully liquidated in third quarter of 2009.\n review by segment general serve clients through following segments : 2022 risk solutions ( formerly risk and insurance brokerage services ) acts as advisor and insurance and reinsurance broker  helping clients manage risks via consultation negotiation and placement of insurance risk with insurance carriers through global distribution network.\n2022 hr solutions ( formerly consulting ) partners with organizations to solve complex benefits , talent related financial challenges  improve business performance by designing , implementing  communicating administering human capital , retirement , investment management  health care  compensation talent management strategies.\n risk solutions.\n demand for property and casualty insurance rises as economic activity increases falls as activity decreases , affecting commissions fees by our brokerage business.\n economic activity impacts property and casualty insurance is described as exposure units  closely correlated with employment levels  corporate revenue asset values.\n during 2010 continued to see 2018 2018soft market 2019 2019 , began in 2007 , in our retail brokerage product line.\n in soft market , premium rates flatten or decrease  along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity.\n changes in premiums direct potentially material impact on insurance brokerage industry , commission revenues based on percentage of\n\nyears ended december 31, | 2010             | 2009             | 2008\n------------------------ | ---------------- | ---------------- | ----------------\nrevenue                  | $ 6423           | $ 6305           | $ 6197\noperating income         | 1194             | 900              | 846\noperating margin         | 18.6% ( 18.6 % ) | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % )"
}
{
    "_id": "dd4ba6754",
    "title": "",
    "text": "segment had operating earnings $ 709 million in 2007 compared to $ 787 million in 2006.\n decrease in operating earnings due to decrease in gross margin  driven by lower net sales of iden infrastructure equipment continued competitive pricing pressure in market for gsm infrastructure equipment offset by increased net sales of digital entertainment devices reversal of reorganization of business accruals recorded in 2006 relating to employee severance no longer needed.\n sg&a expenses increased due to expenses from recently acquired businesses partially offset by savings from cost-reduction initiatives.\n r&d expenditures decreased due to savings from cost- reduction initiatives partially offset by expenditures recently acquired businesses continued investment in digital entertainment devices and wimax.\n as percentage of net sales in 2007 compared to 2006 gross margin , sg&a expenses  r&d expenditures operating margin all decreased.\n in 2007 sales to segment 2019s top five customers represented approximately 43% ( 43 % ) of segment 2019s net sales.\n segment 2019s backlog was $ 2. 6 billion at december 31 , 2007 compared to $ 3. 2 billion at december 31 , 2006.\n in home business demand for segment 2019s products depends on capital spending by broadband operators for constructing  rebuilding upgrading communications systems for offering advanced services.\n during second quarter of 2007 segment began shipping digital set-tops support federal communications commission ( 201cfcc 201d ) 2014 mandated separable security requirement.\n fcc regulations mandating separation of security functionality from set-tops went into effect on july 1 , 2007.\n result of regulations cable service providers accelerated purchases of set-tops in first half of 2007.\nin 2007 , our digital video customers increased purchases of segment 2019s products and services primarily due to increased demand for digital entertainment devices  particularly hd/dvr devices.\n during 2007  segment completed acquisitions of : i ) netopia , inc.  a broadband equipment provider for dsl customers allows for phone  tv fast internet connections  ii ) tut systems , inc. leading developer of edge routing and video encoders  iii ) modulus video , inc. provider of mpeg-4 advanced coding compression systems for delivery high-value video content in ip set-top devices for digital video  broadcast satellite marketplaces  iv ) terayon communication systems , inc. provider of real-time digital video networking applications to cable  satellite telecommunication service providers worldwide and v ) leapstone systems , inc. provider of intelligent multimedia service delivery and content management applications to networks operators.\n these acquisitions enhance our ability to provide complete end-to-end systems for delivery of advanced video , voice and data services.\n in december 2007 , motorola completed sale of ecc to emerson for $ 346 million in cash.\n enterprise mobility solutions segment designs , manufactures , sells  installs and services analog and digital two-way radio , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to range of enterprise markets  including government and public safety agencies referred to as 201cgovernment and public safety market 201d ) retail , energy and utilities , transportation , manufacturing , healthcare other commercial customers ( referred to as 201ccommercial enterprise market 201d ).\n2008 segment 2019s net sales represented 27% ( 27 % ) of company 2019s consolidated net sales compared to 21% ( 21 % ) in 2007 13% ( 13 % ) in 2006.\n ( dollars in millions ) 2008 2007 2006 2008 20142007 2007 20142006 years ended december 31 percent change.\n segment results 20142008 compared to 2007 2008 segment 2019s net sales increased 5% ( 5 % ) to $ 8. 1 billion  compared to $ 7. 7 billion 2007.\n 5% ( 5 % ) increase sales reflects 8% ( 8 % ) increase net sales to government public safety market offset by 2% ( 2 % ) decrease net sales commercial enterprise market.\n increase net sales government public safety market driven by increased net sales outside north america net sales generated by vertex standard co. , ltd. business company acquired controlling interest january 2008 partially offset by lower net sales in north america.\n geographic basis segment 2019s net sales higher in emea  asia latin america lower in north america.\n 65management 2019s discussion analysis of financial condition results of operations %%transmsg*** transmitting job : c49054 pcn : 068000000 ***%pcmsg|65 |00024|yes|no|02/24/2009 12:31|0|0|page valid  no graphics -- color : n|\n\n( dollars in millions ) | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2006 | years ended december 31 2008 20142007 | 2007 20142006\n----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------\nsegment net sales       | $ 8093                       | $ 7729                       | $ 5400                       | 5% ( 5 % )                            | 43% ( 43 % )\noperating earnings      | 1496                         | 1213                         | 958                          | 23% ( 23 % )                          | 27% ( 27 % )"
}
{
    "_id": "dd4c5937c",
    "title": "",
    "text": "page 22 of 100 to worldview-3  segment 2019s other high-profile contracts include james webb space telescope  successor to hubble space telescope ; joint polar satellite system  next-generation satellite weather monitoring system global precipitation measurement-microwave imager  essential role in earth 2019s weather environmental forecasting ; antennas and sensors for joint strike fighter.\n segment earnings in 2010 compared to 2009 increased by $ 8. 4 million due to favorable fixed-price program performance higher sales partially offset by program reductions.\n segment earnings in 2009 down $ 14. 8 million compared to 2008 attributable to winding down of large programs reduced program activity.\n february 15 , 2008 ball completed sale of shares in bsg to qinetiq pty ltd for approximately $ 10. 5 million  including cash sold of $ 1. 8 million.\n subsidiary provided services to australian department of defense related government agencies.\n after adjustment for working capital sale resulted in pretax gain of $ 7. 1 million.\n sales to u. s.\n government  prime contractor or subcontractor represented 96 percent of segment sales in 2010 , 94 percent in 2009 91 percent in 2008.\n contracted backlog for aerospace and technologies segment at december 31 , 2010 and 2009 was $ 989 million and $ 518 million  respectively.\n increase in backlog primarily due to worldview-3 and joint polar satellite system ( jpss ) contracts.\n comparisons of backlog not indicative of trend of future operations.\n discontinued operations 2013 plastic packaging , americas in august 2010 completed sale of plastics packaging business received gross proceeds of $ 280 million.\n amount included $ 15 million of contingent consideration recognized at closing did not include preliminary closing adjustments totaling $ 18. 5 million paid in fourth quarter.\nsale of plastics packaging business included five u. s.\n plants manufactured polyethylene terephthalate ( pet ) bottles preforms polypropylene bottles , associated customer contracts other related assets.\n plastics business employed approximately 1000 people had sales of $ 635 million in 2009.\n manufacturing plants located in ames , iowa ; batavia , illinois ; bellevue, ohio ; chino , california ; delran , new jersey.\n research and development operations based in broomfield westminster , colorado.\n table summarizes operating results for discontinued operations for years ended december 31:.\n ( a ) includes net charges recorded reflect costs associated with closure of plastics packaging manufacturing plants.\n additional segment information for information segments see business segment information in note 2 accompanying consolidated financial statements item 8 report.\n charges recorded for business consolidation activities based on estimates by ball management developed from information available at time.\n if actual outcomes vary from estimates differences reflected in current period earnings in consolidated statement of earnings identified as business consolidation gains and losses.\n additional details about business consolidation activities associated costs provided in note 5 accompanying consolidated financial statements item 8.\n\n( $ in millions )                               | 2010             | 2009           | 2008\n----------------------------------------------- | ---------------- | -------------- | ------------\nnet sales                                       | $ 318.5          | $ 634.9        | $ 735.4\nearnings from operations                        | $ 3.5            | $ 19.6         | $ 18.2\ngain on sale of business                        | 8.6              | 2212           | 2212\nloss on asset impairment                        | -107.1 ( 107.1 ) | 2212           | 2212\nloss on business consolidation activities ( a ) | -10.4 ( 10.4 )   | -23.1 ( 23.1 ) | -8.3 ( 8.3 )\ngain on disposition                             | 2212             | 4.3            | 2212\ntax benefit ( provision )                       | 30.5             | -3.0 ( 3.0 )   | -5.3 ( 5.3 )\ndiscontinued operations net of tax              | $ -74.9 ( 74.9 ) | $ -2.2 ( 2.2 ) | $ 4.6"
}
{
    "_id": "dd4c276ce",
    "title": "",
    "text": "item 12.\n security ownership beneficial owners management related stockholder matters.\n information required by item 12 included under heading 201csecurity ownership management beneficial owners 201d in 2017 proxy statement information incorporated by reference in form 10-k.\n equity compensation plan information table provides information equity compensation plans authorize issuance shares lockheed martin common stock to employees directors.\n information provided as of december 31 , 2016.\n plan category number of securities be issued exercise outstanding options  warrants rights weighted-average exercise price outstanding options  warrants rights number securities remaining available for future issuance under equity compensation ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ( 1 ) 5802673 $ 85. 82 6216471 equity compensation plans not approved by security holders ( 2 ) 1082347 2014 2481032.\n ( 1 ) column ( a ) includes as of december 31 , 2016 : 1747151 shares granted as restricted stock units ( rsus ) 936308 shares be earned grants of performance stock units ( psus ) maximum number psus earned payable end of three-year performance period ) 2967046 shares granted as options under lockheed martin corporation 2011 incentive performance award plan ( 2011 ipa plan ) predecessor plans prior to january 1 , 2013 23346 shares granted as options 128822 stock units payable in stock or cash under lockheed martin corporation 2009 directors equity plan ) predecessor plans for members former members ) board of directors.\ncolumn ( c ) includes as of december 31 , 2016  5751655 shares available for future issuance under 2011 ipa plan as options , stock appreciation rights ( sars ) restricted stock awards ( rsas ) rsus or psus and 464816 shares available for future issuance under directors equity plan as stock options and stock units.\n of 5751655 shares available for grant under 2011 ipa plan december 31 2016, 516653 and 236654 shares are issuable pursuant to grants made on january 26, 2017  of rsus and psus ( assuming maximum number of psus earned and payable at end of three-year performance period ).\n weighted average price not account shares issued to rsus or psus.\n shares represent annual incentive bonuses and long-term incentive performance ( ltip ) payments earned and voluntarily deferred by employees.\n deferred amounts payable under deferred management incentive compensation plan ( dmicp ).\n deferred amounts credited as phantom stock units at closing price of stock on date deferral effective.\n amounts equal to dividend credited as stock units at time pay dividend.\n following termination of employment number of shares of stock equal to number of stock units credited to employee 2019s dmicp account are distributed to employee.\n no discount or value transfer on stock distributed.\n distributions may be made from newly issued shares or shares purchased on open market.\n historically all distributions from shares held in separate trust do not dilute common shares outstanding.\n these shares not considered in calculating total weighted average exercise price in table.\n dmicp shares are outstanding should be included in denominator not numerator ) of dilution calculation.\n item 13.\nrelationships related transactions director independence.\n information required by item 13 included under captions 201ccorporate governance 2013 related person transaction policy , 201d 201ccorporate governance 2013 certain relationships related person transactions of directors , executive officers 5 percent stockholders , 201d 201ccorporate governance 2013 director independence 201d in 2017 proxy statement  information incorporated by reference in form 10-k.\n item 14.\n principal accountant fees services.\n information required item 14 included under caption 201cproposal 2 2013 ratification of appointment of independent auditors 201d in 2017 proxy statement  information incorporated by reference in form 10-k.\n\nplan category                                                   | number of securities to beissued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exercise price of outstanding options warrants and rights ( b ) | number of securities remaining availablefor future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )\n--------------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by securityholders ( 1 )     | 5802673                                                                                         | $ 85.82                                                                          | 6216471\nequity compensation plans not approved bysecurity holders ( 2 ) | 1082347                                                                                         | 2014                                                                             | 2481032\ntotal                                                           | 6885020                                                                                         | $ 85.82                                                                          | 8697503"
}
{
    "_id": "dd49901cc",
    "title": "",
    "text": "28 2014 annual report performance graph chart presents comparison for five-year period ended june 30 , 2014 of market performance of company 2019s common stock with s & p 500 index and index of peer companies selected by company : comparison of 5 year cumulative total return among jack henry & associates , inc. s&p 500 index  peer group information depicts line graph with values:.\n comparison assumes $ 100 invested on june 30, 2009  assumes reinvestments of dividends.\n total returns calculated according to market capitalization of peer group members beginning each period.\n peer companies selected in providing specialized computer software  hardware related services to financial institutions other businesses.\n in fiscal 2014  changed peer group companies for analysis to maintain alignment with peer companies selected by compensation committee for determining compensation for executive management.\n companies in new peer group are aci worldwide , inc. bottomline technology , inc. broadridge financial solutions , cardtronics , inc. convergys corp. corelogic  inc. dst systems , inc. euronet worldwide  inc. fair isaac corp. fidelity national information services , inc. fiserv  inc. global payments , inc. heartland payment systems  inc. micros systems  inc. moneygram international , inc. ss&c technologies holdings  inc. total systems services , inc. tyler technologies  inc. verifone systems , inc. wex , inc.\n companies in old peer group are aci worldwide , inc. bottomline technology , inc. cerner corp. dst systems , inc. euronet worldwide , inc. fair isaac corp.fidelity national information services , inc. , fiserv ,., sei investments company  telecommunications systems ,. tyler technologies corp.\n\n| 2009   | 2010   | 2011   | 2012   | 2013   | 2014\n-------------- | ------ | ------ | ------ | ------ | ------ | ------\njkhy           | 100.00 | 116.85 | 148.92 | 173.67 | 240.25 | 307.57\nold peer group | 100.00 | 112.45 | 150.77 | 176.12 | 220.42 | 275.73\nnew peer group | 100.00 | 115.50 | 159.31 | 171.86 | 198.72 | 273.95\ns & p 500      | 100.00 | 114.43 | 149.55 | 157.70 | 190.18 | 236.98"
}
{
    "_id": "dd4ba96ca",
    "title": "",
    "text": "unrecognized tax benefit related to permanent differences portion benefits relate to state tax matters.\n possible liability for uncertain tax positions could increase or decrease in next twelve months due to completion of tax authorities 2019 exams or expiration of statutes of limitations.\n management estimates liability for uncertain tax positions could decrease by $ 5 million within next twelve months.\n consolidated federal income tax returns of pnc financial services group , inc.\n and subsidiaries through 2003 audited by internal revenue service resolved all disputed matters through irs appeals division.\n internal revenue service currently examining 2004 through 2006 consolidated federal income tax returns of pnc financial services group  inc.\n subsidiaries.\n consolidated federal income tax returns of national city corporation and subsidiaries through 2004 audited by internal revenue service reached agreement in principle on resolution of all disputed matters through irs appeals division.\n agreement still subject to execution of closing agreement not treated as effectively settled.\n internal revenue service examining 2005 through 2007 consolidated federal income tax returns of national city corporation and subsidiaries expect 2008 federal income tax return to begin audited as soon as filed.\n new york , new jersey  maryland and new york city principally subject to state and local income tax prior to acquisition of national city.\n state of new york closing 2002 to 2004 audit will begin auditing years 2005 and 2006.\n new york city auditing 2004 and 2005.\n years 2002 and 2003 remain subject to examination by new york city pending completion of new york state audit.\n through 2006 blackrock included in new york and new york city combined tax filings constituted most of tax liability.\n years subsequent to 2004 remain subject to examination by new jersey and years subsequent to 2005 remain subject to examination by maryland.\nnational city subject to state local income tax in california  florida illinois indiana missouri.\n audits in process for states include : california ( 2003-2004 ) illinois ( 2004-2006 ) missouri ( 2003-2005 ).\n we now also principally subject to tax in those states.\n ordinary course of business routinely subject to audit by taxing authorities these states number of audits in process.\n policy to classify interest and penalties associated with income taxes as income taxes.\n at january 1 , 2008  accrued $ 91 million of interest related to tax positions most related to cross-border leasing transactions.\n total accrued interest and penalties at december 31 , 2008 was $ 164 million.\n leasing related interest decreased with payment to irs  $ 73 million net increase resulted from acquisition of national city.\n note 22 summarized financial information of blackrock as required by sec regulation s-x  summarized consolidated financial information of blackrock follows ( in millions ).\n note 23 regulatory matters subject to regulations of federal state agencies undergo periodic examinations by regulatory authorities.\n access to cost of funding new business initiatives including acquisitions  ability to pay dividends level of deposit insurance costs level nature of regulatory oversight depend on financial institution 2019s capital strength.\n minimum regulatory capital ratios are 4% ( 4 % ) for tier 1 risk-based , 8% ( 8 % ) for total risk- based 4% ( 4 % ) for leverage.\n regulators may require higher capital levels when particular circumstances warrant.\n qualify capitalized regulators require banks to maintain capital ratios of at least 6% ( 6 % ) for tier 1 risk-based  10% ( 10 % ) for total risk-based 5% ( 5 % ) for leverage.\ndecember 31 , 2008 december 31  2007 , domestic bank subsidiaries met 201cwell capitalized 201d capital ratio requirements.\n\ndecember 31                                                             | 2008         | 2007\n----------------------------------------------------------------------- | ------------ | -------\ntotal assets                                                            | $ 19924      | $ 22561\ntotal liabilities                                                       | $ 7367       | $ 10387\nnon-controlling interest                                                | 491          | 578\nstockholders 2019 equity                                                | 12066        | 11596\ntotal liabilities non-controlling interest and stockholders 2019 equity | $ 19924      | $ 22561\nyear ended december 31                                                  | 2008         | 2007\ntotal revenue                                                           | $ 5064       | $ 4845\ntotal expenses                                                          | 3471         | 3551\noperating income                                                        | 1593         | 1294\nnon-operating income ( expense )                                        | -574 ( 574 ) | 529\nincome before income taxes and non-controlling interest                 | 1019         | 1823\nincome taxes                                                            | 388          | 464\nnon-controlling interest                                                | -155 ( 155 ) | 364\nnet income                                                              | $ 786        | $ 995"
}
{
    "_id": "dd4bb6e6a",
    "title": "",
    "text": "vornado realty trust notes to consolidated financial statements continued ) 10.\n redeemable noncontrolling interests on consolidated balance sheets recorded at greater of carrying amount or redemption value end of each reporting period.\n changes in value from period to period charged to 201cadditional capital 201d in consolidated statements of changes in equity.\n table summarizing activity of redeemable noncontrolling interests.\n ( amounts in thousands ).\n redeemable noncontrolling interests exclude series g convertible preferred units series d-13 cumulative redeemable preferred units accounted for as liabilities in accordance with asc 480  distinguishing liabilities and equity possible settlement by issuing variable number of vornado common shares.\n fair value of these units included as component of 201cother liabilities 201d on consolidated balance sheets aggregated $ 54865000 and $ 55097000 as of december 31, 2011 and 2010  respectively.\n\nbalance at december 31 2009                                        | $ 1251628\n------------------------------------------------------------------ | ------------------\nnet income                                                         | 55228\ndistributions                                                      | -53515 ( 53515 )\nconversion of class a units into common shares at redemption value | -126764 ( 126764 )\nadjustment to carry redeemable class a units at redemption value   | 191826\nredemption of series d-12 redeemable units                         | -13000 ( 13000 )\nother net                                                          | 22571\nbalance at december 31 2010                                        | 1327974\nnet income                                                         | 55912\ndistributions                                                      | -50865 ( 50865 )\nconversion of class a units into common shares at redemption value | -64830 ( 64830 )\nadjustment to carry redeemable class a units at redemption value   | -98092 ( 98092 )\nredemption of series d-11 redeemable units                         | -28000 ( 28000 )\nother net                                                          | 18578\nbalance at december 31 2011                                        | $ 1160677"
}
{
    "_id": "dd4bd3d9e",
    "title": "",
    "text": "notes consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) litigation settlement 2014 during may 2008  sec concluded investigation began in 2002 into our financial reporting practices resulting in settlement charge of $ 12. 0.\n investment impairments 2014 in 2007 realized other-than-temporary charge of $ 5. 8 relating to $ 12. 5 investment in auction rate securities  representing total investment in auction rate securities.\n for additional information see note 15.\n note 6 : intangible assets goodwill goodwill is excess purchase price remaining from acquisition after allocation of purchase price made to identifiable assets acquired and liabilities assumed based on estimated fair values.\n changes in carrying value of goodwill by segment for years ended december 31 , 2008 and 2007 follows:.\n during latter part of fourth quarter of 2008 stock price declined significantly after annual impairment review as of october 1 , 2008 market capitalization less than book value as of december 31 , 2008.\n considered events or circumstances indicative of triggering event determined decline in stock price during fourth quarter was event would likely reduce fair value of individual reporting units below book value requiring to perform interim impairment test for goodwill at reporting unit level.\n based on interim impairment test conducted concluded no impairment of goodwill as of december 31 , 2008.\n continue to monitor stock price reconciliation of market capitalization and fair values of individual reporting units throughout 2009.\n during annual impairment reviews as of october 1 , 2006 discounted future operating cash flow projections at one domestic advertising reporting units indicated implied fair value of goodwill at this reporting unit less than book value  primarily due to client losses resulting in goodwill impairment charge of $ 27.2 in 2006 ian segment.\n other intangible assets included assets with indefinite lives not subject to amortization assets with definite lives subject to amortization.\n assets include non-compete agreements license costs  trade names customer lists.\n intangible assets with definitive lives subject to amortization amortized on a\n\n| ian              | cmg            | total\n------------------------------------------------------- | ---------------- | -------------- | ----------------\nbalance as of december 31 2006                          | $ 2632.5         | $ 435.3        | $ 3067.8\ncurrent year acquisitions                               | 86.0             | 2014           | 86.0\ncontingent and deferred payments for prior acquisitions | 4.7              | 3.7            | 8.4\namounts allocated to business dispositions              | -5.7 ( 5.7 )     | 2014           | -5.7 ( 5.7 )\nother ( primarily foreign currency translation )        | 72.2             | 2.9            | 75.1\nbalance as of december 31 2007                          | 2789.7           | 441.9          | 3231.6\ncurrent year acquisitions                               | 99.5             | 1.8            | 101.3\ncontingent and deferred payments for prior acquisitions | 28.9             | 1.1            | 30.0\namounts allocated to business dispositions              | -0.4 ( 0.4 )     | 2014           | -0.4 ( 0.4 )\nother ( primarily foreign currency translation )        | -127.7 ( 127.7 ) | -13.9 ( 13.9 ) | -141.6 ( 141.6 )\nbalance as of december 31 2008                          | $ 2790.0         | $ 430.9        | $ 3220.9"
}
{
    "_id": "dd4c4ba38",
    "title": "",
    "text": "n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited subsidiaries no statutory restrictions on payment of dividends from retained earnings by bermuda subsidiaries minimum statutory capital and surplus requirements satisfied by share capital and additional paid-in capital of bermuda subsidiaries.\n company 2019s.\n subsidiaries file financial statements in with statutory accounting practices permitted by insurance regulators.\n statutory accounting differs from in reporting of certain reinsurance contracts investments subsidiaries acquis- ition expenses fixed assets deferred income taxes other items.\n statutory capital and surplus of.\n subsidiaries met regulatory requirements for 2008 , 2007  2006.\n amount dividends available to paid in 2009  without prior approval from state insurance departments totals $ 835 million.\n combined statutory capital surplus statutory net income of bermuda and u. s.\n subsidiaries as of for years ended december 31 , 2008 , 2007  2006  are as:.\n permitted by restructuring in note 7 certain company 2019s.\n subsidiaries discount certain a&e liabilities increased statutory capital and surplus by approximately $ 211 million , $ 140 million  and $ 157 million as of december 31 , 2008 , 2007  2006 .\n company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations.\n some jurisdictions impose complex regulatory requirements on insurance companies other jurisdictions impose fewer requirements.\n some countries company must obtain licenses governmental authorities to conduct local insurance business.\n licenses may be subject to reserves minimum capital and solvency tests.\njurisdictions may impose fines, censure criminal sanctions for violation of regulatory requirements.\n other disclosures required by swiss law ( i ) expenses total personnel expenses amounted to $ 1. 4 billion for year ended december 31 , 2008 , and $ 1. 1 billion for each years ended december 31 , 2007 and 2006.\n amortization expense related to tangible property amounted to $ 90 million , $ 77 million  $ 64 million for years ended december 31 , 2008 , 2007  2006 , respectively.\n ( ii ) fire insurance values of property and equipment total fire insurance values property equipment amounted to $ 680 million and $ 464 million at december 31, 2008 and 2007 , respectively.\n ( iii ) risk assessment and management management of ace responsible for assessing risks related to financial reporting process for establishing maintaining internal control over financial reporting.\n internal control over financial reporting is process designed by under supervision of chief executive officer and chief financial officer to provide assurance regarding reliability of financial reporting preparation of ace 2019s consolidated financial statements for external purposes in accordance with gaap.\n board  operating through audit committee composed of directors not officers or employees provides oversight of financial reporting process safeguarding of assets against unauthorized acquisition  use disposition.\n audit committee meets with management independent registered public accountants internal auditor ; approves scope of audit work related fee arrangements reviews audit reports and findings.\n independent registered public accountants internal auditor meet separately with audit committee to discuss results of audits ; adequacy of company 2019s internal control quality of financial reporting safeguarding of assets against unauthorized acquisition  use dis- position.\n ace 2019s management responsible for assessing operational risks company sets policies to address such risks.\nkey areas addressed ace 2019s risk management processes follow.\n\n( in millions of u.s . dollars ) | bermuda subsidiaries 2008 | bermuda subsidiaries 2007 | bermuda subsidiaries 2006 | bermuda subsidiaries 2008 | bermuda subsidiaries 2007 | 2006\n-------------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------\nstatutory capital and surplus    | $ 7001                    | $ 8579                    | $ 7605                    | $ 5337                    | $ 5321                    | $ 4431\nstatutory net income             | $ 684                     | $ 1535                    | $ 1527                    | $ 798                     | $ 873                     | $ 724"
}
{
    "_id": "dd4c24e1a",
    "title": "",
    "text": "issuer purchases equity securities january 2017  board of directors authorized repurchase shares common stock value up to $ 525 million aggregate.\n as of december 29 , 2018  $ 175 million remained available authorization.\n february 2019  board of directors authorized additional repurchase shares common stock value up to $ 500. 0 million aggregate.\n actual timing amount repurchases subject to business market conditions corporate regulatory requirements stock price acquisition opportunities other factors.\n table presents repurchases under current authorization shares surrendered by employees satisfy income tax withholding obligations three months ended december 29, 2018 : period total number of shares purchased 1 ) average price paid per share ( 2 ) total number of shares purchased part of publicly announced plan or program maximum dollar value of shares authorized for repurchase publicly announced plan or program ( 1 ) ( in millions ) september 30 , 2018 2013 november 3 , 2018 543900 $ 42. 64 495543 $ 254 november 4 , 2018 2013 december 1 , 2018 650048 $ 44. 49 623692 $ 226 december 2 , 2018 2013 december 29 , 2018 1327657 $ 42. 61 1203690 $ 175.\n 1 ) shares purchased not part of publicly announced repurchase programs represent employee surrender of shares restricted stock satisfy employee income tax withholding obligations due vesting do not reduce dollar value purchased under publicly announced repurchase programs.\n 2 weighted average price paid per share common stock not include cost of commissions.\n\nperiod                                 | total numberof sharespurchased ( 1 ) | averageprice paidper share ( 2 ) | total number ofshares purchasedas part ofpublicly announcedplan or program | maximum dollarvalue of sharesauthorized for repurchase underpublicly announcedplan or program ( 1 ) ( in millions )\n-------------------------------------- | ------------------------------------ | -------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------\nseptember 30 2018 2013 november 3 2018 | 543900                               | $ 42.64                          | 495543                                                                     | $ 254\nnovember 4 2018 2013 december 1 2018   | 650048                               | $ 44.49                          | 623692                                                                     | $ 226\ndecember 2 2018 2013 december 29 2018  | 1327657                              | $ 42.61                          | 1203690                                                                    | $ 175\ntotal                                  | 2521605                              | $ 43.10                          | 2322925                                                                    |"
}
{
    "_id": "dd4c5c3b0",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis net revenue utility following analysis of change in net revenue comparing 2011 to 2010.\n amount ( in millions ).\n mark-to-market tax settlement sharing variance results from regulatory charge portion of benefits of settlement with irs related to mark-to-market income tax treatment of power purchase contracts shared with customers slightly offset by amortization of portion of charge beginning in october 2011.\n see notes 3 and 8 to financial statements for additional discussion of settlement benefit sharing.\n purchased power capacity variance due to price increases for ongoing purchased power capacity additional capacity purchases.\n net wholesale revenue variance due to lower margins on co-owner contracts higher wholesale energy costs.\n volume/weather variance due to increase of 2061 gwh in weather-adjusted usage across all sectors.\n weather-adjusted residential retail sales growth reflected increase in number of customers.\n industrial sales growth continued since beginning of 2010.\n entergy 2019s service territory benefited from national manufacturing economy exports industrial facility expansions.\n increases offset by declines in paper , wood products  pipeline segments.\n increase partially offset by effect of less favorable weather on residential sales.\n ano decommissioning trust variance related to deferral of investment gains from ano 1 and 2 decommissioning trust in 2010 accordance with regulatory treatment.\n gains resulted in increase in interest and investment income in 2010 corresponding increase in regulatory charges no effect on net income.\n retail electric price variance due to : rate actions at entergy texas including base rate increase effective august 2010 additional increase beginning may 2011 ; formula rate plan increase at entergy louisiana effective may 2011 ; base rate increase at entergy arkansas effective july 2010.\npartially offset by formula rate plan decreases at entergy new orleans effective october 2010 october 2011.\n see note 2 financial statements further discussion proceedings.\n\n| amount ( in millions )\n------------------------------------- | ----------------------\n2010 net revenue                      | $ 5051\nmark-to-market tax settlement sharing | -196 ( 196 )\npurchased power capacity              | -21 ( 21 )\nnet wholesale revenue                 | -14 ( 14 )\nvolume/weather                        | 13\nano decommissioning trust             | 24\nretail electric price                 | 49\nother                                 | -2 ( 2 )\n2011 net revenue                      | $ 4904"
}
{
    "_id": "dd4bbfcae",
    "title": "",
    "text": "note 6 2014mergers acquisitions eldertrust merger february 5 , 2004 company consummated merger transaction all cash transaction valued at $ 184 million ( 201celdertrust transaction 201d ).\n eldertrust transaction adds nine assisted living facilities  one independent living facility  five skilled nursing facilities  two med- ical office buildings financial office building ( 201celdertrust properties 201d ) to company 2019s portfolio. eldertrust properties leased company to various operators under leases for aggregated annual cash base rent of approxi- mately $ 16. 2 million  subject to escalation leases. leases remaining terms from four to 11 years. closing eldertrust transaction company acquired all limited partnership units in eldertrust operating limited partnership ( 201cetop 201d ) directly from owners at $ 12. 50 per unit  excluding 31455 class c units in etop ( remain outstanding ).\n etop owns directly or indirectly all eldertrust properties.\n company funded $ 101 million equity portion of purchase price with cash on eldertrust 2019s balance sheet portion of $ 85 million proceeds from december 2003 sale of ten facilities to kindred draws on company 2019s revolving credit facility ( 201crevolving credit facility 201d ) under second amended restated security and guaranty agreement  dated april 17, 2002 ( 201c2002 credit agreement 201d ). company 2019s ownership of eldertrust properties subject to approximately $ 83 million of property level debt other liabilities. close of eldertrust transaction eldertrust had approximately $ 33. 5 million in unrestricted and restricted cash on hand.\n acquisition accounted for under purchase method.\n following table summarizes preliminary estimated fair values of assets acquired liabilities assumed at date of acquisition.\n estimates subject to refinement as additional valuation information received.\noperations from merger reflected in company 2019s consolidated financial state- ments for periods subsequent to acquisition date of february 5 , 2004. company in of computing fair values allocation of purchase price subject to refinement.\n transaction with brookdale on january 29 , 2004 , company entered into 14 definitive purchase agreements ( each , 201cbrookdale purchase agreement 201d ) with affiliates of brookdale living communities , inc.\n 201cbrookdale 201d ) to purchase 201cbrookdale acquisition 201d total of 14 independent living or assisted living facilities ( each 201cbrookdale facility 201d ) for aggregate purchase price of $ 115 million. affiliates of brookdale agreed to lease and operate brookdale facilities to one or more triple-net leases. all brookdale leases  initial term of 15 years guaranteed by brookdale provide for aggregated annual base rent of approximately $ 10 million , escalating each year by greater of i 1. 5% ( 1. 5 % ) or 75% ( 75 % ) of consumer price index.\n company expects to fund brookdale acquisitions by assuming aggregate of approximately $ 41 million of non- recourse property level debt on certain brookdale facilities balance to paid from cash on hand and/or draws on revolving credit facility. property level debt encumbers seven of brookdale facilities.\n on january 29 , 2004  company completed acquisitions of four brookdale facilities for aggregate purchase price of $ 37 million. company 2019s acquisition of remaining ten brookdale facilities expected to be completed shortly subject to customary closing conditions.\nconsummation of each brookdale acquisition not conditioned upon consummation any other brookdale acquisition no assurance  if remaining brookdale acquisitions will be consummated or when consummated.\n transactions with trans healthcare , inc.\n on november 4 , 2002  company , through wholly owned subsidiary ventas realty  completed $ 120. 0 million transaction ( 201cthi transaction 201d ) with trans healthcare , inc. privately owned long-term care and hospital company ( 201cthi 201d ). transaction structured as $ 53. 0 million sale leaseback trans- action ( 201cthi sale leaseback 201d ) and $ 67. 0 million loan ( 201cthi loan 201d ) comprised of first mortgage loan ( 201cthi senior loan 201d ) and mezzanine loan ( 201cthi mezzanine loan 201d ).\n following sale of senior loan in december 2002 ( ) company 2019s investment in thi was $ 70. 0 million.\n part of sale leasebackventas realty purchased 5 properties leasing them back to thi under 201ctriple-net 201d master lease ( 201cthi master lease 201d ). properties subject to sale leaseback are four skilled nursing facilities and one con- tinuing care retirement community. master lease  initial term of ten years provides for annual base rent of $ 5. 9 million. master lease provides if meets specified revenue parameters , annual base rent will escalate each year by greater of ( i ) three percent or ii ) 50% ( 50 % ) of consumer price index.\n ventas , inc.\n page 37 annual report 2003\n\n| ( in millions )\n---------------------------------------------- | ---------------\nreal estate investments                        | $ 162\ncash and cash equivalents                      | 28\nother assets                                   | 5\ntotal assets acquired                          | $ 195\nnotes payable and other debt                   | 83\naccounts payable and other accrued liabilities | 2\ntotal liabilities assumed                      | 85\nnet assets acquired                            | $ 110"
}
{
    "_id": "dd4bdec9e",
    "title": "",
    "text": "22 2002subsequent events january 2011  purchased cif 2019s 49. 9% ( 49. 9 % ) interest in 521 fifth avenue , assuming full ownership of building.\n transaction values consolidated interest at approximately $ 245. 7 a0million.\n in january 2011  repaid $ 84. 8 a0million , 5. 15% ( 5. 15 % ) unsecured notes at par on maturity date.\n january 2011  with moinian group completed recapitalization of 3 columbus circle.\n recapitalization included $ 138 a0million equity investment by sl a0green, portion in form of sl a0green operating partnership units.\n property now fully capitalized for all costs necessary to complete redevelop- ment and lease-up of building.\n previously existing mortgage refinanced with bridge loan by sl a0green and deutsche bank  intend to be further refinanced by third-party lenders later date.\n february a010 , 2011  company and operating partnership entered into atm equity offering sales agreements with merrill lynch , pierce , fenner a0& smith incorporated morgan stanley a0& a0co.\n incorporated to sell shares of company 2019s common stock  time to through $ 250. 0 a0 million 201cat market 201d equity offering program merrill lynch pierce fenner smith morgan stanley.\n acting sales agents.\n of february a022 , 2011  sold approximately 2. 0 a0million shares common stock through program for aggregate proceeds of $ 144. 1 a0million.\n 2009 quarter ended december a031 september a030 june a030 march a031.\n 88 sl green realty corp.\n 2010 annual report notes to consolidated financial statements\n\n2009 quarter ended                                                                           | december 31      | september 30     | june 30          | march 31\n-------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ---------------- | ----------------\ntotal revenues                                                                               | $ 243040         | $ 245769         | $ 248251         | $ 258787\nincome ( loss ) net of noncontrolling interests and before gains on sale                     | -380 ( 380 )     | 4099             | -10242 ( 10242 ) | -26600 ( 26600 )\nequity in net gain ( loss ) on sale of interest in unconsolidated joint venture/ real estate | 2014             | -157 ( 157 )     | -2693 ( 2693 )   | 9541\ngain on early extinguishment of debt                                                         | 606              | 8368             | 29321            | 47712\ngain ( loss ) on equity investment in marketable securities                                  | -232 ( 232 )     | -52 ( 52 )       | 127              | -807 ( 807 )\nnet income from discontinued operations                                                      | 1593             | 1863             | 999              | 1319\ngain ( loss ) on sale of discontinued operations                                             | -1741 ( 1741 )   | -11672 ( 11672 ) | 2014             | 6572\nnet income ( loss ) attributable to sl green                                                 | -154 ( 154 )     | 2449             | 17512            | 37737\npreferred stock dividends                                                                    | -4969 ( 4969 )   | -4969 ( 4969 )   | -4969 ( 4969 )   | -4969 ( 4969 )\nnet income ( loss ) attributable to sl green common stockholders                             | $ -5123 ( 5123 ) | $ -2520 ( 2520 ) | $ 12543          | $ 32768\nnet income ( loss ) per common share-basic                                                   | $ -0.07 ( 0.07 ) | $ -0.03 ( 0.03 ) | $ 0.19           | $ 0.57\nnet income ( loss ) per common share-diluted                                                 | $ -0.07 ( 0.07 ) | $ -0.03 ( 0.03 ) | $ 0.18           | $ 0.57"
}
{
    "_id": "dd4c03b7a",
    "title": "",
    "text": "natural gas prices average lower in 2009 than 2008 2007 prices 2008 hitting uniquely high levels.\n significant portion of natural gas production in lower 48 states u. s.\n sold at bid-week prices or first-of-month indices relative to specific producing areas.\n large portion of natural gas sales in alaska subject to term contracts.\n other major natural gas-producing regions are europe equatorial guinea  large portions of natural gas sales subject to term contracts making realized prices areas less volatile.\n sell larger quantities of natural gas from these regions fixed prices lower than prevailing prices reported average natural gas prices may be less than benchmark natural gas prices.\n oil sands mining oil segment revenues correlate with prevailing market prices for various qualities synthetic crude oil vacuum gas oil produce.\n roughly two-thirds of normal output mix track movements in wti one-third track movements in canadian heavy sour crude oil marker primarily western canadian select.\n output mix impacted by operational problems planned unit outages at mine upgrader.\n operating cost structure of oil sands mining operations predominantly fixed costs incurred in times full operation continue during production downtime.\n per-unit costs sensitive to production rates.\n key variable costs are natural gas and diesel fuel track commodity markets canadian aeco natural gas sales index and crude prices.\n table below shows average benchmark prices impact revenues and variable costs.\n western canadian select ( dollars per barrel ) ( a ) $ 52. 13 $ 79. 59 $ 49. 60 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 3. 49 $ 7. 74 $ 6. 06 ) monthly pricing based upon average wti adjusted for differentials unique to western canada.\n b ) alberta energy company day ahead index.\nintegrated gas strategy is to link stranded natural gas resources with areas where supply gap emerging due to declining production growing demand.\n integrated gas operations include marketing transportation of products manufactured from natural gas lng and methanol  primarily in west africa  u. s.\n europe.\n significant lng investment is 60 percent ownership in production facility in equatorial guinea sells lng under long-term contract at prices tied to henry hub natural gas prices.\n in 2009  gross sales plant were 3. 9 million metric tonnes  in 2008  first year operations plant sold 3. 4 million metric tonnes.\n industry estimates of 2009 lng trade are approximately 185 million metric tonnes.\n more lng production facilities and tankers under construction in 2009.\n result of sharp worldwide economic downturn in 2008 weak economies expected to lower natural gas consumption in countries affecting near-term demand for lng.\n long-term lng supply continues to in demand as markets seek benefits of clean burning natural gas.\n market prices for lng not reported or posted.\n lng delivered to u.\n tied to henry hub prices will track with changes in.\n natural gas prices lng sold in europe and asia is indexed to crude oil prices will track movement prices.\n we own 45 percent interest in methanol plant in equatorial guinea through investment in ampco.\n gross sales of methanol plant totaled 960374 metric tonnes in 2009 and 792794 metric tonnes in 2008.\n methanol demand impact on ampco 2019s earnings.\n global demand for methanol limited changes in supply-demand balance can significant impact on sales prices.\n 2010 chemical markets associates , inc.\n estimates world demand for methanol in 2009 was 41 million metric tonnes.\n plant capacity is 1.1 million , 3 percent total demand.\n refining  marketing transportation rm&t segment income depends on refining wholesale marketing gross margin  refinery throughputs retail marketing gross margins for gasoline  distillates merchandise.\n\nbenchmark                                                | 2009    | 2008    | 2007\n-------------------------------------------------------- | ------- | ------- | -------\nwti crude oil ( dollars per barrel )                     | $ 62.09 | $ 99.75 | $ 72.41\nwestern canadian select ( dollars per barrel ) ( a )     | $ 52.13 | $ 79.59 | $ 49.60\naeco natural gas sales index ( dollars per mmbtu ) ( b ) | $ 3.49  | $ 7.74  | $ 6.06"
}
{
    "_id": "dd4c3010c",
    "title": "",
    "text": "believe presentation of adjusted diluted earnings per share  excludes withdrawal costs 2013 multiemployer pension funds  restructuring charges  loss on extinguishment of debt  gain ) loss on business dispositions and impairments net provides understanding of operational activities before financial effect of certain items.\n use this measure  believe investors will find it helpful in understanding ongoing performance of operations separate from items disproportionate effect on results for particular period.\n incurred comparable charges and costs in prior periods similar adjustments can be expected to be recorded in future periods.\n definition of adjusted diluted earnings per share may not be comparable to similarly titled measures by other companies.\n property and equipment , net in 2017  anticipate receiving approximately $ 975 million of property and equipment  net of proceeds from sales of property and equipment.\n results of operations revenue generate revenue primarily from solid waste collection operations.\n remaining revenue from other services  including transfer station  landfill disposal  recycling  energy services.\n residential and small- container commercial collection operations in some markets based on long-term contracts with municipalities.\n certain municipal contracts have annual price escalation clauses tied to changes in underlying base index consumer price index.\n provide small-container commercial and large-container industrial collection services to customers under contracts with terms up to three years.\n transfer stations , landfills recycling facilities generate revenue from disposal or tipping fees charged to third parties.\n integrate recycling operations with collection operations obtain revenue from sale of recycled commodities.\n revenue from energy services consists mainly of fees charge for treatment of liquid and solid waste derived from production of oil and natural gas.\nrevenue consists primarily of revenue from national accounts  represents portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where waste handling services subcontracted to local operators.\n substantially all revenue is offset with related subcontract costs recorded in cost of operations.\n\ntrucks and equipment                                        | $ 350\n----------------------------------------------------------- | ----------\nlandfill                                                    | 330\ncontainers                                                  | 160\nfacilities and other                                        | 150\nproperty and equipment received during 2017                 | 990\nproceeds from sales of property and equipment               | -15 ( 15 )\nproperty and equipment received net of proceeds during 2017 | $ 975"
}
{
    "_id": "dd4bd929e",
    "title": "",
    "text": "marathon oil corporation notes to consolidated financial statements stock-based performance unit awards 2013 during 2018 2017 2016 granted 754140 , 563631 1205517 stock- based performance unit awards to officers.\n at december 31 , 2018 1196176 units outstanding.\n total stock-based performance unit awards expense was $ 13 million in 2018 $ 8 million in 2017 $ 6 million in 2016.\n key assumptions used in monte carlo simulation determine fair value of stock-based performance units granted in 2018 2017 2016 were:.\n 18.\n defined benefit postretirement plans defined contribution plan noncontributory defined benefit pension plans covering all domestic employees u.\n employees hired before april 2010.\n certain employees in e. g. u. s.\n or.\n based participate in plans.\n benefits under plans based on plan provisions specific to each plan.\n for.\n pension plan  principal employer plan trustees decision to close plan to future benefit accruals effective december 31 , 2015.\n defined benefit plans for other postretirement benefits covering.\n employees.\n health care benefits provided up to age 65 through comprehensive hospital , surgical major medical benefit provisions subject various cost- sharing features.\n post-age 65 health care benefits provided to certain.\n employees on defined contribution basis.\n life insurance benefits provided to certain retiree beneficiaries.\n other postretirement benefits not funded in advance.\n employees hired after 2016 not eligible for postretirement health care or life insurance benefits.\n\n| 2018           | 2017           | 2016\n------------------------------------------------------- | -------------- | -------------- | --------------\nvaluation date stock price                              | $ 14.17        | $ 14.17        | $ 14.17\nexpected annual dividend yield                          | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % )\nexpected volatility                                     | 39% ( 39 % )   | 43% ( 43 % )   | 52% ( 52 % )\nrisk-free interest rate                                 | 2.5% ( 2.5 % ) | 2.6% ( 2.6 % ) | 2.4% ( 2.4 % )\nfair value of stock-based performance units outstanding | $ 19.60        | $ 19.45        | $ 21.51"
}
{
    "_id": "dd4c61aa4",
    "title": "",
    "text": "part a0iii item a010.\n directors  executive officers corporate governance information required item a010 executive officers , see part a0i , item 1.\n report.\n other information required item a010  see 201celection of directors , 201d 201cnominees for election to board of directors , 201d 201ccorporate governance 201d 201csection a016 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2018 annual meeting information incorporated herein by reference.\n proxy statement 2018 annual meeting filed within 120 a0days after end of fiscal year annual report on form 10-k.\n item a011.\n executive compensation information required item a011  see 201ccompensation discussion analysis , 201d 201ccompensation committee report , 201d 201cexecutive compensation 201d proxy statement for 2018 annual meeting  information incorporated reference.\n item a012.\n security ownership of certain beneficial owners management related stockholder matters information required item a012 beneficial ownership of common stock , see 201csecurity ownership of certain beneficial owners management 201d proxy statement for 2018 annual meeting  information incorporated herein by reference.\n following table sets information as of december a031, 2017 equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of outstanding options , warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1708928 $ 113. 49 3629455 item a013.\ncertain relationships related transactions , director independence for information required by item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d proxy statement for 2018 annual meeting , information incorporated herein by reference.\n item a014.\n principal accounting fees services information required item a014 see 201caudit non-audit fees 201d and 201caudit committee pre-approval procedures 201d proxy statement for 2018 annual meeting  information incorporated herein by reference.\n part a0iii item a010.\n directors , executive officers corporate governance information required by item a010 executive officers , see part a0i , item 1.\n of report.\n other information required by item a010 , see 201celection of directors , 201d 201cnominees for election to board of directors, 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2018 annual meeting , information incorporated by reference.\n proxy statement for 2018 annual meeting filed within 120 a0days after end of fiscal year covered annual report on form 10-k.\n item a011.\n executive compensation information required by item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d proxy statement for 2018 annual meeting  information incorporated by reference.\n item a012.\n security ownership of certain beneficial owners management related stockholder matters information required by this item a012 beneficial ownership of common stock , see 201csecurity ownership of certain beneficial owners management 201d in proxy statement for 2018 annual meeting , information incorporated herein by reference.\ntable sets forth information as of december a031 , 2017 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of outstanding options  warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1708928 $ 113. 49 3629455 item a013.\n certain relationships related transactions  director independence for information item see 201ccertain transactions 201d and 201ccorporate governance 201d in proxy statement for 2018 annual meeting ,.\n item a014.\n principal accounting fees services for information item a014 see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in proxy statement for 2018 annual meeting ,.\n\nplan category                                          | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )\n------------------------------------------------------ | --------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders | 1708928                                                                                             | $ 113.49                                                                 | 3629455"
}
{
    "_id": "dd4bdcc0a",
    "title": "",
    "text": "entergy corporation subsidiaries notes financial statements difference as regulatory asset liability ongoing basis resulting in zero net balance for regulatory asset end of lease term.\n amount net regulatory liability of $ 61. 6 million and $ 27. 8 million as of december 31 , 2013 and 2012 , respectively.\n as of december 31 , 2013  system energy had future minimum lease payments ( reflecting implicit rate of 5. 13% 5. 13 % ) recorded as long-term debt  : amount ( in thousands ).\n\n| amount ( in thousands )\n------------------------------------------- | -----------------------\n2014                                        | $ 51637\n2015                                        | 52253\n2016                                        | 13750\n2017                                        | 13750\n2018                                        | 13750\nyears thereafter                            | 247500\ntotal                                       | 392640\nless : amount representing interest         | 295226\npresent value of net minimum lease payments | $ 97414"
}
{
    "_id": "dd4c4b920",
    "title": "",
    "text": "2007 annual report 61 warranties snap-on provides product warranties for specific product lines accrues estimated future warranty costs period sale recorded.\n see note 15 for further information on warranties.\n minority interests equity earnings ( loss ) of unconsolidated affiliates : 201cminority interests equity earnings ( loss ) net of tax 201d consolidated statements of earnings : ( amounts in millions ) 2007 2006 2005.\n minority interests in consolidated subsidiaries of $ 17. 3 million as of december 29 , 2007  $ 16. 8 million as of december 30, 2006 included in 201cother long-term liabilities 201d consolidated balance sheets.\n investments in unconsolidated affiliates of $ 30. 7 million as of december 29 , 2007 $ 30. 6 million as of december 30 , 2006 included in 201cother assets 201d consolidated balance sheets.\n foreign currency translation : financial statements of snap-on 2019s foreign subsidiaries translated into.\n dollars accordance with sfas no.\n 52 , 201cforeign currency translation. 201d assets liabilities of foreign subsidiaries translated at current rates of exchange income expense items translated at average exchange rate for period.\n resulting translation adjustments recorded directly into 201caccumulated other comprehensive income ( loss ) 201d consolidated balance sheets.\n foreign exchange transactions in pretax losses of $ 1. 7 million in 2007 $ 1. 2 million in 2006 pretax gain of $ 0. 7 million in 2005.\n foreign exchange transaction gains losses reported in 201cother income ( expense ) - net 201d consolidated statements of earnings.\n income taxes : inherent uncertainty in quantifying income tax positions.\nassess income tax positions record tax benefits for all years subject to examination based upon management evaluation of facts circumstances information available at reporting dates.\n for tax positions where more-likely-than-not tax benefit sustained record largest amount of tax benefit with greater than 50% ( 50 % ) likelihood of realized upon ultimate settlement with taxing authority full knowledge of relevant information.\n for those income tax positions where not more-likely-than-not tax benefit sustained  no tax benefit recognized in financial statements.\n when applicable associated interest penalties recognized as component of income tax expense.\n accrued interest penalties included within related tax liability in consolidated balance sheets.\n deferred income taxes provided for temporary differences from differences in bases assets liabilities for tax financial reporting purposes.\n deferred income taxes recorded on temporary differences using enacted tax rates in effect for year in temporary differences expected to reverse.\n effect of change in tax rates on deferred tax assets liabilities recognized in income in period includes enactment date.\n see note 8 for further information on income taxes.\n per share data : basic earnings per share calculations computed by dividing net earnings by corresponding weighted-average number of common shares outstanding for period.\n dilutive effect of potential exercise of outstanding options to purchase common shares calculated using treasury stock method.\n snap-on had dilutive shares as of year-end 2007 , 2006 2005 , of 731442 shares , 911697 shares 584222 shares , respectively.\noptions to purchase 493544 shares , 23000 shares 612892 shares of snap-on common stock for fiscal years ended 2007 , 2006 2005  not included in computation of diluted earnings per share as exercise prices of options greater than average market price of common stock for respective year effect on earnings per share anti-dilutive.\n stock-based compensation : effective january 1 , 2006  company adopted sfas no.\n 123 ( r ) , 201cshare-based payment , 201d using modified prospective method.\n sfas no.\n 123 ( r ) requires entities to recognize cost of employee services in exchange for awards of equity instruments based on grant-date fair value of awards ( with limited exceptions ).\n cost  based on estimated number of awards expected to vest recognized over period during employee required to provide service in exchange for award.\n no compensation cost recognized for awards for employees do not render requisite service.\n upon adoption  grant-date fair value of employee share options\n\n( amounts in millions )             | 2007           | 2006           | 2005\n----------------------------------- | -------------- | -------------- | --------------\nminority interests                  | $ -4.9 ( 4.9 ) | $ -3.7 ( 3.7 ) | $ -3.5 ( 3.5 )\nequity earnings ( loss ) net of tax | 2.4            | 2014           | 2.1\ntotal                               | $ -2.5 ( 2.5 ) | $ -3.7 ( 3.7 ) | $ -1.4 ( 1.4 )"
}
{
    "_id": "dd4b8e046",
    "title": "",
    "text": "interest expense  net was $ 26. 4 million , $ 14. 6 million  $ 5. 3 million for years ended december 31 , 2016 , 2015 2014 .\n interest expense includes amortization of deferred financing costs  bank fees  capital built-to-suit lease interest interest expense under credit long term debt facilities.\n amortization of deferred financing costs was $ 1. 2 million , $ 0. 8 million  $ 0. 6 million for years ended december 31 , 2016 , 2015 2014 .\n company monitors financial health stability of lenders under credit long term debt facilities during significant instability in credit markets lenders could be negatively impacted ability to perform under facilities.\n 6.\n commitments contingencies obligations under operating leases company leases warehouse space  office facilities space for brand factory house stores certain equipment under non-cancelable operating leases.\n leases expire dates through 2033  excluding extensions at company 2019s option include provisions for rental adjustments.\n table below includes executed lease agreements for brand factory house stores company not occupy as of december 31 , 2016 does not include contingent rent company may incur stores based on future sales above minimum payments for maintenance  insurance real estate taxes.\n schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2016 significant operating lease agreements entered during period after december 31 , 2016 through date report : ( in thousands ).\n included in selling , general administrative expense was rent expense of $ 109. 0 million , $ 83. 0 million $ 59. 0 million for years ended december 31 , 2016 , 2015 2014  under non-cancelable operating lease agreements.\n included in these amounts was contingent rent expense of $ 13.0 million , $ 11. 0 million and $ 11. 0 million for years ended december 31 , 2016 , 2015 2014 , respectively.\n sports marketing other commitments within normal course business , company enters into contractual commitments to promote company 2019s brand products.\n commitments include sponsorship agreements with teams athletes collegiate professional levels , official supplier agreements  athletic event sponsorships other marketing commitments.\n following schedule of company 2019s future minimum payments under sponsorship marketing agreements as of december 31\n\n2017                                | $ 114857\n----------------------------------- | ---------\n2018                                | 127504\n2019                                | 136040\n2020                                | 133092\n2021                                | 122753\n2022 and thereafter                 | 788180\ntotal future minimum lease payments | $ 1422426"
}
{
    "_id": "dd4b9907c",
    "title": "",
    "text": "sources blackrock 2019s operating cash include investment advisory  administration fees securities lending revenue  performance fees  revenue from technology risk management services  advisory other revenue distribution fees.\n blackrock uses cash to pay operating expense  interest principal on borrowings  income taxes dividends on 2019s capital stock  repurchases company stock capital expenditures purchases of co-investments seed investments.\n for details company 2019s gaap cash flows from operating investing financing activities see consolidated statements of cash flows in part ii , item 8 of filing.\n cash flows from operating activities  excluding impact consolidated sponsored investment funds include receipt of investment advisory administration fees securities lending revenue performance fees offset by payment operating expenses normal business including year-end incentive compensation accrued for prior year.\n cash outflows from investing activities  excluding impact investment funds for 2017 were $ 517 million reflected $ 497 million of investment purchases  $ 155 million of purchases of property and equipment  $ 73 million to first reserve transaction $ 29 million to cachematrix transaction  offset by $ 205 million of net proceeds from sales maturities of certain investments.\n cash outflows from financing activities  excluding impact consolidated sponsored investment funds for 2017 were $ 3094 million  resulting from $ 1. 4 billion of share repurchases  including $ 1. 1 billion in open market- transactions $ 321 million of employee tax withholdings related to employee stock transactions  $ 1. 7 billion of cash dividend payments $ 700 million of repayments of long- term borrowings  offset by $ 697 million of proceeds from issuance of long-term borrowings.\n company manages financial condition funding to maintain liquidity for business.\nliquidity resources at december 31, 2017 and 2016 were as follows : ( in millions ) december 31  cash and cash equivalents 1 ) $ 6894 $ 6091 cash cash equivalents held by consolidated vres ( 2 ) ( 63 ) ( 53 ).\n total liquidity resources 3 ) $ 10831 $ 10038 percentage of cash and cash equivalents held by company 2019s.\n subsidiaries was approximately 40% ( 40 % ) and 50% ( 50 % ) at december 31, 2017 and 2016 .\n see net capital requirements for information subsidiaries.\n company cannot access such cash in operating activities.\n amounts do not reflect reduction for year-end incentive compensation accruals of approximately $ 1. 5 billion and $ 1. 3 billion for 2017 and 2016  paid in first quarter of following year.\n total liquidity resources increased $ 793 million during 2017  primarily reflecting cash flows from operating activities partially offset by cash payments of 2016 year-end incentive awards  share repurchases of $ 1. 4 billion cash dividend payments of $ 1. 7 billion.\n significant portion of company 2019s $ 3154 million of total investments  is illiquid in nature cannot be readily convertible to cash.\n share repurchases.\n company repurchased 2. 6 million common shares in open market transactions under share repurchase program for approximately $ 1. 1 billion during 2017.\n at december 31 , 2017  were 6. 4 million shares still authorized to be repurchased.\n net capital requirements.\n company required to maintain net capital in certain regulated subsidiaries within jurisdictions partially maintained by retaining cash and cash equivalent investments in subsidiaries jurisdictions.\n such subsidiaries company may be restricted in ability to transfer cash between different jurisdictions to parents.\ntransfers of cash between international jurisdictions may have adverse tax consequences could discourage transfers.\n blackrock institutional trust company .\n ( 201cbtc 201d ) chartered as national bank accept client deposits powers limited to trust and fiduciary activities.\n btc provides investment management services including investment advisory securities lending agency services to institutional clients.\n btc subject to regulatory capital and liquid asset requirements by office of comptroller of currency.\n at december 31 , 2017 2016 company required to maintain approximately $ 1. 8 billion and $ 1. 4 billion  in net capital in certain regulated subsidiaries including btc entities regulated by financial conduct authority prudential regulation authority in united kingdom company 2019s broker-dealers.\n company in compliance with all regulatory net capital requirements.\n undistributed earnings of foreign subsidiaries.\n result of 2017 tax act one-time mandatory repatriation tax on untaxed accumulated foreign earnings provisional amount of.\n income taxes provided on undistributed foreign earnings.\n financial statement basis in excess of tax basis of foreign subsidiaries remains indefinitely reinvested in foreign operations.\n company will continue to evaluate capital management plans throughout 2018.\n short-term borrowings 2017 revolving credit facility.\n company 2019s credit facility has aggregate commitment amount of $ 4. 0 billion amended in april 2017 to extend maturity date to april 2022 ( 201c2017 credit facility 201d ).\n credit facility permits company to request to additional $ 1. 0 billion of borrowing capacity subject to lender credit approval increasing overall size of 2017 credit facility to aggregate principal amount not to exceed $ 5. 0 billion.\n interest on borrowings outstanding accrues at rate based on applicable london interbank offered rate plus spread.\n 2017 credit facility requires company\n\n( in millions )                                           | december 31 2017 | december 31 2016\n--------------------------------------------------------- | ---------------- | ----------------\ncash and cash equivalents ( 1 )                           | $ 6894           | $ 6091\ncash and cash equivalents held by consolidated vres ( 2 ) | -63 ( 63 )       | -53 ( 53 )\nsubtotal                                                  | 6831             | 6038\ncredit facility 2014 undrawn                              | 4000             | 4000\ntotal liquidity resources ( 3 )                           | $ 10831          | $ 10038"
}
{
    "_id": "dd4bdb968",
    "title": "",
    "text": "november 2016  issued $ 45 million fixed rate term notes in two tranches to two insurance companies.\n principal payments commence 2023 and 2028 notes mature in 2029 and 2034  respectively.\n notes carry interest rates of 2. 87 and 3. 10 , respectively.\n used proceeds notes to pay down borrowings under revolving credit facility.\n january 2015  issued $ 75 million fixed rate term notes to insurance company.\n principal payments commence 2020 notes mature in 2030.\n notes carry interest rate of 3. 52 percent.\n used proceeds notes to pay down borrowings under revolving credit facility.\n at december 31, 2016 had available borrowing capacity of $ 310. 8 million under facility.\n believe combination of cash , available borrowing capacity operating cash flow will provide sufficient funds to finance existing operations for foreseeable future.\n total debt increased to $ 323. 6 million at december 31 , 2016 compared with $ 249. 0 million at december 31 , 2015 cash flows generated. more offset by share repurchase activity and purchase of aquasana.\n leverage , measured by ratio of total debt to total capitalization was 17. 6 percent at end of 2016 compared with 14. 7 percent at end of 2015.\n.\n pension plan continues meet funding requirements under erisa regulations.\n not required to make contribution to pension plan in 2016 but made voluntary $ 30 million contribution due to escalating pension benefit guaranty corporation insurance premiums.\n forecast will not be required to make contribution to plan in 2017 do not plan to make voluntary contributions in 2017.\n for further information on pension plans see note 10 of notes to consolidated financial statements.\n during 2016  board of directors authorized purchase of additional 3000000 shares of common stock.\n in 2016 repurchased 3273109 shares at average price of $ 41.30 per share total cost of $ 135. 2 million.\n total 4906403 shares remained on existing repurchase authorization at december 31 , 2016.\n depending on factors stock price  working capital requirements alternative investment opportunities acquisitions expect to spend approximately $ 135 million on share repurchase activity in 2017 using 10b5-1 repurchase plan.\n may repurchase additional $ 65 million shares in 2017.\n paid dividends for 77 consecutive years payments increasing each last 25 years.\n paid dividends $ 0. 48 per share in 2016 compared with $ 0. 38 per share in 2015.\n in january 2017 increased dividend by 17 percent anticipate paying dividends $ 0. 56 per share in 2017.\n aggregate contractual obligations summary of contractual obligations as of december 31 , 2016 :.\n as of december 31 , 2016  liability for uncertain income tax positions was $ 4. 2 million.\n due to high degree uncertainty regarding timing of potential future cash flows with liabilities unable to make reliable estimate of amount and period in liabilities might be paid.\n utilize blanket purchase orders to communicate expected annual requirements to suppliers.\n requirements under blanket purchase orders not become committed until several weeks prior to scheduled unit production.\n purchase obligation amount presented above represents value of commitments consider firm.\n recent accounting pronouncements refer to recent accounting pronouncements in note 1 of notes to consolidated financial statements.\n\n( dollars in millions ) contractual obligations | ( dollars in millions ) total | ( dollars in millions ) less than1 year | ( dollars in millions ) 1 - 2years | ( dollars in millions ) 3 - 5years | more than5 years\n----------------------------------------------- | ----------------------------- | --------------------------------------- | ---------------------------------- | ---------------------------------- | ----------------\nlong-term debt                                  | $ 323.6                       | $ 7.2                                   | $ 7.2                              | $ 202.9                            | $ 106.3\nfixed rate interest                             | 38.6                          | 4.6                                     | 8.1                                | 7.2                                | 18.7\noperating leases                                | 37.4                          | 19.5                                    | 7.9                                | 4.2                                | 5.8\npurchase obligations                            | 150.8                         | 141.4                                   | 5.8                                | 3.6                                | 2014\npension and post-retirement obligations         | 66.0                          | 0.9                                     | 9.5                                | 8.6                                | 47.0\ntotal                                           | $ 616.4                       | $ 173.6                                 | $ 38.5                             | $ 226.5                            | $ 177.8"
}
{
    "_id": "dd4bda392",
    "title": "",
    "text": "goodwill intangible asset impairment charge third quarter fiscal year 2017 determined goodwill indefinite-lived intangible assets ( primarily acquired trade names ) associated with latin america reporting unit industrial gases 2013 americas segment impaired.\n recorded noncash impairment charge of $ 162. 1 ( $ 154. 1 attributable to air products  after-tax or $. 70 per share ) driven by lower economic growth profitability region.\n impairment charge excluded from segment results.\n refer to note 10  goodwill  note 11  intangible assets  consolidated financial statements for additional information.\n other income ( expense ), net items recorded \"other income ( expense )  net arise from transactions events not directly related to principal income earning activities.\n detail of \"other income ( expense ) , net presented in note 23  supplemental information consolidated financial statements.\n 2018 vs.\n 2017 other income ( expense ) , net of $ 50. 2 decreased $ 70. 8 due to lower income from transition services agreements with versum evonik lower income from sale of assets investments lower favorable contract settlements unfavorable foreign exchange impact.\n 2017 vs.\n 2016 other income ( expense ) , net of $ 121. 0 increased $ 71. 6 primarily due to income from transition services agreements with versum evonik income sale of assets investments gain of $ 12. 2 ( $ 7. 6 after-tax or $. 03 per share ) from sale of parcel of land  favorable foreign exchange impact.\n interest expense.\n 2018 vs.\n 2017 interest incurred increased $ 10. 4 project financing associated lu'an joint venture higher average interest rate on debt portfolio partially offset by impact lower average debt balance.\nchange in capitalized interest driven by increase in carrying value of projects under construction.\n 2017 vs.\n 2016 interest incurred decreased $ 8. 3 impact from lower average debt balance of $ 26 partially offset by impact higher average interest rate on debt portfolio of $ 19.\n change in capitalized interest driven by decrease in carrying value of projects under construction result of decision to exit from efw business.\n other non-operating income ( expense ) , net 2018 vs.\n 2017 net of $ 5. 1 decreased $ 11. 5.\n during fourth quarter of fiscal year 2018 recognized pension settlement loss of $ 43. 7 ( $ 33. 2 after-tax  or $. 15 per share ) resulted from transfer of pension payment obligations to insurer for.\n salaried and hourly plans through purchase of irrevocable, nonparticipating group annuity contract with plan assets.\n for additional information refer to note 16 retirement benefits consolidated financial statements.\n loss partially offset by higher interest income on cash items and short-term investments lower other non-service pension expense.\n prior year pension expense included settlement loss of $ 10. 5 ( $ 6. 6 after-tax  or $. 03 per share ) associated with u. s.\n supplementary pension plan and settlement benefit of $ 2. 3 related to disposition of emd and pmd.\n\n| 2018    | 2017    | 2016\n--------------------------- | ------- | ------- | -------\ninterest incurred           | $ 150.0 | $ 139.6 | $ 147.9\nless : capitalized interest | 19.5    | 19.0    | 32.7\ninterest expense            | $ 130.5 | $ 120.6 | $ 115.2"
}
{
    "_id": "dd4b9f7f6",
    "title": "",
    "text": "jpmorgan chase & co. /2015 annual report 67 five-year stock performance table and graph compare five-year cumulative total return for jpmorgan chase & co.\n ( 201cjpmorgan chase 201d or 201cfirm 201d ) common stock with cumulative return of s&p 500 index , kbw bank index s&p financial index.\n s&p 500 index referenced united states of america ( 201cu. s. 201d ) equity benchmark leading companies from different economic sectors.\n kbw bank index performance of banks and thrifts publicly traded in u. s.\n composed of 24 leading national money center regional banks and thrifts.\n s&p financial index index of 87 financial companies all components of s&p 500.\n firm component of all three industry indices.\n table and graph assume simultaneous investments of $ 100 on december 31, 2010, in jpmorgan chase common stock each above indices.\n comparison assumes all dividends are reinvested.\n december 31 , ( in dollars ) 2010 2011 2012 2013 2014 2015.\n december 31 , ( in dollars )\n\ndecember 31 ( in dollars ) | 2010     | 2011    | 2012     | 2013     | 2014     | 2015\n-------------------------- | -------- | ------- | -------- | -------- | -------- | --------\njpmorgan chase             | $ 100.00 | $ 80.03 | $ 108.98 | $ 148.98 | $ 163.71 | $ 177.40\nkbw bank index             | 100.00   | 76.82   | 102.19   | 140.77   | 153.96   | 154.71\ns&p financial index        | 100.00   | 82.94   | 106.78   | 144.79   | 166.76   | 164.15\ns&p 500 index              | 100.00   | 102.11  | 118.44   | 156.78   | 178.22   | 180.67"
}
{
    "_id": "dd4be90a4",
    "title": "",
    "text": "sales volumes in 2013 increased from 2012 primarily for fluff pulp reflecting improved market demand change in product mix with full year of fluff pulp production at franklin , virginia mill.\n average sales price realizations lower for fluff pulp prices for market pulp increased.\n input costs for wood  fuels chemicals higher.\n mill operating costs lower due to absence of costs associated start-up franklin mill in 2012.\n planned maintenance downtime costs higher.\n first quarter of 2014 sales volumes expected to be slightly lower compared with fourth quarter 2013.\n average sales price realizations expected to improve reflecting further realization announced sales price increases for softwood pulp and fluff pulp.\n input costs should be flat.\n planned maintenance downtime costs about $ 11 million higher than fourth quarter of 2013.\n operating profits negatively impacted by severe winter weather first quarter of 2014.\n consumer packaging demand pricing for correlate with consumer spending general economic activity.\n addition prices volumes major factors affecting profitability consumer packaging are raw material energy costs freight costs manufacturing efficiency product mix.\n consumer packaging net sales in 2013 increased 8% ( 8 % ) from 2012 decreased 7% ( 7 % ) from 2011.\n operating profits decreased 40% ( 40 % ) from 2012 1% ( 1 % ) from 2011.\n net sales operating profits include shorewood business in 2011.\n excluding costs associated with permanent shutdown of paper machine at augusta , georgia mill costs associated sale of shorewood business 2013 operating profits 22% ( 22 % ) lower than 2012 43% ( 43 % ) lower than 2011.\nhigher sales volumes ( $ 45 million ) offset by lower average sales price realizations unfavorable mix ( $ 50 million ) higher operating costs including shutdown of paper machine at our augusta , georgia mill ( $ 46 million ) higher input costs ( $ 6 million ).\n operating profits 2013 included restructuring costs $ 45 million to permanent shutdown paper machine at augusta georgia mill $ 2 million costs with sale of shorewood business.\n operating profits 2012 included gain $ 3 million related to sale shorewood business operating profits 2011 included $ 129 million fixed asset impairment charge for north american shorewood business $ 72 million for other charges associated with sale shorewood business.\n consumer packaging.\n north american consumer packaging net sales were $ 2. 0 billion in 2013 compared with $ 2. 0 billion in 2012 $ 2. 5 billion in 2011.\n operating profits were $ 63 million ( $ 110 million excluding paper machine shutdown costs costs sale shorewood business ) in 2013 compared with $ 165 million ( $ 162 million excluding charges sale shorewood business in 2012 $ 35 million ( $ 236 million excluding asset impairment charges other costs sale shorewood business ) in 2011.\n coated paperboard sales volumes in 2013 higher than 2012 reflecting stronger market demand.\n average sales price realizations lower year-over- year despite price increases in second half of 2013.\n input costs for wood and energy increased partially offset by lower costs for chemicals.\n planned maintenance downtime costs slightly lower.\n market-related downtime about 24000 tons in 2013 compared with 113000 tons in 2012.\n permanent shutdown of paper machine at our augusta , georgia mill first quarter 2013 reduced capacity by 140000 tons 2013 compared with 2012.\n foodservice sales volumes increased slightly in 2013 compared with 2012 despite softer market demand.\naverage sales margins higher reflecting lower input costs for board and resins more favorable product mix.\n operating costs and distribution costs higher.\n u. s. shorewood business sold december 31 , 2011 non-u. s.\n business sold in january ahead to first quarter of 2014, coated paperboard sales volumes expected to seasonally weaker than fourth quarter of 2013.\n average sales price realizations expected slightly higher , margins should benefit from more favorable product mix.\n input costs expected higher for energy , chemicals wood.\n planned maintenance downtime costs should $ 8 million lower with planned maintenance outage scheduled at augusta mill in first quarter.\n severe winter weather in first quarter of 2014 negatively impact operating profits.\n foodservice sales volumes expected to seasonally lower.\n average sales margins expected to improve due to realization sales price increases effective with january contract openers more favorable product mix.\n\nin millions      | 2013   | 2012   | 2011\n---------------- | ------ | ------ | ------\nsales            | $ 3435 | $ 3170 | $ 3710\noperating profit | 161    | 268    | 163"
}
{
    "_id": "dd4bd30c4",
    "title": "",
    "text": "city council 2019s advisors and entergy new orleans.\n in february 2018 city council approved settlement deferred cost recovery to 2018 entergy new orleans rate case stated adjustment for 2018-2019 ami costs can be filed in rate case for all subsequent ami costs mechanism approved in 2018 rate case will allow for timely recovery of such costs.\n sources of capital entergy new orleans 2019s sources to meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt and preferred membership interest issuances ; 2022 bank financing under new or existing facilities.\n entergy orleans may refinance  redeem or retire debt prior to maturity market conditions and interest rates favorable.\n entergy new orleans 2019s receivables from money pool were as follows as of december 31 for each following years.\n see note 4 to financial statements for description of money pool.\n entergy new orleans has credit facility $ 25 million scheduled to expire in november 2018.\n credit facility allows to issue letters of credit against $ 10 million of borrowing capacity of facility.\n as of december 31 , 2017 no cash borrowings $ 0. 8 million letter of credit outstanding under facility.\n entergy new orleans party to uncommitted letter of credit facility to post collateral to support obligations. as of december 31 , 2017 $ 1. 4 million letter of credit outstanding under entergy new orleans 2019s letter of credit a0facility.\n see note 4 to financial statements for additional discussion of credit facilities.\n entergy new orleans obtained authorization from ferc through october 2019 for short-term borrowings not to exceed aggregate amount of $ 150 million time outstanding and long-term borrowings and securities issuances.\nnote 4 to financial statements for discussion of entergy new orleans 2019s short-term borrowing limits.\n long-term securities issuances of entergy new orleans limited to amounts authorized by ferc  by city council  current city council authorization extends through june 2018.\n entergy new orleans , llc and subsidiaries management 2019s financial discussion analysis state and local rate regulation rates entergy new orleans charges for electricity and natural gas influence financial position  results of operations  liquidity.\n entergy new orleans is regulated rates charged to customers determined in regulatory proceedings.\n governmental agency , city council , primarily responsible for approval of rates charged to customers.\n retail rates see 201calgiers asset transfer 201d below for discussion of algiers asset transfer.\n provision of settlement agreement approved by city council in may 2015 for algiers asset transfer  agreed with limited exceptions no action be taken respect to entergy new orleans 2019s base rates until rates implemented\n\n2017             | 2016             | 2015             | 2014\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 12723          | $ 14215          | $ 15794          | $ 442"
}
{
    "_id": "dd4bb56f0",
    "title": "",
    "text": "entergy louisiana , llc subsidiaries management 2019s financial discussion analysis in industrial usage due to increased demand from new customers expansion projects  primarily in chemicals industry.\n louisiana act 55 financing savings obligation variance results from regulatory charge for tax savings shared with customers per agreement approved by lpsc.\n tax savings resulted from 2010-2011 irs audit settlement treatment louisiana act 55 financing of storm costs for hurricane gustav hurricane ike.\n see note 3 to financial statements for additional discussion of settlement benefit sharing.\n provision of $ 23 million recorded in 2016 related to settlement of waterford 3 replacement steam generator prudence review proceeding  offset by provision of $ 32 million in 2015 related to uncertainty associated with resolution of waterford 3 replacement steam generator prudence review proceeding.\n see note 2 to financial statements for discussion of waterford 3 replacement steam generator prudence review proceeding.\n 2015 compared to 2014 net revenue consists of operating revenues net of fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2015 to 2014.\n amount ( in millions ).\n retail electric price variance due to formula rate plan increases  approved by lpsc  effective december 2014 january 2015.\n entergy louisiana 2019s formula rate plan increases discussed in note 2 to financial statements.\n volume/weather variance due to increase of 841 gwh , or 2% ( 2 % ) , in billed electricity usage  result increased industrial usage due to increased demand for existing large refinery customers , new customers  expansion projects in chemicals industry partially offset by decrease in demand in chemicals industry seasonal outage for existing customer.\n waterford 3 replacement steam generator provision due to regulatory charge of approximately $ 32 million recorded in 2015 related to uncertainty with resolution waterford 3 replacement steam generator project.\n see note 2 financial statements for discussion of waterford 3 replacement steam generator prudence review proceeding.\n miso deferral variance due to deferral in 2014 of non-fuel miso-related charges approved by lpsc.\n deferral non-fuel miso-related charges partially offset in other operation and maintenance expenses.\n see note 2 financial statements for discussion of recovery of non-fuel miso-related charges.\n\n| amount ( in millions )\n------------------------------------------------- | ----------------------\n2014 net revenue                                  | $ 2246.1\nretail electric price                             | 180.0\nvolume/weather                                    | 39.5\nwaterford 3 replacement steam generator provision | -32.0 ( 32.0 )\nmiso deferral                                     | -32.0 ( 32.0 )\nother                                             | 7.2\n2015 net revenue                                  | $ 2408.8"
}
{
    "_id": "dd4b90f4e",
    "title": "",
    "text": "( 3 ) refer to note 2 201csummary of significant accounting principles practices 201d for further information.\n 13.\n employee benefitsp defined contribution savings plans aon maintains defined contribution savings plans for benefit employees.\n expense recognized for these plans included in compensation benefits in consolidated statements of income.\n expense for significant plans in u. s. ,. k.  netherlands canada is as follows ( in millions ) :.\n pension other postretirement benefits company sponsors defined benefit pension postretirement health and welfare plans provide retirement medical life insurance benefits.\n postretirement health care plans are contributory  retiree contributions adjusted annually aa life insurance pension plans are generally noncontributory.\n significant u. s. netherlands canadian pension plans closed to new entrants.\n\nyears ended december 31 | 2018  | 2017  | 2016\n----------------------- | ----- | ----- | -----\nu.s .                   | $ 98  | $ 105 | $ 121\nu.k .                   | 45    | 43    | 43\nnetherlands and canada  | 25    | 25    | 27\ntotal                   | $ 168 | $ 173 | $ 191"
}
{
    "_id": "dd4be3f3c",
    "title": "",
    "text": "bhge 2017 form 10-k | 103 part iii item 10.\n directors  executive officers corporate governance information code of conduct , spirit letter  code of ethical conduct certificates for principal executive officer  principal financial officer principal accounting officer described in item 1.\n business of annual report.\n information directors in sections entitled \"proposal no.\n 1 , election of directors - board nominees for directors\" \"corporate governance - committees of board\" in definitive proxy statement for 2018 annual meeting of stockholders filed with sec pursuant exchange act within 120 days of end of fiscal year on december 31, 2017 ( \"proxy statement\" ) sections incorporated herein by reference.\n for information executive officers  see \"item 1.\n business - executive officers of baker hughes\" in annual report on form 10-k.\n additional information compliance by directors executive officers with section 16 ( a ) of exchange act under section \"section 16 ( a ) beneficial ownership reporting compliance\" in proxy statement  section incorporated herein by reference.\n item 11.\n executive compensation information item in following sections of proxy statement sections incorporated herein by reference : \"compensation discussion and analysis\" \"director compensation\" \"compensation committee interlocks insider participation\" \"compensation committee report. \" item 12.\n security ownership of certain beneficial owners management related stockholder matters information concerning security ownership certain beneficial owners management in sections entitled \"stock ownership of certain beneficial owners\" 201cstock ownership of section 16 ( a ) director and executive officers 201d ) in proxy statement  sections incorporated herein by reference.\n permit employees  officers directors to enter into written trading plans complying with rule 10b5-1 under exchange act.\nrule 10b5-1 provides criteria individual may establish prearranged plan to buy or sell specified number of shares of company's stock over set period time.\n plan must be entered in good faith time individual not in possession of material , nonpublic information.\n if individual establishes plan satisfying requirements rule 10b5-1  subsequent receipt of material  nonpublic information will not prevent transactions plan from executed.\n certain officers advised us may enter into stock sales plans for sale of shares of our class a common stock intended to comply with requirements of rule 10b5-1 of exchange act.\n company may future enter into repurchases of our class common stock under plan complies with rule 10b5-1 or rule 10b-18 of exchange act.\n equity compensation plan information information in following table is presented as of december 31, 2017 with respect to shares of our class a common stock may be issued under our lti plan approved by stockholders ( in millions , except per share prices ).\n equity compensation plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in first column ).\n\nequity compensation plancategory | number ofsecurities to beissued uponexercise ofoutstandingoptions warrantsand rights | weighted averageexercise price ofoutstandingoptions warrantsand rights | number of securitiesremaining availablefor future issuanceunder equitycompensation plans ( excluding securitiesreflected in the firstcolumn )\n-------------------------------- | ------------------------------------------------------------------------------------ | ---------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------\nstockholder-approved plans       | 1.6                                                                                  | $ 36.61                                                                | 53.7\nnonstockholder-approved plans    | 2014                                                                                 | 2014                                                                   | 2014\ntotal                            | 1.6                                                                                  | $ 36.61                                                                | 53.7"
}
{
    "_id": "dd4c354a4",
    "title": "",
    "text": "supplementary information on oil gas producing activities unaudited ) summary of changes in standardized measure discounted future net cash flows to proved oil gas reserves ( in millions ) 2006 2005 2004 sales transfers of oil gas produced  net production  transportation administrative costs $ ( 5312 ) $ ( 3754 ) $ ( 2689 ) net changes in prices production transportation administrative costs related to future production ( 1342 ) 6648 771.\n\n( in millions )                                                                                           | 2006             | 2005             | 2004\n--------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nsales and transfers of oil and gas produced net of production transportation and administrative costs     | $ -5312 ( 5312 ) | $ -3754 ( 3754 ) | $ -2689 ( 2689 )\nnet changes in prices and production transportation and administrative costs related to future production | -1342 ( 1342 )   | 6648             | 771\nextensions discoveries and improved recovery less related costs                                           | 1290             | 700              | 1349\ndevelopment costs incurred during the period                                                              | 1251             | 1030             | 609\nchanges in estimated future development costs                                                             | -527 ( 527 )     | -552 ( 552 )     | -628 ( 628 )\nrevisions of previous quantity estimates                                                                  | 1319             | 820              | 948\nnet changes in purchases and sales of minerals in place                                                   | 30               | 4557             | 33\naccretion of discount                                                                                     | 1882             | 1124             | 757\nnet change in income taxes                                                                                | -660 ( 660 )     | -6694 ( 6694 )   | -627 ( 627 )\ntiming and other                                                                                          | -14 ( 14 )       | 307              | 97\nnet change for the year                                                                                   | -2083 ( 2083 )   | 4186             | 620\nbeginning of year                                                                                         | 10601            | 6415             | 5795\nend of year                                                                                               | $ 8518           | $ 10601          | $ 6415\nnet change for the year from discontinued operations                                                      | $ -216 ( 216 )   | $ 162            | $ -152 ( 152 )"
}
{
    "_id": "dd4baaef8",
    "title": "",
    "text": "advance auto parts , inc.\n schedule ii - valuation qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance beginning period charges expenses deductions balance end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31, 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during period.\n amounts impact company 2019s statement operations any year.\n other valuation qualifying accounts not reported in schedule not applicable or information included elsewhere in report.\n advance auto parts  inc.\n schedule ii - valuation qualifying accounts ( in thousands ) allowance for doubtful accounts receivable balance beginning period charges to expenses deductions balance end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2, 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during period.\n amounts impact company 2019s statement of operations any year.\n other valuation qualifying accounts not reported in schedule not applicable or information included elsewhere in.\n\nallowance for doubtful accounts receivable: | balance atbeginningof period | charges toexpenses | deductions         |          | balance atend ofperiod\n------------------------------------------- | ---------------------------- | ------------------ | ------------------ | -------- | ----------------------\njanuary 3 2015                              | $ 13295                      | $ 17182            | $ -14325 ( 14325 ) | -1 ( 1 ) | $ 16152\njanuary 2 2016                              | 16152                        | 22067              | -12461 ( 12461 )   | -1 ( 1 ) | 25758\ndecember 31 2016                            | 25758                        | 24597              | -21191 ( 21191 )   | -1 ( 1 ) | 29164"
}
{
    "_id": "dd4c63bf6",
    "title": "",
    "text": "notes to consolidated financial statements derivatives with credit-related contingent features firm 2019s derivatives transacted under bilateral agreements with counterparties may require firm to post collateral or terminate transactions based on changes in firm 2019s credit ratings.\n firm assesses impact of bilateral agreements by determining collateral or termination payments assuming downgrade by all rating agencies.\n downgrade by any one rating agency  depending on agency 2019s relative ratings firm at time downgrade may have impact comparable to impact downgrade by all rating agencies.\n table below presents aggregate fair value of net derivative liabilities under agreements ( excluding application collateral posted to reduce liabilities ) related aggregate fair value of assets posted as collateral  additional collateral or termination payments could called at reporting date by counterparties in one-notch and two-notch downgrade in firm 2019s credit ratings.\n additional collateral or termination payments for one-notch downgrade 911 1534 additional collateral or termination payments for two-notch downgrade 2989 2500 credit derivatives firm enters into broad array of credit derivatives in locations around world to facilitate client transactions manage credit risk associated with market- making investing lending activities.\n credit derivatives actively managed based on firm 2019s net risk position.\n credit derivatives are individually negotiated contracts can have various settlement and payment conventions.\n credit events include failure to pay  bankruptcy  acceleration of indebtedness  restructuring  repudiation dissolution of reference entity.\n credit default swaps.\n single-name credit default swaps protect buyer against loss of principal on or more bonds  loans or mortgages ( reference obligations ) in issuer ( reference entity ) of reference obligations suffers a credit event.\nbuyer of protection pays initial or periodic premium to seller and receives protection for period of contract.\n if no credit event , defined in contract, seller of protection makes no payments to buyer of protection.\n if credit event occurs , seller of protection required to make payment to buyer of protection , calculated in accordance with terms of contract.\n credit indices , baskets and tranches.\n credit derivatives may reference basket of single-name credit default swaps or broad-based index.\n if credit event occurs in underlying reference obligations, protection seller pays protection buyer.\n payment is typically pro-rata portion of transaction 2019s total notional amount based on underlying defaulted reference obligation.\n in certain transactions  credit risk of basket or index is separated into various portions ( tranches ) each having different levels of subordination.\n most junior tranches cover initial defaults once losses exceed notional amount of junior tranches , excess loss covered by next most senior tranche in capital structure.\n total return swaps.\n total return swap transfers risks relating to economic performance of reference obligation from protection buyer to protection seller.\n typically protection buyer receives from protection seller floating rate of interest and protection against reduction in fair value of reference obligation  in return protection seller receives cash flows associated with reference obligation  plus any increase in fair value of reference obligation.\n credit options.\n in credit option , option writer assumes obligation to purchase or sell reference obligation at specified price or credit spread.\n option purchaser buys right  but does not assume obligation to sell reference obligation to or purchase from  option writer.\n payments on credit options depend either on particular credit spread or price of reference obligation.\n goldman sachs 2013 annual report 147\n\nin millions                                                             | as of december 2013 | as of december 2012\n----------------------------------------------------------------------- | ------------------- | -------------------\nnet derivative liabilities under bilateral agreements                   | $ 22176             | $ 27885\ncollateral posted                                                       | 18178               | 24296\nadditional collateral or termination payments for a one-notch downgrade | 911                 | 1534\nadditional collateral or termination payments for a two-notch downgrade | 2989                | 2500"
}
{
    "_id": "dd4c54aca",
    "title": "",
    "text": "company expects annual amortization expense for intangible assets to be:.\n g.\n grant accounting company 2019s foreign subsidiaries received grants from governmental agencies.\n grants include capital , employment research and development grants.\n capital grants for acquisition of property and equipment netted against related capital expenditures amortized as credit to depreciation expense over useful life of related asset.\n employment grants  relate to employee hiring and training, research and development grants recognized in earnings in period related expenditures incurred by company.\n.\n translation of foreign currencies functional currency for company 2019s foreign sales and research and development operations is applicable local currency.\n gains and losses from translation of foreign currencies into.\n dollars recorded in accumulated other comprehensive ( loss ) income.\n transaction gains and losses and remeasurement of foreign currency denominated assets and liabilities included in income including at company 2019s principal foreign manufacturing operations where functional currency is u. s.\n dollar.\n foreign currency transaction gains or losses included in other expenses net not material in fiscal 2010 , 2009 or 2008.\n.\n derivative instruments and hedging agreements foreign exchange exposure management 2014 company enters into forward foreign currency exchange contracts to offset operational and balance sheet exposures from impact of changes in foreign currency exchange rates.\n such exposures result from portion company 2019s operations , assets and liabilities denominated in currencies other than.\n dollar primarily euro ; other exposures include philippine peso and british pound.\n foreign currency exchange contracts entered to support transactions in normal course of business not speculative in nature.\n contracts for periods consistent with terms of underlying transactions  generally one year or less.\nhedges related to anticipated transactions designated documented at inception as cash flow hedges evaluated for effectiveness monthly.\n derivative instruments employed to eliminate or minimize foreign currency exposures confidently identified and quantified.\n terms of contract and underlying transaction matched at inception forward contract effectiveness calculated by comparing change in fair value of contract to change in forward value of anticipated transaction effective portion of gain or loss on derivative instrument reported as component of accumulated other comprehensive ( loss ) income ( ) in shareholders 2019 equity reclassified into earnings in same period during hedged transaction affects earnings.\n residual change in fair value of instruments or ineffectiveness recognized immediately in other ( income ) expense.\n company enters into forward foreign currency contracts that economically hedge gains and losses generated by remeasurement of certain recorded assets and liabilities in non-functional currency.\n changes in fair value of these undesignated hedges recognized in other ( income ) expense immediately as offset to changes in fair value of asset or liability being hedged.\n as of october 30 , 2010 and october 31 , 2009 total notional amount of these undesignated hedges was $ 42. 1 million and $ 38 million , respectively.\n fair value of these hedging instruments in company 2019s condensed consolidated balance sheets of october 2009 was immaterial.\n interest rate exposure management 2014 on june 30 , 2009 company entered into interest rate swap transactions related to outstanding 5% ( 5 % ) senior unsecured notes company swapped notional amount of $ 375 million of fixed rate debt at 5. 0% ( 5. 0 % ) into floating interest rate debt through july 1 , 2014.\n under terms of swaps company will receive on $ 375 million notional amount a 5. 0% ( 5.0 % ) annual interest payment analog devices .\n notes consolidated financial statements 2014 continued )\n\nfiscal year | amortization expense\n----------- | --------------------\n2011        | $ 1343"
}
{
    "_id": "dd4b9a63e",
    "title": "",
    "text": ".\n principal cost drivers include manufacturing efficiency raw material energy costs freight costs.\n printing papers net sales 2014 decreased 8% ( 8 % ) to $ 5. 7 billion compared with $ 6. 2 billion 2013 8% ( 8 % ) compared with $ 6. 2 billion in 2012.\n operating profits 2014 106% ( 106 % ) lower than 2013 103% ( 103 % ) lower than 2012.\n excluding facility closure costs impairment costs special items operating profits 2014 7% ( 7 % ) higher than 2013 8% ( 8 % ) lower than 2012.\n benefits from higher average sales price realizations favorable mix ( $ 178 million ) lower planned maintenance downtime costs ( $ 26 million ) absence of provision for bad debt related to large envelope customer booked in 2013 ( $ 28 million ) lower foreign exchange other costs ( $ 25 million ) offset by lower sales volumes ( $ 82 million ) higher operating costs ( $ 49 million ) higher input costs ( $ 47 million ) costs associated with closure of courtland , alabama mill ( $ 41 million ).\n operating profits 2014 include special items costs of $ 554 million associated with closure of courtland , alabama mill.\n during 2013 company accelerated depreciation for certain courtland assets evaluated other assets for alternative uses.\n net book value of assets at december 31 , 2013 was approximately $ 470 million.\n first quarter of 2014 evaluation concluded no alternative uses for assets.\n recognized approximately $ 464 million of accelerated depreciation related to assets in 2014.\noperating profits 2014 include charge $ 32 million with foreign tax amnesty program gain $ 20 million for resolution legal contingency in india operating profits 2013 included costs $ 118 million with announced closure of courtland , alabama mill $ 123 million impairment charge with goodwill trade name intangible asset in india papers business.\n printing papers.\n north american printing papers net sales were $ 2. 1 billion in 2014 , $ 2. 6 billion in 2013 $ 2. 7 billion in 2012.\n operating profits 2014 were loss of $ 398 million ( gain $ 156 million excluding costs shutdown of courtland, alabama mill ) compared with gains $ 36 million ( $ 154 million excluding costs courtland mill shutdown ) in 2013 $ 331 million in 2012.\n sales volumes in 2014 decreased 2013 due to lower market demand for uncoated freesheet paper closure courtland mill.\n average sales price realizations higher reflecting sales price increases in domestic and export markets.\n higher input costs for wood offset by lower costs for chemicals freight costs higher.\n planned maintenance downtime costs were $ 14 million lower in 2014.\n operating profits 2014 negatively impacted by costs shutdown of courtland , alabama mill benefited from absence of provision for bad debt related to large envelope customer recorded in 2013.\n first quarter of 2015 sales volumes expected to be stable compared with fourth quarter 2014.\n average sales margins should improve reflecting more favorable mix average sales price realizations expected be flat.\n input costs expected stable.\n planned maintenance downtime costs expected be about $ 16 million lower with outage scheduled in 2015 first quarter at georgetown mill compared with outages at eastover and riverdale mills in 2014 fourth quarter.\n brazilian papers net sales for 2014 were $ 1. 1 billion compared with $ 1.1 billion in 2013 $ 1. 1 billion 2012.\n operating profits for 2014 were $ 177 million ( $ 209 million excluding costs tax amnesty program ) compared with $ 210 million 2013 $ 163 million 2012.\n sales volumes 2014 flat compared with 2013.\n average sales price realizations improved for domestic uncoated freesheet paper due to price increases second half 2013 2014.\n margins affected by increased proportion sales to higher-margin domestic market.\n raw material costs increased for wood chemicals.\n operating costs higher than 2013 planned maintenance downtime costs flat.\n 2015 sales volumes first quarter expected to decrease due to seasonally weaker customer demand for uncoated freesheet paper.\n average sales price improvements expected reflect partial realization of announced sales price increases brazilian domestic market for uncoated freesheet paper.\n input costs expected flat.\n planned maintenance outage costs should $ 5 million lower with outage scheduled at luiz antonio mill first quarter.\n european papers net sales 2014 were $ 1. 5 billion compared with $ 1. 5 billion 2013 $ 1. 4 billion in 2012.\n operating profits 2014 were $ 140 million compared with $ 167 million 2013 $ 179 million in compared with 2013 sales volumes for uncoated freesheet paper 2014 slightly higher both\n\nin millions               | 2014       | 2013   | 2012\n------------------------- | ---------- | ------ | ------\nsales                     | $ 5720     | $ 6205 | $ 6230\noperating profit ( loss ) | -16 ( 16 ) | 271    | 599"
}
{
    "_id": "dd4b892a8",
    "title": "",
    "text": "foreign currency exchange rate risk many non-u. s.\n companies maintain assets and liabilities in local currencies.\n foreign exchange rate risk limited to net assets denominated in those foreign currencies.\n foreign exchange rate risk reviewed as part of our risk management process.\n locally required capital levels invested in home currencies to satisfy regulatory require- ments and support local insurance operations regardless of currency fluctuations.\n principal currencies creating foreign exchange risk for are british pound sterling , euro , canadian dollar.\n following table provides more information on exposure to foreign exchange rate risk at december 31 , 2008 and 2007.\n reinsurance of gmdb and gmib guarantees net income impacted by changes in reserves calculated in connection with reinsurance of variable annuity guarantees  primarily gmdb and gmib.\n reserves are calculated in accordance with sop 03-1 ( sop reserves ) changes in reserves reflected as life and annuity benefit expense  included in life underwriting income.\n net income impacted by change in fair value of gmib liability ( fvl ) classified as derivative according to fas 133.\n fair value liability for gmib reinsurance contract represents differ- ence between fair value of contract and sop 03-1 reserves.\n changes in fair value of gmib liability  net of associated changes in calculated sop 03-1 reserve  reflected as realized gains or losses.\n our variable annuity reinsurance business similar risk profile to of catastrophe reinsurance  probability of long-term economic loss small at time of pricing.\n adverse changes in market factors and policyholder behavior impact on life underwriting income and net income.\nevaluating risks , we expect to be compensated for risk of cumulative long-term economic net loss  short-term accounting variations caused by market movements.\n we evaluate this business in terms of long-term eco- nomic risk and reward.\n ultimate risk to variable annuity guaranty reinsurance business is long-term underperformance of investment returns exacerbated by long-term reduction in interest rates.\n following market downturn , continued market underperformance over five to seven years would result in higher level of paid claims as policyholders accessed guarantees through death or annuitization.\n if market conditions improved following downturn sop 03-1 reserves and fair value liability would fall reflecting decreased likelihood of future claims result in increase in life underwriting income and net income.\n as of december 31 , 2008  management established sop 03-1 reserve based on benefit ratio calculated using actual market values at december 31 , 2008.\n management exercises judgment in determining extent to short-term market movements impact sop 03-1 reserve.\n sop 03-1 reserve based on calculation of long-term benefit ratio ( or loss ratio ) for variable annuity guarantee reinsurance.\n despite long-term nature risk benefit ratio calculation impacted by short-term market movements may be judged by management to temporary or transient.\n management will  in with language in sop 03-1  regularly examine quantitative and qualitative analysis and management will determine if change in calculated benefit ratio is of sufficient magnitude and persisted for sufficient duration to warrant change in benefit ratio used to establish sop 03-1 reserve.\n this has no impact on premium received or claims paid nor impact long-term profit or loss of variable annuity guaran- tee reinsurance.\nsop 03-1 reserve fair value liability calculations affected by market factors  including equity levels interest rate levels credit risk implied volatilities  policyholder behaviors  annuitization lapse rates.\n table below shows sensitivity  as of december 31 , 2008 , of sop 03-1 reserves fair value liability associated with variable annuity guarantee reinsurance portfolio.\n tables below show sensitivity of fair value of specific derivative instruments held ( hedge value )  includes instruments purchased in january 2009 , to partially offset risk in variable annuity guarantee reinsurance portfolio.\n these derivatives do not receive hedge accounting treatment  some portion of change in value may be used to offset changes in sop 03-1 reserve.\n\n( in millions of u.s . dollars )                                                      | 2008           | 2007\n------------------------------------------------------------------------------------- | -------------- | --------------\nfair value of net assets denominated in foreign currencies                            | $ 1127         | $ 1651\npercentage of fair value of total net assets                                          | 7.8% ( 7.8 % ) | 9.9% ( 9.9 % )\npre-tax impact on equity of hypothetical 10 percent strengthening of the u.s . dollar | $ 84           | $ 150"
}
{
    "_id": "dd4bd2f20",
    "title": "",
    "text": "table of contents cdw corporation and subsidiaries method or straight-line method  applicable.\n company classifies deferred financing costs as direct deduction from carrying value of long-term debt liability on consolidated balance sheets except for deferred financing costs associated with revolving credit facilities presented as asset  within other assets on consolidated balance sheets.\n derivative instruments company has interest rate cap agreements for hedging exposure to fluctuations interest rates.\n interest rate cap agreements designated as cash flow hedges of interest rate risk recorded at fair value in other assets on consolidated balance sheets.\n gain or loss on derivative instruments reported as component of accumulated other comprehensive loss until reclassified to interest expense same period hedge transaction affects earnings.\n fair value measurements fair value defined under gaap as price received to sell asset or paid to transfer liability in orderly transaction between market participants at measurement date.\n fair value hierarchy established for valuation inputs to prioritize inputs into three levels based on extent inputs used in measuring fair value observable in market.\n each fair value measurement reported in one of three levels determined by lowest level input significant to fair value measurement entirety.\n these levels are : level 1 2013 observable inputs quoted prices for identical instruments traded in active markets.\n level 2 2013 inputs based on quoted prices for similar instruments in active markets , quoted prices for identical similar instruments in markets not active model-based valuation techniques for all significant assumptions observable in market or corroborated by observable market data for full term of assets or liabilities.\n level 3 2013 inputs generally unobservable reflect management 2019s estimates of assumptions market participants use in pricing asset or liability.\nfair values determined using model-based techniques include option pricing models , discounted cash flow models similar techniques.\n accumulated other comprehensive loss components of accumulated other comprehensive loss included in stockholders 2019 equity are as follows:.\n revenue recognition company is a primary distribution channel for large group of vendors and suppliers , including original equipment manufacturers ( 201coems 201d ) , software publishers  wholesale distributors cloud providers.\n company records revenue from sales transactions when title and risk of loss passed to customer , persuasive evidence of arrangement for sale , delivery occurred/or services rendered  sales price fixed or determinable  collectability assured.\n company 2019s shipping terms typically specify f. o. b.\n destination , at time title and risk of loss passed to customer.\n revenues from sales of hardware products software licenses recognized on gross basis with selling price to customer recorded as sales acquisition cost of product recorded as cost of sales.\n these items can be delivered to customers in variety of ways , including as physical product shipped from company 2019s warehouse  ii via drop-shipment by vendor or supplier  or iii ) via electronic delivery for software licenses.\n at time of sale  company records estimate for sales returns and allowances based on historical experience.\n company 2019s vendor partners warrant most of products company sells.\n company leverages drop-shipment arrangements with vendors suppliers to deliver products to customers without to physically hold inventory at warehouses , increasing efficiency reducing\n\n( in millions )                       | years ended december 31 , 2017 | years ended december 31 , 2016 | years ended december 31 , 2015\n------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nforeign currency translation          | $ -96.1 ( 96.1 )               | $ -139.6 ( 139.6 )             | $ -61.1 ( 61.1 )\nunrealized gain from hedge accounting | 0.2                            | 2014                           | 2014\naccumulated other comprehensive loss  | $ -95.9 ( 95.9 )               | $ -139.6 ( 139.6 )             | $ -61.1 ( 61.1 )"
}
{
    "_id": "dd4c1e9ca",
    "title": "",
    "text": "capital resources liquidity capital resources overview capital historically generated by earnings from citi 2019s operating businesses.\n citi may augment capital through issuances of common stock , convertible preferred stock , preferred stock  equity issued through awards under employee benefit plans  in of regulatory capital  through issuance of subordinated debt underlying trust preferred securities.\n impact of future events on citi 2019s business results  corporate asset dispositions changes in accounting standards affect citi 2019s capital levels.\n capital used primarily to support assets in citi 2019s businesses absorb market , credit  operational losses.\n capital may be used for other purposes to pay dividends or repurchase common stock citi 2019s ability to utilize capital for these purposes restricted due to agreements with u. s.\n government  for so long as u. s.\n government continues to hold citi 2019s common stock or trust preferred securities.\n see also 201csupervision and regulation 201d below.\n citigroup 2019s capital management framework designed to ensure citigroup principal subsidiaries maintain sufficient capital consistent with citi 2019s risk profile applicable regulatory standards guidelines external rating agency considerations.\n capital management process centrally overseen by senior management reviewed at consolidated , legal entity  country level.\n senior management responsible for capital management process mainly through citigroup 2019s finance and asset and liability committee ( finalco ) with oversight from risk management and finance committee of citigroup 2019s board of directors.\n finalco composed of senior-most management of citigroup for engaging management in decision-making discussions on capital and liquidity matters.\nfinalco 2019s responsibilities include determining financial structure of citigroup principal subsidiaries ; ensuring citigroup regulated entities adequately capitalized in consultation with regulators ; determining appropriate asset levels return hurdles for citigroup individual businesses reviewing funding capital markets plan for citigroup monitoring interest rate risk  corporate bank liquidity  impact of currency translation on non-u. s.\n earnings capital.\n capital ratios citigroup subject to risk-based capital guidelines issued by federal reserve board.\n historically capital adequacy measured based on two risk-based capital ratios , tier 1 capital and total capital ( tier 1 capital + tier 2 capital ) ratios.\n tier 1 capital consists of sum of 201ccore capital elements , 201d qualifying common stockholders 2019 equity , adjusted , qualifying noncontrolling interests  qualifying mandatorily redeemable securities of subsidiary trusts  principally reduced by goodwill  other disallowed intangible assets  disallowed deferred tax assets.\n total capital includes 201csupplementary 201d tier 2 capital elements  qualifying subordinated debt limited portion of allowance for credit losses.\n both measures of capital adequacy stated as percentage of risk-weighted assets.\n with 2009 supervisory capital assessment program ( scap ) u. s.\n banking regulators developed new measure of capital termed 201ctier 1 common , 201d defined as tier 1 capital less non-common elements , including qualifying perpetual preferred stock , qualifying noncontrolling interests , qualifying mandatorily redeemable securities of subsidiary trusts.\n citigroup 2019s risk-weighted assets derived from application risk-based capital guidelines related to measurement of credit risk.\nthese guidelines on-balance-sheet assets and credit equivalent amount of certain off-balance-sheet exposures ( financial guarantees  unfunded lending commitments letters of credit derivatives ) assigned to prescribed risk-weight categories based upon perceived credit risk associated with obligor guarantor nature of collateral external credit ratings.\n risk-weighted assets incorporate measure for market risk on covered trading account positions all foreign exchange and commodity positions or not carried in trading account.\n excluded from risk-weighted assets are any assets goodwill and deferred tax assets , to extent required to be deducted from regulatory capital.\n see 201ccomponents of capital under regulatory guidelines 201d below.\n citigroup subject to leverage ratio requirement , non-risk-based measure of capital adequacy defined as tier 1 capital as percentage of quarterly adjusted average total assets.\n to be 201cwell capitalized 201d under federal bank regulatory agency definitions bank holding company must have tier 1 capital ratio of at least 6% ( 6 % )  total capital ratio of at least 10% ( 10 % ) leverage ratio of at least 3% ( 3 % )  not subject to federal reserve board directive to maintain higher capital levels.\n following table sets citigroup 2019s regulatory capital ratios as of december 31 , 2009 and december 31 , 2008.\n citigroup regulatory capital ratios.\n citigroup was 201cwell capitalized 201d under federal bank regulatory agency definitions at year end for both 2009 and 2008.\n\nat year end                                         | 2009             | 2008\n--------------------------------------------------- | ---------------- | ----------------\ntier 1 common                                       | 9.60% ( 9.60 % ) | 2.30% ( 2.30 % )\ntier 1 capital                                      | 11.67            | 11.92\ntotal capital ( tier 1 capital and tier 2 capital ) | 15.25            | 15.70\nleverage                                            | 6.89             | 6.08"
}
{
    "_id": "dd4c11964",
    "title": "",
    "text": "jpmorgan chase & co. /2018 form 10-k 117 lending-related commitments firm uses lending-related financial instruments  commitments ( including revolving credit facilities ) and guarantees , to address financing needs of clients.\n contractual amounts financial instruments represent maximum possible credit risk should clients draw down on commitments or firm fulfill obligations under guarantees clients fail to perform according to terms contracts.\n most commitments and guarantees are refinanced , extended  cancelled  or expire without drawn upon or default occurring.\n in firm 2019s view total contractual amount of wholesale lending-related commitments not representative of firm 2019s expected future credit exposure or funding requirements.\n for further information on wholesale lending-related commitments , refer to note 27.\n clearing services firm provides clearing services for clients entering certain securities and derivative contracts.\n services firm exposed to risk of non-performance by clients may be required to share in losses incurred by ccps.\n possible firm seeks to mitigate credit risk clients through collection of adequate margin at inception throughout life transactions can cease provision of clearing services if clients do not adhere to obligations under clearing agreement.\n for further discussion of clearing services , refer to note 27.\n derivative contracts derivatives enable clients counterparties to manage risks including credit risk and risks from fluctuations in interest rates  foreign exchange  equities  commodities.\n firm makes markets in derivatives to meet needs uses derivatives to manage certain risks associated with net open risk positions from market-making activities including counterparty credit risk arising from derivative receivables.\n firm also uses derivative instruments to manage its own credit and other market risk exposure.\n nature of counterparty and settlement mechanism of derivative affect credit risk to firm exposed.\notc derivatives firm exposed to credit risk of derivative counterparty.\n exchange-traded derivatives ( 201cetd 201d )  futures options  201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives firm generally exposed to credit risk of relevant ccp.\n possible firm seeks to mitigate credit risk exposures from derivative contracts through use legally enforceable master netting arrangements collateral agreements.\n further discussion of derivative contracts  counterparties settlement types refer to note 5.\n following table summarizes net derivative receivables for periods presented.\n derivative receivables.\n ( a ) includes collateral related to derivative instruments where appropriate legal opinions not sought or obtained master netting agreements.\n fair value of derivative receivables reported on consolidated balance sheets were $ 54. 2 billion and $ 56. 5 billion at december 31, 2018 and 2017 respectively.\n derivative receivables represent fair value of derivative contracts after giving effect to legally enforceable master netting agreements cash collateral held by firm.\n management 2019s view appropriate measure of current credit risk should consideration additional liquid securities ( primarily.\n government and agency securities other group of seven nations ( 201cg7 201d ) government securities ) other cash collateral held firm aggregating $ 15. 3 billion and $ 16. 1 billion at december 31 , 2018 and 2017 respectively may be used as security when fair value of client 2019s exposure in firm 2019s favor.\nin addition to collateral described in preceding paragraph firm holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities  corporate debt and equity securities ) delivered by clients at initiation of transactions collateral related to contracts non-daily call frequency and collateral firm agreed to return but not yet settled as of reporting date.\n this collateral does not reduce balances not included in table available as security against potential exposure should fair value of client 2019s derivative contracts move in firm 2019s favor.\n derivative receivables fair value , net of all collateral  not include other credit enhancements  as letters of credit.\n for additional information on firm 2019s use of collateral agreements , refer to note 5.\n useful as current view of credit exposure net fair value of derivative receivables not capture potential future variability of credit exposure.\n to capture potential future variability of credit exposure  firm calculates  on client-by-client basis three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d )  average exposure ( 201cavg 201d ).\n these measures all incorporate netting and collateral benefits  where applicable.\n peak represents conservative measure of potential exposure to counterparty calculated equivalent to 97. 5% ( 97. 5 % ) confidence level over life of transaction.\n peak is primary measure used firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management.\n dre exposure is measure expresses risk of derivative exposure on basis intended to be\n\ndecember 31 ( in millions )                                                           | 2018             | 2017\n------------------------------------------------------------------------------------- | ---------------- | ----------------\ntotal net of cash collateral                                                          | $ 54213          | $ 56523\nliquid securities and other cash collateral held against derivative receivables ( a ) | -15322 ( 15322 ) | -16108 ( 16108 )\ntotal net of all collateral                                                           | $ 38891          | $ 40415"
}
{
    "_id": "dd497a67e",
    "title": "",
    "text": "inventory on hand  future purchase commitments with suppliers  considering multiple factors including demand forecasts  product life cycle  current sales levels  pricing strategy cost trends.\n if review indicates inventories of raw materials  components or finished products obsolete or in excess of anticipated demand or inventory cost exceeds net realizable value, we may be required to make adjustments impact results of operations.\n goodwill and non-amortizable intangible assets valuation - we test goodwill non-amortizable intangible assets for impairment annually or more frequently if events warrant review.\n company has option to perform qualitative assessment for goodwill and non-amortizable intangible assets to determine if likely impairment exists, company elects to perform quantitative assessment for annual impairment analysis.\n impairment analysis involves comparing fair value of each reporting unit or non-amortizable intangible asset to carrying value.\n if carrying value exceeds fair value , goodwill or non-amortizable intangible asset is considered impaired.\n to determine fair value of goodwill use discounted cash flow model supported by market approach using earnings multiples of comparable global and local companies within tobacco industry.\n at december 31 , 2018  carrying value of goodwill was $ 7. 2 billion  related to ten reporting units  each of group of markets with similar economic characteristics.\n estimated fair value of each of ten reporting units exceeded carrying value as of december 31 , 2018.\n to determine fair value of non-amortizable intangible assets  we primarily use discounted cash flow model applying relief-from-royalty method.\n concluded fair value of non- amortizable intangible assets exceeded carrying value.\ndiscounted cash flow models include management assumptions relevant for forecasting operating cash flows subject to changes in business conditions volumes prices costs to produce discount rates estimated capital needs.\n management considers historical experience and available information at time fair values are estimated believe assumptions consistent with assumptions hypothetical marketplace participant would use.\n since march 28 , 2008  spin-off from altria group  inc. not recorded a charge to earnings for impairment of goodwill or non-amortizable intangible assets.\n marketing costs - we incur certain costs to support products through programs include advertising marketing  consumer engagement trade promotions.\n costs of advertising and marketing programs expensed in accordance with u. s.\n.\n recognition of cost related to consumer engagement and trade promotion programs contain uncertainties due to judgment required in estimating potential performance and compliance for each program.\n for volume-based incentives provided to customers management assesses and estimates customer likelihood of customer's achieving specified targets records reduction of revenue as sales are made.\n for other trade promotions management relies on estimated utilization rates developed from historical experience.\n changes in assumptions in estimating cost of individual marketing program not result in material change in our financial position results of operations or operating cash flows.\n employee benefit plans - as discussed in item 8 , note 13.\n benefit plans to consolidated financial statements provide range of benefits to employees and retired employees including pensions  postretirement health care postemployment benefits ( primarily severance ).\n record annual amounts relating to these plans based on calculations specified by u. s.\n.\n calculations include actuarial assumptions discount rates assumed rates of return on plan assets  compensation increases mortality  turnover rates health care cost trend rates.\nreview actuarial assumptions annual basis make modifications assumptions based on current rates trends when appropriate.\n permitted by u. s.\n gaap , effect of modifications generally amortized over future periods.\n believe assumptions in calculating obligations under plans are reasonable based historical experience advice from actuaries.\n weighted-average discount rate assumptions for pension postretirement plan obligations at december 31 , 2018 2017 are as follows:.\n anticipate assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million compared with approximately $ 160 million in 2018, excluding amounts related to employee severance early retirement programs.\n anticipated increase primarily due to higher amortization of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , lower return on assets of $ 16 million  higher interest and service cost of $ 12 million and $ 4 million respectively partially offset by other movements of $ 1 million.\n weighted-average expected rate of return discount rate assumptions significant effect on expense reported for employee benefit plans.\n fifty-basis-point decrease in discount rate would increase 2019 pension and postretirement expense by approximately $ 50 million  fifty-basis-point increase in discount rate decrease 2019 pension and postretirement\n\n| 2018             | 2017\n-------------------- | ---------------- | ----------------\npension plans        | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % )\npostretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % )"
}
{
    "_id": "dd497bd08",
    "title": "",
    "text": "item 1b.\n unresolved staff comments.\n item 2.\n properties.\n corporate co-headquarters located in pittsburgh , pennsylvania chicago , illinois.\n co-headquarters leased house executive offices , u. s.\n business units , administrative , finance , human resource functions.\n maintain additional owned and leased offices throughout regions in we operate.\n manufacture products in network of manufacturing and processing facilities throughout world.\n as of december 31, 2016  operated 87 manufacturing and processing facilities.\n own 83 lease four facilities.\n manufacturing and processing facilities count by segment as of december 31 , 2016 was:.\n maintain all manufacturing and processing facilities in good condition believe suitable adequate for present needs.\n enter into co-manufacturing arrangements with third parties if advantageous to outsource production of products.\n in fourth quarter of 2016  reorganized segment structure to move russia business from rest of world segment to europe segment.\n reflected this change in table above.\n see note 18 , segment reporting , consolidated financial statements for additional information.\n several current manufacturing and processing facilities scheduled to be closed within next year.\n see note 3 , integration and restructuring expenses , consolidated financial statements for additional information.\n item 3.\n legal proceedings.\n routinely involved in legal proceedings , claims  governmental inquiries , inspections or investigations ( 201clegal matters 201d ) in ordinary course business.\n on april 1 , 2015 , commodity futures trading commission ( 201ccftc 201d ) filed formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in u. s.\ndistrict court for northern district of illinois , eastern division  related to activities involving trading of december 2011 wheat futures contracts.\n complaint alleges mondel 0113z international and kraft 1 ) manipulated or attempted manipulate wheat markets during fall 2011  2 ) violated position limit levels for wheat futures  3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts.\n previously disclosed by kraft  activities arose prior to october 1 , 2012 spin-off of kraft by mondel 0113z international to shareholders involve business now owned and operated by mondel 0113z international or affiliates.\n separation and distribution agreement between kraft and mondel 0113z international  dated september 27 , 2012 governs allocation of liabilities between mondel 0113z international and kraft mondel 0113z international will predominantly bear costs matter and monetary penalties or other payments cftc may impose.\n do not expect this matter to material adverse effect on our financial condition  results of operations  or business.\n cannot predict certainty results of legal matters currently involved or may future be involved do not expect ultimate costs to resolve legal matters currently pending have material adverse effect on financial condition or results of operations.\n item 4.\n mine safety disclosures.\n not applicable.\n\n| owned | leased\n------------- | ----- | ------\nunited states | 43    | 2\ncanada        | 3     | 2014\neurope        | 11    | 2014\nrest of world | 26    | 2"
}
{
    "_id": "dd4b9ff3a",
    "title": "",
    "text": "hr solutions.\n in october 2010  completed acquisition of hewitt , world leading human resource consulting outsourcing companies.\n hewitt operates globally with aon 2019s existing consulting outsourcing operations under newly aon hewitt brand.\n hewitt 2019s operating results included in aon 2019s results operations beginning october 1 , 2010.\n hr solutions segment generated 25% ) of consolidated total revenues in 2010 provides broad range human capital services consulting services : 2022 health and benefits advises clients about structure fund administer employee benefit programs attract retain motivate employees.\n benefits consulting includes health and welfare  executive benefits  workforce strategies productivity  absence management  benefits administration  data-driven health  compliance  employee commitment  investment advisory elective benefits services.\n 2022 retirement specializes in global actuarial services  defined contribution consulting  investment consulting  tax and erisa consulting  pension administration.\n 2022 compensation focuses on compensatory advisory/counsel compensation planning design executive reward strategies salary survey benchmarking  market share studies sales force effectiveness  special expertise in financial services technology industries.\n 2022 strategic human capital delivers advice to complex global organizations on talent , change organizational effectiveness issues talent strategy acquisition  executive on-boarding  performance management leadership assessment development communication strategy  workforce training change management.\n outsourcing services : 2022 benefits outsourcing applies hr expertise through defined benefit ( pension )  defined contribution ( 401 ( k ) )  health and welfare administrative services.\n our model replaces resource-intensive processes benefit plans with more efficient  effective less costly solutions.\n2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data ; administer benefits , payroll other human resources processes ; record manage talent , workforce other core hr process transactions complementary services such absence management  flexible spending  dependent audit participant advocacy.\n beginning in late 2008 , disruption in global credit markets deterioration of financial markets created uncertainty in marketplace.\n weak economic conditions globally continued throughout 2010.\n prolonged economic downturn adversely impacting our clients 2019 financial condition levels of business activities in industries geographies where we operate.\n believe majority of practices well positioned to manage through this time , challenges reducing demand for some our services putting\n\nyears ended december 31, | 2010             | 2009             | 2008\n------------------------ | ---------------- | ---------------- | ----------------\nrevenue                  | $ 2111           | $ 1267           | $ 1356\noperating income         | 234              | 203              | 208\noperating margin         | 11.1% ( 11.1 % ) | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % )"
}
{
    "_id": "dd4bc1c7a",
    "title": "",
    "text": "pipeline transportation 2013 own system pipelines through marathon pipe line llc ( 201cmpl 201d ) ohio river pipe line llc ( 201corpl 201d ) wholly-owned subsidiaries.\n pipeline systems transport crude oil refined products midwest gulf coast regions to refineries terminals other pipeline systems.\n mpl and orpl wholly-owned undivided interest common carrier systems consist of 1737 miles crude oil lines 1825 miles refined product lines 32 systems in 11 states.\n mpl common carrier pipeline network one of largest petroleum pipeline systems in united states total barrels delivered.\n common carrier pipeline systems subject to state federal energy regulatory commission regulations guidelines including published tariffs for transportation of crude oil refined products.\n third parties generated 13 percent of crude oil refined product shipments on mpl and orpl common carrier pipelines in 2009.\n mpl orpl common carrier pipelines transported volumes shown in following table for last three years.\n pipeline barrels handled ( thousands of barrels per day ) 2009 2008 2007.\n own 196 miles of private crude oil pipelines 850 miles private refined products pipelines lease 217 miles of common carrier refined product pipelines.\n partial ownership interests in several pipeline companies approximately 780 miles of crude oil pipelines 3600 miles of refined products pipelines including 970 miles operated by mpl.\n mpl operates most of private pipelines 985 miles of crude oil 160 miles of natural gas pipelines owned by e&p segment.\n major refined product pipelines include owned and operated cardinal products pipeline wabash pipeline.\n cardinal products pipeline delivers refined products from kenova , west virginia to columbus , ohio.\nwabash pipeline system delivers product from robinson  illinois to terminals in chicago , illinois.\n other significant refined product pipelines owned operated by mpl extend from robinson  to louisville  kentucky ; garyville , louisiana to zachary , louisiana texas city , texas to pasadena , texas.\n as of december 31 , 2009  interests in refined product pipelines : 2022 65 percent ownership interest in louisville-lexington system , petroleum products pipeline system from louisville to lexington , kentucky ; 2022 60 percent interest in muskegon pipeline llc  refined products pipeline from griffith , indiana to north muskegon , michigan ; 2022 50 percent interest in centennial pipeline llc  refined products system connecting gulf coast region with midwest market ; 2022 17 percent interest in explorer pipeline company  refined products pipeline system from gulf coast to midwest ; 2022 6 percent interest in wolverine pipe line company  products pipeline from chicago  illinois to toledo , ohio.\n major owned and operated crude oil lines run from : patoka , illinois to catlettsburg , kentucky ; patoka to robinson , illinois ; patoka to lima , ohio ; lima  ohio to canton , ohio ; samaria , michigan to detroit , michigan st.\n james , louisiana to garyville , louisiana.\n as of december 31 , 2009  interests in following crude oil pipelines : 2022 51 percent interest in loop llc , owner and operator of loop  only u.s.\n deepwater oil port  18 miles off coast louisiana  crude oil pipeline connecting port facility to storage caverns tanks at clovelly , louisiana ; 2022 59 percent interest in locap llc  owns crude oil pipeline connecting loop capline system;\n\n( thousands of barrels per day ) | 2009 | 2008 | 2007\n-------------------------------- | ---- | ---- | ----\ncrude oil trunk lines            | 1279 | 1405 | 1451\nrefined products trunk lines     | 953  | 960  | 1049\ntotal                            | 2232 | 2365 | 2500"
}
{
    "_id": "dd4bce6be",
    "title": "",
    "text": "n o t e s c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s continued ) ace limited subsidiaries table shows changes in company 2019s stock options years ended december 31 , 2008 2007  number of options weighted average exercise price.\n weighted-average remaining contractual term was 5. 8 years for stock options outstanding 4. 6 years for stock options exercisable at december 31 , 2008.\n total intrinsic value approximately $ 66 million for stock options out- standing $ 81 million for stock options exercisable at december 31 , 2008.\n weighted-average fair value for stock options granted year ended december 31, 2008 was $ 17. 60.\n total intrinsic value for stock options exercised years ended december 31 , 2008 2007 2006 approximately $ 54 million , $ 44 million  $ 43 million  respectively.\n cash received year ended december 31 , 2008 from exercise stock options was $ 97 million.\n restricted stock company 2019s 2004 ltip provides for grants of restricted stock.\n company generally grants restricted stock with 4-year vesting period graded vesting schedule.\n restricted stock granted at market close price on date of grant.\n company 2019s share-based compensation expense year ended december 31 , 2008 portion of cost related to unvested restricted stock granted in years 2004 to 2008.\n\n| number of options    | weightedaverageexercise price\n------------------------------------ | -------------------- | -----------------------------\noptions outstanding december 31 2005 | 12643761             | $ 36.53\ngranted                              | 1505215              | $ 56.29\nexercised                            | -1982560 ( 1982560 ) | $ 33.69\nforfeited                            | -413895 ( 413895 )   | $ 39.71\noptions outstanding december 31 2006 | 11752521             | $ 39.43\ngranted                              | 1549091              | $ 56.17\nexercised                            | -1830004 ( 1830004 ) | $ 35.73\nforfeited                            | -200793 ( 200793 )   | $ 51.66\noptions outstanding december 31 2007 | 11270815             | $ 42.12\ngranted                              | 1612507              | $ 60.17\nexercised                            | -2650733 ( 2650733 ) | $ 36.25\nforfeited                            | -309026 ( 309026 )   | $ 54.31\noptions outstanding december 31 2008 | 9923563              | $ 46.24"
}
{
    "_id": "dd49719f2",
    "title": "",
    "text": "payments ( receipts ) ( in millions ).\n in september 2016 ferc accepted february 2016 compliance filing subject to further compliance filing in november 2016.\n further compliance filing required result of order issued september 2016 ruling on january 2016 rehearing requests filed by lpsc  apsc  entergy.\n order addressing rehearing requests ferc granted lpsc 2019s rehearing request directed interest be calculated on payment/receipt amounts.\n ferc also granted apsc 2019s and entergy 2019s rehearing request ordered removal of securitized asset accumulated deferred income taxes and contra-securitization accumulated deferred income taxes from calculation.\n november 2016 entergy submitted compliance filing in response to ferc 2019s order rehearing.\n compliance filing included revised refund calculation of true-up payments and receipts based on 2009 test year data and interest calculations.\n lpsc protested interest calculations.\n november 2017 ferc issued order rejecting november 2016 compliance filing.\n ferc determined payments detailed in november 2016 compliance filing did not include adequate interest for payments from entergy arkansas to entergy louisiana because did not include interest on principal portion of payment made in february 2016.\n december 2017 entergy recalculated interest pursuant to november 2017 order.\n result of recalculations entergy arkansas owed minor payments to entergy louisiana  entergy mississippi  entergy new orleans.\n 2011 rate filing based on calendar year 2010 production costs in may 2011 entergy filed with ferc 2011 rates in accordance with ferc 2019s orders in system agreement proceeding. a0several parties intervened in proceeding at ferc  including lpsc  also filed protest.a0 a0in july a02011 ferc a0accepted entergy 2019s proposed rates for filing a0effective june a01 , a02011 a0subject to refund.\n after proceeding schedule in december 2014 ferc consolidated 2011 rate filing with 2012 , 2013  2014 rate filings for settlement and hearing procedures.\n see discussion below regarding consolidated settlement and hearing procedures in connection with proceeding.\n 2012 rate filing based on calendar year 2011 production costs in may 2012  entergy filed with ferc 2012 rates in accordance with ferc 2019s orders in system agreement proceeding. a0several parties intervened in proceeding at ferc including lpsc , filed protest. august 2012 ferc a0accepted entergy 2019s proposed rates for filing a0effective june a02012  a0subject to refund.\n proceeding schedule in december 2014 ferc consolidated 2012 rate filing with 2011 , 2013  2014 rate filings for settlement and hearing procedures.\n discussion below consolidated settlement and hearing procedures proceeding.\n 2013 rate filing based on calendar year 2012 production costs in may 2013  entergy filed with ferc 2013 rates in accordance with ferc 2019s orders in system agreement proceeding.\n several parties intervened in proceeding at ferc including lpsc , filed protest.\n city council intervened and filed comments related to including outcome of related ferc proceeding in 2013 cost equalization calculation.\n in august 2013 ferc issued order accepting 2013 rates  effective june 1 , 2013 subject to refund.\n after proceeding schedule in december 2014 ferc consolidated 2013 rate filing with 2011 , 2012  2014 rate filings for settlement and hearing procedures.\n entergy corporation and subsidiaries notes to financial statements\n\n| payments ( receipts ) ( in millions )\n------------------- | -------------------------------------\nentergy arkansas    | $ 2\nentergy louisiana   | $ 6\nentergy mississippi | ( $ 4 )\nentergy new orleans | ( $ 1 )\nentergy texas       | ( $ 3 )"
}
{
    "_id": "dd4c04b4c",
    "title": "",
    "text": "table of contents discussion of nonoperating income and expense excludes results merger meaningful year-over-year comparison.\n interest expense  net of capitalized interest decreased $ 249 million in 2014 from 2013 due to $ 149 million decrease in special charges recognized year-over-year refinancing activities resulted in $ 100 million less interest expense recognized in 2014.\n in 2014 recognized $ 33 million of special charges to non-cash interest accretion on bankruptcy settlement obligations.\n in 2013  recognized $ 138 million of special charges to post-petition interest expense on unsecured obligations plan and penalty interest related to american 2019s 10. 5% ( 10. 5 % ) secured notes and 7. 50% ( 7. 50 % ) senior secured notes.\n in 2013 recorded special charges of $ 44 million for debt extinguishment costs repayment of certain aircraft secured indebtedness including cash interest charges non-cash write offs of unamortized debt issuance costs.\n result of 2013 refinancing activities early extinguishment of american 2019s 7. 50% ( 7. 50 % ) senior secured notes in 2014 recognized $ 100 million less interest expense in 2014 compared to 2013.\n other nonoperating expense  net in 2014 of $ 114 million of net foreign currency losses including $ 43 million special charge for venezuelan foreign currency losses $ 56 million in other nonoperating special charges primarily due to early debt extinguishment costs related to prepayment of 7. 50% ( 7. 50 % ) senior secured notes and other indebtedness.\n foreign currency losses driven by strengthening of u. s.\ndollar relative to other currencies during 2014  principally latin american market including 48% ( 48 % ) decrease in value venezuelan bolivar 14% ( 14 % ) decrease in value brazilian real.\n other nonoperating expense  net in 2013 consisted principally of net foreign currency losses of $ 56 million early debt extinguishment charges $ 29 million.\n reorganization items  net reorganization items refer to revenues  expenses ( including professional fees )  realized gains losses provisions for losses realized incurred direct result of chapter 11 cases.\n following table summarizes components included in reorganization items  net on aag 2019s consolidated statement of operations for year ended december 31 , 2013 ( in millions ) :.\n exchange for employees 2019 contributions to successful reorganization including agreeing reductions in pay and benefits agreed plan to provide each employee group deemed claim  used provide distribution of portion of equity of reorganized entity to employees.\n each employee group received deemed claim amount based upon portion of value of cost savings provided by group through reductions to pay benefits certain work rule changes.\n total value of deemed claim was approximately $ 1. 7 billion.\n 2 ) amounts include allowed claims ( claims approved by bankruptcy court ) estimated allowed claims relating to i rejection or modification of financings related to aircraft ii ) entry of orders treated as unsecured claims with respect facility agreements supporting certain issuances of special facility revenue bonds.\n debtors recorded estimated claim associated with rejection or modification of financing\n\n| 2013\n------------------------------------------------------------------------- | ------\nlabor-related deemed claim ( 1 )                                          | $ 1733\naircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 325\nfair value of conversion discount ( 4 )                                   | 218\nprofessional fees                                                         | 199\nother                                                                     | 180\ntotal reorganization items net                                            | $ 2655"
}
{
    "_id": "dd4b8ca2a",
    "title": "",
    "text": "contingencies exposed to certain known contingencies material to our investors.\n facts and circumstances surrounding these contingencies and discussion of their effect on us are in note 12 to our audited consolidated financial statements included in this annual report on form 10-k.\n these contingencies may have material effect on our liquidity , capital resources or results of operations.\n in even reserves adequate incurrence of liabilities may have material effect on our liquidity and amount of cash available to for other purposes.\n believe we made appropriate arrangements in respect of future effect on us of these known contingencies.\n believe of cash available to from our operations  with cash from financing  will be sufficient for to pay any known contingencies as due without affecting our ability to conduct operations invest in growth of business.\n off-balance sheet arrangements not any off-balance sheet arrangements except for operating leases entered into in normal course of business.\n contractual obligations and commitments summary of future payment commitments by year under contractual obligations as of december 31 , 2018:.\n 1 ) interest payments on our debt based on interest rates in effect on december 31 , 2018.\n 2 ) purchase obligations defined as agreements to purchase goods or services enforceable and legally binding specify significant terms  including fixed or minimum quantities to be purchased , fixed  minimum variable pricing provisions approximate timing of transactions.\n 3 ) committed to invest $ 120 million in private equity funds.\n as of december 31 , 2018 funded approximately $ 78 million of these commitments approximately $ 42 million remaining to be funded not included in above table unable to predict when these commitments will be paid.\n ( 4 ) amounts represent expected future benefit payments for our pension and postretirement benefit plans  expected contributions for 2019 for our funded pension benefit plans.\nmade cash contributions totaling approximately $ 31 million to defined benefit plans in 2018 , estimate make contributions approximately $ 25 million to defined benefit plans in 2019.\n due to potential impact of future plan investment performance  changes in interest rates  changes in other economic and demographic assumptions changes in legislation in foreign jurisdictions , not able to reasonably estimate timing and amount of contributions required to fund defined benefit plans for periods beyond 2019.\n ( 5 ) as of december 31 , 2018  liability related to uncertain income tax positions was approximately $ 106 million , $ 89 million not included in above table unable to predict when liabilities be paid due to uncertainties in timing of settlement of income tax positions.\n\n( in millions )                                | 2019   | 2020 - 2021 | 2022 - 2023 | thereafter | total\n---------------------------------------------- | ------ | ----------- | ----------- | ---------- | -------\nlong-term debt including interest ( 1 )        | $ 508  | $ 1287      | $ 3257      | $ 8167     | $ 13219\noperating leases                               | 167    | 244         | 159         | 119        | 689\ndata acquisition                               | 289    | 467         | 135         | 4          | 895\npurchase obligations ( 2 )                     | 17     | 22          | 15          | 8          | 62\ncommitments to unconsolidated affiliates ( 3 ) | 2014   | 2014        | 2014        | 2014       | 2014\nbenefit obligations ( 4 )                      | 25     | 27          | 29          | 81         | 162\nuncertain income tax positions ( 5 )           | 17     | 2014        | 2014        | 2014       | 17\ntotal                                          | $ 1023 | $ 2047      | $ 3595      | $ 8379     | $ 15044"
}
{
    "_id": "dd4ba6a56",
    "title": "",
    "text": "company entered agreements with governmental entities in states kentucky, georgia tennessee to implement tax abatement plans related to its distribution center in franklin  kentucky simpson county distribution center in macon  georgia bibb store support center in brentwood  tennessee ( williamson county ).\n tax abatement plans provide for reduction of real property taxes for specified time frames by transferring title to real property in exchange for industrial revenue bonds.\n property was then leased back to company.\n no cash exchanged.\n lease payments equal to payments on bonds.\n tax abatement period extends through term of lease  coincides with maturity date of bonds.\n company has option to purchase real property by paying off bonds , plus $ 1.\n terms and amounts authorized and drawn under each industrial revenue bond agreement outlined as follows  as of december 30, 2017 : bond term bond authorized amount ( in millions ) amount drawn ( in millions ).\n due to transactions company not recorded bonds or lease obligation associated with sale lease-back transaction.\n original cost of company 2019s property and equipment is recorded on balance sheet being depreciated over its estimated useful life.\n capitalized software costs company capitalizes certain costs related to acquisition and development of software and amortizes these costs using straight-line method over estimated useful life of software three to five years.\n computer software consists of software developed for internal use and third-party software purchased for internal use.\n subsequent addition , modification or upgrade to internal-use software is capitalized to extent it enhances software functionality or extends its useful life.\n these costs included in computer software and hardware in accompanying consolidated balance sheets.\n certain software costs not meeting criteria for capitalization are expensed as incurred.\nstore closing costs company evaluates performance of stores periodically closes those under-performing.\n company records liability for costs associated with exit or disposal activity when liability incurred  usually in period store closes.\n store closing costs not significant to results operations for fiscal years presented.\n leases assets under capital leases amortized in accordance with company 2019s normal depreciation policy for owned assets or over lease term  if shorter related charge to operations included in depreciation expense in consolidated statements of income.\n certain operating leases include rent increases during lease term.\n for leases company recognizes related rental expense on straight-line basis over term of lease ( includes pre-opening period of construction , renovation  fixturing merchandise placement ) records difference between expense charged to operations and amounts paid as deferred rent liability.\n company occasionally receives reimbursements from landlords to towards improving related store to leased.\n leasehold improvements recorded at gross costs  including items reimbursed by landlords.\n related reimbursements deferred and amortized on straight-line basis as reduction of rent expense over applicable lease term.\n note 2 - share-based compensation : share-based compensation includes stock option and restricted stock unit awards certain transactions under company 2019s espp.\n share-based compensation expense recognized based on grant date fair value of all stock option and restricted stock unit awards plus discount on shares purchased by employees part of espp.\n discount under espp represents difference between purchase date market value and employee 2019s purchase price.\n\n| bond term | bond authorized amount ( in millions ) | amount drawn ( in millions )\n---------------------------------------- | --------- | -------------------------------------- | ----------------------------\nfranklin kentucky distribution center    | 30 years  | $ 54.0                                 | $ 51.8\nmacon georgia distribution center        | 15 years  | $ 58.0                                 | $ 49.9\nbrentwood tennessee store support center | 10 years  | $ 78.0                                 | $ 75.3"
}
{
    "_id": "dd4c5d35a",
    "title": "",
    "text": "performance graph following graph is comparison of five-year cumulative return of our common shares , standard & poor 2019s 500 index ( 201cs&p 500 index 201d ) national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index , peer group index.\n graph assumes $ 100 invested on december 31 , 2009 in our common shares , s&p 500 index nareit all equity index all dividends reinvested without payment commissions.\n no assurance performance of our shares will continue in line with same or similar trends depicted in graph below.\n\n| 2009  | 2010  | 2011  | 2012  | 2013  | 2014\n--------------------------- | ----- | ----- | ----- | ----- | ----- | -----\nvornado realty trust        | $ 100 | $ 123 | $ 118 | $ 128 | $ 147 | $ 201\ns&p 500 index               | 100   | 115   | 117   | 136   | 180   | 205\nthe nareit all equity index | 100   | 128   | 139   | 166   | 171   | 218"
}
{
    "_id": "dd4bce560",
    "title": "",
    "text": "contractual obligations table summarizes significant contractual obligations as of december 28 , 2013:.\n capital purchase obligations1 5503 5375 125 2014 3 other purchase obligations commitments2 1859 772 744 307 36 long-term debt obligations3 22372 429 2360 3761 15822 other long-term liabilities4 5 1496 569 663 144 120 total6 $ 32100 $ 7353 $ 4190 $ 4378 $ 16179 1 capital purchase obligations represent commitments for construction or purchase of property  plant equipment.\n not recorded as liabilities on consolidated balance sheets as of december 28, 2013 not yet received related goods or taken title to property.\n 2 other purchase obligations commitments include payments due under licenses agreements to purchase goods or services payments due under non-contingent funding obligations.\n funding obligations include agreements to fund projects with other companies.\n 3 amounts represent principal and interest cash payments over life of debt obligations including anticipated interest payments not recorded on consolidated balance sheets.\n future settlement of convertible debt would impact cash payments.\n unable to estimate timing of future payments related to uncertain tax positions ; $ 188 million of long-term income taxes payable excluded from table.\n long- term income taxes payable  recorded on consolidated balance sheets included these uncertain tax positions reduced by federal deduction for state taxes and.\n tax credits from non-.\n income taxes.\n 5 amounts represent future cash payments to satisfy other long-term liabilities recorded on consolidated balance sheets including short-term portion of long-term liabilities.\n expected required contributions to.\n non-u.\n pension plans other postretirement benefit plans of $ 62 million to made during 2014 included ; funding projections beyond 2014 not practicable to estimate.\n6 total excludes contractual obligations recorded on our consolidated balance sheets as current liabilities except for short-term portions of long-term debt obligations and other long-term liabilities.\n contractual obligations for purchases of goods or services , included in other purchase obligations and commitments in preceding table include agreements enforceable and legally binding on intel specify all significant terms  including fixed or minimum quantities to purchased ; fixed variable price provisions ; approximate timing of transaction.\n for obligations with cancellation provisions  amounts included in preceding table limited to non-cancelable portion of agreement terms or minimum cancellation fee.\n entered into certain agreements for purchase of raw materials specify minimum prices and quantities based on percentage of total available market or percentage of future purchasing requirements.\n due to uncertainty of future market and future purchasing requirements non-binding nature of these agreements obligations under these agreements not included in preceding table.\n purchase orders for other products based on current manufacturing needs fulfilled by vendors within short time horizons.\n some purchase orders represent authorizations to purchase rather than binding agreements.\n table of contents management 2019s discussion and analysis of financial condition and results of operations ( continued )\n\n( in millions )                             | payments due by period total | payments due by period less than1 year | payments due by period 1 20133 years | payments due by period 3 20135 years | payments due by period more than5 years\n------------------------------------------- | ---------------------------- | -------------------------------------- | ------------------------------------ | ------------------------------------ | ---------------------------------------\noperating lease obligations                 | $ 870                        | $ 208                                  | $ 298                                | $ 166                                | $ 198\ncapital purchase obligations1               | 5503                         | 5375                                   | 125                                  | 2014                                 | 3\nother purchase obligations and commitments2 | 1859                         | 772                                    | 744                                  | 307                                  | 36\nlong-term debt obligations3                 | 22372                        | 429                                    | 2360                                 | 3761                                 | 15822\nother long-term liabilities4 5              | 1496                         | 569                                    | 663                                  | 144                                  | 120\ntotal6                                      | $ 32100                      | $ 7353                                 | $ 4190                               | $ 4378                               | $ 16179"
}
{
    "_id": "dd4c59dea",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) credit exposure  we monitor credit worthiness of financial institutions where we have deposits.\n concentrations of credit risk with respect to trade accounts receivable limited due to wide variety of customers and markets in provide services dispersion of operations across many geographic areas.\n provide services to small-container commercial , large-container industrial municipal residential customers in united states and puerto rico.\n perform ongoing credit evaluations of customers generally do not require collateral to support customer receivables.\n establish allowance for doubtful accounts based on factors including credit risk of specific customers age of receivables outstanding  historical trends  economic conditions other information.\n accounts receivable , net accounts receivable represent receivables from customers for collection , transfer , recycling disposal  energy services other services.\n receivables recorded when billed or when related revenue earned represent claims against third parties settled in cash.\n carrying value of receivables , net of allowance for doubtful accounts and customer credits  represents their estimated net realizable value.\n provisions for doubtful accounts evaluated monthly basis recorded based on historical collection experience age of receivables specific customer information economic conditions.\n review outstanding balances on account-specific basis.\n reserves provided for accounts receivable in excess of 90 days outstanding.\n past due receivable balances written-off when collection efforts unsuccessful collecting amounts due.\n following table reflects activity in allowance for doubtful accounts for years ended december 31:.\n restricted cash and marketable securities as of december 31 , 2015  had $ 100. 3 million of restricted cash and marketable securities.\nobtain funds through issuance of tax-exempt bonds for financing qualifying expenditures at our landfills , transfer stations  collection and recycling centers.\n funds deposited directly into trust accounts by bonding authorities at time of issuance.\n use of these funds is contractually restricted  not ability to use funds for general operating purposes , classified as restricted cash and marketable securities in consolidated balance sheets.\n in normal course of business  may be required to provide financial assurance to governmental agencies other entities in connection with municipal residential collection contracts  closure post- closure of landfills  environmental remediation  environmental permits business licenses and permits as financial guarantee of performance.\n at several landfills  satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.\n property and equipment record property and equipment at cost.\n expenditures for major additions improvements to facilities capitalized  maintenance and repairs charged to expense as incurred.\n when property retired or disposed , related cost and accumulated depreciation removed from accounts resulting gain or loss reflected in consolidated statements of income.\n\n| 2015           | 2014           | 2013\n---------------------------- | -------------- | -------------- | --------------\nbalance at beginning of year | $ 38.9         | $ 38.3         | $ 45.3\nadditions charged to expense | 22.7           | 22.6           | 16.1\naccounts written-off         | -14.9 ( 14.9 ) | -22.0 ( 22.0 ) | -23.1 ( 23.1 )\nbalance at end of year       | $ 46.7         | $ 38.9         | $ 38.3"
}
{
    "_id": "dd4984962",
    "title": "",
    "text": "interest rate cash flow hedges 2013 report changes in fair value of cash flow hedges in accumulated other comprehensive loss until hedged item affects earnings.\n at december 31 , 2008 and 2007 reductions of $ 4 million recorded as accumulated comprehensive loss amortized straight-line through september 30 , 2014.\n of december 31 , 2008 and 2007  no interest rate cash flow hedges outstanding.\n earnings impact 2013 use of derivative financial instruments impact on pre-tax income for years ended december 31 : millions of dollars 2008 2007 2006.\n fair value of debt instruments 2013 fair value of short- and long-term debt estimated using quoted market prices or current borrowing rates.\n at december 31 , 2008  fair value of total debt approximately $ 247 million less than carrying value.\n december 31 , 2007  fair value total debt exceeded carrying value by approximately $ 96 million.\n at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million  fixed-rate debt securities contained call provisions allowed to retire debt instruments prior to final maturity with payment of fixed call premiums certain cases.\n sale of receivables 2013 railroad transfers accounts receivable to union pacific receivables , inc.\n upri bankruptcy-remote subsidiary of sale of receivables facility.\n upri sells without recourse on 364-day revolving basis undivided interest in accounts receivable to investors.\n total capacity to sell undivided interests to investors under facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 .\n value of outstanding undivided interest held by investors under facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007.\nupri reduced outstanding undivided interest held by investors due to decrease in available receivables at december 31 , 2008.\n value of outstanding undivided interest investors not included in consolidated financial statements.\n value undivided interest investors supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 .\n at december 31 , 2008 and 2007  value of interest retained by upri was $ 431 million and $ 471 million , respectively.\n retained interest included in accounts receivable in consolidated financial statements.\n interest sold to investors is sold at carrying value  approximates fair value no gain or loss recognized from transaction.\n value of outstanding undivided interest could fluctuate based upon availability of eligible receivables affected by changing business volumes and credit risks , including default and dilution.\n if default or dilution percentages to increase one percentage point , amount of eligible receivables would decrease by $ 6 million.\n should credit rating fall below investment grade  value of outstanding undivided interest investors would be reduced in certain cases investors have right to discontinue facility.\n railroad services sold receivables ; railroad does not recognize servicing asset or liability as servicing fees compensate us for these responsibilities.\n railroad collected approximately $ 17. 8 billion and $ 16. 1 billion during years ended december 31 , 2008 and 2007 .\n upri used proceeds to purchase new receivables under facility.\n\nmillions of dollars                                                   | 2008 | 2007       | 2006\n--------------------------------------------------------------------- | ---- | ---------- | ----------\n( increase ) /decrease in interest expense from interest rate hedging | $ 1  | $ -8 ( 8 ) | $ -8 ( 8 )\n( increase ) /decrease in fuel expense from fuel derivatives          | 1    | -1 ( 1 )   | 3\nincrease/ ( decrease ) in pre-tax income                              | $ 2  | $ -9 ( 9 ) | $ -5 ( 5 )"
}
{
    "_id": "dd4b8ab80",
    "title": "",
    "text": "freesheet paper higher in russia lower in europe reflecting weak economic conditions market demand.\n average sales price realizations for pulp decreased.\n lower input costs for wood purchased fiber offset by higher costs for energy chemicals packaging.\n freight costs higher.\n planned maintenance downtime costs higher due to significant once-every-ten-years maintenance outage plus scheduled 18-month outage at saillat mill outage costs in russia poland lower.\n manufacturing operating costs favor- entering 2013 sales volumes first quarter expected seasonally weaker in russia flat in europe.\n average sales price realizations for uncoated freesheet paper expected decrease in europe increase in russia.\n input costs higher in russia especially for wood energy slightly lower in europe.\n no maintenance outages scheduled first quarter.\n ind ian papers includes results andhra pradesh paper mills ( appm ) 75% ( 75 % ) interest acquired on october 14 , 2011.\n net sales $ 185 million in 2012 $ 35 million in 2011.\n operat- ing profits loss of $ 16 million in 2012 loss $ 3 million in 2011.\n asian pr int ing papers net sales $ 85 mil- lion in 2012 $ 75 million in 2011 $ 80 million in 2010.\n operating profits improved from break- even to $ 1 million in 2012.\n u. s.\n pulp net sales $ 725 million in 2012 compared with $ 725 million in 2011 $ 715 million in 2010.\n operating profits loss of $ 59 million in 2012 compared with gains $ 87 million in 2011 $ 107 million in 2010.\n sales volumes 2012 increased from 2011 due to start-up of pulp production at franklin mill third quarter 2012.\n average sales price realizations significantly lower for fluff pulp market pulp.\n input costs lower primarily for wood energy.\n freight costs slightly lower.\nmill operating costs unfavorable due to costs start-up franklin mill.\n planned maintenance downtime costs lower.\n first quarter of 2013 sales volumes expected be flat with fourth quarter of 2012.\n average sales price realizations expected to improve reflecting sales price increases for paper and tissue pulp announced in fourth quarter 2012.\n input costs should be flat.\n planned maintenance downtime costs about $ 9 million higher than fourth quarter 2012.\n manufacturing costs related to franklin mill should be lower as improve operations.\n consumer packaging demand and pricing for ucts correlate with consumer spending general economic activity.\n prices volumes major factors affecting profitability of consumer packaging are raw material energy costs freight costs manufacturing efficiency product mix.\n consumer packaging net sales in 2012 decreased 15% ( 15 % ) from 2011 7% ( 7 % ) from 2010.\n operating profits increased 64% ( 64 % ) from 2011 29% ( 29 % ) from 2010.\n net sales operating profits include shorewood business in 2011 2010.\n exclud- ing asset impairment other charges associated with sale shorewood business facility closure costs 2012 operating profits 27% ( 27 % ) lower than 2011 23% ( 23 % ) higher than in 2010.\n benefits from lower raw material costs ( $ 22 million ) lower maintenance outage costs ( $ 5 million ) other items ( $ 2 million ) offset by lower sales price realizations unfavorable product mix ( $ 66 million ) lower sales volumes increased market-related downtime ( $ 22 million ) higher operating costs ( $ 40 million ).\n operating profits in 2012 included gain of $ 3 million related to sale of shorewood business operating profits in 2011 included $ 129 million fixed asset impairment charge for north ameri- can shorewood business $ 72 million for other charges associated with sale of shorewood business.\n consumer packaging.\nnorth american consumer packaging net sales $ 2. 0 billion 2012 compared with $ 2. 5 billion 2011 $ 2. 4 billion 2010.\n operating profits $ 165 million ( $ 162 million excluding gain sale shorewood business ) 2012 compared with $ 35 million ( $ 236 million excluding asset impairment charges sale shorewood business ) 2011 $ 97 million ( $ 105 million excluding facility closure costs ) in 2010.\n coated paperboard sales volumes 2012 lower than 2011 reflecting weaker market demand.\n average sales price realizations lower primar ily for folding carton board.\n input costs for wood increased partially offset by lower costs for chemicals energy.\n planned maintenance down- time costs slightly lower.\n market-related down- time about 113000 tons in 2012 compared with 38000 tons 2011.\n\nin millions      | 2012   | 2011   | 2010\n---------------- | ------ | ------ | ------\nsales            | $ 3170 | $ 3710 | $ 3400\noperating profit | 268    | 163    | 207"
}
{
    "_id": "dd4c1e8a8",
    "title": "",
    "text": "item 4.\n submission of matters to vote of security holders no matters submitted to vote security holders during fourth quarter of 2005.\n part ii item 5.\n market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities market information series a common stock traded on new york stock exchange under symbol 2018 2018ce 2019 2019 since january 21 , 2005.\n closing sale price of series a common stock  reported on march 6 , 2006 was $ 20. 98.\n following table sets forth high and low intraday sales prices per share of common stock  reported new york stock exchange for periods indicated.\n holders no shares of 2019s series b common stock issued and outstanding.\n as of march 6 , 2006  51 holders of record of series a common stock , one holder of record of perpetual preferred stock.\n including broker accounts names estimate shareholder base to be approximately 6800 as of march 6 , 2006.\n dividend policy in july 2005  board of directors adopted policy of declaring subject to legally available funds quarterly cash dividend on each share of common stock at annual rate initially equal to approximately 1% ( 1 % ) of $ 16 price per share in initial public offering of series a common stock ( or $ 0. 16 per share ) unless board of directors  determines otherwise commencing second quarter of 2005.\n pursuant to policy company paid quarterly dividends of $ 0. 04 per share on august 11 , 2005 , november 1 , 2005 and february 1 , 2006.\n based on number of outstanding shares of series a common stock  anticipated annual cash dividend is approximately $ 25 million.\n no assurance that sufficient cash available in future to pay such dividend.\ndividends payable to holders of our series a common stock cannot be declared or paid nor can funds be set aside for payment unless we paid or set aside funds for payment of all accumulated and unpaid dividends with to shares of our preferred stock  as described below.\n our board of directors may  modify or revoke our dividend policy on our series a common stock.\n we are required under terms preferred stock to pay scheduled quarterly dividends  subject to legally available funds.\n for preferred stock remains outstanding  we will not declare , pay or set apart funds for payment of any dividend or other distribution with to any junior stock or parity stock neither we  nor our subsidiaries will  subject to redeem  purchase or acquire for consideration junior stock or parity stock through sinking fund or otherwise unless we have paid or set apart funds for payment of all accumulated and unpaid dividends with shares preferred stock and parity stock for all preceding dividend periods.\n to policy company paid quarterly dividends of $ 0. 265625 on its 4. 25% (. 25 % ) convertible perpetual preferred stock on august 1 , 2005  november 1 , 2005 and february 1 , 2006.\n anticipated annual cash dividend is approximately $ 10 million.\n\n2005                           | pricerange high | pricerange low\n------------------------------ | --------------- | --------------\nquarterended march 312005      | $ 18.65         | $ 15.10\nquarter endedjune 302005       | $ 18.16         | $ 13.54\nquarter endedseptember 30 2005 | $ 20.06         | $ 15.88\nquarter endeddecember 312005   | $ 19.76         | $ 15.58"
}
{
    "_id": "dd4bde5c8",
    "title": "",
    "text": "overview we finance operations capital expenditures through combination internally generated cash from operations and borrowings under our senior secured asset-based revolving credit facility.\n believe current sources of funds will sufficient to fund cash operating requirements for next year.\n believe in spite of uncertainty of future macroeconomic conditions, we have adequate sources of liquidity and funding available to meet longer-term needs.\n, factors may negatively impact available sources of funds.\n amount of cash generated from operations dependent upon factors successful execution of business plan general economic conditions.\n long-term debt activities during year ended december 31 , 2014  had significant debt refinancings.\n with refinancings recorded a loss on extinguishment of long-term debt of $ 90. 7 million in consolidated statement of operations for year ended december 31 , 2014.\n see note 7 to accompanying audited consolidated financial statements in report for additional details.\n share repurchase program on november 6, 2014  announced board of directors approved $ 500 million share repurchase program effective immediately under may repurchase shares of common stock in open market or through privately negotiated transactions , depending on share price , market conditions other factors.\n share repurchase program does not obligate us to repurchase any dollar amount or number of shares  repurchases may be commenced or suspended without prior notice.\n as of date of this filing no shares repurchased under share repurchase program.\n dividends summary of 2014 dividend activity for common stock shown below:.\n on february 10 , 2015  announced board of directors declared a quarterly cash dividend on common stock of $ 0. 0675 per share.\n dividend will be paid on march 10 , 2015 to all stockholders of record as of close of business on february 25 , 2015.\npayment of future dividends at discretion of our board of directors depend upon our results of operations , financial condition  business prospects  capital requirements  contractual restrictions  potential indebtedness incur  restrictions imposed by applicable law  tax considerations other factors board of directors deems relevant.\n in our ability to pay dividends on our common stock limited by restrictions on our ability to pay dividends or make distributions to stockholders and on ability of subsidiaries to pay dividends or make distributions to us , under terms of our current and future agreements governing our indebtedness.\n table of contents\n\ndividend amount | declaration date | record date      | payment date\n--------------- | ---------------- | ---------------- | -----------------\n$ 0.0425        | february 12 2014 | february 25 2014 | march 10 2014\n$ 0.0425        | may 8 2014       | may 27 2014      | june 10 2014\n$ 0.0425        | july 31 2014     | august 25 2014   | september 10 2014\n$ 0.0675        | november 6 2014  | november 25 2014 | december 10 2014"
}
{
    "_id": "dd4c52d60",
    "title": "",
    "text": "fair value of options vested during years ended december 31 , 2017 , 2016 2015 was $ 6. 8 million , $ 6. 0 million $ 7. 8 million  respectively.\n intrinsic value of fortune brands stock options exercised in years ended december 31 , 2017 , 2016 2015 was $ 70. 6 million , $ 88. 1 million $ 78. 0 million , respectively.\n performance awards granted to officers employees company under plans represent right to earn shares of company common stock based on achievement of company-wide performance conditions including cumulative diluted earnings per share average return on invested capital average return on net tangible assets ebitda during three-year performance period.\n compensation cost amortized into expense over performance period generally three years based on probability of meeting performance targets.\n fair value of each performance share award based on average of high and low stock price on date of grant.\n table summarizes information about performance share awards as of december 31 , 2017 activity during year ended.\n number of performance share awards granted shown below at target award amounts : number of performance share awards weighted-average grant-date fair value.\n remaining unrecognized pre-tax compensation cost related to performance share awards at december 31 , 2017 was approximately $ 6. 8 million  weighted-average period of time over cost recognized is 1. 3 years.\n fair value of performance share awards vested during 2017 was $ 5. 6 million ( 100580 shares ).\n director awards stock awards used as part of compensation to outside directors under plan.\n awards issued annually in second quarter.\n outside directors can elect to have director fees paid in stock or defer payment of stock.\n compensation cost expensed at time of award based on fair value of share at date of award.\nin 2017 , 2016 2015 , awarded 15311 , 16471 19695 shares of company common stock to outside directors with weighted average fair value on date award of $ 63. 43 , $ 57. 37 $ 46. 21 , respectively.\n 14.\n defined benefit plans number of pension plans in united states  covering many company 2019s employees plans closed to new hires.\n plans provide for payment of retirement benefits  mainly commencing between ages 55 and 65.\n after meeting certain qualifications  employee acquires vested right to future benefits.\n benefits payable under plans determined on basis employee 2019s length of service/or earnings.\n employer contributions to plans made  as necessary to ensure legal funding requirements satisfied.\n from time to  may make contributions in excess of legal funding requirements.\n service cost for 2017 relates to benefit accruals in hourly union defined benefit plan in security segment.\n benefit accruals under all other defined benefit pension plans frozen as of december 31, 2016.\n\n| number of performance share awards | weighted-averagegrant-datefair value\n----------------------------- | ---------------------------------- | ------------------------------------\nnon-vestedat december 31 2016 | 421600                             | $ 48.00\ngranted                       | 160196                             | 58.02\nvested                        | -95183 ( 95183 )                   | 45.13\nforfeited                     | -58285 ( 58285 )                   | 48.22\nnon-vestedat december 31 2017 | 428328                             | $ 52.35"
}
{
    "_id": "dd4bb7e1e",
    "title": "",
    "text": "inherent limitations on effectiveness of controls.\n we not expect our disclosure controls or internal control over financial reporting will prevent or detect all errors fraud.\n control system no well-designed operated can provide only reasonable not absolute assurance that control system objectives will be met.\n design of control system must reflect resource constraints exist benefits of controls must be considered relative to costs.\n inherent limitations in control systems  no evaluation of controls can provide absolute assurance misstatements due to error or fraud will not occur or all control issues instances of fraud if detected.\n design of system of controls is based in on certain assumptions about likelihood of future events no assurance that design will succeed in achieving stated goals under potential future conditions.\n projections of evaluation of effectiveness of controls to future periods subject to risks.\n over time controls may become inadequate due to changes in conditions or deterioration in degree of compliance with policies or procedures.\n if controls become inadequate could fail to meet financial reporting obligations reputation may be adversely affected business and operating results could be harmed  market price of stock could decline.\n item 1b.\n unresolved staff comments not applicable.\n item 2.\n properties as of december 31 , 2016  major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 31.5 19. 2 50. 7 leased facilities2.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2. 5 7. 1 9. 6.\n 1 leases municipal grants on portions land used for facilities expire on varying dates through 2109.\n 2 leases expire on varying dates through 2058 include renewals option.\n principal executive offices located in u. s.\n majority of wafer manufacturing activities in 2016 located in u. s.\n arizona wafer fabrication facilities on hold held safe state , reserving building for additional capacity future technologies.\n incremental construction equipment installation required ready facility for intended use.\n for more information on wafer fabrication assembly test facilities , see 201cmanufacturing assembly test 201d in part i , item 1 of form 10-k.\n believe facilities described above suitable adequate for present purposes productive capacity facilities substantially utilized plans to utilize.\n not identify allocate assets by operating segment.\n for information on net property , plant and equipment by country , see 201cnote 4 : operating segments geographic information 201d in part ii , item 8 of this form 10-k.\n item 3.\n legal proceedings discussion of legal proceedings , see 201cnote 20 : commitments and contingencies 201d in part ii, item 8 of form 10-k.\n item 4.\n mine safety disclosures not applicable.\n\n( square feet in millions ) | unitedstates | othercountries | total\n--------------------------- | ------------ | -------------- | -----\nowned facilities1           | 31.5         | 19.2           | 50.7\nleased facilities2          | 2.5          | 7.1            | 9.6\ntotal facilities            | 34.0         | 26.3           | 60.3"
}
{
    "_id": "dd4be4a2c",
    "title": "",
    "text": "table of contents marketaxess holdings inc.\n notes to consolidated financial statements 2014 this standard had no material effect on company 2019s consolidated statements of financial condition and consolidated statements of operations.\n reclassifications certain reclassifications made to prior years 2019 financial statements to conform to current year presentation.\n reclassifications no effect on previously reported net income.\n on march 5 , 2008  company acquired outstanding capital stock of greenline financial technologies , inc.\n ( 201cgreenline 201d ) illinois-based provider of integration  testing management solutions for fix-related products services to optimize electronic trading of fixed-income equity exchange-based products and approximately ten percent of outstanding capital stock of tradehelm , inc. a delaware corporation spun-out from greenline prior to acquisition.\n acquisition of greenline broadens range of technology services company offers to institutional financial markets expansion of company 2019s client base including global exchanges hedge funds diversifies company 2019s revenues beyond core electronic credit trading products.\n results of operations of greenline included in consolidated financial statements from date of acquisition.\n aggregate consideration for greenline acquisition was $ 41. 1 million  of $ 34. 7 million in cash , 725923 shares of common stock valued at $ 5. 8 million $ 0. 6 million of acquisition-related costs.\n sellers eligible to receive up to aggregate of $ 3. 0 million in cash  subject to greenline attaining earn- out targets in 2008 and 2009.\n total of $ 1. 4 million paid to sellers in 2009 based on 2008 earn-out target aggregate consideration to $ 42. 4 million.\n 2009 earn-out target not met.\n total of $ 2.0 million of purchase price  deposited into escrow accounts to satisfy potential indemnity claims distributed to sellers in march 2009.\n shares of common stock issued to each selling shareholder of greenline released in two equal installments on december 20 , 2008 and december 20 , 2009  respectively.\n value ascribed to shares discounted from market value to reflect non-marketability of shares during restriction period.\n purchase price allocation as follows ( in thousands ) : amortizable intangibles include $ 3. 2 million of acquired technology , $ 3. 3 million of customer relationships , $ 1. 3 million of non-competition agreements $ 0. 5 million of tradenames.\n useful lives of ten years and five years assigned to customer relationships intangible and all other amortizable intangibles.\n identifiable intangible assets and goodwill not deductible for tax purposes.\n unaudited pro forma consolidated financial information reflects results of operations company for years ended december 31, 2008 and 2007 if acquisition of greenline occurred of beginning of period presented after effect certain purchase accounting adjustments.\n pro forma results not necessarily indicative of company 2019s operating results had acquisition taken place of beginning of earliest period presented.\n pro forma financial information 3.\n acquisitions.\n\ncash                                                   | $ 6406\n------------------------------------------------------ | --------------\naccounts receivable                                    | 2139\namortizable intangibles                                | 8330\ngoodwill                                               | 29405\ndeferred tax assets net                                | 3410\nother assets including investment in tradehelm         | 1429\naccounts payable accrued expenses and deferred revenue | -8701 ( 8701 )\ntotal purchase price                                   | $ 42418"
}
{
    "_id": "dd4b8ea14",
    "title": "",
    "text": "challenging investment environment $ 15. 0 billion 95% ( 95 % ) net inflows from institutional clients remaining $ 0. 8 billion 5% ( 5 % ) generated by retail hnw clients.\n defined contribution plans of institutional clients significant driver of flows.\n client group added $ 13. 1 billion net new business in 2012.\n americas net inflows of $ 18. 5 billion partially offset by net outflows $ 2. 6 billion from emea asia-pacific clients.\n company 2019s multi-asset strategies include 2022 asset allocation balanced products represented 52% ( 52 % ) or $ 140. 2 billion  of multi-asset class aum at year-end up $ 14. 1 billion  growth aum driven by net new business $ 1. 6 billion $ 12. 4 billion market foreign exchange gains.\n strategies combine equity fixed income alternative components for investors seeking tailored solution specific benchmark risk budget.\n strategies minimize downside risk through diversification derivatives strategies tactical asset allocation decisions.\n 2022 target date target risk products ended year at $ 69. 9 billion  up $ 20. 8 billion  or 42% ( 42 % )  since december 31 , 2011.\n growth in aum driven by net new business of $ 14. 5 billion  year-over-year organic growth rate of 30% ( 30 % ).\n institutional investors represented 90% ( 90 % ) of target date target risk aum defined contribution plans for over 80% ( 80 % ) of aum.\n remaining 10% ( 10 % ) target date target risk aum of retail client investments.\n flows driven by defined contribution investments in lifepath lifepath retirement income ae offerings qualified investment options under pension protection act of 2006.\nproducts utilize proprietary asset allocation model risk return investment based on investor 2019s expected retirement timing.\n 2022 fiduciary management services accounted for 22% ( 22 % )  or $ 57. 7 billion  of multi-asset aum at december 31 , 2012 increased $ 7. 7 billion due to market foreign exchange gains.\n complex mandates pension plan sponsors retain blackrock to assume responsibility for plan management.\n customized services require partnership with clients 2019 investment staff trustees to tailor investment strategies meet client-specific risk budgets return objectives.\n alternatives component changes in alternatives aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012.\n alternatives aum totaled $ 109. 8 billion at year-end 2012  up $ 4. 8 billion  or 5% ( 5 % ) reflecting $ 3. 3 billion in portfolio valuation gains $ 7. 0 billion new assets related to acquisitions of srpep  deepened alternatives footprint in european asian markets claymore.\n core alternative outflows of $ 3. 9 billion driven by return of capital to clients.\n currency net outflows of $ 5. 0 billion partially offset by net inflows of $ 3. 5 billion into ishares commodity funds.\n significant investments in alternatives platform demonstrated by acquisition of srpep  successful closes on renewable power initiative build out alternatives retail platform now stands at nearly $ 10. 0 billion in aum.\n believe as alternatives become more conventional investors adapt asset allocation strategies investment objectives will increase use of alternative investments complement core holdings.\n institutional investors represented 69% ( 69 % ) , or $ 75.8 billion  alternatives aum retail hnw investors additional 9% ( 9 % )  or $ 9. 7 billion  at year-end 2012.\n ishares commodity products accounted remaining $ 24. 3 billion  or 22% ( 22 % )  of aum year-end.\n alternative clients geographically diversified 56% ( 56 % ) , 26% ( 26 % )  18% ( 18 % ) clients in americas  emea asia-pacific.\n blackrock alternative investors ( 201cbai 201d ) group coordinates alternative investment efforts\n\n( dollar amounts in millions ) | 12/31/2011 | net new business | net acquired | market /fx app ( dep ) | 12/31/2012\n------------------------------ | ---------- | ---------------- | ------------ | ---------------------- | ----------\ncore                           | $ 63647    | $ -3922 ( 3922 ) | $ 6166       | $ 2476                 | $ 68367\ncurrency and commodities       | 41301      | -1547 ( 1547 )   | 860          | 814                    | 41428\nalternatives                   | $ 104948   | $ -5469 ( 5469 ) | $ 7026       | $ 3290                 | $ 109795"
}
{
    "_id": "dd4bb1b68",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 continued in december 2008  board of directors amended restated republic services  inc.\n 2006 incentive stock plan ( formerly known as allied waste industries , inc.\n 2006 incentive stock plan ( 2006 plan ) ).\n allied 2019s shareholders approved 2006 plan in may 2006.\n 2006 plan amended restated in december 2008 to reflect republic as new sponsor plan references to shares of common stock are shares common stock of republic adjust outstanding awards number of shares available under plan to reflect allied acquisition.\n 2006 plan  amended restated provided for grant of non- qualified stock options  incentive stock options  shares of restricted stock shares phantom stock stock bonuses  restricted stock units  stock appreciation rights  performance awards  dividend equivalents  cash awards other stock-based awards.\n awards granted under 2006 plan prior to december 5 , 2008 became fully vested nonforfeitable upon closing of allied acquisition.\n no further awards made under 2006 stock options use lattice binomial option-pricing model to value stock option grants.\n recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award to employee 2019s retirement eligible date earlier.\n expected volatility based on weighted average of most recent one year volatility historical rolling average volatility of stock over expected life of option.\n risk-free interest rate based on federal reserve rates effect for bonds with maturity dates equal to expected term of option.\n use historical data to estimate future option exercises  forfeitures ( at 3. 0% ( 3. 0 % ) for each periods presented ) expected life of options.\n appropriate separate groups of employees similar historical exercise behavior considered separately for valuation purposes.\n weighted-average estimated fair values of stock options granted during years ended december 31 , 2014 , 2013 2012 were $ 5. 74 , $ 5. 27 $ 4. 77 per option  calculated using weighted-average assumptions:.\n\n| 2014             | 2013             | 2012\n----------------------------- | ---------------- | ---------------- | ----------------\nexpected volatility           | 27.5% ( 27.5 % ) | 28.9% ( 28.9 % ) | 27.8% ( 27.8 % )\nrisk-free interest rate       | 1.4% ( 1.4 % )   | 0.7% ( 0.7 % )   | 0.8% ( 0.8 % )\ndividend yield                | 3.2% ( 3.2 % )   | 3.2% ( 3.2 % )   | 3.2% ( 3.2 % )\nexpected life ( in years )    | 4.6              | 4.5              | 4.5\ncontractual life ( in years ) | 7.0              | 7.0              | 7.0"
}
{
    "_id": "dd4c3f4c2",
    "title": "",
    "text": "stock performance graph compares recent five-year performance alcoa 2019s common stock with 1 standard & poor 2019s 500 ae index 2 standard poor 2019s 500 ae materials index  group of 27 companies categorized active in 201cmaterials 201d market sector.\n information not deemed 201cfiled. 201d five-year cumulative total return initial investment $ 100 december 31, 2010 dividends reinvested alcoa inc.\n s&p 500 ae index s&p 500 ae materials index dec-'10 dec-'11 dec-'12 dec-'14 dec-'15dec-'13.\n s&p 500 ae index 100 102 118 157 178 181 s&p 500 ae materials index 100 90 104 130 139 128 copyright a9 2016 standard & poor 2019s  division of mcgraw-hill companies inc.\n all rights reserved.\n source : research data group , inc.\n ( www. researchdatagroup. com/s&p. htm )\n\nas of december 31,        | 2010  | 2011 | 2012 | 2013 | 2014  | 2015\n------------------------- | ----- | ---- | ---- | ---- | ----- | ----\nalcoainc .                | $ 100 | $ 57 | $ 58 | $ 72 | $ 107 | $ 68\ns&p 500 aeindex           | 100   | 102  | 118  | 157  | 178   | 181\ns&p 500 aematerials index | 100   | 90   | 104  | 130  | 139   | 128"
}
{
    "_id": "dd497cdca",
    "title": "",
    "text": "earnings first quarter of 2007 expected lower than fourth quarter 2006.\n containerboard export sales volumes expected decline due to scheduled first-quarter main- tenance outages.\n sales volumes for.\n converted products higher due to more shipping days expected softer demand cause ship- ments per day decrease.\n average sales price real- izations expected comparable to fourth- quarter averages.\n additional containerboard price increase announced in january expected fully realized in second quarter.\n costs for wood  energy  starch adhesives freight expected increase.\n manufacturing costs higher due to costs scheduled main- tenance outages containerboard mills.\n euro- pean container operating results expected improve as seasonally higher sales volumes improved margins offset higher manufacturing costs.\n consumer packaging demand pricing correlate with consumer spending general economic activity.\n prices volumes major factors affecting profitability consumer packaging raw material energy costs manufacturing efficiency product mix.\n consumer packaging net sales increased 9% ( 9 % ) compared with 2005 7% ( 7 % ) compared with 2004.\n operating profits rose 8% ( 8 % ) from 2005 declined 15% ( 15 % ) from 2004 levels.\n compared with 2005 higher sales volumes ( $ 9 million ) improved average sales price realizations ( $ 33 million ) reduced lack-of-order downtime ( $ 18 million ) favorable mill oper- ations ( $ 25 million ) partially offset by higher raw material costs ( $ 19 million ) freight costs ( $ 21 million ) unfavorable mix ( $ 14 million ) other costs ( $ 21 million ).\n consumer packaging in millions 2006 2005 2004.\n coated paperboard net sales of $ 1. 5 billion in 2006 higher than $ 1. 3 billion in 2005 $ 1. 1 billion in 2004.\nsales volumes increased 2006 compared with 2005 particularly folding car- ton board segment reflecting improved demand for coated paperboard products.\n 2006 coated paperboard mills took 4000 tons of lack-of-order downtime compared with 82000 tons in 2005.\n average sales price realizations improved principally for folding carton board and cupstock board.\n operating profits 51% ( 51 % ) higher in 2006 than 2005 7% ( 7 % ) better than 2004.\n impact of higher sales prices favorable manufacturing operations due to strong performance at mills offset higher input costs for energy freight.\n foodservice net sales declined to $ 396 million in 2006 compared with $ 437 million in 2005 $ 480 million in 2004 due principally to sale of jackson , tennessee plant in july 2005.\n sales vol- umes lower in 2006 than 2005 average sales prices higher due to price increases implemented during 2005.\n operating profits for 2006 improved over 2005 and 2004 levels due to benefits from higher sales prices.\n raw material costs for bleached board higher than 2005 manufacturing costs more favorable due to increased productivity reduced waste.\n shorewood net sales of $ 670 million down from $ 691 million in 2005 and $ 687 million in 2004.\n sales volumes 2006 down from 2005 levels due to weak demand in home entertainment consumer products markets demand strong in tobacco segment.\n average sales prices year lower than 2005.\n operating prof- its down significantly from 2005 and 2004 due to decline in sales particularly in higher margin home entertainment markets higher raw material costs for bleached board inventory adjustment costs.\n entering 2007  coated paperboard first-quarter sales volumes expected to be seasonally stronger than fourth quarter 2006 for folding carton board and bristols.\n average sales price realizations expected to rise with price increase announced in january.\nanticipated manufacturing costs improve versus unfavorable fourth quarter.\n foodservice earnings for first quarter of 2007 expected to decline due to seasonally weaker vol- ume.\n , sales price realizations slightly higher , seasonal switch to hot cup contain- ers favorable impact on product mix.\n shorewood sales volumes for first quarter of 2007 expected to seasonally decline , earnings impact partially offset by pricing improvements improved product mix.\n distribution our distribution business , principally represented by xpedx business , markets diverse array of products supply chain services to customers in\n\nin millions      | 2006   | 2005   | 2004\n---------------- | ------ | ------ | ------\nsales            | $ 2455 | $ 2245 | $ 2295\noperating profit | $ 131  | $ 121  | $ 155"
}
{
    "_id": "dd49785cc",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016  2015 dispatched starting in february 2018.\n aes puerto rico lowest cost and epa compliant energy provider in puerto rico.\n expect aes puerto rico to continue critical supplier to prepa.\n starting prior to hurricanes  prepa facing economic challenges could impact company on july 2 , 2017  filed for bankruptcy under title iii.\n result bankruptcy filing aes puerto rico and aes ilumina 2019s non-recourse debt of $ 365 million and $ 36 million  respectively is in default classified as current as of december 31 , 2017.\n in november 2017  aes puerto rico signed forbearance and standstill agreement with lenders to prevent lenders from action against company due to default events.\n agreement expire on march 22 , 2018.\n company's receivable balances in puerto rico as of december 31, 2017 totaled $ 86 million  $ 53 million overdue.\n after filing of title iii protection  until disruption by hurricanes aes in puerto rico was collecting overdue amounts from prepa in line with historic payment patterns.\n considering information filing date management believes carrying amount of assets in puerto rico of $ 627 million is recoverable as of december 31 , 2017 no reserve on receivables required.\n foreign currency risks 2014 aes operates businesses in many foreign countries operations could be impacted by significant fluctuations in foreign currency exchange rates.\n fluctuations in currency exchange rate between.\n dollar and following currencies could create significant fluctuations in earnings and cash flows : argentine peso  brazilian real  dominican republic peso  euro  chilean peso  colombian peso  philippine peso.\nconcentrations 2014 due to geographical diversity of operations , company have significant concentration of customers or sources of fuel supply.\n several company's generation businesses rely on ppas with one or limited number of customers for majority of in some all of relevant businesses' output over term of ppas.\n no single customer accounted for 10% ( 10 % ) or more of total revenue in 2017 , 2016 or 2015.\n cash flows and results of operations of businesses depend on credit quality of customers and continued ability of customers suppliers to meet obligations under ppas and fuel supply agreements.\n if substantial portion of company's long-term ppas and/or fuel supply were modified or terminated, company would be adversely affected to unable to replace such contracts at equally favorable terms.\n 26.\n related party transactions certain businesses in panama and dominican republic partially owned by governments directly or through state-owned institutions.\n these businesses enter into energy purchase and sale transactions  and transmission agreements with other state-owned institutions controlled by governments.\n at two of generation businesses in mexico  offtakers exercise significant influence , but not control  through representation on businesses' boards of directors.\n offtakers also required to hold nominal ownership interest in such businesses.\n in chile , we provide capacity and energy under contractual arrangements to our investment accounted for under equity method of accounting.\n company provides support and management services to affiliates under various agreements.\n company's consolidated statements of operations included following transactions with related parties for periods indicated ( in millions ) :.\n\nyears ended december 31,        | 2017   | 2016   | 2015\n------------------------------- | ------ | ------ | ------\nrevenue 2014non-regulated       | $ 1297 | $ 1100 | $ 1099\ncost of sales 2014non-regulated | 220    | 210    | 330\ninterest income                 | 8      | 4      | 25\ninterest expense                | 36     | 39     | 33"
}
{
    "_id": "dd4bbd5e4",
    "title": "",
    "text": "costs.\n 2012 results lower than 2011 realized $ 53. 1 million in premium-services margins storage and marketing margins consisted of $ 96. 0 million from realized seasonal price differentials and marketing optimization activities $ 87. 7 million of storage demand costs.\n in recognized loss on change in fair value of nonqualifiying economic storage hedges of $ 1. 0 million in 2012 compared with gain of $ 8. 5 million in 2011.\n premium services impacted negatively by lower natural gas prices decreased natural gas price volatility.\n impact of hedge strategies inability to hedge seasonal price differentials at levels available in prior year reduced storage margins.\n experienced reduced opportunities to optimize storage assets negatively impacted marketing margins.\n realized loss in transportation margins of $ 42. 4 million in 2012 compared with loss of $ 18. 8 million in 2011 due primarily to $ 29. 5 million decrease in transportation hedges.\n transportation business to impacted by narrow price location differentials inability to hedge at levels available in prior years.\n result of significant increases in supply of natural gas , primarily from shale gas production across north america new pipeline infrastructure projects, location and seasonal price differentials narrowed significantly beginning in 2010 through 2012.\n market change resulted in transportation contracts unprofitable impacting ability to recover fixed costs.\n operating costs decreased due primarily to lower employee-related expenses includes impact of fewer employees.\n recognized expense of $ 10. 3 million related to impairment of goodwill in first quarter 2012.\n given significant decline in natural gas prices effect on location and seasonal price differentials performed interim impairment assessment in first quarter 2012 reduced goodwill balance to zero.\n 2011 vs.\n2010 - factors discussed in energy services 2019 201cnarrative description of business 201d included in item i , business , annual report led to significant decrease in net margin  including : 2022 decrease of $ 65. 3 million in transportation margins  net of hedging  due to narrower location price differentials lower hedge settlements in 2011 ; 2022 decrease of $ 34. 3 million in storage and marketing margins  net of hedging activities due to 2013 lower realized seasonal storage price differentials offset by 2013 favorable marketing activity unrealized fair value changes on nonqualifying economic storage hedges ; 2022 decrease of $ 7. 3 million in premium-services margins associated with reduction in value fees collected for services low commodity prices reduced natural gas price volatility in first quarter 2011 compared first quarter 2010 ; 2022 decrease of $ 4. 3 million in financial trading margins  low natural gas prices reduced natural gas price volatility limited financial trading opportunities.\n 2011 net margin includes $ 91. 1 million in adjustments to natural gas inventory reflecting lower cost or market value.\n adjustments reclassified $ 91. 1 million of deferred gains on cash flow hedges into earnings.\n operating costs decreased due to decrease in ad valorem taxes.\n selected operating information - following table sets forth selected operating information for energy services segment for periods indicated:.\n natural gas volumes marketed and physically settled volumes decreased in 2012 compared with 2011 due to decreased marketing activities lower transported volumes reduced transportation capacity.\n decrease in 2011 compared with 2010 due primarily to lower volumes transported reduced transportation capacity.\n transportation capacity in certain markets not utilized due to economics location price differentials increased supply of natural gas  primarily from shale production increased pipeline capacity new pipeline construction.\n\noperating information               | years ended december 31 , 2012 | years ended december 31 , 2011 | years ended december 31 , 2010\n----------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nnatural gas marketed ( bcf )        | 709                            | 845                            | 919\nnatural gas gross margin ( $ /mcf ) | $ -0.07 ( 0.07 )               | $ 0.06                         | $ 0.18\nphysically settled volumes ( bcf )  | 1433                           | 1724                           | 1874"
}
{
    "_id": "dd4bb8602",
    "title": "",
    "text": "worldwide distribution channels table presents number of doors by geographic location ralph lauren-branded products distributed by our wholesale segment sold to consumers in primary channels distribution as of march 31 , 2012 : location number.\n american living and chaps-branded products our wholesale segment sold domestically through approximately 1800 doors as of march 31 , 2012.\n three key wholesale customers generate significant sales volume.\n for fiscal 2012  these customers accounted for approximately 40% ( 40 % ) of total wholesale revenues with macy 2019s , inc.\n representing approximately 20% ( 20 % ) of total wholesale revenues.\n our product brands sold primarily through our own sales forces.\n wholesale segment maintains primary showrooms in new york city.\n maintain regional showrooms in chicago, dallas , milan , paris , london , munich  madrid  stockholm tokyo.\n shop-within-shops.\n critical element of distribution to department stores licensing partners utilize shop-shops to enhance brand recognition permit complete merchandising of lines differentiate presentation of products.\n shop-within- shop fixed assets include items customized freestanding fixtures  wall cases and components decorative items and flooring.\n as of march 31 , 2012 had approximately 18000 shop-within-shops dedicated to our ralph lauren-branded wholesale products worldwide.\n size of shop-within-shops ranges from approximately 300 to 7400 square feet.\n share in cost of building-out shop-within-shops with wholesale customers.\n basic stock replenishment program.\nbasic products knit shirts chino pants oxford cloth shirts selected accessories ( including footwear ) home products can be ordered through our basic stock replenishment programs.\n we generally ship these products within two-to-five days of order receipt.\n retail segment as of march 31 , 2012  consisted of 379 stores worldwide totaling approximately 2. 9 million gross square feet 474 concessions- based shop-within-shops six e-commerce websites.\n extension of direct-to-consumer reach is a primary long-term strategic goal.\n ralph lauren retail stores reinforce luxury image distinct sensibility of brands feature exclusive lines not sold in domestic department stores.\n opened 10 new ralph lauren stores acquired 3 previously licensed stores closed 16 ralph lauren stores in fiscal 2012.\n retail stores primarily situated in major upscale street locations upscale regional malls generally in large urban markets.\n\nlocation     | number of doors\n------------ | ---------------\nthe americas | 6587\neurope       | 4377\nasia         | 83\ntotal        | 11047"
}
{
    "_id": "dd4c25860",
    "title": "",
    "text": "vornado realty trust 77 cash flows company expects contribute $ 959000 to plans in 2004.\n 11.\n leases as lessor : company leases space to tenants under operating leases.\n most leases provide for payment of fixed base rentals payable monthly in advance.\n shopping center leases provide pass-through to tenants of real estate taxes  insurance maintenance.\n office building leases require tenants reimburse company for operating costs real estate taxes above base year costs.\n shopping center leases provide payment lessee of additional rent based on percentage tenants 2019 sales.\n as of december 31 , 2003  future base rental revenue under non-cancelable operating leases excluding rents for leases original term less than one year rents from exercise renewal options follows : ( amounts in thousands ) year ending december 31:.\n amounts do not include rentals based on tenants 2019 sales.\n percentage rents approximated $ 3662000 , $ 1832000  $ 2157000  for years ended december 31 , 2003  2002 2001.\n except for.\n government  accounted for 12. 7%. ) of company 2019s revenue none company 2019s tenants represented more than 10% ( % ) of total revenues for year ended december 31 , 2003.\n former bradlees locations property rentals for year ended december 31 , 2003 include $ 5000000 of additional rent effective december 31 , 2002 re-allocated to former bradlees locations in marlton , turnersville  bensalem broomall payable by stop & shop  master agreement and guaranty  dated may 1 , 1992.\n amount in addition to all other rent guaranteed by stop & shop for former bradlees locations.\njanuary 8 , 2003 , stop & shop filed complaint with united states district court claiming company no right to reallocate continue collect $ 5000000 annual rent from stop & shop because of expiration of east brunswick , jersey city , middletown , union woodbridge leases $ 5000000 additional rent previously allocated.\n company believes additional rent provision guaranty expires earliest in 2012 will oppose stop & shop 2019s complaint.\n february 2003 , koninklijke ahold nv , parent of stop & shop , announced overstated 2002 and 2001 earnings by least $ 500 million under investigation by u. s.\n justice department securities and exchange commission.\n company cannot predict effect  situation may have on stop & shop 2019s ability to satisfy obligation under bradlees guarantees rent for existing stop & shop leases aggregating approximately $ 10. 5 million per annum.\n notes to consolidated financial statements sr-176_fin_l02p53_82v1. qxd 4/8/04 2:42 pm page 77\n\n2004       | $ 1084934\n---------- | ---------\n2005       | 968162\n2006       | 846345\n2007       | 770228\n2008       | 608267\nthereafter | 3423083"
}
{
    "_id": "dd4b9fab2",
    "title": "",
    "text": "9.\n junior subordinated debt securities payable provisions issued march 29 , 2004 , holdings elected redeem $ 329897 thousand of 6. 2% ( 6. 2 % ) junior subordinated debt securities outstanding on may 24 , 2013.\n result early redemption company incurred pre-tax expense of $ 7282 thousand related to immediate amortization of remaining capitalized issuance costs on trust preferred securities.\n interest expense incurred junior subordinated debt securities is follows for periods indicated:.\n holdings considered mechanisms obligations relating to trust preferred securities constituted full unconditional guarantee by holdings of capital trust ii 2019s payment obligations trust preferred securities.\n 10.\n reinsurance and trust agreements certain subsidiaries of group have established trust agreements use company 2019s investments as collateral  security for assumed losses payable to certain non-affiliated ceding companies.\n at december 31 , 2015  total amount on deposit in trust accounts was $ 454384 thousand.\n on april 24 , 2014 , company entered two collateralized reinsurance agreements with kilimanjaro re limited ( 201ckilimanjaro 201d ), bermuda based special purpose reinsurer  provide company catastrophe reinsurance coverage.\n agreements are multi-year reinsurance contracts cover specified named storm and earthquake events.\n first agreement provides up to $ 250000 thousand of reinsurance coverage from named storms in specified states of southeastern united states.\nsecond agreement provides $ 200000 thousand reinsurance coverage from named storms in specified states southeast mid-atlantic northeast regions united states puerto rico reinsurance coverage from earthquakes in specified states southeast mid-atlantic northeast west regions united states  puerto rico british columbia.\n on november 18 , 2014  company entered collateralized reinsurance agreement with kilimanjaro re catastrophe reinsurance coverage.\n agreement is multi-year reinsurance contract covers specified earthquake events.\n agreement provides up to $ 500000 thousand reinsurance coverage from earthquakes in united states  puerto rico canada.\n on december 1, 2015 company entered two collateralized reinsurance agreements with kilimanjaro re catastrophe reinsurance coverage.\n agreements are multi-year reinsurance contracts cover named storm earthquake events.\n first agreement provides $ 300000 thousand reinsurance coverage from named storms earthquakes in united states  puerto rico canada.\n second agreement provides up $ 325000 thousand reinsurance coverage from named storms earthquakes in united states  puerto rico canada.\n kilimanjaro financed property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated external investors.\n on april 24 , 2014  kilimanjaro issued $ 450000 thousand of notes ( 201cseries 2014-1 notes 201d ).\n on november 18 , 2014  kilimanjaro issued $ 500000 thousand of notes ( 201cseries 2014-2 notes 201d ).\n december 1 , 2015  kilimanjaro issued $ 625000 thousand of notes ( 201cseries 2015-1 notes ).\nproceeds from issuance of series 2014-1 notes , 2014-2 notes series 2015-1 notes held in reinsurance trust throughout duration applicable reinsurance agreements invested solely in us government money market funds with rating of at least 201caaam 201d by standard & poor 2019s.\n\n( dollars in thousands )  | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013\n------------------------- | ------------------------------ | ------------------------------ | ------------------------------\ninterest expense incurred | $ -                            | $ -                            | $ 8181"
}
{
    "_id": "dd4c65c30",
    "title": "",
    "text": "issuer purchases of equity securities during three months ended december 31, 2012  repurchased 619314 shares of common stock for aggregate approximately $ 46. 0 million , including commissions and fees pursuant to our publicly announced stock repurchase program follows : period total number of shares purchased 1 ) average price paid per share ( 2 ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares be purchased under plans or programs ( in millions ).\n repurchases made to $ 1. 5 billion stock repurchase program approved by board of directors in march 2011 ( 201c2011 buyback 201d ).\n under program management authorized to purchase shares through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws other legal requirements subject to market conditions other factors.\n facilitate repurchases make purchases pursuant trading plans under rule 10b5-1 of exchange act  allows to repurchase shares during periods prevented from under insider trading laws or self-imposed trading blackout periods.\n program may be discontinued any time.\n average price per share calculated using aggregate price  excluding commissions and fees.\n continued to repurchase shares common stock pursuant to 2011 buyback subsequent to december 31 , 2012.\n between january 1 , 2013 and january 21 , 2013  repurchased additional 15790 shares common stock for aggregate of $ 1. 2 million , including commissions and fees pursuant to 2011 buyback.\n as of january 21 , 2013  had repurchased total of approximately 4. 3 million shares of common stock under 2011 buyback for aggregate of $ 245. 2 million , including commissions and fees.\nexpect to continue manage pacing remaining $ 1. 3 billion under 2011 buyback in response to general market conditions other relevant factors.\n\nperiod               | total number of shares purchased ( 1 ) | average price paid per share ( 2 ) | total number of shares purchased as part of publicly announced plans orprograms | approximate dollar value of shares that may yet be purchased under the plans orprograms ( in millions )\n-------------------- | -------------------------------------- | ---------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------\noctober 2012         | 27524                                  | $ 72.62                            | 27524                                                                           | $ 1300.1\nnovember 2012        | 489390                                 | $ 74.22                            | 489390                                                                          | $ 1263.7\ndecember 2012        | 102400                                 | $ 74.83                            | 102400                                                                          | $ 1256.1\ntotal fourth quarter | 619314                                 | $ 74.25                            | 619314                                                                          | $ 1256.1"
}
{
    "_id": "dd4be50b2",
    "title": "",
    "text": "management 2019s discussion analysis results of reportable business segments net sales segment income ( millions ) 2008 2007.\n performance coatings sales increased $ 905 million or 24% ( 24 % ) in 2008.\n sales increased 21% ( 21 % ) due to acquisitions largely due impact sigmakalon protective marine coatings business.\n sales grew by 3% ( 3 % ) due to higher selling prices 2% ( 2 % ) to positive impact foreign currency translation.\n sales volumes declined 2% ( 2 % ) as reduced volumes in architectural coatings 2013 americas asia pacific automotive refinish not offset by improved volumes in aerospace protective marine businesses.\n volume growth in aerospace businesses throughout world volume growth in protective marine coatings primarily in asia.\n segment income increased $ 19 million in 2008.\n factors increasing segment income positive impact acquisitions lower overhead costs positive impact foreign currency translation.\n benefit higher selling prices offset negative impact of inflation higher raw materials benefit costs.\n segment income reduced by impact lower sales volumes in architectural coatings automotive refinish offset volume gains in aerospace protective marine coatings businesses.\n industrial coatings sales increased $ 353 million or 10% ( 10 % ) in 2008.\n sales increased 11% ( 11 % ) due to acquisitions including impact sigmakalon industrial coatings business.\n sales grew 3% ( 3 % ) due to positive impact foreign currency translation 1% ( 1 % ) from higher selling prices.\n sales volumes declined 5% ( 5 % ) as reduced volumes experienced in all three businesses reflecting substantial declines in global demand.\n volume declines in automotive industrial businesses primarily in u. s.\n canada.\n additional volume declines in european asian regions experienced by industrial coatings business.\npackaging coatings volume declines in europe partially offset by gains in asia north america.\n segment income declined $ 158 million in 2008 due to lower volumes inflation higher raw material freight costs impact partially mitigated by increased selling prices.\n segment income declined due to higher selling distribution costs higher bad debt expense.\n factors increasing segment income were earnings of acquired businesses positive impact foreign currency translation lower manufacturing costs.\n architectural coatings - emea sales year were $ 2249 million.\n business acquired in sigmakalon acquisition.\n segment income was $ 141 million included amortization expense $ 63 million acquired intangible assets depreciation expense $ 58 million.\n optical specialty materials sales increased $ 105 million or 10% ( 10 % ) in 2008.\n sales increased 5% ( 5 % ) due to higher volumes optical products business from launch of transitions optical 2019s next generation lens product 3% ( 3 % ) due to positive impact foreign currency translation 2% ( 2 % ) due to increased selling prices.\n segment income increased $ 9 million in 2008.\n increase result of increased sales volumes favorable impact currency partially offset by increased selling marketing costs in optical products business to transitions optical product launch.\n increased selling prices partially offset higher raw material costs silicas business.\n commodity chemicals sales increased $ 298 million or 19% ( 19 % ) in 2008.\n sales increased 18% ( 18 % ) due to higher selling prices 1% ( 1 % ) due to improved sales volumes.\n segment income increased $ 97 million in 2008.\n income increased due to higher selling prices offset negative impact inflation higher raw material energy costs.\n income improved due to lower manufacturing costs lower margin mix equity earnings reduced segment income.\n glass sales decreased $ 281 million or 13% ( 13 % ) in 2008.\nsales decreased 11% ( 11 % ) due to divestiture automotive glass and services business september 2008 4% ( 4 % ) due lower sales volumes.\n sales increased 2% ( 2 % ) due to higher selling prices.\n segment income decreased $ 68 million 2008.\n segment income decreased due to divestiture automotive glass services business lower volumes negative impact inflation lower equity earnings from asian fiber glass joint ventures.\n factors increasing segment income were lower manufacturing costs  higher selling prices stronger foreign currency.\n outlook overall global economic activity volatile in 2008 overall downward trend.\n north american economy continued slowing trend began second half 2006 continued 2007.\n impact weakening u. s.\n economy particularly 2008 ppg annual report form 10-k 17\n\n( millions ) performance coatings | net sales 2008 $ 4716 | 2007 $ 3811 | segment income 2008 $ 582 | 2007 $ 563\n--------------------------------- | --------------------- | ----------- | ------------------------- | ----------\nindustrial coatings               | 3999                  | 3646        | 212                       | 370\narchitectural coatings 2013 emea  | 2249                  | 2014        | 141                       | 2014\noptical and specialty materials   | 1134                  | 1029        | 244                       | 235\ncommodity chemicals               | 1837                  | 1539        | 340                       | 243\nglass                             | 1914                  | 2195        | 70                        | 138"
}
{
    "_id": "dd4b971e6",
    "title": "",
    "text": "part ii , item 7 until maturity  making us dollar denominated debt schlumberger pay interest in us dollars at rate of 4. 74% ( 4. 74 % ).\n proceeds from notes used to repay commercial paper borrowings.\n 0160 on april 20 , 2006  schlumberger board of directors approved share repurchase program of up to 40 million shares of common stock acquired open market before april 2010  subject to market conditions.\n program completed during second quarter of 2008.\n on april 17 , 2008  schlumberger board of directors approved $ 8 billion share repurchase program for shares schlumberger common stock acquired open market before december 31, 2011  $ 1. 43 billion repurchased as of december 31 , 2009.\n table summarizes activity under share repurchase programs during 2009 , 2008 and ( stated in thousands except per share amounts and prices ) total cost of shares purchased total number of shares purchased average price paid per share.\n 0160 cash flow by operations was $ 5. 3 billion in 2009 , $ 6. 9 billion in 2008 $ 6. 3 billion in 2007.\n decline in cash flow from operations in 2009 compared to 2008 driven by decrease in net income 2009 and significant pension plan contributions 2009 offset by improvement in working capital requirements.\n improvement in 2008 compared to 2007 driven by net income increase in 2008 offset by required investments in working capital.\n reduction in cash flows experienced by schlumberger 2019s customers result of global economic conditions could have adverse effects on financial condition.\n could result in delay in or nonpayment of amounts owed to schlumberger  could material adverse effect on schlumberger 2019s results of operations and cash flows.\n in recent quarters schlumberger experienced delays in payments from certain customers.\nschlumberger operates in 80 countries.\n december 31 , 2009 three countries accounted for greater than 5% ( 5 % ) of schlumberger accounts receivable balance one represented greater than 0160 during 2008 and 2007 schlumberger announced board directors approved increases in quarterly dividend of 20% ( 20 % ) and 40% ( 40 % ).\n total dividends paid during 2009  2008 2007 were $ 1. 0 billion , $ 964 million $ 771 million .\n 0160 capital expenditures were $ 2. 4 billion in 2009 $ 3. 7 billion in 2008 $ 2. 9 billion in 2007.\n capital expenditures 2008 and 2007 reflected record activity levels.\n decrease in capital expenditures in 2009 due to significant activity decline during 2009.\n oilfield services capital expenditures expected to approach $ 2. 4 billion for full year 2010 compared to $ 1. 9 billion in 2009 $ 3. 0 billion in 2008.\n westerngeco capital expenditures expected approach $ 0. 3 billion for full year 2010 compared to $ 0. 5 billion 2009 $ 0. 7 billion in 2008.\n\n| total cost of shares purchased | total number of shares purchased | average price paid per share\n---- | ------------------------------ | -------------------------------- | ----------------------------\n2009 | $ 500097                       | 7825.0                           | $ 63.91\n2008 | $ 1818841                      | 21064.7                          | $ 86.35\n2007 | $ 1355000                      | 16336.1                          | $ 82.95"
}
{
    "_id": "dd4c5739c",
    "title": "",
    "text": "three-year period determined ownership of persons holding five percent ( 5% ) or more company 2019s equity securities.\n if company undergoes ownership change defined by i. r. c.\n section 382  company 2019s ability to utilize pre-change nol carryforwards to offset post-change income may be limited.\n company believes limitation by i. r. c.\n section 382 should not preclude use of federal nol carryforwards  assuming company sufficient taxable income in future carryforward periods to utilize nol carryforwards.\n company 2019s federal nol carryforwards not begin expiring until 2028.\n at december 31 , 2014 and 2013  company had state nols of $ 542705 and $ 628049  portion offset by valuation allowance because company not believe nols more likely than not to be realized.\n state nol carryforwards expire between 2015 and 2033.\n december 31 , 2014 and 2013 company had canadian nol carryforwards of $ 6498 and $ 6323 .\n majority carryforwards offset by valuation allowance company not believe nols more likely than not be realized.\n canadian nol carryforwards expire between 2015 and 2033.\n company had capital loss carryforwards for federal income tax purposes of $ 3844 at december 31, 2014 and 2013.\n company recognized full valuation allowance for capital loss carryforwards because company does not believe losses more likely than not to be recovered.\n company files income tax returns in united states federal jurisdiction and various state and foreign jurisdictions.\n few exceptions company no longer subject to u. s.\n federal , state local non-u. s.\n income tax examinations by tax authorities for years before 2008.\n for u. s.\n federal , tax year 2011 closed.\n company has state income tax examinations in progress not expect material adjustments result.\n patient protection and affordable care act ( 201cppaca 201d ) became law on march 23 , 2010 , and health care and education reconciliation act of 2010 became law on march 30 , 2010 , makes amendments to aspects of ppaca ( together , 201cacts 201d ).\n ppaca changes tax treatment of federal subsidies paid to sponsors of retiree health benefit plans benefit actuarially equivalent to benefits under medicare part d.\n acts make subsidy payments taxable in tax years beginning after december 31, 2012 company followed original accounting for underfunded status of other postretirement benefits for medicare part d adjustment recorded reduction in deferred tax assets and increase in regulatory assets amounting to $ 6348 and $ 6241 at december 31 , 2014 and 2013 ,.\n following table summarizes changes in company 2019s gross liability , excluding interest and penalties , for unrecognized tax benefits:.\n total balance in table does not include interest and penalties of $ 157 and $ 242 as of december 31 , 2014 and 2013 , recorded as component of income tax expense.\n\n\nbalance at january 1 2013                              | $ 180993\n------------------------------------------------------ | ----------------\nincreases in current period tax positions              | 27229\ndecreases in prior period measurement of tax positions | -30275 ( 30275 )\nbalance at december 31 2013                            | $ 177947\nincreases in current period tax positions              | 53818\ndecreases in prior period measurement of tax positions | -36528 ( 36528 )\nbalance at december 31 2014                            | $ 195237"
}
{
    "_id": "dd4c51064",
    "title": "",
    "text": "value using appropriate discount rate.\n projected cash flow is discounted at required rate of return reflects relative risk of achieving cash flow and time value of money.\n market approach is valuation technique uses prices relevant information by market transactions involving identical or comparable assets , liabilities  or group of assets liabilities.\n valuation techniques consistent with market approach often use market multiples derived from set comparables.\n cost approach  estimates value by determining current cost of replacing asset with another equivalent economic utility  used appropriate for property , plant and equipment.\n cost to replace given asset reflects estimated reproduction or replacement cost for property  less allowance for loss in value due to depreciation.\n preliminary purchase price allocation resulted in recognition of $ 2. 8 billion of goodwill  all expected to be amortizable for tax purposes.\n all goodwill assigned to our mst business segment.\n goodwill recognized attributable to expected revenue synergies by integration of our products and technologies with of sikorsky  costs synergies from consolidation or elimination of certain functions  intangible assets not qualify for separate recognition such as assembled workforce of sikorsky.\n determining fair value of assets acquired and liabilities assumed requires exercise significant judgments  including amount timing of expected future cash flows  long-term growth rates discount rates.\n cash flows employed in dcf analyses based on our best estimate of future sales , earnings cash flows after considering factors general market conditions customer budgets existing firm orders expected future orders contracts with suppliers labor agreements changes in working capital long term business plans recent operating performance.\n different estimates and judgments could yield different results.\nimpact to 2015 financial results sikorsky 2019s financial results included in consolidated financial results only for period from november 6 , 2015 acquisition date through december 31 , 2015.\n consolidated financial results for year ended december 31 , 2015 not reflect full year of sikorsky 2019s results.\n from november 6  2015 acquisition through december 31  2015 sikorsky generated net sales approximately $ 400 million operating loss of approximately $ 45 million inclusive of intangible amortization and adjustments for acquisition.\n incurred approximately $ 38 million of non-recoverable transaction costs associated with sikorsky acquisition in 2015 expensed as incurred.\n costs included in 201cother income net on consolidated statements of earnings.\n also incurred approximately $ 48 million in costs associated with issuing $ 7. 0 billion november 2015 notes used to repay outstanding borrowings under 364-day facility finance acquisition.\n financing costs recorded as reduction of debt amortized to interest expense over term of related debt.\n supplemental pro forma financial information ( unaudited ) table presents summarized unaudited pro forma financial information if sikorsky included in financial results for entire years in 2015 and 2014 ( in millions ) :.\n unaudited supplemental pro forma financial data calculated after applying accounting policies adjusting historical results of sikorsky with pro forma adjustments net of tax assume acquisition occurred on january 1 , 2014.\n significant pro forma adjustments include additional amortization expense related to acquired intangible assets additional interest expense related to short-term debt used to finance acquisition.\n adjustments assume application of fair value adjustments to intangibles debt issuance occurred on january 1, 2014 : amortization expense of $ 125 million and $ 148 million in 2015 and 2014  interest expense $ 42 million and $ 48 million in 2015 and 2014  respectively.\nsignificant nonrecurring adjustments include elimination $ 72 million pension curtailment loss  net of tax  recognized in 2015 elimination $ 58 million income tax charge related to historic earnings of foreign subsidiaries recognized by sikorsky in 2015.\n\n| 2015    | 2014\n------------------------------------------------------------ | ------- | -------\nnet sales                                                    | $ 50962 | $ 53023\nnet earnings from continuing operations                      | 3538    | 3480\nbasic earnings per common share from continuing operations   | 11.40   | 10.99\ndiluted earnings per common share from continuing operations | 11.24   | 10.79"
}
{
    "_id": "dd4c5029a",
    "title": "",
    "text": "jpmorgan chase & co.\n / 2008 annual report 115 measure.\n in firm 2019s view including these items in var produces complete perspective of firm 2019s risk profile for items market risk impact income statement.\n consumer lending var includes firm 2019s mortgage pipeline warehouse loans , msrs related hedges.\n revised var measure exclude dva derivative structured liabilities to reflect credit quality of firm.\n excludes certain nontrading activity private equity , principal investing (. mezzanine financing tax-oriented investments. ) corporate balance sheet capital manage- ment positions longer-term corporate investments.\n corporate positions managed through firm 2019s earnings-at-risk cash flow monitoring processes than using var measure.\n nontrading principal investing activities private equity positions managed using stress and scenario analyses.\n changing to 95% ( 95 % ) confidence interval caused average var to drop by $ 85 million in third quarter when new measure implemented.\n under 95% ( 95 % ) confidence interval firm expect to incur daily losses greater than predicted by var esti mates about twelve times a year.\n following table provides information about sensitivity of dva to one basis point increase in jpmorgan chase 2019s credit spreads.\n sensitivity of dva at december 31 , 2008  represents firm ( includ- ing bear stearns ) sensitivity of dva for december 31 , 2007  represents heritage jpmorgan chase only.\n debit valuation adjustment sensitivity 1 basis point increase in ( in millions ) jpmorgan chase credit spread.\n loss advisories and drawdowns loss advisories tools to highlight senior management trading losses above certain levels initiate discus- sion of remedies.\neconomic value stress testing var reflects risk of loss due to adverse changes in normal markets stress testing captures firm 2019s exposure to unlikely plausible events in abnormal markets.\n firm conducts economic value stress tests for trading and nontrading activities every two weeks using multiple scenarios assume credit spreads widen equity prices decline interest rates rise in major currencies.\n additional scenarios focus on risks predominant in individual business segments include scenarios focus on potential for adverse moves in complex portfolios.\n periodically scenarios reviewed and updated to reflect changes in firm 2019s risk profile and economic events.\n stress testing important in measuring controlling risk.\n stress testing enhances understanding of firm 2019s risk profile and loss poten- tial stress losses monitored against limits.\n stress testing utilized in one-off approvals cross-business risk measure- ment input to economic capital allocation.\n stress-test results  trends explanations provided every two weeks to firm 2019s senior management and lines of business to help measure manage risks understand event risk-sensitive positions.\n earnings-at-risk stress testing var and stress-test measures illustrate total economic sensitivity of firm 2019s balance sheet to changes in market variables.\n effect of interest rate exposure on reported net income important.\n interest rate risk exposure in firm 2019s core non- trading business activities (. asset/liability management positions ) results from on- and off-balance sheet positions can occur due to variety of factors including : 2022 differences in timing among maturity or repricing of assets , liabilities off-balance sheet instruments.\n for if liabilities reprice quicker than assets and funding interest rates declining, earnings will increase initially.\n 2022 differences in amounts of assets , liabilities off-balance sheet instruments repricing at same time.\nfor exam- ple if more deposit liabilities repricing than assets when gen eral interest rates declining , earnings will increase initially.\n 2022 differences in short-term and long-term market interest rates change.\n for example changes in slope of yield curve because firm ability to lend at long-term fixed rates and borrow at variable or short-term fixed rates.\n firm 2019s earnings affected negatively by sudden unanticipated increase in short-term rates paid on liabilities (. deposits ) without increase in long-term rates received on assets (. loans ).\n conversely higher long-term rates on assets are beneficial to earnings particularly when increase not accompanied by rising short-term rates paid on liabilities.\n 2022 impact of changes in maturity of assets , liabilities or off-balance sheet instruments as interest rates change.\n for if more borrowers than forecasted pay down higher rate loan balances when general interest rates declining , earnings may decrease initially.\n firm manages interest rate exposure related to assets and lia- bilities on consolidated corporate-wide basis.\n business units trans- fer interest rate risk to treasury through transfer-pricing sys- tem  account elements of interest rate exposure risk-managed in financial markets.\n these elements include asset and liability balances contractual rates of interest  contractual principal payment schedules expected prepayment expe- rience interest rate reset dates and maturities rate indices used for re-pricing interest rate ceilings or floors for adjustable rate products.\n all transfer-pricing assumptions dynamically reviewed.\n firm conducts simulations of changes in net interest income from nontrading activities under variety of interest rate scenar- ios.\nearnings-at-risk tests measure potential change in firm 2019s net interest income, corresponding impact to firm 2019s pre-\n\n( in millions )  | 1 basis point increase in jpmorgan chase credit spread\n---------------- | ------------------------------------------------------\ndecember 31 2008 | $ 32\ndecember 31 2007 | $ 38"
}
{
    "_id": "dd4ba8a5e",
    "title": "",
    "text": "risks relating to business fluctuations in financial markets could result in investment losses.\n prolonged severe disruptions in public debt and equity markets  as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio.\n financial markets improved since 2008 , could deteriorate in future.\n could disruption in individual market sectors  as in energy sector in recent years.\n declines in financial markets could result in significant realized and unrealized losses on investments could material adverse impact on results of operations , equity  business and insurer financial strength and debt ratings.\n our results could be adversely affected by catastrophic events.\n we exposed to unpredictable catastrophic events  including weather-related natural catastrophes acts of terrorism.\n material reduction in operating results by catastrophes could inhibit ability to pay dividends or to meet interest and principal payment obligations.\n illustration during past five calendar years  pre-tax catastrophe losses , net of contract specific reinsurance before cessions under corporate reinsurance programs were as follows:.\n losses from future catastrophic events could exceed projections.\n we use projections of possible losses from future catastrophic events of varying types magnitudes as strategic underwriting tool.\n use these loss projections to estimate potential catastrophe losses in certain geographic areas decide on placement of retrocessional coverage or other actions to limit extent of potential losses in geographic area.\n these loss projections are approximations on mix quantitative qualitative processes actual losses may exceed projections by material amount resulting in material adverse effect on financial condition and results of operations.\n\ncalendar year:          | pre-tax catastrophe losses\n----------------------- | --------------------------\n( dollars in millions ) |\n2016                    | $ 301.2\n2015                    | 53.8\n2014                    | 56.3\n2013                    | 194.0\n2012                    | 410.0"
}
{
    "_id": "dd4b918b8",
    "title": "",
    "text": "state street corporation notes to consolidated financial statements continued ) 5. 25% ( 5. 25 % ) subordinated bank notes due 2018  state street bank required make semi- annual interest payments on outstanding principal balance notes april 15 october 15 each year notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.\n 5. 30% ( 5. 30 % ) subordinated notes due 2016 floating-rate subordinated notes due 2015 state street bank required make semi-annual interest payments on outstanding principal balance of 5. 30% ( 5. 30 % ) subordinated notes january 15 july 15 each year quarterly interest payments on outstanding principal balance floating-rate notes march 8  june 8 september 8 december 8 each year.\n each subordinated notes qualifies for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.\n note 11.\n commitments , guarantees contingencies commitments : unfunded off-balance sheet commitments to extend credit totaling $ 21. 30 billion and $ 17. 86 billion as of december 31 , 2013 2012 .\n potential losses commitments equal gross contractual amounts do not consider value of any collateral.\n approximately 75% ( 75 % ) of unfunded commitments to extend credit expire within one year from date of issue.\n many commitments expected to expire or renew without drawn upon gross contractual amounts do not represent future cash requirements.\n guarantees : off-balance sheet guarantees indemnified securities financing  stable value protection  unfunded commitments to purchase assets  standby letters of credit.\n potential losses associated guarantees equal gross contractual amounts do not consider value of any collateral.\n following table presents aggregate gross contractual amounts of off-balance sheet guarantees as of december 31 , 2013 2012.\n amounts do not reflect participations to independent third parties.\nindemnified securities financing on behalf of clients we lend securities  as agent  to brokers other institutions.\n in most circumstances we indemnify clients for fair market value of securities against failure of borrower to return securities.\n require borrowers to maintain collateral amount equal to or in excess of 100% ( 100 % ) of fair market value of securities borrowed.\n securities on loan and collateral revalued daily to determine if additional collateral necessary or if excess collateral required to be returned to borrower.\n collateral received in with securities lending services held by us as agent not recorded in our consolidated statement of condition.\n cash collateral held by us as agent invested on behalf clients.\n in certain cases cash collateral invested in third-party repurchase agreements for we indemnify client against loss of principal invested.\n require counterparty to indemnified repurchase agreement to provide collateral in amount equal to or in excess of 100% ( 100 % ) of amount of repurchase agreement.\n role agent indemnified repurchase agreements and related collateral held us not recorded in our consolidated statement of condition.\n\n( in millions )                  | 2013     | 2012\n-------------------------------- | -------- | --------\nindemnified securities financing | $ 320078 | $ 302341\nstable value protection          | 24906    | 33512\nasset purchase agreements        | 4685     | 5063\nstandby letters of credit        | 4612     | 4552"
}
{
    "_id": "dd4970e26",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) 16.\n financial instruments fuel hedges entered multiple swap agreements cash flow hedges to mitigate exposure related to changes in diesel fuel prices.\n swaps qualified for effective hedges of changes in prices forecasted diesel fuel purchases ( fuel hedges ).\n table summarizes outstanding fuel hedges as of december 31 , 2015 : year gallons hedged weighted average contract price per gallon.\n if national.\n on-highway average price for gallon diesel fuel published by department of energy exceeds contract price per gallon receive difference between average price and contract price ( multiplied by notional gallons ) from counterparty.\n if average price less than contract price per gallon pay difference to counterparty.\n fair values of fuel hedges determined using standard option valuation models with assumptions about commodity prices based underlying markets ( level 2 fair value hierarchy ).\n aggregate fair values of outstanding fuel hedges as of december 31, 2015 and 2014 were current liabilities of $ 37. 8 million and $ 34. 4 million  recorded in other accrued liabilities in consolidated balance sheets.\n ineffective portions of changes in fair values resulted in loss of $ 0. 4 million and $ 0. 5 million for years ended december 31 , 2015 and 2014 gain of less than $ 0. 1 million for year ended december 31 , 2013 recorded in other income net in consolidated statements of income.\n total ( loss ) gain recognized in other comprehensive ( loss ) income for fuel hedges ( effective portion ) was $ ( 2. 0 ) million , $ ( 24. 2 ) million and $ 2. 4 million , for years ended december 31 , 2015 , 2014 2013 .\nrecycling commodity hedges revenue from sale of recycled commodities primarily from sales old corrugated cardboard old newspaper.\n use derivative instruments swaps costless collars cash flow hedges to manage exposure to changes in prices commodities.\n no outstanding recycling commodity hedges as of december 31 , 2015 2014.\n no amounts recognized in other income  net in consolidated statements of income for ineffective portion of changes in fair values during years ended december 31 , 2015 , 2014 2013.\n total gain ( loss ) recognized in other comprehensive income for recycling commodity hedges ( effective portion ) was $ 0. 1 million and $ ( 0. 1 ) million for years ended december 31, 2014 2013  respectively.\n no amount recognized in other comprehensive income for 2015.\n fair value measurements measuring fair values of assets liabilities use valuation techniques maximize use of observable inputs ( level 1 ) minimize use unobservable inputs ( level 3 ).\n use market data assumptions market participants use in pricing asset or liability including assumptions about risk when appropriate.\n\nyear | gallons hedged | weighted average contractprice per gallon\n---- | -------------- | -----------------------------------------\n2016 | 27000000       | $ 3.57\n2017 | 12000000       | 2.92"
}
{
    "_id": "dd4b926f0",
    "title": "",
    "text": "s c h e d u l e i v continued ) ace limited subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c n r n n s u e premiums earned years ended december 31, 2008  2007  2006 ( in millions u. s.\n dollars ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed.\n\nfor the years ended december 31 2008 2007 and 2006 ( in millions of u.s . dollars ) | direct amount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net\n----------------------------------------------------------------------------------- | ------------- | ------------------------ | ---------------------------- | ---------- | -----------------------------------\n2008                                                                                | $ 16087       | $ 6144                   | $ 3260                       | $ 13203    | 25% ( 25 % )\n2007                                                                                | $ 14673       | $ 5834                   | $ 3458                       | $ 12297    | 28% ( 28 % )\n2006                                                                                | $ 13562       | $ 5198                   | $ 3461                       | $ 11825    | 29% ( 29 % )"
}
{
    "_id": "dd4bd2142",
    "title": "",
    "text": "kimco realty corporation subsidiaries notes to consolidated financial statements , continued uncertain tax positions : company subject to income tax in certain jurisdictions outside u. s.  principally canada and mexico.\n statute of limitations on assessment of tax varies from three to seven years depending on jurisdiction and tax issue.\n tax returns filed in each jurisdiction subject to examination by local tax authorities.\n company currently under audit by canadian revenue agency , mexican tax authority u. s.\n internal revenue service ( 201cirs 201d ).\n in october 2011  irs issued notice of proposed adjustment proposes to section 482 of code to disallow capital loss claimed by krs on disposition of common shares of valad property ltd. , australian publicly listed company.\n adjustment made pursuant to section 482 of code  irs believes it can assert 100 percent 201cpenalty 201d tax pursuant to section 857 ( b ) ( 7 ) of code disallow capital loss deduction.\n notice of proposed adjustment indicates irs 2019 intention to impose 100 percent 201cpenalty 201d tax on company in amount of $ 40. 9 million disallowing capital loss claimed by krs.\n company outside counsel considered irs 2019 assessment believe sufficient documentation establishing valid business purpose for transfer including recent case history showing support for similar positions.\n accordingly company disagrees with irs 2019 position on application of section 482 of code to disposition of shares imposition of 100 percent penalty tax simultaneous assertion of penalty tax disallowance of capital loss deduction.\n company received notice of proposed assessment filed written protest requested irs appeals office conference.\nappeals hearing attended by management attorneys irs compliance group irs appeals officer in november , 2014  irs compliance presented arguments in support position .\n management attorneys presented rebuttal arguments in support position.\n matter currently under consideration by appeals officer.\n company intends to defend its position believes it will prevail.\n resolutions of audits not expected to have material effect on company 2019s financial statements.\n during 2013  company early adopted asu 2013-11 prospectively reclassified portion of reserve for uncertain tax positions.\n reserve for uncertain tax positions included amounts related to company 2019s canadian operations.\n company has unrecognized tax benefits reported as deferred tax assets available to settle adjustments with to company 2019s uncertain tax positions in canada.\n company reduced reserve for uncertain tax positions by $ 12. 3 million associated with canadian operations reduced deferred tax assets in accordance with asu 2013-11.\n company does not believe total amount of unrecognized tax benefits as of december 31, 2014, will significantly increase or decrease within next 12 months.\n as of december 31 , 2014  company 2019s canadian uncertain tax positions  reduce deferred tax assets  aggregated $ 10. 4 million.\n liability for uncertain tax benefits principally consists of estimated foreign , federal state income tax liabilities in years for which statute of limitations is open.\n years range from 2008 through 2014 vary by jurisdiction issue.\n aggregate changes in balance of unrecognized tax benefits for years ended december 31 , 2014 and 2013 were as follows ( in thousands ) :.\n this amount was reclassified against related deferred tax asset relating to company 2019s early adoption of asu 2013-11 discussed.\n\n| 201 4  | 2013\n--------------------------------------------------- | ------ | ----------------\nbalance beginning of year                           | $ 4590 | $ 16890\nincreases for tax positions related to current year | 59     | 15\nreduction due to adoption of asu 2013-11 ( a )      | -      | -12315 ( 12315 )\nbalance end of year                                 | $ 4649 | $ 4590"
}
{
    "_id": "dd4bae31e",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued from december 1 through may 31 each year.\n during 2008 , 2007 2006 offering periods employees purchased 55764 , 48886 53210 shares at weighted average prices per share of $ 30. 08 , $ 33. 93 $ 24. 98 ,.\n fair value of espp offerings estimated on offering period commencement date using black-scholes pricing model expense recognized over expected life six month offering period employees accumulate payroll deductions to purchase company 2019s common stock.\n weighted average fair value for espp shares purchased during 2008, 2007 2006 were $ 7. 89 , $ 9. 09 $ 6. 79 ,.\n at december 31 , 2008 , 8. 8 million shares remain reserved for future issuance plan.\n key assumptions apply pricing model for years ended december 31 :.\n 13.\n stockholders 2019 equity warrants 2014in january 2003  company issued warrants to purchase approximately 11. 4 million shares of common stock offering of 808000 units each of $ 1000 principal amount at maturity of 12. 25% ( 12. 25 % ) senior subordinated discount notes due 2008 warrant to purchase 14. 0953 shares of company 2019s common stock.\n warrants exercisable on january 29 , 2006 at exercise price of $ 0. 01 per share.\n warrants expired august 1 , 2008 none outstanding as of december 31 august 2005  company completed merger with spectrasite , inc.\n assumed outstanding warrants to purchase shares of spectrasite  inc.\n common stock.\n merger completion date each warrant exercisable for two shares of spectrasite , inc.\n common stock at exercise price of $ 32 per warrant.\ncompletion merger each warrant to purchase shares of spectrasite , inc.\n common stock converted into warrant to purchase shares company 2019s common stock upon exercise each warrant holder has right to receive 3. 575 shares of company 2019s common stock in lieu of each share of spectrasite , inc.\n common stock receivable under each assumed warrant prior to merger.\n upon completion company 2019s merger with spectrasite . warrants exercisable for approximately 6. 8 million shares of common stock.\n warrants , warrants to purchase approximately 1. 8 million and 2. 0 million shares of common stock remained outstanding as of december 31 , 2008 and 2007 .\n warrants expire on february 10 , 2010.\n stock repurchase programs 2014during year ended december 31 , 2008  company repurchased aggregate approximately 18. 3 million shares of common stock for aggregate of $ 697. 1 million , including commissions and fees pursuant to publicly announced stock repurchase programs described.\n\n| 2008                                          | 2007                                          | 2006\n-------------------------------------------------------------- | --------------------------------------------- | --------------------------------------------- | -----------------------------------------\nrange of risk free interest rates                              | 1.99% ( 1.99 % ) 20143.28% ( 20143.28 % )     | 4.98% ( 4.98 % ) 20145.05% ( 20145.05 % )     | 5.01% ( 5.01 % ) 20145.17% ( 20145.17 % )\nweighted average risk-free interest rate                       | 2.58% ( 2.58 % )                              | 5.02% ( 5.02 % )                              | 5.08% ( 5.08 % )\nexpected life of the shares                                    | 6 months                                      | 6 months                                      | 6 months\nrange of expected volatility of underlying stock price         | 27.85% ( 27.85 % ) 201428.51% ( 201428.51 % ) | 27.53% ( 27.53 % ) 201428.74% ( 201428.74 % ) | 29.60% ( 29.60 % )\nweighted average expected volatility of underlying stock price | 28.51% ( 28.51 % )                            | 28.22% ( 28.22 % )                            | 29.60% ( 29.60 % )\nexpected annual dividends                                      | n/a                                           | n/a                                           | n/a"
}
{
    "_id": "dd4badfea",
    "title": "",
    "text": "consolidated 2005 results operations was estimated reduction of gross profit corresponding decrease to inventory  at cost  of $ 5. 2 million.\n store pre-opening costs costs related to new store openings construction periods expensed as incurred.\n property and equipment property recorded at cost.\n company provides for depreciation amortization straight-line basis over estimated useful lives:.\n improvements of leased properties amortized over shorter of life of applicable lease term or estimated useful life asset.\n impairment of long-lived assets when indicators impairment present company evaluates carrying value of long-lived assets other goodwill in relation to operating performance future cash flows appraised values of underlying assets.\n in accordance with sfas 144 , 201caccounting for impairment or disposal of long-lived assets, 201d company reviews for impairment stores open more than two years for current cash flows from operations negative.\n impairment results when carrying value of assets exceeds undiscounted future cash flows over life of lease.\n company 2019s estimate of undiscounted future cash flows over lease term based upon historical operations stores estimates of future store profitability factors subject to variability difficult to predict.\n if long-lived asset found impaired  amount recognized for impairment equal to difference between carrying value and asset 2019s fair value.\n fair value estimated based primarily upon future cash flows ( discounted at company 2019s credit adjusted risk-free rate ) or other reasonable estimates of fair market value.\n assets to be disposed of adjusted to fair value less cost to sell if less than book value.\n company recorded impairment charges  included in sg&a expense , of approximately $ 9. 4 million in 2006 , $ 0. 6 million in 2005 and $ 0.2 million in 2004 to reduce carrying value of certain stores 2019 assets necessary due to negative sales trends cash flows at locations.\n majority of 2006 charges recorded pursuant strategic initiatives discussed in note 2.\n other assets assets consist primarily of long-term investments , qualifying prepaid expenses  debt issuance costs amortized over life of related obligations , utility security deposits  life insurance policies goodwill.\n\nland improvements                | 20\n-------------------------------- | -----\nbuildings                        | 39-40\nfurniture fixtures and equipment | 3-10"
}
{
    "_id": "dd4b95daa",
    "title": "",
    "text": "company granted 1020 performance shares.\n vesting contingent on meeting goals over performance period.\n beginning with restricted stock grants in september 2010 dividends accrued on restricted class common stock and restricted stock units paid once restricted stock vests.\n table summarizes restricted stock and performance shares activity for 2010 : number of shares weighted average grant date fair value.\n total fair value of restricted stock vested during years ended december 31 , 2010  2009 2008 was $ 10. 3 million , $ 6. 2 million $ 2. 5 million .\n eligible employees may acquire shares of cme group 2019s class a common stock using after-tax payroll deductions during consecutive offering periods of six months.\n shares purchased at end of each offering period at price of 90% ( 90 % ) of closing price of class a common stock on nasdaq.\n compensation expense recognized on dates of purchase for discount from closing price.\n in 2010 , 2009 2008  total of 4371 , 4402 5600 shares  of class a common stock issued to participating employees.\n shares subject to six-month holding period.\n annual expense of $ 0. 1 million for purchase discount recognized in 2010, 2009 2008 .\n non-executive directors receive annual award of class a common stock with value equal to $ 75000.\n non-executive directors may to receive some or cash portion of annual stipend up to $ 25000  in shares of stock based on closing price at date of distribution.\n 7470 , 11674 5509 shares of class a common stock issued to non-executive directors during 2010 , 2009 2008 .\n shares not subject to vesting restrictions.\n expense of $ 2. 4 million , $ 2. 5 million and $ 2.4 million related stock-based payments recognized years ended december 31 , 2010 , 2009 2008 , respectively.\n\n| number of shares | weighted average grant date fair value\n------------------------------- | ---------------- | --------------------------------------\noutstanding at december 31 2009 | 116677           | $ 280\ngranted                         | 134245           | 275\nvested                          | -34630 ( 34630 ) | 257\ncancelled                       | -19830 ( 19830 ) | 260\noutstanding at december 31 2010 | 196462           | 283"
}
{
    "_id": "dd4bb0bb4",
    "title": "",
    "text": "apple inc.\n 2016 form 10-k | 20 company stock performance graph shows comparison of cumulative total shareholder return calculated on dividend reinvested basis for company  s&p 500 index  s&p information technology index dow jones u. s.\n technology supersector index for five years ended september 24 , 2016.\n graph assumes $ 100 invested in each company 2019s common stock s&p 500 index s&p information technology index dow jones u. s.\n technology supersector index market close september 23 , 2011.\n historic stock price performance not indicative of future stock price performance.\n * $ 100 invested on 9/23/11 in stock or index including reinvestment of dividends.\n data points are last day of each fiscal year for company 2019s common stock september 30th for indexes.\n copyright a9 2016 s&p , division of mcgraw hill financial.\n all rights reserved.\n copyright a9 2016 dow jones & co.\n all rights.\n september september.\n\n| september2011 | september2012 | september2013 | september2014 | september2015 | september2016\n-------------------------------------------- | ------------- | ------------- | ------------- | ------------- | ------------- | -------------\napple inc .                                  | $ 100         | $ 166         | $ 123         | $ 183         | $ 212         | $ 213\ns&p 500 index                                | $ 100         | $ 130         | $ 155         | $ 186         | $ 185         | $ 213\ns&p information technology index             | $ 100         | $ 132         | $ 142         | $ 183         | $ 187         | $ 230\ndow jones u.s . technology supersector index | $ 100         | $ 130         | $ 137         | $ 178         | $ 177         | $ 217"
}
{
    "_id": "dd4b95fc6",
    "title": "",
    "text": "news corporation notes to consolidated financial statements consideration over fair value of net tangible and intangible assets acquired recorded as goodwill.\n allocation as follows ( in millions ) : assets acquired:.\n acquired intangible assets primarily relate to broadcast licenses  fair value approximately $ 185 million , tradenames fair value approximately $ 27 million  customer relationships fair value approximately $ 8 million.\n broadcast licenses and tradenames have indefinite lives customer relationships amortized over weighted-average useful life of approximately 6 years.\n wireless group 2019s results included within news and information services segment  considered separate reporting unit for company 2019s annual goodwill impairment review.\n rea group european business in december 2016 rea group company holds 61. 6% (. 6 % ) interest  sold european business for approximately $ 140 million ( approximately 20ac133 million ) in cash resulted in pre-tax gain of $ 107 million for fiscal year ended june 30 , 2017.\n sale allows rea group to focus on core businesses in australia and asia.\n in addition to acquisitions investments referenced in note 6 2014investments company used $ 62 million of cash for additional acquisitions during fiscal 2017  primarily of australian regional media (.\n arm 2019s results included within news and information services segment.\n note 5.\n restructuring programs company recorded restructuring charges of $ 92 million , $ 71 million and $ 142 million for fiscal years ended june 30 , 2019 , 2018 and 2017  $ 77 million , $ 58 million and $ 133 million related to news and information services segment .\n restructuring charges recorded in fiscal 2019 , 2018 and 2017 primarily for employee termination benefits.\n\nintangible assets         | $ 220\n------------------------- | ----------\ngoodwill                  | 115\nnet liabilities           | -50 ( 50 )\ntotal net assets acquired | $ 285"
}
{
    "_id": "dd4b8d65a",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis 2022 deferral in august 2004 of $ 7. 5 million fossil plant maintenance voluntary severance program costs at entergy new orleans result stipulation approved by city council.\n 2003 compared to 2002 net revenue  entergy's measure of gross margin consists of operating revenues net of 1 fuel  fuel-related  purchased power expenses 2 ) other regulatory credits.\n analysis of change in net revenue comparing 2003 to 2002.\n base rates increased net revenue due to base rate increases at entergy mississippi entergy new orleans effective in january 2003 june 2003.\n entergy gulf states implemented base rate decreases in louisiana jurisdiction effective june 2002 january 2003.\n january 2003 base rate decrease of $ 22. 1 million minimal impact on net income due to reduction in nuclear depreciation decommissioning expenses associated with change in accounting estimate reflect assumed extension of river bend's useful life.\n deferred fuel cost revisions variance due to revised unbilled sales pricing estimate december 2002 further revision estimate first quarter of 2003 to align fuel component pricing with expected recoverable fuel costs at entergy louisiana.\n asset retirement obligation variance due to implementation of sfas 143  \"accounting for asset retirement obligations\" adopted in january 2003.\n see \"critical accounting estimates 2013 nuclear decommissioning costs\" for details.\n increase offset by increased depreciation decommissioning expenses insignificant effect on net income.\n increase in net wholesale revenue primarily due to increase in sales volume to municipal cooperative customers.\n march 2002 settlement agreement variance reflects absence in 2003 of effect of recording ice storm settlement approved by apsc in 2002.\nsettlement resulted in deferred revenues at entergy arkansas per transition cost account mechanism recorded in net revenue in second quarter of 2002.\n decrease offset by decrease in other operation and maintenance expenses had minimal effect on net income.\n gross operating revenues and regulatory credits revenues include increase in fuel cost recovery revenues of $ 682 million and $ 53 million in electric and gas sales primarily due to higher fuel rates in 2003 from increases in market prices of purchased power natural gas.\n revenue increase offset by increased fuel and purchased power expenses.\n\n| ( in millions )\n------------------------------------- | ----------------\n2002 net revenue                      | $ 4209.6\nbase rate increases                   | 66.2\nbase rate decreases                   | -23.3 ( 23.3 )\ndeferred fuel cost revisions          | 56.2\nasset retirement obligation           | 42.9\nnet wholesale revenue                 | 23.2\nmarch 2002 ark . settlement agreement | -154.0 ( 154.0 )\nother                                 | -6.3 ( 6.3 )\n2003 net revenue                      | $ 4214.5"
}
{
    "_id": "dd4ba8c48",
    "title": "",
    "text": "humana inc.\n notes to consolidated financial statements 2014 grant-date fair value of award estimated using option-pricing models.\n tax effects of stock option exercises reported as financing activity than operating activity in statements of cash flows.\n adopted sfas 123r on january 1, 2006 under retrospective transition method using black-scholes pricing model.\n effect of expensing stock options under fair value approach black-scholes pricing model on diluted earnings per common share for years ended december 31, 2005  2004 2003 disclosed on page 69.\n classification of cash inflows from excess tax benefit with exercising stock options change from operating activity to financing activity in consolidated statements of cash flows no impact on total cash flows.\n estimate impact of change in classification will decrease operating cash flows increase financing cash flows ) by approximately $ 15. 5 million in 2005  $ 3. 7 million in 2004  $ 15. 2 million in 2003.\n stock option expense after adopting sfas 123r not expected materially different than pro forma disclosure on page 69 dependent on levels of stock options granted during 2006.\n 3.\n acquisitions in january 2006 commercial segment agreement to acquire cha service company  cha health  health plan serving employer groups in kentucky  for cash consideration of approximately $ 60. 0 million plus excess statutory surplus.\n transaction subject to regulatory approval expected to close effective in second quarter of 2006.\n december 20 , 2005 commercial segment acquired corphealth , inc. behavioral health care management company for cash consideration of approximately $ 54. 2 million  including transaction costs.\n acquisition allows humana to integrate coverage of medical and behavior health benefits.\n net tangible assets acquired of $ 6. 0 million primarily of cash and cash equivalents.\npurchase price exceeded estimated fair value of net tangible assets acquired by approximately $ 48. 2 million.\n preliminarily allocated excess purchase price to other intangible assets of $ 8. 6 million associated deferred tax liabilities of $ 3. 2 million  non-deductible goodwill of $ 42. 8 million.\n other intangible assets primarily of customer contracts have weighted average useful life of 14. 7 years.\n allocation subject to change pending completion valuation by third party valuation specialist firm fair value of assets acquired.\n on february 16, 2005  government segment acquired careplus health plans of florida careplus affiliated 10 medical centers and pharmacy company.\n careplus provides medicare advantage hmo plans benefits to medicare advantage members in miami-dade , broward palm beach counties.\n acquisition enhances medicare market position in south florida.\n paid approximately $ 444. 9 million in cash including transaction costs.\n financed transaction with $ 294. 0 million of borrowings under credit agreement and $ 150. 9 million of cash on hand.\n purchase price subject to balance sheet settlement process with nine month claims run-out period.\n settlement  reflected as adjustment to goodwill not expected to be material.\n fair value of acquired tangible assets ( assumed liabilities ) consisted of following:.\n\n| ( in thousands )\n-------------------------------------------- | ----------------\ncash and cash equivalents                    | $ 92116\npremiums receivable and other current assets | 6510\nproperty and equipment and other assets      | 21315\nmedical and other expenses payable           | -37375 ( 37375 )\nother current liabilities                    | -23359 ( 23359 )\nother liabilities                            | -5915 ( 5915 )\nnet tangible assets acquired                 | $ 53292"
}
{
    "_id": "dd4bb4980",
    "title": "",
    "text": "page 71 of 94 notes to consolidated financial statements ball corporation subsidiaries 16.\n shareholders 2019 equity continued october 24 , 2007 ball announced discontinuance of company 2019s discount on reinvestment of dividends associated company 2019s dividend reinvestment voluntary stock purchase plan for non- employee shareholders.\n 5 percent discount discontinued november 1 , 2007.\n accumulated other comprehensive earnings ( loss ) activity related ) : ( $ in millions ) foreign currency translation pension postretirement items  net of tax effective financial derivatives  net of tax accumulated comprehensive earnings ( loss ).\n company 2019s 2006 annual report consolidated statement of changes in shareholders 2019 equity for year ended december 31, 2006 included transition adjustment of $ 47. 9 million  net of tax related to adoption of sfas no.\n 158 , 201cemployers 2019 accounting for defined benefit pension plans other postretirement plans amendment of fasb statements no.\n 87 , 88 , 106 132 ( r  201d component of 2006 comprehensive earnings adjustment to accumulated other comprehensive loss.\n 2006 amounts revised to correct previous reporting.\n notwithstanding 2005 distribution jobs act management 2019s intention to indefinitely reinvest foreign earnings.\n no taxes provided on foreign currency translation component for any period.\n change in pension other postretirement items presented net of related tax expense of $ 31. 3 million and $ 2. 9 million for 2007 and 2006  related tax benefit of $ 27. 3 million for 2005.\n change in effective financial derivatives presented net of related tax benefit of $ 3. 2 million for 2007  related tax expense of $ 5. 7 million for 2006 related tax benefit of $ 10. 7 million for 2005.\n stock-based compensation programs effective january 1 , 2006 ball adopted sfas no.\n123 revised 2004 ) , 201cshare based payment , 201d revision of sfas no.\n 123 supersedes apb opinion no.\n 25.\n new standard establishes accounting standards for transactions entity exchanges equity instruments for goods or services including stock option restricted stock grants.\n major differences for ball are 1 ) expense now recorded in consolidated statements of earnings for fair value of new stock option grants nonvested portions of grants made prior to january 1, 2006 2 ) company 2019s deposit share program discussed below ) no longer variable plan marked to current market value each month through earnings.\n upon adoption of sfas no.\n 123 revised 2004 )  ball chosen use modified prospective transition method black-scholes valuation model.\n\n( $ in millions )                      | foreign currency translation | pension and other postretirement items net of tax | effective financial derivatives net of tax | accumulated other comprehensive earnings ( loss )\n-------------------------------------- | ---------------------------- | ------------------------------------------------- | ------------------------------------------ | -------------------------------------------------\ndecember 31 2004                       | $ 148.9                      | $ -126.3 ( 126.3 )                                | $ 10.6                                     | $ 33.2\n2005 change                            | -74.3 ( 74.3 )               | -43.6 ( 43.6 )                                    | -16.0 ( 16.0 )                             | -133.9 ( 133.9 )\ndecember 31 2005                       | 74.6                         | -169.9 ( 169.9 )                                  | -5.4 ( 5.4 )                               | -100.7 ( 100.7 )\n2006 change                            | 57.2                         | 55.9                                              | 6.0                                        | 119.1\neffect of sfas no . 158 adoption ( a ) | 2013                         | -47.9 ( 47.9 )                                    | 2013                                       | -47.9 ( 47.9 )\ndecember 31 2006                       | 131.8                        | -161.9 ( 161.9 )                                  | 0.6                                        | -29.5 ( 29.5 )\n2007 change                            | 90.0                         | 57.9                                              | -11.5 ( 11.5 )                             | 136.4\ndecember 31 2007                       | $ 221.8                      | $ -104.0 ( 104.0 )                                | $ -10.9 ( 10.9 )                           | $ 106.9"
}
{
    "_id": "dd4bba18c",
    "title": "",
    "text": "dish network corporation notes to consolidated financial statements - continued ciel ii.\n canadian dbs satellite launched december 2008 commenced commercial operation february 2009.\n satellite accounted for as capital lease depreciated over term satellite service agreement.\n leased 100% ( % ) of capacity on ciel ii for initial 10 year term.\n as of december 31 , 2011 and 2010  had $ 500 million capitalized for estimated fair value of satellites acquired under capital leases included in 201cproperty and equipment  net 201d with related accumulated depreciation of $ 151 million and $ 109 million  respectively.\n consolidated statements of operations comprehensive income ( loss ) recognized $ 43 million, $ 43 million and $ 40 million in depreciation expense on satellites acquired under capital lease agreements during years ended december 31 , 2011 , 2010 2009  respectively.\n future minimum lease payments under capital lease obligation present value of net minimum lease payments as of december 31, 2011 as follows ( in thousands ) : for years ended december 31.\n summary of future maturities of outstanding long-term debt as of december 31 , 2011 included in commitments table in note 16.\n 12.\n income taxes accounting for uncertainty in income taxes income income tax policy to record estimated future tax effects of temporary differences between tax bases of assets liabilities amounts reported on consolidated balance sheets probable operating loss , tax credit other carryforwards.\n deferred tax assets offset by valuation allowances when believe more likely not net deferred tax assets not be realized.\n periodically evaluate need for valuation allowance.\n determining necessary valuation allowances requires assessments about historical financial information timing of future events including probability of expected future taxable income available tax planning opportunities.\nfile consolidated tax returns in u. s.\n income taxes of domestic and foreign subsidiaries not included in u. s.\n tax group presented in consolidated financial statements based on separate return basis for each tax paying entity.\n as of december 31, 2011  no net operating loss carryforwards ( 201cnols 201d ) for federal income tax purposes $ 13 million of nol benefit for state income tax purposes.\n state nols expire in year 2020.\n $ 5 million of tax benefits related to credit carryforwards partially offset by valuation allowance $ 14 million benefit of capital loss carryforwards fully offset by valuation allowance.\n credit carryforwards expire in year 2012.\n\n2012                                                                                                                                                                                             | $ 84715\n------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------\n2013                                                                                                                                                                                             | 77893\n2014                                                                                                                                                                                             | 76296\n2015                                                                                                                                                                                             | 75970\n2016                                                                                                                                                                                             | 75970\nthereafter                                                                                                                                                                                       | 314269\ntotal minimum lease payments                                                                                                                                                                     | 705113\nless : amount representing lease of the orbital location and estimated executory costs ( primarily insurance and maintenance ) including profit thereon included in total minimum lease payments | -323382 ( 323382 )\nnet minimum lease payments                                                                                                                                                                       | 381731\nless : amount representing interest                                                                                                                                                              | -109823 ( 109823 )\npresent value of net minimum lease payments                                                                                                                                                      | 271908\nless : current portion                                                                                                                                                                           | -29202 ( 29202 )\nlong-term portion of capital lease obligations                                                                                                                                                   | $ 242706"
}
{
    "_id": "dd4bc774c",
    "title": "",
    "text": "152 pnc financial services group , inc.\n 2013 form 10-k in addition to proceedings or other matters described, pnc and persons to we may have indemnification obligations , in normal course of business , subject to other pending and threatened legal proceedings in claims for monetary damages and other relief asserted.\n we do not anticipate  ultimate aggregate liability , if, arising out of such other legal proceedings material adverse effect on our financial position.\n cannot now determine whether not any claims asserted against us or others indemnification obligations , proceedings or material adverse effect on our results of operations in future reporting period , will depend on amount of loss resulting from claim and amount of income otherwise reported for reporting period.\n note 20 commitments in normal course of business  we have various commitments outstanding , certain not included on our consolidated balance sheet.\n following table presents our outstanding commitments to extend credit with significant other commitments as of december 31 , 2017 and december 31 , 2016 , respectively.\n table 98 : commitments to extend credit and other commitments in millions december 31 december 31.\n commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions.\n commitments have fixed expiration dates  may require payment of fee  contain termination clauses in customer 2019s credit quality deteriorates.\n net outstanding standby letters of credit we issue standby letters of credit and share in risk of standby letters of credit issued by other financial institutions  to support obligations of our customers to third parties , insurance requirements and facilitation of transactions involving capital markets product execution.\n91% ( 91 % ) and 94% ( 94 % ) of our net outstanding standby letters of credit rated as pass as of december 31 , 2017 and december 31 , 2016  respectively remainder rated as below pass.\n internal credit rating of pass indicates expected risk of loss low rating below pass indicates higher degree risk.\n if customer fails to meet financial or performance obligation to third party under contract or need to support remarketing program , upon draw by beneficiary  subject to terms letter of credit we obligated to make payment to them.\n standby letters of credit outstanding on december 31, 2017 had terms ranging from less than one year to seven years.\n as of december 31 , 2017  assets of $ 1. 3 billion secured certain specifically identified standby letters of credit.\n portion of remaining standby letters of credit issued on behalf of specific customers secured by collateral or guarantees secure customers 2019 other obligations to us.\n carrying amount of liability for obligations related to standby letters of credit and participations standby credit was $. 2 billion at december 31 , 2017 included in other liabilities on our consolidated balance sheet.\n\nin millions                                             | december 31 2017 | december 31 2016\n------------------------------------------------------- | ---------------- | ----------------\ncommitments to extend credit                            |                  |\ntotal commercial lending                                | $ 112125         | $ 108256\nhome equity lines of credit                             | 17852            | 17438\ncredit card                                             | 24911            | 22095\nother                                                   | 4753             | 4192\ntotal commitments to extend credit                      | 159641           | 151981\nnet outstanding standby letters ofcredit ( a )          | 8651             | 8324\nreinsurance agreements ( b )                            | 1654             | 1835\nstandby bond purchase agreements ( c )                  | 843              | 790\nother commitments ( d )                                 | 1732             | 967\ntotal commitments to extendcredit and other commitments | $ 172521         | $ 163897"
}
{
    "_id": "dd4c3d690",
    "title": "",
    "text": ".\n morgan chase & co.\n 2003 annual report 33 corporate credit allocation 2003 tss assigned corporate credit allocation of pre- tax earnings associated capital related to credit exposures managed within ib 2019s credit portfolio behalf clients shared with tss.\n prior periods revised to reflect allocation.\n 2003 impact to tss change increased pre-tax operating results $ 36 million average allocated capital $ 712 million decreased sva by $ 65 million.\n pre-tax operating results $ 46 million lower than 2002 reflecting lower loan volumes higher related expenses offset by decrease in credit costs.\n business outlook tss revenue 2004 expected benefit from improved global equity markets two recent acquisitions november 2003 acquisition bank one corporate trust portfolio january 2004 acquisition citigroup 2019s electronic funds services business.\n tss expects higher costs integrates acquisitions continues strategic investments business expansion.\n client segment tss dimensions 2003 revenue diversification by business revenue geographic region investor services 36% ( 36 % ) other 1% ( 1 % ) institutional trust services 23% ( 23 % ) treasury services 40% ( 40 % ) large corporations 21% ( 21 % ) middle market 18% ( 18 % ) banks 11% ( 11 % ) nonbank financial institutions 44% ( 44 % ) public sector/governments 6% ( 6 % ) europe , middle east & africa 27% ( 27 % ) asia/pacific 9% ( 9 % ) americas 64% ( 64 % ) includes elimination of revenue related shared activities with chase middle market $ 347 million.\n year ended december 31  operating revenue.\n includes portion of $ 41 million gain on sale of nonstrategic business 2003 : $ 1 million in institutional trust services $ 40 million in other.\n includes elimination of revenues related to shared activities with chase middle market $ 50 million gain on sale of non-u.\nsecurities clearing 2002.\n\nyear ended december 31 , ( in millions ) | year ended december 31 , 2003 | year ended december 31 , 2002 | change\n---------------------------------------- | ----------------------------- | ----------------------------- | ----------\ntreasury services                        | $ 1927                        | $ 1818                        | 6% ( 6 % )\ninvestor services                        | 1449                          | 1513                          | -4 ( 4 )\ninstitutional trust services ( a )       | 928                           | 864                           | 7\nother ( a ) ( b )                        | -312 ( 312 )                  | -303 ( 303 )                  | -3 ( 3 )\ntotal treasury & securities services     | $ 3992                        | $ 3892                        | 3% ( 3 % )"
}
{
    "_id": "dd4bb3026",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) note 14 2014commitments contingencies leases we conduct major part of operations using leased facilities equipment.\n many leases have renewal purchase options provide we pay cost of property taxes  insurance maintenance.\n rent expense on all operating leases for fiscal 2010 , 2009 2008 was $ 32. 8 million , $ 30. 2 million , and $ 30. 4 million , respectively.\n future minimum lease payments for all noncancelable leases at may 31 , 2010 were as follows : operating leases.\n we party to claims and lawsuits incidental to our business.\n in opinion of management  reasonably possible outcome of such matters  will not have material adverse impact on our financial position , liquidity or results of operations.\n define operating taxes as tax contingencies unrelated to income taxes sales property taxes.\n during operations must interpret meaning of various operating tax matters in united states foreign jurisdictions in do business.\n taxing authorities in jurisdictions may arrive at different interpretations of applicable tax laws regulations operating tax matters could result in payment of additional taxes in jurisdictions.\n as of may 31 , 2010 and 2009 not have liability for operating tax items.\n amount of liability is based on management 2019s best estimate given history with similar matters interpretations of current laws regulations.\n bin/ica agreements in connection with acquisition of merchant credit card operations of banks  entered into sponsorship or depository and processing agreements with certain banks.\n agreements allow us to use banks 2019 identification numbers  bank identification number for visa transactions and interbank card association number for mastercard transactions  to clear credit card transactions through visa and mastercard.\nagreements contain financial covenants we were in compliance with all covenants as of may 31 , 2010.\n on june 18 , 2010 , cibc notice will not renew sponsorship with us for visa in canada after initial ten year term.\n their canadian visa sponsorship will expire in march 2011.\n we are\n\n| operating leases\n----------------------------------- | ----------------\n2011                                | $ 9856\n2012                                | 3803\n2013                                | 2538\n2014                                | 1580\n2015                                | 928\nthereafter                          | 1428\ntotal future minimum lease payments | $ 20133"
}
{
    "_id": "dd4bb5fd8",
    "title": "",
    "text": "decreased period from 2002 to 2004 principally due to increase in earned premium and cost containment measures by management.\n in business insurance and personal lines expense ratio expected to decrease further in 2005 largely result of expected increases in earned premium.\n in specialty commercial , expense ratio expected to increase slightly in 2005 due to changes in business mix notably company 2019s decision 2004 to exit multi-peril crop insurance program eliminate significant expense reimbursements from specialty commercial segment.\n policyholder dividend ratio : policyholder dividend ratio is ratio of policyholder dividends to earned premium.\n combined ratio : combined ratio is sum of loss and loss adjustment expense ratio expense ratio policyholder dividend ratio.\n ratio is relative measurement describes related cost of losses and expense for every $ 100 of earned premiums.\n combined ratio below 100. 0 demonstrates underwriting profit ; combined ratio above 100. 0 demonstrates underwriting losses.\n combined ratio decreased from 2003 to 2004 primarily because of improvement in expense ratio.\n combined ratio in 2005 could be higher or lower than 2004 combined ratio depending on level of catastrophe losses impacted by changes in pricing expected moderation in favorable loss cost trends.\n catastrophe ratio : catastrophe ratio component of loss and loss adjustment expense ratio ) represents ratio of catastrophe losses ( net of reinsurance ) to earned premiums.\n catastrophe is event causes $ 25 or more in industry insured property losses affects significant number of property and casualty policyholders and insurers.\n catastrophe losses vary dramatically from year to year.\n based on mix and geographic dispersion of premium written estimates from catastrophe loss models company 2019s expected catastrophe ratio over long-term is 3. 0 points.\nconsidering reduction in operation 2019s catastrophe reserves related to september 11 of $ 298 in 2004  catastrophe ratio in 2004 was 5. 3 points.\n see 201crisk management strategy 201d below for discussion of company 2019s property catastrophe risk management program mitigate company 2019s net exposure to catastrophe losses.\n combined ratio before catastrophes and prior accident year development combined ratio represents combined ratio for current accident year  excluding impact of catastrophes.\n company believes this ratio is important measure of trend profitability removes impact of volatile unpredictable catastrophe losses and prior accident year reserve development.\n considering combined ratio related to current accident year business improved from 2002 to 2004 due to earned pricing increases favorable claim frequency.\n other operations underwriting results other operations segment responsible for managing operations of hartford discontinued writing new or renewal business managing claims related to asbestos and environmental exposures.\n neither earned premiums nor underwriting ratios are meaningful financial measures.\n management believes underwriting result is more meaningful measure.\n net underwriting loss for 2002 through 2004 primarily due to prior accident year loss development  including $ 2. 6 billion of net asbestos reserve strengthening in 2003.\n reserve estimates within other operations  including estimates for asbestos and environmental claims are uncertain.\n refer to other operations segment md&a for discussion of other operation's underwriting results.\n total property & casualty investment earnings.\n investment return , or yield  on property & casualty 2019s invested assets is important element of company 2019s earnings insurance products are priced with assumption premiums received can be invested for before loss and loss adjustment expenses are paid.\nlonger tail lines , such as workers 2019 compensation general liability , claims paid over several years premiums received for these lines business can generate significant investment income.\n him determines appropriate allocation of investments by asset class measures investment yield performance for each asset class against market indices or other benchmarks.\n due to emphasis on preservation of capital need to maintain sufficient liquidity to satisfy claim obligations , majority of property and casualty 2019s invested assets held in fixed maturities  including corporate bonds , municipal bonds  government debt  short-term debt  mortgage-\n\n| 2004           | 2003           | 2002\n----------------------------------------------- | -------------- | -------------- | --------------\ninvestment yield after-tax                      | 4.1% ( 4.1 % ) | 4.2% ( 4.2 % ) | 4.5% ( 4.5 % )\nnet realized capital gains ( losses ) after-tax | $ 87           | $ 165          | $ -44 ( 44 )"
}
{
    "_id": "dd4c0a4fc",
    "title": "",
    "text": "part ii item 5 2013 market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities ( a ) ( 1 ) our common stock listed on new york stock exchange traded under symbol 201cpnc. 201d at close of business february 16 , 2017  60763 common shareholders of record.\n holders of pnc common stock entitled to receive dividends when declared by board of directors out of funds legally available for purpose.\n board of directors may not pay or set apart dividends on common stock until dividends for all past dividend periods on series outstanding preferred stock certain outstanding capital securities issued by parent company paid or declared set apart for payment.\n board of directors intends to continue policy of paying quarterly cash dividends.\n amount future dividends depend on economic market conditions  financial condition operating results  other factors  including contractual restrictions applicable government regulations policies ( relating to ability of bank non-bank subsidiaries to pay dividends to parent company regulatory capital limitations ).\n amount of our dividend subject to results supervisory assessment of capital adequacy capital planning processes by federal reserve primary bank regulators part comprehensive capital analysis and review ( ccar ) process described in supervision and regulation section in item 1 report.\n federal reserve power to prohibit us from paying dividends without approval.\n for further information concerning dividend restrictions other factors limit ability to pay dividends restrictions on loans , dividends advances from bank subsidiaries to parent company  see supervision and regulation section in item 1 , item 1a risk factors , capital and liquidity management portion of risk management section in item 7 , note 10 borrowed funds , note 15 equity note 18 regulatory matters in notes to consolidated financial statements in item 8 of this report  include by reference.\ninclude reference additional information relating to pnc common stock under common stock prices/ dividends declared section in statistical information ( unaudited ) section of item 8 report.\n include reference information regarding compensation plans under pnc equity securities authorized for issuance as of december 31 , 2016 in table ( with introductory paragraph notes ) appears in item 12 report.\n stock transfer agent and registrar is : computershare trust company , n. a.\n 250 royall street canton , ma 02021 800-982-7652 registered shareholders contact this phone number regarding dividends shareholder services.\n include reference information under common stock performance graph caption at end of item 5.\n ( a ) ( 2 ) none.\n ( b ) not applicable.\n c ) details of repurchases of pnc common stock during fourth quarter of 2016 included in table : in thousands  except per share data 2016 period total shares purchased ( a ) average paid per total shares purchased part of publicly announced programs b ) maximum number of shares be purchased under programs ).\n includes pnc common stock purchased in connection with employee benefit plans related to forfeitures of unvested restricted stock awards shares used cover employee payroll tax withholding requirements.\n note 11 employee benefit plans and note 12 stock based compensation plans in notes to consolidated financial statements in item 8 report include additional information regarding employee benefit and equity compensation plans use pnc common stock.\n on march 11, 2015 announced board of directors approved establishment stock repurchase program authorization amount of 100 million shares of pnc common stock  effective april 1 , 2015.\nrepurchases made in open market or privately negotiated transactions timing exact amount of common stock repurchases depend on factors including market general economic conditions regulatory capital considerations alternative uses of capital  potential impact on credit ratings contractual and regulatory limitations including results of supervisory assessment of capital adequacy and capital planning processes by federal reserve ccar process.\n in june 2016  announced share repurchase programs of up to $ 2. 0 billion for four quarter period beginning third quarter of 2016  including repurchases of up to $ 200 million related to employee benefit plans.\n in january 2017 announced $ 300 million increase in share repurchase programs for this period.\n in fourth quarter of 2016  repurchased 4. 9 million shares of common stock on open market average price of $ 101. 47 per share aggregate repurchase price of $. 5 billion.\n see liquidity and capital management portion of risk management section in item 7 of report for more information on share repurchase programs under share repurchase authorization for period july 1, 2016 through june 30 , 2017 included in 2016 capital plan accepted by federal reserve.\n 28 pnc financial services group , inc.\n 2013 form 10-k\n\n2016 period        | total sharespurchased ( a ) | averagepricepaid pershare | total sharespurchased aspartofpubliclyannouncedprograms ( b ) | maximumnumber ofshares thatmay yet bepurchasedundertheprograms ( b )\n------------------ | --------------------------- | ------------------------- | ------------------------------------------------------------- | --------------------------------------------------------------------\noctober 1 2013 31  | 2277                        | $ 91.15                   | 2245                                                          | 61962\nnovember 1 2013 30 | 1243                        | $ 103.50                  | 1243                                                          | 60719\ndecember 1 2013 31 | 1449                        | $ 115.65                  | 1449                                                          | 59270\ntotal              | 4969                        | $ 101.39                  |                                                               |"
}
{
    "_id": "dd4bcd5f2",
    "title": "",
    "text": "to 2007.\n reduced personal injury expense by $ 80 million 2007 fewer expected claims lower average settlement costs.\n 2008 reduced personal injury expense asbestos-related costs $ 82 million based on results updated personal injury actuarial studies reassessment of potential liability for resolution current future asbestos claims.\n environmental toxic tort expenses $ 7 million lower 2008 compared to 2007.\n other costs lower 2007 compared to 2006 driven by reduction in personal injury expense.\n actuarial studies 2007 resulted in reduction personal injury expense $ 80 million partially offset by adverse development one claim.\n settlement of insurance claims 2007 related to hurricane rita higher equity income drove expenses lower 2007 versus 2006.\n year-over-year comparison affected by settlement of insurance claims totaling $ 23 million 2006 related to january 2005 west coast storm $ 9 million gain 2006 from sale of two company-owned airplanes.\n non-operating items millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % change 2007 v 2006.\n other income 2013 other income decreased in 2008 compared 2007 due to lower gains from real estate sales decreased returns on cash investments lower interest rates.\n higher rental licensing income lower interest expense on sale of receivables program partially offset decreases.\n lower net gains from non-operating asset sales primarily real estate drove reduction in other income in 2007.\n recognition of rental income in 2006 from settlement of rent dispute contributed to year-over-year decrease in other income.\n cash investment returns increased $ 21 million due to larger cash balances higher interest rates.\n interest expense 2013 interest expense increased in 2008 versus 2007 due to higher weighted-average debt level of $ 8. 3 billion compared to $ 7. 3 billion in 2007.\n lower effective interest rate of 6. 1%.1 % ) in 2008 compared to 6. 6% (. 6 % ) in 2007 offset effects higher weighted-average debt level.\n increase in weighted-average debt levels to $ 7. 3 billion from $ 7. 1 billion in 2006 generated higher interest expense in 2007.\n lower effective interest rate of 6. 6% ( 6. 6 % ) in 2007 compared to 6. 7% ( 6. 7 % ) in 2006 offset effects higher debt level.\n income taxes 2013 income taxes higher in 2008 compared to 2007 driven by higher pre-tax income.\n effective tax rates were 36. 1% ( 36. 1 % ) and 38. 4% ( 38. 4 % ) in 2008 and 2007.\n lower effective tax rate in 2008 resulted from reductions in tax expense related to federal audits and state tax law changes.\n effective tax rate in 2007 increased by illinois legislation increased deferred tax expense third quarter 2007.\n income taxes $ 235 million higher in 2007 compared to 2006 due to higher pre-tax income new tax legislation illinois changed income subject illinois tax.\n illinois legislation increased deferred tax expense by $ 27 million in 2007.\n effective tax rates were 38. 4% ( 38. 4 % ) and 36. 4% (. 4 % ) in 2007 and 2006.\n\nmillions of dollars | 2008           | 2007           | 2006         | % (  % ) change 2008 v 2007 | % (  % ) change 2007 v 2006\n------------------- | -------------- | -------------- | ------------ | --------------------------- | ---------------------------\nother income        | $ 92           | $ 116          | $ 118        | ( 21 ) % (  % )             | ( 2 ) % (  % )\ninterest expense    | -511 ( 511 )   | -482 ( 482 )   | -477 ( 477 ) | 6                           | 1\nincome taxes        | -1318 ( 1318 ) | -1154 ( 1154 ) | -919 ( 919 ) | 14 % (  % )                 | 26 % (  % )"
}
{
    "_id": "dd4bc26ca",
    "title": "",
    "text": "entergy corporation and subsidiaries notes to financial statements equitable discretion not require refunds for 20-month period from september 13 , 2001 - may 2 , 2003.\n ruling on refunds relied on findings in interruptible load proceeding  discussed in separate section below ferc concluded refund ruling be held in abeyance pending outcome of rehearing requests in proceeding.\n on second issue ferc reversed prior decision ordered prospective bandwidth remedy begin on june 1 , 2005 ( date of initial order proceeding ) rather than january 1, 2006 as previously ordered.\n pursuant to october 2011 order entergy required to calculate additional bandwidth payments for period june - december 2005 utilizing bandwidth formula tariff prescribed by ferc filed in december 2006 compliance filing accepted by ferc in april 2007 order.\n with bandwidth remedy payments these payments and receipts be paid by utility operating company customers to other utility operating company customers.\n in december 2011  entergy filed with ferc compliance filing provides payments and receipts among utility operating companies pursuant to ferc 2019s october 2011 order.\n filing shows following payments/receipts among utility operating companies : payments ( receipts ) ( in millions ).\n entergy arkansas made payment in january 2012.\n in february 2012 entergy arkansas filed for interim adjustment to production cost allocation rider requesting $ 156 million payment be collected from customers over 22-month period from march 2012 through december 2013.\n in march 2012 apsc issued order stating payment can be recovered from retail customers through production cost allocation rider subject to refund.\n lpsc and apsc requested rehearing of ferc 2019s october 2011 order.\ndecember 2013 lpsc filed petition for writ of mandamus at united states court of appeals for d. c.\n circuit.\n in petition  lpsc requested d. c.\n circuit issue order compelling ferc to issue final order on pending rehearing requests.\n in response to lpsc petition  ferc committed to rule on pending rehearing request before end of february.\n in january 2014 d. c.\n circuit denied lpsc's petition.\n apsc , lpsc , puct , other parties intervened in december 2011 compliance filing proceeding, apsc and lpsc filed protests.\n calendar year 2013 production costs liabilities assets for preliminary estimate of payments and receipts required to implement ferc 2019s remedy based on calendar year 2013 production costs recorded in december 2013 based on certain year-to-date information.\n preliminary estimate recorded based on following estimate of payments/receipts among utility operating companies for 2014.\n\n| payments ( receipts ) ( in millions )\n----------------------------- | -------------------------------------\nentergy arkansas              | $ 156\nentergy gulf states louisiana | ( $ 75 )\nentergy louisiana             | $ 2014\nentergy mississippi           | ( $ 33 )\nentergy new orleans           | ( $ 5 )\nentergy texas                 | ( $ 43 )"
}
{
    "_id": "dd4c37f2e",
    "title": "",
    "text": "corporate & institutional banking earned $ 1. 9 billion in 2011 and $ 1. 8 billion in 2010.\n increase in earnings primarily due to improvement in provision for credit losses  benefit in 2011  offset by reduction in value of commercial mortgage servicing rights lower net interest income.\n continued focus on adding new clients increasing cross sales committed to strong expense discipline.\n asset management group earned $ 141 million for 2011 compared with $ 137 million for 2010.\n assets under administration were $ 210 billion at december 31 , 2011 and $ 212 billion at december 31 , 2010.\n earnings for 2011 reflected benefit from provision for credit losses growth in noninterest income offset by higher noninterest expense lower net interest income.\n for 2011 business delivered strong sales production grew high value clients benefitted from significant referrals from other pnc lines of business.\n over time stabilized market conditions successful execution of strategies accumulation strong sales performance expected to create growth in assets under management and noninterest income.\n residential mortgage banking earned $ 87 million in 2011 compared with $ 269 million in 2010.\n decline in earnings driven by increase in noninterest expense associated with increased costs for residential mortgage foreclosure- related expenses result of ongoing governmental matters lower net interest income offset by increase in loan originations higher loans sales revenue.\n blackrock business segment earned $ 361 million in 2011 and $ 351 million in 2010.\n higher business segment earnings from for 2011 compared with 2010 primarily due to increase in revenue.\n non-strategic assets portfolio business segment consists primarily of acquired non-strategic assets outside of core business strategy.\n non-strategic assets portfolio had earnings of $ 200 million in 2011 compared with loss of $ 57 million in 2010.\nincrease attributable to lower provision for credit losses offset by lower net interest income.\n 201cother 201d reported earnings $ 376 million for 2011 compared with $ 386 million for 2010.\n decrease in earnings reflected noncash charge related to redemption of trust preferred securities in fourth quarter 2011 gain related to sale of portion pnc 2019s blackrock shares in 2010 offset by lower integration costs in 2011.\n consolidated income statement review presented in item 8 report.\n net income for 2011 was $ 3. 1 billion compared with $ 3. 4 billion for 2010.\n results 2011 include impact of $ 324 million of residential mortgage foreclosure-related expenses governmental matters $ 198 million noncash charge related to redemption of trust preferred securities $ 42 million for integration costs.\n results for 2010 included $ 328 million after-tax gain on sale of gis  $ 387 million for integration costs $ 71 million of residential mortgage foreclosure-related expenses.\n 2010 net income to common shareholders impacted by noncash reduction of $ 250 million redemption of tarp preferred stock.\n pnc 2019s results for 2011 driven by good performance in low interest rates slow economic growth new regulations.\n net interest income and net interest margin year ended december 31 dollars in millions 2011 2010.\n changes in net interest income and margin result from interaction of volume composition of interest-earning assets related yields, interest-bearing liabilities related rates paid  noninterest-bearing sources of funding.\n see statistical information ( ) 2013 analysis of year-to-year changes in net interest income and average consolidated balance sheet and net interest analysis in item 8 discussion of purchase accounting accretion in consolidated balance sheet review in item 7 report for additional information.\ndecreases in net interest income margin for 2011 compared with 2010 primarily attributable to decrease in purchase accounting accretion on purchased impaired loans due to lower excess cash recoveries.\n decline in average loan balances low interest rate environment offset by lower funding costs contributed to decrease.\n pnc financial services group , inc.\n 2013 form 10-k 35\n\nyear ended december 31dollars in millions | 2011             | 2010\n----------------------------------------- | ---------------- | ----------------\nnet interest income                       | $ 8700           | $ 9230\nnet interest margin                       | 3.92% ( 3.92 % ) | 4.14% ( 4.14 % )"
}
{
    "_id": "dd4971178",
    "title": "",
    "text": "jpmorgan chase & co.\n / 2007 annual report 31 section provides comparative discussion of jpmorgan chase 2019s consolidated results operations for three-year period ended december 31 , 2007.\n factors to single business segment discussed in within business segment than consolidated sec- tion.\n for discussion of critical accounting estimates affect consolidated results operations see pages 96 201398 annual report.\n revenue.\n 2007 compared with 2006 total net revenue of $ 71. 4 billion up $ 9. 4 billion  or 15% ( 15 % )  from prior year.\n higher net interest income  strong private equity gains  record asset management  administration and commissions revenue  higher mortgage fees related income record investment banking fees contributed to revenue growth.\n increases offset by lower trading revenue.\n investment banking fees grew in 2007 higher than pre record in 2006.\n record advisory and equity underwriting fees drove results partially offset by lower debt underwriting fees.\n for further discussion of investment banking fees primarily recorded in ib  see ib segment results on pages 40 201342 of annual report.\n principal transactions revenue consists of trading revenue private equity gains.\n trading revenue declined significantly from 2006 level due to markdowns in ib of $ 1. 4 billion ( net of hedges ) on subprime positions including cdos $ 1. 3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments.\n markdowns in securitized products on nonsubprime mortgages weak credit trading performance offset record revenue in currencies strong revenue in rates and equities.\n equities benefited from strong client activity record trading results across all products.\n 2019s credit portfolio results increased compared prior year primarily driven by higher revenue from risk management activities.\nincrease in private equity gains from 2006 reflected higher level gains  classification of certain private equity carried interest as compensation expense fair value adjustment in first quarter of 2007 on nonpublic private equity investments from adoption of sfas 157 ( 201cfair value measurements 201d ).\n for discussion of principal transactions revenue see ib and corporate segment results on pages 40 201342 and 59 201360  note 6 on page 122 annual report.\n lending & deposit-related fees rose from 2006 level driven by higher deposit-related fees bank of new york transaction.\n for discussion of lending & deposit-related fees recorded in rfs  tss cb  see rfs segment results on pages 43 201348 , tss segment results pages 54 201355  cb segment results on pages 52 201353 annual report.\n asset management , administration and commissions revenue reached level higher than previous record in 2006.\n increased assets under management higher performance and placement fees in am drove record results.\n 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows market appreciation across all segments : institutional  retail  private bank private client services.\n tss contributed to rise in asset management  administration commissions revenue driven by increased product usage by new and existing clients market appreciation on assets under custody.\n commissions revenue increased due to higher brokerage transaction volume ( included within fixed income and equity markets revenue of ib ) offset sale of insurance business by rfs in third quarter of 2006 charge in first quarter of 2007 from accelerated surrenders of customer annuities.\nadditional information on fees commissions  see segment discussions for ib on pages 40 201342 , rfs pages 43 201348 , tss pages 54 201355 , am pages 56 201358 , of annual report.\n favorable variance from securities gains in 2007 compared with securities losses 2006 driven by improvements in results repositioning treasury invest- ment securities portfolio.\n also contributing to positive variance was $ 234 million gain from sale of mastercard shares.\n fur- ther discussion of securities gains ( losses ) mostly recorded in firm 2019s treasury business , see corporate segment discussion on pages 59 201360 annual report.\n consol idated results of operat ions\n\nyear ended december 31 ( in millions )          | 2007    | 2006         | 2005\n----------------------------------------------- | ------- | ------------ | --------------\ninvestment banking fees                         | $ 6635  | $ 5520       | $ 4088\nprincipal transactions                          | 9015    | 10778        | 8072\nlending & deposit-related fees                  | 3938    | 3468         | 3389\nasset management administration and commissions | 14356   | 11855        | 9988\nsecurities gains ( losses )                     | 164     | -543 ( 543 ) | -1336 ( 1336 )\nmortgage fees and related income                | 2118    | 591          | 1054\ncredit card income                              | 6911    | 6913         | 6754\nother income                                    | 1829    | 2175         | 2684\nnoninterest revenue                             | 44966   | 40757        | 34693\nnet interest income                             | 26406   | 21242        | 19555\ntotal net revenue                               | $ 71372 | $ 61999      | $ 54248"
}
{
    "_id": "dd4bbb668",
    "title": "",
    "text": "entergy arkansas , inc.\n subsidiaries management 2019s financial discussion analysis plan to spin off utility 2019s transmission business see 201cplan to spin off utility 2019s transmission business 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis discussion matter including planned retirement of debt preferred securities.\n results of operations net income 2011 compared to 2010 net income decreased $ 7. 7 million due to higher effective income tax rate lower other income higher operation maintenance expenses  offset by higher net revenue  lower depreciation amortization expenses lower interest expense.\n 2010 compared to 2009 net income increased $ 105. 7 million due to higher net revenue lower effective income tax rate higher other income lower depreciation amortization expenses offset by higher other operation maintenance expenses.\n net revenue 2011 compared to 2010 net revenue consists of operating revenues net of 1 ) fuel  fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2011 to 2010.\n amount ( in millions ).\n retail electric price variance due to base rate increase effective july 2010.\n see note 2 to financial statements for discussion of rate case settlement.\n ano decommissioning trust variance related to deferral of investment gains from ano 1 and 2 decommissioning trust in 2010 regulatory treatment.\n gains resulted in increase in 2010 in interest investment income increase in regulatory charges no effect on net income.\n\n| amount ( in millions )\n----------------------------- | ----------------------\n2010 net revenue              | $ 1216.7\nretail electric price         | 31.0\nano decommissioning trust     | 26.4\ntransmission revenue          | 13.1\nvolume/weather                | -15.9 ( 15.9 )\nnet wholesale revenue         | -11.9 ( 11.9 )\ncapacity acquisition recovery | -10.3 ( 10.3 )\nother                         | 3.2\n2011 net revenue              | $ 1252.3"
}
{
    "_id": "dd4ba4bd4",
    "title": "",
    "text": "remediated previously-identified material weakness in internal control over financial reporting , may identify other material weaknesses in future.\n in november 2017  restated consolidated financial statements for quarters ended april 1 , 2017 and july 1 , 2017 in to correctly classify cash receipts from payments on sold receivables ( cash receipts on underlying trade receivables securitized ) to cash provided by investing activities ( from cash provided by operating activities ) within condensed consolidated statements of cash flows.\n connection with restatements management identified material weakness in internal control over financial reporting related to misapplication of accounting standards update 2016-15.\n did not maintain effective controls over adoption of new accounting standards , including communication with appropriate individuals in to conclusions on application of new accounting standards.\n result of material weakness  management concluded we did not maintain effective internal control over financial reporting as of april 1 , 2017 and july 1 , 2017.\n remediated material weakness and management determined disclosure controls and procedures were effective as of december 30 , 2017 , can no assurance that controls will remain adequate.\n effectiveness of internal control over financial reporting subject to various inherent limitations , including judgments used in decision-making , nature and complexity of transactions  assumptions about likelihood of future events , soundness of systems  cost limitations , other limitations.\nif material weaknesses or significant deficiencies in our internal control discovered or occur in future or we must restate our financial statements , it could adversely affect our business and results of operations or financial condition , restrict ability to access capital markets require us to expend significant resources to correct weaknesses deficiencies  subject us to fines , penalties  investigations or judgments  harm reputation or cause decline in investor confidence.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n our corporate co-headquarters located in pittsburgh, pennsylvania and chicago , illinois.\n co-headquarters leased house executive offices ,.\n business units , administrative , finance , legal , human resource functions.\n we maintain additional owned and leased offices throughout regions in we operate.\n manufacture products in network of manufacturing and processing facilities throughout world.\n as of december 30 , 2017  operated 83 manufacturing and processing facilities.\n own 80 and lease three of facilities.\n manufacturing and processing facilities count by segment as of december 30 , 2017 was:.\n maintain all manufacturing and processing facilities in good condition believe suitable adequate for present needs.\n enter into co-manufacturing arrangements with third parties if determine advantageous to outsource production of products.\n item 3.\n legal proceedings.\n routinely involved in legal proceedings , claims , governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in ordinary course of business.\n while cannot predict with certainty results of legal matters in currently involved or may in future be involved do not expect ultimate costs to resolve legal matters currently pending will have material adverse effect on our financial condition or results of operations.\n item 4.\n mine safety disclosures.\napplicable.\n\n| owned | leased\n------------- | ----- | ------\nunited states | 41    | 1\ncanada        | 2     | 2014\neurope        | 11    | 2014\nrest of world | 26    | 2"
}
{
    "_id": "dd4b99afe",
    "title": "",
    "text": "notes to consolidated financial statements 1.\n basis presentation accompanying consolidated financial statements and notes prepared in accordance with.\n generally accepted accounting principles.\n.\n consolidated financial statements include accounts of aon plc and its controlled subsidiaries ( \"aon or \"company.\n all intercompany accounts and transactions eliminated.\n consolidated financial statements include management all adjustments necessary to present fairly company's consolidated financial position, results of operations and cash flows for all periods presented.\n reclassification certain amounts in prior years' consolidated financial statements and related notes reclassified to conform to 2015 presentation.\n in prior long-term investments included in investments in consolidated statement of financial position.\n amounts now included in other non-current assets in consolidated statement of financial position shown in note 3 to financial statements.\n long-term investments were $ 135 million at december 31 , 2015 and $ 143 million at december 31 , 2014.\n in prior periods prepaid pensions included in other non-current assets in consolidated statement of financial position.\n amounts now separately disclosed in consolidated statement of financial position.\n prepaid pensions were $ 1033 million at december 31 , 2015 and $ 933 million at december 31 , 2014.\n upon vesting of certain share-based payment arrangements employees may elect to use portion of shares to satisfy tax withholding requirements aon makes payment to taxing authority on employee behalf remits remaining shares to employee.\n company historically presented amounts due to taxing authorities within cash flows from operating activities in consolidated statements of cash flows.\n amounts now included in of shares for employee benefit plans within cash flows from financing activities.\ncompany believes presentation provides clarity into operating financing activities company as substance accounting for transactions is of share repurchase.\n aligns company 2019s presentation consistent with industry practice.\n amounts reported in issuance of shares for employee benefit plans were $ 227 million , $ 170 million , and $ 120 million , respectively for years ended december 31 , 2015 , 2014 and 2013.\n these amounts , reclassified from accounts payable and accrued liabilities other assets and liabilities , were $ 85 million and $ 85 million in 2014  and $ 62 million and $ 58 million in 2013 , respectively.\n changes to presentation in consolidated statements of cash flows for 2014 and 2013 related to certain line items within financing activities.\n following line items and amounts aggregated in new line item titled 201cnoncontrolling interests and other financing activities within financing activities.\n use of estimates preparation of accompanying consolidated financial statements in conformity with.\n requires management to make estimates and assumptions affect reported amounts of assets liabilities  disclosures of contingent assets and liabilities at date of financial statements reported amounts of reserves and expenses.\n estimates and assumptions based on management's best estimates and judgments.\n management evaluates estimates and assumptions on ongoing basis using historical experience other factors including current economic environment.\n management believes estimates to be reasonable given current facts.\n adjusts estimates and assumptions when facts circumstances dictate.\n illiquid credit markets , volatile equity markets  foreign currency exchange rate movements increase uncertainty in estimates and assumptions.\n future events effects cannot be determined with precision actual results could differ significantly from estimates.\nchanges in estimates from continuing changes in economic environment, if applicable be reflected in financial statements in future periods.\n\nyears ended december 31,                          | 2014       | 2013\n------------------------------------------------- | ---------- | ----------\npurchases of shares from noncontrolling interests | 3          | -8 ( 8 )\ndividends paid to noncontrolling interests        | -24 ( 24 ) | -19 ( 19 )\nproceeds from sale-leaseback                      | 25         | 2014"
}
{
    "_id": "dd4b88146",
    "title": "",
    "text": "long-term product offerings include alpha-seeking active and index strategies.\n alpha-seeking active strategies seek earn attractive returns in excess of market benchmark or performance hurdle while maintaining appropriate risk profile leverage fundamental research quantitative models to drive portfolio construction.\n contrast index strategies track returns of corresponding index generally by investing in same underlying securities within index or subset securities selected approximate similar risk and return profile of index.\n index strategies include non-etf index products and ishares etfs.\n many clients use both alpha-seeking active and index strategies application strategies may differ.\n for clients may use index products to gain exposure to market or asset class or may use combination of index strategies to target active returns.\n institutional non-etf index assignments be large ( multi-billion dollars ) reflect low fee rates.\n net flows in institutional index products small impact on blackrock 2019s revenues earnings.\n equity year-end 2017 equity aum totaled $ 3. 372 trillion  reflecting net inflows of $ 130. 1 billion.\n net inflows included $ 174. 4 billion into ishares etfs  driven by net inflows into core funds broad developed and emerging market equities partially offset by non-etf index and active net outflows of $ 25. 7 billion and $ 18. 5 billion  respectively.\n blackrock 2019s effective fee rates fluctuate due to changes in aum mix.\n approximately half of blackrock 2019s equity aum tied to international markets  including emerging markets tend have higher fee rates than.\n equity strategies.\n fluctuations in international equity markets  not with.\n markets greater impact on blackrock 2019s equity revenues and effective fee rate.\nfixed income aum ended 2017 at $ 1. 855 trillion reflecting net inflows $ 178. 8 billion.\n 2017 active net inflows of $ 21. 5 billion diversified across fixed income offerings included strong inflows into municipal unconstrained total return bond funds.\n ishares etfs net inflows of $ 67. 5 billion led by flows core corporate treasury bond funds.\n non-etf index net inflows of $ 89. 8 billion driven by demand for liability-driven investment solutions.\n multi-asset blackrock 2019s multi-asset team manages balanced funds bespoke mandates for diversified client base investment expertise in global equities bonds currencies commodities risk management capabilities.\n investment solutions include long-only portfolios alternative investments tactical asset allocation overlays.\n component changes in multi-asset aum for 2017 presented below.\n ( in millions ) december 31 net inflows outflows ) market change impact december 31.\n futureadvisor amounts do not include aum held in ishares etfs.\n multi-asset net inflows reflected institutional demand for solutions-based advice $ 18. 9 billion net inflows from institutional clients.\n defined contribution plans of institutional clients significant driver of flows contributed $ 20. 8 billion to institutional multi-asset net inflows in 2017 primarily into target date target risk product offerings.\n retail net inflows of $ 1. 1 billion reflected demand for multi-asset income fund family raised $ 5. 8 billion in 2017.\n company 2019s multi-asset strategies include 2022 asset allocation balanced products represented 41% ( 41 % ) of multi-asset aum at year-end.\n strategies combine equity fixed income alternative components for investors seeking tailored solution specific benchmark within risk budget.\ncertain strategies minimize downside risk through diversification derivatives strategies tactical asset allocation decisions.\n flagship products include global allocation multi-asset income fund families.\n 2022 target date target risk products grew 16% ( 16 % ) organically in 2017  net inflows of $ 23. 9 billion.\n institutional investors represented 93% ( 93 % ) of target date target risk aum  defined contribution plans for 87% ( 87 % ) of aum.\n flows driven by defined contribution investments in lifepath offerings.\n lifepath products utilize proprietary active asset allocation overlay model balance risk return over investment horizon based on investor 2019s expected retirement timing.\n underlying investments are primarily index products.\n 2022 fiduciary management services are complex mandates pension plan sponsors endowments foundations retain blackrock assume responsibility for investment management.\n customized services require strong partnership with clients 2019 investment staff trustees to tailor investment strategies to meet client-specific risk budgets return objectives.\n\n( in millions )               | december 312016 | net inflows ( outflows ) | marketchange | fximpact | december 312017\n----------------------------- | --------------- | ------------------------ | ------------ | -------- | ---------------\nasset allocation and balanced | $ 176675        | $ -2502 ( 2502 )         | $ 17387      | $ 4985   | $ 196545\ntarget date/risk              | 149432          | 23925                    | 24532        | 1577     | 199466\nfiduciary                     | 68395           | -1047 ( 1047 )           | 7522         | 8819     | 83689\nfutureadvisor ( 1 )           | 505             | -46 ( 46 )               | 119          | 2014     | 578\ntotal                         | $ 395007        | $ 20330                  | $ 49560      | $ 15381  | $ 480278"
}
{
    "_id": "dd4b901ac",
    "title": "",
    "text": "financial statement impact we believe our accruals for sales returns , rebates discounts are reasonable appropriate based on current facts circumstances.\n global rebate and discount liabilities included in sales rebates discounts on consolidated balance sheet.\n global sales return liability included in other current liabilities and noncurrent liabilities on consolidated balance sheet.\n as of december 31 , 2018  5 percent change in global sales return , rebate  discount liability would have led to approximate $ 275 million effect on our income before income taxes.\n portion of global sales return , rebate  discount liability resulting from sales of our products in u.\n was approximately 90 percent as of december 31 , 2018 and december 31 , 2017.\n following represents roll-forward of our most significant.\n pharmaceutical sales return , rebate , discount liability balances  including managed care , medicare  medicaid:.\n adjustments of estimates for these returns  rebates  discounts to actual results were approximately 1 percent of consolidated net sales for each of years presented.\n product litigation liabilities and other contingencies background uncertainties product litigation liabilities contingencies are by nature uncertain based upon complex judgments probabilities.\n factors consider in developing product litigation liability reserves other contingent liability amounts include merits jurisdiction of litigation , nature number of other similar current and past matters , nature of product current assessment of science subject to litigation  likelihood of settlement current state of settlement discussions .\n in addition we accrue for certain product liability claims incurred  but not filed to extent can formulate reasonable estimate of costs based on historical claims experience data regarding product usage.\naccrue legal defense costs expected to incurred in connection with significant product liability contingencies when probable and reasonably estimable.\n consider insurance coverage to diminish exposure for periods covered by insurance.\n in assessing insurance coverage , consider policy coverage limits and exclusions , potential for denial of coverage by insurance company , financial condition of insurers , possibility of length of time for collection.\n due to restrictive market for product liability insurance , we self-insured for product liability losses for all currently marketed products.\n in addition to insurance coverage consider any third-party indemnification to we entitled or under obligated.\n with to third-party indemnification rights considerations include nature of indemnification , financial condition of indemnifying party possibility of length of time for collection.\n litigation accruals and environmental liabilities and related estimated insurance recoverables reflected on gross basis as liabilities and assets , respectively, on our consolidated balance sheets.\n impairment of indefinite-lived and long-lived assets background and uncertainties review carrying value of long-lived assets ( intangible and tangible ) for potential impairment on periodic basis whenever events or changes in circumstances indicate carrying value of asset ( or asset group ) may not be recoverable.\n identify impairment by comparing projected undiscounted cash flows to generated by asset ( or asset group ) to its carrying value.\n if impairment identified loss recorded equal to excess of asset 2019s net book value over fair value, cost basis adjusted.\n goodwill and indefinite-lived intangible assets reviewed for impairment at least annually when certain impairment indicators present.\n when required comparison of fair value to carrying amount of assets performed to determine amount of any impairment.\n\n( dollars in millions )                                                 | 2018                 | 2017\n----------------------------------------------------------------------- | -------------------- | --------------------\nsales return rebate and discount liabilities beginning of year          | $ 4172.0             | $ 3601.8\nreduction of net sales due to sales returns discounts and rebates ( 1 ) | 12529.6              | 10603.4\ncash payments of discounts and rebates                                  | -12023.4 ( 12023.4 ) | -10033.2 ( 10033.2 )\nsales return rebate and discount liabilities end of year                | $ 4678.2             | $ 4172.0"
}
{
    "_id": "dd4bc80a2",
    "title": "",
    "text": "capital asset purchases retail segment were $ 294 million in 2007  total capital asset purchases since inception to $ 1. 0 billion.\n as of september 29 , 2007 retail segment had approximately 7900 employees outstanding operating lease commitments with retail store space facilities of $ 1. 1 billion.\n company would incur substantial costs if to close multiple retail stores.\n costs could affect company 2019s financial condition operating results.\n other segments company 2019s other segments  asia pacific and filemaker operations experienced increase in net sales of $ 406 million  or 30% ( 30 % ) during 2007 compared to 2006.\n increase related to 58% ( 58 % ) increase in sales of mac portable products and strong ipod sales in asia pacific region.\n during 2006  net sales in other segments increased 35% ( 35 % ) compared to 2005 primarily due to increase in sales of ipod and mac portable products.\n strong sales growth result of introduction of updated ipods featuring video-playing capabilities new intel-based mac portable products 16% ( 16 % ) increase in mac unit sales during 2006 compared to 2005.\n gross margin margin for last three fiscal years are ( in millions percentages ) : september 29 , september 30 september 24  2007 2006 2005.\n gross margin percentage of 34. 0% ( 34. 0 % ) in 2007 increased significantly from 29. 0% ( 29. 0 % ) in 2006.\n primary drivers increase were more favorable costs on commodity components nand flash memory dram memory higher overall revenue for more leverage on fixed production costs higher percentage of revenue from company 2019s direct sales channels.\n company anticipates gross margin gross margins of personal computer  consumer electronics mobile communication industries will be subject to pressure due to price competition.\ncompany expects gross margin percentage to decline sequentially first quarter of 2008 primarily result of full-quarter impact of product transitions reduced pricing effected in fourth quarter 2007 , lower sales of ilife and iwork second quarter availability  seasonally higher component costs  higher mix of indirect sales.\n these factors expected partially offset by higher sales of company 2019s mac os x operating system due to introduction of mac os x version 10. 5 leopard ( 2018 2018mac os x leopard 2019 2019 ) available october 2007.\n foregoing statements regarding company 2019s expected gross margin percentage are forward-looking.\n no assurance current gross margin percentage will be maintained or targeted gross margin percentage levels achieved.\n general gross margins margins on individual products remain under downward pressure due to variety factors  including continued industry wide global pricing pressures  increased competition  compressed product life cycles potential increases in cost availability of raw material and outside manufacturing services  potential shift in company 2019s sales mix towards products with lower gross margins.\n in response to competitive pressures company expects will continue to take pricing actions respect its products.\n gross margins could be affected by company 2019s ability to manage product quality warranty costs to stimulate\n\n| september 29 2007 | september 30 2006 | september 24 2005\n----------------------- | ----------------- | ----------------- | -----------------\nnet sales               | $ 24006           | $ 19315           | $ 13931\ncost of sales           | 15852             | 13717             | 9889\ngross margin            | $ 8154            | $ 5598            | $ 4042\ngross margin percentage | 34.0% ( 34.0 % )  | 29.0% ( 29.0 % )  | 29.0% ( 29.0 % )"
}
{
    "_id": "dd4c55484",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued ) purchase 3924 and 911 shares  respectively.\n in october 2005  connection with exercise by mr.\n gearon of right to require company to purchase interest in atc south america  options vested in full exercised.\n upon exercise options holders received 4428 shares of atc south america  net of 1596 shares retained company satisfy employee tax withholding obligations.\n 1596 shares retained company treated as repurchase of minority interest accordance with sfas no.\n 141.\n company recorded purchase price allocation adjustment of $ 5. 6 million increase to intangible assets corresponding increase in minority interest as of date of acquisition.\n holders had right to require company to purchase shares of atc south america at then fair market value six months one day following issuance.\n in april 2006  repurchase right exercised company paid holders aggregate of $ 18. 9 million in cash  fair market value of interests on date of exercise repurchase right determined by company 2019s board of directors assistance independent financial advisor.\n 12.\n impairments , net loss on sale of long-lived assets , restructuring merger related expense significant components reflected in impairments  net loss on sale of long-lived assets  restructuring merger related expense in accompanying consolidated statements of operations include : impairments and net loss on sale of long-lived assets 2014during years ended december 31 , 2006 , 2005 2004  company recorded impairments and net loss on sale of long-lived assets ( primarily related to rental and management segment ) of $ 3. 0 million , $ 19. 1 million $ 22. 3 million , respectively.\n2022 non-core asset impairment charges 2014during years ended december 31 , 2006 2005 company recorded net losses with sales of non-core towers other assets impairment charges to write-down assets to net realizable value after indicator potential impairment identified.\n company recorded net losses and impairments of approximately $ 2. 0 million , $ 16. 8 million $ 17. 7 million for years ended december 31 , 2006  2005 2004 .\n net loss for year ended december 31 , 2006 comprised net losses from asset sales and impairments of $ 7. 0 million  offset by gains from asset sales of $ 5. 1 million.\n 2022 construction-in-progress impairment charges 2014for years ended december 31 , 2006  2005 2004  company wrote-off approximately $ 1. 0 million , $ 2. 3 million $ 4. 6 million  of construction-in-progress costs primarily associated with sites no longer planned to build.\n restructuring expense 2014the table displays activity accrued restructuring liability for years ended december 31 , 2004  2005 2006 ( in thousands ) : liability as of january 1 , expense payments liability december 31 , expense payments liability december 31  december 31.\n accrued restructuring liability reflected in accounts payable and accrued expenses in consolidated balance sheets as of december 31 , 2005.\n year ended december 31 , 2006  company\n\n| liability as of january 1 2004 | 2004 expense | 2004 cash payments | liability as of december 31 2004 | 2005 expense | 2005 cash payments | liability as of december 31 2005 | 2006 expense   | 2006 cash payments | liability as of december 31 2006\n--------------------------------------------------- | ------------------------------ | ------------ | ------------------ | -------------------------------- | ------------ | ------------------ | -------------------------------- | -------------- | ------------------ | --------------------------------\nemployee separations                                | $ 2239                         | $ 823        | $ -2397 ( 2397 )   | $ 665                            | $ 84         | $ -448 ( 448 )     | $ 301                            | $ -267 ( 267 ) | $ -34 ( 34 )       | $ 0\nlease terminations and other facility closing costs | 1450                           | -131 ( 131 ) | -888 ( 888 )       | 431                              | 12           | -325 ( 325 )       | 118                              | -10 ( 10 )     | -108 ( 108 )       | 0\ntotal                                               | $ 3689                         | $ 692        | $ -3285 ( 3285 )   | $ 1096                           | $ 96         | $ -773 ( 773 )     | $ 419                            | $ -277 ( 277 ) | $ -142 ( 142 )     | $ 0"
}
{
    "_id": "dd4be9ad6",
    "title": "",
    "text": "net revenue utility analysis of change in net revenue comparing 2013 to 2012.\n amount ( in millions ).\n retail electric price variance primarily due to : 2022 formula rate plan increase at entergy louisiana  effective january 2013 includes increase to waterford 3 steam generator replacement project placed in service in december 2012.\n net income effect of formula rate plan increase limited to portion allowed return on equity remainder offset by costs in other operation and maintenance expenses  depreciation expenses taxes other than income taxes ; 2022 recovery of hinds plant costs through power management rider at entergy mississippi  approved by mpsc  effective first billing cycle of 2013.\n net income effect of hinds plant cost recovery limited to portion allowed return on equity on net plant investment remainder offset by hinds plant costs in other operation and maintenance expenses  depreciation expenses  taxes other than income taxes ; 2022 increase in capacity acquisition rider at entergy arkansas  approved by apsc  effective first billing cycle of december 2012  relating to hot spring plant acquisition.\n net income effect of hot spring plant cost recovery limited to portion allowed return on equity on net plant investment remainder offset by hot spring plant costs in other operation and maintenance expenses  depreciation expenses  taxes other than income taxes ; 2022 increases in energy efficiency rider  approved by apsc  effective july 2013 and july 2012.\n energy efficiency revenues offset by costs in other operation and maintenance expenses no effect on net income ; 2022 annual base rate increase at entergy texas  effective july 2012  result of puct 2019s order issued in september 2012 in november 2011 rate case ; and 2022 formula rate plan increase at entergy mississippi  effective september 2013.\n see note 2 to financial statements for discussion of rate proceedings.\nlouisiana act 55 financing savings obligation variance results from regulatory charge recorded second quarter 2012 entergy gulf states louisiana entergy louisiana agreed to share customers savings from irs settlement related to uncertain tax position hurricane katrina hurricane rita louisiana act 55 financing.\n see note 3 financial statements for additional discussion of tax settlement.\n entergy corporation subsidiaries management's financial discussion analysis\n\n| amount ( in millions )\n--------------------------------------------- | ----------------------\n2012 net revenue                              | $ 4969\nretail electric price                         | 236\nlouisiana act 55 financing savings obligation | 165\ngrand gulf recovery                           | 75\nvolume/weather                                | 40\nfuel recovery                                 | 35\nmiso deferral                                 | 12\ndecommissioning trusts                        | -23 ( 23 )\nother                                         | 15\n2013 net revenue                              | $ 5524"
}
{
    "_id": "dd4c2fdd8",
    "title": "",
    "text": "following tables present reconciliation beginning ending balances fair value measurements using significant unobservable inputs ( level 3 ) 2015 2014 , respectively:.\n purchases , issuances settlements , net.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 76 balance as december 31, 2014.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 127 company 2019s other postretirement benefit plans partially funded assets held under various trusts.\n investments risk mitigation strategies plans tailored specifically each trust.\n setting new strategic asset mixes consideration given likelihood selected asset allocation effectively fund projected plan liabilities risk tolerance company.\n company periodically updates long-term strategic asset allocations uses various analytics determine optimal asset allocation.\n considerations include plan liability characteristics, liquidity characteristics funding requirements  expected rates of return distribution of returns.\n june 2012  company implemented de-risking strategy medical bargaining trust within plan to minimize volatility.\n part of de-risking strategy  company revised asset allocations increase matching characteristics of assets relative to liabilities.\ninitial de-risking asset allocation for plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets.\n investment strategies and policies for plan reflect balance of liability driven and return-generating considerations.\n objective of minimizing volatility of assets relative to liabilities addressed through asset 2014liability matching  asset diversification hedging.\n fixed income target asset allocation matches bond-like long-dated nature of postretirement liabilities.\n assets are broadly diversified within asset classes to achieve risk-adjusted returns lower asset volatility relative to liabilities.\n company assesses investment strategy regularly to ensure actual allocations in line with target allocations.\n strategies to goal of ensuring sufficient assets to pay benefits include target allocations to broad array of asset classes within asset classes strategies employed to provide adequate returns , diversification liquidity.\n assets of company 2019s other trusts  within other postretirement benefit plans primarily invested in equities and fixed income funds.\n assets under other postretirement benefit trusts invested differently based on assets and liabilities of each trust.\n obligations of other postretirement benefit plans dominated by obligations for medical bargaining trust.\n thirty-nine percent and four percent of total postretirement plan benefit obligations related to medical non-bargaining and life insurance trusts .\n expected benefit payments related to benefit obligations far into future size of medical non-bargaining life insurance trusts 2019 obligations large compared to trusts 2019 assets investment strategy is to allocate significant portion of assets 2019 investment to equities  company believes will provide highest long-term return improve funding ratio.\n company engages third party investment managers for all invested assets.\n managers not permitted to invest outside of asset class.\nfixed income , equity , alternatives ) or strategy for they appointed.\n investment management agreements recurring performance attribution analysis used as tools to ensure investment managers invest solely within investment strategy provided.\n futures options used to adjust portfolio duration to align with plan 2019s targeted investment policy.\n\n| level 3\n--------------------------------------- | --------\nbalance as of january 1 2015            | $ 127\nactual return on assets                 | 12\npurchases issuances and settlements net | -3 ( 3 )\nbalance as of december 31 2015          | $ 136"
}
{
    "_id": "dd4bc8b4c",
    "title": "",
    "text": "wood products sales in united states in 2005 of $ 1. 6 billion up 3% ( 3 % ) from $ 1. 5 billion in 2004 18% ( 18 % ) from $ 1. 3 billion in 2003.\n average price realiza- tions for lumber up 6% ( 6 % ) and 21% ( 21 % ) in 2005 compared with 2004 and 2003.\n lumber sales volumes 2005 up 5% ( 5 % ) versus 2004 and 10% ( 10 % ) versus 2003.\n average sales prices for plywood down 4% ( 4 % ) from 2004 but 15% ( 15 % ) higher than 2003.\n plywood sales volumes 2005 slightly higher than 2004 and 2003.\n operating profits 2005 18% ( 18 % ) lower than 2004 but nearly three times higher than 2003.\n lower average plywood prices higher raw material costs offset effects of higher average lumber prices volume increases positive sales mix.\n 2005  log costs up 9% ( 9 % ) versus 2004 negatively im- pacting plywood and lumber profits.\n lumber and plywood operating costs reflected higher glue and natural gas costs versus 2004 first quarter of 2006 strong housing market low prod- uct inventory in distribution chain should translate into strong lumber and plywood demand.\n possible softening of housing starts higher interest rates could put pressure on pricing in second half of 2006.\n specialty businesses other businesses segment in- cludes operating results of arizona chemical , euro- pean distribution prior closure 2003 mississippi chemical cellulose pulp mill.\n included certain divested businesses results included in segment for periods prior to sale or closure.\n segment 2019s 2005 net sales declined 18% ( 18 % ) and 26% ( 26 % ) from 2004 and 2003.\n operating profits in 2005 down substantially from both 2004 and 2003.\ndecline in sales reflects declining contributions from businesses sold or closed.\n operating profits affected by higher energy and raw material costs in chemical business.\n specialty businesses other in millions 2005 2004 2003.\n chemicals sales were $ 692 million in 2005 com pared with $ 672 million in 2004 and $ 625 million in 2003.\n demand strong for most arizona chemical product lines operating profits in 2005 were 84% ( 84 % ) and 83% ( 83 % ) lower than in 2004 and 2003 due to higher energy costs u. higher prices reduced availability for crude tall oil ( ).\n in united states energy costs increased 41% ( 41 % ) compared to 2004 due to higher natural gas prices supply interruption costs.\n cto prices increased 26% ( 26 % ) compared to 2004 as energy users turned to cto as substitute fuel for high-cost alternative energy sources natural gas fuel.\n european cto receipts decreased 30% ( 30 % ) compared to 2004 due to lower yields following finnish paper industry strike swedish storm limited cto throughput sales volumes.\n other businesses in this operating segment include operations sold , closed or held for sale european distribution business  oil and gas and mineral royalty business  decorative products retail packaging natchez chemical cellulose pulp mill.\n sales for these businesses were $ 223 million in 2005 ( mainly european distribution decorative products ) compared with $ 448 million in 2004 ( $ 610 million in 2003.\n liquidity and capital resources overview major factor in international paper 2019s liquidity and capital resource planning is generation of operat- ing cash flow sensitive to changes in pricing and demand for major products.\nchanges in key cash operating costs , energy and raw material costs  effect on operating cash generation , believe our strong focus on cost controls improved cash flow generation over operating cycle.\n believe well positioned for improvements in operating cash flow should prices and worldwide economic conditions im- prove in future.\n of continuing focus on improving return on investment focused capital spending on improving key platform businesses in north america and in geographic areas with strong growth opportunities.\n spending levels kept below level of depreciation and amortization charges for each last three years anticipate con- tinuing this approach in 2006.\n with low interest rate environment in 2005 financing activities focused on repay- ment or refinancing of higher coupon debt  resulting in net reduction in debt of approximately $ 1. 7 billion in 2005.\n plan to continue this program  with addi- tional reductions anticipated as transformation plan progresses in 2006.\n liquidity position continues to be strong with approx- imately $ 3. 2 billion of committed liquidity to cover fu- ture short-term cash flow requirements not met by operating cash flows.\n\nin millions      | 2005  | 2004   | 2003\n---------------- | ----- | ------ | ------\nsales            | $ 915 | $ 1120 | $ 1235\noperating profit | $ 4   | $ 38   | $ 23"
}
{
    "_id": "dd4bba830",
    "title": "",
    "text": "part i item 1 entergy corporation , utility operating companies  system energy including continued effectiveness of clean energy standards/zero emissions credit program ( ces/zec ) establishment of long-term agreements acceptable terms with energy research and development authority of state of new york connection with ces/zec program nypsc approval of transaction acceptable terms entergy refueled fitzpatrick plant in january and february 2017.\n october 2015  entergy determined would close pilgrim plant.\n decision after management 2019s extensive analysis of economics operating life of plant following nrc 2019s decision in september 2015 to place plant in 201cmultiple/repetitive degraded cornerstone column 201d ( column 4 ) of reactor oversight process action matrix.\n pilgrim plant expected to cease operations on may 31 , 2019 after refueling spring of 2017 operating through end of fuel cycle.\n december 2015  entergy wholesale commodities closed on sale of 583 mw rhode island state energy center ( risec ) in johnston , rhode island.\n base sales price excluding adjustments was approximately $ 490 million.\n entergy wholesale commodities purchased risec for $ 346 million in december 2011.\n december 2016 entergy announced reached agreement with consumers energy to terminate ppa for palisades plant on may 31 , 2018.\n ppa termination agreement consumers energy will pay entergy $ 172 million for early termination of ppa.\n ppa termination agreement subject to regulatory approvals.\n assuming regulatory approvals obtained for ppa termination agreement entergy intends to shut down palisades nuclear power plant permanently on october 1 , 2018 after refueling spring of 2017 operating through end of fuel cycle.\nentergy expects to enter new ppa with consumers energy under plant continue operate through october 1 , 2018.\n january 2017  entergy announced reached settlement with new york state to shut down indian point 2 by april 30 , 2020 indian point 3 by april 30 , 2021  resolve new york state-initiated legal challenges to indian point 2019s operating license renewal.\n settlement new york state agreed to issue indian point 2019s water quality certification coastal zone management act consistency certification withdraw objection to license renewal before nrc.\n new york state agreed to issue water discharge permit  required regardless of plant seeking renewed nrc license.\n shutdowns conditioned  upon such actions taken by new york state.\n even without opposition nrc license renewal process expected to continue at least into 2018.\n with settlement concerning indian point , entergy announced plans for disposition of all entergy wholesale commodities nuclear power plants including sales of vermont yankee and fitzpatrick  earlier shutdowns of pilgrim , palisades  indian point 2  indian point 3.\n see 201centergy wholesale commodities exit from merchant power business 201d for further discussion.\n property nuclear generating stations entergy wholesale commodities includes ownership of following nuclear power plants : power plant market service year acquired location capacity - reactor type license expiration.\n\npower plant          | market | in service year | acquired    | location    | capacity - reactor type     | license expiration date\n-------------------- | ------ | --------------- | ----------- | ----------- | --------------------------- | -----------------------\npilgrim ( a )        | is0-ne | 1972            | july 1999   | plymouth ma | 688 mw - boiling water      | 2032 ( a )\nfitzpatrick ( b )    | nyiso  | 1975            | nov . 2000  | oswego ny   | 838 mw - boiling water      | 2034 ( b )\nindian point 3 ( c ) | nyiso  | 1976            | nov . 2000  | buchanan ny | 1041 mw - pressurized water | 2015 ( c )\nindian point 2 ( c ) | nyiso  | 1974            | sept . 2001 | buchanan ny | 1028 mw - pressurized water | 2013 ( c )\nvermont yankee ( d ) | is0-ne | 1972            | july 2002   | vernon vt   | 605 mw - boiling water      | 2032 ( d )\npalisades ( e )      | miso   | 1971            | apr . 2007  | covert mi   | 811 mw - pressurized water  | 2031 ( e )"
}
{
    "_id": "dd4c096d8",
    "title": "",
    "text": "jpmorgan chase & co. /2012 annual report 249 note 13 2013 securities financing activities enters into resale agreements, repurchase agreements  securities borrowed transactions loaned transactions ( collectively , 201csecurities financing agreements 201d ) to finance firm 2019s inventory positions  acquire securities cover short positions accommodate customers 2019 financing needs settle other securities obligations.\n securities financing agreements treated as collateralized financings on firm 2019s consolidated balance sheets.\n resale and repurchase agreements carried at amounts securities sold or repurchased , plus accrued interest.\n securities borrowed securities loaned transactions carried at amount of cash collateral advanced or received.\n where appropriate under applicable accounting guidance resale and repurchase agreements with same counterparty reported on net basis.\n fees received and paid securities financing agreements recorded in interest income and interest expense ,.\n firm elected fair value option for certain securities financing agreements.\n for further information fair value option see note 4 on pages 214 2013 216 of annual report.\n securities financing agreements for fair value option elected reported within securities purchased under resale agreements ; loaned or sold under repurchase agreements ; securities borrowed on consolidated balance sheets.\n for agreements carried at fair value  current-period interest accruals recorded within interest income and interest expense  changes in fair value reported in principal transactions revenue.\n for financial instruments containing embedded derivatives separately accounted for in accounting guidance for hybrid instruments all changes in fair value  including interest elements reported in principal transactions revenue.\n following table details firm 2019s securities financing agreements  all accounted for as collateralized financings during periods presented.\ndecember 31 , ( in millions ) 2012 2011 securities purchased under resale agreements a ) $ 295413 $ 235000 securities borrowed b ) 119017 142462 securities sold under repurchase agreements c ) $ 215560 $ 197789 securities loaned d ) 23582 14214 a ) at december 31 , 2012 and 2011  included resale agreements of $ 24. 3 billion and $ 22. 2 billion  accounted for at fair value.\n b ) at december 31 , 2012 and 2011  included securities borrowed of $ 10. 2 billion and $ 15. 3 billion  accounted for at fair value.\n c ) at december 31 , 2012 2011 included repurchase agreements of $ 3. 9 billion and $ 6. 8 billion  accounted for at fair value.\n d ) at december 31 , 2012  included securities loaned of $ 457 million accounted for at fair value.\n no securities loaned accounted for at fair value at december 31 , 2011.\n amounts reported in table reduced by $ 96. 9 billion and $ 115. 7 billion at december 31 , 2012 and 2011  result of agreements effect meet conditions for net presentation under accounting guidance.\n jpmorgan chase 2019s policy to take possession of securities purchased under resale agreements and securities borrowed.\n firm monitors value of underlying securities ( primarily g7 government securities.\n agency securities agency mbs equities ) received from counterparties requests additional collateral or returns portion of collateral when appropriate in market value securities.\n margin levels established based upon counterparty and type of collateral monitored to protect against declines in collateral value default.\njpmorgan chase enters master netting agreements collateral arrangements with resale agreement and securities borrowed counterparties provide for right to liquidate purchased or borrowed securities in customer default.\n result of firm 2019s credit risk mitigation practices resale securities borrowed agreements firm hold reserves for credit impairment these agreements as of december 31 , 2012 for further information regarding assets pledged collateral received in securities financing agreements see note 30 on pages 315 2013316 of annual report.\n jpmorgan chase & co. /2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements, repurchase agreements securities borrowed transactions securities loaned transactions ( collectively  201csecurities financing agreements 201d ) primarily to finance firm 2019s inventory positions  acquire securities to cover short positions accommodate customers 2019 financing needs settle other securities obligations.\n securities financing agreements treated as collateralized financings on firm 2019s consolidated balance sheets.\n resale and repurchase agreements carried at amounts at securities will be sold or repurchased  plus accrued interest.\n securities borrowed and securities loaned transactions carried at amount of cash collateral advanced or received.\n where appropriate under accounting guidance resale and repurchase agreements with same counterparty reported on net basis.\n fees received and paid with securities financing agreements recorded in interest income and interest expense .\n firm elected fair value option for certain securities financing agreements.\n for further information fair value option see note 4 on pages 214 2013 216 of this annual report.\nsecurities financing agreements for fair value option elected reported within securities purchased under resale ; loaned or sold under repurchase agreements ; borrowed on consolidated balance sheets.\n for agreements carried at fair value  current-period interest accruals recorded within interest income and interest expense  with changes in fair value reported in principal transactions revenue.\n for financial instruments containing embedded derivatives separately accounted for accounting guidance for hybrid instruments all changes in fair value  including interest elements reported in principal transactions revenue.\n table details firm 2019s securities financing agreements accounted for as collateralized financings during periods.\n december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ) $ 295413 $ 235000 securities borrowed ) 119017 142462 securities sold under repurchase agreements ) $ 215560 $ 197789 securities loaned d ) 23582 14214 at december 31, 2012 and 2011  included resale agreements of $ 24. 3 billion and $ 22. 2 billion  accounted for at fair value.\n b ) at december 31  2012 and 2011 included securities borrowed of $ 10. 2 billion and $ 15. 3 billion  accounted for at fair value.\n december 31 2012 2011 included repurchase agreements of $ 3. 9 billion and $ 6. 8 billion  accounted for at fair value.\n d ) at december 31 , 2012 included securities loaned of $ 457 million accounted for at fair value.\n no securities loaned accounted for at fair value at december 31 , 2011.\n amounts reported in table reduced by $ 96. 9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , respectively  result of agreements meet conditions for net presentation under applicable accounting guidance.\n jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and securities borrowed.\n firm monitors value of underlying securities ( primarily g7 government securities , u. s.\n agency securities and agency mbs , and equities ) received from counterparties and requests additional collateral or returns portion of collateral when appropriate in market value securities.\n margin levels established based upon counterparty and type of collateral monitored ongoing to protect against declines in collateral value in default.\n jpmorgan chase enters into master netting agreements and other collateral arrangements with resale agreement and securities borrowed counterparties , provide for right to liquidate purchased or borrowed securities in customer default.\n result of firm 2019s credit risk mitigation practices with resale and securities borrowed agreements firm did not hold any reserves for credit impairment with these agreements as of december 31 , 2012 for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report.\n\ndecember 31 ( in millions )                        | 2012     | 2011\n-------------------------------------------------- | -------- | --------\nsecurities purchased under resale agreements ( a ) | $ 295413 | $ 235000\nsecurities borrowed ( b )                          | 119017   | 142462\nsecurities sold under repurchase agreements ( c )  | $ 215560 | $ 197789\nsecurities loaned ( d )                            | 23582    | 14214"
}
{
    "_id": "dd4c2ae96",
    "title": "",
    "text": "entergy arkansas , inc.\n subsidiaries management 2019s financial discussion and analysis stock restrict retained earnings for payment of cash dividends or other distributions on its common and preferred stock.\n sources of capital entergy sources to meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred stock issuances ; 2022 bank financing under new existing facilities.\n entergy may refinance  redeem retire debt and preferred stock prior to maturity market conditions and interest and dividend rates are favorable.\n all debt and common and preferred stock issuances require prior regulatory approval.\n preferred stock debt issuances subject to issuance tests in entergy 2019s corporate charters bond indentures other agreements.\n entergy arkansas has sufficient capacity under these tests to meet foreseeable capital needs.\n receivables from or ( payables to ) money pool were as follows as of december 31 for each following years.\n see note 4 to financial statements for description of money pool.\n entergy arkansas has credit facility in $ 150 million to expire in august 2021.\n also has $ 20 million credit facility to expire in april 2017.\n $ 150 million credit facility allows to issue letters of credit against 50% ( % ) of borrowing capacity of facility.\n as of december 31 , 2016 no cash borrowings and no letters of credit outstanding under credit facilities.\n entergy arkansas is a party to uncommitted letter of credit facility as to post collateral to support obligations.\n as of december 31 , 2016 a $ 1 million letter of credit was outstanding under entergy 2019s uncommitted letter of credit facility.\n see note 4 to financial statements for additional discussion of credit facilities.\nentergy arkansas nuclear fuel company variable interest entity has credit facility $ 80 million scheduled to expire in may 2019.\n as of december 31 , 2016  no letters of credit outstanding under credit facility to support commercial paper issued by entergy entity.\n see note 4 to financial statements for discussion of nuclear fuel company variable interest entity credit facility.\n entergy arkansas obtained authorizations from ferc through october 2017 for short-term borrowings not to exceed aggregate $ 250 million outstanding and long-term borrowings by nuclear interest entity.\n see note 4 to financial statements for discussion of entergy arkansas 2019s short-term borrowing limits.\n long-term securities issuances of entergy arkansas limited to amounts authorized by apsc and tennessee regulatory authority ; current authorizations extend through december 2018.\n\n2016             | 2015             | 2014             | 2013\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n( $ 51232 )      | ( $ 52742 )      | $ 2218           | $ 17531"
}
{
    "_id": "dd4c56898",
    "title": "",
    "text": "grants of restricted awards subject to forfeiture if grantee leaves employment prior to expiration restricted period.\n new grants vest one year after date of grant in 25% ( 25 % ) increments over four year period exception of tsrs vest after three year period.\n table summarizes changes in non-vested restricted stock awards for years ended may 31 , 2013 and 2012 ( share awards in thousands ) : shares weighted average grant-date fair value.\n total fair value of share awards vested during years ended may 31 , 2013 , 2012 2011 was $ 13. 6 million , $ 12. 9 million $ 10. 8 million  respectively.\n recognized compensation expense for restricted stock of $ 16. 2 million , $ 13. 6 million , $ 12. 5 million in years ended may 31 , 2013 , 2012 2011.\n as of may 31 , 2013 $ 33. 5 million of total unrecognized compensation cost related to unvested restricted stock awards expected to be recognized over period of 2. 5 years.\n employee stock purchase plan purchase plan under sale of 2. 4 million shares of common stock authorized.\n employees may designate up to $ 25000 or 20% ( 20 % ) of annual compensation for purchase of stock.\n price for shares purchased under plan is 85% ( 85 % ) of market value on last day of quarterly purchase period.\n as of may 31 , 2013  1. 0 million shares issued under plan 1. 4 million shares reserved for future issuance.\n recognized compensation expense for plan of $ 0. 5 million in years ended may 31 , 2013  2012 2011.\nweighted average grant-date fair value of each share purchased under plan during years ended may 31  2013  2012 2011 was $ 6 , $ 7 $ 6 , represents fair value of 15% ( 15 % ) discount.\n stock options options granted at 100% ( ) fair market value on date of grant have 10-year terms.\n stock options granted vest one year after date grant in 25% ( 25 % ) increments over four year period.\n plans provide for accelerated vesting under certain conditions.\n no options granted under plans during years ended may 31  2013 and may 31 2012.\n\n| shares       | weighted averagegrant-datefair value\n------------------------- | ------------ | ------------------------------------\nnon-vested at may 31 2011 | 869          | $ 40\ngranted                   | 472          | 48\nvested                    | -321 ( 321 ) | 40\nforfeited                 | -79 ( 79 )   | 43\nnon-vested at may 31 2012 | 941          | 44\ngranted                   | 561          | 44\nvested                    | -315 ( 315 ) | 43\nforfeited                 | -91 ( 91 )   | 44\nnon-vested at may 31 2013 | 1096         | $ 44"
}
{
    "_id": "dd4c4c0f0",
    "title": "",
    "text": "notes to consolidated financial statements fair values for all firm 2019s financial assets and financial liabilities based on observable prices inputs classified in levels 1 and 2 of fair value hierarchy.\n certain level 2 and level 3 financial assets financial liabilities may require valuation adjustments market participant require to arrive at fair value for factors counterparty firm 2019s credit quality  funding risk transfer restrictions liquidity bid/offer spreads.\n valuation adjustments based on market evidence.\n see notes 6 and 7 for further information about fair value measurements of cash instruments and derivatives included in 201cfinancial instruments owned, at fair value 201d and 201cfinancial instruments sold, but not yet purchased , at fair value , 201d and note 8 for further information about fair value measurements of other financial assets and financial liabilities accounted for at fair value under fair value option.\n financial assets financial liabilities accounted for fair value under fair value option.\n summarized below.\n 1.\n represents impact on derivatives of cash collateral netting counterparty netting across levels of fair value hierarchy.\n netting among positions classified in same level included in level.\n level 3 financial assets as of december 2012 decreased compared with december 2011 reflecting decrease in derivative assets offset by increase in private equity investments.\n decrease in derivative assets reflected decline in credit derivative assets due to settlements  unrealized losses sales partially offset by net transfers from level 2.\n level 3 currency derivative assets declined compared december 2011 principally due to unrealized losses net transfers to level 2.\n increase in private equity investments reflected purchases unrealized gains offset by settlements net transfers to level 2.\nsee notes 6 , 7 8 for information about level 3 cash instruments  derivatives financial assets liabilities accounted for at fair value under fair value option  including information about significant unrealized gains losses transfers in out of level 3.\n goldman sachs 2012 annual report 119\n\n$ in millions                                                                                   | as of december 2012 | as of december 2011\n----------------------------------------------------------------------------------------------- | ------------------- | -------------------\ntotal level 1 financial assets                                                                  | $ 190737            | $ 136780\ntotal level 2 financial assets                                                                  | 502293              | 587416\ntotal level 3 financial assets                                                                  | 47095               | 47937\ncash collateral and counterparty netting1                                                       | -101612 ( 101612 )  | -120821 ( 120821 )\ntotal financial assets at fair value                                                            | $ 638513            | $ 651312\ntotal assets                                                                                    | $ 938555            | $ 923225\ntotal level 3 financial assets as a percentage of total assets                                  | 5.0% ( 5.0 % )      | 5.2% ( 5.2 % )\ntotal level 3 financial assets as a percentage of total financial assets at fair value          | 7.4% ( 7.4 % )      | 7.4% ( 7.4 % )\ntotal level 1 financial liabilities                                                             | $ 65994             | $ 75557\ntotal level 2 financial liabilities                                                             | 318764              | 319160\ntotal level 3 financial liabilities                                                             | 25679               | 25498\ncash collateral and counterparty netting1                                                       | -32760 ( 32760 )    | -31546 ( 31546 )\ntotal financial liabilities at fair value                                                       | $ 377677            | $ 388669\ntotal level 3 financial liabilities as a percentage of total financial liabilities at fairvalue | 6.8% ( 6.8 % )      | 6.6% ( 6.6 % )"
}
{
    "_id": "dd4ba71ae",
    "title": "",
    "text": "mortgage loans citigroup elected fair value option for certain purchased originated prime fixed-rate and adjustable-rate first mortgage loans held-for-sale.\n loans intended for sale or securitization hedged with derivative instruments.\n company elected fair value option to mitigate accounting mismatches in hedge.\n changes in fair values of mortgage loans reported in other revenue in company 2019s consolidated statement of income.\n changes in fair value during years ended december 31, 2009 and 2008 due to instrument-specific credit risk resulted in $ 10 million loss and $ 32 million loss.\n related interest income measured based on contractual interest rates reported in consolidated statement of income.\n mortgage servicing rights company accounts for mortgage servicing rights ( msrs ) at fair value.\n fair value for msrs determined using option-adjusted spread valuation approach.\n approach projecting servicing cash flows under multiple interest-rate scenarios discounting cash flows using risk-adjusted rates.\n model assumptions in valuation of msrs include mortgage prepayment speeds discount rates.\n fair value of msrs affected by changes in prepayments from shifts in mortgage interest rates.\n managing risk company hedges significant portion of values of msrs through interest-rate derivative contracts forward-purchase commitments of mortgage-backed securities purchased securities classified as trading.\n see note 23 to consolidated financial statements for discussions accounting and reporting of msrs.\n these msrs  totaled $ 6. 5 billion and $ 5. 7 billion as of december 31 , 2009 and 2008 classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet.\n changes in fair value of msrs recorded in commissions and fees in company 2019s consolidated statement of income.\ncertain structured liabilities company elected fair value option for certain structured liabilities performance linked to structured interest rates  inflation or currency risks ( 201cstructured liabilities 201d ).\n company elected fair value option  these exposures trading-related positions managed on fair value basis.\n positions continue classified as debt , deposits or derivatives ( trading account liabilities ) on company 2019s consolidated balance sheet legal form.\n for those structured liabilities classified as long-term debt for fair value option elected aggregate unpaid principal balance exceeded aggregate fair value by $ 125 million and $ 671 million as of december 31 , 2009 and 2008 , respectively.\n change in fair value for structured liabilities reported in principal transactions in company 2019s consolidated statement of income.\n related interest expense measured based on contractual interest rates reported as in consolidated income statement.\n certain non-structured liabilities company elected fair value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ).\n company elected fair value option where interest-rate risk of liabilities economically hedged with derivative contracts or proceeds used to purchase financial assets accounted for at fair value through earnings.\n election to mitigate accounting mismatches and achieve operational simplifications.\n positions reported in short-term borrowings and long-term debt on company 2019s consolidated balance sheet.\n for those non-structured liabilities classified as short-term borrowings for fair value option elected  aggregate unpaid principal balance exceeded aggregate fair value of such instruments by $ 220 million as of december 31 , 2008.\nnon-structured liabilities as long-term debt for fair value option elected , aggregate unpaid principal balance exceeded aggregate fair value by $ 1542 million and $ 856 million as of december 31 , 2009 and 2008 , respectively.\n change in fair value for non-structured liabilities reported in principal transactions in company 2019s consolidated statement of income.\n related interest expense measured based on contractual interest rates reported as in consolidated income statement.\n accounting complex operational simplifications.\n fair value option not elected for loans held-for-investment, loans not hedged with derivative instruments.\n following table provides information about certain mortgage loans carried at fair value:\n\nin millions of dollars                                                                                              | december 31 2009 | december 31 2008\n------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------------\ncarrying amount reported on the consolidated balance sheet                                                          | $ 3338           | $ 4273\naggregate fair value in excess of unpaid principalbalance                                                           | 55               | 138\nbalance of non-accrual loans or loans more than 90 days past due                                                    | 4                | 9\naggregate unpaid principal balance in excess of fair value for non-accrualloans or loans more than 90 days past due | 3                | 2"
}
{
    "_id": "dd4bdf356",
    "title": "",
    "text": "kimco realty corporation subsidiaries job title kimco realty ar revision 6 serial date / time tuesday , april 03 , 2007 /10:32 pm job number 142704 type current page no.\n 65 operator pm2 <12345678> december 31 , 2006 2005  company 2019s net invest- ment in leveraged lease consisted ( in mil- lions ) :.\n 9.\n mortgages other financing receivables january 2006  company provided approximately $ 16. 0 million share of $ 50. 0 million junior participation in $ 700. 0 million first mortgage loan  with private investment firm 2019s acquisition of retailer.\n loan participation bore interest at libor plus 7. 75% ( 7. 75 % ) per annum two-year term one-year extension option collateralized by real estate interests of retailer.\n june 2006  borrower elected pre-pay outstanding loan balance of approximately $ 16. 0 million full satisfaction loan.\n january 2006  company provided approximately $ 5. 2 million share of $ 11. 5 million term loan to real estate developer for acquisition of 59 acre land parcel in san antonio , tx.\n loan interest only at fixed rate of 11. 0% ( 11. 0 % ) for term two years payable monthly collateralized by first mortgage on subject property.\n as of december 31 , 2006  outstanding balance loan was approximately $ 5. 2 million.\n february 2006 company committed to provide one year $ 17. 2 million credit facility at fixed rate of 8. 0% ( 8. 0 % ) for term nine months 9. 0% ( 9. 0 % ) for remaining term to real estate investor for recapitalization of discount and entertain- ment mall it owns.\n during 2006  facility fully paid terminated.\n april 2006  company provided two separate mortgages aggregating $ 14. 5 million on property owned by real estate investor.\nproceeds used to payoff existing first mortgage  buyout existing partner for redevelopment of property.\n mortgages bear interest at 8. 0% ( 8. 0 % ) per annum mature in 2008 and 2013.\n mortgages collateralized by subject property.\n as of december 31 , 2006 aggregate outstanding balance on mortgages was approximately $ 15. 0 million  including $ 0. 5 million accrued interest.\n during may 2006 company provided cad $ 23. 5 million collateralized credit facility at fixed rate of 8. 5% (. 5 % ) per annum for two years to real estate company for property acquisitions program.\n credit facility guaranteed by real estate company.\n company issued 9811 units  valued at approximately usd $ 0. 1 million  warrants to purchase up to 0. 1 million shares of real estate company as loan origination fee.\n august 2006  company increased credit facility to cad $ 45. 0 million received additional 9811 units  valued at approximately usd $ 0. 1 million  warrants to purchase up to 0. 1 million shares of real estate company.\n as of december 31 , 2006 outstand- ing balance on credit facility was approximately cad $ 3. 6 million ( approximately usd $ 3. 1 million ).\n during september 2005  newly formed joint venture company had 80% ( 80 % ) interest  acquired 90% ( 90 % ) interest in $ 48. 4 million mortgage receivable for purchase price of approximately $ 34. 2 million.\n loan bore interest at rate three-month libor plus 2. 75% (. 75 % ) per annum scheduled to mature on january 12 , 2010.\n 626-room hotel in lake buena vista , fl collateralized loan.\n company determined joint venture entity was vie company primary benefici- ary of vie consolidated it for financial reporting purposes.\nmarch 2006 joint venture acquired remaining 10% ( ) of mortgage receivable for purchase price approximately $ 3. 8 million.\n june 2006  joint venture accepted pre-payment of approximately $ 45. 2 million from borrower as satisfaction loan.\n august 2006 company provided $ 8. 8 million share of $ 13. 2 million 12-month term loan to retailer for general corporate purposes.\n loan bears interest at fixed rate of 12. 50% (. % ) interest payable monthly balloon payment for principal balance at maturity.\n loan collateralized by underlying real estate retailer.\n company funded $ 13. 3 million share of $ 20. 0 million revolving debtor-in-possession facility to retailer.\n facility bears interest at libor plus 3. 00% ( 3. 00 % ) unused line fee of 0. 375% ( 0. 375 % ).\n credit facility collateralized by first priority lien on all retailer 2019s assets.\n as of december 31 , 2006 compa ny 2019s share of outstanding balance on loan and credit facility was approximately $ 7. 6 million and $ 4. 9 million  respec.\n september 2006 company provided mxp 57. 3 million ( approximately usd $ 5. 3 million ) loan to owner of operating property in mexico.\n loan collateralized by property bears interest at 12. 0% ( 12. 0 % ) per annum matures in 2016.\n company entitled to participation feature of 25% ( 25 % ) of annual cash flows after debt service and 20% ( 20 % ) of gain on sale of property.\n as of december 31 , 2006 outstand- ing balance on loan was approximately mxp 57. 8 million ( approximately usd $ 5. 3 million ).\n november 2006  company committed to provide mxp 124. 8 million ( approximately usd $ 11.5 million ) loan to owner land parcel in acapulco , mexico.\n loan collateralized with operating property owned by bor- rower bears interest at 10% ( 10 % ) per annum matures in 2016.\n company entitled to participation feature of 20% ( % ) excess cash flows gains on sale property.\n as of decem- ber 31 , 2006  outstanding balance loan was mxp 12. 8 million ( approximately usd $ 1. 2 million ).\n\n| 2006           | 2005\n------------------------------------- | -------------- | --------------\nremaining net rentals                 | $ 62.3         | $ 68.9\nestimated unguaranteed residual value | 40.5           | 43.8\nnon-recourse mortgage debt            | -48.4 ( 48.4 ) | -52.8 ( 52.8 )\nunearned and deferred income          | -50.7 ( 50.7 ) | -55.9 ( 55.9 )\nnet investment in leveraged lease     | $ 3.7          | $ 4.0"
}
{
    "_id": "dd4bb930e",
    "title": "",
    "text": "may 12 , 2017  company 2019s stockholders approved american water works company , inc.\n 2017 omnibus equity compensation plan ( 201c2017 omnibus plan 201d ).\n total of 7. 2 million shares of common stock be issued under 2017 omnibus plan.\n as of december 31 , 2017 7. 2 million shares available for grant under 2017 omnibus plan.\n 2017 omnibus plan provides grants of awards in forms : incentive stock options , nonqualified stock options , stock appreciation rights, stock units  stock awards  other stock-based awards dividend equivalents  granted only on stock units or other stock-based awards.\n following approval 2017 omnibus plan no additional awards granted under 2007 plan.\n shares still be issued under 2007 plan pursuant to terms of awards previously issued under plan prior to may 12  2017.\n cost of services received from employees in exchange for issuance of stock options restricted stock awards measured based on grant date fair value of awards.\n value of stock options rsus awards at date of grant amortized through expense over three-year service period.\n all awards granted in 2017 , 2016 2015 classified as equity.\n company recognizes compensation expense for stock awards over vesting period award.\n company stratified grant populations used historic employee turnover rates to estimate employee forfeitures.\n estimated rate compared to actual forfeitures at end of reporting period adjusted as necessary.\n following table presents stock-based compensation expense recorded in operation and maintenance expense in consolidated statements of operations for years ended december 31:.\n no significant stock-based compensation costs capitalized during years ended december 31 , 2017 , 2016 2015.\n company receives tax deduction based on intrinsic value of award at exercise date for stock options distribution date for rsus.\nfor each award , throughout requisite service period company recognizes tax benefits  included in deferred income tax assets  related to compensation costs.\n tax deductions in excess of benefits recorded requisite service period recorded to consolidated statements of operations presented in financing section of consolidated statements of cash flows.\n stock options no grants of stock options to employees in 2017.\n in 2016 and 2015  company granted non-qualified stock options to certain employees under 2007 plan.\n stock options vest ratably over three-year service period beginning on january 1 of year of grant have no performance vesting conditions.\n expense recognized using straight-line method amortized over requisite service period.\n\n| 2017     | 2016     | 2015\n------------------------------------------- | -------- | -------- | --------\nstock options                               | $ 1      | $ 2      | $ 2\nrsus                                        | 9        | 8        | 8\nnonqualified employee stock purchase plan   | 1        | 1        | 1\nstock-based compensation                    | 11       | 11       | 11\nincome tax benefit                          | -4 ( 4 ) | -4 ( 4 ) | -4 ( 4 )\nstock-based compensation expense net of tax | $ 7      | $ 7      | $ 7"
}
{
    "_id": "dd4b8b670",
    "title": "",
    "text": "2022 increased liquid hydrocarbon  including synthetic crude oil reserves to 78 percent from 75 percent increased e&p net sales volumes excluding libya by 7 percent recorded 96 percent average operational availability for all major company-operated e&p assets compared to 94 percent in 2010 completed debottlenecking work increased crude oil production capacity at alvheim fpso in norway to 150000 gross bbld from previous capacity 142000 bbld original 2008 capacity 120000 gross bbld announced two non-operated discoveries in iraqi kurdistan region began drilling in poland completed aosp expansion 1 including start-up expanded scotford upgrader increase in net synthetic crude oil sales volumes of 48 percent completed dispositions of non-core assets and interests in acreage positions for net proceeds of $ 518 million repurchased 12 million shares of common stock at cost $ 300 million retired $ 2498 million principal of long-term debt resumed limited production in libya in fourth quarter of 2011 following february 2011 temporary suspension of operations consolidated results of operations : 2011 compared to 2010 due to spin-off of downstream business on june 30 2011 discontinued operations income from continuing operations more representative of marathon oil as independent energy company.\n consolidated income from continuing operations before income taxes was 9 percent higher in 2011 than 2010 due to higher liquid hydrocarbon prices.\n improvement offset by increased income taxes of excess foreign tax credits generated during 2011.\n effective income tax rate for continuing operations was 61 percent in 2011 compared to 54 percent in 2010.\n revenues summarized in following table : ( in millions ) 2011 2010.\n e&p segment revenues increased $ 2247 million from 2010 to 2011 primarily due to higher average liquid hydrocarbon realizations were $ 99.37 per bbl in 2011 31 percent increase over 2010.\n revenues 2010 included net pre-tax gains $ 95 million on derivative instruments mitigate price risk on future sales of liquid hydrocarbons natural gas.\n included in e&p segment are supply optimization activities include purchase of commodities from third parties for resale.\n supply optimization aggregate volumes satisfy transportation commitments achieve flexibility within product types delivery points.\n cost of revenues discussion revenues from supply optimization approximate related costs.\n higher average crude oil prices in 2011 compared to 2010 increased revenues related to supply optimization.\n revenues from sale of u. s.\n production higher 2011 result of higher liquid hydrocarbon natural gas price realizations sales volumes declined.\n\n( in millions )                      | 2011       | 2010\n------------------------------------ | ---------- | ----------\ne&p                                  | $ 13029    | $ 10782\nosm                                  | 1588       | 833\nig                                   | 93         | 150\nsegment revenues                     | 14710      | 11765\nelimination of intersegment revenues | -47 ( 47 ) | -75 ( 75 )\ntotal revenues                       | $ 14663    | $ 11690"
}
{
    "_id": "dd4bc91dc",
    "title": "",
    "text": "cgmhi has substantial borrowing arrangements facilities advised available no contractual lending obligation exists.\n these arrangements are reviewed ongoing to ensure flexibility in meeting cgmhi 2019s short-term requirements.\n company issues fixed and variable rate debt in range of currencies.\n uses derivative contracts  primarily interest rate swaps to convert portion fixed rate debt to variable rate debt variable rate debt to fixed rate debt.\n maturity structure of derivatives corresponds to maturity structure debt hedged.\n company uses other derivative contracts to manage foreign exchange impact of certain debt issuances.\n at december 31, 2009  company 2019s overall weighted average interest rate for long-term debt was 3. 51% ( 3. 51 % ) on contractual basis and 3. 91% ( 3. 91 % ) including effects of derivative contracts.\n aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows:.\n long-term debt at december 31 , 2009 and december 31 , 2008 includes $ 19345 million and $ 24060 million  respectively of junior subordinated debt.\n company formed statutory business trusts under laws of state of delaware.\n trusts exist for exclusive purposes of issuing trust securities representing undivided beneficial interests in assets trust ; investing gross proceeds of trust securities in junior subordinated deferrable interest debentures ( ) of its parent ; engaging in only activities necessary or incidental.\n upon approval from federal reserve citigroup has right to redeem these securities.\n citigroup contractually agreed not to redeem or purchase 6. 50% ( 6. 50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056  the 6. 45% ( 6.45 % ) enhanced trust preferred securities citigroup capital xvi before december 31 , 2046  iii 6. 35% ( 6. 35 % ) enhanced trust securities citigroup capital xvii before march 15 , 2057  iv 6. 829% ( 6. 829 % ) fixed rate/floating rate enhanced trust securities citigroup capital xviii before june 28 , 2047  7. 250% ( 7. 250 % ) enhanced trust securities citigroup capital xix before august 15 , 2047  vi 7. 875% ( 7. 875 % ) enhanced trust securities citigroup capital xx before december 15, 2067  vii 8. 300% ( 8. 300 % ) fixed rate/floating rate enhanced trust securities citigroup capital xxi before december 21 , 2067  unless certain conditions  described in exhibit 4. 03 to citigroup 2019s current report on form 8-k filed september 18 , 2006  exhibit 4. 02 current report form 8-k filed november 28 , 2006  exhibit 4. 02 citigroup 2019s current report form 8-k filed march 8 , 2007  exhibit 4. 02 citigroup report 8-k filed july 2 , 2007  exhibit 4. 02 citigroup current report form 8-k filed august 17 , 2007  exhibit 4. 2 citigroup 2019s current report form 8-k filed november 27 , 2007  exhibit 4. 2 to citigroup 2019s current report form 8-k filed december 21 , 2007  met.\n agreements for benefit of holders of citigroup 2019s 6. 00% ( 6. 00 % ) junior subordinated deferrable interest debentures due 2034.\n citigroup owns all voting securities of subsidiary trusts.\nsubsidiary trusts have no assets , operations revenues cash flows other than related to issuance  administration  repayment of subsidiary trusts subsidiary trusts 2019 common securities.\n subsidiary trusts 2019 obligations are fully unconditionally guaranteed by citigroup.\n\nin millions of dollars                  | 2010    | 2011    | 2012    | 2013    | 2014    | thereafter\n--------------------------------------- | ------- | ------- | ------- | ------- | ------- | ----------\ncitigroup parent company                | $ 18030 | $ 20435 | $ 29706 | $ 17775 | $ 18916 | $ 92942\nother citigroup subsidiaries            | 18710   | 29316   | 17214   | 5177    | 12202   | 14675\ncitigroup global markets holdings inc . | 1315    | 1030    | 1686    | 388     | 522     | 8481\ncitigroup funding inc .                 | 9107    | 8875    | 20738   | 4792    | 3255    | 8732\ntotal                                   | $ 47162 | $ 59656 | $ 69344 | $ 28132 | $ 34895 | $ 124830"
}
{
    "_id": "dd4b8e71c",
    "title": "",
    "text": "acquire operations facilities from municipalities local governments , as they seek to raise capital reduce risk.\n realize synergies from consolidating businesses into existing operations  through acquisitions or public-private partnerships, allows to reduce capital expenditures expenses associated with truck routing personnel fleet maintenance inventories back-office administration.\n operating model goal of operating model pillar is to deliver consistent high-quality service to all customers through republic way : one way.\n everywhere.\n every day.\n approach of developing standardized processes with rigorous controls tracking allows us to leverage our scale deliver durable operational excellence.\n republic way is key to harnessing best of what we do as operators translating across all facets of business.\n key enabler of republic way is organizational structure fosters high performance culture by maintaining 360-degree accountability full profit and loss responsibility with local management supported by functional structure to provide subject matter expertise.\n structure allows us to advantage of scale by coordinating functionally across all markets empowering local management to respond to unique market dynamics.\n rolled out productivity cost control initiatives to deliver best service to customers in most efficient environmentally sound way.\n fleet automation approximately 75% ( 75 % ) of residential routes converted to automated single-driver trucks.\n by converting residential routes to automated service reduce labor costs improve driver productivity decrease emissions create safer work environment for employees.\n communities using automated vehicles have higher participation rates in recycling programs complementing initiative to expand recycling capabilities.\n fleet conversion to compressed natural gas ( cng ) approximately 19% ( 19 % ) of our fleet operates on natural gas.\n expect to continue gradual fleet conversion to cng as part of ordinary annual fleet replacement process.\nbelieve gradual fleet conversion is prudent approach to realizing full value of previous fleet investments.\n approximately 30% ( 30 % ) of replacement vehicle purchases during 2017 were cng vehicles.\n believe using cng vehicles provides competitive advantage in communities with strict clean emission initiatives protecting environment.\n upfront capital costs higher using cng reduces fleet operating costs through lower fuel expenses.\n as of december 31 , 2017  operated 37 cng fueling stations.\n standardized maintenance industry trade publication operate seventh largest vocational fleet in united states.\n as of december 31, 2017  average fleet age in years by line of business  follows : approximate number of vehicles approximate average age.\n\n| approximate number of vehicles | approximate average age\n--------------- | ------------------------------ | -----------------------\nresidential     | 7200                           | 7.5\nsmall-container | 4600                           | 7.1\nlarge-container | 4100                           | 8.8\ntotal           | 15900                          | 7.7"
}
{
    "_id": "dd4ba7a78",
    "title": "",
    "text": "stock performance graph * $ 100 invested december 31 , 2011 in our stock or relevant index including reinvestment dividends.\n fiscal year ended december 31 , 2016.\n ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index  including american axle & manufacturing , borgwarner inc. cooper tire & rubber company , dana inc. delphi automotive plc dorman products inc. federal-mogul corp. ford motor co. general motors co. gentex corp. gentherm inc. genuine parts co. goodyear tire & rubber co. johnson controls international plc lear corp. lkq corp. meritor inc. standard motor products inc. stoneridge inc. superior industries international  tenneco inc. tesla motors inc. tower international inc. visteon corp. wabco holdings inc.\n company index december 31 , december 31 .\n dividends company declared paid cash dividends $ 0. 25 and $ 0. 29 per ordinary share each quarter of 2015 and 2016 .\n january 2017  board of directors declared regular quarterly cash dividend $ 0. 29 per ordinary share  payable february 15 , 2017 to shareholders of record close of business february 6 , 2017.\n\ncompany index                        | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016\n------------------------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------\ndelphi automotive plc ( 1 )          | $ 100.00         | $ 177.58         | $ 283.02         | $ 347.40         | $ 414.58         | $ 331.43\ns&p 500 ( 2 )                        | 100.00           | 116.00           | 153.58           | 174.60           | 177.01           | 198.18\nautomotive supplier peer group ( 3 ) | 100.00           | 127.04           | 188.67           | 203.06           | 198.34           | 202.30"
}
{
    "_id": "dd4983dc8",
    "title": "",
    "text": "notes to consolidated financial statements continued ) march 31 , 2004 5.\n income taxes continued ) effective tax rate of zero differs from statutory rate 34% ( 34 % ) due to inability company to recognize deferred tax assets for operating losses and tax credits.\n total valuation allowance approximately $ 2400000 relates to stock option compensation deductions.\n tax benefit stock option deductions credited to equity when realized.\n 6.\n commitments contingencies company applies disclosure provisions of fin no.\n 45 , guarantor 2019s accounting and disclosure requirements for guarantees including guarantees of indebtedness others interpretation of fasb statements no.\n 5 , 57 and 107 rescission of fasb interpretation no.\n 34 ( fin no.\n 45 ) to agreements contain guarantee or indemnification clauses.\n disclosure provisions expand required by sfas no.\n 5 , accounting for contingencies by requiring guarantors disclose certain types of guarantees even if likelihood requiring guarantor 2019s performance remote.\n description of arrangements in company is guarantor.\n product warranties 2013 company accrues for estimated future warranty costs on product sales at time of sale.\n ab5000 and bvs products subject to rigorous regulation quality standards.\n company engages in extensive product quality programs processes monitoring quality component suppliers warranty obligation affected by product failure rates.\n operating results could be adversely effected if actual cost of product failures exceeds estimated warranty provision.\n patent indemnifications 2013 sales transactions company indemnifies customers against possible claims of patent infringement caused by company 2019s products.\n indemnifications within sales contracts do not include limits on claims.\n company never incurred material costs to defend lawsuits or settle patent infringement claims related to sales transactions.\nunder provisions of fin no.\n 45 , intellectual property indemnifications require disclosure only.\n as of march 31 , 2004  company had entered into leases for facilities  including primary operating facility in danvers , massachusetts  with terms through fiscal 2010.\n company elected not to exercise buyout option under primary lease allowed for early termination in 2005.\n total rent expense under these leases included in consolidated statements of operations was approximately $ 856000 , $ 823000 and $ 821000 for fiscal years ended march 31 , 2002 , 2003 and 2004 .\n during fiscal year ended march 31, 2000  company entered into 36-month operating leases totaling approximately $ 644000 for lease of office furniture.\n leases ended in fiscal year 2003 and company option furniture was purchased.\n rental expense recorded for these leases during fiscal years ended march 31 , 2002 and 2003 was approximately $ 215000 and $ 127000 respectively.\n during fiscal 2000  company entered 36-month capital lease for computer equipment and software for approximately $ 221000.\n lease ended in fiscal year 2003 company option assets were purchased.\n future minimum lease payments under all non-cancelable operating leases as of march 31 , 2004 are approximately as follows ( in thousands ) :.\n company involved in legal and administrative proceedings and claims of various types.\n while litigation contains element of uncertainty management consultation with company 2019s general counsel believes outcome of each other proceedings or claims pending or known threatened will not have material adverse effect on company.\n\nyear ending march 31,               | operating leases\n----------------------------------- | ----------------\n2005                                | $ 781\n2006                                | 776\n2007                                | 769\n2008                                | 772\n2009                                | 772\nthereafter                          | 708\ntotal future minimum lease payments | $ 4578"
}
{
    "_id": "dd4c580b2",
    "title": "",
    "text": "4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually on may 24 and november 24 each year commenced november 24 , 2011 approximately $ 32 million per year.\n 2021 notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.\n 2021 notes issued at discount of $ 4 million.\n december 31 , 2014  $ 3 million of unamortized debt issuance costs included in other assets on consolidated statement financial condition amortized over remaining term of 2021 notes.\n in may 2011  with 2013 floating rate notes company entered $ 750 million notional interest rate swapmaturing in 2013 to hedge future cash flows obligation at fixed rate of 1. 03% ( 1. 03 % ).\n during second quarter of 2013  interest rate swapmatured and 2013 floating rate notes fully repaid.\n 2019 notes.\n december 2009  company issued $ 2. 5 billion in aggregate unsecured and unsubordinated obligations.\n notes issued as three separate series of senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes  repaid in december 2014 at maturity $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2019 ( 201c2019 notes 201d ).\n net proceeds offering used to repay borrowings under cp program finance portion acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1, 2009 ( 201cbgi transaction 201d ) for general corporate purposes.\ninterest on 2019 notes approximately $ 50 million per year payable semi-annually arrears on june 10 december 10 each year.\n notes may be redeemed prior to maturity whole or part at option company at 201cmake- whole 201d redemption price.\n notes issued collectively at discount of $ 5 million.\n december 31 , 2014  $ 3 million unamortized debt issuance costs included in other assets on consolidated statement financial condition amortized over remaining term of 2019 notes.\n 2017 notes.\n in september 2007  company issued $ 700 million aggregate principal amount 6. 25% ( 6. 25 % ) senior unsecured unsubordinated notes maturing on september 15, 2017 ( 201c2017 notes 201d ).\n portion of net proceeds 2017 notes used to fund initial cash payment for acquisition of fund-of-funds business of quellos remainder used for general corporate purposes.\n interest payable semi-annually in arrears on march 15 and september 15 each year approximately $ 44 million per year.\n 2017 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.\n 2017 notes issued at discount of $ 6 million  amortized over ten-year term.\n company incurred approximately $ 4 million of debt issuance costs amortized over ten years.\n at december 31 , 2014  $ 1 million of unamortized debt issuance costs included in other assets on consolidated statement of financial condition.\n 13.\n commitments contingencies operating lease commitments company leases primary office spaces under agreements expire through 2035.\n future minimum commitments under operating leases : ( in millions ).\n rent expense and certain office equipment expense under agreements amounted to $ 132 million , $ 137 million $ 133 million in 2014 , 2013 2012 , respectively.\ninvestment commitments.\n at december 31 , 2014  company had $ 161 million of capital commitments to fund sponsored investment funds  including funds private equity funds real estate funds infrastructure funds opportunistic funds distressed credit funds.\n amount excludes additional commitments by consolidated funds of funds to third-party funds as third-party noncontrolling interest holders have legal obligation to fund respective commitments of such funds.\n in addition to capital commitments of $ 161 million company had approximately $ 35 million of contingent commitments for certain funds investment periods expired.\n timing of funding of these commitments unknown commitments callable on demand at any time prior to expiration commitment.\n unfunded commitments not recorded on consolidated statements of financial condition.\n commitments do not include potential future commitments approved company not yet legally binding.\n company intends to make additional capital commitments to fund additional investment products for with clients.\n contingencies contingent payments.\n company acts as portfolio manager in derivative transactions has maximum potential exposure of $ 17 million under a derivative between company and counterparty.\n see note 7 , derivatives and hedging  for further discussion.\n contingent payments related to business acquisitions.\n in connection with credit suisse etf transaction blackrock required to make contingent payments annually to credit suisse  subject to achieving specified thresholds during seven-year period subsequent to 2013 acquisition date.\n in blackrock required to make contingent payments related to mgpa transaction during five-year period  subject to achieving specified thresholds subsequent to 2013 acquisition date.\n fair value of remaining contingent payments at december 31 , 2014 not significant to consolidated statement of financial condition included in other liabilities.\n legal proceedings.\ntime to time , blackrock receives subpoenas requests for information from various u. s.\n federal state governmental domestic\n\nyear       | amount\n---------- | ------\n2015       | $ 126\n2016       | 111\n2017       | 112\n2018       | 111\n2019       | 105\nthereafter | 613\ntotal      | $ 1178"
}
{
    "_id": "dd4bac60e",
    "title": "",
    "text": "2012 ppg annual report form 10-k 45 costs related to notes  totaled $ 17 million amortized to interest expense over respective terms of notes.\n in august 2010  ppg entered three-year credit agreement with banks financial institutions ( \"2010 credit agreement\" ) terminated in july 2012.\n 2010 credit agreement provided for $ 1. 2 billion unsecured revolving credit facility.\n connection 2010 credit agreement company terminated 20ac650 million and $ 1 billion revolving credit facilities each set to expire in 2011.\n no outstanding amounts due under either revolving facility at times termination.\n 2010 credit agreement set to terminate on august 5, 2013.\n ppg 2019s non-u. s.\n operations have uncommitted lines of credit totaling $ 705 million $ 34 million used as of december 31 , 2012.\n uncommitted lines of credit subject to cancellation any time not subject to commitment fees.\n short-term debt outstanding as of december 31 , 2012 and 2011 as follows:.\n ppg in compliance with restrictive covenants under various credit agreements , loan agreements indentures.\n company 2019s revolving credit agreements include financial ratio covenant.\n covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding portion accumulated other comprehensive income ( loss ) related to pensions other postretirement benefit adjustments.\n as of december 31 , 2012  total indebtedness was 42% ( 42 % ) of company 2019s total capitalization excluding portion accumulated other comprehensive income ( loss ) related to pensions other postretirement benefit adjustments.\n all company 2019s debt agreements contain customary cross- default provisions.\n provisions provide default on debt service payment of $ 10 million or more for longer than grace period ( usually 10 days ) under one agreement may result in event of default under other agreements.\ncompany 2019s primary debt obligations secured or guaranteed by affiliates.\n interest payments in 2012 , 2011 2010 totaled $ 219 million , $ 212 million and $ 189 million  respectively.\n in october 2009 company entered agreement with counterparty to repurchase 1. 2 million shares of company 2019s stock 1. 1 million shares purchased in open market ( 465006 shares purchased as of december 31, 2009 at average price of $ 56. 66 per share ).\n counterparty held shares until september 2010 when company paid $ 65 million took possession shares.\n rental expense for operating leases was $ 233 million , $ 249 million and $ 233 million in 2012 , 2011 2010 .\n primary leased assets include paint stores  transportation equipment  warehouses distribution facilities office space including corporate headquarters in pittsburgh.\n minimum lease commitments for operating leases initial or remaining lease terms in excess of one year as of december 31 , 2012 are in millions ) $ 171 in 2013 , $ 135 in 2014 , $ 107 in 2015 , $ 83 in 2016  $ 64 in 2017 $ 135 thereafter.\n company had outstanding letters of credit and surety bonds of $ 119 million as of december 31 , 2012.\n letters of credit secure company 2019s performance to third parties under self-insurance programs and other commitments in ordinary course of business.\n of december 31 , 2012 and 2011 guarantees outstanding were $ 96 million and $ 90 million.\n guarantees relate to debt of certain entities in ppg has ownership interest and selected customers of company 2019s businesses.\n portion of debt secured by assets of related entities.\ncarrying values of guarantees were $ 11 million and $ 13 million as of december 31, 2012 and 2011  respectively fair values were $ 11 million and $ 21 million  as of december 31  2012 2011  respectively.\n fair value of each guarantee estimated by comparing net present value of two hypothetical cash flow streams one based on ppg 2019s incremental borrowing rate and other borrower 2019s incremental borrowing rate as of effective date of guarantee.\n both streams were discounted at risk free rate of return.\n company believe loss related to letters of credit  surety bonds or guarantees likely.\n 9.\n fair value measurement accounting guidance establishes hierarchy with three levels of inputs determine fair value.\n level 1 inputs are quoted prices ( unadjusted ) in active markets for identical assets and liabilities most reliable evidence of fair value used whenever available.\n level 2 inputs are observable prices not quoted on active exchanges.\n level 3 inputs are unobservable inputs for measuring fair value of assets liabilities.\n table of contents notes to consolidated financial statements\n\n( millions )                                                                                            | 2012 | 2011\n------------------------------------------------------------------------------------------------------- | ---- | ----\nother weighted average 2.27% ( 2.27 % ) as of dec . 31 2012 and 3.72% ( 3.72 % ) as of december 31 2011 | $ 39 | $ 33\ntotal                                                                                                   | $ 39 | $ 33"
}
{
    "_id": "dd4b89cbc",
    "title": "",
    "text": "stock performance graph : graph shows cumulative total shareholder return assuming investment $ 100 , on december 31 , 2010  reinvestment of dividends thereafter if in company's common stock versus standard and poor's s&p 500 retail index ( \"s&p 500 retail index ) and standard and poor's s&p 500 index \"s&p 500 ).\n\ncompany/index             | december 31 , 2010 | december 31 , 2011 | december 31 , 2012 | december 31 , 2013 | december 31 , 2014 | december 31 , 2015\n------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ------------------ | ------------------\no'reilly automotive inc . | $ 100              | $ 132              | $ 148              | $ 213              | $ 319              | $ 419\ns&p 500 retail index      | 100                | 103                | 128                | 185                | 203                | 252\ns&p 500                   | $ 100              | $ 100              | $ 113              | $ 147              | $ 164              | $ 163"
}
{
    "_id": "dd4c44418",
    "title": "",
    "text": "goldman sachs group  inc.\n subsidiaries notes consolidated financial statements long-term debt instruments aggregate contractual principal amount of long-term other secured financings fair value option elected exceeded related fair value by $ 361 million and $ 362 million as of december 2016 and december 2015 .\n aggregate contractual principal amount of unsecured long-term borrowings fair value option elected exceeded related fair value by $ 1. 56 billion and $ 1. 12 billion as of december 2016 december 2015 .\n amounts include principal- and non-principal-protected long-term borrowings.\n impact of credit spreads on loans lending commitments estimated net gain attributable to changes in instrument-specific credit spreads loans lending commitments fair value option elected was $ 281 million for 2016 , $ 751 million for 2015 $ 1. 83 billion for 2014 .\n firm calculates fair value of loans lending commitments fair value option elected by discounting future cash flows incorporates instrument-specific credit spreads.\n for floating-rate loans lending commitments all changes in fair value attributable to changes instrument-specific credit spreads for fixed-rate loans lending commitments changes fair value also attributable to changes in interest rates.\n debt valuation adjustment firm calculates fair value of financial liabilities fair value option elected by discounting future cash flows incorporates firm 2019s credit spreads.\n net dva on such financial liabilities was loss of $ 844 million ( $ 544 million , net of tax ) for 2016 included in 201cdebt valuation adjustment 201d in consolidated statements of comprehensive income.\n gains/ ( losses ) reclassified to earnings from accumulated other comprehensive loss upon extinguishment of financial liabilities not material for 2016.\n note 9.\nloans receivable comprised of loans held for investment accounted for at amortized cost net of allowance for loan losses.\n interest on loans recognized over life of loan recorded on accrual basis.\n table presents details about loans receivable.\n as of december 2016 and december 2015  fair value of loans receivable was $ 49. 80 billion and $ 45. 19 billion , respectively.\n of december 2016  had these loans carried at fair value included fair value hierarchy $ 28. 40 billion and $ 21. 40 billion would have been classified in level 2 and level 3,.\n of december 2015  had loans carried at fair value $ 23. 91 billion and $ 21. 28 billion would have been classified in level 2 and level 3 ,.\n firm also extends lending commitments held for investment accounted for on accrual basis.\n as of december 2016 and december 2015  such lending commitments were $ 98. 05 billion and $ 93. 92 billion .\n all commitments extended to corporate borrowers primarily related to firm 2019s relationship lending activities.\n carrying value and estimated fair value of lending commitments were liabilities of $ 327 million and $ 2. 55 billion , as of december 2016 and $ 291 million and $ 3. 32 billion , as of december 2015.\n december 2016 had these lending commitments carried at fair value included fair value hierarchy $ 1. 10 billion and $ 1. 45 billion would have been classified in level 2 and level 3 .\n as of december 2015  had these lending commitments carried at fair value included $ 1. 35 billion and $ 1. 97 billion would have been classified in level 2 and level 3 .\n goldman sachs 2016 form 10-k 147\n\n$ in millions                              | as of december 2016 | as of december 2015\n------------------------------------------ | ------------------- | -------------------\ncorporate loans                            | $ 24837             | $ 20740\nloans to private wealth management clients | 13828               | 13961\nloans backed by commercial real estate     | 4761                | 5271\nloans backed by residential real estate    | 3865                | 2316\nother loans                                | 2890                | 3533\ntotal loans receivable gross               | 50181               | 45821\nallowance for loan losses                  | -509 ( 509 )        | -414 ( 414 )\ntotal loans receivable                     | $ 49672             | $ 45407"
}
{
    "_id": "dd4c22ebc",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) credit exposure  we continually monitor credit worthiness of financial institutions where we have deposits.\n concentrations of credit risk with respect to trade accounts receivable limited due to wide variety of customers and markets in we provide services dispersion of operations across many geographic areas.\n provide services to commercial , industrial municipal residential customers in united states and puerto rico.\n perform ongoing credit evaluations of customers generally do not require collateral to support customer receivables.\n establish allowance for doubtful accounts based on factors including credit risk of specific customers age of receivables outstanding historical trends  economic conditions other information.\n accounts receivable , net accounts receivable represent receivables from customers for collection , transfer  recycling disposal other services.\n receivables recorded when billed or when related revenue earned represent claims against third parties settled in cash.\n carrying value of receivables , net of allowance for doubtful accounts customer credits represents estimated net realizable value.\n provisions for doubtful accounts evaluated on monthly basis recorded based on historical collection experience age of receivables specific customer information economic conditions.\n review outstanding balances on account-specific basis.\n reserves provided for accounts receivable in excess of 90 days outstanding.\n past due receivable balances written-off when collection efforts unsuccessful in collecting amounts due.\n following table reflects activity in allowance for doubtful accounts for years ended december 31:.\n restricted cash and marketable securities as of december 31 , 2014  had $ 115. 6 million of restricted cash and marketable securities.\nobtain funds through issuance of tax-exempt bonds for financing qualifying expenditures at our landfills , transfer stations  collection and recycling centers.\n funds deposited directly into trust accounts by bonding authorities at time of issuance.\n use of these funds is contractually restricted  not ability to use funds for general operating purposes , classified as restricted cash and marketable securities in consolidated balance sheets.\n in normal course of business  may be required to provide financial assurance to governmental agencies other entities in connection with municipal residential collection contracts  closure post- closure of landfills  environmental remediation  environmental permits business licenses and permits as financial guarantee of performance.\n at several landfills  satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.\n property and equipment record property and equipment at cost.\n expenditures for major additions improvements to facilities capitalized  maintenance and repairs charged to expense as incurred.\n when property retired or disposed , related cost and accumulated depreciation removed from accounts resulting gain or loss reflected in consolidated statements of income.\n\n| 2014           | 2013           | 2012\n---------------------------- | -------------- | -------------- | --------------\nbalance at beginning of year | $ 38.3         | $ 45.3         | $ 48.1\nadditions charged to expense | 22.6           | 16.1           | 29.7\naccounts written-off         | -22.0 ( 22.0 ) | -23.1 ( 23.1 ) | -32.5 ( 32.5 )\nbalance at end of year       | $ 38.9         | $ 38.3         | $ 45.3"
}
{
    "_id": "dd4c07a04",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) effect of foreign exchange rate changes on cash , cash equivalents restricted cash included in consolidated statements of cash flows resulted in increase of $ 11. 6 in 2016  primarily result of brazilian real strengthening against u.\n dollar as of december 31 , 2016 compared to december 31 , 2015.\n liquidity outlook expect cash flow from operations existing cash cash equivalents to be sufficient to meet anticipated operating requirements minimum for next twelve months.\n have committed corporate credit facility , uncommitted lines of credit commercial paper program available to support operating needs.\n continue maintain disciplined approach to managing liquidity  with flexibility over significant uses of cash  including capital expenditures  cash for new acquisitions  common stock repurchase program common stock dividends.\n from time evaluate market conditions financing alternatives for opportunities to raise additional funds improve liquidity profile  enhance financial flexibility manage market risk.\n ability to access capital markets depends on factors include specific to us  credit ratings  related to financial markets  amount or terms of available credit.\n no guarantee able to access new sources of liquidity  or continue to access existing sources of liquidity , on commercially reasonable terms  or at all.\n funding requirements significant funding requirements include operations , non-cancelable operating lease obligations  capital expenditures  acquisitions  common stock dividends  taxes debt service.\n may be required to make payments to minority shareholders in certain subsidiaries if they exercise options to sell us equity interests.\n notable funding requirements include : 2022 debt service 2013 as of december 31 , 2017 , had outstanding short-term borrowings of $ 84.9 uncommitted lines of credit used to fund seasonal working capital needs.\n remainder of debt primarily long-term maturities scheduled through 2024.\n see table below for maturity schedule of long-term debt.\n 2022 acquisitions 2013 paid cash of $ 29. 7 , net of cash acquired of $ 7. 1 , for acquisitions completed in 2017.\n paid $ 0. 9 in up-front payments $ 100. 8 in deferred payments for prior-year acquisitions ownership increases in consolidated subsidiaries.\n addition to potential cash expenditures for new acquisitions expect to pay approximately $ 42. 0 in 2018 related to prior acquisitions.\n may be required to pay approximately $ 33. 0 in 2018 related to put options by minority shareholders if exercised.\n continue to evaluate strategic opportunities to grow to strengthen market position in digital marketing services offerings expand presence in high-growth key strategic world markets.\n 2022 dividends 2013 during 2017  paid four quarterly cash dividends of $ 0. 18 per share on common stock to aggregate dividend payments of $ 280. 3.\n on february 14 , 2018 board of directors ) declared common stock cash dividend of $ 0. 21 per share , payable on march 15, 2018 to holders of record as of close of business march 1 , 2018.\n assuming pay quarterly dividend of $ 0. 21 per share no significant change in number of outstanding shares as of december 31 , 2017  expect to pay approximately $ 320. 0 over next twelve months.\n\nbalance sheet data                              | december 31 , 2017 | december 31 , 2016\n----------------------------------------------- | ------------------ | ------------------\ncash cash equivalents and marketable securities | $ 791.0            | $ 1100.6\nshort-term borrowings                           | $ 84.9             | $ 85.7\ncurrent portion of long-term debt               | 2.0                | 323.9\nlong-term debt                                  | 1285.6             | 1280.7\ntotal debt                                      | $ 1372.5           | $ 1690.3"
}
{
    "_id": "dd4bba920",
    "title": "",
    "text": "individual loan before modified as a tdr in discounted cash flow analysis to determine specific loan 2019s expected impairment.\n specifically , a loan more severe delinquency history prior to modification will have higher future default rate than loan not severely delinquent.\n for both one- to four-family and home equity loan portfolio segments , pre- modification delinquency status , borrower 2019s current credit score and other credit bureau attributes , to each loan 2019s individual default experience and credit characteristics  incorporated into calculation of specific allowance.\n specific allowance is established to extent recorded investment exceeds discounted cash flows of a tdr with corresponding charge to provision for loan losses.\n specific allowance for these individually impaired loans represents forecasted losses over estimated remaining life of loan , including economic concession to borrower.\n effects if actual results differ historic volatility in credit markets increased complexity and uncertainty in estimating losses in loan portfolio.\n in current market difficult to estimate how potential changes in quantitative and qualitative factors  including impact of home equity lines of credit converting from interest only to amortizing loans or requiring borrowers to repay loan in full at end of draw period  might impact allowance for loan losses.\n if underlying assumptions and judgments inaccurate  allowance for loan losses could be insufficient to cover actual losses.\n may be required to further increase provision for loan losses  could have adverse effect on regulatory capital position and results of operations in future periods.\n during normal course conducting examinations banking regulators , occ and federal reserve , continue to review our business and practices.\n this process is dynamic and ongoing cannot be certain that additional changes or actions will not result from their continuing review.\nvaluation of goodwill and other intangible assets description goodwill assets evaluated for impairment annual basis as of november 30 in interim periods when events or changes indicate carrying value may not be recoverable , significant deterioration in operating environment or decision to sell or dispose of reporting unit.\n goodwill and other intangible assets net of amortization were $ 1. 8 billion and $ 0. 2 billion , respectively  at december 31 , 2013.\n judgments goodwill allocated to reporting units , components of business one level below operating segments.\n reporting units evaluated for impairment individually during annual assessment.\n estimating fair value of reporting units assets , liabilities intangible assets of reporting unit is subjective process involves use of estimates and judgments  particularly related to cash flows , appropriate discount rates applicable control premium.\n management judgment required to assess whether carrying value of reporting unit supported by fair value of individual reporting unit.\n various valuation methodologies  market approach or discounted cash flow methods , may be used to estimate fair value of reporting units.\n applying methodologies utilize of factors  including actual operating results , future business plans  economic projections  market data.\n following table shows comparative data for amount of goodwill allocated to reporting units ( dollars in millions ) :.\n\nreporting unit   | december 31 , 2013 | december 31 , 2012\n---------------- | ------------------ | ------------------\nretail brokerage | $ 1791.8           | $ 1791.8\nmarket making    | 2014               | 142.4\ntotal goodwill   | $ 1791.8           | $ 1934.2"
}
{
    "_id": "dd4be858c",
    "title": "",
    "text": "equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2013.\n equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights 2 number of securities remaining available for future issuance under plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 2956907 $ 35. 01 2786760 equity compensation plans not approved by security holders ( 3 ) 2014.\n includes grants under huntington ingalls industries , inc.\n 2012 long-term incentive stock plan ( \"2012 plan\" ) approved by stockholders on may 2 , 2012 and huntington ingalls industries , inc.\n 2011 long-term incentive stock plan ( \"2011 plan ) approved by sole stockholder prior to spin-off from northrop grumman corporation.\n shares 818723 subject to stock options , 1002217 subject to outstanding restricted performance stock rights , 602400 were restricted stock rights  63022 were stock rights granted under 2011 plan.\n number includes 24428 stock rights and 446117 restricted performance stock rights granted under 2012 plan  assuming target performance achievement.\n 2 weighted average exercise price of 818723 outstanding stock options only.\n no awards made under plans not approved by security holders.\n item 13.\n certain relationships and related transactions , and director independence information relationships related transactions director independence will incorporated by reference to proxy statement for 2014 annual meeting of stockholders to filed within 120 days after end of company 2019s fiscal year.\n item 14.\nprincipal accountant fees and services information principal accountant fees services incorporated herein by reference to proxy statement for our 2014 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n\nplan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights ( 2 ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )\n---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders           | 2956907                                                                                                      | $ 35.01                                                                         | 2786760\nequity compensation plans not approved by security holders ( 3 ) | 2014                                                                                                         | 2014                                                                            | 2014\ntotal                                                            | 2956907                                                                                                      | $ 35.01                                                                         | 2786760"
}
{
    "_id": "dd49753cc",
    "title": "",
    "text": "in corporate consumer loan tables are purchased distressed loans  loans evidenced significant credit deterioration subsequent to origination prior to acquisition by citigroup.\n with sop 03-3  difference between total expected cash flows for these loans and initial recorded investments is recognized in income over life of loans using level yield.\n these loans excluded from impaired loan information.\n per sop 03-3  subsequent decreases to expected cash flows for purchased distressed loan require build of allowance so loan retains level yield.\n increases in expected cash flows first recognized as reduction of established allowance and then recognized as income prospectively over remaining life loan by increasing loan 2019s level yield.\n where expected cash flows cannot be reliably estimated purchased distressed loan is accounted for under cost recovery method.\n carrying amount of company 2019s purchased distressed loan portfolio at december 31, 2010 was $ 392 million , net of allowance of $ 77 million as of december 31 , 2010.\n changes in accretable yield , related allowance and carrying amount net of accretable yield for 2010 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance.\n balance reported in column 201ccarrying amount of loan receivable 201d consists of $ 130 million of purchased loans accounted for under level-yield method and $ 0 under cost-recovery method.\n these balances represent fair value of loans at acquisition date.\n total expected cash flows for level-yield loans were $ 131 million at acquisition dates.\n balance in column 201ccarrying amount of loan receivable 201d consists of $ 315 million of loans accounted for under level-yield method and $ 154 million accounted for under cost-recovery method.\n\nin millions of dollars                 | accretable yield | carrying amount of loan receivable | allowance\n-------------------------------------- | ---------------- | ---------------------------------- | ----------\nbeginning balance                      | $ 27             | $ 920                              | $ 95\npurchases ( 1 )                        | 1                | 130                                | 2014\ndisposals/payments received            | -11 ( 11 )       | -594 ( 594 )                       | 2014\naccretion                              | -44 ( 44 )       | 44                                 | 2014\nbuilds ( reductions ) to the allowance | 128              | 2014                               | -18 ( 18 )\nincrease to expected cash flows        | -2 ( 2 )         | 19                                 | 2014\nfx/other                               | 17               | -50 ( 50 )                         | 2014\nbalance at december 31 2010 ( 2 )      | $ 116            | $ 469                              | $ 77"
}
{
    "_id": "dd49763da",
    "title": "",
    "text": "market price dividends d u l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t company 2019s common shares listed for trading on new york stock exchange  symbol dre.\n following table sets high low sales prices of common stock for periods indicated dividend paid per share each period.\n comparable cash dividends expected future.\n january 29 , 2003  company declared quarterly cash dividend of $. 455 per share payable february 28 , 2003 , to common shareholders of record february 14 , 2003.\n\nquarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend\n------------- | --------- | -------- | ------------- | --------- | -------- | --------\ndecember 31   | $ 25.84   | $ 21.50  | $ .455        | $ 24.80   | $ 22.00  | $ .45\nseptember 30  | 28.88     | 21.40    | .455          | 26.17     | 21.60    | .45\njune 30       | 28.95     | 25.46    | .450          | 24.99     | 22.00    | .43\nmarch 31      | 26.50     | 22.92    | .450          | 25.44     | 21.85    | .43"
}
{
    "_id": "dd4c2e334",
    "title": "",
    "text": "notes to audited consolidated financial statements director stock compensation subplan eastman's 2018 director stock compensation subplan \"directors' subplan ) component of 2017 omnibus plan  remains in effect until terminated by board of directors or earlier termination 2017 omnibus plan.\n directors' subplan provides for structured awards of restricted shares to non-employee members board of directors.\n restricted shares awarded subject to same terms and conditions of 2017 omnibus plan.\n not separate source of shares for grant of equity awards all shares awarded part of 10 million shares authorized under 2017 omnibus plan.\n shares of restricted stock granted on first day of non- employee director's initial term of service shares granted each year to each non-employee director on date of annual meeting of stockholders.\n company's practice to issue new shares rather than treasury shares for equity awards for compensation plans  including 2017 omnibus plan subplan require settlement by issuance of common stock to withhold or accept back shares awarded to cover related income tax obligations of employee participants.\n shares of unrestricted common stock owned by non-employee directors not eligible to be withheld or acquired to satisfy withholding obligation related to income taxes.\n shares of unrestricted common stock owned by specified senior management level employees accepted by company to pay exercise price of stock options in accordance with terms and conditions of awards.\ncompensation expense for 2018 , 2017 2016  total share-based compensation expense before tax ) of approximately $ 64 million , $ 52 million  $ 36 million  recognized in \"selling  general administrative expense\" in consolidated statements of earnings comprehensive income retained earnings for all share-based awards approximately $ 9 million , $ 8 million $ 7 million  related to stock options.\n compensation expense recognized over substantive vesting period may shorter time period than stated vesting period for qualifying termination eligible employees defined in forms award notice.\n approximately $ 3 million for 2018 $ 2 million for 2017 and 2016  stock option compensation expense recognized each year due to qualifying termination eligibility preceding requisite vesting period.\n stock option awards options granted annual basis to non-employee directors under directors' subplan predecessor plans by compensation and management development committee of board of directors under 2017 omnibus plan predecessor plans to employees.\n option awards have exercise price equal to closing price of company's stock on date of grant.\n term of options is 10 years with vesting periods vary up to three years.\n vesting occurs ratably over vesting period or at end of vesting period.\n company utilizes black scholes merton option valuation model relies on certain assumptions to estimate option's fair value.\n weighted average assumptions used in determination of fair value for stock options awarded in 2018  2017 2016 provided in table below.\n volatility rate of grants derived from historical company common stock price volatility over same time period as expected term of each stock option award.\n volatility rate derived by mathematical formula utilizing weekly high closing stock price data over expected term.\nexpected dividend yield calculated using company's average last four quarterly dividend yields.\n average risk-free interest rate derived from united states department of treasury published interest rates daily yield curves same time period as expected term.\n\nassumptions                     | 2018               | 2017               | 2016\n------------------------------- | ------------------ | ------------------ | ------------------\nexpected volatility rate        | 19.03% ( 19.03 % ) | 20.45% ( 20.45 % ) | 23.71% ( 23.71 % )\nexpected dividend yield         | 2.48% ( 2.48 % )   | 2.64% ( 2.64 % )   | 2.31% ( 2.31 % )\naverage risk-free interest rate | 2.61% ( 2.61 % )   | 1.91% ( 1.91 % )   | 1.23% ( 1.23 % )\nexpected term years             | 5.1                | 5.0                | 5.0"
}
{
    "_id": "dd4c01ae6",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our class a common stock on new york stock exchange ( 201cnyse 201d ) for years 2007 and 2006.\n february 29 , 2008  closing price class a common stock was $ 38. 44 per share reported nyse.\n as of february 29, 2008  had 395748826 outstanding shares class a common stock 528 registered holders.\n dividends never paid dividend on any class common stock.\n anticipate may retain future earnings to fund development growth business.\n indentures governing 7. 50% ( 7. 50 % ) senior notes due 2012 ( 201c7. 50% ( 201c7. 50 % ) notes 201d ) 7. 125% ( 7. 125 % ) senior notes due 2012 ( 201c7. 125%. 125 % notes 201d ) may prohibit us from paying dividends to stockholders unless satisfy certain financial covenants.\n loan agreement for revolving credit facility indentures governing terms of 7. 50% ( 7. 50 % ) notes 7. 125% ( 7. 125 % ) notes contain covenants restrict ability to pay dividends unless certain financial covenants satisfied.\n spectrasite subsidiaries classified as unrestricted subsidiaries under indentures for 7. 50% ( 7. 50 % ) notes 7. 125% ( 7. 125 % ) notes certain spectrasite 2019s subsidiaries subject to restrictions on amount of cash they can distribute under loan agreement related to securitization.\nfor more information about restrictions under loan agreement for revolving credit facility , notes indentures loan agreement related to securitization , see item 7 annual report under caption 201cmanagement 2019s discussion analysis of financial condition results of operations 2014liquidity capital resources 2014factors affecting sources liquidity 201d note 3 to consolidated financial statements included in annual report.\n\n2007                       | high    | low\n-------------------------- | ------- | -------\nquarter ended march 31     | $ 41.31 | $ 36.63\nquarter ended june 30      | 43.84   | 37.64\nquarter ended september 30 | 45.45   | 36.34\nquarter ended december 31  | 46.53   | 40.08\n2006                       | high    | low\nquarter ended march 31     | $ 32.68 | $ 26.66\nquarter ended june 30      | 35.75   | 27.35\nquarter ended september 30 | 36.92   | 29.98\nquarter ended december 31  | 38.74   | 35.21"
}
{
    "_id": "dd497a2c8",
    "title": "",
    "text": "settlements expiration of statutes of limi- tation company estimates unrecognized tax benefits could be reduced by up to $ 365 million during next twelve months no significant impact on earnings or cash tax payments.\n company believes it adequately accrued for possible audit adjust- ments final resolution of examinations cannot be determined could result in final settlements differ from current estimates.\n company recorded income tax provision for 2007 of $ 415 million  including $ 41 million benefit related to effective settlement of tax audits $ 8 million of other tax benefits.\n excluding impact of special items  tax provision was $ 423 million  or 30% ( 30 % ) of pre-tax earnings before minority interest.\n company recorded income tax provision for 2006 of $ 1. 9 billion  $ 1. 6 billion deferred tax provision ( reflecting deferred taxes on 2006 transformation plan forestland sales ) $ 300 million current tax provision.\n provision includes $ 11 million provision related to special tax adjustment.\n excluding impact of special items tax provision was $ 272 million  or 29% ( 29 % ) of pre-tax earnings before minority interest.\n company recorded income tax benefit for 2005 of $ 407 million including $ 454 million net tax benefit related to special tax adjustment tax benefit of $ 627 million resulting from agreement with.\n internal revenue service concerning 1997 through 2000.\n federal income tax audit  $ 142 million charge for deferred taxes related to earnings repatriations under american jobs creation act of 2004 $ 31 million of other tax charges.\n excluding impact of special items tax provision was $ 83 million  or 20% ( 20 % ) of pre-tax earnings before minority interest.\n international paper non.\nnet operating loss carryforwards approximately $ 352 million expire 2008 through 2017 2014 $ 14 million indefinite carryforwards $ 338 million.\n interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions approximately $ 258 million expire 2008 through 2017 2014$ 83 million 2018 through 2027 2014$ 175 million.\n international paper has federal  non-u.\n state tax credit carryforwards expire 2008 through 2017 2014 $ 67 million  2018 through 2027 2014 $ 92 million indefinite carryforwards 2014 $ 316 million.\n international paper has state capital loss carryfor- wards expire 2008 through 2017 2014 $ 9 million.\n deferred income taxes not provided for tempo- rary differences approximately $ 3. 7 billion , $ 2. 7 billion $ 2. 4 billion as of december 31 , 2007 , 2006 2005  representing earnings of non-u.\n subsidiaries intended to be permanently reinvested.\n computation of potential deferred tax liability undistributed earnings basis differences not practicable.\n note 10 commitments contingent liabilities certain property , machinery equipment leased under cancelable and non-cancelable agree- ments.\n unconditional purchase obligations entered into ordinary course of business for capital projects purchase of pulpwood , wood chips  raw materials  energy services including fiber supply agreements to purchase pulpwood entered into con with 2006 transformation plan forest- land sales ( see note 7 ).\n at december 31 , 2007  total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations : in millions 2008 2009 2010 2011 2012.\n ( a ) includes $ 2. 1 billion relating to fiber supply agreements entered time transformation plan forestland sales.\nrent expense was $ 168 million , $ 217 million $ 216 million for 2007 , 2006 2005 , respectively.\n international paper entered agreement in 2000 to guarantee for fee unsecured con- tractual credit agreement between financial institution unrelated third-party customer.\n in fourth quarter of 2006  customer cancelled agreement paid company fee of $ 11 million  included in cost of products sold in accompanying consolidated statement of oper- ations.\n company has no future obligations under agreement.\n\nin millions                | 2008   | 2009  | 2010  | 2011  | 2012  | thereafter\n-------------------------- | ------ | ----- | ----- | ----- | ----- | ----------\nlease obligations          | $ 136  | $ 116 | $ 101 | $ 84  | $ 67  | $ 92\npurchase obligations ( a ) | 1953   | 294   | 261   | 235   | 212   | 1480\ntotal                      | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572"
}
{
    "_id": "dd4973d88",
    "title": "",
    "text": "entergy mississippi , inc.\n management 2019s financial discussion analysis 2010 compared to 2009 net revenue consists of operating revenues net of 1 ) fuel  fuel-related expenses  gas purchased for resale  2 ) purchased power expenses 3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2010 to 2009.\n amount ( in millions ).\n volume/weather variance due to increase of 1046 gwh  or 8% ( 8 % )  in billed electricity usage in all sectors due to effect of favorable weather on residential sector.\n gross operating revenues , fuel purchased power expenses  other regulatory charges credits ) gross operating revenues increased due to increase of $ 22 million in power management rider revenue of higher rates volume/weather variance increase in grand gulf rider revenue higher rates increased usage offset by decrease of $ 23. 5 million in fuel cost recovery revenues due to lower fuel rates.\n fuel and purchased power expenses decreased due to decrease in deferred fuel expense prior over-collections offset by increase in average market price of purchased power increased net area demand.\n other regulatory charges increased due to increased recovery of costs associated with power management recovery rider.\n other income statement variances 2011 compared to 2010 operation and maintenance expenses decreased due to $ 5. 4 million decrease in compensation and benefits costs from increase in accrual for incentive-based compensation in 2010 decrease in stock option expense ; sale of $ 4. 9 million of surplus oil inventory.\n decrease partially offset by increase of $ 3. 9 million in legal expenses due to deferral in 2010 of certain litigation expenses regulatory treatment.\ntaxes other than income taxes increased due to increase in ad valorem taxes due to higher 2011 assessment compared 2010  partially offset by higher capitalized property taxes prior year.\n depreciation amortization expenses increased due to increase in plant service.\n interest expense decreased due to revision by ferc 2019s acceptance of change in treatment of funds received from independent power producers for transmission interconnection projects.\n\n| amount ( in millions )\n---------------- | ----------------------\n2009 net revenue | $ 536.7\nvolume/weather   | 18.9\nother            | -0.3 ( 0.3 )\n2010 net revenue | $ 555.3"
}
{
    "_id": "dd4b92614",
    "title": "",
    "text": "aggregate changes in balance of gross unrecognized tax benefits  excludes interest and penalties  for 2012 , 2011  and 2010 , is as follows ( in millions ) :.\n company includes interest and penalties related to unrecognized tax benefits within provision for income taxes.\n as of september 29 , 2012 and september 24 , 2011 , total of gross interest and penalties accrued was $ 401 million and $ 261 million  respectively classified as non-current liabilities in consolidated balance sheets.\n in connection with tax matters company recognized interest expense in 2012 and 2011 of $ 140 million and $ 14 million in 2010 company recognized interest benefit of $ 43 million.\n company subject to taxation and files income tax returns in.\n federal jurisdiction and many state and foreign jurisdictions.\n for.\n federal income tax purposes all years prior to 2004 are closed.\n internal revenue service ( 201cirs 201d ) completed field audit of company 2019s federal income tax returns for years 2004 through 2006 and proposed certain adjustments.\n company contested certain these adjustments through irs appeals office.\n irs currently examining years 2007 through 2009.\n company also subject to audits by state , local and foreign tax authorities.\n in major states and major foreign jurisdictions years subsequent to 1989 and 2002  generally remain open and could be subject to examination by taxing authorities.\n management believes adequate provision has made for adjustments from tax examinations.\n outcome of tax audits cannot be predicted with certainty.\n if issues addressed in company tax audits resolved not consistent with management expectations company could be required to adjust provision for income tax in period such resolution occurs.\ntiming of resolution/or closure of audits not certain, company believes possible tax audit resolutions could reduce unrecognized tax benefits by between $ 120 million and $ 170 million in next 12 months.\n note 6 2013 shareholders 2019 equity and share-based compensation preferred stock company has five million shares of authorized preferred stock none issued or outstanding.\n under terms company 2019s restated articles of incorporation board of directors authorized to determine or alter rights preferences privileges restrictions of company 2019s authorized but unissued shares of preferred stock.\n dividend and stock repurchase program in 2012  board of directors company approved dividend policy plans to make subject declaration quarterly dividends of $ 2. 65 per share.\n on july 24 , 2012 board of directors declared dividend of $ 2. 65 per share to shareholders of record as of close of business on august 13 , 2012.\n company paid $ 2. 5 billion conjunction with this dividend on august 16 , 2012.\n no dividends declared in first three quarters of 2012 or in 2011 and 2010.\n\n| 2012         | 2011       | 2010\n---------------------------------------------------------------- | ------------ | ---------- | ------------\nbeginning balance                                                | $ 1375       | $ 943      | $ 971\nincreases related to tax positions taken during a prior year     | 340          | 49         | 61\ndecreases related to tax positions taken during a prior year     | -107 ( 107 ) | -39 ( 39 ) | -224 ( 224 )\nincreases related to tax positions taken during the current year | 467          | 425        | 240\ndecreases related to settlements with taxing authorities         | -3 ( 3 )     | 0          | -102 ( 102 )\ndecreases related to expiration of statute of limitations        | -10 ( 10 )   | -3 ( 3 )   | -3 ( 3 )\nending balance                                                   | $ 2062       | $ 1375     | $ 943"
}
{
    "_id": "dd4bc2440",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 continued ) note 12.\n stock award plans and stock based compensation ) compensation expense recognized related to company 2019s espp was approximately $ 0. 1 million for each years ended march 31 , 2009 , 2008 2007.\n fair value of shares issued under employee stock purchase plan estimated on commencement date of each offering period using black-scholes option-pricing model with assumptions:.\n note 13.\n capital stock in august 2008  company issued 2419932 shares of common stock at price $ 17. 3788 in public offering  resulted in net proceeds company approximately $ 42. 0 million  after deducting offering expenses.\n march 2007  company issued 5000000 shares of common stock in public offering  april 2007  additional 80068 shares of common stock issued connection with offering partial exercise of underwriters 2019 over-allotment option.\n company authorized 1000000 shares of class b preferred stock , $ 0. 01 par value , board of directors can set designation , rights privileges.\n no shares of class b preferred stock issued or outstanding.\n note 14.\n income taxes deferred tax assets liabilities recognized for estimated future tax consequences attributable to tax benefit carryforwards differences between financial statement amounts of assets liabilities and respective tax basis.\n deferred tax assets liabilities measured using enacted tax rates.\n valuation reserve established if likely all or portion of deferred tax asset not be realized.\n tax benefit associated with stock option compensation deductions credited to equity when realized.\n at march 31 , 2009 , company had federal and state net operating loss carryforwards  nols of approximately $ 145. 1 million and $ 97. 1 million , respectively begin expire in fiscal 2010.\n at march 31 , 2009  company had federal and state research and development credit carryforwards of approximately $ 8. 1 million and $ 4. 2 million  respectively to expire in fiscal 2010.\n company acquired impella , a german-based company in may 2005.\n impella had pre-acquisition net operating losses of approximately $ 18. 2 million at time of acquisition denominated in euros subject to foreign exchange remeasurement at each balance sheet date ) since incurred net operating losses in each fiscal year since acquisition.\n during fiscal 2008  company determined approximately $ 1. 2 million of pre-acquisition operating losses could not be utilized.\n utilization of pre-acquisition net operating losses of impella in future periods subject to statutory approvals and business requirements.\n due to uncertainties surrounding company 2019s ability to generate future taxable income assets full valuation allowance established to offset company 2019s net deferred tax assets and liabilities.\n future utilization of company 2019s nol and research and development credit carry forwards to offset future taxable income may be subject to substantial annual limitation under section 382 of internal revenue code due to ownership changes previously or could occur in future.\n ownership changes  can limit amount net operating loss carry forwards and research and development credit carry forwards company can use each year to offset future taxable income taxes payable.\n company believes all federal and state nol 2019s will be available for carryforward to future tax periods subject to statutory maximum carryforward limitation of annual nol.\n any future potential limitation to all or portion of nol or research and development credit carry forwards  before utilized would reduce company 2019s gross deferred tax assets.\n company will monitor subsequent ownership changes could impose limitations in future.\n\n| 2009             | 2008             | 2007\n----------------------- | ---------------- | ---------------- | ----------------\nrisk-free interest rate | 1.01% ( 1.01 % ) | 4.61% ( 4.61 % ) | 4.84% ( 4.84 % )\nexpected life ( years ) | 0.5              | 0.5              | 0.5\nexpected volatility     | 67.2% ( 67.2 % ) | 45.2% ( 45.2 % ) | 39.8% ( 39.8 % )"
}
{
    "_id": "dd4b90d50",
    "title": "",
    "text": "system energy may refinance redeem retire debt prior to maturity extent market conditions interest dividend rates favorable.\n all debt common stock issuances system energy require prior regulatory approval. a0debt issuances subject to issuance tests in bond indentures other agreements. a0system energy has sufficient capacity under tests to meet foreseeable capital needs.\n system energy 2019s receivables from money pool were as of december 31 for each following years.\n see note 4 to financial statements for description of money pool.\n system energy nuclear fuel company variable interest entity has credit facility $ 120 million scheduled to expire in may 2019.\n as of december 31 , 2017 , $ 17. 8 million in letters of credit to support like commercial paper issued $ 50 million in loans outstanding under system energy nuclear fuel company variable interest entity credit facility.\n see note 4 financial statements for discussion variable interest entity credit facility.\n system energy obtained authorizations from ferc through october 2019 for : 2022 short-term borrowings not to exceed $ 200 million outstanding ; 2022 long-term borrowings and security issuances ; 2022 long-term borrowings by nuclear fuel company variable interest entity.\n see note 4 to financial statements for discussion of system energy 2019s short-term borrowing limits.\n system energy resources , inc.\n management 2019s financial discussion and analysis federal regulation see 201crate  cost-recovery other regulation 2013 federal regulation 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis note 2 to financial statements for discussion federal regulation.\n complaint against system energy in january 2017 apsc and mpsc filed complaint with ferc against system energy.\ncomplaint seeks reduction in return on equity component of unit power sales agreement system energy sells grand gulf capacity and energy to entergy arkansas , entergy louisiana  entergy mississippi  entergy new orleans.\n entergy arkansas sells some grand gulf capacity and energy to entergy louisiana entergy mississippi entergy new orleans under separate agreements.\n current return on equity under unit power sales agreement is 10. 94% ( 10. 94 % ).\n complaint alleges return on equity is unjust unreasonable because current capital market considerations indicate it excessive.\n complaint requests ferc to institute proceedings to investigate return on equity establish lower return on equity requests ferc establish january 23 , 2017 as refund effective date.\n complaint includes return on equity analysis establish range of reasonable return on equity for system energy is between 8. 37% ( 8. 37 % ) and 8. 67% ( 8. 67 % ).\n system energy answered complaint in february 2017 disputes return on equity of 8. 37% ( 8. 37 % ) to 8. 67% ( 8. 67 % ) is just and reasonable.\n lpsc and city council intervened in proceeding support for complaint.\n system energy recording provision against revenue for potential outcome of proceeding.\n in september 2017 ferc established refund effective date of january 23, 2017 consolidated return on equity complaint with proceeding in unit power sales agreement directed parties to engage in settlement\n\n2017             | 2016             | 2015             | 2014\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 111667         | $ 33809          | $ 39926          | $ 2373"
}
{
    "_id": "dd4bf8f36",
    "title": "",
    "text": "apply no impact on plan obligations.\n for 2015 , healthcare trend rate was 7% ( 7 % )  ultimate trend rate was 5% ( 5 % )  year ultimate trend rate reached was 2019.\n projected benefit payments are as follows:.\n estimated benefit payments based on assumptions about future events.\n actual benefit payments may vary significantly from estimates.\n 17.\n commitments and contingencies litigation involved in various legal proceedings , including commercial , competition , environmental , health , safety  product liability  insurance matters.\n in september 2010  brazilian administrative council for economic defense ( cade ) issued decision against our brazilian subsidiary , air products brasil ltda. several other brazilian industrial gas companies for alleged anticompetitive activities.\n cade imposed civil fine of r$ 179. 2 million ( approximately $ 55 at 30 september 2016 ) on air products brasil ltda.\n fine based on recommendation by unit brazilian ministry of justice , investigation began in 2003  alleging violation of competition laws with sale of industrial and medical gases.\n fines based on percentage of our total revenue in brazil in 2003.\n denied allegations by authorities filed appeal in october 2010 with brazilian courts.\n on 6 may 2014  appeal granted fine against air products brasil ltda.\n dismissed.\n cade appealed ruling matter remains pending.\n with advice of outside legal counsel assessed status of matter concluded adverse final judgment after exhausting all appeals possible, judgment not probable.\n result no provision made in consolidated financial statements.\n estimate maximum possible loss to be full amount of fine of r$ 179. 2 million ( approximately $ 55 at 30 september 2016 ) plus interest accrued until final disposition of proceedings.\nthan this matter we do not currently believe any legal proceedings  individually or aggregate reasonably possible to material impact on our financial condition , results of operations  or cash flows.\n environmental in normal course business we involved in legal proceedings under comprehensive environmental response , compensation , and liability act ( cercla federal superfund law ) ; resource conservation and recovery act ( rcra ) ; similar state and foreign environmental laws relating to designation of certain sites for investigation or remediation.\n presently approximately 33 sites on final settlement not reached where we with others designated potentially responsible party by environmental protection agency or engaged in investigation or remediation including cleanup activity at certain our current and former manufacturing sites.\n we continually monitor these sites for environmental exposure.\n accruals for environmental loss contingencies are recorded when probable liability incurred and amount of loss can be reasonably estimated.\n consolidated balance sheets at 30 september 2016 and 2015 included accrual of $ 81. 4 and $ 80. 6  respectively primarily as part of other noncurrent liabilities.\n environmental liabilities be paid over period up to 30 years.\n estimate exposure for environmental loss contingencies to range from $ 81 to possible upper exposure of $ 95 as of 30 september 2016.\n\n2017          | $ 11.5\n------------- | ------\n2018          | 11.0\n2019          | 10.7\n2020          | 10.2\n2021          | 9.7\n2022 20132026 | 35.3"
}
{
    "_id": "dd4bf9f80",
    "title": "",
    "text": "3m 2019s cash and cash equivalents balance at december 31 , 2007 totaled $ 1. 896 billion  additional $ 1. 059 billion in current and long-term marketable securities.\n 3m 2019s strong balance sheet liquidity provide company significant flexibility to take advantage opportunities going forward.\n company will continue to invest in operations to drive growth including continual review of acquisition opportunities.\n 3m expects to complete acquisition of aearo holding corp.\n for approximately $ 1. 2 billion in 2008.\n 3m paid dividends of $ 1. 380 billion in 2007  long history of dividend increases.\n in february 2008 board of directors increased quarterly dividend on 3m common stock by 4. 2% ( 4. 2 % ) to 50 cents per share equivalent to annual dividend of $ 2. 00 per share.\n in february 2007 3m 2019s board of directors authorized two-year share repurchase of up to $ 7. 0 billion for period from february 12, 2007 to february 28 , 2009.\n at december 31 , 2007 company has $ 4. 1 billion remaining under authorization not expect to fully utilize by february 28 , 2009.\n in 2008  company expects to contribute $ 100 million to $ 400 million to u. s.\n international pension plans.\n company required minimum pension contribution obligation for.\n plans in 2008.\n amount anticipated discretionary contribution could vary depending on. -plans funding status 2008 measurement date anticipated tax deductibility of contribution.\n future contributions will depend on market conditions interest rates other factors.\n 3m believes strong cash flow and balance sheet will allow to fund future pension needs without compromising growth opportunities.\n company uses working capital measures emphasis focus on certain working capital assets and liabilities.\n measures not defined under u. s.\naccepted accounting principles may not be computed same as similarly titled measures used by other companies.\n primary working capital measures 3m uses combined index includes accounts receivable inventory accounts payable.\n combined index ( defined as quarterly net sales 2013 fourth quarter at year-end 2013 multiplied by four divided by ending net accounts receivable plus inventory less accounts payable ) was 5. 3 at december 31 , 2007 down from 5. 4 at december 31  2006.\n receivables increased $ 260 million  or 8. 4% ( 8. 4 % ) compared with december 31 , 2006.\n currency translation increased accounts receivable by $ 159 million year-on-year as.\n dollar weakened against currencies.\n inventories increased $ 251 million  or 9. 7% ( 9. 7 % )  compared with december 31 , 2006.\n currency translation increased inventories by $ 132 million year-on-year.\n accounts payable increased $ 103 million compared with december 31 , 2006 $ 65 million year-on-year increase related to currency translation.\n cash flows from operating  investing financing activities provided in tables follow.\n individual amounts exclude effects of acquisitions  divestitures exchange rate impacts presented separately.\n amounts in operating investing financing activities tables reflect changes in balances from period to period adjusted for these effects.\n cash flows from operating activities years ended december 31.\n\n( millions )                                       | 2007         | 2006           | 2005\n-------------------------------------------------- | ------------ | -------------- | ------------\nnet income                                         | $ 4096       | $ 3851         | $ 3111\ndepreciation and amortization                      | 1072         | 1079           | 986\ncompany pension contributions                      | -376 ( 376 ) | -348 ( 348 )   | -654 ( 654 )\ncompany postretirement contributions               | -3 ( 3 )     | -37 ( 37 )     | -134 ( 134 )\ncompany pension expense                            | 190          | 347            | 331\ncompany postretirement expense                     | 65           | 93             | 106\nstock-based compensation expense                   | 228          | 200            | 155\ngain from sale of businesses                       | -849 ( 849 ) | -1074 ( 1074 ) | 2014\nincome taxes ( deferred and accrued income taxes ) | -34 ( 34 )   | -178 ( 178 )   | 402\nexcess tax benefits from stock-based compensation  | -74 ( 74 )   | -60 ( 60 )     | -54 ( 54 )\naccounts receivable                                | -35 ( 35 )   | -103 ( 103 )   | -184 ( 184 )\ninventories                                        | -54 ( 54 )   | -309 ( 309 )   | -294 ( 294 )\naccounts payable                                   | -4 ( 4 )     | 68             | 113\nproduct and other insurance receivables and claims | 158          | 58             | 122\nother 2014 net                                     | -105 ( 105 ) | 252            | 198\nnet cash provided by operating activities          | $ 4275       | $ 3839         | $ 4204"
}
{
    "_id": "dd4c51988",
    "title": "",
    "text": "aircraft fuel operations financial results affected by availability price of jet fuel.\n based on 2014 forecasted mainline regional fuel consumption estimate as of december 31 , 2013  a $ 1 per barrel increase in price of crude oil would increase 2014 annual fuel expense by $ 104 million ( excluding effect hedges ) by $ 87 million ( taking into account such hedges ).\n following table shows annual aircraft fuel consumption costs  including taxes  for american, it's third-party regional carriers american eagle , for 2011 through 2013.\n aag's consolidated fuel requirements in 2014 expected to increase significantly to approximately 4. 4 billion gallons result of full year of us airways operations.\n gallons consumed ( in millions ) average cost per gallon total cost ( in millions ) percent of total operating expenses.\n total fuel expenses for american eagle american's third-party regional carriers operating under capacity purchase agreements for years ended december 31 , 2013, 2012 and 2011 were $ 1. 1 billion , $ 1. 0 billion and $ 946 million , respectively.\n to provide control over price supply , we trade and ship fuel maintain fuel storage facilities to support flight operations.\n prior to from entered into hedging contracts consist primarily of call options , collars ( purchased call option sold put option ) call spreads ( call ).\n heating oil , jet fuel crude oil are primary underlying commodities in hedge portfolio.\n depending on movements in price of fuel fuel hedging can result in gains or losses on fuel hedges.\n for more discussion see part i , item 1a.\n risk factors - business dependent on price availability of aircraft fuel.\nperiods high volatility in fuel costs increased fuel prices disruptions in supply of aircraft fuel could negative impact on operating results liquidity. as of january 2014 had hedges covering approximately 19% ( 19 % ) of estimated consolidated aag ( including estimated fuel requirements of us airways ) 2014 fuel requirements.\n consumption hedged for 2014 capped at average price approximately $ 2. 91 per gallon of jet fuel.\n one percent of estimated 2014 fuel requirement hedged using call spreads with protection capped at average price approximately $ 3. 18 per gallon of jet fuel.\n eighteen percent of estimated 2014 fuel requirement hedged using collars with average floor price approximately $ 2. 62 per gallon of jet fuel.\n cap floor prices exclude taxes transportation costs.\n not entered into fuel hedges since effective date current policy is not to do so.\n see part ii , item 7.\n management 2019s discussion analysis of financial condition results of operations item 7 ( a ).\n quantitative disclosures about market risk note 10 to aag's consolidated financial statements item 8a note 9 to american's financial statements item 8b.\n fuel prices fluctuated substantially over past years.\n cannot predict future availability  price volatility cost of aircraft fuel.\n natural disasters  political disruptions wars involving oil-producing countries changes in fuel-related governmental policy strength of.\n dollar against foreign currencies changes in access to petroleum product pipelines terminals speculation in energy futures markets changes in aircraft fuel production capacity environmental concerns unpredictable events may result in fuel supply shortages additional fuel price volatility cost increases in future.\n see part i , item 1a.\n risk factors business dependent on price availability of aircraft fuel.\ncontinued periods of high volatility in fuel costs , increased fuel prices significant disruptions in supply of aircraft fuel could negative impact on our operating results and liquidity. \" insurance we maintain insurance of types customary in airline industry  including insurance for public liability , passenger liability  property damage  all-risk coverage for damage to aircraft.\n principal coverage includes liability for injury to members public , including passengers , damage to property of aag , subsidiaries others  loss of or damage to flight equipment , on ground or in flight.\n also maintain other types of insurance workers 2019 compensation employer 2019s liability , with limits and deductibles standard within industry.\n since september 11 , 2001  we other airlines unable to obtain coverage for liability to persons other than employees and passengers for claims from acts of terrorism , war similar events , called war risk coverage , at reasonable rates from commercial insurance market.\n purchased our war risk coverage through special program administered by faa , as most other u. s.\n airlines.\n program  expires september 30 , 2014\n\nyear | gallons consumed ( in millions ) | average costper gallon | total cost ( in millions ) | percent of total operating expenses\n---- | -------------------------------- | ---------------------- | -------------------------- | -----------------------------------\n2011 | 2756                             | $ 3.01                 | $ 8304                     | 33.2% ( 33.2 % )\n2012 | 2723                             | $ 3.20                 | $ 8717                     | 35.3% ( 35.3 % )\n2013 | 2806                             | $ 3.09                 | $ 8959                     | 35.3% ( 35.3 % )"
}
{
    "_id": "dd497e134",
    "title": "",
    "text": "item 1b.\n unresolved staff comments not applicable.\n item 2.\n properties as of december 28 , 2013 , major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29. 9 16. 7 46. 6 leased facilities2 2. 3 6. 0 8. 3.\n 1 leases on portions of land used for facilities expire varying dates through 2062.\n 2 leases expire dates through 2028 include renewals at option.\n principal executive offices located in u. s.\n significant amount of wafer fabrication activities also located in u. s.\n in addition to current facilities building development fabrication facility in oregon began r&d start-up in 2013.\n expect new facility will allow to widen process technology lead.\n completed construction of large-scale fabrication building in arizona in 2013  currently not in use not being depreciated.\n announced plan to delay equipment installation in building leverage existing fabrication facilities , reserving new facility for additional capacity and future technologies.\n outside u. s. have wafer fabrication facilities in israel , china , ireland.\n fabrication facility in ireland transitioning to newer process technology node manufacturing expected to recommence in 2015.\n assembly and test facilities in malaysia , china , costa rica , vietnam.\n sales and marketing offices worldwide near major concentrations of customers.\n believe facilities described above suitable and adequate for present purposes productive capacity in facilities substantially being utilized or have plans to utilize it.\n do not identify or allocate assets by operating segment.\n for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of form 10-k.\n item 3.\nlegal proceedings discussion proceedings  see 201cnote 26 contingencies 201d part ii  item 8 form 10-k.\n item 4.\n mine safety disclosures not applicable.\n table of contents\n\n( square feet in millions ) | unitedstates | othercountries | total\n--------------------------- | ------------ | -------------- | -----\nowned facilities1           | 29.9         | 16.7           | 46.6\nleased facilities2          | 2.3          | 6.0            | 8.3\ntotal facilities            | 32.2         | 22.7           | 54.9"
}
{
    "_id": "dd4bfb34e",
    "title": "",
    "text": "2022 level volatility of interest capitalization rates capital market conditions ; 2022 loss of hedge accounting treatment for interest rate swaps ; 2022 continuation of good credit of interest rate swap providers ; 2022 price volatility , dislocations liquidity disruptions in financial markets impact on financing ; 2022 effect of rating agency actions on cost availability of new debt financing ; 2022 significant decline in market value of real estate as collateral for mortgage obligations ; 2022 significant change in mortgage financing market single-family housing , owned or rental product to become more significant competitive product ; 2022 our ability to to satisfy complex rules to maintain our status as reit for federal income tax purposes , ability of operating partnership to satisfy rules maintain status partnership for federal income tax purposes, ability of taxable reit subsidiaries to maintain status for federal income tax purposes ability ability subsidiaries to operate effectively within limitations by these rules ; 2022 inability to attract retain qualified personnel ; 2022 cyber liability potential liability for breaches of privacy or information security systems ; 2022 potential liability for environmental contamination ; 2022 adverse legislative regulatory tax changes ; 2022 legal proceedings relating to various issues  could result in class action lawsuit ; 2022 compliance costs associated with laws requiring access for disabled persons ; 2022 other risks identified in this annual report on form 10-k including under caption \"item 1a.\n risk factors\"  from  in other reports file with securities and exchange commission  sec , in other documents publicly disseminate.\n new factors may emerge could have material adverse effect on our business.\n except as required by law , we undertake no obligation to publicly update or revise forward-looking statements in this annual report on form 10-k to reflect events  circumstances changes in expectations after date this annual report on form 10-k is filed.\n item 1.\n business.\noverview maa is a multifamily focused self-administered self-managed real estate investment trust .\n we own  operate  acquire develop apartment communities in southeast southwest mid-atlantic regions of united states.\n as of december 31 , 2018 maintained full or partial ownership of apartment communities and commercial properties across 17 states district of columbia  summarized.\n 1 ) excludes commercial space at our multifamily apartment communities totals approximately 615000 square feet of gross leasable space.\n business conducted principally through operating partnership.\n maa is sole general partner of operating partnership holding 113844267 op units  comprising 96. 5% (. ) partnership interest in operating partnership as of december 31 , 2018.\n maa and maalp formed in tennessee in 1993.\n as of december 31 , 2018 had 2508 full- time employees 44 part-time employees.\n\nmultifamily    | communities | units\n-------------- | ----------- | --------------\nconsolidated   | 303         | 100595\nunconsolidated | 1           | 269\ntotal          | 304         | 100864\ncommercial     | properties  | sq . ft. ( 1 )\nconsolidated   | 4           | 260000"
}
{
    "_id": "dd497314e",
    "title": "",
    "text": "divestiture of arrow and moores businesses unfavorable sales mix of international plumbing products decreased sales by two percent.\n net sales for 2016 positively affected by increased sales volume of plumbing products paints other coating products builders' hardware.\n net sales for 2016 positively affected by favorable sales mix of cabinets and windows  net selling price increases of north american windows and north american international plumbing products.\n net sales for 2016 negatively affected by lower sales volume of cabinets lower net selling prices of paints and other coating products.\n gross profit margins were 32. 2 percent , 34. 2 percent 33. 4 percent in 2018, 2017 2016  respectively.\n 2018 gross profit margin negatively impacted by increase in commodity costs recognition of inventory step up adjustment part of acquisition of kichler increase in other expenses ( logistics costs salaries ) unfavorable sales mix.\n negative impacts partially offset by increase in net selling prices benefits associated with cost savings initiatives increased sales volume.\n 2017 gross profit margin positively impacted by increased sales volume more favorable relationship between net selling prices commodity costs cost savings initiatives.\n selling , general administrative expenses as percent of sales were 17. 7 percent in 2018 compared with 18. 6 percent in 2017 and 18. 7 percent in 2016.\n decrease in selling , general administrative expenses  as percentage of sales driven by leverage of fixed expenses due primarily to increased sales volume improved cost control.\n following table reconciles reported operating profit to operating profit , adjusted to exclude certain items , dollars in millions:.\n operating profit margin in 2018 negatively affected by increase in commodity costs  recognition of inventory step up adjustment part of acquisition of kichler increase in other expenses ( logistics costs  salaries erp costs ).\nnegative impacts partially offset by increased net selling prices benefits cost savings initiatives increased sales volume.\n operating profit margin in 2017 positively impacted by increased sales volume cost savings initiatives favorable relationship between net selling prices commodity costs.\n operating profit margin in 2017 negatively impacted by increase in strategic growth investments other expenses including stock-based compensation health insurance costs trade show costs increased head count.\n due to increase in tariffs on imported materials from china assuming tariffs rise to 25 percent in 2019 could be exposed to approximately $ 150 million of potential annual direct cost increases.\n work to mitigate impact tariffs through price increases supplier negotiations supply chain repositioning internal productivity measures.\n other income ( expense )  net for 2018 included $ 14 million of net periodic pension and post-retirement benefit cost $ 8 million of realized foreign currency losses.\n expenses partially offset by $ 3 million of earnings related to equity method investments $ 1 million to distributions from private equity funds.\n other  net  for 2017 included $ 26 million to periodic pension post-retirement benefit costs $ 13 million net loss related to divestitures of moores and arrow $ 2 million to impairment of private equity fund partially offset by $ 3 million distributions from private equity funds $ 1 million earnings related to equity method investments.\n\n| 2018             | 2017             | 2016\n------------------------------------ | ---------------- | ---------------- | ----------------\noperating profit as reported         | $ 1211           | $ 1194           | $ 1087\nrationalization charges              | 14               | 4                | 22\nkichler inventory step up adjustment | 40               | 2014             | 2014\noperating profit as adjusted         | $ 1265           | $ 1198           | $ 1109\noperating profit margins as reported | 14.5% ( 14.5 % ) | 15.6% ( 15.6 % ) | 14.8% ( 14.8 % )\noperating profit margins as adjusted | 15.1% ( 15.1 % ) | 15.7% ( 15.7 % ) | 15.1% ( 15.1 % )"
}
{
    "_id": "dd49781f8",
    "title": "",
    "text": "operations operating revenues millions 2014 2013 2012 % ( % ) change 2014 v 2013 2012.\n generate freight revenues by transporting freight materials from six commodity groups.\n freight revenues vary with volume ( carloads ) average revenue per car ( arc ).\n changes in price  traffic mix fuel surcharges drive arc.\n provide customers with contractual incentives for meeting or exceeding specified cumulative volumes shipping to from specific locations record as reductions to freight revenues based on actual projected future shipments.\n recognize freight revenues as shipments move from origin to destination.\n allocate freight revenues between reporting periods based on transit time recognize expenses as incur them.\n other revenues include revenues earned by subsidiaries from commuter rail operations accessorial revenues earn when customers retain equipment or perform additional services switching storage.\n recognize other revenues as perform services meet contractual obligations.\n freight revenues from all six commodity groups increased 2014 compared to 2013 driven by 7% ( 7 % ) volume growth core pricing gains of 2. 5% ( 2. 5 % ).\n volume growth from grain  frac sand  rock intermodal domestic international ) shipments offset declines in crude oil.\n freight revenues from five of six commodity groups increased 2013 compared to 2012.\n revenue from agricultural products down slightly compared to 2012.\n arc increased 5% ( 5 % ) driven by core pricing gains shifts in business mix automotive logistics management arrangement.\n volume flat year over year as growth in automotive  frac sand  crude oil domestic intermodal offset declines in coal  international intermodal grain shipments.\n fuel surcharge programs generated freight revenues of $ 2. 8 billion , $ 2. 6 billion  $ 2.6 billion in 2014 , 2013 2012  respectively.\n fuel surcharge 2014 increased 6% ( 6 % ) driven by 7% ( 7 % ) carloadings increase.\n fuel surcharge 2013 flat versus 2012 lower fuel price offset improved fuel recovery provisions lag effect of programs ( surcharges trail fluctuations fuel price two months ).\n in 2014  other revenue increased from 2013 due to higher revenues at subsidiaries broker intermodal automotive services accessorial revenue by increased volume per diem revenue for container usage previously included automotive freight revenue ).\n 2013  other revenue increased from 2012 due to miscellaneous contract revenue higher revenues at subsidiaries broker intermodal automotive services.\n\nmillions         | 2014    | 2013    | 2012    | % (  % ) change 2014 v 2013 | % (  % ) change 2013 v 2012\n---------------- | ------- | ------- | ------- | --------------------------- | ---------------------------\nfreight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % )                  | 5% ( 5 % )\nother revenues   | 1428    | 1279    | 1240    | 12% ( 12 % )                | 3% ( 3 % )\ntotal            | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % )                  | 5% ( 5 % )"
}
{
    "_id": "dd4ba1c86",
    "title": "",
    "text": "performance graph graph compares total return  assuming reinvestment of dividends on investment in company  based on performance of company's common stock with total return of standard & poor's 500 composite stock index dow jones united states travel and leisure index for five year period by measuring changes in common stock prices from december 31 , 2011 to december 31 , 2016.\n stock performance graph assumes for value of company's common stock and each index was $ 100 on december 31 , 2011 all dividends were reinvested.\n past performance not indicator of future results.\n\n| 12/11  | 12/12  | 12/13  | 12/14  | 12/15  | 12/16\n----------------------------- | ------ | ------ | ------ | ------ | ------ | ------\nroyal caribbean cruises ltd . | 100.00 | 139.36 | 198.03 | 350.40 | 437.09 | 362.38\ns&p 500                       | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18\ndow jones us travel & leisure | 100.00 | 113.33 | 164.87 | 191.85 | 203.17 | 218.56"
}
{
    "_id": "dd4c0f696",
    "title": "",
    "text": "6feb201418202649 performance graph table compares cumulative total shareholder return on our common stock with cumulative return of standard & poor 2019s 500 composite stock index ( 2018 2018s&p 500 index 2019 ) ii standard & poor 2019s industrials index ( 2018 2018s&p industrials index 2019 standard & poor 2019s consumer durables & apparel index ( 2018 2018s&p index 2019 ) from december 31, 2008 through december 31, 2013 when closing price common stock was $ 22. 77.\n graph assumes investments of $ 100 on december 31, 2008 in our common stock and each three indices reinvestment of dividends.\n $ 350. 00 $ 300. 00 $ 250. 00 $ 200. 00 $ 150. 00 $ 100. 00 $ 50. 00 performance graph.\n july 2007  board of directors authorized purchase of up to 50 million shares of common stock in open-market transactions.\n at december 31 , 2013  remaining authorization to repurchase up to 22. 6 million shares.\n during first quarter of 2013  repurchased and retired 1. 7 million shares of common stock for cash aggregating $ 35 million to offset dilutive impact of 2013 grant of 1. 7 million shares of long-term stock awards.\n not purchased shares since march 2013.\n\n| 2009     | 2010     | 2011     | 2012     | 2013\n------------------------------------- | -------- | -------- | -------- | -------- | --------\nmasco                                 | $ 128.21 | $ 120.32 | $ 102.45 | $ 165.80 | $ 229.59\ns&p 500 index                         | $ 125.92 | $ 144.58 | $ 147.60 | $ 171.04 | $ 225.85\ns&p industrials index                 | $ 120.19 | $ 151.89 | $ 150.97 | $ 173.87 | $ 243.73\ns&p consumer durables & apparel index | $ 136.29 | $ 177.91 | $ 191.64 | $ 232.84 | $ 316.28"
}
{
    "_id": "dd497041c",
    "title": "",
    "text": "alexion pharmaceuticals , inc.\n notes to consolidated financial statements 2014 continued years ended december 31 , 2007 2006  five month period ended december 31 , 2005  year ended july 31 , 2005 amounts in thousands  except share per share amounts ) aggregate future minimum annual rental payments next five years thereafter under non-cancellable operating leases including facilities equipment ) as of december 31 , 2007 are:.\n 9.\n commitments contingencies legal proceedings on march 16 , 2007  pdl biopharma , inc. pdl filed civil action against alexion u.\n district court for district of delaware.\n pdl claims infringement by alexion of pdl patents due to sales of soliris.\n pdl seeks unspecified damages no reasonable royalty  plus attorney 2019s fees.\n alexion denied pdl's claims.\n filed counterclaims seeking declarations of non-infringement invalidity of certain.\n patents held by pdl.\n alexion believes good valid defenses to pdl's claims intends to defend case pursue counterclaims.\n february 4 , 2008  sb2 , inc.\n filed civil action against alexion united states district court northern district of california.\n sb2  inc.\n claims willfull infringement by alexion of sb2.\n patents due to sales of soliris.\n sb2  inc.\n seeks unspecified monetary damages  equitable relief attorneys fees.\n alexion believes has good valid defenses to sb2's claims intends to defend case pursue counterclaims.\n results of civil actions cannot be predicted certainty due to early stages.\ndepending on outcome legal matters operating results company could be impacted through adjustments to cost of sales ( see notes 2 , 6 15 for additional information related to royalties ).\n product supply large-scale product supply agreement dated december 18 , 2002  or lonza agreement  between lonza sales ag and us relating to manufacture of soliris amended in june 2007.\n amended supply agreement to provide for additional purchase commitments of soliris of $ 30000 to $ 35000 through 2013.\n commitments may only be cancelled in limited circumstances.\n\n2008       | $ 4935\n---------- | ------\n2009       | 3144\n2010       | 3160\n2011       | 3200\n2012       | 2768\nthereafter | 9934"
}
{
    "_id": "dd4ba8b4e",
    "title": "",
    "text": "welltower inc.\n notes to consolidated financial statements no longer present ( additional weight may be given to subjective evidence projections for growth ).\n valuation allowance rollforward summarized as for periods presented ( in thousands ) : year ended december 31 , 2017 2016 2015.\n result of certain acquisitions  subject to corporate level taxes for related asset dispositions during five-year period after assets owned by c corporation ( 201cbuilt-in gains tax 201d ).\n income potentially subject to this special corporate level tax generally equal to lesser of ( a ) excess of fair value of asset over adjusted tax basis as of date became reit asset , or ( b ) actual amount of gain.\n some but not all gains recognized during this period could be offset by available net operating losses and capital loss carryforwards.\n during year ended december 31 , 2016  acquired certain additional assets with built-in gains as of date of acquisition could be subject to built-in gains tax if disposed of prior to expiration of applicable ten-year period.\n not recorded deferred tax liability result of potential built-in gains tax based on intentions with respect to properties and available tax planning strategies.\n under provisions of reit investment diversification and empowerment act of 2007 ( 201cridea 201d ) for taxable years beginning after july 30 , 2008 , reit may lease 201cqualified health care properties 201d on arm 2019s-length basis to trs if property operated on behalf of subsidiary by person as 201celigible independent contractor. 201d rent received from trs will meet related party rent exception treated as 201crents from real property.201d a 201cqualified health care property 201d includes real property personal property necessary incidental to use of  hospital , nursing facility , assisted living facility  congregate care facility  qualified continuing care facility  or other licensed facility extends medical nursing ancillary services to patients.\n entered joint ventures structured under ridea.\n resident level rents related operating expenses for facilities reported in consolidated financial statements subject to federal, state foreign income taxes operations facilities included in trs.\n net operating loss carryforwards could be utilized to offset taxable income in future years.\n applicable statute of limitations generally subject to audit by internal revenue service ( 201cirs 201d ) for year ended december 31 , 2014 and subsequent years.\n statute of limitations may vary in states own properties conduct business.\n not expect to be subject to audit by state taxing authorities for any year prior to year ended december 31 , 2011.\n also subject to audit by canada revenue agency provincial authorities for periods subsequent to may 2012 related to entities acquired or formed in connection with acquisitions by u. k. 2019s hm revenue & customs for periods subsequent to august 2012 related to entities acquired or formed in connection with acquisitions.\n at december 31 , 2017  had net operating loss ( 201cnol 201d ) carryforward related to reit of $ 448475000.\n due to uncertainty regarding realization of deferred tax assets not recorded deferred tax asset related to nols generated by reit.\n these amounts can be used to offset future taxable income (/or taxable income for prior years if audit determines tax is owed ).\n reit entitled to utilize nols and tax credit carryforwards only to extent reit taxable income exceeds our deduction for dividends paid.\nnol carryforwards generated through december 31 , 2017 expire through 2036.\n beginning with tax years after december 31  2017 tax cuts and jobs act ( 201ctax act 201d ) eliminates carryback period limits nols to 80% of taxable income replaces 20-year carryforward period with indefinite carryforward period.\n\n2016                | year ended december 31 2017 2016 | year ended december 31 2017 2016 | year ended december 31 2017\n------------------- | -------------------------------- | -------------------------------- | ---------------------------\nbeginning balance   | $ 96838                          | $ 98966                          | $ 85207\nexpense ( benefit ) | 30445                            | -2128 ( 2128 )                   | 13759\nending balance      | $ 127283                         | $ 96838                          | $ 98966"
}
{
    "_id": "dd497d036",
    "title": "",
    "text": "masco corporation notes to consolidated financial statements ( continued ) c.\n acquisitions on march 9 , 2018  acquired substantially all net assets of l.\n kichler co.\n ( \"kichler\" ) , leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems.\n business expands product offerings to customers.\n results of acquisition for period from acquisition date included in consolidated financial statements reported in decorative architectural products segment.\n recorded $ 346 million of net sales result acquisition during 2018.\n purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand.\n since acquisition revised allocation of purchase price to identifiable assets and liabilities based on analysis of information as of acquisition date made available through december 31 , 2018.\n allocation will continue to be updated through measurement period  if necessary.\n preliminary allocation of fair value of acquisition of kichler summarized in following table , in millions.\n goodwill acquired  generally tax deductible  related primarily to operational and financial synergies expect from combining kichler's operations into business  assembled workforce.\n other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets  related to trademarks , and $ 181 million of definite-lived intangible assets.\n definite-lived intangible assets consist of $ 145 million related to customer relationships  amortized straight-line basis over 20 years $ 36 million of other definite-lived intangible assets  amortized over weighted average amortization period of three years.\n in fourth quarter of 2017  acquired mercury plastics , inc., plastics processor manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash.\n business included in plumbing products segment.\n acquisition enhances our ability to develop faucet technology provides continuity of supply of quality faucet components.\n connection with acquisition recognized $ 38 million of goodwill  tax deductible related primarily to expected synergies from combining operations into our business.\n\n| initial    | revised\n-------------------------- | ---------- | ----------\nreceivables                | $ 101      | $ 100\ninventories                | 173        | 166\nprepaid expenses and other | 5          | 5\nproperty and equipment     | 33         | 33\ngoodwill                   | 46         | 64\nother intangible assets    | 243        | 240\naccounts payable           | -24 ( 24 ) | -24 ( 24 )\naccrued liabilities        | -25 ( 25 ) | -30 ( 30 )\nother liabilities          | -4 ( 4 )   | -5 ( 5 )\ntotal                      | $ 548      | $ 549"
}
{
    "_id": "dd4c122d8",
    "title": "",
    "text": "we received commitments for $ 30. 0 billion in debt financing to fund transactions comprised of i ) a $ 4. 0 billion secured revolving credit facility , ii ) $ 7. 0 billion term loan credit facility and iii ) $ 19. 0 billion secured bridge loan facility.\n reliance on financing from $ 19. 0 billion secured bridge loan facility commitment is intended to be reduced through one or more secured note offerings or other long-term financings prior to merger closing.\n no assurance we will able to issue such secured notes or other long-term financings on terms acceptable or all , especially in recent debt market volatility , we may have to exercise some or all of commitments under secured bridge facility to fund transactions.\n accordingly costs of financing for transactions may be higher than expected.\n credit rating downgrades could adversely affect businesses , cash flows , financial condition and operating results of t-mobile and  transactions combined company.\n credit ratings impact cost and availability of future borrowings  and , cost of capital.\n current ratings reflect each rating agency 2019s opinion of our financial strength , operating performance and ability to meet debt obligations or  obligations to combined company 2019s obligors.\n each rating agency reviews these ratings periodically can no assurance that such ratings will be maintained in future.\n downgrade in rating of us and/or sprint could adversely affect businesses , cash flows  financial condition and operating results of t- mobile and  following transactions combined company.\n incurred , and will incur , direct and indirect costs as a result of transactions.\nincurred  and will incur substantial expenses in with result completing transactions  over period time following completion transactions combined company expects to incur substantial expenses integrating coordinating our sprint 2019s businesses , operations  policies procedures.\n portion of transaction costs related to transactions will be incurred regardless of transactions completed.\n assumed certain level of transaction expenses will be incurred  factors beyond our control could affect total amount or timing of these expenses.\n many expenses incurred difficult to estimate accurately.\n expenses will exceed costs historically borne by us.\n costs could adversely affect our financial condition and results of operations prior to transactions and financial condition results of operations combined company following transactions.\n item 1b.\n unresolved staff comments item 2.\n properties as of december 31 , 2018  our significant properties we primarily lease use in with switching centers , data centers  call centers warehouses were as follows:.\n as of december 31 , 2018 primarily leased : 2022 approximately 64000 macro towers 21000 distributed antenna system and small cell sites.\n 2022 approximately 2200 t-mobile and metro by t-mobile retail locations  including stores and kiosks size from approximately 100 square feet to 17000 square feet.\n 2022 office space totaling approximately 1000000 square feet for our corporate headquarters in bellevue , washington.\n in january 2019  executed leases totaling approximately 170000 additional square feet for corporate headquarters.\n use these offices for engineering and administrative purposes.\n 2022 office space throughout u. s.  totaling approximately 1700000 square feet  for use by regional offices primarily for administrative , engineering and sales purposes.\n\n| approximate number | approximate size in square feet\n----------------- | ------------------ | -------------------------------\nswitching centers | 61                 | 1300000\ndata centers      | 6                  | 500000\ncall center       | 17                 | 1300000\nwarehouses        | 21                 | 500000"
}
{
    "_id": "dd4c26dbe",
    "title": "",
    "text": "december 31 , 2012 and 2011  had working capital surplus.\n reflects strong cash position provides enhanced liquidity in uncertain economic environment.\n believe adequate access to capital markets to meet foreseeable cash requirements sufficient financial capacity to satisfy current liabilities.\n cash flows millions 2012 2011 2010.\n operating activities higher net income in 2012 increased cash provided by operating activities compared to 2011 offset by lower tax benefits from bonus depreciation ) payments for past wages based on national labor negotiations settled earlier this year.\n higher net income lower cash income tax payments in 2011 increased cash operating activities compared to 2010.\n tax relief , unemployment insurance reauthorization  job creation act of 2010 provided for 100% ( 100 % ) bonus depreciation for qualified investments during 2011  50% ( 50 % ) bonus depreciation for qualified investments during 2012.\n result act company deferred substantial portion of 2011 income tax expense.\n deferral decreased 2011 income tax payments contributing to positive operating cash flow.\n in future years additional cash used to pay income taxes previously deferred.\n adoption of new accounting standard in january of 2010 changed accounting treatment for receivables securitization facility from sale of undivided interests operating activity to secured borrowing financing activity ) decreased cash provided by operating activities by $ 400 million in 2010.\n investing activities higher capital investments in 2012 drove increase in cash used in investing activities compared to 2011.\n included in capital investments in 2012 was $ 75 million for early buyout of 165 locomotives under long-term operating and capital leases during first quarter of 2012 exercised due to favorable economic terms and market conditions.\n higher capital investments offset by higher proceeds from asset sales in 2011 drove increase in cash used in investing activities compared to 2010.\n\ncash flowsmillions                     | 2012           | 2011           | 2010\n-------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities  | $ 6161         | $ 5873         | $ 4105\ncash used in investing activities      | -3633 ( 3633 ) | -3119 ( 3119 ) | -2488 ( 2488 )\ncash used in financing activities      | -2682 ( 2682 ) | -2623 ( 2623 ) | -2381 ( 2381 )\nnet change in cash and cashequivalents | $ -154 ( 154 ) | $ 131          | $ -764 ( 764 )"
}
{
    "_id": "dd4bfff20",
    "title": "",
    "text": "november 1 , 2016 , management evaluated net assets of alcoa corporation for potential impairment determined no impairment charge required.\n cash flows related to alcoa corporation not segregated included in statement of consolidated cash flows for 2016.\n following table presents depreciation , depletion amortization , restructuring other charges , purchases of property , plant and equipment of discontinued operations related to alcoa corporation:.\n.\n subsequent events management evaluated all activity of arconic concluded no subsequent events occurred require recognition in consolidated financial statements or disclosure in notes to consolidated financial statements, except as noted below : january 22 , 2019 , company announced board of directors ( board ) determined to no longer pursue potential sale of arconic as part of strategy and portfolio review.\n february 6 , 2019 , company announced board appointed john c.\n plant , current chairman of board , as chairman and chief executive officer of company , effective february 6 , 2019 , to succeed chip blankenship , who ceased to serve as chief executive officer company resigned as member of board.\n in company announced board appointed elmer l.\n doty , current member of board , as president and chief operating officer , newly created position , effective february 6 , 2019.\n mr.\n doty will remain member of board.\n company announced arthur d.\n collins , jr. , current member of board , appointed interim lead independent director of company  effective february 6 , 2019.\nfebruary 8 , 2019 , company announced key initiatives ongoing strategy and portfolio review : plans to reduce operating costs maximize impact in 2019 ; planned separation of portfolio into engineered products and forgings ( ep&f ) and global rolled products ( grp )  with spin-off of one businesses ; potential sale of businesses not fit into ep&f or grp ; execute previously authorized $ 500 share repurchase program in first half of 2019 ; board authorized additional $ 500 of share repurchases  effective through end of 2020 ; plans to reduce quarterly common stock dividend from $ 0. 06 to $ 0. 02 per share.\n february 19 , 2019  company entered accelerated share repurchase ( 201casr 201d ) agreement with jpmorgan chase bank to repurchase $ 700 of common stock  to share repurchase program authorized by board.\n under asr agreement  arconic will receive initial delivery of approximately 32 million shares on february 21 , 2019.\n final number of shares to be repurchased based on volume-weighted average price of arconic 2019s common stock during term of transaction , less discount.\n asr agreement expected to be completed during first half of company will evaluate organizational structure with planned separation of portfolio and changes to reportable segments expected in first half of 2019.\n\nfor the year ended december 31,         | 2016\n--------------------------------------- | -----\ndepreciation depletion and amortization | $ 593\nrestructuring and other charges         | $ 102\ncapital expenditures                    | $ 298"
}
{
    "_id": "dd4c0fa06",
    "title": "",
    "text": "liquidity and capital resources as of december 31, 2011  principal sources of liquidity included cash , cash equivalents  receivables securitization facility  revolving credit facility  availability of commercial paper other sources of financing through capital markets.\n had $ 1. 8 billion of committed credit available under our credit facility no borrowings outstanding as of december 31 , 2011.\n not make borrowings under this facility during 2011.\n value of outstanding undivided interest held by investors under receivables securitization facility was $ 100 million as of december 31, 2011 included in consolidated statements of financial position as debt due after one year.\n receivables securitization facility obligates us to maintain investment grade bond rating.\n if bond rating to deteriorate could adverse impact on liquidity.\n access to commercial paper other capital market financings dependent on market conditions.\n deterioration of operating results or financial condition to internal external factors could negatively impact ability to access capital markets source liquidity.\n access to liquidity through capital markets dependent on financial stability.\n expect will continue to have access to liquidity by issuing bonds to public or private investors based on assessment of current condition of credit markets.\n at december 31 , 2011 and 2010  had working capital surplus.\n reflects strong cash position provides enhanced liquidity in uncertain economic environment.\n believe have adequate access to capital markets to meet cash requirements sufficient financial capacity to satisfy current liabilities.\n cash flows millions 2011 2010 2009.\n operating activities higher net income lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010.\ntax relief , unemployment insurance reauthorization  job creation act of 2010  enacted in december 2010  provided for 100% ( 100 % ) bonus depreciation for qualified investments during 2011  50% ( 50 % ) bonus depreciation for qualified investments during 2012.\n result act company deferred substantial portion of 2011 income tax expense.\n deferral decreased 2011 income tax payments  contributing to positive operating cash flow.\n in future years additional cash used to pay income taxes previously deferred.\n adoption of new accounting standard in january 2010 changed accounting treatment for receivables securitization facility from sale of undivided interests operating activity ) to secured borrowing ( financing activity ) decreased cash by operating activities by $ 400 million in 2010.\n higher net income in 2010 increased cash operating activities compared to 2009.\n investing activities higher capital investments offset by higher proceeds from asset sales in 2011 drove increase in cash used in investing activities compared to 2010.\n higher capital investments lower proceeds from asset sales in 2010 drove increase in cash used in investing activities compared to 2009.\n\ncash flowsmillions                     | 2011           | 2010           | 2009\n-------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities  | $ 5873         | $ 4105         | $ 3204\ncash used in investing activities      | -3119 ( 3119 ) | -2488 ( 2488 ) | -2145 ( 2145 )\ncash used in financing activities      | -2623 ( 2623 ) | -2381 ( 2381 ) | -458 ( 458 )\nnet change in cash and cashequivalents | $ 131          | $ -764 ( 764 ) | $ 601"
}
{
    "_id": "dd4bb407a",
    "title": "",
    "text": "equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2012.\n equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights 1 weighted-average exercise price of outstanding options , warrants and rights 2 number of securities remaining available for future issuance under equity plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 3946111 $ 34. 67 3608527 equity compensation plans not approved by security holders 3 2014.\n includes grants under huntington ingalls industries , inc.\n 2012 long-term incentive stock plan ( \"2012 plan\" ) approved by stockholders on may 2 , 2012  and huntington ingalls industries , inc.\n 2011 long-term incentive stock plan ( \"2011 plan\" ) approved by sole stockholder prior to spin-off from northrop grumman corporation.\n shares 1166492 subject to stock options  2060138 subject to outstanding restricted performance stock rights  641556 were restricted stock rights  63033 were stock rights granted under 2011 plan.\n number includes 9129 stock rights and 5763 restricted performance stock rights granted under 2012 plan  assuming target performance achievement.\n 2 weighted average exercise price of 1166492 outstanding stock options only.\n no awards made under plans not approved by security holders.\n item 13.\n certain relationships and related transactions , and director independence information relationships related transactions director independence will incorporated by reference to proxy statement for 2013 annual meeting of stockholders to filed within 120 days after end of company 2019s fiscal year.\n item 14.\nprincipal accountant fees and services information principal accountant fees services incorporated herein by reference to proxy statement for our 2013 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n\nplan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights ( 2 ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )\n---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders           | 3946111                                                                                                      | $ 34.67                                                                         | 3608527\nequity compensation plans not approved by security holders ( 3 ) | 2014                                                                                                         | 2014                                                                            | 2014\ntotal                                                            | 3946111                                                                                                      | $ 34.67                                                                         | 3608527"
}
{
    "_id": "dd4ba6b50",
    "title": "",
    "text": "as of december 31 , 2017 , aggregate future minimum payments under non-cancelable operating leases consist following ( in thousands ) : years ending december 31.\n rent expense for all operating leases amounted to $ 9. 4 million , $ 8. 1 million and $ 5. 4 million for years ended december 31 , 2017 , 2016 and 2015 , respectively.\n financing obligation 2014build-to-suit lease in august 2012 , executed lease for building under construction in santa clara , california as our headquarters.\n lease term is 120 months commenced in august 2013.\n based on terms lease agreement due to our involvement in aspects construction we deemed owner of building ( for accounting purposes only ) during construction period.\n upon completion of construction in 2013  concluded we had continued economic involvement in facility did not meet with provisions for sale-leaseback accounting.\n continue to maintain involvement in property post construction lack transferability of risks and rewards of ownership , due to required maintenance of $ 4. 0 million letter of credit , in addition to ability option to sublease portion of leased building for fees higher than base rate.\n lease is accounted for as financing obligation lease payments attributed to 1 reduction of principal financing obligation ; 2 ) imputed interest expense ; 3 ) land lease expense , imputed cost to lease underlying land of building.\n at conclusion of initial lease term  will de-recognize both net book values of asset and remaining financing obligation.\n as of december 31 , 2017 and 2016 , recorded assets of $ 53.4 million  representing total costs building improvements incurred including costs paid by lessor ( legal owner ) additional improvement costs paid by us corresponding financing obligation of $ 39. 6 million $ 41. 2 million  respectively.\n as of december 31 , 2017 , $ 1. 9 million $ 37. 7 million recorded as short-term and long-term financing obligations.\n land lease expense under our lease financing obligation amounted to $ 1. 3 million for each years ended december 31 , 2017, 2016 2015.\n\n2018                                | $ 9127\n----------------------------------- | -------\n2019                                | 8336\n2020                                | 8350\n2021                                | 7741\n2022                                | 7577\nthereafter                          | 9873\ntotal minimum future lease payments | $ 51004"
}
{
    "_id": "dd4c3d78a",
    "title": "",
    "text": "unallocated corporate items for fiscal 2018 , 2017 2016 included:.\n net mark-to-market valuation of certain commodity positions recognized in corporate items $ 32. 1 $ 13. 9 $ 62. 8 as of may 27 , 2018  net notional value of commodity derivatives was $ 238. 8 million  $ 147. 9 million related to agricultural inputs $ 90. 9 million to energy inputs.\n contracts relate to inputs utilized within next 12 months.\n interest rate risk exposed to interest rate volatility future issuances of fixed-rate debt  existing future issuances floating-rate debt.\n primary exposures include.\n treasury rates , libor , euribor  commercial paper rates in united states and europe.\n use interest rate swaps , forward-starting interest rate swaps treasury locks to hedge exposure to interest rate changes reduce volatility financing costs achieve desired proportion of fixed rate versus floating-rate debt  based on current projected market conditions.\n swaps agree with counterparty to exchange difference between fixed-rate and floating-rate interest amounts based on agreed upon notional principal amount.\n floating interest rate exposures 2014 floating-to-fixed interest rate swaps accounted for as cash flow hedges hedges forecasted issuances debt.\n effectiveness assessed based on effective hypothetical derivative method or changes in present value of interest payments on underlying debt.\n effective gains and losses deferred to aoci reclassified into earnings over life of associated debt.\n ineffective gains and losses recorded as net interest.\n hedge ineffectiveness was $ 2. 6 million loss in fiscal 2018 less than $ 1 million in fiscal 2017 and 2016.\nfixed interest rate exposures 2014 fixed-to-floating interest rate swaps accounted for as fair value hedges effectiveness assessed based on changes in fair value underlying debt derivatives using incremental borrowing rates available on loans with similar terms maturities.\n ineffective gains losses on derivatives underlying hedged items recorded as net interest.\n hedge ineffectiveness was $ 3. 4 million loss in fiscal 2018 $ 4. 3 million gain in fiscal 2017 less than $ 1 million in fiscal 2016.\n advance of planned debt financing related to acquisition of blue buffalo entered into $ 3800. 0 million of treasury locks due april 19 , 2018 average fixed rate of 2. 9 percent $ 2300. 0 million entered third quarter of fiscal 2018 $ 1500. 0 million entered fourth quarter of fiscal 2018.\n treasury locks cash settled for $ 43. 9 million during fourth quarter fiscal 2018 concurrent with issuance of $ 850. 0 million 5. 5-year fixed-rate notes $ 800. 0 million 7-year fixed- rate notes $ 1400. 0 million 10-year fixed-rate notes $ 500. 0 million 20-year fixed-rate notes $ 650. 0 million 30-year fixed-rate notes.\n advance of planned debt financing in fiscal 2018 entered into $ 500. 0 million of treasury locks due october 15 , 2017 average fixed rate of 1. 8 percent.\n treasury locks cash settled for $ 3. 7 million during second quarter of fiscal 2018 concurrent with issuance $ 500. 0 million 5-year fixed-rate notes.\n\nin millions                                                                                              | fiscal year 2018 | fiscal year 2017 | fiscal year 2016\n-------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet gain ( loss ) onmark-to-marketvaluation of commodity positions                                       | $ 14.3           | $ -22.0 ( 22.0 ) | $ -69.1 ( 69.1 )\nnet loss on commodity positions reclassified from unallocated corporate items to segmentoperating profit | 11.3             | 32.0             | 127.9\nnetmark-to-marketrevaluation of certain grain inventories                                                | 6.5              | 3.9              | 4.0\nnetmark-to-marketvaluation of certain commodity positions recognized in unallocated corporate items      | $ 32.1           | $ 13.9           | $ 62.8"
}
{
    "_id": "dd4c631e2",
    "title": "",
    "text": "entergy gulf states louisiana  l.\n management's financial discussion and analysis sources of capital sources to meet capital requirements include : internally generated funds ; cash on hand ; debt or preferred membership interest issuances ; bank financing under new or existing facilities.\n may refinance or redeem debt and preferred equity/membership interests prior to maturity market conditions and interest and dividend rates favorable.\n all debt common preferred equity/membership interest issuances by require prior regulatory approval.\n preferred equity/membership interest debt issuances subject to issuance tests in corporate charter , bond indentures other agreements.\n entergy louisiana has sufficient capacity under these tests to meet foreseeable capital needs.\n entergy gulf states  inc.\n filed with ferc application behalf for authority to issue up to $ 200 million of short- term debt  up to $ 500 million of tax-exempt bonds up to $ 750 million of other long-term securities including common preferred membership interests long-term debt.\n on november 8 , 2007 ferc issued orders granting requested authority for two-year period ending november 8 , 2009.\n entergy gulf states louisiana's receivables from ( payables to ) money pool were as follows as of december 31 for each following years:.\n see note 4 to financial statements for description of money pool.\n entergy gulf states louisiana has credit facility of $ 100 million scheduled to expire in august 2012.\n no borrowings outstanding under credit facility as of december 31 , 2008.\n in may 2008 entergy louisiana issued $ 375 million of 6. 00% ( 6. 00 % ) series first mortgage bonds due may 2018.\n proceeds used to pay at maturity portion of $ 325 million of 3.6% ( 3. 6 % ) series first mortgage bonds due june 2008 not assumed by entergy texas to redeem prior maturity $ 189. 7 million of $ 350 million floating rate series of first mortgage bonds due december 2008 for other general corporate purposes.\n portion of $ 325 million of 3. 6% ( 3. 6 % ) series first mortgage bonds due june 2008 assumed by entergy texas paid at maturity by entergy texas in june 2008 bond series no longer outstanding.\n portion of $ 350 million floating rate series of first mortgage bonds due december 2008 assumed by entergy texas paid at maturity by entergy texas in december 2008 bond series no longer outstanding.\n hurricane rita katrina in august september 2005  hurricanes hit entergy gulf states inc. 's jurisdictions in louisiana texas.\n storms resulted in power outages damage to electric distribution  transmission generation infrastructure temporary loss of sales customers due to mandatory evacuations.\n entergy gulf states louisiana pursuing initiatives to recover storm restoration business continuity costs incremental losses.\n initiatives include obtaining reimbursement of certain costs covered by insurance pursuing recovery through existing or new rate mechanisms regulated by ferc local regulatory bodies with securitization.\n\n2008             | 2007             | 2006             | 2005\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 11589          | $ 55509          | $ 75048          | $ 64011"
}
{
    "_id": "dd496d014",
    "title": "",
    "text": "ordinary course of business , based on evaluations of geologic trends prospective economics , allowed certain lease acreage to expire may allow additional acreage to expire future.\n if production not established or no other action to extend terms of leases , licenses or concessions , undeveloped acreage listed in table below will expire over next three years.\n plan to continue terms of certain licenses concession areas or retain leases through operational or administrative actions ; majority of undeveloped acres associated with other africa listed in table below pertains to licenses in ethiopia and kenya, for executed agreements in 2015 to sell.\n kenya transaction closed in february 2016 ethiopia transaction expected to close first quarter of 2016.\n see item 8.\n financial statements supplementary data - note 5 to consolidated financial statements for additional information about disposition.\n net undeveloped acres expiring year ended december 31.\n\n( in thousands )    | net undeveloped acres expiring year ended december 31 , 2016 | net undeveloped acres expiring year ended december 31 , 2017 | net undeveloped acres expiring year ended december 31 , 2018\n------------------- | ------------------------------------------------------------ | ------------------------------------------------------------ | ------------------------------------------------------------\nu.s .               | 68                                                           | 89                                                           | 128\ne.g .               | 2014                                                         | 92                                                           | 36\nother africa        | 189                                                          | 4352                                                         | 854\ntotal africa        | 189                                                          | 4444                                                         | 890\nother international | 2014                                                         | 2014                                                         | 2014\ntotal               | 257                                                          | 4533                                                         | 1018"
}
{
    "_id": "dd4ba2316",
    "title": "",
    "text": "options during fiscal 2010 , fiscal 2009 fiscal 2008 was $ 240. 4 million , $ 15. 1 million $ 100. 6 mil- lion , respectively.\n total grant-date fair value of stock options vested during fiscal 2010 2008 was approximately $ 67. 2 million , $ 73. 6 million $ 77. 6 million , respectively.\n proceeds from stock option exercises employee stock plans in company 2019s statement of cash flows of $ 216. 1 million , $ 12. 4 million $ 94. 2 million for fiscal 2010 2009 2008  are net of value of shares surrendered by employees in limited circumstances to satisfy exercise price of options satisfy employee tax obligations upon vesting of restricted stock units connection with exercise of stock options granted to company 2019s employees under 2019s equity compensation plans.\n withholding amount is based on company 2019s minimum statutory withholding requirement.\n summary of company 2019s restricted stock unit award activity as of october 30, 2010 and changes during year then ended is presented below : restricted outstanding weighted- average grant- date fair value per share.\n as of october 30 , 2010 was $ 95 million of total unrecognized compensation cost related to unvested share-based awards of stock options and restricted stock units.\n cost expected to be recognized over period of 1. 4 years.\n common stock repurchase program company 2019s common stock repurchase program in place since august 2004.\n board of directors authorized company to repurchase $ 4 billion of company 2019s common stock under program.\n program company may repurchase outstanding shares of common stock in open market and through privately negotiated transactions.\nunless terminated earlier by resolution company 2019s board of directors  repurchase program expire when company repurchased all shares authorized under program.\n as of october 30 , 2010  company had repurchased total approximately 116. 0 million shares of common stock for approximately $ 3948. 2 million under program.\n additional $ 51. 8 million remains available for repurchase shares under current authorized program.\n repurchased shares held as authorized but unissued shares of common stock.\n future common stock repurchases dependent upon factors including cash available company in united states company 2019s financial performance  outlook liquidity.\n company also repurchases shares in settlement of employee tax withholding obligations due upon vesting of restricted stock units  or in certain limited circumstances to satisfy exercise price of options granted to company 2019s employees under company 2019s equity compensation plans.\n preferred stock company has 471934 authorized shares of $ 1. 00 par value preferred stock , none is issued or outstanding.\n board of directors authorized to fix designations  relative rights  preferences limitations on preferred stock at time of issuance.\n analog devices , inc.\n notes to consolidated financial statements 2014 ( continued )\n\n| restricted stock units outstanding | weighted- average grant- date fair value per share\n----------------------------------------------------- | ---------------------------------- | --------------------------------------------------\nrestricted stock units outstanding at october 31 2009 | 135                                | $ 22.19\nunits granted                                         | 1171                               | $ 28.86\nrestrictions lapsed                                   | -19 ( 19 )                         | $ 24.70\nunits forfeited                                       | -22 ( 22 )                         | $ 29.10\nrestricted stock units outstanding at october 30 2010 | 1265                               | $ 28.21"
}
{
    "_id": "dd4c25324",
    "title": "",
    "text": "declaration payment of future quarterly dividends at discretion of our board may be adjusted as business needs or market conditions change.\n under terms merger agreement we agreed with aetna to coordinate declaration payment of dividends so stockholders do not fail to receive quarterly dividend around time closing merger.\n on october 29 , 2015  board declared cash dividend of $ 0. 29 per share paid on january 29 , 2016 to stockholders of record on december 30 , 2015 , for aggregate amount of $ 43 million.\n stock total return performance graph compares our total return to stockholders with returns of standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) dow jones us select health care providers index ( 201cpeer group 201d ) for five years ended december 31 , 2015.\n graph assumes investment of $ 100 in each our common stock , s&p 500 , peer group on december 31 , 2010  dividends reinvested when paid.\n stock price performance in graph not necessarily indicative of future stock price performance.\n\n| 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015\n---------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nhum        | $ 100      | $ 162      | $ 128      | $ 195      | $ 274      | $ 343\ns&p 500    | $ 100      | $ 102      | $ 118      | $ 157      | $ 178      | $ 181\npeer group | $ 100      | $ 110      | $ 129      | $ 177      | $ 226      | $ 239"
}
{
    "_id": "dd4bc7c60",
    "title": "",
    "text": "graph matches cadence design systems  inc. 2019s cumulative 5-year shareholder return on common stock with cumulative returns of s&p 500 index s&p information technology index nasdaq composite index.\n graph assumes value investment in common stock each index including reinvestment dividends was $ 100 on december 28, 2002 tracks through december 29 , 2007.\n comparison of 5 year cumulative total return* among cadence design systems  inc. s&p 500 index nasdaq composite index s&p information technology index 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems  inc.\n nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or 12/31/02 in index-including reinvestment of dividends.\n indexes calculated on month-end basis.\n copyright b7 2007  standard & poor 2019s  division of mcgraw-hill companies .\n all rights reserved.\n www. researchdatagroup. com/s&p.\n stock price performance in graph not indicative of future stock price performance\n\n| 12/28/02 | 1/3/04 | 1/1/05 | 12/31/05 | 12/30/06 | 12/29/07\n---------------------------- | -------- | ------ | ------ | -------- | -------- | --------\ncadence design systems inc . | 100.00   | 149.92 | 113.38 | 138.92   | 147.04   | 139.82\ns & p 500                    | 100.00   | 128.68 | 142.69 | 149.70   | 173.34   | 182.87\nnasdaq composite             | 100.00   | 149.75 | 164.64 | 168.60   | 187.83   | 205.22\ns & p information technology | 100.00   | 147.23 | 150.99 | 152.49   | 165.32   | 192.28"
}
{
    "_id": "dd4c59034",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 continued ) note 11.\n stock award plans stock based compensation continued ) 2000 stock incentive plan  ( 201c2000 plan 201d ) amended adopted by company august 2000.\n 2000 plan provides for grants of options to key employees  directors advisors consultants to company subsidiaries as incentive or nonqualified stock options determined by company 2019s board of directors.\n up to 4900000 shares of common stock awarded under 2000 plan exercisable at times subject to terms as board of directors specify time each stock option grant.\n options outstanding under 2000 plan vest 4 years from date of grant options expire ten years from date of grant.\n company has nonqualified stock option plan for non-employee directors ( 201cdirectors 2019 plan 201d ).\n directors 2019 plan  amended adopted in july 1989 provides for grants of options to purchase shares of company 2019s common stock to non-employee directors company.\n up to 400000 shares of common stock awarded under directors 2019 plan.\n options director plan have vesting periods of 1 to 5 years from date of grant options expire ten years from date of grant grant-date fair value company estimates fair value of each stock option granted at grant date using black-scholes option valuation model consistent with provisions of sfas no.\n 123 ( r ) , sec sab no.\n 107 share-based payment company 2019s prior period pro forma disclosure of net loss  including stock-based compensation ( determined under fair value method as prescribed by sfas no.\n 123 ).\n fair value of options granted during fiscal years 2005 , 2006 2007 calculated using weighted average assumptions:.\nrisk-free interest rate based on united states treasury yield curve effect at time of grant for term consistent with expected life of stock options.\n volatility assumptions calculated based on combination historical volatility of stock and adjustments for factors not reflected in historical volatility indicative of future volatility.\n company consideration estimates of future volatility differ from historical volatility result of product diversification company 2019s acquisition of impella.\n average expected life estimated using simplified method for determining expected term prescribed by sec 2019s staff accounting bulletin no.\n 107.\n calculation of fair value of options is net of estimated forfeitures.\n forfeitures estimated based on analysis of actual option forfeitures  adjusted to extent historic forfeitures may not be indicative of forfeitures in future.\n expected dividend yield of zero used in option valuation model  company does not pay cash dividends and not expect to pay cash dividends in foreseeable future.\n weighted average grant-date fair value for options granted during fiscal years 2005 , 2006  2007 was $ 8. 05 , $ 6. 91 , and $ 8. 75 per share , respectively.\n application of sfas no.\n 123 ( r ) resulted in expense of $ 5. 8 million , or $ 0. 21 per share for 2007 fiscal year recorded within applicable operating expense company reports option holders 2019 compensation cost in consolidated statements of operations.\n remaining unrecognized stock-based compensation expense for unvested stock option awards at march 31 , 2007 was approximately $ 9. 0 million , net of forfeitures  weighted average time over cost recognized is 1. 9 years.\n sfas no.\n 123 ( r ) requires benefits of tax deductions in excess of recognized compensation cost to be reported as financing cash flow  rather than operating cash flow.\ncompany not recognize benefit tax deductions in excess of recognized compensation cost due to net operating loss position change no impact on company 2019s consolidated statement cash flows for twelve months ended march 31 , 2007.\n accounting prior to adoption of sfas no.\n 123 ( r ) prior to april 1, 2006 company accounted for stock-based compensation with provisions of apb no.\n 25.\n company elected to follow disclosure-only alternative requirements of sfas no.\n 123  accounting for stock-based compensation.\n company did not recognize compensation expense for issuance of options with fixed exercise prices equal to\n\n| 2005             | 2006             | 2007\n--------------------------------- | ---------------- | ---------------- | ----------------\nrisk-free interest rate           | 3.87% ( 3.87 % ) | 4.14% ( 4.14 % ) | 4.97% ( 4.97 % )\nexpected option life ( in years ) | 7.5              | 7.3              | 6.25\nexpected volatility               | 84% ( 84 % )     | 73% ( 73 % )     | 65% ( 65 % )"
}
{
    "_id": "dd4bb7c52",
    "title": "",
    "text": "cross-border outstandings to countries we business amounted to at least 1% ( 1 % ) of our consolidated total assets were as of december 31 : 2007 2006 2005 ( in millions ).\n total cross-border outstandings in table represented 12% ( 12 % ) , 9% ( 9 % ) and 11% ( 11 % ) of our consolidated total assets as of december 31 , 2007 , 2006 and 2005 .\n no cross- border outstandings to countries totaled between. 75% (. 75 % ) and 1% ( 1 % ) of our consolidated total assets as of december 31 , 2007.\n aggregate cross-border outstandings to countries totaled between. 75% (. 75 % ) and 1% ( 1 % ) of consolidated total assets at december 31, 2006  amounted to $ 1. 05 billion ( canada ) and at december 31 , 2005  amounted to $ 1. 86 billion ( belgium and japan ).\n capital regulatory and economic capital management use key metrics to ensure our actual level of capital commensurate with risk profile in compliance with regulatory requirements sufficient to financial flexibility to future strategic business initiatives.\n regulatory capital objective is to maintain strong capital base provide financial flexibility for business needs funding corporate growth supporting customers 2019 cash management needs provide protection against loss to depositors and creditors.\n strive to maintain optimal level of capital  commensurate with risk profile attractive return to shareholders realized over short and long term while protecting obligations to depositors and creditors satisfying regulatory requirements.\n capital management process focuses on risk exposures  capital position relative to peers , regulatory capital requirements evaluations of major independent credit rating agencies ratings to public debt.\ncapital committee  with asset and liability committee referred to as 2018 2018alco , 2019 2019 oversees management of regulatory capital  responsible for ensuring capital adequacy with regulatory requirements internal targets expectations of major independent credit rating agencies.\n primary regulator of state street and state street bank for regulatory capital is federal reserve board.\n both state street and state street bank subject to minimum capital requirements established by federal reserve board defined in federal deposit insurance corporation improvement act of 1991.\n state street bank must meet regulatory capital thresholds for 2018 2018well capitalized 2019 2019 for parent company to maintain status as financial holding company.\n\n( in millions )                 | 2007    | 2006   | 2005\n------------------------------- | ------- | ------ | -------\nunited kingdom                  | $ 5951  | $ 5531 | $ 2696\ncanada                          | 4565    | 2014   | 1463\naustralia                       | 3567    | 1519   | 1441\nnetherlands                     | 2014    | 2014   | 992\ngermany                         | 2944    | 2696   | 4217\ntotal cross-border outstandings | $ 17027 | $ 9746 | $ 10809"
}
{
    "_id": "dd4c214fe",
    "title": "",
    "text": "realize synergies from consolidating businesses into existing operations  through acquisitions or public-private partnerships allow to reduce capital and expense requirements associated with truck routing  personnel  fleet maintenance inventories back-office administration.\n operating model goal of operating model pillar is to deliver consistent high quality service to all customers through republic way : one way.\n everywhere.\n every day.\n approach of developing standardized processes with rigorous controls tracking allows us to leverage scale deliver durable operational excellence.\n republic way is key to harnessing best of what we do as operators translating across all facets of business.\n key enabler of republic way is organizational structure fosters high performance culture by maintaining 360 degree accountability full profit and loss responsibility with general management supported by functional structure to provide subject matter expertise.\n structure allows us to take advantage of scale by coordinating functionally across all markets empowering local management to respond to unique market dynamics.\n rolled out productivity cost control initiatives to deliver best service possible to customers in efficient environmentally sound way.\n fleet automation approximately 72% ( 72 % ) of residential routes converted to automated single driver trucks.\n by converting residential routes to automated service reduce labor costs improve driver productivity decrease emissions create safer work environment for employees.\n communities using automated vehicles have higher participation rates in recycling programs complementing initiative to expand recycling capabilities.\n fleet conversion to compressed natural gas ( cng ) approximately 16% ( 16 % ) of fleet operates on cng.\n expect to continue gradual fleet conversion to cng  preferred alternative fuel technology as part of ordinary annual fleet replacement process.\n believe gradual fleet conversion is prudent to realize full value of previous fleet investments.\n33% ( 33 % ) of replacement vehicle purchases during 2015 were cng vehicles.\n we believe using cng vehicles provides competitive advantage in communities with strict clean emission initiatives protecting environment.\n upfront costs higher using cng reduces fleet operating costs through lower fuel expenses.\n as of december 31 , 2015  we operated 38 cng fueling stations.\n standardized maintenance industry trade publication operate ninth largest vocational fleet in united states.\n as of december 31 , 2015  average fleet age in years by line of business was : approximate number of vehicles approximate average age.\n onefleet standardized vehicle maintenance program enables to use best practices for fleet management  truck care maintenance.\n through standardization of core functions believe can minimize variability\n\n| approximate number of vehicles | approximate average age\n-------------------------- | ------------------------------ | -----------------------\nresidential                | 7200                           | 7\nsmall-container commercial | 4400                           | 7\nlarge-container industrial | 4000                           | 9\ntotal                      | 15600                          | 7.5"
}
{
    "_id": "dd4be8ec4",
    "title": "",
    "text": "notes to consolidated financial statements sumitomo mitsui financial group , inc.\n ( smfg ) provides firm credit loss protection on approved loan commitments ( primarily investment-grade commercial lending commitments ).\n notional amount of loan commitments was $ 29. 24 billion and $ 32. 41 billion as of december 2013 and december 2012 .\n credit loss protection on loan commitments by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.\n subject to satisfaction conditions upon firm 2019s request smfg will provide protection for 70% ( % ) of additional losses on commitments up to maximum of $ 1. 13 billion  $ 870 million and $ 300 million of protection provided as of december 2013 and december 2012 .\n firm uses other financial instruments to mitigate credit risks commitments not covered by smfg.\n instruments include credit default swaps reference same or similar underlying instrument or entity or credit swaps reference market index.\n warehouse financing.\n firm provides financing to clients warehouse financial assets.\n arrangements secured by warehoused assets primarily corporate loans and commercial mortgage loans.\n contingent and forward starting resale and securities borrowing agreements/forward starting repurchase secured lending agreements firm enters into resale securities borrowing agreements repurchase secured lending agreements settle at future date generally within three business days.\n firm enters into commitments to provide contingent financing to clients counterparties through resale agreements.\n firm 2019s funding of commitments depends on satisfaction of contractual conditions to resale agreement commitments can expire unused.\n investment commitments firm 2019s investment commitments consist commitments to invest in private equity , real estate other assets directly and through funds firm raises and manages.\ncommitments include $ 659 million and $ 872 million as of december 2013 and 2012  related to real estate private investments and $ 6. 46 billion and $ 6. 47 billion december 2013 2012  related to corporate and other private investments.\n amounts , $ 5. 48 billion and $ 6. 21 billion as december 2013 2012 relate to commitments to invest in funds managed by firm.\n if commitments called funded at market value on date of investment.\n firm has contractual obligations under long-term noncancelable lease agreements principally for office space expiring through 2069.\n certain agreements subject to periodic escalation provisions for increases in real estate taxes other charges.\n table presents future minimum rental payments net of minimum sublease rentals.\n in millions december 2013.\n rent charged to operating expense was $ 324 million for 2013  $ 374 million for 2012 $ 475 million for 2011.\n operating leases include office space held in excess of current requirements.\n rent expense relating to space held for growth included in 201coccupancy. 201d firm records liability  based on fair value of remaining lease rentals reduced by potential or existing sublease rentals for leases where firm has ceased using space and management concluded firm will not derive future economic benefits.\n costs to terminate lease before end of term recognized measured at fair value on termination.\n contingencies legal proceedings.\n see note 27 for information about legal proceedings including certain mortgage-related matters.\n contingencies.\n multiple areas of focus by regulators governmental agencies others within mortgage market may impact originators  issuers servicers investors.\n significant uncertainty surrounding nature extent of potential exposure for participants in market.\n 182 goldman sachs 2013 annual report\n\nin millions       | as of december 2013\n----------------- | -------------------\n2014              | $ 387\n2015              | 340\n2016              | 280\n2017              | 271\n2018              | 222\n2019 - thereafter | 1195\ntotal             | $ 2695"
}
{
    "_id": "dd4c13b60",
    "title": "",
    "text": "management 2019s discussion analysis 128 jpmorgan chase & co. /2010 annual report year ended december 31.\n hedges do not qualify for hedge accounting under u.\n.\n lending-related commitments jpmorgan chase uses lending-related financial instruments  commitments guarantees to meet financing needs of customers.\n contractual amount of financial instruments represents maximum possible credit risk should counterpar- ties draw down on commitments or firm fulfills obliga- tion under guarantees should counterparties fail to perform according to terms con- tracts.\n wholesale lending-related commitments were $ 346. 1 billion at december 31 , 2010  compared with $ 347. 2 billion at december 31 , 2009.\n decrease reflected january 1 , 2010 , adoption of accounting guidance.\n excluding effect accounting guidance lending-related commitments would have increased by $ 16. 6 billion.\n in firm 2019s view total contractual amount of wholesale lending-related commitments not representative of firm 2019s actual credit risk exposure or funding requirements.\n determining amount credit risk exposure firm has to wholesale lend- ing-related commitments used basis for allocating credit risk capital commitments firm established a 201cloan-equivalent 201d amount for each commitment ; amount represents portion of unused commitment or other contin- gent exposure expected based on average portfolio histori- cal experience to drawn upon in event default by obligor.\n loan-equivalent amounts of firm 2019s lending- related commitments were $ 189. 9 billion and $ 179. 8 billion as of december 31 , 2010 and 2009 , respectively.\n country exposure firm 2019s wholesale portfolio includes country risk exposures to developed and emerging markets.\nfirm seeks to diversify country exposures including credit-related lending trading investment activities cross-border or locally funded.\n country exposure under firm 2019s internal risk management ap- proach reported based on country where assets of obligor , counterparty or guarantor located.\n exposure amounts  including resale agreements adjusted for collateral and for credit enhancements (. guarantees letters of credit ) pro vided by third parties ; outstandings supported by guarantor outside country or backed by collateral held outside country assigned to country of enhancement provider.\n effect of credit derivative hedges short credit or equity trading positions taken into consideration.\n total exposure measures include activity with both government and private-sector entities in country.\n firm reports country exposure for regulatory purposes following ffiec guidelines different from firm 2019s internal risk management approach for measuring country expo- sure.\n for additional information on ffiec exposures see cross- border outstandings on page 314 of annual report.\n several european countries  including greece  portugal spain italy ireland  subject to credit deterioration due to weak economic and fiscal situations.\n firm closely monitoring exposures to these five countries.\n aggregate net exposures to these five countries measured under firm 2019s internal approach was less than $ 15. 0 billion at december 31 , 2010  with no country representing majority of exposure.\n sovereign exposure in all five countries represented less than half aggregate net exposure.\n firm believes exposure to these five countries is modest relative to firm 2019s overall risk expo- sures manageable given size and types of exposures to each countries diversification of aggregate expo- sure.\n firm continues to conduct business and support client activity in these countries firm 2019s aggregate net exposures may vary over time.\nnet exposures may be impacted by changes in market conditions effects of interest rates credit spreads on market valuations.\n as part of ongoing country risk management process firm monitors exposure to emerging market countries utilizes country stress tests to measure manage risk of extreme loss associated with sovereign crisis.\n no common definition of emerging markets  but firm generally includes in definition those countries whose sovereign debt ratings equivalent to 201ca+ 201d or lower.\n table below presents firm 2019s exposure to top 10 emerging markets countries based on internal measure- ment approach.\n selection of countries based solely on firm 2019s largest total exposures by country not represent view of actual or potentially adverse credit conditions.\n\n( in millions )                             | 2010           | 2009             | 2008\n------------------------------------------- | -------------- | ---------------- | --------------\nhedges of lending-related commitments ( a ) | $ -279 ( 279 ) | $ -3258 ( 3258 ) | $ 2216\ncva and hedges of cva ( a )                 | -403 ( 403 )   | 1920             | -2359 ( 2359 )\nnet gains/ ( losses )                       | $ -682 ( 682 ) | $ -1338 ( 1338 ) | $ -143 ( 143 )"
}
{
    "_id": "dd4c3c8e4",
    "title": "",
    "text": "movement in exit cost liabilities for pmi was as follows : ( in millions ).\n cash payments related to exit costs at pmi were $ 232 million , $ 360 million and $ 21 million for years ended december 31 , 2015 , 2014 2013 .\n future cash payments for exit costs expected to be approximately $ 54 million  substantially paid by end of 2017.\n pre-tax asset impairment and exit costs result of : netherlands on april 4, 2014 pmi announced initiation by affiliate  philip morris holland.\n 201d of consultations with employee representatives on proposal to discontinue cigarette production at factory in bergen op zoom , netherlands.\n pmh reached agreement with trade unions members on social plan ceased cigarette production on september 1 , 2014.\n during 2014 total pre-tax asset impairment and exit costs of $ 489 million recorded for program in european union segment.\n amount includes employee separation costs of $ 343 million  asset impairment costs of $ 139 million other separation costs of $ 7 million.\n separation program charges pmi recorded other pre-tax separation program charges of $ 68 million , $ 41 million and $ 51 million for years ended december 31, 2015 , 2014 2013 .\n 2015 other pre-tax separation program charges related to severance costs for organizational restructuring in european union segment.\n 2014 other pre-tax separation program charges related to severance costs for factory closures in australia and canada restructuring of.\n leaf purchasing model.\n 2013 pre-tax separation program charges related to restructuring of global and regional functions based in switzerland and australia.\ncontract termination charges 2013 , pmi recorded exit costs $ 258 million related to termination distribution agreements eastern europe middle east & africa ( due new business model egypt ) asia.\n asset impairment charges 2014  pmi recorded other pre-tax asset impairment charges $ 5 million related factory closure canada.\n\nliability balance january 1 2014   | $ 308\n---------------------------------- | ------------\ncharges net                        | 391\ncash spent                         | -360 ( 360 )\ncurrency/other                     | -69 ( 69 )\nliability balance december 31 2014 | $ 270\ncharges net                        | 68\ncash spent                         | -232 ( 232 )\ncurrency/other                     | -52 ( 52 )\nliability balance december 31 2015 | $ 54"
}
{
    "_id": "dd4c59ffc",
    "title": "",
    "text": "latin america acquisition of grupo financiero uno 2007 citigroup completed acquisition grupo financiero uno gfu ) largest credit card issuer central america affiliates with $ 2. 2 billion assets.\n results gfu included in citigroup 2019s global cards latin america consumer banking businesses from march 5 , 2007 forward.\n acquisition of grupo cuscatl e1n 2007 citigroup completed acquisition subsidiaries grupo cuscatl e1n for $ 1. 51 billion ( $ 755 million cash 14. 2 million shares citigroup common stock ) from corporacion ubc internacional s. a.\n grupo.\n results grupo cuscatl e1n included from may 11, 2007 forward recorded in latin america consumer banking.\n acquisition of bank of overseas chinese 2007 citigroup completed acquisition bank overseas chinese booc taiwan for approximately $ 427 million.\n results booc included in citigroup 2019s asia consumer banking  global cards securities banking businesses from december 1, 2007 forward.\n acquisition of quilter 2007 company completed acquisition quilter u. k.\n wealth advisory firm from morgan stanley.\n quilter 2019s results included in citigroup 2019s smith barney business from march 1 , 2007 forward.\n quilter disposed of as part of sale smith barney to morgan stanley.\n acquisition of egg 2007 citigroup completed acquisition egg banking plc ( egg ) u. k.\n online financial services provider from prudential plc for approximately $ 1. 39 billion.\n results egg included in citigroup 2019s global cards emea consumer banking businesses from may 1 , 2007 forward.\n purchase of 20% ( 20 % ) equity interest in akbank 2007 citigroup completed purchase 20% 20 % ) equity interest in akbank second-largest privately owned bank by assets in turkey for approximately $ 3.1 billion.\n investment accounted for using equity method accounting.\n sabanci holding , 34% ( 34 % ) owner of akbank shares subsidiaries granted citigroup right of first refusal or first offer over sale of akbank shares future.\n subject to certain exceptions including purchases from sabanci holding subsidiaries citigroup agreed not to increase percentage ownership in akbank.\n other items sale of mastercard shares in 2007 company recorded $ 367 million after-tax gain ( $ 581 million pretax ) on sale of approximately 4. 9 million mastercard class b shares received by citigroup part of mastercard initial public offering completed in june 2006.\n gain recorded in following businesses : in millions of dollars pretax after-tax.\n redecard ipo in 2007  citigroup ( 31. 9% ( 31. 9 % ) shareholder in redecard s. only merchant acquiring company for mastercard in brazil ) sold approximately 48. 8 million redecard shares with redecard 2019s initial public offering in brazil.\n following sale shares citigroup retained approximately 23. 9% ( 23. 9 % ) ownership in redecard.\n after-tax gain of approximately $ 469 million ( $ 729 million pretax ) recorded in citigroup 2019s 2007 financial results in global cards business.\n visa restructuring and litigation matters in 2007  visa usa , visa international visa canada merged into visa inc.\n visa.\n result reorganization citigroup recorded $ 534 million ( pretax ) gain on holdings of visa international shares recognized in consumer banking business.\n shares carried on citigroup 2019s balance sheet at new cost basis.\n citigroup recorded $ 306 million ( pretax ) charge related to visa usa 2019s litigation matters recognized in north america consumer banking business.\n\nin millions of dollars | 2007 pretax total | 2007 after-tax total | 2006 pretax total | 2006 after-tax total\n---------------------- | ----------------- | -------------------- | ----------------- | --------------------\nglobal cards           | $ 466             | $ 296                | $ 94              | $ 59\nconsumer banking       | 96                | 59                   | 27                | 18\nicg                    | 19                | 12                   | 2                 | 1\ntotal                  | $ 581             | $ 367                | $ 123             | $ 78"
}
{
    "_id": "dd4ba6eac",
    "title": "",
    "text": "kimco realty corporation subsidiaries notes consolidated financial statements continued investment in retail store leases 2014 company has interests in various retail store leases anchor store premises in neighborhood community shopping centers.\n premises sublet to retailers lease stores net lease agreements.\n income from investment in retail store leases during years ended december 31 , 2010, 2009 2008  was approximately $ 1. 6 million , $ 0. 8 million $ 2. 7 million ,.\n amounts represent sublease revenues years december 31  2010  2009 2008  of approximately $ 5. 9 million , $ 5. 2 million $ 7. 1 million  less related expenses of $ 4. 3 million , $ 4. 4 million $ 4. 4 million ,.\n company 2019s future minimum revenues under terms non-cancelable tenant subleases future minimum obligations through remaining terms of retail store leases no new or renegotiated leases for premises for future years are ( in millions ) : 2011 , $ 5. 2 and $ 3. 4 ; 2012 , $ 4. 1 $ 2. 6 ; 2013 , $ 3. 8 $ 2. 3 ; 2014 , $ 2. 9 $ 1. 7 ; 2015 , $ 2. 1 $ 1. 3 , $ 2. 8 $ 1. 6 .\n leveraged lease 2014 june 2002  company acquired 90% ( 90 % ) equity participation interest in existing leveraged lease of 30 properties.\n properties leased under long-term bond-type net lease primary term expires in 2016 lessee certain renewal option rights.\n company 2019s cash equity investment was approximately $ 4. 0 million.\n equity investment reported as net investment in leveraged lease accordance with fasb 2019s lease guidance.\nas of december 31 , 2010 , 18 properties sold , proceeds from sales used to pay down mortgage debt by approximately $ 31. 2 million remaining 12 properties encumbered by third-party non-recourse debt of approximately $ 33. 4 million scheduled to fully amortize during primary term of lease from portion of periodic net rents receivable under net lease.\n as equity participant in leveraged lease , company has no recourse obligation for principal or interest payments on debt , collateralized by first mortgage lien on properties and collateral assignment of lease.\n obligation offset against related net rental receivable under lease.\n at december 31 , 2010 and 2009 , company 2019s net investment in leveraged lease consisted of following ( in millions ) :.\n 10.\n variable interest entities : consolidated operating properties 2014 included within company 2019s consolidated operating properties at december 31, 2010 are four consolidated entities are vies for company is primary beneficiary.\n all these entities established to own and operate real estate property.\n company 2019s involvement with entities is through majority ownership of properties.\n entities deemed vies primarily based on voting rights of equity investors not proportional to obligation to absorb expected losses or receive expected residual returns of entity and substantially all of entity 2019s activities conducted on behalf of investor which has disproportionately fewer voting rights.\n company determined it was primary beneficiary of these vies as result of its controlling financial interest.\n during 2010 , company sold two consolidated vie 2019s which company was primary beneficiary.\n\n| 2010           | 2009\n------------------------------------- | -------------- | --------------\nremaining net rentals                 | $ 37.6         | $ 44.1\nestimated unguaranteed residual value | 31.7           | 31.7\nnon-recourse mortgage debt            | -30.1 ( 30.1 ) | -34.5 ( 34.5 )\nunearned and deferred income          | -34.2 ( 34.2 ) | -37.0 ( 37.0 )\nnet investment in leveraged lease     | $ 5.0          | $ 4.3"
}
{
    "_id": "dd4c26738",
    "title": "",
    "text": "federal realty investment trust schedule iii summary real estate accumulated depreciation three years ended december 31 2007 reconciliation accumulated depreciation amortization thousands ).\n\nbalance december 31 2004                                             | $ 595338\n-------------------------------------------------------------------- | ----------------\nadditions during period 2014depreciation and amortization expense    | 83656\ndeductions during period 2014disposition and retirements of property | -15244 ( 15244 )\nbalance december 31 2005                                             | $ 663750\nadditions during period 2014depreciation and amortization expense    | 89564\ndeductions during period 2014disposition and retirements of property | -12807 ( 12807 )\nbalance december 31 2006                                             | $ 740507\nadditions during period 2014depreciation and amortization expense    | 96454\ndeductions during period 2014disposition and retirements of property | -80258 ( 80258 )\nbalance december 31 2007                                             | $ 756703"
}
{
    "_id": "dd4bda02c",
    "title": "",
    "text": "notes to consolidated financial statements ( dollars in millions except per share amounts ) long-term debt maturing over next five years follows:.\n on march 7 , 2003 , standard & poor's ratings services downgraded company's senior secured credit rating to bb+ with negative outlook from bbb-.\n may 14 , 2003  fitch ratings downgraded company's senior unsecured credit rating to bb+ with negative outlook from bbb-.\n may 9 , 2003  moody's investor services  inc.\n ( \"moody's placed company's senior unsecured and subordinated credit ratings on review for possible downgrade from baa3 and ba1 .\n as of march 12 , 2004  company's credit ratings continued on review for possible downgrade.\n since july 2001  company not repurchased common stock in open market.\n in october 2003  company received federal tax refund of approximately $ 90 of carryback of 2002 loss for federal income tax purposes and certain capital losses.\n through december 2002  company paid cash dividends quarterly most recent quarterly dividend paid in december 2002 at rate of $ 0. 095 per share.\n company's board of directors makes determinations regarding payment of dividends.\n company's ability to declare or pay dividends restricted by terms revolving credit facilities.\n company did not declare or pay dividends in 2003.\n in 2004  company expects to pay dividends accruing on series mandatory convertible preferred stock in cash permitted by revolving credit facilities.\n see note 14 for discussion of fair market value of company's long-term debt.\n note 9 : equity offering on december 16 , 2003  company sold 25. 8 million shares of common stock and issued 7.5 million shares of 3- year series mandatory convertible preferred stock ( \"preferred stock\" ).\n total net proceeds from concurrent offerings approximately $ 693.\n preferred stock carries dividend yield of 5. 375% ( 5. 375 % ).\n on maturity  each share preferred stock will convert subject to adjustment to between 3. 0358 and 3. 7037 shares of common stock depending on then-current market price company's common stock representing conversion premium approximately 22% ( 22 % ) over stock offering price of $ 13. 50 per share.\n under certain circumstances preferred stock may be converted prior to maturity at option of holders or company.\n common and preferred stock issued under company's existing shelf registration statement.\n in january 2004  company used approximately $ 246 of net proceeds from offerings to redeem 1. 80% ( 1. 80 % ) convertible subordinated notes due 2004.\n remaining proceeds used for general corporate purposes and strengthen company's balance sheet and financial condition.\n company pay annual dividends on each share of series mandatory convertible preferred stock in amount of $ 2. 6875.\n dividends cumulative from date of issuance payable on each payment date to extent dividends not restricted under company's credit facilities and assets legally available to pay dividends.\n first dividend payment declared on february 24, 2004 made on march 15 , 2004.\n\n2004                | $ 244.5\n------------------- | --------\n2005                | $ 523.8\n2006                | $ 338.5\n2007                | $ 0.9\n2008                | $ 0.9\n2009 and thereafter | $ 1327.6"
}
{
    "_id": "dd4c3c6b4",
    "title": "",
    "text": "as of december 31 , 2012 and 2011 , estimated value of company's uncertain tax positions were liabilities of $ 19 million and $ 6 million  respectively.\n assuming sustainment positions reversal of $ 1 million of accrued would affect company's effective federal income tax rate in future periods.\n accrued interest and penalties with unrecognized tax benefits were $ 2 million and $ 3 million as of december 31 , 2012 and 2011  respectively.\n during 2011  company recorded reduction of $ 10 million to liability for uncertain tax positions to tax periods prior to spin-off for northrop grumman is primary obligor.\n during 2010  northrop grumman reached final settlement with irs and.\n.\n congressional joint committee on taxation on irs examination of northrop grumman's tax returns for years 2004 through 2006.\n result settlement company recognized tax benefits of $ 8 million as reduction to provision for income taxes.\n connection settlement company also recorded reduction of $ 10 million to liability for uncertain tax positions including previously accrued interest of $ 2 million.\n following table summarizes tax years currently under examination or open under statute of limitations subject to examination by major tax jurisdictions in company operates:.\n company believes adequately provided for all uncertain tax positions , amounts asserted by taxing authorities could be greater than company's accrued position.\n additional provisions on federal and state income tax related matters could be recorded in future as revised estimates are made or underlying matters settled or resolved.\n company could settle positions with tax authorities for amounts lower than accrued.\ncompany believes possible next 12 months company's liability for uncertain tax positions may decrease by approximately $ 14 million.\n company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense.\n irs conducting examination of northrop grumman's consolidated tax returns  hii was part  for years 2007 through 2009.\n open tax years related to state jurisdictions remain subject to examination.\n as of march 31 , 2011  date of spin-off company's liability for uncertain tax positions was approximately $ 4 million  net of federal benefit related to state income tax positions.\n under separation agreement northrop grumman obligated to reimburse hii for settlement liabilities paid by hii to government authority for tax periods prior to spin-off include state income taxes.\n company recorded reimbursement receivable of approximately $ 4 million  net of federal benefit in other assets related to uncertain tax positions for state income taxes as of date of spin-off.\n deferred income taxes reflect net tax effects of temporary differences between carrying amounts assets and liabilities for financial reporting purposes and income tax purposes.\n such amounts classified in consolidated statements of financial position as current or non-current assets or liabilities based upon classification related assets liabilities.\n\njurisdiction united states | jurisdiction 2007 | jurisdiction - | 2012\n-------------------------- | ----------------- | -------------- | ----\ncalifornia                 | 2007              | -              | 2012\nlouisiana                  | 2007              | -              | 2012\nmississippi                | 2009              | -              | 2012\nvirginia                   | 2006              | -              | 2012"
}
{
    "_id": "dd4bed492",
    "title": "",
    "text": "bhge 2018 form 10-k | 31 business environment discussion analysis summarizes significant factors affecting our results of operations  financial condition liquidity position for year ended december 31 , 2018 , 2017 2016  read in conjunction with consolidated combined financial statements related notes company.\n we operate in more than 120 countries helping customers find evaluate drill produce transport process hydrocarbon resources.\n revenue predominately generated from sale of products services to major national independent oil natural gas companies worldwide dependent on spending by customers for oil natural gas exploration  field development production.\n spending driven by factors including customers' forecasts of future energy demand supply  access to resources to develop produce oil natural gas  ability to fund capital programs impact of new government regulations expectations for oil and natural gas prices key driver of cash flows.\n oil and natural gas prices oil gas prices summarized in table below as averages of daily closing prices during periods indicated.\n brent oil prices ( $ /bbl ) ( 1 ) $ 71. 34 $ 54. 12 $ 43. 64 wti oil prices ( $ /bbl ) ( 2 ) 65. 23 50. 80 43. 29 natural gas prices ( $ /mmbtu ) ( 3 ) 3. 15 2. 99 2. 52 ( 1 ) energy information administration ( eia ) europe brent spot price per barrel ( 2 ) eia cushing , ok wti ( west texas intermediate ) spot price ( 3 ) eia henry hub natural gas spot price per million british thermal unit 2018 demonstrated volatility of oil and gas market.\n first three quarters of 2018 experienced stability in north american international markets.\n in fourth quarter of 2018 commodity prices dropped nearly 40% ( 40 % ) resulting in increased customer uncertainty.\noffshore standpoint  through most 2018  saw multiple large offshore projects reach positive final investment decisions lng market outlook improved 2018 driven by increased demand globally.\n in 2018 first large north american lng positive final investment decision reached.\n outside north america customer spending driven by brent oil prices increased on average throughout year.\n average brent oil prices increased to $ 71. 34/bbl in 2018 from $ 54. 12/bbl in 2017  ranged from low $ 50. 57/bbl in december 2018  to high $ 86. 07/bbl in october 2018.\n for first three quarters of 2018 brent oil prices increased sequentially.\n in fourth quarter brent oil prices declined 39% ( 39 % ) versus end third quarter result of increased supply from u. worries global economic slowdown lower expected production cuts.\n in north america customer spending driven by wti oil prices similar to brent oil prices average increased throughout year.\n average wti oil prices increased to $ 65. 23/bbl in 2018 from $ 50. 80/bbl in 2017  ranged from low $ 44. 48/bbl in december 2018  to high of $ 77. 41/bbl in june 2018.\n in north america natural gas prices measured by henry hub natural gas spot price averaged $ 3. 15/ mmbtu in 2018 6% ( 6 % ) increase over prior year.\n year henry hub natural gas spot prices ranged from high of $ 6. 24/mmbtu in january 2018 to low of $ 2. 49/mmbtu in february 2018.\n according to.\n department of energy ( doe ) working natural gas in storage at end of 2018 was 2705 billion cubic feet ( bcf )  which was 15. 6% ( 15.6 % )  421 bcf  below corresponding week 2017.\n\n| 2018    | 2017    | 2016\n------------------------------------- | ------- | ------- | -------\nbrent oil prices ( $ /bbl ) ( 1 )     | $ 71.34 | $ 54.12 | $ 43.64\nwti oil prices ( $ /bbl ) ( 2 )       | 65.23   | 50.80   | 43.29\nnatural gas prices ( $ /mmbtu ) ( 3 ) | 3.15    | 2.99    | 2.52"
}
{
    "_id": "dd4b8983e",
    "title": "",
    "text": "credit facilities.\n foreign cash and cash equivalents not expected be key source of liquidity to domestic operations.\n at september 30 , 2019  had approximately $ 2. 9 billion availability under committed credit facilities primarily under revolving credit facility majority matures on july 1 , 2022.\n liquidity may be used for ongoing working capital needs other general corporate purposes including acquisitions  dividends stock repurchases.\n certain restrictive covenants govern maximum availability under credit facilities.\n we test and report compliance with these covenants as required in compliance with all covenants at september 30 , 2019.\n september 30 , 2019 had $ 129. 8 million of outstanding letters of credit not drawn cash and cash equivalents were $ 151. 6 million at september 30, 2019 and $ 636. 8 million at september 30 , 2018.\n used significant portion of cash and cash equivalents on hand at september 30, 2018 in connection with closing of kapstone acquisition.\n primarily all cash and cash equivalents at september 30, 2019 held outside of u.\n at september 30 , 2019 total debt was $ 10063. 4 million , $ 561. 1 million was current.\n at september 30 , 2018 total debt was $ 6415. 2 million , $ 740. 7 million was current.\n increase in debt primarily related to kapstone acquisition.\n cash flow activity.\n net cash operating activities during fiscal 2019 increased $ 379. 0 million from fiscal 2018 primarily due to higher cash earnings $ 340. 3 million net decrease in use of working capital compared to prior year.\n result of retrospective adoption of asu 2016-15 and asu 2016-18 ( discussed in 201cnote 1.\n description business summary accounting policies consolidated financial statements net cash by operating activities for fiscal 2018 reduced by $ 489.7 million cash investing activities increased $ 483. 8 million primarily for change in classification of proceeds for beneficial interests for transferring trade receivables in securitization transactions.\n net cash for investing activities of $ 4579. 6 million in fiscal 2019 consisted of $ 3374. 2 million for cash for purchase of businesses net of cash acquired excluding assumption debt ) related to kapstone acquisition $ 1369. 1 million for capital expenditures partially offset by $ 119. 1 million proceeds from sale of property , plant and equipment related sale atlanta beverage facility $ 33. 2 million proceeds from corporate owned life insurance benefits $ 25. 5 million proceeds from property , plant equipment insurance proceeds related to panama city ,.\n net cash for investing activities of $ 815. 1 million in fiscal 2018 $ 999. 9 million for capital expenditures $ 239. 9 million for cash for purchase of businesses net of cash acquired related to plymouth acquisition schl fcter acquisition  $ 108. 0 million for investment in grupo gondi.\n investments partially offset by $ 461. 6 million of cash receipts on sold trade receivables adoption of asu 2016-15 , $ 24. 0 million proceeds from sale of certain affiliates solid waste management brokerage services business $ 23. 3 million proceeds from sale of property , plant and equipment.\n in fiscal 2019  net cash financing activities of $ 1780. 2 million net increase in debt of $ 2314. 6 million related to kapstone acquisition partially offset by cash dividends paid to stockholders of $ 467. 9 million purchases of common stock of $ 88. 6 million.\n in fiscal 2018  net cash for financing activities of $ 755. 1 million consisted primarily of cash dividends paid to stockholders of $ 440.9 million purchases common stock $ 195. 1 million net repayments of debt $ 120. 1 million.\n\n( in millions )                                        | year ended september 30 , 2019 | year ended september 30 , 2018\n------------------------------------------------------ | ------------------------------ | ------------------------------\nnet cash provided by operating activities              | $ 2310.2                       | $ 1931.2\nnet cash used for investing activities                 | $ -4579.6 ( 4579.6 )           | $ -815.1 ( 815.1 )\nnet cash provided by ( used for ) financing activities | $ 1780.2                       | $ -755.1 ( 755.1 )"
}
{
    "_id": "dd4b8bab2",
    "title": "",
    "text": "company endeavors to actively engage with every insured account posing significant potential asbestos exposure to mt.\n mckinley.\n such engagement can take form of pursuing final settlement , negotiation, litigation  or monitoring of claim activity under settlement in place ( 201csip 201d ) agreements.\n sip agreements condition insurer 2019s payment upon actual claim experience of insured may have annual payment caps or other measures to control insurer 2019s payments.\n company 2019s mt.\n mckinley operation currently managing four sip agreements , one was executed prior to acquisition of mt.\n mckinley in 2000.\n company 2019s preference to coverage settlements is to execute settlements for fixed schedule of payments , such settlements eliminate future uncertainty.\n company enhanced classification of insureds by exposure characteristics over time, analysis by insured for those it more exposed or active.\n those insureds identified as less exposed or active are subject to less rigorous , but still active management , with emphasis on monitoring characteristics , may indicate increasing exposure or levels of activity.\n company focuses on enhancement of detailed estimation processes to evaluate potential exposure of policyholders.\n everest re 2019s book of assumed a&e reinsurance concentrated within limited number of contracts and for limited period , from 1974 to 1984.\n book of business concentrated company managing a&e exposures for many years claim staff is familiar with ceding companies generated most of liabilities in past and most likely to generate future liabilities.\n company 2019s claim staff developed familiarity with nature of business written by ceding companies and claims handling and reserving practices of those companies.\n this level of familiarity enhances quality of company 2019s analysis of exposure through those companies.\n company believes it can identify claims unusual exposure , non-products asbestos claims  for concentrated attention.\n in setting reserves for reinsurance liabilities , company relies on claims data supplied and by ceding companies and brokers.\n this furnished information not always timely or accurate can impact accuracy and timeliness company 2019s ultimate loss projections.\n following table summarizes composition of company 2019s total reserves for a&e losses , gross and net of reinsurance , for periods indicated:.\n ( 1 ) additional reserves are case specific reserves established by company in excess of those reported by ceding company , based on company 2019s assessment of covered loss.\n ( some amounts may not reconcile due to rounding. ) additional losses , including those relating to latent injuries and other exposures , yet unrecognized  type or magnitude cannot be foreseen by company or industry , may emerge in future.\n such future emergence could have material adverse effects on company 2019s future financial condition , results of operations and cash flows.\n\n( dollars in millions )                                                           | years ended december 31 , 2012 | years ended december 31 , 2011 | years ended december 31 , 2010\n--------------------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\ncase reserves reported by ceding companies                                        | $ 138.4                        | $ 145.6                        | $ 135.4\nadditional case reserves established by the company ( assumed reinsurance ) ( 1 ) | 90.6                           | 102.9                          | 116.1\ncase reserves established by the company ( direct insurance )                     | 36.7                           | 40.6                           | 38.9\nincurred but not reported reserves                                                | 177.1                          | 210.9                          | 264.4\ngross reserves                                                                    | 442.8                          | 499.9                          | 554.8\nreinsurance receivable                                                            | -17.1 ( 17.1 )                 | -19.8 ( 19.8 )                 | -21.9 ( 21.9 )\nnet reserves                                                                      | $ 425.7                        | $ 480.2                        | $ 532.9"
}
{
    "_id": "dd4b996e4",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results operations 2013 continued ) amounts in millions except per share amounts ) net cash used in investing activities 2012 related to payments for capital expenditures acquisitions offset by net proceeds of $ 94. 8 from sale of remaining holdings in facebook.\n capital expenditures of $ 169. 2 related to computer hardware software leasehold improvements.\n capital expenditures increased in 2012 compared to prior year due to increase in leasehold improvements year.\n payments for acquisitions of $ 145. 5 related to payments for new acquisitions.\n financing activities net cash used financing activities 2013 related to purchase of long-term debt repurchase of common stock payment of dividends.\n redeemed all $ 600. 0 in aggregate principal amount of 10. 00% ( 10. 00 % ) notes.\n repurchased 31. 8 shares of common stock for aggregate cost of $ 481. 8  including fees made dividend payments of $ 126. 0 on common stock.\n net cash financing activities 2012 reflected net proceeds from debt transactions.\n issued $ 300. 0 aggregate principal amount of 2. 25% ( 2. 25 % ) senior notes due 2017 ( 201c2. 25% ( 201c2. 25 % ) notes 201d ) $ 500. 0 principal amount of 3. 75% ( 3. 75 % ) senior notes due 2023 ( 201c3. 75%. 75 % notes 201d ) $ 250. 0 principal amount of 4. 00% ( 4. 00 % ) senior notes due 2022 ( 201c4. 00%. 00 % notes 201d ).\n proceeds from issuance of 4. 00% ( 4. 00 % ) notes applied towards repurchase redemption of $ 399. 6 in aggregate principal amount of 4. 25% ( 4.25 % ) notes.\n offsetting net proceeds from debt transactions was repurchase of 32. 7 shares of common stock for aggregate cost of $ 350. 5 including fees  dividend payments of $ 103. 4 on common stock.\n foreign exchange rate changes effect foreign exchange rate changes on cash and cash equivalents in consolidated statements of cash flows resulted in decrease of $ 94. 1 in 2013.\n decrease primarily result of u. s.\n dollar stronger than several foreign currencies including australian dollar  brazilian real  japanese yen  canadian dollar south african rand as of december 31, 2013 compared to december 31 , 2012.\n effect of foreign exchange rate changes on cash and cash equivalents in consolidated statements cash flows resulted in decrease of $ 6. 2 in 2012.\n decrease result of u. s.\n dollar stronger than foreign currencies  including brazilian real south african rand offset by u. s.\n dollar weaker than other foreign currencies  including australian dollar  british pound euro  as of december 31 , 2012 compared to december 31 , 2011.\n liquidity outlook expect cash flow from operations , cash and cash equivalents to be sufficient to meet anticipated operating requirements minimum for next twelve months.\n committed corporate credit facility uncommitted facilities available to support operating needs.\n maintain disciplined approach to managing liquidity  with flexibility over significant uses of cash including capital expenditures  cash used for new acquisitions  common stock repurchase program common stock dividends.\n\nbalance sheet data                              | december 31 , 2013 | december 31 , 2012\n----------------------------------------------- | ------------------ | ------------------\ncash cash equivalents and marketable securities | $ 1642.1           | $ 2590.8\nshort-term borrowings                           | $ 179.1            | $ 172.1\ncurrent portion of long-term debt               | 353.6              | 216.6\nlong-term debt                                  | 1129.8             | 2060.8\ntotal debt                                      | $ 1662.5           | $ 2449.5"
}
{
    "_id": "dd4c3164c",
    "title": "",
    "text": "refineries processed 944 mbpd crude oil 207 mbpd other charge and blend stocks.\n table below sets forth location daily crude oil refining capacity of each refineries as of december 31 , 2008.\n crude oil refining capacity ( thousands of barrels per day ) 2008.\n refineries include crude oil atmospheric and vacuum distillation  fluid catalytic cracking  catalytic reforming  desulfurization sulfur recovery units.\n refineries process wide variety of crude oils produce numerous refined products from transportation fuels reformulated gasolines blend- grade gasolines for blending fuel ethanol ultra-low sulfur diesel fuel to heavy fuel oil asphalt.\n manufacture aromatics , cumene , propane , propylene  sulfur maleic anhydride.\n refineries integrated with via pipelines , terminals barges to maximize operating efficiency.\n transportation links connect refineries allow movement of intermediate products between refineries to optimize operations produce higher margin products utilize processing capacity efficiently.\n garyville , louisiana , refinery located along mississippi river in southeastern louisiana.\n refinery processes heavy sour crude oil into products gasoline , distillates, sulfur , asphalt , propane  polymer grade propylene  isobutane coke.\n in 2006  approved expansion of garyville refinery by 180 mbpd to 436 mbpd  projected cost of $ 3. 35 billion ( excluding capitalized interest ).\n construction commenced early 2007 continuing on schedule.\n estimate as of december 31 , 2008  project approximately 75 percent complete.\n expect to complete expansion in late 2009.\ncatlettsburg , kentucky , refinery located in northeastern kentucky western bank of big sandy river near confluence with ohio river.\n catlettsburg refinery processes sweet and sour crude oils into products gasoline , asphalt , diesel , jet fuel , petrochemicals , propane  propylene sulfur.\n robinson , illinois , refinery in southeastern illinois town of robinson.\n processes sweet and sour crude oils into products multiple grades gasoline, jet fuel, kerosene  diesel fuel  propane  propylene  sulfur anode-grade coke.\n detroit , michigan , refinery near interstate 75 in southwest detroit.\n processes light sweet heavy sour crude oils  including canadian crude oils , into products gasoline , diesel , asphalt , slurry , propane  chemical grade propylene sulfur.\n 2007  approved heavy oil upgrading and expansion project at detroit , michigan  refinery current projected cost of $ 2. 2 billion ( excluding capitalized interest ).\n project enable refinery to process additional heavy sour crude oils including canadian bitumen blends  increase crude oil refining capacity by about 15 percent.\n construction began first half of 2008 expected to complete in mid-2012.\n canton , ohio , refinery approximately 60 miles southeast of cleveland , ohio.\n refinery processes sweet and sour crude oils into products gasoline , diesel fuels , kerosene , propane , sulfur  asphalt , roofing flux  home heating oil no.\n6 industrial fuel oil.\n texas city , texas refinery located on texas gulf coast 30 miles south of houston , texas.\n refinery processes sweet crude oil into products gasoline  propane chemical grade propylene slurry  sulfur aromatics.\n st.\n paul park , minnesota , refinery located in st.\n paul park suburb of minneapolis-st.\n paul.\n st.\n paul park refinery processes predominantly canadian crude oils into products gasoline  diesel  jet fuel kerosene asphalt propane propylene sulfur.\n\n( thousands of barrels per day ) | 2008\n-------------------------------- | ----\ngaryville louisiana              | 256\ncatlettsburg kentucky            | 226\nrobinson illinois                | 204\ndetroit michigan                 | 102\ncanton ohio                      | 78\ntexas city texas                 | 76\nst . paul park minnesota         | 74\ntotal                            | 1016"
}
{
    "_id": "dd4b9d2ee",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 82 fifth third bancorp to 100 million shares of outstanding common stock in open market or privately negotiated transactions utilize any derivative or similar instrument to affect share repurchase transactions.\n this share repurchase authorization replaced board 2019s previous authorization.\n may 21 , 2013  bancorp entered accelerated share repurchase transaction with counterparty pursuant bancorp purchased 25035519 shares or approximately $ 539 million , of outstanding common stock on may 24 , 2013.\n bancorp repurchased shares common stock part of 100 million share repurchase program previously announced march 19 , 2013.\n settlement of forward contract on october 1 , 2013  bancorp received additional 4270250 shares recorded as adjustment to basis in treasury shares purchased on acquisition date.\n november 13 , 2013  bancorp entered accelerated share repurchase transaction with counterparty pursuant bancorp purchased 8538423 shares  or approximately $ 200 million , of outstanding common stock on november 18 , 2013.\n bancorp repurchased shares common stock part of board approved 100 million share repurchase program previously announced march 19 , 2013.\n bancorp expects settlement of transaction occur on or before february 28 , 2014.\n december 10 , 2013  bancorp entered accelerated share repurchase transaction with counterparty pursuant bancorp purchased 19084195 shares , or approximately $ 456 million , of outstanding common stock on december 13 , 2013.\n bancorp repurchased shares common stock as part of board approved 100 million share repurchase program previously announced march 19 , 2013.\n bancorp expects settlement of transaction occur on or before march 26 , 2014.\njanuary 28 , 2014  bancorp entered accelerated share repurchase transaction with counterparty pursuant bancorp purchased 3950705 shares or approximately $ 99 million  of outstanding common stock on january 31 , 2014.\n bancorp repurchased shares common stock as part of board approved 100 million share repurchase program previously announced march 19 , 2013.\n bancorp expects settlement of transaction occur on or before march 26 , 2014.\n table 61 : share repurchases.\n ( a ) in march 2013  bancorp announced board of directors authorized management to purchase 100 million shares of bancorp 2019s common stock through open market or private transaction.\n authorization not include specific price targets or expiration date.\n share repurchase authorization replaces board 2019s previous authorization approximately 54 million shares remained available for repurchase by bancorp.\n ( b ) excludes 1863097 , 2059003 and 1164254 shares repurchased during 2013 , 2012  2011  in connection with employee compensation plans.\n repurchases not included in calculation for average price paid do not count against maximum number of shares may be repurchased under board of directors 2019 authorization.\n stress tests and ccar frb issued guidelines known as ccar , provide common conservative approach to ensure bhcs , including bancorp  hold adequate capital to maintain ready access to funding continue operations meet obligations to creditors and counterparties continue serve as credit intermediaries even in adverse conditions.\n ccar process requires submission of comprehensive capital plan minimum planning horizon of nine quarters under various economic scenarios.\nmandatory elements of capital plan are assessment of expected use and sources of capital over planning horizon , description of all planned capital actions over planning horizon discussion of expected changes to bancorp 2019s business plan likely to impact on capital adequacy or liquidity  detailed description of bancorp 2019s process for assessing capital adequacy and bancorp 2019s capital policy.\n capital plan must reflect revised capital framework frb adopted with implementation basel iii accord , including framework 2019s minimum regulatory capital ratios and transition arrangements.\n frb 2019s review of capital plan will assess comprehensiveness of capital plan  reasonableness of assumptions analysis underlying capital plan.\n frb reviews robustness of capital adequacy process  capital policy bancorp 2019s ability to maintain capital above minimum regulatory capital ratios as transition to basel iii and above basel i tier 1 common ratio of 5 percent under baseline and stressful conditions throughout nine- quarter planning horizon.\n frb issued stress testing rules implement section 165 ( i ) ( 1 ) and ( i ) ( 2 ) of dfa.\n large bhcs , including bancorp , are subject to final stress testing rules.\n rules require supervisory and company-run stress tests  provide forward- information to supervisors to assess institutions have sufficient capital to absorb losses support operations during adverse economic conditions.\n in march of 2013  frb announced had completed 2013 ccar.\n for bhcs proposed capital distributions in plan  frb either objected to plan or provided non- objection frb concurred with proposed 2013 capital distributions.\n frb indicated to bancorp did not object to following proposed capital actions for period beginning april 1 , 2013 and ending march 31 , 2014 : f0b7 increase in quarterly common stock dividend to $ 0.12 per share ; f0b7 repurchase of up $ 750 million in trups subject to determination regulatory capital event replacement with issuance similar amount tier ii-qualifying subordinated debt ; f0b7 conversion of $ 398 million outstanding series g 8. 5% ( 8. 5 % ) convertible preferred stock into approximately 35. 5 million common shares issued to holders.\n if conversion occur bancorp intend to repurchase common shares equivalent to issued conversion up to $ 550 million market value issue $ 550 million in preferred stock;\n\nfor the years ended december 31                 | 2013                   | 2012                   | 2011\n----------------------------------------------- | ---------------------- | ---------------------- | --------\nshares authorized for repurchase at january 1   | 63046682               | 19201518               | 19201518\nadditional authorizations ( a )                 | 45541057               | 86269178               | -\nshare repurchases ( b )                         | -65516126 ( 65516126 ) | -42424014 ( 42424014 ) | -\nshares authorized for repurchase at december 31 | 43071613               | 63046682               | 19201518\naverage price paid per share                    | $ 18.80                | $ 14.82                | n/a"
}
{
    "_id": "dd4bc4b46",
    "title": "",
    "text": "stock performance graph not deemed 201cfiled 201d for section 18 exchange act  or incorporated by reference into any filing of quintiles ims holdings , inc.\n under exchange act or securities act  except as expressly set forth by specific reference in such filing.\n graph shows comparison from may 9 , 2013 ( common stock commenced trading on nyse ) through december 31, 2016 of cumulative total return for our common stock , standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and select peer group.\n peer group consists of cerner corporation , charles river laboratories . dun & bradstreet corporation  equifax inc. icon plc , ihs markit ltd. inc research holdings  laboratory corporation of america holdings  nielsen n. v. parexel international corporation  inc. pra health sciences , inc. thomson reuters corporation and verisk analytics , inc.\n companies in peer group are publicly traded information services , information technology or contract research companies share similar business model characteristics to quintilesims  or provide services to similar customers as quintilesims.\n many companies used by compensation committee for compensation benchmarking.\n graph assumes $ 100 invested in quintilesims , s&p 500 and peer group as of close of market on may 9 , 2013 assumes reinvestments of dividends.\n s&p 500 and peer group included for comparative purposes only.\n not necessarily reflect management 2019s opinion s&p 500 and peer group appropriate measure of relative performance of stock involved not intended to forecast or indicative of possible future performance of our common stock.\n s&p 500 quintilesims peer group.\n item 6.\nselected financial data derived consolidated statements of income data for 2016  2015 2014 consolidated balance sheet data as of december 31 , 2016 2015 from audited consolidated financial\n\n| 5/9/2013 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016\n---------- | -------- | ---------- | ---------- | ---------- | ----------\nq          | $ 100    | $ 110      | $ 140      | $ 163      | $ 181\npeer group | $ 100    | $ 116      | $ 143      | $ 151      | $ 143\ns&p 500    | $ 100    | $ 114      | $ 127      | $ 126      | $ 138"
}
{
    "_id": "dd49822ca",
    "title": "",
    "text": "c o n s t e l l a t i o n b r a n d s , i n c.\n baroness philippine de rothschild announced agree- ment to maintain equal ownership of opus one.\n opus one produces fine wines at napa valley winery.\n acquisition of robert mondavi supports com- pany 2019s strategy of strengthening breadth portfolio across price segments to capitalize on overall growth in premium , super-premium and fine wine categories.\n company believes acquired robert mondavi brand names have strong brand recognition globally.\n majority of sales brands generated in united states.\n company leveraging robert mondavi brands in united states through selling , marketing distribution infrastructure.\n company intends to expand distribution for robert mondavi brands in europe through constellation europe infrastructure.\n robert mondavi acquisition supports com pany 2019s strategy of growth breadth across categories geographies strengthens competitive position in core markets.\n robert mondavi acquisition provides company with greater presence in growing premium , super-premium fine wine sectors within united states ability to capitalize on broader geographic distribution in strategic international markets.\n company believes growth opportunities for premium , super-premium fine wines in united kingdom and other 201cnew world 201d wine markets.\n total con- sideration paid in cash to robert mondavi shareholders was $ 1030. 7 million.\n company incurred direct acquisition costs of $ 12. 0 million.\n purchase price financed with borrowings under company 2019s 2004 credit agreement ( defined in note 9 ).\n in with purchase method accounting acquired net assets recorded at fair value at date of acquisition.\n purchase price based primarily on estimated future operating results of robert mondavi business  including factors described above estimated benefit from operating cost synergies.\n results of operations of robert mondavi busi- ness reported in constellation wines segment included in consolidated statements of income since acquisition date.\n following table summarizes fair values of assets acquired and liabilities assumed in robert mondavi acquisition at date of acquisition adjusted for final appraisal : ( in thousands ).\n trademarks not subject to amortization.\n none goodwill expected to deductible for tax purposes.\n following robert mondavi acquisition  company sold certain acquired vineyard properties related assets  investments accounted for under equity method other winery properties related assets during years ended february 28 , 2006  and february 28 , 2005.\n company realized net proceeds of $ 170. 8 million from sale of these assets during year ended february 28 , 2006.\n amounts realized during year ended february 28 , 2005 not material.\n no gain or loss recognized upon sale of these assets.\n hardy acquisition 2013 on march 27 , 2003  company acquired control of brl hardy limited  now known as hardy wine company limited ( 201chardy 201d ) on april 9 , 2003  company completed acquisition of all hardy 2019s outstanding capital stock.\n result of acquisi- tion hardy company also acquired remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ), joint venture company established with hardy in july 2001.\n acquisition of hardy with remaining interest in pwp referred to as 201chardy acquisition. through acquisition company acquired one of australia 2019s largest wine producers with interests in wineries and vineyards in most australia 2019s major wine regions new zealand united states and hardy 2019s marketing and sales operations in united kingdom.\noctober 2005 , pwp merged into another subsidiary company.\n total consideration paid in cash and class a common stock to hardy shareholders was $ 1137. 4 million.\n company recorded direct acquisition costs of $ 17. 2 million.\n acquisition date for accounting march 27 , 2003.\n company recorded $ 1. 6 million reduction in purchase price to reflect imputed interest between accounting acquisition date and final payment of consideration.\n charge included as interest expense in consolidated statement of income for year ended february 29 , 2004.\n cash portion of purchase price paid to hardy shareholders and optionholders ( $ 1060. 2 million ) financed with $ 660. 2 million borrowings under company 2019s then existing credit agreement and $ 400. 0 million borrowings under company 2019s then existing bridge loan agreement.\n company issued 6577826 shares of com- pany 2019s class a common stock valued at $ 77. 2 million based on simple average of closing market price of company 2019s class a common stock beginning two days before and ending two days after april 4 , 2003  day hardy shareholders elected form of consid- eration.\n purchase price based primarily on discounted cash flow analysis contemplated value of broader geographic distribution in strategic international markets and presence in important australian winemaking regions.\n company and hardy have complementary businesses share common growth orientation and operating philosophy.\n hardy acquisition supports company 2019s strategy of growth and breadth across categories\n\ncurrent assets               | $ 513782\n---------------------------- | ---------\nproperty plant and equipment | 438140\nother assets                 | 124450\ntrademarks                   | 138000\ngoodwill                     | 634203\ntotal assets acquired        | 1848575\ncurrent liabilities          | 310919\nlong-term liabilities        | 494995\ntotal liabilities assumed    | 805914\nnet assets acquired          | $ 1042661"
}
{
    "_id": "dd4b8eece",
    "title": "",
    "text": "issuer purchases of equity securities table provides information about repurchases of common stock during three-month period ended december 31 , 2012.\n period total number of shares purchased average price paid per total number shares purchased part of publicly announced program ( a ) amount available for future share repurchases program ( b ) ( in millions ).\n repurchased total 3. 1 million shares common stock for $ 286 million during quarter ended december 31 , 2012 under share repurchase program announced in october 2010.\n b board of directors approved share repurchase program for repurchase common stock time-to-time authorizing amount available for share repurchases of $ 6. 5 billion.\n under program  management has discretion to determine dollar amount of shares be repurchased timing of repurchases in compliance with applicable law and regulation.\n program does not expiration date.\n as of december 31 , 2012  repurchased total of 54. 3 million shares under program for $ 4. 2 billion.\n\nperiod                                 | total number of shares purchased | average price paid per share | total number of shares purchased as part of publicly announced program ( a ) | amount available for future share repurchases under the program ( b ) ( in millions )\n-------------------------------------- | -------------------------------- | ---------------------------- | ---------------------------------------------------------------------------- | -------------------------------------------------------------------------------------\noctober 1 2012 2013 october 28 2012    | 842445                           | $ 93.38                      | 842445                                                                       | $ 2522\noctober 29 2012 2013 november 25 2012  | 872973                           | 90.86                        | 872973                                                                       | 2443\nnovember 26 2012 2013 december 31 2012 | 1395288                          | 92.02                        | 1395288                                                                      | 2315\ntotal                                  | 3110706                          | $ 92.07                      | 3110706                                                                      | $ 2315"
}
{
    "_id": "dd4bea4b8",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements six-month offering period.\n weighted average fair value per share of espp share purchase options year ended december 31 , 2014 , 2013 2012 was $ 14. 83 , $ 13. 42 $ 13. 64 ,.\n at december 31 , 2014  3. 4 million shares remain reserved for future issuance under plan.\n key assumptions black-scholes pricing model for shares purchased through espp for years ended december 31 ,:.\n 16.\n equity mandatory convertible preferred stock offering 2014on may 12, 2014 company completed registered public offering of 6000000 shares of 5. 25% ( 5. 25 % ) mandatory convertible preferred stock  series a par value $ 0. 01 per share ( 201cmandatory convertible preferred stock 201d ).\n net proceeds of offering were $ 582. 9 million after deducting commissions estimated expenses.\n company used net proceeds offering to fund acquisitions including acquisition from richland  initially funded by indebtedness incurred under 2013 credit facility.\n unless converted earlier each share of mandatory convertible preferred stock will automatically convert on may 15 , 2017  into between 0. 9174 and 1. 1468 shares of common stock depending on applicable market value common stock subject to anti-dilution adjustments.\n certain restrictions prior to may 15 , 2017  holders mandatory convertible preferred stock may elect to convert all or portion of shares into common stock at minimum conversion rate.\n dividends on shares mandatory convertible preferred stock payable cumulative basis declared by company 2019s board of directors or authorized committee ) at annual rate of 5. 25% (. ) on liquidation preference of $ 100.00 per share  february 15  may 15  august 15 november 15 each year commencing august 15 , 2014 to including  may 15 , 2017.\n company may pay dividends in cash or subject to limitations shares of common stock or any combination of cash and shares common stock.\n terms of mandatory convertible preferred stock provide unless full cumulative dividends paid or set aside for payment on all outstanding mandatory convertible preferred stock for all prior dividend periods no dividends may be declared or paid on common stock.\n stock repurchase program 2014in march 2011  board of directors approved stock repurchase program company authorized to purchase up to $ 1. 5 billion of common stock ( 201c2011 buyback 201d ).\n september 2013  company temporarily suspended repurchases connection with acquisition of mipt.\n under 2011 buyback  company authorized to purchase shares time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws other legal requirements subject to market conditions other factors.\n facilitate repurchases company\n\n| 2014                                       | 2013                                       | 2012\n----------------------------------------------------------------------------- | ------------------------------------------ | ------------------------------------------ | ------------------------------------------\nrange of risk-free interest rate                                              | 0.06% ( 0.06 % ) 2013 0.11% ( 0.11 % )     | 0.07% ( 0.07 % ) 2013 0.13% ( 0.13 % )     | 0.05% ( 0.05 % ) 2013 0.12% ( 0.12 % )\nweighted average risk-free interest rate                                      | 0.09% ( 0.09 % )                           | 0.10% ( 0.10 % )                           | 0.08% ( 0.08 % )\nexpected life of shares                                                       | 6 months                                   | 6 months                                   | 6 months\nrange of expected volatility of underlying stock price over the option period | 11.29% ( 11.29 % ) 2013 16.59% ( 16.59 % ) | 12.21% ( 12.21 % ) 2013 13.57% ( 13.57 % ) | 33.16% ( 33.16 % ) 2013 33.86% ( 33.86 % )\nweighted average expected volatility of underlying stock price                | 14.14% ( 14.14 % )                         | 12.88% ( 12.88 % )                         | 33.54% ( 33.54 % )\nexpected annual dividend yield                                                | 1.50% ( 1.50 % )                           | 1.50% ( 1.50 % )                           | 1.50% ( 1.50 % )"
}
{
    "_id": "dd4c64272",
    "title": "",
    "text": "jpmorgan chase & co. /2010 annual report 273 table presents u. s.\n and non-u. s.\n components of income before income tax expense/ benefit ) extraordinary gain for years ended december 31, 2010 , 2009 2008.\n year ended december 31  ( in millions ) 2010 2009 2008.\n non-u. s. ( a ) 8291 9804 4867 income before income tax expense benefit ) extraordinary gain $ 24859 $ 16067 $ 2773 ( ) non-u. s.\n income defined as income generated from operations outside u. s.\n note 28 2013 restrictions on cash intercompany funds transfers business of jpmorgan chase bank, national association ( bank. ) subject to examination regulation by office of comptroller of currency ( 201cocc 201d ).\n bank member of u. s.\n federal reserve sys- tem deposits in.\n insured by fdic.\n board of governors of federal reserve system ( 201cfed reserve 201d ) requires depository institutions to maintain cash reserves with federal reserve bank.\n average amount of reserve balances deposited by firm 2019s bank subsidiaries with federal reserve banks was approximately $ 803 million and $ 821 million in 2010 and 2009  respectively.\n restrictions by u.\n federal law prohibit jpmorgan chase and affiliates from borrowing from banking subsidiar- ies unless loans secured in specified amounts.\n such secured loans to firm other affiliates limited to 10% ( 10 % ) of banking subsidiary 2019s total capital  as determined by risk- based capital guidelines ; aggregate amount of all such loans limited to 20% ( 20 % ) of banking subsidiary 2019s total capital.\nprincipal sources of jpmorgan chase 2019s income ( parent company 2013only basis ) are dividends and interest from jpmorgan chase bank , n. other banking and nonbanking subsidi- aries of.\n in addition to dividend restrictions in statutes regulations , federal reserve , occ fdic have authority under financial institutions supervisory act to prohibit or limit payment of dividends by banking organizations they supervise including jpmorgan chase and its subsidiaries banks or bank holding companies  if in banking regulator 2019s opinion  payment of dividend would unsafe or unsound practice in financial condi- tion of banking organization.\n at january 1 , 2011  jpmorgan chase 2019s banking subsidiaries could pay  aggregate , $ 2. 0 billion in dividends to bank holding companies without prior approval of relevant banking regulators.\n capacity to pay dividends in 2011 will be supplemented by banking subsidiaries 2019 earnings during in compliance with rules regulations established by u.\n non-u.\n regulators  as of december 31 , 2010 and 2009 , cash in amount $ 25. 0 billion and $ 24. 0 billion  and securities with fair value of $ 9. 7 billion and $ 10. 2 billion  were segregated in special bank accounts for benefit of securities and futures brokerage customers.\n note 29 2013 capital federal reserve establishes capital requirements  including well-capitalized standards for consolidated financial holding company.\n occ establishes similar capital requirements standards for firm 2019s national banks  including jpmorgan chase bank . and chase bank usa .\n two categories of risk-based capital : tier 1 capital and tier 2 capital.\ntier 1 capital of common stockholders 2019 equity  perpetual preferred stock noncontrolling interests in sub- sidiaries trust preferred capital debt securities  less goodwill certain other adjustments.\n tier 2 capital preferred stock not qualifying as tier 1 subordinated long-term debt other instruments qualifying as tier 2 aggregate allowance for credit losses up to certain percentage of risk-weighted assets.\n total capital is tier 1 capital plus tier 2 capital.\n under risk- based capital guidelines federal reserve jpmorgan chase required to maintain minimum ratios of tier 1 total capital to risk-weighted assets minimum leverage ratios ( defined as tier 1 capital divided by adjusted quarterly average assets ).\n failure to meet minimum requirements could cause federal reserve to take action.\n banking subsidiaries subject to capital requirements by primary regulators.\n as of december 31 , 2010 2009  jpmorgan chase all banking subsidiaries well-capitalized met all capital requirements subject.\n\nyear ended december 31 ( in millions )                             | 2010    | 2009    | 2008\n------------------------------------------------------------------ | ------- | ------- | ----------------\nu.s .                                                              | $ 16568 | $ 6263  | $ -2094 ( 2094 )\nnon-u.s. ( a )                                                     | 8291    | 9804    | 4867\nincome before incometax expense/ ( benefit ) andextraordinary gain | $ 24859 | $ 16067 | $ 2773"
}
{
    "_id": "dd4c5b0c8",
    "title": "",
    "text": "graph shows five-year comparison cumulative shareholder return company's common stock with cumulative total return s&p small cap 600 index russell 1000 index both published indices.\n comparison five-year cumulative total return from december 31  2005 to december 31  2010 assumes $ 100 invested reinvestment dividends period indexed returns.\n 2005 2006 2007 2008 2009 2010 smith ( a o ) corp s&p smallcap 600 index russell 1000 index\n\ncompany/index           | baseperiod 12/31/05 | baseperiod 12/31/06 | baseperiod 12/31/07 | baseperiod 12/31/08 | baseperiod 12/31/09 | 12/31/10\n----------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | --------\na o smith corp          | 100.0               | 108.7               | 103.3               | 88.8                | 133.6               | 178.8\ns&p small cap 600 index | 100.0               | 115.1               | 114.8               | 78.1                | 98.0                | 123.8\nrussell 1000 index      | 100.0               | 115.5               | 122.1               | 76.2                | 97.9                | 113.6"
}
{
    "_id": "dd4c52518",
    "title": "",
    "text": "packaging corporation of america notes to consolidated financial statements continued ) december 31 , 2002 2.\n summary of significant accounting policies continued ) stock-based compensation pca entered management equity agreements june 1999 with 125 management-level employees.\n agreements provide for grant of options to purchase aggregate 6576460 shares of pca 2019s common stock at $ 4. 55 per share same price per share at pca holdings llc purchased common stock in transactions.\n agreement called for options to vest ratably over five-year period or upon completion initial public offering full vesting with contractual restrictions on transfer for period up to 18 months following completion offering.\n options vested with initial public offering in january 2000  restriction period ended august , 2001.\n october 1999  company adopted long-term equity incentive plan provides for grants of stock options  stock appreciation rights ) restricted stock performance awards to directors , officers employees of pca others engage in services for pca.\n option awards granted to officers and employees vest ratably over four-year period option awards to directors vest immediately.\n under plan  terminate on june 1 , 2009 up to 4400000 shares of common stock available for issuance under long-term equity incentive plan.\n summary of company 2019s stock option activity  related information for years ended december 31 , 2002 , 2001 and 2000 options weighted-average exercise price.\n clean proof : for cycle 12\n\n| options              | weighted-average exercise price\n------------------------ | -------------------- | -------------------------------\nbalance january 1 2000   | 6569200              | $ 4.55\ngranted                  | 1059700              | 11.92\nexercised                | -398138 ( 398138 )   | 4.55\nforfeited                | -26560 ( 26560 )     | 6.88\nbalance december 31 2000 | 7204202              | $ 5.62\ngranted                  | 953350               | 15.45\nexercised                | -1662475 ( 1662475 ) | 4.59\nforfeited                | -16634 ( 16634 )     | 11.18\nbalance december 31 2001 | 6478443              | $ 7.31\ngranted                  | 871000               | 19.55\nexercised                | -811791 ( 811791 )   | 5.52\nforfeited                | -63550 ( 63550 )     | 15.44\nbalance december 31 2002 | 6474102              | $ 9.10"
}
{
    "_id": "dd4bd2732",
    "title": "",
    "text": "valuation allowance established for certain deferred tax assets related to impairment of investments.\n accounting for uncertainty in income taxes during fiscal 2011 and 2010 , aggregate changes in total gross unrecognized tax benefits summarized as ( in thousands ) : beginning balance gross increases in unrecognized tax benefits 2013 prior year tax positions gross decreases in unrecognized tax benefits 2013 prior year tax positions gross increases in unrecognized tax benefits 2013 current year tax positions settlements with taxing authorities lapse of statute of limitations foreign exchange gains and losses ending balance $ 156925 11901 ( 4154 ) 32420 ( 29101 ) ( 3825 ) $ 163607 $ 218040 ( 7104 ) 15108 ( 70484 ) ( 7896 ) $ 156925 as of december 2, 2011, combined accrued interest and penalties related to tax positions taken on tax returns included in non-current income taxes payable was approximately $ 12. 3 million.\n we file income tax returns in.\n federal basis and many.\n state and foreign jurisdictions.\n subject to continual examination of income tax returns by domestic and foreign tax authorities.\n major tax jurisdictions are u. , ireland and california.\n for. earliest fiscal years open for examination are 2005 , 2006 and 2008 .\n regularly assess likelihood of outcomes from these examinations to determine adequacy of provision for income taxes and reserved for potential adjustments from current examination.\n estimates ; no assurance that final determination of examinations will not have adverse effect on operating results and financial position.\n in august 2011  canadian income tax examination covering fiscal years 2005 through 2008 completed.\n accrued tax and interest related to these years was approximately $ 35 million previously reported in long-term income taxes payable.\nreclassified approximately $ 17 million to short-term income taxes payable decreased deferred tax assets by approximately $ 18 million with resolution.\n $ 17 million balance in short-term income taxes payable partially secured by letter of credit expected to be paid by first quarter of fiscal 2012.\n in october 2010  u.\n income tax examination covering fiscal years 2005 through 2007 completed.\n accrued tax and interest related to these years was $ 59 million previously reported in long-term income taxes payable.\n paid $ 20 million with resolution.\n net income statement tax benefit in fourth quarter of fiscal 2010 of $ 39 million resulted.\n timing of resolution of income tax examinations uncertain amounts and timing of tax payments part of audit settlement process.\n events could cause large fluctuations in balance sheet classification of current and non-current assets and liabilities.\n company believes before end of fiscal 2012  possible certain audits will conclude or statutes of limitations on certain income tax examination periods will expire or both.\n given uncertainties can determine range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 40 million.\n these amounts would decrease income tax expense under current gaap related to income taxes.\n note 11.\n restructuring fiscal 2011 restructuring plan in fourth quarter of fiscal 2011  to align resources around digital media and digital marketing strategies initiated restructuring plan of reductions of approximately 700 full-time positions worldwide recorded restructuring charges of approximately $ 78. 6 million related to ongoing termination benefits for position eliminated.\n of contents adobe systems incorporated notes to consolidated financial statements.\n valuation allowance established for certain deferred tax assets related to impairment of investments.\naccounting for uncertainty in income taxes during fiscal 2011 and 2010 , aggregate changes in total gross unrecognized tax benefits summarized as ( in thousands ) : beginning balance gross increases in unrecognized tax benefits 2013 prior year tax positions gross decreases in unrecognized tax benefits 2013 prior year tax positions gross increases in tax benefits 2013 current year tax positions settlements with taxing authorities lapse of statute of limitations foreign exchange gains and losses ending balance $ 156925 11901 ( 4154 ) 32420 ( 29101 ) ( 3825 ) $ 163607 $ 218040 ( 7104 ) 15108 ( 70484 ) ( 7896 ) $ 156925 as of december 2, 2011 , combined accrued interest and penalties related to tax positions taken on tax returns included in non-current income taxes payable was approximately $ 12. 3 million.\n file income tax returns in.\n federal basis and in many.\n state and foreign jurisdictions.\n subject to continual examination of income tax returns by irs other domestic and foreign tax authorities.\n major tax jurisdictions are u. , ireland and california.\n. earliest fiscal years open for examination are 2005 , 2006 and 2008 .\n regularly assess likelihood of outcomes from these examinations to determine adequacy of provision for income taxes reserved for potential adjustments from current examination.\n believe estimates reasonable ; no assurance that final determination of examinations not adverse effect on operating results and financial position.\n in august 2011  canadian income tax examination covering fiscal years 2005 through 2008 completed.\n accrued tax and interest related to these years was approximately $ 35 million previously reported in long-term income taxes payable.\nreclassified approximately $ 17 million to short-term income taxes payable decreased deferred tax assets by approximately $ 18 million with resolution.\n $ 17 million balance in short-term income taxes payable partially secured by letter of credit expected to be paid by first quarter of fiscal 2012.\n in october 2010  u. s.\n income tax examination covering fiscal years 2005 through 2007 completed.\n accrued tax and interest related to these years was $ 59 million previously reported in long-term income taxes payable.\n paid $ 20 million with resolution.\n net income statement tax benefit in fourth quarter of fiscal 2010 of $ 39 million.\n timing of resolution of income tax examinations uncertain amounts and timing of tax payments part of audit settlement process.\n events could cause large fluctuations in balance sheet classification of current and non-current assets and liabilities.\n company believes before end of fiscal 2012  possible certain audits will conclude or statutes of limitations on certain income tax examination periods will expire or both.\n uncertainties can determine range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 40 million.\n these amounts would decrease income tax expense under current gaap related to income taxes.\n note 11.\n restructuring fiscal 2011 restructuring plan in fourth quarter of fiscal 2011  to align resources around digital media and digital marketing strategies initiated restructuring plan of reductions of approximately 700 full-time positions worldwide recorded restructuring charges of approximately $ 78. 6 million related to ongoing termination benefits for position eliminated.\n table of contents adobe systems incorporated notes to consolidated financial statements\n\n| 2011             | 2010\n---------------------------------------------------------------------------- | ---------------- | ----------------\nbeginning balance                                                            | $ 156925         | $ 218040\ngross increases in unrecognized tax benefits 2013 prior year tax positions   | 11901            | 9580\ngross decreases in unrecognized tax benefits 2013 prior year tax positions   | -4154 ( 4154 )   | -7104 ( 7104 )\ngross increases in unrecognized tax benefits 2013 current year tax positions | 32420            | 15108\nsettlements with taxing authorities                                          | -29101 ( 29101 ) | -70484 ( 70484 )\nlapse of statute of limitations                                              | -3825 ( 3825 )   | -7896 ( 7896 )\nforeign exchange gains and losses                                            | -559 ( 559 )     | -319 ( 319 )\nending balance                                                               | $ 163607         | $ 156925"
}
{
    "_id": "dd4c2afae",
    "title": "",
    "text": "mondavi produces  markets sells premium super-premium fine california wines under woodbridge by robert mondavi , robert mondavi private selection robert mondavi winery brand names.\n woodbridge robert mondavi private selection are leading premium and super-premium wine brands by volume in united states.\n acquisition of robert mondavi supports company 2019s strategy of strengthening breadth portfolio across price segments to capitalize on overall growth in pre- mium  super-premium fine wine categories.\n company believes acquired robert mondavi brand names have strong brand recognition globally.\n majority of robert mondavi 2019s sales are generated in united states.\n company intends to leverage robert mondavi brands in united states through selling  marketing distribution infrastructure.\n company intends to further expand distribution for robert mondavi brands in europe through constellation europe infrastructure.\n company and robert mondavi have complementary busi- nesses share common growth orientation operating philosophy.\n robert mondavi acquisition provides company with greater presence in fine wine sector within united states ability to capitalize on broader geographic distribution in strategic international markets.\n robert mondavi acquisition supports company 2019s strategy of growth breadth across categories geographies strengthens competitive position in core markets.\n company believes growth opportunities for premium  super-premium fine wines in united kingdom  united states other wine markets.\n total consid- eration paid in cash to robert mondavi shareholders was $ 1030. 7 million.\n company expects to incur direct acquisition costs of $ 11. 2 million.\n purchase price was financed with borrowings under company 2019s 2004 credit agreement ( defined in note 9 ).\naccordance with pur- chase method of accounting acquired net assets recorded at fair value at date of acquisition.\n purchase price based primarily on estimated future operating results of robert mondavi  including factors described above estimated benefit from operating cost synergies.\n results of operations of robert mondavi business reported in constellation wines segment included in consolidated statement of income since acquisition date.\n following table summarizes estimated fair values of assets acquired and liabilities assumed in robert mondavi acquisition at date of acquisition.\n company in process of obtaining third-party valuations of certain assets and liabilities refining restructuring plan under development finalized during company 2019s year ending february 28 , 2006 ( see note19 ).\n allocation of purchase price subject to refinement.\n estimated fair values at december 22 , 2004  as follows : {in thousands}.\n trademarks not subject to amortization.\n none of goodwill expected to be deductible for tax purposes.\n in connection with robert mondavi acquisition and intention to sell certain winery properties and related assets  other vineyard prop- erties company classified certain assets as held for sale as of february 28 , 2005.\n company expects to sell these assets during year ended february 28 , 2006  for net pro- ceeds of approximately $ 150 million to $ 175 million.\n no gain or loss expected to recognized upon sale of these assets.\n hardy acquisition 2013 on march 27 , 2003  company acquired control of brl hardy limited , now known as hardy wine company limited ( 201chardy 201d ) on april 9 , 2003  company completed acquisition of all of hardy 2019s outstanding capital stock.\nresult acquisition of hardy  company acquired remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ), joint venture company established with hardy in july 2001.\n acquisition of hardy with remaining interest in pwp referred to as 201chardy acquisition. 201d acquisition company acquired one of australia 2019s largest wine producers with interests in winer- ies vineyards in australia 2019s major wine regions new zealand united states hardy 2019s market- ing sales operations in united kingdom.\n total consideration paid in cash and class common stock to hardy shareholders was $ 1137. 4 million.\n company recorded direct acquisition costs of $ 17. 2 million.\n acquisition date for accounting march 27 , 2003.\n company recorded $ 1. 6 million reduction in purchase price to reflect imputed interest between accounting acquisition date and final payment of consider- ation.\n charge included as interest expense in consolidated statement of income for year ended february 29 , 2004.\n cash portion of purchase price paid to hardy shareholders optionholders ( $ 1060. 2 mil- lion ) financed with $ 660. 2 million of borrowings under company 2019s existing credit agreement and $ 400. 0 million\n\ncurrent assets               | $ 494788\n---------------------------- | ---------\nproperty plant and equipment | 452902\nother assets                 | 178823\ntrademarks                   | 186000\ngoodwill                     | 590459\ntotal assets acquired        | 1902972\ncurrent liabilities          | 309051\nlong-term liabilities        | 552060\ntotal liabilities acquired   | 861111\nnet assets acquired          | $ 1041861"
}
{
    "_id": "dd4bdc084",
    "title": "",
    "text": "issuer purchases of equity securities during three months ended december 31 , 2010 repurchased 1460682 shares of common stock for aggregate of $ 74. 6 million , including commissions and fees pursuant our publicly announced stock repurchase program follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased part of publicly announced plans or programs approximate dollar value of shares be purchased under plans or programs ( in millions ).\n 1 ) repurchases made to $ 1. 5 billion stock repurchase program approved by board of directors in february 2008 ( 201cbuyback 201d ).\n under program management authorized to purchase shares through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws other legal requirements subject to market conditions other factors.\n facilitate repurchases make purchases trading plans under rule 10b5-1 of exchange act  allows to repurchase shares during periods prevented from under insider trading laws or self-imposed trading blackout periods.\n program may be discontinued any time.\n subsequent to december 31 , 2010  repurchased 1122481 shares of common stock for aggregate of $ 58. 0 million , including commissions and fees pursuant buyback.\n as of february 11 , 2011  repurchased total of 30. 9 million shares of common stock for aggregate of $ 1. 2 billion , including commissions and fees pursuant buyback.\n expect to continue to manage pacing of remaining $ 273. 1 million under buyback in response to general market conditions other relevant.\n\nperiod               | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | approximate dollar value of shares that may yet be purchasedunder the plans or programs ( in millions )\n-------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------\noctober 2010         | 722890                                 | $ 50.76                      | 722890                                                                           | $ 369.1\nnovember 2010        | 400692                                 | $ 51.81                      | 400692                                                                           | $ 348.3\ndecember 2010        | 337100                                 | $ 50.89                      | 337100                                                                           | $ 331.1\ntotal fourth quarter | 1460682                                | $ 51.08                      | 1460682                                                                          | $ 331.1"
}
{
    "_id": "dd4c539b8",
    "title": "",
    "text": "treasury security.\n unamortized discount debt issuance costs amortized over remaining term of 2022 notes.\n 2021 notes.\n may 2011 company issued $ 1. 5 billion unsecured unsubordinated obligations.\n notes issued as two separate series of senior debt securities including $ 750 million of 4. 25% ( 4. 25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) repaid in may 2013 at maturity.\n net proceeds fund repurchase of blackrock 2019s series b from affiliates merrill lynch & co. inc.\n ( 201cmerrill lynch 201d ).\n interest on 4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually on may 24 and november 24 each year commenced november 24  2011 approximately $ 32 million per year.\n 2021 notes may be redeemed prior to maturity whole or part at option company at 201cmake-whole 201d redemption price.\n unamortized discount debt issuance costs amortized over remaining term of 2021 notes.\n 2019 notes.\n december 2009 company issued $ 2. 5 billion unsecured unsubordinated obligations.\n issued as three separate series of senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes  repaid in december 2014 at maturity $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2019 ( 201c2019 notes 201d ).\nproceeds of offering used to repay borrowings under cp program finance acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1, 2009 ( 201cbgi transaction 201d ) for general corporate purposes.\n interest on 2019 notes of approximately $ 50 million per year payable semi- annually arrears on june 10 and december 10 each year.\n notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.\n unamortized discount and debt issuance costs amortized over remaining term of 2019 notes.\n 2017 notes.\n in september 2007 company issued $ 700 million in aggregate principal amount of 6. 25% ( 6. 25 % ) senior unsecured unsubordinated notes maturing on september 15 , 2017 ( 201c2017 notes 201d ).\n portion of net proceeds of 2017 notes used to fund initial cash payment for acquisition of fund-of-funds business of quellos remainder used for general corporate purposes.\n interest payable semi-annually in arrears on march 15 and september 15 each year or approximately $ 44 million per year.\n 2017 notes may be redeemed prior to maturity in whole or part option company at 201cmake-whole 201d redemption price.\n unamortized discount and debt issuance costs amortized over remaining term of 2017 notes.\n 13.\n commitments contingencies operating lease commitments company leases primary office spaces under agreements expire through 2035.\n future minimum commitments under operating leases : in millions ).\n rent expense and certain office equipment expense under lease agreements amounted to $ 136 million , $ 132 million $ 137 million in 2015 , 2014 2013  respectively.\n investment commitments.\nat december 31 , 2015  company had $ 179 million capital commitments to fund sponsored investment funds  including consolidated vies.\n these funds include private equity funds real estate funds infrastructure funds opportunistic funds.\n amount excludes additional commitments by consolidated funds of funds to third-party funds as third-party noncontrolling interest holders have legal obligation to fund respective commitments of such funds funds.\n in addition to capital commitments of $ 179 million  company had approximately $ 38 million of contingent commitments for certain funds investment periods expired.\n timing of funding of these commitments unknown commitments callable on demand at any time prior to expiration commitment.\n unfunded commitments not recorded on consolidated statements of financial condition.\n commitments do not include potential future commitments approved company not yet legally binding.\n company intends to make additional capital commitments to fund additional investment products for with clients.\n contingencies contingent payments.\n company acts as portfolio manager in derivative transactions has maximum potential exposure of $ 17 million between company and counterparty.\n see note 7 , derivatives and hedging  for further discussion.\n contingent payments related to business acquisitions.\n connection with certain acquisitions blackrock required to make contingent payments  subject to acquired businesses achieving specified performance targets over certain period subsequent to applicable acquisition date.\n fair value of remaining aggregate contingent payments at december 31 , 2015 not significant to condensed consolidated statement of financial condition included in other liabilities.\n\nyear       | amount\n---------- | ------\n2016       | $ 134\n2017       | 133\n2018       | 131\n2019       | 125\n2020       | 120\nthereafter | 560\ntotal      | $ 1203"
}
{
    "_id": "dd4be8fc8",
    "title": "",
    "text": "majority increased tax position attributable to temporary differences.\n increase in 2014 current period tax positions related to company 2019s change in tax accounting method filed in 2008 for repair and maintenance costs on utility plant.\n company not anticipate material changes to unrecognized tax benefits within next year.\n if company sustains positions at december 31 , 2014 and 2013  unrecognized tax benefit of $ 9444 and $ 7439  respectively excluding interest penalties impact company 2019s effective tax rate.\n table summarizes changes in company 2019s valuation allowance:.\n included in 2013 is discrete tax benefit totaling $ 2979 associated with entity re-organization within company 2019s market-based operations segment allowed for utilization of state net operating loss carryforwards and release of associated valuation allowance.\n note 13 : employee benefits pension other postretirement benefits company maintains noncontributory defined benefit pension plans covering eligible employees of regulated utility and shared services operations.\n benefits plans based on employee 2019s years of service and compensation.\n pension plans closed for all employees.\n plans closed for most employees hired or after january 1 , 2006.\n union employees hired after january 1 , 2001 had accrued benefit frozen receive benefit as lump sum upon termination or retirement.\n union employees hired after january 1 , 2001 and non-union employees hired after january 1 , 2006 provided with 5. 25%. ) of base pay defined contribution plan.\n company not participate in multiemployer plan.\n company 2019s pension funding practice is to contribute greater of minimum amount required by employee retirement income security act of 1974 or normal cost.\n company will consider additional contributions if needed to avoid 201cat risk 201d status and benefit restrictions under pension protection act of 2006.\ncompany may consider increased contributions based on financial requirements plans 2019 funded position.\n pension plan assets invested in actively managed commingled funds including equity and bond funds fixed income securities guaranteed interest contracts with insurance companies real estate funds real estate investment trusts ( 201creits 201d.\n pension expense in excess of amount contributed to pension plans deferred by regulated subsidiaries pending future recovery in rates for utility services contributions made to plans.\n ( see note 6 ) company has unfunded noncontributory supplemental non-qualified pension plans provide additional retirement benefits to certain employees.\n\nbalance at january 1 2012                 | $ 21579\n----------------------------------------- | --------------\nincreases in current period tax positions | 2014\ndecreases in current period tax positions | -2059 ( 2059 )\nbalance at december 31 2012               | $ 19520\nincreases in current period tax positions | 2014\ndecreases in current period tax positions | -5965 ( 5965 )\nbalance at december 31 2013               | $ 13555\nincreases in current period tax positions | 2014\ndecreases in current period tax positions | -3176 ( 3176 )\nbalance at december 31 2014               | $ 10379"
}
{
    "_id": "dd4bca168",
    "title": "",
    "text": "october 21 , 2004  hartford declared dividend common stock $ 0. 29 per share payable january 3 , 2005 to shareholders of record as of december 1 , 2004.\n hartford declared $ 331 paid $ 325 dividends shareholders 2004  declared $ 300 paid $ 291 dividends shareholders 2003  declared $ 262 paid $ 257 in 2002.\n aoci - aoci increased by $ 179 as december 31 , 2004 compared with december 31 , 2003.\n increase in aoci result of life 2019s adoption of sop 03-1  resulted in $ 292 cumulative effect for unrealized gains on securities first quarter of 2004 related to reclassification of investments from separate account assets to general account assets partially offset by net unrealized losses on cash-flow hedging instruments.\n funded status of company 2019s pension postretirement plans dependent upon factors including returns on invested assets level market interest rates.\n declines in value of securities traded in equity markets declines in long- term interest rates negative impact on funded status plans.\n company recorded minimum pension liability as of december 31 , 2004  2003  resulted after-tax reduction of stockholders 2019 equity of $ 480 and $ 375.\n minimum pension liability not affect company 2019s results of operations.\n additional information on stockholders 2019 equity and aoci see notes 15 and 16  of notes to consolidated financial statements.\n cash flow 2004 2003 2002.\n 2004 compared to 2003 2014 cash from operating activities reflects premium cash flows in excess of claim payments.\n decrease in cash operating activities due to $ 1. 15 billion settlement macarthur litigation in 2004.\ncash financing activities decreased due to lower proceeds from investment universal life-type contracts result of adoption of sop 03-1  decreased capital raising activities  repayment of commercial paper early retirement of junior subordinated debentures in 2004.\n decrease in cash from financing activities and operating cash flows invested long-term accounted for majority of change in cash used for investing activities.\n 2003 compared to 2002 2014 increase in cash by operating activities was result of strong premium cash flows.\n financing activities increased due to capital raising activities related to 2003 asbestos reserve addition decreased due to repayments on long-term debt lower proceeds from investment universal life-type contracts.\n increase in cash from financing activities accounted for majority of change in cash used for investing activities.\n operating cash flows in each last three years adequate to meet liquidity requirements.\n equity markets for discussion of potential impact of equity markets on capital liquidity  see capital markets risk management section under 201cmarket risk 201d.\n ratings ratings important factor in establishing competitive position in insurance and financial services marketplace.\n no assurance company's ratings will continue for or not be changed.\n in company's ratings downgraded , level revenues or persistency of company's business may be adversely impacted.\n on august 4 , 2004  moody 2019s affirmed company 2019s hartford life , inc. 2019s a3 senior debt ratings aa3 insurance financial strength ratings of property-casualty and life insurance operating subsidiaries.\n moody 2019s changed outlook for all these ratings from negative to stable.\n since announcement of suit filed by new york attorney general 2019s office against marsh & mclennan companies , inc. marsh , inc.\noctober 14 , 2004 , major independent ratings agencies continue monitor developments to suit.\n october 22 , 2004 , standard & poor 2019s revised outlook on u. s.\n property/casualty commercial lines sector to negative from stable.\n november 23 , 2004 , standard & poor 2019s revised outlook on financial strength credit ratings of property-casualty insurance subsidiaries to negative from stable.\n outlook on life insurance subsidiaries corporate debt unaffected.\n\ncash flow                                 | 2004             | 2003             | 2002\n----------------------------------------- | ---------------- | ---------------- | ----------------\nnet cash provided by operating activities | $ 2634           | $ 3896           | $ 2577\nnet cash used for investing activities    | $ -2401 ( 2401 ) | $ -8387 ( 8387 ) | $ -6600 ( 6600 )\nnet cash provided by financing activities | $ 477            | $ 4608           | $ 4037\ncash 2014 end of year                     | $ 1148           | $ 462            | $ 377"
}
{
    "_id": "dd4c4d720",
    "title": "",
    "text": "employee benefit plans sysco has defined benefit defined contribution retirement plans for employees.\n company contributes to multi-employer plans under provides health care benefits to eligible retirees dependents.\n sysco maintains qualified retirement plan ) pays benefits to employees at retirement using formulas based on participant 2019s years of service compensation.\n defined contribution 401 ( k ) plan provides under certain circumstances company may make matching contributions of up to 50% ( ) of first 6% ( 6 % ) of participant 2019s compensation.\n sysco 2019s contributions to plan were $ 28109000 in 2005, $ 27390000 in 2004  $ 24102000 in 2003.\n in addition to receiving benefits upon retirement under company 2019s defined benefit plan participants in management incentive plan ( 201cmanagement incentive compensation 201d ) will receive benefits under supplemental executive retirement plan ( serp ).\n this plan is nonqualified , unfunded supplementary retirement plan.\n obligations sysco maintains life insurance policies on lives participants with carrying values of $ 138931000 at july 2 , 2005 and $ 87104000 at july 3 , 2004.\n these policies not included as plan assets or in funded status amounts in table below.\n sysco is sole owner and beneficiary of such policies.\n projected benefit obligations and accumulated benefit obligations for serp were $ 375491000 and $ 264010000  as of july 2 , 2005 $ 269815000 and $ 153652000 , as of july 3  company made cash contributions to pension plans of $ 220361000 and $ 165512000 in fiscal years 2005 and 2004 including $ 214000000 and $ 160000000 in voluntary contributions to retirement plan in fiscal 2005 and 2004 .\nin amounts contributed in fiscal 2005 was $ 134000000 voluntarily contributed to qualified pension plan in fourth quarter.\n decision to increase contributions pension plan fiscal 2005 primarily due to decreased discount rate increased pension obligation negatively impacted fiscal 2005 year-end pension funded status.\n in fiscal 2006  previous years contributions to retirement plan not required to meet erisa minimum funding requirements company anticipates make voluntary contributions of approximately $ 66000000.\n company 2019s contributions to serp and other post- retirement plans made in amounts needed to fund current year benefit payments.\n estimated fiscal 2006 contributions to fund benefit payments for serp and other post-retirement plans are $ 7659000 and $ 338000 , respectively.\n estimated future benefit payments : postretirement pension benefits plans.\n\n| pension benefits | other postretirement plans\n--------------------- | ---------------- | --------------------------\n2006                  | $ 27316000       | $ 338000\n2007                  | 29356000         | 392000\n2008                  | 33825000         | 467000\n2009                  | 39738000         | 535000\n2010                  | 46957000         | 627000\nsubsequent five years | 355550000        | 4234000"
}
{
    "_id": "dd4bc9830",
    "title": "",
    "text": "pension plan investments held in master trust  with northern trust company.\n investments in master trust valued at fair value determined based on fair value of underlying investments of master trust.\n investments in securities traded on public security exchanges valued at closing market prices on valuation date ; where no sale made on valuation date security generally valued at most recent bid price.\n certain short-term investments carried at cost , approximates fair value.\n investments in registered investment companies and common trust funds primarily invest in stocks , bonds commodity futures valued using publicly available market prices for underlying investments by entities.\n majority of pension plan assets invested in equity securities equity portfolios historically provided higher returns than debt other asset classes over extended time horizons expected to do in future.\n equity investments entail greater risks than other investments.\n equity risks balanced by investing significant portion of plan 2019s assets in high quality debt securities.\n average quality rating of debt portfolio exceeded aa as of december 31 , 2008 and 2007.\n debt portfolio broadly diversified invested primarily in.\n treasury , mortgage  corporate securities with intermediate average maturity.\n weighted-average maturity of debt portfolio was 5 years at december 31 , 2008 and 2007 .\n investment of pension plan assets in securities issued by union pacific prohibited for equity and debt portfolios other than through index fund holdings.\n other retirement programs thrift plan 2013 provide defined contribution plan ( thrift plan ) to eligible non-union employees make matching contributions to thrift plan.\n match 50 cents for each dollar contributed by employees up to first six percent of compensation contributed.\nthrift plan contributions were $ 14 million in 2008  $ 14 million 2007  $ 13 million in 2006.\n railroad retirement system 2013 all railroad employees covered by railroad retirement system ( system ).\n contributions to system expensed as incurred amounted to approximately $ 620 million in 2008  $ 616 million in 2007 $ 615 million in 2006.\n collective bargaining agreements 2013 provide postretirement healthcare life insurance benefits for eligible union employees.\n premiums under plans expensed as incurred amounted to $ 49 million in 2008 $ 40 million in 2007 and 5.\n other income income included for years ended december 31 : millions of dollars 2008 2007 2006.\n\nmillions of dollars                          | 2008       | 2007       | 2006\n-------------------------------------------- | ---------- | ---------- | ----------\nrental income                                | $ 87       | $ 68       | $ 83\nnet gain on non-operating asset dispositions | 41         | 52         | 72\ninterest income                              | 21         | 50         | 29\nsale of receivables fees                     | -23 ( 23 ) | -35 ( 35 ) | -33 ( 33 )\nnon-operating environmental costs and other  | -34 ( 34 ) | -19 ( 19 ) | -33 ( 33 )\ntotal                                        | $ 92       | $ 116      | $ 118"
}
{
    "_id": "dd4bac50a",
    "title": "",
    "text": "table of contents 4.\n acquisitions , dispositions plant closures acquisitions 2022. f. ter.\n s. p. a.\n on december 1 , 2016  company acquired 100% ( 100 % ) of stock of forli , italy based. f. ter.\n s. p. a.\n ( \"softer\" ), leading thermoplastic compounder.\n acquisition of softer increases company's global engineered materials product platforms , extends operational model , technical industry solutions capabilities expands project pipelines.\n acquisition accounted for as business combination acquired operations included in advanced engineered materials segment.\n pro forma financial information since acquisition date not provided acquisition did not material impact on company's financial information.\n company allocated purchase price of acquisition to identifiable assets acquired and liabilities assumed based on estimated fair values as of acquisition date.\n excess of purchase price over aggregate fair values recorded as goodwill ( note 2 and note 11 ).\n company calculated fair value of assets acquired using income , market  cost approach ( or combination ).\n fair values determined based on level 3 inputs ( note 2 ) including estimated future cash flows , discount rates  royalty rates growth rates sales projections  retention rates terminal values  require significant management judgment susceptible to change.\n purchase price allocation based upon preliminary information subject to change if additional information about facts circumstances at acquisition date becomes available.\n final fair value of net assets acquired may result in adjustments to assets liabilities including goodwill.\n any subsequent measurement period adjustments not expected to have material impact on company's results of operations.\n preliminary purchase price allocation for softer acquisition is as follows : december 1 , 2016 ( in $ millions ).\n______________________________ ( 1 ) goodwill consists of expected revenue operating synergies from acquisition.\n none goodwill deductible for income tax.\n ( 2 ) includes $ 23 million indemnity receivable for uncertain tax positions related to acquisition.\n transaction related costs of $ 3 million expensed incurred to selling , general administrative expenses in consolidated statements of operations.\n pro forma net earnings ( loss ) of softer in company's consolidated statement operations was approximately 2% ( 2 % ) ( unaudited ) of consolidated net earnings ( loss ) acquisition occurred beginning of 2016.\n amount softer net earnings ( loss ) consolidated company since acquisition date not material.\n\n| as ofdecember 1 2016 ( in $ millions )\n---------------------------------------------- | --------------------------------------\ncash and cash equivalents                      | 11\ntrade receivables - third party and affiliates | 53\ninventories                                    | 58\nproperty plant and equipment net               | 68\nintangible assets ( note 11 )                  | 79\ngoodwill ( note 11 ) ( 1 )                     | 106\nother assets ( 2 )                             | 33\ntotal fair value of assets acquired            | 408\ntrade payables - third party and affiliates    | -41 ( 41 )\ntotal debt ( note 14 )                         | -103 ( 103 )\ndeferred income taxes                          | -30 ( 30 )\nother liabilities                              | -45 ( 45 )\ntotal fair value of liabilities assumed        | -219 ( 219 )\nnet assets acquired                            | 189"
}
{
    "_id": "dd4bfec92",
    "title": "",
    "text": "loan commitments ( unfunded loans unused lines of credit ) asset purchase agreements standby letters of credit issued to accommodate financing needs of state street 2019s clients provide credit enhancements to special purpose entities.\n loan commitments are agreements state street to lend monies future date.\n asset purchase agreements are commitments to purchase receivables or securities subject to conditions at december 31 , 2001 include $ 8. 0 billion outstanding to special purpose entities.\n standby letters of credit letters credit commit state street to make payments on behalf of clients special purpose entities when certain specified events occur.\n standby letters of credit outstanding to special purpose entities were $ 608 million at december 31 , 2001.\n loan  asset purchase letter of credit commitments subject to same credit policies reviews as loans.\n amount nature of collateral obtained based upon management 2019s assessment of credit risk.\n approximately 89% ( 89 % ) of loan commitments asset purchase agreements expire within one year from date of issue.\n commitments expected to expire or total commitment amounts do not necessarily represent future cash requirements.\n summary of contractual amount of credit-related off-balance sheet financial instruments at december 31:.\n state street corporation 53\n\n( dollars in millions )        | 2001     | 2000\n------------------------------ | -------- | --------\nindemnified securities on loan | $ 113047 | $ 101438\nloan commitments               | 12962    | 11367\nasset purchase agreements      | 10366    | 7112\nstandby letters of credit      | 3918     | 4028\nletters of credit              | 164      | 218"
}
{
    "_id": "dd4c2578e",
    "title": "",
    "text": "fair value of interest agreements at december 31 , 2007 and december 31 2006 was $ 3 million and $ 1 million respectively.\n company exposed to credit loss in nonperformance by counterparties to swap contracts.\n company minimizes credit risk by only dealing with leading creditworthy financial institutions not anticipate nonperformance.\n contracts distributed among several financial institutions all have investment grade credit ratings minimizing credit risk concentration.\n stockholders 2019 equity derivative instruments activity net of tax included in non-owner changes to equity within consolidated statements of stockholders 2019 equity for years ended december 31 , 2007 and 2006 is as follows:.\n net investment in foreign operations hedge at december 31  2007 and 2006  company hedges of foreign currency exposure net investments foreign operations.\n investments hedge during first quarter of 2006  company entered into zero-cost collar derivative ( 201csprint nextel derivative 201d ) to protect against price fluctuations in 37. 6 million shares of sprint nextel corporation ( 201csprint nextel 201d ) non-voting common stock.\n during second quarter of 2006  result of sprint nextel 2019s spin-off of embarq corporation through dividend to sprint nextel shareholders company received approximately 1. 9 million shares of embarq corporation.\n floor and ceiling prices of sprint nextel derivative adjusted accordingly.\n derivative not designated as a hedge under provisions of sfas no.\n 133 , 201caccounting for derivative instruments and hedging activities. to reflect change in fair value of sprint nextel derivative company recorded net gain of $ 99 million for year ended december 31 , 2006 included in other income ( expense ) in company 2019s consolidated statements of operations.\ndecember 2006 , sprint nextel derivative terminated settled in cash 37. 6 million shares sprint nextel converted to common shares sold.\n company received aggregate cash proceeds of approximately $ 820 million from settlement sprint nextel derivative subsequent sale of 37. 6 million sprint nextel shares.\n company recognized loss of $ 126 million in connection with sale of remaining shares sprint nextel common stock.\n company recorded net gain of $ 99 million with sprint nextel derivative.\n prior to merger of sprint corporation ( 201csprint 201d ) and nextel communications , inc.\n ( 201cnextel 201d ) company entered variable share forward purchase agreements ( 201cvariable forwards 201d ) to hedge nextel common stock.\n company did not designate variable forwards as hedge of sprint nextel shares received result merger.\n company recorded $ 51 million of gains for year ended december 31 , 2005 reflecting change in value of variable forwards.\n variable forwards settled during fourth quarter of 2005.\n fair value of financial instruments company 2019s financial instruments include cash equivalents , sigma fund investments , short-term investments , accounts receivable, long-term finance receivables , accounts payable  accrued liabilities  derivatives other financing commitments.\n company 2019s sigma fund investment portfolios derivatives recorded in company 2019s consolidated balance sheets at fair value.\n all other financial instruments , with exception of long-term debt , carried at cost  not materially different than instruments 2019 fair values.\n\n| 2007       | 2006       | 2005\n----------------------------------- | ---------- | ---------- | --------------\nbalance at january 1                | $ 16       | $ 2        | $ -272 ( 272 )\nincrease ( decrease ) in fair value | -6 ( 6 )   | 75         | 28\nreclassifications to earnings       | -10 ( 10 ) | -61 ( 61 ) | 246\nbalance at december 31              | $ 2014     | $ 16       | $ 2"
}
{
    "_id": "dd4c032c4",
    "title": "",
    "text": "prior to adoption of sfas no.\n 123 ( r )  company recorded compensation expense for restricted stock awards straight-line basis over vesting period.\n if employee forfeited award prior to vesting company reversed previously expensed amounts in period of forfeiture.\n required upon adoption of sfas no.\n 123 ( r )  company must base accruals of compensation expense on estimated number of awards for requisite service period expected rendered.\n actual forfeitures no longer recorded in period of forfeiture.\n in 2005  company recorded pre-tax credit of $ 2. 8 million in cumulative effect of accounting change represents amount compensation expense reduced in periods prior to adoption of sfas no.\n 123 ( r ) for restricted stock awards outstanding on july 1, 2005 anticipated to be forfeited.\n summary of non-vested restricted stock award and stock unit activity presented below : shares ( in thousands ) weighted- average date fair.\n as of december 31 , 2007  $ 15. 3 million of total unrecognized compensation cost related to non-vested awards.\n cost expected to be recognized over period of 1. 6 years.\n total fair value of restricted shares and restricted stock units vested was $ 11. 0 million , $ 7. 5 million and $ 4. 1 million for years ended december 31 , 2007 , 2006 2005 .\n employee stock purchase plan shareholders approved 2002 employee stock purchase plan ( reserved 5000000 shares of common stock for sale to employees at price no less than 85% ( 85 % ) of lower fair market value of common stock at beginning of one-year offering period or end of six-month purchase periods.\n under sfas no.\n 123 ( r )  2002 purchase plan considered compensatory.\neffective august 1 , 2005  company changed terms purchase plan to reduce discount to 5% ( ) discontinued look-back provision.\n purchase plan not compensatory beginning august 1 , 2005.\n for year ended december 31 , 2005 company recorded $ 0. 4 million in compensation expense for employee stock purchase plan for period 2002 plan considered compensatory until terms changed august 1 , 2005.\n at december 31 , 2007  757123 shares available for purchase under 2002 purchase plan.\n 401 ( k ) plan company has 401 ( k ) salary deferral program for eligible employees met certain service requirements.\n company matches certain employee contributions ; additional contributions plan at discretion of company.\n total contribution expense under plan was $ 5. 7 million , $ 5. 7 million and $ 5. 2 million for years ended december 31 , 2007 , 2006 and 2005  respectively.\n\n| shares ( in thousands ) | weighted- average grant date fair value\n------------------------------- | ----------------------- | ---------------------------------------\nnon-vested at december 31 2006: | 2878                    | $ 13.01\nissued                          | 830                     | $ 22.85\nreleased ( vested )             | -514 ( 514 )            | $ 15.93\ncanceled                        | -1197 ( 1197 )          | $ 13.75\nnon-vested at december 31 2007: | 1997                    | $ 15.91"
}
{
    "_id": "dd4b8e64a",
    "title": "",
    "text": "growth focused.\n december 2005 3m announced intention to build lcd optical film manufacturing facility in poland support fast-growing lcd-tv market europe better serve customers.\n company expects 2006 capital expenditures to total approximately $ 1. 1 billion  compared with $ 943 million in 2005.\n third quarter of 2005 3m completed acquisition of cuno.\n 3m acquired cuno for approximately $ 1. 36 billion  including assumption of debt.\n $ 1. 36 billion included $ 1. 27 billion cash paid ( net of cash acquired ) assumption of $ 80 million debt  most repaid.\n 2005 company entered two additional business combinations for total purchase price of $ 27 million.\n refer to note 2 consolidated financial statements for more information 2005 business combinations information 2004 and 2003 business combinations.\n purchases investments in 2005 include purchase from ti&m beteiligungsgesellschaft mbh of 19 percent of i&t innovation technology ( transportation business segment ).\n purchase price of approximately $ 55 million reported as 201cinvestments 201d in consolidated balance sheet 201cpurchases of investments 201d in consolidated statement of cash flows.\n other 201cpurchases of investments 201d 201cproceeds from sale investments 201d in 2005 primarily attributable to auction rate securities classified as available-for-sale.\n prior to 2005 purchases of proceeds from sale of auction rate securities classified as cash and cash equivalents.\n at december 31 , 2004 amount such securities immaterial to cash and cash equivalents not reclassified for 2004 prior.\n proceeds from sale of investments in 2003 include $ 26 million cash received related to sale of 3m 2019s 50% ( % ) ownership in durel corporation to rogers corporation.\n additional purchases of investments totaled $ 5 million in 2005 , $ 10 million in 2004 $ 16 million in 2003.\n purchases include additional survivor benefit insurance equity investments.\n company considering additional acquisitions investments strategic alliances.\n cash flows from financing activities years ended december 31.\n total debt at december 31  2005 was $ 2. 381 billion  down from $ 2. 821 billion at year-end 2004 decrease attributable to retirement of $ 400 million in medium-term notes.\n no new long- term debt issuances in 2005.\n cash flow decrease in net short-term debt of $ 258 million includes portion short-term debt with original maturities of 90 days or less.\n repayment of debt of $ 656 million related to retirement of $ 400 million in medium-term notes commercial paper retirements.\n proceeds from debt of $ 429 million related to commercial paper issuances.\n total debt was 19% ( 19 % ) of total capital debt plus equity compared with 21% ( 21 % ) at year-end 2004.\n debt securities including company 2019s shelf registration medium-term notes program dealer remarketable securities convertible note discussed in in note 8 to consolidated financial statements.\n 3m has shelf registration medium-term notes program through $ 1. 5 billion of medium- term notes offered.\n in 2004 company issued approximately $ 62 million in debt securities under medium-term notes program.\n no debt issued under program in 2005.\n medium-term notes program shelf registration have remaining capacity of approximately $ 1. 438 billion.\n company $ 350 million of dealer remarketable securities current portion of long-term debt remarketed for one year in december 2005.\n company has convertible notes with book value of $ 539 million at december 31 , 2005.\n next put option date for convertible notes is november 2007 at year-end 2005 debt\n\n( millions )                                           | 2005             | 2004             | 2003\n------------------------------------------------------ | ---------------- | ---------------- | ----------------\nchange in short-term debt 2014 net                     | $ -258 ( 258 )   | $ 399            | $ -215 ( 215 )\nrepayment of debt ( maturities greater than 90 days )  | -656 ( 656 )     | -868 ( 868 )     | -719 ( 719 )\nproceeds from debt ( maturities greater than 90 days ) | 429              | 358              | 494\ntotal change in debt                                   | $ -485 ( 485 )   | $ -111 ( 111 )   | $ -440 ( 440 )\npurchases of treasury stock                            | -2377 ( 2377 )   | -1791 ( 1791 )   | -685 ( 685 )\nreissuances of treasury stock                          | 545              | 508              | 555\ndividends paid to stockholders                         | -1286 ( 1286 )   | -1125 ( 1125 )   | -1034 ( 1034 )\ndistributions to minority interests and other 2014 net | -76 ( 76 )       | -15 ( 15 )       | -23 ( 23 )\nnet cash used in financing activities                  | $ -3679 ( 3679 ) | $ -2534 ( 2534 ) | $ -1627 ( 1627 )"
}
{
    "_id": "dd4b97826",
    "title": "",
    "text": "expected to begin late-2018  after necessary information technology infrastructure in place.\n entergy louisiana proposed to recover cost of ami through implementation customer charge  net certain benefits phased in over period 2019 through 2022.\n parties reached uncontested stipulation permitting implementation entergy louisiana 2019s proposed ami system with modifications to proposed customer charge.\n in july 2017 lpsc approved stipulation.\n entergy louisiana expects to recover undepreciated balance of existing meters through regulatory asset at current depreciation rates.\n sources of capital entergy louisiana 2019s sources meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred membership interest issuances ; 2022 bank financing under new or existing facilities.\n entergy louisiana may refinance  redeem or retire debt prior to maturity market conditions and interest rates favorable.\n all debt common and preferred membership interest issuances require prior regulatory approval.\n preferred membership interest debt issuances subject to issuance tests in bond indentures other agreements.\n entergy louisiana has sufficient capacity under these tests to meet foreseeable capital needs.\n entergy louisiana 2019s receivables from money pool as follows as of december 31 for each following years.\n see note 4 to financial statements for description money pool.\n entergy louisiana has credit facility amount $ 350 million scheduled to expire august 2022.\n credit facility allows entergy to issue letters of credit against $ 15 million of borrowing capacity facility.\n as of december 31 , 2017 no cash borrowings $ 9. 1 million letter of credit outstanding under credit facility.\n entergy louisiana party to uncommitted letter of credit facility as means to post collateral to support obligations to miso. as of december 31 , 2017 , $ 29.7 million letter of credit outstanding under entergy louisiana 2019s uncommitted letter credit a0facility.\n see note 4 financial statements additional discussion credit facilities.\n entergy louisiana nuclear fuel company variable interest entities have two separate credit facilities one $ 105 million and one $ 85 million both scheduled to expire may 2019.\n as of december 31 , 2017 , $ 65. 7 million loans outstanding under credit facility entergy louisiana river bend nuclear fuel company variable interest entity.\n as of december 31, 2017  $ 43. 5 million letters of credit support like commercial paper issued $ 36. 4 million loans outstanding under entergy louisiana waterford nuclear fuel company variable interest entity credit facility.\n see note 4 financial statements for additional discussion nuclear fuel company variable interest entity credit facilities.\n entergy louisiana , llc subsidiaries management 2019s financial discussion analysis\n\n2017             | 2016             | 2015             | 2014\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 11173          | $ 22503          | $ 6154           | $ 2815"
}
{
    "_id": "dd4bdcb24",
    "title": "",
    "text": "refining and wholesale marketing gross margin is difference between prices of refined products sold and costs of crude oil and other charge blendstocks refined including costs to transport inputs to refineries costs of purchased products manufacturing expenses  including depreciation.\n crack spread is a measure of difference between market prices for refined products and crude oil used as proxy for refining margin.\n crack spreads can fluctuate significantly particularly when prices refined products not move in same relationship as cost of crude oil.\n as performance benchmark comparison with industry participants we calculate midwest ( chicago ).\n gulf coast crack spreads closely track our operations slate products.\n posted light louisiana sweet ( 201clls 201d ) prices 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline 2 barrels of distillate 1 barrel of residual fuel ) are used for crack spread calculation.\n refineries process significant amounts of sour crude oil typically purchased at discount to sweet crude oil.\n amount of discount  sweet/sour differential  can vary significantly causing refining and wholesale marketing gross margin to differ from crack spreads based upon sweet crude.\n larger sweet/sour differential will enhance refining and wholesale marketing gross margin.\n in 2009  sweet/sour differential narrowed due to worldwide economic petroleum industry related factors primarily to lower hydrocarbon demand.\n sour crude accounted for 50 percent , 52 percent 54 percent of our crude oil processed in 2009 , 2008 2007.\n following table lists calculated average crack spreads for midwest ( chicago ) gulf coast markets and sweet/sour differential for past three years.\n ( dollars per barrel ) 2009 2008 2007.\n sweet/sour differential ( a ) $ 5.82 $ 11. 99 $ 11. 59 ( a ) calculated using mix of crude types compared to lls. : 15% ( 15 % ) arab light , 20% ( 20 % ) kuwait , 10% ( 10 % ) maya , 15% ( 15 % ) western canadian select , 40% ( 40 % ) mars.\n in addition to market changes crack spreads sweet/sour differential , refining and wholesale marketing gross margin impacted by factors : 2022 types of crude oil other charge and blendstocks processed  2022 selling prices for refined products  2022 impact of commodity derivative instruments to manage price risk  2022 cost of products purchased for resale  2022 changes in manufacturing costs  include depreciation.\n manufacturing costs driven by cost of energy refineries maintenance costs.\n planned turnaround and major maintenance activities completed at catlettsburg , garyville , robinson refineries in 2009.\n performed turnaround major maintenance activities at robinson garyville canton refineries in 2008 and catlettsburg robinson st.\n paul park refineries in 2007.\n retail marketing gross margin for gasoline and distillates , difference between ultimate price paid by consumers and cost of refined products  including secondary transportation consumer excise taxes  impacts rm&t segment profitability.\n numerous factors including local competition , seasonal demand fluctuations  available wholesale supply  level economic activity in marketing areas weather conditions impact gasoline and distillate demand year.\n refined product demand increased for several years until 2008 decreased due to significant increases in retail petroleum prices  broad slowdown in economic activity impact of increased ethanol blending into gasoline.\n in 2009 refined product demand continued to decline.\nmarketing area, estimate gasoline demand decline about one percent distillate demand decline 12 percent from 2008 levels.\n market demand declines for gasoline and distillates generally reduce product margin can realize.\n also estimate gasoline and distillate demand in marketing area decreased three percent in 2008 compared to 2007 levels.\n gross margin on merchandise sold at retail outlets historically less volatile.\n\n( dollars per barrel )        | 2009   | 2008    | 2007\n----------------------------- | ------ | ------- | -------\nchicago lls 6-3-2-1           | $ 3.52 | $ 3.27  | $ 8.87\nu.s . gulf coast lls 6-3-2-1  | $ 2.54 | $ 2.45  | $ 6.42\nsweet/sour differential ( a ) | $ 5.82 | $ 11.99 | $ 11.59"
}
{
    "_id": "dd4bd3a92",
    "title": "",
    "text": "december 19 , 2011 , redeemed remaining $ 175 million of 6. 5% ( 6. 5 % ) notes due april 15 , 2012 , all $ 300 million of outstanding 6. 125% ( 6. 125 % ) notes due january 15 , 2012.\n redemptions resulted in early extinguishment charge of $ 5 million in fourth quarter of 2011.\n receivables securitization facility 2013 as of december 31 , 2013 and 2012 , recorded $ 0 and $ 100 million , respectively, as secured debt under receivables securitization facility.\n ( see further discussion of receivables securitization facility in note 10 ).\n 15.\n variable interest entities entered into various lease transactions structure leases contain variable interest entities ( vies ).\n vies created solely for purpose of doing lease transactions ( principally involving railroad equipment and facilities , including headquarters building ) have no other activities , assets or liabilities outside of lease transactions.\n within lease arrangements , right to purchase some or all assets at fixed prices.\n depending on market conditions , fixed-price purchase options in leases could potentially provide benefits to us ; benefits not expected to be significant.\n maintain and operate assets based on contractual obligations within lease arrangements , set specific guidelines consistent within railroad industry.\n no control over activities could materially impact fair value of leased assets.\n do not hold power to direct activities of vies do not control ongoing activities significant impact on economic performance of vies.\n do not have obligation to absorb losses of vies or right to receive benefits of vies could potentially be significant to not considered to be primary beneficiary do not consolidate these vies because our actions and decisions do not have most significant effect on vie 2019s performance fixed-price purchase price options not considered to potentially significant to vies.\nfuture minimum lease payments vie leases totaled $ 3. 3 billion as of december 31 , 2013.\n 16.\n leases lease locomotives  freight cars other property.\n consolidated statements of financial position as of december 31 , 2013 and 2012 included $ 2486 million  net of $ 1092 million accumulated depreciation and $ 2467 million  net of $ 966 million accumulated depreciation for properties under capital leases.\n charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements income.\n future minimum lease payments for operating and capital leases with initial non-cancelable lease terms excess of one year as of december 31, 2013 were : millions operating leases capital leases.\n approximately 94% ( 94 % ) of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 618 million in 2013 $ 631 million in 2012  $ 637 million in 2011.\n cash rental payments not straight-line recognize variable rental expense straight-line over lease term.\n contingent rentals sub-rentals not significant.\n\nmillions                               | operatingleases | capitalleases\n-------------------------------------- | --------------- | -------------\n2014                                   | $ 512           | $ 272\n2015                                   | 477             | 260\n2016                                   | 438             | 239\n2017                                   | 400             | 247\n2018                                   | 332             | 225\nlater years                            | 1907            | 957\ntotal minimum leasepayments            | $ 4066          | $ 2200\namount representing interest           | n/a             | -498 ( 498 )\npresent value of minimum leasepayments | n/a             | $ 1702"
}
{
    "_id": "dd4976286",
    "title": "",
    "text": "part iii item 10.\n directors  executive officers corporate governance information required by item 10  other than information executive officers at end of part i , item 1 report see 201celection of directors , 201d 201cnominees for election to board of directors  201d 201ccorporate governance 201d 201csection 16 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2016 annual meeting  information incorporated herein by reference.\n proxy statement 2016 annual meeting filed within 120 days of close of year.\n information required by item 10 executive officers see part i , item 1.\n report.\n item 11.\n executive compensation information required item 11 see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d 201cexecutive compensation 201d proxy statement for 2016 annual meeting  information incorporated herein by reference.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters information required by item 12 beneficial ownership of common stock see 201csecurity ownership of certain beneficial owners management 201d in proxy statement for 2016 annual meeting information incorporated herein by reference.\n following table sets information as of december 31 , 2015 equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of outstanding options , warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1442912 $ 86. 98 4446967 item 13.\ncertain relationships related transactions , director independence for information required by item 13 , see 201ccertain transactions 201d 201ccorporate governance 201d in proxy statement for 2016 annual meeting  information incorporated herein by reference.\n item 14.\n principal accounting fees services information required by item 14  see 201caudit non-audit fees 201d 201caudit committee pre-approval procedures 201d in proxy statement for 2016 annual meeting  information incorporated by reference.\n part iii item 10.\n directors , executive officers corporate governance for information required by item 10 other than information executive officers end of part i , item 1 of report , see 201celection of directors, 201d 201cnominees for election to board of directors , 201d 201ccorporate governance 201d 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in proxy statement for 2016 annual meeting , information incorporated herein by reference.\n proxy statement for 2016 annual meeting filed within 120 days of close of year.\n for information required by item 10 executive officers , see part i , item 1.\n of report.\n item 11.\n executive compensation for information required by item 11  see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d 201cexecutive compensation 201d in proxy statement for 2016 annual meeting , information incorporated herein by reference.\n item 12.\n security ownership of certain beneficial owners management related stockholder matters for information required by item 12 beneficial ownership of common stock , see 201csecurity ownership of certain beneficial owners management 201d in proxy statement for 2016 annual meeting , information incorporated herein by reference.\ntable sets information as of december 31 , 2015 regarding equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of outstanding options  warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1442912 $ 86. 98 4446967 item 13.\n certain relationships related transactions  director independence for information item 13 see 201ccertain transactions 201d and 201ccorporate governance 201d in proxy statement for 2016 annual meeting , information reference.\n item 14.\n principal accounting fees and services for information item 14 see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in proxy statement for 2016 annual meeting ,.\n\nplan category                                          | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )\n------------------------------------------------------ | --------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders | 1442912                                                                                             | $ 86.98                                                                  | 4446967"
}
{
    "_id": "dd4bf8c16",
    "title": "",
    "text": "supplies.\n expenses for purchased services increased 10% ( 10 % ) compared to 2012 due to logistics management fees increase in locomotive overhauls repairs on jointly owned property.\n expenses for contract services increased $ 103 million in 2012 versus 2011 primarily due to increased demand for transportation services purchased by logistics subsidiaries additional costs for repair maintenance of locomotives freight cars.\n depreciation 2013 majority of depreciation relates to road property  including rail  ties ballast other track material.\n depreciation up 1% ( 1 % ) compared to 2012.\n recent depreciation studies allowed longer estimated service lives for certain equipment partially offset impact of higher depreciable asset base from larger capital spending.\n higher depreciable asset base  ongoing capital spending increased depreciation expense in 2012 compared to 2011.\n equipment and other rents 2013 equipment rents expense includes rental expense railroad pays for freight cars owned by other railroads private companies ; freight car  intermodal locomotive leases office other rent expenses.\n additional container costs from logistics management arrangement increased automotive shipments offset by lower cycle times drove $ 51 million increase in short-term freight car rental expense versus 2012.\n lower locomotive freight car lease expenses offset higher freight car rental expense.\n increased automotive intermodal shipments offset by improved car-cycle times drove increase in short-term freight car rental expense in 2012 compared to 2011.\n lower locomotive lease expense offset higher freight car rental expense.\n2013 expenses include state local taxes freight equipment property damage utilities insurance personal injury environmental employee travel telephone cellular  computer software bad debt general expenses.\n higher property taxes costs damaged freight property increased other costs in 2013 compared to 2012.\n improvement in safety performance lower estimated liability for personal injury reduced personal injury expense year-over-year partially offset increases in other costs.\n other costs 2012 slightly higher than 2011 due to higher property taxes.\n despite improvement safety experience lower estimated annual costs personal injury expense increased in 2012 compared to 2011 liability reduction from historical claim experience less than reduction in 2011.\n non-operating items millions 2013 2012 2011 % ( % ) change v 2012 change 2012 v 2011.\n other income 2013 increased 2013 versus 2012 due to higher gains from real estate sales increased lease income favorable impact from $ 17 million settlement of land lease contract.\n increases partially offset by interest from tax refund in 2012.\n other income decreased 2012 versus 2011 due to lower gains from real estate sales higher environmental costs non-operating properties partially offset by interest from tax refund.\n interest expense 2013 decreased 2013 versus 2012 due to lower effective interest rate of 5. 7% ( 5. 7 % ) in 2013 versus 6. 0% ( 6. 0 % ) in 2012.\n increase in weighted-average debt level to $ 9. 6 billion in 2013 from $ 9. 1 billion in 2012 partially offset impact of lower effective interest rate.\n interest expense decreased in 2012 versus 2011 reflecting lower effective interest rate 2012 of 6. 0% ( 6. 0 % ) versus 6. 2% ( 6. 2 % ) in 2011 debt level not change from 2011 to 2012.\n\nmillions         | 2013           | 2012           | 2011           | % (  % ) change 2013 v 2012 | % (  % ) change 2012 v 2011\n---------------- | -------------- | -------------- | -------------- | --------------------------- | ---------------------------\nother income     | $ 128          | $ 108          | $ 112          | 19 % (  % )                 | ( 4 ) % (  % )\ninterest expense | -526 ( 526 )   | -535 ( 535 )   | -572 ( 572 )   | -2 ( 2 )                    | -6 ( 6 )\nincome taxes     | -2660 ( 2660 ) | -2375 ( 2375 ) | -1972 ( 1972 ) | 12 % (  % )                 | 20 % (  % )"
}
{
    "_id": "dd4c08e0e",
    "title": "",
    "text": "comparison of cumulative return among lkq corporation , nasdaq stock market ( u. s. ) index peer group.\n this stock performance information is \"furnished\" not deemed \"soliciting material\" or subject to rule 14a , not deemed \"filed\" for purposes section 18 securities exchange act of 1934 or subject to liabilities that section , not deemed incorporated by reference in any filing under securities act of 1933 or securities exchange act of 1934 , made before or after date of this report irrespective of general incorporation by reference language in filing , except extent it specifically incorporates information by reference.\n information about our common stock issued under equity compensation plans as of december 31, 2012 included in part iii , item 12 of annual report on form 10-k incorporated herein by reference.\n\n| 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012\n---------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nlkq corporation                    | $ 100      | $ 55       | $ 93       | $ 108      | $ 143      | $ 201\nnasdaq stock market ( u.s. ) index | $ 100      | $ 59       | $ 86       | $ 100      | $ 98       | $ 114\npeer group                         | $ 100      | $ 83       | $ 100      | $ 139      | $ 187      | $ 210"
}
{
    "_id": "dd4c3f79c",
    "title": "",
    "text": "under terms ansys , inc.\n long-term incentive plan , in first quarter of 2012 , 2011 2010  company granted 100000 , 92500 80500 performance-based restricted stock units ,.\n vesting of full award or portion based on company 2019s performance as measured by total shareholder return relative to median percentage appreciation of nasdaq composite index over specified measurement period  subject to each participant 2019s continued employment company through conclusion of measurement period.\n measurement period for restricted stock units granted long incentive plan is three-year period beginning january 1 of year of grant.\n each restricted stock unit relates to one share of company 2019s common stock.\n value of each restricted stock unit granted in 2012 , 2011 2010 estimated on grant date to be $ 33. 16 , $ 32. 05 and $ 25. 00 ,.\n estimate of grant-date value of restricted stock units made using monte carlo simulation model.\n determination of fair value of awards affected by grant date and number of variables identified in chart below.\n share-based compensation expense based on fair value of award recorded from grant date through conclusion of three-year measurement period.\n on december 31 , 2012  employees earned 76500 restricted stock units  issued in first quarter of 2013.\n total compensation expense associated with awards recorded for years ended december 31 , 2012 , 2011 2010 was $ 2. 6 million , $ 1. 6 million and $ 590000 ,.\n total compensation expense associated with awards granted for years ending december 31 , 2013 and 2014 expected to be $ 2. 2 million and $ 1. 2 million , respectively.\nmerger agreement company granted performance-based restricted stock units to key members apache management and employees maximum value of $ 13. 0 million earned annually over three-fiscal-year period beginning january 1 , 2012.\n additional details awards provided within note 3.\n 14.\n stock repurchase program in february 2012  ansys announced board of directors approved increase to authorized stock repurchase program.\n program ansys repurchased 1. 5 million shares during year ended december 31, 2012 at average price per share of $ 63. 65 , for total cost of $ 95. 5 million.\n during year ended december 31, 2011  company repurchased 247443 shares at average price per share of $ 51. 34 , for total cost of $ 12. 7 million.\n as of december 31 , 2012 1. 5 million shares remained authorized for repurchase under program.\n 15.\n employee stock purchase plan company 2019s 1996 employee stock purchase plan ( 201cpurchase plan 201d ) adopted by board of directors on april 19 , 1996 approved by company 2019s stockholders.\n stockholders approved amendment to purchase plan on may 6 , 2004 to increase number of shares available for offerings to 1. 6 million shares.\n purchase plan amended and restated in 2007.\n purchase plan administered by compensation committee.\n offerings purchase plan commence each february 1 and august 1 duration of six months.\n employee owns or deemed own shares of stock representing in excess of 5% ( 5 % ) of combined voting power of all classes of stock company may not participate in purchase plan.\n during each offering eligible employee may purchase shares under purchase plan by authorizing payroll deductions of up to 10% ( 10 % ) of cash compensation during offering period.\nmaximum number of shares purchased by participating employee during offering period limited to 3840 shares ( adjusted by compensation committee ).\n unless employee withdrawn from offering his accumulated payroll deductions used to purchase common stock on last business day of period at price equal to 90% ( % ) of fair market value of common stock on first or last day of offering period , whichever is lower.\n under applicable tax rules employee may purchase no more than $ 25000 common stock in any calendar year.\n at december 31 , 2012 , 1233385 shares of common stock issued under purchase plan  of 1184082 were issued as of december 31 , 2011.\n total compensation expense recorded under purchase plan during years ended december 31 , 2012 , 2011 and 2010 was $ 710000 , $ 650000 and $ 500000 , respectively.\n table of contents\n\nassumption used in monte carlo lattice pricing model | year ended december 31 , 2012 | year ended december 31 , 2011 and 2010\n---------------------------------------------------- | ----------------------------- | --------------------------------------\nrisk-free interest rate                              | 0.16% ( 0.16 % )              | 1.35% ( 1.35 % )\nexpected dividend yield                              | 0% ( 0 % )                    | 0% ( 0 % )\nexpected volatility 2014ansys stock price            | 28% ( 28 % )                  | 40% ( 40 % )\nexpected volatility 2014nasdaq composite index       | 20% ( 20 % )                  | 25% ( 25 % )\nexpected term                                        | 2.80                          | 2.90\ncorrelation factor                                   | 0.75                          | 0.70"
}
{
    "_id": "dd4bea8fa",
    "title": "",
    "text": "part i item 1 entergy corporation , utility operating companies  system energy entergy new orleans provides electric and gas service in city of new orleans indeterminate permits in city ordinances ( except electric service in algiers provided by entergy louisiana ).\n ordinances contain continuing option for city of new orleans to purchase entergy new orleans 2019s electric and gas utility properties.\n entergy texas holds certificate of convenience and necessity from puct to provide electric service to areas within approximately 27 counties in eastern texas holds non-exclusive franchises provide electric service in 68 municipalities.\n entergy texas typically granted 50-year franchises recently receiving 25-year franchises.\n entergy texas 2019s electric franchises expire during 2013-2058.\n business of system energy limited to wholesale power sales.\n no distribution franchises.\n property other generation resources generating stations total capability of generating stations owned and leased by utility operating companies system energy as of december 31, 2011 is indicated below:.\n ( 1 ) 201cowned and leased capability 201d is dependable load carrying capability demonstrated under actual operating conditions based on primary fuel ( no curtailments ) each station designed utilize.\n entergy system's load and capacity projections reviewed periodically to assess need timing for additional generating capacity interconnections.\n reviews consider existing projected demand  availability price of power location of new load economy.\n summer peak load in entergy system service territory averaged 21246 mw from 2002-2011.\n in 2002 time period entergy system's long-term capacity resources for adequate reserve margin were approximately 3000 mw less than total capacity required for peak period demands.\n entergy system met capacity shortages through short-term power purchases in wholesale spot market.\nfall of 2002 , entergy system began program to add new resources to existing generation portfolio began process issuing requests for proposals ( rfp ) to procure supply-side resources from sources other than spot market meet unique regional needs utility operating companies.\n entergy system adopted long-term resource strategy calls for bulk of capacity needs met through long-term resources , owned or contracted.\n entergy refers to strategy as \"portfolio transformation strategy\".\n over past nine years  portfolio transformation resulted in addition of about 4500 mw of new long-term resources.\n figures do not include transactions currently pending result summer 2009 rfp.\n summer 2009 rfp transactions included in entergy system portfolio long-term resources adjusting for unit deactivations older generation , entergy system is approximately 500 mw short of projected 2012 peak load plus reserve margin.\n remaining need expected to be met through nuclear uprate at grand gulf and limited-term resources.\n entergy system will continue to access spot power market to economically\n\ncompany                       | owned and leased capability mw ( 1 ) total | owned and leased capability mw ( 1 ) gas/oil | owned and leased capability mw ( 1 ) nuclear | owned and leased capability mw ( 1 ) coal | owned and leased capability mw ( 1 ) hydro\n----------------------------- | ------------------------------------------ | -------------------------------------------- | -------------------------------------------- | ----------------------------------------- | ------------------------------------------\nentergy arkansas              | 4774                                       | 1668                                         | 1823                                         | 1209                                      | 74\nentergy gulf states louisiana | 3317                                       | 1980                                         | 974                                          | 363                                       | -\nentergy louisiana             | 5424                                       | 4265                                         | 1159                                         | -                                         | -\nentergy mississippi           | 3229                                       | 2809                                         | -                                            | 420                                       | -\nentergy new orleans           | 764                                        | 764                                          | -                                            | -                                         | -\nentergy texas                 | 2538                                       | 2269                                         | -                                            | 269                                       | -\nsystem energy                 | 1071                                       | -                                            | 1071                                         | -                                         | -\ntotal                         | 21117                                      | 13755                                        | 5027                                         | 2261                                      | 74"
}
{
    "_id": "dd4c537a6",
    "title": "",
    "text": "notes to consolidated financial statements uncertain tax provisions described in note 1 company adopted fin 48 on january 1 , 2007.\n effect adopting fin 48 not material to company 2019s financial statements.\n following reconciliation of company 2019s beginning and ending amount unrecognized tax benefits ( in millions ).\n amount included previous table $ 57 million unrecognized tax benefits impact effective tax rate if recognized.\n aon not expect unrecognized tax positions to change significantly over next twelve months.\n company recognizes interest and penalties related to unrecognized income tax benefits in provision for income taxes.\n aon accrued potential penalties and interest of less than $ 1 million related to unrecognized tax positions during 2007.\n total as of december 31, 2007 aon recorded liability for penalties and interest of $ 1 million and $ 7 million respectively.\n aon subsidiaries file income tax returns in.\n federal jurisdiction various state and international jurisdictions.\n aon concluded all.\n federal income tax matters for years through 2004.\n internal revenue service commenced examination of aon 2019s federal.\n income tax returns for 2005 and 2006 fourth quarter of 2007.\n.\n state and local income tax jurisdiction examinations concluded for years through 2002.\n aon concluded income tax examinations in primary international jurisdictions through 2000.\n corporation\n\nbalance at january 1 2007                                    | $ 53\n------------------------------------------------------------ | --------\nadditions based on tax positions related to the current year | 4\nadditions for tax positions of prior years                   | 24\nreductions for tax positions of prior years                  | -6 ( 6 )\nsettlements                                                  | -5 ( 5 )\nbalance at december 31 2007                                  | $ 70"
}
{
    "_id": "dd4c1753a",
    "title": "",
    "text": "incentive compensation cost table shows components compensation expense to incentive compensation programs : a0millions a0dollars 2018 2017 2016 charges for estimated awards to retirement-eligible employees $ 669 $ 659 $ 555 amortization of deferred cash awards stock units performance stock units 202 354 336 immediately vested stock award expense ( 1 ) 75 70 73 amortization of restricted deferred stock awards 2 ) 435 474 509.\n 1 ) represents expense for immediately vested stock awards stock payments in lieu cash compensation.\n expense generally accrued as cash incentive compensation year prior to grant.\n 2 ) all periods include amortization expense for unvested awards to non-retirement-eligible employees.\n\nin millions of dollars                                                                     | 2018   | 2017   | 2016\n------------------------------------------------------------------------------------------ | ------ | ------ | ------\ncharges for estimated awards to retirement-eligible employees                              | $ 669  | $ 659  | $ 555\namortization of deferred cash awards deferred cash stock units and performance stock units | 202    | 354    | 336\nimmediately vested stock award expense ( 1 )                                               | 75     | 70     | 73\namortization of restricted and deferred stock awards ( 2 )                                 | 435    | 474    | 509\nother variable incentive compensation                                                      | 640    | 694    | 710\ntotal                                                                                      | $ 2021 | $ 2251 | $ 2183"
}
{
    "_id": "dd4c5007e",
    "title": "",
    "text": "begin production in early 2012.\n output from first line contracted for sale under long-term agreement.\n in march 2011 entered joint venture agreement with thai beverage can limited to construct beverage container manufacturing facility in vietnam begin production first quarter of 2012.\n made recent strategic acquisitions.\n october 2011  acquired partners 2019 interests in qmcp recorded gain of $ 9. 2 million related to previously held interest in joint venture.\n constructing new expanded beverage container facility for qmcp begin production first quarter of 2012.\n july 2010  entered aluminum slug market by acquiring leading north american manufacturer of aluminum slugs used to make extruded aerosol containers , beverage bottles  collapsible tubes technical impact extrusions.\n to expand new product line broaden market development efforts into new customer base in january 2011  acquired leading european supplier of aluminum aerosol containers and bottles and slugs used to make them.\n further details of recent acquisitions included in note 3 to consolidated financial statements within item 8 of report.\n recognize sales under long-term contracts in aerospace and technologies segment using percentage of completion under cost-to-cost method of accounting.\n 2011 contract mix consisted of approximately 60 percent cost-type contracts billed at our costs plus agreed upon and/or earned profit component 33 percent fixed-price contracts.\n remainder represents time and material contracts typically for sale of engineering labor at fixed hourly rates.\n contracted backlog at december 31 , 2011 of approximately $ 897 million consisted of approximately 50 percent fixed price contracts continuing trend towards more fixed price business.\n throughout period contract performance regularly reevaluate and if necessary revise estimates of aerospace and technologies total contract revenue , total contract cost and progress toward completion.\ncontract payment schedules limitations on funding contract terms sales accounts receivable for this segment include amounts earned but not yet billed.\n management performance measures management uses measures to evaluate company performance return on average invested capital ( net operating earnings after tax over relevant performance period divided by average invested capital same period ) ; economic value added ( net operating earnings after tax less capital charge on average invested capital employed ) ; earnings before interest and taxes ( ebit ) ; earnings before interest  taxes depreciation amortization ( ebitda ) diluted earnings per share ; cash flow from operating activities free cash flow ( defined as cash flow from operating activities less additions to property  plant equipment ).\n financial measures may be adjusted for items affect comparability between periods business consolidation costs gains or losses on acquisitions dispositions.\n nonfinancial measures in packaging businesses include production efficiency spoilage rates ; quality control figures ; environmental  health and safety statistics production sales volumes ; asset utilization rates measures of sustainability.\n additional measures evaluate financial performance in aerospace and technologies segment include contract revenue realization  award incentive fees realized proposal win rates backlog ( including awarded funded backlog ).\n results of operations consolidated sales and earnings.\n increase in net sales in 2011 compared to 2010 driven by increase in demand for metal packaging in prc improved beverage container volumes in americas consolidation of latapack-ball  acquisition of two prc joint ventures extruded aluminum businesses improved aerospace program performance.\n business segment performance net earnings attributable to ball corporation included discontinued operations related to sale of plastics business in august 2010 business consolidation costs debt refinancing costs equity earnings and gains on acquisitions.\nitems detailed in 201cmanagement performance measures 201d section below.\n higher sales in 2010 compared to due to sales associated with 2010 business acquisitions described.\n higher net earnings from continuing operations in 2010 included $ 105. 9 million equity gains on acquisitions associated with acquisitions.\n\n( $ in millions )                             | 2011     | 2010     | 2009\n--------------------------------------------- | -------- | -------- | --------\nnet sales                                     | $ 8630.9 | $ 7630.0 | $ 6710.4\nnet earnings attributable to ball corporation | 444.0    | 468.0    | 387.9"
}
{
    "_id": "dd4c5aae2",
    "title": "",
    "text": "american airlines , inc.\n notes to consolidated financial statements 2014 continued temporary targeted funding relief ( subject to certain terms and conditions ) for single employer and multiemployer pension plans suffered significant losses in asset value due to steep market slide in 2008.\n under relief act company 2019s 2010 minimum required contribution to defined benefit pension plans reduced from $ 525 million to approximately $ 460 million.\n following benefit payments  reflect expected future service expected to be paid : retiree medical pension and other.\n during 2008  amr recorded settlement charge totaling $ 103 million related to lump sum distributions from company 2019s defined benefit pension plans to pilots who retired.\n.\n use of settlement accounting required if for year cost of all settlements exceeds or expected to exceed sum of service cost and interest cost components of net periodic pension expense for plan.\n under settlement accounting unrecognized plan gains or losses must be recognized immediately in proportion to percentage reduction of plan 2019s projected benefit obligation.\n.\n intangible assets company recorded international slot and route authorities of $ 708 million and $ 736 million as of december 31 , 2010 and 2009  respectively.\n company considers these assets indefinite life assets not amortized but tested for impairment annually or more frequently if events or changes in circumstances indicate asset might be impaired.\n triggering events may include significant changes to company 2019s network or capacity  or implementation of open skies agreements in countries where company operates flights.\n in fourth quarter of 2010  company performed annual impairment testing on international slots and routes net carrying value reassessed for recoverability.\n determined fair value of certain international routes in latin america was less than carrying value.\ncompany incurred impairment charge of $ 28 million to write down values of these certain other slots and routes.\n minimal market activity for valuation of routes and international slots and landing rights , company measures fair value with inputs using income approach.\n income approach uses valuation techniques  future cash flows , to convert future amounts to single present discounted amount.\n inputs utilized for these valuations are unobservable reflect company 2019s assumptions about market participants use to value routes accordingly considered level 3 in fair value hierarchy.\n company 2019s unobservable inputs are developed based on best information available as of december 31\n\n| pension | retiree medical and other\n-------------- | ------- | -------------------------\n2011           | 574     | 173\n2012           | 602     | 170\n2013           | 665     | 169\n2014           | 729     | 170\n2015           | 785     | 173\n2016 2014 2020 | 4959    | 989"
}
{
    "_id": "dd4c4827a",
    "title": "",
    "text": "management 2019s discussion analysis 114 jpmorgan chase & co. /2017 annual report derivative contracts normal course business firm uses derivative instruments for market-making activities.\n derivatives enable counterparties to manage exposures to fluctuations in interest rates currencies other markets.\n firm also uses derivative instruments to manage own credit other market risk exposure.\n nature of counterparty settlement mechanism of derivative affect credit risk to firm exposed.\n for otc derivatives firm exposed to credit risk of derivative counterparty.\n for exchange- traded derivatives ( 201cetd 201d ) futures options 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives firm generally exposed to credit risk of relevant ccp.\n possible firm seeks to mitigate credit risk exposures from derivative transactions through use legally enforceable master netting arrangements collateral agreements.\n for further discussion of derivative contracts counterparties settlement types see note 5.\n table summarizes net derivative receivables for periods presented.\n derivative receivables.\n ( a ) includes collateral related to derivative instruments where appropriate legal opinion not sought or obtained.\n derivative receivables reported on consolidated balance sheets were $ 56. 5 billion and $ 64. 1 billion at december 31 , 2017 and 2016 .\n derivative receivables decreased result of client- driven market-making activities in cib markets reduced foreign exchange interest rate derivative receivables increased equity derivative receivables driven by market movements.\n derivative receivables amounts represent fair value of derivative contracts after giving effect to legally enforceable master netting agreements cash collateral held by firm.\nin management 2019s view  appropriate measure of current credit risk should consideration additional liquid securities ( primarily u. s.\n government and agency securities group of seven nations ( 201cg7 201d ) government bonds ) and other cash collateral held by firm aggregating $ 16. 1 billion and $ 22. 7 billion at december 31 , 2017 and 2016  respectively may be used as security when fair value of client 2019s exposure is in firm 2019s favor.\n in addition to collateral described firm holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities  corporate debt and equity securities ) delivered by clients at initiation transactions  collateral related to contracts non-daily call frequency and collateral firm agreed to return but not yet settled as of reporting date.\n this collateral does not reduce balances not included in table available as security against potential exposure should fair value of client 2019s derivative transactions move in firm 2019s favor.\n derivative receivables fair value , net of all collateral  does not include other credit enhancements  letters of credit.\n for additional information on firm 2019s use of collateral agreements , see note 5.\n useful as current view of credit exposure net fair value of derivative receivables does not capture potential future variability of credit exposure.\n to capture potential future variability credit exposure firm calculates client-by-client basis three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d )  and average exposure ( 201cavg 201d ).\n these measures all incorporate netting and collateral benefits  where applicable.\n peak represents a conservative measure of potential exposure to a counterparty calculated equivalent to a 97. 5% (. 5 % ) confidence level over life of transaction.\n peak is primary measure used by firm for setting credit limits for derivative transactions , senior management reporting derivatives exposure management.\n dre exposure is measure expresses risk of derivative exposure equivalent to risk of loan exposures.\n dre less extreme measure of potential credit loss than peak used for aggregating derivative credit risk exposures with loans other credit risk.\n avg is measure of expected fair value of firm 2019s derivative receivables at future time periods  including benefit of collateral.\n avg exposure over total life of derivative contract used as primary metric for pricing purposes used to calculate credit risk capital and cva .\n three year avg exposure was $ 29. 0 billion and $ 31. 1 billion at december 31 , 2017 and 2016  respectively compared with derivative receivables , net of all collateral , of $ 40. 4 billion and $ 41. 4 billion at december 31 , 2017 and 2016 , respectively.\n fair value of firm 2019s derivative receivables incorporates cva to reflect credit quality of counterparties.\n cva based on firm 2019s avg to counterparty and counterparty 2019s credit spread in credit derivatives market.\n firm believes active risk management is essential to controlling dynamic credit risk in derivatives portfolio.\n firm 2019s risk management process potential\n\ndecember 31 ( in millions )                                                           | 2017             | 2016\n------------------------------------------------------------------------------------- | ---------------- | ----------------\ninterest rate                                                                         | $ 24673          | $ 28302\ncredit derivatives                                                                    | 869              | 1294\nforeign exchange                                                                      | 16151            | 23271\nequity                                                                                | 7882             | 4939\ncommodity                                                                             | 6948             | 6272\ntotal net of cash collateral                                                          | 56523            | 64078\nliquid securities and other cash collateral held against derivative receivables ( a ) | -16108 ( 16108 ) | -22705 ( 22705 )\ntotal net of all collateral                                                           | $ 40415          | $ 41373"
}
{
    "_id": "dd4bb4a7a",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations continued ) funding deposits : we provide products services including custody  accounting administration daily pricing foreign exchange services cash management financial asset management securities finance investment advisory services.\n as provider products services we generate client deposits provided stable low-cost source of funds.\n as global custodian clients place deposits with state street entities in various currencies.\n invest client deposits in combination of investment securities short- duration financial instruments mix determined by characteristics of deposits.\n for past years experienced higher client deposit inflows toward end of quarter or end of year.\n believe average client deposit balances more reflective of ongoing funding than period-end balances.\n table 33 : client deposits average balance december 31 , year ended december 31.\n client deposits ( 1 ) $ 195276 $ 182268 $ 167470 $ 143043 ( balance as of december 31, 2014 excluded term wholesale certificates of deposit  or cds  of $ 13. 76 billion ; average balances for year ended december 31 , 2014 and 2013 excluded average cds of $ 6. 87 billion and $ 2. 50 billion  respectively.\n short-term funding : our corporate commercial paper program can issue up to $ 3. 0 billion of commercial paper with original maturities of up to 270 days from date of issuance had $ 2. 48 billion and $ 1. 82 billion of commercial paper outstanding as of december 31 , 2014 and 2013 respectively.\n on-balance sheet liquid assets integral component of liquidity management strategy.\n assets provide liquidity through maturities assets provide ability to raise funds by pledging securities as collateral for borrowings or through outright sales.\nour access to global capital markets us ability to source incremental funding at reasonable rates interest from wholesale investors.\n discussed under 201casset liquidity 201d state street bank's membership in fhlb allows for advances of liquidity with varying terms against high-quality collateral.\n short-term secured funding comes in form of securities lent or sold under agreements to repurchase.\n these transactions are short-term generally overnight collateralized by high-quality investment securities.\n these balances were $ 8. 93 billion and $ 7. 95 billion as of december 31 , 2014 and 2013  respectively.\n state street bank maintains a line of credit with financial institution of cad $ 800 million , or approximately $ 690 million as of december 31 , 2014 to support canadian securities processing operations.\n line of credit has no termination date cancelable by party with prior notice.\n as of december 31 , 2014 no balance outstanding on this line of credit.\n long-term funding : as of december 31  2014 state street bank had board authority to issue unsecured senior debt securities aggregate principal amount of unsecured senior debt outstanding does not exceed $ 5 billion.\n as of december 31 , 2014  $ 4. 1 billion was available for issuance authority.\n of december 31 2014 state street bank had board authority to issue additional $ 500 million of subordinated debt.\n maintain effective universal shelf registration allows for public offering and sale of debt securities , capital securities , common stock  depositary shares and preferred stock  and warrants to purchase such securities including shares preferred stock depositary shares convertible combination.\n issued in past  and may issue in future  securities pursuant to our shelf registration.\nissuance of debt or equity securities depend on future market conditions  funding needs other factors.\n agency credit ratings ability to maintain consistent access to liquidity fostered by maintenance high investment-grade ratings measured by major independent credit rating agencies.\n factors essential to maintaining high credit ratings include diverse stable core earnings ; relative market position ; strong risk management ; strong capital ratios diverse liquidity sources including global capital markets client deposits strong liquidity monitoring procedures preparedness for current future regulatory developments.\n high ratings limit borrowing costs enhance liquidity by assurance for unsecured funding and depositors increasing potential market for debt improving ability to offer products serve markets engage in transactions in clients value high credit ratings.\n downgrade or reduction of credit ratings could adverse effect on liquidity by restricting ability to access capital\n\n( in millions )       | december 31 , 2014 | december 31 , 2013 | december 31 , 2014 | 2013\n--------------------- | ------------------ | ------------------ | ------------------ | --------\nclient deposits ( 1 ) | $ 195276           | $ 182268           | $ 167470           | $ 143043"
}
{
    "_id": "dd4c598ea",
    "title": "",
    "text": "financing activities for 2014 included acquisition-related contingent consideration payment of $ 86 million to champion 2019s former shareholders.\n liquidity and capital resources expect to fund all cash requirements foreseeable for 2017  including scheduled debt repayments  new investments business  share repurchases  dividend payments  possible business acquisitions and pension contributions  with cash from operating activities  as needed additional short-term and/or long-term borrowings.\n expect operating cash flow to remain strong.\n as of december 31 , 2016  had $ 327 million of cash and cash equivalents on hand of $ 184 million held outside of the u. s.\n as of december 31 , 2015  had $ 26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with legacy nalco entities and legacy champion entities intended to repatriate.\n liabilities recorded as part of purchase price accounting of each transaction.\n remaining foreign earnings repatriated in 2016  reducing deferred tax liabilities to zero at december 31 , 2016.\n consider remaining portion of foreign earnings to be indefinitely reinvested in foreign jurisdictions no intention to repatriate such funds.\n focused on building global business these funds available for use by international operations.\n extent remaining portion of foreign earnings be repatriated such amounts be subject to income tax or foreign withholding tax liabilities may be fully or partially offset by foreign tax credits in.\n and various applicable foreign jurisdictions.\n as of december 31 , 2016 had $ 2. 0 billion multi-year credit facility expires in december 2019.\n credit facility established with diverse syndicate of banks.\n no borrowings under credit facility as of december 31 , 2016 or 2015.\n credit facility supports our $ 2. 0 billion.\ncommercial paper program and $ 2. 0 billion european commercial paper program.\n increased european commercial paper program from $ 200 million during third quarter of 2016.\n combined borrowing under these two commercial paper programs may not exceed $ 2. 0 billion.\n as of december 31 , 2016 no amount outstanding under our u. s.\n or european commercial paper programs.\n other committed and uncommitted credit lines of $ 746 million with major international banks financial institutions to support general global funding needs including bank supported letters of credit , performance bonds and guarantees.\n approximately $ 554 million of these credit lines available for use as of year-end 2016.\n as of december 31 , 2016 short-term borrowing program rated a-2 by standard & poor 2019s and p-2 by moody 2019s.\n december 31 2016 2019s rated long-term credit at a- ( stable outlook ) and baa1 ( stable outlook ) .\n reduction in credit ratings could limit or preclude ability to issue commercial paper under current programs or affect ability to renew existing or negotiate new credit facilities future increase cost of these facilities.\n could seek additional sources of funding including issuing additional term notes or bonds.\n ability option to draw upon $ 2. 0 billion of committed credit facility prior to termination.\n in compliance with debt covenants and other requirements of credit agreements and indentures.\n schedule of obligations as of december 31 , 2016 under various notes payable , long-term debt agreements , operating leases with noncancelable terms in excess of one year and interest obligations summarized in following table:.\n interest on variable rate debt calculated using interest rate at year-end 2016.\n as of december 31 , 2016  gross liability for uncertain tax positions was $ 76 million.\nwe not able to reasonably estimate amount by liability will increase or decrease over extended period of time or whether cash settlement liability will be required.\n therefore , these amounts excluded from schedule of contractual obligations.\n\n( millions )              | total  | payments due by period less than 1 year | payments due by period 2-3 years | payments due by period 4-5 years | payments due by period more than 5 years\n------------------------- | ------ | --------------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------\nnotes payable             | $ 30   | $ 30                                    | $ -                              | $ -                              | $ -\ncommercial paper          | -      | -                                       | -                                | -                                | -\nlong-term debt            | 6652   | 510                                     | 967                              | 1567                             | 3608\ncapital lease obligations | 5      | 1                                       | 1                                | 1                                | 2\noperating leases          | 431    | 102                                     | 153                              | 105                              | 71\ninterest*                 | 2261   | 218                                     | 396                              | 360                              | 1287\ntotal                     | $ 9379 | $ 861                                   | $ 1517                           | $ 2033                           | $ 4968"
}
{
    "_id": "dd4c1cbb6",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements continued ) we review goodwill for impairment annually or more frequently if facts circumstances warrant review.\n completed annual impairment test in second quarter of fiscal 2014.\n elected to use step 1 quantitative assessment for reporting units determined no impairment of goodwill.\n no significant risk of material goodwill impairment in reporting units based upon results of annual goodwill impairment test.\n we amortize intangible assets with finite lives over estimated useful lives and review them for impairment whenever impairment indicator exists.\n continually monitor events and changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.\n when such events or changes in circumstances occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.\n if future undiscounted cash flows less than carrying amount of assets recognize impairment loss based on excess of carrying amount over fair value of assets.\n did not recognize any intangible asset impairment charges in fiscal 2014 , 2013 or 2012.\n intangible assets are amortized over estimated useful lives of 1 to 14 years.\n amortization based on pattern in economic benefits of intangible asset will be consumed or on straight-line basis when consumption pattern not apparent.\n weighted average useful lives of intangible assets were as follows : weighted average useful life ( years ).\n software development costs capitalization of software development costs for software to be sold , leased or marketed begins upon establishment of technological feasibility generally completion of working prototype certified as no critical bugs and release candidate.\n amortization begins once software ready for intended use based on pattern in economic benefits will be consumed.\nsoftware development costs incurred between completion working prototype and general availability of related product not material.\n internal use software we capitalize costs associated with customized internal-use software systems reached application development stage.\n such capitalized costs include external direct costs in developing or obtaining applications and payroll payroll-related expenses for employees directly associated with development applications.\n capitalization of costs begins when preliminary project stage complete and ceases at project substantially complete and ready for intended purpose.\n income taxes we use asset and liability method of accounting for income taxes.\n under method income tax expense recognized for amount of taxes payable or refundable for current year.\n deferred tax assets and liabilities recognized for expected future tax consequences of temporary differences between financial reporting and tax bases of assets liabilities and for operating losses and tax credit carryforwards.\n we record valuation allowance to reduce deferred tax assets to amount for realization more likely than not.\n taxes collected from customers we net taxes collected from customers against those remitted to government authorities in financial statements.\n accordingly taxes collected from customers not reported as revenue.\n\n| weighted averageuseful life ( years )\n------------------------------------ | -------------------------------------\npurchased technology                 | 6\ncustomer contracts and relationships | 10\ntrademarks                           | 8\nacquired rights to use technology    | 8\nlocalization                         | 1\nother intangibles                    | 3"
}
{
    "_id": "dd4c0ad08",
    "title": "",
    "text": "notes to consolidated financial statements 2014 reconciliation of beginning and ending gross unrecognized tax benefits follows ( in thousands ) :.\n company 2019s major tax jurisdictions as of october 3 , 2008 for fin 48 are u. s. , california  iowa.\n for u. s. company has open tax years back to fiscal year 1998 due to carryforward of tax attributes.\n for california  company has open tax years back to fiscal year 2002 due to carryforward tax attributes.\n for iowa  company open tax years back to fiscal year 2002 due to carryforward tax attributes.\n year ended october 3, 2008 statute of limitations period expired to unrecognized tax benefit.\n expiration statute of limitations resulted in recognition of $ 0. 6 million of previously unrecognized tax benefit impacted effective tax rate $ 0. 5 million of accrued interest related to this tax position reversed during year.\n including reversal total year-to-date accrued interest related to company 2019s unrecognized tax benefits was benefit of $ 0. 4 million.\n.\n stockholders 2019 equity common stock company authorized to issue ( 1 ) 525000000 shares of common stock par value $ 0. 25 per share ( 2 ) 25000000 shares of preferred stock without par value.\n holders of company 2019s common stock entitled to such dividends declared by company 2019s board of directors out of funds legally available for such purpose.\n dividends not be paid on common stock unless all accrued dividends on preferred stock paid or declared and set aside.\ncompany 2019s liquidation , dissolution or winding up holders of common stock entitled to share pro rata in assets remaining after payment to creditors and payment liquidation preference plus unpaid dividends to holders outstanding preferred stock.\n each holder 2019s common stock entitled to one vote for each share outstanding in holder 2019s name.\n no holder common stock entitled to cumulate votes in voting for directors.\n company 2019s second certificate of incorporation provides unless otherwise determined by board directors no holder common stock has preemptive right to purchase or subscribe for any stock of any class company may issue or sell.\n in march 2007 , company repurchased approximately 4. 3 million of common shares for $ 30. 1 million authorized by company 2019s board of directors.\n company has no publicly disclosed stock repurchase plans.\n at october 3 , 2008 , company had 170322804 shares of common stock issued and 165591830 shares outstanding.\n preferred stock company 2019s second certificate of incorporation permits company to issue up to 25000000 shares of preferred stock in one or more series with rights and preferences fixed or designated by company 2019s board of directors without further action by 2019s stockholders.\n designation powers preferences rights qualifications limitations restrictions of preferred stock each skyworks solutions , inc.\n 2008 annual report %%transmsg*** transmitting job : a51732 pcn : 099000000 ***%%pcmsg|103 |00005|yes|no|03/26/2009 13:34|0|0|page is valid , no graphics -- color : d|\n\nbalance at september 29 2007                                       | $ 7315\n------------------------------------------------------------------ | ------------\nincreases based on positions related to prior years                | 351\nincreases based on positions related to current year               | 813\ndecreases relating to lapses of applicable statutes of limitations | -605 ( 605 )\nbalance at october 3 2008                                          | $ 7874"
}
{
    "_id": "dd4ba3d92",
    "title": "",
    "text": "statistical bases.\n total expense for repairs and maintenance incurred was $ 2. 5 billion for 2015 , $ 2. 4 billion for 2014  $ 2. 3 billion for 2013.\n assets under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n 13.\n accounts payable and other current liabilities dec.\n 31 , dec.\n 31 , millions 2015 2014.\n beginning in 2015  timing of dividend declaration and payable dates aligned to occur within same quarter.\n 2015 dividends paid amount includes fourth quarter 2014 dividend of $ 438 million paid january 2 , 2015  first quarter 2015 dividend of $ 484 million paid march 30 , 2015  second quarter 2015 dividend of $ 479 million  paid june 30 , 2015  third quarter 2015 dividend of $ 476 million  paid september 30 , 2015  fourth quarter 2015 dividend of $ 467 million  paid on december 30 , 2015.\n 14.\n financial instruments strategy and risk 2013 may use derivative financial instruments in limited instances for other than trading purposes to assist managing exposure to fluctuations in interest rates fuel prices.\n not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.\n derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item being hedged at inception and throughout hedged period.\n document nature and relationships between hedging instruments and hedged items at inception risk- management objectives  strategies for undertaking hedge transactions  method of assessing hedge effectiveness.\nchanges in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.\n we may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use of derivative financial instruments may limit future benefits from favorable interest rate fuel price movements.\n market and credit risk 2013 address market risk related to derivative financial instruments by selecting instruments with value fluctuations correlate with underlying hedged item.\n manage credit risk related to derivative financial instruments minimal by requiring high credit standards for counterparties periodic settlements.\n at december 31 , 2015  2014  not required to provide collateral nor received collateral  relating to hedging activities.\n interest rate fair value hedges 2013 manage exposure to fluctuations in interest rates by adjusting proportion of fixed and floating rate debt instruments within debt portfolio over given period.\n manage mix of fixed and floating rate debt through issuance of targeted amounts of each as debt matures or require incremental borrowings.\n employ derivatives  primarily swaps  as tools to obtain targeted mix.\n obtain flexibility in managing interest costs and interest rate mix within debt portfolio by evaluating issuance of and managing outstanding callable fixed-rate debt securities.\n swaps allow to convert debt from fixed rates to variable rates hedge risk of changes in debt 2019s fair value attributable to changes in interest rates.\n account for swaps as fair value hedges using short-cut method ; not record ineffectiveness within our\n\nmillions                                             | dec . 31 2015 | dec . 31 2014\n---------------------------------------------------- | ------------- | -------------\naccounts payable                                     | $ 743         | $ 877\nincome and other taxes payable                       | 434           | 412\naccrued wages and vacation                           | 391           | 409\ninterest payable                                     | 208           | 178\naccrued casualty costs                               | 181           | 249\nequipment rents payable                              | 105           | 100\ndividends payable [a]                                | -             | 438\nother                                                | 550           | 640\ntotal accounts payable and other current liabilities | $ 2612        | $ 3303"
}
{
    "_id": "dd4ba543a",
    "title": "",
    "text": "compared with $ 6. 2 billion in 2013.\n operating profits in 2015 higher than 2014 and 2013.\n excluding facility closure costs  impairment costs special items operating profits 2015 3% ( 3 % ) lower than 2014 4% ( 4 % ) higher than 2013.\n benefits from lower input costs ( $ 18 million ) lower costs associated with closure of courtland , alabama mill ( $ 44 million ) favorable foreign exchange ( $ 33 million ) offset by lower average sales price realizations mix ( $ 52 million ) lower sales volumes ( $ 16 million ) higher operating costs ( $ 18 million ) higher planned maintenance downtime costs ( $ 26 million ).\n operating profits 2014 include special items costs of $ 554 million with closure of courtland , alabama mill.\n during 2013 company accelerated depreciation for certain courtland assets evaluated other assets for alternative uses.\n net book value of assets at december 31 , 2013 was approximately $ 470 million.\n first quarter of 2014 evaluation concluded no alternative uses for these assets.\n recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014.\n operating profits 2014 include charge of $ 32 million with foreign tax amnesty program gain of $ 20 million for resolution of legal contingency in india operating profits in 2013 included costs of $ 118 million with closure of courtland , alabama mill $ 123 million impairment charge associated with goodwill trade name intangible asset in india papers business.\n printing papers.\n north american printing papers net sales were $ 1. 9 billion in 2015  $ 2. 1 billion in 2014 $ 2. 6 billion in 2013.\noperating profits 2015 were $ 179 million compared with loss of $ 398 million ( gain $ 156 million excluding costs shutdown courtland , alabama mill ) in 2014 gain $ 36 million ( $ 154 million excluding costs courtland mill shutdown ) in 2013.\n sales volumes 2015 decreased compared with 2014 primarily due to closure courtland mill 2014.\n shipments to domestic market increased export shipments declined.\n average sales price realizations decreased primarily in domestic market.\n input costs lower mainly for energy.\n planned maintenance downtime costs $ 12 million higher in 2015.\n operating profits 2014 negatively impacted by costs shutdown courtland , alabama mill.\n entering first quarter of 2016 sales volumes expected to be up slightly compared with fourth quarter 2015.\n average sales margins should flat reflecting lower average sales price realizations offset by more favorable product mix.\n input costs expected stable.\n planned maintenance downtime costs expected $ 14 million lower with outage scheduled in 2016 first quarter at georgetown mill compared with outages at eastover and riverdale mills in 2015 fourth quarter.\n january 2015 united steelworkers , domtar corporation packaging corporation of america  finch paper llc p.\n.\n glatfelter company ( petitioners ) filed anti-dumping petition before united states international trade commission ( itc ) united states department of commerce doc ) alleging paper producers in china , indonesia  australia  brazil  portugal selling uncoated free sheet paper in sheet form products ) in violation of international trade rules.\n petitioners filed countervailing-duties petition with agencies regarding imports of products from china and indonesia.\n in january 2016 doc announced final countervailing duty rates on imports of products to united states from certain producers from china and indonesia.\nin january 2016  doc announced final anti-dumping duty rates on imports products to united states from certain producers from australia brazil china indonesia portugal.\n february 2016 itc concluded anti- dumping countervailing duties investigations final determination u. s.\n market injured by imports products.\n doc 2019s previously announced countervailing duty rates anti-dumping duty rates in effect for minimum five years.\n do not believe impact of these rates material adverse effect on consolidated financial statements.\n brazilian papers net sales for 2015 were $ 878 million compared with $ 1. 1 billion in 2014 $ 1. 1 billion in 2013.\n operating profits for 2015 were $ 186 million compared with $ 177 million ( $ 209 million excluding costs tax amnesty program ) in 2014 $ 210 million in 2013.\n sales volumes in 2015 lower compared with 2014 reflecting weak economic conditions absence of 2014 one-time events.\n average sales price realizations improved for domestic uncoated freesheet paper due to price increases implemented in second half of 2015.\n margins unfavorably affected by increased proportion of sales to lower-margin export markets.\n raw material costs increased for energy and wood.\n operating costs higher than in 2014  planned maintenance downtime costs $ 4 million lower.\n\nin millions               | 2015   | 2014       | 2013\n------------------------- | ------ | ---------- | ------\nsales                     | $ 5031 | $ 5720     | $ 6205\noperating profit ( loss ) | 533    | -16 ( 16 ) | 271"
}
{
    "_id": "dd4bc079e",
    "title": "",
    "text": "customary conditions.\n we retain 20% ( 20 % ) equity interest in joint venture.\n as of december 31 , 2008  joint venture acquired seven properties from us we received year-to-date net sale proceeds and financing distributions of approximately $ 251. 6 million.\n january 2008  sold tract of land to unconsolidated joint venture we hold 50% ( 50 % ) equity interest received distribution  commensurate to partner 2019s 50% ( 50 % ) ownership interest of approximately $ 38. 3 million.\n november 2008  unconsolidated joint venture entered loan agreement with consortium banks distributed portion of loan proceeds to us and our partner our share of distribution totaling $ 20. 4 million.\n uses of liquidity principal uses of liquidity include : 2022 property investment ; 2022 recurring leasing/capital costs ; 2022 dividends and distributions to shareholders unitholders 2022 long-term debt maturities ; 2022 opportunistic repurchases of outstanding debt ; 2022 other contractual obligations.\n property investment evaluate development and acquisition opportunities based upon market outlook  supply long-term growth potential.\n ability to make future property investments dependent upon continued access to longer-term sources of liquidity including issuances of debt or equity securities disposing of selected properties.\n current economic conditions management evaluate investment priorities limiting new development expenditures.\n recurring expenditures principal uses of liquidity to fund recurring leasing/capital expenditures of real estate investments.\n summary of recurring capital expenditures for years ended december 31 , 2008 , 2007 2006  ( in thousands ) :.\n dividends and distributions to qualify as reit for federal income tax purposes must distribute at least 90% ( 90 % ) of taxable income to shareholders.\ndepreciation is non-cash expense cash flow typically greater than operating income.\n paid dividends per share of $ 1. 93 , $ 1. 91 $ 1. 89 for years ended december 31 , 2008 , 2007 2006  respectively.\n expect to continue to distribute taxable earnings to meet requirements maintain reit status.\n distributions declared at discretion of board of directors subject to actual cash available for distribution, financial condition  capital requirements other factors as board of directors deems relevant. in january 2009 board of directors resolved to decrease annual dividend from $ 1. 94 per share to $ 1. 00 per share to retain additional cash meet capital needs.\n anticipate retaining additional cash of approximately $ 145. 2 million per year  compared to annual dividend of $ 1. 94 per share  result action.\n at december 31 , 2008 had six series of preferred shares outstanding.\n annual dividend rates range between 6. 5% ( 6. 5 % ) and 8. 375% ( 8. 375 % ) paid in arrears quarterly.\n\n| 2008    | 2007    | 2006\n----------------------------- | ------- | ------- | -------\nrecurring tenant improvements | $ 36885 | $ 45296 | $ 41895\nrecurring leasing costs       | 28205   | 32238   | 32983\nbuilding improvements         | 9724    | 8402    | 8122\ntotals                        | $ 74814 | $ 85936 | $ 83000"
}
{
    "_id": "dd49816a4",
    "title": "",
    "text": "market street commitments by credit rating ( a ) december 31 , 31.\n majority of our facilities not explicitly rated by rating agencies.\n all facilities structured to meet rating agency standards for applicable rating levels.\n we evaluated design of market street , its capital structure  note  relationships among variable interest holders.\n based on analysis under accounting guidance effective during 2009 and 2008  we not primary beneficiary assets and liabilities of market street not included on our consolidated balance sheet.\n considered changes to variable interest holders ( new expected loss note investors changes to program- level credit enhancement providers ), terms of expected loss notes new types of risks related to market street as reconsideration events.\n reviewed activities of market street quarterly basis to determine if reconsideration event occurred.\n tax credit investments we make certain equity investments in limited partnerships or limited liability companies ( llcs ) sponsor affordable housing projects utilizing low income housing tax credit ( lihtc ) pursuant to sections 42 and 47 of internal revenue code.\n purpose of these investments is to achieve satisfactory return on capital facilitate sale of additional affordable housing product offerings assist in achieving goals associated with community reinvestment act.\n primary activities of investments include identification , development operation of multi-family housing leased to qualifying residential tenants.\n these investments funded through combination of debt and equity.\n we typically invest in these partnerships as limited partner or non-managing member.\n we national syndicator of affordable housing equity ( with investments described 201clihtc investments 201d ).\n in syndication transactions we create funds in subsidiaries are general partner or managing member and sell limited partnership or non-managing member interests to third parties in some cases may also purchase limited partnership or non-managing member interest in fund.\npurpose of business is to generate income from syndication of funds  generate servicing fees by managing funds earn tax credits to reduce tax liability.\n general partner or managing member activities include selecting  evaluating structuring negotiating closing fund investments in operating limited partnerships oversight of ongoing operations of fund portfolio.\n we evaluate our interests and third party interests in limited partnerships/llcs in determining primary beneficiary.\n primary beneficiary determination based on which party absorbs majority of variability.\n primary sources of variability in lihtc investments are tax credits tax benefits due to passive losses investments development operating cash flows.\n we have consolidated lihtc investments in we absorb majority of variability are considered primary beneficiary.\n assets primarily included in equity investments and other assets on consolidated balance sheet with liabilities classified in other liabilities third party investors 2019 interests included in equity section as noncontrolling interests.\n neither creditors nor equity investors in lihtc investments have recourse to our general credit.\n consolidated aggregate assets and liabilities of lihtc investments provided in consolidated vies 2013 pnc primary beneficiary table reflected in 201cother 201d business segment.\n also have lihtc investments in we not primary beneficiary but considered to have significant variable interest based on interests in partnership/llc.\n investments disclosed in non-consolidated vies 2013 significant variable interests table.\n table reflects maximum exposure to loss.\n maximum exposure to loss is equal to legally binding equity commitments adjusted for recorded impairment and partnership results.\n we use equity and cost methods to account for investment in these entities with investments reflected in equity investments on consolidated balance sheet.\n, we increase recognized investments recognize liability for all legally binding unfunded equity commitments.\n these liabilities reflected in other liabilities on our consolidated balance sheet.\n credit risk transfer transaction national city bank , ( former pnc subsidiary merged into pnc bank , n. a.\n in november 2009 ) sponsored special purpose entity ( spe ) entered into credit risk transfer agreement with independent third party to mitigate credit losses on pool of nonconforming mortgage loans originated by former first franklin business unit.\n spe formed with small equity contribution structured as bankruptcy-remote entity creditors have no recourse to us.\n in exchange for perfected security interest in cash flows of nonconforming mortgage loans , spe issued to us asset-backed securities in form of senior , mezzanine , subordinated equity notes.\n spe deemed to be a vie as its equity not sufficient to finance activities.\n we determined to be primary beneficiary of spe absorb majority of expected losses of spe through our holding of asset-backed securities.\n accordingly spe consolidated all entity 2019s assets , liabilities , and\n\n| december 31 2009 | december 312008\n------- | ---------------- | ---------------\naaa/aaa | 14% ( 14 % )     | 19% ( 19 % )\naa/aa   | 50               | 6\na/a     | 34               | 72\nbbb/baa | 2                | 3\ntotal   | 100% ( 100 % )   | 100% ( 100 % )"
}
{
    "_id": "dd4bcee8e",
    "title": "",
    "text": "five-year performance comparison 2013 graph indicator of cumulative total shareholder returns for corporation compared to peer group index  dow jones  s&p 500.\n graph assumes value investment in common stock of union pacific corporation and each index was $ 100 on december 31 , 2002  all dividends reinvested.\n comparison of five-year cumulative return 2002 2003 2004 2005 2006 2007 upc s&p 500 peer group dj trans purchases of equity securities 2013 during 2007 repurchased 13266070 shares of common stock average price $ 115. 66.\n first nine months of 2007  repurchased 10639916 shares common stock average price per share of $ 112. 68.\n table presents common stock repurchases each month for fourth quarter of 2007 : period number of shares purchased average paid per total number of shares purchased part of publicly announced plan or program maximum number of shares be purchased under plan or program.\n total number of shares purchased during quarter includes 228354 shares delivered or attested to upc by employees to pay stock option exercise prices satisfy excess tax withholding obligations for stock option exercises vesting of retention units pay withholding obligations for vesting of retention shares.\n on january 30 , 2007  board of directors authorized us to repurchase up to 20 million shares of common stock through december 31 , 2009.\n may make repurchases on open market or through other transactions.\n management has sole discretion determining timing and amount of transactions.\n\nperiod                   | totalnumber ofsharespurchased[a] | averagepricepaid pershare | total number of sharespurchased as part of apublicly announcedplan orprogram | maximum number ofshares that may yetbe purchased underthe plan orprogram[b]\n------------------------ | -------------------------------- | ------------------------- | ---------------------------------------------------------------------------- | ---------------------------------------------------------------------------\noct . 1 through oct . 31 | 99782                            | $ 128.78                  | -                                                                            | 9774279\nnov . 1 through nov . 30 | 540294                           | 124.70                    | 528000                                                                       | 9246279\ndec . 1 through dec . 31 | 1986078                          | 128.53                    | 1869800                                                                      | 7376479\ntotal                    | 2626154                          | $ 127.75                  | 2397800                                                                      | n/a"
}
{
    "_id": "dd4bc12fc",
    "title": "",
    "text": "cash flows from operations.\n in fiscal 2018 cash provided was $ 2. 8 billion compared to $ 2. 4 billion in fiscal 2017.\n $ 426 million increase driven by $ 462 million increase in net earnings $ 736 million change in current assets and liabilities offset by $ 688 million change in deferred income taxes.\n change in deferred income taxes related to $ 638 million provisional benefit from revaluing net.\n deferred tax liabilities to reflect new.\n corporate tax rate.\n $ 736 million change in current assets and liabilities due to changes in accounts payable of $ 476 million related to extension of payment terms and timing payments $ 264 million of changes in other current liabilities driven by changes in income taxes payable trade and advertising accruals incentive accruals.\n strive to grow core working capital at or below rate of growth in net sales.\n for fiscal 2018  core working capital decreased 27 percent compared to net sales increase of 1 percent.\n fiscal 2017 core working capital increased 9 percent compared to net sales decline of 6 percent in fiscal 2016 core working capital decreased 41 percent compared to net sales decline 6 percent.\n in fiscal 2017 operations generated $ 2. 4 billion of cash compared to $ 2. 8 billion in fiscal 2016.\n $ 349 million decrease driven by $ 493 million change in current assets and liabilities.\n $ 493 million change in current assets liabilities due to changes in current liabilities driven by changes in income taxes payable decrease in incentive accruals changes in trade and advertising accruals due to reduced spending.\n change in current assets liabilities impacted by timing of accounts payable.\n, recorded $ 14 million loss on divestiture during fiscal 2017 , compared to $ 148 million net gain on divestitures fiscal 2016 , classified related cash flows as investing activities.\n\nin millions                                                                                     | fiscal year 2018 | fiscal year 2017 | fiscal year 2016\n----------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet earnings including earnings attributable to redeemable and noncontrollinginterests          | $ 2163.0         | $ 1701.1         | $ 1736.8\ndepreciation and amortization                                                                   | 618.8            | 603.6            | 608.1\nafter-taxearnings from joint ventures                                                           | -84.7 ( 84.7 )   | -85.0 ( 85.0 )   | -88.4 ( 88.4 )\ndistributions of earnings from joint ventures                                                   | 113.2            | 75.6             | 75.1\nstock-based compensation                                                                        | 77.0             | 95.7             | 89.8\ndeferred income taxes                                                                           | -504.3 ( 504.3 ) | 183.9            | 120.6\npension and other postretirement benefit plan contributions                                     | -31.8 ( 31.8 )   | -45.4 ( 45.4 )   | -47.8 ( 47.8 )\npension and other postretirement benefit plan costs                                             | 4.6              | 35.7             | 118.1\ndivestitures loss ( gain )                                                                      | -                | 13.5             | -148.2 ( 148.2 )\nrestructuring impairment and other exit costs                                                   | 126.0            | 117.0            | 107.2\nchanges in current assets and liabilities excluding the effects of acquisitions anddivestitures | 542.1            | -194.2 ( 194.2 ) | 298.5\nother net                                                                                       | -182.9 ( 182.9 ) | -86.3 ( 86.3 )   | -105.6 ( 105.6 )\nnet cash provided by operating activities                                                       | $ 2841.0         | $ 2415.2         | $ 2764.2"
}
{
    "_id": "dd497774e",
    "title": "",
    "text": "fair value of psu award at date of grant amortized to expense over performance period typically three years after date award or upon death  disability or reaching age of 58.\n as of december 31 , 2017  pmi had $ 34 million total unrecognized compensation cost related to non-vested psu awards.\n cost recognized over weighted-average performance cycle period of two years or upon death  disability or reaching age of 58.\n during years ended december 31 , 2017  and 2016  no psu awards vested.\n pmi did not grant psu awards during note 10.\n earnings per share unvested share-based payment awards contain non-forfeitable rights to dividends or dividend equivalents are participating securities included in pmi 2019s earnings per share calculation two-class method.\n basic and diluted earnings per share ( 201d ) calculated using following.\n for 2017 , 2016 and 2015 computations no antidilutive stock options.\n\n( in millions )                                                                        | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015\n-------------------------------------------------------------------------------------- | -------------------------------------- | -------------------------------------- | --------------------------------------\nnet earnings attributable to pmi                                                       | $ 6035                                 | $ 6967                                 | $ 6873\nless distributed and undistributed earnings attributable to share-based payment awards | 14                                     | 19                                     | 24\nnet earnings for basic and diluted eps                                                 | $ 6021                                 | $ 6948                                 | $ 6849\nweighted-average shares for basic eps                                                  | 1552                                   | 1551                                   | 1549\nplus contingently issuable performance stock units ( psus )                            | 1                                      | 2014                                   | 2014\nweighted-average shares for diluted eps                                                | 1553                                   | 1551                                   | 1549"
}
{
    "_id": "dd4981082",
    "title": "",
    "text": "entergy corporation notes to consolidated financial statements bonds subject to mandatory tender for purchase from holders at 100% ) of principal amount outstanding on october 1 , 2003 then remarketed.\n june 1 , 2002  entergy louisiana remarketed $ 55 million.\n charles parish pollution control revenue refunding bonds due 2030  resetting interest rate to 4. 9% ( 4. 9 % ) through may 2005.\n f bonds subject to mandatory tender for purchase from holders at 100% ( 100 % ) of principal amount outstanding on june 1, 2005 then remarketed.\n fair value excludes lease obligations long-term doe obligations  other long-term debt includes debt due within one year.\n determined using bid prices reported by dealer markets nationally recognized investment banking firms.\n annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002  for next five years as follows ( in thousands ) :.\n not included other sinking fund requirements of approximately $ 30. 2 million annually satisfied by cash or certification of property additions at rate of 167% ( 167 % ) of such requirements.\n december 2002  damhead creek project sold buyer project assumed all obligations under damhead creek credit facilities and damhead creek interest rate swap agreements.\n november 2000 entergy's non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\n entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from date closing eight annual installments of $ 20 million commencing eight years from date closing.\n notes not have stated interest rate implicit interest rate of 4. 8% ( 4. 8 % ).\npurchase agreement with nypa  purchase of indian point 2 resulted in entergy's non-utility nuclear business liable to nypa for additional $ 10 million per year for 10 years beginning september 2003.\n liability recorded upon purchase indian point 2 in september 2001.\n covenants in entergy corporation 7. 75% (. % ) notes require to maintain consolidated debt ratio of 65% ( 65 % ) or less of total capitalization.\n if entergy's debt ratio exceeds this limit or if entergy or domestic utility companies default on other credit facilities or in bankruptcy or insolvency proceedings acceleration of facility's maturity may occur.\n in january 2003  entergy paid in full at maturity outstanding debt relating to top of iowa wind project.\n capital funds agreement agreement creditors entergy corporation agreed to supply system energy with sufficient capital to maintain system energy's equity capital at minimum of 35% ( 35 % ) of total capitalization ( excluding short-term debt ) permit continued commercial operation of grand gulf 1 pay in full all system energy indebtedness for borrowed money when due enable system energy to make payments on specific system energy debt under supplements to agreement assigning system energy's rights agreement as security for specific debt.\n\n2003 | $ 1150786\n---- | ---------\n2004 | $ 925005\n2005 | $ 540372\n2006 | $ 139952\n2007 | $ 475288"
}
{
    "_id": "dd4b894d8",
    "title": "",
    "text": "item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities graph compares annual total return of our common stock  standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) our peer group ( 201cloews peer group 201d ) for five years ended december 31 , 2016.\n graph assumes value of investment in common stock  s&p 500 index loews peer group was $ 100 on december 31, 2011 all dividends reinvested.\n loews peer group consists of companies industry competitors of our principal operating subsidiaries : chubb limited ( name change from ace limited after acquired chubb corporation january 15, 2016 ) ,.\n berkley corporation , chubb corporation ( included through january 15 , 2016 acquired by ace limited ) energy transfer partners. ensco plc  hartford financial services group , inc. kinder morgan energy partners ,.\n included through november 26 , 2014 acquired by kinder morgan inc. noble corporation  spectra energy corp  transocean ltd.\n travelers companies , inc.\n dividend information paid quarterly cash dividends each year since 1967.\n regular dividends of $ 0. 0625 per share of loews common stock paid in each calendar quarter of 2016 and 2015.\n\n| 2011  | 2012   | 2013   | 2014   | 2015   | 2016\n---------------------- | ----- | ------ | ------ | ------ | ------ | ------\nloews common stock     | 100.0 | 108.91 | 129.64 | 113.59 | 104.47 | 128.19\ns&p 500 index          | 100.0 | 116.00 | 153.57 | 174.60 | 177.01 | 198.18\nloews peer group ( a ) | 100.0 | 113.39 | 142.85 | 150.44 | 142.44 | 165.34"
}
{
    "_id": "dd4c1fcb2",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , 2015 total amount of unrecognized tax benefits anticipated to result in net decrease to tax benefits within 12 months of december 31 , 2017 estimated between $ 5 million and $ 15 million  primarily relating to statute of limitation lapses and tax exam settlements.\n following reconciliation of beginning and ending amounts of unrecognized tax benefits for periods indicated ( in millions ) :.\n company and subsidiaries currently under examination by relevant taxing authorities for various tax years.\n company regularly assesses potential outcome of examinations in taxing jurisdictions when determining adequacy of unrecognized tax benefit recorded.\n difficult to predict final outcome or timing of resolution of uncertain tax position, believe we have appropriately accrued for uncertain tax benefits.\n audit outcomes timing of audit settlements future events impact previously recorded unrecognized tax benefits and range of anticipated increases or decreases in unrecognized tax benefits subject to significant uncertainty.\n possible ultimate outcome of current or future examinations may exceed provision for current unrecognized tax benefits in amounts could be material cannot be estimated as of december 31 , 2017.\n effective tax rate and net income in future period could be materially impacted.\n 21.\n discontinued operations due to portfolio evaluation in first half of 2016 , management decided to pursue strategic shift of distribution companies in brazil , sul and eletropaulo , to reduce company exposure to brazilian distribution market.\n eletropaulo 2014 in november 2017 , eletropaulo converted preferred shares into ordinary shares transitioned listing shares into novo mercado , listing segment of brazilian stock exchange with highest standards of corporate governance.\nconversion of preferred shares into ordinary shares aes no longer controlled eletropaulo  but maintained significant influence over business.\n company deconsolidated eletropaulo.\n after deconsolidation company's 17% ( % ) ownership interest reflected as equity method investment.\n company recorded after-tax loss on deconsolidation of $ 611 million primarily consisted of $ 455 million to cumulative translation losses and $ 243 million to pension losses reclassified from aocl.\n in december 2017 remaining criteria met for eletropaulo to qualify as discontinued operation.\n results of operations and financial position reported as such in consolidated financial statements for all periods.\n eletropaulo's pre-tax loss attributable to aes including loss on deconsolidation for years ended december 31 , 2017 and 2016 was $ 633 million and $ 192 million respectively.\n pre-tax income attributable to aes for year ended december 31 , 2015 was $ 73 million.\n prior to classification as discontinued operations eletropaulo reported in brazil sbu reportable segment.\n sul 2014 company executed agreement for sale of sul , wholly-owned subsidiary in june 2016.\n results of operations and financial position of sul reported as discontinued operations in consolidated financial statements for all periods.\n meeting held-for-sale criteria company recognized after-tax loss of $ 382 million pre-tax impairment charge of $ 783 million offset by tax benefit of $ 266 million to impairment of sul long lived assets tax benefit of $ 135 million for deferred taxes related to investment in sul.\n prior to impairment charge carrying value of sul asset group of $ 1. 6 billion greater than approximate fair value less costs to sell.\nimpairment charge limited to carrying value of long lived assets of sul disposal group.\n on october 31 , 2016  company completed sale of sul received final proceeds less costs sell of $ 484 million  excluding contingent consideration.\n upon disposal of sul  company incurred additional after-tax\n\ndecember 31,                                | 2017     | 2016       | 2015\n------------------------------------------- | -------- | ---------- | ----------\nbalance at january 1                        | $ 352    | $ 364      | $ 384\nadditions for current year tax positions    | 2014     | 2          | 2\nadditions for tax positions of prior years  | 2        | 1          | 12\nreductions for tax positions of prior years | -5 ( 5 ) | -1 ( 1 )   | -7 ( 7 )\neffects of foreign currency translation     | 2014     | 2014       | -3 ( 3 )\nsettlements                                 | 2014     | -13 ( 13 ) | -17 ( 17 )\nlapse of statute of limitations             | -1 ( 1 ) | -1 ( 1 )   | -7 ( 7 )\nbalance at december 31                      | $ 348    | $ 352      | $ 364"
}
{
    "_id": "dd4b88fc4",
    "title": "",
    "text": "risks related to our common stock our stock price is extremely volatile.\n trading price common stock volatile may continue to be volatile in future.\n many factors could impact on our stock price  including fluctuations in our or competitors 2019 operating results , clinical trial results adverse events associated with our products , product development by us or competitors  changes in laws  including healthcare , tax intellectual property laws , intellectual property developments  changes in reimbursement or drug pricing  existence or outcome of litigation or government proceedings , including sec/doj investigation , failure to resolve , delays in resolving other developments with to issues raised in warning letter , acquisitions strategic transactions  perceptions of investors we not performing or meeting expectations.\n trading price of common stock of many biopharmaceutical companies  including ours  experienced extreme price and volume fluctuations unrelated to operating performance of companies stocks affected.\n anti-takeover provisions in our charter and bylaws under delaware law could make third-party acquisition difficult may frustrate attempt to remove or replace our current management.\n our corporate charter and by-law provisions may discourage certain transactions involving actual or potential change of control might beneficial to us our stockholders.\n bylaws provide special meetings of stockholders may be called only by chairman of board , president , secretary  or majority of board of directors , or upon written request of stockholders who own of record 25% ( 25 % ) of outstanding stock of all classes entitled to vote meeting.\n bylaws specify authorized number of directors may be changed only by resolution of board of directors.\n our charter does not include provision for cumulative voting for directors  may enabled minority stockholder holding sufficient percentage class shares to elect one or more directors.\nunder our charter  our board of directors has authority  without further action by stockholders to designate up to 5 shares of preferred stock in one or more series.\n rights of holders of common stock subject to  and may be adversely affected by rights of holders of any class or series of preferred stock issued in future.\n we are a delaware corporation  anti-takeover provisions of delaware law could make it difficult for third party to acquire control of us even if change in control beneficial to stockholders.\n we subject to provisions of section 203 of delaware general laws prohibits person owns in excess of 15% ( 15 % ) of our outstanding voting stock from merging or combining with us for three years after date of transaction person acquired excess 15% ( 15 % ) voting stock unless merger or combination is approved.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n we conduct our primary operations at owned and leased facilities described below.\n location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 2030 dublin , ireland global supply chain , distribution , and administration offices 160000 owned.\n believe our administrative office space is adequate to meet needs for foreseeable future.\n research and development facilities and manufacturing facilities  with third party manufacturing facilities will adequate for on-going activities.\n in addition to locations we also lease space in other.\n locations and in foreign countries to support our operations as global organization.\n\nlocation                | operations conducted                                                        | approximatesquare feet | leaseexpirationdates\n----------------------- | --------------------------------------------------------------------------- | ---------------------- | --------------------\nnew haven connecticut   | corporate headquarters and executive sales research and development offices | 514000                 | 2030\ndublin ireland          | global supply chain distribution and administration offices                 | 160000                 | owned\nathlone ireland         | commercial research and development manufacturing                           | 80000                  | owned\nlexington massachusetts | research and development offices                                            | 81000                  | 2019\nbogart georgia          | commercial research and development manufacturing                           | 70000                  | owned\nsmithfield rhode island | commercial research and development manufacturing                           | 67000                  | owned\nzurich switzerland      | regional executive and sales offices                                        | 69000                  | 2025"
}
{
    "_id": "dd4c5093e",
    "title": "",
    "text": "as of december 31 , 2015 , future minimum payments due under lease financing obligation were as follows ( in thousands ) : years ending december 31.\n upon completion of construction in 2013 , evaluated de-recognition of asset and liability under sale-leaseback accounting guidance.\n concluded we had continued economic involvement in facility did not meet with provisions for sale-leaseback accounting.\n lease is accounted for as a financing obligation lease payments attributed to 1 ) reduction of principal financing obligation ; 2 ) imputed interest expense ; and 3 ) land lease expense ( considered operating lease and component of cost of goods sold and operating expenses ) representing imputed cost to lease underlying land of building.\n underlying building asset is depreciated over building estimated useful life of 30 years.\n at conclusion of initial lease term we will de-recognize both net book values of asset and remaining financing obligation.\n purchase commitments outsource manufacturing and supply chain management operations to third-party contract manufacturers , who procure components and assemble products on our behalf based on forecasts to reduce manufacturing lead times ensure adequate component supply.\n issue purchase orders to contract manufacturers for finished product significant portion of orders consist of firm non- cancelable commitments.\n purchase strategic component inventory from certain suppliers under purchase commitments some non-cancelable  including integrated circuits consigned to contract manufacturers.\n as of december 31 , 2015  had non-cancelable purchase commitments of $ 43. 9 million to contract manufacturers and suppliers.\n provided restricted deposits to third-party contract manufacturers and vendors to secure obligations to purchase inventory.\n had $ 2. 3 million in restricted deposits as of december 31 , 2015 and december 31 , 2014.\nrestricted deposits classified in other assets in our accompanying consolidated balance sheets.\n guarantees entered agreements with direct customers and channel partners contain indemnification provisions relating to potential situations where claims alleged our products infringe intellectual property rights of third party.\n we have at our option expense ability to repair infringement , replace product with non-infringing equivalent-in-function product or refund customers\n\n2016                                                | $ 5754\n--------------------------------------------------- | ----------------\n2017                                                | 5933\n2018                                                | 6113\n2019                                                | 6293\n2020                                                | 6477\nthereafter                                          | 18810\ntotal payments                                      | 49380\nless : interest and land lease expense              | -30463 ( 30463 )\ntotal payments under facility financing obligations | 18917\nproperty reverting to landlord                      | 23629\npresent value of obligation                         | 42546\nless current portion                                | -1336 ( 1336 )\nlong-term portion of obligation                     | $ 41210"
}
{
    "_id": "dd4bcc332",
    "title": "",
    "text": "international networks segment owns operates following television networks  reached following number subscribers via pay television services as of december 31 , 2013 : global networks international subscribers ( millions ) regional networks international subscribers ( millions ).\n ( a ) number of subscribers corresponds to collective sum of total number subscribers to sbs nordic broadcast networks in sweden , norway denmark subject to retransmission agreements with pay television providers.\n ( b ) number of subscribers corresponds to dmax pay television networks in u. , austria  switzerland ireland.\n international networks segment owns operates free-to-air television networks reached 285 million cumulative viewers in europe middle east as of december 31 , 2013.\n free-to-air networks include dmax , fatafeat , quest , real time , giallo , frisbee , focus k2.\n.\n primary sources of revenue for international networks are fees charged to operators distribute networks primarily include cable and dth satellite service providers , advertising sold on television networks.\n international television markets vary in stages of development.\n some markets. are more advanced digital television markets others remain in analog environment with varying degrees investment from operators to expand channel capacity or convert to digital technologies.\n common practice in some markets results in long-term contractual distribution relationships other markets renew contracts annually.\n distribution revenue for international networks segment dependent on number of subscribers receive our networks or content , rates negotiated in agreements  market demand for content provide.\nadvertising revenue dependent upon factors including development of pay and free-to-air television markets number of subscribers to viewers of channels viewership demographics popularity of programming ability to sell commercial time over channels.\n in certain markets our advertising sales business operates with in-house sales teams rely on external sales representation services in other markets.\n in developing television markets  expect advertising revenue growth from continued subscriber viewership growth localization strategy shift of advertising spending from traditional analog networks to channels multi-channel environment.\n in mature markets western europe  growth in advertising revenue from increasing viewership pricing of advertising on existing television networks launching of new services organic and through acquisitions.\n during 2013  distribution , advertising other revenues were 50% ( 50 % ) , 47% ( 47 % ) and 3% ( 3 % )  of total net revenues for this segment.\n on january 21 , 2014  entered agreement with tf1 to acquire controlling interest in eurosport international ( \"eurosport )  leading pan-european sports media platform by increasing ownership stake from 20% ( 20 % ) to 51% ( 51 % ) for cash of approximately 20ac253 million ( $ 343 million ) subject to working capital adjustments.\n due to regulatory constraints acquisition excludes eurosport france  subsidiary of eurosport.\n retain 20% ( 20 % ) equity interest in eurosport france commitment to acquire another 31% ( 31 % ) ownership interest beginning 2015  contingent upon resolution of regulatory matters.\n flagship eurosport network focuses on regionally popular sports tennis  skiing cycling motor sports reaches 133 million homes across 54 countries in 20 languages.\neurosport 2019s brands platforms include eurosport hd ( high definition simulcast ) , eurosport 2  eurosport 2 hd high )  eurosport asia-pacific  eurosportnews.\n acquisition intended to increase growth of eurosport enhance pay television offerings in europe.\n tf1 right to put entirety remaining 49% ( 49 % ) non-controlling interest to us for approximately two and a half years after completion acquisition.\n put has floor value equal to fair value at acquisition date if exercised in 90 day period beginning july 1, 2015 subsequently priced at fair value if exercised in 90 day period beginning july 1 , 2016.\n expect acquisition to close in second quarter of 2014 subject to obtaining necessary regulatory approvals.\n\nglobal networks discovery channel | internationalsubscribers ( millions ) 271 | regional networks discovery kids | internationalsubscribers ( millions ) 76\n--------------------------------- | ----------------------------------------- | -------------------------------- | ----------------------------------------\nanimal planet                     | 200                                       | sbs nordic ( a )                 | 28\ntlc real time and travel & living | 162                                       | dmax ( b )                       | 16\ndiscovery science                 | 81                                        | discovery history                | 14\ninvestigation discovery           | 74                                        | shed                             | 12\ndiscovery home & health           | 64                                        | discovery en espanol ( u.s. )    | 5\nturbo                             | 52                                        | discovery familia ( u.s. )       | 4\ndiscovery world                   | 23                                        | gxt                              | 4"
}
{
    "_id": "dd4bedfe6",
    "title": "",
    "text": "gain previously held equity interest 30 december 2014 acquired partner 2019s equity ownership interest in liquefied atmospheric industrial gases production joint venture in north america for $ 22. 6  increased ownership from 50% % ) to 100% ( 100 % ).\n transaction accounted for as business combination subsequent acquisition results consolidated within industrial gases 2013 americas segment.\n recorded gain of $ 17. 9 ( $ 11. 2 after-tax or $. 05 per share ) result revaluing held equity interest to fair value acquisition date.\n refer to note 6  business combination consolidated financial statements for additional details.\n other income ( expense )  net items recorded other income expense ) from transactions events not directly related to principal income earning activities.\n detail other income ( expense ) net presented in note 23  supplemental information consolidated financial statements.\n 2017 vs.\n 2016 other income ( expense ) net of $ 121. 0 increased $ 71. 6  due to income from transition services agreements with versum and evonik income from sale of assets and investments gain of $ 12. 2 ( $ 7. 6 after-tax or $. 03 per share ) from sale of parcel of land favorable foreign exchange impact.\n 2016 vs.\n 2015 other income ( expense ) net of $ 49. 4 increased $ 3. 9  due to lower foreign exchange losses favorable contract settlements receipt of government subsidy.\n fiscal year 2015 included gain of $ 33. 6 ( $ 28. 3 after tax or $. 13 per share ) from sale of two parcels of land.\n no other individual items significant comparison to fiscal year 2015.\n interest expense.\n 2017 vs.\n 2016 interest incurred decreased $ 8.impact from lower average debt balance of $ 26 partially offset by impact higher average interest rate on debt portfolio of $ 19.\n change in capitalized interest driven by decrease in carrying value of projects under construction primarily result of decision to exit from energy-from-waste business.\n 2016 vs.\n 2015 interest incurred decreased $ 4. 0.\n decrease resulted from stronger.\n dollar on translation of foreign currency interest of $ 6 , partially offset by higher average debt balance of $ 2.\n change in capitalized interest driven by decrease in carrying value of projects under construction result of exit from energy-from-waste business.\n other non-operating income ( expense )  net income  net of $ 29. 0 in fiscal year 2017 resulted from interest income on cash and time deposits proceeds from sale of pmd.\n interest income included in \"other income ( expense ), net\" in 2016 and 2015.\n interest income in previous periods not material.\n loss on extinguishment of debt on 30 september 2016 anticipation of spin-off of emd  versum issued $ 425. 0 of notes to air products  exchanged notes with financial institutions for $ 418. 3 of air products 2019 outstanding commercial paper.\n noncash exchange  excluded from consolidated statements of cash flows resulted in loss of $ 6. 9 ( $ 4. 3 after-tax  or $. 02 per share ).\n in september 2015  made payment of $ 146. 6 to redeem 3000000 unidades de fomento ( 201d ) series e 6. 30% (. % ) bonds due 22 january 2030 carrying value of $ 130. 0 resulted in net loss of $ 16. 6 ( $ 14. 2 after-tax  or $. 07 per share ).\n\n| 2017    | 2016    | 2015\n--------------------------- | ------- | ------- | -------\ninterest incurred           | $ 139.6 | $ 147.9 | $ 151.9\nless : capitalized interest | 19.0    | 32.7    | 49.1\ninterest expense            | $ 120.6 | $ 115.2 | $ 102.8"
}
{
    "_id": "dd496d938",
    "title": "",
    "text": "entergy new orleans , inc.\n management's financial discussion analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges.\n analysis of change in net revenue comparing 2008 to 2007.\n amount ( in millions ).\n volume/weather variance due to increase in electricity usage in service territory in 2008 compared to 2007.\n entergy new orleans estimates approximately 141000 electric customers and 93000 gas customers returned since hurricane katrina taking service as of december 31, 2008 compared to 132000 electric customers 86000 gas customers as of december 31 , 2007.\n billed retail electricity usage increased total 184 gwh compared to same period 2007 increase of 4% ( 4 % ).\n net gas revenue variance due to increase in base rates in march and november 2007.\n refer to note 2 to financial statements for discussion of base rate increase.\n rider revenue variance due to higher total revenue storm reserve rider effective march 2007 city council's approval of settlement agreement in october 2006.\n approved storm reserve set to collect $ 75 million over ten-year period rider funds held in restricted escrow account.\n settlement agreement discussed in note 2 to financial statements.\n base revenue variance due to base rate recovery credit  effective january 2008.\n base rate credit discussed in note 2 financial statements.\n gross operating revenues fuel and purchased power expenses gross operating revenues increased due to increase of $ 58. 9 million in gross wholesale revenue due to increased sales to affiliated customers increase in average price of energy available for resale sales ; increase of $ 47.7 million electric fuel cost recovery revenues due to higher fuel rates increased electricity usage ; increase $ 22 million gross gas revenues due to higher fuel recovery revenues increases gas base rates in march 2007 november 2007.\n fuel purchased power increased primarily due to increases average market prices natural gas purchased power addition increase in demand.\n\n| amount ( in millions )\n---------------- | ----------------------\n2007 net revenue | $ 231.0\nvolume/weather   | 15.5\nnet gas revenue  | 6.6\nrider revenue    | 3.9\nbase revenue     | -11.3 ( 11.3 )\nother            | 7.0\n2008 net revenue | $ 252.7"
}
{
    "_id": "dd4985452",
    "title": "",
    "text": "december 31 , 2015 2014  had modest working capital surplus.\n reflects strong cash position provides enhanced liquidity in uncertain economic environment.\n believe adequate access to capital markets meet foreseeable cash requirements sufficient financial capacity to satisfy current liabilities.\n cash flows.\n operating activities cash operating activities decreased in 2015 compared to 2014 due to lower net income changes in working capital offset by timing of tax payments.\n federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments during 2011 50% ( 50 % ) bonus depreciation for qualified investments during 2012-2013.\n company deferred substantial portion of 2011-2013 income tax expense contributing to positive operating cash flow years.\n congress extended 50% ( 50 % ) bonus depreciation for 2014  extension occurred in december  related benefit realized in 2015  2014.\n december 2015 congress extended bonus depreciation through 2019 delayed benefit of 2015 bonus depreciation into 2016.\n bonus depreciation at rate of 50% ( 50 % ) for 2015 , 2016 2017  40% ( 40 % ) for 2018 30% ( 30 % ) for 2019.\n higher net income in 2014 increased cash provided by operating activities compared to 2013  despite higher income tax payments.\n 2014 income tax payments higher than 2013 primarily due to higher income  paid taxes previously deferred by bonus depreciation.\n investing activities higher capital investments in locomotives freight cars  including $ 327 million in early lease buyouts due to favorable economic terms market conditions drove increase in cash used in investing activities in 2015 compared to 2014.\n higher capital investments  including early buyout of long-term operating lease of headquarters building for approximately $ 261 million drove increase in cash used in investing activities in 2014 compared to 2013.\nsignificant investments made for new locomotives  freight cars containers  capacity commercial facility projects.\n capital investments in 2014 included $ 99 million for early buyout of locomotives freight cars under long-term operating leases exercised due to favorable economic terms market conditions.\n\nmillions                                | 2015           | 2014           | 2013\n--------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities   | $ 7344         | $ 7385         | $ 6823\ncash used in investing activities       | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 )\ncash used in financing activities       | -3063 ( 3063 ) | -2982 ( 2982 ) | -3049 ( 3049 )\nnet change in cash and cash equivalents | $ -195 ( 195 ) | $ 154          | $ 369"
}
{
    "_id": "dd4c098ea",
    "title": "",
    "text": "railroad collected approximately $ 18. 8 billion and $ 16. 3 billion of receivables during years ended december 31 , 2011 and 2010 , respectively.\n upri used proceeds to purchase new receivables under facility.\n costs of receivables securitization facility include interest  vary based on prevailing commercial paper rates , program fees paid to banks  commercial paper issuing costs  and fees for unused commitment availability.\n costs receivables securitization facility included in interest expense were $ 4 million and $ 6 million for 2011 and 2010 , respectively.\n prior to adoption new accounting standard costs receivables securitization facility were included in other income were $ 9 million for 2009.\n investors have no recourse to railroad 2019s other assets except for customary warranty and indemnity claims.\n creditors railroad do not have recourse to assets of upri.\n in august 2011  receivables securitization facility renewed for additional 364-day period at comparable terms and conditions.\n contractual obligations and commercial commitments as described in notes to consolidated financial statements referenced in tables below  have contractual obligations commercial commitments may affect our financial condition.\n based on assessment of underlying provisions circumstances contractual obligations commercial commitments including material sources of off-balance sheet structured finance arrangements other than risks other companies face with to condition of capital markets ( described in item 1a of part ii report ) no known trend , demand , commitment , event , or uncertainty likely to occur material adverse effect on our consolidated results of operations , financial condition , or liquidity.\n our commercial obligations , financings  and commitments are customary transactions similar to those of other comparable corporations particularly within transportation industry.\ntables identify material obligations commitments as of december 31 , 2011 : payments due by december 31  contractual obligations after millions total 2012 2013 2014 2015 2016 2016.\n [a] excludes capital lease obligations of $ 1874 million unamortized discount of $ 364 million.\n includes interest component of $ 5120 million.\n [b] includes leases for locomotives freight cars other equipment real estate.\n [c] represents total obligations including interest component of $ 685 million.\n [d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases  locomotives  ties ballast rail ; agreements to purchase other goods services.\n for amounts cannot estimate year of settlement reflected in other column.\n [e] includes estimated other post retirement  medical  life insurance payments payments under unfunded pension plan for next ten years.\n no amounts included for funded pension obligations no contributions currently required.\n [f] future cash flows for income tax contingencies reflect recorded liability for unrecognized tax benefits  including interest penalties as of december 31 , 2011.\n where can estimate years in liabilities may be settled shown in table.\n for amounts cannot estimate year of settlement reflected in other column.\n\ncontractual obligationsmillions    | total   | payments due by december 31 2012 | payments due by december 31 2013 | payments due by december 31 2014 | payments due by december 31 2015 | payments due by december 31 2016 | payments due by december 31 after 2016 | payments due by december 31 other\n---------------------------------- | ------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------------- | ---------------------------------\ndebt [a]                           | $ 12516 | $ 538                            | $ 852                            | $ 887                            | $ 615                            | $ 652                            | $ 8972                                 | $ -\noperating leases [b]               | 4528    | 525                              | 489                              | 415                              | 372                              | 347                              | 2380                                   | -\ncapital lease obligations [c]      | 2559    | 297                              | 269                              | 276                              | 276                              | 262                              | 1179                                   | -\npurchase obligations [d]           | 5137    | 2598                             | 568                              | 560                              | 276                              | 245                              | 858                                    | 32\nother post retirement benefits [e] | 249     | 26                               | 26                               | 26                               | 26                               | 26                               | 119                                    | -\nincome tax contingencies [f]       | 107     | 31                               | -                                | -                                | -                                | -                                | -                                      | 76\ntotal contractualobligations       | $ 25096 | $ 4015                           | $ 2204                           | $ 2164                           | $ 1565                           | $ 1532                           | $ 13508                                | $ 108"
}
{
    "_id": "dd4bf5a52",
    "title": "",
    "text": "( 1 ) cumulative total return assumes reinvestment of dividends.\n ( 2 ) total return weighted according to market capitalization of each company at beginning of each year.\n ( f ) purchases of equity securities by issuer and affiliated purchasers not repurchased common stock since company filed initial registration statement on march 16, g ) securities authorized for issuance under equity compensation plans description of securities incorporated herein by reference to proxy statement for 2012 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.\n item 6.\n selected financial data.\n ( 1 ) long-term debt not include amounts payable to former parent as of before december 31, 2010 these amounts due upon demand and included in current liabilities.\n ( 2 ) free cash flow is non-gaap financial measure represents cash from operating activities less capital expenditures.\n see liquidity and capital resources in item 7 for more information.\n\n( $ in millions except per share amounts ) | year ended december 31 2011 | year ended december 31 2010 | year ended december 31 2009 | year ended december 31 2008 | year ended december 31 2007\n------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | ---------------------------\nsales and service revenues                 | $ 6575                      | $ 6723                      | $ 6292                      | $ 6189                      | $ 5692\ngoodwill impairment                        | 290                         | 0                           | 0                           | 2490                        | 0\noperating income ( loss )                  | 110                         | 248                         | 211                         | -2354 ( 2354 )              | 447\nnet earnings ( loss )                      | -94 ( 94 )                  | 135                         | 124                         | -2420 ( 2420 )              | 276\ntotal assets                               | 6001                        | 5203                        | 5036                        | 4760                        | 7658\nlong-term debt ( 1 )                       | 1830                        | 105                         | 283                         | 283                         | 283\ntotal long-term obligations                | 3757                        | 1559                        | 1645                        | 1761                        | 1790\nfree cash flow ( 2 )                       | 331                         | 168                         | -269 ( 269 )                | 121                         | 364\nbasic earnings ( loss ) per share          | $ -1.93 ( 1.93 )            | $ 2.77                      | $ 2.54                      | $ -49.61 ( 49.61 )          | $ 5.65\ndiluted earnings ( loss ) per share        | $ -1.93 ( 1.93 )            | $ 2.77                      | $ 2.54                      | $ -49.61 ( 49.61 )          | $ 5.65"
}
{
    "_id": "dd4ba2226",
    "title": "",
    "text": "visa indemnification payment services business issues acquires credit debit card transactions through visa. s.\n inc.\n card association affiliates ( visa ).\n in october 2007  visa completed restructuring issued shares of visa inc.\n common stock to financial institution members ( visa reorganization ) in initial public offering ( ipo ).\n part of visa reorganization we received proportionate share of class b visa inc.\n common stock allocated to u. s.\n members.\n prior to ipo u. s.\n members  included pnc obligated to indemnify visa for judgments settlements related to certain specified litigation.\n result of acquisition of national city  became party to judgment and loss sharing agreements with visa certain other banks.\n judgment loss sharing agreements designed to apportion financial responsibilities from potential adverse judgment or negotiated settlements related to specified litigation.\n in september 2014 visa funded $ 450 million into litigation escrow account reduced conversion rate of visa b to a shares.\n continue to obligation to indemnify visa for judgments settlements for remaining specified litigation.\n recourse repurchase obligations discussed in note 2 loan sale servicing activities variable interest entities pnc sold commercial mortgage  residential mortgage home equity loans/ lines of credit directly or indirectly through securitization loan sale transactions in continuing involvement.\n form continuing involvement includes recourse and loan repurchase obligations associated with transferred assets.\n commercial mortgage loan recourse obligations originate service certain multi-family commercial mortgage loans sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program.\n participated in similar program with fhlmc.\n under programs assume up to one-third risk of loss on unpaid principal balances through loss share arrangement.\nat december 31 , 2014 and december 31  2013  unpaid principal balance outstanding of loans sold participant in programs was $ 12. 3 billion and $ 11. 7 billion respectively.\n potential maximum exposure under loss share arrangements was $ 3. 7 billion at december 31  2014 and $ 3. 6 billion at december 31 , 2013.\n maintain reserve for estimated losses based exposure.\n reserve for losses under programs totaled $ 35 million and $ 33 million as of december 31 2014 and 2013 included in other liabilities on consolidated balance sheet.\n if payment required under programs contractual interest in collateral underlying mortgage loans on losses occurred value of collateral taken into account in determining our share of losses.\n exposure and activity associated with recourse obligations reported in corporate & institutional banking segment.\n table 150 : analysis of commercial mortgage recourse obligations.\n residential mortgage loan and home equity loan/ line of credit repurchase obligations residential mortgage loans sold non-recourse basis assume certain loan repurchase obligations associated with mortgage loans sold to investors.\n loan repurchase obligations primarily relate to situations where pnc alleged to have breached origination covenants and representations and warranties made to purchasers loans in purchase sale agreements.\n repurchase obligation activity associated with residential mortgages reported in residential mortgage banking segment.\n in fourth quarter of 2013 pnc reached agreements with fnma and fhlmc to resolve repurchase claims loans sold between 2000 and 2008.\n pnc paid total of $ 191 million related to these settlements.\n pnc repurchase obligations include certain brokered home equity loans/lines of credit sold to limited number private investors financial services industry by national city prior to acquisition of national city.\npnc no longer engaged in brokered home equity lending business exposure under loan repurchase obligations limited to repurchases loans sold transactions.\n repurchase activity associated with brokered home equity loans/lines credit reported in non-strategic assets portfolio segment.\n 214 pnc financial services group  inc.\n 2013 form 10-k\n\nin millions                                  | 2014 | 2013\n-------------------------------------------- | ---- | --------\njanuary 1                                    | $ 33 | $ 43\nreserve adjustments net                      | 2    | -9 ( 9 )\nlosses 2013 loan repurchases and settlements |      | -1 ( 1 )\ndecember 31                                  | $ 35 | $ 33"
}
{
    "_id": "dd4bb8b20",
    "title": "",
    "text": "commitment expiration per period commercial commitments after millions of dollars total 2010 2011 2012 2013 2014 2014.\n none credit facility used as of december 31 , 2009.\n $ 400 million of sale of receivables program utilized at december 31 , 2009.\n includes guaranteed obligations related to headquarters building  equipment financings  affiliated operations.\n none letters of credit drawn upon as of december 31 , 2009.\n off-balance sheet arrangements sale of receivables 2013 railroad transfers accounts receivable to union pacific receivables , inc.\n ( upri ) bankruptcy-remote subsidiary part of sale of receivables facility.\n upri sells without recourse on 364-day revolving basis undivided interest in accounts receivable to investors.\n total capacity to sell undivided interests to investors under facility was $ 600 million and $ 700 million at december 31 , 2009 and 2008.\n value of outstanding undivided interest held by investors under facility was $ 400 million and $ 584 million at december 31 , 2009 and 2008.\n during 2009  upri reduced outstanding undivided interest held by investors due to decrease in available receivables.\n value of undivided interest held by investors not included in consolidated financial statements.\n value undivided interest supported by $ 817 million and $ 1015 million of accounts receivable held by upri at december 31 , 2009 and 2008.\n at december 31 , 2009 and 2008 value of interest retained by upri was $ 417 million and $ 431 million.\n retained interest included in accounts receivable in consolidated financial statements.\n interest sold to investors sold at carrying value  approximates fair value no gain or loss recognized from transaction.\nvalue of outstanding undivided interest held by investors could fluctuate based upon availability of eligible receivables affected by changing business volumes credit risks , including default and dilution.\n if default or dilution ratios increase one percent , value of outstanding undivided interest investors not change as of december 31 , 2009.\n should our credit rating fall below investment grade , value of outstanding undivided interest investors would reduced  in certain cases investors right to discontinue facility.\n railroad services sold receivables ; railroad does not recognize servicing asset or liability  servicing fees compensate us for these responsibilities.\n railroad collected approximately $ 13. 8 billion and $ 17. 8 billion during years ended december 31 , 2009 and 2008 ,.\n upri used proceeds to purchase new receivables under facility.\n costs of sale of receivables program included in other income were $ 9 million , $ 23 million , and $ 35 million for 2009 , 2008 , and 2007 ,.\n costs include interest  vary based on prevailing commercial paper rates , program fees paid to banks  commercial paper issuing costs  fees for unused commitment availability.\n decrease in 2009 costs primarily attributable to lower commercial paper rates decrease in outstanding interest held by investors.\n\nother commercial commitmentsmillions of dollars | total  | amount of commitment expiration per period 2010 | amount of commitment expiration per period 2011 | amount of commitment expiration per period 2012 | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period after 2014\n----------------------------------------------- | ------ | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | -----------------------------------------------------\ncredit facilities [a]                           | $ 1900 | $ -                                             | $ -                                             | $ 1900                                          | $ -                                             | $ -                                             | $ -\nsale of receivables [b]                         | 600    | 600                                             | -                                               | -                                               | -                                               | -                                               | -\nguarantees [c]                                  | 416    | 29                                              | 76                                              | 24                                              | 8                                               | 214                                             | 65\nstandby letters of credit [d]                   | 22     | 22                                              | -                                               | -                                               | -                                               | -                                               | -\ntotal commercial commitments                    | $ 2938 | $ 651                                           | $ 76                                            | $ 1924                                          | $ 8                                             | $ 214                                           | $ 65"
}
{
    "_id": "dd4bed5aa",
    "title": "",
    "text": "environmental liability includes costs for remediation restoration of sites for ongoing monitoring costs excludes anticipated recoveries from third parties.\n cost estimates based on information available for each site , financial viability of other potentially responsible parties existing technology  laws  regulations.\n we believe we have adequately accrued for our ultimate share of costs at sites subject to joint several liability.\n ultimate liability for remediation difficult to determine because of number of potentially responsible parties involved site-specific cost sharing arrangements with degree of contamination by wastes scarcity quality of volumetric data related to sites speculative nature of remediation costs.\n estimates may vary due to changes in federal state local laws governing environmental remediation.\n do not expect current obligations to have material adverse effect on our results of operations or financial condition.\n guarantees 2013 at december 31 , 2006  were contingently liable for $ 464 million in guarantees.\n recorded liability of $ 6 million for fair value of these obligations as of december 31 , 2006.\n entered into these contingent guarantees in normal course of business include guaranteed obligations related to headquarters building  equipment financings affiliated operations.\n final guarantee expires in 2022.\n not aware of any existing event of default require us to satisfy these guarantees.\n do not expect these guarantees have material adverse effect on our consolidated financial condition  results of operations  or liquidity.\n indemnities 2013 maximum potential exposure under indemnification arrangements  including certain tax indemnifications can range from specified dollar amount to unlimited amount  depending on nature of transactions and agreements.\ndue to uncertainty to whether claims will made or how resolved , we cannot reasonably determine probability of adverse claim or estimate adverse liability or total maximum exposure under indemnification arrangements.\n not reason to believe we will be required to make material payments under these indemnity provisions.\n income taxes 2013 as previously reported in form 10-q for quarter ended september 30 , 2005 , irs completed examinations and issued notices of deficiency for tax years 1995 through 2002.\n among proposed adjustments is disallowance of tax deductions claimed in connection with certain donations of property.\n in fourth quarter of 2005 , irs national office issued technical advice memorandum left unresolved whether deductions proper , pending further factual development.\n we continue to dispute donation issue  other proposed adjustments , will contest associated tax deficiencies through irs appeals process , and  if necessary , litigation.\n irs examining corporation 2019s federal income tax returns for tax years 2003 and 2004 should complete exam in 2007.\n do not expect ultimate resolution of examinations have material adverse effect on our consolidated financial statements.\n 11.\n other income other income included following for years ended december 31 : millions of dollars 2006 2005 2004.\n\nmillions of dollars                          | 2006       | 2005       | 2004\n-------------------------------------------- | ---------- | ---------- | ----------\nrental income                                | $ 83       | $ 59       | $ 55\nnet gain on non-operating asset dispositions | 72         | 135        | 69\ninterest income                              | 29         | 17         | 10\nsale of receivables fees                     | -33 ( 33 ) | -23 ( 23 ) | -11 ( 11 )\nnon-operating environmental costs and other  | -33 ( 33 ) | -43 ( 43 ) | -35 ( 35 )\ntotal                                        | $ 118      | $ 145      | $ 88"
}
{
    "_id": "dd4c133c2",
    "title": "",
    "text": "goodwill reviewed annually during fourth quarter for impairment.\n company performs impairment analysis of other intangible assets based on occurrence of other factors.\n such factors include significant changes in membership  state funding  medical contracts provider networks contracts.\n impairment loss recognized if carrying value of intangible assets exceeds implied fair value.\n medical claims liabilities medical services costs include claims paid , claims reported but not yet paid  inventory , estimates for claims incurred but not yet received ibnr  estimates for costs necessary to process unpaid claims.\n estimates of medical claims liabilities developed using standard actuarial methods based upon historical data for payment patterns cost trends product mix sea- sonality utilization of healthcare services other rele- vant factors including product changes.\n estimates continually reviewed adjustments  if necessary reflected in period known.\n management did not change actuarial methods during years presented.\n management believes amount of medical claims payable reasonable adequate to cover company 2019s liability for unpaid claims as of december 31 , 2006 actual claim payments may differ from estimates.\n revenue recognition company 2019s medicaid managed care segment gener- ates revenues primarily from premiums received from states in it operates health plans.\n company receives fixed premium per member per month state contracts.\n company generally receives premium payments during month it provides services recognizes premium revenue during period in obligated to provide services to members.\n some states enact premium taxes or similar assessments premium taxes these taxes recorded as general and administrative expenses.\n some contracts allow for additional premium related to certain supplemen- tal services provided maternity deliveries.\n revenues recorded based on membership and eligibility data provided by states may be adjusted by states for updates data.\nadjustments immaterial in relation to total revenue recorded reflected in period known.\n company 2019s specialty services segment generates revenues under contracts with state programs healthcare organizations commercial organizations from own subsidiaries market-based terms.\n revenues recognized when related services provided or as ratably earned over covered period of service.\n premium and services revenues collected in advance recorded as unearned revenue.\n for performance-based contracts company recognize revenue subject to refund until data sufficient to measure performance.\n premiums and service revenues due to company recorded as premium and related receivables recorded net of allowance based on historical trends management 2019s judgment on collectibility accounts.\n company generally receives payments during month in services provided allowance typically not significant in comparison to total revenues material impact on pres entation financial condition or results of operations.\n activity in allowance for uncollectible accounts for years ended december 31 summarized below:.\n centene receives majority of revenues under con- tracts or subcontracts with state medicaid managed care programs.\n contracts  expire on dates between june 30 , 2007 and december 31 , 2011 expected to be renewed.\n contracts with states of georgia , indiana  kansas  texas wisconsin each accounted for 15% ( 15 % ), 15% ( 15 % ), 10% ( 10 % ) , 17% ( 17 % ) 16% ( 16 % )  of company 2019s revenues for year ended december 31 , 2006.\n reinsurance centene purchased reinsurance from third parties to cover eligible healthcare services.\n current reinsurance program covers 90% ( ) of inpatient healthcare expenses in excess of annual deductibles of $ 300 to $ 500 per member up to annual maximum of $ 2000.\ncentene 2019s medicaid managed care subsidiaries responsible for inpatient charges in excess of average daily per diem.\n bridgeway participates in risk-sharing program contract with state of arizona for reimbursement of certain contract service costs beyond monetary threshold.\n reinsurance recoveries were $ 3674 , $ 4014 , $ 3730 , in 2006 , 2005  2004 ,.\n reinsurance expenses were approximately $ 4842 , $ 4105 , and $ 6724 in 2006  2005 2004 .\n reinsurance recoveries  net of expenses included in medical costs.\n other income ( expense ) consists principally of investment income and interest expense.\n investment income derived from company 2019s cash  cash equivalents restricted deposits investments.\n\n| 2006         | 2005         | 2004\n--------------------------------------- | ------------ | ------------ | ------------\nallowances beginning of year            | $ 343        | $ 462        | $ 607\namounts charged to expense              | 512          | 80           | 407\nwrite-offs of uncollectible receivables | -700 ( 700 ) | -199 ( 199 ) | -552 ( 552 )\nallowances end of year                  | $ 155        | $ 343        | $ 462"
}
{
    "_id": "dd49737c0",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 continued ) note 14.\n income taxes continued april 1 , 2007 company adopted financial interpretation fin no.\n 48 , accounting for uncertainty in income taxes 2014an interpretation of fasb statement no.\n 109 ( 201cfin no.\n 48 201d ) clarifies accounting for uncertainty in income taxes recognized in enterprise 2019s financial statements accordance with fasb statement no.\n 109  accounting for income taxes.\n fin no.\n 48 prescribes recognition threshold measurement process for recording in financial statements uncertain tax positions taken expected in tax return.\n fin no.\n 48 provides guidance on derecognition  classification interest penalties  accounting in interim periods disclosure  transition defines criteria for benefits of tax position recognized.\n result adoption of fin no.\n 48  company recorded cumulative effect of change in accounting principle of $ 0. 3 million as decrease to opening retained earnings increase to other long-term liabilities as of april 1 , 2007.\n adjustment related to state nexus for failure to file tax returns in various states for years ended march 31 , 2003  2004  2005.\n company initiated voluntary disclosure plan completed in fiscal year 2009.\n company elected to recognize interest/or penalties related to income tax matters in income tax expense in consolidated statements of operations.\n as of march 31 , 2009 company had remitted all outstanding amounts owed to states connection with outstanding taxes owed at march 31 , 2008.\n company had no fin no.\n 48 liability at march 31 , 2009.\n quarterly basis company accrues for effects of uncertain tax positions related potential penalties interest.\npossible unrecognized tax benefit certain unrecognized tax positions will increase or decrease next 12 months ; not expected change significant effect on company 2019s results operations or financial position.\n reconciliation of beginning and ending balance of unrecognized tax benefits  excluding accrued interest recorded at march 31 , 2009 ( in thousands ) as follows:.\n company and subsidiaries subject to.\n federal income tax , income tax of multiple state and foreign jurisdictions.\n company accumulated significant losses since inception 1981.\n all tax years remain subject to examination by major tax jurisdictions including federal government and commonwealth of massachusetts.\n company has net operating loss and tax credit carry forwards may be utilized in future years to offset taxable income those years may be subject to review by relevant taxing authorities if carry forwards utilized.\n note 15.\n commitments and contingencies company 2019s acquisition of impella provided abiomed required to make contingent payments to impella 2019s former shareholders : 2022 upon fda approval of impella 2. 5 device , payment of $ 5583333 2022 upon fda approval of impella 5. 0 device , payment of $ 5583333 , and 2022 upon sale of 1000 units of impella 2019s products worldwide, payment of $ 5583334.\n two milestones related to sales and fda approval of impella 2. 5 device achieved and paid prior to march 31 , 2009.\n in april 2009  company received fda 510 ( k ) clearance of impella 5. 0 product  triggering obligation to pay milestone related to impella 5. 0 device.\n in may 2009  company paid $ 1. 8 million of final milestone in cash elected to pay remaining amount through issuance of approximately 664612 shares of common stock.\n\nbalance at march 31 2008                                                          | $ 168\n--------------------------------------------------------------------------------- | ------------\nreductions for tax positions for closing of the applicable statute of limitations | -168 ( 168 )\nbalance at march 31 2009                                                          | $ 2014"
}
{
    "_id": "dd4bd91a4",
    "title": "",
    "text": "position to handle demand changes.\n continue utilizing industrial engineering techniques to improve productivity.\n 2022 fuel prices 2013 uncertainty about economy makes fuel price projections difficult could see volatile fuel prices during year sensitive to global.\n domestic demand  refining capacity  geopolitical events  weather conditions other factors.\n to reduce impact of fuel price on earnings continue to seek recovery from customers through fuel surcharge programs expand fuel conservation efforts.\n 2022 capital plan 2013 in 2011  plan to make total capital investments of approximately $ 3. 2 billion , including expenditures for positive train control ( ptc ) may be revised if business conditions warrant or if new laws or regulations affect generate sufficient returns on investments.\n ( see further discussion in item 7 under liquidity and capital resources 2013 capital plan. ) 2022 positive train control 2013 response to legislative mandate to implement ptc by end of 2015  expect to spend approximately $ 250 million during 2011 on developing ptc.\n estimate ptc will cost approximately $ 1. 4 billion to implement by end of 2015  in accordance with rules by federal railroad administration (.\n includes costs for installing new system along tracks upgrading locomotives new system adding digital data communication equipment system communicate.\n during 2011  plan to begin testing technology to evaluate effectiveness.\n 2022 financial expectations 2013 remain cautious about economic conditions anticipate volume to increase from 2010 levels.\n expect volume , price  productivity gains to offset expected higher costs for fuel , labor inflation  depreciation  casualty costs  property taxes to drive operating ratio improvement.\n results of operations operating revenues millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008.\n freight revenues are revenues generated by transporting freight or other materials from six commodity groups.\nfreight revenues vary with volume ( carloads ) average revenue per car ( arc ).\n changes in price  traffic mix fuel surcharges drive arc.\n provide customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to from specific locations record as reduction to freight revenues based on actual or projected future shipments.\n recognize freight revenues as freight moves from origin to destination.\n allocate freight revenues between reporting periods based on relative transit time each recognize expenses as we incur them.\n other revenues include revenues earned by subsidiaries from commuter rail operations accessorial revenues earn when customers retain equipment owned controlled or perform additional services switching storage.\n recognize other revenues as perform services or meet contractual obligations.\n freight revenues volume levels for all six commodity groups increased during 2010 economic improvement in market sectors.\n experienced strong volume growth in automotive  intermodal industrial products shipments.\n core pricing gains higher fuel surcharges increased freight revenues drove 6% ( 6 % ) improvement in arc.\n freight revenues volume levels for all six commodity groups decreased during 2009  reflecting continued economic weakness.\n experienced largest volume declines in automotive and industrial\n\nmillions         | 2010    | 2009    | 2008    | % (  % ) change 2010 v 2009 | % (  % ) change 2009 v 2008\n---------------- | ------- | ------- | ------- | --------------------------- | ---------------------------\nfreight revenues | $ 16069 | $ 13373 | $ 17118 | 20% ( 20 % )                | ( 22 ) % (  % )\nother revenues   | 896     | 770     | 852     | 16                          | -10 ( 10 )\ntotal            | $ 16965 | $ 14143 | $ 17970 | 20% ( 20 % )                | ( 21 ) % (  % )"
}
{
    "_id": "dd4baef9e",
    "title": "",
    "text": "equity compensation plan information documents footnotes included as exhibits to form 10-k incorporated herein by reference entirety.\n table provides information as of dec.\n 31 , 2006 number of shares of ppg common stock issued under ppg 2019s equity compensation plans.\n plan category securities exercise of outstanding options  warrants rights weighted- average exercise price of outstanding warrants rights number of securities remaining available for future issuance under equity compensation ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ( 1 ) 9413216 $ 58. 35 10265556 equity compensation plans not approved by security holders ( 2 ) ( 3 ) 2089300 $ 70. 00 2014.\n equity compensation plans approved by security holders include ppg industries , inc.\n stock plan  ppg omnibus plan  ppg industries , inc.\n executive officers 2019 long term incentive plan  ppg industries inc.\n long term incentive plan.\n 2 ) equity compensation plans not approved by include ppg industries , inc.\n challenge 2000 stock plan.\n broad- based stock option plan company granted to active employees majority owned subsidiaries on july 1, 1998 option to purchase 100 shares of company 2019s common stock at fair market value $ 70. 00 per share.\n options exercisable on july 1 , 2003 expire june 30 , 2008.\n 2089300 shares issuable upon exercise of options outstanding under plan as of dec.\n 31 , 2006.\n ( 3 ) excluded from information are common stock equivalents held under ppg industries , inc.\n deferred compensation plan , ppg industries.\n deferred compensation plan for directors ppg industries , inc.\ndirectors 2019 common stock plan none equity compensation plans.\n supplemental 491168 common stock equivalents held under plans as of dec.\n 31 , 2006.\n item 6.\n selected financial data information required by item 6 for five years ended dec.\n 31 , 2006 included in exhibit 99. 2 filed with form 10-k incorporated by reference.\n information reported in eleven-year digest on page 72 of annual report under captions net sales  income ( loss ) before accounting changes cumulative effect of accounting changes net income ( loss ) earnings ( loss ) per common share before accounting changes effect accounting changes on earnings ( loss ) per common share 2013 assuming dilution  dividends per share  total assets long-term debt for years 2002 through 2006.\n item 7.\n management 2019s discussion analysis of financial condition results of operations performance in 2006 compared with 2005 sales increased 8% ( 8 % ) to $ 11. 0 billion in 2006 compared to $ 10. 2 billion in 2005.\n sales increased 4% ( 4 % ) due to impact acquisitions 2% ( 2 % ) to increased volumes 2% ( 2 % ) to increased selling prices.\n cost of sales percentage of sales increased slightly to 63. 7% ( 63. 7 % ) compared to 63. 5% (. 5 % ) in 2005.\n selling  general and administrative expense increased slightly percentage of sales to 17. 9% ( 17. 9 % ) compared to 17. 4% ( 17. 4 % ) in 2005.\n costs increased due to higher expenses related to store expansions in architectural coatings operating segment increased advertising growth in optical products operating segment.\n other charges decreased $ 81 million in 2006.\ncharges in 2006 included pretax charges $ 185 million for estimated environmental remediation costs at sites new jersey $ 42 million for legal settlements offset by pretax earnings $ 44 million for insurance recoveries related to marvin legal settlement hurricane rita.\n charges in 2005 included pretax charges $ 132 million related marvin legal settlement net related insurance recoveries $ 18 million , $ 61 million for federal glass class action antitrust legal settlement  $ 34 million direct costs impact hurricanes rita katrina  $ 27 million asset impairment charge fine chemicals operating segment $ 19 million for debt refinancing costs.\n earnings increased $ 30 million in 2006 due to higher equity earnings from asian fiber glass joint ventures higher royalty income.\n net income earnings per share 2013 assuming dilution for 2006 were $ 711 million and $ 4. 27 , compared to $ 596 million and $ 3. 49  for 2005.\n net income 2006 included aftertax charges $ 106 million  64 cents a share for estimated environmental remediation costs at sites new jersey louisiana third quarter ; $ 26 million  15 cents a share for legal settlements ; $ 23 million  14 cents share for business restructuring ; $ 17 million 10 cents a share net increase in current value of company 2019s obligation relating to asbestos claims under ppg settlement arrangement ; aftertax earnings $ 24 million 14 cents a share for insurance recoveries.\nnet income 2005 included aftertax charges $ 117 million 68 cents a share for legal settlements net of insurance ; $ 21 million 12 cents a share for direct costs related to impact hurricanes katrina rita ; $ 17 million  or 10 cents a share related to asset impairment charge fine chemicals operating segment ; $ 12 million 7 cents a share for debt refinancing cost ; $ 13 million or 8 cents a share reflect net increase in current 2006 ppg annual report form 10-k 19 4282_txt be issued options , number of\n\nplan category                                                          | numberof securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted- average exercise price of outstanding options warrants and rights ( b ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )\n---------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders ( 1 )           | 9413216                                                                                         | $ 58.35                                                                           | 10265556\nequity compensation plans not approved by security holders ( 2 ) ( 3 ) | 2089300                                                                                         | $ 70.00                                                                           | 2014\ntotal                                                                  | 11502516                                                                                        | $ 60.57                                                                           | 10265556"
}
{
    "_id": "dd4c093a4",
    "title": "",
    "text": "equity in net earnings of affiliated companies equity income from m-i swaco joint venture in 2010 represents eight months equity income through closing smith transaction.\n interest expense of $ 298 million in 2011 increased by $ 91 million compared to 2010 due to $ 4. 6 billion long-term debt schlumberger issued during 2011.\n interest expense of $ 207 million in 2010 decreased by $ 14 million compared to 2009 due to decline in weighted average borrowing rates from 3. 9% ( 3. 9 % ) to 3. 2% ( 3. 2 % ).\n research & engineering and general & administrative expenses  percentage of revenue were follows:.\n research & engineering decreased percentage of revenue in 2011 compared to 2010 2010 2009 increased in absolute dollars by $ 154 million and $ 117 million  respectively.\n increases absolute dollars driven by impact smith acquisition.\n income taxes schlumberger effective tax rate was 24. 4% ( 24. 4 % ) in 2011 , 17. 3% ( 17. 3 % ) in 2010  19. 6% ( 19. 6 % ) in 2009.\n effective tax rate sensitive to geographic mix of earnings.\n when percentage of pretax earnings generated outside of north america increases schlumberger effective tax rate decrease.\n conversely percentage pretax earnings outside north america decreases effective tax rate increase.\n effective tax rate for 2011 and 2010 impacted by charges and credits described in note 3 to consolidated financial statements.\n excluding impact charges credits effective tax rate in 2011 was 24. 0% ( 24. 0 % ) compared to 20. 6% ( 20. 6 % ) in 2010.\nincrease in effective tax rate , excluding impact charges and credits , primarily attributable to schlumberger generated larger proportion of pretax earnings in north america in 2011 compared to 2010 result of improved market conditions and effect of full year 2019s activity from acquired smith businesses.\n effective tax rate for 2009 also impacted by charges and credits described in note 3 to consolidated financial statements but to lesser extent.\n excluding charges and credits  effective tax rate in 2010 was 20. 6% ( 20. 6 % ) compared to 19. 2% ( 19. 2 % ) in 2009.\n increase largely attributable to geographic mix of earnings inclusion of four months 2019 results from acquisition of smith , schlumberger effective tax charges and credits schlumberger recorded significant charges and credits in continuing operations during 2011 , 2010 and 2009.\n these charges and credits  summarized below more fully described in note 3 to consolidated financial statements.\n\n| 2011           | 2010           | 2009\n------------------------ | -------------- | -------------- | --------------\nresearch & engineering   | 2.7% ( 2.7 % ) | 3.3% ( 3.3 % ) | 3.5% ( 3.5 % )\ngeneral & administrative | 1.1% ( 1.1 % ) | 1.1% ( 1.1 % ) | 1.1% ( 1.1 % )"
}
{
    "_id": "dd4c5ee94",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) acquisitions recorded using purchase method of accounting purchase price allocated to assets acquired and liabilities assumed based on estimated fair value as of date of acquisition.\n operating results of each acquisition included in consolidated statements of income from dates each acquisition.\n fiscal 2008 during 2008 acquired portfolio of merchants process discover transactions and rights to process discover transactions for existing and new merchants.\n result of acquisition  now process discover transactions similarly to process visa and mastercard transactions.\n purpose of acquisition was to offer merchants single point of contact for discover , visa and mastercard card processing.\n during fiscal 2008 acquired majority of assets of euroenvios money transfer , s.\n and euroenvios conecta , s. l. collectively refer to as lfs spain.\n lfs spain of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america.\n purpose of acquisition was to further strategy of expanding customer base and market share by opening additional branch locations.\n during fiscal 2008  acquired series of money transfer branch locations in united states.\n purpose of acquisitions to increase market presence of dolex-branded money transfer offering.\n following table summarizes preliminary purchase price allocations of business acquisitions ( in thousands ) :.\n customer-related intangible assets have amortization periods of up to 14 years.\n contract-based intangible assets have amortization periods of 3 to 10 years.\n these business acquisitions not significant to consolidated financial statements not provided pro forma information relating to these acquisitions.\n during fiscal 2008  acquired customer list and long-term merchant referral agreement in canadian merchant services channel for $ 1.7 million.\n value assigned to customer list of $ 0. 1 million expensed immediately.\n remaining value assigned to merchant referral agreement being amortized on straight-line basis over useful life of 10 years.\n\n| total\n----------------------------------------- | --------------\ngoodwill                                  | $ 13536\ncustomer-related intangible assets        | 4091\ncontract-based intangible assets          | 1031\nproperty and equipment                    | 267\nother current assets                      | 502\ntotal assets acquired                     | 19427\ncurrent liabilities                       | -2347 ( 2347 )\nminority interest in equity of subsidiary | -486 ( 486 )\nnet assets acquired                       | $ 16594"
}
{
    "_id": "dd4bc83ae",
    "title": "",
    "text": "9.\n lease commitments company leases land , facilities  equipment software under various operating leases expire at various dates through 2057.\n lease agreements include renewal escalation clauses require company to pay taxes  insurance maintenance costs.\n total rental expense under operating leases was approximatelya $ 92. 3 million in fiscal 2019 , $ 84. 9 million in fiscal 2018 $ 58. 8 million in fiscal 2017.\n following schedule of futureff minimum rental payments required under long-term operating leases at november 2 , 2019 : operating fiscal years leases.\n 10.\n commitments and contingencies from to  in ordinary company business  claims , charges litigation are asserted or commenced against company arising from related to contractual matters  patents  trademarks  personal injury environmental matters  product liability  insurance coverage  employment benefits.\n claims litigation company can give no assurance that it will prevail.\n company does not believe current legal matters will have material adverse effect on company 2019s financial position  results of operations cash flows.\n 11.\n retirement plans company and subsidiaries have savings retirement plans covering all employees.\n defined contribution plans company maintains defined contribution plan for benefit of its eligible.\n employees.\n plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation.\n in company contributes amount equal to each participant 2019s pre-tax contribution  up to maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation.\n total expense related to defined contribution plans for.\n employees was $ 47. 7 million in fiscal 2019 , $ 41. 4 million in fiscal 2018 $ 35. 8 million in fiscal 2017.\nnon-qualified deferred compensation plan ( dcp ) allows management highly-compensated employees non-employee directors to defer receipt of all or portion of compensation.\n dcp established to provide participants opportunity to defer receiving all or portion of compensation  includes salary  bonus  commissions director fees.\n under dcp company provides all participants ( other than non-employee directors ) with company contributions equal to 8% ( 8 % ) of eligible deferred contributions.\n dcp is non-qualified plan maintained in rabbi trust.\n fair value of investments held in rabbi trust presented separately as deferred compensation plan investments with current portion of investment included in prepaid expenses other current assets in consolidated balance sheets.\n see note 2j , fair value , for further information on investments.\n deferred compensation obligation represents dcp participant accumulated deferrals earnings since inception of dcp net of withdrawals.\n deferred compensation obligation presented separately as deferred compensation plan liability with current portion of obligation in accrued liabilities in consolidated balance sheets.\n company 2019s liability under dcp is unsecured general obligation of company.\n analog devices , inc.\n notes to consolidated financial statements 2014 ( continued )\n\nfiscal years | operating leases\n------------ | ----------------\n2020         | $ 79789\n2021         | 67993\n2022         | 40338\n2023         | 37673\n2024         | 32757\nlater years  | 190171\ntotal        | $ 448721"
}
{
    "_id": "dd4bbdec2",
    "title": "",
    "text": "management 2019s discussion analysis believe our credit ratings primarily based on credit rating agencies 2019 assessment of : 2030 our liquidity , market  credit operational risk management practices ; 2030 level variability of our earnings ; 2030 capital base ; 2030 franchise , reputation management ; 2030 corporate governance ; 2030 external operating environment , including assumed level of government support.\n certain firm 2019s derivatives transacted under bilateral agreements with counterparties who may require us to post collateral or terminate transactions based on changes in credit ratings.\n we assess impact of these bilateral agreements by determining collateral or termination payments occur assuming downgrade by all rating agencies.\n downgrade by any one rating agency , depending on agency 2019s relative ratings of firm at time downgrade , may have impact comparable to impact of downgrade by all rating agencies.\n we allocate portion of our gce to ensure make additional collateral or termination payments required in event two-notch reduction in long-term credit ratings, collateral not called by counterparties  but available to them.\n table below presents additional collateral or termination payments could have been called at reporting date by counterparties in event of one-notch and two-notch downgrade in credit ratings.\n in millions 2012 2011 additional collateral or termination payments for a one-notch downgrade $ 1534 $ 1303 additional collateral or termination payments for two-notch downgrade 2500 2183 cash flows as global financial institution , our cash flows complex bear little relation to net earnings net assets.\n believe traditional cash flow analysis less meaningful in evaluating liquidity position than excess liquidity and asset-liability management policies described above.\n cash flow analysis may  be helpful in highlighting certain macro trends strategic initiatives in businesses.\n year ended december 2012.\n our cash and cash equivalents increased by $ 16.66 billion to $ 72. 67 billion end of 2012.\n generated $ 9. 14 billion net cash from operating investing activities.\n generated $ 7. 52 billion net cash from financing activities increase in bank deposits offset by net repayments of unsecured secured long-term borrowings.\n year ended december 2011.\n cash cash equivalents increased $ 16. 22 billion to $ 56. 01 billion end of 2011.\n generated $ 23. 13 billion net cash from operating investing activities.\n used net cash $ 6. 91 billion for financing activities primarily repurchases of series g preferred stock common stock offset by increase bank deposits.\n year ended december 2010.\n cash cash equivalents increased by $ 1. 50 billion to $ 39. 79 billion end of 2010.\n generated $ 7. 84 billion net cash from financing activities primarily net proceeds issuances short-term secured financings.\n used net cash $ 6. 34 billion for operating investing activities primarily fund increase in securities purchased under agreements to resell increase in cash securities segregated for regulatory other purposes offset by cash from decrease in securities borrowed.\n goldman sachs 2012 annual report 87\n\nin millions                                                             | as of december 2012 | as of december 2011\n----------------------------------------------------------------------- | ------------------- | -------------------\nadditional collateral or termination payments for a one-notch downgrade | $ 1534              | $ 1303\nadditional collateral or termination payments for a two-notch downgrade | 2500                | 2183"
}
{
    "_id": "dd4b933fc",
    "title": "",
    "text": "intermodal 2013 decreased volumes fuel surcharges reduced freight revenue from intermodal shipments in 2009 versus 2008.\n volume from international traffic decreased 24% ( 24 % ) in 2009 compared to 2008 reflecting economic conditions weak imports from asia diversions to non-uprr served ports.\n weakness in domestic housing automotive sectors translated into weak demand in large sectors international intermodal market contributed to volume decline.\n domestic traffic increased 8% ( 8 % ) in 2009 compared to 2008.\n new contract with hub group ,. included additional shipments executed second quarter of 2009 offset impact of weak market conditions second half 2009.\n price increases fuel surcharges generated higher revenue in 2008 partially offset by lower volume levels.\n international traffic declined 11% ( 11 % ) in 2008 reflecting softening of imports from china loss of customer contract.\n peak intermodal shipping season starts third quarter weak in 2008.\n weakness in domestic housing automotive sectors translated into weak demand in large sectors international intermodal market contributed to lower volumes.\n domestic traffic declined 3% ( 3 % ) in 2008 due to loss of customer contract lower volumes from less-than-truckload shippers.\n flood-related embargo on traffic in midwest during second quarter hindered intermodal volume levels in 2008.\n mexico business 2013 commodity groups include revenue from shipments to from mexico.\n revenue from mexico business decreased 26% ( 26 % ) in 2009 versus 2008 to $ 1. 2 billion.\n volume declined in five of six commodity groups down 19% ( 19 % ) in 2009 driven by 32% ( 32 % ) and 24% ( 24 % ) reductions in industrial products and automotive shipments respectively.\nenergy shipments increased 9% ( 9 % ) 2009 versus 2008 offsetting declines.\n revenue from mexico business increased 13% ( 13 % ) to $ 1. 6 billion 2008 compared 2007.\n price improvements fuel surcharges contributed increases offset by 4% ( 4 % ) decline in volume 2008 compared 2007.\n operating expenses millions of dollars 2009 2008 2007 % ( % ) change 2009 v 2008 2008 v 2007.\n 2009 intermodal revenue international domestic\n\nmillions of dollars              | 2009    | 2008    | 2007    | % (  % ) change 2009 v 2008 | % (  % ) change 2008 v 2007\n-------------------------------- | ------- | ------- | ------- | --------------------------- | ---------------------------\ncompensation and benefits        | $ 4063  | $ 4457  | $ 4526  | ( 9 ) % (  % )              | ( 2 ) % (  % )\nfuel                             | 1763    | 3983    | 3104    | -56 ( 56 )                  | 28\npurchased services and materials | 1614    | 1902    | 1856    | -15 ( 15 )                  | 2\ndepreciation                     | 1444    | 1387    | 1321    | 4                           | 5\nequipment and other rents        | 1180    | 1326    | 1368    | -11 ( 11 )                  | -3 ( 3 )\nother                            | 687     | 840     | 733     | -18 ( 18 )                  | 15\ntotal                            | $ 10751 | $ 13895 | $ 12908 | ( 23 ) % (  % )             | 8% ( 8 % )"
}
{
    "_id": "dd4bc6b26",
    "title": "",
    "text": "entergy new orleans , inc.\n management 2019s financial discussion analysis volume/weather variance due to increase in electricity usage in residential and commercial sectors due to 4% ( 4 % ) increase in average residential customers and 3% ( 3 % ) increase in average commercial customers offset by effect less favorable weather on residential sales.\n gross operating revenues revenues decreased due to decrease of $ 16. 2 million in electric fuel cost recovery revenues due to lower fuel rates ; decrease of $ 15. 4 million in gross gas revenues due to lower fuel cost recovery revenues lower fuel rates milder weather ; formula rate plan decreases effective october 2010 and october 2011 .\n decrease partially offset by increase in gross wholesale revenue due to increased sales to affiliated customers more favorable volume/weather.\n 2010 compared to 2009 net revenue consists of operating revenues net of 1 fuel , fuel-related expenses  gas purchased for resale  2 purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2010 to 2009.\n amount ( in millions ).\n volume/weather variance due to increase of 348 gwh , or 7% ( 7 % )  in billed retail electricity usage due to more favorable weather compared to last year.\n net gas revenue variance due to more favorable weather compared to last year recognition of gas regulatory asset associated with settlement of entergy new orleans 2019s electric and gas formula rate plans.\n see note 2 to financial statements for discussion of formula rate plan settlement.\n effect of 2009 rate case settlement variance results from april 2009 settlement of entergy new orleans 2019s rate case  includes effects of realigning non-fuel costs associated with operation of grand gulf from fuel adjustment clause to electric base rates effective june 2009.\nnote 2 financial statements discussion rate case settlement.\n other income statement variances 2011 compared to 2010 operation and maintenance expenses decreased due to deferral 2011 of $ 13. 4 million of 2010 michoud plant maintenance costs pursuant settlement of entergy new orleans 2019s 2010 test year formula rate plan filing approved city council september 2011 decrease of $ 8. 0 million in fossil- fueled generation expenses due to higher plant outage costs 2010 due to greater scope of work at michoud plant.\n see note 2 financial statements discussion 2010 test year formula rate plan filing.\n\n| amount ( in millions )\n----------------------------------- | ----------------------\n2009 net revenue                    | $ 243.0\nvolume/weather                      | 17.0\nnet gas revenue                     | 14.2\neffect of 2009 rate case settlement | -6.6 ( 6.6 )\nother                               | 5.3\n2010 net revenue                    | $ 272.9"
}
{
    "_id": "dd4bf56b0",
    "title": "",
    "text": "financial assurance we must provide financial assurance to governmental agencies other entities under environmental regulations relating to our landfill operations for capping  closure post-closure costs related to our performance under certain collection , landfill transfer station contracts.\n we satisfy these financial assurance requirements by providing surety bonds letters of credit insurance policies ( financial assurance instruments ) trust deposits  included in restricted cash marketable securities other assets in our consolidated balance sheets.\n amount of financial assurance requirements for capping  closure post-closure costs is determined by state environmental regulations.\n financial assurance requirements for capping  closure post-closure costs may be associated with portion of landfill or entire landfill.\n states require a third-party engineering specialist to determine estimated capping  closure post-closure costs to determine required amount of financial assurance for landfill.\n amount of financial assurance required can differ from obligation determined and recorded under u.\n.\n amount of financial assurance requirements related to contract performance varies by contract.\n we must provide financial assurance for our insurance program and collateral for certain performance obligations.\n not expect a material increase in financial assurance requirements during 2016 , mix of financial assurance instruments may change.\n these financial assurance instruments are issued in normal course of business not considered indebtedness.\n currently no liability for financial assurance instruments  not reflected in our consolidated balance sheets ; we record capping , closure post-closure liabilities insurance liabilities as they incurred.\n off-balance sheet arrangements no off-balance sheet debt or similar obligations other than operating leases and financial assurances not classified as debt.\n no transactions or obligations with related parties not disclosed , consolidated into or reflected in our reported financial position or results of operations.\nnot guaranteed third-party debt.\n free cash flow define free cash flow  not measure determined with u. s.\n gaap  as cash provided by operating activities less purchases of property and equipment plus proceeds from sales of property and equipment presented in consolidated statements of cash flows.\n following table calculates free cash flow for years ended december 31 , 2015, 2014 2013 ( in millions of dollars ) :.\n for discussion of changes in components of free cash flow see discussion regarding cash flows by operating activities and cash flows in investing activities elsewhere in management 2019s discussion and analysis of financial condition results of operations.\n\n| 2015             | 2014             | 2013\n--------------------------------------------- | ---------------- | ---------------- | ----------------\ncash provided by operating activities         | $ 1679.7         | $ 1529.8         | $ 1548.2\npurchases of property and equipment           | -945.6 ( 945.6 ) | -862.5 ( 862.5 ) | -880.8 ( 880.8 )\nproceeds from sales of property and equipment | 21.2             | 35.7             | 23.9\nfree cash flow                                | $ 755.3          | $ 703.0          | $ 691.3"
}
{
    "_id": "dd4bdbdd2",
    "title": "",
    "text": "performance graph graph shows five-year comparison of cumulative total return on our common stock , nasdaq composite index  s&p 500 index s&p 500 information technology index from april 24, 2009 through april 25 , 2014.\n past performance common stock not indicative of future performance common stock.\n comparison of 5 year cumulative total return* among netapp , inc. , nasdaq composite index  s&p 500 index s&p 500 information technology index.\n believe factors may cause market price of our common stock to fluctuate significantly.\n see 201citem 1a.\n risk factors. 201d sale of unregistered securities\n\n| 4/09     | 4/10     | 4/11     | 4/12     | 4/13     | 4/14\n------------------------------ | -------- | -------- | -------- | -------- | -------- | --------\nnetapp inc .                   | $ 100.00 | $ 189.45 | $ 284.75 | $ 212.19 | $ 190.66 | $ 197.58\nnasdaq composite               | 100.00   | 144.63   | 170.44   | 182.57   | 202.25   | 253.22\ns&p 500                        | 100.00   | 138.84   | 162.75   | 170.49   | 199.29   | 240.02\ns&p 500 information technology | 100.00   | 143.49   | 162.37   | 186.06   | 189.18   | 236.12"
}
{
    "_id": "dd4c5e6d8",
    "title": "",
    "text": "stock performance graph graph sets cumulative total shareholder return on our series a , series b series c common stock compared with cumulative total return of companies in standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and peer group of companies of cbs corporation class b common stock  news corporation class a common stock scripps network interactive , inc. time warner , inc. viacom , inc.\n class b common stock walt disney company.\n graph assumes $ 100 invested on september 18 , 2008 , date our common stock began trading , in each of our series a common stock series b common stock series c common stock , s&p 500 index , and stock of peer group companies  including reinvestment of dividends  for period september 18 , 2008 through december 31 , 2008 and years ended december 31 , 2009 , 2010 2011.\n of cash on hand , cash generated by operations , borrowings under revolving credit facility future financing transactions.\n under program  management authorized to purchase shares through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws other legal requirements subject to stock price  business conditions  market conditions other factors.\n repurchase program does not expiration date.\n above repurchases funded using cash on hand.\n no repurchases of series a common stock or series b common stock during three months ended december 31 , 2011.\n december 31 .\n\n| december 31 2008 | december 31 2009 | december 31 2010 | december 31 2011\n---------- | ---------------- | ---------------- | ---------------- | ----------------\ndisca      | $ 102.53         | $ 222.09         | $ 301.96         | $ 296.67\ndiscb      | $ 78.53          | $ 162.82         | $ 225.95         | $ 217.56\ndisck      | $ 83.69          | $ 165.75         | $ 229.31         | $ 235.63\ns&p 500    | $ 74.86          | $ 92.42          | $ 104.24         | $ 104.23\npeer group | $ 68.79          | $ 100.70         | $ 121.35         | $ 138.19"
}
{
    "_id": "dd4b89eec",
    "title": "",
    "text": "gain or loss on ownership change in map results from contributions to of environmental capital expenditures leased property acquisitions funded by marathon ashland.\n with map 2019s limited liability company agreement certain environmental capital expenditures acquisitions of leased properties funded by original contributor no change in ownership interest may result from contributions.\n excess of ashland funded improvements over marathon funded improvements results in net gain excess of marathon funded improvements over ashland funded results in net loss.\n cost of revenues increased by $ 5. 822 billion in 2004 from 2003 $ 6. 040 billion in 2003 from 2002.\n increases primarily in rm&t segment result from higher acquisition costs for crude oil refined products refinery charge blend feedstocks increased manufacturing expenses.\n selling  general administrative expenses increased by $ 105 million in 2004 from 2003 $ 97 million in 2003 from 2002.\n increase in 2004 due to increased stock-based compensation higher costs with business transformation outsourcing.\n 2004 results impacted by start-up costs lng project in equatorial guinea increased cost of complying with governmental regulations.\n increase in 2003 due to increased employee benefit expenses increased pension expense changes in actuarial assumptions decrease in realized returns on plan assets ) other employee related costs.\n during 2003 recorded charge of $ 24 million related to organizational business process changes.\n inventory market valuation reserve ( 2018 2018imv 2019 2019 ) established to reduce cost basis of inventories to current market value.\n establish imv reserve when crude oil prices fall below $ 22 per barrel.\n 2002 results of operations include credits to income from operations of $ 71 million reversing imv reserve at december 31 , 2001.\n net interest other financial costs decreased by $ 25 million in 2004 from 2003 $ 82 million in 2003 from 2002.\ndecrease in 2004 due to increase in interest income.\n decrease in 2003 due to increase in capitalized interest related to increased long-term construction projects favorable effect of interest rate swaps favorable effect of reduction in interest on tax deficiencies increased interest income on investments.\n included in net interest other financing costs are foreign currency gains of $ 9 million , $ 13 million $ 8 million for 2004 , 2003 2002.\n loss from early extinguishment of debt in 2002 attributable to retirement of $ 337 million aggregate principal debt in loss of $ 53 million.\n minority interest in income of map  ashland 2019s 38 percent ownership interest  increased by $ 230 million in 2004 from 2003 $ 129 million in 2003 from 2002.\n map income higher in 2004 compared to 2003 2003 2002 rm&t segment.\n minority interest in loss of equatorial guinea lng holdings limited  gepetrol 2019s 25 percent ownership interest  was $ 7 million in 2004 from gepetrol 2019s share of start-up costs associated with lng project in equatorial guinea.\n provision for income taxes increased by $ 143 million in 2004 from 2003 by $ 215 million in 2003 from 2002 due to $ 388 million and $ 720 million increases in income before income taxes.\n effective tax rate for 2004 was 36. 6 percent compared to 36. 6 percent and 42. 1 percent for 2003 and 2002.\n higher rate in 2002 due to united kingdom enactment of supplementary 10 percent tax on profits from north sea oil and gas production retroactively effective to april 17 , 2002.\n in 2002 recognized one-time noncash deferred tax adjustment of $ 61 million result of rate increase.\n analysis of effective tax rate for periods presented.\n deferred tax effect related to enactment of supplemental tax.\nincreased effective tax rate 7. 0 percent\n\n| 2004             | 2003             | 2002\n------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nstatutory tax rate                                            | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % )\neffects of foreign operations ( a )                           | 1.3              | -0.4 ( 0.4 )     | 5.6\nstate and local income taxes after federal income tax effects | 1.6              | 2.2              | 3.9\nother federal tax effects                                     | -1.3 ( 1.3 )     | -0.2 ( 0.2 )     | -2.4 ( 2.4 )\neffective tax rate                                            | 36.6% ( 36.6 % ) | 36.6% ( 36.6 % ) | 42.1% ( 42.1 % )"
}
{
    "_id": "dd4bbbd84",
    "title": "",
    "text": "notes to consolidated financial statements union pacific corporation and subsidiary companies for this report  unless context otherwise requires references to 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d  201cus 201d  201cour 201d mean union pacific corporation and subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.\n 1.\n nature of operations segmentation 2013 we are class i railroad operating in u. s.\n network includes 31974 route miles  linking pacific coast gulf coast ports with midwest eastern u. s.\n gateways providing several corridors to key mexican gateways.\n own 26012 miles operate on remainder to trackage rights or leases.\n serve western two-thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast , pacific coast southeast southwest , canada  mexico.\n export and import traffic moved through gulf coast pacific coast ports across mexican and canadian borders.\n railroad , with subsidiaries rail affiliates is our one reportable operating segment.\n provide review revenue by commodity group analyze net financial results of railroad as one segment due to integrated nature of rail network.\n following table provides freight revenue by commodity group : millions 2014 2013 2012.\n revenues principally derived from customers domiciled in u. s. , ultimate points of origination or destination for some products transported outside u. s.\n each commodity groups includes revenue from shipments to and from mexico.\n included in table revenues from our mexico business amounted to $ 2. 3 billion in 2014 , $ 2. 1 billion in 2013 , and $ 1.9 billion in 2012.\n basis presentation 2013 consolidated financial statements presented accordance with accounting principles accepted.\n ) codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).\n 2.\n significant accounting policies principles of consolidation 2013 consolidated financial statements include accounts of union pacific corporation subsidiaries.\n investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) accounted for using equity method accounting.\n intercompany transactions eliminated.\n no less than majority-owned investments require consolidation under variable interest entity requirements.\n cash cash equivalents 2013 cash equivalents consist investments with original maturities of three months or less.\n accounts receivable 2013 includes receivables reduced by allowance for doubtful accounts.\n allowance based upon historical losses credit worthiness customers current economic conditions.\n receivables not expected to be collected in one year associated allowances classified as other assets in consolidated statements financial position.\n\nmillions                | 2014    | 2013    | 2012\n----------------------- | ------- | ------- | -------\nagricultural products   | $ 3777  | $ 3276  | $ 3280\nautomotive              | 2103    | 2077    | 1807\nchemicals               | 3664    | 3501    | 3238\ncoal                    | 4127    | 3978    | 3912\nindustrial products     | 4400    | 3822    | 3494\nintermodal              | 4489    | 4030    | 3955\ntotal freight revenues  | $ 22560 | $ 20684 | $ 19686\nother revenues          | 1428    | 1279    | 1240\ntotal operatingrevenues | $ 23988 | $ 21963 | $ 20926"
}
{
    "_id": "dd4c35fb2",
    "title": "",
    "text": "management 2019s discussion analysis 126 jpmorgan chase & co. /2014 annual report useful as current view of credit exposure , net fair value of derivative receivables not capture potential future variability of credit exposure.\n to capture potential future variability credit exposure firm calculates client-by-client basis three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d )  average exposure ( 201cavg 201d ).\n these measures all incorporate netting and collateral benefits , where applicable.\n peak exposure to counterparty is extreme measure of exposure calculated at 97. 5% ( 97. 5 % ) confidence level.\n dre exposure is measure expresses risk of derivative exposure basis equivalent to risk of loan exposures.\n measurement done by equating unexpected loss in derivative counterparty exposure ( consideration loss volatility credit rating counterparty ) with unexpected loss in loan exposure ( only credit rating counterparty ).\n dre is less extreme measure of potential credit loss than peak primary measure used by firm for credit approval of derivative transactions.\n avg is measure of expected fair value of firm 2019s derivative receivables at future time periods including benefit of collateral.\n avg exposure over total life of derivative contract used as primary metric for pricing purposes used to calculate credit capital and cva  described.\n three year avg exposure was $ 37. 5 billion and $ 35. 4 billion at december 31 , 2014 and 2013 , respectively compared with derivative receivables , net of all collateral , of $ 59. 4 billion and $ 51. 3 billion at december 31 , 2014 and 2013 , respectively.\n fair value of firm 2019s derivative receivables incorporates adjustment , cva , to reflect credit quality of counterparties.\ncva based on firm 2019s avg to counterparty and counterparty 2019s credit spread in credit derivatives market.\n primary components of changes in cva are credit spreads , new deal activity unwinds  changes in underlying market environment.\n firm believes active risk management essential to controlling dynamic credit risk in derivatives portfolio.\n firm 2019s risk management process potential impact of wrong-way risk  as potential for increased correlation between firm 2019s exposure to counterparty ( avg ) and counterparty 2019s credit quality.\n many factors may influence nature magnitude of these correlations over time.\n correlations identified firm may adjust cva associated with counterparty 2019s avg.\n firm risk manages exposure to changes in cva by entering into credit derivative transactions  interest rate  foreign exchange , equity and commodity derivative transactions.\n accompanying graph shows exposure profiles to firm 2019s current derivatives portfolio over next 10 years as calculated by dre and avg metrics.\n two measures show exposure will decline after first year  if no new trades added to portfolio.\n following table summarizes ratings profile by derivative counterparty of firm 2019s derivative receivables  including credit derivatives , net of other liquid securities collateral  for dates indicated.\n ratings scale based on firm 2019s internal ratings  correspond to ratings as defined by s&p and moody 2019s.\n ratings profile of derivative receivables rating equivalent 2014 2013 ( a ) december 31 , ( in millions , except ratios ) exposure net of all collateral % ( % ) of exposure net of all collateral exposure net of all collateral % ( % ) of exposure net of all collateral.\n prior period amounts revised to conform with current period presentation.\n\nrating equivalent december 31 ( in millions except ratios ) | rating equivalent exposure net of all collateral | rating equivalent % (  % ) of exposure net of all collateral | exposure net of all collateral | % (  % ) of exposure net of all collateral\n----------------------------------------------------------- | ------------------------------------------------ | ------------------------------------------------------------ | ------------------------------ | ------------------------------------------\naaa/aaa to aa-/aa3                                          | $ 19202                                          | 32% ( 32 % )                                                 | $ 12953                        | 25% ( 25 % )\na+/a1 to a-/a3                                              | 13940                                            | 24                                                           | 12930                          | 25\nbbb+/baa1 to bbb-/baa3                                      | 19008                                            | 32                                                           | 15220                          | 30\nbb+/ba1 to b-/b3                                            | 6384                                             | 11                                                           | 6806                           | 13\nccc+/caa1 and below                                         | 837                                              | 1                                                            | 3415                           | 7\ntotal                                                       | $ 59371                                          | 100% ( 100 % )                                               | $ 51324                        | 100% ( 100 % )"
}
{
    "_id": "dd4bb3f9e",
    "title": "",
    "text": "royal caribbean cruises ltd.\n 79 notes to consolidated financial statements in 2012  determined implied fair value of good- will for pullmantur reporting unit was $ 145. 5 mil- lion recognized impairment charge of $ 319. 2 million based on probability-weighted discounted cash flow model discussed below.\n impair- ment charge recognized in earnings during fourth quarter of 2012 reported within impair- ment of pullmantur related assets within consoli- dated statements of comprehensive income ( loss ).\n during fourth quarter of 2014  performed qualitative assessment of more-likely- than-not royal caribbean international reporting unit 2019s fair value was less than carrying amount before applying two-step goodwill impair- ment test.\n qualitative analysis included assessing impact of factors general economic conditions , limitations on accessing capital  changes in forecasted operating results  changes in fuel prices fluctuations in foreign exchange rates.\n based qualitative assessment concluded more-likely-than-not estimated fair value of royal caribbean international reporting unit exceeded carrying value did not pro- ceed to two-step goodwill impairment test.\n no indicators of impairment exist primarily because reporting unit 2019s fair value has consistently exceeded carrying value by significant margin  financial performance solid in mixed economic environments forecasts of operating results reporting unit appear suffi- cient to support carrying value.\n performed annual impairment review of goodwill for pullmantur 2019s reporting unit during fourth quarter of 2014.\n did not perform quali- tative assessment but proceeded directly to two-step goodwill impairment test.\n estimated fair value of pullmantur reporting unit using probability-weighted discounted cash flow model.\nprincipal assumptions in discounted cash flow model are projected operating results  weighted- average cost of capital  terminal value.\n impacting these assumptions are transfer of vessels from other cruise brands to pullmantur.\n discounted cash flow model used 2015 pro- jected operating results as base.\n added future years 2019 cash flows assuming multiple rev- enue and expense scenarios reflect impact of different global economic environments beyond 2015 on pullmantur 2019s reporting unit.\n assigned probability to each revenue and expense scenario.\n discounted projected cash flows using rates specific to pullmantur 2019s reporting unit based on weighted-average cost of capital.\n based probability-weighted discounted cash flows deter- mined fair value of pullmantur reporting unit exceeded carrying value by approximately 52% ( 52 % ) in no impairment to pullmantur 2019s goodwill.\n pullmantur is brand targeted at spanish  portuguese latin american markets  with increasing focus on latin america.\n persistent economic instability in these markets created uncertainties in forecasting operating results and future cash flows in impairment analyses.\n continue to monitor economic events in markets for potential impact on pullmantur 2019s business and valuation.\n estimation of fair value utilizing discounted expected future cash flows includes uncertainties require significant judgment when making assumptions of expected revenues operating costs marketing  sell- ing and administrative expenses interest rates ship additions retirements assumptions regarding cruise vacation industry 2019s competitive environment general economic and business conditions  other.\nif changes to projected future cash flows used in impairment analyses, especially in net yields or if certain transfers of vessels from other cruise brands to pullmantur fleet not take place, possible impairment charge of pullmantur 2019s reporting unit 2019s goodwill may be required.\n planned transfers of vessels to pullmantur fleet significant to projected future cash flows.\n if transfers not occur , we likely fail step one of impairment test.\n note 4.\n intangible assets assets are reported in other assets in consolidated balance sheets consist of follow- ing ( in thousands ) :.\n during fourth quarter of 2014 , 2013 and 2012  performed annual impairment review of pullmantur 2019s trademarks and trade names using discounted cash flow model and relief-from-royalty method to compare fair value of indefinite-lived intan- gible assets to carrying value.\n royalty rate used based on comparable royalty agreements in tourism and hospitality industry.\n used dis- count rate comparable to rate used in valuing pullmantur reporting unit in goodwill impairment test.\n based on results of testing did not\n\n| 2014             | 2013\n-------------------------------------------------------------------------- | ---------------- | --------\nindefinite-life intangible asset 2014pullmantur trademarks and trade names | $ 214112         | $ 204866\nforeign currency translation adjustment                                    | -26074 ( 26074 ) | 9246\ntotal                                                                      | $ 188038         | $ 214112"
}
{
    "_id": "dd4c07df6",
    "title": "",
    "text": "shareowner return performance graph performance graph and related information not deemed 201csoliciting material 201d or to be 201cfiled 201d with sec , nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended , except company specifically incorporates such information into such filing.\n graph shows five year comparison of cumulative total shareowners 2019 returns for class b common stock , standard & poor 2019s 500 index , and dow jones transportation average.\n comparison of total cumulative return on investment , is change in quarterly stock price plus reinvested dividends for each quarterly periods , assumes $ 100 invested on december 31 , 2008 in standard & poor 2019s 500 index , dow jones transportation average , and class b common stock.\n\n| 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013\n-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nunited parcel service inc .      | $ 100.00   | $ 107.75   | $ 140.39   | $ 145.84   | $ 151.44   | $ 221.91\nstandard & poor 2019s 500 index  | $ 100.00   | $ 126.45   | $ 145.49   | $ 148.55   | $ 172.30   | $ 228.09\ndow jones transportation average | $ 100.00   | $ 118.59   | $ 150.30   | $ 150.31   | $ 161.56   | $ 228.42"
}
{
    "_id": "dd4b9d410",
    "title": "",
    "text": "activity related to restructuring liability for 2004 in thousands ) : non-operating items interest income increased $ 1. 7 million to $ 12. 0 million in 2005 from $ 10. 3 million in 2004.\n increase mainly result of higher returns on invested funds.\n interest expense decreased $ 1. 0 million  or 5% ( 5 % ) to $ 17. 3 million in 2005 from $ 18. 3 million in 2004 result of exchange of newly issued stock for portion outstanding convertible debt in second half of 2005.\n result of issuance during 2005 of common stock in exchange for convertible subordinated notes recorded non- cash charge of $ 48. 2 million.\n charge related to incremental shares issued in transactions over number shares issued upon conversion of notes under original terms.\n liquidity capital resources incurred operating losses since inception financed operations principally through public and private offerings of equity and debt securities  strategic collaborative agreements research development funding  development milestones royalties on sales products  investment income proceeds from issuance of stock under employee benefit programs.\n at december 31 , 2006  had cash , cash equivalents marketable securities of $ 761. 8 million  increase of $ 354. 2 million from $ 407. 5 million at december 31 , 2005.\n increase result of : 2022 $ 313. 7 million in net proceeds from september 2006 public offering of common stock ; 2022 $ 165. 0 million from up-front payment signing janssen agreement ; 2022 $ 52. 4 million from issuance of common stock under employee benefit plans ; 2022 $ 30. 0 million from sale of shares of altus pharmaceuticals inc.\n common stock and warrants to purchase altus common stock.\ncash inflows offset by significant cash expenditures in 2006 related to research and development expenses sales  general administrative expenses.\n capital expenditures for property and equipment during 2006 were $ 32. 4 million.\n at december 31 , 2006 had $ 42. 1 million in aggregate principal amount of 2007 notes and $ 59. 6 million in principal 2011 notes outstanding.\n 2007 notes due in september 2007 convertible into common stock at option of holder at price equal to $ 92. 26 per share subject to adjustment under certain circumstances.\n in february 2007 announced will redeem 2011 notes on march 5, 2007.\n 2011 notes convertible into shares common stock at option holder at price equal to $ 14. 94 per share.\n expect holders of 2011 notes will to convert notes into stock will issue approximately 4. 0 million.\n required to repay 2011 notes not converted at rate of $ 1003. 19 per $ 1000 principal amount includes principal and interest accrue to redemption date.\n liability as of december 31  payments in 2004 cash received from sublease  net of operating costs in 2004 additional charge in liability as of december 31 lease restructuring liability other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843.\n activity related to restructuring liability for 2004 : non-operating items interest income increased $ 1. 7 million to $ 12. 0 million in 2005 from $ 10. 3 million in 2004.\n increase result of higher returns on invested funds.\n interest expense decreased $ 1. 0 million  or 5% ( 5 % )  to $ 17. 3 million in 2005 from $ 18. 3 million in 2004 result of exchange of newly issued stock for portion of outstanding convertible debt in second half of 2005.\nresult of issuance during 2005 of common stock in exchange for convertible subordinated notes recorded non- cash charge of $ 48. 2 million.\n charge related to incremental shares issued in transactions over number shares issued upon conversion of notes under original terms.\n liquidity capital resources incurred operating losses since inception financed operations principally through public and private offerings of equity and debt securities strategic collaborative agreements research development funding  development milestones royalties on sales products investment income proceeds from issuance of stock under employee benefit programs.\n at december 31, 2006  had cash , cash equivalents marketable securities of $ 761. 8 million  increase of $ 354. 2 million from $ 407. 5 million at december 31 , 2005.\n increase primarily result of : 2022 $ 313. 7 million in net proceeds from september 2006 public offering of common stock ; 2022 $ 165. 0 million from up-front payment with signing janssen agreement ; 2022 $ 52. 4 million from issuance of common stock under employee benefit plans ; 2022 $ 30. 0 million from sale of shares of altus pharmaceuticals inc.\n common stock and warrants to purchase altus common stock.\n cash inflows partially offset by significant cash expenditures in 2006 related to research and development expenses sales  general administrative expenses.\n capital expenditures for property and equipment during 2006 were $ 32. 4 million.\n at december 31 , 2006 had $ 42. 1 million in aggregate principal amount of 2007 notes and $ 59. 6 million in aggregate principal amount of 2011 notes outstanding.\n 2007 notes due in september 2007 convertible into common stock at option of holder at price equal to $ 92. 26 per share  subject to adjustment under certain circumstances.\n in february 2007 announced will redeem 2011 notes on march 5 , 2007.\n2011 notes convertible into shares common stock at option of holder price equal to $ 14. 94 per share.\n expect holders 2011 notes elect to convert notes into stock we will issue approximately 4. 0 million.\n required to repay 2011 notes not converted at rate of $ 1003. 19 per $ 1000 principal amount includes principal and interest accrue to redemption date.\n liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843\n\n| liability as of december 31 2003 | cash payments in 2004 | cash received from sublease net of operating costs in 2004 | additional charge in 2004 | liability as of december 31 2004\n----------------------------------------------------------------- | -------------------------------- | --------------------- | ---------------------------------------------------------- | ------------------------- | --------------------------------\nlease restructuring liability and other operating lease liability | $ 69526                          | $ -31550 ( 31550 )    | $ 293                                                      | $ 17574                   | $ 55843"
}
{
    "_id": "dd4be238a",
    "title": "",
    "text": "management 2019s discussion analysis supplemental financial information disclosures income tax matters effective tax rate from continuing operations.\n adjusted effective income tax rate 2014 non-gaap1 30. 8% ( 30. 8 % ) 31. 6% ( 31. 6 % ) 32. 3% ( 32. 3 % ) 1.\n beginning 2017  income tax consequences employee share-based awards recognized in provision income taxes income statements excluded from intermittent net discrete tax provisions benefits ) adjustment anticipate conversion activity each year.\n see note 2 to financial statements adoption accounting update improvements to employee share-based payment accounting.\n for 2015  adjusted effective income tax rate excludes dva.\n for further information non-gaap measures see 201cselected non-gaap financial information 201d.\n effective tax rate from continuing operations for 2017 included intermittent net discrete tax provision of $ 968 million related to impact of tax act  partially offset by net discrete tax benefits associ- ated with remeasurement of reserves related interest due to new information status of multi-year irs tax examinations.\n tax act  enacted december 22, 2017  revised.\n corporate income tax law by reducing corporate income tax rate to 21% ( 21 % ) implementing modified territorial tax system includes one-time transition tax on repatriated earnings of non-u.\n subsidiaries imposes minimum tax on global intangible low-taxed income ( 201cgilti 201d ) alternative base erosion anti-abuse tax ( 201cbeat 201d ) on.\n corpora- tions make deductible payments to non-u.\n related persons in excess of specified amounts broadens tax base by partially eliminating tax deductions for certain historically deductible expenses (. fdic premiums executive compensation ).\nrecorded approximate $ 1. 2 billion net discrete tax provision result of enactment tax act  primarily from remeasurement of deferred tax assets using lower enacted corporate tax rate.\n provi- sion incorporates best available information enactment date assumptions based current interpretation of tax act.\n estimates may change receive additional clarification implementa- tion guidance from u. s.\n treasury department interpretation of tax act evolves over time.\n ultimate impact of income tax effects tax act deter- mined in with preparation of u. s.\n consoli- dated federal income tax return.\n current assumptions  estimates interpretations related tax act factors expect effective tax rate from continuing operations for 2018 to be approximately 22% ( 22 % ) to 25% ( 25 % ), depending on factors geographic mix of earnings employee share- based awards ( see 201cforward-looking statements 201d ).\n subsequent to release of firm 2019s 2017 earnings on january 18 , 2018  estimates related to net discrete tax provision associated with enactment tax act revised resulting in $ 43 million increase in provi- sion for income taxes reallocation of impacts among segments.\n decreased diluted eps and diluted eps from continuing operations by $ 0. 03 and $ 0. 02 in fourth quarter and year ended december 31 , 2017 , respectively.\n business segment basis  change resulted in $ 89 million increase in provision for income taxes for wealth management , $ 45 million decrease for institutional securi- ties  $ 1 million decrease for investment management.\n effective tax rate from continuing operations for 2016 included intermittent net discrete tax benefits of $ 68 million  primarily related to remeasurement of reserves and related interest due to new information regarding status of multi- year irs tax examinations  partially offset by adjustments for other tax matters.\n effective tax rate from operations for 2015 included intermittent net discrete tax benefits of $ 564 million associated with repatriation of non-u. s.\n earn- ings at cost lower than originally estimated due to internal restructuring to simplify legal entity organization u.\n. s.\n bank subsidiaries provide loans to variety of customers from large corpo- rate institutional clients to high net worth individuals through u.\n bank subsidiaries  morgan stanley bank.\n ( 201cmsbna 201d ) morgan stanley private bank  national association ( 201cmspbna 201d ) collectively 201cu.\n bank subsidiaries 201d ).\n lending activities in institutional securities business segment include loans lending commitments to corporate clients.\n lending activ- ities in wealth management business segment include securities-based lending allows clients to borrow december 2017 form 10-k 52\n\n| 2017             | 2016             | 2015\n----------------------------------------------- | ---------------- | ---------------- | ----------------\nu.s . gaap                                      | 40.1% ( 40.1 % ) | 30.8% ( 30.8 % ) | 25.9% ( 25.9 % )\nadjusted effective income taxrate 2014non-gaap1 | 30.8% ( 30.8 % ) | 31.6% ( 31.6 % ) | 32.3% ( 32.3 % )"
}
{
    "_id": "dd4ba122c",
    "title": "",
    "text": "may 20 , 2015  aon plc issued $ 600 million of 4. 750% ( 4. 750 % ) senior notes due may 2045.\n 4. 750% ( 4. 750 % ) notes due may 2045 fully unconditionally guaranteed by aon corporation.\n used proceeds issuance for general corporate purposes.\n september 30 , 2015 , $ 600 million of 3. 50% ( 3. 50 % ) senior notes issued by aon corporation matured repaid.\n november 13 , 2015  aon plc issued $ 400 million of 2. 80% ( 2. 80 % ) senior notes due march 2021.\n 2. 80% ( 2. 80 % ) notes due march 2021 unconditionally guaranteed by aon corporation.\n used proceeds issuance for general corporate purposes.\n credit facilities as of december 31, 2015 two committed credit facilities outstanding : $ 400 million u. s.\n credit facility expiring march 2017 ( \"2017 facility\" ) and $ 900 million multi-currency u. s.\n credit facility expiring february 2020 ( \"2020 facility\" ).\n 2020 facility entered into february 2, 2015 replaced previous 20ac650 million european credit facility.\n each facilities support commercial paper obligations general working capital needs.\n facilities includes customary representations, warranties covenants financial covenants require maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense consolidated debt to adjusted consolidated ebitda tested quarterly.\n at december 31 , 2015  borrowings under 2017 facility or 2020 facility in compliance with financial covenants all other covenants during twelve months ended december 31 , 2015.\n effective february 2 , 2016 2020 facility terms extended for 1 year expire february 2021 total debt-to-ebitda ratio at december 31 , 2015 and 2014  calculated as follows:.\nuse ebitda  as defined by financial covenants as non-gaap measure.\n supplemental information related to ebitda represents measure not in accordance with u. s.\n gaap should be viewed in addition to  not instead of consolidated financial statements and notes.\n shelf registration statement on september 3 , 2015  filed shelf registration statement with sec , registering offer and sale time of indeterminate amount of , among other securities  debt securities  preference shares  class a ordinary shares convertible securities.\n ability to access market as source liquidity dependent on investor demand  market conditions other factors.\n\nyears ended december 31,          | 2015 | 2014\n--------------------------------- | ---- | ----\nnet income                        | 1422 | 1431\ninterest expense                  | 273  | 255\nincome taxes                      | 267  | 334\ndepreciation of fixed assets      | 229  | 242\namortization of intangible assets | 314  | 352\ntotal ebitda                      | 2505 | 2614\ntotal debt                        | 5737 | 5582\ntotal debt-to-ebitda ratio        | 2.3  | 2.1"
}
{
    "_id": "dd4b98e4c",
    "title": "",
    "text": "morgan stanley notes to consolidated financial statements 2014 ( continued ) lending commitments.\n primary lending commitments originated by company secondary lending commitments purchased from third parties market.\n commitments include lending commitments to investment grade and non-investment grade companies with corporate lending other business activities.\n commitments for secured lending transactions.\n secured lending commitments extended by company to companies secured by real estate or other physical assets of borrower.\n loans under arrangements at variable rates provide for over-collateralization based creditworthiness of borrower.\n forward starting reverse repurchase agreements.\n company entered into forward starting securities purchased under agreements to resell ( agreements trade date at or prior to december 31 , 2013 settle subsequent to period-end ) primarily secured by collateral from u. s.\n government agency securities other sovereign government obligations.\n commercial and residential mortgage-related commitments.\n company enters into forward purchase contracts involving residential mortgage loans residential mortgage lending commitments to individuals residential home equity lines of credit.\n company enters into commitments to originate commercial and residential mortgage loans.\n underwriting commitments.\n company provides underwriting commitments in with capital raising sources to diverse group of corporate and other institutional clients.\n other lending commitments.\n commitments include commercial lending commitments to small businesses commitments related to securities-based lending activities company 2019s wealth management business segment.\n company sponsors several non-consolidated investment funds for third-party investors company acts as general partner of and investment advisor to funds commits to invest minority of capital of funds subscribing third-party investors contributing majority.\ncompany 2019s employees including senior officers directors may participate on same terms conditions as other investors in funds forms for client investment except company may waive or lower fees and charges for employees.\n company has contractual capital commitments  guarantees  lending facilities counterparty arrangements with respect to these investment funds.\n premises and equipment.\n company has non-cancelable operating leases covering premises and equipment ( excluding commodities operating leases  shown separately ).\n at december 31 , 2013  future minimum rental commitments under such leases ( net of subleases principally on office rentals ) were as follows ( dollars in millions ) : year ended operating premises leases.\n\nyear ended | operating premises leases\n---------- | -------------------------\n2014       | $ 672\n2015       | 656\n2016       | 621\n2017       | 554\n2018       | 481\nthereafter | 2712"
}
{
    "_id": "dd4bace88",
    "title": "",
    "text": "off-balance sheet commitments lease commitments company leases equipment facilities including retail space under noncancelable operating lease arrangements.\n company utilize other off-balance sheet financing arrangements.\n major facility leases for terms not exceeding 10 years provide renewal options for terms not exceeding five additional years.\n leases for retail space for terms from five to 20 years  majority for 10 years  often contain multi-year renewal options.\n as of september 29 , 2012  company total future minimum lease payments under noncancelable operating leases were $ 4. 4 billion  $ 3. 1 billion related to leases for retail space.\n rent expense under all operating leases including cancelable and noncancelable leases was $ 488 million , $ 338 million $ 271 million in 2012 , 2011 2010  respectively.\n future minimum lease payments under noncancelable operating leases remaining terms in excess of one year as of september 29 2012 are as follows ( in millions ) :.\n commitments as of september 29 2012 company had outstanding off-balance sheet third-party manufacturing commitments component purchase commitments of $ 21. 1 billion.\n in addition to off-balance sheet commitments company had outstanding obligations of $ 988 million as of september 29  2012 mainly of commitments to acquire capital assets  including product tooling manufacturing process equipment  commitments related to advertising , research and development , internet telecommunications services other obligations.\n contingencies company subject to legal proceedings and claims arisen in ordinary course of business not fully adjudicated discussed in part i , item 3 of form 10-k under heading 201clegal proceedings 201d and in part i , item 1a of form 10-k under heading 201crisk.201d in opinion of management , not reasonable possibility company may have incurred material loss  material loss in excess of recorded accrual , with respect to loss contingencies.\n outcome of litigation is inherently uncertain.\n although management considers likelihood of such outcome remote , if one or more legal matters resolved against company in reporting period for amounts in excess of management 2019s expectations , company 2019s consolidated financial statements for reporting period could be materially adversely affected.\n apple inc.\n vs samsung electronics co. , ltd , et al.\n on august 24, 2012 , jury returned verdict awarding company $ 1. 05 billion in lawsuit against samsung electronics affiliated parties in united states district court , northern district of california , san jose division.\n award subject to entry final judgment may be subject to appeal , company not recognized award in consolidated financial statements for year ended september 29 , 2012.\n\n2013                         | $ 516\n---------------------------- | ------\n2014                         | 556\n2015                         | 542\n2016                         | 513\n2017                         | 486\nthereafter                   | 1801\ntotal minimum lease payments | $ 4414"
}
{
    "_id": "dd4c4c726",
    "title": "",
    "text": "table summarizes short-term borrowing activity for awcc for years ended december 31:.\n credit facility requires company to maintain ratio of consolidated debt to consolidated capitalization of not more than 0. 70 to 1. 00.\n ratio as of december 31 , 2017 was 0. 59 to 1. 00.\n none of company 2019s borrowings subject to default or prepayment result of downgrading of securities , although downgrading could increase fees and interest charges under company 2019s credit facility.\n part of normal course of business , company routinely enters contracts for purchase and sale of water , energy , fuels other services.\n these contracts contain express provisions or permit company counterparties to demand adequate assurance of future performance when reasonable grounds for so.\n in accordance with contracts applicable contract law, if company is downgraded by credit rating agency , especially if downgrade to level below investment grade , possible counterparty would attempt to rely on downgrade as basis for demand for adequate assurance of future performance.\n depending on company 2019s net position with counterparty , demand could be for posting of collateral.\n in absence of expressly agreed provisions specify collateral must be provided, obligation to supply collateral requested function of facts and circumstances of company 2019s situation at time of demand.\n if company can reasonably claim willing and financially able to perform obligations, may be possible no collateral need to be posted or only amount equal to two or three months of future payments should be sufficient.\n company does not expect to post any collateral material adverse impact on company 2019s results of operations , financial position or cash flows.\n note 12 : general taxes table summarizes components of general tax expense for years ended december 31 : 2017 2016 2015 gross receipts and franchise.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n259 $ 258 243\n\n| 2017             | 2016\n------------------------------------------------------- | ---------------- | ----------------\naverage borrowings                                      | $ 779            | $ 850\nmaximum borrowings outstanding                          | 1135             | 1016\nweighted average interest rates computed on daily basis | 1.24% ( 1.24 % ) | 0.78% ( 0.78 % )\nweighted average interest rates as of december 31       | 1.61% ( 1.61 % ) | 0.98% ( 0.98 % )"
}
{
    "_id": "dd4c4f084",
    "title": "",
    "text": "18.\n financial instruments : derivatives and hedging financial accounting standards board 2019s statement no.\n 133 , 201caccounting for derivative instruments and hedging activities , 201d ( 201csfas 133 201d ) effective january 1 , 2001 requires company to recognize all derivatives on balance sheet at fair value.\n derivatives not hedges must be adjusted to fair value through income.\n if derivative is hedge  depending on nature hedge changes in fair value derivative offset against change in fair value of hedged asset , liability  or firm commitment through earnings or recognized in other comprehensive income until hedged item recognized in earnings.\n ineffective portion of derivative 2019s change in fair value immediately recognized in earnings.\n company recorded cumulative effect adjustment upon adoption of sfas 133.\n cumulative adjustment intrinsic value of hedge recorded in other comprehensive income ( $ 811 ) time value component recorded in state- ment of income ( $ 532 ), unrealized loss of $ 1343.\n transition amounts determined based on interpretive guidance issued by fasb.\n fasb continues to issue interpretive guidance could require changes in company 2019s application of standard and adjustments to transition amounts.\n sfas 133 may increase or decrease reported net income and stockholders 2019 equity prospectively depending on future levels interest rates other variables affecting fair values of derivative instruments and hedged items no effect on cash flows.\n following table summarizes notional and fair value of company 2019s derivative financial instruments at december 31 , 2001.\n notional is indication of extent of company 2019s involvement in these instruments not represent exposure to credit , interest rate or market risks.\n notional strike fair value rate maturity value.\ndecember 31 , 2001  derivative instruments reported as obligation at fair value of $ 3205.\n offsetting adjustments represented as deferred gains or losses in accumulated other comprehensive loss of $ 2911.\n currently all derivative instruments designated as hedging instruments.\n over time unrealized gains and losses in accumulated other comprehensive loss reclassified into earnings as interest expense in same periods hedged interest payments affect earnings.\n company estimates approximately $ 1093 of current balance in accumulated other comprehensive loss reclassified into earnings within next twelve months.\n company not currently hedging exposure to variability in future cash flows for forecasted transactions other than anticipated future interest payments on existing debt.\n 19.\n environmental matters management company believes properties in compliance with federal  state local ordinances and regulations regarding environmental issues.\n management not aware of environmental liability believes materially adverse impact on company 2019s financial position  results of operations or cash flows.\n management unaware of instances incur significant environmental cost if properties sold.\n 20.\n segment information company reit engaged in owning managing leasing repositioning office properties in manhattan two reportable segments  office real estate and structured finance investments.\n company evaluates real estate performance allocates resources based on net operating income.\n company 2019s real estate portfolio located in one geo- graphical market of manhattan.\n primary sources of revenue from tenant rents and escalations and reimburse- ment revenue.\n real estate property operating expenses consist primarily of security , maintenance  utility costs  real estate taxes ground rent expense ( at certain applicable properties ).\ndecember 31 , 2001 2000  total assets $ 1371577 $ 1161154 , $ 1182939 $ 1109861 repre sented real estate assets $ 188638 $ 51293 represented structured finance investments .\n years ended december 31 , 2001  2000 1999  total revenues of $ 257685 , $ 230323 $ 206017 , $ 240316 , $ 217052 $ 200751 represented revenues from real estate assets $ 17369 , $ 13271 $ 5266 revenues from structured finance investments.\n years ended december 31  2001  2000 1999  total net operating income $ 63607 , $ 53152 $ 48966 , $ 46238 , $ 39881 $ 43700 represented net operat- ing income from real estate assets $ 17369 , $ 13271 $ 5266 net operating income from structured finance investments.\n company not allocate mar- keting  general administrative expenses interest expense to structured finance segment  bases performance on individual segments prior allocating marketing general administrative expenses interest expense.\n all other expenses relate solely to real estate assets.\n no transactions between above two segments.\n sl green realty corp.\n notes to consolidated financial statements ( continued ) december 31 , 2001 ( dollars in thousands  except per share data )\n\n| notional value | strike rate        | maturity | fair value\n-------------------- | -------------- | ------------------ | -------- | ----------------\ninterest rate collar | $ 70000        | 6.580% ( 6.580 % ) | 11/2004  | $ -4096 ( 4096 )\ninterest rate swap   | $ 65000        | 4.010              | 8/2005   | $ 891"
}
{
    "_id": "dd4bc28d2",
    "title": "",
    "text": "management 2019s discussion analysis of increased volumes in performance applied coatings  optical specialty materials glass business segments offset by volume declines in commodity chemicals business segment.\n volume decline due to lost sales from impact of hurricane rita .\n cost of sales percentage of sales increased to 63. 5% ( 63. 5 % ) compared to 63. 1% ( 63. 1 % ) in 2004.\n inflation  including higher coatings raw material costs higher energy costs in commodity chemicals glass segments increased cost of sales.\n selling  general administrative expense declined slightly percentage of sales to 17. 4% ( 17. 4 % ) despite increasing by $ 56 million in 2005.\n costs increased due to increased advertising in optical products segment higher expenses due to store expansions in architectural coatings segment.\n interest expense declined $ 9 million in 2005 reflecting year over year reduction in outstanding debt balance of $ 80 million.\n other charges increased $ 284 million in 2005 due to pretax charges of $ 132 million related to marvin legal settlement  net $ 18 million in insurance recoveries $ 61 million for federal glass class action antitrust legal settlement $ 34 million of direct costs related to impact of hurricanes rita katrina $ 27 million for asset impairment charge in fine chemicals segment $ 19 million for debt refinancing costs increase of $ 12 million for environmental remediation costs.\n net income earnings per share 2013 assuming dilution for 2005 were $ 596 million and $ 3. 49 compared to $ 683 million and $ 3. 95  for 2004.\nnet income 2005 included aftertax charges $ 117 million 68 cents a share for legal settlements net insurance ; $ 21 million 12 cents a share for direct costs impact hurricanes katrina and rita ; $ 17 million 10 cents a share asset impairment charge fine chemicals business ; $ 12 million 7 cents a share for debt refinancing costs.\n legal settlements net of insurance include aftertax charges $ 80 million for marvin legal settlement net insurance recoveries $ 37 million for impact federal glass class action antitrust legal settlement.\n net income for 2005 and 2004 included aftertax charge $ 13 million 8 cents a share $ 19 million 11 cents a share reflect net increase in current value company 2019s obligation relating to asbestos claims under ppg settlement arrangement.\n results of reportable business segments net sales segment income ( millions ) 2005 2004 industrial coatings $ 2921 $ 2818 $ 284 $ 338 performance and applied coatings 2668 2478 464 451 optical and specialty materials 867 805 158 186.\n sales of industrial coatings increased $ 103 million or 4% ( 4 % ) in 2005.\n sales increased 2% ( 2 % ) due to higher selling prices industrial and packaging coatings businesses 2% ( 2 % ) to positive effects of foreign currency translation.\n volume flat year over year increased volume in automotive coatings offset by lower volume in industrial and packaging coatings.\n segment income decreased $ 54 million in 2005.\n decrease due to adverse impact inflation including raw materials costs increases $ 170 million offset benefits higher selling prices improved sales margin mix  formula cost reductions lower manufacturing costs higher other income.\n performance and applied coatings sales increased $ 190 million or 8% ( 8 % ) in 2005.\nsales increased 4% ( 4 % ) due to higher selling prices in all three operating segments 3% ( 3 % ) due increased volumes increases in aerospace architectural coatings businesses exceeded volume declines in automotive refinish  1% ( 1 % ) due to positive effects foreign currency translation.\n performance applied coatings segment income increased $ 13 million in 2005.\n segment income increased due to impact increased sales volumes higher other income offset negative impacts higher overhead costs support growth businesses particularly architectural coatings business higher manufacturing costs.\n impact higher selling prices offset adverse impact inflation including raw materials cost increases $ 75 million.\n optical and specialty materials sales increased $ 62 million or 8% ( 8 % ).\n sales increased 8% ( 8 % ) due higher sales volumes in optical products silica businesses offset lower sales volumes in fine chemicals business.\n sales increased 1% ( 1 % ) due to acquisition in optical products business decreased 1% ( 1 % ) due to lower pricing.\n segment income decreased $ 28 million.\n primary factor decreasing segment income was $ 27 million impairment charge fine chemicals business.\n impact higher sales volumes offset by higher inflation increased energy costs ; lower selling prices increased overhead costs in optical products business support growth 24 2006 ppg annual report form 10-k 4282_txt\n\n( millions )                     | net sales 2005 | net sales 2004 | net sales 2005 | 2004\n-------------------------------- | -------------- | -------------- | -------------- | -----\nindustrial coatings              | $ 2921         | $ 2818         | $ 284          | $ 338\nperformance and applied coatings | 2668           | 2478           | 464            | 451\noptical and specialty materials  | 867            | 805            | 158            | 186\ncommodity chemicals              | 1531           | 1229           | 313            | 113\nglass                            | 2214           | 2183           | 123            | 166"
}
{
    "_id": "dd4c4d342",
    "title": "",
    "text": "revenues by segment table below summarizes our revenues by reporting segment ( in millions ) :.\n integrated financial solutions ( \"ifs\" ) ifs segment focused on serving north american regional community bank and savings institutions market for transaction account processing , payment solutions  channel solutions  lending and wealth management solutions digital channels  risk and compliance solutions  services , capitalizing on continuing trend to outsource these solutions.\n ifs also includes corporate liquidity and wealth management solutions acquired in sungard acquisition.\n clients segment include regional community banks , credit unions commercial lenders  government institutions , merchants other commercial organizations.\n this market primarily served through integrated solutions characterized by multi-year processing contracts generate recurring revenues.\n predictable nature of cash flows from segment provides opportunities for further r investments in innovation  product integration  information and security  compliance in cost effective manner.\n solutions in segment include : 2022 core processing and ancillary applications.\n our core processing software applications designed to run banking processes for financial institution clients  including deposit and lending systems  customer management  other central management systems  serving as system of record for processed activity.\n diverse selection of market-focused core systems enables fis to compete effectively in wide range of markets.\n we offer services ancillary tof primary applications including branch automation , back office support systems compliance support.\n 2022 digital solutions , including internet , mobile ebanking.\n our comprehensive suite of retail delivery applications enables financial institutions to integrate streamline customer-facing operations back-office processes improving customer interaction across all channels (. call ).\n fis' focus on consumer access driven significant market innovation in with multi-channel and multi-host solutions strategy provides tight integration of services seamless customer experience.\nfis is leader in mobile banking solutions electronic banking enabling clients to manage banking payments through internet mobile devices accounting software telephone.\n our corporate electronic banking solutions provide commercial treasury capabilities including cash management services multi-bank collection disbursement services address specialized needs of corporate clients.\n fis systems provide full accounting reconciliation for such transactions serving as system of record.\n 2022 fraud , risk management compliance solutions. ff our decision solutions offer spectrum of options cover account lifecycle from identify qualified account applicants to managing existing customer accounts fraud.\n applications include know-your-customer  new account decisioning opening  account transaction management  fraud management collections.\n risk management services use proprietary risk management models data sources to assist in detecting fraud assessing risk of opening new account.\n systems use combination advanced authentication procedures predictive analytics  artificial intelligence modeling proprietary shared databases to assess detect fraud risk for deposit transactions for financial institutions.\n provide outsourced risk management compliance solutions configt urable to client's regulatory risk management requirements.\n\n| 2016   | 2015   | 2014\n--------------------------- | ------ | ------ | ------\nifs                         | $ 4566 | $ 3846 | $ 3679\ngfs                         | 4250   | 2360   | 2198\ncorporate & other           | 425    | 390    | 536\ntotal consolidated revenues | $ 9241 | $ 6596 | $ 6413"
}
{
    "_id": "dd498048e",
    "title": "",
    "text": "contingent consideration of up to $ 13. 8 million.\n arrangement requires additional cash payments to former equity holders of lyric upon achievement of certain technological and product development milestones payable during period from june 2011 through june 2016.\n company estimated fair value of contingent consideration arrangement utilizing income approach.\n changes in fair value contingent consideration subsequent to acquisition date driven by assumptions to achievement of defined milestones will recognized in operating income in period of estimated fair value change.\n as of october 29, 2011  no contingent payments made fair value of contingent consideration was approximately $ 14. 0 million.\n company allocated purchase price to tangible and intangible assets acquired and liabilities assumed based on estimated fair values at date of acquisition resulting in recognition of $ 12. 2 million of ipr&d , $ 18. 9 million of goodwill $ 3. 3 million of net deferred tax liabilities.\n goodwill recognized attributable to future technologies yet to be determined assembled workforce of lyric.\n future technologies do not meet criteria for recognition separately from goodwill part of future development and growth business.\n none of goodwill expected to be deductible for tax purposes.\n company obligated to pay royalties to former equity holders of lyric on revenue recognized from sale of lyric products and licenses through earlier of 20 years or accrual of maximum of $ 25 million.\n royalty payments to lyric employees require post-acquisition services to rendered company will record these amounts as compensation expense in related periods.\n as of october 29 , 2011 no royalty payments made.\n company recognized $ 0. 2 million of acquisition-related costs expensed in third quarter of fiscal 2011.\n costs included in operating expenses in consolidated statement of income.\ncompany not provided pro forma results of operations for integrant , audioasics and lyric as not material to company individual or aggregate basis.\n company included results of operations of each acquisition in consolidated statement of income from date of acquisition.\n 7.\n deferred compensation plan investments investments in analog devices , inc.\n deferred compensation plan ( ) classified as trading.\n components of investments as of october 29 , 2011 and october 30 , 2010 were as follows:.\n fair values of investments based on published market quotes on october 29, 2011 and october 30 , 2010 .\n adjustments to fair value of  and income pertaining to deferred compensation plan investments recorded in operating expenses.\n gross realized and unrealized gains and losses from trading securities not material in fiscal 2011 , 2010 or 2009.\n company recorded corresponding liability for amounts owed to deferred compensation plan participants ( see note 10 ).\n investments designated as available to company solely for purpose of paying benefits under deferred compensation plan.\n in company became insolvent investments available to all unsecured general creditors.\n.\n other investments investments consist of equity securities and other long-term investments.\n investments stated at fair value  based on market quotes or cost-basis  dependent on nature of investment  as appropriate.\n adjustments to fair value of investments classified as available-for-sale recorded as increase or decrease analog devices , inc.\n notes to consolidated financial statements 2014 (\n\n| 2011    | 2010\n-------------------------------------------- | ------- | ------\nmoney market funds                           | $ 17187 | $ 1840\nmutual funds                                 | 9223    | 6850\ntotal deferred compensation plan investments | $ 26410 | $ 8690"
}
{
    "_id": "dd4b9f292",
    "title": "",
    "text": "note 8 2013 debt long-term debt consisted following ( in millions ) :.\n december 2012  issued notes totaling $ 1. 3 billion fixed interest rate of 4. 07% ( 4. 07 % ) maturing december 2042 ( new notes ) exchange for outstanding notes totaling $ 1. 2 billion interest rates from 5. 50% ( 5. 50 % ) to 8. 50% ( 8. 50 % ) maturing 2023 to 2040 ( old notes ).\n connection exchange  paid premium of $ 393 million $ 225 million paid in cash $ 168 million in form of new notes.\n premium , in addition to $ 194 million in remaining unamortized discounts related to old notes amortized as additional interest expense over term new notes using effective interest method.\n may  option redeem some or all new notes by paying principal amount of notes redeemed plus make-whole premium and accrued and unpaid interest.\n interest on new notes payable on june 15 and december 15 of each year  beginning june 15 , 2013.\n new notes are unsecured senior obligations rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness.\n september 9 , 2011  issued $ 2. 0 billion of long-term notes in registered public offering $ 500 million maturing in 2016 fixed interest rate of 2. 13% ( 2. 13 % ), $ 900 million maturing in 2021 fixed interest rate of 3. 35% ( 3. 35 % ) , $ 600 million maturing in 2041 fixed interest rate of 4. 85% ( 4. 85 % ).\n may option redeem some or all notes by paying principal amount of notes redeemed plus make-whole premium and accrued and unpaid interest.\n interest on notes payable on march 15 and september 15 of each year  beginning march 15 , 2012.\nin october 2011 , used portion proceeds to redeem all $ 500 million long-term notes maturing in 2013.\n in 2011  repurchased $ 84 million of long-term notes through open-market purchases.\n paid premiums of $ 48 million in connection with early extinguishments of debt  recognized in other non-operating income ( expense )  net.\n august 2011  entered into $ 1. 5 billion revolving credit facility with group of banks terminated existing $ 1. 5 billion revolving credit facility was to expire in june 2012.\n credit facility expires august 2016, may request banks may grant  at discretion increase to credit facility by additional amount up to $ 500 million.\n no borrowings outstanding under either facility through december 31 , 2012.\n borrowings under credit facility unsecured and bear interest at rates based  our option on eurodollar rate or base rate , as defined in credit facility.\n each bank 2019s obligation to make loans under credit facility subject to  compliance with various representations , warranties covenants , including covenants limiting our ability certain subsidiaries 2019 ability to encumber assets and covenant not to exceed maximum leverage ratio , as defined in credit facility.\n leverage ratio covenant excludes adjustments recognized in stockholders 2019 equity related to postretirement benefit plans.\n as of december 31 , 2012  in compliance with all covenants in credit facility  in debt agreements.\n agreements in place with banking institutions to provide for issuance of commercial paper.\n no commercial paper borrowings outstanding during 2012 or 2011.\n if to issue commercial paper  borrowings be supported by credit facility.\n during next five years scheduled long-term debt maturities of $ 150 million due in 2013 and $ 952 million due in 2016.\ninterest payments $ 378 million 2012 , $ 326 million 2011  $ 337 million 2010.\n\n| 2012         | 2011\n--------------------------------------------------------------------------- | ------------ | ------------\nnotes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042 | $ 5642       | $ 5308\nnotes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2013 to 2036 | 1080         | 1239\nother debt                                                                  | 478          | 19\ntotal long-term debt                                                        | 7200         | 6966\nless : unamortized discounts                                                | -892 ( 892 ) | -506 ( 506 )\ntotal long-term debt net of unamortized discounts                           | 6308         | 6460\nless : current maturities of long-term debt                                 | -150 ( 150 ) | 2014\ntotal long-term debt net                                                    | $ 6158       | $ 6460"
}
{
    "_id": "dd4c36fde",
    "title": "",
    "text": "repurchase of equity securities table provides information regarding our purchases of equity securities during period from october 1  2012 to december 31 , 2012.\n total number of shares units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number approximate dollar value ) of shares units ) be purchased under plans or programs 3.\n 1 includes shares of common stock , par value $ 0. 10 per share , withheld under terms grants under employee stock-based compensation plans to offset tax withholding obligations upon vesting and release of restricted shares ( 201cwithheld shares 201d ).\n repurchased 13566 withheld shares in october 2012 , 1419 shares in november 2012 7959 withheld shares in december 2012  for total of 22944 withheld shares during three-month period.\n 2 average price per share for each months fiscal quarter and three-month period calculated by dividing sum of applicable period of aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under stock repurchase program  described in note 5 to consolidated financial statements , by sum of number of withheld shares and number of shares acquired in stock repurchase program.\n 3 on february 24 , 2012  announced press board approved share repurchase program to repurchase up to $ 300. 0 million of common stock ( 201c2012 share repurchase program 201d )  in addition to amounts available on existing authorizations.\n on november 20 , 2012  announced press board authorized increase in 2012 share repurchase program to $ 400. 0 million of common stock.\nfebruary 22 , 2013 , announced board approved new share repurchase program to repurchase time to time up to $ 300. 0 million of our common stock.\n new authorization in addition to amounts remaining available for repurchase under 2012 share repurchase program.\n no expiration date associated with share repurchase programs.\n\n| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( or approximate dollar value ) of shares ( or units ) that mayyet be purchased under theplans or programs3\n--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------\noctober 1 - 31  | 13566                                         | $ 10.26                                   | 0                                                                                           | $ 148858924\nnovember 1 - 30 | 5345171                                       | $ 9.98                                    | 5343752                                                                                     | $ 195551133\ndecember 1 - 31 | 8797959                                       | $ 10.87                                   | 8790000                                                                                     | $ 99989339\ntotal           | 14156696                                      | $ 10.53                                   | 14133752                                                                                    |"
}
{
    "_id": "dd4987432",
    "title": "",
    "text": "2022 net revenues in connected fitness operating segment increased $ 34. 2 million to $ 53. 4 million in 2015 from $ 19. 2 million 2014 due to revenues from two connected fitness acquisitions in 2015 and growth in existing connected fitness business.\n operating income ( loss ) by segment summarized below:.\n increase in total operating income driven by : 2022 operating income north america operating segment increased $ 88. 6 million to $ 461. 0 million in 2015 from $ 372. 4 million in 2014 due to items discussed above in consolidated results of operations.\n 2022 operating income emea operating segment increased $ 14. 9 million to $ 3. 1 million in 2015 from loss $ 11. 8 million in 2014 due to sales growth.\n 2022 operating income asia-pacific operating segment increased $ 14. 5 million to $ 36. 4 million in 2015 from $ 21. 9 million in 2014 due to sales growth.\n 2022 operating loss in latin america operating segment increased $ 15. 2 million to $ 30. 6 million in 2015 from $ 15. 4 million in 2014 due to increased investments support growth region and economic challenges in brazil period.\n increase operating loss offset by sales growth above.\n 2022 operating loss in connected fitness segment increased $ 48. 2 million to $ 61. 3 million in 2015 from $ 13. 1 million in 2014 due to investments to support growth in connected fitness business including impact of two connected fitness acquisitions in 2015.\n acquisitions contributed $ 23. 6 million to operating loss for connected fitness segment in 2015.\n seasonality recognized majority of net revenues and significant portion of income from operations in last two quarters of year driven by increased sales volume of products during fall selling season including higher priced cold weather products larger proportion of higher margin direct to consumer sales.\nseasonality could impact on timing of accruals if sales in last two quarters year do not materialize.\n level working capital generally reflects seasonality and growth in business.\n we generally expect inventory , accounts payable certain accrued expenses to be higher in second and third quarters in preparation for fall selling season.\n\n( in thousands )       | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n---------------------- | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\nnorth america          | $ 460961                      | $ 372347                      | $ 88614                           | 23.8% ( 23.8 % )\nemea                   | 3122                          | -11763 ( 11763 )              | 14885                             | 126.5\nasia-pacific           | 36358                         | 21858                         | 14500                             | 66.3\nlatin america          | -30593 ( 30593 )              | -15423 ( 15423 )              | -15170 ( 15170 )                  | -98.4 ( 98.4 )\nconnected fitness      | -61301 ( 61301 )              | -13064 ( 13064 )              | -48237 ( 48237 )                  | -369.2 ( 369.2 )\ntotal operating income | $ 408547                      | $ 353955                      | $ 54592                           | 15.4% ( 15.4 % )"
}
{
    "_id": "dd4c20842",
    "title": "",
    "text": "shareholder value award program svas granted to officers management payable in shares of our common stock.\n number of shares issued varies depending on our stock price at end of three-year vesting period compared to pre-established target stock prices.\n we measure fair value of sva unit on grant date using monte carlo simulation model.\n model utilizes multiple input variables determine probability of satisfying market condition in award grant calculates fair value of award.\n expected volatilities in model based on implied volatilities from traded options on stock , historical volatility of stock price  other factors.\n dividend yield based on historical experience estimate of future dividend yields.\n risk-free interest rate derived from u. s.\n treasury yield curve in effect at time of grant.\n weighted-average fair values of sva units granted during years ended december 31 , 2018 , 2017 , 2016 were $ 48. 51 , $ 66. 25 , and $ 48. 68 , respectively determined using following assumptions:.\n program approximately 0. 7 million shares , 1. 1 million shares , and 1. 0 million shares issued during years ended december 31 , 2018, 2017 , 2016 .\n approximately 1. 0 million shares expected to be issued in 2019.\n as of december 31 , 2018  total remaining unrecognized compensation cost related to nonvested svas was $ 55. 7 million  amortized over weighted-average remaining requisite service period of 20 months.\n restricted stock units rsus granted to certain employees payable in shares of our common stock.\n shares accounted for at fair value based upon closing stock price on date of grant.\n corresponding expense amortized over vesting period  typically three years.\nfair values of rsu awards granted during years ended december 31 , 2018 2017 2016 were $ 70. 95 , $ 72. 47 , $ 71. 46 , respectively.\n number of shares issued for rsu program remains constant exception of forfeitures.\n 1. 3 million , 1. 4 million  1. 3 million shares granted approximately 1. 0 million , 0. 9 million  0. 6 million shares issued during years ended december 31, 2018 2017 2016.\n approximately 0. 8 million shares expected to be issued in 2019.\n as of december 31 , 2018 total remaining unrecognized compensation cost related to nonvested rsus was $ 112. 2 million  amortized over weighted- average remaining requisite service period of 21 months.\n note 12 : shareholders' equity during 2018  2017  2016  repurchased $ 4. 15 billion , $ 359. 8 million $ 540. 1 million  of shares associated with share repurchase programs.\n payment of $ 60. 0 million made in 2016 for shares repurchased in 2017.\n during 2018  repurchased $ 2. 05 billion of shares completed $ 5. 00 billion share repurchase program announced in october 2013 board authorized $ 8. 00 billion share repurchase program.\n $ 2. 10 billion repurchased under $ 8. 00 billion program in 2018.\n as of december 31 , 2018  $ 5. 90 billion of shares remaining under 2018 program.\n 5. 0 million authorized shares of preferred stock.\n as of december 31 , 2018 and 2017 no preferred stock issued.\n employee benefit trust held 50. 0 million shares of common stock at both december 31 , 2018 and 2017  source funds assist meeting obligations under employee benefit plans.\ncost basis of shares held in trust was $ 3. 01 billion at both december 31 , 2018 and 2017 , shown as reduction of shareholders 2019 equity.\n any dividend transactions between us trust eliminated.\n stock held by trust not considered outstanding in computation of eps.\n assets trust not used to fund our obligations under employee benefit plans during years ended december 31 , 2018 , 2017 , and\n\n( percents )            | 2018             | 2017             | 2016\n----------------------- | ---------------- | ---------------- | ----------------\nexpected dividend yield | 2.50% ( 2.50 % ) | 2.50% ( 2.50 % ) | 2.00% ( 2.00 % )\nrisk-free interest rate | 2.31             | 1.38             | 0.92\nvolatility              | 22.26            | 22.91            | 21.68"
}
{
    "_id": "dd4980a42",
    "title": "",
    "text": "jpmorgan chase & co. /2014 annual report 63 five-year stock performance table and graph compare five-year cumulative total return for jpmorgan chase & co.\n ( 201cjpmorgan chase 201d or 201cfirm 201d ) common stock with cumulative return of s&p 500 index , kbw bank index s&p financial index.\n s&p 500 index is commonly referenced u. s.\n equity benchmark leading companies from different economic sectors.\n kbw bank index performance of banks and thrifts publicly traded in u. s.\n composed of 24 leading national money center regional banks and thrifts.\n s&p financial index index of 85 financial companies  all components of s&p 500.\n firm component of all three industry indices.\n table and graph assume simultaneous investments of $ 100 on december 31, 2009, in jpmorgan chase common stock in each above indices.\n comparison assumes all dividends reinvested.\n december 31, ( in dollars ) 2009 2010 2011 2012 2013 2014.\n\ndecember 31 ( in dollars ) | 2009     | 2010     | 2011    | 2012     | 2013     | 2014\n-------------------------- | -------- | -------- | ------- | -------- | -------- | --------\njpmorgan chase             | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48\nkbw bank index             | 100.00   | 123.36   | 94.75   | 125.91   | 173.45   | 189.69\ns&p financial index        | 100.00   | 112.13   | 93.00   | 119.73   | 162.34   | 186.98\ns&p 500 index              | 100.00   | 115.06   | 117.48  | 136.27   | 180.39   | 205.07"
}
{
    "_id": "dd4b8af54",
    "title": "",
    "text": "business subsequent to acquisition.\n liabilities for these payments classified as level 3 liabilities because related fair value measurement determined using income approach includes significant inputs not observable in market.\n financial assets and liabilities not measured at fair value debt reflected on consolidated balance sheets at cost.\n based on market conditions as of december 31 , 2018 and 2017 fair value of credit agreement borrowings approximated carrying values of $ 1. 7 billion and $ 2. 0 billion  respectively.\n based market conditions fair values of outstanding borrowings under receivables facility approximated carrying values of $ 110 million and $ 100 million at december 31 , 2018 and december 31 , 2017 .\n december 31 fair values of u. s.\n notes ( 2023 ) were approximately $ 574 million and $ 615 million  respectively compared to carrying value of $ 600 million at each date.\n december 31  2018 and 2017  fair values of euro notes ( 2024 ) were approximately $ 586 million and $ 658 million compared to carrying values of $ 573 million and $ 600 million  respectively.\n of december 31 , 2018  fair value of euro notes ( 2026/28 ) approximated carrying value of $ 1. 1 billion.\n fair value measurements of borrowings under our credit agreement and receivables facility classified as level 2 within fair value hierarchy determined based upon significant inputs observable in market including interest rates on recent financing transactions with similar terms and maturities.\n estimated fair value by calculating upfront cash payment market participant require at december 31 , 2018 to assume obligations.\n fair value of u. s.\n notes ( 2023 ) classified as level 1 within fair value hierarchy determined based upon observable market inputs including quoted market prices in active market.\nfair values of our euro notes ( 2024 ) and euro notes ( 2026/28 ) determined based upon observable market inputs including quoted market prices in markets not active classified as level 2 within fair value hierarchy.\n note 13.\n commitments and contingencies operating leases obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities  trucks and certain equipment.\n future minimum lease commitments under these leases at december 31 , 2018 are as follows ( in thousands ) : years ending december 31:.\n rental expense for operating leases was approximately $ 300 million , $ 247 million , and $ 212 million during years ended december 31 , 2018 , 2017 and 2016  respectively.\n guarantee residual values of majority of truck and equipment operating leases.\n residual values decline over lease terms to defined percentage of original cost.\n in lessor not realize residual value when equipment sold  we responsible for portion of shortfall.\n if lessor realizes more than residual value when equipment sold  we be paid amount realized over residual value.\n terminated all operating leases subject to these guarantees at december 31 , 2018  portion of guaranteed residual value would have totaled approximately $ 76 million.\n not recorded liability for guaranteed residual value of equipment under operating leases recovery on disposition of equipment under leases expected to approximate guaranteed residual value.\n litigation and related contingencies certain contingencies resulting from litigation  claims commitments subject to of environmental and pollution control laws and regulations to ordinary course of business.\n expect resolution of such contingencies will not materially affect our financial position , results of operations or cash flows.\n\n2019                          | $ 294269\n----------------------------- | ---------\n2020                          | 256172\n2021                          | 210632\n2022                          | 158763\n2023                          | 131518\nthereafter                    | 777165\nfuture minimum lease payments | $ 1828519"
}
{
    "_id": "dd4b8ebcc",
    "title": "",
    "text": "consolidated income statement review presented in item 8 of report.\n net income for 2008 was $ 882 million 2007 was $ 1. 467 billion.\n total revenue for 2008 increased 7% ( 7 % ) compared with 2007.\n created positive operating leverage year-to-date comparison total noninterest expense increased 3% ( 3 % ) comparison.\n net interest income and net interest margin year ended december 31 dollars in millions 2008 2007.\n changes in net interest income margin result from interaction of volume composition of interest-earning assets related yields interest-bearing liabilities related rates paid noninterest-bearing sources of funding.\n see statistical information 2013 analysis of year-to-year changes in net interest ( unaudited ) income average consolidated balance sheet net interest analysis in item 8 report for additional information.\n 31% ( 31 % ) increase in net interest income for 2008 compared with 2007 impacted by $ 16. 5 billion  or 17% ( 17 % ), increase in average interest-earning assets decrease in funding costs.\n 2008 net interest margin affected by declining rates paid on deposits borrowings compared prior year.\n reasons driving higher interest-earning assets comparisons discussed in balance sheet highlights portion executive summary section item 7.\n net interest margin was 3. 37% ( 3. 37 % ) for 2008 3. 00% ( 3. 00 % ) for 2007.\n factors impacted comparison : 2022 decrease in rate paid on interest-bearing liabilities of 140 basis points.\n rate paid on interest-bearing deposits largest component decreased 123 basis points.\n offset by 77 basis point decrease in yield on interest-earning assets.\n yield on loans largest component decreased 109 basis points.\n 2022 impact of noninterest-bearing sources of funding decreased 26 basis points due to lower interest rates lower proportion of noninterest- bearing sources of funding to interest-earning assets.\ncomparing to broader market 2008 average federal funds rate was 1. 94% ( 1. 94 % ) compared with 5. 03% ( 5. 03 % ) for 2007.\n expect full-year 2009 net interest income to benefit from impact interest accretion discounts from purchase accounting marks deposit pricing alignment related to national city acquisition.\n expect 2009 net interest margin to improve year-over-year basis.\n noninterest income summary was $ 3. 367 billion for 2008 and $ 3. 790 billion for 2007.\n noninterest income for 2008 included 2022 gains of $ 246 million to mark-to-market adjustment on blackrock ltip shares obligation  2022 losses related to commercial mortgage loans for sale of $ 197 million  net of hedges 2022 impairment other losses related to alternative investments of $ 179 million  2022 income from hilliard lyons totaling $ 164 million first quarter gain of $ 114 million from sale business 2022 net securities losses of $ 206 million  first quarter gain of $ 95 million to redemption of portion visa class b common shares visa 2019s march 2008 initial public offering third quarter $ 61 million reversal of legal contingency reserve acquisition due to settlement 2022 trading losses of $ 55 million  $ 35 million impairment charge on commercial mortgage servicing rights 2022 equity management losses of $ 24 million.\n noninterest income for 2007 included 2022 impact of $ 82 million gain transfer of blackrock shares to satisfy portion pnc 2019s ltip obligation $ 209 million net loss on ltip shares obligation  2022 income from hilliard lyons $ 227 million  2022 trading income of $ 104 million  2022 equity management gains of $ 102 million  2022 gains related to commercial mortgage loans held for sale of $ 3 million , net of hedges.\nimpact items noninterest income increased $ 16 million 2008 compared with 2007.\n analysis fund servicing fees increased $ 69 million 2008 to $ 904 million compared with $ 835 million 2007.\n impact of december 2007 acquisition of albridge solutions inc.\n ( 201calbridge solutions 201d ) growth in global investment servicing 2019s offshore operations primary drivers increase.\n global investment servicing provided fund accounting/ administration services for $ 839 billion net fund investment assets custody services for $ 379 billion fund\n\nyear ended december 31 dollars in millions | 2008             | 2007\n------------------------------------------ | ---------------- | ----------------\nnet interest income                        | $ 3823           | $ 2915\nnet interest margin                        | 3.37% ( 3.37 % ) | 3.00% ( 3.00 % )"
}
{
    "_id": "dd4bf6650",
    "title": "",
    "text": "note 4 property plant equipment table major classes property equipment category december 31 2015 2014 range utility plant non-depreciable assets.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 141 $ 137.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 681 12 to 127 years 51 years pumping facilities.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 3070 2969 3 to 101 years 39 years distribution facilities.\n.\n.\n.\n.\n.\n.\n.\n.\n 8516 7963 9 to 156 years 83 years services meters hydrants.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 3250 3062 8 to 93 years 35 years structures equipment.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1227 1096 1 to 154 years 39 years pumping disposal.\n.\n.\n.\n.\n.\n.\n.\n.\n 313 281 2 to 115 years 46 years.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 473 399 5 to 109 years 56 years construction.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 404 303 utility plant.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 18099 16891 nonutility property.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 405 378 3 to 50 years 6 years total property , plant equipment.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 18504 $ 17269 property , plant equipment depreciation expense $ 405 , $ 392 , $ 374 years ended december 31, 2015, 2014 2013 included in depreciation amortization expense accompanying consolidated statements operations.\n provision depreciation percentage aggregate average depreciable asset balances 3. 13% ( 3. 13 % ) year ended december 31, 2015 3. 20% ( 3. 20 % ) years december 31 , 2014 2013.\n note 5 : allowance for uncollectible accounts following table summarizes changes company 2019s allowances uncollectible accounts years ended december 31:.\n\n| 2015         | 2014         | 2013\n--------------------------------- | ------------ | ------------ | ------------\nbalance as of january 1           | $ -35 ( 35 ) | $ -34 ( 34 ) | $ -27 ( 27 )\namounts charged to expense        | -32 ( 32 )   | -37 ( 37 )   | -27 ( 27 )\namounts written off               | 38           | 43           | 24\nrecoveries of amounts written off | -10 ( 10 )   | -7 ( 7 )     | -4 ( 4 )\nbalance as of december 31         | $ -39 ( 39 ) | $ -35 ( 35 ) | $ -34 ( 34 )"
}
{
    "_id": "dd4c17756",
    "title": "",
    "text": "nonoperating income ( expense ).\n blackrock uses operating margin  to monitor corporate performance efficiency benchmark to compare performance with other companies.\n management uses both gaap and non-gaap financial measures in evaluating blackrock 2019s financial performance.\n non-gaap measure may pose limitations not include all blackrock 2019s revenues and expenses.\n operating income used for measuring operating margin  adjusted is equal to operating income , adjusted , excluding impact of closed-end fund launch costs related commissions.\n management believes exclusion of such costs related commissions useful because these costs can fluctuate revenues associated with expenditure of these costs not fully impact blackrock 2019s results until future periods.\n revenue used for operating margin  excludes distribution and servicing costs paid to related parties other third parties.\n management believes exclusion of such costs useful because creates consistency in treatment for certain contracts for similar services  accounted for under gaap net basis within investment advisory , administration fees securities lending revenue.\n amortization of deferred sales commissions excluded from revenue for operating margin measurement  such costs substantially offset distribution fee revenue company earns.\n for each these items blackrock excludes from revenue for operating margin  costs related to each these items as proxy for such offsetting revenues.\n ( b ) nonoperating income ( expense ) , less net income ( loss ) attributable to noncontrolling interests  adjusted  is presented below.\n compensation expense offset is recorded in operating income.\n this compensation expense included in nonoperating income ( expense ) , less net income ( loss ) attributable to nci  adjusted to offset returns on investments set aside for these plans , reported in nonoperating income ( expense ) , gaap basis.\nmanagement believes nonoperating income expense ) less net income ( loss ) attributable to nci  adjusted provides comparability among reporting periods effective measure for reviewing blackrock 2019s nonoperating contribution to results.\n compensation expense associated with appreciation depreciation on investments related to deferred compensation plans included in operating income offsets gain ( loss ) on investments for plans believes nonoperating income less net income ( loss ) attributable to nci  adjusted provides useful measure for of blackrock 2019s nonoperating results impact book value.\n during 2013  noncash nonoperating pre-tax gain of $ 80 million related to contributed pennymac investment excluded from nonoperating income expense ) less net income loss ) attributable to nci  adjusted due to nonrecurring nature more than offsetting charitable contribution expense of $ 124 million reported in operating income.\n millions ) 2013 2012 2011 nonoperating income ( expense ) , gaap basis $ 116 $ ( 54 ) $ ( 114 ) less : net income ( loss ) attributable to nci 19 ( 18 ) 2.\n gain related to charitable contribution ( 80 ) 2014 2014 compensation expense related to appreciation depreciation on deferred compensation plans ( 10 ) ( 6 ) 3 nonoperating income ( expense ) less net income ( loss ) attributable to nci  adjusted $ 7 $ ( 42 ) $ ( 113 ) ( c ) net income attributable to blackrock  as adjusted management believes net income to blackrock. adjusted diluted earnings per common share adjusted are useful measures of blackrock 2019s profitability financial performance.\n net income attributable to blackrock , inc.  adjusted equals net income attributable to blackrock , inc.gaap basis  adjusted for significant nonrecurring items charges not impact blackrock 2019s book value or certain tax items not impact cash flow.\n see note ( a ) operating income  adjusted operating margin  adjusted for information on pnc ltip funding obligation  merrill lynch compensation contribution  charitable contribution  u.\n lease exit costs  contribution to stifs restructuring charges.\n 2013 results included tax benefit of approximately $ 48 million with charitable contribution.\n tax benefit excluded from net income attributable to blackrock , inc. adjusted due to nonrecurring nature of charitable contribution.\n during 2013  income tax changes included adjustments related to revaluation of certain deferred income tax liabilities including effect of legislation in united kingdom domestic state and local income tax changes.\n during 2012  income tax changes included adjustments related to revaluation of certain deferred income tax liabilities including effect of legislation enacted in united kingdom state and local income tax effect from changes in company 2019s organizational structure.\n during 2011 , income tax changes included adjustments related to revaluation of certain deferred income tax liabilities due to state tax election enacted. japan.\n state and local tax legislation.\n resulting decrease in income taxes excluded from net income attributable to blackrock , inc. as adjusted these items not have cash flow impact to ensure comparability among periods presented.\n\n( in millions )                                                                              | 2013       | 2012         | 2011\n-------------------------------------------------------------------------------------------- | ---------- | ------------ | --------------\nnonoperating income ( expense ) gaap basis                                                   | $ 116      | $ -54 ( 54 ) | $ -114 ( 114 )\nless : net income ( loss ) attributable to nci                                               | 19         | -18 ( 18 )   | 2\nnonoperating income ( expense )                                                              | 97         | -36 ( 36 )   | -116 ( 116 )\ngain related to charitable contribution                                                      | -80 ( 80 ) | 2014         | 2014\ncompensation expense related to ( appreciation ) depreciation on deferred compensation plans | -10 ( 10 ) | -6 ( 6 )     | 3\nnonoperating income ( expense ) less net income ( loss ) attributable to nci as adjusted     | $ 7        | $ -42 ( 42 ) | $ -113 ( 113 )"
}
{
    "_id": "dd4bff354",
    "title": "",
    "text": "table of contents celanese purchases equity securities information regarding repurchases common stock three months ended december 31 , 2017 follows : period number of shares purchased ( 1 ) average price paid per share total number shares purchased publicly announced program approximate dollar value shares remaining purchased under program ( 2 ).\n ___________________________ ( 1 ) represents shares withheld from employees cover statutory minimum withholding requirements for personal income taxes related vesting restricted stock units.\n ( 2 ) board of directors authorized aggregate repurchase $ 3. 9 billion common stock since february 2008 including increase $ 1. 5 billion on july 17 , 2017.\n see note 17 - stockholders' equity accompanying consolidated financial statements for further information.\n\nperiod               | totalnumberof sharespurchased ( 1 ) | averageprice paidper share | total numberof sharespurchased aspart of publiclyannounced program | approximatedollarvalue of sharesremaining thatmay bepurchased underthe program ( 2 )\n-------------------- | ----------------------------------- | -------------------------- | ------------------------------------------------------------------ | ------------------------------------------------------------------------------------\noctober 1 - 31 2017  | 10676                               | $ 104.10                   | 2014                                                               | $ 1531000000\nnovember 1 - 30 2017 | 924                                 | $ 104.02                   | 2014                                                               | $ 1531000000\ndecember 1 - 31 2017 | 38605                               | $ 106.36                   | 2014                                                               | $ 1531000000\ntotal                | 50205                               |                            | 2014                                                               |"
}
{
    "_id": "dd4c0eb56",
    "title": "",
    "text": "asset positions totaled $ 41. 2 million at june 30 , 2009.\n to manage risk established strict counterparty credit guidelines continually monitored reported to management.\n management believes risk of loss under hedging contracts is remote.\n certain derivative fi nancial instruments contain credit-risk-related contingent features.\n as of june 30 , 2009 in compliance with such features no derivative financial instruments with credit-risk-related contingent features in net liability position.\n est{e lauder companies inc.\n 111 market risk use value-at-risk model to assess market risk of derivative fi nancial instruments.\n value-at-risk rep resents potential losses for instrument or portfolio from adverse changes in market factors for specifi ed time period confi dence level.\n estimate value- at-risk across derivative fi nancial instruments using model with historical volatilities correlations calculated over past 250-day period.\n high , low average measured value-at-risk for twelve months ended june 30, 2009 and 2008 related to foreign exchange and interest rate contracts as follows:.\n change in value-at-risk measures from prior year related to foreign exchange contracts refl ected increase in foreign exchange volatilities different portfolio mix.\n change in value-at-risk measures from prior year related to interest rate contracts refl ected higher interest rate volatilities.\n model esti- mates made assuming normal market conditions 95 percent confi dence level.\n used statistical simulation model valued derivative fi nancial instruments against one thousand randomly generated market price paths.\n calculated value-at-risk exposure represents esti mate of reasonably possible net losses recognized on portfolio of derivative fi nancial instru- ments assuming hypothetical movements in future market rates not necessarily indicative of actual results may or not occur.\nnot represent maximum possible loss or expected loss since actual future gains and losses differ from estimated based upon actual fl uctuations in market rates  operating exposures timing changes in our portfolio of derivative fi nancial instruments during year.\n believe  loss incurred be offset by effects of market rate movements on underlying transactions for deriva- tive fi nancial instrument intended.\n off-balance sheet arrangements not maintain any off-balance sheet arrangements transactions  obligations or other relationships with unconsolidated entities expected to have material current or future effect upon our fi nancial condi- tion or results of operations.\n recently adopted accounting standards in may 2009  financial accounting standards board ( 201cfasb 201d ) issued statement of financial accounting standards ( 201csfas 201d ) no.\n 165 , 201csubsequent events 201d ( 201csfas no.\n 165 201d ).\n no.\n 165 requires disclosure of date entity evaluated subsequent events for potential recognition or disclosure in fi nan- cial statements and whether date represents date fi nancial statements were issued or available to be issued.\n standard provides clarifi cation about circumstances under entity should recognize events or transactions occurring after balance sheet date in fi nancial statements and disclosures entity make about events or transactions after balance sheet date.\n standard effective for interim and annual periods beginning with fi scal year ended june 30 , 2009.\n adoption of standard not material impact on consoli- dated fi nancial statements.\n in march 2008  fasb issued sfas no.\n 161 , 201cdisclosures about derivative instruments and hedging activities 2014 amendment of fasb statement no.\n 133 201d ( 201csfas no.\n 161 201d ).\n sfas no.\n161 requires companies provide qualitative disclosures about objectives strategies for using derivative instruments , quantitative disclosures of fair values , gains losses on  these derivative instruments in tabular format more information about liquidity by requiring disclosure of derivative contract 2019s credit-risk-related contingent\n\n( in millions )            | june 30 2009 high | june 30 2009 low | june 30 2009 average | june 30 2009 high | june 30 2009 low | average\n-------------------------- | ----------------- | ---------------- | -------------------- | ----------------- | ---------------- | -------\nforeign exchange contracts | $ 28.4            | $ 14.2           | $ 21.6               | $ 18.8            | $ 5.3            | $ 11.3\ninterest rate contracts    | 34.3              | 23.0             | 29.5                 | 28.8              | 12.6             | 20.0"
}
{
    "_id": "dd498e070",
    "title": "",
    "text": "simplify presentation of deferred income taxes reduce complexity without decreasing usefulness of information to users financial statements.\n adoption pronouncement significant impact on company 2019s financial position results operations cash flows.\n 3.\n acquisitions endomondo on january 5 , 2015  company acquired 100% ( 100 % ) of outstanding equity of endomondo , denmark- based digital connected fitness company to expand under armour connected fitness community.\n purchase price was $ 85. 0 million  adjusted for working capital.\n company recognized $ 0. 6 million and $ 0. 8 million in acquisition related costs expensed during three months ended march 31, 2015 and december 31, 2014 .\n costs included in consolidated statements of income in line item entitled 201cselling , general and administrative expenses. 201d pro forma results not presented acquisition not considered material to consolidated company.\n myfitnesspal march 17 , 2015 company acquired 100% ( 100 % ) of outstanding equity of mfp , digital nutrition connected fitness company to expand under armour connected fitness community.\n final adjusted transaction value totaled $ 474. 0 million.\n total consideration of $ 463. 9 million adjusted to reflect accelerated vesting of certain share awards of mfp not conditioned upon continued employment transaction costs borne by selling shareholders.\n acquisition funded with $ 400. 0 million of increased term loan borrowings draw on revolving credit facility remaining amount funded by cash company recognized $ 5. 7 million of acquisition related costs expensed during three months ended march 31 , 2015.\n costs included in consolidated statement of income in line item entitled 201cselling , general and administrative expenses.201d following represents pro forma consolidated income statement as if mfp included in consolidated results company for year ended december 31 , 2015 and december 31 , 2014:.\n amounts calculated after applying company 2019s accounting policies adjusting results mfp to reflect acquisition if closed on january 1 , 2014.\n pro forma net income for year ended december 31 , 2014 includes $ 5. 7 million in transaction expenses included in consolidated statement income for year ended december 31 , 2015, excluded from calculation of pro forma net income for december 31 , 2015.\n\n( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014\n---------------- | ----------------------------- | -----------------------------\nnet revenues     | $ 3967008                     | $ 3098341\nnet income       | 231277                        | 189659"
}
{
    "_id": "dd4bf11a0",
    "title": "",
    "text": "borrowings reflect net proceeds from issuance senior notes in june 2015.\n see liquidity capital resources additional information.\n november 2015 repaid $ 1 billion 0. 90% ( 0. 90 % ) senior notes upon maturity.\n october 2015 announced adjustment to quarterly dividend.\n see capital requirements information.\n additions to property  plant equipment are significant use of cash cash equivalents.\n table shows capital expenditures related to continuing operations by segment reconciles to additions to property plant equipment in consolidated statements of cash flows for 2015, 2014 2013.\n ( a ) reflects reimbursements from governments of canada and alberta related to funds expended for quest ccs capital equipment.\n quest ccs completed commissioned fourth quarter of 2015.\n 2014 acquired 29 million shares cost $ 1 billion 2013 acquired 14 million shares cost $ 500 million.\n no share repurchases in 2015.\n see item 8.\n financial statements supplementary data 2013 note 23 consolidated financial statements for discussion purchases of common stock.\n liquidity capital resources june 10 , 2015 issued $ 2 billion aggregate amount unsecured senior notes series : 2022 $ 600 million of 2. 70% ( 2. 70 % ) senior notes due june 1 , 2020 2022 $ 900 million of 3. 85% ( 3. 85 % ) senior notes due june 1 , 2025 2022 $ 500 million of 5. 20% ( 5. 20 % ) senior notes due june 1 , 2045 interest on each series senior notes payable semi-annually beginning december 1 , 2015.\n used aggregate net proceeds to repay $ 1 billion 0. 90% ( 0. 90 % ) senior notes on november 2 , 2015 remainder for general corporate purposes.\n may 2015 amended $ 2.5 billion credit facility to increase facility size by $ 500 million to total of $ 3. 0 billion extend maturity date by additional year credit facility now matures in may 2020.\n amendment provides ability to request two one-year extensions to maturity date option to increase commitment amount by up to additional $ 500 million , subject to consent of increasing lenders.\n sub-facilities for swing-line loans and letters of credit remain unchanged allowing up to aggregate amount of $ 100 million and $ 500 million , respectively.\n fees on unused commitment of each lender , borrowing options under credit facility  remain unchanged.\n main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , capital market transactions , committed revolving credit facility sales of non-core assets.\n working capital requirements supported by these sources may issue commercial paper backed by $ 3. 0 billion revolving credit facility or draw on $ 3. 0 billion revolving credit facility to meet short-term cash requirements or issue debt or equity securities through shelf registration statement discussed part of longer-term liquidity and capital management.\n alternatives available discussed above believe short-term and long-term liquidity adequate to fund current operations near-term and long-term funding requirements including capital spending programs , dividend payments , defined benefit plan contributions , repayment of debt maturities other amounts may be paid in connection with contingencies.\n general economic conditions , commodity prices , financial , business and other factors could affect operations ability to access capital markets.\n downgrade in credit ratings could negatively impact cost of capital and ability to access capital markets , increase interest rate and fees pay on unsecured revolving credit facility  restrict access to commercial paper market  require to post letters of credit or other forms of collateral for\n\n( in millions )                           | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , 2013\n----------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------\nnorth america e&p                         | $ 2553                        | $ 4698                        | $ 3649\ninternational e&p                         | 368                           | 534                           | 456\noil sands mining ( a )                    | -10 ( 10 )                    | 212                           | 286\ncorporate                                 | 25                            | 51                            | 58\ntotal capital expenditures                | 2936                          | 5495                          | 4449\nchange in capital expenditure accrual     | 540                           | -335 ( 335 )                  | -6 ( 6 )\nadditions to property plant and equipment | $ 3476                        | $ 5160                        | $ 4443"
}
{
    "_id": "dd497567e",
    "title": "",
    "text": "primary disbursement accounts reclassified as accounts payable other accrued liabilities on consolidated balance sheet.\n concentration of credit risk financial instruments potentially subject us to concentrations of credit risk consist of cash and cash equivalents , trade accounts receivable derivative instruments.\n we place cash and cash equivalents with high quality financial institutions.\n balances may be in excess of fdic insured limits.\n to manage related credit exposure we continually monitor credit worthiness of financial institutions where have deposits.\n concentrations of credit risk with to trade accounts receivable limited due to wide variety of customers and markets in provide services dispersion of operations across many geographic areas.\n provide services to commercial , industrial municipal residential customers in united states and puerto rico.\n perform ongoing credit evaluations of customers do not require collateral to support customer receivables.\n establish allowance for doubtful accounts based on factors including credit risk of specific customers age of receivables outstanding  historical trends  economic conditions other information.\n no customer exceeded 5% ( 5 % ) of outstanding accounts receivable balance at december 31 , 2009 or 2008.\n accounts receivable  net of allowance for doubtful accounts represent receivables from customers for collection , transfer  recycling  disposal other services.\n receivables recorded when billed or when related revenue is earned represent claims against third parties settled in cash.\n carrying value of receivables , net of allowance for doubtful accounts represents their estimated net realizable value.\n provisions for doubtful accounts evaluated on monthly basis recorded based on historical collection experience age of receivables specific customer information economic conditions.\n review outstanding balances on account-specific basis.\n reserves provided for accounts receivable in excess of ninety days old.\npast due receivable balances written-off when collection efforts unsuccess- ful collecting amounts due.\n following table reflects activity in allowance for doubtful accounts for years ended december 31 , 2009 , 2008 2007:.\n subsequent to acquisition of allied  recorded provision for doubtful accounts of $ 14. 2 million to adjust allowance acquired from allied to conform to republic 2019s accounting policies.\n recorded $ 5. 4 million to provide for specific bankruptcy exposures in 2008.\n 2007  recorded $ 4. 3 million reduction in allowance for doubtful accounts result refining estimate of allowance based on historical collection experience.\n restricted cash as of december 31, 2009 had $ 236. 6 million of restricted cash $ 93. 1 million proceeds from issuance of tax-exempt bonds other tax-exempt financings used to fund capital republic services , inc.\n subsidiaries notes to consolidated financial statements\n\n| 2009           | 2008           | 2007\n---------------------------- | -------------- | -------------- | ------------\nbalance at beginning of year | $ 65.7         | $ 14.7         | $ 18.8\nadditions charged to expense | 27.3           | 36.5           | 3.9\naccounts written-off         | -37.8 ( 37.8 ) | -12.7 ( 12.7 ) | -7.8 ( 7.8 )\nacquisitions                 | -              | 27.2           | -0.2 ( 0.2 )\nbalance at end of year       | $ 55.2         | $ 65.7         | $ 14.7"
}
{
    "_id": "dd4bce2b8",
    "title": "",
    "text": "year ended december 31 , 2005  realized net losses $ 1 million on sales available-for- sale securities.\n unrealized gains of $ 1 million included in other comprehensive income at december 31 , 2004 net of deferred taxes less than $ 1 million related sales.\n year ended december 31 , 2004 realized net gains $ 26 million on sales available-for- sale securities.\n unrealized gains $ 11 million included in other comprehensive income at december 31 , 2003 net of deferred taxes $ 7 million related to sales.\n note 13.\n equity-based compensation 2006 equity incentive plan approved by shareholders in april 2006 20000000 shares of common stock approved for issuance for stock stock-based awards including stock options  stock appreciation rights  restricted stock  deferred stock performance awards.\n up to 8000000 shares from 1997 equity incentive plan available to issue or available due to cancellations forfeitures may be awarded under 2006 plan.\n 1997 plan expired december 18 , 2006.\n as of december 31 , 2006 , 1305420 shares from 1997 plan added to and may be awarded from 2006 plan.\n as of december 31 , 2006 106045 awards made under 2006 plan.\n stock options outstanding from previous plans including 1997 plan  no further grants can be made.\n exercise price of non-qualified and incentive stock options and stock appreciation rights not less than fair value of shares at date of grant.\n stock options stock appreciation rights issued under 2006 plan and prior 1997 plan vest over four years expire no later than ten years from date of grant.\n for restricted stock awards issued under 2006 plan and prior 1997 plan stock certificates issued at time of grant recipients have dividend and voting rights.\n grants vest over three years.\ndeferred stock awards issued under 2006 plan prior 1997 plan no stock issued at time of grant.\n grants vest over two- three- four-year periods.\n performance awards granted under 2006 equity incentive plan prior 1997 plan earned over performance period based on achievement of goals generally over two- to three- year periods.\n payment for performance awards made in shares common stock or in cash equal to fair market value of common stock based on certain financial ratios after conclusion each performance period.\n record compensation expense  equal to estimated fair value of options on grant date straight-line basis over options 2019 vesting period.\n use black-scholes option-pricing model to estimate fair value of options granted.\n weighted-average assumptions option-pricing model were as follows for years indicated.\n compensation expense related to stock options  stock appreciation rights  restricted stock awards deferred stock awards performance awards record component of salaries employee benefits expense in consolidated statement of income was $ 208 million, $ 110 million $ 74 million for years ended december 31 , 2006  2005 2004 .\n related total income tax benefit recorded in consolidated statement of income was $ 83 million , $ 44 million $ 30 million for 2006 , 2005 2004 .\n 87 copyarea : 38.\n x 54.\n trimsize : 8. 25 x 10. 75 state street corporation serverprocess c:\\\\fc\\\\delivery_1024177\\\\2771-1-do_p. pdf chksum : 0 cycle 1merrill corporation 07-2771-1 thu mar 01 17:11:13 2007 ( v 2. 247w--stp1pae18 )\n\n| 2006             | 2005             | 2004\n---------------------------------- | ---------------- | ---------------- | ----------------\ndividend yield                     | 1.41% ( 1.41 % ) | 1.85% ( 1.85 % ) | 1.35% ( 1.35 % )\nexpected volatility                | 26.50            | 28.70            | 27.10\nrisk-free interest rate            | 4.60             | 4.19             | 3.02\nexpected option lives ( in years ) | 7.8              | 7.8              | 5.0"
}
{
    "_id": "dd4bda2ac",
    "title": "",
    "text": "latin american soft alloy extrusions business previously included in corporate moved into new transportation and construction solutions segment.\n remaining engineered products and solutions segment consists of alcoa fastening systems and rings ( renamed to include portions firth rixson business acquired in november 2014 ) alcoa power and propulsion ( includes tital business acquired march 2015 ) alcoa forgings and extrusions ( includes other portions of firth rixson ) alcoa titanium and engineered products ( new business unit of rti international metals business acquired in july 2015 ) business units.\n segment information for all prior periods updated to reflect new segment structure.\n atoi for all reportable segments totaled $ 1906 in 2015  $ 1968 in 2014  $ 1267 in 2013.\n information provides shipments  sales  atoi data for each reportable segment production , realized price  average cost data for each of three years in period ended december 31 , 2015.\n see note q to consolidated financial statements in part ii item 8 of form 10-k for additional information.\n alumina.\n includes all production-related costs including raw materials consumed ; conversion costs labor , materials  utilities ; depreciation , depletion  amortization plant administrative expenses.\n segment represents portion of alcoa 2019s upstream operations consists of company 2019s worldwide refining system.\n alumina mines bauxite  from alumina produced and sold directly to external smelter customers to primary metals segment ( primary metals or customers process it into industrial chemical products.\n more than half of alumina 2019s production sold under supply contracts to third parties worldwide remainder used internally by primary metals segment.\n alumina produced by segment used internally transferred to primary metals segment at prevailing market prices.\nportion of this segment 2019s third- party sales completed through agents , alumina traders  distributors.\n generally sales segment transacted in u. s.\n dollars costs and expenses segment transacted in local currency of respective operations , australian dollar , brazilian real , u. s.\n dollar  euro.\n awac is unincorporated global joint venture between alcoa and alumina limited consists of affiliated operating entities  own interest in operate bauxite mines and alumina refineries within alumina segment ( except for poc 0327os de caldas refinery in brazil and portion of sa 0303o lul 0301s refinery in brazil ).\n alcoa owns 60% ( 60 % ) and alumina limited owns 40% ( 40 % ) of these individual entities  consolidated by company for financial reporting purposes.\n results and analysis for alumina segment inclusive of alumina limited 2019s 40% ( 40 % ) interest.\n in december 2014  awac completed sale of ownership stake in jamalco , bauxite mine and alumina refinery joint venture in jamaica , to noble group ltd.\n jamalco was 55% ( 55 % ) owned by subsidiary of awac , owned by awac  55% ( 55 % ) of operating results and assets and liabilities of joint venture included in alumina segment.\n to awac 2019s previous 55% ( 55 % ) ownership stake  refinery ( awac 2019s share of capacity was 779 kmt-per-year ) generated sales ( third-party and intersegment ) of approximately $ 200 in 2013 , refinery and mine combined at time of divestiture had approximately 500 employees.\n see restructuring other charges in results of operations above.\n\n| 2015   | 2014   | 2013\n------------------------------------------------------------ | ------ | ------ | ------\nalumina production ( kmt )                                   | 15720  | 16606  | 16618\nthird-party alumina shipments ( kmt )                        | 10755  | 10652  | 9966\nalcoa 2019s average realized price per metric ton of alumina | $ 317  | $ 324  | $ 328\nalcoa 2019s average cost per metric ton of alumina*          | $ 237  | $ 282  | $ 295\nthird-party sales                                            | $ 3455 | $ 3509 | $ 3326\nintersegment sales                                           | 1687   | 1941   | 2235\ntotal sales                                                  | $ 5142 | $ 5450 | $ 5561\natoi                                                         | $ 746  | $ 370  | $ 259"
}
{
    "_id": "dd4bbe606",
    "title": "",
    "text": "2022 integration new projects.\n during 2010 , following projects acquired or commenced commercial operations : project location fuel aes equity interest ( percent , rounded ).\n damlapinar ( 4 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n turkey hydro 16 51% ( 51 % ) ( 1 ) jianghe rural electrification development co.\n ltd.\n ( 201cjhrh 201d ) and aes china hydropower investment co.\n ltd.\n entered agreement to acquire 49% ( 49 % ) interest in joint venture june 2010.\n acquisition of 35% ( 35 % ) ownership completed june 2010 transfer remaining 14% ( 14 % ) ownership  subject to approval by chinese government expected completed may 2011.\n ( 2 ) guacolda equity method investment indirectly held by aes through gener.\n aes equity interest reflects 29% ( 29 % ) noncontrolling interests gener.\n ( 3 ) joint venture with guohua energy investment co.\n ltd.\n ( 4 ) joint venture with i. c.\n energy.\n key trends uncertainties operations continue face many risks as discussed in item 1a. 2014risk factors form 10-k.\n challenges described above in key drivers results 2010.\n continue monitor operations address challenges as arise.\n development.\n past year  company successfully acquired completed construction projects  totaling approximately 2404 mw , including acquisition of ballylumford in united kingdom completion construction projects in europe , chile and china.\n discussed item 1a. 2014risk factors 2014our business subject to substantial development uncertainties form 10-k  development projects subject to uncertainties.\ndelays occurred at 670 mw maritza coal-fired project in bulgaria  project not yet begun commercial operations.\n as noted in note 10 2014debt included in item 8 of form 10-k , result of these delays project debt is in default and company working with lenders to resolve default.\n in addition as noted in item 3. 2014legal proceedings  company in litigation with contractor regarding cause of delays.\n we believe maritza will commence commercial operations for some of project 2019s capacity by second half of 2011.\n commencement of commercial operations could be delayed beyond this time frame.\n can no assurance that maritza will achieve commercial operations  in whole or in part  by second half of 2011 , resolve default with lenders or prevail in litigation could result in loss of some or all investment or require additional funding for project.\n any these events could have material adverse effect on company 2019s operating results or financial position.\n global economic conditions.\n during past few years  economic conditions in some countries where our subsidiaries conduct business have deteriorated.\n although economic conditions in several countries improved in recent months our businesses could be impacted in event these recent trends do not continue.\n\nproject           | location       | fuel  | gross mw | aes equity interest ( percent rounded )\n----------------- | -------------- | ----- | -------- | ---------------------------------------\nballylumford      | united kingdom | gas   | 1246     | 100% ( 100 % )\njhrh ( 1 )        | china          | hydro | 379      | 35% ( 35 % )\nnueva ventanas    | chile          | coal  | 272      | 71% ( 71 % )\nst . nikola       | bulgaria       | wind  | 156      | 89% ( 89 % )\nguacolda 4 ( 2 )  | chile          | coal  | 152      | 35% ( 35 % )\ndong qi ( 3 )     | china          | wind  | 49       | 49% ( 49 % )\nhuanghua ii ( 3 ) | china          | wind  | 49       | 49% ( 49 % )\nst . patrick      | france         | wind  | 35       | 100% ( 100 % )\nnorth rhins       | scotland       | wind  | 22       | 100% ( 100 % )\nkepezkaya         | turkey         | hydro | 28       | 51% ( 51 % )\ndamlapinar ( 4 )  | turkey         | hydro | 16       | 51% ( 51 % )"
}
{
    "_id": "dd4ba9922",
    "title": "",
    "text": "certegy merger company has obligation to service $ 200 million principal amount of unsecured 4. 75% ( 4. 75 % ) fixed-rate notes due in 2008.\n notes recorded in purchase accounting at discount of $ 5. 7 million  amortized over term of notes.\n notes accrue interest at rate of 4. 75% ( 4. 75 % ) per year payable semi-annually in arrears on each march 15 and september 15.\n april 11 , 2005  fis entered interest rate swap agreements fixed interest rate at approximately 5. 4% ( 5. 4 % ) through april 2008 on $ 350 million term loan facilities replacement debt ) and approximately 5. 2% ( 5. 2 % ) through april 2007 on additional $ 350 million term loan.\n company designated interest rate swaps as cash flow hedges accordance with sfas no.\n 133.\n estimated fair value of cash flow hedges results in asset to company of $ 4. 9 million and $ 5. 2 million , as of december 31, 2006 and december 31, 2005  included in consolidated balance sheets in other noncurrent assets and component of accumulated other comprehensive earnings  net of deferred taxes.\n portion of amount accumulated other comprehensive earnings reclassified into interest expense as yield adjustment as interest payments made on term loan facilities.\n company existing cash flow hedges effective no current impact on earnings due to hedge ineffectiveness.\n policy company to execute instruments with credit-worthy banks not to enter into derivative financial instruments for speculative purposes.\n principal maturities at december 31 , 2006 ( december 31 , 2006 after effect debt refinancing completed january 18 , 2007 ) for next five years and thereafter are as follows ( in thousands ) : december 31 , january 18 , 2007 refinancing.\n fidelity national information services , inc.\nsubsidiaries affiliates consolidated combined financial statements notes to consolidated financial statements 2014 ( continued )\n\n| december 31 2006 | january 18 2007 refinancing\n---------- | ---------------- | ---------------------------\n2007       | $ 61661          | $ 96161\n2008       | 257541           | 282041\n2009       | 68129            | 145129\n2010       | 33586            | 215586\n2011       | 941875           | 165455\nthereafter | 1646709          | 2105129\ntotal      | $ 3009501        | $ 3009501"
}
{
    "_id": "dd4b95bc0",
    "title": "",
    "text": "analysis of our depreciation studies.\n changes in estimated service lives of assets and related depreciation rates implemented prospectively.\n under group depreciation  historical cost ( net of salvage ) of depreciable property retired or replaced in ordinary course business charged to accumulated depreciation no gain or loss recognized.\n historical cost of certain track assets estimated using i ) inflation indices published by bureau of labor statistics and ii ) estimated useful lives of assets as determined by depreciation studies.\n indices selected because correlate with major costs of properties applicable track asset classes.\n because of number of estimates inherent in depreciation and retirement processes impossible to precisely estimate each variables until group of property is completely retired we continually monitor estimated service lives of assets and accumulated depreciation associated with each asset class to ensure depreciation rates appropriate.\n in we determine if recorded amount of accumulated depreciation is deficient ( or in excess ) of amount indicated by depreciation studies.\n any deficiency ( or excess ) is amortized as component of depreciation expense over remaining service lives of applicable classes of assets.\n for retirements of depreciable railroad properties not occur in normal course of business gain or loss may be recognized if retirement meets each of following three conditions : i ) is unusual , ii ) material in amount  iii ) varies significantly from retirement profile identified through depreciation studies.\n gain or loss recognized in other income when we sell land or dispose of assets not part of railroad operations.\n when we purchase asset  we capitalize all costs necessary to make asset ready for intended use.\n many of assets are self-constructed.\nlarge portion of capital expenditures for replacement of existing track assets other road properties typically performed by employees for track line expansion other capacity projects.\n costs directly attributable to capital projects ( including overhead costs ) are capitalized.\n direct costs capitalized as part of self- constructed assets include material  labor  work equipment.\n indirect costs capitalized if clearly relate to construction of asset.\n general administrative expenditures expensed as incurred.\n normal repairs and maintenance  including rail grinding also expensed as incurred costs that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.\n costs allocated using appropriate statistical bases.\n total expense for repairs maintenance incurred was $ 2. 1 billion for 2012 , $ 2. 2 billion for 2011  $ 2. 0 billion for 2010.\n assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n 12.\n accounts payable other current liabilities dec.\n 31 , dec.\n 31  millions 2012 2011.\n\nmillions                                            | dec . 31 2012 | dec . 312011\n--------------------------------------------------- | ------------- | ------------\naccounts payable                                    | $ 825         | $ 819\naccrued wages and vacation                          | 376           | 363\nincome and other taxes                              | 368           | 482\ndividends payable                                   | 318           | 284\naccrued casualty costs                              | 213           | 249\ninterest payable                                    | 172           | 197\nequipment rents payable                             | 95            | 90\nother                                               | 556           | 624\ntotal accounts payable and othercurrent liabilities | $ 2923        | $ 3108"
}
{
    "_id": "dd4bd230e",
    "title": "",
    "text": "fis gaming business on june 1 , 2015  acquired assets of certegy check services , inc. wholly-owned subsidiary of fidelity national information services , inc.\n ( 201cfis 201d ).\n under purchase arrangement acquired substantially all assets of its gaming business related to licensed gaming operators ( 201cfis gaming business 201d ) including relationships with gaming clients in approximately 260 locations acquisition date for $ 237. 5 million , funded from borrowings revolving credit facility and cash on hand.\n acquired fis gaming business to expand direct distribution and service offerings in gaming market.\n estimated acquisition-date fair values of major classes assets acquired and liabilities assumed including reconciliation to total purchase consideration follows ( in thousands ) :.\n goodwill from acquisition  included north america segment  attributable to expected growth opportunities cross-selling opportunities at existing and acquired gaming client locations operating synergies in gaming business  assembled workforce.\n goodwill associated with acquisition deductible for income tax purposes.\n customer-related intangible assets have estimated amortization period of 15 years.\n valuation of identified intangible assets for acquisitions discussed estimated fair values customer-related intangible assets determined using income approach  based on projected cash flows discounted to present value using discount rates consider timing and risk of forecasted cash flows.\n discount rates used represented average estimated value of market participant 2019s cost of capital and debt  derived using customary market metrics.\n acquired technologies valued using replacement cost method  estimate costs to construct asset of equivalent utility at prices available at time of valuation analysis with adjustments in value for physical deterioration functional and economic obsolescence.\n trademarks and trade names valued using 201crelief-from-royalty 201d approach.\nmethod assumes trademarks trade names have value to extent owner relieved of obligation to pay royalties for benefits received from them.\n method required us to estimate future revenues for related brands , appropriate royalty rate weighted-average cost of capital.\n discount rates used represented average estimated value of market participant 2019s cost of capital debt  derived using customary market metrics.\n note 3 2014 revenues leading worldwide provider of payment technology software solutions delivering innovative services to customers globally.\n our technologies , services employee expertise enable us to provide broad range of solutions allow customers to accept various payment types operate businesses more efficiently.\n distribute services across variety of channels to customers.\n disclosures in note applicable for year ended december 31, 2018.\n global payments inc.\n | 2018 form 10-k annual report 2013 79\n\ncustomer-related intangible assets | $ 143400\n---------------------------------- | ------------\nliabilities                        | -150 ( 150 )\ntotal identifiable net assets      | 143250\ngoodwill                           | 94250\ntotal purchase consideration       | $ 237500"
}
{
    "_id": "dd4bdd344",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) failure company to develop new products product enhancements timely basis or within budget could harm company 2019s results operations financial condition.\n for additional risks may affect company 2019s business prospects following completion merger , see 201crisk factors 201d in item 1a of company 2019s form 10-k for year ended september 29 , 2007.\n goodwill preliminary purchase price allocation resulted in goodwill of approximately $ 3895100.\n factors contributing to recognition this goodwill based upon strategic synergistic benefits expected to be realized from combination.\n benefits include expectation company 2019s complementary products technologies will create leading women 2019s healthcare company with enhanced presence in hospitals , private practices healthcare organizations.\n company expects to realize substantial synergies through use of cytyc 2019s ob/gyn and breast surgeon sales channel to cross-sell company 2019s existing future products.\n merger provides company broader channel coverage within united states expanded geographic reach internationally increased scale scope for expanding operations through product development complementary strategic transactions.\n supplemental unaudited pro-forma information following unaudited pro forma information presents consolidated results of operations of company and cytyc as if acquisitions occurred at beginning of fiscal 2007 with pro forma adjustments to effect to amortization of intangible assets  increase in interest expense on acquisition financing other adjustments with related tax effects:.\n $ 368200 charge for acquired in-process research and development direct result of transaction is excluded from unaudited pro forma information above.\n unaudited pro forma results not necessarily indicative of results company have attained had acquisitions of cytyc occurred at beginning of periods presented.\nprior to close merger board of directors of hologic and cytyc approved modification to certain outstanding equity awards for cytyc employees.\n modification provided for acceleration of vesting upon close of merger for those awards did not provide for acceleration upon change of control of original terms of award.\n modification made so company will not incur stock based compensation charges if awards continued to vest under original terms.\n credit agreement on october 22 , 2007 , company and its domestic subsidiaries , entered into senior secured credit agreement with goldman sachs credit partners l. p.\n and certain other lenders , ( collectively , 201clenders 201d ).\n pursuant to terms and conditions credit agreement , lenders committed to provide senior secured financing in aggregate amount of up to $ 2550000.\n as of closing of cytyc merger , company borrowed $ 2350000 under credit facilities.\n\n( approximate amounts in thousands except per share data ) | 2007\n---------------------------------------------------------- | ---------\nnet revenue                                                | $ 1472400\nnet income                                                 | $ 62600\nnet income per share 2014basic                             | $ 0.52\nnet income per share 2014assuming dilution                 | $ 0.50"
}
{
    "_id": "dd4985e7a",
    "title": "",
    "text": "company has contingent liability to proper disposition of balances amounted to $ 1926. 8 mil- lion at december 31 , 2007.\n result of holding customers 2019 assets in escrow company has ongoing programs for realizing economic benefits year through favorable borrowing vendor arrangements with various banks.\n no loans outstanding as of december 31 , 2007 balances invested in short term high grade investments minimize risk to principal.\n leases company leases property under leases expire at various dates.\n agreements include escalation clauses provide for purchases and renewal options for periods from one to five years.\n future minimum operating lease payments for leases with remaining terms greater than one year for each years in five years ending december 31 , 2012  aggregate are as follows ( in thousands ) :.\n company has operating lease commitments to office equipment and computer hardware with annual lease payments of approximately $ 16. 0 million per year renew on short-term basis.\n rent expense incurred under all operating leases during years ended december 31, 2007 , 2006 and 2005 was $ 106. 4 million , $ 81. 5 million and $ 61. 1 million , respectively.\n data processing and maintenance services agreements.\n company has agreements with various vendors expire between 2008 and 2017  for portions computer data processing operations related functions.\n company 2019s estimated aggregate contractual obligation remaining under these agreements was approximately $ 888. 3 million as of december 31 , 2007.\n amount could be more or less depending on factors inflation rate introduction of new technologies changes in company 2019s data processing needs.\n employee benefit plans stock purchase plan prior to certegy merger ( note 6 ) employees participated in fidelity national financial , inc.\n employee stock purchase plan (.\nsubsequent certegy merger  company instituted own plan same terms as fidelity national financial , inc.\n plan.\n under terms both plans amendments eligible employees may voluntarily purchase at current market prices shares of fnf 2019s ( prior merger ) or fis 2019s ( post certegy merger ) common stock through payroll deductions.\n espp  employees may contribute between 3% ( 3 % ) and 15% ( 15 % ) of base salary and certain commissions.\n shares purchased allocated employees based upon contributions.\n company contributes varying matching amounts as specified in espp.\n company recorded expense of $ 15. 2 million , $ 13. 1 million and $ 11. 1 million  respectively for years ended december 31, 2007  2006 and 2005 relating participation of fis employees in espp.\n fidelity national information services , inc.\n subsidiaries and affiliates notes to consolidated combined financial statements 2014 (\n\n2008       | 83382\n---------- | --------\n2009       | 63060\n2010       | 35269\n2011       | 21598\n2012       | 14860\nthereafter | 30869\ntotal      | $ 249038"
}
{
    "_id": "dd4bf864e",
    "title": "",
    "text": "other-than-temporary impairments on investment securities.\n in april 2009  fasb revised guidance for recognition and presentation of other-than-temporary impairments.\n new guidance amends recognition guidance for other-than-temporary impairments of debt securities expands financial statement disclosures for-than-temporary impairments on debt and equity securities.\n for available for sale debt securities company no intent to sell likely not not required to sell prior to recovery only credit loss component of impairment recognized in earnings rest of fair value loss recognized in accumulated other comprehensive income ( loss ).\n company adopted guidance effective april 1, 2009.\n upon adoption company recognized cumulative-effect adjustment increase in retained earnings ( deficit ) and decrease in accumulated other comprehensive income ( loss ) : ( dollars in thousands ).\n measurement of fair value in inactive markets.\n in april 2009 fasb revised guidance for fair value measurements and disclosures reaffirms fair value is price received to sell asset or paid to transfer liability in orderly transaction between market participants at measurement date under current market conditions.\n reaffirms need to use judgment in determining if formerly active market become inactive and determining fair values when market become inactive.\n no impact to company 2019s financial statements upon adoption.\n fair value disclosures about pension plan assets.\n in december 2008  fasb revised guidance for employers 2019 disclosures about pension plan assets.\n new guidance requires additional disclosures about components of plan assets investment strategies for plan assets significant concentrations of risk within plan assets.\n company with fair value measurement of plan assets separated plan assets into three fair value hierarchy levels provided roll forward of changes in fair value of plan assets classified as level 3 in 2009 annual consolidated financial statements.\ndisclosures no effect on company 2019s accounting for plan benefits obligations.\n revisions to earnings per share calculation.\n june 2008  fasb revised authoritative guidance for earnings per share for determining instruments granted in share-based payment transactions are participating securities.\n new guidance requires unvested share-based payment awards non- forfeitable rights to dividends as separate class of common stock included in earnings per share calculation two-class method.\n company 2019s restricted share awards meet this definition included in basic earnings per share calculation.\n additional disclosures for derivative instruments.\n in march 2008  fasb issued authoritative guidance for derivative instruments hedging activities requires enhanced disclosures on derivative instruments hedged items.\n january 1, 2009  company adopted additional disclosure for equity index put options.\n no comparative information for periods prior to effective date required.\n guidance no impact on company records derivatives.\n\ncumulative-effect adjustment gross | $ 65658\n---------------------------------- | --------------\ntax                                | -8346 ( 8346 )\ncumulative-effect adjustment net   | $ 57312"
}
{
    "_id": "dd4c0aec0",
    "title": "",
    "text": "table of contents statutory surplus table sets forth statutory surplus for company 2019s insurance companies as of december 31 , 2012 and 2011:.\n statutory capital and surplus for.\n life insurance subsidiaries  including domestic captive insurance subsidiaries decreased by $ 978  due to variable annuity surplus impacts of $ 425 , $ 200 increase in reserves on change in valuation basis $ 200 transfer of mutual funds business from.\n life insurance companies to life holding company increase in asset valuation reserve of $ 115.\n january 2013 statutory gain from sale of retirement plans and individual life businesses company's pro forma january 2 , 2013.\n life statutory surplus was estimated to be $ 8. 1 billion  before approximately $ 1. 5 billion in extraordinary dividends and return of capital to hfsg holding company.\n statutory capital and surplus for property and casualty insurance subsidiaries increased by $ 233 , due to statutory net income  after tax  of $ 727 , unrealized gains of $ 249 , increase in statutory admitted deferred tax assets of $ 77  capital contributions of $ 14  increase of statutory admitted assets of $ 7 , offset by dividends to hfsg holding company of $ 841.\n net income and dividends are net of interest payments and dividends on intercompany note between hartford holdings .\n and hartford fire insurance company.\n company holds regulatory capital and surplus for operations in japan.\n under company 2019s statutory capital and surplus was $ 1. 1 billion and $ 1. 3 billion as of december 31 , 2012 and 2011 , respectively.\n statutory capital company stockholders 2019 equity  prepared using.\n generally accepted accounting principles.\ngaap 201d ) was $ 22. 4 billion as of december 31, 2012.\n company 2019s estimated aggregate statutory capital surplus  prepared national association of insurance commissioners 2019 accounting practices procedures manual ( 201cu. s.\n stat 201d ) was $ 14. 1 billion as of december 31 , 2012.\n significant differences between u. s.\n gaap stockholders 2019 equity aggregate statutory capital surplus u. s.\n stat include : 2022 u. s.\n stat excludes equity of non-insurance foreign insurance subsidiaries not held by u. s.\n insurance subsidiaries.\n 2022 costs company to acquire insurance policies are deferred under u. s.\n gaap costs expensed immediately under u. s.\n 2022 temporary differences between book and tax basis of asset or liability recorded as deferred tax assets evaluated for recoverability under u. s.\n gaap amounts deferred subject to limitations under u. s.\n stat.\n 2022 assumptions in determination of life benefit reserves prescribed under u. s.\n stat  assumptions under u. s.\n gaap are company 2019s best estimates.\n methodologies for determining life insurance reserve amounts may be different.\n reserving for living benefit reserves under u. s.\n stat addressed by commissioners 2019 annuity reserving valuation methodology related actuarial guidelines under u. s.\n gaap  living benefits may be considered embedded derivatives recorded at fair value or considered sop 03-1 reserves.\n sensitivity of life insurance reserves to changes in equity markets different between u. s.\n gaap and u. s.\n stat.\n 2022 difference between amortized cost and fair value of fixed maturity other investments  net of tax recorded as increase or decrease to carrying value of related asset equity under u. s.\n gaap , u. s.\n stat records certain securities at fair value equity securities lower rated bonds required by naic to recorded at lower of amortized cost or fair value.\n 2022 u. s.\n stat for life insurance companies establishes formula reserve for realized unrealized losses due to default and equity risks with certain invested assets ( asset valuation reserve ) . s.\n gaap not.\n for realized gains and losses caused by changes in interest rates  u. s.\n stat for life insurance companies defers amortizes gains losses caused by changes in interest rates into income over original life to maturity of asset sold ( interest maintenance reserve ). s.\n gaap does not.\n 2022 goodwill from acquisition of business tested for recoverability on annual basis ( or more frequently as necessary ) for. s.\n gaap  under. s.\n stat goodwill is amortized over period not to exceed 10 years amount of goodwill limited.\n\n| 2012    | 2011\n---------------------------------------------------------------------------------- | ------- | -------\nu.s . life insurance subsidiaries includes domestic captive insurance subsidiaries | $ 6410  | $ 7388\nproperty and casualty insurance subsidiaries                                       | 7645    | 7412\ntotal                                                                              | $ 14055 | $ 14800"
}
{
    "_id": "dd4c4b0a6",
    "title": "",
    "text": "delivered 2015 compared to seven 2014 ).\n increases partially offset by lower net sales $ 350 million for c-130 program due to fewer aircraft deliveries ( 21 aircraft delivered 2015 compared to 24 2014 ) lower sustainment activities aircraft contract mix ; approximately $ 200 million due to decreased volume lower risk retirements programs ; approximately $ 195 million for f-16 program due to fewer deliveries ( 11 aircraft delivered 2015 compared to 17 2014 approximately $ 190 million for f-22 program decreased sustainment activities.\n aeronautics 2019 operating profit 2015 increased $ 32 million  or 2% ( 2 % ) compared to 2014.\n operating profit increased by approximately $ 240 million for f-35 production contracts due to increased volume risk retirements approximately $ 40 million for c-5 program due to increased risk retirements.\n increases offset by lower operating profit $ 90 million for f-22 program due to lower risk retirements $ 70 million for c-130 program reasons lower net sales approximately $ 80 million due to decreased volume risk retirements on programs.\n adjustments not related to volume  including net profit booking rate adjustments other matters approximately $ 100 million higher in 2015 compared to 2014.\n backlog backlog increased in 2016 compared to 2015 due to higher orders on f-35 production sustainment programs.\n backlog increased in 2015 compared to 2014 due to higher orders on f-35 and c-130 programs.\n expect aeronautics 2019 2017 net sales to increase low-double digit percentage range compared to 2016 due to increased volume on f-35 program.\n operating profit expected to increase slightly lower percentage range driven by increased volume on f-35 program partially offset by contract mix slight decrease in operating margins between years.\nmissiles fire control mfc business segment provides air missile defense systems tactical missiles air-to-ground precision strike weapon systems logistics fire control systems mission operations support readiness engineering support integration services manned unmanned ground vehicles energy management solutions.\n mfc 2019s major programs include pac-3  thaad multiple launch rocket system hellfire jassm javelin apache sniper ae  low altitude navigation targeting infrared night ( lantirn ae ) special operations forces contractor logistics support services ( sof clss ).\n 2016 submitted bid for special operations forces global logistics support services ( sof glss ) contract  competitive follow-on contract to sof clss.\n anticipate award decision contract mid-2017.\n mfc 2019s operating results included millions ).\n 2016 compared to 2015 mfc 2019s net sales 2016 decreased $ 162 million  or 2% ( 2 % ) compared to 2015.\n decrease attributable to lower net sales of $ 205 million for air missile defense programs due decreased volume primarily thaad ) lower net sales $ 95 million due to lower volume on various programs.\n decreases partially offset by $ 75 million increase for tactical missiles programs due increased deliveries primarily hellfire ) $ 70 million for fire control programs due to increased volume sof clss ).\n mfc 2019s operating profit 2016 decreased $ 264 million  or 21% ( 21 % )  compared to 2015.\n operating profit decreased approximately $ 145 million for air missile defense programs due to lower risk retirements ( pac-3 thaad ) reserve for contractual matter $ 45 million for tactical missiles programs due lower risk retirements javelin ) $ 45 million for fire control programs due to lower risk retirements ( apache ) program mix.\nadjustments not related to volume including net profit booking rate adjustments reserves $ 225 million lower 2016 compared to 2015.\n\n| 2016             | 2015             | 2014\n------------------ | ---------------- | ---------------- | ----------------\nnet sales          | $ 6608           | $ 6770           | $ 7092\noperating profit   | 1018             | 1282             | 1344\noperating margin   | 15.4% ( 15.4 % ) | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % )\nbacklog atyear-end | $ 14700          | $ 15500          | $ 13300"
}
{
    "_id": "dd4bb3814",
    "title": "",
    "text": "monitor status capital markets regularly evaluate effect changes in capital market conditions on ability to execute announced growth plans fund liquidity needs.\n expect to continue meeting financing liquidity needs primarily through commercial paper borrowings , issuances of senior notes  access to long-term committed credit facilities.\n if conditions in lodging industry deteriorate or if disruptions in capital markets place in aftermath of 2008 worldwide financial crisis and events september 11 , 2001 , may be unable to place some or all commercial paper on temporary or extended basis may rely more on borrowings under credit facility, believe adequate to fund liquidity needs including repayment of debt obligations but may carry higher cost than commercial paper.\n continue ample flexibility under credit facility 2019s covenants expect undrawn bank commitments under credit facility will remain available even if business conditions deteriorate markedly.\n cash from operations cash from operations and non-cash items for last three fiscal years are as follows:.\n non-cash items ( 1 ) 287 1397 514 ( 1 ) includes depreciation , amortization  share-based compensation  deferred income taxes  contract investment amortization.\n ratio of current assets to current liabilities was 0. 4 to 1. 0 at year-end 2018 and 0. 5 to 1. 0 at year-end 2017.\n minimize working capital through cash management  strict credit-granting policies  aggressive collection efforts.\n have significant borrowing capacity under credit facility should need additional working capital.\n investing activities cash flows acquisition of business  net of cash acquired.\n cash outflows of $ 2392 million in 2016 due to starwood combination.\n see footnote 3.\n dispositions and acquisitions for more information.\n capital expenditures and other investments.\nmade capital expenditures of $ 556 million in 2018 , $ 240 million in 2017  $ 199 million in 2016.\n capital expenditures in 2018 increased by $ 316 million compared to 2017  primarily reflecting acquisition sheraton grand phoenix  improvements to worldwide systems net higher spending on several owned properties.\n capital expenditures in 2017 increased by $ 41 million compared to 2016  primarily due to improvements to worldwide systems improvements to hotels acquired in starwood combination.\n expect spending on capital expenditures other investments total approximately $ 500 million to $ 700 million for 2019  including acquisitions  loan advances  equity other investments  contract acquisition costs various capital expenditures ( including approximately $ 225 million for maintenance capital spending ).\n sold lodging properties  completed and under development  subject to long-term management agreements.\n ability of third-party purchasers to raise debt and equity capital necessary to acquire properties depends on perceived risks in lodging industry constraints in capital markets.\n monitor status capital markets regularly evaluate potential impact of changes in capital market conditions on business operations.\n in starwood combination  acquired various hotels joint venture interests in hotels  most sold or seeking to sell  in 2018 acquired sheraton grand phoenix  expect to renovate and sell subject to long-term management agreement.\n expect to continue making selective opportunistic investments to add units to lodging business may include property acquisitions  new construction  loans  guarantees  noncontrolling equity investments.\n seek to minimize capital invested in business through asset sales subject to long term operating or franchise agreements.\nfluctuations in values hotel real estate little impact on our business results because 1 we own less than one percent of hotels we operate or franchise 2 management franchise fees based upon hotel revenues profits than current hotel property values 3 our management agreements do not terminate upon hotel sale or foreclosure.\n dispositions.\n property and asset sales generated $ 479 million cash proceeds in 2018 and $ 1418 million in 2017.\n see footnote 3.\n dispositions and acquisitions for more information on dispositions.\n\n( $ in millions )    | 2018   | 2017   | 2016\n-------------------- | ------ | ------ | ------\ncash from operations | $ 2357 | $ 2227 | $ 1619\nnon-cash items ( 1 ) | 287    | 1397   | 514"
}
{
    "_id": "dd4c024aa",
    "title": "",
    "text": "repatriated related. s.\n tax liability may be reduced by foreign income taxes paid on earnings.\n as of november 30 , 2012  cumulative of earnings upon.\n income taxes not provided is approximately $ 2. 9 billion.\n unrecognized deferred tax liability for earnings is approximately $ 0. 8 billion.\n as of november 30 , 2012.\n net operating loss carryforwards of approximately $ 33. 7 million for federal and $ 77. 7 million for state.\n federal , state and foreign tax credit carryforwards of approximately $ 1. 9 million , $ 18. 0 million and $ 17. 6 million .\n net operating loss carryforward assets  federal tax credits and foreign tax credits expire in from fiscal 2017 through 2032.\n state tax credit carryforwards can be carried forward indefinitely.\n net operating loss carryforward assets and certain credits subject to annual limitation under internal revenue code section 382 expected to be fully realized.\n tracking deferred tax attributes of $ 45. 0 million not recorded in financial statements accounting standards related stock-based compensation.\n amounts no longer included in gross or net deferred tax assets.\n benefit of deferred tax assets will be recorded to equity if when they reduce taxes payable.\n as of november 30 , 2012 valuation allowance of $ 28. 2 million established for certain deferred tax assets related to impairment investments and foreign assets.\n for fiscal 2012  total change in valuation allowance was $ 23. 0 million  of $ 2. 1 million was recorded as a tax benefit through income statement.\n accounting for uncertainty in income taxes during fiscal 2012 and 2011 aggregate changes in total gross amount of unrecognized tax benefits are summarized as ( in thousands ) :.\nas of november 30 , 2012 , combined accrued interest and penalties related to tax positions taken on our tax returns included in non-current income taxes payable was approximately $ 12. 5 million.\n we file income tax returns in u. s.\n federal basis and in many u. s.\n state and foreign jurisdictions.\n subject to continual examination of income tax returns by irs and other domestic and foreign tax authorities.\n major tax jurisdictions are u. s. , ireland california.\n for. earliest fiscal years open for examination are 2005, 2006 2008 , respectively.\n we regularly assess likelihood of outcomes from these examinations to determine adequacy of provision for income taxes reserved for potential adjustments from current examinations.\n believe such estimates to be reasonable ; no assurance that final determination of examinations will not adverse effect on operating results and financial position.\n in august 2011 , canadian income tax examination covering fiscal years 2005 through 2008 completed.\n accrued tax and interest related to these years was approximately $ 35 million previously reported in long-term income taxes payable.\n reclassified approximately $ 17 million to short-term income taxes payable decreased deferred tax assets by approximately $ 18 million in with resolution.\n timing of resolution of income tax examinations is highly uncertain as are amounts and timing of tax payments part of audit settlement process.\n these events could cause large fluctuations in balance sheet classification of current and non-current assets and liabilities.\n company believes before end of fiscal 2013 , it is reasonably possible table of contents adobe systems incorporated notes to consolidated financial statements\n\n| 2012             | 2011\n---------------------------------------------------------------------------- | ---------------- | ----------------\nbeginning balance                                                            | $ 163607         | $ 156925\ngross increases in unrecognized tax benefits 2013 prior year tax positions   | 1038             | 11901\ngross decreases in unrecognized tax benefits 2013 prior year tax positions   | 2014             | -4154 ( 4154 )\ngross increases in unrecognized tax benefits 2013 current year tax positions | 23771            | 32420\nsettlements with taxing authorities                                          | -1754 ( 1754 )   | -29101 ( 29101 )\nlapse of statute of limitations                                              | -25387 ( 25387 ) | -3825 ( 3825 )\nforeign exchange gains and losses                                            | -807 ( 807 )     | -559 ( 559 )\nending balance                                                               | $ 160468         | $ 163607"
}
{
    "_id": "dd4b9649e",
    "title": "",
    "text": "aeronautics business segment 2019s results operations discussion.\n increase in consolidated net adjustments for 2011 compared to 2010 due to increase in profit booking rate adjustments at is&gs and aeronautics business segments.\n aeronautics engaged in research  design  development manufacture integration sustainment support upgrade of advanced military aircraft  combat air mobility aircraft  unmanned air vehicles  related technologies.\n aeronautics 2019 major programs include f-35 lightning ii joint strike fighter f-22 raptor  f-16 fighting falcon c-130 hercules  c-5m super galaxy.\n aeronautics 2019 operating results included ( in millions ) :.\n 2012 compared to 2011 aeronautics 2019 net sales for 2012 increased $ 591 million  or 4% ( 4 % )  compared to 2011.\n increase attributable to higher net sales of $ 745 million from f-35 lrip contracts due to increased production volume ; $ 285 million from f-16 programs due to higher aircraft deliveries ( 37 f-16 aircraft delivered in 2012 compared to 22 2011 ) partially offset by lower volume on sustainment activities due to completion modification programs for international customers approximately $ 140 million from c-5 programs due to higher aircraft deliveries ( four c-5m aircraft delivered in 2012 compared to two 2011 ).\n partially offsetting increases lower net sales of approximately $ 365 million from decreased production volume lower risk retirements on f-22 program final aircraft deliveries completed second quarter 2012 ; $ 110 million from f-35 development contract due to reducing profit booking rate second quarter 2012 lower volume ; about $ 95 million from decrease in volume on other sustainment activities partially offset by other aeronautics programs due to higher volume.\n net sales for c-130 programs comparable to 2011 decline in sustainment activities offset by increased aircraft deliveries.\naeronautics 2019 operating profit 2012 increased $ 69 million or 4% ( 4 % ) compared to 2011.\n increase attributable to higher operating profit $ 105 million from c-130 programs due to increase in risk retirements ; $ 50 million from f-16 programs due to higher aircraft deliveries offset by decline in risk retirements ; $ 50 million from f-35 lrip contracts due to increased production volume risk retirements $ 50 million from completion of purchased intangible asset amortization on f-16 contracts.\n partially offsetting increases lower operating profit of $ 90 million from f-35 development contract due to reducing profit booking rate second quarter 2012 ; $ 50 million from decreased production volume risk retirements on f-22 program offset by resolution of contractual matter second quarter 2012 $ 45 million due to decrease in risk retirements on other sustainment activities partially offset by other aeronautics programs due to increased risk retirements volume.\n operating profit for c-5 programs comparable to 2011.\n adjustments not related to volume including net profit booking rate adjustments other matters approximately $ 30 million lower for 2012 compared to 2011.\n 2011 compared 2010 aeronautics 2019 net sales for 2011 increased $ 1. 3 billion  or 10% ( 10 % )  compared to 2010.\n growth due to higher volume of $ 850 million for work f-35 lrip contracts production increased ; higher volume $ 745 million for c-130 programs due to increase in deliveries ( 33 c-130j aircraft delivered in 2011 compared to 25 2010 ) support activities ; $ 425 million for f-16 support activities increase in aircraft deliveries ( 22 f-16 aircraft delivered 2011 compared to 20 2010 ) $ 90 million for higher volume on c-5 programs ( two c-5m aircraft delivered in 2011 compared to one 2010 ).\nincreases partially offset by decline in net sales approximately $ 675 million due to lower volume f-22 program lower net sales $ 155 million for f-35 development contract as development work decreased.\n\n| 2012             | 2011             | 2010\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 14953          | $ 14362          | $ 13109\noperating profit    | 1699             | 1630             | 1498\noperating margins   | 11.4% ( 11.4 % ) | 11.3% ( 11.3 % ) | 11.4% ( 11.4 % )\nbacklog at year-end | 30100            | 30500            | 27500"
}
{
    "_id": "dd4c0518c",
    "title": "",
    "text": "regulatory balancing accounts accumulate differences between revenues recognized and authorized revenue requirements until collected from customers or refunded.\n accounts include low income programs purchased power and water accounts.\n debt expense amortized over lives of respective issues.\n call premiums on redemption of long- term debt unamortized debt expense deferred and amortized to recovered through future service rates.\n result of american water capital corp. 2019s prepayment of 5. 62% ( 5. 62 % ) series c senior notes due december 21, 2018 ( 201cseries c senior notes 201d ) and 5. 77% ( 5. 77 % ) series d senior notes due december 21, 2021 ( 201cseries d senior notes 201d ) payment of make-whole premium amount to holders of $ 34 million  company recorded $ 6 million charge from early extinguishment of debt at parent company.\n substantially all early debt extinguishment costs to company 2019s utility subsidiaries recorded as regulatory assets believes probable of recovery in future rates.\n approximately $ 1 million of early debt extinguishment costs subsidiaries amortized in 2017.\n purchase premium recoverable through rates is primarily recovery of acquisition premiums related to asset acquisition by company 2019s california utility subsidiary during 2002  and acquisitions in 2007 by company 2019s new jersey utility subsidiary.\n as authorized for recovery by california new jersey costs amortized to depreciation and amortization in consolidated statements of operations through november 2048.\n tank painting costs generally deferred and amortized to operations and maintenance expense in consolidated statements of operations straight-line over periods two to fifteen years as authorized by regulatory authorities in determination of rates charged for service.\nregulatory assets include construction costs for treatment facilities property tax stabilization  employee-related costs deferred postretirement benefit expense business services project expenses coastal water project costs rate case expenditures environmental remediation costs.\n these costs are deferred because amounts recovered in rates or probable of recovery through rates in future periods.\n regulatory liabilities liabilities generally represent amounts probable of being credited or refunded to customers through rate-making process.\n if costs expected to be incurred in future currently being recovered through rates company records expected future costs as regulatory liabilities.\n table summarizes composition of regulatory liabilities as of december 31:.\n income taxes recovered through rates relate to deferred taxes will likely be refunded to company 2019s customers.\n on december 22 , 2017  tcja signed into law  enacted significant complex changes to internal revenue code of 1986 including reduction in maximum.\n federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) as of january 1 , 2018.\n tcja created significant\n\n| 2017   | 2016\n----------------------------------------------------------- | ------ | ------\nincome taxes recovered through rates                        | $ 1242 | $ 2014\nremoval costs recovered through rates                       | 315    | 316\npension and other postretirement benefit balancing accounts | 48     | 55\nother                                                       | 59     | 32\ntotal regulatory liabilities                                | $ 1664 | $ 403"
}
{
    "_id": "dd4bc6856",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) 12.\n share repurchases and dividends activity during years ended december 31 , 2018 and 2017 follows ( in millions except per share amounts ) :.\n as of december 31 , 2018 no repurchased shares pending settlement.\n in october 2017  board of directors added $ 2. 0 billion to existing share repurchase authorization extends through december 31 , 2020.\n share repurchases under program may be made through open market purchases or privately negotiated transactions federal securities laws.\n board of directors approved program timing of purchases prices number of shares common stock purchased determined by management depend upon market conditions other factors.\n share repurchase program may be extended suspended or discontinued.\n as of december 31 , 2018 remaining authorized purchase capacity under october 2017 repurchase program was $ 1. 1 billion.\n dividends in october 2018  board of directors approved quarterly dividend of $ 0. 375 per share.\n cash dividends declared were $ 468. 4 million , $ 446. 3 million and $ 423. 8 million for years ended december 31 , 2018 , 2017 and 2016 .\n as of december 31 , 2018 recorded quarterly dividend payable of $ 121. 0 million to shareholders record at close of business on january 2 , 2019.\n.\n earnings per share computed by dividing net income attributable to republic services , inc.\n by weighted average number of common shares ( including vested but unissued rsus ) outstanding during period.\ndiluted earnings per share based on combined weighted average number of common shares and share equivalents outstanding include appropriate assumed exercise of employee stock options  unvested rsus unvested psus at expected attainment levels.\n use treasury stock method in computing diluted earnings per share.\n\n| 2018    | 2017\n------------------------------- | ------- | -------\nnumber of shares repurchased    | 10.7    | 9.6\namount paid                     | $ 736.9 | $ 610.7\nweighted average cost per share | $ 69.06 | $ 63.84"
}
{
    "_id": "dd4c0b9f6",
    "title": "",
    "text": "commodities purchased for use in supply chain.\n manage exposures through combination purchase orders , long-term contracts with suppliers  exchange-traded futures and options  over-the-counter options and swaps.\n offset exposures based on current projected market conditions seek to acquire inputs at close to planned cost possible.\n use derivatives to manage exposure to changes in commodity prices.\n not perform assessments required to hedge accounting for commodity derivative positions.\n changes in values of derivatives recorded in cost of sales in consolidated statements of earnings.\n not meet criteria for cash flow hedge accounting , believe these instruments effective in objective of providing certainty in future price of commodities purchased for in supply chain.\n for measuring segment operating performance gains and losses reported in unallocated corporate items outside of segment operating results until exposure managing affects earnings.\n reclassify gain or loss from unallocated corporate items to segment operating profit  allowing operating segments to realize economic effects of derivative without experiencing mark-to-market volatility  remains in unallocated corporate items.\n unallocated corporate items for fiscal 2019 , 2018 and 2017 included:.\n net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ ( 36. 0 ) $ 32. 1 $ 13. 9 as of may 26 , 2019 , net notional value of commodity derivatives was $ 312. 5 million , of $ 242. 9 million related to agricultural inputs and $ 69. 6 million related to energy inputs.\n contracts relate to inputs generally be utilized within next 12 months.\n interest rate risk exposed to interest rate volatility with future issuances of fixed-rate debt , existing and future issuances of floating-rate debt.\n primary exposures include u..\n treasury rates  libor euribor  commercial paper rates in united states europe.\n we use interest rate swaps  forward-starting interest rate swaps treasury locks to hedge exposure to interest rate changes reduce volatility financing costs achieve desired proportion of fixed rate versus floating-rate debt  based on current projected market conditions.\n under swaps agree with counterparty to exchange difference between fixed-rate and floating-rate interest amounts based on agreed notional principal amount.\n floating interest rate exposures 2014 floating-to-fixed interest rate swaps as cash flow hedges all hedges of forecasted issuances debt.\n effectiveness assessed based on perfectly effective hypothetical derivative method or changes in present value of interest payments on underlying debt.\n effective gains and losses deferred to aoci reclassified into earnings over life of associated debt.\n ineffective gains and losses recorded as net interest.\n amount hedge ineffectiveness was less than $ 1 million in fiscal 2019  $ 2. 6 million loss in fiscal 2018  less than $ 1 million in fiscal 2017.\n fixed interest rate exposures 2014 fixed-to-floating interest rate swaps as fair value hedges with effectiveness assessed based on changes in fair value of underlying debt and derivatives\n\nin millions                                                                                              | fiscal year 2019 | fiscal year 2018 | fiscal year 2017\n-------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet gain ( loss ) onmark-to-marketvaluation of commodity positions                                       | $ -39.0 ( 39.0 ) | $ 14.3           | $ -22.0 ( 22.0 )\nnet loss on commodity positions reclassified from unallocated corporate items to segmentoperating profit | 10.0             | 11.3             | 32.0\nnetmark-to-marketrevaluation of certain grain inventories                                                | -7.0 ( 7.0 )     | 6.5              | 3.9\nnetmark-to-marketvaluation of certain commodity positions recognized in unallocated corporate items      | $ -36.0 ( 36.0 ) | $ 32.1           | $ 13.9"
}
{
    "_id": "dd4b87912",
    "title": "",
    "text": "net decrease in 2016 effective tax rate due to 2016 asset impairments in u. s.\n and current year benefit related to restructuring of brazilian businesses increases tax basis in long-term assets.\n 2015 rate impacted by items described below.\n see note 20 2014asset impairment expense for additional information 2016.\n asset impairments.\n income tax expense increased $ 101 million  or 27% ( 27 % ) , to $ 472 million in 2015.\n company's effective tax rates were 41% ( 41 % ) and 26% ( 26 % ) for years ended december 31, 2015 and 2014 .\n net increase in 2015 effective tax rate due to nondeductible 2015 impairment of goodwill at u. s.\n utility , dp&l and chilean withholding taxes offset by release of valuation allowance at businesses in brazil , vietnam u. s.\n 2014 rate impacted by sale of approximately 45% ( 45 % ) of company 2019s interest in masin aes pte ltd. company 2019s business interests in philippines and 2014 sale of company 2019s interests in four u.\n wind operating projects.\n neither transactions gave rise to income tax expense.\n see note 15 2014equity for additional information sale of approximately 45% ( 45 % ) of company 2019s interest in masin-aes pte ltd.\n see note 23 2014dispositions for information sale of company 2019s interests in four u.\n wind operating projects.\n effective tax rate reflects tax effect of significant operations outside u. s.  generally taxed at rates lower than u. s.\n statutory rate of 35% ( 35 % ).\n future proportionate change in composition of income before income taxes from foreign and domestic tax jurisdictions could impact periodic effective tax rate.\ncompany benefits from reduced tax rates in countries satisfying specific commitments regarding employment capital investment.\n see note 21 2014income taxes for additional information reduced rates.\n foreign currency transaction gains ( losses ) gains losses ) in millions were as follows:.\n total ( 1 ) $ ( 15 ) $ 107 $ 11 ( 1 ) includes gains of $ 17 million , $ 247 million $ 172 million on foreign currency derivative contracts for years ended december 31 , 2016 , 2015 2014  respectively.\n company recognized net foreign currency transaction loss of $ 15 million for year ended december 31, 2016 due to losses of $ 50 million at aes corporation due to remeasurement losses on intercompany notes  losses on swaps and options.\n loss partially offset by gains of $ 37 million in argentina  due to favorable impact of foreign currency derivatives related to government receivables.\n company recognized net foreign currency transaction gain of $ 107 million for year ended december 31 , 2015 primarily due to gains of : 2022 $ 124 million in argentina  due to favorable impact from foreign currency derivatives related to government receivables partially offset by losses from devaluation of argentine peso associated with.\n dollar denominated debt  losses at termoandes.\n dollar currency subsidiary ) associated with cash and accounts receivable balances in local currency  2022 $ 29 million in colombia due to depreciation of colombian peso  impacting chivor.\n currency subsidiary ) due to liabilities denominated in colombian pesos 2022 $ 11 million in united kingdom  due to depreciation of pound sterling  in gains at ballylumford holdings.\n currency subsidiary associated with intercompany notes payable denominated in pound sterling \n\nyears ended december 31, | 2016         | 2015         | 2014\n------------------------ | ------------ | ------------ | ------------\naes corporation          | $ -50 ( 50 ) | $ -31 ( 31 ) | $ -34 ( 34 )\nchile                    | -9 ( 9 )     | -18 ( 18 )   | -30 ( 30 )\ncolombia                 | -8 ( 8 )     | 29           | 17\nmexico                   | -8 ( 8 )     | -6 ( 6 )     | -14 ( 14 )\nphilippines              | 12           | 8            | 11\nunited kingdom           | 13           | 11           | 12\nargentina                | 37           | 124          | 66\nother                    | -2 ( 2 )     | -10 ( 10 )   | -17 ( 17 )\ntotal ( 1 )              | $ -15 ( 15 ) | $ 107        | $ 11"
}
{
    "_id": "dd4c56316",
    "title": "",
    "text": "management 2019s discussion analysis 120 jpmorgan chase & co. /2010 annual report wholesale credit portfolio as december 31 , 2010 wholesale exposure ( ib , cb  tss am ) increased by $ 36. 9 billion from december 31  2009.\n increase driven by increases $ 23. 5 billion loans $ 16. 8 billion receivables from customers offset by decreases in interests purchase receivables lending-related commitments of $ 2. 5 billion and $ 1. 1 billion.\n de- crease lending-related commitments increase in loans related to january 1, 2010 adoption accounting guidance vies resulted elimination net $ 17. 7 billion lending-related commitments between firm administrated multi-seller conduits upon consolidation.\n assets consolidated conduits included $ 15. 1 billion wholesale loans at january 1 , 2010.\n excluding effect accounting guidance lending-related commitments loans have increased by $ 16. 6 billion and $ 8. 4 billion mainly related to in- creased client activity.\n increase in loans included pur- chase of $ 3. 5 billion loan portfolio in cb during third quarter of 2010.\n increase of $ 16. 8 billion in receivables from customers due to increased client activity predominantly prime services.\n wholesale.\n net credit derivative hedges notional ( d ) $ ( 23108 ) $ ( 48376 ) $ ( 55 ) $ ( 139 ) liquid securities other cash collateral held against derivatives ( e ) ( 16486 ) ( 15519 ) na a ) represents margin loans to prime retail brokerage customers included in accrued interest accounts receivable on consolidated balance sheets.\nb ) represents ownership interest in cash flows of pool receivables transferred by third-party seller into bankruptcy-remote entity generally trust.\n c ) amounts nonperforming represent unfunded commitments risk rated as nonaccrual.\n d ) represents net notional amount of protection purchased and sold of single-name portfolio credit derivatives to manage performing and nonperform- ing credit exposures ; derivatives not qualify for hedge accounting under u. s.\n gaap.\n additional information see credit derivatives on pages 126 2013128 note 6 on pages 191 2013199 of annual report.\n e ) represents other liquid securities collateral and cash collateral held by firm.\n f ) excludes assets acquired in loan satisfactions.\n table presents summaries of maturity ratings profiles of wholesale portfolio as of december 31 , 2010 and 2009.\n ratings scale based on firm 2019s internal risk ratings correspond to ratings defined by s&p and moody 2019s.\n included in table is notional value of net credit derivative hedges ; counterparties hedges are predominantly investment grade banks and finance companies.\n\ndecember 31 , ( in millions )                                              | december 31 , 2010 | december 31 , 2009 | 2010         | 2009\n-------------------------------------------------------------------------- | ------------------ | ------------------ | ------------ | --------------\nloans retained                                                             | $ 222510           | $ 200077           | $ 5510       | $ 6559\nloans held-for-sale                                                        | 3147               | 2734               | 341          | 234\nloans at fair value                                                        | 1976               | 1364               | 155          | 111\nloans 2013 reported                                                        | 227633             | 204175             | 6006         | 6904\nderivative receivables                                                     | 80481              | 80210              | 34           | 529\nreceivables from customers ( a )                                           | 32541              | 15745              | 2014         | 2014\ninterests in purchased receivables ( b )                                   | 391                | 2927               | 2014         | 2014\ntotal wholesale credit-related assets                                      | 341046             | 303057             | 6040         | 7433\nlending-related commitments ( c )                                          | 346079             | 347155             | 1005         | 1577\ntotal wholesale credit exposure                                            | $ 687125           | $ 650212           | $ 7045       | $ 9010\nnet credit derivative hedges notional ( d )                                | $ -23108 ( 23108 ) | $ -48376 ( 48376 ) | $ -55 ( 55 ) | $ -139 ( 139 )\nliquid securities and other cash collateral held against derivatives ( e ) | -16486 ( 16486 )   | -15519 ( 15519 )   | na           | na"
}
{
    "_id": "dd4ba508e",
    "title": "",
    "text": "74 2012 ppg annual report form 10-k 25.\n separation and merger transaction on january , 28 , 2013  company completed announced separation of commodity chemicals business merger of wholly-owned subsidiary  eagle spinco inc. with subsidiary of georgia gulf corporation in tax efficient reverse morris trust transaction ( 201ctransaction 201d ).\n pursuant merger eagle spinco  entity holding ppg's former commodity chemicals business now wholly-owned subsidiary of georgia gulf.\n closing merger followed expiration of related exchange offer satisfaction of certain other conditions.\n combined company formed by uniting georgia gulf with ppg's former commodity chemicals business named axiall corporation ( 201caxiall 201d ).\n ppg holds no ownership interest in axiall.\n ppg received necessary ruling from internal revenue service transaction generally tax free to ppg shareholders.\n terms exchange offer 35249104 shares of eagle spinco common stock available for distribution in exchange for shares of ppg common stock accepted offer.\n following merger each share of eagle spinco common stock converted into right to receive one share of axiall corporation common stock.\n ppg shareholders tendered shares of ppg common stock offer received 3. 2562 shares of axiall common stock for each share of ppg common stock accepted for exchange.\n ppg able to accept maximum of 10825227 shares of ppg common stock for exchange offer reduced outstanding shares by approximately 7% ( 7 % ).\n under terms transaction  ppg received $ 900 million of cash and 35. 2 million shares of axiall common stock ( market value of $ 1. 8 billion on january 25, 2013 ) distributed to ppg shareholders by exchange offer described.\ncash consideration subject to customary post-closing adjustment including working capital adjustment.\n in transaction  ppg transferred environmental remediation liabilities  defined benefit pension plan assets liabilities other post-employment benefit liabilities related to commodity chemicals business to axiall.\n ppg report gain on transaction reflecting excess of cash proceeds received and cost ( closing stock price on january 25 , 2013 ) of ppg shares tendered and accepted in exchange for 35. 2 million shares of axiall common stock over net book value of net assets of ppg's former commodity chemicals business.\n transaction in net partial settlement loss associated with spin out and termination of defined benefit pension liabilities transfer of other post-retirement benefit liabilities under terms transaction.\n during 2012  company incurred $ 21 million of pretax expense  primarily for professional services related to transaction.\n additional transaction-related expenses incurred in 2013.\n ppg report results of commodity chemicals business for january 2013 net gain on transaction as results from discontinued operations reports results for quarter ending march 31 , 2013.\n in ppg results for prior periods for comparative with first quarter 2013 results of former commodity chemicals business reclassified from continuing operations presented as results from discontinued operations.\n net sales and income before income taxes of commodity chemicals business reclassified reported as discontinued operations presented in table below for years ended december 31 , 2012 , 2011 and 2010:.\n income before income taxes for year ended december 31 , 2012 , 2011 and 2010 is $ 4 million lower , $ 6 million higher and $ 2 million lower  than segment earnings for ppg commodity chemicals segment reported for these periods.\ndifferences due to inclusion of certain gains  losses expenses associated with chlor-alkali derivatives business not reported in ppg commodity chemicals segment earnings accordance with accounting guidance on segment reporting.\n table of contents notes to consolidated financial statements\n\nmillions                   | year-ended 2012 | year-ended 2011 | year-ended 2010\n-------------------------- | --------------- | --------------- | ---------------\nnet sales                  | $ 1700          | $ 1741          | $ 1441\nincome before income taxes | $ 368           | $ 376           | $ 187"
}
{
    "_id": "dd4c352f6",
    "title": "",
    "text": "table of contents notes to consolidated financial statements of american airlines , inc.\n certificate of incorporation ( ) contains transfer restrictions applicable to certain substantial stockholders.\n purpose transfer restrictions to prevent ownership change, no assurance ownership change will not occur even with transfer restrictions.\n copy of certificate of incorporation attached as exhibit 3. 1 to current report on form 8-k filed by aag with sec on december 9 , 2013.\n reorganization items  net reorganization items refer to revenues  expenses ( including professional fees )  realized gains and losses provisions for losses realized or incurred in chapter 11 cases.\n table summarizes components included in reorganization items , net on consolidated statement of operations for year ended december 31 , 2013 ( in millions ) : december 31.\n in exchange for employees 2019 contributions to successful reorganization  including agreeing reductions in pay and benefits  american agreed plan to provide each employee group a deemed claim , used to provide distribution of portion of equity of reorganized entity to employees.\n each employee group received deemed claim amount based upon portion of value of cost savings provided by group through reductions to pay and benefits certain work rule changes.\n total value of deemed claim was approximately $ 1. 7 billion.\n 2 amounts include allowed claims ( claims approved by bankruptcy court ) and estimated allowed claims relating to rejection or modification of financings related to aircraft entry of orders treated as unsecured claims with respect facility agreements supporting certain issuances of special facility revenue bonds.\ndebtors recorded estimated claim associated with rejection or modification of financing or facility agreement when applicable motion filed with bankruptcy court to reject or modify financing agreement debtors believed probable motion would be approved sufficient information to estimate claim.\n ( 3 ) pursuant to plan debtors agreed to allow post-petition unsecured claims on obligations.\n during year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to 1990 and 1994 series of special facility revenue bonds financed improvements at john f.\n kennedy international airport ( jfk ) , and rejected bonds financed certain improvements at chicago o 2019hare international airport ( ord )  included in table above.\n ( 4 plan allowed unsecured creditors receiving aag series a preferred stock a conversion discount of 3. 5% ( 3. 5 % ).\n american recorded fair value of discount upon confirmation of plan by bankruptcy court.\n\n| december 31 2013\n------------------------------------------------------------------------- | ----------------\nlabor-related deemed claim ( 1 )                                          | $ 1733\naircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 320\nfair value of conversion discount ( 4 )                                   | 218\nprofessional fees                                                         | 199\nother                                                                     | 170\ntotal reorganization items net                                            | $ 2640"
}
{
    "_id": "dd4c52716",
    "title": "",
    "text": "10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 10/28/18 applied materials , inc.\n s&p 500 rdg semiconductor composite part ii item 5 : market for registrant 2019s common equity  related stockholder matters issuer purchases equity securities market information applied 2019s common stock traded nasdaq global select market under symbol amat.\n as of december 7 , 2018 2854 registered holders applied common stock.\n performance graph shows five-year cumulative total stockholder return on applied common stock period october 27, 2013 through october 28 , 2018.\n compared with cumulative total return of standard & poor 2019s 500 stock index rdg semiconductor composite index same period.\n comparison assumes $ 100 invested october 27 , 2013 in applied common stock each foregoing indices assumes reinvestment of dividends .\n dollar amounts graph rounded to nearest whole dollar.\n performance represents past performance not indication of future performance.\n comparison of 5 year cumulative total return* among applied materials , inc. s&p 500 index rdg semiconductor composite index *assumes $ 100 invested 10/27/13 in stock or 10/31/13 in index  including reinvestment of dividends.\n indexes calculated month-end basis.\n copyright a9 2018 standard & poor 2019s , division of s&p global.\n all rights reserved.\n\n| 10/27/2013 | 10/26/2014 | 10/25/2015 | 10/30/2016 | 10/29/2017 | 10/28/2018\n--------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\napplied materials                 | 100.00     | 121.04     | 96.67      | 171.69     | 343.16     | 198.27\ns&p 500 index                     | 100.00     | 117.27     | 123.37     | 128.93     | 159.40     | 171.11\nrdg semiconductor composite index | 100.00     | 128.42     | 126.26     | 154.41     | 232.29     | 221.61"
}
{
    "_id": "dd4b8b03a",
    "title": "",
    "text": "february 2008  issued $ 300. 0 million of 8. 375% ( 8. 375 % ) series o cumulative redeemable preferred shares.\n indentures ( related supplemental indentures ) governing our outstanding series notes require to comply with financial ratios other covenants regarding operations.\n in compliance with all covenants as of december 31 , 2007.\n sale of real estate assets utilize sales real estate assets as additional source of liquidity.\n pursue opportunities to sell real estate assets at favorable prices capture value created improve quality of portfolio by recycling sale proceeds into new properties with greater value creation opportunities.\n uses of liquidity principal uses liquidity include : 2022 property investments ; 2022 recurring leasing/capital costs ; 2022 dividends distributions to shareholders unitholders ; 2022 long-term debt maturities ; 2022 other contractual obligations property investments evaluate development acquisition opportunities based upon market outlook supply long-term growth potential.\n recurring expenditures principal uses of liquidity to fund recurring leasing/capital expenditures of real estate investments.\n summary of recurring capital expenditures for years ended december 31, 2007 , 2006 2005  ( in thousands ) :.\n dividends and distributions to qualify as reit for federal income tax purposes must distribute at least 90% ( 90 % ) of taxable income to shareholders.\n paid dividends per share of $ 1. 91 , $ 1. 89 and $ 1. 87 for years ended december 31 , 2007 , 2006 2005 .\n paid one-time special dividend of $ 1. 05 per share in 2005 result of significant gain from industrial portfolio sale.\n expect to continue to distribute taxable earnings to meet requirements maintain reit status.\ndistributions declared at discretion of board of directors subject to actual cash available for distribution financial condition capital requirements other factors board directors deems relevant.\n debt maturities debt outstanding at december 31 , 2007 totaled $ 4. 3 billion weighted average interest rate of 5. 74% ( 5. 74 % ) maturing various dates through 2028.\n had $ 3. 2 billion of unsecured notes $ 546. 1 million outstanding on unsecured lines of credit $ 524. 4 million secured debt outstanding at december 31 , 2007.\n scheduled principal amortization maturities debt totaled $ 249. 8 million for year ended december 31, 2007 $ 146. 4 million secured debt transferred to unconsolidated subsidiaries contribution of properties in 2007.\n\n| 2007    | 2006    | 2005\n----------------------------- | ------- | ------- | --------\nrecurring tenant improvements | $ 45296 | $ 41895 | $ 60633\nrecurring leasing costs       | 32238   | 32983   | 33175\nbuilding improvements         | 8402    | 8122    | 15232\ntotals                        | $ 85936 | $ 83000 | $ 109040"
}
{
    "_id": "dd4c1cf30",
    "title": "",
    "text": "expected durations less than one year.\n company offers twelve-month warranty for products.\n company 2019s warranty policy provides for replacement of defective products.\n specific accruals recorded forff known product warranty issues.\n transaction price : transaction price reflects company 2019s expectations about consideration from customer may include fixed or variable amounts.\n fixed consideration includes sales to direct customers and sales to distributors in both sale to distributor and sale to end customer occur within same reporting period.\n variable consideration includes sales in amount of consideration company receive unknown as of end of reporting period.\n consideration includes credits issued to distributor due to price protection and sales made to distributors under agreements allow certain rights of return , referred to as stock rotation.\n price protection represents price discounts granted to certain distributors to allow distributor to earn appropriate margin on sales negotiated with certain customers in event price decrease subsequent to date product shipped and billed to distributor.\n stock rotation allows distributors limited levels returns to reduce slow-moving , discontinued or obsolete product from inventory.\n liability for distributor credits covering variable consideration made based on company's estimate of historical experience rates considering economic conditions and contractual terms.\n actual distributor claims activity consistent with provisions company made based on historical estimates.\n for years ended november 2 , 2019 and november 3, 2018  sales to distributors were $ 3. 4 billion in both periods , net of variable consideration for liability balances as of november 2 , 2019 and november 3 , 2018 were $ 227. 0 million and $ 144. 9 million , respectively.\n contract balances : accounts receivable represents company 2019s unconditional right to receive consideration from customers.\n payments typically due within 30 to 45 days of invoicing do not include significant financing component.\n to no material impairment losses on accounts receivable.\nno material contract assets or contract liabilities recorded on consolidated balance sheets in periods presented.\n company warrants products meet published specifications company repair or replace defective products for twelve-months from date title passes to customer.\n specific accruals recorded for known product warranty issues.\n product warranty expenses during fiscal 2019 , fiscal 2018 fiscal 2017 not material.\n.\n accumulated other compcc rehensive ( loss ) income comprehensive ( loss ) income ( aoci ) includes certain transactions reported in consolidated statement of shareholders 2019 equity.\n components of aoci at november 2, 2019 and november 3, 2018 consisted of following net of tax : foreign currency translation adjustment unrealized holding gains ( losses ) on available for sale securities unrealized holding ( losses ) on derivatives pension plans total.\n november 2 , 2019 $ ( 30076 ) $ 2014 $ ( 118015 ) $ ( 39708 ) $ ( 187799 ) ( ) ( ) analog devices  inc.\n notes to consolidated financial statements 2014 (\n\n| foreign currency translation adjustment | unrealized holding gains ( losses ) on available for sale securities | unrealized holding gains ( losses ) on derivatives | pension plans      | total\n------------------------------------------------------------ | --------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------- | ------------------ | --------------------\nnovember 3 2018                                              | $ -28711 ( 28711 )                      | $ -10 ( 10 )                                                         | $ -14355 ( 14355 )                                 | $ -15364 ( 15364 ) | $ -58440 ( 58440 )\nother comprehensive ( loss ) income before reclassifications | -1365 ( 1365 )                          | 10                                                                   | -140728 ( 140728 )                                 | -31082 ( 31082 )   | -173165 ( 173165 )\namounts reclassified out of other comprehensive loss         | 2014                                    | 2014                                                                 | 9185                                               | 1004               | 10189\ntax effects                                                  | 2014                                    | 2014                                                                 | 27883                                              | 5734               | 33617\nother comprehensive ( loss ) income                          | -1365 ( 1365 )                          | 10                                                                   | -103660 ( 103660 )                                 | -24344 ( 24344 )   | -129359 ( 129359 )\nnovember 2 2019                                              | $ -30076 ( 30076 )                      | $ 2014                                                               | $ -118015 ( 118015 )                               | $ -39708 ( 39708 ) | $ -187799 ( 187799 )"
}
{
    "_id": "dd4b87214",
    "title": "",
    "text": "tax returns for 2001 and beyond open for examination under statute.\n unrecognized tax benefits not expected to change significantly over next 12 months.\n 19.\n stock-based management compensation plans in april 2009  company approved global incentive plan replaces company 2019s 2004 stock incentive plan.\n 2009 global incentive plan ( 201cgip 201d ) enables compensation committee board of directors to award incentive nonqualified stock options  stock appreciation rights  shares of series a common stock  restricted stock restricted stock units ( 201crsus 201d ) incentive bonuses be paid in cash or stock combination ) performance-based  with vesting other award provisions provide effective incentive to company employees including officers ) non-management directors service providers.\n under 2009 gip  company no longer can grant rsus with right to participate in dividends or dividend equivalents.\n maximum number of shares be issued under 2009 gip equal to 5350000 shares plus ( a ) any shares of series a common stock available for issuance under 2004 stock incentive plan ( 201csip 201d ) ( not including shares of series common stock subject to outstanding awards under 2004 sip or shares series stock issued pursuant to awards under 2004 sip ) b ) any awards under 2004 stock incentive plan remain outstanding cease for any reason to be subject to such awards ( other than by reason exercise or settlement of award award exercised for or settled in vested non-forfeitable shares ).\n as of december 31 , 2010  total shares available for awards and total shares subject to outstanding awards as follows : shares available for awards shares subject to outstanding awards.\ntermination of participant 2019s employment with company by death or disability or company without cause ( as defined in award agreements )  award amount equal to ( i ) value of award granted multiplied by ( ii ) a fraction , ( x ) numerator is number of full months between grant date and date of termination  and ( y ) denominator is term of award  product rounded down to nearest whole number  reduced by ( iii ) value of any award previously vested  immediately vest and become payable to participant.\n upon termination of participant 2019s employment company for any other reason unvested portion of award forfeited and cancelled without consideration.\n $ 19 million and $ 0 million of tax benefit realized from stock option exercises and vesting of rsus during years ended december 31 , 2010 and 2009 .\n during year ended december 31 , 2008 company reversed $ 8 million of $ 19 million tax benefit realized during year ended december 31 , 2007.\n deferred compensation in april 2007  certain participants in company 2019s 2004 deferred compensation plan elected to participate in revised program includes cash awards and restricted stock units ( ).\n based on participation in revised program company expensed $ 9 million , $ 10 million and $ 8 million during years ended december 31 , 2010 , 2009 and 2008  related to revised program made payments of $ 4 million during year ended december 31 , 2010 to participants who left company and $ 28 million to active employees during december 2010.\n as of december 31 , 2010  $ 1 million remains to be paid during 2011 under revised program.\n as of december 31 , 2009 no deferred compensation payable remaining associated with 2004 deferred compensation plan.\ncompany recorded expense participants 2004 deferred %%transmsg*** transmitting job : d77691 pcn : 132000000 ***%%pcmsg|132 |00011|yes|no|02/09/2011 18:22|0|0|page valid no graphics color : n|\n\n| shares available for awards | shares subject to outstanding awards\n-------------------------- | --------------------------- | ------------------------------------\n2009 global incentive plan | 2322450                     | 2530454\n2004 stock incentive plan  | -                           | 5923147"
}
{
    "_id": "dd4c4a82c",
    "title": "",
    "text": "table provides information as of may 31 , 2014 concerning shares company 2019s common stock issued under existing equity compensation plans.\n for more information see note 11 to notes to consolidated financial statements.\n plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options  warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders 766801 $ 40. 85 8945694 equity plans not approved by security holders 2014.\n information in table includes shares of common stock available for issuance other than upon exercise of option , warrant or right under employee stock purchase plan and 2011 incentive plan.\n includes 977296 shares authorized under amended and restated 2005 incentive plan and 584004 shares under 2000 long-term incentive plan.\n we not intend to issue shares under amended and restated 2005 incentive plan or 2000 long-term incentive plan.\n item 13 2014 certain relationships and related transactions , director independence incorporate in item 13 information regarding certain relationships and related transactions between us and affiliates and independence of directors contained under headings 201ccertain relationships and related transactions 201d and 201cboard independence 201d from proxy statement connection with 2014 annual meeting of shareholders.\n item 14 2014principal accounting fees and services incorporate item 14 information regarding principal accounting fees and services under heading 201cratification of reappointment of auditors 201d from proxy statement in connection with 2014 annual meeting of shareholders.\n\nplan category                                              | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exerciseprice of outstanding options warrants and rights ( b ) | number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )\n---------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders     | 766801                                                                                           | $ 40.85                                                                         | 8945694\nequity compensation plans not approved by security holders | 2014                                                                                             | 2014                                                                            | 2014\ntotal                                                      | 766801                                                                                           | $ 40.85                                                                         | 8945694"
}
{
    "_id": "dd4c2843e",
    "title": "",
    "text": "property investmentp our strategy is to continue increase investment in quality industrial properties in existing and new markets and increase investment in on-campus or hospital affiliated medical offf fice properties.\n we evaluate development and acquisition opportunities based upon market outlook  including general economic conditions supply and long-term growth potential.\n ability to make future property investments is dependent upon identifying suitable acquisition and development opportunities continued access to longer-term sources of liquidity including issuances of debt or equity securities generating cash flow by disposing of selected properties.\n leasing/capital costsg p tenant improvements and lease-related costs pertaining to initial leasing of newly completed space or vacant space in acquired properties are referred to as first generation expenditures.\n first generation expenditures for tenant improvements included within \"development of real estate investments\" in consolidated statements of cash flows expenditures for lease-related costs included within \"other deferred leasing costs. cash expenditures related to construction of building's shell  associated site improvements also included within \"development of real estate investments\" in consolidated statements of cash flows.\n tenant improvements and leasing costs to re-let rental space previously leased to tenants are referred to as tt second generation expenditures.\n building improvements not specific to any tenant improve integral components of real estate properties are also second generation expenditures.\n principal uses of liquidity is to fund second generation leasing/capital expenditures of real estate investments.\n following table summarizes second generation capital expenditures by type of expenditure capital expenditures for development of real estate investments and for other deferred leasing costs ( in thousands ) :.\nsecond generation capital expenditures lower during 2016 2015  compared to 2014 result of significant dispositions of office properties more capital intensive to re-lease than industrial properties.\n wholly owned properties under development expected cost $ 713. 1 million at december 31 , 2016 compared to projects expected cost $ 599. 8 million and $ 470. 2 million at december 31 , 2015 2014 .\n capital expenditures table include capitalization of internal overhead costs.\n capitalized $ 24. 0 million , $ 21. 7 million $ 23. 9 million overhead costs related to leasing activities including first and second generation leases during years ended december 31 , 2016 , 2015 2014.\n capitalized $ 25. 9 million , $ 23. 8 million $ 28. 8 million of overhead costs related to development activities including development tenant improvement projects on first and second generation space  during years ended december 31 , 2016  2015 2014.\n combined overhead costs capitalized to leasing and development totaled 33. 5% ( 33. 5 % ) , 29. 0% ( 29. 0 % ) 31. 4% ( 31. 4 % ) of overall pool of overhead costs at december 31 , 2016 , 2015 2014 .\n further discussion of capitalization of overhead costs in year-to-year comparisons of general and administrative expenses critical accounting policies sections of item 7.\n\n| 2016     | 2015     | 2014\n-------------------------------------------- | -------- | -------- | --------\nsecond generation tenant improvements        | $ 24622  | $ 28681  | $ 51699\nsecond generation leasing costs              | 27029    | 24471    | 37898\nbuilding improvements                        | 7698     | 8748     | 9224\ntotal second generation capital expenditures | $ 59349  | $ 61900  | $ 98821\ndevelopment of real estate investments       | $ 401442 | $ 370466 | $ 446722\nother deferred leasing costs                 | $ 38410  | $ 30790  | $ 31503"
}
{
    "_id": "dd4b8e3ac",
    "title": "",
    "text": "table summarizes changes in company 2019s valuation allowance:.\n note 14 : employee benefits pension and other postretirement benefits company maintains noncontributory defined benefit pension plans covering eligible employees of regulated utility and shared services operations.\n benefits under plans based on employee 2019s years of service and compensation.\n pension plans closed for most employees hired after january 1 , 2006.\n union employees hired after january 1 , 2001 had accrued benefit frozen receive benefit as lump sum upon termination or retirement.\n union employees hired after january 1 , 2001 and non-union employees hired after january 1 , 2006 provided with 5. 25% (. % ) of base pay defined contribution plan.\n company not participate in multiemployer plan.\n company funding policy is to contribute greater of minimum amount required by employee retirement income security act of 1974 or normal cost additional contribution if needed to avoid 201cat risk 201d status and benefit restrictions under pension protection act of 2006.\n company may increase contributions if appropriate to tax and cash position plan funded position.\n pension plan assets invested in actively managed indexed investments including equity and bond mutual funds fixed income securities guaranteed interest contracts with insurance companies.\n pension expense in excess of amount contributed to pension plans deferred by regulated subsidiaries pending future recovery in rates charged for utility services contributions made to plans.\n see note 6 company also has several unfunded noncontributory supplemental non-qualified pension plans provide additional retirement benefits to certain employees.\n company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees.\n retiree welfare plans closed for union employees hired after january 1 , 2006.\n plans previously closed for non-union employees hired or after january 1 , 2002.\ncompany 2019s policy is to fund other postretirement benefit costs for rate-making purposes.\n plan assets invested in equity and bond mutual funds , fixed income securities  real estate investment trusts ( 201creits 201d ) emerging market funds.\n obligations plans dominated by obligations for active employees.\n timing of expected benefit payments far in future size of plan assets small relative to company 2019s assets  investment strategy is to allocate significant percentage of assets to equities , company believes provide highest return over long-term period.\n fixed income assets invested in long duration debt securities may be invested in fixed income instruments  futures and options in to better match duration of plan liability.\n\nbalance at january 1 2010                 | $ 25621\n----------------------------------------- | --------------\nincreases in current period tax positions | 907\ndecreases in current period tax positions | -2740 ( 2740 )\nbalance at december 31 2010               | $ 23788\nincreases in current period tax positions | 1525\ndecreases in current period tax positions | -3734 ( 3734 )\nbalance at december 31 2011               | $ 21579\nincreases in current period tax positions | 0\ndecreases in current period tax positions | -2059 ( 2059 )\nbalance at december 31 2012               | $ 19520"
}
{
    "_id": "dd4b91048",
    "title": "",
    "text": "note 12 2013 stock-based compensation 2013  2012 2011  recorded non-cash stock-based compensation expense totaling $ 189 million  $ 167 million  $ 157 million  included component of other unallocated costs on statements of earnings.\n net impact to earnings for years was $ 122 million , $ 108 million  $ 101 million.\n as of december 31 , 2013  $ 132 million unrecognized compensation cost related to nonvested awards expected to be recognized over average period 1. 5 years.\n received cash from exercise of stock options totaling $ 827 million  $ 440 million $ 116 million during 2013  2012 2011.\n income tax liabilities for 2013  2012 2011 reduced by $ 158 million , $ 96 million $ 56 million due to recognized tax benefits on stock-based compensation arrangements.\n stock-based compensation plans plans approved by stockholders authorized to grant key employees stock-based incentive awards  including options to purchase common stock stock appreciation rights restricted stock units ( rsus ) performance stock units ( psus ) other stock units.\n exercise price of options to purchase common stock not less than fair market value of stock on date of grant.\n no award of stock options fully vested prior to third anniversary of grant no portion of stock option grant become vested in less than one year.\n minimum vesting period for restricted stock or stock units payable in stock is three years.\n award agreements may provide for shorter or pro-rated vesting periods vesting following termination of employment in case of death  disability divestiture retirement change of control layoff.\n maximum term of stock option or other award is 10 years.\n at december 31 , 2013  inclusive of shares reserved for outstanding stock options , rsus and psus  had 20.4 million shares reserved for issuance under plans.\n at december 31 , 2013  4. 7 million shares for remained available for grant under stock-based compensation plans.\n we issue new shares upon exercise of stock options or when restrictions on rsus and psus satisfied.\n table summarizes activity related to nonvested rsus during 2013 : number of rsus ( in thousands ) weighted average grant-date fair value per share.\n rsus valued based on fair value of common stock on date of grant.\n employees granted rsus receive right to receive shares stock after completion vesting period shares not issued employees cannot sell or transfer shares prior to vesting no voting rights until rsus vest  generally three years from date of award.\n employees granted rsus receive dividend-equivalent cash payments only upon vesting.\n for awards grant-date fair value equal to closing market price of common stock on date of grant less discount to reflect delay in payment of dividend-equivalent cash payments.\n recognize grant-date fair value of rsus  less estimated forfeitures as compensation expense over requisite service period beginning with rsus granted in 2013 shorter than vesting period if employee is retirement eligible on date of grant or become retirement eligible before end of vesting period.\n stock options recognize compensation cost for stock options over three-year vesting period.\n at december 31 , 2013 and 2012  10. 2 million ( weighted average exercise price $ 83. 65 ) and 20. 6 million ( weighted average exercise price of $ 83. 15 ) stock options outstanding.\n stock options outstanding at december 31 , 2013 have weighted average remaining contractual life of approximately five years and aggregate intrinsic value of $ 663 million expect nearly all stock options to vest.\n of stock options outstanding, 7.7 million ( weighted average exercise price $ 84. 37 ) vested as of december 31, 2013 stock options weighted average remaining contractual life approximately four years aggregate intrinsic value $ 497 million.\n 10. 1 million weighted average exercise price $ 82. 72 ) stock options exercised during 2013.\n not grant stock options to employees during 2013.\n\n| number of rsus ( in thousands ) | weighted average grant-date fair value pershare\n----------------------------- | ------------------------------- | -----------------------------------------------\nnonvested at december 31 2012 | 4822                            | $ 79.10\ngranted                       | 1356                            | 89.24\nvested                        | -2093 ( 2093 )                  | 79.26\nforfeited                     | -226 ( 226 )                    | 81.74\nnonvested at december 31 2013 | 3859                            | $ 82.42"
}
{
    "_id": "dd496e554",
    "title": "",
    "text": "table shows impact of catastrophe losses related reinstatement premiums impact prior period development on consolidated loss and loss expense ratio for periods indicated.\n recorded net pre-tax catastrophe losses of $ 366 million in 2010 compared with net losses $ 137 million and $ 567 million in 2009 and 2008  respectively.\n catastrophe losses for 2010 primarily related to weather- related events in u. s.  earthquakes in chile  mexico new zealand storms in australia and europe.\n catastrophe losses for 2009 primarily related to earthquake in asia  floods in europe several weather-related events in u. s.  european windstorm.\n for 2008 catastrophe losses primarily related to hurricanes gustav and ike.\n prior period development arises from changes to loss estimates in current year relate to loss reserves reported in previous calendar years excludes effect of losses from development of earned premium from pre- vious accident years.\n experienced $ 503 million of net favorable prior period development in p&c segments in 2010.\n compares with net favorable prior period development in of $ 576 million and $ 814 million in 2009 and 2008  respectively.\n refer to 201cprior period development 201d for more information.\n adjusted loss and loss expense ratio declined in 2010 compared with 2009 primarily due to impact of crop settlements  non-recurring premium adjustment reduction in assumed loss portfolio business higher loss ratios.\n policy acquisition costs include commissions  premium taxes  underwriting  other costs vary with related to production of premium.\n administrative expenses include all other operating costs.\n policy acquis- ition cost ratio increased in 2010  compared with 2009.\nincrease primarily related to impact of crop settlements generated higher profit-share commissions lower adjustment to net premiums earned impact of reinstatement premiums expensed in with catastrophe activity changes in business mix.\n administrative expense ratio increased in 2010  primarily due to impact of crop settlements reinstatement premiums expensed increased costs in international operations.\n crop settlements generate minimal administrative expenses resulted in lower adjustment to net premiums earned in 2010  compared with 2009.\n administrative expenses in 2010 partially offset by higher net results generated by third party claims administration business , esis results included within administrative expenses.\n esis generated $ 85 million in net results in 2010  compared with $ 26 million in 2009.\n increase primarily from non-recurring sources.\n policy acquisition cost ratio stable in 2009  compared with 2008 increases in combined insurance operations offset by more favorable final crop year settlement of profit share commissions.\n administrative expenses increased in 2009  primarily due to inclusion of administrative expenses related to combined insurance for full year costs associated with new product expansion in domestic retail operation and personal lines business.\n effective income tax rate  as income tax expense divided by income before income tax depend- ent upon mix of earnings from different jurisdictions with various tax rates.\n change in geographic mix of earnings change effective income tax rate.\n effective income tax rate was 15 percent in 2010  compared with 17 percent and 24 percent in 2009 and 2008 .\n decrease in effective income tax rate in 2010 primarily due to change in mix of earnings to lower tax-paying jurisdictions decrease in amount of unrecognized tax benefits result of settlement with u. s.\ninternal revenue service appeals division federal tax returns for years 2002-2004  recognition of non-taxable gain related to acquisition of rain and hail.\n 2009 year included reduction of deferred tax valuation allowance related to investments.\n for 2008  effective income tax rate adversely impacted by change in mix of earnings due to impact catastrophe losses in lower tax-paying jurisdictions.\n prior period development favorable prior period development  inclusive life segment , of $ 512 million during 2010 net result of sev underlying favorable and adverse movements.\n ace 2019s crop business  ace receives reports from managing general agent ( mga ) previous crop year ( s ) in subsequent calendar quarters typically results\n\n| 2010             | 2009             | 2008\n----------------------------------------------------- | ---------------- | ---------------- | ----------------\nloss and loss expense ratio as reported               | 59.2% ( 59.2 % ) | 58.8% ( 58.8 % ) | 60.6% ( 60.6 % )\ncatastrophe losses and related reinstatement premiums | ( 3.2 ) % (  % ) | ( 1.2 ) % (  % ) | ( 4.7 ) % (  % )\nprior period development                              | 4.6% ( 4.6 % )   | 4.9% ( 4.9 % )   | 6.8% ( 6.8 % )\nlarge assumed loss portfolio transfers                | ( 0.3 ) % (  % ) | ( 0.8 ) % (  % ) | 0.0% ( 0.0 % )\nloss and loss expense ratio adjusted                  | 60.3% ( 60.3 % ) | 61.7% ( 61.7 % ) | 62.7% ( 62.7 % )"
}
{
    "_id": "dd4c5a20e",
    "title": "",
    "text": "table of contents part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.\n price range common stock trades on nasdaq global select market under symbol 201cmktx 201d.\n range of closing price information for common stock reported by nasdaq : on february 20 , 2013  last reported closing price common stock nasdaq global select market was $ 39. 60.\n holders 33 holders of record of common stock as of february 20 , 2013.\n dividend policy initiated regular quarterly dividend in fourth quarter of 2009.\n during 2012 and 2011  paid quarterly cash dividends of $ 0. 11 per share and $ 0. 09 per share.\n december 27 , 2012  paid special dividend of $ 1. 30 per share.\n january 2013 board of directors approved quarterly cash dividend of $ 0. 13 per share payable on february 28 , 2013 to stockholders of record as of close of business on february 14 , 2013.\n future declaration payment of dividends at sole discretion of board of directors.\n board of directors may take into account general business conditions  financial results  capital requirements contractual , legal regulatory restrictions on payment of dividends to stockholders subsidiaries parent other factors board of directors deem relevant.\n recent sales of unregistered securities securities authorized for issuance under equity compensation plans see section entitled 201cequity compensation plan information 201d in item 12.\n\n2012:                              | high    | low\n---------------------------------- | ------- | -------\njanuary 1 2012 to march 31 2012    | $ 37.79 | $ 29.26\napril 1 2012 to june 30 2012       | $ 37.65 | $ 26.22\njuly 1 2012 to september 30 2012   | $ 34.00 | $ 26.88\noctober 1 2012 to december 31 2012 | $ 35.30 | $ 29.00\n2011:                              | high    | low\njanuary 1 2011 to march 31 2011    | $ 24.19 | $ 19.78\napril 1 2011 to june 30 2011       | $ 25.22 | $ 21.00\njuly 1 2011 to september 30 2011   | $ 30.75 | $ 23.41\noctober 1 2011 to december 31 2011 | $ 31.16 | $ 24.57"
}
{
    "_id": "dd4b951e8",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations we are international energy company with operations in u. s.  canada africa middle east europe.\n operations organized into three reportable segments : 2022 e&p explores for produces markets liquid hydrocarbons natural gas worldwide basis.\n 2022 osm mines extracts transports bitumen from oil sands deposits in alberta  canada  upgrades bitumen to produce market synthetic crude oil vacuum gas oil.\n 2022 ig produces markets products from natural gas lng methanol  e. g.\n certain sections management 2019s discussion analysis of financial condition results operations include forward- looking statements concerning trends events potentially affecting business.\n statements typically contain words \"anticipates\" \"believes\" \"estimates\" \"expects\" \"targets \"plans\" \"projects\" \"could\" \"may\" \"should\" \"would\" similar words indicating future outcomes uncertain.\n in accordance with \"safe harbor\" provisions of private securities litigation reform act of 1995  statements accompanied by cautionary language identifying important factors not all could cause future outcomes to differ from forward-looking statements.\n for additional risk factors affecting business  see item 1a.\n risk factors in annual report on form 10-k.\n management 2019s discussion analysis of financial condition results of operations should be read in conjunction with information under item 1.\n business , item 1a.\n risk factors item 8.\n financial statements supplementary data found in annual report on form 10-k.\n spin-off downstream business on june 30 , 2011  spin-off of marathon 2019s downstream business completed creating two independent energy companies : marathon oil and mpc.\nmarathon stockholders at close of business record date june 27, 2011 received one share mpc common stock for every two shares marathon common stock held.\n private letter tax ruling received june 2011 from irs affirmed tax-free nature of spin-off.\n activities related to downstream business treated as discontinued operations in 2011 and 2010 ( see item 8.\n financial statements supplementary data 2013 note 3 to consolidated financial statements for additional information ).\n overview 2013 market conditions exploration production prevailing prices for various grades crude oil and natural gas impact revenues cash flows.\n following table lists benchmark crude oil and natural gas price annual averages for past three years.\n henry hub natural gas ( dollars per mmbtu ) ( a ) $ 2. 79 $ 4. 04 $ 4. 39 ( ) settlement date average.\n liquid hydrocarbon 2013 prices of crude oil volatile recent years less so when comparing annual averages for 2012 and 2011.\n in 2011  crude prices increased over 2010 levels  increases in brent averages outstripping those in wti.\n quality , location composition of liquid hydrocarbon production mix cause u. s.\n liquid hydrocarbon realizations to differ from wti benchmark.\n in 2012 , 2011 2010  percentage of.\n crude oil and condensate production sour averaged 37 percent, 58 percent and 68 percent.\n sour crude contains more sulfur heavier than light sweet crude oil refining more costly produces lower value products ; sour crude considered lower quality typically sells at discount to wti.\n percentage of.\n crude and condensate production sour decreasing as onshore production from eagle ford and bakken shale plays increases production from gulf of mexico declines.\n recent years crude oil sold along u. s.\ngulf coast priced at premium to wti because louisiana light sweet benchmark tracking brent, production from inland areas farther from large refineries discount to wti.\n ngls were 10 percent , 7 percent 6 percent of our u.\n liquid hydrocarbon sales in 2012 , 2011 and 2010.\n in 2012  sales of ngls increased due to development of.\n unconventional liquids-rich plays.\n\nbenchmark                                         | 2012     | 2011     | 2010\n------------------------------------------------- | -------- | -------- | -------\nwti crude oil ( dollars per bbl )                 | $ 94.15  | $ 95.11  | $ 79.61\nbrent ( europe ) crude oil ( dollars per bbl )    | $ 111.65 | $ 111.26 | $ 79.51\nhenry hub natural gas ( dollars per mmbtu ) ( a ) | $ 2.79   | $ 4.04   | $ 4.39"
}
{
    "_id": "dd4ba1024",
    "title": "",
    "text": "for marketing.\n several methods used to determine estimated fair value of ipr&d acquired in business combination.\n we utilized 201cincome method , 201d applies probability weighting to estimated future net cash fl ows derived from projected sales revenues and estimated costs.\n projec- tions based on relevant market size , patent protection historical pricing of similar products expected industry trends.\n estimated future net cash fl ows discounted to present value using appropriate discount rate.\n analysis performed for each project independently.\n in accordance with fin 4, applicability of fasb statement no.\n 2 to business combinations accounted for by purchase method acquired ipr&d intangible assets totaling $ 4. 71 billion and $ 340. 5 million in 2008 and 2007 expensed immediately subsequent to acquisition because products had no alternative future use.\n ongoing activities with products in development not material to research and development expenses.\n in addition to acquisitions of businesses also acquired several products in development.\n acquired ipr&d related to these products of $ 122. 0 million and $ 405. 1 million in 2008 and 2007  respectively writ- ten off by charge to income immediately upon acquisition because products had no alternative future use.\n imclone acquisition on november 24 , 2008 acquired all outstanding shares of imclone systems inc.\n ( imclone ) biopharma- ceutical company focused on advancing oncology care  for total purchase price of approximately $ 6. 5 billion  fi nanced through borrowings.\n strategic combination offer targeted therapies and oncolytic agents pipeline spanning all phases of clinical development.\n combination expands our bio- technology capabilities.\n acquisition accounted for as business combination under purchase method of accounting resulting in goodwill of $ 419. 5 million.\nno portion of goodwill expected be deductible for tax purposes.\n allocation of purchase price currently determining fair values of signifi cant portion of net assets.\n purchase price preliminarily allocated based on estimate of fair value of assets acquired and liabilities assumed as of date of acquisition.\n fi nal determination of fair values will completed as soon as possible no later than one year from acquisition date.\n fi nal determination may result in asset and liability fair values different than preliminary estimates not expected differences material to fi nancial results.\n estimated fair value at november 24 , 2008.\n intangible asset amortized straight-line basis through 2023 in u. s.\n and 2018 in rest of world.\n all estimated fair value of acquired ipr&d attributable to oncology-related products in develop- ment including $ 1. 33 billion to line extensions for erbitux.\n signifi cant portion ( 81 percent ) of remaining value of acquired ipr&d attributable to two compounds in phase iii clinical testing and one compound in phase ii clini- cal testing  all targeted to treat various forms of cancers.\n discount rate used in valuing acquired ipr&d projects was 13. 5 percent  charge for acquired ipr&d of $ 4. 69 billion recorded in fourth quarter of 2008  not deductible for tax purposes.\n pro forma financial information following unaudited pro forma fi nancial information presents combined results of operations with\n\ncash and short-term investments              | $ 982.9\n-------------------------------------------- | ----------------\ninventories                                  | 136.2\ndeveloped product technology ( erbitux ) 1   | 1057.9\ngoodwill                                     | 419.5\nproperty and equipment                       | 339.8\ndebt assumed                                 | -600.0 ( 600.0 )\ndeferred taxes                               | -315.0 ( 315.0 )\ndeferred income                              | -127.7 ( 127.7 )\nother assets and liabilities 2014 net        | -72.1 ( 72.1 )\nacquired in-process research and development | 4685.4\ntotal purchase price                         | $ 6506.9"
}
{
    "_id": "dd4bb32d8",
    "title": "",
    "text": "note 11.\n commitments contingencies commitments leases company fffds corporate headquarters located in danvers , massachusetts.\n facility encompasses company fffds.\n operations , including research and development  manufacturing  sales and marketing general administrative departments.\n in october 2017  acquired corporate headquarters for approximately $ 16. 5 million terminated existing lease arrangement ( see note 6 ).\n future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately follows : fiscal years ending march 31 , operating leases ( in $ 000s ).\n in february 2017  company entered lease agreement for additional 21603 square feet of office space in danvers , massachusetts expires on july 31 , 2022.\n december 2017 company amendment to lease to extend term through august 31 , 2025 add additional 6607 square feet of space rent begin around june 1 , 2018.\n amendment allows company right of first offer to purchase property from january 1 , 2018 through august 31 , 2035  if lessor sell building or receives offer to purchase building from third-party buyer.\n in march 2018  company entered amendment to lease to add additional 11269 square feet of space for rent begin on around june 1, 2018 through august 31 , 2025.\n annual rent expense for lease agreement estimated to be $ 0. 4 million.\n in september 2016  company entered lease agreement in berlin , germany commenced in may 2017 expires in may 2024.\n annual rent expense for lease estimated to be $ 0. 3 million.\n in october 2016  company entered lease agreement for office in tokyokk japan expires in september 2021.\noffice houses administrative , regulatory  training personnel in connection with company fffds commercial launch in japan.\n annual rent expense for lease estimated to be $ 0. 9 million.\n license agreements in april 2014 , company entered exclusive license agreement for rights to certain optical sensor technologies in field cardio-circulatory assist devices.\n pursuant to terms license agreement  company agreed to make potential payments of $ 6. 0 million.\n through march 31 , 2018 , company made $ 3. 5 million in milestones payments included $ 1. 5 million upfront payment upon execution of agreement.\n potential future milestone payment amounts not included in contractual obligations table due to uncertainty related to successful achievement of these milestones.\n contingencies from time to  company involved in legal administrative proceedings and claims of various types.\n in some actions  claimants seek damages  other relief , if granted require significant expenditures.\n company records liability in consolidated financial statements for these matters when loss is known or considered probable amount can be reasonably estimated.\n company reviews estimates each accounting period as additional information known adjusts loss provision when appropriate.\n if matter probable to result in liability and amount of loss can be reasonably estimated , company estimates and discloses possible loss or range of loss.\n if loss not probable or cannot be reasonably estimated , liability not recorded in consolidated financial statements.\n\nfiscal years ending march 31, | operating leases ( in $ 000s )\n----------------------------- | ------------------------------\n2019                          | $ 2078\n2020                          | 1888\n2021                          | 1901\n2022                          | 1408\n2023                          | 891\nthereafter                    | 1923\ntotal minimum lease payments  | $ 10089"
}
{
    "_id": "dd4be1e9e",
    "title": "",
    "text": "digital media business consists of websites mobile video-on-demand ( 201cvod 201d ) services.\n websites include network branded websites discovery. com  tlc. com animalplanet. com  other websites howstuffworks. com  online source of explanations world works ; treehugger. com  comprehensive source for 201cgreen 201d news  solutions product information ; petfinder. com , leading pet adoption destination.\n these websites attracted average of 24 million cumulative unique monthly visitors  according to comscore , inc.\n in 2011.\n international networks international networks segment consists of national pan-regional television networks.\n segment generates revenues primarily from fees charged to operators distribute networks include cable dth satellite service providers  from advertising sold on television networks websites.\n discovery channel , animal planet tlc lead international networks 2019 portfolio of television networks distributed in virtually every pay-television market through infrastructure includes operational centers in london  singapore miami.\n international networks has one of largest international distribution platforms of networks with one to twelve networks in more than 200 countries territories.\n at december 31 , 2011  international networks operated over 150 unique distribution feeds in over 40 languages with channel feeds customized according to language needs advertising sales opportunities.\n international networks segment owns operates following television networks reached following number of subscribers as of december 31 , 2011 : education and other education other segment includes sale of curriculum-based product service offerings postproduction audio services.\n segment generates revenues primarily from subscriptions charged to k-12 schools for access to online suite of curriculum-based vod tools  professional development services  lesser student assessment publication of hardcopy curriculum-based content.\neducation business participates in corporate partnerships  global brand content licensing business with leading non-profits foundations trade associations.\n other businesses include postproduction audio services provided to major motion picture studios independent producers  broadcast networks cable channels advertising agencies  interactive producers.\n content development content development strategy designed to increase viewership maintain innovation quality leadership provide value for network distributors advertising customers.\n substantially all content is sourced from wide range of third-party producers includes world 2019s leading nonfiction production companies with developed long-standing relationships independent producers.\n production arrangements fall into three categories : produced , coproduced licensed.\n all produced content includes programming we engage third parties to develop produce while we retain editorial control own most or rights in exchange for paying all development production costs.\n coproduced content refers to program rights acquired we collaborated with third parties to finance develop.\n coproduced programs are typically high-cost projects for neither we nor coproducers wish to bear entire cost or productions in producer has already taken on international broadcast partner.\n licensed content is comprised of films or series previously produced by third parties.\n global networks international subscribers ( millions ) regional networks international subscribers ( millions ).\n\nglobal networks discovery channel | international subscribers ( millions ) 213 | regional networks dmax        | international subscribers ( millions ) 47\n--------------------------------- | ------------------------------------------ | ----------------------------- | -----------------------------------------\nanimal planet                     | 166                                        | discovery kids                | 37\ntlc real time and travel & living | 150                                        | liv                           | 29\ndiscovery science                 | 66                                         | quest                         | 23\ndiscovery home & health           | 48                                         | discovery history             | 13\nturbo                             | 37                                         | shed                          | 12\ndiscovery world                   | 27                                         | discovery en espanol ( u.s. ) | 5\ninvestigation discovery           | 23                                         | discovery famillia ( u.s. )   | 4\nhd services                       | 17                                         |                               |"
}
{
    "_id": "dd4bee874",
    "title": "",
    "text": "devon energy corporation subsidiaries notes to consolidated financial statements 2013 continued ) debt maturities as of december 31 , 2013  excluding premiums discounts are as follows ( in millions ) :.\n credit lines devon has $ 3. 0 billion syndicated  unsecured revolving line of credit ( 201csenior credit facility 201d ) matures on october 24 , 2018.\n prior to maturity date devon option to extend maturity for up to one additional one-year period subject to approval lenders.\n amounts borrowed under senior credit facility may election devon bear interest at fixed rate options for up to twelve months.\n such rates generally less than prime rate.\n devon may elect to borrow at prime rate.\n senior credit facility provides for annual facility fee of $ 3. 8 million payable quarterly in arrears.\n as of december 31 , 2013 no borrowings under senior credit facility.\n senior credit facility contains one material financial covenant.\n covenant requires devon 2019s ratio of total funded debt to total capitalization defined in credit agreement be no greater than 65 percent.\n credit agreement contains definitions of total funded debt total capitalization include adjustments to respective amounts reported in accompanying financial statements.\n total capitalization adjusted to add back noncash financial write-downs full cost ceiling impairments goodwill impairments.\n as of december 31 , 2013 devon in compliance with this covenant with debt-to- capitalization ratio of 25. 7 percent.\n commercial paper devon has access to $ 3. 0 billion of short-term credit under commercial paper program.\n commercial paper debt has maturity of between 1 and 90 days can up to 365 days bears interest at rates agreed to at time of borrowing.\ninterest rate based on standard index federal funds rate, libor or money market rate in commercial paper market.\n as of december 31 , 2013  devon 2019s weighted average borrowing rate on commercial paper borrowings was 0. 30 percent.\n other debentures and notes following are descriptions of debentures notes outstanding at december 31 , 2013 , as listed in table at beginning note.\n geosouthern debt in december 2013  with planned geosouthern acquisition  devon issued $ 2. 25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately\n\n2014                | $ 4067\n------------------- | -------\n2015                | 2014\n2016                | 500\n2017                | 750\n2018                | 125\n2019 and thereafter | 6600\ntotal               | $ 12042"
}
{
    "_id": "dd4ba48a0",
    "title": "",
    "text": "table summarizes total contractual amount of credit-related off-balance sheet financial instruments at december 31.\n amounts reported not reflect participations to independent third parties.\n approximately 81% ( 81 % ) of unfunded commitments to extend credit expire within one year from date of issue.\n many commitments expected to expire or renew without drawn upon total commitment amounts not represent future cash requirements.\n securities finance : on behalf of customers we lend securities to creditworthy brokers and other institutions.\n indemnify customers for fair market value of securities against failure borrower to return securities.\n collateral funds received in with securities finance services held by us as agent not recorded in our consolidated statement of condition.\n require borrowers to provide collateral in amount equal to or in excess of 100% ( 100 % ) of fair market value of securities borrowed.\n borrowed securities revalued daily to determine if additional collateral necessary.\n we held  as agent cash.\n government securities with aggregate fair value of $ 333. 07 billion and $ 572. 93 billion as collateral for indemnified securities on loan at december 31, 2008 and 2007 presented in table.\n collateral held by us invested on behalf of customers.\n in certain cases collateral invested in third-party repurchase agreements for we indemnify customer against loss of principal invested.\n require repurchase agreement counterparty to provide collateral in amount equal to or in excess of 100% ( % ) of amount repurchase agreement.\n indemnified repurchase agreements and related collateral not recorded in our consolidated statement of condition.\n collateral of $ 333. 07 billion at december 31 , 2008 and $ 572. 93 billion at december 31 , 2007 referenced above , $ 68.37 billion at december 31 , 2008 $ 106. 13 billion at december 31 , 2007 invested in indemnified repurchase agreements.\n we held  as agent , cash and securities with aggregate fair value of $ 71. 87 billion and $ 111. 02 billion as collateral for indemnified investments in repurchase agreements at december 31  2008 december 31 2007 respectively.\n asset-backed commercial paper program : we provide liquidity credit enhancement to asset-backed commercial paper program sponsored administered by us described in note 12.\n commercial paper issuances commitments of commercial paper conduits to provide funding supported by liquidity asset purchase agreements back-up liquidity lines of credit majority provided by us.\n we provide direct credit support to conduits in form of standby letters of credit.\n commitments under liquidity asset purchase agreements and back-up lines of credit totaled $ 23. 59 billion at december 31 , 2008 included in preceding table.\n commitments under standby letters of credit totaled $ 1. 00 billion at december 31 , 2008  also included in preceding table.\n legal proceedings : several customers filed litigation claims against us some putative class actions on behalf of customers invested in state street global advisors 2019  ssga 2019s  active fixed-income strategies.\n claims related to investment losses in ssga 2019s strategies included sub-prime investments.\n in 2007  we established reserve of approximately $ 625 million to address legal exposure associated with under-performance of certain active fixed-income strategies managed by ssga customer concerns execution strategies consistent with customers 2019 investment intent.\n strategies adversely impacted by exposure to , lack of liquidity\n\n( in millions )                       | 2008     | 2007\n------------------------------------- | -------- | --------\nindemnified securities financing      | $ 324590 | $ 558368\nliquidity asset purchase agreements   | 28800    | 35339\nunfunded commitments to extend credit | 20981    | 17533\nstandby letters of credit             | 6061     | 4711"
}
{
    "_id": "dd4b8b896",
    "title": "",
    "text": "item 11 2014executive compensation incorporate reference item 11 information relating to executive director compensation under headings 201cother information about board committees , 201d 201ccompensation other benefits 201d 201creport of compensation committee 201d from proxy statement connection 2007 annual meeting of shareholders held september 26 , 2007.\n item 12 2014security ownership of certain beneficial owners andmanagement related stockholdermatters incorporate reference item 12 information relating ownership of common stock by certain persons under headings 201ccommon stock ownership of management 201d 201ccommon stock ownership by certain other persons 201d from proxy statement 2007 annual meeting of shareholders held september 26, 2007.\n four compensation plans equity securities authorized for issuance.\n global payments inc.\n amended restated 2000 long-term incentive plan , global payments inc.\n amended restated 2005 incentive plan non-employee director stock option plan employee stock purchase plan approved by security holders.\n information in table below as of may 31 , 2007.\n for more information on plans see note 8 to notes consolidated financial statements.\n plan category number of securities be issued upon exercise of outstanding options warrants rights weighted- average exercise price of outstanding options warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders:.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 5171000 $ 25 7779000 ( 1 ) equity compensation plans not approved by security holders:.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2014 2014 2014 total.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 5171000 $ 25 7779000 ( 1 ) ( 1 ) also includes shares of common stock available for issuance upon exercise of option , warrant or right under amended restated 2000 non-employee director stock option plan , amended restated 2005 incentive plan amended restated 2000 employee stock purchase item 13 2014certain relationships related transactions, director independence incorporate reference in item 13 information regarding certain relationships related transactions between us affiliates independence of board of directors contained under headings 201ccertain relationships related transactions 201d and 201cother information about board and its committees 2014director independence 201d from proxy statement in connection with 2007 annual meeting of shareholders held september 26, 2007.\n item 14 2014principal accounting fees and services incorporate reference in item 14 information regarding principal accounting fees services under heading 201cauditor information 201d from proxy statement connection with 2007 annual meeting of shareholders held september 26 , 2007.\n item 11 2014executive compensation incorporate reference in this item 11 information relating to executive and director compensation contained under headings 201cother information about board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of compensation committee 201d from proxy statement delivered in connection with 2007 annual meeting of shareholders held on september 26 , 2007.\nitem 12 2014security ownership certain beneficial owners andmanagement related stockholdermatters incorporate reference item 12 information relating ownership common stock by certain persons under headings 201ccommon stock ownership management 201d 201ccommon stock ownership by certain other persons 201d proxy statement delivered connection 2007 annual meeting shareholders held september 26, 2007.\n four compensation plans under equity securities authorized for issuance.\n global payments inc.\n amended restated 2000 long-term incentive plan global payments inc.\n amended restated 2005 incentive plan non-employee director stock option plan employee stock purchase plan approved by security holders.\n information table below as may 31 , 2007.\n more information plans see note 8 notes consolidated financial statements.\n plan category number of securities issued exercise outstanding options, warrants rights weighted- average exercise price outstanding options warrants rights number securities remaining available for future issuance under equity compensation plans excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders:.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 5171000 $ 25 7779000 ( 1 ) equity compensation plans not approved by security holders.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2014 2014 2014 total.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n5171000 $ 25 7779000 ( 1 ) ( 1 ) includes shares of common stock available for issuance other than upon exercise of option , warrant or right under amended restated 2000 non-employee director stock option plan , amended restated 2005 incentive plan and amended restated 2000 employee stock purchase item 13 2014certain relationships and related transactions , director independence incorporate reference in item 13 information regarding certain relationships and related transactions between us and affiliates and independence of board of directors under headings 201ccertain relationships and related transactions 201d and 201cother information about board and committees 2014director independence 201d from proxy statement in connection with 2007 annual meeting of shareholders on september 26 , 2007.\n item 14 2014principal accounting fees and services incorporate reference in item 14 information regarding principal accounting fees and services under heading 201cauditor information 201d from proxy statement in connection with 2007 annual meeting of shareholders on september 26 , 2007.\n\nplan category                                               | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted- average exercise price of outstanding options warrants and rights ( b ) | number of securities remaining available for futureissuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) |\n----------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | --------\nequity compensation plans approved by security holders:     | 5171000                                                                                          | $ 25                                                                              | 7779000                                                                                                                                              | -1 ( 1 )\nequity compensation plans not approved by security holders: | 2014                                                                                             | 2014                                                                              | 2014                                                                                                                                                 |\ntotal                                                       | 5171000                                                                                          | $ 25                                                                              | 7779000                                                                                                                                              | -1 ( 1 )"
}
{
    "_id": "dd4c05646",
    "title": "",
    "text": "kimco realty corporation and subsidiaries notes to consolidated financial statements  continued units consisted of i ) approximately 81. 8 million preferred a units par value $ 1. 00 per unit  pay holder return of 7. 0% ( 7. 0 % ) per annum on preferred a par value redeemable for cash holder after one year or callable company after six months contain promote feature based upon increase in net operating income of properties capped at 10. 0% ( 10. 0 % ) increase  ( ii ) 2000 class a preferred units , par value $ 10000 per unit  pay holder return equal to libor plus 2. 0% ( 2. 0 % ) per annum class a preferred par value redeemable for cash holder after november 30 , 2010  ( iii ) 2627 class b-1 preferred units , par value $ 10000 per unit  pay holder return equal to 7. 0% ( 7. 0 % ) per annum on class b-1 preferred par value redeemable holder after november 30 , 2010 , for cash or at company 2019s option , shares of company 2019s common stock  equal to cash redemption amount  defined iv ) 5673 class b-2 preferred units , par value $ 10000 per unit  pay holder return equal to 7. 0% ( 7. 0 % ) per annum on class b-2 preferred par value redeemable for cash by holder after november 30 , 2010  v ) 640001 class c downreit units  valued at issuance price of $ 30. 52 per unit pay holder return rate equal to company 2019s common stock dividend redeemable holder after november 30 , 2010 , for cash or at company 2019s option , shares of company 2019s common stock equal to class c cash amount , as defined.\nunits redeemed as of december 31 , 2010 : redeemed par value redeemed ( in millions ) redemption type.\n noncontrolling interest to remaining units was $ 110. 4 million and $ 113. 1 million as of december 31 , 2010 and 2009.\n during 2006  company acquired two shopping center properties in bay shore and centereach , ny.\n noncontrolling interests approximately $ 41. 6 million  including discount of $ 0. 3 million and fair market value adjustment of $ 3. 8 million  in redeemable units ( 201credeemable units 201d ) issued by company in connection with transactions.\n prop- erties acquired through issuance $ 24. 2 million of redeemable units redeemable at option of holder ; approximately $ 14. 0 million of fixed rate redeemable units assumption of approximately $ 23. 4 million of non-recourse debt.\n redeemable units consist of ( ) 13963 class a units  par value $ 1000 per unit  pay holder return of 5% ( 5 % ) per annum of class a par value redeemable for cash by holder after april 3 , 2011 , or callable by company after april 3 , 2016 ) 647758 class b units  valued at issuance price of $ 37. 24 per unit  pay holder return rate equal to company 2019s common stock dividend redeemable by holder after april 3 , 2007 , for cash or at option of company for common stock at ratio of 1:1 , or callable by company after april 3 , 2026.\n company restricted from disposing of assets other than through tax free transaction until april 2016 and april 2026 for centereach , ny and bay shore , ny , assets .\n during 2007 , 30000 units , or $ 1.1 million par value  theclass bunits redeemed by holder in cash at option of company.\n noncontrolling interest relating to units was $ 40. 4 million and $ 40. 3 million as of december 31 , 2010 and 2009  respectively.\n noncontrolling interests includes 138015 convertible units issued during 2006  by company  valued at approxi- mately $ 5. 3 million  including fair market value adjustment of $ 0. 3 million  related to interest acquired in office building in albany , ny.\n units redeemable at option holder after one year for cash or option of company for company 2019s common stock at ratio of 1:1.\n holder entitled to distribution equal to dividend rate of company 2019s common stock.\n company restricted from disposing assets other than through tax free transaction until january 2017.\n\ntype                      | units redeemed | par value redeemed ( in millions ) | redemption type\n------------------------- | -------------- | ---------------------------------- | ----------------------------\npreferred a units         | 2200000        | $ 2.2                              | cash\nclass a preferred units   | 2000           | $ 20.0                             | cash\nclass b-1 preferred units | 2438           | $ 24.4                             | cash\nclass b-2 preferred units | 5576           | $ 55.8                             | cash/charitable contribution\nclass c downreit units    | 61804          | $ 1.9                              | cash"
}
{
    "_id": "dd4bec6e6",
    "title": "",
    "text": "management 2019s discussion analysis of financial conditionand results of operations d u y c o r p o r a t i o n 1 1 2 0 0 2 a n n u a l r e p o r t 2022 interest expense on company 2019s secured debt decreased from $ 30. 8 million in 2001 to $ 22. 9 million in 2002 company paid off $ 13. 5 million of secured debt throughout 2002 experienced lower borrowings on secured line of credit during 2002 compared to 2001.\n company paid off approximately $ 128. 5 million of secured debt throughout 2001.\n 2022 interest expense on company 2019s $ 500 million unsecured line of credit decreased by approximately $ 1. 1 million in 2002 compared to 2001 company maintained lower balances on line throughout 2002.\n earnings from rental operations decreased $ 35. 0 million from $ 254. 1 million year 2001 to $ 219. 1 million for year december 31 , 2002.\n service operations service operations consist of leasing , management construction development services for joint venture properties properties owned by third parties.\n service operations revenues decreased from $ 80. 5 million for 2001 to $ 68. 6 million for year december 31  2002.\n effect of slow economy primary factor in overall decrease in revenues.\n company experienced decrease of $ 12. 7 million in net general contractor revenues decrease in volume of construction in 2002  compared to 2001  slightly lower profit margins.\n property management , maintenance leasing fee revenues decreased from $ 22. 8 million in 2001 to $ 14. 3 million in 2002 primarily because of decrease in landscaping maintenance revenue from sale of landscaping operations in third quarter of 2001.\n construction management development activity income represents construction development fees earned on projects company acts as construction manager profits from company 2019s held for sale program company develops property for sale upon completion.\nincrease in revenues of $ 10. 3 million in 2002 primarily due to increase in volume sale of properties from held for sale program.\n service operations expenses decreased from $ 45. 3 million in 2001 to $ 38. 3 million in 2002.\n decrease attributable to decrease in construction and development activity and reduced overhead costs of sale of landscape business in 2001.\n earnings from service operations decreased from $ 35. 1 million for year december 31 , 2001 to $ 30. 3 million for year december 31 , 2002.\n general and administrative expense expense increased from $ 15. 6 million in 2001 to $ 25. 4 million for year ended december 31 , 2002.\n company successful reducing total operating and administration costs ; reduced construction and development activities resulted in greater overhead charged to general and administrative expense instead of capitalized into development projects or service operations.\n other income and expenses gain on sale of land and depreciable property dispositions  net of impairment adjustment comprised of following amounts in 2002 and 2001 : gain on sales of depreciable properties represent sales of previously held for investment rental properties.\n 2000 2001 company pursued opportunities to dispose of real estate assets no longer met long-term investment objectives.\n in 2002  company reduced this property sales program until business climate improves provides better investment opportunities for sale proceeds.\n gain on land sales represents sales of undeveloped land owned by company.\n company pursues opportunities to dispose of land in markets with high concentration of undeveloped land markets land no longer meets strategic development plans company.\n company recorded $ 9. 4 million adjustment in 2002 associated with six properties determined to have impairment of book value.\n company analyzed in-service properties determined no additional valuation adjustments need to be made as of december 31 , 2002.\n company recorded adjustment of $ 4.8 million in 2001 for one property company contracted to sell price less than book value.\n other revenue for year ended december 31 , 2002 includes $ 1. 4 million gain related to interest rate swap not qualify for hedge accounting.\n\n| 2002           | 2001\n--------------------------------------- | -------------- | --------------\ngain on sales of depreciable properties | $ 4491         | $ 45428\ngain on land sales                      | 4478           | 5080\nimpairment adjustment                   | -9379 ( 9379 ) | -4800 ( 4800 )\ntotal                                   | $ -410 ( 410 ) | $ 45708"
}
{
    "_id": "dd4ba4792",
    "title": "",
    "text": "allowance for doubtful accounts follows:.\n discontinued operations during fourth quarter of 2009 , schlumberger recorded net $ 22 million charge related to resolution of customs assessment former offshore contract drilling business , resolution of certain contingencies associated with other previously disposed businesses.\n amount included in income ( loss ) from discontinued operations in consolidated statement of income.\n first quarter of 2008 , schlumberger recorded gain of $ 38 million related to resolution of contingency with previously disposed business.\n gain included in income ( loss ) from discon- tinued operations in consolidated statement of income.\n part ii , item 8\n\n| 2010       | 2009       | 2008\n---------------------------- | ---------- | ---------- | ----------\nbalance at beginning of year | $ 160      | $ 133      | $ 86\nprovision                    | 38         | 54         | 65\namounts written off          | -13 ( 13 ) | -27 ( 27 ) | -18 ( 18 )\nbalance at end of year       | $ 185      | $ 160      | $ 133"
}
{
    "_id": "dd4ba9a94",
    "title": "",
    "text": "zimmer biomet holdings , inc.\n 2015 form 10-k annual report through february 25, 2016 repurchased approximately $ 415. 0 million shares common stock includes $ 250. 0 million shares repurchased from certain selling stockholders on february 10 , 2016.\n achieve operational synergies expect cash outlays related to integration plans approximately $ 290. 0 million in 2016.\n cash outlays necessary to achieve integration goals of net annual pre-tax operating profit synergies of $ 350. 0 million by end of third year post-closing date.\n discussed in note 20 to consolidated financial statements as of december 31, 2015 short-term liability of $ 50. 0 million and long-term liability of $ 264. 6 million related to durom cup product liability claims recorded on consolidated balance sheet.\n expect to continue paying claims next few years.\n expect to reimbursed portion of payments for product liability claims from insurance carriers.\n of december 31 , 2015 received portion of insurance proceeds estimate will recover.\n long-term receivable of $ 95. 3 million remaining for future expected reimbursements from insurance carriers.\n short-term liability of $ 33. 4 million related to biomet metal-on-metal hip implant claims.\n at december 31 , 2015 ten tranches of senior notes outstanding ( dollars in millions ) principal interest rate maturity date.\n issued $ 7. 65 billion of senior notes in march 2015 ( 201cmerger notes 201d ) proceeds used to finance portion of cash consideration payable in biomet merger  pay merger related fees and expenses pay portion of biomet 2019s funded debt.\n on june 24 , 2015  borrowed $ 3. 0 billion on u. s.\n term loan ( 201cu. s.\n term loan 201d ) to fund biomet merger.\n we may at our option redeem senior notes  in whole or part any time upon payment of principal , applicable make-whole premium  and accrued and unpaid interest to date of redemption.\n merger notes and 3. 375% ( 3. 375 % ) senior notes due 2021 may be redeemed option without make-whole premium at specified dates from one month to six months in advance of scheduled maturity date.\n we have $ 4. 35 billion credit agreement ( 201ccredit agreement 201d ) contains : 5-year unsecured u. s.\n term loan facility ( 201cu.\n 201d ) in principal amount of $ 3. 0 billion  and ii ) 5-year unsecured multicurrency revolving facility ( 201cmulticurrency facility 201d ) in principal amount of $ 1. 35 billion.\n multicurrency revolving facility will mature in may 2019  with two one-year extensions available at our option.\n borrowings under multicurrency revolving facility may be used for general corporate purposes.\n no borrowings outstanding under multicurrency revolving facility as of december 31 , 2015.\n u. s.\n term loan facility will mature in june 2020  principal payments due beginning september 30, 2015 as : $ 75. 0 million quarterly first three years  $ 112. 5 million quarterly fourth year $ 412. 5 million quarterly fifth year.\n in 2015  paid $ 500. 0 million in principal under u. s.\n term loan facility  resulting in $ 2. 5 billion in outstanding borrowings as of december 31  we and wholly owned foreign subsidiaries are borrowers under credit agreement.\nborrowings under credit agreement bear interest at floating rates based indices determined by currency borrowings plus applicable margin determined by to senior unsecured long-term credit rating or at alternate base rate or in of borrowings under multicurrency revolving facility only at fixed rate determined through competitive bid process.\n credit agreement contains customary affirmative and negative covenants events of default for unsecured financing arrangement including limitations on consolidations  mergers sales of assets.\n financial covenants include consolidated indebtedness to consolidated ebitda ratio of no greater than 5. 0 to 1. 0 through june 24, 2016 no greater than 4. 5 to 1. 0 thereafter.\n if credit rating falls below investment grade  additional restrictions result including restrictions on investments and payment of dividends.\n in compliance with all covenants under credit agreement as of december 31 , 2015.\n commitments under credit agreement subject to certain fees.\n on multicurrency revolving facility pay facility fee at rate determined by to senior unsecured long-term credit rating.\n japan term loan agreement with one under credit agreement for 11. 7 billion japanese yen mature on may 31 , 2018.\n borrowings under japan term loan bear interest at fixed rate of 0. 61 percent per annum until maturity.\n other available uncommitted credit facilities totaling $ 35. 8 million.\n place cash and cash equivalents in highly-rated financial institutions limit credit exposure to any one entity.\n invest only in high-quality financial instruments in accordance with internal investment policy.\n as of december 31 , 2015 had short-term and long-term investments in debt securities with fair value of $ 273. 1 million.\n these investments are in debt securities of many different issuers no significant concentration of risk with single issuer.\nthese debt securities remain highly rated we believe risk of default by issuers is low.\n\nprincipal | interest rate      | maturity date\n--------- | ------------------ | ----------------\n$ 500.0   | 1.450% ( 1.450 % ) | april 1 2017\n1150.0    | 2.000              | april 1 2018\n500.0     | 4.625              | november 30 2019\n1500.0    | 2.700              | april 1 2020\n300.0     | 3.375              | november 30 2021\n750.0     | 3.150              | april 1 2022\n2000.0    | 3.550              | april 1 2025\n500.0     | 4.250              | august 15 2035\n500.0     | 5.750              | november 30 2039\n1250.0    | 4.450              | august 15 2045"
}
{
    "_id": "dd4bcc1f2",
    "title": "",
    "text": "operating expenses millions 2012 2011 2010 % ( % ) change 2012 v 2011 change 2011 v 2010.\n operating expenses increased $ 348 million in 2012 versus 2011.\n depreciation  wage benefit inflation  higher fuel prices volume- related trucking services purchased by logistics subsidiaries contributed to higher expenses year.\n efficiency gains  volume related fuel savings ( 2% ( 2 % ) fewer gallons fuel consumed ) $ 38 million weather related expenses in 2011 comparison partially offset cost increase.\n operating expenses increased $ 1. 8 billion in 2011 versus 2010.\n fuel price per gallon rose 36% ( 36 % ) during 2011 accounting for $ 922 million of increase.\n wage benefit inflation  volume-related costs  depreciation property taxes contributed to higher expenses.\n expenses increased $ 20 million for costs related to flooding in midwest $ 18 million due to impact of severe heat and drought in south .\n cost savings from productivity improvements better resource utilization offset increases.\n $ 45 million one-time payment transaction with csx intermodal , inc ( ) increased operating expenses first quarter of 2010 affects comparison of operating expenses 2011 to 2010.\n compensation and benefits 2013 compensation benefits include wages  payroll taxes  health and welfare costs  pension costs other postretirement benefits  incentive costs.\n expenses in 2012 flat versus 2011 as operational improvements cost reductions offset general wage benefit inflation higher pension other postretirement benefits.\n weather related costs increased expenses in 2011.\n combination of general wage benefit inflation , volume-related expenses  higher training costs associated with new hires  additional crew costs due to speed restrictions midwest flooding heat and drought south higher pension expense drove increase during 2011 compared to 2010.\nfuel 2013 fuel includes locomotive fuel gasoline for highway non-highway vehicles heavy equipment.\n higher locomotive diesel fuel prices averaged $ 3. 22 per gallon including taxes transportation costs in 2012  compared to $ 3. 12 2011 increased expenses $ 105 million.\n volume  measured gross ton-miles decreased 2% ( 2 % ) in 2012 versus 2011 driving expense down.\n fuel consumption rate flat year-over-year.\n higher locomotive diesel fuel prices averaged $ 3. 12 including taxes in 2011 compared to $ 2. 29 per gallon in 2010 increased expenses $ 922 million.\n higher gasoline prices for highway non-highway vehicles increased year-over-year.\n volume  measured by gross ton-miles increased 5% ( 5 % ) 2011 versus 2010 driving expense up by $ 122 million.\n purchased services materials 2013 expense for purchased services materials includes costs services purchased from outside contractors other service providers including equipment 2012 operating expenses\n\nmillions                         | 2012    | 2011    | 2010    | % (  % ) change 2012 v 2011 | % (  % ) change 2011 v 2010\n-------------------------------- | ------- | ------- | ------- | --------------------------- | ---------------------------\ncompensation and benefits        | $ 4685  | $ 4681  | $ 4314  | -% ( - % )                  | 9% ( 9 % )\nfuel                             | 3608    | 3581    | 2486    | 1                           | 44\npurchased services and materials | 2143    | 2005    | 1836    | 7                           | 9\ndepreciation                     | 1760    | 1617    | 1487    | 9                           | 9\nequipment and other rents        | 1197    | 1167    | 1142    | 3                           | 2\nother                            | 788     | 782     | 719     | 1                           | 9\ntotal                            | $ 14181 | $ 13833 | $ 11984 | 3% ( 3 % )                  | 15% ( 15 % )"
}
{
    "_id": "dd4bd9096",
    "title": "",
    "text": "s&p supercap data processing outsourced 100. 00 68. 26 99. 41 97. 33 118. 68 151. 90 item 6.\n selected financial data.\n below constitutes historical financial data of fis read in conjunction with item 7 , management 2019s discussion analysis of financial condition results of operations , item 8 , financial statements supplementary data  included elsewhere in report.\n on october 1 , 2009  completed acquisition of metavante technologies , inc.\n ( \"metavante\" ).\n results of operations financial position of metavante included in consolidated financial statements since date acquisition.\n july 2, 2008 , completed spin-off of lender processing services , inc. former wholly-owned subsidiary ( \"lps\" ).\n for accounting purposes results of lps presented as discontinued operations.\n all prior periods restated to present results of fis on stand alone basis include results of lps up to july 2 , 2008  as discontinued operations.\n\n| 12/07  | 12/08 | 12/09  | 12/10  | 12/11  | 12/12\n-------------------------------------------------- | ------ | ----- | ------ | ------ | ------ | ------\nfidelity national information services inc .       | 100.00 | 70.08 | 101.93 | 120.01 | 117.34 | 157.38\ns&p 500                                            | 100.00 | 63.00 | 79.67  | 91.67  | 93.61  | 108.59\ns&p supercap data processing & outsourced services | 100.00 | 68.26 | 99.41  | 97.33  | 118.68 | 151.90"
}
{
    "_id": "dd4970944",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our common stock on new york stock exchange ( 201cnyse 201d ) for years 2010 and 2009.\n on february 11 , 2011  closing price of common stock was $ 56. 73 per share reported on nyse.\n as of february 11 , 2011  had 397612895 outstanding shares of common stock 463 registered holders.\n dividends not historically paid a dividend on common stock.\n payment of dividends in future  when if authorized by board of directors  depend upon many factors  including earnings financial condition  restrictions under applicable law current future loan agreements  debt service requirements capital expenditure requirements other factors board of directors may deem relevant including potential determination to elect reit status.\n loan agreement for revolving credit facility and term loan contain covenants restrict ability to pay dividends unless certain financial covenants satisfied.\n for more information about restrictions under loan agreement for revolving credit facility term loan  notes indentures loan agreement related to securitization see item 7 of annual report under caption 201cmanagement 2019s discussion and analysis of financial condition results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d note 6 to consolidated financial statements included in annual report.\n\n2010                       | high    | low\n-------------------------- | ------- | -------\nquarter ended march 31     | $ 44.61 | $ 40.10\nquarter ended june 30      | 45.33   | 38.86\nquarter ended september 30 | 52.11   | 43.70\nquarter ended december 31  | 53.14   | 49.61\n2009                       | high    | low\nquarter ended march 31     | $ 32.53 | $ 25.45\nquarter ended june 30      | 34.52   | 27.93\nquarter ended september 30 | 37.71   | 29.89\nquarter ended december 31  | 43.84   | 35.03"
}
{
    "_id": "dd496fc06",
    "title": "",
    "text": "stockholder return performance graphs graph compares cumulative 5-year stockholder return common stock relative to cumulative return nasdaq composite index s&p 400 information technology index.\n graph assumes value investment in common stock each index ( including reinvestment dividends ) was $ 100 on december 29, 2007 tracks through december 29 , 2012.\n comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index  s&p 400 information technology cadence design systems.\n nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index including reinvestment dividends.\n indexes calculated on month-end basis.\n copyright a9 2013 s&p , division of mcgraw-hill companies inc.\n all rights reserved.\n stock price performance graph not necessarily indicative of future stock price performance\n\n| 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012\n------------------------------ | ---------- | -------- | -------- | -------- | ---------- | ----------\ncadence design systems inc .   | 100.00     | 22.55    | 35.17    | 48.50    | 61.07      | 78.92\nnasdaq composite               | 100.00     | 59.03    | 82.25    | 97.32    | 98.63      | 110.78\ns&p 400 information technology | 100.00     | 54.60    | 82.76    | 108.11   | 95.48      | 109.88"
}
{
    "_id": "dd4bc9bbe",
    "title": "",
    "text": "expense  net decreased $ 6. 2 million  or 50. 0% (. )  for year ended december 31 , 2004 compared to 2003.\n decrease due to reduction in charges on disposal transfer costs of fixed assets facility closure costs of $ 3. 3 million , reduced legal charges $ 1. 5 million  reduction in expenses of $ 1. 4 million insignificant items.\n interest expense income taxes interest expense decreased in 2004 by $ 92. 2 million  or 75. 7% ( 75. 7 % )  from 2003.\n decrease included $ 73. 3 million expenses related to company 2019s debt refinancing completed july 2003.\n $ 73. 3 million expenses consisted of $ 55. 9 million in premiums for tender of 95 20448% ( 20448 % ) senior subordinated notes $ 17. 4 million non-cash charge for write-off of deferred financing fees related to 95 20448% ( 20448 % ) notes pca 2019s original revolving credit facility.\n excluding $ 73. 3 million charge interest expense was $ 18. 9 million lower than 2003 lower interest rates company 2019s july 2003 refinancing lower debt levels.\n pca 2019s effective tax rate was 38. 0% (. 0 % ) for year ended december 31 , 2004 42. 3% ( 42. 3 % ) for year ended december 31 , 2003.\n higher tax rate in 2003 due to stable permanent items over lower book income ( loss ).\n both years 2004 and 2003 tax rates higher than federal statutory rate of 35. 0% ( 35. 0 % ) due to state income taxes.\n year ended december 31 , 2003 compared to december 31 2002 historical results of operations of pca for years ended december 31  2003 2002 below year december millions ) 2003 2002 change.\n net sales decreased by $ 0. 4 million  or 0.0% ( 0. 0 % )  year ended december 31, 2003 from december 31  2002.\n net sales increased due to improved sales volumes compared 2002 increase offset by lower sales prices.\n total corrugated products volume sold increased 2. 1% ( 2. 1 % ) to 28. 1 billion square feet in 2003 compared to 27. 5 billion square feet in 2002.\n comparable shipment-per-workday basis corrugated products sales volume increased 1. 7% ( 1. 7 % ) in 2003 from 2002.\n shipments-per-workday calculated by dividing total corrugated products volume year by number of workdays year.\n lower percentage increase due to 2003 had one more workday ( 252 days ) not weekend or holiday than 2002 ( 251 days ).\n containerboard sales volume to external domestic and export customers decreased 6. 7% ( 6. 7 % ) to 445000 tons year ended december 31 , 2003 from 477000 tons comparable period 2002.\n income before interest and taxes decreased by $ 48. 4 million  or 33. 3% ( 33. 3 % ) year ended december 31 , 2003 compared to 2002.\n income before interest taxes twelve months\n\n( in millions )                        | 2003             | 2002           | change\n-------------------------------------- | ---------------- | -------------- | ----------------\nnet sales                              | $ 1735.5         | $ 1735.9       | $ -0.4 ( 0.4 )\nincome before interest and taxes       | $ 96.9           | $ 145.3        | $ -48.4 ( 48.4 )\ninterest expense net                   | -121.8 ( 121.8 ) | -67.7 ( 67.7 ) | -54.1 ( 54.1 )\nincome ( loss ) before taxes           | -24.9 ( 24.9 )   | 77.6           | -102.5 ( 102.5 )\n( provision ) benefit for income taxes | 10.5             | -29.4 ( 29.4 ) | 39.9\nnet income ( loss )                    | $ -14.4 ( 14.4 ) | $ 48.2         | $ -62.6 ( 62.6 )"
}
{
    "_id": "dd4bd3894",
    "title": "",
    "text": "valuation techniques 2013 cash equivalents mostly short-term money-market instruments valued at cost approximates fair value.\n.\n equity securities and international equity securities categorized as level 1 traded on active national international exchanges valued at closing prices last trading day of year.\n for.\n equity securities international equity securities not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor broker or investment manager.\n securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor or categorized level 3 if custodian obtains uncorroborated quotes from broker or investment manager.\n commingled equity funds categorized as level 1 traded on active national international exchanges valued at closing prices on last trading day of year.\n for commingled equity funds not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor  broker or investment manager.\n securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor.\n fixed income investments categorized as level 2 valued by trustee using pricing models use verifiable observable market data (. interest rates yield curves observable at commonly quoted intervals credit spreads ) bids provided by brokers or dealers or quoted prices of securities with similar characteristics.\n fixed income investments categorized as level 3 when valuations using observable inputs unavailable.\n trustee obtains pricing based on indicative quotes or bid evaluations from vendors brokers or investment manager.\n certain other fixed income investments categorized as level 3 valued using discounted cash flow approach.\n significant inputs include projected annuity payments and discount rate applied to payments.\ncommingled equity funds , equity mutual funds valued using nav.\n nav valuations based on underlying investments typically redeemable within 90 days.\n private equity funds consist of partnership and co-investment funds.\n nav based on valuation models of underlying securities includes unobservable inputs cannot be corroborated using verifiable observable market data.\n these funds typically have redemption periods between eight and 12 years.\n real estate funds consist of partnerships  most closed-end funds  for nav based on valuation models and periodic appraisals.\n funds have redemption periods between eight and 10 years.\n hedge funds consist of direct hedge funds for nav generally based on valuation of underlying investments.\n redemptions in hedge funds based on specific terms of each fund range from minimum of one month to several months.\n contributions expected benefit payments funding of qualified defined benefit pension plans determined in accordance with erisa , as amended by ppa , consistent with cas and internal revenue code rules.\n made contributions of $ 5. 0 billion to qualified defined benefit pension plans in 2018  including required and discretionary contributions.\n do not expect to make contributions to qualified defined benefit pension plans in 2019.\n table presents estimated future benefit payments  reflect expected future employee service  as of december 31 , 2018 ( in millions ) :.\n defined contribution plans maintain number of defined contribution plans  most with 401 ( k ) features  cover substantially all employees.\n under provisions 401 k ) plans match most employees 2019 eligible contributions at rates specified in plan documents.\n contributions were $ 658 million in 2018 , $ 613 million in 2017 and $ 617 million in 2016  majority funded using common stock.\n defined contribution plans held approximately 33.3 million 35. 5 million shares common stock as december 31 , 2018 2017.\n\n| 2019   | 2020   | 2021   | 2022   | 2023   | 2024 2013 2028\n---------------------------------------- | ------ | ------ | ------ | ------ | ------ | --------------\nqualified defined benefit pension plans  | $ 2350 | $ 2390 | $ 2470 | $ 2550 | $ 2610 | $ 13670\nretiree medical and life insurance plans | 170    | 180    | 180    | 180    | 170    | 810"
}
{
    "_id": "dd4b8e2a8",
    "title": "",
    "text": "consumer foods net sales increased $ 303 million or 5% ( 5 % ) for year to $ 6. 8 billion.\n results reflect increase three percentage points from improved net pricing product mix two percentage points improvement from higher volumes.\n net pricing volume improvements achieved in company 2019s priority investment enabler brands.\n impact of product recalls partially offset improvements.\n company implemented significant price increases for consumer foods products during fourth quarter of fiscal 2008.\n continued net sales improvements expected into fiscal 2009 benefit of pricing actions.\n sales of significant brands  including chef boyardee ae david ae  egg beaters ae healthy choice ae hebrew national ae hunt 2019s ae marie callender 2019s manwich ae orville redenbacher 2019s ae pam ae  ro*tel ae  rosarita ae  snack pack ae swiss miss ae wesson ae  wolf ae grew in fiscal 2008.\n sales of act ii ae  andy capp ae  banquet ae  crunch 2018n munch ae  kid cuisine ae  parkay ae  pemmican ae  reddi-wip ae  slim jim ae declined in fiscal 2008.\n net sales in consumer foods segment not comparable across periods due to factors.\n company initiated peanut butter recall in third quarter of fiscal 2007 reintroduced peter pan ae peanut butter products in august 2007.\n sales of all peanut butter products branded private label in fiscal 2008 were $ 14 million lower than comparable amounts in fiscal 2007.\n consumer foods net sales adversely impacted by recall of banquet ae and private label pot pies in second quarter of fiscal 2008.\nnet sales of pot pies lower $ 22 million in fiscal 2008 relative due to product returns lost sales of banquet ae private label pot pies.\n sales from alexia foods lincoln snacks  businesses acquired fiscal 2008 totaled $ 66 million fiscal 2008.\n company divested refrigerated pizza business first half fiscal 2007.\n sales from business were $ 17 million fiscal food and ingredients net sales $ 4. 1 billion in fiscal 2008 increase of $ 706 million or 21% ( 21 % ).\n increased sales reflective of higher sales prices in company 2019s milling operations due higher grain prices price volume increases in company 2019s potato dehydrated vegetable operations.\n fiscal 2007 divestiture of oat milling operation resulted in reduction of sales $ 27 million fiscal 2008 offset by increased sales $ 18 million from acquisition of watts brothers february 2008.\n international foods net sales increased $ 65 million to $ 678 million.\n strengthening of foreign currencies relative.\n dollar accounted for $ 36 million increase.\n segment achieved 5% ( 5 % ) increase in sales volume in fiscal 2008 reflecting increased unit sales in canada mexico  modest increases in net pricing.\n gross profit ( net sales less cost of goods sold ) ( $ in millions ) reporting segment fiscal 2008 gross profit fiscal 2007 gross profit % ( % ) increase/ decrease ).\n company 2019s gross profit for fiscal 2008 was $ 2. 7 billion  increase of $ 23 million or 1% ( 1 % ) over prior year.\n increase gross profit driven by results in food and ingredients segment higher margins in company 2019s milling specialty potato operations offset by reduced gross profits in consumer foods segment.\n costs company 2019s restructuring plans reduced gross profit by $ 4 million and $ 46 million in fiscal 2008 and fiscal 2007.\n\nreporting segment    | fiscal 2008 gross profit | fiscal 2007 gross profit | % (  % ) increase/ ( decrease )\n-------------------- | ------------------------ | ------------------------ | -------------------------------\nconsumer foods       | $ 1802                   | $ 1923                   | ( 6 ) % (  % )\nfood and ingredients | 724                      | 590                      | 23% ( 23 % )\ninternational foods  | 190                      | 180                      | 6% ( 6 % )\ntotal                | $ 2716                   | $ 2693                   | 1% ( 1 % )"
}
{
    "_id": "dd4bc1842",
    "title": "",
    "text": "entergy corporation subsidiaries management 2019s financial discussion analysis palisades plants related assets to fair values.\n see note 14 financial statements for discussion of impairment related charges.\n result of entergy louisiana entergy gulf states louisiana business combination results of operations for 2015 include two items occurred in october 2015 : 1 ) deferred tax asset net increase in tax basis of approximately $ 334 million 2 ) regulatory liability of $ 107 million ( $ 66 million net-of-tax ) result of customer credits realized by electric customers of entergy louisiana consistent with terms stipulated settlement in business combination proceeding.\n see note 2 to financial statements for discussion of business combination customer credits.\n results operations for 2015 include sale in december 2015 of 583 mw rhode island state energy center for realized gain of $ 154 million ( $ 100 million net-of-tax ) on sale $ 77 million ( $ 47 million net-of-tax ) write-off regulatory charges recognize portion of assets associated with waterford 3 replacement steam generator project no longer probable of recovery.\n see note 14 financial statements for discussion of rhode island state energy center sale.\n see note 2 financial statements for discussion waterford 3 write-off.\n net revenue utility following analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance primarily due to : 2022 increase in base rates at entergy arkansas  approved by apsc.\n new rates effective february 24 , 2016 began billing with first billing cycle of april 2016.\n increase includes interim base rate adjustment surcharge effective with first billing cycle of april 2016 to recover incremental revenue requirement for period february 24 , 2016 through march 31 , 2016.\nsignificant portion increase related to purchase of power block 2 of union power station ; 2022 increase in purchased power and capacity acquisition cost recovery rider for entergy new orleans , approved by city council  effective with first billing cycle march 2016  primarily related to purchase of power block 1 union power station ; 2022 increase in formula rate plan revenues for entergy louisiana  implemented with first billing cycle march 2016  collect estimated first-year revenue requirement related to purchase of power blocks 3 and 4 union power station ; 2022 increase in revenues at entergy mississippi  approved by mpsc  effective with first billing cycle of july 2016  increase in revenues collected through storm damage rider.\n see note 2 to financial statements for discussion rate proceedings.\n see note 14 financial statements for discussion union power station purchase.\n louisiana business combination customer credits variance due to regulatory liability of $ 107 million recorded by entergy in october 2015 result of entergy gulf states louisiana and entergy louisiana business\n\n| amount ( in millions )\n----------------------------------------------- | ----------------------\n2015 net revenue                                | $ 5829\nretail electric price                           | 289\nlouisiana business combination customer credits | 107\nvolume/weather                                  | 14\nlouisiana act 55 financing savings obligation   | -17 ( 17 )\nother                                           | -43 ( 43 )\n2016 net revenue                                | $ 6179"
}
{
    "_id": "dd4bacda2",
    "title": "",
    "text": "table contents part ii item 8 schlumberger limited schlumberger n. v. incorporated netherlands antilles ) subsidiary companies shares common stock issued treasury shares outstanding.\n see notes consolidated financial statements 39 / slb 2003 form 10-k\n\n| issued    | in treasury            | shares outstanding\n---------------------------- | --------- | ---------------------- | ------------------\nbalance january 1 2001       | 667085793 | -94361099 ( 94361099 ) | 572724694\nemployee stock purchase plan | 2013      | 1752833                | 1752833\nshares granted to directors  | 2013      | 4800                   | 4800\nshares sold to optionees     | 8385      | 1399686                | 1408071\nbalance december 31 2001     | 667094178 | -91203780 ( 91203780 ) | 575890398\nemployee stock purchase plan | 2013      | 2677842                | 2677842\nshares granted to directors  | 2013      | 3500                   | 3500\nshares sold to optionees     | 10490     | 2243400                | 2253890\nacquisition of technoguide   | 2013      | 1347485                | 1347485\nbalance december 31 2002     | 667104668 | -84931553 ( 84931553 ) | 582173115\nemployee stock purchase plan | 2013      | 2464088                | 2464088\nshares granted to directors  | 2013      | 3500                   | 3500\nshares sold to optionees     | 1320      | 1306305                | 1307625\nbalance december 31 2003     | 667105988 | -81157660 ( 81157660 ) | 585948328"
}
{
    "_id": "dd4b8bf1c",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations continued detail our investment portfolio as of december 31 , 2014 2013 provided in note 3 to consolidated financial statements under item 8 of form 10-k.\n loans leases averaged $ 15. 91 billion for year ended 2014  up from $ 13. 78 billion in 2013.\n increase related to mutual fund lending investment in senior secured bank loans.\n mutual fund lending bank loans averaged approximately $ 9. 12 billion and $ 1. 40 billion  respectively for year ended december 31 , 2014 compared to $ 8. 16 billion and $ 170 million for year ended december 31, 2013.\n average loans leases include short- duration advances.\n table 13 :.\n non-u.\n short-duration advances years ended december 31.\n average.\n short-duration advances $ 2355 $ 2356 $ 1972 average non-u.\n short-duration advances 1512 1393 1393 average total short-duration advances $ 3867 $ 3749 $ 3365 average short-durance advances to average loans leases 24% ( 24 % ) 27% ( 27 % ) 29% ( 29 % ) decline in proportion of average daily short-duration advances to average loans leases due to growth in other segments of loan lease portfolio.\n short-duration advances provide liquidity to clients support investment activities.\n average short-duration advances for year ended december 31 , 2014 increased compared to december 31 2013 average advances remained low relative to historical levels mainly result of clients hold higher levels liquidity.\n average other interest-earning assets increased to $ 15. 94 billion for year ended december 31 , 2014 from $ 11. 16 billion year ended december 31  2013.\n increased levels result of higher levels cash collateral enhanced custody business.\naverage interest-bearing deposits increased to $ 130. 30 billion for year ended december 31 , 2014 from $ 109. 25 billion for 2013.\n higher levels result of increases in u. s.\n and non-u. s.\n transaction accounts and time deposits.\n future transaction account levels influenced by asset servicing business market conditions including general levels u. s.\n and non-u. s.\n interest rates.\n average other short-term borrowings increased to $ 4. 18 billion for year ended december 31  2014 from $ 3. 79 billion year 2013.\n increase result of higher client demand for commercial paper.\n decline in rates paid from 1. 6% (. 6 % ) in 2013 to 0. 1% ( 0. 1 % ) in 2014 resulted from reclassification of derivative contracts hedge interest-rate risk on assets reduced interest revenue and interest expense.\n average long-term debt increased to $ 9. 31 billion for year ended december 31, 2014 from $ 8. 42 billion december 31 2013.\n increase reflected issuance of $ 1. 5 billion of senior and subordinated debt in may 2013  $ 1. 0 billion of senior debt in november 2013  and $ 1. 0 billion senior debt in december 2014.\n partially offset by maturities of $ 500 million of senior debt in may 2014 and $ 250 million of senior debt in march 2014.\n average other interest-bearing liabilities increased to $ 7. 35 billion for year ended december 31 , 2014 from $ 6. 46 billion for 2013 result of higher levels cash collateral received from clients enhanced custody business.\n several factors could affect future levels net interest revenue and margin including mix of client liabilities ; actions of central banks changes in u. s.\n and non-u. s.\ninterest rates ; changes in yield curves ; revised proposed regulatory capital or liquidity standards  interpretations ; discount accretion generated by former conduit securities remain in our investment securities portfolio ; yields earned on securities purchased compared to yields on securities sold or matured.\n based on market conditions other factors , we continue to reinvest majority of proceeds from pay-downs and maturities of investment securities in highly-rated securities , as u. s.\n treasury and agency securities  municipal securities  federal agency mortgage-backed securities and u. s.\n non-u. s.\n mortgage- and asset-backed securities.\n pace we to reinvest and types of investment securities purchased will depend on impact of market conditions other factors over time.\n expect these factors and levels global interest rates to influence effect our reinvestment program on future our net interest revenue and net interest margin.\n\n( in millions )                                            | 2014         | 2013         | 2012\n---------------------------------------------------------- | ------------ | ------------ | ------------\naverage u.s . short-duration advances                      | $ 2355       | $ 2356       | $ 1972\naverage non-u.s . short-duration advances                  | 1512         | 1393         | 1393\naverage total short-duration advances                      | $ 3867       | $ 3749       | $ 3365\naverage short-durance advances to average loans and leases | 24% ( 24 % ) | 27% ( 27 % ) | 29% ( 29 % )"
}
{
    "_id": "dd4b8a270",
    "title": "",
    "text": "note 9.\n retirement plan maintain defined contribution pension plan covering full-time shoreside employees completed minimum period of continuous service.\n annual contributions plan based on fixed percentages of participants 2019 salaries and years of service not to exceed certain maximums.\n pension cost was $ 13. 9 million , $ 12. 8 million and $ 12. 2 million for years ended december 31 , 2006 , 2005 2004  respectively.\n note 10.\n income taxes we majority of subsidiaries exempt from united states corporate tax on income from international opera- tion of ships section 883 of internal revenue code.\n income tax expense related to remaining subsidiaries not significant for years ended december 31 , 2006 , 2005 2004.\n final regulations under section 883 published on august 26, 2003  effective for year ended december 31 , 2005.\n regulations confirmed qualify for exemption section 883  narrowed scope of activities considered internal revenue service to be incidental to international operation of ships.\n activities listed in regula- tions not incidental to international operation of ships include income from sale of air other transportation transfers , shore excursions pre and post cruise tours.\n extent income from such activities earned from sources within united states income subject to united states taxa- tion.\n application new regulations reduced net income for years ended december 31 , 2006 and december 31 , 2005 by approximately $ 6. 3 million and $ 14. 0 million , respectively.\n note 11.\n financial instruments estimated fair values of financial instruments are as follows ( in thousands ) :.\nlong-term debt ( including current portion long-term debt ) ( 5474988 ) ( 4368874 ) foreign currency forward contracts in net ( loss ) gain position 104159 ( 115415 ) interest rate swap agreements net receivable position 5856 8456 fuel swap agreements net payable position ( 20456 ) ( 78 ) reported fair values based on variety factors assumptions.\n fair values may not represent actual values of financial instruments realized as of december 31 , 2006 or 2005  or realized future not include expenses incurred in actual sale or settlement.\n financial instruments not held for trading or speculative purposes.\n exposure under foreign currency contracts, interest rate fuel swap agreements limited to cost of replacing contracts in non-performance by counterparties contracts  all currently our lending banks.\n to minimize risk select counterparties with credit risks acceptable limit exposure to individual counterparty.\n all foreign currency forward contracts denominated in primary currencies.\n cash and cash equivalents carrying amounts of cash and cash equivalents approximate fair values due to short maturity of instruments.\n long-term debt fair values of senior notes and senior debentures esti- mated by obtaining quoted market prices.\n fair values of all other debt estimated using discounted cash flow analyses based on market rates available for similar debt same remaining maturities.\n foreign currency contracts fair values of foreign currency forward contracts esti- mated using current market prices for similar instruments.\n expo- sure to market risk for fluctuations in foreign currency exchange rates relates to six ship construction contracts forecasted transactions.\n use foreign currency forward contracts to mitigate impact of fluctuations in foreign currency exchange rates.\n as of december 31 , 2006 , had foreign currency forward contracts in notional amount of $ 3. 8 billion maturing through 2009.\ndecember 31 , 2006 fair value of foreign currency forward contracts to six ship construction contracts designated fair value hedges net unrealized gain of approximately $ 106. 3 mil- lion.\n at december 31 , 2005 , fair value of foreign currency for- ward contracts three ship construction contracts fair value hedges net unrealized loss of approx- imately $ 103. 4 million.\n fair value foreign currency forward contracts other ship construction contract at december 31 , 2005  designated cash flow hedge  unre- alized loss  approximately $ 7. 8 million.\n at december 31 , 2006  approximately 11% ( 11 % ) of aggregate cost of ships exposed to fluctuations in euro exchange rate.\n r o y a l c a r i b b e a n c r u i s e s l t d.\n 3 5 notes to consolidated financial statements ( continued ) 51392_financials-v9. qxp 6/7/07 3:40 pm page 35\n\n| 2006                 | 2005\n------------------------------------------------------------------ | -------------------- | --------------------\ncash and cash equivalents                                          | $ 104520             | $ 125385\nlong-term debt ( including current portion of long-term debt )     | -5474988 ( 5474988 ) | -4368874 ( 4368874 )\nforeign currency forward contracts in a net ( loss ) gain position | 104159               | -115415 ( 115415 )\ninterest rate swap agreements in a net receivable position         | 5856                 | 8456\nfuel swap agreements in a net payable position                     | -20456 ( 20456 )     | -78 ( 78 )"
}
{
    "_id": "dd4b8a9b4",
    "title": "",
    "text": "leveraged performance units year ended may 31 , 2015 executives granted performance units as 201cleveraged performance units , 201d or 201clpus. 201d lpus contain market condition based relative stock price growth over three-year performance period.\n lpus contain minimum threshold performance if not met result in no payout.\n lpus contain maximum award opportunity fixed dollar and fixed number of shares.\n after three-year performance period concluded in october 2017 one-third of earned units converted to unrestricted common stock.\n remaining two-thirds converted to restricted stock vest in equal installments first two anniversaries of conversion date.\n recognize share-based compensation expense based on grant date fair value of lpus determined by monte carlo model straight-line basis over requisite service period for each separately vesting portion lpu award.\n following table summarizes changes in unvested restricted stock and performance awards for year ended december 31 , 2017 , 2016 fiscal transition period years ended may 31 , 2016 and 2015 : shares weighted-average grant-date fair value ( in thousands ).\n total fair value of restricted stock and performance awards vested was $ 33. 7 million for year ended december 31 , 2017 , $ 20. 0 million for 2016 fiscal transition period $ 17. 4 million and $ 15. 0 million  for years ended may 31 , 2016 and 2015.\n for restricted stock and performance awards recognized compensation expense of $ 35. 2 million for year ended december 31 , 2017 , $ 17. 2 million for 2016 fiscal transition period $ 28. 8 million and $ 19. 8 million  respectively for years ended may 31 , 2016 and 2015.\n as of december 31 , 2017  $ 46.1 million unrecognized compensation expense related to unvested restricted stock performance awards expect recognize over weighted-average period 1. 8 years.\n restricted stock performance award plans provide for accelerated vesting under certain conditions.\n stock options stock options granted with exercise price equal to 100% ( ) fair market value common stock on date of grant have term of ten years.\n stock options granted before year ended may 31, 2015 vest in equal installments on first four anniversaries of grant date.\n stock options granted during year ended may 31, 2015 thereafter vest equal installments on first three anniversaries of grant date.\n stock option plans provide for accelerated vesting under certain conditions.\n global payments inc.\n 2017 form 10-k annual report 2013 91\n\n| shares ( in thousands ) | weighted-averagegrant-datefair value\n---------------------------- | ----------------------- | ------------------------------------\nunvested at may 31 2014      | 1754                    | $ 22.72\ngranted                      | 954                     | 36.21\nvested                       | -648 ( 648 )            | 23.17\nforfeited                    | -212 ( 212 )            | 27.03\nunvested at may 31 2015      | 1848                    | 28.97\ngranted                      | 461                     | 57.04\nvested                       | -633 ( 633 )            | 27.55\nforfeited                    | -70 ( 70 )              | 34.69\nunvested at may 31 2016      | 1606                    | 37.25\ngranted                      | 348                     | 74.26\nvested                       | -639 ( 639 )            | 31.38\nforfeited                    | -52 ( 52 )              | 45.27\nunvested at december 31 2016 | 1263                    | 49.55\ngranted                      | 899                     | 79.79\nvested                       | -858 ( 858 )            | 39.26\nforfeited                    | -78 ( 78 )              | 59.56\nunvested at december 31 2017 | 1226                    | $ 78.29"
}
{
    "_id": "dd4bbb17c",
    "title": "",
    "text": "entergy louisiana , llc management's financial discussion analysis 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits.\n following analysis of change in net revenue comparing 2007 to 2006.\n amount ( in millions ).\n base revenues variance due to increases effective september 2006 for 2005 formula rate plan filing to recover lpsc-approved incremental deferred ongoing capacity costs.\n see \"state and local rate regulation\" below note 2 to financial statements for formula rate plan filing.\n volume/weather variance due to increased electricity usage including electricity sales during unbilled service period.\n billed retail electricity usage increased total of 666 gwh in all sectors compared to 2006.\n see \"critical accounting estimates\" below note 1 to financial statements for accounting for unbilled revenues.\n transmission revenue variance due to higher rates.\n purchased power capacity variance due to higher purchased power capacity charges amortization of capacity charges effective september 2006 formula rate plan filing in may 2006.\n portion of purchased power capacity costs offset in base revenues due to base rate increase to recover incremental deferred ongoing purchased power capacity charges.\n see \"state and local rate regulation\" below note 2 to financial statements for discussion formula rate plan filing.\n gross operating revenues , fuel , purchased power expenses other regulatory charges credits ) operating revenues increased due to increase of $ 143. 1 million in fuel cost recovery revenues due to higher fuel rates usage ; increase of $ 78. 4 million in base revenues  increase of $ 37. 5 million related to volume/weather .\nfuel purchased power expenses increased due to increase in net area demand increase in deferred fuel expense result of higher fuel rates , discussed above.\n other regulatory credits decreased due to deferral of capacity charges in 2006 in to amortization of capacity charges in 2007 result of may 2006 formula rate plan filing ( for 2005 test year ) with lpsc to recover costs through base rates effective september 2006.\n see note 2 to financial statements for discussion of formula rate plan storm cost recovery filings with lpsc.\n\n| amount ( in millions )\n------------------------ | ----------------------\n2006 net revenue         | $ 942.1\nbase revenues            | 78.4\nvolume/weather           | 37.5\ntransmission revenue     | 9.2\npurchased power capacity | -80.0 ( 80.0 )\nother                    | 3.9\n2007 net revenue         | $ 991.1"
}
{
    "_id": "dd4b9e7a2",
    "title": "",
    "text": "westrock company notes to consolidated financial statements 2014 continued ) note 20.\n stockholders 2019 equity capitalization capital stock consists of common stock.\n holders common stock entitled to one vote per share.\n amended restated certificate of incorporation authorizes preferred stock  no shares issued.\n terms provisions of shares determined by board of directors upon issuance shares accordance certificate of incorporation.\n stock repurchase plan july 2015 board of directors authorized repurchase program of up to 40. 0 million shares of common stock representing approximately 15% ( 15 % ) of outstanding common stock as of july 1 , 2015.\n shares common stock may be repurchased over indefinite period time at discretion of management.\n fiscal 2019  repurchased approximately 2. 1 million shares common stock for aggregate cost of $ 88. 6 million.\n fiscal 2018  repurchased approximately 3. 4 million shares common stock for aggregate cost of $ 195. 1 million.\n fiscal 2017  repurchased approximately 1. 8 million shares common stock for aggregate cost of $ 93. 0 million.\n as of september 30 , 2019  remaining authorization under repurchase program authorized in july 2015 to purchase approximately 19. 1 million shares of common stock.\n note 21.\n share-based compensation share compensation plans annual meeting of stockholders february 2 , 2016 stockholders approved westrock company 2016 incentive stock plan.\n 2016 incentive stock plan amended and restated on february 2 , 2018 201camended and restated 2016 incentive stock plan 201d ).\n amended restated 2016 incentive stock plan allows for granting of options , restricted stock sars restricted stock units to certain key employees directors.\ntable shows approximate number of shares : available for issuance , for future grant  issued if restricted awards granted with performance condition recorded at target achieve maximum award if new grants plan expected be issued each as adjusted as necessary for corporate actions ( in millions ).\n shares available issuance shares for future shares issued if performance achieved at maximum expect awards amended and restated 2016 incentive stock plan ( 1 ) 11. 7 5. 1 2. 3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15. 8 3. 1 0. 0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12. 8 9. 0 0. 0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7. 9 5. 9 0. 0 no ( 1 ) separation equity-based incentive awards adjusted to maintain intrinsic value awards prior to separation.\n number of unvested restricted stock awards and unexercised stock options and sars at time separation increased by exchange factor of approximately 1. 12.\n exercise price of unexercised stock options and sars at separation converted to decrease exercise price by exchange factor of approximately 1. 12.\n 2 ) in combination westrock assumed all rocktenn and mwv equity incentive plans.\n issued awards to certain key employees and directors rocktenn 2004 incentive stock plan  amended and mwv 2005 performance incentive plan  amended.\n awards converted into westrock awards using conversion factor as described in business combination agreement.\n ) in connection with smurfit-stone acquisition  assumed smurfit-stone equity incentive plan  renamed the rock-tenn company ( sscc ) equity incentive plan.\nawards converted into shares of rocktenn common stock, options restricted stock units applicable using conversion factor described in merger agreement.\n westrock company notes to consolidated financial statements 2014 continued ) note 20.\n stockholders 2019 equity capitalization capital stock consists solely of common stock.\n holders common stock entitled to one vote per share.\n amended restated certificate of incorporation authorizes preferred stock  of no shares issued.\n terms provisions of shares determined by board of directors upon issuance of shares with certificate of incorporation.\n stock repurchase plan in july 2015 board of directors authorized repurchase program of up to 40. 0 million shares of common stock representing approximately 15% ( 15 % ) of outstanding common stock as of july 1 , 2015.\n shares common stock may be repurchased over indefinite period time at discretion of management.\n in fiscal 2019  repurchased approximately 2. 1 million shares common stock for aggregate cost of $ 88. 6 million.\n in fiscal 2018  repurchased approximately 3. 4 million shares common stock for aggregate cost of $ 195. 1 million.\n in fiscal 2017  repurchased approximately 1. 8 million shares common stock for aggregate cost of $ 93. 0 million.\n as of september 30 , 2019  remaining authorization under repurchase program authorized in july 2015 to purchase approximately 19. 1 million shares of common stock.\n note 21.\n share-based compensation plans at annual meeting of stockholders on february 2 , 2016 stockholders approved westrock company 2016 incentive stock plan.\n 2016 incentive stock plan amended and restated on february 2, 2018 201camended restated 2016 incentive stock plan 201d ).\namended restated 2016 incentive stock plan allows for granting of options  restricted stock  sars restricted stock units to certain key employees directors.\n table shows approximate number of shares : available for issuance  for future grant , issued if restricted awards granted with performance condition recorded at target achieve maximum award  if new grants expected to be issued  each as adjusted as necessary for corporate actions ( in millions ).\n shares available issuance shares available for future shares issued if performance achieved at maximum expect awards amended restated 2016 incentive stock plan ( 1 ) 11. 7 5. 1 2. 3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15. 8 3. 1 0. 0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12. 8 9. 0 0. 0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7. 9 5. 9 0. 0 no ( 1 ) of separation, equity-based incentive awards adjusted to maintain intrinsic value awards prior to separation.\n number of unvested restricted stock awards unexercised stock options sars at time of separation increased by exchange factor of approximately 1. 12.\n exercise price of unexercised stock options and sars at separation converted to decrease exercise price by exchange factor of approximately 1. 12.\n 2 ) combination westrock assumed all rocktenn and mwv equity incentive plans.\n issued awards to certain key employees directors rocktenn 2004 incentive stock plan  amended mwv 2005 performance incentive plan  amended.\n awards converted into westrock awards using conversion factor as described in business combination agreement.\n( 3 ) in connection with smurfit-stone acquisition  assumed smurfit-stone equity incentive plan renamed rock-tenn company ( sscc ) equity incentive plan.\n awards converted into shares of rocktenn common stock , options restricted stock units  as applicable using conversion factor described in merger agreement.\n\n| shares available for issuance | shares available for future grant | shares to be issued if performance is achieved at maximum | expect to make new awards\n---------------------------------------------------- | ----------------------------- | --------------------------------- | --------------------------------------------------------- | -------------------------\namended and restated 2016 incentive stock plan ( 1 ) | 11.7                          | 5.1                               | 2.3                                                       | yes\n2004 incentive stock plan ( 1 ) ( 2 )                | 15.8                          | 3.1                               | 0.0                                                       | no\n2005 performance incentive plan ( 1 ) ( 2 )          | 12.8                          | 9.0                               | 0.0                                                       | no\nrocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 )  | 7.9                           | 5.9                               | 0.0                                                       | no"
}
{
    "_id": "dd4b8c7be",
    "title": "",
    "text": "note 8.\n acquisitions during fiscal 2017  cadence completed two business combinations for total cash consideration of $ 142. 8 million  after cash acquired of $ 4. 2 million.\n total purchase consideration allocated to assets acquired and liabilities assumed based on estimated fair values on acquisition dates.\n cadence recorded total $ 76. 4 million of acquired intangible assets ( $ 71. 5 million represents in-process technology ) $ 90. 2 million of goodwill $ 19. 6 million of net liabilities primarily deferred tax liabilities.\n cadence will make payments to certain employees subject to continued employment performance-based conditions through fourth quarter of fiscal 2020.\n during fiscal 2016  cadence completed two business combinations for total cash consideration of $ 42. 4 million  after cash acquired of $ 1. 8 million.\n total purchase consideration allocated to assets acquired and liabilities assumed based on estimated fair values on acquisition dates.\n cadence recorded total $ 23. 6 million of goodwill  $ 23. 2 million of acquired intangible assets $ 2. 6 million of net liabilities primarily deferred revenue.\n cadence will make payments to certain employees subject to continued employment other conditions through second quarter of fiscal trust for benefit of children of lip-bu tan  cadence 2019s chief executive officer and director owned less than 3% ( 3 % ) of nusemi inc  companies acquired in 2017 less than 2% ( 2 % ) of rocketick technologies ltd. companies acquired in 2016.\n.\n tan and his wife serve as co-trustees of trust disclaim pecuniary economic interest in trust.\n board of directors of cadence reviewed transactions concluded best interests of cadence to proceed with transactions.\n.\ntan recused from board of directors 2019 discussion valuation of nusemi inc rocketick technologies ltd.\n whether proceed with transactions.\n acquisition-related transaction costs no direct transaction costs associated with acquisitions during fiscal 2018.\n transaction costs associated acquisitions were $ 0. 6 million and $ 1. 1 million during fiscal 2017 and 2016, respectively.\n costs consist of professional fees administrative costs expensed incurred in cadence 2019s consolidated income statements.\n note 9.\n goodwill acquired intangibles goodwill changes in carrying amount of goodwill during fiscal 2018 and 2017 : gross carrying amount ( in thousands ).\n cadence completed annual goodwill impairment test third quarter of fiscal 2018 determined fair value of cadence 2019s single reporting unit exceeded carrying amount net assets no impairment existed.\n\n| gross carryingamount ( in thousands )\n-------------------------------------- | -------------------------------------\nbalance as of december 31 2016         | $ 572764\ngoodwill resulting from acquisitions   | 90218\neffect of foreign currency translation | 3027\nbalance as of december 30 2017         | 666009\neffect of foreign currency translation | -3737 ( 3737 )\nbalance as of december 29 2018         | $ 662272"
}
{
    "_id": "dd4be6fe8",
    "title": "",
    "text": "notes to consolidated financial statements 2014 reconciliation of beginning and ending gross unrecognized tax benefits follows ( in thousands ) :.\n company 2019s major tax jurisdictions as of september 30 , 2011 are united states , california  iowa singapore canada.\n for united states company has open tax years back to fiscal year 1998 due to carry forward tax attributes.\n for california and iowa company open tax years to fiscal year 2002 carry forward tax attributes.\n for singapore company open tax years back to fiscal year 2011.\n for canada company open tax years back to fiscal year 2004.\n during year ended september 30 , 2011 company did not recognize significant amount of previously unrecognized tax benefits related to expiration of statute of limitations.\n company 2019s policy is to recognize accrued interest and penalties  if incurred on unrecognized tax benefits as component of income tax expense.\n company recognized $ 0. 5 million of accrued interest or penalties related to unrecognized tax benefits during fiscal year 2011.\n 11.\n stockholders 2019 equity common stock at september 30 , 2011 company authorized to issue 525000000 shares of common stock par value $ 0. 25 per share 195407396 shares issued and 186386197 shares outstanding.\n holders company 2019s common stock entitled to such dividends as declared by company 2019s board of directors out of funds legally available for such purpose.\n dividends not be paid on common stock unless all accrued dividends on preferred stock paid or declared and set aside.\n in company 2019s liquidation , dissolution or winding up holders of common stock entitled to share pro rata in assets remaining after payment to creditors after payment liquidation preference plus unpaid dividends to holders of outstanding preferred stock.\neach holder of company 2019s common stock entitled to one vote for each share outstanding in holder 2019s name.\n no holder stock entitled to cumulate votes in voting for directors.\n company 2019s second certificate of incorporation provides unless otherwise determined by 2019s board of directors no holder common stock has preemptive right to purchase or subscribe for any stock of any class company may issue or sell.\n on august 3 , 2010  board of directors approved stock repurchase program company authorized to repurchase up to $ 200. 0 million of company 2019s common stock on open market or in privately negotiated transactions as permitted by securities laws and legal requirements.\n during fiscal year ended september 30 , 2011  company paid approximately $ 70. 0 million ( including commissions ) repurchase of 2768045 shares common stock ( average price of $ 25. 30 per share ).\n as of september 30 , 2011 , $ 130. 0 million remained available under existing share repurchase program.\n page 110 skyworks / annual report 2011\n\nbalance at october 1 2010                                          | $ 19900\n------------------------------------------------------------------ | ----------\nincreases based on positions related to prior years                | 935\nincreases based on positions related to current year               | 11334\ndecreases relating to settlements with taxing authorities          | 2014\ndecreases relating to lapses of applicable statutes of limitations | -33 ( 33 )\nbalance at september 30 2011                                       | $ 32136"
}
{
    "_id": "dd4be38b6",
    "title": "",
    "text": "devon energy corporation subsidiaries notes to consolidated financial statements 2013 ( continued ) other debentures and notes following descriptions of other debentures notes outstanding at december 31 , 2014 2013  as listed in table presented at beginning note.\n geosouthern debt in december 2013  with planned geosouthern acquisition , devon issued $ 2. 25 billion aggregate principal amount of fixed and floating rate senior notes in cash proceeds of approximately $ 2. 2 billion , net of discounts and issuance costs.\n floating rate senior notes due in 2015 bear interest at rate equal to three-month libor plus 0. 45 percent  rate reset quarterly.\n floating rate senior notes due in 2016 bears interest at rate equal to three-month libor plus 0. 54 percent  rate reset quarterly.\n schedule below summarizes key terms of these notes ( in millions ).\n 1 ) 1. 20% ( 1. 20 % ) $ 650 million note due december 15, 2016 redeemed on november 13 , 2014.\n senior notes classified as short-term debt on devon 2019s consolidated balance sheet as of december 31 , 2013 due to certain redemption features geosouthern acquisition not completed on or prior to june 30 , 2014.\n on february 28 , 2014  geosouthern acquisition closed senior notes classified as long-term debt.\n during december 2013  devon entered term loan agreement with group major financial institutions devon could draw up to $ 2. 0 billion to finance geosouthern acquisition pay transaction costs.\n in february 2014  devon drew $ 2. 0 billion of term loans for geosouthern transaction  amount repaid on june 30 , 2014 with canadian divestiture proceeds repatriated to u.\n in june 2014 , term loan terminated.\n\nfloating rate due december 15 2015          | $ 500\n------------------------------------------- | --------\nfloating rate due december 15 2016          | 350\n1.20% ( 1.20 % ) due december 15 2016 ( 1 ) | 650\n2.25% ( 2.25 % ) due december 15 2018       | 750\ndiscount and issuance costs                 | -2 ( 2 )\nnet proceeds                                | $ 2248"
}
{
    "_id": "dd4c628b4",
    "title": "",
    "text": "borrowings under credit facility bear interest based on daily balance outstanding at libor ( no rate floor ) plus applicable margin ( varying from 1. 25% ( 1. 25 % ) to 1. 75% ( 1. 75 % ) ) or in certain cases base rate ( based on lending institution 2019s prime rate or specified in credit agreement no rate floor ) plus applicable margin ( varying from 0. 25% ( 0. 25 % ) to 0. 75% ( 0. 75 % ) ).\n credit facility carries commitment fee equal to unused borrowings multiplied by applicable margin ( varying from 0. 25% ( 0. 25 % ) to 0. 35% ( 0. 35 % ) ).\n applicable margins calculated quarterly vary based on company 2019s leverage ratio in credit agreement.\n upon credit facility in march 2011 company terminated prior $ 200. 0 million revolving credit facility.\n prior credit facility collateralized by all company 2019s assets other than trademarks included covenants conditions terms similar to company new credit facility.\n in may 2011 company borrowed $ 25. 0 million under term loan facility to finance portion acquisition of company corporate headquarters.\n interest rate on term loan was 1. 5% ( 1. 5 % ) during year ended december 31 , 2011.\n maturity date of term loan is march 2015 end of credit facility term.\n company expects to refinance term loan in early 2013 with loan assumed in acquisition of company corporate headquarters.\n during three months ended september 30 , 2011 company borrowed $ 30. 0 million under revolving credit facility to fund seasonal working capital requirements and repaid during three months ended december 31 , 2011.\n interest rate under revolving credit facility was 1. 5% ( 1. 5 % ) during year ended december 31, 2011 no balance outstanding as of december 31 , 2011.\nno balances outstanding under prior revolving credit facility during year ended december 31 , 2010.\n long term debt company has long term debt agreements with lenders to finance acquisition or lease of qualifying capital investments.\n loans under agreements collateralized by first lien on related assets acquired.\n agreements not committed facilities each advance subject to approval by lenders.\n agreements include cross default provision event of default under other debt obligations including company 2019s credit facility considered event of default under these agreements.\n agreements require prepayment fee if company pays outstanding amounts ahead of scheduled terms.\n terms credit facility limit total additional financing under agreements to $ 40. 0 million  of $ 21. 5 million available for additional financing as of december 31 , 2011.\n at december 31 , 2011 and 2010 outstanding principal balance under agreements was $ 14. 5 million and $ 15. 9 million .\n advances under agreements bear interest rates fixed at time of each advance.\n weighted average interest rates on outstanding borrowings were 3. 5% ( 3. 5 % ) , 5. 3% ( 5. 3 % ) and 5. 9% ( 5. 9 % ) for years ended december 31 , 2011, 2010 and 2009 .\n scheduled maturities of long term debt as of december 31 , 2011 : ( in thousands ).\n ( 1 ) includes repayment of $ 25. 0 million borrowed under term loan facility due in march 2015 planned to be refinanced in early 2013 with loan assumed in acquisition of company 2019s corporate headquarters.\n\n2012                                         | $ 6882\n-------------------------------------------- | --------------\n2013 ( 1 )                                   | 65919\n2014                                         | 2972\n2015                                         | 1951\n2016                                         | 2014\ntotal scheduled maturities of long term debt | 77724\nless current maturities of long term debt    | -6882 ( 6882 )\nlong term debt obligations                   | $ 70842"
}
{
    "_id": "dd497b164",
    "title": "",
    "text": "software give company comprehensive design-to-silicon flow links into semiconductor manufacturing process.\n integrating hpl 2019s yield management test chip technologies into company 2019s industry-leading dfm portfolio expected to enable customers increase productivity improve profitability in design manufacture of advanced semiconductor devices.\n purchase price.\n company paid $ 11. 0 million in cash for all outstanding shares of hpl.\n company had prior investment in hpl of approximately $ 1. 9 million.\n total purchase consideration consisted of.\n acquisition-related costs of $ 2. 8 million primarily legal , tax accounting fees of $ 1. 6 million  $ 0. 3 million estimated facilities closure costs related charges $ 0. 9 million in employee termination costs.\n as of october 31, 2006 company paid $ 2. 2 million of acquisition related costs $ 1. 1 million for professional services costs $ 0. 2 million for facilities closure costs $ 0. 9 million for employee termination costs.\n $ 0. 6 million balance remaining at october 31, 2006 of professional tax-related service fees facilities closure costs.\n assets acquired.\n company acquired $ 8. 5 million of intangible assets $ 5. 1 million in core developed technology $ 3. 2 million in customer relationships $ 0. 2 million in backlog be amortized over two to four years.\n approximately $ 0. 8 million of purchase price represents fair value of acquired in-process research and development projects not reached technological feasibility no alternative future use.\n amount immediately expensed included in company 2019s condensed consolidated statement of operations for first quarter of fiscal year 2006.\n company acquired tangible assets of $ 14. 0 million assumed liabilities of $ 10. 9 million.\ngoodwill  excess purchase price over fair value net tangible intangible assets acquired in merger was $ 3. 4 million.\n goodwill resulted primarily from company 2019s expectation of synergies from integration of hpl 2019s technology with company 2019s technology operations.\n.\n during fiscal year 2006  company completed asset acquisition for cash consideration of $ 1. 5 million.\n acquisition not material to company 2019s consolidated balance sheet and results of operations.\n fiscal 2005 acquisitions nassda corporation ( nassda ) company acquired nassda on may 11 , 2005.\n for acquisition.\n company believes nassda 2019s full-chip circuit simulation analysis software will broaden offerings of transistor-level circuit simulation tools particularly in mixed-signal and memory design.\n purchase price.\n company acquired all outstanding shares of nassda for total cash consideration of $ 200. 2 million  or $ 7. 00 per share.\n required by merger agreement certain nassda officers  directors employees were defendants in preexisting litigation\n\n| ( in thousands )\n------------------------- | ----------------\ncash paid                 | $ 11001\nprior investment in hpl   | 1872\nacquisition-related costs | 2831\ntotal purchase price      | $ 15704"
}
{
    "_id": "dd4bd2822",
    "title": "",
    "text": "note 18 2013 earnings per share ( eps ) basic eps calculated by dividing net earnings attributable to allegion plc by weighted-average number of ordinary shares outstanding for applicable period.\n diluted eps calculated after adjusting denominator of basic eps calculation for effect all potentially dilutive ordinary shares in company case includes shares issuable under share-based compensation plans.\n following table summarizes weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations.\n at december 31 , 2017 , 0. 1 million stock options excluded from computation of weighted average diluted shares outstanding because effect including these shares would have been anti-dilutive.\n note 19 2013 commitments and contingencies company involved in various litigations  claims administrative proceedings including related to environmental and product warranty matters.\n amounts recorded for identified contingent liabilities are estimates reviewed periodically adjusted to reflect additional information when available.\n subject to uncertainties in estimating future costs for contingent liabilities except as expressly set forth in note management believes any liability result from these legal matters not material adverse effect on financial condition  results of operations  liquidity or cash flows of company.\n environmental matters company dedicated to environmental program to reduce utilization generation of hazardous materials during manufacturing process remediate identified environmental concerns.\n company currently engaged in site investigations remediation activities to address environmental cleanup from past operations at current and former production facilities.\n company regularly evaluates remediation programs considers alternative remediation methods in addition to replacement of utilized based upon enhanced technology and regulatory changes.\n changes to company remediation programs may result in increased expenses and increased environmental reserves.\ncompany sometimes party to environmental lawsuits claims received notices of potential violations of environmental laws regulations from u. s.\n environmental protection agency similar state authorities.\n identified as potentially responsible party ( \"prp ) for cleanup costs with off-site waste disposal at federal superfund state remediation sites.\n for all sites other prps in most instances company 2019s involvement is minimal.\n in estimating liability company assumed will not bear entire cost of remediation of any site to exclusion of other prps may be jointly severally liable.\n ability of other prps to participate taken into account based on understanding of parties 2019 financial condition probable contributions per site basis.\n additional lawsuits claims involving environmental matters likely to arise in future.\n company incurred $ 3. 2 million , $ 23. 3 million  $ 4. 4 million of expenses during years ended december 31 , 2017, 2016 2015  for environmental remediation at sites presently or formerly owned or leased by company.\n in fourth-quarter of 2016  with collaboration approval of state regulators company launched proactive , alternative approach to remediate two sites in united states.\n this approach allow company to more aggressively address environmental conditions at sites reduce impact of potential changes in regulatory requirements.\n company recorded $ 15 million charge for environmental remediation in fourth quarter of 2016.\n environmental remediation costs recorded in costs of goods sold within consolidated statements of comprehensive income.\n as of december 31 , 2017 and 2016  company recorded reserves for environmental matters of $ 28. 9 million and $ 30. 6 million.\n total reserve at december 31 , 2017 and 2016 included $ 8. 9 million and $ 9. 6 million related to remediation of sites previously disposed by company.\nenvironmental reserves classified as accrued expenses current liabilities or noncurrent liabilities based on expected term.\n company's total current environmental reserve at december 31, 2017 and 2016 was $ 12. 6 million and $ 6. 1 million remainder classified as noncurrent.\n evolving nature of environmental laws  regulations technology ultimate cost of future compliance uncertain.\n\nin millions                                 | 2017 | 2016 | 2015\n------------------------------------------- | ---- | ---- | ----\nweighted-average number of basic shares     | 95.1 | 95.8 | 95.9\nshares issuable under incentive stock plans | 0.9  | 1.1  | 1.0\nweighted-average number of diluted shares   | 96.0 | 96.9 | 96.9"
}
{
    "_id": "dd4c3b106",
    "title": "",
    "text": "years 2002 , 2003  2004  first two quarters of fiscal 2005.\n restatement related to tax matters.\n company provided information to sec staff facts circumstances surrounding restatement.\n july 28 , 2006  company filed amendment to annual report on form 10-k for fiscal year ended may 29 , 2005.\n filing amended item 6.\n selected financial data exhibit 12 , computation of ratios of earnings to fixed charges  for fiscal year 2001  restated financial information for fiscal years 1999 and 2000  related to application of company 2019s reserves for three years fiscal year 1999 income tax expense.\n company provided information to sec staff facts circumstances surrounding amended filing.\n company reached agreement with sec staff concerning matters associated amended filings.\n proposed settlement approved by securities and exchange commission on july 17 , 2007.\n july 24 , 2007 sec filed complaint against company in united states district court for district of colorado  followed by executed consent  without company admitting or denying allegations complaint reflects terms of settlement  including payment by company of civil penalty of $ 45 million company 2019s agreement to be permanently enjoined from violating provisions federal securities laws.\n company made approximately $ 2 million in indemnity payments on behalf of former employees concluding separate settlements with sec.\n company recorded charges of $ 25 million in fiscal 2004 , $ 21. 5 million in third quarter of fiscal 2005  $ 1. 2 million in first quarter of fiscal 2007 in connection with expected settlement matters.\n three class actions filed in united states district court for nebraska , rantala v.\n conagra foods , inc. , et.\n al. , case no.\n 805cv349 , bright v.\n conagra foods , inc. , et.\nal. , case no.\n 805cv348 on july 18 , 2005  boyd v.\n conagra foods , inc. .\n al. , case no.\n 805cv386 on august 8 , 2005.\n lawsuits against company , directors employee benefits committee behalf of participants in company 2019s employee retirement income savings plans.\n lawsuits allege violations of employee retirement income security act ( erisa ) connection with events in company 2019s april 2005 restatement of financial statements related matters.\n company reached settlement with plaintiffs actions subject to court approval.\n settlement includes $ 4 million payment most paid by insurer.\n company agreed to make prospective changes to benefit plans part of settlement.\n 2006 vs.\n 2005 net sales ( $ in millions ) reporting segment fiscal 2006 net sales fiscal 2005 net sales % ( % ) increase/ ( decrease ).\n overall  company net sales increased $ 98 million to $ 11. 5 billion in fiscal 2006 reflecting favorable results in food and ingredients international foods segments.\n price increases driven by higher input costs for potatoes, wheat milling dehydrated vegetables food and ingredients segment  strength of foreign currencies international foods segment enhanced net sales.\n increases partially offset by volume declines in consumer foods segment related to certain shelf stable brands declines in trading and merchandising segment related to decreased volumes certain divestitures closures.\n\nreporting segment         | fiscal 2006 net sales | fiscal 2005 net sales | % (  % ) increase/ ( decrease )\n------------------------- | --------------------- | --------------------- | -------------------------------\nconsumer foods            | $ 6504                | $ 6598                | ( 1 ) % (  % )\nfood and ingredients      | 3189                  | 2986                  | 7% ( 7 % )\ntrading and merchandising | 1186                  | 1224                  | ( 3 ) % (  % )\ninternational foods       | 603                   | 576                   | 5% ( 5 % )\ntotal                     | $ 11482               | $ 11384               | 1% ( 1 % )"
}
{
    "_id": "dd4bfda0e",
    "title": "",
    "text": "insurance arrangement.\n result adoption of new guidance company recorded liability representing actuarial present value of future death benefits employees 2019 expected retirement date of $ 45 million offset reflected as cumulative-effect adjustment to january 1 , 2008 retained earnings and accumulated other comprehensive income ( loss ) $ 4 million and $ 41 million respectively in company 2019s consolidated statement of stockholders 2019 equity.\n expected minimal further cash payments required to fund these policies.\n net periodic cost for split-dollar life insurance arrangements was $ 6 million in years ended december 31, 2009 and 2008.\n company recorded liability representing actuarial present value of future death benefits employees 2019 expected retirement date of $ 48 million and $ 47 million as of december 31 , 2009 and december 31 , 2008.\n defined contribution plan company and certain subsidiaries have various defined contribution plans all eligible employees participate.\n. 401 ( k ) plan is contributory plan.\n matching contributions based upon amount employees 2019 contributions.\n effective january 1 , 2005  newly hired employees have higher maximum matching contribution at 4% ( 4 % ) on first 5% ( 5 % ) of employee contributions compared to 3% ( 3 % ) on first 6% ( 6 % ) employee contributions for employees hired prior to january 2005.\n effective january 1 , 2009 company temporarily suspended all matching contributions to motorola 401 ( k ) plan.\n company 2019s expenses  primarily relating to employer match  for all defined contribution plans for years ended december 31 , 2009 , 2008 and 2007 were $ 8 million , $ 95 million and $ 116 million  respectively.\n.\nshare-based compensation plans incentive plans stock options  stock appreciation rights employee stock purchase plan company grants options to acquire shares common stock to certain employees existing option holders with merging of option plans following acquisition.\n each option granted stock appreciation right has exercise price no less than 100% ( ) of fair market value of common stock on date of grant.\n awards have contractual life five to ten years vest over two to four years.\n stock options stock appreciation rights assumed or replaced with comparable stock options rights with change in control become exercisable if holder involuntarily terminated for cause ) or quits for good reason within 24 months of change in control.\n employee stock purchase plan allows participants to purchase shares company 2019s common stock through payroll deductions of up to 10% ( 10 % ) of eligible compensation after-tax basis.\n plan participants cannot purchase more than $ 25000 of stock in any calendar year.\n price employee pays per share is 85% ( 85 % ) of lower fair market value of company 2019s stock on close of first trading day or last trading day of purchase period.\n plan has two purchase periods first from october 1 through march 31 second from april 1 through september 30.\n for years ended december 31 , 2009 , 2008 2007  employees purchased 29. 4 million , 18. 9 million 10. 2 million shares  at purchase prices of $ 3. 60 and $ 3. 68 , $ 7. 91 and $ 6. 07 , $ 14. 93 and $ 15. 02 ,.\n company calculates value of each employee stock option estimated on date of grant using black-scholes option pricing model.\n weighted-average estimated fair value of employee stock options granted during 2009, 2008 2007 was $ 2. 78 , $ 3. 47 $ 5. 95 , using weighted-average assumptions : 2009 2008 2007.\n\n| 2009             | 2008             | 2007\n----------------------- | ---------------- | ---------------- | ----------------\nexpected volatility     | 57.1% ( 57.1 % ) | 56.4% ( 56.4 % ) | 28.3% ( 28.3 % )\nrisk-free interest rate | 1.9% ( 1.9 % )   | 2.4% ( 2.4 % )   | 4.5% ( 4.5 % )\ndividend yield          | 0.0% ( 0.0 % )   | 2.7% ( 2.7 % )   | 1.1% ( 1.1 % )\nexpected life ( years ) | 3.9              | 5.5              | 6.5"
}
{
    "_id": "dd4c3b9da",
    "title": "",
    "text": "12feb201521095992 performance graph graph compares performance our common stock with s&p 500 index s&p 500 healthcare equipment index.\n cumulative total return assumes initial investment $ 100 december 31 , 2009 reinvestment of dividends.\n comparison of 5 year cumulative total return rs $ 200 2009 2010 2011 201420132012 edwards lifesciences corporation s&p 500 500 healthcare equipment december 31.\n\ntotal cumulative return            | 2010     | 2011     | 2012     | 2013     | 2014\n---------------------------------- | -------- | -------- | -------- | -------- | --------\nedwards lifesciences               | $ 186.16 | $ 162.81 | $ 207.65 | $ 151.43 | $ 293.33\ns&p 500                            | 115.06   | 117.49   | 136.30   | 180.44   | 205.14\ns&p 500 healthcare equipment index | 96.84    | 102.07   | 120.66   | 153.85   | 194.33"
}
{
    "_id": "dd4c32178",
    "title": "",
    "text": "changes in benchmark index component of 10-year treasury yield.\n company def signated these derivatives as cash flow hedges.\n on october 13 , 2015  with pricing of $ 4. 5 billion senior notes companyr terminated treasury lock contracts for cash settlement payment of $ 16 million recorded as component of other comprehensive earnings reclassified as adjustment to interest expense over ten years related interest payments hedged recognized in income.\n foreign currency risk exposed to foreign currency risks from normal business operations.\n risks include translation of local currency balances of foreign subsidiaries transaction gains and losses associated with intercompany loans with foreign subsidiaries transactions denominated in currencies other than location's functional currency.\n manage exposure to these risks through combination of normal operating activities and use of foreign currency forward contracts.\n contracts denominated in currtt encies of major industrial countries.\n exposure to foreign currency exchange risks arises from non-u.\n operations conducted ind local currency.\n changes in foreign currency exchange rates affect translations of revenues denominated in currencies other than u.\n dollar.\n during years ended december 31 , 2016 , 2015 and 2014  generated approximately $ 1909 million, $ 1336 million and $ 1229 million  respectively in revenues denominated in currencies other than u.\n dollar.\n major currencies to revenues exposed are brazilian real  euro  british pound sterling indian rupee.\n 10% ( 10 % ) move in average exchange rates for these currencies ( assuming simultaneous immediate 10% ( 10 % ) change in all rates for relevant period ) would have resulted in following increase or ( decrease ) in our reported revenues for years ended december 31 , 2016 , 2015 and 2014 ( in millions ) :.\nresults of operations impacted by currency fluctuations, international operations' revenues and expenses generally denominated in local currency reduces economic exposure to foreign exchange risk in jurisdictions.\n revenues included $ 100 million and $ 243 million net earnings included $ 10 million  $ 31 million  respectively of unfavorable foreign currency impact during 2016 and 2015 from stronger u. s.\n dollar compared to preceding year.\n in 2017  expect continued unfavorable foreign currency impact on operating income from continued strengthening of u. s.\n dollar vs.\n other currencies.\n foreign exchange risk management policy permits use of derivative instruments forward contracts and options to reduce volatility in results operations cash flows from foreign exchange rate fluctuations.\n do not enter into foreign currency derivative instruments for trading or engage in speculative activitr y.\n periodically enter foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.\n as of december 31, 2016  notional amount of these derivatives was approximately $ 143 million fair value was nominal.\n derivatives intended to hedge foreign exchange risks related to intercompany loans not designated as hedges for accounting purposes.\n use currency forward contracts to manage exposure to fluctuations in costs caused by variations in indian rupee ( \"inr\" ) exchange rates.\n as of december 31 , 2016  notional amount of derivatives was approximately $ 7 million fair value less than $ 1 million.\n these inr forward contracts designated as cash flow hedges.\n fair value of currency forward contracts determined using currency exchange market rates from reliable independent third m party banks at balance sheet date.\n fair value of forward contracts subject to changes in currency exchange rates.\n company has no ineffectiveness related to use of currency forward contracts in connection with inr cash flow hedges.\n conjunction with entering definitive agreement to acquire clear2pay in september 2014  initiated foreign currency forward contract to purchase euros sell u. s.\n dollars to manage risk from fluctuations in exchange rates until closing purchase price stated in euros.\n derivative did not qualify for hedge accounting recorded charge of $ 16 million in other income ( expense ) net during third quarter of 2014.\n forward contract settled on october 1 , 2014.\n\ncurrency       | 2016  | 2015  | 2014\n-------------- | ----- | ----- | -----\npound sterling | $ 47  | $ 34  | $ 31\neuro           | 38    | 33    | 30\nreal           | 32    | 29    | 38\nindian rupee   | 12    | 10    | 8\ntotal impact   | $ 129 | $ 106 | $ 107"
}
{
    "_id": "dd4c4fa2a",
    "title": "",
    "text": "notes to consolidated financial statements note 1.\n general description of business we are global cruise company.\n own royal caribbean international , celebrity cruises , pullmantur  azamara club cruises  cdf croisi e8res de france 50% ( 50 % ) joint venture interest in tui cruises.\n together six brands operate combined 41 ships as of december 31 , 2012.\n ships operate on worldwide itineraries approximately 455 destinations on all seven continents.\n basis for preparation of consolidated financial statements statements prepared in accordance with accounting principles accepted in united states of america ( 201cgaap 201d ).\n estimates required for.\n actual results could differ from estimates.\n all significant intercompany accounts transactions eliminated in consolidation.\n consolidate entities over we control evidenced by direct ownership interest of greater than 50% ( 50 % ) variable interest entities where we primary beneficiary.\n see note 6.\n other assets for further information regarding variable interest entities.\n for affiliates we do not control but significant influence on financial and operat- ing policies evidenced by direct ownership interest from 20% ( 20 % ) to 50% ( 50 % ) investment accounted for using equity method.\n consolidate operating results of pullmantur and wholly-owned subsidiary  cdf croisi e8res de france on two-month lag for timely preparation of con- solidated financial statements.\n no material events or transactions affecting pullmantur or cdf croisi e8res de france occurred during two-month lag period of november 2012 and december 2012 require disclosure or adjustment to con- solidated financial statements as of december 31 , 2012 except for impairment of pullmantur related assets  described in note 3.\n goodwill , note 4.\n intangible assets  note 5.\n property and equipment note 12.\n income taxes.\n note 2.\n summary of significant accounting policies revenues expenses deposits received on sales of passenger cruises initially recorded as customer deposit liabilities on balance sheet.\n customer deposits subsequently recognized as passenger ticket revenues with revenues from onboard other goods services associated direct costs of voyage upon completion of voyages with durations ten days or less pro-rata basis for voyages in excess of ten days.\n revenues expenses include port costs vary with guest head counts.\n amounts port costs included in passenger ticket revenues gross basis were $ 459. 8 million, $ 442. 9 million $ 398. 0 million for years 2012 , 2011 2010  respectively.\n cash and cash equivalents equivalents include cash market- able securities with original maturities of less than 90 days.\n inventories inventories consist of provisions  supplies fuel carried at lower of cost ( weighted-average ) or market.\n property and equipment stated at cost less accu- mulated depreciation and amortization.\n capitalize interest as part of cost of acquiring certain assets.\n improvement costs add value to ships capitalized as additions to ship depreciated over shorter of improvements 2019 estimated useful lives or associated ship.\n estimated cost and accumulated depreciation of replaced or refurbished ship components written off resulting losses recognized in cruise operating expenses.\n liquidated damages from shipyards late delivery of new ship recorded as reductions to cost basis of ship.\n depreciation of property and equipment computed using straight-line method over estimated useful life of asset.\n useful lives of ships are generally 30 years net of 15% ( 15 % ) projected residual value.\n30-year useful life of newly constructed ships 15% ( 15 % ) residual value based on weighted-average major components ship.\n depreciation for assets under capital leases computed using shorter lease term or related asset life.\n ( see note 5.\n property and equipment. depreciation property equipment computed utilizing useful lives:.\n computer hardware software 3 20135 transportation equipment other 3 201330 leasehold improvements shorter of remaining lease term or useful life 3 201330 0494. indd 71 3/27/13 12:53 pm\n\n| years\n---------------------------------- | ---------------------------------------------------\nships                              | 30\nship improvements                  | 3-20\nbuildings and improvements         | 10-40\ncomputer hardware and software     | 3-5\ntransportation equipment and other | 3-30\nleasehold improvements             | shorter of remaining lease term or useful life 3-30"
}
{
    "_id": "dd4bbdfbc",
    "title": "",
    "text": "application specific accounting literature.\n for nonconsolidated proprietary tob trusts and qspe tob trusts , company recognizes residual investment on balance sheet at fair value third-party financing raised by trusts is off-balance sheet.\n following table summarizes selected cash flow information related to municipal bond securitizations for years 2008 , 2007 and 2006 : in billions of dollars 2008 2007 2006.\n cash flows received on retained interests and other net cash flows 0. 5 2014 2014 municipal investments municipal investment transactions represent partnerships finance construction and rehabilitation of low-income affordable rental housing.\n company invests in partnerships as limited partner earns return through receipt of tax credits from affordable housing investments by partnership.\n client intermediation client intermediation transactions represent range transactions provide investors with specified returns based on returns of underlying security , referenced asset or index.\n transactions include credit-linked notes and equity-linked notes.\n transactions spe obtains exposure to underlying security  referenced asset or index through derivative instrument  total-return swap or credit-default swap.\n spe issues notes to investors pay return based on specified underlying security , referenced asset or index.\n spe invests proceeds in financial asset or guaranteed insurance contract ( gic ) serves as collateral for derivative contract over term of transaction.\n company 2019s involvement in transactions includes counterparty to spe 2019s derivative instruments and investing in portion of notes issued by spe.\n in certain transactions  investor 2019s maximum risk of loss is limited company absorbs risk of loss above specified level.\n company 2019s maximum risk of loss in transactions is defined as amount invested in notes issued by spe and notional amount of risk of loss absorbed by company through separate instrument issued by spe.\nderivative instrument held by company may generate receivable from spe ( for example company purchases credit protection from spe in connection with spe 2019s issuance of credit-linked note ) collateralized by assets owned by spe.\n these derivative instruments not considered variable interests under fin 46 ( r ) associated receivables not included in calculation of maximum exposure to spe.\n structured investment vehicles investment vehicles ( sivs ) are spes issue junior notes and senior debt ( medium-term notes short-term commercial paper ) to fund purchase of high quality assets.\n junior notes subject to 201cfirst loss 201d risk of sivs.\n sivs provide variable return to junior note investors based on net spread between cost to issue senior debt and return realized by high quality assets.\n company acts as manager for sivs prior to december 13 , 2007 not contractually obligated to provide liquidity facilities or guarantees to sivs.\n in response to ratings review of outstanding senior debt of sivs for possible downgrade by two ratings agencies continued reduction of liquidity in siv-related asset-backed commercial paper and medium-term note markets on december 13 , 2007  citigroup announced commitment to provide support facilities support sivs 2019 senior debt ratings.\n of commitment citigroup became sivs 2019 primary beneficiary and began consolidating these entities.\n on february 12 , 2008  citigroup finalized terms of support facilities  of commitment to provide $ 3. 5 billion of mezzanine capital to sivs in event market value of junior notes approaches zero.\n mezzanine capital facility increased by $ 1 billion to $ 4. 5 billion  additional commitment funded during fourth quarter of 2008.\n facilities rank senior to junior notes but junior to commercial paper and medium-term notes.\n facilities were at arm 2019s-length terms.\ninterest paid on drawn amount facilities per annum fee paid on unused portion.\n during period to november 18 , 2008 , company wrote down $ 3. 3 billion on siv assets.\n in to complete wind-down of sivs , company , in nearly cashless transaction , purchased remaining assets of sivs at fair value  with trade date of november 18 , 2008.\n company funded purchase of siv assets by assuming obligation to pay amounts due under medium-term notes issued by sivs , as medium-term notes mature.\n net funding company to fund purchase siv assets was $ 0. 3 billion.\n as of december 31 , 2008 , carrying amount of purchased siv assets was $ 16. 6 billion , of $ 16. 5 billion is classified as htm assets.\n investment funds company is investment manager for certain investment funds invest in various asset classes including private equity , hedge funds , real estate , fixed income and infrastructure.\n company earns management fee  percentage of capital under management , may earn performance fees.\n in  for some funds company has ownership interest in investment funds.\n company established investment funds as opportunities for qualified employees to invest in private equity investments.\n company acts as investment manager to these funds may provide employees with financing on recourse and non-recourse basis for portion of employees 2019 investment commitments.\n\nin billions of dollars                                             | 2008  | 2007   | 2006\n------------------------------------------------------------------ | ----- | ------ | ----\nproceeds from new securitizations                                  | $ 1.2 | $ 10.5 | 2014\ncash flows received on retained interests and other net cash flows | 0.5   | 2014   | 2014"
}
{
    "_id": "dd4c25efa",
    "title": "",
    "text": "skyworks solutions , inc.\n notes to consolidated financial statements 2014 maintained valuation allowance of $ 47. 0 million.\n valuation allowance comprised of $ 33. 6 million related to.\n state tax credits  $ 3. 6 million are state tax credits acquired from aati in fiscal year 2012 $ 13. 4 million related to foreign deferred tax assets.\n if benefits recognized future period valuation allowance on deferred tax assets reversed up to $ 46. 6 million income tax benefit up to $ 0. 4 million reduction to goodwill may be recognized.\n company need to generate $ 209. 0 million of future united states federal taxable income to utilize united states deferred tax assets as of september 28 , 2012.\n deferred tax assets recognized for foreign operations when management believes likely deferred tax assets recovered during carry forward period.\n company will continue to assess valuation allowance in future periods.\n as of september 28 , 2012 company has united states federal net operating loss carry forwards of approximately $ 74. 3 million  including $ 29. 5 million related to acquisition of sige , expire through 2030 and $ 28. 1 million related to acquisition of aati  expire through 2031.\n utilization of net operating losses subject to annual limitations under internal revenue code section 382 similar state income tax provisions.\n company has united states federal income tax credit carry forwards of $ 37. 8 million  $ 30. 4 million of federal income tax credit carry forwards not recorded as deferred tax asset.\n company has state income tax credit carry forwards of $ 33. 6 million  for company provided valuation allowance.\n united states federal tax credits expire through 2032.\n state tax credits relate primarily to california research tax credits can be carried forward indefinitely.\ncompany continued expand operations increase investments in international jurisdictions.\n activities increase company 2019s earnings attributable to foreign jurisdictions.\n as of september 28 , 2012  no provision made for united states federal , state or additional foreign income taxes related to approximately $ 371. 5 million of undistributed earnings of foreign subsidiaries intended to be permanently reinvested.\n not practicable to determine united states federal income tax liability  if payable if earnings not permanently reinvested.\n company 2019s gross unrecognized tax benefits totaled $ 52. 4 million and $ 32. 1 million as of september 28, 2012 and september 30 , 2011  respectively.\n total unrecognized tax benefits at september 28, 2012 , $ 38. 8 million impact effective tax rate  if recognized.\n remaining unrecognized tax benefits not impact effective tax rate if recognized due to company 2019s valuation allowance certain positions required to be capitalized.\n no positions company anticipates could change within next twelve months.\n reconciliation of beginning and ending amount of gross unrecognized tax benefits as follows ( in thousands ) : unrecognized tax benefits.\n page 114 annual report\n\n| unrecognized tax benefits\n------------------------------------------------------------------ | -------------------------\nbalance at september 30 2011                                       | $ 32136\nincreases based on positions related to prior years                | 9004\nincreases based on positions related to current year               | 11265\ndecreases relating to settlements with taxing authorities          | 2014\ndecreases relating to lapses of applicable statutes of limitations | -25 ( 25 )\nbalance at september 28 2012                                       | $ 52380"
}
{
    "_id": "dd4c0c518",
    "title": "",
    "text": "echostar communications corporation notes consolidated financial statements - continued closing price of class a common stock last business day of each calendar quarter shares class common stock sold to employee under espp.\n espp terminate first i october 1, 2007 or date espp terminated by board of directors.\n during 2000 , 2001 2002 employees purchased approximately 58000 ; 80000 108000 shares of class a common stock through espp .\n 401 ( k ) employee savings plan echostar sponsors 401 ( k ) employee savings plan ( 201c401 ( k ) plan 201d ) for eligible employees.\n voluntary employee contributions to 401 ( k ) plan matched 50% ( % ) by echostar subject maximum annual contribution echostar of $ 1000 per employee.\n matching 401 ( k ) contributions totaled approximately $ 1. 6 million , $ 2. 1 million $ 2. 4 million during years ended december 31, 2000 , 2001 2002 .\n echostar may make annual discretionary contribution to plan with approval by echostar 2019s board of directors subject to maximum deductible limit by internal revenue code of 1986  amended.\n contributions be made in cash or in echostar stock.\n forfeitures of unvested participant balances retained by 401 ( k ) plan used to fund matching discretionary contributions.\n expense recognized relating to discretionary contributions was approximately $ 7 million , $ 225 thousand $ 17 million during years ended december 31 , 2000 , 2001 2002 .\n 9.\n commitments contingencies leases future minimum lease payments under noncancelable operating leases as of december 31 , 2002  as follows ( in thousands ) : year ending december 31.\nrent expense for operating leases approximated $ 9 million , $ 14 million $ 16 million in 2000  2001 2002 , respectively.\n purchase commitments as of december 31 , 2002  echostar 2019s purchase commitments totaled approximately $ 359 million.\n majority commitments relate to echostar receiver systems related components.\n all purchases related to commitments expected be made during 2003.\n echostar expects to finance purchases from existing unrestricted cash balances future cash flows from operations.\n patents intellectual property many entities  including echostar 2019s competitors have may future obtain patents other intellectual property rights cover affect products services directly or indirectly related to echostar offers.\n echostar may not be aware of all patents intellectual property rights its products may potentially infringe.\n damages in patent infringement cases can include tripling of actual damages in certain cases.\n echostar cannot estimate extent to may be required future to obtain licenses respect\n\n2003                         | $ 17274\n---------------------------- | -------\n2004                         | 14424\n2005                         | 11285\n2006                         | 7698\n2007                         | 3668\nthereafter                   | 1650\ntotal minimum lease payments | 55999"
}
{
    "_id": "dd4c53f26",
    "title": "",
    "text": ".\n federal tax attribute carryovers expire after 16 to 17 years state after five to 10 years majority of international after six years with remaining international expiring in one year or indefinite carryover period.\n tax attributes carried over arise as certain jurisdictions may have tax losses or inabilities to utilize certain losses without same type taxable income.\n as of december 31 , 2013 company provided $ 23 million of valuation allowance against deferred tax assets based on management's determination tax benefits related to these assets not be realized.\n valuation allowance reduced in 2013 due to expiration of tax attributes.\n during 2013  company contributed $ 476 million to u. s.\n and international pension plans and $ 6 million to postretirement plans.\n during 2012  company contributed $ 1. 079 billion to. s.\n and international pension plans and $ 67 million to postretirement plans.\n during 2011  company contributed $ 517 million to.\n international pension plans and $ 65 million to postretirement plans.\n current income tax provision includes benefit for pension contributions ; deferred tax provision includes cost for related temporary difference.\n reconciliation of effective income tax rate.\n effective tax rate for 2013 was 28. 1 percent , compared to 29. 0 percent in 2012  decrease of 0. 9 percentage points impacted by many factors.\n factors decreased company 2019s effective tax rate included international taxes changes to geographic mix of income before taxes reinstatement of u. s.\n research and development credit in 2013  increase in domestic manufacturer 2019s deduction benefit  restoration of tax basis on certain assets for which depreciation deductions previously limited other items.\n combined factors decreased company 2019s effective tax rate by 4. 0 percentage points.\n benefit partially offset by factors that increased effective tax rate by 3.1 percentage points  related to adjustments to 3m 2019s income tax reserves for 2013 compared to 2012.\n effective tax rate for 2012 was 29. 0 percent  compared to 27. 8 percent in 2011  increase of 1. 2 percentage points  impacted by many factors.\n primary factors increased company 2019s effective tax rate year-on-year include international taxes  corporate reorganization of wholly owned international subsidiary ( benefited 2011 ) state income taxes  lower domestic manufacturer 2019s deduction  lapse of u. s.\n research and development credit.\n these other factors compared to 2011 increased 2012 effective tax rate by 2. 1 percentage points.\n factors decreased company 2019s effective tax rate year-on-year include international taxes changes to geographic mix of income before taxes adjustments to income tax reserves.\n these factors compared to 2011 decreased effective tax rate 0. 9 percentage points.\n company files income tax returns in u.\n federal jurisdiction  various states and foreign jurisdictions.\n with few exceptions company no longer subject to.\n federal , state local  or non-u. s.\n income tax examinations by tax authorities for years before 2004.\n irs completed field examination of company 2019s u.\n federal income tax returns for years 2005 through 2007 in fourth quarter of 2009.\n company protested certain irs positions these tax years entered into administrative appeals process with irs during first quarter of 2010.\n first quarter of 2010 irs completed field examination of company 2019s u.\n federal income tax return for 2008 year.\n company protested certain irs positions for 2008 entered into administrative appeals process with irs during second quarter of 2010.\n first quarter of 2011 irs completed field examination of company 2019s u. s.\n federal income tax return for 2009 year.\ncompany protested certain irs positions for 2009 entered administrative appeals process with irs during second quarter of 2011.\n during first quarter of 2012 , irs completed field examination of company 2019s u. s.\n federal income tax return for 2010 year.\n company protested certain irs positions for 2010 entered into administrative appeals process with irs during\n\n| 2013             | 2012             | 2011\n------------------------------------------- | ---------------- | ---------------- | ----------------\nstatutory u.s . tax rate                    | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % )\nstate income taxes - net of federal benefit | 0.9              | 0.9              | 0.7\ninternational income taxes - net            | -6.3 ( 6.3 )     | -4.2 ( 4.2 )     | -4.6 ( 4.6 )\nu.s . research and development credit       | -0.7 ( 0.7 )     | 2014             | -0.5 ( 0.5 )\nreserves for tax contingencies              | 1.2              | -1.9 ( 1.9 )     | -1.2 ( 1.2 )\ndomestic manufacturer 2019s deduction       | -1.6 ( 1.6 )     | -1.2 ( 1.2 )     | -1.5 ( 1.5 )\nall other - net                             | -0.4 ( 0.4 )     | 0.4              | -0.1 ( 0.1 )\neffective worldwide tax rate                | 28.1% ( 28.1 % ) | 29.0% ( 29.0 % ) | 27.8% ( 27.8 % )"
}
{
    "_id": "dd4c2f5a4",
    "title": "",
    "text": "shares citigroup common stock.\n number of shares delivered equal cse award value divided by fair market value of common stock.\n for cses awarded to certain employees compensation structure approved by special master , 50% ( 50 % ) of shares delivered in april 2010 subject to restrictions on sale and transfer until january 20 , 2011.\n in lieu of 2010 cap awards certain retirement-eligible employees awarded cses payable in april 2010  shares delivered in april 2010 ( subject to stockholder approval ) subject to restrictions on sale or transfer lapse in four equal annual installments beginning january 20 , 2011.\n cse awards accrued as compensation expenses in year 2009 recorded as liability from january 2010 grant date until settlement date in april 2010.\n if stockholders approve delivery of citigroup stock for cse awards cse awards likely paid as new issues of common stock exception to company 2019s practice of delivering shares from treasury stock recorded liability reclassified as equity at.\n in january 2009  members management executive committee ( except ceo and cfo ) received 30% ( 30 % ) of incentive awards for 2008 as performance vesting-equity awards.\n awards vest 50% ( 50 % ) if price of citigroup common stock meets price target of $ 10. 61 , and 50% ( 50 % ) for price target of $ 17. 85 , in each case on or prior to january 14 , 2013.\n price target met only if nyse closing price equals or exceeds applicable price target for at least 20 nyse trading days within 30 consecutive nyse trading days ending on or before january 14 , 2013.\n shares not vested by such date will vest according to fraction  numerator is share price on delivery date and denominator is price target of unvested shares.\nno dividend equivalents paid on unvested awards.\n fair value awards recognized as compensation expense over vesting period.\n on july 17 , 2007  committee approved management committee long-term incentive plan ( mc ltip ) ( terms shareholder-approved 1999 stock incentive plan ) participants received equity award earned based on citigroup 2019s performance against metrics peer companies and publicly- stated return on equity ( roe ) targets measured at end of each calendar year beginning with 2007.\n final expense for each three consecutive calendar years adjusted based on results roe tests.\n no awards earned for 2009, 2008 or 2007 no shares issued because performance targets not met.\n no new awards made under mc ltip since initial award in july 2007.\n cap participants in 2008 , 2007  2006 2005  fa cap participants in years 2009 could elect to receive all or part of award in stock options.\n figures in stock option program tables ( 201cstock option programs ) include options granted in lieu of cap and fa cap stock awards in years.\n summary of status of citigroup 2019s unvested stock awards at december 31 , 2009 changes during 12 months ended december 31, 2009 presented below : unvested stock awards shares weighted-average grant date fair value.\n weighted-average market value of vestings during 2009 was approximately $ 3. 64 per share.\n at december 31 , 2009 $ 1. 6 billion of total unrecognized compensation cost related to unvested stock awards net of forfeiture provision.\n cost expected to be recognized over weighted-average period of 1. 3 years.\n\nunvested stock awards        | shares                   | weighted-average grant date fair value\n---------------------------- | ------------------------ | --------------------------------------\nunvested at january 1 2009   | 226210859                | $ 36.23\nnew awards                   | 162193923                | $ 4.35\ncancelled awards             | -51873773 ( 51873773 )   | $ 26.59\ndeleted awards               | -568377 ( 568377 )       | $ 13.91\nvested awards ( 1 )          | -148011884 ( 148011884 ) | $ 25.96\nunvested at december 31 2009 | 187950748                | $ 19.53"
}
{
    "_id": "dd4bb4796",
    "title": "",
    "text": "fidelity national information services , inc.\n subsidiaries notes to consolidated financial statements - continued contingent consideration liabilities with business acquisitions must be adjusted for changes in fair value until settled.\n see note 3 for discussion of capital markets company bvba ( \"capco\" ) contingent consideration liability.\n ( d ) derivative financial instruments company accounts for derivative financial instruments with financial accounting standards board accounting standards codification ( 201cfasb asc 201d ) topic 815 , derivatives and hedging.\n during 2016 , 2015 2014  company engaged in g hedging activities to variable rate debt through use interest rate swaps.\n company designates interest rate swaps as cash flow hedges.\n estimated fair values of cash flow hedges determined using level 2 type measurements.\n recorded as asset or liability of company included in consolidated balance sheets in prepaid expenses other current assets  non-current assets  accounts payable accrued liabilities long-term liabilities as appropriate component of accumulated other comprehensive earnings  net of deferred taxes.\n portion of amount in accumulated other comprehensive earnings recorded in interest expense as yield adjustment as interest payments made on company 2019s term and revolving loans ( note 10 ).\n company 2019s existing cash flow hedge effective no impact on 2016 earnings due to hedge ineffectiveness.\n policy to execute such instruments with credit-worthy banks not to enter into derivative financial instruments for speculative purposes.\n as of december 31 , 2016  believe our interest rate swap counterparty will to fulfill obligations under agreement.\n company's foreign exchange risk management policy permits use of derivative instruments forward contracts options to reduce volatility in company's results of operations cash flows from foreign exchange rate fluctuations.\n2016 and 2015 , company entered foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.\n as of december 31 , 2016 and 2015  notional amount derivatives was approximately $ 143 million and aa $ 81 million  respectively fair value was nominal.\n derivatives not designated as hedges for accounting purposes.\n use currency forward contracts to manage exposure to fluctuations in costs by variations in indian rupee ( \"inr\" ) ii exchange rates.\n as of december 31 , 2016  notional amount derivatives was approximately $ 7 million fair value l less than $ 1 million included in prepaid expenses and other current assets in consolidated balance sheets.\n inr forward contracts designated as cash flow hedges.\n fair value of currency forward contracts determined using currency uu exchange market rates obtained from reliable independent third party banks balance sheet date.\n fair value of forward rr contracts subject to changes in currency exchange rates.\n company has no ineffectiveness related to use of currency forward ff contracts in connection with inr cash flow hedges.\n september 2015  company entered into treasury lock hedges with total notional amount of $ 1. 0 billion  reducing risk of changes in benchmark index component of 10-year treasury yield.\n company def signated derivatives as cash flow hedges.\n october 13 , 2015  with pricing of $ 4. 5 billion senior notes companyr terminated treasury lock contracts for cash settlement payment of $ 16 million  recorded as component of other comprehensive earnings reclassified as adjustment to interest expense over ten years related interest payments hedged recognized in income.\n trade receivables summary of trade receivables , net  as of december 31 , 2016 and 2015 as follows ( in millions ) :.\n\n| 2016       | 2015\n------------------------------- | ---------- | ----------\ntrade receivables 2014 billed   | $ 1452     | $ 1546\ntrade receivables 2014 unbilled | 228        | 201\ntotal trade receivables         | 1680       | 1747\nallowance for doubtful accounts | -41 ( 41 ) | -16 ( 16 )\ntotal trade receivables net     | $ 1639     | $ 1731"
}
{
    "_id": "dd497e602",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations we are global integrated energy company with significant operations in north america africa europe.\n our operations organized into four reportable segments : 2022 exploration and production ( 201ce&p 201d ) explores for produces markets liquid hydrocarbons natural gas worldwide basis.\n 2022 oil sands mining ( 201cosm 201d ) mines extracts transports bitumen from oil sands deposits in alberta canada  upgrades bitumen to produce market synthetic crude oil vacuum gas 2022 integrated gas ( 201cig 201d ) markets transports products from natural gas liquefied natural gas ( 201clng 201d ) methanol  worldwide basis.\n 2022 refining , marketing & transportation ( 201crm&t 201d ) refines markets transports crude oil petroleum products  primarily in midwest  upper great plains  gulf coast southeastern regions of united states.\n certain sections of management 2019s discussion analysis of financial condition results of operations include forward-looking statements concerning trends events potentially affecting our business.\n these statements typically contain words as 201canticipates  201d 201cbelieves  201d 201cestimates 201d 201cexpects 201d 201ctargets 201d 201cplans 201d 201cprojects 201d 201ccould 201d 201cmay  201d 201cshould 201d 201cwould 201d similar words indicating future outcomes uncertain.\n in accordance with 201csafe harbor 201d provisions of private securities litigation reform act of 1995  these statements accompanied by cautionary language identifying important factors could cause future outcomes to differ materially from forward-looking statements.\nhold 60 percent interest in equatorial guinea lng holdings limited ( 201cegholdings 201d ).\n discussed in note 4 to consolidated financial statements effective may 1 , 2007  ceased consolidating egholdings.\n investment accounted for using equity method of accounting.\n unless specifically noted amounts presented for integrated gas segment for periods prior to may 1, 2007 include amounts related to minority interests.\n management 2019s discussion analysis of financial condition results of operations read in conjunction with information under item 1.\n business , item 1a.\n risk factors , item 6.\n selected financial data item 8.\n financial statements supplementary data.\n overview exploration and production prevailing prices for various grades of crude oil and natural gas produce impact revenues cash flows.\n prices volatile in 2009  not as much as previous year.\n prices in 2009 lower than recent years illustrated by annual averages for key benchmark prices below.\n henry hub natural gas ( dollars per mcf ) ( a ) $ 3. 99 $ 9. 04 $ 6. 86 ( ) first-of-month price index.\n crude oil prices rose sharply through first half of 2008 result of strong global demand declining dollar  concerns about supplies crude oil geopolitical risk.\n later in 2008  crude oil prices declined as.\n dollar rebounded global demand decreased result economic recession.\n price decrease continued into 2009  reversed after dropping below $ 33. 98 in february  ending year at $ 79. 36.\n domestic crude oil production 62 percent sour contains more sulfur than light sweet.\n sour crude oil heavier than light sweet crude oil sells at discount to light sweet crude oil because of higher refining costs lower refined product values.\ninternational crude oil production sweet generally sold relation dated brent crude benchmark.\n differential between wti and dated brent average prices narrowed to $ 0. 42 in 2009 compared to $ 2. 49 2008 $ 0. 02 in 2007.\n\nbenchmark                                       | 2009    | 2008    | 2007\n----------------------------------------------- | ------- | ------- | -------\nwti crude oil ( dollars per barrel )            | $ 62.09 | $ 99.75 | $ 72.41\ndated brent crude oil ( dollars per barrel )    | $ 61.67 | $ 97.26 | $ 72.39\nhenry hub natural gas ( dollars per mcf ) ( a ) | $ 3.99  | $ 9.04  | $ 6.86"
}
{
    "_id": "dd4c07cfc",
    "title": "",
    "text": "incentive compensation expense ( $ 8. 2 million ) related fringe benefit costs ( $ 1. 4 million ) higher warehousing costs due to customer requirements ( $ 2. 0 million ).\n corporate overhead year ended december 31 , 2006 increased $ 3. 1 million  or 6. 5% ( 6. 5 % )  from year december 31 2005.\n increase attributable to higher incentive compensation expense ( $ 2. 6 million ) other increased costs not individually significant.\n other expense  net  decreased $ 2. 1 million  or 20. 1% ( 20. 1 % ) for year ended december 31, 2006 compared to 2005.\n decrease due to $ 3. 1 million decrease in expenses to disposals of property  plant equipment planned capital projects.\n offsetting decrease in fixed asset disposal expense higher legal expenses ( $ 0. 5 million ) increased losses on disposals of storeroom items ( $ 0. 4 million ).\n interest expense  net income taxes interest expense net interest income increased by $ 3. 1 million  or 11. 1% ( 11. 1 % )  for year ended december 31, 2006 compared to 2005 higher interest expense on variable rate debt due to higher interest rates.\n effective tax rate was 35. 8% ( 35. 8 % ) for year ended december 31 , 2006 40. 2% ( 40. 2 % ) for year ended december 31  2005.\n lower tax rate in 2006 due to larger domestic manufacturer 2019s deduction reduction in texas state tax rate.\n both years 2006 and 2005 tax rates higher than federal statutory rate of 35. 0% ( 35. 0 % ) due to state income taxes.\nyear ended december 31, 2005 compared to 2004 historical results of operations pca for 31 2005 2004 below year december 31 ( in millions ) 2005 2004 change.\n net sales increased by $ 103. 6 million  or 5. 5% ( 5. 5 % )  for year december 31 2005 2004.\n net sales increased due to increased sales prices volumes of corrugated products compared to 2004.\n total corrugated products volume sold increased 4. 2% ( 4. 2 % ) to 31. 2 billion square feet in 2005 compared to 29. 9 billion square feet in 2004.\n comparable shipment-per-workday basis corrugated products sales volume increased 4. 6% ( 4. 6 % ) in 2005 from 2004.\n excluding pca 2019s acquisition of midland container in april 2005 corrugated products volume was 3. 0% ( 3. 0 % ) higher in 2005 than 2004 up 3. 4% ( 3. 4 % ) compared to 2004 shipment-per-workday basis.\n shipments-per-workday calculated by dividing total corrugated products volume year by number of workdays year.\n larger percentage increase due to 2005 had one less workday ( 250 days ) not weekend or holiday than 2004 ( 251 days ).\n containerboard sales volume to external domestic export customers decreased 12. 2% ( 12. 2 % ) to 417000 tons for year ended december 31 , 2005 from 475000 tons in 2004.\n\n( in millions )            | for the year ended december 31 , 2005 | for the year ended december 31 , 2004 | change\n-------------------------- | ------------------------------------- | ------------------------------------- | ----------------\nnet sales                  | $ 1993.7                              | $ 1890.1                              | $ 103.6\nincome from operations     | $ 116.1                               | $ 140.5                               | $ -24.4 ( 24.4 )\ninterest expense net       | -28.1 ( 28.1 )                        | -29.6 ( 29.6 )                        | 1.5\nincome before taxes        | 88.0                                  | 110.9                                 | -22.9 ( 22.9 )\nprovision for income taxes | -35.4 ( 35.4 )                        | -42.2 ( 42.2 )                        | 6.8\nnet income                 | $ 52.6                                | $ 68.7                                | $ -16.1 ( 16.1 )"
}
{
    "_id": "dd4baf0de",
    "title": "",
    "text": "company recorded equity earnings net of taxes related to ilim of $ 290 million in 2018 compared with earnings $ 183 million in 2017 $ 199 million in 2016.\n operating results 2018 included after-tax non-cash foreign exchange loss of $ 82 million compared with after-tax foreign exchange gain of $ 15 million in 2017 after-tax gain $ 25 million in 2016 primarily on remeasurement of ilim's.\n dollar denominated net debt.\n ilim delivered outstanding performance in 2018 driven by higher price realization strong demand.\n sales volumes for joint venture increased year over year for shipments to china of softwood pulp linerboard offset by decreased sales of hardwood pulp to china.\n sales volumes in russian market increased for softwood pulp and hardwood pulp decreased for linerboard.\n average sales price realizations higher in 2018 for sales of softwood pulp  hardwood pulp linerboard to china other export markets.\n average sales price realizations in russian markets increased year for all products.\n input costs higher in 2018 primarily for wood  fuel chemicals.\n distribution costs negatively impacted by tariffs inflation.\n company received cash dividends from joint venture of $ 128 million in 2018 $ 133 million in 2017 $ 58 million in first quarter of 2019 sales volumes expected to be lower than fourth quarter of 2018 due to seasonal slowdown in china fewer trading days.\n average sales prices expected to decrease for hardwood pulp softwood pulp linerboard to china.\n input costs projected to be relatively flat distribution costs expected to increase.\n equity earnings - gpip international paper recorded equity earnings of $ 46 million on 20. 5%. ) ownership position in gpip in 2018.\n company received cash dividends from investment of $ 25 million in 2018.\nliquidity capital resources overview major factor in international paper 2019s liquidity capital resource planning is generation of operating cash flow  sensitive to changes in pricing demand for major products.\n changes in key cash operating costs  energy raw material mill transportation costs effect on operating cash generation focus on pricing cost controls improved cash flow generation over operating cycle.\n cash uses during 2018 focused on working capital requirements  capital spending  debt reductions returning cash to shareholders through dividends share repurchases under company's share repurchase program.\n cash provided by operating activities cash by operations including discontinued operations  totaled $ 3. 2 billion in 2018  compared with $ 1. 8 billion for 2017 $ 2. 5 billion for 2016.\n cash used by working capital components ( accounts receivable contract assets inventory less accounts payable accrued liabilities interest payable ) totaled $ 439 million in 2018 compared with cash $ 402 million in 2017 cash working $ 71 million in 2016.\n investment activities including discontinued operations  investment activities in 2018 increased from 2017  2018 included higher capital spending.\n in 2016 investment activity included purchase of weyerhaeuser's pulp business for $ 2. 2 billion in cash  purchase of holmen business for $ 57 million in cash  net of cash acquired proceeds from sale of asia packaging business of $ 108 million  net of cash divested.\n company maintains average capital spending target around depreciation and amortization levels  or modestly above due to strategic plans over economic cycle.\n capital spending was $ 1. 6 billion in 2018  or 118% ( 118 % ) of depreciation and amortization , compared with $ 1. 4 billion in 2017  or 98% ( 98 % ) of depreciation and amortization $ 1.3 billion  or 110% ( 110 % ) depreciation and amortization in 2016.\n across segments capital spending ranged from 69. 8% ( 69. 8 % ) to 132. 1% ( 132. 1 % ) in 2018.\n table shows capital spending for operations by business segment years ended december 31 , 2018  2017 2016  excluding discontinued operations of $ 111 million in 2017 $ 107 million in 2016.\n capital expenditures in 2019 expected about $ 1. 4 billion  or 104% ( 104 % ) of depreciation and amortization including approximately $ 400 million strategic investments.\n\nin millions             | 2018   | 2017   | 2016\n----------------------- | ------ | ------ | ------\nindustrial packaging    | $ 1061 | $ 836  | $ 832\nglobal cellulose fibers | 183    | 188    | 174\nprinting papers         | 303    | 235    | 215\nsubtotal                | 1547   | 1259   | 1221\ncorporate and other     | 25     | 21     | 20\ncapital spending        | $ 1572 | $ 1280 | $ 1241"
}
{
    "_id": "dd4ba0660",
    "title": "",
    "text": "2000 non-employee director stock option plan ( 201cdirector stock option plan 201d ) , global payments inc.\n 2011 incentive plan ( 201c2011 plan 201d ) ( collectively , 201cplans 201d ).\n made no further grants under 2000 plan after 2005 plan effective director stock option plan expired terms on february 1 , 2011.\n make no future grants under 2000 plan , 2005 plan or director stock option plan.\n 2011 plan permits grants of equity to employees , officers  directors and consultants.\n total of 14. 0 million shares of common stock reserved available for issuance pursuant to awards granted under 2011 plan.\n following table summarizes share-based compensation expense and related income tax benefit recognized for share-based awards and stock options ( in thousands ) : 2016 2015 2014 ( in thousands ).\n grant various share-based awards to plans under 201clong-term incentive plan. 201d awards held in escrow released upon grantee 2019s satisfaction of conditions of award certificate.\n restricted stock restricted stock awards vest over period of time  if grantee not employed by us on vesting date shares are forfeited.\n restricted shares cannot be sold or transferred until vested.\n restricted stock granted before fiscal 2015 vests in equal installments on each first four anniversaries of grant date.\n restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each first three anniversaries of grant date or vest at end of three-year service period.\n grant date fair value of restricted stock  based on quoted market value of our common stock at closing of award date recognized as share-based compensation expense on straight-line basis over vesting period.\nperformance units executives granted performance units under our long-term incentive plan.\n performance units are performance-based restricted stock units after performance period convert into common shares may restricted.\n number of shares dependent upon achievement of certain performance measures during performance period.\n target number of performance units and market-based performance measures ( 201cat threshold 201d 201ctarget 201d 201cmaximum 201d ) set by compensation committee of board of directors.\n performance units converted after compensation committee certifies performance based on pre-established goals.\n performance units granted to certain executives in fiscal 2014 based on one-year performance period.\n after compensation committee certified performance results 25% ( 25 % ) of performance units converted to unrestricted shares.\n remaining 75% ( 75 % ) converted to restricted shares vest in equal installments on first three anniversaries of conversion date.\n performance units granted to certain executives during fiscal 2015 and fiscal 2016 based on three-year performance period.\n after compensation committee certifies performance results for three-year period performance units earned will convert into unrestricted common stock.\n compensation committee may set range of possible performance-based outcomes for performance units.\n depending on achievement of performance measures grantee may earn up to 200% ( 200 % ) of target number of shares.\n for awards with only performance conditions we recognize compensation expense on straight-line basis over performance period using grant date fair value of award based on number of shares expected to be earned according to level achievement of performance goals.\n if number of shares expected to be earned change during performance period cumulative adjustment to share-based compensation expense based on revised number of shares expected to be earned.\n global payments inc.\n | 2016 form 10-k annual report 2013 83\n\n| 2016    | 2015 ( in thousands ) | 2014\n-------------------------------- | ------- | --------------------- | -------\nshare-based compensation expense | $ 30809 | $ 21056               | $ 29793\nincome tax benefit               | $ 9879  | $ 6907                | $ 7126"
}
{
    "_id": "dd4b980aa",
    "title": "",
    "text": "\"three factor formula\" ).\n consolidated financial statements include northrop grumman management support services allocations totaling $ 32 million for year ended december 31 , 2011.\n shared services and infrastructure costs - category includes costs for information technology support  systems maintenance telecommunications procurement other shared services hii subsidiary of northrop grumman.\n costs generally allocated company using three factor formula or based on usage.\n consolidated financial statements reflect shared services infrastructure costs allocations totaling $ 80 million for year ended december 31 , 2011.\n northrop grumman-provided benefits - category includes costs for group medical  dental vision insurance 401 ( k ) savings plan pension postretirement benefits incentive compensation other benefits.\n costs generally allocated company based on specific identification of benefits provided to company employees participating in benefit plans.\n consolidated financial statements include northrop grumman- provided benefits allocations totaling $ 169 million for year ended december 31 , 2011.\n management believes methods of allocating costs are reasonable consistent with past practices in conformity with cost allocation requirements cas.\n related party sales cost sales prior to spin-off hii purchased and sold products services from to other northrop grumman entities.\n purchases of products services from affiliated entities recorded at cost  were $ 44 million for year ended december 31 , 2011.\n sales of products services to these entities were $ 1 million for year ended december 31 , 2011.\n former parent's equity in unit transactions between hii and northrop grumman prior to spin-off included in consolidated financial statements settled for cash at time transaction recorded.\n net effect of settlement transactions reflected as former parent's equity in unit in consolidated statement of changes in equity.\n.\nunaudited selected quarterly data quarterly financial results for years ended december 31 , 2013 2012 , set in following tables:.\n\n( $ in millions except per share amounts ) | year ended december 31 2013 1st qtr | year ended december 31 2013 2nd qtr | year ended december 31 2013 3rd qtr | year ended december 31 2013 4th qtr\n------------------------------------------ | ----------------------------------- | ----------------------------------- | ----------------------------------- | -----------------------------------\nsales and service revenues                 | $ 1562                              | $ 1683                              | $ 1637                              | $ 1938\noperating income ( loss )                  | 95                                  | 116                                 | 127                                 | 174\nearnings ( loss ) before income taxes      | 65                                  | 87                                  | 99                                  | 143\nnet earnings ( loss )                      | 44                                  | 57                                  | 69                                  | 91\ndividends declared per share               | $ 0.10                              | $ 0.10                              | $ 0.10                              | $ 0.20\nbasic earnings ( loss ) per share          | $ 0.88                              | $ 1.14                              | $ 1.38                              | $ 1.86\ndiluted earnings ( loss ) per share        | $ 0.87                              | $ 1.12                              | $ 1.36                              | $ 1.82"
}
{
    "_id": "dd4bf30e0",
    "title": "",
    "text": "mfc 2019s operating profit 2013 increased $ 175 million 14% ( 14 % ) compared to 2012.\n increase attributable to higher operating profit $ 85 million for air missile defense programs ( thaad pac-3 ) due to increased risk retirements volume ; $ 85 million for fire control programs ( sniper ae lantirn ae apache ) due to increased risk retirements higher volume $ 75 million for tactical missile programs ( hellfire various programs ) due to increased risk retirements.\n increases partially offset by lower operating profit $ 45 million for resolution of contractual matters second quarter 2012 $ 15 million for technical services programs due to lower volume partially offset by increased risk retirements.\n adjustments not related to volume including net profit booking rate adjustments other matters approximately $ 100 million higher for 2013 compared to 2012.\n 2012 to 2011 mfc 2019s net sales 2012 comparable to 2011.\n sales decreased $ 130 million due to lower volume risk retirements on services programs $ 60 million due to lower volume from fire control systems programs sniper ae lantirn ae apache ).\n decreases offset by higher net sales $ 95 million due to higher volume from tactical missile programs primarily javelin hellfire ) $ 80 million for air and missile defense programs primarily pac-3 thaad ).\n mfc 2019s operating profit 2012 increased $ 187 million  or 17% ( 17 % ) compared to 2011.\n increase attributable to higher risk retirements volume $ 95 million from tactical missile programs primarily javelin hellfire ) increased risk retirements volume $ 60 million for air and missile defense programs ( primarily thaad pac-3 ) $ 45 million from resolution of contractual matters.\n partially offsetting increases was lower risk retirements volume on various programs including $ 25 million for services programs.\nadjustments not related to volume including net profit booking rate adjustments approximately $ 145 million higher for 2012 compared to 2011.\n backlog increased in 2013 mainly due to higher orders on thaad program lower sales volume new orders fire control systems programs partially offset by lower orders on technical services programs tactical missile programs.\n backlog increased in 2012 compared to 2011 mainly due to increased orders lower sales on fire control systems programs primarily lantirn ae sniper ae various services programs partially offset by lower orders higher sales volume on tactical missiles programs.\n expect mfc 2019s net sales to be flat to slightly down in 2014 compared to 2013 due to decrease in net sales on technical services programs partially offset by increase in net sales from missiles fire control programs.\n operating profit expected to decrease high single digit percentage range driven by reduction in expected risk retirements in 2014.\n operating profit margin expected to slightly decline from 2013.\n mission systems training mst business segment provides ship submarine mission combat systems ; mission systems sensors for rotary fixed-wing aircraft sea land-based missile defense systems radar systems littoral combat ships simulation training services unmanned systems technologies.\n mst 2019s major programs include aegis combat system aegis )  lcs  mh-60  tpq-53 radar system  mk-41 vertical launching system ).\n mst 2019s operating results included in millions ).\n 2013 compared to 2012 mst 2019s net sales for 2013 decreased $ 426 million  or 6% ( 6 % )  compared to 2012.\n decrease primarily attributable to lower net sales of approximately $ 275 million for various ship and aviation systems programs due to lower\n\n| 2013             | 2012           | 2011\n------------------- | ---------------- | -------------- | --------------\nnet sales           | $ 7153           | $ 7579         | $ 7132\noperating profit    | 905              | 737            | 645\noperating margins   | 12.7% ( 12.7 % ) | 9.7% ( 9.7 % ) | 9.0% ( 9.0 % )\nbacklog at year-end | 10800            | 10700          | 10500"
}
{
    "_id": "dd4bb416a",
    "title": "",
    "text": "entergy gulf states , inc.\n management's financial discussion analysis.\n volume/weather variance resulted from increase of 1179 gwh in electricity usage in industrial sector.\n billed usage also increased 291 gwh in residential , commercial governmental sectors.\n increase in net wholesale revenue due to increase in sales volume to municipal and co-op customers.\n summer capacity charges variance due to amortization in 2003 of deferred capacity charges for summer of 2001 compared to absence amortization in 2004.\n amortization capacity charges began june 2002 ended may 2003.\n price applied to unbilled sales variance resulted from increase in fuel price applied to unbilled sales.\n fuel recovery revenues represent under-recovery of fuel charges recovered in base rates.\n entergy gulf states recorded $ 22. 6 million of provisions in 2004 for potential rate refunds.\n provisions not included in net revenue table more than offset by provisions recorded in 2003.\n gross operating revenues , fuel and purchased power expenses other regulatory credits gross operating revenues increased due to increase of $ 187. 8 million in fuel cost recovery revenues higher fuel rates in louisiana and texas jurisdictions.\n increases in volume/weather and wholesale revenue  contributed to increase.\n fuel and purchased power expenses increased due to 2022 increased recovery of deferred fuel costs due to higher fuel rates ; 2022 increases in market prices of natural gas , coal  purchased power ; 2022 increase in electricity usage.\n other regulatory credits increased due to amortization in 2003 of deferred capacity charges for summer of 2001 compared to absence amortization in 2004.\n amortization of these charges began in june 2002 ended may 2003.\n2003 compared to 2002 net revenue  entergy gulf states' measure gross margin consists of operating revenues net 1 ) fuel  fuel-related  purchased power expenses 2 ) other regulatory credits.\n analysis of change in net revenue comparing 2003 to 2002.\n\n| ( in millions )\n------------------------------- | ---------------\n2003 net revenue                | $ 1110.1\nvolume/weather                  | 26.7\nnet wholesale revenue           | 13.0\nsummer capacity charges         | 5.5\nprice applied to unbilled sales | 4.8\nfuel recovery revenues          | -14.2 ( 14.2 )\nother                           | 3.9\n2004 net revenue                | $ 1149.8"
}
{
    "_id": "dd4b8a6b2",
    "title": "",
    "text": "table contents research and development expense ( 201cr&d 201d ) r&d increased 34% ( 34 % ) or $ 449 million to $ 1. 8 billion in 2010 compared to 2009.\n increase due primarily to increase headcount related expenses expanded r&d activities.\n contributing to increase 2010 was capitalization 2009 of software development costs of $ 71 million related to mac os x snow leopard.\n total r&d expense increased 34% ( 34 % ) during 2010 declined as percentage of net sales given 52% ( 52 % ) year-over-year increase in net sales in 2010.\n company focused investments in r&d critical to future growth competitive position related to timely development of new enhanced products central to company 2019s core business strategy.\n company expects to make further investments in r&d to remain competitive.\n r&d expense increased 20% ( 20 % ) or $ 224 million to $ 1. 3 billion in 2009 compared to 2008.\n increase due primarily to increase headcount 2009 expanded r&d activities higher stock-based compensation expenses.\n $ 71 million of software development costs capitalized related to mac os x snow leopard excluded from r&d expense during 2009 compared to $ 11 million of capitalized during 2008.\n total r&d expense increased 20% ( 20 % ) during 2009 remained flat as percentage of net sales given 14% ( 14 % ) increase in revenue in 2009.\n selling  general administrative expense ( 201csg&a 201d ) sg&a expense increased $ 1. 4 billion or 33% ( 33 % ) to $ 5. 5 billion in 2010 compared to 2009.\n increase due primarily to company 2019s expansion of retail segment higher spending on marketing advertising programs increased stock-based compensation expenses variable costs associated with growth company 2019s net sales.\n sg&a expenses increased $ 388 million or 10% ( 10 % ) to $ 4.1 billion in 2009 compared to 2008.\n increase due primarily to company 2019s continued expansion retail segment in domestic international markets higher stock-based compensation expense higher spending on marketing and advertising.\n other income and expense for three years ended september 25 , 2010 ( in millions ) total other income and expense decreased $ 171 million or 52% ( 52 % ) to $ 155 million during 2010 compared to $ 326 million and $ 620 million in 2009 and 2008 .\n overall decrease in other income expense attributable to significant declines in interest rates year- over-year partially offset by company 2019s higher cash  cash equivalents marketable securities balances.\n weighted average interest rate earned company on cash  cash equivalents marketable securities was 0. 75% ( 0. 75 % ) , 1. 43% ( 1. 43 % ) and 3. 44% ( 3. 44 % ) during 2010 , 2009 2008 .\n company incurred higher premium expenses on foreign exchange option contracts reduced total other income and expense.\n during 2010 , 2009 2008  company had no debt outstanding did not incur related interest expense.\n provision for income taxes company 2019s effective tax rates were 24% ( 24 % ), 32% ( 32 % ) and 32% ( 32 % ) for 2010 , 2009 2008 .\n effective rates differ from statutory federal income tax rate of 35% ( 35 % ).\n\n| 2010         | 2009       | 2008\n------------------------------ | ------------ | ---------- | ----------\ninterest income                | $ 311        | $ 407      | $ 653\nother income ( expense ) net   | -156 ( 156 ) | -81 ( 81 ) | -33 ( 33 )\ntotal other income and expense | $ 155        | $ 326      | $ 620"
}
{
    "_id": "dd497a3f4",
    "title": "",
    "text": "part ii item 5 2014market for registrant 2019s common equity related stockholder matters market information.\n common stock company currently traded on new york stock exchange ( nyse ) under symbol 2018 2018aes. 2019 2019 following tables set forth high and low sale prices for common stock as reported by nyse for periods indicated.\n price range of common stock.\n holders.\n as of march 3 , 2003  9663 record holders of company 2019s common stock , par value $ 0. 01 per share.\n dividends.\n under terms company 2019s senior secured credit facilities entered with commercial bank syndicate , company not allowed to pay cash dividends.\n company precluded from paying cash dividends on common stock under terms guaranty to utility customer in connection with aes thames project in event certain net worth liquidity tests company not met.\n ability of company 2019s project subsidiaries to declare and pay cash dividends company subject to limitations in project loans , governmental provisions other agreements entered by project subsidiaries.\n securities authorized for issuance under equity compensation plans.\n see information under caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of proxy statement for annual meeting of stockholders of registrant held on may 1, 2003 , information incorporated herein by reference.\n\n2002 first quarter | high $ 17.84 | low $ 4.11 | 2001 first quarter | high $ 60.15 | low $ 41.30\n------------------ | ------------ | ---------- | ------------------ | ------------ | -----------\nsecond quarter     | 9.17         | 3.55       | second quarter     | 52.25        | 39.95\nthird quarter      | 4.61         | 1.56       | third quarter      | 44.50        | 12.00\nfourth quarter     | 3.57         | 0.95       | fourth quarter     | 17.80        | 11.60"
}
{
    "_id": "dd4bd06a8",
    "title": "",
    "text": "financial assurance we must provide financial assurance to governmental agencies other entities under environmental regulations relating to our landfill operations for capping  closure post-closure costs related to our performance under certain collection , landfill transfer station contracts.\n we satisfy these financial assurance requirements by providing surety bonds letters of credit insurance policies ( financial assurance instruments ) trust deposits  included in restricted cash marketable securities other assets in our consolidated balance sheets.\n amount of financial assurance requirements for capping  closure post-closure costs is determined by state environmental regulations.\n financial assurance requirements for capping  closure post-closure costs may be associated with portion of landfill or entire landfill.\n states require a third-party engineering specialist to determine estimated capping  closure post-closure costs to determine required amount of financial assurance for landfill.\n amount of financial assurance required can differ from obligation determined and recorded under u.\n.\n amount of financial assurance requirements related to contract performance varies by contract.\n we must provide financial assurance for our insurance program and collateral for certain performance obligations.\n do not expect a material increase in financial assurance requirements during 2015  mix of financial assurance instruments may change.\n these financial assurance instruments are issued in normal course of business not considered indebtedness.\n currently no liability for financial assurance instruments  they not reflected in our consolidated balance sheets ; we record capping , closure post-closure liabilities insurance liabilities as they are incurred.\n underlying obligations of financial assurance instruments  in excess of those already reflected in consolidated balance sheets would be recorded if probable we unable to fulfill our related obligations.\n do not expect this to occur.\noff-balance sheet arrangements no off-balance sheet debt or similar obligations other than operating leases financial assurances not classified as debt.\n no transactions or obligations with related parties not disclosed consolidated into reflected in reported financial position or results of operations.\n not guaranteed third-party debt.\n free cash flow define free cash flow  not measure determined in accordance with u. s.\n gaap  as cash provided by operating activities less purchases of property and equipment plus proceeds from sales of property equipment presented in consolidated statements of cash flows.\n following table calculates free cash flow for years ended december 31, 2014  2013 2012 ( in millions of dollars ) :.\n for discussion of changes in components of free cash flow read discussion regarding cash flows provided by operating activities and cash flows used in investing activities elsewhere in management 2019s discussion and analysis of financial condition results of operations.\n\n| 2014             | 2013             | 2012\n--------------------------------------------- | ---------------- | ---------------- | ----------------\ncash provided by operating activities         | $ 1529.8         | $ 1548.2         | $ 1513.8\npurchases of property and equipment           | -862.5 ( 862.5 ) | -880.8 ( 880.8 ) | -903.5 ( 903.5 )\nproceeds from sales of property and equipment | 35.7             | 23.9             | 28.7\nfree cash flow                                | $ 703.0          | $ 691.3          | $ 639.0"
}
{
    "_id": "dd4bd1d0a",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014 continued ) in thousands except percent and per share data ) table summarizes expected benefit payments through 2018 including payments expected paid from company 2019s general assets.\n majority of benefit payments made in form lump-sum distributions actual benefit payments may differ from expected benefits payments.\n all company 2019s.\n employees eligible to participate in defined contribution savings plan ( 201csavings plan 201d ) sponsored by company.\n savings plan allows employees to contribute portion of base compensation on pre-tax and after-tax basis in accordance with specified guidelines.\n company matches percentage of employees 2019 contributions up to certain limits.\n in 2007 and prior years company could contribute to savings plan discretionary profit sharing component linked to company performance during prior year.\n beginning in 2008  discretionary profit sharing amount related to 2007 company performance paid directly to employees as short-term cash incentive bonus than contribution to savings plan.\n company has several defined contribution plans outside of united states.\n company 2019s contribution expense related to all defined contribution plans was $ 35341 , $ 26996 and $ 43594 for 2008 , 2007 and 2006 .\n company had value appreciation program ( 201cvap 201d ) incentive compensation plan established in 1995.\n annual awards granted to vap participants from 1995 through 1998 entitled participants to net appreciation on portfolio of securities of members of mastercard international.\n in 1999  vap replaced by executive incentive plan ( 201ceip 201d ) and senior executive incentive plan ( 201cseip 201d ) 201ceip plans 201d ) see note 16 ( share based payments and other benefits ).\n contributions to vap discontinued all plan assets disbursed no vap liability remained as of december 31 , 2008.\ncompany 2019s liability related to vap at december 31, 2007 was $ 986.\n expense ( benefit ) was $ ( 6 ) , $ ( 267 ) $ 3406 for years ended december 31, 2008  2007 2006  respectively.\n 12.\n postemployment postretirement benefits company maintains postretirement plan ( 201cpostretirement plan 201d ) providing health coverage life insurance benefits for all.\n employees retirees hired before july 1 , 2007.\n company amended life insurance benefits under postretirement plan effective january 1 , 2007.\n impact net of taxes of amendment was increase of $ 1715 to accumulated comprehensive income in 2007.\n\n2009           | $ 19766\n-------------- | -------\n2010           | 18182\n2011           | 25518\n2012           | 21029\n2013           | 24578\n2014 2013 2018 | 118709"
}
{
    "_id": "dd4b95cc4",
    "title": "",
    "text": "performance graph shows five-year cumulative total stockholder return on applied common stock during period from october 25 , 2009 through october 26 , 2014.\n compared with cumulative total return of standard & poor 2019s 500 stock index and rdg semiconductor composite index over same period.\n comparison assumes $ 100 invested on october 25 , 2009 in applied common stock and in each foregoing indices assumes reinvestment of dividends if.\n dollar amounts in graph rounded to nearest whole dollar.\n performance represents past performance not indication of future performance.\n comparison of 5 year cumulative total return* among applied materials , inc. s&p 500 index 201cs&p 201d is registered trademark of standard & poor 2019s financial services llc  subsidiary of mcgraw-hill companies , inc.\n dividends during fiscal 2014  applied 2019s board of directors declared four quarterly cash dividends of $ 0. 10 per share each.\n during fiscal 2013  board declared three quarterly cash dividends of $ 0. 10 per share each one quarterly cash dividend of $ 0. 09 per share.\n during fiscal 2012  board declared three quarterly cash dividends of $ 0. 09 per share each and one quarterly cash dividend of $ 0. 08.\n dividends declared during fiscal 2014 , 2013 and 2012 totaled $ 487 million , $ 469 million and $ 438 million.\n applied anticipates continue to pay cash dividends quarterly basis in future declaration and amount of future cash dividends at discretion of board of directors depend on applied 2019s financial condition  results of operations  capital requirements  business conditions other factors determination that cash dividends in best interests of applied 2019s stockholders.\n$ 100 invested 10/25/09 stock 10/31/09 index reinvestment dividends.\n indexes calculated month-end basis.\n rdg semiconductor composite index 183145 97 102 121 132 10/25/09 10/31/10 10/30/11 10/28/12 10/27/13 10/26/14 applied materials.\n s&p 500 semiconductor composite\n\n| 10/25/2009 | 10/31/2010 | 10/30/2011 | 10/28/2012 | 10/27/2013 | 10/26/2014\n--------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\napplied materials                 | 100.00     | 97.43      | 101.85     | 88.54      | 151.43     | 183.29\ns&p 500 index                     | 100.00     | 116.52     | 125.94     | 145.09     | 184.52     | 216.39\nrdg semiconductor composite index | 100.00     | 121.00     | 132.42     | 124.95     | 163.20     | 207.93"
}
{
    "_id": "dd4bbe714",
    "title": "",
    "text": "recourse and repurchase obligations discussed in note 3 loans sale servicing activities variable interest entities pnc sold commercial mortgage residential mortgage loans directly or indirectly in securitizations whole-loan sale transactions with continuing involvement.\n form continuing involvement includes recourse and loan repurchase obligations associated with transferred assets in transactions.\n commercial mortgage loan recourse obligations we originate  close service multi-family commercial mortgage loans sold to fnma under fnma 2019s dus program.\n participated in similar program with fhlmc.\n under programs assume up to one-third pari passu risk of loss on unpaid principal balances through loss share arrangement.\n at december 31 , 2011 and december 31, 2010 unpaid principal balance outstanding of loans sold participant in programs was $ 13. 0 billion and $ 13. 2 billion .\n potential maximum exposure under loss share arrangements was $ 4. 0 billion at december 31  2011 and 31  2010.\n maintain reserve for estimated losses based exposure.\n reserve for losses under programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31  2010 included in other liabilities on consolidated balance sheet.\n if payment required under programs contractual interest in collateral underlying mortgage loans on losses occurred value of collateral taken into account in determining our share of such losses.\n exposure and activity associated with recourse obligations reported in corporate & institutional banking segment.\n analysis of commercial mortgage recourse obligations.\n residential mortgage loan home equity repurchase obligations while residential mortgage loans sold on non-recourse basis we assume certain loan repurchase obligations associated with mortgage loans sold to investors.\nloan repurchase obligations relate to situations pnc alleged to breached origination covenants representations warranties to purchasers loans in purchase sale agreements.\n residential mortgage loans covered by loan repurchase obligations include first and second-lien mortgage loans sold through agency securitizations  non-agency securitizations  whole-loan sale transactions.\n discussed in note 3 report agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc  gnma  non-agency securitizations whole-loan sale transactions consist of mortgage loans sale transactions with private investors.\n historical exposure activity with agency securitization repurchase obligations primarily related to transactions with fnma and fhlmc  indemnification repurchase losses associated with fha and va-insured uninsured loans pooled in gnma securitizations minimal.\n repurchase obligation activity with residential mortgages reported in residential mortgage banking segment.\n pnc 2019s repurchase obligations include brokered home equity loans/lines sold to limited number private investors in financial services by national city prior to acquisition.\n pnc no longer engaged in brokered home equity lending business exposure under loan repurchase obligations limited to repurchases of whole-loans sold in these transactions.\n repurchase activity associated with brokered home equity loans/lines reported in non-strategic assets portfolio segment.\n loan covenants representations warranties established through loan sale agreements with various investors to assurance pnc sold loans to investors of sufficient investment quality.\naspects of covenants representations warranties include loan 2019s compliance with applicable loan criteria established by investor , including underwriting standards , delivery of required loan documents to investor or designated party  sufficient collateral valuation  validity of lien securing loan.\n result of alleged breaches of contractual obligations , investors may request pnc to indemnify against losses on certain loans or to repurchase loans.\n these investor indemnification or repurchase claims typically settled on individual loan basis through make- whole payments or loan repurchases ; , on occasion we may negotiate pooled settlements with investors.\n indemnifications for loss or loan repurchases typically occur when  after review claim we agree insufficient evidence exists to dispute investor 2019s claim breach of loan covenant and representation warranty occurred , breach not cured  effect of breach deemed to had material adverse effect on value of transferred loan.\n depending on sale agreement upon proper notice from investor  we typically respond to indemnification and repurchase requests within 60 days , final resolution of claim may take longer period time.\n with exception of sales pnc financial services group , inc.\n 2013 form 10-k 199\n\nin millions                                  | 2011     | 2010\n-------------------------------------------- | -------- | ----------\njanuary 1                                    | $ 54     | $ 71\nreserve adjustments net                      | 1        | 9\nlosses 2013 loan repurchases and settlements | -8 ( 8 ) | -2 ( 2 )\nloan sales                                   |          | -24 ( 24 )\ndecember 31                                  | $ 47     | $ 54"
}
{
    "_id": "dd4bdb3be",
    "title": "",
    "text": "no goodwill assigned to reporting units within balance sheet management segment.\n following table shows amount goodwill allocated to each reporting units and fair value as percentage of book value for reporting units in trading and investing segment ( dollars in millions ) :.\n we evaluate remaining useful lives on intangible assets each reporting period to determine events circumstances warrant revision to remaining period of amortization.\n other intangible assets have weighted average remaining useful life of 13 years.\n not recognize impairment on other intangible assets in periods presented.\n effects if actual results differ if estimates of fair value for reporting units change due to changes in business or other factors , may determine impairment charge is necessary.\n estimates of fair value are determined based on complex model using estimated future cash flows and company comparisons.\n if actual cash flows less than estimated future cash flows in annual assessment goodwill to be tested for impairment.\n estimated fair value of market making reporting unit as percentage of book value was approximately 115% ( 115 % ) ; if actual cash flows less than estimated cash flows goodwill impairment could occur in market making reporting unit in future.\n cash flows will be monitored closely to determine if further evaluation of potential impairment necessary impairment recognized timely.\n following review of order handling practices and pricing for order flow between e*trade securities llc and gi execution services , llc  regulators may initiate investigations into historical practices could subject us to monetary penalties and cease-and-desist orders could prompt claims by customers of e*trade securities llc.\n actions could affect market making and trade execution businesses could impact future cash flows result in goodwill impairment.\n intangible assets are amortized over estimated useful lives.\nchanges in estimated underlying revenue occur, impairment or change in remaining life may need to be recognized.\n estimates of effective tax rates , deferred taxes valuation allowance description in preparing consolidated financial statements we calculate income tax expense ( benefit ) based on interpretation of tax laws in various jurisdictions we conduct business.\n this requires us to estimate current tax obligations realizability of uncertain tax positions assess temporary differences between financial statement carrying amounts and tax basis of assets and liabilities.\n these differences result in deferred tax assets and liabilities , net amount of we show as other assets or other liabilities on consolidated balance sheet.\n must assess likelihood that deferred tax assets will be realized.\n realization not more likely not we establish valuation allowance.\n establish valuation allowance or increase allowance in reporting period generally record corresponding tax expense in consolidated statement of income ( loss ).\n conversely to circumstances indicate valuation allowance no longer necessary , portion of valuation allowance is reversed  reduces overall income tax expense.\n at december 31 , 2012 had net deferred tax assets of $ 1416. 2 million , net of valuation allowance ( on state , foreign country charitable contribution deferred tax assets ) of $ 97. 8 million.\n\nreporting unit   | december 31 2012 goodwill | december 31 2012 % (  % ) of fair value to book value\n---------------- | ------------------------- | -----------------------------------------------------\nretail brokerage | $ 1791.8                  | 190% ( 190 % )\nmarket making    | 142.4                     | 115% ( 115 % )\ntotal goodwill   | $ 1934.2                  |"
}
{
    "_id": "dd497502a",
    "title": "",
    "text": "selection and disclosure of critical accounting estimates discussed with audit committee.\n following is discussion of significant assumptions , estimates  accounting policies methods used in preparation of consolidated financial statements : 2022 revenue recognition - we recognize revenue when persuasive evidence of arrangement exists  delivery of product occurred sales price fixed or determinable collectability reasonably assured.\n for company this means revenue recognized when title and risk of loss transferred to customers.\n title transfers to customers upon shipment or upon receipt at customer's location as determined by sales terms for each transaction.\n company estimates cost of sales returns based on historical experience these estimates are normally immaterial.\n 2022 goodwill and non-amortizable intangible assets valuation - we test goodwill non-amortizable intangible assets for impairment annually or more frequently if events occur warrant review.\n perform annual impairment analysis in first quarter of each year.\n company has option to perform qualitative assessment for both goodwill non-amortizable intangible assets determine if likely not impairment exists, company elects to perform quantitative assessment for annual impairment analysis.\n impairment analysis involves comparing fair value of each reporting unit or non-amortizable intangible asset to carrying value.\n if carrying value exceeds fair value , goodwill or non-amortizable intangible asset considered impaired.\n to determine fair value of goodwill  primarily use discounted cash flow model supported by market approach using earnings multiples of comparable global and local companies within tobacco industry.\n at december 31 , 2015  carrying value of our goodwill was $ 7. 4 billion  related to ten reporting units  each comprised of group of markets with similar economic characteristics.\nestimated fair value of ten reporting units exceeded carrying value as of december 31 , 2015.\n to determine fair value of non-amortizable intangible assets we primarily use discounted cash flow model applying relief-from-royalty method.\n concluded fair value of non-amortizable intangible assets exceeded carrying value any reasonable movement in assumptions not result in impairment.\n discounted cash flow models include management assumptions relevant for forecasting operating cash flows subject to changes in business conditions volumes prices  costs to produce discount rates estimated capital needs.\n management considers historical experience and available information at time fair values are estimated believe assumptions consistent with assumptions hypothetical marketplace participant would use.\n since march 28 , 2008  from not recorded a charge to earnings for impairment of goodwill or non-amortizable intangible assets.\n 2022 marketing and advertising costs we incur certain costs to support our products through programs include advertising , marketing  consumer engagement and trade promotions.\n costs of advertising and marketing programs expensed in accordance with u. s.\n.\n recognition of cost related to consumer engagement and trade promotion programs contain uncertainties due to judgment required in estimating potential performance and compliance for each program.\n for volume-based incentives provided to customers management assesses and estimates customer likelihood of customer achieving specified targets and records reduction of revenue as sales are made.\n for other trade promotions management relies on estimated utilization rates developed from historical experience.\n changes in assumptions in estimating cost of individual marketing program not result in material change in financial position , results of operations or operating cash flows.\n not made material changes in accounting methodology used to estimate our marketing programs during past three years.\n 2022 employee benefit plans - as discussed in item 8 , note 13.\nbenefit plans to our consolidated financial statements  provide range of benefits to employees and retired employees including pensions  postretirement health care postemployment benefits ( primarily severance ).\n record annual amounts relating to these plans based on calculations specified by u. s.\n gaap.\n calculations include actuarial assumptions discount rates assumed rates of return on plan assets compensation increases mortality turnover rates health care cost trend rates.\n review actuarial assumptions annual basis make modifications to assumptions based on current rates trends when appropriate.\n permitted by u. s.\n gaap  effect of modifications generally amortized over future periods.\n believe assumptions utilized in calculating obligations under plans are reasonable based upon historical experience advice from actuaries.\n weighted-average discount rate assumptions for pensions postretirement plans are as follows:.\n anticipate assumption changes  coupled with decreased amortization of deferred losses will decrease 2016 pre-tax u. s.\n non- u. s.\n pension and postretirement expense to approximately $ 209 million compared with approximately $ 240 million in 2015 excluding\n\n| 2015             | 2014\n----------------------- | ---------------- | ----------------\nu.s . pension plans     | 4.30% ( 4.30 % ) | 3.95% ( 3.95 % )\nnon-u.s . pension plans | 1.68% ( 1.68 % ) | 1.92% ( 1.92 % )\npostretirement plans    | 4.45% ( 4.45 % ) | 4.20% ( 4.20 % )"
}
{
    "_id": "dd4972fd2",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements continued ) in thousands except per share data ) acquisition and adjustments material impact on company 2019s financial position or results of operation.\n no other material changes to purchase price allocation disclosed in company 2019s form 10-k for year ended september 30 , 2006.\n part of purchase price allocation all intangible assets part of acquisition identified and valued.\n determined only customer relationship , trade name  developed technology and know how in-process research and development had separately identifiable values.\n customer relationship represents r2 2019s strong active customer base dominant market position strong partnership with large companies.\n trade name represents r2 product names company intends to continue to use.\n order backlog consists of customer orders for revenue not yet recognized.\n developed technology and know how represents marketable purchased products company continues to resell utilize enhance incorporate into company 2019s existing products.\n estimated $ 10200 of purchase price allocated to in-process research and development projects related to r2 2019s digital cad products.\n projects added direct digital algorithm capabilities new platform technology to analyze images breast density measurement.\n projects completed as planned in fiscal 2007.\n deferred income tax asset relates to tax effect of acquired net operating loss carry forwards company believes realizable partially offset by acquired identifiable intangible assets fair value adjustments to acquired inventory not deductible for tax purposes.\n acquisition of suros surgical systems , inc.\n on july 27 , 2006 company completed acquisition of suros surgical systems , inc.\n suros pursuant to agreement and plan of merger dated april 17 , 2006.\nresults of operations for suros included in company 2019s consolidated financial statements from date acquisition part mammography/breast care business segment.\n suros  located in indianapolis , indiana develops manufactures sells minimally invasive interventional breast biopsy technology products for biopsy tissue removal biopsy site marking.\n initial aggregate purchase price for suros of approximately $ 248100 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 cash paid of $ 139000  approximately $ 2600 for acquisition related fees and expenses.\n company determined fair value of shares issued in acquisition in accordance with eitf issue no.\n 99-12  determination measurement date for market price of acquirer securities issued in purchase business combination.\n components allocation of purchase price consists of approximate amounts:.\n acquisition provides for two-year earn out.\n payable in two annual cash installments equal to incremental revenue growth in suros 2019 business in two years following closing.\n\nnet tangible assets acquired as of july 27 2006 | $ 11800\n----------------------------------------------- | ----------------\nin-process research and development             | 4900\ndeveloped technology and know how               | 46000\ncustomer relationship                           | 17900\ntrade name                                      | 5800\ndeferred income taxes                           | -21300 ( 21300 )\ngoodwill                                        | 202000\nestimated purchase price                        | $ 267100"
}
{
    "_id": "dd4bc9a9c",
    "title": "",
    "text": "recorded liabilities for certain litigation settlements in prior periods.\n total liabilities for litigation settlements changed from december 31 , 2006 , as follows : ( in millions ).\n * note table may not sum due to rounding.\n contribution expense 2014foundation in may 2006 , with initial public offering ( 201cipo 201d )  issued 13496933 shares of class a common stock as donation to foundation incorporated in canada controlled by directors independent of us and customers.\n foundation builds on mastercard 2019s existing charitable giving commitments by support programs initiatives help children and youth to access education  understand utilize technology  develop skills to succeed in diverse global work force.\n vision of foundation is to make economy work for everybody by advancing innovative programs in microfinance youth education.\n connection with donation of class a common stock  recorded expense of $ 395 million equal to aggregate value of shares donated.\n in both 2007 and 2006  recorded expenses of $ 20 million for cash donations to foundation  completing intention ipo to donate approximately $ 40 million in cash to foundation in support of operating expenses and charitable disbursements for first four years of operations.\n may make additional cash contributions to foundation in future.\n cash and stock donations to foundation not deductible by mastercard for tax purposes.\n result of difference between financial statement and tax treatments of donations  effective income tax rate for year ended december 31 , 2006 significantly higher than effective income tax rates for 2007 and 2008.\n depreciation and amortization depreciation amortization expenses increased $ 14 million in 2008 decreased $ 2 million in 2007.\n increase in depreciation and amortization expense in 2008 primarily due to increased investments in leasehold and building improvements , data center equipment capitalized software.\ndecrease in depreciation amortization expense in 2007 related to certain assets becoming fully depreciated.\n depreciation amortization will increase as we invest in leasehold building improvements  data center equipment capitalized software.\n\nbalance as of december 31 2006                    | $ 477\n------------------------------------------------- | ------------\nprovision for litigation settlements ( note 20 )  | 3\ninterest accretion on u.s . merchant lawsuit      | 38\npayments                                          | -114 ( 114 )\nbalance as of december 31 2007                    | $ 404\nprovision for discover settlement                 | 863\nprovision for american express settlement         | 1649\nprovision for other litigation settlements        | 6\ninterest accretion on u.s . merchant lawsuit      | 33\ninterest accretion on american express settlement | 44\npayments on american express settlement           | -300 ( 300 )\npayments on discover settlement                   | -863 ( 863 )\npayment on u.s . merchant lawsuit                 | -100 ( 100 )\nother payments and accretion                      | -1 ( 1 )\nbalance as of december 31 2008                    | $ 1736"
}
{
    "_id": "dd4c50ae2",
    "title": "",
    "text": "management 2019s discussion analysis 58 jpmorgan chase & co. /2018 form 10-k net interest income net yield excluding cib 2019s markets businesses reviewing net interest income net interest yield management reviews metrics excluding cib 2019s markets businesses metrics exclude cib 2019s markets businesses non-gaap financial measures.\n management reviews metrics assess performance firm 2019s lending investing deposit-raising activities.\n metrics exclude cib 2019s markets businesses non-markets-related net interest income net yield.\n cib 2019s markets businesses fixed income markets equity markets.\n management believes disclosure of non-markets-related net interest income net yield provides investors analysts measures analyze non-markets-related business trends firm provides comparable measure to other financial institutions primarily focused on lending investing deposit-raising activities.\n year ended december 31 , ( in millions  except rates ) 2018 2017 2016 net interest income 2013 managed basis ) $ 55687 $ 51410 $ 47292 less : cib markets net interest income c ) 3087 4630 6334 net interest income excluding cib markets $ 52600 $ 46780 $ 40958 average interest-earning assets $ 2229188 $ 2180592 $ 2101604 less : average cib markets interest-earning assets c ) 609635 540835 520307 average interest-earning assets excluding cib markets $ 1619553 $ 1639757 $ 1581297 net interest yield on average interest-earning assets 2013 managed basis 2. 50% ( 2. % ) 2. 36% ( 2. 36 % ) 2. 25% ( 2. 25 % ) net interest yield on average cib markets interest-earning assets c ) 0. 51 0. 86 1. 22 net interest yield on average interest-earning assets excluding cib markets 3. 25% ( 3.25 % ) 2. 85% ( 2. 85 % ) 2. 59% ( 2. 59 % ) interest includes effect of related hedges.\n taxable-equivalent amounts used where applicable.\n reconciliation of net interest income reported and managed basis refer to reconciliation from firm 2019s reported.\n gaap results to managed basis on page 57.\n further information on cib 2019s markets businesses refer to page 69.\n calculation of certain.\n gaap and non-gaap financial measures.\n calculated : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end common shares period * represents net income applicable common equity firm reviews adjusted expense noninterest expense excluding firmwide legal expense non-gaap financial measure.\n certain credit metrics and ratios firm exclude pci loans non-gaap measures.\n management believes measures help investors understand effect items on reported results provide alternate presentation of firm 2019s performance.\n additional information on credit metrics ratios excluding pci loans refer to credit and investment risk management on pages 102-123.\n management 2019s discussion and analysis 58 jpmorgan chase & co./2018 form 10-k net interest income net yield excluding cib 2019s markets businesses reviewing net interest income yield management reviews metrics excluding cib 2019s markets businesses metrics non-gaap financial measures.\n management reviews metrics assess performance firm 2019s lending investing deposit-raising activities.\n metrics exclude cib 2019s markets businesses referred as non-markets-related net interest income net yield.\n cib 2019s markets businesses are fixed income markets equity markets.\n management believes disclosure of non-markets-related net interest income net yield provides investors analysts measures analyze non-markets-related business trends firm provides comparable measure to other financial institutions primarily focused on lending investing deposit-raising activities.\n year ended december 31 , ( in millions  except rates ) 2018 2017 2016 net interest income 2013 managed basis ) b ) $ 55687 $ 51410 $ 47292 less : cib markets net interest income ( c ) 3087 4630 6334 net interest income excluding cib markets $ 52600 $ 46780 $ 40958 average interest-earning assets $ 2229188 $ 2180592 $ 2101604 less : average cib markets interest-earning assets c ) 609635 540835 520307 average interest-earning assets excluding cib markets $ 1619553 $ 1639757 $ 1581297 net interest yield on average interest-earning assets 2013 managed basis 2. 50% ( 2. 50 % ) 2. 36% ( 2. 36 % ) 2. 25% ( 2. 25 % ) net interest yield on average cib markets interest-earning assets c ) 0. 51 0. 86 1. 22 net interest yield on average interest-earning assets excluding cib markets 3. 25% ( 3. 25 % ) 2. 85% ( 2. 85 % ) 2.59% ( 2. 59 % ) interest includes effect of related hedges.\n taxable-equivalent amounts used where applicable.\n reconciliation of net interest income reported and managed basis refer to reconciliation from firm 2019s reported.\n gaap results to managed basis on page 57.\n further information on cib 2019s markets businesses refer to page 69.\n calculation of certain.\n gaap and non-gaap financial measures.\n calculated : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares period-end * represents net income applicable common equity firm reviews adjusted expense noninterest expense excluding firmwide legal expense non-gaap financial measure.\n certain credit metrics and ratios disclosed firm exclude pci loans non-gaap measures.\n management believes measures help investors understand effect items on reported results provide alternate presentation of firm 2019s performance.\n additional information on credit metrics and ratios excluding pci loans refer to credit and investment risk management on pages 102-123.\n\nyear ended december 31 ( in millions except rates )                         | 2018             | 2017             | 2016\n--------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet interest income 2013 managed basis ( a ) ( b )                          | $ 55687          | $ 51410          | $ 47292\nless : cib markets net interest income ( c )                                | 3087             | 4630             | 6334\nnet interest income excluding cib markets ( a )                             | $ 52600          | $ 46780          | $ 40958\naverage interest-earning assets                                             | $ 2229188        | $ 2180592        | $ 2101604\nless : average cib markets interest-earning assets ( c )                    | 609635           | 540835           | 520307\naverage interest-earning assets excluding cib markets                       | $ 1619553        | $ 1639757        | $ 1581297\nnet interest yield on average interest-earning assets 2013 managed basis    | 2.50% ( 2.50 % ) | 2.36% ( 2.36 % ) | 2.25% ( 2.25 % )\nnet interest yield on average cib markets interest-earning assets ( c )     | 0.51             | 0.86             | 1.22\nnet interest yield on average interest-earning assets excluding cib markets | 3.25% ( 3.25 % ) | 2.85% ( 2.85 % ) | 2.59% ( 2.59 % )"
}
{
    "_id": "dd4babea2",
    "title": "",
    "text": "long term.\n  we focused on building relationships with large multinational carriers as airtel , telef f3nica s. a.\n vodafone group plc.\n believe consistent carrier investments in their networks across our international markets position us to generate meaningful organic revenue growth.\n in emerging markets  as ghana , india  nigeria uganda , wireless networks less advanced than in united states , initial voice networks continue deployed in underdeveloped areas.\n majority of consumers in these markets still utilize basic wireless services  predominantly on feature phones  advanced device penetration remains low.\n in more developed urban locations these markets early-stage data network deployments are underway.\n carriers focused on completing voice network build-outs while investing in initial data networks as wireless data usage and smartphone penetration customer bases accelerate.\n in markets with rapidly evolving network technology  south africa most countries in latin america where we do business initial voice networks  for most already been built out  carriers focused on 3g network build outs with select investments in 4g technology.\n consumers in these regions increasingly adopting smartphones other advanced devices usage of bandwidth-intensive mobile applications growing materially.\n recent spectrum auctions in these rapidly evolving markets allowed incumbent carriers to accelerate data network deployments enabled new entrants to begin initial investments in data networks.\n smartphone penetration and wireless data usage in these markets growing rapidly  requires carriers continue to invest in networks in to maintain and augment quality of service.\n in markets with more mature network technology  as germany  carriers focused on deploying 4g data networks to account for rapidly increasing wireless data usage customer base.\nhigher smartphone advanced device penetration higher per capita data usage , carrier investment in networks is focused on 4g coverage and capacity.\n believe network technology migration seen in united states , led to denser networks meaningful new business commencements for over years , will be replicated in less advanced international markets.\n we expect to to leverage our extensive international portfolio of approximately 60190 communications sites relationships built with carrier customers to drive sustainable , long-term growth.\n holistic master lease agreements with tenants provide for consistent , long-term revenue reduction in likelihood of churn.\n holistic master lease agreements build augment strong strategic partnerships with tenants reduced collocation cycle times , providing tenants with ability to rapidly efficiently deploy equipment on our sites.\n property operations new site revenue growth.\n during year ended december 31 , 2015 , grew our portfolio of communications real estate through acquisition and construction of approximately 25370 sites.\n in majority of asia , emea latin america markets , acquisition or construction of new sites resulted in increases in tenant and pass- through revenues ( as ground rent or power and fuel costs ) and expenses.\n continue to evaluate opportunities to acquire communications real estate portfolios , domestically and internationally , to determine they meet our risk-adjusted hurdle rates can integrate them into existing portfolio.\n property operations expenses.\n direct operating expenses incurred by property segments include direct site level expenses consist primarily of ground rent power and fuel costs , some or all of may be passed through to tenants , property taxes , repairs and maintenance.\n these segment direct operating expenses exclude all segment and corporate selling , general , administrative and development expenses , aggregated into one line item entitled selling , general , administrative and development expense in consolidated statements of operations.\n in general , our property segments 2019 selling , general  administrative development expenses do not significantly increase adding incremental tenants to legacy sites typically increase only modestly year-over-year.\n leasing additional space to new tenants on legacy sites provides significant incremental cash flow.\n we may   incur additional segment\n\nnew sites ( acquired or constructed ) | 2015  | 2014 | 2013\n------------------------------------- | ----- | ---- | ----\nu.s .                                 | 11595 | 900  | 5260\nasia                                  | 2330  | 1560 | 1260\nemea                                  | 4910  | 190  | 485\nlatin america                         | 6535  | 5800 | 6065"
}
{
    "_id": "dd4bac24e",
    "title": "",
    "text": "bhge 2017 form 10-k | 27 short term.\n we view long term economics of lng industry as positive given outlook for supply and demand.\n 2022 refinery , petrochemical and industrial projects : in refining  believe large  complex refineries should gain advantage in competitive , oversupplied landscape in 2018 as industry globalizes refiners position to meet local demand secure export potential.\n in petrochemicals , continue see healthy demand and cost-advantaged supply driving projects forward in 2018.\n industrial market continues to grow as outdated infrastructure is replaced  policy changes effect power decentralized.\n continue see growing demand across these markets in 2018.\n other segments in portfolio correlated with industrial metrics digital solutions business.\n believe our portfolio is uniquely positioned to compete across value chain deliver unique solutions for customers.\n remain optimistic about long-term economics of industry but continuing to operate with flexibility given expectations for volatility changing assumptions in near term.\n in 2016  solar and wind net additions exceeded coal and gas for first time continued throughout 2017.\n governments may change or may not continue incentives for renewable energy additions.\n in long term  renewables' cost decline may accelerate to compete with new-built fossil capacity do not anticipate significant impacts to business in foreseeable future.\n despite near-term volatility  long-term outlook for industry remains strong.\n believe world 2019s demand for energy will continue to rise supply of energy will continue to increase in complexity requiring greater service intensity more advanced technology from oilfield service companies.\n remain focused on delivering innovative cost-efficient solutions deliver step changes in operating and economic performance for customers.\nbusiness environment following discussion analysis summarizes significant factors affecting our results of operations  financial condition liquidity position of for year ended december 31 , 2017 , 2016 2015  should be read in conjunction with consolidated combined financial statements related notes of company.\n amounts reported in millions in graphs report are computed based on amounts in hundreds.\n sum of components reported in millions may not equal total amount reported in millions due to rounding.\n we operate in more than 120 countries helping customers find evaluate  drill  produce transport process hydrocarbon resources.\n revenue predominately generated from sale of products services to major national independent oil and natural gas companies worldwide dependent on spending by customers for oil natural gas exploration  field development production.\n spending driven by factors  including customers' forecasts of future energy demand supply  access to resources to develop produce oil natural gas  ability to fund capital programs impact of new government regulations expectations for oil and natural gas prices key driver of cash flows.\n oil and natural gas prices oil gas prices summarized in table below as averages of daily closing prices during each periods indicated.\n brent oil prices ( $ /bbl ) ( 1 ) $ 54. 12 $ 43. 64 $ 52. 32 wti oil prices ( $ /bbl ) ( 2 ) 50. 80 43. 29 48. 66 natural gas prices ( $ /mmbtu ) ( 3 ) 2. 99 2. 52 2. 62 ( 1 ) energy information administration ( eia ) europe brent spot price per barrel\n\n| 2017    | 2016    | 2015\n------------------------------------- | ------- | ------- | -------\nbrent oil prices ( $ /bbl ) ( 1 )     | $ 54.12 | $ 43.64 | $ 52.32\nwti oil prices ( $ /bbl ) ( 2 )       | 50.80   | 43.29   | 48.66\nnatural gas prices ( $ /mmbtu ) ( 3 ) | 2.99    | 2.52    | 2.62"
}
{
    "_id": "dd4c0289c",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations we are international energy company with operations in u. s. , canada africa middle east europe.\n operations organized into three reportable segments : 2022 e&p explores for produces markets liquid hydrocarbons natural gas worldwide basis.\n 2022 osm mines extracts transports bitumen from oil sands deposits in alberta  canada , upgrades bitumen to produce market synthetic crude oil vacuum gas oil.\n 2022 ig produces markets products from natural gas  lng methanol  eg.\n certain sections of management 2019s discussion analysis of financial condition results of operations include forward-looking statements concerning trends events potentially affecting business.\n statements typically contain words 201canticipates , 201d 201cbelieves  201d 201cestimates 201d 201cexpects 201d 201ctargets 201d 201cplans  201d 201cprojects  201d 201ccould  201d 201cmay  201d 201cshould  201d 201cwould 201d similar words indicating future outcomes uncertain.\n in accordance with 201csafe harbor 201d provisions of private securities litigation reform act of 1995  statements accompanied by cautionary language identifying important factors not all could cause future outcomes to differ from forward-looking statements.\n for additional risk factors affecting business  see item 1a.\n risk factors in annual report on form 10-k.\n management 2019s discussion analysis of financial condition results of operations should be read in conjunction with information under item 1.\n business , item 1a.\n risk factors item 8.\n financial statements supplementary data found in annual report on form 10-k.\nspin-off downstream business june 30, 2011 spin-off marathon 2019s downstream business completed creating two independent energy companies : marathon oil and mpc.\n marathon shareholders close of business record date june 27 , 2011 received one share mpc common stock for every two shares marathon common stock held.\n fractional shares mpc common stock not distributed fractional share mpc common stock otherwise issuable to marathon shareholder sold in open market shareholder 2019s behalf shareholder received cash payment fractional share.\n private letter tax ruling received june 2011 irs affirmed tax-free nature of spin-off.\n activities related downstream business treated as discontinued operations all periods presented annual report on form 10-k ( see item 8.\n financial statements supplementary data 2014note 3 consolidated financial statements for additional information ).\n overview 2013 market conditions exploration production prevailing prices for various grades crude oil natural gas impact revenues cash flows.\n prices crude oil volatile recent years.\n 2011  crude prices increased over 2010 levels increases brent averages outstripping wti.\n 2010  both wti and brent crude oil monthly average prices remained in $ 75 to $ 85 per barrel range.\n crude oil prices reached low $ 33. 98 in february 2009  following global demand declines economic recession recovered quickly ending 2009 at $ 79. 36.\n following table lists benchmark crude oil and natural gas price annual averages for past three years.\n wti crude oil ( dollars per bbl ) $ 95. 11 $ 79. 61 $ 62. 09 brent ( europe ) crude oil ( dollars per bbl ) 111. 26 79. 51 61. 49 henry hub natural gas ( dollars per mmbtu ) ( a ) $ 4. 04 $ 4. 39 $ 3. 99 ( a ) settlement date average.\n u. s.\n crude oil production 58 percent sour in 2011 68 percent in 2010.\n sour crude contains more sulfur than light sweet.\n sour crude oil heavier than light sweet crude oil sells at discount to light sweet crude oil higher refining costs lower refined product values.\n international crude oil production relatively sweet generally sold in relation to brent crude benchmark.\n differential between wti and brent average prices widened in 2011 to $ 16. 15 comparison differentials less than $ 1. 00 in 2010 and 2009.\n\nbenchmark                                         | 2011    | 2010    | 2009\n------------------------------------------------- | ------- | ------- | -------\nwti crude oil ( dollars per bbl )                 | $ 95.11 | $ 79.61 | $ 62.09\nbrent ( europe ) crude oil ( dollars per bbl )    | 111.26  | 79.51   | 61.49\nhenry hub natural gas ( dollars per mmbtu ) ( a ) | $ 4.04  | $ 4.39  | $ 3.99"
}
{
    "_id": "dd4b8e1ae",
    "title": "",
    "text": "notes to consolidated financial statements union pacific corporation and subsidiary companies for this report  unless context otherwise requires references to 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d  201cour 201d mean union pacific corporation and subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.\n 1.\n nature of operations segmentation 2013 we are class i railroad operating in u. s.\n network includes 32236 route miles  linking pacific coast gulf coast ports with midwest eastern u. s.\n gateways providing several corridors to key mexican gateways.\n own 26039 miles operate on remainder to trackage rights or leases.\n serve western two-thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast , pacific coast  southeast southwest , canada  mexico.\n export and import traffic moved through gulf coast pacific coast ports across mexican and canadian borders.\n railroad , along with subsidiaries rail affiliates is our one reportable operating segment.\n analyze revenue by commodity group treat financial results of railroad as one segment due to integrated nature of rail network.\n operating revenues primarily derived from contracts with customers for transportation of freight from origin to destination.\n effective january 1 , 2018  company reclassified six commodity groups into four : agricultural products , energy , industrial , premium.\n following table represents disaggregation of our freight and other revenues:.\n revenues principally derived from customers domiciled in u. s.ultimate points of origination destination for products we transport outside u. s.\n commodity groups includes revenue from shipments to mexico.\n included in table freight revenues from mexico business amounted to $ 2. 5 billion in 2018 $ 2. 3 billion in 2017 $ 2. 2 billion in 2016.\n basis presentation 2013 consolidated financial statements presented in accordance with accounting principles accepted in u. s.\n codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).\n.\n significant accounting policies principles of consolidation 2013 consolidated financial statements include accounts of union pacific corporation subsidiaries.\n investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) accounted for using equity method accounting.\n intercompany transactions eliminated.\n no less than majority-owned investments require consolidation under variable interest entity requirements.\n cash  cash equivalents restricted cash 2013 cash equivalents consist of investments with original maturities of three months or less.\n amounts in restricted cash represent required set aside by contractual agreement.\n\nmillions                  | 2018    | 2017    | 2016\n------------------------- | ------- | ------- | -------\nagricultural products     | $ 4469  | $ 4303  | $ 4209\nenergy                    | 4608    | 4498    | 3715\nindustrial                | 5679    | 5204    | 4964\npremium                   | 6628    | 5832    | 5713\ntotal freight revenues    | $ 21384 | $ 19837 | $ 18601\nother subsidiary revenues | 881     | 885     | 814\naccessorial revenues      | 502     | 458     | 455\nother                     | 65      | 60      | 71\ntotal operating revenues  | $ 22832 | $ 21240 | $ 19941"
}
{
    "_id": "dd4b9d988",
    "title": "",
    "text": "operating expenses were $ 2. 9 billion  increase 8% ( 8 % ) over 2000.\n adjusted for formation citistreet  operating expenses grew 10% ( 10 % ).\n expense growth in 2001 10% ( 10 % ) lower than comparable 20% ( 20 % ) expense growth for 2000 compared to 1999.\n state street reduced growth rate expenses as revenue growth slowed during latter half 2000 early 2001.\n expense growth in 2001 reflects higher expenses for salaries employee benefits information systems and communications.\n o p e r a t i n g e x p e n s e s ( dollars in millions ) 2001 2000 1999 change adjusted change 00-01 ( 1 ).\n ( 1 ) 2000 results adjusted for formation citistreet expenses related to salaries employee benefits increased $ 139million in 2001  or $ 163millionwhen.\n adjusted increase reflects 2100 additional staff support large client wins new business from acquisitions.\n expense increase offset by lower incentive-based compensation.\n information systems and communications expense was $ 365 million in 2001 up 20% ( 20 % ) from prior year.\n adjusted for formation citistreet information systems communications expense increased 22% ( 22 % ).\n growth reflects investment in software hardware technology costs associated with increased staffing levels.\n expenses related to transaction processing services were $ 247 million down $ 21 million  or 8% ( 8 % ).\n expenses volume related include external contract services  subcustodian fees  brokerage services fees related to securities settlement.\n lower mutual fund shareholder activities  lower subcustodian fees from decline in asset values lower transaction volumes decline.\n occupancy expensewas $ 229million  up 15% ( 15 % ).\n increase due to expenses support state street 2019s global growth  expenses for leasehold improvements other operational costs.\nexpenses were $ 363 million up $ 17 million or 5% ).\n expenses include professional services advertising sales promotion internal operational expenses.\n increase over prior year due to $ 21 million increase in amortization of goodwill primarily from acquisitions in 2001.\n recent accounting pronouncements goodwill amortization expense will be eliminated in 2002.\n state street recorded approximately $ 38 million or $. 08 per share after tax of goodwill amortization expense in 2001.\n state street 2019s cost containment efforts reduced discretionary spending partially offset increase in other expenses.\n state street corporation 9\n\n( dollars in millions )                | 2001   | 2000   | 1999   | change 00-01 | adjusted change 00-01 ( 1 )\n-------------------------------------- | ------ | ------ | ------ | ------------ | ---------------------------\nsalaries and employee benefits         | $ 1663 | $ 1524 | $ 1313 | 9% ( 9 % )   | 11% ( 11 % )\ninformation systems and communications | 365    | 305    | 287    | 20           | 22\ntransaction processing services        | 247    | 268    | 237    | -8 ( 8 )     | -7 ( 7 )\noccupancy                              | 229    | 201    | 188    | 15           | 16\nother                                  | 363    | 346    | 311    | 5            | 7\ntotal operating expenses               | $ 2867 | $ 2644 | $ 2336 | 8            | 10\nnumber of employees                    | 19753  | 17604  | 17213  | 12           |"
}
{
    "_id": "dd4bbf8e4",
    "title": "",
    "text": "2022 through u. s.\n attorney 2019s office for district of maryland , office of inspector general ( 201coig 201d ) for small business administration ( 201csba 201d ) served subpoena on pnc requesting documents concerning pnc 2019s relationship with , including sba-guaranteed loans made through  broker jade capital investments , llc ( 201cjade 201d ) , information regarding other pnc-originated sba guaranteed loans to businesses in state of maryland , commonwealth of virginia , and washington , dc.\n certain jade loans identified in indictment and subsequent superseding indictment charging persons associated with jade with conspiracy to commit bank fraud , violations of federal bank fraud statute , and money laundering.\n pnc cooperating with u. s.\n attorney 2019s office for district of maryland.\n practice to cooperate fully with regulatory and governmental investigations , audits other inquiries , including those described in this note 23.\n in addition to proceedings other matters, pnc and persons to whom we may have indemnification obligations , normal course of business subject to other pending and threatened legal proceedings in claims for monetary damages and other relief asserted.\n do not anticipate  ultimate aggregate liability , if arising out of such other legal proceedings will have material adverse effect on our financial position.\n cannot now determine whether not any claims asserted against us or others to we indemnification obligations , in proceedings or other matters described or otherwise will have material adverse effect on our results of operations in future reporting period  will depend on amount of loss resulting from claim and amount of income otherwise reported for reporting period.\nnote 24 commitments guarantees for additional information visa indemnification other obligations to provide indemnification including to current former officers  directors employees agents of pnc companies acquired.\n note 24 commitments guarantees equity funding other commitments unfunded commitments at december 31 , 2013 included private equity investments of $ 164 million.\n standby letters of credit issue standby letters credit have risk participations in standby letters of credit issued by other financial institutions support obligations customers to third parties insurance requirements facilitation of transactions involving capital markets product execution.\n net outstanding standby letters of credit internal credit ratings : table 151 : net outstanding standby letters of credit dollars in billions december 31 december 31 net outstanding standby letters of credit ( a ) $ 10. 5 $ 11. 5 internal credit ratings ( percentage of portfolio ) :.\n ) amounts above exclude participations in standby letters of credit of $ 3. 3 billion and $ 3. 2 billion to other financial institutions as of december 31 , 2013 december 31, 2012 .\n amounts above include $ 6. 6 billion $ 7. 5 billion support remarketing programs at december 31 , 2013 december 31 , 2012 .\n ( b ) indicates expected risk of loss low.\n ( c ) indicates higher degree of risk of default.\n if customer fails to meet financial performance obligation to third party terms contract or need to support remarketing program upon draw by beneficiary subject terms letter of credit obligated to make payment them.\n standby letters of credit outstanding on december 31 , 2013 had terms ranging from less than 1 year to 6 years.\n as of december 31 , 2013  assets of $ 2. 0 billion secured certain specifically identified standby letters of credit.\nportion of remaining standby letters of credit issued on behalf of specific customers secured by collateral or guarantees secure customers 2019 other obligations to us.\n carrying amount liability for our obligations related to standby letters of credit participations was $ 218 million at december 31 , 2013.\n standby bond purchase agreements and other liquidity facilities to support municipal bond obligations.\n at december 31 , 2013 aggregate commitments under these facilities was $ 1. 3 billion.\n also enter into certain other liquidity facilities to support individual pools of receivables acquired by commercial paper conduits.\n no commitments under these facilities at december 31 , 2013.\n 212 pnc financial services group , inc.\n 2013 form 10-k\n\ndollars in billions                                        | december 31 2013 | december 312012\n---------------------------------------------------------- | ---------------- | ---------------\nnet outstanding standby letters of credit ( a )            | $ 10.5           | $ 11.5\ninternal credit ratings ( as a percentage of portfolio ) : |                  |\npass ( b )                                                 | 96% ( 96 % )     | 95% ( 95 % )\nbelow pass ( c )                                           | 4% ( 4 % )       | 5% ( 5 % )"
}
{
    "_id": "dd4bf0eb2",
    "title": "",
    "text": "theme parks segment 2013 operating costs expenses operating costs expenses consist primarily of theme park operations includ repairs maintenance administrative expenses ; food  beverage merchandise costs labor costs sales marketing costs.\n theme parks operating costs expenses increased in 2015 2014 due to additional costs at orlando hollywood theme parks newer attractions fast fur- ious 2122 2014 supercharged 2122 studio tour hollywood 2015 wizarding world of harry potter 2122 2014 diagon alley 2122 orlando 2014 increases in food  beverage merchandise costs associated with increases in attendance both years.\n operating costs expenses increased in 2015 due to $ 89 million operating costs expenses attributable to universal studios japan $ 22 million transaction costs related to development of theme park in china.\n nbcuniversal headquarters  other eliminations headquarters other operating costs expenses nbcuniversal businesses include overhead  personnel costs costs associated with corporate initiatives.\n operating costs expenses increased in 2015 and 2014 primarily due to higher employee-related costs including severance costs in corporate other results of operations year ended december 31 ( in millions ) 2015 2014 2013 % ( % ) change 2014 to 2015 % ( % ) change 2013 to 2014.\n corporate other 2013 revenue other revenue relates to comcast spectacor  owns philadelphia flyers wells fargo center arena in philadelphia , pennsylvania operates arena management-related businesses.\n other revenue increased in 2015 and 2014 primarily due to increases in revenue from food other services associated with new contracts by comcast spectacor businesses.\n increase in other revenue in 2014 due to increase in revenue with newly acquired businesses.\ncorporate other 2013 operating costs and expenses operating costs expenses include overhead  personnel costs costs corporate initiatives branding  operating costs expenses associated with comcast spectacor.\n excluding transaction costs with time warner cable merger related divestiture trans- actions of $ 178 million and $ 237 million in 2015 and 2014  respectively  corporate other operating costs and expenses increased 19% ( 19 % ) in 2015.\n primarily due to $ 56 million expenses related to contract settlement , increase in expenses related to corporate strategic business initiatives increase in operating costs expenses at comcast spectacor associated with new contracts by one its businesses.\n corporate other operating costs and expenses increased in 2014 primarily due to $ 237 million transaction-related costs with time warner cable merger related divest- iture transactions  increase in operating costs expenses associated with new contracts by one comcast spectacor businesses.\n comcast 2015 annual report on form 10-k 60\n\nyear ended december 31 ( in millions )              | 2015           | 2014           | 2013           | % (  % ) change 2014 to 2015 | % (  % ) change 2013 to 2014\n--------------------------------------------------- | -------------- | -------------- | -------------- | ---------------------------- | ----------------------------\nrevenue                                             | $ 766          | $ 709          | $ 600          | 8.0% ( 8.0 % )               | 18.1% ( 18.1 % )\noperating costs and expenses                        | 1664           | 1487           | 1089           | 11.9                         | 36.5\noperating loss before depreciation and amortization | $ -898 ( 898 ) | $ -778 ( 778 ) | $ -489 ( 489 ) | ( 15.5 ) % (  % )            | ( 59.1 ) % (  % )"
}
{
    "_id": "dd4b882ae",
    "title": "",
    "text": "exercise for stock options exercised at period end for outstanding stock options less applicable exercise price.\n company issued new shares to satisfy exercised stock options.\n compensation expense company recorded $ 43 million  $ 34 million $ 44 million expense related to stock awards for years ended december 31 , 2015  2014  2013 .\n company recorded $ 17 million  $ 13 million $ 17 million as tax benefit related to stock awards and stock options for years ended december 31  2015 2014 2013.\n company recognized tax benefits for years ended december 31  2015  2014 2013  of $ 41 million , $ 53 million  $ 32 million  from issuance of stock in settlement of stock awards  $ 4 million , $ 5 million  $ 4 million for years ended december 31 , 2015  2014  2013  from exercise of stock options.\n unrecognized compensation expense as of december 31 , 2015 company had less than $ 1 million unrecognized compensation expense associated with rsrs granted in 2015 and 2014  recognized over weighted average period of 1. 0 year  $ 25 million of unrecognized expense associated with rpsrs granted in 2015 , 2014  2013  recognized over weighted average period of 0. 6 years.\n as of december 31 , 2015 company had no unrecognized compensation expense related to stock options.\n compensation expense for stock options fully recognized as of december 31 , 2013.\n.\n unaudited selected quarterly data quarterly financial results for years ended december 31 , 2015 and 2014  set forth in following tables:.\n second quarter of 2015  company recorded $ 59 million goodwill impairment charge.\n during same period company recorded $ 136 million of operating income result of aon settlement.\n( 2 ) fourth quarter 2015 company recorded $ 16 million goodwill impairment $ 27 million intangible asset impairment charges.\n\n( $ in millions except per share amounts ) | year ended december 31 2015 1st qtr | year ended december 31 2015 2nd qtr ( 1 ) | year ended december 31 2015 3rd qtr | year ended december 31 2015 4th qtr ( 2 )\n------------------------------------------ | ----------------------------------- | ----------------------------------------- | ----------------------------------- | -----------------------------------------\nsales and service revenues                 | $ 1570                              | $ 1745                                    | $ 1800                              | $ 1905\noperating income ( loss )                  | 156                                 | 269                                       | 200                                 | 144\nearnings ( loss ) before income taxes      | 133                                 | 244                                       | 175                                 | 80\nnet earnings ( loss )                      | 87                                  | 156                                       | 111                                 | 50\ndividends declared per share               | $ 0.40                              | $ 0.40                                    | $ 0.40                              | $ 0.50\nbasic earnings ( loss ) per share          | $ 1.80                              | $ 3.22                                    | $ 2.31                              | $ 1.07\ndiluted earnings ( loss ) per share        | $ 1.79                              | $ 3.20                                    | $ 2.29                              | $ 1.06"
}
{
    "_id": "dd4b86f44",
    "title": "",
    "text": "new business model retail segment is inherently risky , particularly in light of significant investment involved , current economic climate  fixed nature of substantial portion of retail segment's operating expenses.\n results for segment dependent upon risks and uncertainties , some discussed below under heading \"factors that may affect future results and financial condition. \" backlog in company's experience actual amount of product backlog is not a meaningful indication of future business prospects.\n backlog often increases in anticipation of or following new product introductions because of over- ordering by dealers anticipating shortages.\n backlog often reduced once dealers customers believe can obtain sufficient supply.\n backlog cannot be considered reliable indicator of company's ability to achieve level revenue or financial performance.\n further information regarding company's backlog may be found below under heading \"factors that may affect future results and financial condition. \" gross margin gross margin for three fiscal years ended september 28 , 2002 are follows ( in millions , except gross margin percentages ) : gross margin increased to 28% ( 28 % ) of net sales in 2002 from 23% ( 23 % ) in 2001.\n gross margin in 2001 was unusually low resulting from negative gross margin of 2% ( 2 % ) experienced in first quarter of 2001.\n percentage of net sales  company's quarterly gross margins declined during fiscal 2002 from 31% ( 31 % ) in first quarter down to 26% ( 26 % ) in fourth quarter.\n decline resulted from factors including rise in component costs and aggressive pricing by company across products lines result of continued pricing pressures in personal computer industry.\n company anticipates its gross margin and gross margin of overall personal computer industry will remain under pressure throughout fiscal 2003 in light of weak economic conditions  flat demand for personal computers  pressure on prices.\nstatements regarding anticipated gross margin in 2003 general demand for personal computers during 2003 are forward- looking.\n gross margin could differ from anticipated levels because of several factors , including certain those below in \"factors may affect future results and financial condition. no assurance that current gross margins be maintained , targeted gross margin levels achieved  or current margins on existing individual products maintained.\n gross margins and margins on individual products remain under significant downward pressure due to factors including continued industry wide global pricing pressures  increased competition  compressed product life cycles  potential increases in cost and availability of raw material and outside manufacturing services  potential changes to company's product mix , including higher unit sales of consumer products with lower average selling prices lower gross margins.\n in response to company expects it will continue to take pricing actions with products.\n gross margins could be affected by company's ability to manage quality problems warranty costs to stimulate demand for certain products.\n company's operating strategy and pricing take into account anticipated changes in foreign currency exchange rates ; company's results of operations can be significantly affected short-term by fluctuations in exchange rates.\n company orders components for products builds inventory in advance of product shipments.\n company markets are volatile subject to rapid technology and price changes , risk company will forecast incorrectly produce or order from third parties excess or insufficient inventories of products or components.\n company's operating results and financial condition been past and may in future be adversely affected by company's ability to manage inventory levels and outstanding purchase commitments to respond to short-term shifts in customer demand patterns.\n gross margin declined to 23% ( 23 % ) of net sales in 2001 from 27% ( 27 % ) in 2000.\ndecline resulted from gross margin negative 2% ( 2 % ) experienced first quarter of 2001 compared to 26% ( 26 % ) gross margin for same quarter in 2000.\n lower than normal net.\n\n| 2002         | 2001         | 2000\n----------------------- | ------------ | ------------ | ------------\nnet sales               | $ 5742       | $ 5363       | $ 7983\ncost of sales           | 4139         | 4128         | 5817\ngross margin            | $ 1603       | $ 1235       | $ 2166\ngross margin percentage | 28% ( 28 % ) | 23% ( 23 % ) | 27% ( 27 % )"
}
{
    "_id": "dd4bfe0da",
    "title": "",
    "text": "contracts customer purchase orders used to determine existence of arrangement.\n shipping documents verify delivery.\n company assesses selling price fixed or determinable based upon payment terms associated with transaction and sales price subject to refund or adjustment.\n company assesses collectibility based on creditworthiness of customer determined by credit checks analysis customer 2019s payment history.\n accruals for customer returns for defective product based on historical experience with similar sales.\n accruals for rebates and incentives based on pricing agreements tied to sales volume.\n changes in accruals may be required if future returns differ from historical experience or if actual sales volume differ from estimated sales volume.\n rebates and incentives recognized as reduction of sales.\n compensated absences.\n in fourth quarter of 2001  company changed vacation policy for certain employees so vacation pay earned ratably throughout year must be used by year-end.\n accrual for compensated absences reduced by $ 1. 6 million in 2001 to eliminate vacation pay no longer required to be accrued under current policy.\n advertising.\n advertising costs charged to operations incurred amounted to $ 18. 4 , $ 16. 2 $ 8. 8 million during 2003 , 2002 2001 respectively.\n research and development.\n development costs charged to operations incurred amounted to $ 34. 6, $ 30. 4 $ 27. 6 million during 2003 , 2002 2001 .\n product warranty.\n company 2019s products carry warranties range from one to six years based on terms generally accepted in market place.\n company records liability for expected cost of warranty-related claims at time of sale.\n allocation of warranty liability between current and long-term based on expected warranty claims to be paid in next year as determined by historical product failure rates.\n.\norganization significant accounting policies continued ) table presents company 2019s product warranty liability activity in 2003 and 2002 : note to table : environmental costs.\n company accrues for losses associated with environmental obligations when losses probable reasonably estimable.\n costs of estimated future expenditures not discounted to present value.\n recoveries of environmental costs from other parties recorded as assets when receipt considered probable.\n accruals adjusted as facts circumstances change.\n stock based compensation.\n company has one stock-based employee compensation plan ( see note 11 ).\n no.\n 123 , 201caccounting for stock-based compensation , 201d encourages does not require companies to record compensation cost for stock-based employee compensation plans at fair value.\n company chosen to continue applying accounting principles board opinion no.\n 25 , 201caccounting for stock issued to employees , 201d related interpretations accounting for stock option plans.\n because number of shares fixed exercise price of stock options equals market price of underlying stock on date of grant no compensation expense recognized.\n had compensation cost determined based upon fair value at grant date for awards under plans provisions of sfas no.\n 123  company 2019s pro forma earnings and earnings per share would have been as follows:.\n in exchange for other concessions customer agreed to accept responsibility for units purchased from company become defective.\n amount of warranty reserve applicable to estimated number of units previously sold customer may become defective reclassified from product warranty liability to deferred revenue account.\n\nyears ended december 31 ( dollars in millions ) | 2003           | 2002\n----------------------------------------------- | -------------- | --------------\nbalance at beginning of year                    | $ 63.2         | $ 69.6\nexpense                                         | 29.1           | 29.9\nclaims settled                                  | -30.2 ( 30.2 ) | -29.1 ( 29.1 )\ncustomer warranty waiver ( 1 )                  | --             | -7.2 ( 7.2 )\nbalance at end of year                          | $ 62.1         | $ 63.2"
}
{
    "_id": "dd4c1d1ec",
    "title": "",
    "text": "critical accounting estimates consolidated financial statements include amounts or due to requirements accounting princi- ples accepted in u. s.\n ( gaap ) determined using best estimates and assumptions.\n amounts in statements reflect best judgment , actual amounts could differ from presented.\n items require most subjective complex estimates are : 2022 unpaid loss and loss expense reserves  including long-tail asbestos and environmental ( a&e ) reserves ; 2022 future policy benefits reserves ; 2022 valuation of value of business acquired ( voba ) and amortization of deferred policy acquisition costs voba ; 2022 assessment of risk transfer for certain structured insurance and reinsurance contracts ; 2022 reinsurance recoverable  including provision for uncollectible reinsurance ; valuation of investment portfolio assessment of other-than-temporary impairments ( otti ) 2022 valuation of deferred tax assets ; valuation of derivative instruments related to guaranteed minimum income benefits ( gmib ) ; 2022 valuation of goodwill.\n accounting policies for these items are of critical importance to consolidated financial statements.\n following discussion provides more information regarding estimates and assumptions required to arrive at these amounts should be read in conjunction with sections entitled : prior period development , asbestos environmental other run-off liabilities , reinsurance recoverable on ceded reinsurance , investments  net realized gains ( losses )  other income and expense items.\n unpaid losses and loss expenses overview key data as insurance and reinsurance company  required by laws regulations gaap to establish loss and loss expense reserves for estimated unpaid portion of ultimate liability for losses and loss expenses under terms our policies and agreements with insured and reinsured customers.\nestimate of liabilities includes provisions for claims reported but unpaid at balance sheet date ( case reserves ) and for future obligations on claims incurred but not reported ( ibnr ) at balance sheet date ( ibnr may include provision for additional development on reported claims in where case reserve potentially insufficient ).\n loss reserves include estimate of expenses associated with processing and settling unpaid claims ( loss expenses ).\n at december 31 , 2009  gross unpaid loss and loss expense reserves were $ 37. 8 billion net unpaid loss and loss expense reserves were $ 25 billion.\n with exception of certain structured settlements , for timing future claim pay- ments determinable loss reserves not discounted for time value of money.\n with such structured settlements carry net reserves of $ 76 million , net of discount.\n table below presents roll-forward of unpaid losses and loss expenses for years ended december 31 , 2009 and 2008.\n ( 1 ) net of provision for uncollectible reinsurance\n\n( in millions of u.s . dollars )                 | 2009 gross losses | 2009 reinsurance recoverable ( 1 ) | 2009 net losses | 2009 gross losses | 2009 reinsurance recoverable ( 1 ) | net losses\n------------------------------------------------ | ----------------- | ---------------------------------- | --------------- | ----------------- | ---------------------------------- | --------------\nbalance beginning of year                        | $ 37176           | $ 12935                            | $ 24241         | $ 37112           | $ 13520                            | $ 23592\nlosses and loss expenses incurred                | 11141             | 3719                               | 7422            | 10944             | 3341                               | 7603\nlosses and loss expenses paid                    | -11093 ( 11093 )  | -4145 ( 4145 )                     | -6948 ( 6948 )  | -9899 ( 9899 )    | -3572 ( 3572 )                     | -6327 ( 6327 )\nother ( including foreign exchange revaluation ) | 559               | 236                                | 323             | -1367 ( 1367 )    | -387 ( 387 )                       | -980 ( 980 )\nlosses and loss expenses acquired                | 2013              | 2013                               | 2013            | 386               | 33                                 | 353\nbalance end of year                              | $ 37783           | $ 12745                            | $ 25038         | $ 37176           | $ 12935                            | $ 24241"
}
{
    "_id": "dd4b937e4",
    "title": "",
    "text": "2012 , company granted selected employees aggregate 139 thousand rsus with internal performance measures and separately , certain market thresholds.\n awards vested in january 2015.\n terms of grants specified to extent certain performance goals  internal measures and market thresholds achieved , rsus would vest ; if performance goals surpassed , up to 175% ( 175 % ) of target awards distributed ; if performance goals not met, awards forfeited.\n in january 2015  additional 93 thousand rsus granted and distributed because performance thresholds exceeded.\n in 2015 , 2014 2013 , company granted rsus  with and without performance conditions , to certain employees under 2007 plan.\n rsus without performance conditions vest ratably over three- year service period beginning january 1 of year of grant and rsus with performance conditions vest ratably over three-year performance period beginning january 1 of year of grant ( 201cperformance period 201d ).\n distribution of performance shares contingent upon achievement of internal performance measures and certain market thresholds over performance period.\n during 2015 , 2014 2013 , company granted rsus to non-employee directors under 2007 plan.\n rsus vested on date of grant ; distribution of shares made within 30 days of earlier of : ( i ) 15 months after grant date , subject to deferral election by director ; or ( ii ) participant 2019s separation from service.\n rsus vested on grant date total grant date fair value recorded in operation and maintenance expense included in expense table above on grant date.\n rsus generally vest over periods from one to three years.\n rsus granted with service-only conditions and those with internal performance measures valued at market value of closing price of company 2019s common stock on date of grant.\nrsus granted with market conditions valued using monte carlo model.\n expected volatility based on historical volatilities of traded common stock company comparative companies using daily stock prices over past three years.\n expected term is three years risk-free interest rate based on three-year.\n treasury rate effect as of measurement date.\n following table presents weighted-average assumptions in monte carlo simulation weighted-average grant date fair values of rsus granted for years ended december 31:.\n grant date fair value of restricted stock awards vest ratably market performance service conditions amortized through expense over requisite service period using graded-vesting method.\n rsus no performance conditions amortized through expense over requisite service period using straight-line method included in operations expense in consolidated statements of operations.\n as of december 31 , 2015 , $ 4 of total unrecognized compensation cost related to nonvested restricted stock units expected to be recognized over weighted-average remaining life of 1. 4 years.\n total grant date fair value of rsus vested was $ 12 , $ 11 $ 9 for years ended december 31 , 2015  2014 2013.\n\n| 2015               | 2014               | 2013\n------------------------------- | ------------------ | ------------------ | ------------------\nexpected volatility             | 14.93% ( 14.93 % ) | 17.78% ( 17.78 % ) | 19.37% ( 19.37 % )\nrisk-free interest rate         | 1.07% ( 1.07 % )   | 0.75% ( 0.75 % )   | 0.40% ( 0.40 % )\nexpected life ( years )         | 3.0                | 3.0                | 3.0\ngrant date fair value per share | $ 62.10            | $ 45.45            | $ 40.13"
}
{
    "_id": "dd4c3f5b2",
    "title": "",
    "text": "goldman sachs group , inc.\n and subsidiaries notes to consolidated financial statements connection with firm 2019s prime brokerage and clearing businesses  firm agrees to clear and settle on behalf of clients transactions entered by with other brokerage firms.\n firm 2019s obligations in such transactions are secured by assets in client 2019s account proceeds received from transactions cleared and settled by firm on behalf client.\n in connection with joint venture investments  firm may issue loan guarantees under may be liable in event of fraud , misappropriation  environmental liabilities other matters involving borrower.\n firm unable to develop estimate of maximum payout under these guarantees and indemnifications.\n management believes unlikely firm will have to make material payments under these arrangements no material liabilities related to these guarantees and indemnifications recognized in consolidated statements of financial condition as of december 2016 and december 2015.\n other representations , warranties and indemnifications.\n firm provides representations and warranties to counterparties in connection with variety of commercial transactions occasionally indemnifies them against potential losses by breach of representations warranties.\n firm may provide indemnifications protecting against changes in or adverse application of certain u.\n tax laws in connection with ordinary-course transactions such securities issuances , borrowings derivatives.\n in firm may provide indemnifications to some counterparties to protect them in event additional taxes owed or payments withheld , due to change in or adverse application of certain non-u. s.\n tax laws.\n these indemnifications generally are standard contractual terms entered into in ordinary course of business.\n no stated or notional amounts included in these indemnifications contingencies triggering obligation to indemnify not expected to occur.\nfirm unable to develop estimate of maximum payout under these guarantees and indemnifications.\n management believes unlikely firm will to make material payments under these arrangements no material liabilities related to arrangements recognized in consolidated statements of financial condition as of december 2016 and december 2015.\n guarantees of subsidiaries.\n group inc.\n fully unconditionally guarantees securities issued by gs finance corp. wholly-owned finance subsidiary of group inc.\n guaranteed payment obligations of goldman , sachs & co.\n gs&co. gs bank usa  subject to certain exceptions.\n group inc.\n guarantees obligations of other consolidated subsidiaries on transaction-by- transaction basis as negotiated with counterparties.\n group inc.\n unable to develop estimate of maximum payout under subsidiary guarantees guaranteed obligations are also obligations of consolidated subsidiaries group inc. 2019s liabilities as guarantor not separately disclosed.\n note 19.\n shareholders 2019 equity common equity dividends declared per common share were $ 2. 60 in 2016 , $ 2. 55 in 2015 $ 2. 25 in 2014.\n on january 17 , 2017 group inc.\n declared dividend of $ 0. 65 per common share to be paid on march 30 , 2017 to common shareholders of record on march 2 , 2017.\n firm 2019s share repurchase program intended to maintain appropriate level of common equity.\n effected primarily through regular open-market purchases ( may include repurchase plans designed to comply with rule 10b5-1 ) amounts and timing determined by firm 2019s current and projected capital position be influenced by general market conditions prevailing price and trading volumes of firm 2019s common stock.\nprior repurchasing common stock, firm must receive confirmation federal reserve board does not object to capital actions.\n table below presents amount of common stock repurchased by firm under share repurchase program.\n 172 goldman sachs 2016 form 10-k\n\nin millions except per share amounts   | year ended december 2016 | year ended december 2015 | year ended december 2014\n-------------------------------------- | ------------------------ | ------------------------ | ------------------------\ncommon share repurchases               | 36.6                     | 22.1                     | 31.8\naverage cost per share                 | $ 165.88                 | $ 189.41                 | $ 171.79\ntotal cost of common share repurchases | $ 6069                   | $ 4195                   | $ 5469"
}
{
    "_id": "dd4c1fdac",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) high quality financial institutions.\n such balances may be in excess of fdic insured limits.\n to manage related credit exposure we monitor credit worthiness of financial institutions where we have deposits.\n concentrations of credit risk to trade accounts receivable limited due to wide variety of customers and markets in provide services dispersion of operations across many geographic areas.\n we provide services to small-container commercial , large-container industrial municipal residential customers in united states and puerto rico.\n perform ongoing credit evaluations of customers do not require collateral to support customer receivables.\n establish allowance for doubtful accounts based on factors including credit risk of specific customers age of receivables outstanding  historical trends  economic conditions other information.\n accounts receivable  net accounts receivable represent receivables from customers for collection , transfer , recycling  disposal  energy services other services.\n receivables recorded when billed or when related revenue earned represent claims against third parties settled in cash.\n carrying value of receivables  net of allowance for doubtful accounts and customer credits  represents their estimated net realizable value.\n provisions for doubtful accounts evaluated monthly basis recorded based on historical collection experience age of receivables specific customer information economic conditions.\n review outstanding balances on account-specific basis.\n reserves provided for accounts receivable in excess of 90 days outstanding.\n past due receivable balances are written-off when collection efforts unsuccessful collecting amounts due.\n following table reflects activity in allowance for doubtful accounts for years ended december 31:.\n restricted cash and marketable securities as of december 31 , 2016  had $ 90.5 million restricted cash and marketable securities $ 62. 6 million supports our insurance programs for workers 2019 compensation , commercial general liability commercial auto liability.\n additionally we obtain funds through issuance of tax-exempt bonds for financing qualifying expenditures at landfills  transfer stations collection recycling centers.\n funds deposited directly into trust accounts by bonding authorities at time of issuance.\n use of these funds is contractually restricted  not ability to use funds for general operating purposes classified as restricted cash and marketable securities in our consolidated balance sheets.\n in normal course business we may be required to provide financial assurance to governmental agencies of other entities in connection with municipal residential collection contracts  closure post- closure of landfills environmental remediation environmental permits business licenses permits as financial guarantee of performance.\n at several landfills  satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.\n property and equipment record property and equipment at cost.\n expenditures for major additions improvements to facilities capitalized  maintenance repairs charged to expense as incurred.\n when property is retired or\n\n| 2016           | 2015           | 2014\n---------------------------- | -------------- | -------------- | --------------\nbalance at beginning of year | $ 46.7         | $ 38.9         | $ 38.3\nadditions charged to expense | 20.4           | 22.7           | 22.6\naccounts written-off         | -23.1 ( 23.1 ) | -14.9 ( 14.9 ) | -22.0 ( 22.0 )\nbalance at end of year       | $ 44.0         | $ 46.7         | $ 38.9"
}
{
    "_id": "dd4bbf27c",
    "title": "",
    "text": "input costs for board and resin expected to be flat operating costs expected decrease.\n european consumer packaging net sales in 2013 were $ 380 million compared with $ 380 million in 2012 $ 375 million in 2011.\n operating profits in 2013 were $ 100 million compared with $ 99 million in 2012 $ 93 million in 2011.\n sales volumes 2013 decreased from 2012 in european and russian markets.\n average sales price realizations higher in russian market lower in europe.\n input costs flat year-over-year.\n planned maintenance downtime costs higher in 2013 than 2012.\n first quarter of 2014 sales volumes compared with fourth quarter 2013 expected to flat.\n average sales price realizations expected higher in russia and europe.\n input costs expected increase for wood and energy decrease for purchased pulp.\n no maintenance outages scheduled for first quarter kwidzyn mill additional costs with rebuild of coated board machine.\n asian consumer packaging net sales were $ 1. 1 billion in 2013 compared with $ 830 million in 2012 $ 855 million in 2011.\n operating profits in 2013 loss of $ 2 million compared with gains $ 4 million in 2012 $ 35 million in 2011.\n sales volumes increased in 2013 compared with 2012 reflecting ramp-up of new coated paperboard machine installed in 2012.\n average sales price realizations lower reflecting competitive pressure on sales prices squeezed margins created unfavorable product mix.\n lower input costs offset by higher freight costs.\n 2012 start-up costs for new coated paperboard machine impacted operating profits.\n first quarter of 2014 sales volumes expected to increase slightly.\n average sales price realizations expected flat reflecting competitive pressures.\n input costs expected higher for pulp  energy chemicals.\nbusiness drive margin improvement through operational excellence better distribution our distribution business one of north america leading business-to-business distributors to manufacturers facility managers printers providing customized solutions to improve efficiency reduce costs deliver results.\n customer demand sensitive to changes economic conditions consumer behavior segment specific activity including corporate advertising promotional spending government spending domestic manufacturing activity.\n distribution 2019s margins stable across economic cycle.\n providing customers best choice for value in products supply chain services key competitive factor.\n efficient customer service cost-effective logistics focused working capital management key factors in segment profitability.\n distribution.\n 2013 annual sales decreased 6% ( 6 % ) from 2012 decreased 15% ( 15 % ) from 2011.\n operating profits 2013 loss of $ 389 million ( gain of $ 43 million excluding goodwill impairment charges reorganization costs ) compared with $ 22 million ( $ 71 million excluding reorganization costs ) in 2012 $ 34 million ( $ 86 million excluding reorganization costs ) annual sales of printing papers graphic arts supplies equipment totaled $ 3. 2 billion in 2013 compared with $ 3. 5 billion in 2012 $ 4. 0 billion in 2011 reflecting declining demand discontinuation of distribution agreement with large manufacturer of graphic supplies.\n trade margins percent of sales for printing papers down from 2012 and 2011.\n revenue from packaging products flat at $ 1. 6 billion in 2013 2012 2011 despite decline of large high-tech customer's business.\n packaging margins remained flat to 2012 level up from 2011.\n facility supplies annual revenue was $ 845 million in 2013 down from $ 944 million in 2012 $ 981 million in 2011.\n operating profits 2013 included goodwill impairment charge of $ 400 million reorganization costs for severance professional services asset write-downs of $ 32 million.\noperating profits in 2012 and 2011 included reorganization costs $ 49 million $ 52 million , respectively.\n looking to 2014 first quarter , operating profits will seasonally lower but continue reflect benefits of strategic cost reduction initiatives.\n\nin millions      | 2013         | 2012   | 2011\n---------------- | ------------ | ------ | ------\nsales            | $ 5650       | $ 6040 | $ 6630\noperating profit | -389 ( 389 ) | 22     | 34"
}
{
    "_id": "dd4c55d80",
    "title": "",
    "text": "yogurt business in china entered new yoplait license agreement with purchaser for use yoplait brand.\n recorded pre-tax gain of $ 5. 4 million.\n fourth quarter of fiscal 2018  acquired blue buffalo pet products , inc.\n ( 201cblue buffalo 201d ) for aggregate purchase price of $ 8. 0 billion  including $ 103. 0 million consideration for net debt repaid at time acquisition.\n definitive agreement plan of merger subsidiary of general mills merged into blue buffalo blue buffalo surviving merger as wholly owned subsidiary of general mills.\n merger agreement equity holders blue buffalo received $ 40. 00 per share in cash.\n financed transaction with combination $ 6. 0 billion in debt , $ 1. 0 billion in equity  cash on hand.\n in fiscal 2019  recorded acquisition integration costs of $ 25. 6 million in sg&a expenses.\n in fiscal 2018  recorded acquisition transaction and integration costs of $ 34. 0 million in sg&a expenses $ 49. 9 million in interest net related to debt issued to finance acquisition.\n consolidated blue buffalo into consolidated balance sheets recorded goodwill of $ 5. 3 billion  indefinite-lived intangible asset for blue buffalo brand of $ 2. 7 billion  finite-lived customer relationship asset of $ 269. 0 million.\n goodwill primarily attributable to future growth opportunities intangible assets not qualify for separate recognition.\n goodwill included in pet reporting unit not deductible for tax purposes.\n fourth quarter of fiscal 2019 recorded adjustments to purchase accounting liabilities resulted in $ 5. 6 million increase to goodwill.\n consolidated results of blue buffalo reported as pet operating segment on one-month lag.\nunaudited supplemental pro forma information presented if acquired blue buffalo beginning fiscal 2017 fiscal year.\n fiscal 2017 pro forma amounts include transaction integration costs $ 83. 9 million purchase accounting adjustment to record inventory at fair value $ 52. 7 million.\n fiscal 2017 and fiscal 2018 pro forma amounts include interest expense of $ 238. 7 million on debt issued finance transaction amortization expense of $ 13. 5 million based on estimated fair value useful life of customer relationships intangible asset.\n pro forma amounts include increase to cost of sales by $ 1. 6 million in fiscal 2017 $ 5. 1 million in fiscal 2018 reflect impact of using lifo method inventory valuation on blue buffalo 2019s historical operating results.\n pro forma amounts include related tax effects of $ 125. 1 million in fiscal 2017 $ 14. 5 million in fiscal 2018.\n unaudited pro forma amounts not indicative of results acquisition occurred beginning fiscal 2017 or future results.\n note.\n restructuring , impairment  other exit costs asset impairments in fiscal 2019  recorded $ 192. 6 million charge related to impairment of progresso , food good  mountain high brand intangible assets restructuring impairment other exit costs.\n see note 6 for additional information.\n fiscal 2019  recorded $ 14. 8 million charge in restructuring, impairment  other exit costs related to impairment of certain manufacturing assets in north america retail asia & latin america segments.\n\nin millions                                | unaudited fiscal year 2018 | unaudited fiscal year 2017\n------------------------------------------ | -------------------------- | --------------------------\nnet sales                                  | $ 17057.4                  | $ 16772.9\nnet earnings attributable to general mills | 2252.4                     | 1540.2"
}
{
    "_id": "dd4ba5c0a",
    "title": "",
    "text": "at december 31.\n table summarizes our restricted cash and marketable securities as of december.\n we own 19. 9% ( 19. 9 % ) interest in company  issues financial surety bonds to secure capping  closure post-closure obligations for companies in solid waste industry.\n we account for this investment under cost method of accounting.\n no identified events or changes in circumstances significant adverse effect on fair value of investment.\n investee company and parent company investee had written surety bonds for us relating to our landfill operations for capping closure post-closure  of $ 855. 0 million and $ 775. 2 million outstanding as of december 31 , 2010 and 2009 , respectively.\n reimbursement obligations under bonds secured by indemnity agreement with investee and letters of credit totaling $ 45. 0 million and $ 67. 4 million as of december 31 , 2010 and 2009 .\n off-balance sheet arrangements no off-balance sheet debt or similar obligations other than operating leases financial assurances discussed not classified as debt.\n no transactions or obligations with related parties not disclosed consolidated into or reflected in reported financial position or results of operations.\n not guaranteed any third-party debt.\n guarantees we enter into contracts in normal course of business include indemnification clauses.\n indemnifications relating to known liabilities recorded in consolidated financial statements based on best estimate of required future payments.\n certain indemnifications relate to contingent events or occurrences imposition of additional taxes due to change in tax law or adverse interpretation of tax law indemnifications made in divestiture agreements indemnify buyer for liabilities relate to our activities prior to divestiture may become known in future.\ndo not believe contingent obligations material effect on our consolidated financial position  results of operations or cash flows.\n entered into agreements with property owners to guarantee value of property adjacent to our landfills.\n agreements have varying terms.\n do not believe these contingent obligations material effect on our consolidated financial position results of operations cash flows.\n other matters our business activities conducted in context of developing changing statutory regulatory framework.\n governmental regulation of waste management industry requires us to obtain retain numerous governmental permits to conduct various aspects operations.\n these permits subject to revocation  modification denial.\n costs and other capital expenditures required to obtain or retain applicable permits comply with applicable regulations could be significant.\n any revocation , modification denial of permits could have material adverse effect on us.\n republic services , inc.\n notes to consolidated financial statements  continued\n\n| 2010    | 2009\n----------------------------------------------- | ------- | -------\nfinancing proceeds                              | $ 39.8  | $ 93.1\ncapping closure and post-closure obligations    | 61.8    | 62.4\nself-insurance                                  | 63.8    | 65.1\nother                                           | 7.4     | 19.9\ntotal restricted cash and marketable securities | $ 172.8 | $ 240.5"
}
{
    "_id": "dd4bcf956",
    "title": "",
    "text": "december 31 , 2008  2007 2006  included ( in millions ) :.\n included in gain on disposition , adjustment or impairment of acquired assets obligations for 2008 is favorable adjustment to certain liabilities of acquired companies due to changes in circumstances surrounding liabilities subsequent related measurement period.\n included in gain disposition 2006 is sale of former centerpulse austin land and facilities for gain of $ 5. 1 million favorable settlement of two pre- acquisition contingent liabilities.\n gains offset by $ 13. 4 million impairment charge for centerpulse tradename trademark intangibles in europe operating segment.\n in-process research and development charges for 2008 related to acquisition of abbott spine.\n-process research development charges for 2007 related to acquisitions of endius and orthosoft.\n consulting professional fees to third- party integration consulting in areas tax  compliance  logistics human resources legal fees related to matters involving acquired businesses.\n cash and equivalents 2013 consider all highly liquid investments with original maturity of three months or less to be cash equivalents.\n carrying amounts reported in balance sheet for cash and equivalents valued at cost  approximates fair value.\n restricted cash of cash held in escrow related to certain insurance coverage.\n inventories 2013 inventories net of allowances for obsolete slow-moving goods stated at lower of cost or market  cost determined on first-in first-out basis.\n property , plant and equipment 2013 property plant equipment carried at cost less accumulated depreciation.\n depreciation computed using straight-line method based on estimated useful lives of ten to forty years for buildings and improvements three to eight years for machinery and equipment.\n maintenance and repairs expensed as incurred.\naccordance with statement of financial accounting standards ( 201csfas 201d ) no.\n 144 , 201caccounting for impairment or disposal of long-lived assets, 201d we review property , plant equipment for impairment whenever events or changes circumstances indicate carrying value of asset may not be recoverable.\n impairment loss recognized when estimated future undiscounted cash flows to asset less than its carrying amount.\n impairment loss measured as amount carrying amount of asset exceeds fair value.\n software costs 2013 capitalize certain computer software software development costs in developing or obtaining computer software for internal use when preliminary project stage completed probable software will be used as intended.\n capitalized software costs include external direct costs of materials services developing obtaining computer software compensation related benefits for employees directly associated with software project.\n capitalized software costs included in property  plant equipment on balance sheet amortized straight-line basis when software ready for intended use over estimated useful lives of software approximate three to seven years.\n instruments 2013 instruments are hand-held devices used by orthopaedic surgeons during total joint replacement other surgical procedures.\n instruments recognized as long-lived assets included in property , plant equipment.\n undeployed instruments carried at cost  net of allowances for excess and obsolete instruments.\n instruments in field carried at cost less accumulated depreciation.\n depreciation computed using straight-line method based on average estimated useful lives determined to associated product life cycles primarily five years.\n review instruments for impairment in accordance with sfas no.\n 144.\n depreciation of instruments recognized as selling , general and administrative expense.\n goodwill 2013 account for goodwill in accordance with sfas no.\n 142 , 201cgoodwill other intangible assets.201d goodwill not amortized subject to annual impairment tests.\n goodwill assigned to reporting units.\n perform annual impairment tests by comparing each reporting unit 2019s fair value to carrying amount determine potential impairment.\n fair value reporting unit and implied fair value of goodwill determined based discounted cash flow analysis.\n significant assumptions incorporated into discounted cash flow analyses estimated growth rates risk-adjusted discount rates.\n perform test in fourth quarter of year.\n if fair value of reporting unit less than carrying value impairment loss recorded to extent implied fair value of reporting unit goodwill less than carrying value.\n intangible assets 2013 account for intangible assets in accordance with sfas no.\n 142.\n intangible assets initially measured at fair value.\n determined fair value of intangible assets by fair value of z i m m e r h o l d i n g s , i n c.\n 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 044000000 ***%%pcmsg|44 |00007|yes|no|02/24/2009 06:10|0|0|page valid, no graphics -- color : d|\n\n| 2008           | 2007           | 2006\n------------------------------------------------------------------------------- | -------------- | -------------- | ----------------\ngain on disposition adjustment or impairment of acquired assets and obligations | $ -9.0 ( 9.0 ) | $ -1.2 ( 1.2 ) | $ -19.2 ( 19.2 )\nconsulting and professional fees                                                | 10.1           | 1.0            | 8.8\nemployee severance and retention                                                | 1.9            | 1.6            | 3.3\ninformation technology integration                                              | 0.9            | 2.6            | 3.0\nin-process research & development                                               | 38.5           | 6.5            | 2.9\nintegration personnel                                                           | 2013           | 2013           | 2.5\nfacility and employee relocation                                                | 7.5            | 2013           | 1.0\ndistributor acquisitions                                                        | 7.3            | 4.1            | 2013\nsales agent and lease contract terminations                                     | 8.1            | 5.4            | 0.2\nother                                                                           | 3.2            | 5.2            | 3.6\nacquisition integration and other                                               | $ 68.5         | $ 25.2         | $ 6.1"
}
{
    "_id": "dd4bf15c4",
    "title": "",
    "text": "company determines adjustment for taxes on international operations based difference between statutory tax rate earnings in each foreign jurisdiction and enacted rate of 19. 0% ( 19. 0 % ) , 19. 3% ( 19. 3 % ) and 20. 0% ( 20. 0 % ) at december 31 , 2018 , 2017  2016 .\n benefit to company 2019s effective income tax rate from taxes international operations relates to benefits from lower-taxed global operations due to use global funding structures and tax holiday in singapore.\n impact decreased from 2017 to 2018 of decrease in u. s.\n federal tax with adoption of asu 2016-09 in 2017  excess tax benefits deficiencies from share-based payment transactions recognized as income tax expense benefit in company 2019s consolidated statements of income.\n impact of tax reform act including transition tax  re-measurement of u. s.\n deferred tax assets liabilities from 35% ( 35 % ) to 21% ( 21 % ) withholding tax accruals allocation of tax benefit between continuing operations and discontinued operations related to utilization of foreign tax credits.\n\nyears ended december 31                                        | 2018             | 2017             | 2016\n-------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nstatutory tax rate                                             | 19.0% ( 19.0 % ) | 19.3% ( 19.3 % ) | 20.0% ( 20.0 % )\nu.s . state income taxes net of u.s . federal benefit          | -0.4 ( 0.4 )     | -1.5 ( 1.5 )     | 0.4\ntaxes on international operations ( 1 )                        | -7.3 ( 7.3 )     | -30.3 ( 30.3 )   | -12.2 ( 12.2 )\nnondeductible expenses                                         | 2.7              | 3.4              | 1.4\nadjustments to prior year tax requirements                     | 0.9              | 2.0              | -1.2 ( 1.2 )\nadjustments to valuation allowances                            | 3.8              | -1.8 ( 1.8 )     | -2.2 ( 2.2 )\nchange in uncertain tax positions                              | 0.9              | 1.6              | 3.2\nexcess tax benefits related to shared based compensation ( 2 ) | -3.6 ( 3.6 )     | -8.0 ( 8.0 )     | 2014\nu.s . tax reform impact ( 3 )                                  | 7.1              | 51.2             | 2014\nloss on disposition                                            | -10.2 ( 10.2 )   | 2014             | 2014\nother 2014 net                                                 | -1.2 ( 1.2 )     | 0.6              | 1.2\neffective tax rate                                             | 11.7% ( 11.7 % ) | 36.5% ( 36.5 % ) | 10.6% ( 10.6 % )"
}
{
    "_id": "dd4976d62",
    "title": "",
    "text": "largest operators of open-loop closed-loop retail electronic payments networks largest operators networks are visa  mastercard american express discover  jcb diners club.\n exception of discover  primarily operates in united states other network operators multi- national or global providers of payments network services.\n based on payments volume total volume number of transactions number of cards in circulation visa is largest retail electronic payments network in world.\n chart compares our network with major competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) billions ) billions ) millions ) visa inc. 1.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 2457 $ 3822 50. 3 1592.\n 1 visa inc.\n figures as reported in filings.\n source : nilson report issue 902 ( may 2008 ) issue 903 ( may 2008 ).\n note visa inc.\n figures exclude visa europe.\n figures for competitors include european operations.\n visa figures include visa  visa electron  interlink brands.\n visa cards include plus proprietary cards proprietary plus cash volume not included.\n domestic china figures excluded.\n mastercard figures include pin-based debit card figures on mastercard cards not maestro or cirrus figures.\n china commercial funds transfers excluded.\n american express discover include business from third-party issuers.\n jcb figures for april 2006 through march 2007 cards outlets as of september 2007.\n jcb total transaction figures estimates.\nprimary operations we generate revenue from transaction processing services we offer to customers.\n customers deliver visa products and payment services to consumers merchants based on product platforms we define and manage.\n payments network management is core part of our operations  ensures our payments system provides safe , efficient  consistent  interoperable service to cardholders , merchants  financial institutions worldwide.\n transaction processing services core processing services core processing services involve routing of payment information and related data to facilitate authorization , clearing settlement of transactions between visa issuers  financial institutions issue visa cards to cardholders , and acquirers , financial institutions offer visa network connectivity payments acceptance services to merchants.\n in  we offer range of value-added processing services to support customers 2019 visa programs promote growth security of visa payments network.\n authorization is process of approving or declining transaction before purchase finalized or cash disbursed.\n clearing is process of delivering final transaction data from acquirer to issuer for posting to cardholder 2019s account , calculation of certain fees and charges apply to issuer and acquirer involved in transaction  conversion of transaction amounts to the\n\ncompany          | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions )\n---------------- | ---------------------------- | ------------------------- | ------------------------------- | ------------------\nvisa inc. ( 1 )  | $ 2457                       | $ 3822                    | 50.3                            | 1592\nmastercard       | 1697                         | 2276                      | 27.0                            | 916\namerican express | 637                          | 647                       | 5.0                             | 86\ndiscover         | 102                          | 119                       | 1.6                             | 57\njcb              | 55                           | 61                        | 0.6                             | 58\ndiners club      | 29                           | 30                        | 0.2                             | 7"
}
{
    "_id": "dd4bcf1ae",
    "title": "",
    "text": "consolidated net cash flows used for investing activities were $ 4. 2 billion in 2010 compared with $ 3. 2 billion in 2009.\n net investing activities for related primarily to net purchases of fixed maturities for 2010 included acquisitions of rain and hail and jerneh insurance.\n consolidated net cash flows from financing activities were $ 732 million in 2010 compared with net cash flows $ 321 million in 2009.\n net cash flows from for financing in 2010 and 2009 included dividends paid on common shares of $ 435 million and $ 388 million respectively.\n net cash flows from financing activ ities in 2010 included net proceeds of $ 699 million from issuance of long-term debt $ 1 billion in reverse repurchase agreements $ 300 million in credit facility borrowings.\n partially offset by repayment of $ 659 million in debt and share repurchases settled in 2010 of $ 235 million.\n for 2009  net cash flows for financing activities included net pro- ceeds from issuance of $ 500 million in long-term debt net repayment of debt and reverse repurchase agreements of $ 466 million.\n internal and external forces influence financial condition results of operations cash flows.\n claim settle- ments  premium levels investment returns may be impacted by changing rates inflation and other economic conditions.\n significant periods of time to several years or may lapse between occurrence of insured loss reporting loss and settlement of liability for loss.\n utilize reverse repurchase agreements as low-cost alternative for short-term funding needs.\n use instruments limited basis to address short-term cash timing differences without disrupting investment portfolio holdings settle transactions with future operating cash flows.\ndecember 31 , 2010  $ 1 billion reverse repurchase agreements outstanding ( refer to short-term debt ).\n in addition to cash from operations  routine sales investments financing arrangements agreements with bank provider implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during short-term timing mismatches between expected inflows and outflows cash by currency.\n each program participating ace entities establish deposit accounts in different currencies with bank provider each day credit or debit balances every account notionally translated into single currency ( u. s.\n dollars ) notionally pooled.\n bank extends overdraft credit to any participating ace entity as needed provided overall notionally-pooled balance of all accounts in each pool at end of each day is at least zero.\n actual cash balances not physically converted not co-mingled between legal entities.\n ace entities may incur overdraft balances to address short-term timing mismatches overdraft balances incurred under program by ace entity guaranteed by ace limited ( up to $ 150 million aggregate ).\n revolving credit facility allows for same day drawings to fund net pool overdraft should participating ace entities withdraw contributed funds from pool.\n capital resources capital resources consist of funds deployed or available to to support business operations.\n following table summarizes components of capital resources at december 31 , 2010  and 2009.\n ratios of debt to total capitalization and debt plus trust preferred securities to total capitalization increased temporarily due to increase short-term debt.\n expect ratios will decline next six to nine months as repay short-term debt.\nbelieve financial strength provides us flexibility capacity to obtain available funds externally through debt or equity financing on short-term and long-term basis.\n our ability to access capital markets dependent on ,, market conditions and perceived financial strength.\n we have accessed both debt and equity markets from time to time.\n\n( in millions of u.s . dollars except for percentages )               | 2010             | 2009\n--------------------------------------------------------------------- | ---------------- | ----------------\nshort-term debt                                                       | $ 1300           | $ 161\nlong-term debt                                                        | 3358             | 3158\ntotal debt                                                            | 4658             | 3319\ntrust preferred securities                                            | 309              | 309\ntotal shareholders 2019 equity                                        | 22974            | 19667\ntotal capitalization                                                  | $ 27941          | $ 23295\nratio of debt to total capitalization                                 | 16.7% ( 16.7 % ) | 14.2% ( 14.2 % )\nratio of debt plus trust preferred securities to total capitalization | 17.8% ( 17.8 % ) | 15.6% ( 15.6 % )"
}
{
    "_id": "dd4b8c41c",
    "title": "",
    "text": "table of contents capital deployment program subject to market economic conditions  applicable legal requirements other relevant factors.\n capital deployment program not obligate us to continue dividend for fixed period payment of dividends may be suspended at at our discretion.\n stock performance graph stock performance graph related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission  nor information incorporated into future filings under securities act of 1933 or exchange act , each as amended except to extent we specifically incorporate it by reference into filing.\n stock performance graph compares our cumulative total stockholder return on annual basis on our common stock with cumulative total return on standard and poor 2019s 500 stock index amex airline index from december 9 , 2013 ( aag common stock ) through december 31 , 2015.\n comparison assumes $ 100 invested on december 9 , 2013 in aag common stock and in each foregoing indices assumes reinvestment of dividends.\n stock performance on graph represents historical stock performance not indicative of future stock price performance.\n purchases of equity securities by issuer and affiliated purchasers since july 2014 board of directors approved several share repurchase programs aggregating $ 7. 0 billion of authority of as of december 31 , 2015 , $ 2. 4 billion remained unused under repurchase programs\n\n| 12/9/2013 | 12/31/2013 | 12/31/2014 | 12/31/2015\n----------------------------- | --------- | ---------- | ---------- | ----------\namerican airlines group inc . | $ 100     | $ 103      | $ 219      | $ 175\namex airline index            | 100       | 102        | 152        | 127\ns&p 500                       | 100       | 102        | 114        | 113"
}
{
    "_id": "dd4c4eac6",
    "title": "",
    "text": "notes consolidated financial statements 2014 continued ) note 10 2014shareholders 2019 equity on april 23, 2010 board of directors approved share repurchase program authorized purchase of up to $ 100. 0 million of global payments 2019 stock in open market or as otherwise determined by us subject to market conditions business opportunities other factors.\n under authorization repurchased 2382890 shares of common stock at cost of $ 100. 0 million  average of $ 41. 97 per share including commissions.\n repurchased shares held as treasury stock.\n $ 13. 0 million remaining under authorization from original share repurchase program initiated fiscal 2007.\n repurchased shares retired available for future issuance.\n did not repurchase shares under plan in fiscal 2010.\n authorization has no expiration date may be suspended or terminated any time.\n note 11 2014share-based awards and options as of may 31 , 2010 four share-based employee compensation plans.\n for all share-based awards granted after june 1, 2006 compensation expense recognized on straight-line basis.\n fair value of share- based awards granted prior to june 1 , 2006 amortized as compensation expense on accelerated basis from date of grant.\n non-qualified stock options and restricted stock granted to officers key employees directors under global payments inc.\n 2000 long-term incentive plan  amended and restated ( 201c2000 plan 201d ) global payments inc.\n amended and restated 2005 incentive plan ( 201c2005 plan 201d ) amended and restated 2000 non-employee director stock option plan ( 201cdirector plan 201d ) collectively 201cplans 201d ).\n effective with adoption of 2005 plan no future grants under 2000 plan.\nshares available for future grant as of may 31 , 2010 are 2. 7 million for 2005 plan and 0. 4 million for director plan.\n certain executives granted performance-based restricted stock units ( 201crsu 201ds ).\n rsus represent right to earn shares of global stock if performance measures achieved during grant year.\n target number of rsus and target performance measures set by compensation committee.\n rsus converted to stock grant only if company 2019s performance fiscal year exceeds pre-established goals table summarizes share-based compensation cost charged to income for all stock options granted employee stock purchase plan  iii restricted stock program.\n total income tax benefit recognized for share-based compensation in accompanying statements of income presented.\n stock options options granted at 100% ( ) of fair market value on date of grant have 10-year terms.\n stock options granted vest one year after date of grant with respect to 25% ( 25 % ) of shares granted additional 25% ( 25 % ) after two years additional 25% ( 25 % ) after three years remaining 25% ( 25 % ) after four years.\n plans provide for accelerated vesting under certain conditions.\n historically issued new shares to satisfy exercise of options.\n\n| 2010           | 2009           | 2008\n----------------------------- | -------------- | -------------- | --------------\nshare-based compensation cost | $ 18.1         | $ 14.6         | $ 13.8\nincome tax benefit            | $ -6.3 ( 6.3 ) | $ -5.2 ( 5.2 ) | $ -4.9 ( 4.9 )"
}
{
    "_id": "dd49741fc",
    "title": "",
    "text": "south america.\n approximately 26% ( 26 % ) of 2017 net sales to international markets.\n segment sells directly through own sales force and indirectly through independent manufacturers 2019 representatives  primarily to wholesalers  home centers  mass merchandisers industrial distributors.\n sales to home depot and lowe 2019s comprised 23% ( 23 % ) of net sales of plumbing segment in 2017.\n segment 2019s chief competitors include delta ( owned by masco ) kohler , pfister spectrum brands ) american standard ( lixil group ) insinkerator ( by emerson electronic company ) imported private-label brands.\n doors.\n doors segment manufactures sells fiberglass and steel entry door systems under therma-tru brand urethane millwork product lines under fypon brand.\n segment benefits from long-term trend away from traditional materials wood steel aluminum toward energy-efficient durable synthetic materials.\n therma-tru products include fiberglass and steel residential entry door patio door systems primarily for sale in u. s.\n canada.\n segment principal customers are home centers , millwork building products wholesale distributors specialty dealers provide products to residential new construction market remodeling and renovation markets.\n sales to home depot and lowe 2019s comprised approximately 14% ( 14 % ) of net sales of doors segment in 2017.\n segment 2019s competitors include masonite , jeld-wen  plastpro pella.\n security.\n security segment 2019s products consist of locks , safety and security devices  electronic security products manufactured sourced distributed primarily under master lock brand fire resistant safes , security containers commercial cabinets manufactured distributed under sentrysafe brand.\n segment sells products principally in u. s. canada  europe central america japan australia.\n approximately 25% ( 25 % ) of 2017 net sales to international markets.\n this segment manufactures sells key-controlled combination padlocks  bicycle cable locks built-in locker locks door hardware  automotive  trailer towing locks  electronic access control solutions other specialty safety security devices for consumer use to hardware  home center retail outlets.\n segment sells lock systems fire resistant safes to locksmiths industrial institutional users original equipment manufacturers.\n sales to home depot lowe 2019s comprised approximately 18% ( 18 % ) of net sales of security segment in 2017.\n master lock competes with abus , w.\n brady , hampton  kwikset ( owned by spectrum brands ) schlage ( owned by allegion ) assa abloy various imports  sentrysafe competes with first alert , magnum  fortress  stack-on fire king.\n annual net sales for last three fiscal years for each business segments were as follows : ( in millions ) 2017 2016 2015.\n for additional financial information for business segments refer to note 18 , 201cinformation on business segments , 201d to consolidated financial statements in item 8 of this annual report other information raw materials.\n table below indicates principal raw materials used by each segments.\n these materials available from number of sources.\n volatility in prices of commodities energy used in making distributing products impacts cost of manufacturing products.\n\n( in millions ) | 2017     | 2016     | 2015\n--------------- | -------- | -------- | --------\ncabinets        | $ 2467.1 | $ 2397.8 | $ 2173.4\nplumbing        | 1720.8   | 1534.4   | 1414.5\ndoors           | 502.9    | 473.0    | 439.1\nsecurity        | 592.5    | 579.7    | 552.4\ntotal           | $ 5283.3 | $ 4984.9 | $ 4579.4"
}
{
    "_id": "dd4b9ec5c",
    "title": "",
    "text": "page 59 of 94 notes to consolidated financial statements ball corporation subsidiaries 13.\n debt interest costs continued ) long-term debt obligations outstanding at december 31 , 2007 maturities of $ 127. 1 million , $ 160 million  $ 388. 4 million  $ 625. 1 million $ 550. 3 million for years ending december 31 , 2008 through 2012  $ 456. 1 million thereafter.\n ball provides letters of credit business to secure liabilities industrial development revenue bonds self-insurance arrangements.\n letters of credit outstanding at december 31 , 2007 and 2006 were $ 41 million and $ 52. 4 million  respectively.\n notes payable senior credit facilities guaranteed full unconditional joint basis by company 2019s domestic wholly owned subsidiaries.\n certain foreign denominated tranches of senior credit facilities similarly guaranteed by company 2019s wholly owned foreign subsidiaries.\n note 22 contains further details condensed consolidating financial information for company segregating guarantor subsidiaries and non-guarantor subsidiaries.\n company not in default of loan agreement at december 31, 2007 met all debt payment obligations.\n.\n note agreements , bank credit agreement industrial development revenue bond agreements contain restrictions relating to dividend payments share repurchases investments financial ratios guarantees incurrence of additional indebtedness.\n on march 27 , 2006  ball expanded senior secured credit facilities with addition $ 500 million term d loan facility due in installments through october 2011.\n march 27 , 2006  ball issued at price of 99. 799 percent $ 450 million of 6. 625% ( 6. 625 % ) senior notes ( effective yield to maturity of 6. 65 percent ) due in march 2018.\n proceeds from financings used to refinance existing.\ndebt with ball corporation debt lower interest rates acquire north american plastic container net assets from alcan reduce seasonal working capital debt.\n see note 3 for further details acquisitions. october 13, 2005  ball refinanced senior secured credit facilities extend debt maturities lower interest rate spreads provide company additional borrowing capacity for future growth.\n third and fourth quarters of 2005 ball redeemed 7. 75% ( 7. 75 % ) senior notes due august 2006.\n refinancing senior note redemptions resulted in debt refinancing charge of $ 19. 3 million ( $ 12. 3 million after tax ) related call premium unamortized debt issuance costs.\n summary of total interest cost paid accrued:.\n ( a ) includes $ 6. 6 million paid in 2005 redemption of company 2019s senior senior subordinated notes.\n\n( $ in millions )                       | 2007         | 2006         | 2005\n--------------------------------------- | ------------ | ------------ | ------------\ninterest costs before refinancing costs | $ 155.8      | $ 142.5      | $ 102.4\ndebt refinancing costs                  | 2013         | 2013         | 19.3\ntotal interest costs                    | 155.8        | 142.5        | 121.7\namounts capitalized                     | -6.4 ( 6.4 ) | -8.1 ( 8.1 ) | -5.3 ( 5.3 )\ninterest expense                        | $ 149.4      | $ 134.4      | $ 116.4\ninterest paid during the year ( a )     | $ 153.9      | $ 125.4      | $ 138.5"
}
{
    "_id": "dd498989a",
    "title": "",
    "text": "exiting business in japan economic weakness in asia political unrest in thailand offset by growth in new zealand emerging markets.\n reinsurance commissions  fees other revenue increased 48% ( 48 % ) due to benfield merger partially offset by unfavorable foreign currency translation.\n organic revenue even with 2008 growth in domestic treaty business higher pricing offset by greater client retention declines in investment banking facultative placements.\n operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009.\n 2009 operating income margins segment were 14. 3% ( 14. 3 % ) up 60 basis points from 13. 7% ( 13. 7 % ) in 2008.\n contributing to increased operating income margins were merger with benfield lower e&o costs due to insurance recoveries pension curtailment gain of $ 54 million in 2009 versus curtailment loss of $ 6 million in 2008 declines in anti-corruption compliance initiative costs of $ 35 million restructuring savings other cost savings initiatives.\n partially offset by increase of $ 140 million in restructuring costs $ 95 million of lower fiduciary investment income benfield integration costs higher amortization of intangible assets in merger unfavorable foreign currency translation.\n consulting.\n consulting segment generated 17% ( 17 % ) of consolidated total revenues in 2009 provides broad range of human capital consulting services consulting services.\n health and benefits advises clients about structure fund administer employee benefit programs attract retain motivate employees.\n benefits consulting include health and welfare  executive benefits  workforce strategies productivity  absence management  benefits administration  data-driven health  compliance  employee commitment  investment advisory elective benefits services.\n.\nretirement specializes in global actuarial services  defined contribution consulting  investment consulting tax and erisa consulting  pension administration.\n 3.\n compensation focuses on compensatory advisory/counsel including : compensation planning design  executive reward strategies  salary survey benchmarking  market share studies sales force effectiveness  special expertise in financial services technology industries.\n 4.\n strategic human capital delivers advice to complex global organizations on talent , change organizational effectiveness issues  including talent strategy acquisition  executive on-boarding  performance management  leadership assessment development  communication strategy  workforce training change management.\n outsourcing offers employment processing  performance improvement  benefits administration other employment-related services.\n beginning in late 2008 continuing throughout 2009 , disruption in global credit markets deterioration of financial markets created significant uncertainty in marketplace.\n prolonged economic downturn adversely impacting clients 2019 financial condition levels of business activities in industries geographies where we operate.\n believe majority of practices well positioned to manage through this time, challenges reducing demand for services depressing price of services having adverse effect on our new business results of operations.\n\nyears ended december 31,        | 2009             | 2008             | 2007\n------------------------------- | ---------------- | ---------------- | ----------------\nsegment revenue                 | $ 1267           | $ 1356           | $ 1345\nsegment operating income        | 203              | 208              | 180\nsegment operating income margin | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) | 13.4% ( 13.4 % )"
}
{
    "_id": "dd4bba6b4",
    "title": "",
    "text": "fiscal 2004 acquisitions february 2004  company completed acquisition of outstanding shares of accelerant networks , inc.\n ( accelerant for total consideration of $ 23. 8 million  acquisition of technology assets of analog design automation , inc.\n ( ada ) for total consideration $ 12. 2 million.\n company acquired accelerant enhance company 2019s standards-based ip solutions.\n acquired assets of ada enhance company 2019s analog and mixed signal offerings.\n october 2004 company completed acquisition of cascade semiconductor solutions , inc.\n ( cascade for total upfront consideration of $ 15. 8 million contingent consideration of up to $ 10. 0 million paid upon achievement of performance milestones over three years following acquisition.\n contingent consideration totaling $ 2. 1 million paid fourth quarter of fiscal 2005 allocated to goodwill.\n company acquired cascade , ip provider , to augment synopsys 2019 offerings of pci express products.\n included total consideration for accelerant and cascade acquisitions are aggregate acquisition costs of $ 4. 3 million  primarily of legal and accounting fees other directly related charges.\n as of october 31 , 2006 company paid substantially all costs related to these acquisitions.\n fiscal 2004  company completed one additional acquisition two additional asset acquisition transactions for aggregate consideration $ 12. 3 million in upfront payments and acquisition-related costs.\n process research and development expenses associated acquisitions totaled $ 1. 6 million for fiscal 2004.\n acquisitions not considered material or to company 2019s consolidated balance sheet results of operations.\n as of october 31 , 2006 company paid substantially all costs related to these acquisitions.\ncompany allocated aggregate purchase consideration for transactions to assets and liabilities acquired including identifiable intangible assets based on fair values at acquisition dates resulting in aggregate goodwill of $ 24. 5 million.\n aggregate identifiable intangible assets acquisitions primarily of purchased technology and other intangibles are $ 44. 8 million  amortized over three to five years.\n company includes amortization of purchased technology in cost of revenue in statements of operations.\n 4.\n goodwill and intangible assets goodwill consists of following:.\n during fiscal year 2005 additions represent goodwill acquired in acquisitions of ise and nassda of $ 72. 9 million and $ 92. 4 million  respectively contingent consideration earned and paid of $ 1. 7 million and $ 2. 1 million related to immaterial acquisition and acquisition of cascade .\n during fiscal year 2005 reduced goodwill primarily related to tax reserves for avant! no longer probable due to expiration of federal statute of limitations for claims.\n\n| ( in thousands )\n-------------------------- | ----------------\nbalance at october 31 2004 | $ 593706\nadditions ( 1 )            | 169142\nother adjustments ( 2 )    | -33869 ( 33869 )\nbalance at october 31 2005 | $ 728979\nadditions ( 3 )            | 27745\nother adjustments ( 4 )    | -21081 ( 21081 )\nbalance at october 31 2006 | $ 735643"
}
{
    "_id": "dd4b9f602",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results operations state street corporation | 90 table 30 : total deposits average balance december 31 years ended december 31.\n short-term funding on-balance sheet liquid assets integral component of liquidity management strategy.\n assets provide liquidity through maturities assets provide ability to raise funds by pledging securities as collateral for borrowings or through outright sales.\n access to global capital markets ability source incremental funding at reasonable rates interest from wholesale investors.\n discussed under 201casset liquidity , 201d state street bank's membership in fhlb allows for advances of liquidity with varying terms against high-quality collateral.\n short-term secured funding comes in form of securities lent or sold under agreements to repurchase.\n these transactions short-term generally overnight collateralized by high-quality investment securities.\n balances were $ 2. 84 billion and $ 4. 40 billion as of december 31 , 2017 and december 31 , 2016  respectively.\n state street bank maintains line of credit with financial institution of cad 1. 40 billion , or approximately $ 1. 11 billion as of december 31 , 2017  to support canadian securities processing operations.\n line of credit no stated termination date cancelable by either party with prior notice.\n as of december 31 , 2017  no balance outstanding on line of credit.\n long-term funding ability to issue debt equity securities under current universal shelf registration to meet current commitments business needs including accommodating transaction cash management needs of clients.\n state street bank , wholly owned subsidiary of parent company has authorization to issue up to $ 5 billion in unsecured senior debt additional $ 500 million of subordinated debt.\nagency credit ratings ability to maintain consistent access to liquidity is fostered by maintenance of high investment-grade ratings measured by major independent credit rating agencies.\n factors essential to maintaining high credit ratings include : 2022 diverse stable core earnings ; 2022 relative market position strong risk management strong capital ratios diverse liquidity sources  including global capital markets client deposits ; strong liquidity monitoring procedures ; preparedness for current future regulatory developments.\n high ratings limit borrowing costs enhance liquidity by : providing assurance for unsecured funding and depositors increasing potential market for debt improving ability to offer products serving markets ; engaging in transactions in which clients value high credit ratings.\n downgrade or reduction of credit ratings could adverse effect on liquidity by restricting ability to access capital markets , could increase related cost of funds.\n could cause sudden large-scale withdrawal of unsecured deposits by clients could lead to draw-downs of unfunded commitments to extend credit or trigger requirements under securities purchase commitments require additional collateral or force terminations of certain trading derivative contracts.\n majority of our derivative contracts entered into under bilateral agreements with counterparties who may require us to post collateral or terminate transactions based on changes in credit ratings.\n we assess impact of these arrangements by determining collateral required assuming downgrade by all rating agencies.\n additional collateral or termination payments related to net derivative liabilities under these arrangements could called by counterparties in of downgrade in credit ratings below levels specified in agreements is disclosed in note 10 to consolidated financial statements included under item 8  financial statements supplementary data  of form 10-k.\n other funding sources  such as secured financing transactions and other margin requirements , for no explicit triggers  could also be adversely affected.\n\n( in millions ) | december 31 2017 | december 31 2016 | december 31 2017 | 2016\n--------------- | ---------------- | ---------------- | ---------------- | --------\nclient deposits | $ 180149         | $ 176693         | $ 158996         | $ 156029\nwholesale cds   | 4747             | 10470            | 4812             | 14456\ntotal deposits  | $ 184896         | $ 187163         | $ 163808         | $ 170485"
}
{
    "_id": "dd4c1ddd6",
    "title": "",
    "text": "cash commitment to fund capital needs business until cumulative funding equal to funding provided from inception through effective date of transaction.\n transaction created new joint venture business as comercia global payments brazil.\n result of transaction deconsolidated global payments brazil  apply equity method of accounting to retained interest in comercia global payments brazil.\n recorded gain on transaction of $ 2. 1 million included in interest and other income in consolidated statement of income for fiscal year ended may 31 , 2014.\n results of brazil operation from inception until restructuring into joint venture on september 30 , 2013 not material to consolidated results of operations assets and liabilities derecognized not material to consolidated balance sheet.\n american express portfolio on october 24 , 2013  acquired merchant portfolio in czech republic from american express limited for $ 1. 9 million.\n acquired assets classified as customer-related intangible assets and contract-based intangible assets with estimated amortization periods of 10 years.\n paypros on march 4 , 2014 completed acquisition of 100% ( 100 % ) of outstanding stock of payment processing , inc.\n ( 201cpaypros 201d ) for $ 420. 0 million in cash plus $ 7. 7 million in cash for working capital subject to adjustment based on final determination of working capital.\n funded acquisition with combination of cash on hand and proceeds from new term loan.\n paypros , based in california provider of fully-integrated payment solutions for small-to-medium sized merchants in united states.\n paypros delivers products and services through network of technology-based enterprise software partners to vertical markets complementary to markets served by accelerated payment technologies ( 201capt 201d ) acquired in october 2012.\n acquired paypros to expand direct distribution capabilities in united states to enhance existing integrated solutions offerings.\nacquisition recorded as business combination purchase price allocated to assets acquired and liabilities assumed based on estimated fair values.\n due to timing of transaction allocation of purchase price is preliminary pending final valuation of intangible assets and deferred income taxes resolution of working capital settlement discussed.\n purchase price of paypros determined by analyzing historical and prospective financial statements.\n acquisition costs associated with purchase not material.\n table summarizes preliminary purchase price allocation ( in thousands ) :.\n preliminary purchase price allocation resulted in goodwill  included in north america merchant services segment, of $ 271. 6 million.\n goodwill attributable primarily to synergies with services offered and markets served by paypros.\n goodwill associated with acquisition not deductible for tax purposes.\n customer-related intangible assets and contract-based intangible assets have estimated amortization period of 13 years.\n acquired technology has estimated amortization period of 7 years.\n\ngoodwill                           | $ 271577\n---------------------------------- | ----------------\ncustomer-related intangible assets | 147500\ncontract-based intangible assets   | 31000\nacquired technology                | 10700\nfixed assets                       | 1680\nother assets                       | 4230\ntotal assets acquired              | 466687\ndeferred income taxes              | -38949 ( 38949 )\nnet assets acquired                | $ 427738"
}
{
    "_id": "dd4bbf380",
    "title": "",
    "text": "shareholder return performance line graph compares annual percentage change ball corporation fffds cumulative total shareholder return common stock with cumulative return dow jones containers & packaging index s&p composite 500 stock index for five-year period ended december 31 , 2011.\n assumes $ 100 invested december 31, 2006 all dividends reinvested.\n dow jones containers & packaging index total return weighted by market capitalization.\n total return to stockholders assumes $ 100 investment 12/31/06 ) total return analysis.\n copyright a9 2012 standard & poor fffds division of mcgraw-hill companies inc.\n all rights reserved.\n www. researchdatagroup. com/s&p. htm copyright a9 2012 dow jones & company.\n all rights.\n\n| 12/31/2006 | 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011\n---------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nball corporation             | $ 100.00   | $ 104.05   | $ 97.04    | $ 121.73   | $ 161.39   | $ 170.70\ndj us containers & packaging | $ 100.00   | $ 106.73   | $ 66.91    | $ 93.98    | $ 110.23   | $ 110.39\ns&p 500                      | $ 100.00   | $ 105.49   | $ 66.46    | $ 84.05    | $ 96.71    | $ 98.75"
}
{
    "_id": "dd4bc2e5e",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our class a common stock on new york stock exchange ( nyse ) for years 2006 and 2005.\n on february 22 , 2007  closing price of our class a common stock was $ 40. 38 per share reported on nyse.\n as of february 22 , 2007  had 419988395 outstanding shares of class a common stock 623 registered holders.\n in february 2004  all outstanding shares of class b common stock converted into shares class a common stock on one-for-one basis pursuant to 201cdodge conversion event 201d defined in charter.\n in february 2004  all outstanding shares of class c common stock converted into shares of class a common stock one-for-one basis.\n in august 2005  amended and restated charter to eliminate class b common stock and class c common stock.\n dividends never paid a dividend on any class of our common stock.\n anticipate may retain future earnings to fund development and growth of business.\n indentures governing our 7. 50% ( 7. 50 % ) senior notes due 2012 ( 7. 50 % ) and 7. 125% ( 7. 125 % ) senior notes due 2012. may prohibit us from paying dividends to stockholders unless satisfy certain financial covenants.\n credit facilities and indentures governing terms of debt securities contain covenants may restrict ability subsidiaries from making any direct or indirect distribution , dividend or other payment on account of limited liability company interests , partnership interests  capital stock or other equity interests.\nunder our credit facilities , borrower subsidiaries may pay cash dividends or make other distributions with credit facility only if no default exists or created.\n indenture governing terms of ati 7. 25% ( 7. 25 % ) notes prohibit ati and our other subsidiaries guaranteed notes ( sister guarantors ) from paying dividends making other payments or distributions unless financial covenants satisfied.\n indentures governing terms of our 7. 50% ( 7. 50 % ) notes and 7. 125% ( 7. 125 % ) notes contain restrictive covenants  prohibit restricted subsidiaries from paying dividends making other payments or distributions unless financial covenants satisfied.\n for more information about restrictions under our credit facilities and notes indentures, see item 7 of this annual report under caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 7 to our consolidated financial statements in annual report.\n\n2006                       | high    | low\n-------------------------- | ------- | -------\nquarter ended march 31     | $ 32.68 | $ 26.66\nquarter ended june 30      | 35.75   | 27.35\nquarter ended september 30 | 36.92   | 29.98\nquarter ended december 31  | 38.74   | 35.21\n2005                       | high    | low\nquarter ended march 31     | $ 19.28 | $ 17.30\nquarter ended june 30      | 21.16   | 16.28\nquarter ended september 30 | 25.20   | 20.70\nquarter ended december 31  | 28.33   | 22.73"
}
{
    "_id": "dd4bf474c",
    "title": "",
    "text": "financial assurance we must provide financial assurance to governmental agencies other entities under environmental regulations relating to our landfill operations for capping  closure post-closure costs related to our performance under certain collection , landfill transfer station contracts.\n we satisfy these financial assurance requirements by providing surety bonds letters of credit insurance policies ( financial assurance instruments ) trust deposits  included in restricted cash marketable securities other assets in our consolidated balance sheets.\n amount of financial assurance requirements for capping  closure post-closure costs is determined by state environmental regulations.\n financial assurance requirements for capping  closure post-closure costs may be associated with portion of landfill or entire landfill.\n states require a third-party engineering specialist to determine estimated capping  closure post-closure costs to determine required amount of financial assurance for landfill.\n amount of financial assurance required can differ from obligation determined and recorded under u.\n.\n amount of financial assurance requirements related to contract performance varies by contract.\n we must provide financial assurance for our insurance program and collateral for certain performance obligations.\n not expect a material increase in financial assurance requirements during 2018  mix of financial assurance instruments may change.\n these financial assurance instruments are issued in normal course of business not considered indebtedness.\n currently no liability for financial assurance instruments  not reflected in our consolidated balance sheets ; we record capping , closure post-closure liabilities insurance liabilities as they incurred.\n off-balance sheet arrangements no off-balance sheet debt or similar obligations other than operating leases and financial assurances not classified as debt.\n no transactions or obligations with related parties not disclosed , consolidated into or reflected in our reported financial position or results of operations.\nnot guaranteed third-party debt.\n free cash flow define free cash flow  not measure determined with u. s.\n gaap  as cash provided by operating activities less purchases of property and equipment plus proceeds from sales property equipment presented in consolidated statements of cash flows.\n following table calculates free cash flow for years ended december 31 , 2017 , 2016 2015 ( in millions of dollars ) :.\n for discussion of changes in components of free cash flow  see discussion regarding cash flows by operating activities and cash flows in investing activities elsewhere in management 2019s discussion and analysis of financial condition results of operations.\n\n| 2017             | 2016             | 2015\n--------------------------------------------- | ---------------- | ---------------- | ----------------\ncash provided by operating activities         | $ 1910.7         | $ 1847.8         | $ 1679.7\npurchases of property and equipment           | -989.8 ( 989.8 ) | -927.8 ( 927.8 ) | -945.6 ( 945.6 )\nproceeds from sales of property and equipment | 6.1              | 9.8              | 21.2\nfree cash flow                                | $ 927.0          | $ 929.8          | $ 755.3"
}
{
    "_id": "dd4bf91ac",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued ) operations  net  accompanying consolidated statements operations for year ended december 31 , 2003.\n see note 9. ) other transactions 2014in august 2003  company consummated sale of galaxy engineering ( galaxy )  radio frequency engineering  network design tower-related consulting business previously included in company 2019s network development services segment ).\n purchase price of approximately $ 3. 5 million included $ 2. 0 million in cash  company received at closing additional $ 1. 5 million payable on january 15, 2008  or earlier date based future revenues galaxy.\n company received $ 0. 5 million amount in january 2005.\n transaction company recorded net loss on disposal of approximately $ 2. 4 million in consolidated statement of operations for year ended december 31 , 2003.\n may 2003  company consummated sale of office building in westwood , massachusetts ( previously held primarily rental property included company 2019s rental management segment ) for purchase price of approximately $ 18. 5 million  including $ 2. 4 million cash proceeds buyer 2019s assumption of $ 16. 1 million related mortgage notes.\n transaction company recorded net loss on disposal of approximately $ 3. 6 million in consolidated statement of operations for year ended december 31 , 2003.\n january 2003  company consummated sale of flash technologies , remaining components business ( previously included in company 2019s network development services segment ) for approximately $ 35. 5 million in cash recorded net gain on disposal of approximately $ 0. 1 million in consolidated statement of operations for year ended december 31 , 2003.\nmarch 2003  company consummated sale office building in schaumburg , illinois ( previously held primarily as rental property included in company 2019s rental and management segment ) for net proceeds approximately $ 10. 3 million cash recorded net loss on disposal $ 0. 1 million consolidated statement operations for year ended december 31 , 2003.\n 4.\n property and equipment property ( including assets held under capital leases ) consist following as of december 31 , ( thousands ) :.\n 5.\n goodwill other intangible assets company 2019s net carrying amount goodwill approximately $ 2. 1 billion as of december 312005 $ 592. 7 million as of december 31 , 2004 related to rental and management segment.\n increase in carrying value result of goodwill of $ 1. 5 billion acquired in merger with spectrasite , inc.\n ( see note 2. )\n\n| 2005                 | 2004\n---------------------------------------------- | -------------------- | ------------------\ntowers                                         | $ 4134155            | $ 2788162\nequipment                                      | 167504               | 115244\nbuildings and improvements                     | 184951               | 162120\nland and improvements                          | 215974               | 176937\nconstruction-in-progress                       | 36991                | 27866\ntotal                                          | 4739575              | 3270329\nless accumulated depreciation and amortization | -1279049 ( 1279049 ) | -996973 ( 996973 )\nproperty and equipment net                     | $ 3460526            | $ 2273356"
}
{
    "_id": "dd4b890be",
    "title": "",
    "text": "1 ) adjusted other income ( expense ) excludes pension settlement charges of $ 37 million , $ 128 million $ 220 million , for years ended 2018  2017 2016 .\n 2 ) adjusted items generally taxed at estimated annual effective tax rate except for applicable tax impact associated with estimated restructuring plan expenses legacy litigation  accelerated tradename amortization  impairment charges non-cash pension settlement charges adjusted at related jurisdictional rates.\n tax expense excludes tax impacts from sale of certain assets liabilities previously classified as held for sale tax adjustments recorded to finalize 2017 accounting for enactment date impact of tax reform act.\n 3 adjusted net income from discontinued operations excludes gain on sale of discontinued operations of $ 82 million , $ 779 million  $ 0 million for years ended 2018  2017  2016 .\n adjusted net income from discontinued operations excludes intangible asset amortization of $ 0 million , $ 11rr million  $ 120 million for twelve months ended december 31 , 2018  2017  2016 .\n effective tax rate further adjusted for applicable tax impact associated with gain on sale and intangible asset amortization  as applicable.\n free cash flow use free cash flow  defined as cash flow provided by operations minus capital expenditures as non-gaap measure of core operating performance cash generating capabilities of business operations.\n supplemental information related to free cash flow represents measure not in accordance with.\n gaap should be viewed in addition to not instead of financial statements.\n use non-gaap measure does not imply or represent residual cash flow for discretionary expenditures.\n reconciliation of non-gaap measure to cash flow provided by operations is as follows ( in millions ) :.\nimpact foreign currency exchange rate fluctuations we conduct business in 120 countries sovereignties foreign currency exchange rate fluctuations significant impact on our business.\n foreign currency exchange rate movements may distort period-to-period comparisons of changes revenue or pretax income.\n give financial statement users information provided illustration of impact of foreign currency exchange rate fluctuations on financial results.\n methodology impact isolates impact of change in currencies between periods by translating prior year 2019s revenue  expenses net income using current year 2019s foreign currency exchange rates.\n translating prior year results at current year foreign currency exchange rates currency fluctuations had $ 0. 08 favorable impact on net income per diluted share during year ended december 31 , 2018.\n currency fluctuations had $ 0. 12 favorable impact on net income per diluted share during year ended december 31 , 2017  2016 results translated at 2017 rates.\n currency fluctuations no impact on net income per diluted share during year ended december 31 , 2016 2015 results translated at 2016 rates.\n prior year results current year foreign currency exchange rates currency fluctuations had $ 0. 09 favorable impact on adjusted net income per diluted share during year ended december 31 , 2018.\n currency fluctuations had $ 0. 08 favorable impact on adjusted net income per diluted share during year ended december 31 , 2017 when 2016 results translated at 2017 rates.\n currency fluctuations had $ 0. 04 unfavorable impact on adjusted net income per diluted share during year ended december 31 , 2016 when 2015 results translated at 2016 rates.\n translations for comparative purposes only do not impact accounting policies or practices for amounts included in financial statements.\n competition markets authority.2019s competition regulator , competition and markets authority ( 201ccma 201d ) , conducted a market investigation into supply and acquisition of investment consulting and fiduciary management services , including those offered by aon and competitors in u. k. , to assess whether any feature or combination of features in target market prevents , restricts , or distorts competition.\n cma issued final report on december 12 , 2018.\n cma will draft series of orders set out detailed remedies , expected in first quarter of 2019 , subject to further public consultation.\n do not anticipate remedies to significant impact on company 2019s consolidated financial position or business.\n financial conduct authority fca is conducting a market study to assess competition working in wholesale insurance broker sector in u. k.\n in which aon , through subsidiaries , participates.\n fca indicated purpose of market study is to assess extent market working well in interests of customers to identify features market may impact competition.\n depending on study 2019s findings , fca may require remedies to correct features found\n\nyears ended december 31                             | 2018         | 2017         | 2016\n--------------------------------------------------- | ------------ | ------------ | ------------\ncash provided by continuing operating activities    | $ 1686       | $ 669        | $ 1829\ncapital expenditures used for continuing operations | -240 ( 240 ) | -183 ( 183 ) | -156 ( 156 )\nfree cash flow provided by continuing operations    | $ 1446       | $ 486        | $ 1673"
}
{
    "_id": "dd4c6501e",
    "title": "",
    "text": "24 2017 annual report performance graph chart presents comparison for five-year period ended june 30 , 2017 of market performance of company 2019s common stock with s&p 500 index and index of peer companies selected by company : comparison of 5 year cumulative total return among jack henry & associates , inc. s&p 500 index  peer group information depicts line graph with values:.\n comparison assumes $ 100 invested on june 30 , 2012 assumes reinvestments of dividends.\n total returns calculated according to market capitalization of peer group members beginning of each period.\n peer companies selected providing specialized computer software  hardware related services to financial institutions other businesses.\n companies in peer group are aci worldwide , inc. bottomline technology , inc. broadridge financial solutions ; cardtronics , inc. convergys corp. corelogic , inc. dst systems , inc. euronet worldwide , inc. fair isaac corp. fidelity national information services , inc. fiserv , inc. global payments , inc. moneygram international , inc. ss&c technologies holdings , inc. total systems services , inc. tyler technologies , inc. verifone systems , inc. wex , inc.\n\n| 2012   | 2013   | 2014   | 2015   | 2016   | 2017\n---------- | ------ | ------ | ------ | ------ | ------ | ------\njkhy       | 100.00 | 138.34 | 177.10 | 195.72 | 267.64 | 322.60\npeer group | 100.00 | 117.87 | 161.90 | 203.87 | 233.39 | 271.10\ns&p 500    | 100.00 | 120.60 | 150.27 | 161.43 | 167.87 | 197.92"
}
{
    "_id": "dd497f854",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity related stockholder matters issuer purchases of equity securities common stock listed on new york stock exchange under symbol \"apd. \" as of 31 october 2019 5166 record holders of common stock.\n cash dividends on company 2019s common stock paid quarterly.\n expectation continue to pay cash dividends future at comparable or increased levels.\n board of directors determines to declare dividends timing amount based on financial condition other factors relevant.\n dividend information for each quarter of fiscal years 2019 and 2018 summarized below.\n purchases of equity securities by issuer on 15 september 2011 board of directors authorized repurchase of up to $ 1. 0 billion of outstanding common stock.\n program stated expiration date.\n repurchase shares pursuant to rules 10b5-1 and 10b-18 under securities exchange act of 1934 amended through repurchase agreements with one or more brokers.\n no purchases of stock during fiscal year 2019.\n at 30 september 2019  $ 485. 3 million in share repurchase authorization remained.\n additional purchases completed at company 2019s discretion while maintaining sufficient funds for investing in businesses growth opportunities.\n\n| 2019   | 2018\n-------------- | ------ | ------\nfirst quarter  | $ 1.10 | $ .95\nsecond quarter | 1.16   | 1.10\nthird quarter  | 1.16   | 1.10\nfourth quarter | 1.16   | 1.10\ntotal          | $ 4.58 | $ 4.25"
}
{
    "_id": "dd4c20c52",
    "title": "",
    "text": "iquidity capital resources historically generated positive cash flow from operations used funds from operations short-term borrowings on revolving credit facility to meet capital requirements.\n expect trend to continue future.\n company's cash cash equivalents decreased to $ 65565 at june 30 , 2008 from $ 88617 june 30 2007.\n table summarizes net cash from operating activities statement cash flows : year ended june 30 cash by operations increased $ 6754 to $ 181001 for fiscal year ended june 30 2008 compared to $ 174247 fiscal 2007.\n increase primarily attributable to increase in expenses corresponding cash outflow depreciation amortization percentage of total net income.\n cash used in investing activities for fiscal year ended june 2008 was $ 102148 includes payments for acquisitions of $ 48109  plus $ 1215 in contingent consideration paid on prior years 2019 acquisitions.\n fiscal 2007  payments for acquisitions totaled $ 34006  plus $ 5301 paid on earn-outs other acquisition adjustments.\n capital expenditures for fiscal 2008 were $ 31105 compared to $ 34202 for fiscal 2007.\n cash used for software development fiscal 2008 was $ 23736 compared to $ 20743 prior year.\n net cash used in financing activities for current fiscal year was $ 101905 includes repurchase of 4200 shares of common stock for $ 100996  payment of dividends of $ 24683 $ 429 net repayment on revolving credit facilities.\n cash financing activities partially offset by proceeds of $ 20394 from exercise stock options sale of common stock $ 3809 excess tax benefits from stock option exercises.\n fiscal 2007 net cash used financing activities included repurchase of common stock for $ 98413 payment of dividends of $ 21685.\nin current year , cash used in fiscal 2007 partially offset by proceeds from exercise of stock options and sale of common stock of $ 29212 , $ 4640 excess tax benefits from stock option exercises $ 19388 net borrowings on revolving credit facilities.\n at june 30 , 2008 , company had negative working capital of $ 11418 ; largest component of current liabilities was deferred revenue of $ 212375.\n cash outlay necessary to provide services related to these deferred revenues significantly less than recorded balance.\n do not anticipate liquidity problems result from this condition.\n u. s.\n financial markets largest u. s.\n financial institutions recently shaken by negative developments in home mortgage industry mortgage markets , particularly markets for subprime mortgage-backed securities.\n believe too early to predict effect , if  these developments may have , not experienced significant issues with current collec- tion efforts , believe future impact to liquidity be minimized by access to available lines of credit.\n 2008 2007 2006.\n\n2007                                   | year ended june 30 2008 2007 | year ended june 30 2008 2007 | year ended june 30 2008\n-------------------------------------- | ---------------------------- | ---------------------------- | -----------------------\nnet income                             | $ 104222                     | $ 104681                     | $ 89923\nnon-cash expenses                      | 70420                        | 56348                        | 52788\nchange in receivables                  | -2913 ( 2913 )               | -28853 ( 28853 )             | 30413\nchange in deferred revenue             | 5100                         | 24576                        | 10561\nchange in other assets and liabilities | 4172                         | 17495                        | -14247 ( 14247 )\nnet cash from operating activities     | $ 181001                     | $ 174247                     | $ 169438"
}
{
    "_id": "dd4bb3940",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 ( continued ) sfas no.\n 148.\n in accordance with apb no.\n 25 , company recognizes compensation expense based on excess of quoted stock price at grant date award or other measurement date over amount employee must pay to acquire stock.\n company 2019s stock option plans described in note 14.\n in december 2004  fasb issued sfas no.\n 123 ( revised 2004 ) , 201cshare-based payment 201d ( sfas 123r ) described.\n year ended december 31, 2005 company reevaluated assumptions to estimate fair value of stock options issued to employees.\n company lowered expected volatility assumption for options granted after july 1, 2005 to approximately 30% ( 30 % ) increased expected life of option grants to 6. 25 years using simplified method permitted by sec sab no.\n 107 , 201dshare-based payment 201d ( sab no.\n 107 ).\n company made change based on factors including company 2019s execution of strategic plans to sell non-core businesses reduce leverage refinance debt recent merger with spectrasite , inc.\n note 2. management based volatility assumptions on historical volatility since inception included periods company 2019s capital structure more highly leveraged than current levels expected levels for foreseeable future.\n management 2019s estimate of future volatility based on consideration of all available information including historical volatility  implied volatility of publicly traded options  company 2019s current capital structure publicly announced future business plans.\n for comparative purposes 10% ( 10 % ) change in volatility assumption would change pro forma stock option expense and pro forma net loss by approximately $ 0. 1 million for year ended december 31 , 2005.\n see note 14.table illustrates effect on net loss per common share if company applied fair value recognition provisions of sfas no.\n 123 ( as amended ) to stock-based compensation.\n estimated fair value of each option calculated using black-scholes option-pricing model ( in thousands except per share amounts ) :.\n company modified option awards to revise vesting exercise terms for terminated employees recognized charges of $ 7. 0 million , $ 3. 0 million $ 2. 3 million for years ended december 31 , 2005  2004 2003 .\n stock-based employee compensation amounts for year ended december 31 2005 include approximately $ 2. 4 million of unearned compensation amortization related to unvested stock options assumed in merger with spectrasite .\n charges reflected in impairments  net loss on sale of long-lived assets restructuring merger related expense with adjustments to additional paid-in capital unearned compensation in consolidated financial statements.\n recent accounting pronouncements 2014in december 2004  fasb issued sfas 123r  supersedes apb no.\n 25  amends sfas no.\n 95 , 201cstatement of cash flows. 201d statement addressed accounting for share-based payments to employees including grants of employee stock options.\n under new standard\n\n| 2005                 | 2004                 | 2003\n--------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | -------------------- | --------------------\nnet loss as reported                                                                                                                    | $ -171590 ( 171590 ) | $ -247587 ( 247587 ) | $ -325321 ( 325321 )\nadd : stock-based employee compensation expense net of related tax effect included in net loss as reported                              | 7104                 | 2297                 | 2077\nless : total stock-based employee compensation expense determined under fair value based method for all awards net of related taxeffect | -22238 ( 22238 )     | -23906 ( 23906 )     | -31156 ( 31156 )\npro-forma net loss                                                                                                                      | $ -186724 ( 186724 ) | $ -269196 ( 269196 ) | $ -354400 ( 354400 )\nbasic and diluted net loss per share as reported                                                                                        | $ -0.57 ( 0.57 )     | $ -1.10 ( 1.10 )     | $ -1.56 ( 1.56 )\nbasic and diluted net loss per share pro-forma                                                                                          | $ -0.62 ( 0.62 )     | $ -1.20 ( 1.20 )     | $ -1.70 ( 1.70 )"
}
{
    "_id": "dd497e274",
    "title": "",
    "text": "five-year stock performance graph graph illustrates cumulative total shareholder return on snap-on common stock since december 31  2007 assuming dividends reinvested.\n graph compares snap-on 2019s performance to standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and peer group.\n snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500.\n 1 assumes $ 100 invested on december 31, 2007 dividends reinvested quarterly.\n 2 company's fiscal year ends saturday or nearest to december 31 of each year ; for calculation fiscal year end assumed be december 31.\n 3 ) peer group consists of : stanley black & decker , inc. danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. pentair ltd. spx corporation w.\n grainger , inc.\n cooper industries plc  former member of peer group removed acquired by larger non-comparable company in 2012.\n 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012\n\nfiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500\n----------------------- | ------------------- | ---------------- | --------\ndecember 31 2007        | $ 100.00            | $ 100.00         | $ 100.00\ndecember 31 2008        | 83.66               | 66.15            | 63.00\ndecember 31 2009        | 93.20               | 84.12            | 79.67\ndecember 31 2010        | 128.21              | 112.02           | 91.67\ndecember 31 2011        | 117.47              | 109.70           | 93.61\ndecember 31 2012        | 187.26              | 129.00           | 108.59"
}
{
    "_id": "dd4c5d1d4",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements ( continued ) ( in thousands  except per share data ) acquisition provides for up to two annual earn out payments not to exceed $ 15000 aggregate based on biolucent 2019s achievement of certain revenue targets.\n company considered provision of eitf issue no.\n 95-8 , accounting for contingent consideration paid to shareholders of acquired enterprise in purchase business combination concluded contingent consideration will represent additional purchase price.\n goodwill increased by amount additional consideration if when it becomes due and payable.\n allocation of purchase price based upon preliminary estimates of fair value of assets acquired and liabilities assumed as of september 18 , 2007.\n company in process of gathering information to finalize valuation of certain assets and liabilities.\n purchase price allocation will finalized once company has all necessary information to complete estimate generally no later than one year from date of acquisition.\n components and initial allocation of purchase price  consists of following approximate amounts:.\n part of purchase price allocation all intangible assets part of acquisition identified and valued.\n determined only customer relationship , trade name and developed technology and know how had separately identifiable values.\n fair value of these intangible assets determined through application of income approach.\n customer relationship represents large customer base expected to purchase this disposable product on regular basis.\n trade name represents biolucent product names company intends to continue to use.\n developed technology and know how represents currently marketable purchased products company continues to sell utilize enhance and incorporate into company 2019s existing products.\ndeferred income tax liability relates to tax effect of acquired identifiable intangible assets  fair value adjustments to acquired inventory amounts not deductible for tax partially offset by acquired net operating loss carryforwards of approximately $ 2400.\n fiscal 2006 acquisitions : on may 2 , 2006 , company acquired 100% ( 100 % ) of outstanding voting stock of aeg elektrofotografie gmbh and group of related companies ( aeg ).\n results of operations for aeg included in company 2019s consolidated financial statements from date of acquisition as part of other business segment.\n company concluded acquisition of aeg not represent material business combination no pro forma financial information provided.\n aeg specializes in manufacture of photoconductor materials for in electro photographic applications including for coating of company 2019s digital detectors.\n acquisition of aeg allows company control over critical step in detector manufacturing process 2014to efficiently manage\n\nnet tangible assets acquired as of september 18 2007 | $ 2800\n---------------------------------------------------- | --------------\ndeveloped technology and know how                    | 12300\ncustomer relationship                                | 17000\ntrade name                                           | 2800\ndeferred income tax liabilities net                  | -9500 ( 9500 )\ngoodwill                                             | 47800\nestimated purchase price                             | $ 73200"
}
{
    "_id": "dd4bafd54",
    "title": "",
    "text": "accounts receivable , net october 31 , 2006 october 31 , 2005 dollar change change.\n increase in accounts receivable due to increased billings during fiscal year ended october 31 , 2006.\n days sales outstanding ( dso ) 39 days at october 31 , 2006 and 36 days at october 31 , 2005.\n accounts receivable and dso driven by billing and collections activities.\n net working capital working is comprised of current assets less current liabilities shown on balance sheet.\n as of october 31 , 2006 working capital was $ 23. 4 million  compared to $ 130. 6 million as of october 31 , 2005.\n decrease in net working capital of $ 107. 2 million due to decrease of $ 73. 7 million in cash and cash equivalents decrease of current deferred tax assets of $ 83. 2 million  due to tax accounting method change decrease in income taxes receivable of $ 5. 8 million ; increase in income taxes payable of $ 21. 5 million ; increase in deferred revenue of $ 29. 9 million net increase of $ 2. 8 million in accounts payable and other liabilities included reclassification of debt of $ 7. 5 million from long term to short term debt.\n decrease partially offset by increase in short-term investments of $ 59. 9 million increase in prepaid and other assets of $ 27. 4 million  includes land of $ 23. 4 million reclassified from property plant and equipment to asset held for sale within prepaid expense other assets consolidated balance sheet increase in accounts receivable of $ 22. 4 million.\n other commitments 2014revolving credit facility on october 20 , 2006  entered into five-year , $ 300. 0 million senior unsecured revolving credit facility for loans to synopsys and foreign subsidiaries.\n facility replaces previous $ 250.0 million senior unsecured credit facility terminated effective october 20 , 2006.\n amount facility may be increased by to additional $ 150. 0 million through fourth year facility.\n facility contains financial covenants requiring to maintain minimum leverage ratio and specified levels of cash other non-financial covenants.\n facility terminates on october 20 , 2011.\n borrowings under facility bear interest at greater administrative agent 2019s prime rate or federal funds rate plus 0. 50% ( 0. 50 % ) ; option to pay interest based on outstanding amount at eurodollar rates plus spread between 0. 50% ( 0. 50 % ) and 0. 70% ( 0. 70 % ) based on pricing grid tied to financial covenant.\n commitment fees payable facility at rates between 0. 125% ( 0. 125 % ) and 0. 175% ( 0. 175 % ) per year based on pricing grid tied to financial covenant.\n as of october 31 , 2006 no outstanding borrowings under credit facility in compliance with all covenants.\n believe current cash , cash equivalents , short-term investments , cash generated from operations available credit under credit facility will satisfy business requirements for at least next twelve months.\n\noctober 31 2006         | october 31 2005         | dollar change | % (  % ) change\n----------------------- | ----------------------- | ------------- | ---------------\n( dollars in millions ) | ( dollars in millions ) |               |\n$ 122.6                 | $ 100.2                 | $ 22.4        | 22% ( 22 % )"
}
{
    "_id": "dd4bc47a4",
    "title": "",
    "text": "jpmorgan chase & co. /2014 annual report 291 not recorded on consolidated balance sheets until settlement date.\n unsettled reverse repurchase agreements and securities borrowing agreements predominantly consist of with regular-way settlement periods.\n loan sales- and securitization-related indemnifications mortgage repurchase liability in connection with firm 2019s mortgage loan sale and securitization activities with gses  described in note 16  firm made representations warranties that loans sold meet certain requirements.\n firm may be required to repurchase loans/or indemnify gses (. with 201cmake-whole 201d payments to reimburse gses for realized losses on liquidated loans ).\n repurchase demands received relate to loans firm purchased from third parties remain viable firm right to seek recovery of related repurchase losses from third party.\n maximum amount of future payments firm required to make for breaches of representations and warranties equal to unpaid principal balance of loans deemed have defects sold to purchasers ( including securitization-related spes ) plus in certain circumstances accrued interest on loans and certain expense.\n table summarizes change in mortgage repurchase liability for each periods presented.\n summary of changes in mortgage repurchase liability ( a ) year ended december 31 , ( in millions ) 2014 2013 2012 repurchase liability at beginning of period $ 681 $ 2811 $ 3557 net realized gains/ ( losses ) ( b ) 53 ( 1561 ) ( 1158 ).\n ( benefit ) /provision for repurchase ( c ) ( 459 ) ( 390 ) 412 repurchase liability at end of period $ 275 $ 681 $ 2811 ) on october 25, 2013  firm announced reached a $.1 billion agreement with fhfa to resolve limited exposures outstanding future mortgage repurchase demands associated with loans sold to gses from 2000 to 2008.\n ( b ) presented net of third-party recoveries included principal losses accrued interest on repurchased loans , 201cmake-whole 201d settlements , settlements with claimants  certain related expense.\n make-whole settlements were $ 11 million , $ 414 million $ 524 million  for years ended december 31, 2014 , 2013 2012  respectively.\n ( c ) included provision related to new loan sales of $ 4 million , $ 20 million $ 112 million  for years ended december 31 , 2014 , 2013 2012 .\n private label securitizations liability related to repurchase demands private label securitizations separately evaluated by firm in establishing litigation reserves.\n november 15 , 2013  firm announced reached $ 4. 5 billion agreement with 21 major institutional investors to binding offer to trustees of 330 residential mortgage-backed securities trusts issued by j. p. morgan , chase  bear stearns ( 201crmbs trust settlement 201d ) to resolve all representation warranty claims all servicing claims on all trusts issued by j.\n morgan  chase  bear stearns between 2005 and 2008.\n seven trustees for group 330 trusts accepted rmbs trust settlement for 319 trusts in whole or in part excluded from settlement 16 trusts in whole or in part.\n trustees 2019 acceptance subject to judicial approval proceeding initiated by trustees pending in new york state court.\nfrom 2005 to 2008 , washington mutual made loan level representations and warranties with approximately $ 165 billion of residential mortgage loans originally sold or deposited into private-label securitizations by.\n of $ 165 billion , approximately $ 78 billion repaid.\n approximately $ 49 billion of principal amount of such loans liquidated with average loss severity of 59% ( 59 % ).\n remaining outstanding principal balance of these loans as of december 31 , 2014  was approximately $ 38 billion  of $ 8 billion was 60 days or more past due.\n firm believes repurchase obligations related to loans remain with fdic receivership.\n for additional information regarding litigation , see note 31.\n loans sold with recourse firm provides servicing for mortgages and commercial lending products on recourse and nonrecourse basis.\n in nonrecourse servicing  principal credit risk to firm is cost of temporary servicing advances of funds (. normal servicing advances ).\n in recourse servicing  servicer agrees to share credit risk with owner of mortgage loans  fannie mae freddie mac private investor insurer guarantor.\n losses on recourse servicing occur when foreclosure sales proceeds of property underlying defaulted loan are less than sum of outstanding principal balance , plus accrued interest on loan and cost of holding and disposing of underlying property.\n firm 2019s securitizations are predominantly nonrecourse  transferring risk of future credit losses to purchaser of mortgage-backed securities issued trust.\n at december 31 , 2014 and 2013  unpaid principal balance of loans sold with recourse totaled $ 6. 1 billion and $ 7. 7 billion , respectively.\n carrying value of related liability firm recorded representative of firm 2019s view of likelihood it\n\nyear ended december 31 ( in millions )      | 2014         | 2013           | 2012\n------------------------------------------- | ------------ | -------------- | --------------\nrepurchase liability at beginning of period | $ 681        | $ 2811         | $ 3557\nnet realized gains/ ( losses ) ( b )        | 53           | -1561 ( 1561 ) | -1158 ( 1158 )\nreclassification to litigation reserve      | 2014         | -179 ( 179 )   | 2014\n( benefit ) /provision for repurchase ( c ) | -459 ( 459 ) | -390 ( 390 )   | 412\nrepurchase liability at end of period       | $ 275        | $ 681          | $ 2811"
}
{
    "_id": "dd4c2b4cc",
    "title": "",
    "text": "visa inc.\n notes to consolidated financial statements 2014 continued ) september 30 , 2016 note 16 2014share-based compensation 2007 equity incentive compensation plan company 2019s 2007 equity incentive compensation plan  eip authorizes compensation committee board of directors to grant non-qualified stock options ( 201coptions 201d )  restricted stock awards ( 201crsas 201d ) restricted stock units ( 201crsus 201d ) performance-based shares to employees non-employee directors for up to 236 million shares of class a common stock.\n shares for award may be authorized unissued or previously issued shares acquired by company.\n eip in effect until all common stock under eip delivered all restrictions shares lapsed unless eip terminated earlier by company 2019s board of directors.\n january 2016  company 2019s board of directors approved amendment of eip effective february 3 , 2016  awards granted plan until january 31 , 2022.\n share-based compensation cost recorded net of estimated forfeitures straight-line basis for awards with service conditions only graded-vesting basis for awards with service , performance market conditions.\n company 2019s estimated forfeiture rate based on evaluation of historical  actual trended forfeiture data.\n for fiscal 2016 , 2015 2014  company recorded share-based compensation cost related to eip of $ 211 million , $ 184 million $ 172 million , respectively in personnel on consolidated statements of operations.\n related tax benefits were $ 62 million , $ 54 million and $ 51 million for fiscal 2016 , 2015 2014 ,.\n amount of capitalized share-based compensation cost immaterial during fiscal 2016 , 2015 all per share amounts number of shares outstanding reflect four-for-one stock split effected in second quarter of fiscal 2015.\nnote 14 2014stockholders 2019 equity.\n options options issued under eip expire 10 years from date of grant vest ratably over 3 years from date grant subject to earlier vesting full under certain conditions.\n during fiscal 2016 , 2015 2014  fair value of each stock option estimated on date of grant using black-scholes option pricing model with weighted-average assumptions:.\n ( 1 ) assumption based on company 2019s historical option exercises set peer companies management believes comparable to visa.\n company 2019s data weighted based on number of years between measurement date and visa 2019s initial public offering as percentage of options 2019 contractual term.\n relative weighting on visa 2019s data and peer data in fiscal 2016 was approximately 77% ( 77 % ) and 23% ( 23 % ),  67% ( 67 % ) and 33% ( 33 % ) in fiscal 2015 58% ( 58 % ) and 42% ( 42 % ) in fiscal 2014 ,.\n\n| 2016             | 2015             | 2014\n-------------------------------- | ---------------- | ---------------- | ----------------\nexpected term ( in years ) ( 1 ) | 4.35             | 4.55             | 4.80\nrisk-free rate of return ( 2 )   | 1.5% ( 1.5 % )   | 1.5% ( 1.5 % )   | 1.3% ( 1.3 % )\nexpected volatility ( 3 )        | 21.7% ( 21.7 % ) | 22.0% ( 22.0 % ) | 25.2% ( 25.2 % )\nexpected dividend yield ( 4 )    | 0.7% ( 0.7 % )   | 0.8% ( 0.8 % )   | 0.8% ( 0.8 % )\nfair value per option granted    | $ 15.01          | $ 12.04          | $ 11.03"
}
{
    "_id": "dd4b9ba66",
    "title": "",
    "text": "part i item 1.\n business.\n general development business : altria group , inc.\n is holding company incorporated in commonwealth of virginia in 1985.\n at december 31 , 2014  altria group  inc. wholly-owned subsidiaries included philip morris usa inc.\n ( 201cpm usa 201d )  engaged predominantly in manufacture sale of cigarettes in united states ; john middleton co.\n ( 201cmiddleton 201d )  engaged in manufacture sale of machine-made large cigars pipe tobacco wholly- owned subsidiary of pm usa ; ust llc ( 201cust 201d ) wholly-owned subsidiaries including.\n smokeless tobacco company llc ( 201cusstc 201d ) ste.\n michelle wine estates ltd.\n ( 201cste.\n michelle 201d ) engaged in manufacture sale of smokeless tobacco products wine.\n altria group , inc. other operating companies included nu mark llc ( 201cnu mark 201d )  wholly-owned subsidiary engaged in manufacture sale of innovative tobacco products philip morris capital corporation ( 201cpmcc 201d ), wholly-owned subsidiary maintains portfolio of finance assets all leveraged leases.\n other altria group , inc.\n wholly-owned subsidiaries included altria group distribution company , provides sales , distribution consumer engagement services to altria group , inc.\n operating subsidiaries altria client services inc. provides support services  legal , regulatory  finance  human resources external affairs  to altria group , inc.\n subsidiaries.\n december 31 , 2014  altria group , inc.\nheld approximately 27% ( 27 % ) of economic and voting interest of sabmiller plc ( 201csabmiller 201d ) , which altria group , inc.\n accounts for under equity method of accounting.\n source of funds altria group , inc.\n is a holding company access to operating cash flows of wholly- owned subsidiaries consists of cash received from payment of dividends distributions  payment of interest on intercompany loans by subsidiaries.\n at december 31 , 2014  altria group. 2019s principal wholly-owned subsidiaries not limited by long-term debt or other agreements in ability to pay cash dividends or make other distributions equity interests.\n altria group  inc.\n receives cash dividends on interest in sabmiller if when sabmiller pays such dividends.\n financial information about segments altria group. reportable segments are smokeable products , smokeless products wine.\n financial services and innovative tobacco products businesses included in all other category due to continued reduction of lease portfolio of pmcc relative financial contribution of altria group. innovative tobacco products businesses to altria group. 2019s consolidated results.\n altria group. chief operating decision maker reviews operating companies income to evaluate performance of allocate resources to segments.\n operating companies income for segments defined as operating income before amortization of intangibles general corporate expenses.\n interest and other debt expense , net  provision for income taxes centrally managed at corporate level such items not presented by segment excluded from measure of segment profitability reviewed by altria group. chief operating decision maker.\n net revenues and operating companies income ( with reconciliation to earnings before income taxes ) attributable to each segment for each last three years set forth in note 15.\nsegment reporting to consolidated financial statements in item 8.\n financial statements supplementary data annual report on form 10-k ( 201citem 8 201d ).\n information about total assets by segment not disclosed not reported or used by altria group , inc. 2019s chief operating decision maker.\n segment goodwill other intangible assets net disclosed in note 4.\n goodwill assets consolidated financial statements item 8 ( 201cnote 4 201d ).\n accounting policies of segments same as described in note 2.\n summary significant accounting policies consolidated financial statements item 8 ( 201cnote 2 201d ).\n relative percentages of operating companies income ( loss ) attributable to each reportable segment all other category follows.\n items affecting comparability relative percentages operating companies income ( loss ) each reportable segment see note 15.\n segment reporting to consolidated financial statements in item 8 ( 201cnote 15 201d ).\n narrative description of business portions information called item included in item 7.\n management 2019s discussion analysis of financial condition results of operations - operating results by business segment of annual report on form 10-k.\n tobacco space altria group  inc. 2019s tobacco operating companies include pm usa, usstc subsidiaries of ust , middleton nu mark.\n altria group distribution company provides sales , distribution consumer engagement services to altria group  inc. tobacco operating companies.\n products of altria group. tobacco subsidiaries include smokeable tobacco products cigarettes manufactured sold by pm usa machine-made large altria_mdc_2014form10k_nolinks_crops. pdf 3 2/25/15 5:56 pm\n\n| 2014               | 2013               | 2012\n------------------ | ------------------ | ------------------ | ------------------\nsmokeable products | 87.2% ( 87.2 % )   | 84.5% ( 84.5 % )   | 83.7% ( 83.7 % )\nsmokeless products | 13.4               | 12.2               | 12.5\nwine               | 1.7                | 1.4                | 1.4\nall other          | -2.3 ( 2.3 )       | 1.9                | 2.4\ntotal              | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % )"
}
{
    "_id": "dd4c4ce4c",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 continued plan to reflect allied acquisition.\n 2006 plan , amended restated provides for grant of non- qualified stock options incentive stock options shares of restricted stock  phantom stock  stock bonuses restricted stock units stock appreciation rights performance awards dividend equivalents cash awards other stock-based awards.\n awards granted under 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon closing of acquisition.\n awards may be granted under 2006 plan after december 5, 2008 only to employees and consultants of allied and subsidiaries not employed by republic prior to date.\n as of december 31 , 2013  approximately 15. 6 million shares of common stock reserved for future grants under 2006 plan.\n stock options use lattice binomial option-pricing model to value stock option grants.\n recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award or to employee 2019s retirement eligible date.\n expected volatility based on weighted average of most recent one year volatility and historical rolling average volatility of stock over expected life of option.\n risk-free interest rate based on federal reserve rates for bonds with maturity dates equal to expected term of option.\n use historical data to estimate future option exercises  forfeitures ( at 3. 0% 3. 0 % ) for each periods and expected life of options.\n appropriate separate groups of employees similar historical exercise behavior considered separately for valuation purposes.\n weighted-average estimated fair values of stock options granted during years ended december 31 , 2013 , 2012 and 2011 were $ 5. 27 , $ 4. 77 and $ 5.35 per option , respectively  calculated using following weighted-average assumptions:.\n\n| 2013             | 2012             | 2011\n----------------------------- | ---------------- | ---------------- | ----------------\nexpected volatility           | 28.9% ( 28.9 % ) | 27.8% ( 27.8 % ) | 27.3% ( 27.3 % )\nrisk-free interest rate       | 0.7% ( 0.7 % )   | 0.8% ( 0.8 % )   | 1.7% ( 1.7 % )\ndividend yield                | 3.2% ( 3.2 % )   | 3.2% ( 3.2 % )   | 2.7% ( 2.7 % )\nexpected life ( in years )    | 4.5              | 4.5              | 4.4\ncontractual life ( in years ) | 7.0              | 7.0              | 7.0"
}
{
    "_id": "dd4beaaee",
    "title": "",
    "text": "as of december 31 , 2014 2013  liabilities associated with unrecognized tax benefits not material.\n we subsidiaries file income tax returns in u. s.\n federal jurisdiction and foreign jurisdictions.\n with few exceptions statute of limitations no longer open for u. s.\n federal or non-u. s.\n income tax examinations for years before 2011 other respect to refunds.\n.\n income taxes and foreign withholding taxes not provided on earnings of $ 291 million, $ 222 million $ 211 million not distributed by non-u. s.\n companies as of december 31, 2014  2013 2012.\n intention is to permanently reinvest these earnings indefinitely postponing remittance to u. s.\n if earnings remitted estimate additional income taxes after foreign tax credits would have been approximately $ 55 million in 2014  $ 50 million in 2013 $ 45 million in 2012.\n federal and foreign income tax payments  net of refunds received were $ 1. 5 billion in 2014 $ 787 million in 2013 $ 890 million in 2012.\n 2014 and 2013 net payments reflect $ 200 million and $ 550 million refund from irs attributable to tax-deductible discretionary pension contributions during fourth quarters of 2013 and 2012 2012 net payments reflect $ 153 million refund from irs related to 2011 capital loss carryback.\n note 8 2013 debt long-term debt consisted of following ( in millions ) :.\n in august 2014  entered into new $ 1. 5 billion revolving credit facility with syndicate of banks terminated existing $ 1. 5 billion revolving credit facility scheduled to expire in august 2016.\n new credit facility expires august 2019 may request banks may grant  increase to new credit facility of up to additional $ 500 million.\ncredit facility includes sublimit of up to $ 300 million available for issuance of letters of credit.\n no borrowings outstanding under new facility through december 31 , 2014.\n borrowings under new credit facility unsecured and bear interest at rates based  option on eurodollar rate or base rate as defined in new credit facility.\n each bank 2019s obligation to make loans under credit facility is subject to compliance with representations , warranties covenants including covenants limiting our ability subsidiaries ability to encumber assets and covenant not to exceed maximum leverage ratio as defined in credit facility.\n leverage ratio covenant excludes adjustments recognized in stockholders 2019 equity related to postretirement benefit plans.\n as of december 31 , 2014 in compliance with all covenants in credit facility debt agreements.\n agreements in with financial institutions for issuance of commercial paper.\n no commercial paper borrowings outstanding during 2014 or 2013.\n if to issue commercial paper borrowings would be supported by credit facility.\n in april 2013 repaid $ 150 million of long-term notes with fixed interest rate of 7. 38% ( 7. 38 % ) due to scheduled maturities.\n during next five years scheduled long-term debt maturities of $ 952 million due in 2016 and $ 900 million due in 2019.\n interest payments were $ 326 million in 2014, $ 340 million in 2013 $ 378 million in 2012.\n all existing unsecured and unsubordinated indebtedness rank equally in right of payment.\n note 9 2013 postretirement plans defined benefit pension plans retiree medical and life insurance plans employees are covered by qualified defined benefit pension plans and provide certain health care and life insurance benefits to eligible retirees ( collectively postretirement benefit plans ).\nsponsor nonqualified defined benefit pension plans for benefits excess of qualified plan limits.\n non-union represented employees hired after december 2005 not participate in qualified defined benefit pension plans but eligible to participate in qualified\n\n| 2014         | 2013\n--------------------------------------------------------------------------- | ------------ | ------------\nnotes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042 | $ 5642       | $ 5642\nnotes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2016 to 2036 | 916          | 916\nother debt                                                                  | 483          | 476\ntotal long-term debt                                                        | 7041         | 7034\nless : unamortized discounts                                                | -872 ( 872 ) | -882 ( 882 )\ntotal long-term debt net                                                    | $ 6169       | $ 6152"
}
{
    "_id": "dd4b8eafa",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 continued ) ( amounts in millions except per share amounts ) net cash used in investing activities 2013 related to payments for capital expenditures acquisitions.\n capital expenditures of $ 173. 0 related to computer hardware software leasehold improvements.\n made payments of $ 61. 5 related to acquisitions completed 2013 net cash acquired.\n financing activities net cash used financing activities 2014 related to purchase of long-term debt repurchase of common stock payment of dividends.\n 2014 redeemed all $ 350. 0 in aggregate principal amount of 6. 25% ( 6. 25 % ) notes  repurchased 14. 9 shares of common stock for aggregate cost of $ 275. 1  including fees made dividend payments of $ 159. 0 on common stock.\n offset by issuance of $ 500. 0 in aggregate principal amount of 4. 20% ( 4. 20 % ) notes.\n net cash used in financing activities 2013 related to purchase of long-term debt repurchase of common stock payment of dividends.\n redeemed all $ 600. 0 in aggregate principal amount of 10. 00% ( 10. 00 % ) notes.\n repurchased 31. 8 shares of common stock for aggregate cost of $ 481. 8  including fees made dividend payments of $ 126. 0 on common stock.\n foreign exchange rate changes effect foreign rate changes on cash cash equivalents consolidated statements cash flows resulted in decrease of $ 101. 0 in 2014.\n decrease result of.\n dollar stronger than several foreign currencies  including canadian dollar  brazilian real  australian dollar euro as of december 31 , 2014 compared to december 31 , 2013.\neffect of foreign exchange rate changes on cash and cash equivalents in consolidated statements of cash flows resulted in decrease of $ 94. 1 in 2013.\n decrease primarily result of u. s.\n dollar being stronger than several foreign currencies , including australian dollar , brazilian real  canadian dollar  japanese yen  south african rand as of december 31 , 2013 compared to december 31 , 2012.\n liquidity outlook expect cash flow from operations , cash and cash equivalents to be sufficient to meet anticipated operating requirements at minimum for next twelve months.\n have committed corporate credit facility uncommitted facilities available to support operating needs.\n continue to maintain disciplined approach to managing liquidity , with flexibility over significant uses of cash , including capital expenditures , cash for new acquisitions  common stock repurchase program and common stock dividends.\n from time to evaluate market conditions and financing alternatives for opportunities to raise additional funds or improve liquidity profile, enhance financial flexibility manage market risk.\n ability to access capital markets depends on factors  include those specific to us , credit rating , and related to financial markets , amount or terms of available credit.\n can no guarantee able to access new sources of liquidity on commercially reasonable terms  or all.\n\nbalance sheet data                              | december 31 , 2014 | december 31 , 2013\n----------------------------------------------- | ------------------ | ------------------\ncash cash equivalents and marketable securities | $ 1667.2           | $ 1642.1\nshort-term borrowings                           | $ 107.2            | $ 179.1\ncurrent portion of long-term debt               | 2.1                | 353.6\nlong-term debt                                  | 1623.5             | 1129.8\ntotal debt                                      | $ 1732.8           | $ 1662.5"
}
{
    "_id": "dd4c56546",
    "title": "",
    "text": "dish network corporation notes to consolidated financial statements - continued transaction accounted for as business combination using purchase price accounting.\n allocation of purchase consideration in table below.\n purchase allocation ( in thousands ).\n pro forma revenue and earnings associated with blockbuster acquisition not included in filing.\n due to material ongoing modifications of business  management determined insufficient information exists to develop meaningful historical pro forma financial information.\n historical operations of blockbuster changed during periods preceding acquisition result of blockbuster inc. 2019s bankruptcy proceedings historical pro forma information not useful in assessing post acquisition earnings and cash flows.\n cost of goods sold on unit basis for blockbuster in current period was lower-than-historical costs.\n carrying values in current period of rental library and merchandise inventories ( 201cblockbuster inventory 201d ) reduced to estimated fair value due to application of purchase accounting.\n impact on cost of goods sold on unit basis will diminish in future as purchase new blockbuster inventory.\n 10.\n spectrum investments terrestar transaction gamma acquisition l. l. c.\n ( 201cgamma 201d )  wholly-owned subsidiary of dish network  entered into terrestar transaction on june 14 , 2011.\n on july 7, 2011  u. s.\n bankruptcy court for southern district of new york approved asset purchase agreement with terrestar paid $ 1. 345 billion of cash purchase price.\n dish network party to asset purchase agreement with respect to certain guaranty obligations.\n paid all but $ 30 million of purchase price for terrestar transaction  will be paid upon closing of terrestar transaction  or upon certain other conditions met under asset purchase agreement.\n consummation of acquisition in asset purchase agreement subject to approval by fcc.\n on february 7 , 2012 , canadian federal department of industry ( 201cindustry canada 201d ) approved transfer of canadian spectrum licenses held by terrestar to us.\n if remaining required approvals not obtained , subject to exceptions, we have right to require and direct sale of some or all terrestar assets to third party we entitled to proceeds from such sale.\n these proceeds could   be substantially less than amounts paid in terrestar transaction.\n gamma responsible for providing certain working capital and administrative expenses of terrestar and its subsidiaries after december 31 , 2011.\n we expect terrestar transaction will be accounted for as business combination using purchase price accounting.\n we expect to allocate purchase price to various components of acquisition based upon fair value of each component using various valuation techniques, including market approach , income approach/or cost approach.\n expect purchase price of terrestar assets to be allocated to  among , spectrum and satellites.\n\n| purchase price allocation ( in thousands )\n----------------------- | ------------------------------------------\ncash                    | $ 107061\ncurrent assets          | 153258\nproperty and equipment  | 28663\nacquisition intangibles | 17826\nother noncurrent assets | 12856\ncurrent liabilities     | -86080 ( 86080 )\ntotal purchase price    | $ 233584"
}
{
    "_id": "dd4bbc8f6",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our class a common stock on new york stock exchange ( nyse ) for years 2004 and 2003.\n march 18 , 2005  closing price of our class a common stock was $ 18. 79 per share march 18 , 2005  had 230604932 outstanding shares of class a common stock 743 registered holders.\n february 2004  all outstanding shares of class b common stock converted into shares class a common stock one-for-one basis 201cdodge conversion event 201d defined in our charter.\n charter prohibits future issuance of shares of class b common stock.\n in february 2004  all outstanding shares of class c common stock converted into shares class a common stock one-for-one basis.\n charter permits issuance of shares of class c common stock in future.\n information under 201csecurities authorized for issuance under equity compensation plans 201d from definitive proxy statement incorporated reference into item 12 of annual report.\n dividends never paid dividend on any class of common stock.\n anticipate may retain future earnings to fund development growth of business.\n indentures governing 93 20448% ( 20448 % ) senior notes due 2009, 7. 50% ( 7. 50 % ) senior notes due 2012  7. 125% ( 7. 125 % ) senior notes due 2012 prohibit us from paying dividends to stockholders unless satisfy financial covenants.\nborrower subsidiaries prohibited under terms credit facility  subject to certain exceptions from making any direct or indirect distribution , dividend or other payment on account of limited liability company interests  partnership interests  capital stock or other equity interests except if no default exists created under credit facility borrower subsidiaries may pay cash dividends or make other distributions in accordance with credit facility within certain specified amounts may pay cash dividends make other distributions in respect of our outstanding indebtedness and permitted future indebtedness.\n indentures governing 12. 25% ( 12. 25 % ) senior subordinated discount notes due 2008 and 7. 25% ( 7. 25 % ) senior subordinated notes due 2011 of american towers , inc.\n ( ati )  our principal operating subsidiary  prohibit ati and certain other subsidiaries guaranteed notes ( sister guarantors ) from paying dividends making other payments or distributions us unless certain\n\n2004                       | high    | low\n-------------------------- | ------- | ------\nquarter ended march 31     | $ 13.12 | $ 9.89\nquarter ended june 30      | 16.00   | 11.13\nquarter ended september 30 | 15.85   | 13.10\nquarter ended december 31  | 18.75   | 15.19\n2003                       | high    | low\nquarter ended march 31     | $ 5.94  | $ 3.55\nquarter ended june 30      | 9.90    | 5.41\nquarter ended september 30 | 11.74   | 8.73\nquarter ended december 31  | 12.00   | 9.59"
}
{
    "_id": "dd4c17c74",
    "title": "",
    "text": "bhge 2018 form 10-k | 41 estimate equal up to 5% ( 5 % ) of annual revenue.\n expenditures expected used primarily for normal recurring items necessary support business.\n anticipate making income tax payments range of $ 425 million to $ 475 million in 2019.\n contractual obligations in table below  set forth contractual obligations as of december 31 , 2018.\n certain amounts table based on estimates and assumptions about obligations  including duration, anticipated actions by third parties other factors.\n contractual obligations pay in future periods may vary from table because estimates assumptions subjective.\n ( 1 ) amounts represent expected cash payments for principal amounts related to debt  including capital lease obligations.\n amounts for debt do not include deferred issuance costs or unamortized discounts or premiums including step up in value of debt on acquisition of baker hughes.\n expected cash payments for interest excluded from amounts.\n total debt and capital lease obligations includes $ 896 million payable to ge and affiliates.\n no fixed payment schedule on amount payable to ge and affiliates classified it as payable in less than one year.\n ( 2 ) amounts represent expected cash payments for interest on long-term debt and capital lease obligations.\n ( 3 ) amounts represent future minimum payments under noncancelable operating leases with initial or remaining terms of one year or more.\n operating leases  some include renewal options excluded renewal options from table above unless anticipated exercise such renewals.\n ( 4 ) purchase obligations include expenditures for capital assets for 2019 agreements to purchase goods or services enforceable and legally binding specify all significant terms  including : fixed or minimum quantities to be purchased ; fixed , minimum or variable price provisions ; approximate timing of transaction.\ndue to uncertainty with to timing of potential future cash outflows associated with uncertain tax positions, unable to make reasonable estimates of period of cash settlement  to respective taxing authorities.\n $ 597 million in uncertain tax positions , including interest and penalties, excluded from contractual obligations table.\n see \"note 12.\n income taxes\" of notes to consolidated combined financial statements in item 8 for further information.\n have certain defined benefit pension and other post-retirement benefit plans covering certain our u. s.\n and international employees.\n during 2018  made contributions and paid direct benefits of approximately $ 72 million with plans anticipate funding approximately $ 41 million during 2019.\n amounts for pension funding obligations based on assumptions subject to change currently not able to reasonably estimate contribution figures after 2019.\n see \"note 11.\n employee benefit plans\" of notes to consolidated combined financial statements in item 8 for further information.\n off-balance sheet arrangements in normal course of business with customers  vendors others entered into off-balance sheet arrangements  surety bonds for performance , letters of credit other bank issued guarantees  totaled approximately $ 3. 6 billion at december 31 , 2018.\n not practicable to estimate fair value of these financial instruments.\n none of off-balance sheet arrangements has or likely to have material effect on our consolidated and combined financial statements.\n\n( in millions )                                | payments due by period total | payments due by period less than1 year | payments due by period 1 - 3years | payments due by period 4 - 5years | payments due by period more than5 years\n---------------------------------------------- | ---------------------------- | -------------------------------------- | --------------------------------- | --------------------------------- | ---------------------------------------\ntotal debt and capital lease obligations ( 1 ) | $ 6989                       | $ 942                                  | $ 562                             | $ 1272                            | $ 4213\nestimated interest payments ( 2 )              | 3716                         | 239                                    | 473                               | 404                               | 2600\noperating leases ( 3 )                         | 846                          | 186                                    | 262                               | 132                               | 266\npurchase obligations ( 4 )                     | 1507                         | 1388                                   | 86                                | 25                                | 8\ntotal                                          | $ 13058                      | $ 2755                                 | $ 1383                            | $ 1833                            | $ 7087"
}
{
    "_id": "dd49780b8",
    "title": "",
    "text": "table of contents estimated amortization expense at september 26 , 2015 for each of five succeeding fiscal years was as follows:.\n goodwill in accordance with asc 350 , intangibles 2014goodwill other ( asc 350 ) , company tests goodwill for impairment at reporting unit level annual basis between annual tests if events circumstances indicate more likely not fair value of reporting unit is less than its carrying value.\n events could indicate impairment trigger interim impairment assessment include  current economic and market conditions , decline in market capitalization  significant adverse change in legal factors , business climate  operational performance business or key personnel  adverse action or assessment by regulator.\n in performing impairment test company utilizes two-step approach under asc 350.\n first step requires comparison of carrying value of each reporting unit to its estimated fair value.\n to estimate fair value of reporting units for step 1 company primarily utilizes income approach.\n income approach based on dcf analysis calculates fair value by estimating after-tax cash flows attributable to reporting unit and then discounting after-tax cash flows to present value using risk-adjusted discount rate.\n assumptions in dcf require significant judgment  including judgment about appropriate discount rates and terminal values , growth rates  amount and timing of expected future cash flows.\n forecasted cash flows based on company 2019s most recent budget and strategic plan for years beyond this period  company 2019s estimates are based on assumed growth rates expected as of measurement date.\n company believes assumptions consistent with plans and estimates used to manage underlying businesses.\n discount rates used to reflect risks in future cash flow projections based on estimates of weighted-average cost of capital ( 201cwacc 201d ) of market participants relative to each respective reporting unit.\nmarket approach considers comparable market data based on multiples of revenue or earnings before interest  taxes  depreciation amortization ( 201cebitda 201d ) primarily used as corroborative analysis to results dcf analysis.\n company believes its assumptions to determine fair value of reporting units are reasonable.\n if different assumptions used  particularly with to forecasted cash flows terminal values waccs market multiples , different estimates of fair value may result potential impairment charge could result.\n actual operating results and related cash flows of reporting units could differ from estimated operating results related cash flows.\n if carrying value of reporting unit exceeds estimated fair value , company required to perform second step of goodwill impairment test to measure impairment loss  if.\n second step goodwill impairment test compares implied fair value of reporting unit 2019s goodwill to its carrying value.\n implied fair value of goodwill is derived by performing hypothetical purchase price allocation for each reporting unit as of measurement date allocating reporting unit 2019s estimated fair value to assets and liabilities.\n residual amount from allocation represents implied fair value of goodwill.\n to extent this amount is below carrying value of goodwill , impairment charge is recorded.\n company conducted its fiscal 2015 impairment test on first day of fourth quarter  used dcf and market approaches to estimate fair value of reporting units as of june 28 , 2015  ultimately used fair value determined by dcf approach in making impairment test conclusions.\n company believes it used reasonable estimates and assumptions about future revenue  cost projections  cash flows  market multiples discount rates as of measurement date.\nresult of completing step 1  all company's reporting units had fair values exceeding carrying values step 2 impairment test not required.\n had fair value of each reporting units passed step 1 lower than 10% ( 10 % ) , all reporting units would still have passed step 1 goodwill impairment test.\n at september 26 , 2015  company believes each reporting unit  with goodwill aggregating 2. 81 billion , not at risk of failing step 1 goodwill impairment test based on current forecasts.\n company conducted fiscal 2014 annual impairment test on first day of fourth quarter used dcf and market approaches to estimate fair value of reporting units as of june 29 , 2014  used fair value determined by dcf approach in making impairment test conclusions.\n company believes it used reasonable estimates and assumptions about future revenue , cost projections  cash flows  market multiples and discount rates source : hologic inc , 10-k , november 19 , 2015 powered by morningstar ae document research 2120 information herein may not be copied , adapted or distributed not warranted to be accurate  complete or timely.\n user assumes all risks for any damages or losses from use of this information except to extent damages or losses cannot be limited or excluded by applicable law.\n past financial performance is no guarantee of future results.\n\nfiscal 2016 | $ 377.0\n----------- | -------\nfiscal 2017 | $ 365.6\nfiscal 2018 | $ 355.1\nfiscal 2019 | $ 343.5\nfiscal 2020 | $ 332.3"
}
{
    "_id": "dd4b9a788",
    "title": "",
    "text": "december 31 .\n equity compensation plan information securities authorized for issuance in definitive proxy statement for 2017 annual meeting of stockholders under caption 201csecurities authorized for issuance under equity compensation plans , 201d incorporated by reference.\n item 6.\n selected financial data.\n table presents selected financial information for past five years ( in millions except per share amounts ).\n selected statement of operations information for three years ended december 31 , 2016 selected balance sheet information of december 31 , 2016 and 2015 derived from read in conjunction with information in item 7 , 201cmanagement 2019s discussion analysis of financial condition and results of operations , 201d audited consolidated financial statements in item 8 , 201cfinancial statements supplementary data , 201d other financial information included in annual report on form 10-k.\n selected statement of operations information for two years ended december 31 , 2013 and 2012 selected balance sheet information as of december 31, 2014 , 2013 2012 derived from financial statements not included in annual report on form 10-k.\n 2016 2015 2014 2013 2012 selected statement of operations information : revenues $ 6497 $ 6394 $ 6265 $ 5535 $ 4487 operating income 2058 1985 2061 1975 1859 income from continuing operations, net of taxes 1218 1048 1137 1077 956 loss from discontinued operations , net of taxes 2014 ( 11 ) net income 1218 1048 1137 1077 945 net income available to discovery communications , inc.\n 1194 1034 1139 1075 943 basic earnings per share available to discovery communications , inc.\n series a , b c common stockholders : continuing operations $ 1. 97 $ 1. 59 $ 1. 67 $ 1. 50 $ 1. 27 discontinued operations 2014 ( 0. 01 ) net income 1. 97 1.59 1. 67 1. 50 1. 25 diluted earnings per share discovery communications  inc.\n series a , b c common stockholders continuing operations $ 1. 96 $ 1. 58 $ 1. 66 $ 1. 49 $ 1. 26 discontinued operations 2014 ( 0. 01 ) net income 1. 96 1. 58 1. 66 1. 49 1. 24 weighted average shares outstanding basic 401 432 454 484 498 diluted 610 656 687 722 759 selected balance sheet information cash cash equivalents $ 300 $ 390 $ $ $ 1201 total assets 15758 15864 15970 14934 12892 long-term debt current portion 82 119 1107 17 31 long-term portion 7841 7616 6002 6437 5174 total liabilities 10348 10172 9619 8701 6599 redeemable noncontrolling interests 243 241 747 36 2014 equity discovery communications  inc.\n 5167 5451 5602 6196 6291 total equity $ 5167 $ 5451 $ 5604 $ 6197 $ 6293 2022 income per share amounts not sum each calculated independently.\n 2022 september 30 , 2016  company recorded-temporary impairment $ 62 million investment lionsgate.\n december 2 , 2016 company acquired 39% ( 39 % ) minority interest group nine media media holding company contributions $ 100 million digital network businesses seeker sourcefed gain $ 50 million deconsolidation businesses.\n see note 4 consolidated financial statements.\n\n| december 312011 | december 312012 | december 312013 | december 312014 | december 312015 | december 312016\n---------- | --------------- | --------------- | --------------- | --------------- | --------------- | ---------------\ndisca      | $ 100.00        | $ 154.94        | $ 220.70        | $ 168.17        | $ 130.24        | $ 133.81\ndiscb      | $ 100.00        | $ 150.40        | $ 217.35        | $ 175.04        | $ 127.80        | $ 137.83\ndisck      | $ 100.00        | $ 155.17        | $ 222.44        | $ 178.89        | $ 133.79        | $ 142.07\ns&p 500    | $ 100.00        | $ 113.41        | $ 146.98        | $ 163.72        | $ 162.53        | $ 178.02\npeer group | $ 100.00        | $ 134.98        | $ 220.77        | $ 253.19        | $ 243.93        | $ 271.11"
}
{
    "_id": "dd4b9436a",
    "title": "",
    "text": "responsible parties  existing technology  laws regulations.\n ultimate liability for remediation difficult to determine of number of responsible parties involved site- specific cost sharing arrangements with parties degree of contamination by wastes scarcity quality of volumetric data related to sites speculative nature of remediation costs.\n current obligations not expected to material adverse effect on consolidated results of operations financial condition or liquidity.\n personal injury 2013 cost of personal injuries to employees others related to activities charged to expense based on estimates of ultimate cost and number of incidents each year.\n use third-party actuaries to assist measuring expense and liability including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n damages assessed based on finding of fault through litigation or out-of-court settlements.\n offer comprehensive variety of services and rehabilitation programs for employees injured at work.\n annual expenses for personal injury-related events were $ 240 million in 2006 $ 247 million in 2005  $ 288 million in 2004.\n as of december 31 , 2006 and 2005  accrued liabilities of $ 631 million and $ 619 million for future personal injury costs of $ 233 million and $ 274 million recorded in current liabilities as accrued casualty costs.\n personal injury liability discounted to present value using applicable.\n treasury rates.\n approximately 87% ( 87 % ) of recorded liability related to asserted claims approximately 13% ( 13 % ) related to unasserted claims.\n estimates can vary over time due to evolving trends in litigation.\n personal injury claims activity : claims activity 2006 2005 2004.\n depreciation 2013 railroad industry is capital intensive.\n properties carried at cost.\nprovisions for depreciation computed on straight-line method based on estimated service lives of depreciable property.\n lives calculated using separate composite annual percentage rate for each depreciable property group based on results internal depreciation studies.\n required to submit report on depreciation studies and proposed depreciation rates to stb for review approval every three years for equipment property six years for road property.\n cost ( net of salvage ) of depreciable railroad property retired or replaced business charged to accumulated depreciation no gain or loss recognized.\n gain or loss recognized in other income for other property upon disposition gain loss not part of rail operations.\n cost of internally developed software capitalized and amortized over five-year period.\n significant capital spending increased total value of depreciable assets.\n cash capital spending totaled $ 2. 2 billion for year ended december 31 , 2006.\n year december 31 2006 depreciation expense was $ 1. 2 billion.\n use various methods to estimate useful lives for each group of depreciable property.\n due to capital intensive nature business large base of depreciable assets variances to estimates could have effect on consolidated financial statements.\n if estimated useful lives of all depreciable assets increased by one year annual depreciation expense would decrease by approximately $ 43 million.\n if estimated useful lives of all assets depreciated decreased by one year annual depreciation expense increase by approximately $ 45 million.\n income taxes 2013 required under fasb statement no.\n 109 accounting for income taxes account for income taxes by recording taxes payable or refundable for current year and deferred tax assets and liabilities for future tax consequences of events recognized in financial statements or tax returns.\n\n\nclaims activity                           | 2006           | 2005           | 2004\n----------------------------------------- | -------------- | -------------- | --------------\nopen claims beginning balance             | 4197           | 4028           | 4085\nnew claims                                | 4190           | 4584           | 4366\nsettled or dismissed claims               | -4261 ( 4261 ) | -4415 ( 4415 ) | -4423 ( 4423 )\nopen claims ending balance at december 31 | 4126           | 4197           | 4028"
}
{
    "_id": "dd4c03814",
    "title": "",
    "text": "morgan stanley notes to consolidated financial statements 2014 ( continued ) consumer price index ).\n senior debt structured callable by company or extendible at option of holders of senior debt securities.\n debt containing provisions allow holders to put or extend notes aggregated $ 1175 million at december 31 , 2013 and $ 1131 million at december 31 , 2012.\n separate agreements entered by company 2019s subsidiaries allow holders to put notes aggregated $ 353 million at december 31 , 2013 and $ 1895 million at december 31 , 2012.\n subordinated debt and junior subordinated debentures issued to meet capital requirements of company or regulated subsidiaries primarily u. s.\n dollar denominated.\n senior debt 2014structured borrowings.\n company 2019s index-linked , equity-linked credit-linked borrowings include structured instruments payments and redemption values linked to performance of specific index ( e. g. , standard & poor 2019s 500 ) , basket of stocks specific equity security  credit exposure basket credit exposures.\n to minimize exposure from movements in underlying index, equity credit other position  company entered swap contracts purchased options convert borrowing costs into floating rates based libor.\n instruments included in preceding table at redemption values based on performance of underlying indices , baskets of stocks  specific equity securities , credit or other position or index.\n company carries entire structured borrowing at fair value or bifurcates embedded derivative carries it at fair value.\n swaps and purchased options used to economically hedge embedded features are derivatives carried at fair value.\n changes in fair value related to notes and economic hedges reported in trading revenues.\n see note 4 for further information on structured borrowings.\n subordinated debt junior subordinated debentures.\ncompany 2019s long-term borrowings are subordinated notes of $ 9275 million contractual weighted average coupon of 4. 69% ( 4. 69 % ) at december 31 , 2013 and $ 5845 million weighted average coupon 4. 81% ( 4. 81 % ) at december 31 , 2012.\n junior subordinated debentures outstanding company were $ 4849 million at december 31, 2013 and $ 4827 million at december 31 , 2012 contractual weighted average coupon of 6. 37% ( 6. 37 % ) at both december 31 2013 and december 31  2012.\n maturities of subordinated and junior subordinated notes range from 2014 to 2067.\n maturities certain junior subordinated debentures can be extended to 2052 at company 2019s option.\n asset and liability management.\n securities inventories not financed by secured funding sources majority of company 2019s assets are financed with combination deposits short-term funding  floating rate long-term debt or fixed rate long-term debt swapped to floating rate.\n fixed assets generally financed with fixed rate long-term debt.\n company uses interest rate swaps to match borrowings to duration holding period interest rate characteristics of assets funded manage interest rate risk.\n swaps convert certain company 2019s fixed rate borrowings into floating rate obligations.\n for non-u.\n dollar currency borrowings not used to fund assets in same currency company entered into currency swaps convert borrowings into.\n dollar obligations.\n company 2019s use of swaps for asset liability management affected effective average borrowing rate as:.\n included in weighted average and effective average calculations are non-u.\n dollar interest rates.\n.\ncompany , through subsidiaries maintains funded unfunded committed credit facilities to support various businesses including collateralized commercial residential mortgage whole loan  derivative contracts  warehouse lending  emerging market loan  structured product  corporate loan  investment banking prime brokerage businesses.\n\n| 2013           | 2012           | 2011\n----------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\nweighted average coupon of long-term borrowings at period-end ( 1 )                       | 4.4% ( 4.4 % ) | 4.4% ( 4.4 % ) | 4.0% ( 4.0 % )\neffective average borrowing rate for long-term borrowings after swaps at period-end ( 1 ) | 2.2% ( 2.2 % ) | 2.3% ( 2.3 % ) | 1.9% ( 1.9 % )"
}
{
    "_id": "dd4be43d8",
    "title": "",
    "text": "commitment expiration per period other commercial commitments after millions total 2012 2013 2014 2015 2016 2016.\n [a] none of credit facility used as of december 31 , 2011.\n [b] $ 100 million of receivables securitization facility utilized at december 31 , 2011 accounted for as debt.\n full program matures in august 2012.\n [c] includes guaranteed obligations related to headquarters building , equipment financings affiliated operations.\n [d] none letters of credit drawn upon as of december 31 , 2011.\n off-balance sheet arrangements guarantees 2013 at december 31 , 2011 contingently liable for $ 325 million in guarantees.\n recorded liability of $ 3 million for fair value of these obligations as of december 31 , 2011 and 2010.\n entered into contingent guarantees in normal course of business include guaranteed obligations related to headquarters building , equipment financings affiliated operations.\n final guarantee expires in 2022.\n not aware of existing event of default require to satisfy these guarantees.\n not expect guarantees material adverse effect on consolidated financial condition , results of operations or liquidity.\n other matters labor agreements 2013 in january 2010  nation 2019s largest freight railroads began current round of negotiations with labor unions.\n contract negotiations with unions over extended period of time.\n this round of negotiations no exception.\n in september 2011  rail industry reached agreements with united transportation union.\n on november 5 , 2011  presidential emergency board ( peb ) appointed by president obama issued recommendations to resolve disputes between.\n railroads and 11 unions not yet reached agreements.\n since then ten unions reached agreements with railroads all generally patterned on recommendations of peb unions ratified these agreements.\nrailroad industry reached tentative agreement with brotherhood of maintenance of way employees ( bmwe ) on february 2 , 2012 , eliminating immediate threat of national rail strike.\n bmwe now will commence ratification tentative agreement by members.\n inflation 2013 long periods of inflation increase asset replacement costs for capital-intensive companies.\n assuming replace all operating assets at current price levels depreciation charges ( on inflation-adjusted basis ) greater than historically reported amounts.\n derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist managing exposure to fluctuations in interest rates fuel prices.\n not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.\n derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item being hedged at inception and throughout hedged period.\n document nature and relationships between hedging instruments and hedged items at inception risk-management objectives  strategies for hedge transactions method of assessing hedge effectiveness.\n changes in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.\n may use swaps , collars  futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use of these derivative financial instruments may limit future benefits from favorable price movements.\n\nother commercial commitmentsmillions    | total  | amount of commitment expiration per period 2012 | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period after 2016\n--------------------------------------- | ------ | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | -----------------------------------------------------\ncredit facilities [a]                   | $ 1800 | $ -                                             | $ -                                             | $ -                                             | $ 1800                                          | $ -                                             | $ -\nreceivables securitization facility [b] | 600    | 600                                             | -                                               | -                                               | -                                               | -                                               | -\nguarantees [c]                          | 325    | 18                                              | 8                                               | 214                                             | 12                                              | 13                                              | 60\nstandby letters of credit [d]           | 24     | 24                                              | -                                               | -                                               | -                                               | -                                               | -\ntotal commercialcommitments             | $ 2749 | $ 642                                           | $ 8                                             | $ 214                                           | $ 1812                                          | $ 13                                            | $ 60"
}
{
    "_id": "dd4bd7caa",
    "title": "",
    "text": "operating cash flows impacted by seasonality businesses.\n typically generate most operating cash flow in third and fourth quarters of each year.\n in june 2015  issued $ 900 million of senior notes in registered public offering.\n senior notes consist of two tranches : $ 400 million five-year notes due 2020 coupon 3% ( 3 % ) and $ 500 million ten-year notes due 2025 coupon 4% ( 4 % ).\n used proceeds from senior notes to pay down revolving credit facility for general corporate purposes.\n on december 31 , 2017 outstanding amount senior notes net of underwriting commissions price discounts was $ 892. 6 million.\n cash flows summary of cash flows for years ended december 31, 2017 , 2016 2015.\n in millions ) 2017 2016 2015.\n net cash operating activities was $ 600. 3 million in 2017 compared to $ 650. 5 million in 2016 $ 429. 2 million in 2015.\n $ 50. 2 million decrease in cash operating activities from 2017 to 2016 due to higher build in working capital higher inventory purchases 2017 partially offset by higher net income.\n $ 221. 3 million increase in cash operating activities from 2015 to 2016 due to reduction in working capital in 2016 higher net income.\n net cash used in investing activities was $ 287. 7 million in 2017 compared to $ 385. 1 million in 2016 $ 766. 6 million in 2015.\n decrease of $ 97. 4 million from 2016 to 2017 due lower cost of acquisitions of $ 115. 1 million  offset by $ 15. 7 million higher capital expenditures.\n decrease of $ 381. 5 million from 2015 to 2016 due decrease in cost of acquisitions of $ 413. 1 million offset by $ 20. 8 million higher capital spending.\n net cash used in financing activities was $ 250. 1 million in 2017 compared to net cash $ 250.4 million in 2016 net cash by financing activities $ 398. 8 million in 2015.\n change of $ 649. 2 million in 2016 compared to 2015 primarily due to $ 372. 8 million higher share repurchases lower net borrowings of $ 240. 8 million.\n pension plans subsidiaries of fortune brands sponsor defined benefit pension plans funded by portfolio of investments within our benefit plan trust.\n in 2017 , 2016 2015  contributed $ 28. 4 million  zero and $ 2. 3 million  respectively to qualified pension plans.\n in 2018  expect to make pension contributions approximately $ 12. 8 million.\n as of december 31, 2017  fair value of total pension plan assets was $ 656. 6 million  representing funding of 79% ( 79 % ) of accumulated benefit obligation liability.\n foreseeable future believe sufficient liquidity to meet minimum funding required by pension protection act of 2006.\n foreign exchange operations in various foreign countries  principally canada  china mexico united kingdom  france australia japan.\n changes in value of related currencies affect financial statements when translated into.\n dollars.\n\n( in millions )                                       | 2017             | 2016             | 2015\n----------------------------------------------------- | ---------------- | ---------------- | ----------------\nnet cash provided by operating activities             | $ 600.3          | $ 650.5          | $ 429.2\nnet cash used in investing activities                 | -287.7 ( 287.7 ) | -385.1 ( 385.1 ) | -766.6 ( 766.6 )\nnet cash ( used in ) provided by financing activities | -250.1 ( 250.1 ) | -250.4 ( 250.4 ) | 398.8\neffect of foreign exchange rate changes on cash       | 9.0              | -2.0 ( 2.0 )     | -14.8 ( 14.8 )\nnet increase in cash and cash equivalents             | $ 71.5           | $ 13.0           | $ 46.6"
}
{
    "_id": "dd4c19a56",
    "title": "",
    "text": "in emerging markets , such as ghana , india  nigeria uganda , wireless networks less advanced than in united states , initial voice networks continue to deployed in underdeveloped areas.\n majority of consumers in these markets still utilize basic wireless services  predominantly on feature phones , advanced device penetration remains low.\n in more developed urban locations these markets , early-stage data network deployments underway.\n carriers focused on completing voice network build-outs while investing in initial data networks as wireless data usage and smartphone penetration customer bases accelerate.\n in markets with rapidly evolving network technology , as south africa most countries in latin america we do business , initial voice networks  for most part have already been built out , carriers focused on 3g and 4g network build outs.\n consumers in these regions increasingly adopting smartphones other advanced devices , usage of bandwidth-intensive mobile applications growing materially.\n recent spectrum auctions in these rapidly evolving markets allowed incumbent carriers to accelerate data network deployments enabled new entrants to begin initial investments in data networks.\n smartphone penetration and wireless data usage in these markets growing rapidly , requires carriers continue to invest in networks in to maintain and augment quality of service.\n in markets with more mature network technology  as germany france  carriers focused on deploying 4g data networks to account for rapidly increasing wireless data usage customer base.\n with higher smartphone and advanced device penetration higher per capita data usage , carrier investment in networks focused on 4g coverage and capacity.\n believe network technology migration seen in united states , led to denser networks meaningful new business commencements for over , will be replicated in less advanced international markets.\n we expect to to leverage our extensive international portfolio of approximately 104470 communications sites relationships built with carrier customers to drive sustainable  long-term growth.\n have master lease agreements with certain tenants provide for consistent long-term revenue reduce likelihood of churn.\n master lease agreements build augment strong strategic partnerships with tenants reduced colocation cycle times , providing tenants with ability to rapidly efficiently deploy equipment on our sites.\n property operations new site revenue growth.\n during year ended december 31 , 2016, we grew our portfolio of communications real estate through acquisition and construction of approximately 45310 sites.\n in majority of asia , emea and latin america markets  revenue from newly acquired or constructed sites resulted in increases in tenant and pass-through revenues ( ground rent or power and fuel costs ) and expenses.\n we continue to evaluate opportunities to acquire communications real estate portfolios  domestically and internationally, to determine they meet our risk-adjusted hurdle rates can integrate them into our existing portfolio.\n property operations expenses.\n direct operating expenses by property segments include direct site level expenses consist primarily of ground rent power and fuel costs  some or may passed through to tenants property taxes , repairs and maintenance.\n these segment direct operating expenses exclude all segment and corporate selling , general , administrative and development expenses , aggregated into one line item entitled selling , general , administrative and development expense in consolidated statements of operations.\n in our property segments 2019 selling , general , administrative development expenses do not significantly increase of adding incremental tenants to sites typically increase only modestly year-over-year.\n leasing additional space to new tenants on sites provides significant incremental cash flow.\nwe may  incur additional segment selling  general  administrative development expenses as we increase our presence in existing markets or expand into new markets.\n our profit margin growth positively impacted by addition of new tenants but can be temporarily diluted by development activities.\n\nnew sites ( acquired or constructed ) | 2016  | 2015  | 2014\n------------------------------------- | ----- | ----- | ----\nu.s .                                 | 65    | 11595 | 900\nasia                                  | 43865 | 2330  | 1560\nemea                                  | 665   | 4910  | 190\nlatin america                         | 715   | 6535  | 5800"
}
{
    "_id": "dd4bf398c",
    "title": "",
    "text": "management 2019s discussion analysis liquidity risk management liquidity critical importance to financial institutions.\n most recent failures of financial institutions occurred in due to insufficient liquidity.\n firm has in place comprehensive conservative liquidity and funding policies to address firm-specific and broader industry or market liquidity events.\n principal objective is to to fund firm enable core businesses to continue serve clients generate revenues even under adverse circumstances.\n we manage liquidity risk according to principles : excess liquidity.\n maintain substantial excess liquidity to meet broad potential cash outflows collateral needs in stressed environment.\n asset-liability management.\n assess anticipated holding periods for assets and expected liquidity in stressed environment.\n manage maturities diversity of funding across markets, products counterparties maintain liabilities of appropriate tenor relative to asset base.\n contingency funding plan.\n maintain contingency funding plan framework for analyzing responding to liquidity crisis situation or periods market stress.\n framework sets forth plan of action to fund normal business activity in emergency stress situations.\n principles discussed in more detail below.\n excess liquidity important liquidity policy is to pre-fund estimated potential cash and collateral needs during liquidity crisis hold excess liquidity in form of unencumbered  highly liquid securities and cash.\n believe securities held in our global core excess would be readily convertible to cash in days  through liquidation, by entering repurchase agreements or from maturities of reverse repurchase agreements this cash would allow us to meet immediate obligations without needing to sell other assets or depend on additional funding from credit-sensitive markets.\n as of december 2012 and december 2011  fair value of securities and certain overnight cash deposits included in our gce totaled $ 174. 62 billion and $ 171. 58 billion , respectively.\nbased on results of our internal liquidity risk model  discussed below consideration of other factors including qualitative assessment of condition of financial markets and firm , we believe our liquidity position as of december 2012 was appropriate.\n table below presents fair value of securities and certain overnight cash deposits included in our gce.\n average for year ended december in millions 2012 2011.\n.\n dollar-denominated excess is composed of i ) unencumbered.\n government and federal agency obligations ( including highly liquid.\n federal agency mortgage-backed obligations ) eligible as collateral in federal reserve open market operations and ii ) certain overnight.\n dollar cash deposits.\n non-u.\n dollar-denominated excess is composed of only unencumbered german , french  japanese united kingdom government obligations and certain overnight cash deposits in highly liquid currencies.\n we limit excess liquidity to this narrowly defined list of securities and cash because highly liquid  even in difficult funding environment.\n do not include other potential sources of excess liquidity less liquid unencumbered securities or committed credit facilities  in our gce.\n goldman sachs 2012 annual report 81\n\nin millions                  | average for theyear ended december 2012 | average for theyear ended december 2011\n---------------------------- | --------------------------------------- | ---------------------------------------\nu.s . dollar-denominated     | $ 125111                                | $ 125668\nnon-u.s . dollar-denominated | 46984                                   | 40291\ntotal                        | $ 172095                                | $ 165959"
}
{
    "_id": "dd4bae530",
    "title": "",
    "text": "entergy corporation subsidiaries notes to financial statements december 31, 2008  system energy had future minimum lease payments ( reflecting implicit rate of 5. 13% ( 5. 13 % ) ) recorded as long-term debt amount ( in thousands ).\n\n| amount ( in thousands )\n------------------------------------------- | -----------------------\n2009                                        | $ 47760\n2010                                        | 48569\n2011                                        | 49437\n2012                                        | 49959\n2013                                        | 50546\nyears thereafter                            | 103890\ntotal                                       | 350161\nless : amount representing interest         | 54857\npresent value of net minimum lease payments | $ 295304"
}
{
    "_id": "dd4b9ac88",
    "title": "",
    "text": "humana inc.\n notes to consolidated financial statements 2014 continued ) in spe transactions.\n adoption of fin 46 or fin 46-r material impact on our financial position results of operations or cash flows.\n in december 2004  fasb issued statement no.\n 123r , share-based payment  statement 123r  requires companies to expense fair value of employee stock options and other forms of stock-based compensation.\n requirement represents significant change because fixed-based stock option awards predominate form of stock compensation for not recognized as compensation expense under apb 25.\n statement 123r requires cost of award  determined on date of grant at fair value be recognized over period during employee required to provide service in exchange for award ( usually vesting period ).\n grant-date fair value of award estimated using option-pricing models.\n required to adopt statement 123r no later than july 1, 2005 under one of three transition methods including prospective , retrospective combination approach.\n disclosed on page 67 effect of expensing stock options under fair value approach using black-scholes pricing model for 2004 , 2003 2002.\n evaluating provisions of statement 123r and expected effect on us including reviewing compensation strategies related to stock-based awards selecting option pricing model determining transition method.\n in march 2004  fasb issued eitf issue no.\n 03-1  eitf 03-1  meaning of other-than- temporary impairment application to certain investments.\n eitf 03-1 includes new guidance for evaluating and recording impairment losses on certain debt and equity investments when fair value of investment security is less than carrying value.\n in september 2004  fasb delayed scheduled third quarter 2004 effective date until issuance of additional implementation guidance expected in 2005.\nupon issuance of final standard  evaluate impact on consolidated financial position results of operations.\n 3.\n acquisitions february 16 , 2005  acquired careplus health plans of florida  careplus  affiliated 10 medical centers pharmacy company.\n careplus provides medicare advantage hmo plans benefits to medicare eligible members in miami-dade , broward palm beach counties.\n acquisition enhances medicare market position in south florida.\n paid approximately $ 450 million in cash including estimated transaction costs subject to balance sheet settlement process with nine month claims run-out period.\n process of allocating purchase price to net tangible and intangible assets.\n april 1, 2004  acquired ochsner health plan , ochsner  from ochsner clinic foundation.\n ochsner is louisiana health benefits company offering network-based managed care plans to employer-groups medicare eligible members.\n acquisition enabled to enter new market with significant market share facilitate new sales opportunities in this surrounding markets including houston , texas.\n paid $ 157. 1 million in cash  including transaction costs.\n fair value of tangible assets ( liabilities ) as of acquisition date follows:.\n\n| ( in thousands )\n-------------------------------------------- | ----------------\ncash and cash equivalents                    | $ 15270\ninvestment securities                        | 84527\npremiums receivable and other current assets | 20616\nproperty and equipment and other assets      | 6847\nmedical and other expenses payable           | -71063 ( 71063 )\nother current liabilities                    | -21604 ( 21604 )\nother liabilities                            | -82 ( 82 )\nnet tangible assets acquired                 | $ 34511"
}
{
    "_id": "dd4bfe2a6",
    "title": "",
    "text": "performance graph graph compares yearly change in cumulative total stockholder return for last five full fiscal years  based upon market price of our common stock , with cumulative total return on nasdaq composite index (. s.\n companies ) and peer group , nasdaq medical equipment-sic code 3840-3849 index , of medical equipment companies for period.\n performance graph assumes investment of $ 100 on march 31 , 2006 in our common stock , nasdaq composite index (.\n companies ) peer group index , and reinvestment of any all dividends.\n graph not 201csoliciting material 201d under regulation 14a or 14c of rules under securities exchange act of 1934  not deemed filed with securities and exchange commission not to be incorporated by reference in filings under securities act of 1933 , as amended , or exchange act made before or after date hereof irrespective of general incorporation language in filing.\n transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038  is our stock transfer agent.\n\n| 3/31/2006 | 3/31/2007 | 3/31/2008 | 3/31/2009 | 3/31/2010 | 3/31/2011\n------------------------------------------- | --------- | --------- | --------- | --------- | --------- | ---------\nabiomed inc                                 | 100       | 105.89    | 101.86    | 37.98     | 80.00     | 112.64\nnasdaq composite index                      | 100       | 103.50    | 97.41     | 65.33     | 102.49    | 118.86\nnasdaq medical equipment sic code 3840-3849 | 100       | 88.78     | 84.26     | 46.12     | 83.47     | 91.35"
}
{
    "_id": "dd4bb1d3e",
    "title": "",
    "text": "determine stock-based compensation expense grant date fair value applied to options granted with reduction for estimated forfeitures.\n recognize compensation expense for stock options straight-line basis over specified vesting period.\n at december 31 , 2013 and 2012 options for 10204000 and 12759000 shares of common stock exercisable at weighted-average price of $ 89. 46 and $ 90. 86 .\n total intrinsic value of options exercised during 2014  2013 2012 was $ 90 million , $ 86 million and $ 37 million.\n cash received from option exercises under incentive plans for 2014 2013 2012 was approximately $ 215 million, $ 208 million and $ 118 million.\n tax benefit realized from option exercises under incentive plans for was approximately $ 33 million , $ 31 million and $ 14 million.\n shares of common stock available next year for granting of options and other awards under incentive plans were 17997353 at december 31 , 2014.\n total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 19017057 shares at december 31 , 2014 includes shares available for issuance under incentive plans and employee stock purchase plan ( ).\n during 2014  issued approximately 2. 4 million shares from treasury stock in connection with stock option exercise activity.\n intend to utilize primarily treasury stock for future stock option exercises.\n awards granted to non-employee directors in 2014 , 2013 2012 include 21490 , 27076 and 25620 deferred stock units awarded under outside directors deferred stock unit plan.\n deferred stock unit is phantom share of common stock accounted for as liability until awards paid to participants in cash.\n no vesting or service requirements on awards total compensation expense recognized in full for awards on date of grant.\nincentive/performance unit share awards restricted stock/share unit awards fair value of nonvested incentive stock determined based on prices not less than market value of our common stock on date of grant.\n value of certain incentive/performance unit share awards remeasured based on achievement of one or more financial and other performance goals.\n personnel and compensation committee ( 201cp&cc 201d ) of board of directors approves final award payout certain incentive/performance unit share awards.\n these awards have three-year or four-year performance period payable in stock or combination of stock and cash.\n restricted stock/share unit awards have vesting periods from 3 years to 5 years.\n beginning in 2013  incorporated enhanced risk- related performance changes to long-term incentive compensation programs.\n to achieving certain financial performance metrics final payout amounts subject to reduction if pnc fails to meet certain risk-related performance metrics in award agreements.\n p&cc has discretion to waive any or this reduction under certain circumstances.\n weighted-average grant date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2014, 2013 and 2012 was $ 80. 79 , $ 64. 77 and $ 60. 68 per share , respectively.\n total fair value of incentive/performance unit share restricted stock/unit awards vested during 2014 , 2013 and 2012 was approximately $ 119 million , $ 63 million and $ 55 million , respectively.\n recognize compensation expense for such awards ratably over corresponding vesting and/or performance periods for each type of program.\ntable 121 nonvested incentive/performance unit share awards restricted stock unit awards 2013 rollforward shares thousands nonvested incentive performance unit shares weighted average grant date value restricted stock weighted average grant date value.\n pnc financial services group.\n 2013 form 10-k 185\n\nshares in thousands december 31 2013 | nonvested incentive/ performance unit shares 1647 | weighted-averagegrant datefair value $ 63.49 | nonvested restricted stock/ share units 3483 | weighted-averagegrant datefair value $ 62.70\n------------------------------------ | ------------------------------------------------- | -------------------------------------------- | -------------------------------------------- | --------------------------------------------\ngranted                              | 723                                               | 79.90                                        | 1276                                         | 81.29\nvested/released                      | -513 ( 513 )                                      | 63.64                                        | -962 ( 962 )                                 | 62.32\nforfeited                            | -20 ( 20 )                                        | 69.18                                        | -145 ( 145 )                                 | 69.44\ndecember 31 2014                     | 1837                                              | $ 69.84                                      | 3652                                         | $ 69.03"
}
{
    "_id": "dd49707dc",
    "title": "",
    "text": "company had net realized capital losses 2015 $ 184. 1 million.\n 2015 recorded $ 102. 2 million other-than-temporary impairments on fixed maturity securities $ 45. 6 million losses due to fair value re-measurements $ 36. 3 million net realized capital losses from sales fixed maturity equity securities.\n 2014 net capital gains $ 84. 0 million due to $ 121. 7 million gains from fair value re-measurements maturity equity securities $ 1. 9 million net realized capital gains from sales fixed maturity equity securities offset by $ 39. 5 million other-than- temporary impairments on fixed maturity securities.\n 2013 net realized capital gains $ 300. 2 million due to $ 258. 9 million gains due to fair value re-measurements maturity equity securities $ 42. 4 million net realized capital gains from sales fixed maturity equity securities offset by $ 1. 1 million other-than-temporary impairments on fixed maturity securities.\n company cash invested assets totaled $ 17. 7 billion at december 31 , 2015 87. 4% ( 87. 4 % ) fixed maturities cash 91. 4% ( 91. 4 % ) investment grade 8. 2% ( 8. 2 % ) equity securities 4. 4% ( 4. 4 % ) other invested assets.\n average maturity of fixed maturity securities 4. 1 years at december 31 , 2015 overall duration 3. 0 years.\ndecember 31, 2015 company direct investments in commercial real estate mortgages material holdings of derivative investments ( other than equity index option contracts in item 8 , 201cfinancial statements supplementary data 201d - note 4 consolidated financial statements ) or securities of issuers experiencing cash flow difficulty management believes could threaten issuer meet debt service payments except-temporary impairments recognized.\n company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) book value $ 264. 9 million market value $ 266. 3 million.\n securities more than 70% ( 70 % ) of december 31, 2015 market value rated aaa by standard & poor 2019s financial services llc.\n securities more than 90% ( 90 % ) of market value rated investment grade by standard & poor 2019s.\n table reflects investment results for company for periods indicated:.\n pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430. 8$ 473. 8$ 2. 72% ( 2. 72 % ) ( 184. 1 ) $ ( 194. 0 ) $ 16831. 9 530. 6 3. 15% ( 3. 15 % ) 84. 0 20. 3 16472. 5 548. 5 3. 33% ( 3. 33 % ) 300. 2 ( 467. 2 ) 16220. 9 600. 2 3. 70% ( 3. 70 % ) 164. 4 161. 0 15680. 9 620. 0 3. 95% ( 3. 95 % ) 6. 9 106. 6 ( 1 ) average of beginning and ending carrying values of investments cash  less net funds held  future policy benefit reserve  non-interest bearing cash.\n bonds  common stock redeemable non-redeemable preferred stocks carried at market value.\n common stock actively managed carried at fair value.\n 2 after investment expenses excluding net capital gains losses ).\n 3 ) included in 2015  2014 2013 2012 2011 fair value re-measurements of ( $ 45. 6 ) million  $ 121. 7 million  $ 258. 9 million  $ 118. 1 million $ 4. 4 ) million  respectively.\n\n( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses )\n----------------------- | --------------------------------------- | --------------------------------------------- | ------------------------------------- | ----------------------------------------------------------------- | -------------------------------------------------------------\n2015                    | $ 17430.8                               | $ 473.8                                       | 2.72% ( 2.72 % )                      | $ -184.1 ( 184.1 )                                                | $ -194.0 ( 194.0 )\n2014                    | 16831.9                                 | 530.6                                         | 3.15% ( 3.15 % )                      | 84.0                                                              | 20.3\n2013                    | 16472.5                                 | 548.5                                         | 3.33% ( 3.33 % )                      | 300.2                                                             | -467.2 ( 467.2 )\n2012                    | 16220.9                                 | 600.2                                         | 3.70% ( 3.70 % )                      | 164.4                                                             | 161.0\n2011                    | 15680.9                                 | 620.0                                         | 3.95% ( 3.95 % )                      | 6.9                                                               | 106.6"
}
{
    "_id": "dd4c05bc8",
    "title": "",
    "text": "segment includes awe our share of earnings for investment in ula provides expendable launch services to.\n government.\n space systems 2019 operating results included in millions ) :.\n 2016 compared to 2015 space systems 2019 net sales 2016 increased $ 304 million  or 3% ( 3 % ) compared to 2015.\n increase attributable to net sales $ 410 million from awe following consolidation business third quarter 2016 approximately $ 150 million for commercial space transportation programs due to increased launch-related activities approximately $ 70 million higher net sales for programs primarily fleet ballistic missiles ) due to increased volume.\n increases partially offset by decrease in net sales $ 340 million for government satellite programs due to decreased volume primarily sbirs muos ) wind-down completion of mission solutions programs.\n space systems 2019 operating profit in 2016 increased $ 118 million  or 10% ( 10 % ) compared to 2015.\n increase attributable to non-cash pre-tax gain of $ 127 million to consolidation of awe $ 80 million increased equity earnings from joint ventures primarily ula ).\n increases partially offset by decrease of approximately $ 105 million for government satellite programs due to lower risk retirements primarily sbirs muos mission solutions programs decreased volume.\n adjustments not volume including net profit booking rate adjustments approximately $ 185 million lower in 2016 compared to 2015.\n 2014 space systems 2019 net sales in 2015 decreased $ 97 million  or 1% ( 1 % )  compared to 2014.\n decrease attributable to $ 335 million lower net sales for government satellite programs due to decreased volume primarily aehf ) wind-down completion of mission solutions programs approximately $ 55 million for strategic missile defense systems due to lower volume.\n decreases partially offset by higher net sales of $ 235 million for businesses acquired in 2014 approximately $ 75 million for orion program due to increased volume.\nspace systems 2019 operating profit 2015 decreased $ 16 million 1% ( 1 % ) compared to 2014.\n operating profit increased $ 85 million for government satellite programs due to increased risk retirements.\n increase offset by lower operating profit $ 65 million for commercial satellite programs due to performance matters certain programs $ 35 million due to decreased equity earnings in joint ventures.\n adjustments not related to volume including net profit booking rate adjustments $ 105 million higher 2015 compared to 2014.\n equity earnings total equity earnings recognized by space systems primarily ula ) represented $ 325 million , $ 245 million $ 280 million or 25% ( 25 % ), 21% ( 21 % ) 24% ( 24 % ) of business segment 2019s operating profit 2016 , 2015 backlog backlog increased 2016 compared 2015 due to addition of awe 2019s backlog.\n backlog decreased 2015 compared 2014 due to lower orders for government satellite programs orion program higher sales orion program.\n expect space systems 2019 2017 net sales to decrease mid-single digit percentage range compared to 2016 driven by program lifecycles on government satellite programs partially offset by recognition of awe net sales full year 2017 versus partial year 2016 following consolidation of awe third quarter 2016.\n operating profit\n\n| 2016             | 2015             | 2014\n------------------ | ---------------- | ---------------- | ----------------\nnet sales          | $ 9409           | $ 9105           | $ 9202\noperating profit   | 1289             | 1171             | 1187\noperating margin   | 13.7% ( 13.7 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % )\nbacklog atyear-end | $ 18900          | $ 17400          | $ 20300"
}
{
    "_id": "dd4bce3c6",
    "title": "",
    "text": "new term loan facility  remaining unpaid principal amount of loans new facility due payable in full at maturity on june 6 , 2021.\n principal amounts outstanding under new revolving loan facility due payable in full at maturity on june 6 , 2021 subject to earlier repayment pursuant springing maturity date described above.\n in addition to paying interest on outstanding principal under borrowings obligated to pay quarterly commitment fee rate determined by reference total leverage ratio maximum commitment fee of 40% ( 40 % ) of applicable margin for eurocurrency loans.\n in july 2016  breakaway four , ltd.  borrower  nclc , guarantor entered supplemental agreement amended breakaway four loan to increase aggregate principal amount of commitments under multi-draw term loan credit facility from 20ac590. 5 million to 20ac729. 9 million.\n june 2016  took delivery of seven seas explorer.\n to finance payment due upon delivery export credit financing in place for 80% ( 80 % ) of contract price.\n associated $ 373. 6 million term loan bears interest at 3. 43% ( 3. 43 % ) maturity date of june 30 , 2028.\n principal and interest payments paid semiannually.\n december 2016  nclc issued $ 700. 0 million aggregate principal amount of 4. 750% ( 4. 750 % ) senior unsecured notes due december 2021 ( 201cnotes 201d ) in private offering ( 201d ).\n nclc used net proceeds from offering after deducting initial purchasers 2019 discount estimated fees and expenses cash on hand to purchase outstanding 5. 25% ( 5. 25 % ) senior notes due 2019 aggregate outstanding principal amount of $ 680 million.\n redemption of 5. 25% ( 5.25 % ) senior notes due 2019 completed january 2017.\n nclc pay interest on notes at 4. 750% ( 4. 750 % ) per annum  semiannually june 15 and december 15 each year commencing june 15 , 2017  to holders of record at close of business immediately preceding june 1 and december 1 , respectively.\n nclc may redeem notes  whole or part time prior to december 15 , 2018 price equal to 100% ( 100 % ) of principal amount notes redeemed plus accrued and unpaid interest to not including redemption date and 201cmake-whole premium. 201d nclc may redeem notes whole or part on or after december 15 , 2018 at redemption prices set forth in indenture governing notes.\n any time ( may more than once ) or prior to december 15 , 2018  nclc may choose redeem up to 40% ( 40 % ) of aggregate principal amount notes at redemption price equal to 104. 750% ( 104. 750 % ) of face amount with amount equal to net proceeds of one or more equity offerings long at least 60% ( 60 % ) of aggregate principal amount of notes issued remains outstanding following redemption.\nindenture governing notes contains covenants limit nclc 2019s ability ( and its restricted subsidiaries 2019 ability ) to  : i ) incur or guarantee additional indebtedness or issue preferred shares ; ii pay dividends make other restricted payments ; iii create restrictions on payment of dividends or other distributions to nclc from restricted subsidiaries ; iv ) create liens on assets to secure debt v make certain investments vi engage in transactions with affiliates vii engage in sales of assets and subsidiary stock viii ) transfer all or all assets or enter into merger or consolidation transactions.\n indenture governing notes provides for events of default , if occurs permit require principal , premium , interest other monetary obligations on all then-outstanding notes to become due and payable immediately.\n interest expense , net for year ended december 31 , 2016 was $ 276. 9 million included $ 34. 7 million of amortization of deferred financing fees $ 27. 7 million loss on extinguishment of debt.\n interest expense , net for year ended december 31 , 2015 was $ 221. 9 million included $ 36. 7 million of amortization of deferred financing fees $ 12. 7 million loss on extinguishment of debt.\n interest expense , net for year ended december 31 , 2014 was $ 151. 8 million included $ 32. 3 million of amortization of deferred financing fees $ 15. 4 million of expenses related to financing transactions in connection with acquisition of prestige.\n certain our debt agreements contain covenants require us to maintain minimum level of liquidity  limit our net funded debt-to-capital ratio  maintain certain other ratios restrict ability to pay dividends.\n all our ships and other property and equipment are pledged as collateral for certain our debt.\nbelieve in compliance with covenants as of december 31, 2016.\n following scheduled principal repayments on long-term debt including capital lease obligations as of december 31 , 2016 next five years thousands ) :.\n accrued interest liability of $ 32. 5 million and $ 34. 2 million as of december 31 , 2016 and 2015  respectively.\n\nyear       | amount\n---------- | ---------\n2017       | $ 560193\n2018       | 554846\n2019       | 561687\n2020       | 1153733\n2021       | 2193823\nthereafter | 1490322\ntotal      | $ 6514604"
}
{
    "_id": "dd4b936f4",
    "title": "",
    "text": "for fiscal year 2005  effective tax rate includes impact of $ 11. 6 million tax expense associated with repatriation of approximately $ 185. 0 million of foreign earnings under provisions american jobs creation act of 2004.\n for fiscal year 2004  effective tax rate reflects tax benefit from higher earnings in low-tax jurisdictions.\n fiscal year 2006  due to tax accounting method change decrease of $ 83. 2 million in current deferred tax assets corresponding increase in non-current deferred tax assets.\n third quarter of fiscal year 2006  changed tax accounting method on tax return for fiscal year 2005 with respect to current portion of deferred revenue to follow recognition of revenue under.\n generally accepted accounting principles.\n accounting method change other adjustments to taxable income upon filing fiscal year 2005 tax return resulted in increase in operating loss ( nol ) carryforwards.\n in may 2006  tax increase prevention and reconciliation act of 2005 enacted provides three-year exception to current.\n taxation of certain foreign intercompany income.\n provision will first apply to synopsys in fiscal year 2007.\n management estimates such provisions applied for fiscal 2006  income tax expense would have been reduced by approximately $ 3 million.\n in december 2006  tax relief and health care act of 2006 enacted retroactively extended research and development credit from january 1 , 2006.\n record expected increase in fiscal 2006 research and development credit of between $ 1. 5 million and $ 1. 8 million in first quarter of fiscal 2007.\n revision of prior year financial statements.\n remediation of material weakness in internal control over financial reporting identified in fiscal 2005 to accounting for income taxes implemented additional internal control and review procedures.\n fourth quarter of fiscal 2006  identified four errors totaling $ 8.2 million affected income tax provision in fiscal years 2001 through 2005.\n concluded errors not material to prior year financial statements.\n prior elected to revise prior year financial statements to correct errors.\n fiscal periods errors originated resulting change in provision ( benefit ) for income taxes each year reflected in table : year ended october 31 ( in thousands ).\n errors : 1 ) synopsys inadvertently provided $ 1. 4 million tax benefit for write- off of goodwill acquisition in fiscal 2002 ; 2 ) synopsys did not accrue interest and penalties for foreign tax contingency items amount $ 3. 2 million ; 3 ) synopsys made computational errors relating to foreign dividends of $ 2. 3 million ; 4 ) synopsys did not record valuation allowance certain state tax credits of $ 1. 3 million.\n result of revision non-current deferred tax assets decreased by $ 8. 1 million current taxes payable increased by $ 0. 2 million.\n retained earnings decreased by $ 8. 2 million additional paid in capital decreased by $ 0. 1 million.\n see item 9a.\n controls and procedures for further discussion of remediation of material weakness.\n tax effects of stock awards.\n in november 2005 fasb issued staff position ( fsp ) on fas 123 ( r ) -3, transition election related to accounting for tax effects of share-based payment awards.\n effective upon issuance fsp describes alternative transition method for calculating tax effects of share-based compensation sfas 123 ( r ).\n alternative transition method includes simplified methods to establish beginning balance of additional paid-in capital pool ( apic pool ) related to tax effects of employee stock based compensation determine subsequent impact on apic pool and statement of cash flows of tax effects of employee share-based compensation\n\n2001  | 2002   | 2003   | 2004           | 2005\n----- | ------ | ------ | -------------- | ------\n$ 205 | $ 1833 | $ 5303 | $ -748 ( 748 ) | $ 1636"
}
{
    "_id": "dd4bbe0d4",
    "title": "",
    "text": "table of contents company stock performance graph shows five-year comparison of cumulative total shareholder return , calculated on dividend reinvested basis for company , s&p 500 index  s&p computer hardware index  dow jones u. s.\n technology supersector index.\n graph assumes $ 100 invested in each of company 2019s common stock , s&p 500 index  s&p computer hardware index  dow jones u. s.\n technology supersector index as of market close on september 30 , 2008.\n data points on graph are annual.\n historic stock price performance not indicative of future stock price performance.\n fiscal year ending september 30.\n copyright 2013 s&p , division of mcgraw-hill companies inc.\n all rights reserved.\n copyright 2013 dow jones & co.\n all rights reserved.\n *$ 100 invested on 9/30/08 in stock or index , including reinvestment of dividends.\n september 30 , september 30.\n\n| september 30 2008 | september 30 2009 | september 30 2010 | september 30 2011 | september 30 2012 | september 30 2013\n----------------------------------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | -----------------\napple inc .                               | $ 100             | $ 163             | $ 250             | $ 335             | $ 589             | $ 431\ns&p 500 index                             | $ 100             | $ 93              | $ 103             | $ 104             | $ 135             | $ 161\ns&p computer hardware index               | $ 100             | $ 118             | $ 140             | $ 159             | $ 255             | $ 197\ndow jones us technology supersector index | $ 100             | $ 111             | $ 124             | $ 128             | $ 166             | $ 175"
}
{
    "_id": "dd4baf534",
    "title": "",
    "text": "notes to consolidated financial statements 2013 ( continued ) ( amounts in millions  except per share amounts ) guarantees we guaranteed certain obligations of subsidiaries relating to operating leases and uncommitted lines of credit of certain subsidiaries.\n as of december 31 , 2018 and 2017  parent company guarantees on lease obligations was $ 824. 5 and $ 829. 2 , parent company guarantees relating to uncommitted lines of credit was $ 349. 1 and $ 308. 8 , parent company guarantees related to daylight overdrafts manage intra-day overdrafts due to timing of transactions under cash pooling arrangements without incremental borrowings was $ 207. 8 and $ 182. 2 , respectively.\n in of non-payment by applicable subsidiary of obligations covered by guarantee we obligated to pay amounts covered by guarantee.\n as of december 31 , 2018 no material assets pledged as security for parent company guarantees.\n contingent acquisition obligations table details estimated future contingent acquisition obligations payable in cash as of december 31.\n entered into certain acquisitions contain redeemable noncontrolling interests and call options with similar terms and conditions.\n estimated amounts paid in event exercise at earliest exercise date.\n certain redeemable noncontrolling interests exercisable at discretion of noncontrolling equity owners as of december 31 , 2018.\n estimated payments of $ 24. 9 included within total payments expected in 2019  continue to carried forward into 2020 or beyond until exercised or expired.\n redeemable noncontrolling interests included in table at current exercise price payable in cash not at applicable redemption value in accordance with authoritative guidance for classification and measurement of redeemable securities.\nmajority of payments contingent upon achieving projected operating performance targets and satisfying other conditions specified in related agreements subject to revision in accordance with terms of respective agreements.\n see note 5 for further information relating to payment structure of our acquisitions.\n legal matters we involved in various legal proceedings  subject to investigations , inspections , audits  inquiries similar actions by governmental authorities arising in normal course of business.\n types of allegations in connection with legal proceedings vary in nature can include claims related to contract , employment , tax intellectual property matters.\n we evaluate all cases each reporting period record liabilities for losses from legal proceedings when determine probable outcome in legal proceeding be unfavorable and amount  potential range of loss can be reasonably estimated.\n in certain cases  we cannot reasonably estimate potential loss because  for example litigation in early stages.\n outcome related to litigation or governmental proceedings in involved cannot be predicted with certainty, management believes outcome of these matters individually in aggregate will not have material adverse effect on our financial condition , results of operations or cash flows.\n as previously disclosed on april 10 , 2015 , federal judge in brazil authorized search of records of agency 2019s offices in s e3o paulo and brasilia  in connection with ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts.\n company had previously investigated matter taken remedial and disciplinary actions.\n company in process of concluding settlement related to these matters with government agencies settlement fully executed in april 2018.\n company previously provided for such settlement in consolidated financial statements.\n\n| 2019   | 2020   | 2021   | 2022   | 2023   | thereafter | total\n--------------------------------------------------------------------- | ------ | ------ | ------ | ------ | ------ | ---------- | -------\ndeferred acquisition payments                                         | $ 65.7 | $ 20.0 | $ 23.6 | $ 4.7  | $ 10.2 | $ 2.7      | $ 126.9\nredeemable noncontrolling interests and call options with affiliates1 | 30.1   | 30.6   | 42.9   | 5.7    | 3.5    | 2.5        | 115.3\ntotal contingent acquisition payments                                 | $ 95.8 | $ 50.6 | $ 66.5 | $ 10.4 | $ 13.7 | $ 5.2      | $ 242.2"
}
{
    "_id": "dd4b88aa6",
    "title": "",
    "text": "notes to consolidated financial statements at december 31, 2007  future minimum rental payments required under operating leases for continuing operations initial noncancelable lease terms excess one year net of sublease rental income most pertain to real estate leases as follows : ( millions ).\n aon corporation\n\n2008                            | $ 317\n------------------------------- | ------\n2009                            | 275\n2010                            | 236\n2011                            | 214\n2012                            | 191\nlater years                     | 597\ntotal minimum payments required | $ 1830"
}
{
    "_id": "dd4c3b2b4",
    "title": "",
    "text": "( v ) bankruptcy , insolvency similar proceedings  ( vi ) inability to pay debts  vii ) judgment defaults of $ 15 million or more viii ) customary erisa environmental defaults  ( ix ) actual or asserted invalidity of material provision loan documentation or impairment of portion collateral  x ) failure of subordinated indebtedness xi ) change of control.\n borrowings under credit agreement accrue interest at variable rates depend on type (.\n dollar or canadian dollar ) duration of borrowing plus applicable margin rate.\n weighted-average interest rates including effect of interest rate swap agreements on borrowings outstanding against senior secured credit facility at december 31 , 2010 and 2009 were 3. 97% ( 3. 97 % ) and 4. 53% ( 4. 53 % ) .\n borrowings against senior secured credit facility totaled $ 590. 1 million and $ 595. 7 million at december 31 , 2010 and 2009  $ 50. 0 million and $ 7. 5 million were classified as current maturities.\n incur commitment fees on unused portion of revolving credit facility ranging from 0. 38% ( 0. 38 % ) to 0. 50% ( 0. 50 % ).\n consideration for business acquisitions completed during 2010, 2009 2008 issued promissory notes totaling approximately $ 5. 5 million , $ 1. 2 million and $ 1. 6 million .\n notes bear interest at annual rates of 2. 0% ( 2. 0 % ) to 4. 0% ( 4. 0 % )  interest payable at maturity or in monthly installments.\n.\n derivative instruments hedging activities exposed to market risks including effect of changes in interest rates foreign currency exchange rates commodity prices.\ncurrent policies we use derivatives to manage exposure to variable interest rates on credit agreement not attempt to hedge foreign currency and commodity price risks.\n do not hold or issue derivatives for trading purposes.\n at december 31 , 2010  had interest rate swap agreements in place to hedge variable interest rate risk on variable rate term loans objective of minimizing impact of interest rate fluctuations stabilizing cash flows.\n beginning on effective dates interest rate swap agreements monthly basis through maturity date we paid and will pay fixed interest rate received and will receive payment at variable rate of interest based on london interbank offered rate ( 201clibor 201d ) notional amount.\n interest rate swap agreements qualify as cash flow hedges elected to apply hedge accounting for swap agreements.\n effective portion of changes in fair value of interest rate swap agreements recorded in other comprehensive income reclassified to interest expense when underlying interest payment impact on earnings.\n ineffective portion of changes in fair value interest reported in interest expense.\n following table summarizes terms of interest rate swap agreements as of december 31 , 2010:.\n * includes applicable margin of 2. 25% ( 2. 25 % ) per annum in effect under credit agreement as of december 31 , 2010 fair market value of $ 200 million notional amount swap was liability of $ 1. 4 million  included in other accrued expenses on consolidated balance sheet.\n fair market value of other swap contracts was asset of $ 4. 8 million , included in other assets on consolidated balance sheet as of december 31 , 2010.\n as of december 31 , 2009  fair market value of interest rate swap contracts was liability of $ 10. 2 million included in other accrued expenses ( $ 5. 0 million ) and other noncurrent liabilities ( $ 5. 2 million ) on consolidated balance sheet.\n\nnotional amount | effective date  | maturity date   | fixed interest rate*\n--------------- | --------------- | --------------- | --------------------\n$ 200000000     | april 14 2008   | april 14 2011   | 4.99% ( 4.99 % )\n$ 250000000     | october 14 2010 | october 14 2015 | 3.81% ( 3.81 % )\n$ 100000000     | april 14 2011   | october 14 2013 | 3.34% ( 3.34 % )"
}
{
    "_id": "dd4bfadae",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 continued charges amounts due probable at settlement.\n aggregate cash surrender value of life insurance policies was $ 90. 5 million and $ 77. 1 million as of december 31 , 2015 and 2014 classified in other assets in consolidated balance sheets.\n dcp liability was $ 83. 3 million and $ 76. 3 million as of december 31 , 2015 2014 classified in other long-term liabilities in balance sheets.\n employee stock purchase plan republic employees eligible to participate in employee stock purchase plan.\n plan allows participants purchase common stock for 95% ( 95 % ) of quoted market price last day of each calendar quarter.\n years ended december 31, 2015 , 2014 2013  issuances under plan totaled 141055 shares , 139941 shares 142217 shares.\n as of december 31 , 2015 shares reserved for issuance to employees totaled 0. 6 million republic held employee contributions of approximately $ 1. 4 million for purchase of common stock.\n.\n stock repurchases dividends stock repurchases repurchase activity during years ended december 31 , 2015 and 2014 follows millions :.\n as of december 31 , 2015  0. 1 million repurchased shares pending settlement $ 3. 7 million unpaid included within accrued liabilities.\n in october 2015 board of directors added $ 900. 0 million to existing share repurchase authorization extends through december 31 , 2017.\n share repurchases under program may be made through open market purchases or privately negotiated transactions accordance with applicable federal securities laws.\nboard of directors approved program timing of purchases prices number of shares of common stock to purchased determined by management at discretion depend upon market conditions other factors.\n share repurchase program may be extended suspended or discontinued.\n as of december 31 , 2015  october 2015 repurchase program had remaining authorized purchase capacity of $ 855. 5 million.\n in december 2015 board of directors changed status of 71272964 treasury shares to authorized and unissued.\n number of issued shares reduced by stated amount.\n accounting policy is to deduct par value from common stock reflect excess of cost over par value as deduction from additional paid-in capital.\n change in unissued shares resulted in reduction of $ 2295. 3 million in treasury stock , $ 0. 6 million in common stock  $ 2294. 7 million in additional paid-in capital.\n no effect on total stockholders 2019 equity position of change.\n dividends in october 2015 board of directors approved quarterly dividend of $ 0. 30 per share.\n cash dividends declared were $ 404. 3 million , $ 383. 6 million and $ 357. 3 million for years ended december 31 , 2015 , 2014 and 2013  respectively.\n as of december 31 , 2015 recorded quarterly dividend payable of $ 103. 7 million to shareholders of record at close of business on january 4 , 2016.\n\n| 2015    | 2014\n------------------------------- | ------- | -------\nnumber of shares repurchased    | 9.8     | 11.1\namount paid                     | $ 404.7 | $ 400.4\nweighted average cost per share | $ 41.39 | $ 35.92"
}
{
    "_id": "dd4b9c222",
    "title": "",
    "text": "management 2019s discussion analysis believe our credit ratings primarily based on credit rating agencies 2019 assessment of : 2030 our liquidity , market  credit operational risk management practices ; 2030 level variability of our earnings ; 2030 capital base ; 2030 franchise , reputation management ; 2030 corporate governance ; 2030 external operating environment , including  some assumed level of government or other systemic support.\n certain our derivatives transacted under bilateral agreements with counterparties who may require us to post collateral or terminate transactions based on changes in credit ratings.\n we assess impact of these bilateral agreements by determining collateral or termination payments occur assuming a downgrade by all rating agencies.\n downgrade by any one rating agency , depending on agency 2019s relative ratings of us at time downgrade  may have impact comparable to impact of downgrade by all rating agencies.\n allocate portion of our gcla to ensure make additional collateral or termination payments required in event two-notch reduction in long-term credit ratings  collateral not been called by counterparties but available to them.\n table below presents additional collateral or termination payments related to our net derivative liabilities under bilateral agreements could have been called at reporting date by counterparties in event of one-notch and two-notch downgrade in credit ratings.\n $ in millions 2014 2013 additional collateral or termination payments for a one-notch downgrade $ 1072 $ 911 additional collateral or termination payments for two-notch downgrade 2815 2989 cash flows as global financial institution , our cash flows complex bear little relation to net earnings net assets.\n believe traditional cash flow analysis less meaningful in evaluating our liquidity position than liquidity and asset-liability management policies described above.\ncash flow analysis macro trends strategic initiatives in businesses.\n year ended december 2014.\n cash cash equivalents decreased by $ 3. 53 billion to $ 57. 60 billion at end of 2014.\n used $ 22. 53 billion net cash for operating investing activities initiative to reduce balance sheet funding loans receivable.\n generated $ 19. 00 billion net cash from financing activities increase in bank deposits net proceeds from issuances unsecured long-term borrowings offset by repurchases of common stock.\n year ended december 2013.\n cash cash equivalents decreased by $ 11. 54 billion to $ 61. 13 billion at end of 2013.\n generated $ 4. 54 billion net cash from operating activities.\n used net cash $ 16. 08 billion for investing financing activities primarily to fund loans receivable repurchases of common stock.\n year ended december 2012.\n cash cash equivalents increased by $ 16. 66 billion to $ 72. 67 billion at end of 2012.\n generated $ 9. 14 billion net cash from operating investing activities.\n generated $ 7. 52 billion net cash from financing activities from increase in bank deposits offset by net repayments of unsecured secured long-term borrowings.\n 78 goldman sachs 2014 annual report\n\n$ in millions                                                           | as of december 2014 | as of december 2013\n----------------------------------------------------------------------- | ------------------- | -------------------\nadditional collateral or termination payments for a one-notch downgrade | $ 1072              | $ 911\nadditional collateral or termination payments for a two-notch downgrade | 2815                | 2989"
}
{
    "_id": "dd4bf3770",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements foreign currency translation translate assets liabilities of foreign subsidiaries functional currency is local currency at exchange rates in effect at balance sheet date.\n translate revenue and expenses at monthly average exchange rates.\n include accumulated net translation adjustments in stockholders 2019 equity as component of accumulated other comprehensive income.\n property and equipment record property equipment at cost less accumulated depreciation and amortization.\n property equipment depreciated using straight-line method over estimated useful lives from 1 to 5 years for computers and equipment 1 to 6 years for furniture and fixtures up to 35 years for buildings.\n leasehold improvements amortized using straight-line method over lesser of remaining lease term or useful lives.\n goodwill  purchased intangibles other long-lived assets review goodwill for impairment annually or more frequently if facts circumstances warrant review.\n completed annual impairment test in second quarter of fiscal 2009 determined no impairment.\n goodwill assigned to one or more reporting segments on date of acquisition.\n evaluate goodwill for impairment by comparing fair value of reporting segments to carrying value including associated goodwill.\n determine fair values use market approach based on comparable publicly traded companies in similar lines businesses income approach based on estimated discounted future cash flows.\n cash flow assumptions consider historical and forecasted revenue  operating costs other relevant factors.\n amortize intangible assets with finite lives over estimated useful lives review them for impairment whenever impairment indicator exists.\n continually monitor events changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.\n when events changes occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.\nif future undiscounted cash flows less than carrying amount of assets , we recognize impairment loss based on excess of carrying amount over fair value of assets.\n did not recognize intangible asset impairment charges in fiscal 2009 , 2008 or 2007.\n intangible assets amortized over estimated useful lives of 1 to 13 years as shown in table below.\n amortization based on pattern in economic benefits of intangible asset consumed.\n weighted average useful life ( years ).\n software development costs capitalization of software development costs for software to be sold , leased , or marketed begins upon establishment of technological feasibility , generally completion of working prototype certified as no critical bugs and release candidate.\n amortization begins once software ready for intended use , generally based on pattern in economic benefits consumed.\n to date software development costs incurred between completion of working prototype and general availability of related product not material.\n revenue recognition our revenue derived from licensing of software products , consulting , hosting services and maintenance and support.\n primarily we recognize revenue when persuasive evidence of arrangement exists , delivered product or performed service , fee is fixed or determinable and collection is probable.\n\n| weighted average useful life ( years )\n------------------------------------ | --------------------------------------\npurchased technology                 | 7\nlocalization                         | 1\ntrademarks                           | 7\ncustomer contracts and relationships | 10\nother intangibles                    | 2"
}
{
    "_id": "dd4bdfc34",
    "title": "",
    "text": "intangible assets patents , customer-related intangible assets other assets with finite useful lives amortized straight-line basis over estimated economic lives.\n weighted-average useful lives approximate following:.\n recoverability of intangible assets with finite useful lives assessed same manner as property , plant equipment.\n income taxes : for company 2019s consolidated financial statements for periods prior to spin-off income tax expense recorded as if company filed tax returns stand-alone basis separate from ingersoll rand.\n separate return methodology applies accounting guidance for income taxes to stand-alone financial statements as if company stand-alone enterprise for periods prior to spin-off.\n cash tax payments items current and deferred taxes may not be reflective of company 2019s actual tax balances prior to or subsequent to spin-off.\n cash paid for income taxes  net of refunds for twelve months ended december 31, 2016 and 2015 was $ 10. 4 million and $ 80. 6 million , respectively.\n 2016 net cash income taxes paid includes refund of $ 46. 2 million received from canadian tax authorities.\n income tax accounts reflected in consolidated balance sheet as of december 31 , 2016 and 2015 include income taxes payable and deferred taxes allocated to company at time of spin-off.\n calculation of company 2019s income taxes involves judgment use of estimates and allocations.\n deferred tax assets and liabilities determined based on temporary differences between financial reporting and tax bases of assets liabilities  applying enacted tax rates expected to in effect for year in which differences expected to reverse.\n company recognizes future tax benefits  net operating losses tax credits to extent realizing these benefits considered judgment more likely than not.\ncompany reviews recoverability of deferred tax assets considering historic profitability , projected future taxable income , timing of reversals of existing temporary differences feasibility of tax planning strategies.\n where appropriate , company records valuation allowance with respect to future tax benefit.\n product warranties : standard product warranty accruals recorded at time of sale estimated based upon product warranty terms and historical experience.\n company assesses adequacy of liabilities make adjustments as necessary based on known or anticipated warranty claims , or as new information becomes available.\n revenue recognition : revenue recognized and earned when criteria are satisfied : ( a ) persuasive evidence of sales arrangement exists ; b ) price is fixed or determinable ; c ) collectability is reasonably assured ; ( d ) delivery has occurred or service rendered.\n delivery generally occurs when title and risks and rewards of ownership transferred to customer.\n both persuasive evidence of sales arrangement and fixed or determinable price criteria deemed to satisfied upon receipt of executed legally binding sales agreement or contract defines terms and conditions of transaction including respective obligations of parties.\n if defined terms and conditions allow variability in all or component of price , revenue not recognized until time price becomes fixed or determinable.\n at point of sale , company validates existence of enforceable claim requires payment within reasonable amount time and assesses collectability of claim.\n if collectability not to reasonably assured, revenue recognition deferred until collectability becomes probable or cash is received.\n delivery not considered to occurred until customer has taken title and assumed risks and rewards of ownership.\n service and installation revenue recognized when earned.\n in some instances , customer acceptance provisions are included in sales arrangements to give buyer ability to ensure delivered product or service meets criteria established in order.\nin these instances , revenue recognition deferred until acceptance terms in arrangement fulfilled through customer acceptance or demonstration established criteria satisfied.\n if uncertainty exists about customer acceptance , revenue not recognized until acceptance occurred.\n company offers various sales incentive programs to customers , dealers  distributors.\n sales incentive programs do not preclude revenue recognition but require accrual for company 2019s best estimate of expected activity.\n examples of sales incentives accrued for as contra receivable and sales deduction at point of sale include  not to  discounts ( i.\n net 30 type ) , coupons , rebates where customer not to provide additional requirements to receive discount.\n sales returns and customer disputes involving question of quantity or price also accounted for as a\n\ncustomer relationships       | 25 | years\n---------------------------- | -- | -----\ntrademarks                   | 25 | years\ncompleted technology/patents | 10 | years\nother                        | 25 | years"
}
{
    "_id": "dd4bb5506",
    "title": "",
    "text": "stock price performance following graph shows comparison of cumulative total return on our common stock , standard & poor 2019s 500 index standard & poor 2019s retail index.\n graph assumes value of investment in our common stock and in each index was $ 100 on december 31 , 2011 , dividends reinvested.\n comparison based on historical data not intended to forecast possible future performance of common stock.\n comparison of cumulative total return among advance auto parts , inc. , s&p 500 index s&p retail index company/index december 31 , december 29 , december 28 , january 3, january 2 , december 31.\n\ncompany/index      | december 31 2011 | december 29 2012 | december 28 2013 | january 3 2015 | january 2 2016 | december 31 2016\n------------------ | ---------------- | ---------------- | ---------------- | -------------- | -------------- | ----------------\nadvance auto parts | $ 100.00         | $ 102.87         | $ 158.46         | $ 228.88       | $ 217.49       | $ 244.64\ns&p 500 index      | 100.00           | 114.07           | 152.98           | 174.56         | 177.01         | 198.18\ns&p retail index   | 100.00           | 122.23           | 178.55           | 196.06         | 245.31         | 256.69"
}
{
    "_id": "dd4ba4ad0",
    "title": "",
    "text": "management 2019s discussion analysis 132 jpmorgan chase & co. /2010 annual report unpaid principal balance due to negative amortization of option arms was $ 24 million and $ 78 million at december 31 , 2010 and 2009  respectively.\n firm estimates balances of option arm loans will experience recast in payment increase : $ 72 million in 2011  $ 241 million in 2012 $ 784 million in 2013.\n firm did not originate option arms new originations discontinued by washington mutual prior to jpmorgan chase 2019s acquisition of banking operations.\n subprime mortgages at december 31, 2010 were $ 11. 3 billion  compared with $ 12. 5 billion at december 31 , 2009.\n decrease due to paydowns charge-offs on delinquent loans offset by addition of loans adoption of accounting guidance.\n late-stage delinquencies remained elevated continued improve slower rate during second half year early-stage delinquencies stabilized at elevated level period.\n nonaccrual loans improved of improvement in late-stage delinquencies.\n charge-offs reflected modest improvement.\n auto : loans at december 31, 2010 were $ 48. 4 billion  compared with $ 46. 0 billion at december 31 , 2009.\n delinquent and nonaccrual loans decreased.\n net charge-offs declined 52% ( 52 % ) from prior year.\n provision expense de- creased due to favorable loss severity strong used- car market nationwide reduced loss frequency due to tightening of underwriting criteria.\n auto loan portfolio reflected high concentration of prime quality credits.\n business banking : business banking loans at december 31 , 2010  were $ 16. 8 billion  compared with $ 17. 0 billion at december 31 , 2009.\ndecrease result of run-off of washington mutual portfolio charge-offs on delinquent loans.\n these loans include loans highly collateralized often with personal loan guarantees.\n nonaccrual loans continued remain elevated.\n after increased first half 2010 nonaccrual loans as of december 31 , 2010 declined to year-end 2009 levels.\n student and other loans at december 31 , 2010  including loans held-for-sale were $ 15. 3 billion  compared with $ 16. 4 billion at december 31 , 2009.\n other loans include other secured and unsecured consumer loans.\n delinquencies reflected stabilization in second half of 2010 but remained elevated.\n charge-offs during 2010 remained flat with 2009 levels reflecting impact of elevated unemployment levels.\n purchased credit-impaired loans : pci loans at december 31 , 2010 were $ 72. 8 billion compared with $ 81. 2 billion at december 31 , 2009.\n portfolio represents loans acquired in washing- ton mutual transaction recorded at fair value at time of acquisition.\n fair value included estimate of credit losses expected over remaining lives of loans no allowance for loan losses recorded for these loans as of acquisition date.\n firm updates principal and interest cash flows expected collected for loans.\n probable decreases in expected loan principal cash flows trigger recognition of impairment through provision for loan losses.\n probable significant increases in expected cash flows (. decreased principal credit losses net benefit of modifications ) reverse any recorded allowance for loan losses remaining increase in expected cash flows recognized prospectively in interest income over remaining estimated lives of underlying loans.\n2010 , management concluded firm assessment of pci pools probable higher expected principal credit losses result in decrease in expected cash flows.\n firm recognized aggregate $ 3. 4 billion impairment related to home equity  prime mortgage  option arm subprime mortgage pci portfolios.\n result impairment firm 2019s allowance for loan losses for home equity prime mortgage option arm subprime mortgage portfolios was $ 1. 6 billion , $ 1. 8 billion , $ 1. 5 billion and $ 98 million  at december 31, 2010 compared with allowance for loan losses of $ 1. 1 billion and $ 491 million for prime mortgage and option arm pci portfolios at december 31 , 2009.\n approximately 39% ( 39 % ) of option arm borrowers were delinquent 5% ( 5 % ) making interest-only or negatively amortizing payments 56% ( 56 % ) were making amortizing payments.\n approximately 50% ( 50 % ) of current borrowers subject to risk of payment shock due to future payment recast ; all remaining loans modified to fixed rate fully amortizing loan.\n cumulative unpaid interest added to unpaid principal balance of option arm pci pool was $ 1. 4 billion and $ 1. 9 billion at de- cember 31 , 2010 and 2009.\n firm estimates following balances of option arm pci loans will experience recast in payment increase : $ 1. 2 billion in 2011 , $ 2. 7 billion in 2012 $ 508 million in 2013.\n following table provides summary of lifetime loss estimates included in nonaccretable difference and allowance for loan losses.\n principal charge-offs not recorded on pools until nonaccretable difference fully depleted.\n lifetime loss estimates ( a ) ltd liquidation losses ( b ).\na ) includes original nonaccretable difference in purchase accounting $ 30. 5 billion for principal losses only.\n remaining nonaccretable difference $ 14. 1 billion and $ 21. 1 billion at december 31, 2010 and 2009 .\n probable increases in principal losses foregone interest subsequent purchase date reflected in allowance for loan losses.\n b life-to-date ( 201cltd 201d ) liquidation losses represent realization of loss upon loan resolution.\n\ndecember 31 ( in millions ) | lifetime loss estimates ( a ) 2010 | lifetime loss estimates ( a ) 2009 | lifetime loss estimates ( a ) 2010 | 2009\n--------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | ------\noption arms                 | $ 11588                            | $ 10650                            | $ 4860                             | $ 1744\nhome equity                 | 14698                              | 13138                              | 8810                               | 6060\nprime mortgage              | 4870                               | 4240                               | 1495                               | 794\nsubprime mortgage           | 3732                               | 3842                               | 1250                               | 796\ntotal                       | $ 34888                            | $ 31870                            | $ 16415                            | $ 9394"
}
{
    "_id": "dd4ba1894",
    "title": "",
    "text": "corporate/other includes global staff functions ( includes finance  risk  human resources legal compliance ) other corporate expense  global operations and technology ( o&t )  residual corporate treasury corporate items.\n at december 31 , 2009  segment had approximately $ 230 billion assets primarily of company 2019s liquidity portfolio including $ 110 billion of cash and cash equivalents.\n 2009 vs.\n 2008 revenues  net of interest expense declined due to pretax loss on debt extinguishment related to repayment of $ 20 billion of tarp trust preferred securities pretax loss with exit from loss-sharing agreement with u.\n government.\n revenues declined due to absence of 2008 sale of citigroup global services limited in o&t.\n partially offset by pretax gain related to exchange offers revenues higher intersegment eliminations.\n operating expenses increased primarily due to intersegment eliminations increases in compensation partially offset by lower repositioning reserves.\n 2008 vs.\n 2007 revenues  net of interest expense increased due to gain in 2007 on sale of certain corporate-owned assets higher intersegment eliminations offset by improved treasury hedging activities.\n operating expenses declined due to lower restructuring charges in 2008 reductions in incentive compensation benefits expense.\n\nin millions of dollars                                             | 2009               | 2008             | 2007\n------------------------------------------------------------------ | ------------------ | ---------------- | ----------------\nnet interest revenue                                               | $ -1663 ( 1663 )   | $ -2680 ( 2680 ) | $ -2008 ( 2008 )\nnon-interest revenue                                               | -8893 ( 8893 )     | 422              | -302 ( 302 )\ntotal revenues net of interest expense                             | $ -10556 ( 10556 ) | $ -2258 ( 2258 ) | $ -2310 ( 2310 )\ntotal operating expenses                                           | $ 1420             | $ 510            | $ 1813\nprovisions for loan losses and for benefits and claims             | -1 ( 1 )           | 1                | -3 ( 3 )\n( loss ) from continuing operations before taxes                   | $ -11975 ( 11975 ) | $ -2769 ( 2769 ) | $ -4120 ( 4120 )\nincome taxes ( benefits )                                          | -4369 ( 4369 )     | -587 ( 587 )     | -1446 ( 1446 )\n( loss ) from continuing operations                                | $ -7606 ( 7606 )   | $ -2182 ( 2182 ) | $ -2674 ( 2674 )\nincome ( loss ) from discontinued operations net of taxes          | -445 ( 445 )       | 4002             | 708\nnet income ( loss ) before attribution of noncontrolling interests | $ -8051 ( 8051 )   | $ 1820           | $ -1966 ( 1966 )\nnet income attributable to noncontrolling interests                | 2014               | 2014             | 2\nnet income ( loss )                                                | $ -8051 ( 8051 )   | $ 1820           | $ -1968 ( 1968 )"
}
{
    "_id": "dd4bdd286",
    "title": "",
    "text": "2009 , company extended contractual life of 4 million fully vested share options held by 6 employees.\n modification company recognized additional compensation expense of $ 1 million for year ended december 31 , 2009.\n restricted stock units ( 201crsus 201d ) performance-based rsus.\n company grants performance-based rsus to company 2019s executive officers and certain employees once per year.\n company may also grant performance-based rsus to new employees or employees assume positions of increasing responsibility events.\n number of performance-based rsus vest dependent on or both terms specific award agreement : achievement of 1 ) internal profitability targets ( performance condition ) and 2 ) market performance targets measured by comparison company 2019s stock performance versus defined peer group ( market condition ).\n performance-based rsus generally cliff-vest during company 2019s quarter-end september 30 black-out period three years from date of grant.\n ultimate number of shares of company 2019s series common stock issued range from zero to stretch  stretch defined individually under each award , net of personal income taxes withheld.\n market condition factored into estimated fair value per unit and compensation expense for each award based on probability of achieving internal profitability targets  recognized straight-line basis over term of respective grant , less estimated forfeitures.\n for performance-based rsus granted without performance condition  compensation expense based on fair value per unit recognized straight-line basis over term of grant  less estimated forfeitures.\n in april 2007  company granted performance-based rsus to certain employees vest annually in equal tranches beginning october 1 , 2008 through october 1 , 2011 include market condition.\n performance- based rsus awarded include catch-up provision provides for additional year of vesting of previously unvested amounts  subject to certain maximums.\ncompensation expense based on fair value per unit recognized straight-line basis over term grant less estimated forfeitures.\n summary of changes in performance-based rsus outstanding : number of weighted average fair value ( in thousands ) ( in $ ).\n fair value of shares vested for performance-based rsus during years ended december 31, 2009 and 2008 was $ 2 million and $ 3 million  respectively.\n no vestings during year ended december 31 , 2007.\n fair value for company 2019s performance-based rsus estimated at grant date using monte carlo simulation approach.\n simulation to randomly generate future stock returns for company each company defined peer group for each grant based on company-specific dividend yields volatilities stock return correlations.\n returns used to calculate future performance-based rsu vesting percentages simulated values of vested performance rsus discounted to present value using risk-free rate yielding expected value of performance-based rsus.\n %%transmsg*** transmitting job : d70731 pcn : 119000000 ***%%pcmsg|119 |00016|yes|no|02/10/2010 16:17|0|0|page valid  no graphics -- color : n|\n\n| number of units ( in thousands ) | weighted average fair value ( in $ )\n----------------------------- | -------------------------------- | ------------------------------------\nnonvested at december 31 2008 | 1188                             | 19.65\ngranted                       | 420                              | 38.16\nvested                        | -79 ( 79 )                       | 21.30\nforfeited                     | -114 ( 114 )                     | 17.28\nnonvested at december 31 2009 | 1415                             | 25.24"
}
{
    "_id": "dd498af42",
    "title": "",
    "text": "note 10 2013 debt long-term debt consisted of following ( in millions ) :.\n revolving credit facilities on october 9 , 2015 , entered into new $ 2. 5 billion revolving credit facility ( 5-year facility ) with various banks terminated existing $ 1. 5 billion revolving credit facility , scheduled to expire in august 2019.\n 5-year facility , expires october 9 , 2020 , available for general corporate purposes.\n undrawn portion of 5-year facility available to serve as backup facility for issuance of commercial paper.\n may request banks may grant  discretion increase in borrowing capacity under 5-year facility of up to additional $ 500 million.\n no borrowings outstanding under 5-year facility as of during year ended december 31 , in contemplation of acquisition of sikorsky , on october 9 , 2015, entered into 364-day revolving credit facility ( 364-day facility  with 5-year facility  facilities ) with various banks provided $ 7. 0 billion of funding for general corporate purposes  including acquisition of sikorsky.\n concurrent with consummation of sikorsky acquisition  borrowed $ 6. 0 billion under 364-day facility.\n november 23 , 2015 , repaid all outstanding borrowings under 364-day facility with proceeds received from issuance of new debt ( see below ) terminated remaining commitments of lenders under 364-day facility.\n borrowings under facilities bear interest at rates based  option on eurodollar rate or base rate , as defined in facilities 2019 agreements.\nbank 2019s obligation to make loans under 5-year facility subject to our compliance with representations warranties covenants including covenants limiting our ability subsidiaries 2019 ability to encumber assets covenant not to exceed maximum leverage ratio as defined in five-year facility agreement.\n as of december 31 , 2015 in compliance with all covenants in 5-year facility agreement our debt agreements.\n long-term debt on november 23 , 2015  issued $ 7. 0 billion of notes ( november 2015 notes ) in registered public offering.\n received net proceeds of $ 6. 9 billion from offering after deducting discounts debt issuance costs amortized as interest expense over life of debt.\n november 2015 notes consist of : 2022 $ 750 million maturing in 2018 with fixed interest rate of 1. 85% ( 1. 85 % ) ( 2018 notes ) ; 2022 $ 1. 25 billion maturing in 2020 fixed interest rate of 2. 50% ( 2. 50 % ) 2020 notes 2022 $ 500 million maturing in 2023 fixed interest rate of 3. 10% ( 3. 10 % 2023 notes ; 2022 $ 2. 0 billion maturing in 2026 fixed interest rate of 3. 55% ( 3. 55 % ) ( 2026 notes ) ; 2022 $ 500 million maturing in 2036 fixed interest rate of 4. 50% ( 4. 50 % ) 2036 notes ) 2022 $ 2. 0 billion maturing in 2046 with fixed interest rate of 4. 70% ( 4. 70 % ) ( 2046 notes ).\n we may option redeem some or all of november 2015 notes and unpaid interest by paying principal amount of notes being redeemed plus make-whole premium and accrued and unpaid interest to date of redemption.\ninterest payable on 2018 notes 2020 notes on may 23 november 23 each year , beginning may 23 , 2016 ; on 2023 notes 2026 notes on january 15 july 15 each year , beginning on july 15, 2016 ; on 2036 notes 2046 notes on may 15 november 15 each year , beginning on may 15 , 2016.\n november 2015 notes rank equally in right of payment with all existing unsecured unsubordinated indebtedness.\n proceeds of november 2015 notes used to repay $ 6. 0 billion of borrowings under 364-day facility for general corporate purposes.\n\n| 2015           | 2014\n--------------------------------------------------------------------------- | -------------- | ------------\nnotes with rates from 1.85% ( 1.85 % ) to 3.80% ( 3.80 % ) due 2016 to 2045 | $ 8150         | $ 1400\nnotes with rates from 4.07% ( 4.07 % ) to 5.72% ( 5.72 % ) due 2019 to 2046 | 6089           | 3589\nnotes with rates from 6.15% ( 6.15 % ) to 9.13% ( 9.13 % ) due 2016 to 2036 | 1941           | 1941\nother debt                                                                  | 116            | 111\ntotal long-term debt                                                        | 16296          | 7041\nless : unamortized discounts and deferred financing costs                   | -1035 ( 1035 ) | -899 ( 899 )\ntotal long-term debt net                                                    | $ 15261        | $ 6142"
}
{
    "_id": "dd497d298",
    "title": "",
    "text": "15.\n debt tables summarize outstanding debt at 30 september 2016 2015 total debt.\n weighted average interest rate of short-term borrowings at 30 september 2016 2015 1. 1% ( 1. 1 % ). 8% (. 8 % ) .\n cash paid for interest net amounts capitalized $ 121. 1 in 2016  $ 97. 5 in 2015 $ 132. 4 in 2014.\n\n30 september                      | 2016     | 2015\n--------------------------------- | -------- | --------\nshort-term borrowings             | $ 935.8  | $ 1494.3\ncurrent portion of long-term debt | 371.3    | 435.6\nlong-term debt                    | 4918.1   | 3949.1\ntotal debt                        | $ 6225.2 | $ 5879.0\nshort-term borrowings             |          |\n30 september                      | 2016     | 2015\nbank obligations                  | $ 133.1  | $ 234.3\ncommercial paper                  | 802.7    | 1260.0\ntotal short-term borrowings       | $ 935.8  | $ 1494.3"
}
{
    "_id": "dd4c4ec88",
    "title": "",
    "text": "stock performance graph line graph compares cumulative total stockholder return on our common stock with cumulative total return dow jones u. s.\n technology index* standard & poor 2019s s&p 500* index for five years ended december 28 , 2013.\n graph table assume $ 100 invested december 26, 2008 ( last day of trading for fiscal year ended december 27, 2008 ) in each our common stock, dow jones u. s.\n technology index  s&p 500 index  all dividends reinvested.\n cumulative total stockholder returns for our common stock  dow jones u. s.\n technology index  s&p 500 index based on our fiscal year.\n comparison of five-year cumulative return for intel , dow jones u. s.\n technology index* s&p 500* index.\n table of contents\n\n| 2008  | 2009  | 2010  | 2011  | 2012  | 2013\n-------------------------------- | ----- | ----- | ----- | ----- | ----- | -----\nintel corporation                | $ 100 | $ 148 | $ 157 | $ 191 | $ 163 | $ 214\ndow jones u.s . technology index | $ 100 | $ 170 | $ 191 | $ 191 | $ 209 | $ 270\ns&p 500 index                    | $ 100 | $ 132 | $ 151 | $ 154 | $ 175 | $ 236"
}
{
    "_id": "dd497477e",
    "title": "",
    "text": "shareowner return performance graph graph and related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission  nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934  as amended except company specifically incorporates it reference into such filing.\n graph shows five-year comparison of cumulative total shareowners 2019 returns for class b common stock  s&p 500 index  dow jones transportation average.\n comparison of total cumulative return on investment  change in quarterly stock price plus reinvested dividends for quarterly periods assumes $ 100 invested on december 31, 2001 in s&p 500 index dow jones transportation average class b common stock of united parcel service .\n comparison of five year cumulative total return $ 40. 00 $ 60. 00 $ 80. 00 $ 100. 00 $ 120. 00 $ 140. 00 $ 160. 00 $ 180. 00 $ 200. 00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport.\n securities authorized for issuance under equity compensation plans table provides information as of december 31 , 2006 regarding compensation plans under our class a common stock authorized for issuance.\n these plans do not authorize issuance of class b common stock.\n\n| 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06\n-------------------------------- | -------- | -------- | -------- | -------- | -------- | --------\nunited parcel service inc .      | $ 100.00 | $ 117.19 | $ 140.49 | $ 163.54 | $ 146.35 | $ 148.92\ns&p 500 index                    | $ 100.00 | $ 77.90  | $ 100.24 | $ 111.15 | $ 116.61 | $ 135.02\ndow jones transportation average | $ 100.00 | $ 88.52  | $ 116.70 | $ 149.06 | $ 166.42 | $ 182.76"
}
{
    "_id": "dd497f5e8",
    "title": "",
    "text": "jpmorgan chase & co.\n / 2008 annual report 83 credit risk capital estimated separately for wholesale business ( ib  cb  tss am ) and consumer businesses ( rfs cs ).\n credit risk capital for overall wholesale credit portfolio defined in unexpected credit losses  from defaults and declines in portfolio value due to credit deterioration measured over one-year period at confidence level consistent with 201caa 201d credit rating standard.\n unexpected losses are losses in excess of for provisions for credit losses maintained.\n capital methodology based upon principal drivers of credit risk : exposure at default loan-equivalent amount ) default likelihood  credit spreads  loss severity portfolio correlation.\n credit risk capital for consumer portfolio based upon product other relevant risk segmentation.\n actual segment level default severity experience used to estimate unexpected losses for one-year horizon confidence level consistent with 201caa 201d credit rating standard.\n statistical results for certain segments portfolios adjusted to ensure capital consistent with external bench- marks subordination levels on market transactions capital held at representative monoline competitors appropriate.\n market risk capital firm calculates market risk capital guided by capital should reflect risk of loss in value portfolios financial instruments caused by adverse movements in market vari- ables interest foreign exchange rates  credit spreads  securities prices commodities prices.\n daily value-at-risk ( 201cvar 201d )  biweekly stress-test results other factors to determine appropriate capital levels.\n firm allocates market risk capital to each business segment according to formula weights seg- ment 2019s var stress-test exposures.\n see market risk management on pages 111 2013116 of annual report for more information market risk measures.\noperational risk capital allocated to lines of business for operational risk using risk-based capital allocation methodology estimates opera- tional risk bottom-up basis.\n operational risk capital model based upon actual losses potential scenario-based stress losses with adjustments to capital calculation to reflect changes in quality of control environment or use of risk-transfer prod- ucts.\n firm believes model consistent with new basel ii framework.\n private equity risk capital allocated to privately publicly held securities  third-party fund investments commitments in private equity portfolio to cover potential loss associated with decline in equity markets related asset devaluations.\n negative market fluctua- tions potential losses in private equity investment portfolios can be magnified by liquidity risk.\n capital allocation for private equity portfolio based upon measurement of loss experience suffered by firm other market participants over prolonged period adverse equity market conditions.\n regulatory capital board of governors of federal reserve system ( 201cfederal reserve ) establishes capital requirements including well-capitalized standards for consolidated financial holding company.\n office of the comptroller of the currency ( 201d ) establishes similar capital requirements standards for firm 2019s national banks  including jpmorgan chase bank , n. chase bank usa ,.\n federal reserve granted firm  for period 18 months bear stearns merger, relief up to certain specified amount subject to certain conditions from federal reserve 2019s risk-based capital and leverage requirements with respect to bear stearns 2019 risk-weighted assets other exposures acquired.\n amount of relief subject to reduction by one-sixth each quarter subsequent to merger expires on october 1 , 2009.\n occ granted jpmorgan chase bank , n.\n similar relief from risk-based capital and leverage requirements.\njpmorgan chase maintained well-capitalized position  based upon tier 1 total capital ratios at december 31 , 2008 2007  indicated in tables below.\n for more information see note 30 on pages 212 2013213 of annual report.\n risk-based capital components assets.\n ( ) fasb deliberating amendments to sfas 140 and fin 46r may impact accounting for transactions involve qspes and vies.\n based on provisions current proposal firm 2019s interpretation propos- al firm estimates impact of consolidation could be up to $ 70 billion credit card receivables , $ 40 billion assets related to firm-sponsored multi-seller conduits  $ 50 billion other loans ( including residential mortgages ) ; decrease in tier 1 capital ratio could be approximately 80 basis points.\n ulti- mate impact could differ significantly due to fasb 2019s continuing deliberations on final requirements of rule market conditions.\n\ndecember 31 ( in millions )   | 2008      | 2007\n----------------------------- | --------- | ---------\ntotal tier 1capital ( a )     | $ 136104  | $ 88746\ntotal tier 2 capital          | 48616     | 43496\ntotal capital                 | $ 184720  | $ 132242\nrisk-weighted assets          | $ 1244659 | $ 1051879\ntotal adjusted average assets | 1966895   | 1473541"
}
{
    "_id": "dd4c4f5de",
    "title": "",
    "text": "geographic basis 1% ( 1 % ) increase in net sales reflects higher net sales in north america emea partially offset by lower net sales in asia.\n increase in net sales in north america driven primarily by higher sales of digital entertainment devices partially offset by lower demand for iden infrastructure equipment driven by customer expenditures returning to historic trends compared to strong 2005.\n increase in net sales in emea driven primarily by higher sales of digital entertainment devices.\n decrease in net sales in asia due to delays in 3g licenses in china led service providers to slow near-term capital investment competitive pricing pressure.\n net sales in north america significant portion of segment 2019s business accounting for approximately 56% ( 56 % ) of segment 2019s total net sales in 2006 compared to 55% ( 55 % ) net sales in 2005.\n segment reported operating earnings of $ 787 million in 2006  compared to $ 1. 2 billion in 2005.\n 36% ( 36 % ) decrease in operating earnings due to decrease in gross margin  due to unfavorable product/regional mix competitive pricing in wireless networks market increase in other charges ( income ) from increase in reorganization of business charges  primarily related to employee severance  from legal reserve.\n percentage of net sales in 2006 compared to 2005 gross margin , sg&a expenses  r&d expenditures operating margin all decreased.\n in 2006 net sales to segment 2019s top five customers  included sprint nextel , comcast corporation  verizon  kddi china mobile  represented 45% ( 45 % ) of segment 2019s total net sales.\n segment 2019s backlog was $ 3. 2 billion at december 31 , 2006  compared to $ 2. 4 billion at december 31 , 2005.\nincrease in backlog due to strong orders for digital and hd/dvr set-tops.\n in market for digital entertainment devices  demand for segment 2019s products depends on capital spending by broadband operators for constructing  rebuilding upgrading communications systems for offering advanced services.\n in 2006  digital video customers increased purchases of segment 2019s products and services primarily due to increased demand for digital video set-tops , particularly hd/dvr set-tops.\n during 2006  segment completed significant acquisitions  including : ( i ) kreatel communications ab , leading developer of innovative ip-based digital set-tops and software , ii ) nextnet wireless , inc.  former clearwire corporation subsidiary leading provider of ofdm-based non-line-of-sight ( 201cnlos 201d wireless broadband infrastructure equipment  iii ) broadbus technologies , inc.  provider of technology solutions for television on demand  iv ) vertasent llc , software developer for managing technology elements for switched digital video networks.\n these acquisitions did not material impact on segment results in 2006.\n enterprise mobility solutions segment enterprise mobility solutions segment designs , manufactures , sells  installs services analog and digital two-way radio , voice data communications products and systems for private networks , wireless broadband systems end-to-end enterprise mobility solutions to wide range of enterprise markets  including government and public safety agencies ( products referred to as 201cgovernment and public safety market 201d ) retail , utility , transportation , manufacturing  healthcare other commercial customers ( collectively referred to as 201ccommercial enterprise market 201d ).\n2007 segment 2019s net sales represented 21% ( 21 % ) company 2019s consolidated net sales compared to 13% ( 13 % ) 2006 14% ( 14 % ) in 2005.\n dollars in millions ) 2007 2006 2005 20142006 years ended december 31 percent change.\n segment results 20142007 compared to 2006 2007 segment 2019s net sales increased 43% ( 43 % ) to $ 7. 7 billion  compared to $ 5. 4 billion 2006.\n 43% ( 43 % ) increase net sales primarily due to increased net sales commercial enterprise market driven by net sales from symbol business acquired january 2007.\n net sales government public safety market increased 6% ( 6 % ) primarily due to strong demand north america.\n geographic net sales increased all regions.\n 62 management 2019s discussion analysis of financial condition results operations\n\n( dollars in millions ) | years ended december 31 2007 | years ended december 31 2006 | years ended december 31 2005 | years ended december 31 2007 20142006 | 2006 20142005\n----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------\nsegment net sales       | $ 7729                       | $ 5400                       | $ 5038                       | 43% ( 43 % )                          | 7% ( 7 % )\noperating earnings      | 1213                         | 958                          | 860                          | 27% ( 27 % )                          | 11% ( 11 % )"
}
{
    "_id": "dd4bc62ca",
    "title": "",
    "text": "pension expense.\n decreased prior year due to lower pension settlements lower loss amortization from favorable asset experience impact higher discount rates offset by lower expected returns on assets.\n special items ( settlements , termination benefits  curtailments ) decreased prior year due to lower pension settlement losses.\n in fiscal year 2019  special items of $ 7. 2 included pension settlement losses of $ 6. 4 , $ 5. 0 recorded during second quarter related to. s.\n supplementary pension plan  $. 8 of termination benefits.\n amounts reflected within \"other non- operating income ( expense ) net\" on consolidated income statements.\n in fiscal year 2018  special items of $ 48. 9 included pension settlement loss of $ 43. 7 connection with transfer of certain pension assets and payment obligations for.\n salaried hourly plans to insurer during fourth quarter  $ 4. 8 of pension settlement losses related to lump sum payouts from u. s.\n supplementary pension plan  $. 4 of termination benefits.\n.\n lloyds equalization ruling on 26 october 2018 united kingdom high court issued ruling related to equalization of pension plan participants 2019 benefits for gender effects of guaranteed minimum pensions.\n result ruling estimated impact of retroactively increasing benefits in.\n plan accordance with high court ruling.\n treated additional benefits as prior service cost resulted in increase to projected benefit obligation accumulated other comprehensive loss of $ 4. 7 during first quarter of fiscal year 2019.\n amortizing this cost over average remaining life expectancy of.\n participants.\n 2020 outlook in fiscal year 2020  expect pension expense to be approximately $ 5 to $ 20 , includes expected pension settlement losses of $ 5 to $ 10 , depending on timing of retirements.\nexpected range reflects lower interest cost higher total assets partially offset by higher expected loss amortization due to impact of lower discount rates.\n in fiscal year 2020  expect pension expense to include approximately $ 105 for amortization of actuarial losses.\n in fiscal year 2019 pension expense included amortization of actuarial losses of $ 76. 2.\n net actuarial losses of $ 424. 4 recognized in accumulated other comprehensive income in fiscal year 2019.\n actuarial gains losses amortized into pension expense over prospective periods not offset by future gains or losses.\n future changes in discount rate actual returns on plan assets different from expected returns would impact actuarial gains ) losses amortization years beyond fiscal year 2020.\n pension funding includes contributions to funded plans benefit payments for unfunded plans primarily non-qualified plans.\n funding policy is that contributions combined with appreciation earnings sufficient to pay benefits without creating unnecessary surpluses.\n make contributions to satisfy all legal funding requirements while managing capacity to benefit from tax deductions attributable to plan contributions.\n analyze liabilities demographics of each plan guide level of contributions.\n during 2019 and 2018  cash contributions to funded plans and benefit payments for unfunded plans were $ 40. 2 and $ 68. 3  respectively.\n for fiscal year 2020  cash contributions to defined benefit plans estimated to be $ 30 to $ 40.\n estimate based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans dependent upon timing of retirements.\n actual future contributions depend on future funding legislation  discount rates  investment performance  plan design  other factors.\n refer to contractual obligations discussion on page 37 for projection of future contributions.\n\n| 2019           | 2018\n--------------------------------------------------------------------- | -------------- | --------------\npension expense including special items noted below                   | $ 27.6         | $ 91.8\nsettlements termination benefits and curtailments ( \"special items\" ) | 7.2            | 48.9\nweighted average discount rate 2013 service cost                      | 3.4% ( 3.4 % ) | 3.2% ( 3.2 % )\nweighted average discount rate 2013 interest cost                     | 3.4% ( 3.4 % ) | 2.9% ( 2.9 % )\nweighted average expected rate of return on plan assets               | 6.4% ( 6.4 % ) | 6.9% ( 6.9 % )\nweighted average expected rate of compensation increase               | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % )"
}
{
    "_id": "dd4c2423a",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) effect of foreign exchange rate changes on cash and cash equivalents in consolidated statements of cash flows resulted in decrease of $ 156. 1 in 2015.\n decrease primarily result of u. s.\n dollar stronger than several foreign currencies  including australian dollar  brazilian real  canadian dollar  euro south african rand as of december 31 , 2015 compared to december 31 , 2014.\n liquidity outlook expect cash flow from operations , cash cash equivalents to be sufficient to meet anticipated operating requirements minimum for next twelve months.\n have committed corporate credit facility uncommitted facilities available to support operating needs.\n continue maintain disciplined approach to managing liquidity  with flexibility over significant uses of cash  including capital expenditures  cash used for new acquisitions  common stock repurchase program common stock dividends.\n from time evaluate market conditions financing alternatives for opportunities to raise additional funds improve liquidity profile  enhance financial flexibility manage market risk.\n ability to access capital markets depends on factors include specific to us  credit rating  related to financial markets  amount or terms of available credit.\n no guarantee able to access new sources of liquidity on commercially reasonable terms  or at all.\n funding requirements significant funding requirements include operations , non-cancelable operating lease obligations , capital expenditures  acquisitions  common stock dividends  taxes debt service.\n may be required to make payments to minority shareholders in certain subsidiaries if they exercise options to sell us equity interests.\n notable funding requirements include : 2022 debt service 2013 our 2. 25% ( 2. 25 % ) senior notes in aggregate principal amount of $ 300.0 mature november 15, 2017 , $ 22. 6 note classified within other notes payable due june 30 , 2017.\n expect to use available cash to fund retirement of outstanding notes upon maturity.\n remainder of debt primarily long-term maturities scheduled through 2024.\n see table below for maturity schedule long-term debt.\n 2022 acquisitions 2013 paid cash $ 52. 1 , net of cash acquired $ 13. 6 , for acquisitions completed 2016.\n paid $ 0. 5 in up-front payments $ 59. 3 deferred payments for prior-year acquisitions ownership increases in consolidated subsidiaries.\n addition to potential cash expenditures for new acquisitions expect to pay approximately $ 77. 0 in 2017 related to prior-year acquisitions.\n may be required to pay approximately $ 31. 0 in 2017 related to put options held by minority shareholders if exercised.\n continue to evaluate strategic opportunities to grow strengthen market position particularly digital marketing services offerings expand presence in high-growth key strategic world markets.\n 2022 dividends 2013 during 2016 , paid four quarterly cash dividends of $ 0. 15 per share on common stock aggregate dividend payments of $ 238. 4.\n february 10 , 2017  announced board of directors ( 201cboard 201d ) declared common stock cash dividend of $ 0. 18 per share , payable march 15 , 2017 to holders of record as of close of business on march 1 , 2017.\n assuming pay quarterly dividend of $ 0. 18 per share no significant change in number of outstanding shares as of december 31 , 2016  expect to pay approximately $ 280. 0 over next twelve months.\n\nbalance sheet data                              | december 31 , 2016 | december 31 , 2015\n----------------------------------------------- | ------------------ | ------------------\ncash cash equivalents and marketable securities | $ 1100.6           | $ 1509.7\nshort-term borrowings                           | $ 85.7             | $ 132.9\ncurrent portion of long-term debt               | 323.9              | 1.9\nlong-term debt                                  | 1280.7             | 1610.3\ntotal debt                                      | $ 1690.3           | $ 1745.1"
}
{
    "_id": "dd4ba8144",
    "title": "",
    "text": "higher average borrowings.\n recapitalization late in first quarter 2005 resulted in full year of interest in 2006 compared to ten months 2005.\n increase in interest expense in 2005 compared to 2004 resulted from recapitalization 2005.\n income tax expense totaled $ 150. 2 million , $ 116. 1 million $ 118. 3 million for 2006 , 2005 2004 .\n resulted in effective tax rate of 37. 2% ( 37. 2 % ), 37. 2%. 2 % ) and 37. 6% ( 37. 6 % ) for 2006  2005 2004.\n net earnings totaled $ 259. 1 million , $ 196. 6 $ 189. 4 million for 2006 , 2005 2004  or $ 1. 37 , $ 1. 53 $ 1. 48 per diluted share .\n segment results of operations transaction processing services ( in thousands ).\n revenues for derived from three main revenue channels ; enterprise solutions , integrated financial solutions international.\n revenues from transaction processing services totaled $ 2458. 8 million , $ 1208. 4 $ 892. 0 million for 2006 , 2005 2004 .\n overall segment increase of $ 1250. 4 million during 2006 2005 attributable to certegy merger contributed $ 1067. 2 million to overall increase.\n majority of remaining 2006 growth attributable to organic growth within integrated financial solutions and international revenue channels international including $ 31. 9 million related to newly formed business process outsourcing operation in brazil.\n overall segment increase of $ 316. 4 in 2005 compared to 2004 results from inclusion full year of results for 2004 acquisitions of aurum , sanchez , kordoba  intercept  contributed $ 301. 1 million of increase.\n cost of revenues for transaction processing services segment totaled $ 1914. 1 million , $ 904. 1 million and $ 667.1 million for 2006, 2005 2004 .\n overall segment increase of $ 1010. 0 million during 2006 compared to 2005 attributable to certegy merger contributed $ 848. 2 million to increase.\n gross profit percentage of revenues ( 201cgross margin 201d ) was 22. 2% ( 22. 2 % ) , 25. 2% ( 25. 2 % ) 25. 2% ( 25. 2 % ) for 2006  2005 2004.\n decrease in gross profit in 2006 2005 due to february 1, 2006 certegy merger  businesses typically have lower margins than historically owned businesses.\n incremental intangible asset amortization to certegy merger contributed to decrease in gross margin.\n included in cost of revenues depreciation and amortization of $ 272. 4 million , $ 139. 8 million  $ 94. 6 million for 2006  2005 2004 .\n selling , general administrative expenses totaled $ 171. 1 million , $ 94. 9 million $ 99. 6 million for 2006  2005 2004 .\n increase in 2006 compared to 2005 attributable to certegy merger contributed $ 73. 7 million to overall increase of $ 76. 2 million.\n decrease of $ 4. 7 million in 2005 2004 attributable to effect acquisition related costs in 2004.\n included in selling  general administrative expenses depreciation and amortization of $ 11. 0 million , $ 9. 1 million $ 2. 3 million for 2006 , 2005 2004 .\n\n| 2006      | 2005      | 2004\n------------------------------------------- | --------- | --------- | --------\nprocessing and services revenues            | $ 2458777 | $ 1208430 | $ 892033\ncost of revenues                            | 1914148   | 904124    | 667078\ngross profit                                | 544629    | 304306    | 224955\nselling general and administrative expenses | 171106    | 94889     | 99581\nresearch and development costs              | 70879     | 85702     | 54038\noperating income                            | $ 302644  | $ 123715  | $ 71336"
}
{
    "_id": "dd497de0a",
    "title": "",
    "text": "entergy corporation subsidiaries notes to financial statements consists of pollution control revenue bonds environmental revenue bonds  some secured by collateral first mortgage bonds.\n these notes have stated interest rate have implicit interest rate of 4. 8%.\n pursuant to nuclear waste policy act of 1982  entergy 2019s nuclear owner/licensee subsidiaries have contracts with doe for spent nuclear fuel disposal service.\n contracts include one-time fee for generation prior to april 7 , 1983.\n entergy arkansas only entergy company generated electric power with nuclear fuel prior to that date includes one-time fee  plus accrued interest  in long-term debt.\n see note 10 to financial statements for discussion of waterford 3 grand gulf lease obligations.\n fair value excludes lease obligations of $ 109 million at entergy louisiana $ 34 million at system energy  long-term doe obligations of $ 181 million at entergy arkansas  note payable to nypa of $ 35 million at entergy  includes debt due within one year.\n fair values classified as level 2 in fair value hierarchy discussed in note 16 to financial statements based on prices from inputs benchmark yields reported trades.\n annual long-term debt maturities ( excluding lease obligations long-term doe obligations ) for debt outstanding as of december 31, 2015  for next five years are as follows : amount ( in thousands ).\n in november 2000  entergy 2019s non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\n entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from date closing eight annual installments of $ 20 million commencing eight years from date closing.\n these notes have stated interest rate implicit interest rate of 4.8% ( 4. 8 % ).\n in accordance with purchase agreement with nypa  purchase of indian point 2 in 2001 resulted in entergy liable to nypa for additional $ 10 million per year for 10 years beginning september 2003.\n liability recorded upon purchase of indian point 2 in september 2001.\n purchase agreement with nypa entergy recorded liability representing net present value of payments entergy liable to nypa for each year fitzpatrick and indian point 3 power plants run beyond original nrc license expiration date.\n with planned shutdown of fitzpatrick at end of current fuel cycle entergy reduced liability by $ 26. 4 million in 2015 terms purchase agreement.\n under provision in letter of credit supporting notes if utility operating companies or system energy default on other indebtedness entergy could be required to post collateral to support letter of credit.\n entergy louisiana , entergy mississippi , entergy texas , and system energy obtained long-term financing authorizations from ferc extend through october 2017.\n entergy arkansas obtained long-term financing authorization from apsc extends through december 2018.\n entergy new orleans obtained long-term financing authorization from city council extends through july 2016.\n capital funds agreement agreement with certain creditors entergy corporation agreed to supply system energy with sufficient capital to\n\n| amount ( in thousands )\n---- | -----------------------\n2016 | $ 204079\n2017 | $ 766451\n2018 | $ 822690\n2019 | $ 768588\n2020 | $ 1631181"
}
{
    "_id": "dd4b9dc1c",
    "title": "",
    "text": "advance auto parts , inc.\n subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 january 1 , 2005 ( in thousands  except per share data ) 8.\n inventories  net inventories stated at lower of cost or market  cost determined using last-in , first-out ( \"lifo\" ) method for approximately 93% ( 93 % ) of inventories at december 30 , 2006 and december 31 , 2005.\n under lifo method company 2019s cost of sales reflects costs of most currently purchased inventories inventory carrying balance represents costs relating to prices paid in prior years.\n company 2019s costs to acquire inventory decreasing of significant growth.\n cost to replace inventory less than lifo balances carried for similar product.\n result lifo method ability obtain lower product costs company recorded reduction to cost of sales of $ 9978 for fiscal year ended 2006  increase in cost of sales of $ 526 for fiscal year ended 2005 reduction to cost of sales of $ 11212 for fiscal year ended 2004.\n remaining inventories of product cores  non-consumable portion of certain parts and batteries valued under first-in , first-out ( \"fifo\" ) method.\n core values included as part of merchandise costs passed on to customer or returned to vendor.\n products not subject to frequent cost changes like other merchandise inventory no material difference from applying lifo or fifo valuation methods.\n company capitalizes certain purchasing and warehousing costs into inventory.\n purchasing and warehousing costs included in inventory  at fifo , at december 30 , 2006 and december 31 , 2005  were $ 95576 and $ 92833 , respectively.\ninventories consist : december 30 , december 31 , 2006 2005.\n replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005.\n inventory quantities tracked through perpetual inventory system.\n company uses cycle counting program in distribution centers , parts delivered quickly warehouses  pdqs  local area warehouses laws  retail stores to ensure accuracy of perpetual inventory quantities of merchandise and core inventory.\n company establishes reserves for estimated shrink based on historical accuracy effectiveness of cycle counting program.\n establishes reserves for potentially excess and obsolete inventories based on current inventory levels historical analysis of product sales current market conditions.\n company 2019s inventory risk of obsolescence minimal excess inventory returned to company vendors for credit.\n company provides reserves when less than full credit expected from vendor or when liquidating product result in retail prices below recorded costs.\n company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30, 2006 and december 31 , 2005  respectively.\n 9.\n property and equipment : property equipment stated at cost  less accumulated depreciation.\n expenditures for maintenance and repairs charged directly to expense when incurred ; major improvements capitalized.\n when items sold or retired related cost and accumulated depreciation removed from accounts gain or loss reflected in consolidated statements of operations.\n depreciation of land improvements , buildings  furniture  fixtures equipment  vehicles provided over estimated useful lives range from 2 to 40 years of respective assets using straight-line method.\n\n| december 30 2006 | december 31 2005\n---------------------------------------- | ---------------- | ----------------\ninventories at fifo net                  | $ 1380573        | $ 1294310\nadjustments to state inventories at lifo | 82767            | 72789\ninventories at lifo net                  | $ 1463340        | $ 1367099"
}
{
    "_id": "dd4c1311a",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) 16.\n financial instruments fuel hedges entered multiple swap agreements cash flow hedges to mitigate exposure related to changes in diesel fuel prices.\n swaps qualified for effective hedges of changes in prices forecasted diesel fuel purchases ( fuel hedges ).\n table summarizes outstanding fuel hedges as of december 31 , 2013 : year gallons hedged weighted average contract price per gallon.\n if national.\n on-highway average price for gallon diesel fuel published by department of energy exceeds contract price per gallon receive difference between average price and contract price ( multiplied by notional gallons ) from counterparty.\n if average price less than contract price per gallon pay difference to counterparty.\n fair values of fuel hedges determined using standard option valuation models assumptions about commodity prices based on observed underlying markets ( level 2 in fair value hierarchy ).\n aggregate fair values of outstanding fuel hedges as of december 31 , 2013 and 2012 were current assets of $ 6. 7 million and $ 3. 1 million  current liabilities of $ 0. 1 million and $ 0. 4 million , recorded in other prepaid expenses other current assets accrued liabilities in consolidated balance sheets.\n ineffective portions of changes in fair values resulted in ( losses ) gains of less than $ 0. 1 million for years ended december 31 , 2013 , 2012 2011  recorded in other income ( expense ) net in consolidated statements of income.\n total gain ( loss ) recognized in other comprehensive income for fuel hedges ( effective portion ) was $ 2. 4 million , $ 3. 4 million and $ ( 1. 7 ) million , for years ended december 31 , 2013 , 2012 2011 .\nrecycling commodity hedges revenue from sale of recycling commodities is primarily from sales of old corrugated cardboard ( occ ) and old newspaper ( onp ).\n use derivative instruments swaps costless collars as cash flow hedges to manage exposure to changes in prices of these commodities.\n entered into multiple agreements related to forecasted occ and onp sales.\n agreements qualified for effective hedges of changes in prices of certain forecasted recycling commodity sales ( commodity hedges ).\n entered into costless collar agreements on forecasted sales of occ and onp.\n agreements involve combining purchased put option giving right to sell occ and onp at established floor strike price with written call option obligating us to deliver occ and onp at established cap strike price.\n puts and calls have same settlement dates net settled in cash on such dates same terms to expiration.\n contemporaneous combination of options resulted in no net premium for us represent costless collars.\n under agreements make or receive no payments as long as settlement price between floor price and cap price ; if settlement price above cap will pay counterparty amount equal to excess of settlement price over cap times monthly volumes hedged.\n if settlement price\n\nyear | gallons hedged | weighted average contractprice per gallon\n---- | -------------- | -----------------------------------------\n2014 | 27000000       | $ 3.81\n2015 | 18000000       | 3.74\n2016 | 12000000       | 3.68"
}
{
    "_id": "dd4b952d8",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis net revenue 2004 compared to 2003 net revenue entergy measure of gross margin consists of operating revenues net of 1 ) fuel  fuel-related  purchased power expenses 2 ) other regulatory credits.\n analysis of change in net revenue comparing 2004 to 2003.\n volume/weather variance from increased usage offset by effect milder weather on sales during 2004 compared to 2003.\n billed usage increased 2261 gwh in industrial commercial sectors.\n summer capacity charges variance due to amortization in 2003 at entergy gulf states entergy louisiana of deferred capacity charges for summer 2001.\n entergy gulf states' amortization began june 2002 ended may 2003.\n entergy louisiana's amortization began august 2002 ended july 2003.\n base rates increased net revenue due to base rate increase at entergy new orleans effective june 2003.\n deferred fuel cost revisions variance resulted from revision in 2003 to unbilled sales pricing estimate to align fuel component pricing with expected recoverable fuel costs at entergy louisiana.\n deferred fuel cost revisions decreased net revenue due to revision in 2004 to estimate of fuel costs filed for recovery at entergy arkansas in march 2004 energy cost recovery rider.\n price applied to unbilled sales variance from decrease in fuel price in 2004 caused by effect of nuclear plant outages in 2003 on average fuel costs.\n gross operating revenues regulatory credits operating revenues include increase in fuel cost recovery revenues of $ 475 million and $ 18 million in electric and gas sales due to higher fuel rates in 2004 from increases in market prices of purchased power natural gas.\n revenue increase offset by increased fuel purchased power expenses.\nregulatory credits increased due to : 2022 cessation of grand gulf accelerated recovery tariff suspended in july 2003 ; 2022 amortization 2003 of deferred capacity charges for summer 2001 power purchases at entergy gulf states and entergy louisiana ; 2022 deferral in 2004 of $ 14. 3 million capacity charges related to generation resource planning allowed by lpsc ; 2022 deferral 2004 by entergy louisiana of $ 11. 4 million related to voluntary severance program  with proposed stipulation with lpsc staff ;\n\n| ( in millions )\n------------------------------- | ---------------\n2003 net revenue                | $ 4214.5\nvolume/weather                  | 68.3\nsummer capacity charges         | 17.4\nbase rates                      | 10.6\ndeferred fuel cost revisions    | -46.3 ( 46.3 )\nprice applied to unbilled sales | -19.3 ( 19.3 )\nother                           | -1.2 ( 1.2 )\n2004 net revenue                | $ 4244.0"
}
{
    "_id": "dd4974b0c",
    "title": "",
    "text": "annual report 2013 duke realty corporation 37 addition to capitalization of overhead costs also capitalized $ 16. 8 million , $ 9. 4 million $ 4. 3 million of interest costs in years ended december 31 , 2013 , 2012 2011  respectively.\n table summarizes second generation capital expenditures by reportable operating segment ( in thousands ) :.\n first and second generation expenditures vary significantly between leases per square foot basis dependent upon factors including product type  nature of tenant's operations  specific physical characteristics of each property market in property located.\n second generation expenditures related to 79 suburban office buildings sold in blackstone office disposition totaled $ 26. 2 million in 2011.\n dividends and distributions required to meet distribution requirements of internal revenue code of 1986 , as amended ( \"code\" ) to maintain reit status.\n paid dividends of $ 0. 68 per common share for each years ended december 31 , 2013 , 2012 2011.\n expect to continue to distribute at least amount equal to taxable earnings , meet requirements to maintain reit status  additional amounts as determined by board of directors.\n distributions declared at discretion of board of directors subject to actual cash available for distribution  financial condition  capital requirements other factors board of directors deems relevant.\n at december 31 , 2013 had three series of preferred stock outstanding.\n annual dividend rates preferred shares range between 6. 5% ( 6. 5 % ) and 6. 625% ( 6. 625 % ) paid quarterly in arrears.\n in february 2013  redeemed all outstanding series o shares for total payment of $ 178. 0 million  reducing future quarterly dividend commitments by $ 3. 7 million.\n in march 2012  redeemed all of 6. 950% ( 6.950 % ) series m cumulative redeemable preferred shares \"series m shares ) total payment $ 168. 3 million reducing future quarterly dividend commitments $ 2. 9 million.\n july 2011  redeemed 7. 25% ( 7. 25 % ) series n cumulative redeemable preferred shares \"series n shares total payment $ 108. 6 million reducing future quarterly dividend commitments by $ 2. 0 million.\n debt maturities debt outstanding at december 31, 2013 face value totaling $ 4. 3 billion weighted average interest rate 5. 49% ( 5. 49 % ) maturity dates between 2014 and 2028.\n total amount $ 3. 1 billion unsecured debt  $ 1. 1 billion secured debt $ 88. 0 million outstanding on drlp unsecured line of credit at december 31 , 2013.\n made scheduled and unscheduled principal payments of $ 1. 0 billion on outstanding debt year ended december 31 , 2013.\n\n| 2013    | 2012    | 2011\n----------------------------------------- | ------- | ------- | -------\nindustrial                                | $ 41971 | $ 33095 | $ 34872\noffice                                    | 46600   | 30092   | 63933\nmedical office                            | 3106    | 641     | 410\nnon-reportable rental operations segments | 121     | 56      | 49\ntotal                                     | $ 91798 | $ 63884 | $ 99264"
}
{
    "_id": "dd4977a32",
    "title": "",
    "text": "liquidity capital resources maintained strong financial position throughout fiscal year 2019.\n as of 30 september 2019  consolidated balance sheet included cash cash items of $ 2248. 7.\n consistent access to commercial paper markets cash flows from operating and financing activities expected to meet liquidity needs for foreseeable future.\n as of 30 september 2019  had $ 971. 5 of foreign cash and cash items compared to total amount cash cash items of $ 2248. 7.\n result of tax act , not expect significant portion of foreign subsidiaries' and affiliates' earnings subject to.\n income tax upon repatriation to united states.\n repatriation earnings may be subject to foreign withholding and other taxes depending on country in subsidiaries affiliates reside.\n significant current investment plans outside u. s.  intent to permanently reinvest majority of foreign cash and cash items subject to additional taxes outside u. s.\n refer to note 23 , income taxes  for additional information.\n table summarizes cash flows from operating activities , investing activities financing activities from continuing operations on consolidated statements of cash flows:.\n operating activities for fiscal year ended 30 september 2019 , cash provided by operating activities was $ 2969. 9.\n income from continuing operations of $ 1760. 0 adjusted for items including depreciation and amortization, deferred income taxes , impacts from tax act , charge for facility closure of customers  undistributed earnings of unconsolidated affiliates  gain on sale of assets and investments  share-based compensation  noncurrent capital lease receivables  certain other adjustments.\n \"gain on sale of assets and investments\" includes gain of $ 14. 1 recognized on disposition of interest in high-tech gases ( beijing ) co. , ltd.previously held equity investment in industrial gases 2013 asia segment.\n refer to note 7 acquisitions consolidated financial statements for additional information.\n working capital accounts use of cash of $ 25. 3  driven by $ 69. 0 from trade receivables $ 41. 8 from payables and accrued liabilities partially offset by $ 79. 8 from other receivables.\n use of cash within \"payables accrued liabilities driven by $ 48. 9 decrease in accrued utilities $ 30. 3 decrease in accrued interest offset by $ 51. 6 increase in customer advances related to sale of equipment activity.\n decrease in accrued utilities driven by contract modification to tolling arrangement india lower utility costs industrial gases 2013 americas segment.\n source of cash from other receivables of $ 79. 8 due to maturities of forward exchange contracts hedged foreign currency exposures collection of value added taxes.\n fiscal year ended 30 september 2018 cash provided by operating activities was $ 2547. 2  including income from continuing operations of $ 1455. 6.\n other adjustments of $ 131. 6 include $ 54. 9 net impact from remeasurement of intercompany transactions.\n related hedging instruments eliminate earnings impact included working capital adjustment in other receivables payables accrued liabilities.\n adjustments impacted by cash received from early termination of cross currency swap of $ 54. 4 , excess of pension expense over pension contributions of $ 23. 5.\n working capital accounts use of cash of $ 265. 4  driven by payables accrued liabilities  inventories trade receivables partially offset by other receivables.\n use of cash in payables accrued liabilities of $ 277. 7 includes decrease in customer advances of $ 145.7 related to sale equipment activity $ 67. 1 for maturities of forward exchange contracts hedged foreign currency exposures.\n use of cash in inventories resulted from purchase of helium molecules.\n inventories reflect noncash impact of change in accounting for u.\n inventories from lifo to fifo.\n source of cash from other receivables of $ 128. 3 due to maturities of forward exchange contracts hedged foreign currency exposures.\n\ncash provided by ( used for ) | 2019               | 2018\n----------------------------- | ------------------ | ------------------\noperating activities          | $ 2969.9           | $ 2547.2\ninvesting activities          | -2113.4 ( 2113.4 ) | -1641.6 ( 1641.6 )\nfinancing activities          | -1370.5 ( 1370.5 ) | -1359.8 ( 1359.8 )"
}
{
    "_id": "dd4bf5f66",
    "title": "",
    "text": "14.\n accounting for long-lived assets eog reviews proved oil and gas properties for impairment purposes by comparing expected undiscounted future cash flows at depreciation depletion amortization group level to unamortized capitalized cost of asset.\n carrying rr values for assets impaired adjusted to estimated fair value using income approach in fair value measurement topic.\n eog utilizes accepted offers from third-party purchasers as basis for determining fair value.\n during 2017  proved oil and gas properties with carrying amount $ 370 million written down to fair value of $ 146 million pretax impairment charges of $ 224 million.\n 2016  oil gas properties with carrying amount $ 643 million written down to fair value of $ 527 million pretax impairment charges of $ 116 million.\n impairments in 2017 , 2016 2015 included domestic legacy natural gas assets.\n amortization and impairments of unproved oil and gas property costs  including amortization of capitalized interest were $ 211 million , $ 291 million and $ 288 million during 2017  2016 2015 .\n 15.\n asset retirement obligations table presents reconciliation of beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with retirement of property , plant and equipment for years ended december 31 , 2017 and 2016 ( in thousands ) :.\n ( 1 ) includes $ 164 million in 2016 related to yates transaction.\n ( 2 ) includes settlements related to asset sales.\n current and noncurrent portions of eog's asset retirement obligations included in current liabilities - on consolidated balance sheets.\n\n| 2017             | 2016\n-------------------------------------- | ---------------- | ----------------\ncarrying amount at beginning of period | $ 912926         | $ 811554\nliabilities incurred ( 1 )             | 54764            | 212739\nliabilities settled ( 2 )              | -61871 ( 61871 ) | -94800 ( 94800 )\naccretion                              | 34708            | 32306\nrevisions                              | -9818 ( 9818 )   | -38286 ( 38286 )\nforeign currency translations          | 16139            | -10587 ( 10587 )\ncarrying amount at end of period       | $ 946848         | $ 912926\ncurrent portion                        | $ 19259          | $ 18516\nnoncurrent portion                     | $ 927589         | $ 894410"
}
{
    "_id": "dd4baad2c",
    "title": "",
    "text": "2018 ppg annual report 10-k foreign currency translation offset by cost reclassifications with adoption new revenue recognition standard.\n refer to note 2 \"revenue recognition\" part 2 of form 10-k cost management including restructuring cost savings 2017 vs.\n 2016 selling  general administrative expenses decreased $ 1 million due to lower net periodic pension postretirement benefit costs lower selling advertising costs restructuring cost savings offset by wage cost inflation selling general administrative expenses from acquired businesses foreign currency translation other charges income.\n interest expense  net of interest income interest expense interest income increased $ 10 million in 2018 versus 2017 due to issuance of long- term debt early 2018.\n interest expense net of interest income decreased $ 14 million in 2017 versus 2016 due to lower interest rate debt outstanding in 2017.\n business restructuring  net pretax restructuring charge of $ 83 million recorded in second quarter of 2018 offset by changes in estimates to complete previously recorded programs of $ 17 million.\n pretax charge of $ 191 million recorded in 2016.\n refer to note 8 \"business restructuring\" in item 8 of form 10-k for additional information.\n pension settlement charges during 2017 ppg made lump-sum payments to retirees in ppg's.\n qualified non- qualified pension plans totaling approximately $ 127 million.\n lump-sum payments in excess of expected 2017 service interest costs for affected plans ppg remeasured periodic benefit obligation of plans period payments recorded settlement charges totaling $ 60 million ( $ 38 million after-tax ) during 2017.\n 2016 ppg permanently transferred approximately $ 1. 8 billion of.\n canadian pension obligations assets to highly rated insurance companies.\n actions triggered remeasurement partial settlement of company 2019s defined benefit pension plans.\nppg recognized $ 968 million pre-tax settlement charge transactions.\n refer to note 13 , \"employee benefit plans\" item 8 form 10-k for additional information.\n other charges charges in 2018 and 2016 higher than 2017 primarily due to environmental remediation charges.\n charges principally for environmental remediation at former chromium manufacturing plant associated sites in new jersey.\n refer to note 14 , \"commitments and contingent liabilities\" item 8 form 10-k for additional information.\n other income lower in 2018 and 2016 than 2017 due to gain from sale mexican plaka business $ 25 million income from legal settlement $ 18 million in 2017.\n refer to note 3, \"acquisitions and divestitures\" item 8 form 10-k for additional information.\n\n( $ in millions except percentages )    | 2018      | % (  % ) change 2017 | % (  % ) change 2016 | % (  % ) change 2018 vs . 2017 | % (  % ) change 2017 vs . 2016\n--------------------------------------- | --------- | -------------------- | -------------------- | ------------------------------ | ------------------------------\ninterest expense net of interest income | $ 95      | $ 85                 | $ 99                 | 11.8% ( 11.8 % )               | ( 14.1 ) % (  % )\nbusiness restructuring net              | $ 66      | $ 2014               | $ 191                | n/a                            | ( 100.0 ) % (  % )\npension settlement charges              | $ 2014    | $ 60                 | $ 968                | ( 100.0 ) % (  % )             | ( 93.8 ) % (  % )\nother charges                           | $ 122     | $ 74                 | $ 242                | 64.9% ( 64.9 % )               | ( 69.4 ) % (  % )\nother income                            | ( $ 114 ) | ( $ 150 )            | ( $ 127 )            | ( 24.0 ) % (  % )              | 18.1% ( 18.1 % )"
}
{
    "_id": "dd4ba4062",
    "title": "",
    "text": "management 2019s discussion analysis 164 jpmorgan chase & co. /2013 annual report firm ) required to hold more than additional 2. 5% ( 2. 5 % ) tier 1 common.\n basel iii establishes 6. 5% ( 6. 5 % ) tier i common equity standard for definition of 201cwell capitalized 201d under prompt corrective action ( 201cpca 201d ) requirements fdic improvement act ( 201cfdicia 201d ).\n tier i common equity standard effective from first quarter of 2015.\n chart presents basel iii minimum risk-based capital ratios during transitional periods fully phased-in basis.\n chart includes management 2019s target for firm 2019s tier 1 common ratio.\n firm 2019s current expectation basel iii tier 1 common ratio exceed regulatory minimums during transition period upon full implementation in 2019 thereafter.\n firm estimates tier 1 common ratio under basel iii advanced approach fully phased-in basis 9. 5% ( 9. 5 % ) as of december 31 , 2013  achieving management 2019s stated objectives.\n tier 1 common ratio as calculated under basel iii standardized approach estimated at 9. 4% ( 9. 4 % ) as of december 31 , 2013.\n tier 1 common ratio under basel i and basel iii are non-gaap financial measures.\n measures used by bank regulators investors analysts to assess firm 2019s capital position compare firm 2019s capital to other financial services companies.\n following table presents comparison of firm 2019s tier 1 common under basel i rules to estimated tier 1 common under advanced approach of basel iii rules firm 2019s estimated risk-weighted assets.\ndifferences in calculation of rwa between basel i and basel iii advanced approach include : 1 basel iii credit risk rwa based on risk-sensitive approaches rely on internal credit models and parameters  basel i rwa based on fixed supervisory risk- weightings vary by counterparty type and asset class ; basel iii includes rwa for operational risk  basel i does not.\n operational risk capital takes operational losses in quarter following period losses realized calculation incorporates such losses irrespective of issues or business activity losses remediated or reduced.\n firm 2019s operational risk capital model continues to be refined with firm 2019s basel iii advanced approach run.\n as result of model enhancements in 2013  legal expenses incurred by firm in 2013 firm 2019s operational risk capital increased substantially in 2013 over 2012.\n tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common  inclusion of accumulated other comprehensive income ( 201caoci 201d ) related to afs securities and defined benefit pension and other postretirement employee benefit ( 201d ) plans.\n december 31 , 2013 ( in millions , except ratios ).\n estimated risk-weighted assets under basel iii advanced approach ( b ) $ 1590873 estimated tier 1 common ratio under basel iii advanced approach ( c ) 9. 5% ( 9. 5 % ) certain exposures  deducted from capital under basel i , are risked-weighted under basel iii.\n\ntier 1 common under basel i rules                                                                   | $ 148887\n--------------------------------------------------------------------------------------------------- | --------------\nadjustments related to aoci for afs securities and defined benefit pension and opeb plans           | 1474\nadd back of basel i deductions ( a )                                                                | 1780\ndeduction for deferred tax asset related to net operating loss and foreign tax credit carryforwards | -741 ( 741 )\nall other adjustments                                                                               | -198 ( 198 )\nestimated tier 1 common under basel iii rules                                                       | $ 151202\nestimated risk-weighted assets under basel iii advanced approach ( b )                              | $ 1590873\nestimated tier 1 common ratio under basel iii advanced approach ( c )                               | 9.5% ( 9.5 % )"
}
{
    "_id": "dd4bf4468",
    "title": "",
    "text": "entergy arkansas , inc.\n management's financial discussion analysis operating activities cash flow from increased $ 8. 8 million in 2004 compared to 2003 due to income tax benefits received 2004 increased recovery of deferred fuel costs.\n increase offset by money pool activity.\n in 2003 domestic utility companies and system energy filed with irs change in tax accounting method notification for calculations of cost of goods sold.\n adjustment implemented simplified method of allocation of overhead to production of electricity provided under irs capitalization regulations.\n cumulative adjustment companies on new methodology resulted in $ 1. 171 billion deduction for entergy arkansas on 2003 income tax return.\n no cash benefit from method change in 2003.\n in 2004 realized $ 173 million in cash tax benefit from method change.\n tax accounting method change issue across utility industry likely be challenged by irs on audit.\n as of december 31 , 2004 entergy has net operating loss ( nol ) carryforward for tax purposes of $ 766. 9 million  resulting from change in tax accounting method related to cost of goods sold.\n if tax accounting method change sustained entergy expects to utilize nol carryforward through 2006.\n cash flow from operations increased $ 80. 1 million in 2003 compared to 2002 due to income taxes paid of $ 2. 2 million in 2003 compared to $ 83. 9 million in 2002 money pool activity.\n increase partially offset by decreased recovery of deferred fuel costs in 2003.\n entergy' receivables from payables to money pool were as follows as of december 31 for each following years:.\n money pool activity used $ 92. 7 million of operating cash flow in 2004 provided $ 73. 4 million in 2003 provided $ 19. 5 million in 2002.\nnote 4 to domestic utility companies system energy financial statements for description money pool.\n investing activities decrease of $ 68. 1 million in net cash used in investing activities in 2004 compared 2003 due to decrease in construction expenditures less transmission upgrade work requested by merchant generators 2004 lower spending on customer support projects 2004.\n increase of $ 88. 1 million in net cash investing activities in 2003 compared to 2002 due to increase in construction expenditures of $ 57. 4 million maturity of $ 38. 4 million of other temporary investments first quarter 2002.\n construction expenditures increased in 2003 due to 2022 ferc ruling shifted responsibility for transmission upgrade work independent power producers to entergy arkansas ; 2022 ano 1 steam generator  reactor vessel head  transformer replacement project.\n financing activities decrease of $ 90. 7 million in net cash used financing activities in 2004 compared 2003 due to net redemption of $ 2. 4 million long-term debt in 2004 compared to $ 109. 3 million in 2003 partially offset by payment of $ 16. 2 million more in common stock dividends same period.\n\n2004             | 2003             | 2002             | 2001\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 23561          | ( $ 69153 )      | $ 4279           | $ 23794"
}
{
    "_id": "dd4c308dc",
    "title": "",
    "text": "management 2019s discussion analysis believe our credit ratings primarily based on credit rating agencies 2019 assessment of : 2030 our liquidity , market  credit operational risk management practices ; 2030 level variability of our earnings ; 2030 capital base ; 2030 franchise , reputation management ; 2030 corporate governance ; 2030 external operating environment , including assumed level of government support.\n certain firm 2019s derivatives transacted under bilateral agreements with counterparties who may require us to post collateral or terminate transactions based on changes in credit ratings.\n we assess impact of these bilateral agreements by determining collateral or termination payments assuming a downgrade by all rating agencies.\n downgrade by any one rating agency , depending on agency 2019s relative ratings of firm at time downgrade , may have impact comparable to impact of downgrade by all rating agencies.\n we allocate portion of our gce to ensure make additional collateral or termination payments required in event two-notch reduction in long-term credit ratings , collateral not called by counterparties  but available to them.\n table below presents additional collateral or termination payments related to net derivative liabilities under bilateral agreements could have been called at reporting date by counterparties in event of one-notch and two-notch downgrade in credit ratings.\n in millions 2013 2012 additional collateral or termination payments for a one-notch downgrade $ 911 $ 1534 additional collateral or termination payments for two-notch downgrade 2989 2500 cash flows as global financial institution , our cash flows complex bear little relation to net earnings net assets.\n believe traditional cash flow analysis less meaningful in evaluating our liquidity position than excess liquidity and asset-liability management policies described above.\n cash flow analysis may  be helpful in highlighting macro trends strategic initiatives in our businesses.\n year ended december 2013.\ncash equivalents decreased by $ 11. 54 billion to $ 61. 13 billion end of 2013.\n generated $ 4. 54 billion net cash from operating activities.\n used net cash $ 16. 08 billion for investing financing activities primarily fund loans investment repurchases of common stock.\n year ended december 2012.\n cash equivalents increased $ 16. 66 billion to $ 72. 67 billion end of 2012.\n generated $ 9. 14 billion net cash from operating investing activities.\n generated $ 7. 52 billion net cash from financing activities increase in bank deposits offset by net repayments of unsecured secured long-term borrowings.\n year ended december 2011.\n cash equivalents increased by $ 16. 22 billion to $ 56. 01 billion end of 2011.\n generated $ 23. 13 billion net cash from operating investing activities.\n used net cash $ 6. 91 billion for financing activities primarily repurchases of series g preferred stock common stock partially offset by increase bank deposits.\n goldman sachs 2013 annual report 89\n\nin millions                                                             | as of december 2013 | as of december 2012\n----------------------------------------------------------------------- | ------------------- | -------------------\nadditional collateral or termination payments for a one-notch downgrade | $ 911               | $ 1534\nadditional collateral or termination payments for a two-notch downgrade | 2989                | 2500"
}
{
    "_id": "dd4bdfe5a",
    "title": "",
    "text": "notes to consolidated financial statements in march 2008 , fasb issued guidance requires entities to provide greater transparency about ( a ) how why entity uses derivative instruments , b ) how derivative instruments and related hedged items are accounted  ( c ) how derivative instruments related hedged items affect entity 2019s financial position , results of operations , cash flows.\n guidance effective on january 1 , 2009.\n adoption guidance not material impact on consolidated financial statements.\n in june 2009 , fasb issued guidance on accounting for transfers of financial assets.\n guidance amends components of existing guidance governing sale accounting, including recog- nition of assets obtained and liabilities assumed result of transfer , considerations of effective control by transferor over transferred assets.\n in guidance removes exemption for qualifying special purpose entities from consolidation guidance.\n guidance effective january 1 , 2010  early adoption prohibited.\n amended guidance governing sale accounting applied on prospec- tive basis removal of qualifying special purpose entity exception will require to evaluate certain entities for consolidation.\n evaluating effect of adoption of this guidance  currently believe its adoption will not have material impact on consolidated financial statement.\n in june 2009  fasb amended guidance for determin- ing whether entity is a variable interest entity , or vie  requires performance of qualitative than quantitative analysis to determine primary beneficiary of vie.\n under this guidance  entity required to consolidate a vie if it has ( i ) power to direct activities that significantly impact entity 2019s economic performance and ii ) obligation to absorb losses of vie or right to receive benefits from the vie could significant to vie.\n guidance effective for first annual reporting period begins after november 15 , 2009 , early adoption prohibited.\ncurrently evaluating effect of adoption of this guidance  believe its adoption will not have material impact on our consoli- dated financial statements.\n note 3 / property acquisitions 2009 acquisitions during 2009  acquired sub-leasehold positions at 420 lexington avenue for aggregate purchase price of approximately $ 15. 9 million.\n 2008 acquisitions in february 2008 through joint venture with jeff sutton acquired properties at 182 broadway and 63 nassau street for approximately $ 30. 0 million aggregate.\n properties adjacent to 180 broadway acquired in august 2007.\n part of acquisition closed on $ 31. 0 million loan bears interest at 225 basis points over 30-day libor.\n loan has three-year term and two one-year extensions.\n drew down $ 21. 1 mil- lion at closing to pay balance of acquisition costs.\n second quarter of 2008 through joint ven- ture with nysters  acquired interests in fee positions at 919 third avenue for approximately $ 32. 8 million.\n joint venture controls entire fee position.\n 2007 acquisitions in january 2007 acquired reckson for approximately $ 6. 0 billion , inclusive of transaction costs.\n sold approximately $ 2. 0 billion of reckson assets to asset purchasing venture led by reckson 2019s former executive management.\n transaction included acquisition of 30 properties encompassing approximately 9. 2 million square feet  of five properties encompassing approxi- mately 4. 2 million square feet located in manhattan.\n following summarizes allocation of purchase price to assets and liabilities acquired from reckson ( in thousands ) :.\n\nland                                  | $ 766727\n------------------------------------- | ---------\nbuilding                              | 3724962\ninvestment in joint venture           | 65500\nstructured finance investments        | 136646\nacquired above-market leases          | 24661\nother assets net of other liabilities | 30473\nacquired in-place leases              | 175686\nassets acquired                       | 4924655\nacquired below-market leases          | 422177\nminority interest                     | 401108\nliabilities acquired                  | 823285\nnet assets acquired                   | $ 4101370"
}
{
    "_id": "dd4c18b10",
    "title": "",
    "text": "gain on land sales derived from sales undeveloped land owned by us.\n pursue opportunities to dispose of land in markets with high concentration undeveloped land markets where land no longer meets our strategic development plans.\n increase partially attributable to land sale to current corporate tenant for potential future expansion.\n recorded $ 424000 and $ 560000 of impairment charges associated with contracts to sell land parcels for years ended december 31 , 2004 and 2003.\n only one parcel on recorded impairment charges still owned by us.\n anticipate selling this parcel in first quarter of 2005.\n discontinued operations classified operations of 86 buildings as discontinued operations as of december 31 , 2004.\n 86 buildings consist of 69 industrial 12 office five retail properties.\n classified net income from operations  net of minority interest of $ 1. 6 million , $ 6. 3 million and $ 10. 7 million as net income from discontinued operations for years ended december 31, 2004 2003 2002.\n 41 of properties classified in discontinued operations sold during 2004 42 properties sold during 2003 two properties sold during 2002 one operating property classified as held-for-sale at december 31 , 2004.\n gains on disposal of properties net of impairment adjustment minority interest of $ 23. 9 million and $ 11. 8 million for years ended december 31 , 2004 and 2003 also reported in discontinued operations.\n for year ended december 31  2002 $ 4. 5 million loss on disposal of properties net of impairment adjustments minority interest reported in discontinued operations due to impairment charges of $ 7. 7 million recorded on three properties in 2002 later sold in 2003 and 2004.\ncomparison of year ended december 31 , 2003 to december 31 , 2002 rental income from continuing operations increased from $ 652. 8 million in 2002 to $ 689. 3 million in 2003.\n following table reconciles rental income by reportable segment to total reported rental income from continuing operations for years ended december 31 , 2003 and 2002 ( in thousands ) :.\n three reportable segments rental operations ( office , industrial and retail ) all within real estate industry not necessarily affected by same economic and industry conditions.\n for retail segment experienced high occupancies strong overall performance during 2003 office and industrial segments reflected weaker economic environment for property types.\n primary causes of increase in rental income from continuing operations segment summarized below : during 2003  in-service occupancy improved from 87. 1% (. 1 % ) end of 2002 to 89. 3% ( 89. 3 % ) at end of 2003.\n second half of 2003 highlighted by significant increase in industrial portfolio occupancy of 2. 1% ( 2. 1 % ) slight increase in office portfolio occupancy of 0. 9% ( 0. 9 % ).\n lease termination fees totaled $ 27. 4 million in 2002 compared to $ 16. 2 million in 2003.\n most of decrease attributable to office segment  recognized $ 21. 1 million of termination fees in 2002 compared to $ 11. 8 million in 2003.\n lease termination fees relate to specific tenants pay fee to terminate lease obligations before end of contractual lease term.\n high volume of termination fees in 2002 reflective of contraction of business of large office users desire to downsize use of office space.\n decrease in termination fees for 2003 indicative of improving economy more stable financial position of tenants.\n during year ended 2003  acquired $ 232 million of properties totaling 2. 1 million square feet.\nacquisitions primarily class office buildings in markets occupancy near 90% ( 90 % ).\n revenues acquisitions totaled $ 11. 9 million in 2003.\n revenues from 2002 acquisitions totaled $ 15. 8 million in 2003 compared to $ 4. 8 million in 2002.\n increase primarily due to large office acquisition closed end of december 2002.\n 25cf developments in-service in 2003 provided revenues $ 6. 6 million revenues in-service 2002 totaled $ 13. 7 million in 2003 compared to $ 4. 7 million in 25cf proceeds from dispositions for rental properties totaled $ 126. 1 million in 2003 compared to $ 40. 9 million in 2002.\n properties generated revenue $ 12. 5 million in 2003 versus $ 19. 6 million in 2002.\n equity in earnings of unconsolidated companies represents ownership share of net income from investments unconsolidated companies.\n joint ventures own operate rental properties hold land for development.\n earnings decreased from $ 27. 2 million in 2002 to $ 23. 7 million in 2003.\n decrease result of significant activity\n\n| 2003     | 2002\n---------- | -------- | --------\noffice     | $ 419962 | $ 393810\nindustrial | 259762   | 250391\nretail     | 5863     | 4733\nother      | 3756     | 3893\ntotal      | $ 689343 | $ 652827"
}
{
    "_id": "dd4c5f3b2",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 ( continued ) 3. 00% ( 3. 00 % ) convertible notes 2014during years ended december 31 , 2008 2007  company issued aggregate approximately 8. 9 million and 973 shares of common stock  upon conversion of $ 182. 8 million and $ 0. 02 million principal amount  of 3. 00% ( 3. 00 % ) notes.\n terms indenture holders of 3. 00% ( 3. 00 % ) notes entitled to receive 48. 7805 shares of common stock for every $ 1000 principal amount of notes converted.\n conversions in 2008  company paid holders aggregate approximately $ 4. 7 million  calculated based on discounted value future interest payments on notes reflected in loss on retirement of long-term obligations in consolidated statement of operations for year ended december 31 , 2008.\n 14.\n impairments , net loss on sale of long-lived assets , restructuring merger related expense significant components reflected in impairments  net loss on sale of long-lived assets restructuring merger related expense consolidated statements of operations include : impairments net loss on sale of long-lived assets 2014during years ended december 31 , 2008 , 2007 2006  company recorded impairments net loss on sale of long-lived assets related to rental management segment ) of $ 11. 2 million , $ 9. 2 million $ 2. 6 million , respectively.\n during years ended december 31 , 2008  2007 2006 company recorded net losses associated with sales of certain non-core towers other assets impairment charges to write-down certain assets to net realizable value after indicator of impairment identified.\n company recorded net losses and impairments of approximately $ 10. 5 million , $ 7.1 million $ 2. 0 million for years ended december 31 , 2008 , 2007 2006  respectively.\n net loss for year ended december 31 , 2008 net losses from asset sales other impairments of $ 10. 7 million  offset by gains from asset sales of $ 0. 2 million.\n net loss for year ended december 31 , 2007 net losses from asset sales other impairments of $ 7. 8 million  offset by gains from asset sales of $ 0. 7 million.\n merger related expense 2014during year ended december 31 , 2005  company assumed obligations merger with spectrasite , inc. primarily related to employee separation costs of former spectrasite employees.\n severance payments to former spectrasite , inc.\n employees subject to plans agreements established by spectrasite .\n assumed by company merger.\n costs recognized as assumed liability in purchase price allocation.\n company incurred merger related costs for additional employee retention separation costs year ended december 31 , 2006.\n following table displays activity respect accrued liability for years ended december 31 , 2008  2007 2006 ( in thousands ) : liability december 31 , expense 2006 cash payments other liability december 31  expense 2007 cash payments liability 31 2008 cash payments employee separations.\n.\n.\n.\n $ 20963 $ 496 $ ( 12389 ) $ ( 1743 ) $ 7327 $ 633 $ ( 6110 ) $ ( 304 ) $ 1546 $ 284 $ ( 1901 ) $ 71 2014 as of december 31 , 2008  company had paid all merger related liabilities.\n american tower corporation subsidiaries notes to consolidated financial statements 2014 ( ) 3. 00% ( 3.00 % ) convertible notes 2014during years ended december 31 , 2008 and 2007  company issued approximately 8. 9 million and 973 shares of common stock upon conversion of $ 182. 8 million and $ 0. 02 million principal amount  of 3. 00% ( 3. 00 % ) notes.\n terms indenture holders of 3. 00% ( 3. 00 % ) notes entitled to receive 48. 7805 shares of common stock for every $ 1000 principal amount of notes converted.\n conversions in 2008  company paid holders aggregate approximately $ 4. 7 million  calculated based on discounted value future interest payments on notes reflected in loss on retirement of long-term obligations in consolidated statement of operations for year ended december 31 , 2008.\n 14.\n impairments , net loss on sale of long-lived assets , restructuring merger related expense significant components reflected in impairments  net loss on sale of long-lived assets  restructuring merger related expense statements operations include : impairments and net loss on sale of long-lived assets 2014during years ended december 31 , 2008 , 2007 2006  company recorded impairments and net loss on sale of long-lived assets related to rental and management segment ) of $ 11. 2 million , $ 9. 2 million $ 2. 6 million , respectively.\n during years ended december 31 , 2008 , 2007 2006 company recorded net losses associated with sales of certain non-core towers and other assets impairment charges to write-down certain assets to net realizable value after indicator of impairment identified.\n company recorded net losses and impairments of approximately $ 10. 5 million , $ 7. 1 million and $ 2.0 million for years ended december 31 , 2008 , 2007 2006  respectively.\n net loss for year ended december 31 , 2008 net losses from asset sales other impairments of $ 10. 7 million  offset by gains from asset sales $ 0. 2 million.\n net loss year ended december 31 , 2007 net losses from asset sales other impairments $ 7. 8 million  offset by gains from asset sales $ 0. 7 million.\n merger related expense 2014during year ended december 31 , 2005 company assumed obligations merger with spectrasite , inc. primarily related to employee separation costs of former spectrasite employees.\n severance payments to former spectrasite , inc.\n employees subject to plans agreements established by spectrasite  inc.\n assumed by company merger.\n costs recognized as assumed liability in purchase price allocation.\n company incurred merger related costs for additional employee retention separation costs year ended december 31 , 2006.\n table displays activity accrued liability for years ended december 31 , 2008 , 2007 2006 ( in thousands ) : liability december 31 , expense 2006 cash payments other liability december 31  expense 2007 cash payments other liability december 31 expense 2008 cash payments liability 31  employee separations.\n.\n.\n.\n $ 20963 $ 496 $ ( 12389 ) $ ( 1743 ) $ 7327 $ 633 $ ( 6110 ) $ ( 304 ) $ 1546 $ 284 $ ( 1901 ) $ 71 2014 as of december 31 , 2008  company had paid all merger related liabilities.\n\nemployee separations | liability as of december 31 2005 $ 20963 | 2006 expense $ 496 | 2006 cash payments $ -12389 ( 12389 ) | other $ -1743 ( 1743 ) | liability as of december 31 2006 $ 7327 | 2007 expense $ 633 | 2007 cash payments $ -6110 ( 6110 ) | other $ -304 ( 304 ) | liability as of december 31 2007 $ 1546 | 2008 expense $ 284 | 2008 cash payments $ -1901 ( 1901 ) | other $ 71 | liability as of december 31 2008 2014\n-------------------- | ---------------------------------------- | ------------------ | ------------------------------------- | ---------------------- | --------------------------------------- | ------------------ | ----------------------------------- | -------------------- | --------------------------------------- | ------------------ | ----------------------------------- | ---------- | -------------------------------------"
}
{
    "_id": "dd4bbf650",
    "title": "",
    "text": "diluted earnings per share calculation excludes stock options  sars  restricted stock units performance units stock anti-dilutive.\n shares underlying excluded stock options sars totaled 2. 6 million  10. 3 million 10. 2 million for years ended december 31 , 2017 , 2016 2015  respectively.\n for year ended december 31 , 2016  4. 5 million shares of restricted stock units performance units stock excluded.\n.\n supplemental cash flow information net cash paid for interest income taxes was for years ended december 31, 2017 , 2016 2015 ( in thousands ) :.\n eog's accrued capital expenditures at december 31 , 2017 , 2016 2015 were $ 475 million, $ 388 million $ 416 million  respectively.\n non-cash investing activities for year ended december 31 , 2017 included non-cash additions of $ 282 million to eog's oil and gas properties property exchanges.\n non-cash investing activities for year ended december 31, 2016 included $ 3834 million in non-cash additions to oil and gas properties related to yates transaction ( see note 17 ).\n.\n business segment information eog's operations are all crude oil and natural gas exploration production related.\n segment reporting topic of asc establishes standards for reporting information about operating segments in annual financial statements.\n operating segments defined as components of enterprise about separate financial information available evaluated by chief operating decision maker group in deciding allocate resources assessing performance.\n chief operating decision-making process informal involves chairman of board chief executive officer other key officers.\n group reviews makes operating decisions related to significant issues associated with eog's major producing areas in united states  trinidad  united kingdom china.\nsegment reporting purposes , chief operating decision maker considers major united states producing areas one operating segment.\n\n| 2017     | 2016               | 2015\n------------------------------------ | -------- | ------------------ | --------\ninterest net of capitalized interest | $ 275305 | $ 252030           | $ 222088\nincome taxes net of refunds received | $ 188946 | $ -39293 ( 39293 ) | $ 41108"
}
{
    "_id": "dd4bd76ec",
    "title": "",
    "text": "humana inc.\n notes to consolidated financial statements 2014 continued not be estimated based on observable market prices unobservable inputs used.\n for auction rate securities  valuation methodologies include consideration of quality of sector and issuer  underlying collateral underlying final maturity dates liquidity.\n recently accounting no recently issued accounting standards apply to or material impact on results of operations  financial condition or cash flows.\n 3.\n acquisitions on december 21 , 2012  acquired metropolitan health networks , inc. metropolitan medical services organization mso coordinates medical care for medicare advantage beneficiaries and medicaid recipients primarily in florida.\n paid $ 11. 25 per share in cash to acquire all outstanding shares of metropolitan repaid all outstanding debt metropolitan for transaction value of $ 851 million  plus transaction expenses.\n preliminary fair values of metropolitan 2019s assets acquired and liabilities assumed at date of acquisition summarized as : metropolitan ( in millions ).\n goodwill assigned to health and well-being services segment not deductible for tax purposes.\n other intangible assets  primarily of customer contracts and trade names have weighted average useful life of 8. 4 years.\n on october 29 , 2012 acquired noncontrolling equity interest in mcci holdings , llc  mcci privately held mso in miami , florida coordinates medical care for medicare advantage and medicaid beneficiaries primarily in florida and texas.\n metropolitan and mcci transactions expected to provide with components of successful integrated care delivery model demonstrated scalability to new markets.\n substantial portion of revenues for both metropolitan and mcci derived from services provided to humana medicare advantage members under capitation contracts with our health plans.\n, metropolitan and mcci provide services to medicare advantage and medicaid members under capitation contracts with third party health plans.\n under these capitation agreements with health metropolitan mcci assume financial risk associated with these medicare advantage medicaid members.\n\n| metropolitan ( in millions )\n--------------------------- | ----------------------------\ncash and cash equivalents   | $ 49\nreceivables net             | 28\nother current assets        | 40\nproperty and equipment      | 22\ngoodwill                    | 569\nother intangible assets     | 263\nother long-term assets      | 1\ntotal assets acquired       | 972\ncurrent liabilities         | -22 ( 22 )\nother long-term liabilities | -99 ( 99 )\ntotal liabilities assumed   | -121 ( 121 )\nnet assets acquired         | $ 851"
}
{
    "_id": "dd4bf1f10",
    "title": "",
    "text": "z i m m e r h o l d i n g s , i n c.\n a n d s u b s i d i a r i e s 2 0 0 4 f o r m 1 0 - k contractual obligations company entered into contracts with third parties business require future payments.\n table illustrates company 2019s contractual obligations : 2006 2008 2010 contractual obligations total 2005 2007 2009.\n critical accounting estimates financial results company affected by provisions for income taxes for all periods selection application of accounting policies and methods.\n jurisdictions subject to review or audit.\n significant accounting policies require management 2019s commitments and contingencies 2013 accruals for judgment discussed below.\n product liability other claims established with excess inventory and instruments 2013 company internal and external legal counsel based on current must determine each balance sheet date how much  if information historical settlement information for claims  of inventory may prove to be unsaleable or related fees for claims incurred but not reported.\n unsaleable at carrying cost.\n company must actuarial model used to assist determine if instruments on hand will be put to management in determining appropriate level of accruals productive use or remain undeployed result of excess for product liability claims.\n historical patterns of claim loss supply.\n reserves established to adjust development over time statistically analyzed to arrive at inventory and instruments to net realizable value.\n factors applied to loss estimates determine appropriate level of reserves  company actuarial model.\n evaluates current stock levels in relation to historical management 2019s best estimate of ultimate costs expected patterns of demand for all products incur under various contingencies.\n instrument systems and components.\nbasis for goodwill intangible assets 2013 company determination same for all inventory evaluates carrying value of goodwill indefinite life instrument items categories except for work-in-progress intangible assets annually or whenever events or inventory  recorded at cost.\n obsolete or circumstances indicate carrying value may not be discontinued items generally destroyed completely recoverable.\n company evaluates carrying value of written off.\n management evaluates need for changes to finite life intangible assets whenever events or circumstances valuation reserves based on market conditions competitive indicate carrying value may not be recoverable.\n offerings other factors regular basis.\n significant assumptions required to estimate fair income taxes 2013 company estimates income tax value of goodwill intangible assets notably expense income tax liabilities assets by taxable estimated future cash flows generated by assets.\n jurisdiction.\n realization of deferred tax assets each taxable changes to assumptions could result in company jurisdiction dependent on company 2019s ability to required to record impairment charges on assets.\n generate future taxable income sufficient to realize benefits.\n company evaluates deferred tax assets on recent accounting pronouncements ongoing basis provides valuation allowances if information about recent accounting pronouncements determined to 2018 2018more likely than not 2019 deferred tax included in note 2 to consolidated financial statements benefit will not be realized.\n federal income taxes included under item 8.\n provided on portion of income of foreign subsidiaries expected to be remitted to u.\n company operates within numerous taxing jurisdictions.\n company subject to regulatory review or audit in all jurisdictions reviews audits may require extended periods time to resolve.\n company makes use of all available information makes reasoned judgments regarding matters requiring interpretation in establishing tax expense  liabilities reserves.\n company believes\n\ncontractual obligations       | total    | 2005   | 2006 and 2007 | 2008 and 2009 | 2010 and thereafter\n----------------------------- | -------- | ------ | ------------- | ------------- | -------------------\ndebt obligations              | $ 651.5  | $ 27.5 | $ 449.0       | $ 175.0       | $ 2013\noperating leases              | 103.0    | 23.5   | 34.2          | 17.7          | 27.6\npurchase obligations          | 16.1     | 15.5   | 0.6           | 2013          | 2013\nother long-term liabilities   | 420.9    | 2013   | 135.7         | 30.5          | 254.7\ntotal contractual obligations | $ 1191.5 | $ 66.5 | $ 619.5       | $ 223.2       | $ 282.3"
}
{
    "_id": "dd4c4c438",
    "title": "",
    "text": "management 2019s discussion analysis table below presents reconciliation of common shareholders 2019 equity to estimated basel iii advanced cet1 on fully phased-in basis.\n $ in millions december.\n 1.\n this deduction  represents fully phased-in requirement is amount investments in capital of nonconsolidated financial institutions exceed certain prescribed thresholds.\n during transitional period thereafter no deduction required if applicable proportion of investments in capital institutions falls below prescribed thresholds.\n 2.\n includes credit valuation adjustments on derivative liabilities debt valuation adjustments other required credit risk- based deductions.\n beginning with first quarter of 2015  subject to transitional provisions required to disclose ratios calculated under standardized approach.\n estimated cet1 ratio under standardized approach standardized cet1 ratio ) on fully phased-in basis was approximately 60 basis points lower than estimated basel iii advanced cet1 ratio in table above.\n both basel iii advanced cet1 ratio and standardized cet1 ratio subject to transitional provisions.\n transitional provisions effective january 1 , 2014  estimated basel iii advanced cet1 ratio and estimated standardized cet1 ratio are approximately 150 basis points higher than respective cet1 ratios on fully phased-in basis as of december 2013.\n effective january 1 , 2014  group inc. 2019s capital and leverage ratios calculated under , subject to minimums as defined in , revised capital framework.\n changes to definition of capital and minimum ratios  subject to transitional provisions effective beginning january 1 , 2014.\n rwas based on basel i adjusted , as defined in note 20 to consolidated financial statements.\n firm will transition to basel iii beginning on april 1 , 2014.\nimpact of changes to definition of regulatory capital reflecting transitional provisions effective in 2014  our estimated cet1 ratio ( cet1 to rwas on basel i adjusted basis ) as of december 2013 essentially unchanged compared to tier 1 common ratio under basel i.\n regulatory leverage ratios.\n revised capital framework increased minimum tier 1 leverage ratio to us from 3% ( 3 % ) to 4% ( 4 % ) effective january 1 , 2014.\n revised capital framework new tier 1 supplementary leverage ratio ( supplementary leverage ratio ) for advanced approach banking organizations.\n supplementary leverage ratio compares tier 1 capital ( defined under revised capital framework ) to measure of leverage exposure , defined as sum of firm 2019s assets less certain cet1 deductions plus certain off-balance-sheet exposures  including measure of derivatives exposures and commitments.\n revised capital framework requires minimum supplementary leverage ratio of 3% ( 3 % ) , effective january 1 , 2018  disclosure required beginning in first quarter of 2015.\n subsequent to approval of revised capital framework agencies issued proposal to increase minimum supplementary leverage ratio requirement for largest u. s.\n banks ( global systemically important banking institutions ( g-sibs ) under basel g-sib framework ).\n proposals require firm and other g-sibs to meet 5% ( 5 % ) supplementary leverage ratio ( of minimum requirement of 3% ( 3 % ) plus 2% ( 2 % ) buffer ).\n as of december 2013  estimated supplementary leverage ratio based on revised capital framework approximates this proposed minimum.\n basel committee finalized revisions increase size of leverage exposure for supplementary leverage ratio but retain minimum supplementary leverage ratio requirement of 3% ( 3 % ).\n not known with certainty whether u. s.\nregulators adopt revised definition of leverage rules proposals for supplementary leverage ratio.\n 70 goldman sachs 2013 annual report\n\n$ in millions                                                               | as of december 2013\n--------------------------------------------------------------------------- | -------------------\ncommon shareholders 2019 equity                                             | $ 71267\ngoodwill                                                                    | -3705 ( 3705 )\nidentifiable intangible assets                                              | -671 ( 671 )\ndeferred tax liabilities                                                    | 908\ngoodwill and identifiable intangible assets net of deferred tax liabilities | -3468 ( 3468 )\ndeductions for investments in nonconsolidated financial institutions1       | -9091 ( 9091 )\notheradjustments2                                                           | -489 ( 489 )\nbasel iii cet1                                                              | $ 58219\nbasel iii advanced rwas                                                     | $ 594662\nbasel iii advanced cet1 ratio                                               | 9.8% ( 9.8 % )"
}
{
    "_id": "dd4bb7108",
    "title": "",
    "text": "changes in gross unrecognized tax benefits for year ended december 29 , 2007:.\n as of december 29 , 2007  $ 228. 4 million of unrecognized tax benefits would if recognized reduce effective tax rate  compared to $ 232. 1 million as of december 31 , 2006  first day cadence 2019s fiscal year.\n total interest and penalties recognized in consolidated income statement for year ended december 29 , 2007 resulted in net tax benefits of $ 11. 1 million and $ 0. 4 million  primarily due to effective settlement of tax audits year.\n total gross accrued interest and penalties recognized in consolidated balance sheets as of december 29, 2007 were $ 47. 9 million and $ 9. 7 million  compared to $ 65. 8 million and $ 10. 1 million  as of december 31 , 2006.\n 9.\n acquisitions for acquisitions results of operations estimated fair value of assets acquired liabilities assumed included in cadence 2019s consolidated financial statements from date of acquisition.\n comparative pro forma financial information for all 2007 , 2006 2005 acquisitions not presented because results of operations not material to cadence 2019s consolidated financial statements.\n 2007 acquisitions during 2007  cadence acquired invarium , inc. san jose-based developer of advanced lithography-modeling pattern-synthesis technology and clear shape technologies , inc. san jose-based design technology company solutions minimize yield loss for semiconductor integrated circuits.\n cadence acquired these two companies for aggregate purchase price of $ 75. 5 million  included payment of cash , fair value of assumed options and acquisition costs.\n $ 45. 7 million of goodwill recorded connection with these acquisitions not expected to be deductible for income tax purposes.\n prior to acquiring clear shape technologies  inc. cadence had investment of $ 2. 0 million in company representing 12% ( % ) ownership interest accounted for under cost method of accounting.\n with sfas.\n 141 , 201cbusiness combinations 201d cadence accounted for this acquisition as step acquisition.\n subsequent adjustments to purchase price of acquired companies included in 201cother 201d line of changes of goodwill table in note 10 below.\n 2006 acquisition in march 2006 cadence acquired company for aggregate initial purchase price of $ 25. 8 million  included payment of cash fair value of assumed options acquisition costs.\n preliminary allocation of purchase price recorded as $ 17. 4 million of goodwill, $ 9. 4 million of identifiable intangible assets $ ( 1. 0 ) million of net liabilities.\n $ 17. 4 million of goodwill acquisition not expected to be deductible for income tax purposes.\n subsequent adjustments to purchase price acquired company included in 201cother 201d line of changes of goodwill table in note 10 below.\n\n| ( in thousands )\n--------------------------------------------------------------------------------------------------------------------- | ----------------\nbalance as of december 31 2006                                                                                        | $ 337226\ngross amount of the decreases in unrecognized tax benefits of tax positions taken during a prior year                 | -31608 ( 31608 )\ngross amount of the increases in unrecognized tax benefits as a result of tax positions taken during the current year | 7764\namount of decreases in unrecognized tax benefits relating to settlements with taxing authorities                      | -6001 ( 6001 )\nreductions to unrecognized tax benefits resulting from the lapse of the applicable statute of limitations             | -511 ( 511 )\nbalance as of december 29 2007                                                                                        | $ 306870"
}
{
    "_id": "dd4bec0ec",
    "title": "",
    "text": "18 2015 annual report performance graph chart presents comparison for five-year period ended june 30 , 2015  of market performance of company 2019s common stock with s&p 500 index and index of peer companies selected company : comparison of 5 year cumulative total return among jack henry & associates , inc. s&p 500 index  peer group information depicts line graph with values:.\n comparison assumes $ 100 invested on june 30 , 2010  assumes reinvestments of dividends.\n total returns calculated according to market capitalization of peer group members beginning of each period.\n peer companies selected providing specialized computer software  hardware related services to financial institutions other businesses.\n companies in peer group are aci worldwide , inc. bottomline technology , inc. broadridge financial solutions  cardtronics , inc. convergys corp. corelogic , inc. dst systems , inc. euronet worldwide , inc. fair isaac corp. fidelity national information services , inc. fiserv , inc. global payments , inc. heartland payment systems  inc. moneygram international  inc. ss&c technologies holdings , inc. total systems services , inc. tyler technologies  inc. verifone systems , inc. wex , inc.\n micros systems , inc.\n removed from peer group as acquired in september 2014.\n\n| 2010   | 2011   | 2012   | 2013   | 2014   | 2015\n---------- | ------ | ------ | ------ | ------ | ------ | ------\njkhy       | 100.00 | 127.44 | 148.62 | 205.60 | 263.21 | 290.88\npeer group | 100.00 | 136.78 | 148.10 | 174.79 | 239.10 | 301.34\ns&p 500    | 100.00 | 130.69 | 137.81 | 166.20 | 207.10 | 222.47"
}
{
    "_id": "dd4bbce6e",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion and analysis 2018 versus 2017.\n provision for credit losses in consolidated statements of earnings was $ 674 million for 2018  compared with $ 657 million for 2017  higher provision for credit losses related to consumer loan growth in 2018 partially offset by impairment of approximately $ 130 million on secured loan in 2017.\n 2017 versus 2016.\n provision for credit losses in consolidated statements of earnings was $ 657 million for 2017  compared with $ 182 million for 2016  reflecting increase in impairments included impairment of approximately $ 130 million on secured loan in 2017 higher provision for credit losses related to consumer loan growth.\n operating expenses influenced by compensation , headcount levels business activity.\n compensation and benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.\n discretionary compensation impacted by level net revenues  overall financial performance  prevailing labor markets business mix structure of share-based compensation programs external environment.\n see 201cuse of estimates 201d for further information about expenses from litigation and regulatory proceedings.\n table below presents operating expenses by line item and headcount.\n reclassifications made to previously reported amounts to conform to current presentation : 2030 regulatory-related fees paid to exchanges now reported in brokerage , clearing , exchange and distribution fees.\n previously amounts reported in other expenses.\n 2030 headcount consists of employees excludes consultants and temporary staff previously reported as part of total staff.\n expenses related to these consultants and temporary staff now reported in professional fees.\n previously such amounts reported in compensation and benefits expenses.\n 2018 versus 2017.\n operating expenses in consolidated statements of earnings were $ 23.46 billion for 2018 12% ( 12 % ) higher than 2017.\n efficiency ratio ( total operating expenses divided by total net revenues ) for 2018 was 64. 1% ( 64. 1 % )  compared with 64. 0% ( 64. 0 % ) for 2017.\n increase in operating expenses 2017 due to higher compensation benefits expenses improved operating performance higher net provisions for litigation regulatory proceedings.\n brokerage  clearing  exchange distribution fees higher increase in activity levels technology expenses increased higher expenses computing services.\n expenses to consolidated investments digital lending and deposit platform increased increases primarily in depreciation and amortization expenses market development expenses other expenses.\n increase compared with 2017 included $ 297 million related to recently adopted revenue recognition standard.\n see note 3 to consolidated financial statements for information.\n 2014-09 201crevenue from contracts with customers ( topic 606 ). net provisions for litigation regulatory proceedings for 2018 were $ 844 million compared with $ 188 million for 2017.\n 2018 included $ 132 million charitable contribution to goldman sachs gives donor-advised fund.\n compensation reduced to fund charitable contribution.\n ask participating managing directors to make recommendations regarding potential charitable recipients for contribution.\n of december 2018 headcount increased 9% ( 9 % ) compared with december 2017 increase in technology professionals investments in new business initiatives.\n 2017 versus 2016.\n operating expenses in consolidated statements of earnings were $ 20. 94 billion for 2017 3% ( 3 % ) higher than 2016.\n efficiency ratio for 2017 was 64. 0% ( 64. 0 % ) compared with 65. 9% ( 65. 9 % ) for 2016.\n increase in operating expenses 2016 driven by higher compensation and benefits expenses investments to fund growth.\nhigher expenses related to consolidated investments digital lending deposit platform primarily included in depreciation amortization expenses market development expenses other expenses.\n technology expenses increased reflecting higher expenses related to cloud-based services software depreciation professional fees increased primarily related to consulting costs.\n increases partially offset by lower net provisions for litigation regulatory proceedings lower occupancy expenses ( related to exit costs in 2016 ).\n 54 goldman sachs 2018 form 10-k\n\n$ in millions                                     | year ended december 2018 | year ended december 2017 | year ended december 2016\n------------------------------------------------- | ------------------------ | ------------------------ | ------------------------\ncompensation and benefits                         | $ 12328                  | $ 11653                  | $ 11448\nbrokerage clearing exchange and distribution fees | 3200                     | 2876                     | 2823\nmarket development                                | 740                      | 588                      | 457\ncommunications and technology                     | 1023                     | 897                      | 809\ndepreciation and amortization                     | 1328                     | 1152                     | 998\noccupancy                                         | 809                      | 733                      | 788\nprofessional fees                                 | 1214                     | 1165                     | 1081\nother expenses                                    | 2819                     | 1877                     | 1900\ntotal operating expenses                          | $ 23461                  | $ 20941                  | $ 20304\nheadcount atperiod-end                            | 36600                    | 33600                    | 32400"
}
{
    "_id": "dd4bbe2a0",
    "title": "",
    "text": "performance graph comparison of five-year cumulative total return graph table compare cumulative total return citi 2019s common stock , listed on nyse under ticker symbol 201cc 201d held by 77787 common stockholders record as of january 31 , 2017 , with cumulative total return s&p 500 index s&p financial index over five-year period through december 31 , 2016.\n graph table assume $ 100 invested on december 31 , 2011 in citi 2019s common stock  s&p 500 index s&p financial index  all dividends reinvested.\n comparison of five-year cumulative total return for years ended date citi s&p 500 financials.\n\ndate        | citi  | s&p 500 | s&p financials\n----------- | ----- | ------- | --------------\n31-dec-2011 | 100.0 | 100.0   | 100.0\n31-dec-2012 | 150.6 | 116.0   | 128.8\n31-dec-2013 | 198.5 | 153.6   | 174.7\n31-dec-2014 | 206.3 | 174.6   | 201.3\n31-dec-2015 | 197.8 | 177.0   | 198.2\n31-dec-2016 | 229.3 | 198.2   | 243.4"
}
{
    "_id": "dd4bc000a",
    "title": "",
    "text": "lockheed martin corporation management 2019s discussion analysis financial condition results operations december 31 , 2002 space systems 2019 operating results included : ( in millions ) 2002 2001 2000.\n net sales for space systems increased 8% ( 8 % ) in 2002 compared to 2001.\n increase sales 2002 resulted from higher volume in government space $ 370 million commercial space $ 180 million.\n government space  increases $ 470 million in government satellite programs $ 130 million in ground systems activities offset volume declines $ 175 million on government launch vehi- cles $ 55 million on strategic missile programs.\n increase in commercial space sales attributable to increase launch vehicle activities nine commercial launches 2002 compared to six 2001.\n net sales segment decreased 7% ( 7 % ) in 2001 pared 2000.\n decrease sales 2001 resulted from volume declines in commercial space $ 560 million offset increases in government space $ 60 million.\n commercial space  sales declined due to volume reductions $ 480 million in commercial launch vehicle activities $ 80 million in satellite programs.\n six launches in 2001 compared to 14 launches 2000.\n increase in gov- ernment space resulted from combined increase $ 230 mil- lion related to higher volume government satellite programs ground systems activities.\n increases partially offset by $ 110 million decrease volume declines in government launch vehicle activity due to program maturities $ 50 million due to absence 2001 of favorable adjustments on titan iv pro- gram 2000.\n operating profit segment increased 23% ( 23 % ) in 2002 compared to 2001 mainly driven by commercial space business.\n reduced losses in commercial space 2002 resulted in increased operating profit $ 90 million compared to 2001.\n commercial satellite manufacturing losses declined $ 100 million in 2002 operating performance improved satellite deliveries increased.\n first quarter of 2001 $ 40 million loss provision recorded on certain commercial satellite manufacturing contracts.\nto industry-wide oversupply deterioration of pricing in commercial launch market financial results on commercial launch vehicles challenging.\n 2002  trend led to decline in operating profit of $ 10 million on commercial launch vehicles compared to 2001.\n decrease due to lower profitability of $ 55 mil- lion on three additional launches current year addi tional charges of $ 60 million ( net favorable contract adjustment $ 20 million ) for market pricing pressures adverse effect of $ 35 million adjustment for commercial launch vehicle contract settlement costs.\n 2001 results included charges for market pricing pressures reduced year 2019s operating profit by $ 145 million.\n $ 10 million decrease in government space 2019s operating profit due to reduced volume on government launch vehicles strategic missile programs operating profit by $ 80 million partially offset by increases $ 40 million in government satellite programs $ 30 million in ground systems activities.\n operating profit for segment increased by 4% ( 4 % ) in 2001 compared to 2000.\n operating profit increased 2001 due to $ 35 million increase in government space offset by higher year-over-year losses of $ 20 million in commercial space.\n government space operating profit increased due to impact higher volume improved performance in ground systems government satellite programs.\n year- to-year comparison operating profit not affected by $ 50 million favorable titan iv adjustment in 2000 due to $ 55 million charge related to conservative assessment of government launch vehi- cle programs fourth quarter of 2000.\n commercial space  decreased operating profit of $ 15 mil- lion on launch vehicles offset lower losses on satel- lite manufacturing activities.\n commercial launch vehicle operating results included $ 60 million in higher charges for market pricing pressures compared to 2000.\n negative adjustments partially offset by $ 50 million of favorable contract adjustments on certain launch vehicle con- tracts.\ncommercial satellite manufacturing losses decreased slightly from 2000 included adverse impact of $ 40 million loss provision recorded first quarter 2001 for satellite contracts related to schedule technical issues.\n\n( in millions )  | 2002   | 2001   | 2000\n---------------- | ------ | ------ | ------\nnet sales        | $ 7384 | $ 6836 | $ 7339\noperating profit | 443    | 360    | 345"
}
{
    "_id": "dd4b90e72",
    "title": "",
    "text": "citigroup 2019s repurchases primarily from government sponsored entities.\n specific representations and warranties company depend on nature transaction requirements buyer.\n market conditions credit-ratings agency requirements may affect representations warranties other provisions company may agree to in loan sales.\n in breach of representations and warranties , company may be required to repurchase mortgage loans ( generally at unpaid principal balance plus accrued interest ) with identified defects or indemnify ( 201cmake-whole 201d ) investor or insurer.\n company recorded repurchase reserve included in other liabilities in consolidated balance sheet.\n in case of repurchase , company will bear subsequent credit loss on mortgage loans.\n company 2019s representations and warranties generally not subject to stated limits in amount or time of coverage.\n contractual liability arises only when representations and warranties breached only when loss results from breach.\n in case of repurchase , loan typically considered a credit- impaired loan accounted for under sop 03-3 , 201caccounting for certain loans debt securities , acquired in transfer 201d ( now incorporated into asc 310-30 , receivables 2014loans debt securities acquired with deteriorated credit quality ).\n these repurchases not material impact on nonperforming loan statistics, credit-impaired purchased sop 03-3 loans not included in nonaccrual loans.\n company estimates exposure to losses from obligation to repurchase previously sold loans based on probability of repurchase or make-whole estimated loss given repurchase or make-whole.\n estimate calculated separately by sales vintage ( i. e., year loans were sold ) based on combination historical trends forecasted repurchases and losses considering : ( 1 ) trends in requests by investors for loan documentation packages reviewed ; 2 ) trends in recent repurchases and make-wholes ; 3 ) historical percentage of claims made percentage of loan documentation package requests ; ( 4 ) success rate in appealing claims ; 5 ) inventory of unresolved claims ; ( 6 ) estimated loss given repurchase or make-whole , including loss of principal , accrued interest  foreclosure costs.\n company not change estimation methodology by counterparty , but historical experience and trends considered when evaluating overall reserve.\n request for loan documentation packages early indicator of potential claim.\n during 2009 , loan documentation package requests and level of outstanding claims increased.\n in loss severity estimates increased during 2009 due to impact of macroeconomic factors recent experience.\n these factors contributed to $ 493 million change in estimate for reserve in 2009.\n repurchase reserve calculated by sales vintage.\n majority of repurchases in 2009 from 2006 and 2007 sales vintages  represent vintages with largest loss- given-repurchase.\n insignificant percentage of 2009 repurchases from vintages prior to 2006  expected to decrease  because those vintages later in credit cycle.\n early in credit cycle company experienced improved repurchase and loss-given-repurchase statistics from 2008 and 2009 vintages.\n in case of repurchase of credit-impaired sop 03-3 loan ( now incorporated into asc 310-30 )  difference between loan 2019s fair value and unpaid principal balance at time of repurchase recorded as utilization of repurchase reserve.\n payments to make investor whole also treated as utilizations charged directly against reserve.\nprovision for estimated probable losses from loan sales recorded as adjustment to gain on sale  included in other revenue in consolidated statement of income.\n liability for representations and warranties estimated when company sells loans updated quarterly.\n subsequent adjustment to provision recorded in other revenue in consolidated statement of income.\n activity in repurchase reserve for years ended december 31 , 2009 and 2008 is as follows:.\n goodwill goodwill represents acquired company 2019s acquisition cost over fair value of net tangible and intangible assets acquired.\n goodwill subject to annual impairment tests  goodwill allocated to company 2019s reporting units impairment exist if carrying value of reporting unit exceeds estimated fair value.\n on business dispositions , goodwill allocated to business disposed of based on ratio of fair value of business disposed of to fair value of reporting unit.\n intangible assets intangible assets 2014including core deposit intangibles , present value of future profits  purchased credit card relationships  other customer relationships  other intangible assets  excluding msrs 2014are amortized over estimated useful lives.\n intangible assets indefinite useful lives , primarily certain asset management contracts and trade names  not amortized and subject to annual impairment tests.\n impairment exists if carrying value of indefinite-lived intangible asset exceeds fair value.\n for other intangible assets subject to amortization  impairment recognized if carrying amount not recoverable and exceeds fair value of intangible asset.\nother assets other liabilities assets include  loans held-for-sale  deferred tax assets  equity-method investments , interest and fees receivable , premises equipment  end-user derivatives in net receivable position  repossessed assets , other receivables.\n\nin millions of dollars        | 2009         | 2008\n----------------------------- | ------------ | --------\nbalance beginning of the year | $ 75         | $ 2\nadditions for new sales       | 33           | 23\nchange in estimate            | 493          | 59\nutilizations                  | -119 ( 119 ) | -9 ( 9 )\nbalance end of the year       | $ 482        | $ 75"
}
{
    "_id": "dd4c55682",
    "title": "",
    "text": "goldman sachs group  inc.\n subsidiaries management 2019s discussion analysis in table : 2030 deduction for goodwill identifiable intangible assets net of deferred tax liabilities included goodwill of $ 3. 67 billion december 2017 and december 2016 identifiable intangible assets of $ 373 million and $ 429 million as of december 2017 and 2016 net of deferred tax liabilities of $ 704 million and $ 1. 08 billion as december 2017 december 2016.\n 2030 deduction for investments in nonconsolidated financial institutions represents investments in capital nonconsolidated financial institutions exceed thresholds.\n decrease from december 2016 to december 2017 reflects reductions in fund investments.\n 2030 deduction for investments in covered funds represents aggregate investments in applicable covered funds excluding investments subject to extended conformance period.\n deduction not subject to transition period.\n see 201cbusiness 2014 regulation 201d part i  item 1 of form 10-k for information about volcker rule.\n 2030 other adjustments within cet1 include overfunded portion of defined benefit pension plan obligation net of deferred tax liabilities disallowed deferred tax assets credit valuation adjustments on derivative liabilities debt valuation adjustments required credit risk-based deductions.\n 2030 qualifying subordinated debt is issued by group inc.\n with original maturity of five years or greater.\n outstanding amount of subordinated debt qualifying for tier 2 capital reduced upon reaching remaining maturity of five years.\n see note 16 to consolidated financial statements for information about subordinated debt.\n see note 20 to consolidated financial statements for information about transitional capital ratios represent ratios applicable as of december 2017 and december 2016.\n supplementary leverage ratio capital framework includes supplementary leverage ratio requirement for advanced approach banking organizations.\n under amendments to capital framework.\n federal bank regulatory agencies approved final rule implements supplementary leverage ratio aligned with definition of leverage established by basel committee.\n supplementary leverage ratio compares tier 1 capital to measure of leverage exposure of daily average total assets for quarter and certain off-balance-sheet exposures less certain balance sheet deductions.\n capital framework requires minimum supplementary leverage ratio of 5. 0% ( 5. 0 % ) ( of minimum requirement of 3. 0% ( 3. 0 % ) and 2. 0% ( 2. 0 % ) buffer ) for u. s.\n bhcs g-sibs  effective on january 1 , 2018.\n table below presents supplementary leverage ratio  calculated on fully phased-in basis.\n for three months ended or as of december $ in millions 2017 2016.\n table off-balance-sheet exposures consists of derivatives , securities financing transactions  commitments and guarantees.\n subsidiary capital requirements subsidiaries including gs bank usa and broker-dealer subsidiaries subject to separate regulation and capital requirements of jurisdictions in they operate.\n gs bank usa.\n subject to regulatory capital requirements calculated in same manner as applicable to bhcs calculates capital ratios in accordance with risk-based capital and leverage requirements applicable to state member banks based on capital framework.\n see note 20 to consolidated financial statements for further information about capital framework to gs bank usa including gs bank usa 2019s capital ratios and required minimum ratios.\n goldman sachs 2017 form 10-k 73\n\n$ in millions                         | for the three months ended or as of december 2017 | for the three months ended or as of december 2016\n------------------------------------- | ------------------------------------------------- | -------------------------------------------------\ntier 1 capital                        | $ 78227                                           | $ 81808\naverage total assets                  | $ 937424                                          | $ 883515\ndeductions from tier 1 capital        | -4572 ( 4572 )                                    | -4897 ( 4897 )\naverage adjusted total assets         | 932852                                            | 878618\noff-balance-sheetexposures            | 408164                                            | 391555\ntotal supplementary leverage exposure | $ 1341016                                         | $ 1270173\nsupplementary leverage ratio          | 5.8% ( 5.8 % )                                    | 6.4% ( 6.4 % )"
}
{
    "_id": "dd4bd002c",
    "title": "",
    "text": "market conditions affecting trust asset performance future discount rates based on average yields of high quality corporate bonds decisions regarding certain elective provisions of project make total.\n foreign benefit plan contributions in 2014 of approximately $ 57 million.\n actual 2014 contributions could be different from projections influenced by decision to undertake discretionary funding of benefit trusts versus other competing investment priorities future changes in government requirements trust asset performance renewals of union contracts higher-than-expected health care claims cost experience.\n measure cash flow as net cash provided by operating activities reduced by expenditures for property additions.\n use non-gaap financial measure of cash flow to focus management investors on cash available for debt repayment dividend distributions acquisition opportunities share repurchases.\n cash flow metric reconciled to most comparable gaap measure :.\n year-over-year change ( 4. 5 ) % ( % ) 22. 4% ( 22. 4 % ) decrease in cash flow in 2013 compared to 2012 due to higher capital expenditures.\n increase in cash flow in 2012 compared to 2011 driven by improved performance in working capital from one-time benefit from pringles acquisition  changes in level of capital expenditures during three-year period.\n investing activities net cash used in investing activities for 2013 amounted to $ 641 million  decrease of $ 2604 million compared with 2012 primarily attributable to $ 2668 million acquisition of pringles in 2012.\n capital spending in 2013 included investments in supply chain infrastructure support capacity requirements in certain markets.\n continued investment in information technology infrastructure related to reimplementation and upgrade of sap platform.\n net cash used in investing activities of $ 3245 million in 2012 increased by $ 2658 million compared with 2011 due to acquisition of pringles in 2012.\ncash paid for additions to properties as percentage of net sales increased to 4. 3% ( 4. 3 % ) in 2013  from 3. 8% ( 3. 8 % ) in 2012 decrease from 4. 5% ( 4. 5 % ) in financing activities net cash used by financing activities was $ 1141 million for 2013 compared to $ 1317 million for 2012 and $ 957 million for 2011.\n increase in cash from financing activities in 2012 primarily due to issuance of debt related to acquisition of pringles.\n total debt was $ 7. 4 billion at year-end 2013 and $ 7. 9 billion at year-end 2012.\n in february 2013 issued $ 250 million of two-year floating-rate.\n dollar notes  and $ 400 million of ten-year 2. 75% ( 2. 75 % ) u.\n dollar notes  in aggregate net proceeds after debt discount of $ 645 million.\n proceeds from used for general corporate purposes including repayment of $ 750 million aggregate principal amount of 4. 25% ( 4. 25 % ) u.\n dollar notes due march 2013.\n in may 2012 issued $ 350 million of three-year 1. 125% ( 1. 125 % ) u.\n dollar notes  $ 400 million of five-year 1. 75% ( 1. 75 % ) u.\n dollar notes and $ 700 million of ten-year 3. 125% ( 3. 125 % ) u.\n dollar notes  in aggregate net proceeds after debt discount of $ 1. 442 billion.\n proceeds notes used for general corporate purposes including financing portion of acquisition of pringles.\n in may 2012 issued.\n $ 300 million of two-year 2. 10% ( 2. 10 % ) fixed rate canadian dollar notes  proceeds for general corporate purposes included repayment of intercompany debt.\nrepayment resulted in cash for portion acquisition of pringles.\n december 2012 repaid $ 750 million five-year 5. 125% ( 5. 125 % ).\n dollar notes at maturity with commercial paper.\n april 2011 repaid $ 945 million ten-year 6. 60% ( 6. 60 % ).\n dollar notes at maturity with commercial paper.\n may 2011 issued $ 400 million of seven-year 3. 25% ( 3. 25 % ) fixed rate.\n dollar notes using proceeds of $ 397 million for general corporate purposes repayment of commercial paper.\n november 2011 issued $ 500 million of five-year 1. 875% ( 1. 875 % ) fixed rate.\n.\n dollar notes using proceeds of $ 498 million for general corporate purposes repayment of commercial paper.\n\n( dollars in millions )                   | 2013             | 2012             | 2011\n----------------------------------------- | ---------------- | ---------------- | ------------\nnet cash provided by operating activities | $ 1807           | $ 1758           | $ 1595\nadditions to properties                   | -637 ( 637 )     | -533 ( 533 )     | -594 ( 594 )\ncash flow                                 | $ 1170           | $ 1225           | $ 1001\nyear-over-year change                     | ( 4.5 ) % (  % ) | 22.4% ( 22.4 % ) |"
}
{
    "_id": "dd4bfcdca",
    "title": "",
    "text": "in 2016 , arconic recognized discrete income tax benefits related to release of valuation allowances on certain net deferred tax assets in russia and canada of $ 19 and $ 20 respectively.\n after weighing evidence management determined more likely than not net income tax benefits associated with underlying deferred tax assets would be realizable based on historic cumulative income and projected taxable income.\n arconic recorded additional valuation allowances in australia of $ 93 related to separation transaction spain of $ 163 related to tax law change luxembourg of $ 280 related to separation transaction tax law change.\n these valuation allowances offset current year changes in deferred tax asset balances of each jurisdiction in no net impact to tax expense.\n need for valuation allowance reassessed continuous basis in future periods by each jurisdiction allowances may increase or decrease based on changes in facts and circumstances.\n in 2015  arconic recognized additional $ 141 discrete income tax charge for valuation allowances on certain deferred tax assets in iceland and suriname.\n amount $ 85 valuation allowance established on full value of deferred tax assets in suriname related mostly to employee benefits and tax loss carryforwards.\n deferred tax assets have expiration period from 2016 to 2022 ( as of december 31 , 2015 ).\n remaining $ 56 charge relates to valuation allowance established on portion of deferred tax assets recorded in iceland.\n these deferred tax assets have expiration period from 2017 to 2023.\n after weighing all positive and negative evidence management determined no longer more likely than not that arconic will realize tax benefit of either these deferred tax assets.\n mainly driven by decline in outlook of primary metals business with prior year cumulative losses and short expiration period.\nin december 2011 , one arconic 2019s former subsidiaries in brazil applied for tax holiday related to expanded mining and refining operations.\n during 2013  application amended and re-filed similar application filed for another arconic 2019s former subsidiaries in brazil.\n deadline for brazilian government to deny application was july 11 , 2014.\n arconic not receive notice applications denied tax holiday took effect automatically on july 12 , 2014.\n result tax rate applicable to qualified holiday income for subsidiaries decreased significantly ( from 34% ( 34 % ) to 15. 25% (. 25 % ) ) resulting in future cash tax savings over 10-year holiday period ( retroactively effective as of january 1 , 2013 ).\n portion of one of subsidiaries net deferred tax assets that reverses within holiday period remeasured at new tax rate ( net deferred tax asset of other subsidiary not remeasured could still be utilized against subsidiary 2019s future earnings not subject to tax holiday ).\n remeasurement resulted in decrease to subsidiary 2019s net deferred tax assets and noncash charge to earnings of $ 52 ( $ 31 after noncontrolling interests ).\n following table details changes in valuation allowance:.\n cumulative amount of arconic 2019s foreign undistributed net earnings for which no deferred taxes provided was approximately $ 450 at december 31 , 2016.\n arconic has commitments and obligations related to company 2019s growth strategy in foreign jurisdictions.\n management has no plans to distribute such earnings in foreseeable future determined not practicable to determine related deferred tax liability.\n\ndecember 31,                                   | 2016         | 2015       | 2014\n---------------------------------------------- | ------------ | ---------- | ----------\nbalance at beginning of year                   | $ 1291       | $ 1151     | $ 1252\nincrease to allowance                          | 772          | 180        | 102\nrelease of allowance                           | -209 ( 209 ) | -42 ( 42 ) | -70 ( 70 )\nacquisitions and divestitures ( f )            | -1 ( 1 )     | 29         | -36 ( 36 )\ntax apportionment tax rate and tax law changes | 106          | -15 ( 15 ) | -67 ( 67 )\nforeign currency translation                   | -19 ( 19 )   | -12 ( 12 ) | -30 ( 30 )\nbalance at end of year                         | $ 1940       | $ 1291     | $ 1151"
}
{
    "_id": "dd4bc8dd6",
    "title": "",
    "text": "item 2.\n properties employ variety of assets in management operation rail business.\n our rail network covers 23 states western two-thirds of u. s.\n rail network includes 31838 route miles.\n own 26009 miles operate on remainder pursuant to trackage rights or leases.\n following table describes track miles at december 31 , 2013 2012.\n 2013 2012.\n headquarters building maintain headquarters in omaha , nebraska.\n facility has 1. 2 million square feet space for approximately 4000 employees subject to financing arrangement.\n harriman dispatching center harriman dispatching center ( hdc ) located in omaha, nebraska primary dispatching facility.\n linked to regional dispatching locomotive management facilities at various locations along\n\n| 2013  | 2012\n--------------------------------------- | ----- | -----\nroute                                   | 31838 | 31868\nother main line                         | 6766  | 6715\npassing lines and turnouts              | 3167  | 3124\nswitching and classification yard lines | 9090  | 9046\ntotal miles                             | 50861 | 50753"
}
{
    "_id": "dd4bf6a7e",
    "title": "",
    "text": "corporate/other includes unallocated costs of global staff functions including finance  risk human resources legal compliance ) other corporate expenses unallocated global operations technology expenses income taxes corporate treasury  north america legacy consumer loan portfolios  other legacy assets discontinued operations for additional information on corporate/other see 201ccitigroup segments 201d above.\n at december 31 , 2018  corporate/other had $ 91 billion in assets increase of 17% ( 17 % ) from prior year.\n in millions of dollars 2018 2017 2016 % ( % ) change 2018 vs.\n 2017 ( % change vs.\n 2016.\n 2018.\n 2017 net income was $ 107 million in 2018 compared to net loss of $ 19. 7 billion prior year driven by $ 19. 8 billion one-time  non-cash charge recorded in tax line in 2017 due to impact tax reform.\n results 2018 included one-time benefit of $ 94 million in tax line related to tax reform.\n for additional information see 201csignificant accounting policies significant estimates 2014income taxes 201d below.\n excluding one-time impact of tax reform in 2018 and 2017 net income decreased 92% ( 92 % ) reflecting lower revenues offset by lower expenses lower cost of credit tax benefits related to reorganization of non-u.\n subsidiaries.\n tax benefits offset by release of foreign currency translation adjustment ( cta ) from aoci to earnings for additional information on cta release see note 19 to consolidated financial statements ).\n revenues decreased 33% ( 33 % ) driven by wind-down of legacy assets.\n expenses decreased 40% ( 40 % ) primarily driven by wind-down of legacy assets lower infrastructure costs lower legal expenses.\nprovisions decreased $ 27 million to net benefit $ 202 million due to lower net credit losses offset by lower net loan loss reserve release.\n net credit losses declined 86% ( 86 % ) to $ 21 million reflecting impact of ongoing divestiture activity continued wind-down of north america mortgage portfolio.\n net reserve release declined by $ 96 million to $ 221 million reflected continued wind-down of legacy north america mortgage portfolio and divestitures.\n 2017 vs.\n 2016 net loss was $ 19. 7 billion  compared to net income $ 521 million prior year driven by one-time impact of tax reform.\n excluding tax reform net income declined 69% ( 69 % ) to $ 168 million reflecting lower revenues offset by lower expenses lower cost of credit.\n revenues declined 40% ( 40 % )  reflecting continued wind-down of legacy assets absence of gains related to debt buybacks in 2016.\n revenues included $ 750 million in gains on asset sales in first quarter of 2017 offset $ 300 million charge related to exit of citi 2019s.\n mortgage servicing operations quarter.\n expenses declined 24% ( 24 % ) reflecting wind-down of legacy assets and lower legal expenses offset by approximately $ 100 million in episodic expenses related to exit of.\n mortgage servicing operations.\n included in expenses is approximately $ 255 million provision for remediation costs related to card act matter in 2017.\n provisions decreased $ 244 million to net benefit of $ 175 million due to lower net credit losses and lower provision for benefits and claims offset by lower net loan loss reserve release.\n net credit losses declined 66% ( 66 % ) reflecting impact of ongoing divestiture activity continued wind-down of north america mortgage portfolio.\ndecline in provision for benefits claims primarily due to lower insurance activity.\n net reserve release declined $ 147 million  reflected continued wind-down of legacy north america mortgage portfolio divestitures.\n\nin millions of dollars                                             | 2018           | 2017               | 2016         | % (  % ) change2018 vs . 2017 | % (  % ) change2017 vs . 2016\n------------------------------------------------------------------ | -------------- | ------------------ | ------------ | ----------------------------- | -----------------------------\nnet interest revenue                                               | $ 2254         | $ 2000             | $ 3045       | 13% ( 13 % )                  | ( 34 ) % (  % )\nnon-interest revenue                                               | -171 ( 171 )   | 1132               | 2188         | nm                            | -48 ( 48 )\ntotal revenues net of interest expense                             | $ 2083         | $ 3132             | $ 5233       | ( 33 ) % (  % )               | ( 40 ) % (  % )\ntotal operating expenses                                           | $ 2272         | $ 3814             | $ 5042       | ( 40 ) % (  % )               | ( 24 ) % (  % )\nnet credit losses                                                  | $ 21           | $ 149              | $ 435        | ( 86 ) % (  % )               | ( 66 ) % (  % )\ncredit reserve build ( release )                                   | -218 ( 218 )   | -317 ( 317 )       | -456 ( 456 ) | 31                            | 30\nprovision ( release ) for unfunded lending commitments             | -3 ( 3 )       | 2014               | -8 ( 8 )     | 2014                          | 100\nprovision for benefits and claims                                  | -2 ( 2 )       | -7 ( 7 )           | 98           | 71                            | nm\nprovisions for credit losses and for benefits and claims           | $ -202 ( 202 ) | $ -175 ( 175 )     | $ 69         | -15 ( 15 )                    | nm\nincome ( loss ) from continuing operations before taxes            | $ 13           | $ -507 ( 507 )     | $ 122        | nm                            | nm\nincome taxes ( benefits )                                          | -113 ( 113 )   | 19064              | -455 ( 455 ) | nm                            | nm\nincome ( loss ) from continuing operations                         | $ 126          | $ -19571 ( 19571 ) | $ 577        | nm                            | nm\nincome ( loss ) from discontinued operations net of taxes          | -8 ( 8 )       | -111 ( 111 )       | -58 ( 58 )   | 93                            | -91 ( 91 )\nnet income ( loss ) before attribution of noncontrolling interests | $ 118          | $ -19682 ( 19682 ) | $ 519        | nm                            | nm\nnoncontrolling interests                                           | 11             | -6 ( 6 )           | -2 ( 2 )     | nm                            | nm\nnet income ( loss )                                                | $ 107          | $ -19676 ( 19676 ) | $ 521        | nm                            | nm"
}
{
    "_id": "dd496e694",
    "title": "",
    "text": "entergy louisiana , inc.\n management's financial discussion analysis gross operating revenues , fuel purchased power expenses  other regulatory credits operating revenues increased due to : 2022 increase of $ 98. 0 million in fuel cost recovery revenues due to higher fuel rates ; 2022 increase due to volume/weather ,.\n increase partially offset by : 2022 decrease of $ 31. 9 million in price applied to unbilled sales  2022 decrease of $ 12. 2 million in rate refund provisions 2022 decrease of $ 5. 2 million in gross wholesale revenue due to decreased sales to affiliated systems.\n fuel purchased power expenses increased due to : 2022 increase in recovery from customers of deferred fuel costs ; 2022 increase in market price of natural gas.\n other regulatory credits increased due to : 2022 deferral in 2004 of $ 14. 3 million of capacity charges related to generation resource planning lpsc ; 2022 amortization in 2003 of $ 11. 8 million of deferred capacity charges  ; 2022 deferral in 2004 of $ 11. 4 million related to entergy's voluntary severance program  accordance with proposed stipulation with lpsc staff.\n 2003 compared to 2002 net revenue  entergy louisiana's measure of gross margin consists of operating revenues net of fuel , fuel-related  purchased power expenses 2 ) other regulatory charges ( credits ).\n following analysis of change in net revenue comparing 2003 to 2002.\n deferred fuel cost revisions variance resulted from revised unbilled sales pricing estimate in december 2002 further revision in first quarter of 2003 to align fuel component pricing with expected recoverable fuel costs.\n asset retirement obligation variance due to implementation of sfas 143 , \"accounting for asset retirement obligations\" adopted in january 2003.\nsee \"critical accounting estimates\" for details on sfas 143.\n increase offset by decommissioning expense no effect on net income.\n volume variance due to decrease in electricity usage in service territory.\n usage decreased 1868 gwh industrial sector including loss of large industrial customer to cogeneration.\n\n| ( in millions )\n---------------------------- | ---------------\n2002 net revenue             | $ 922.9\ndeferred fuel cost revisions | 59.1\nasset retirement obligation  | 8.2\nvolume                       | -16.2 ( 16.2 )\nvidalia settlement           | -9.2 ( 9.2 )\nother                        | 8.9\n2003 net revenue             | $ 973.7"
}
{
    "_id": "dd4bcb2de",
    "title": "",
    "text": "as of september 24 , 2011 , total gross unrecognized tax benefits was $ 1. 4 billion , $ 563 million  if recognized  would affect company 2019s effective tax rate.\n as of september 25 , 2010 , total gross unrecognized tax benefits was $ 943 million  $ 404 million , if recognized  would affect company 2019s effective tax rate.\n aggregate changes in balance of gross unrecognized tax benefits , excludes interest and penalties  for three years ended september 24 , 2011  is as follows ( in millions ) :.\n company includes interest and penalties related to unrecognized tax benefits within provision for income taxes.\n as of september 24, 2011 and september 25 , 2010  total gross interest and penalties accrued was $ 261 million and $ 247 million  classified as non-current liabilities in consolidated balance sheets.\n tax company recognized interest expense in 2011 and 2009 of $ 14 million and $ 64 million  in 2010 company recognized interest benefit of $ 43 million.\n company subject to taxation and files income tax returns in u. s.\n federal jurisdiction and in many state and foreign jurisdictions.\n for.\n federal income tax purposes all years prior to 2004 are closed.\n internal revenue service ( 201d ) completed field audit of company 2019s federal income tax returns for years 2004 through 2006 and proposed certain adjustments.\n company contested certain these adjustments through irs appeals office.\n irs currently examining years 2007 through 2009.\n company subject to audits by state , local and foreign tax authorities.\n in major states and major foreign jurisdictions years subsequent to 1988 and 2001  remain open and could be subject to examination by taxing authorities.\n management believes adequate provision has made for adjustments from tax examinations.\n, outcome of tax audits cannot be predicted with certainty.\n if issues addressed in company 2019s tax audits resolved not consistent with management 2019s expectations , company could be required to adjust provision for income tax in period resolution occurs.\n timing of resolution and/or closure of audits not certain, company does not believe possible unrecognized tax benefits change in next 12 months.\n note 6 2013 shareholders 2019 equity and share-based compensation preferred stock company has five million shares of authorized preferred stock , none is issued or outstanding.\n under terms company 2019s restated articles of incorporation  board of directors authorized to determine or alter rights  preferences  privileges restrictions of company 2019s authorized but unissued shares of preferred stock.\n comprehensive income comprehensive income consists of two components , net income and other comprehensive income.\n other comprehensive income refers to revenue , expenses  gains losses under gaap recorded as element\n\n| 2011       | 2010         | 2009\n---------------------------------------------------------------- | ---------- | ------------ | ----------\nbeginning balance                                                | $ 943      | 971          | $ 506\nincreases related to tax positions taken during a prior year     | 49         | 61           | 341\ndecreases related to tax positions taken during a prior year     | -39 ( 39 ) | -224 ( 224 ) | -24 ( 24 )\nincreases related to tax positions taken during the current year | 425        | 240          | 151\ndecreases related to settlements with taxing authorities         | 0          | -102 ( 102 ) | 0\ndecreases related to expiration of statute of limitations        | -3 ( 3 )   | -3 ( 3 )     | -3 ( 3 )\nending balance                                                   | $ 1375     | $ 943        | $ 971"
}
{
    "_id": "dd4b90814",
    "title": "",
    "text": "contractual maturities of held-to-maturity securities as of january 30 , 2009 excess of three years $ 31. 4 million at cost and $ 28. 9 million at fair value.\n successor year ended january 30 , 2009 period ended february 1 , 2008 predecessor period ended july 6, 2007 year ended february 2 , 2007 gross realized gains and losses on sales of available-for-sale securities not material.\n cost of securities sold based upon specific identification method.\n merchandise inventories stated at lower of cost or market determined using retail last-in, first-out ( 201d ) method.\n under company 2019s retail inventory method ( 201d ) calculation of gross profit valuation of inventories at cost computed by applying calculated cost-to-retail inventory ratio to retail value of sales at department level.\n costs associated with warehousing distribution capitalized into inventory.\n excess of current cost over lifo cost approximately $ 50. 0 million at january 30 , 2009 $ 6. 1 million at february 1 , 2008.\n current cost determined using retail first-in , first-out method.\n company 2019s lifo reserves adjusted to zero at july 6 , 2007 merger.\n successor recorded lifo provisions of $ 43. 9 million and $ 6. 1 million during 2008 and 2007 .\n predecessor recorded lifo credit of $ 1. 5 million in 2006.\n 2008 increased commodity cost pressures related to food and pet products driven by fruit and vegetable prices rising freight costs.\n increases in petroleum  resin metals pulp other raw material commodity driven costs resulted in multiple product cost increases.\ncompany intends to address commodity cost increases through negotiations with vendors by increasing retail prices as necessary.\n quarterly basis , company estimates annual impact of commodity cost fluctuations based upon best available information at.\n store pre-opening costs pre-opening costs related to new store openings construction periods expensed as incurred.\n property and equipment property equipment recorded at cost.\n company provides for depreciation and amortization on straight-line basis over following estimated useful lives:.\n improvements of leased properties amortized over shorter of life of applicable lease term or estimated useful life of asset.\n\nland improvements                | 20\n-------------------------------- | -----\nbuildings                        | 39-40\nfurniture fixtures and equipment | 3-10"
}
{
    "_id": "dd4b916e2",
    "title": "",
    "text": "results operations for 2016 include : 1 ) $ 2836 million ( $ 1829 million net-of-tax ) of impairment related charges to write down carrying values of entergy wholesale commodities 2019 palisades , indian point 2  indian point 3 plants related assets to fair values ; 2 reduction of income tax expense  net of unrecognized tax benefits , of $ 238 million change in tax classification of legal entity owned entergy wholesale commodities nuclear power plants ; income tax benefits settlement of 2010-2011 irs audit  including $ 75 million tax benefit recognized by entergy louisiana related to treatment vidalia purchased power agreement and $ 54 million net benefit by entergy louisiana related to treatment of proceeds received in 2010 for financing of hurricane gustav and hurricane ike storm costs louisiana act 55 ; 3 reduction in expenses of $ 100 million ( $ 64 million net-of-tax ) due to effects of recording in 2016 final court decisions in lawsuits against doe related to spent nuclear fuel storage costs.\n see note 14 to financial statements for discussion impairment related charges , note 3 financial statements for discussion income tax items  note 8 financial statements for discussion spent nuclear fuel litigation.\n net revenue utility following is analysis of change in net revenue comparing 2017 to 2016.\n amount ( in millions ).\n retail electric price variance due to : 2022 implementation of formula rate plan rates effective with first billing cycle of january 2017 at entergy arkansas and increase in base rates effective february 24 , 2016 , each as approved by apsc.\nsignificant portion base rate increase related to purchase of power block 2 union power station in march 2016 ; 2022 provision recorded in 2016 related to settlement waterford 3 replacement steam generator prudence review proceeding ; 2022 implementation of transmission cost recovery factor rider at entergy texas  effective september 2016 , increase in transmission cost recovery factor rider rate  effective march 2017  approved by puct ; 2022 increase in rates at entergy mississippi  approved by mpsc  effective first billing cycle of july 2016.\n see note 2 to financial statements for discussion of rate proceedings waterford 3 replacement steam generator prudence review proceeding.\n see note 14 to financial statements for discussion union power station purchase.\n entergy corporation subsidiaries management 2019s financial discussion analysis\n\n| amount ( in millions )\n---------------------------------------------------------------------------------- | ----------------------\n2016 net revenue                                                                   | $ 6179\nretail electric price                                                              | 91\nregulatory credit resulting from reduction of thefederal corporate income tax rate | 56\ngrand gulf recovery                                                                | 27\nlouisiana act 55 financing savings obligation                                      | 17\nvolume/weather                                                                     | -61 ( 61 )\nother                                                                              | 9\n2017 net revenue                                                                   | $ 6318"
}
{
    "_id": "dd4c1862e",
    "title": "",
    "text": "stock performance graph graph provides comparison of five year cumulative total stockholder returns of teleflex common stock , standard & poor 2019s ( s&p ) 500 stock index s&p 500 healthcare equipment & supply index.\n annual changes for five-year period graph based on assumption $ 100 invested in teleflex common stock each index on december 31, 2009 all dividends reinvested.\n market performance.\n s&p 500 healthcare equipment & supply index 100 97 97 113 144 182\n\ncompany / index                             | 2009 | 2010 | 2011 | 2012 | 2013 | 2014\n------------------------------------------- | ---- | ---- | ---- | ---- | ---- | ----\nteleflex incorporated                       | 100  | 102  | 119  | 142  | 190  | 235\ns&p 500 index                               | 100  | 115  | 117  | 136  | 180  | 205\ns&p 500 healthcare equipment & supply index | 100  | 97   | 97   | 113  | 144  | 182"
}
{
    "_id": "dd498a524",
    "title": "",
    "text": "to  rather than substitute for cash provided by operating activities.\n following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) :.\n 2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : employees , customers  shareholders communities we serve.\n will continue using multi-faceted approach to safety  utilizing technology  risk assessment  quality control  training and employee engagement  targeted capital investments.\n continue using expanding deployment of total safety culture and courage to care throughout operations to identify and implement best practices for employee and operational safety.\n continue efforts to increase detection of rail defects ; improve close crossings educate public and law enforcement agencies about crossing safety through combination our own programs ( including risk assessment strategies ) industry programs local community activities across network.\n network operations 2013 in 2016  continue to align resources with customer demand improve network performance  maintain surge capability.\n fuel prices 2013 with dramatic drop in fuel prices during 2015  fuel price projections continue to be uncertain in current environment.\n could see volatile fuel prices during year  sensitive to global.\n domestic demand  refining capacity geopolitical events  weather conditions other factors.\n as prices fluctuate timing impact on earnings fuel surcharge programs trail fluctuations in fuel price by approximately two months.\n lower fuel prices could have positive impact on economy by increasing consumer discretionary spending increase demand for various consumer products transport.\n alternatively lower fuel prices will likely negative impact on other commodities coal , frac sand and crude oil shipments.\n capital plan 2013 in 2016  expect our capital plan to be approximately $ 3. 75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars.\ncapital plan may be revised if business conditions warrant or if new laws or regulations affect ability to generate sufficient returns on investments.\n ( see further discussion in item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in market sectors continue drive uncertainty volume levels.\n expect volumes to be down slightly in 2016 compared to 2015  depend on overall economy and market conditions.\n strong u. s.\n dollar and historic low commodity prices could drive continued volatility.\n biggest uncertainties is outlook for energy markets  will bring challenges and opportunities.\n in current environment  expect continued margin improvement driven by continued pricing opportunities ongoing productivity initiatives ability to leverage resources and strengthen franchise.\n over longer term expect overall.\n economy to continue to improve at modest pace  some markets outperforming others.\n\nmillions                              | 2015           | 2014           | 2013\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 7344         | $ 7385         | $ 6823\ncash used in investing activities     | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 )\ndividends paid                        | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 )\nfree cash flow                        | $ 524          | $ 1504         | $ 2085"
}
{
    "_id": "dd497848c",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions  except per share amounts ) liquidity capital resources cash flow overview tables summarize key financial data relating to our liquidity  capital resources uses of capital.\n 1 reflects net income adjusted for depreciation amortization of fixed assets intangible assets  amortization of restricted stock other non-cash compensation , non-cash ( gain ) loss related to early extinguishment of debt losses on sales of businesses deferred income taxes.\n 2 reflects changes in accounts receivable  expenditures billable to clients other current assets  accounts payable accrued liabilities.\n operating activities net cash provided by operating activities during 2015 was $ 674. 0 , improvement of $ 4. 5 compared to 2014  primarily result of improvement in working capital usage of $ 13. 6.\n due to seasonality of business typically generate cash from working capital in second half of year use cash from working capital in first half year largest impacts in first fourth quarters.\n net working capital usage in 2015 primarily attributable to media businesses.\n net cash provided by operating activities during 2014 was $ 669. 5 , improvement of $ 76. 6 compared to 2013  primarily result of increase in net income offset by increase in working capital usage of $ 121. 5.\n net working capital usage in 2014 impacted by media businesses.\n timing of media buying on behalf of clients affects working capital operating cash flow.\n most businesses agencies enter commitments to pay production media costs on behalf of clients.\n pay production media charges after received funds from clients.\n amounts involved exceed revenues primarily affect level of accounts receivable  expenditures billable to clients  accounts payable accrued liabilities.\nassets include cash received accounts receivable from clients for pass-through arrangements liabilities include amounts owed clients to media production suppliers.\n accrued liabilities affected by timing of other payments.\n for annual cash incentive awards accrued throughout year generally paid during first quarter of subsequent year.\n investing activities net cash used in investing during 2015 primarily related to payments for capital expenditures of $ 161. 1 attributable to purchases of leasehold improvements computer hardware.\n net cash used in investing activities during 2014 related to payments for capital expenditures and acquisitions.\n capital expenditures of $ 148. 7 related primarily to computer hardware software leasehold improvements.\n made payments of $ 67. 8 related to acquisitions completed during 2014  net of cash acquired.\n\ncash flow data                                                                           | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013\n---------------------------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nnet income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 848.2                        | $ 831.2                        | $ 598.4\nnet cash used in working capital2                                                        | -117.5 ( 117.5 )               | -131.1 ( 131.1 )               | -9.6 ( 9.6 )\nchanges in other non-current assets and liabilities using cash                           | -56.7 ( 56.7 )                 | -30.6 ( 30.6 )                 | 4.1\nnet cash provided by operating activities                                                | $ 674.0                        | $ 669.5                        | $ 592.9\nnet cash used in investing activities                                                    | -202.8 ( 202.8 )               | -200.8 ( 200.8 )               | -224.5 ( 224.5 )\nnet cash used in financing activities                                                    | -472.8 ( 472.8 )               | -343.9 ( 343.9 )               | -1212.3 ( 1212.3 )"
}
{
    "_id": "dd4c35bd4",
    "title": "",
    "text": "condition valued using monte carlo model.\n expected volatility based on historical volatilities of traded common stock company comparative companies using daily stock prices over past three years.\n expected term is three years risk-free interest rate based on three-year.\n treasury rate in effect as of measurement date.\n following table provides weighted average assumptions in monte carlo simulation weighted average grant date fair values of psus granted for years ended december 31:.\n grant date fair value of psus vest ratably market and/or performance conditions amortized through expense over requisite service period using graded-vesting method.\n if dividends paid with to shares of company 2019s common stock before rsus and psus distributed company credits liability for value of dividends paid if rsus psus shares company common stock.\n when rsus and psus distributed company pays participant lump sum cash payment equal to value of dividend equivalents accrued.\n company accrued dividend equivalents totaling $ 1 million less than $ 1 million and $ 1 million to accumulated deficit in accompanying consolidated statements of changes in shareholders 2019 equity for years ended december 31 , 2018 , 2017 and 2016 .\n employee stock purchase plan company maintains nonqualified employee stock purchase plan ( 201cespp 201d ) through employee participants may use payroll deductions to acquire company common stock at discount.\n prior to february 5 , 2019  purchase price of common stock acquired under espp was lesser of 90% ( 90 % ) of fair market value of common stock at beginning or end of three -month purchase period.\n on july 27 , 2018 espp amended effective february 5 , 2019  to permit employee participants to acquire company common stock at 85% ( 85 % ) of fair market value of common stock at end of purchase period.\n as of december 31 , 2018  were 1.9 million shares common stock reserved for issuance under espp.\n espp considered compensatory.\n during years ended december 31 , 2018 , 2017 2016 , company issued 95 thousand , 93 thousand 93 thousand shares  under espp.\n\n| 2018               | 2017               | 2016\n------------------------------- | ------------------ | ------------------ | ------------------\nexpected volatility             | 17.23% ( 17.23 % ) | 17.40% ( 17.40 % ) | 15.90% ( 15.90 % )\nrisk-free interest rate         | 2.36% ( 2.36 % )   | 1.53% ( 1.53 % )   | 0.91% ( 0.91 % )\nexpected life ( years )         | 3.0                | 3.0                | 3.0\ngrant date fair value per share | $ 73.62            | $ 72.81            | $ 77.16"
}
{
    "_id": "dd4c2d858",
    "title": "",
    "text": "item 2.\n properties.\n conduct primary operations at owned and leased facilities described below.\n location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000.\n believe our administrative office space adequate to meet needs for foreseeable future.\n believe research and development facilities and manufacturing facility  with third party manufacturing facilities  adequate for on-going activities.\n in addition to locations above also lease space in other.\n locations and in foreign countries to support operations as global organization.\n as of december 31, 2015  leased approximately 254000 square feet in cheshire , connecticut previous location of corporate headquarters and executive , sales , research and development offices.\n in december 2015  entered early termination of lease occupy space through may 2016.\n in april 2014  purchased fill/finish facility in athlone , ireland.\n following refurbishment facility after successful completion of appropriate validation processes regulatory approvals facility become first company-owned fill/finish and packaging facility for commercial and clinical products.\n in may 2015 announced plans to construct new biologics manufacturing facility on existing property in dublin ireland  expected to be completed by 2020.\n item 3.\n legal proceedings.\n in may 2015  received subpoena in connection with investigation by enforcement division of sec requesting information related to grant-making activities and compliance with fcpa in various countries.\n sec seeks information related to alexion 2019s recalls of specific lots of soliris and related securities disclosures.\n in october 2015  alexion received request from doj for voluntary production of documents and other information pertaining to alexion's compliance with fcpa.\n alexion cooperating with these investigations.\nat this time , alexion unable to predict duration  scope or outcome of these investigations.\n given ongoing nature of investigations management not believe loss related to matters is probable or potential magnitude of loss or range of loss  if can be reasonably estimated.\n item 4.\n mine safety disclosures.\n not applicable.\n\nlocation                | operations conducted                                                        | approximatesquare feet | leaseexpirationdates\n----------------------- | --------------------------------------------------------------------------- | ---------------------- | --------------------\nnew haven connecticut   | corporate headquarters and executive sales research and development offices | 514000                 | 2030\ndublin ireland          | global supply chain distribution and administration offices                 | 215000                 | owned\nlexington massachusetts | research and development offices                                            | 81000                  | 2019\nbogart georgia          | commercial research and development manufacturing                           | 70000                  | 2024\nsmithfield rhode island | commercial research and development manufacturing                           | 67000                  | owned\nzurich switzerland      | regional executive and sales offices                                        | 69000                  | 2025"
}
{
    "_id": "dd4c48b62",
    "title": "",
    "text": "discount rate to measure pension obligations determined by comparing expected future benefits paid under plan with yields on high quality corporate bonds of similar duration.\n impact on pension expense of. 5% (. 5 % ) decrease in discount rate in current environment is increase of $ 18 million per year.\n sensitivity depends on economic environment and unrecognized actuarial gains or losses on measurement date.\n expected long-term return on assets assumption significant effect on pension expense.\n expected return on plan assets is long-term assumption established by considering historical and anticipated returns of asset classes invested in by pension plan and asset allocation policy in place.\n for assumption 201clong term 201d refers to period over plan 2019s projected benefit obligations will be disbursed.\n we review this assumption at each measurement date and adjust it if warranted.\n selection process references historical data and current environment primarily utilizes qualitative judgment regarding future return expectations.\n to evaluate reasonableness of assumption examine variety of viewpoints and data.\n studies shown portfolios primarily of.\n equity securities historically returned approximately 9% ( 9 % ) annually over long periods.\n debt securities returned approximately 6% ( 6 % ) annually over long periods.\n application of these historical returns to plan 2019s allocation ranges for equities and bonds produces result between 6. 50% ( 6. 50 % ) and 7. 25% ( 7. 25 % ) is one point of reference among other factors into consideration.\n also examine plan 2019s actual historical returns over various periods and consider current economic environment.\n recent experience considered in evaluation with especially for short time periods recent returns are not reliable indicators of future returns.\n annual returns can vary significantly ( actual returns for 2014 , 2013 and 2012 were +6. 50% ( +6. 50 % ) , +15.48% ( +15. 48 % ) , and +15. 29% ( +15. 29 % ) , respectively selected assumption represents our estimated long-term average prospective returns.\n acknowledging potentially wide range for this assumption we annually examine assumption used by other companies with similar pension investment strategies ascertain our determinations differ.\n this data informs our process emphasis on qualitative judgment of future investment returns given conditions at each annual measurement date.\n consideration expected long-term return on plan assets for determining net periodic pension cost for 2014 was 7. 00% ( 7. 00 % ), down from 7. 50% ( 7. 50 % ) for 2013.\n after considering views of internal and external capital market advisors effects of recent economic environment on long-term prospective fixed income returns reducing expected long-term return on assets to 6. 75% ( 6. 75 % ) for determining pension cost for under current accounting rules difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods.\n each one percentage point difference in actual return with expected return can cause expense in subsequent years to increase or decrease by up to $ 9 million as impact amortized into results of operations.\n estimate pretax pension expense of $ 9 million in 2015 compared with pretax income of $ 7 million in 2014.\n year-over-year expected increase in expense reflects effects of lower expected return on asset assumption , improved mortality  lower discount rate required in 2015.\n factors partially offset by favorable impact of increase in plan assets at december 31 , 2014 and assumed return on $ 200 million voluntary contribution to plan made in february 2015.\n table below reflects estimated effects on pension expense of changes in annual assumptions using 2015 estimated expense as a baseline.\ntable 26 : pension expense 2013 sensitivity analysis change in assumption ( a ) estimated increase/ ( decrease ) to 2015 pension expense ( in millions ).\n ( a ) impact is effect of changing specified assumption holding all other assumptions constant.\n pension plan contribution requirements not sensitive to actuarial assumptions.\n investment performance most impact on contribution requirements will drive required contributions in future years.\n current law  including provisions pension protection act of 2006 sets limits to minimum and maximum contributions to plan.\n notwithstanding voluntary contribution made in february 2015 do not expect to be required to make any contributions to plan during 2015.\n maintain other defined benefit plans less significant effect on financial results including nonqualified supplemental retirement plans for certain employees described in note 13 employee benefit plans in notes to consolidated financial statements in item 8 of report.\n 66 pnc financial services group , inc.\n 2013 form 10-k\n\nchange in assumption ( a )                                   | estimatedincrease/ ( decrease ) to 2015pensionexpense ( in millions )\n------------------------------------------------------------ | ---------------------------------------------------------------------\n.5% ( .5 % ) decrease in discount rate                       | $ 18\n.5% ( .5 % ) decrease in expected long-term return on assets | $ 22\n.5% ( .5 % ) increase in compensation rate                   | $ 2"
}
{
    "_id": "dd4bb50d8",
    "title": "",
    "text": "note 12 derivative instruments fair value measurements company exposed to market risks changes in interest rates foreign currency exchange rates commodity prices  exist part of ongoing business operations.\n management uses derivative financial commodity instruments  including futures , options  swaps  where appropriate to manage these risks.\n instruments used as hedges must be effective at reducing risk with exposure being hedged must be designated as hedge at inception of contract.\n company designates derivatives as cash flow hedges , fair value hedges  net investment hedges  uses other contracts to reduce volatility in interest rates foreign currency commodities.\n policy company does not engage in trading or speculative hedging transactions.\n total notional amounts of company 2019s derivative instruments as of december 29 , 2012 and december 31 , 2011 were as follows:.\n following description of each category in fair value hierarchy financial assets and liabilities of company included in each category at december 29, 2012 december 31 , 2011  measured on recurring basis.\n level 1 2014 financial assets and liabilities values based on unadjusted quoted prices for identical assets liabilities in active market.\n for company level 1 financial assets liabilities consist primarily of commodity derivative contracts.\n level 2 2014 financial assets and liabilities values based on quoted prices in markets not active or model inputs observable directly or indirectly for full term of asset or liability.\n for company level 2 financial assets and liabilities consist of interest rate swaps over-the-counter commodity and currency contracts.\n company 2019s calculation of fair value of interest rate swaps derived from discounted cash flow analysis based on terms of contract interest rate curve.\nover-the-counter commodity derivatives valued approach based commodity index prices less contract rate multiplied by notional amount.\n foreign currency contracts valued income approach based forward rates less contract rate multiplied notional amount.\n company 2019s calculation of fair value of level 2 financial assets liabilities risk of nonperformance including counterparty credit risk.\n level 3 2014 financial assets liabilities values based on prices valuation techniques require inputs unobservable significant to fair value measurement.\n inputs reflect management 2019s assumptions about assumptions market participant pricing asset liability.\n company level 3 financial assets or liabilities as of december 29, 2012 or december 31 , 2011.\n following table presents assets liabilities measured at fair value in consolidated balance sheet recurring as of december 29, 2012 and december 31 , 2011 : derivatives designated as hedging instruments : 2012 2011 ( millions ) level 1 level 2 total total assets : foreign currency exchange contracts : other current assets $ 2014 $ 4 $ $ 2014 $ 11 $ 11 interest rate contracts ( : other assets 2014 64 2014 23 23 commodity contracts : other current assets 2014 2014 2 2 total assets $ 2014 $ 68 $ 2 $ 34 $ 36 liabilities : foreign currency exchange contracts : other current liabilities $ 2014 $ ( 3 ) $ ( ) $ 2014 $ ( 18 ) $ ( 18 ) commodity contracts : other current liabilities 2014 ( 11 ) ( ) ( 4 ) ( 12 ) ( 16 ) other liabilities 2014 ( 27 ) ) 2014 ( 34 ) ) total liabilities $ 2014 $ ( 41 ) $ ( 41 ) $ ( 4 ) $ ( 64 ) $ ( 68 ) fair value of related hedged portion of company 2019s long-term debt , level 2 liability  was $ 2.3 billion december 29 2012 $ 626 million december 31 derivatives not hedging instruments : 2012 2011 ( millions ) level 1 level 2 total assets : commodity contracts other current assets $ 5 $ 2014 $ 5 $ 2014 $ 2014 $ 2014 total assets $ 5 $ 2014 $ 5 $ 2014 $ 2014 2014 liabilities commodity contracts other current liabilities $ ( 3 ) $ 2014 $ 3 $ 2014 2014 2014 total liabilities $ 3 ) $ 2014 $ 3 $ 2014 $ 2014 $ 2014\n\n( millions )                        | 2012   | 2011\n----------------------------------- | ------ | ------\nforeign currency exchange contracts | $ 570  | $ 1265\ninterest rate contracts             | 2150   | 600\ncommodity contracts                 | 136    | 175\ntotal                               | $ 2856 | $ 2040"
}
{
    "_id": "dd4c39f40",
    "title": "",
    "text": "entergy corporation subsidiaries management 2019s financial discussion analysis miso deferral variance due to deferral 2014 of non-fuel miso-related charges  approved by lpsc mpsc.\n deferral non-fuel miso-related charges partially offset in other operation maintenance expenses.\n see note 2 to financial statements for discussion of recovery of non-fuel miso-related charges.\n waterford 3 replacement steam generator provision due to regulatory charge of approximately $ 32 million recorded in 2015 related to uncertainty with resolution of waterford 3 replacement steam generator project.\n see note 2 to financial statements for discussion of waterford 3 replacement steam generator prudence review proceeding.\n entergy wholesale commodities analysis of change in net revenue comparing 2015 to 2014.\n amount ( in millions ).\n table net revenue for entergy wholesale commodities decreased by approximately $ 558 million in 2015 due to 2022 lower realized wholesale energy prices due higher northeast market power prices in 2014  lower capacity prices in 2015 ; 2022 decrease in net revenue result of vermont yankee ceasing power production in december 2014.\n decrease partially offset by higher volume in entergy wholesale commodities nuclear fleet  excluding vermont yankee from fewer refueling outage days in 2015 compared to 2014 partially offset by more unplanned outage days in 2015 compared to 2014.\n\n| amount ( in millions )\n---------------------------------------------- | ----------------------\n2014 net revenue                               | $ 2224\nnuclear realized price changes                 | -310 ( 310 )\nvermont yankee shutdown in december 2014       | -305 ( 305 )\nnuclear volume excluding vermont yankee effect | 20\nother                                          | 37\n2015 net revenue                               | $ 1666"
}
{
    "_id": "dd4b915f2",
    "title": "",
    "text": "devon energy corporation subsidiaries notes consolidated financial statements 2013 continued proved undeveloped reserves table presents changes in devon 2019s total proved undeveloped reserves during 2014 ( in mmboe ).\n at december 31 , 2014 devon had 689 mmboe of proved undeveloped reserves.\n 2 percent decrease compared to 2013 25 percent of total proved reserves.\n drilling development activities increased devon 2019s proved undeveloped reserves 161 mmboe resulted in conversion of 89 mmboe or 13 percent of 2013 proved undeveloped reserves to developed reserves.\n costs incurred related to development conversion of devon 2019s undeveloped reserves were approximately $ 1. 0 billion for 2014.\n revisions other than price decreased devon 2019s proved undeveloped reserves 43 mmboe due to evaluations of certain.\n onshore dry-gas areas not expect to develop next five years.\n largest revisions approximately 69 mmboe relate to dry-gas areas in barnett shale in north texas.\n significant amount of devon 2019s proved undeveloped reserves at end of 2014 related to jackfish operations.\n at december 31 , 2014 and 2013  devon 2019s jackfish proved undeveloped reserves were 384 mmboe and 441 mmboe .\n development schedules for jackfish reserves controlled by need to keep processing plants at 35000 barrel daily facility capacity.\n processing plant capacity controlled by factors total steam processing capacity steam-oil ratios.\n development of projects involves construction of steam injection/distribution bitumen processing facilities.\n due to large capital investments large reserves required provide economic returns project conditions meet circumstances requiring period greater than 5 years for conversion to developed reserves.\nresult, reserves classified as proved undeveloped for more than five years.\n currently development schedule for reserves extends though year 2031.\n price revisions 2014 2013 reserves increased 9 mmboe due to higher gas prices in barnett shale and anadarko basin offset by higher bitumen prices in lower after-royalty volumes in canada.\n 2013 2013 reserves increased 94 mmboe due to higher gas prices.\n increase, 43 mmboe related to barnett shale 19 mmboe related to rocky mountain area.\n 2012 2013 reserves decreased 171 mmboe due to lower gas prices.\n decrease, 100 mmboe related to barnett shale 25 mmboe related to rocky mountain area.\n\n| u.s .      | canada     | total\n-------------------------------------------------- | ---------- | ---------- | ----------\nproved undeveloped reserves as of december 31 2013 | 258        | 443        | 701\nextensions and discoveries                         | 153        | 8          | 161\nrevisions due to prices                            | -1 ( 1 )   | -34 ( 34 ) | -35 ( 35 )\nrevisions other than price                         | -61 ( 61 ) | 18         | -43 ( 43 )\nsale of reserves                                   | -4 ( 4 )   | -2 ( 2 )   | -6 ( 6 )\nconversion to proved developed reserves            | -40 ( 40 ) | -49 ( 49 ) | -89 ( 89 )\nproved undeveloped reserves as of december 31 2014 | 305        | 384        | 689"
}
{
    "_id": "dd4c57860",
    "title": "",
    "text": "uncapped damage provisions rare , but individual contracts could still represent meaningful risk.\n possibility that damage claim by counterparty to contracts could result in expenses to company in excess of revenue received from counterparty in with contract.\n indemnification provisions : company may provide indemnifications for losses from breach of general warranties in certain commercial , intellectual property and divestiture agreements.\n historically  company not made significant payments under these agreements , nor significant claims asserted against company.\n , increasing risk in to intellectual property indemnities given current legal climate.\n in indemnification cases , payment by company is conditioned on other party making claim pursuant to procedures specified in contract , procedures typically allow company to challenge other party 2019s claims.\n company 2019s obligations under these agreements for indemnification based on breach of representations and warranties generally limited in duration typically not more than 24 months  for amounts not in excess of contract value , in some instances company may have recourse against third parties for certain payments made by company.\n legal matters : company is a defendant in various lawsuits , claims and actions , in normal course of business.\n include actions relating to products , contracts securities , matters initiated by third parties or motorola relating to infringements of patents , violations of licensing arrangements other intellectual property-related matters.\n in opinion of management  ultimate disposition of these matters will not have material adverse effect on company 2019s consolidated financial position , liquidity or results of operations.\n segment information following commentary should be read in conjunction with financial results of each reporting segment as detailed in note 12 , 201cinformation by segment and geographic region , 201d to company 2019s consolidated financial statements.\nnet sales operating results for company 2019s three operating segments for 2008 , 2007 2006 presented below.\n mobile devices segment designs  manufactures  sells services wireless handsets with integrated software accessory products licenses intellectual property.\n in 2008  segment 2019s net sales represented 40% ( 40 % ) of company 2019s consolidated net sales compared to 52% ( 52 % ) in 2007 66% ( 66 % ) in 2006.\n ( dollars in millions ) 2008 2007 2006 2008 20142007 20142006 years ended december 31 percent change.\n percentage change not meaningful.\n segment results 20142008 compared to 2007 in 2008 segment 2019s net sales were $ 12. 1 billion  decrease of 36% ( 36 % ) compared to net sales $ 19. 0 billion in 2007.\n 36% ( 36 % ) decrease in net sales primarily driven by 37% ( 37 % ) decrease in unit shipments.\n segment 2019s net sales negatively impacted by segment 2019s limited product offerings in critical market segments  particularly 3g products  including smartphones  very low-tier products.\n segment 2019s net sales impacted by global economic downturn in second half of 2008 resulted in slowing of end user demand.\n product technology basis net sales decreased substantially for gsm and cdma technologies lesser decreased for iden and 3g technologies.\n geographic basis net sales decreased substantially in north america europe middle east and africa region asia lesser decreased in latin america.\n segment incurred operating loss of $ 2. 2 billion in 2008  compared to operating loss of $ 1. 2 billion in 2007.\nincrease operating loss due to decrease gross margin  driven by i 36% ( 36 % ) decrease net sales  ii ) excess inventory related charges of $ 370 million in 2008 due to decision to 61management 2019s discussion analysis of financial condition results operations %%transmsg*** transmitting job : c49054 pcn : 064000000 ***%%pcmsg|61 |00028|yes|no|02/24/2009 12:31|0|0|page valid , no graphics -- color : n|\n\n( dollars in millions )     | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2006 | years ended december 31 2008 20142007 | 2007 20142006\n--------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | ---------------\nsegment net sales           | $ 12099                      | $ 18988                      | $ 28383                      | ( 36 ) % (  % )                       | ( 33 ) % (  % )\noperating earnings ( loss ) | -2199 ( 2199 )               | -1201 ( 1201 )               | 2690                         | 83% ( 83 % )                          | ***"
}
{
    "_id": "dd4c100e6",
    "title": "",
    "text": "income taxes american water subsidiaries participate in consolidated federal income tax return for u. s.\n tax purposes.\n members consolidated group charged with federal income tax expense determined as if filed separate returns.\n certain income and expense items accounted for in different time periods for financial reporting for income tax reporting.\n company provides deferred income taxes on difference between tax basis of assets liabilities amounts carried in financial statements.\n deferred income taxes based on enacted tax rates expected to in effect when temporary differences projected to reverse.\n regulated utility subsidiaries recognize regulatory assets liabilities for effect on revenues expected to realized as tax effects of temporary differences previously flowed to customers  reverse.\n investment tax credits deferred by subsidiaries amortized to income over average estimated service lives of related assets.\n company recognizes accrued interest penalties related to tax positions as component of income tax expense accounts for sales tax collected from customers remitted to taxing authorities on net basis.\n see note 13 2014income taxes.\n allowance for funds used during construction afudc is non-cash credit to income with corresponding charge to utility plant represents cost of borrowed funds or return on equity funds devoted to plant under construction.\n regulated utility subsidiaries record afudc to extent permitted by pucs.\n portion of afudc attributable to borrowed funds shown as reduction of interest , net in accompanying consolidated statements of operations.\n any portion of afudc attributable to equity funds included in other income ( expenses ) in accompanying consolidated statements of operations.\n afudc summarized in following table for years ended december 31:.\nenvironmental costs company 2019s water and wastewater operations and operations of its market-based businesses subject to.\n federal , state  local foreign requirements to environmental protection  company periodically becomes subject to environmental claims in normal course of business.\n environmental expenditures relate to current operations or provide future benefit are expensed or capitalized as appropriate.\n remediation costs relate to existing condition caused by past operations accrued  undiscounted basis , when probable these costs will be incurred and can be reasonably estimated.\n conservation agreement by subsidiary of company with national oceanic and atmospheric administration in 2010 amended in 2017 required company to implement measures to protect steelhead trout and its habitat in carmel river watershed in state of california.\n company agreed to pay $ 1 million annually commencing in 2010 final payment in 2021.\n remediation costs accrued amounted to $ 6 million and less than $ 1 million as of december 31, 2017 and 2016 , respectively.\n derivative financial instruments company uses derivative financial instruments for hedging exposures to fluctuations in interest rates.\n derivative contracts entered into for periods consistent with related underlying\n\n| 2017 | 2016 | 2015\n----------------------------------------------------- | ---- | ---- | ----\nallowance for other funds used during construction    | $ 19 | $ 15 | $ 13\nallowance for borrowed funds used during construction | 8    | 6    | 8"
}
{
    "_id": "dd4bde26c",
    "title": "",
    "text": "dish network corporation notes to consolidated financial statements - recorded as decrease in 201cincome tax ( provision ) benefit  net 201d on consolidated statements of operations and comprehensive income ( loss ) for year ended december 31 , 2013.\n 10.\n discontinued operations as of december 31 , 2013 blockbuster ceased material operations.\n results of blockbuster presented for periods as discontinued operations in consolidated financial statements.\n during years ended december 31 , 2013 and 2012  revenue from discontinued operations was $ 503 million and $ 1. 085 billion  respectively.\n 201cincome ( loss ) from discontinued operations  before income taxes 201d for same periods was loss of $ 54 million and $ 62 million .\n 201cincome ( loss ) from discontinued operations  net of tax 201d for same periods loss of $ 47 million and $ 37 million  respectively.\n as of december 31 , 2013 net assets from discontinued operations : december 31 , 2013 ( in thousands ).\n blockbuster - domestic since blockbuster acquisition evaluated impact of factors including competitive pressures ability fewer company-owned domestic retail stores to support corporate administrative costs other issues impacting store-level financial performance of company-owned domestic retail stores.\n factors led us to close significant number of company-owned domestic retail stores during 2012 and 2013.\n on november 6 , 2013 announced blockbuster would close all remaining company-owned domestic retail stores discontinue blockbuster by-mail dvd service.\n as of december 31 , 2013 blockbuster ceased material operations.\n blockbuster 2013 mexico during third quarter 2013 determined blockbuster operations in mexico ( 201cblockbuster mexico 201d ) were 201cheld for sale.201d result recorded pre-tax impairment charges of $ 19 million related to exiting business recorded in 201cincome ( loss ) from discontinued operations  net of tax 201d on consolidated statements of operations comprehensive income ( loss ) for year ended december 31 , 2013.\n january 14 , 2014  completed sale of blockbuster mexico.\n blockbuster uk administration on january 16 , 2013  blockbuster entertainment limited blockbuster gb limited  blockbuster operating subsidiaries in united kingdom entered into administration proceedings in united kingdom ( 201cadministration 201d ).\n administration wrote down assets of all blockbuster uk subsidiaries to estimated net realizable value on consolidated balance sheets as of december 31 , 2012.\n total recorded charges of approximately $ 46 million pre-tax basis related to administration recorded in 201cincome ( loss ) from discontinued operations  net of tax 201d on consolidated statements of operations comprehensive income ( loss ) for year ended december 31 , 2012.\n\n| as of december 31 2013 ( in thousands )\n-------------------------------------------------- | ---------------------------------------\ncurrent assets from discontinued operations        | $ 68239\nnoncurrent assets from discontinued operations     | 9965\ncurrent liabilities from discontinued operations   | -49471 ( 49471 )\nlong-term liabilities from discontinued operations | -19804 ( 19804 )\nnet assets from discontinued operations            | $ 8929"
}
{
    "_id": "dd4c5adf8",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued ) ati 7. 25% ( 7. 25 % ) notes 2014during year ended december 31 , 2006 company repurchased privately transactions $ 74. 9 million principal amount ati 7. 25% ( 7. 25 % ) notes for $ 77. 3 million cash.\n transactions company recorded charge of $ 3. 9 million related to amounts paid excess carrying value write-off of deferred financing fees reflected in loss on retirement of long-term obligations consolidated statement of operations for year ended december 31 , 2006.\n as of december 31 , 2006 2005  company had $ 325. 1 million and $ 400. 0 million outstanding under ati 7. 25% ( 7. 25 % ) notes .\n capital lease obligations notes payable 2014the company 2019s capital lease obligations notes payable approximated $ 59. 8 million and $ 60. 4 million as of december 31 , 2006 2005.\n obligations bear interest at rates 6. 3% ( 6. 3 % ) to 9. 5% ( 9. 5 % ) mature periods less than one year to approximately seventy years.\n maturities 2014as of december 31 , 2006  aggregate carrying value of long-term debt  including capital leases for next five years thereafter estimated to be ( in thousands ) : year ending december 31.\n holders of company 2019s 5. 0% ( 5. 0 % ) notes right to require company repurchase notes on specified dates prior to maturity date in 2010  company may pay purchase price by issuing shares of class a common stock  subject to certain conditions.\n obligations respect right of holders to put 5. 0% ( 5. 0 % ) notes included table notes mature date put rights become exercisable in 2007.\nfebruary 2007 , company conducted cash tender offer for outstanding 5. 0% ( 5. 0 % ) notes to enable note holders to exercise right to require company to purchase notes.\n ( see note 19. ) 8.\n derivative financial instruments company entered interest rate protection agreements to manage exposure on variable rate debt under credit facilities manage variability in cash flows relating to forecasted interest payments connection with likely issuance of new fixed rate debt company expects to issue on or before july 31 , 2007.\n under agreements  company exposed to credit risk extent counterparty fails to meet terms contract.\n exposure limited to current value of contract at time counterparty fails perform.\n company believes contracts as of december 31, 2006 and 2005 are with credit worthy institutions.\n during fourth quarter of 2005 and january 2006  company entered total ten interest rate swap agreements to manage exposure to variable rate interest obligations under american tower and spectrasite\n\n2007                                                                                              | $ 253907\n------------------------------------------------------------------------------------------------- | ---------\n2008                                                                                              | 1278\n2009                                                                                              | 654\n2010                                                                                              | 1833416\n2011                                                                                              | 338501\nthereafter                                                                                        | 1112253\ntotal cash obligations                                                                            | $ 3540009\naccreted value of the discount and premium of 3.00% ( 3.00 % ) notes and 7.125% ( 7.125 % ) notes | 3007\nbalance as of december 31 2006                                                                    | $ 3543016"
}
{
    "_id": "dd4c2bb20",
    "title": "",
    "text": "advance auto parts , inc.\n subsidiaries notes consolidated financial statements december 31 , 2011, january 1 , 2011 january 2 , 2010 ( in thousands except per share data ) 2011-12 superseded pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation of comprehensive income 201d defer changes in asu 2011-05 related to reclassification adjustments accumulated comprehensive income.\n adoption of asu 2011-05 not expected material impact on company 2019s consolidated financial condition  results of operations cash flows.\n january 2010  fasb issued asu no.\n 2010-06 201cfair value measurements disclosures 2013 improving disclosures about fair value measurements. 201d asu 2010-06 requires new disclosures for significant transfers in out of level 1 2 of fair value hierarchy activity within level 3 fair value hierarchy.\n updated guidance clarifies existing disclosures regarding level of disaggregation of assets liabilities valuation techniques inputs measure fair value.\n updated guidance effective for interim annual reporting periods after december 15, 2009  exception of new level 3 activity disclosures effective for interim annual reporting periods after december 15 , 2010.\n adoption of asu 2010-06 no impact on company 2019s consolidated financial condition  results of operations cash flows.\n 3.\n inventories  net : merchandise inventory company used lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 january 1 , 2011.\n under lifo  company 2019s cost of sales reflects costs most recently purchased inventories inventory carrying balance represents costs for inventories purchased in fiscal 2011 and prior years.\n utilizing lifo  company recorded increase to cost of sales of $ 24708 for fiscal 2011 due to increase in supply chain costs inflationary pressures affecting certain product categories.\ncompany recorded reduction to cost sales of $ 29554 and $ 16040 for fiscal 2010 and 2009 .\n prior to fiscal 2011  company 2019s overall costs to acquire inventory for same or similar products decreased historically company growth merchandise strategies supply chain efficiencies.\n product cores remaining inventories comprised of product cores  non-consumable portion certain parts batteries valued under first-in , first-out ( \"fifo\" ) method.\n product cores included as part of company's merchandise costs passed to customer or returned to vendor.\n product cores not subject to frequent cost changes like other merchandise inventory no material difference when applying lifo or fifo valuation method.\n inventory overhead costs purchasing warehousing costs included in inventory at fifo  at december 31 , 2011 and january 1 , 2011  were $ 126840 and $ 103989  respectively.\n inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 were follows : inventories at fifo , net adjustments to state inventories at lifo inventories at lifo , net december 31 , $ 1941055 102103 $ 2043158 january 1 , $ 1737059 126811 $ 1863870.\n advance auto parts , inc.\n subsidiaries notes to consolidated financial statements december 31 , 2011 , january 1 , 2011 january 2 , 2010 ( in thousands except per share data ) 2011-12 superseded pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation comprehensive income 201d defer only changes in asu 2011-05 related to presentation reclassification adjustments comprehensive income.\n adoption of asu 2011-05 not expected material impact on company 2019s consolidated financial condition  results of operations or cash flows.\njanuary 2010  fasb issued asu no.\n 2010-06 201cfair value measurements disclosures 2013 improving disclosures about fair value measurements. 201d asu 2010-06 requires new disclosures for significant transfers in and out of level 1 and 2 fair value hierarchy activity within level 3 fair value hierarchy.\n updated guidance clarifies existing disclosures regarding level of disaggregation of assets liabilities valuation techniques inputs measure fair value.\n updated guidance effective for interim and annual reporting periods after december 15, 2009  exception of new level 3 activity disclosures effective for interim annual reporting periods beginning after december 15 , 2010.\n adoption of asu 2010-06 no impact on company 2019s consolidated financial condition results of operations or cash flows.\n 3.\n inventories  net merchandise inventory company used lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 and january 1 , 2011.\n under lifo  company 2019s cost of sales reflects costs of most recently purchased inventories inventory carrying balance represents costs for inventories purchased in fiscal 2011 and prior years.\n utilizing lifo company recorded increase to cost of sales of $ 24708 for fiscal 2011 due to increase in supply chain costs inflationary pressures affecting certain product categories.\n company recorded reduction to cost of sales of $ 29554 and $ 16040 for fiscal 2010 and 2009.\n prior to fiscal 2011 company 2019s overall costs to acquire inventory for same or similar products decreased historically as company continued growth execution merchandise strategies supply chain efficiencies.\n product cores remaining inventories comprised of product cores  non-consumable portion of certain parts and batteries valued under first-in , first-out ( \"fifo\" ) method.\nproduct cores included company's merchandise costs passed to customer or returned to vendor.\n cores not subject to frequent cost changes like other merchandise inventory no material difference when applying lifo or fifo valuation method.\n inventory overhead costs purchasing and warehousing costs included inventory at fifo december 31 , 2011 and january 1 , 2011 were $ 126840 and $ 103989  respectively.\n inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 follows : inventories at fifo  net adjustments to state inventories at lifo inventories lifo  net december 31, $ 1941055 102103 $ 2043158 january 1, $ 1737059 126811 $ 1863870\n\n| december 312011 | january 12011\n---------------------------------------- | --------------- | -------------\ninventories at fifo net                  | $ 1941055       | $ 1737059\nadjustments to state inventories at lifo | 102103          | 126811\ninventories at lifo net                  | $ 2043158       | $ 1863870"
}
{
    "_id": "dd4970516",
    "title": "",
    "text": "devon energy corporation and subsidiaries notes consolidated financial statements 2013 continued ) asset divestitures asset divestitures 2013 and 2014  devon removed $ 26 million and $ 706 million of goodwill allocated to these assets.\n impairment devon 2019s canadian goodwill recognized in 2001 business combination almost of conventional gas assets devon no longer owns.\n performing goodwill impairment test in note 1 devon concluded implied fair value of canadian goodwill was zero as of december 31 , 2014.\n conclusion based on significant decline in benchmark oil prices after opec 2019s decision not to reduce production targets announced late november 2014.\n in fourth quarter of 2014  devon wrote off remaining canadian goodwill recognized $ 1. 9 billion impairment.\n other intangible assets as of december 31 , 2014  intangible assets associated with customer relationships had gross carrying amount of $ 569 million and $ 36 million of accumulated amortization.\n weighted-average amortization period for customer relationships is 13. 7 years.\n amortization expense for intangibles was approximately $ 36 million for year ended december 31 , 2014.\n other intangible assets reported in other long-term assets in accompanying consolidated balance sheets.\n following table summarizes estimated aggregate amortization expense for next five years.\n year amortization amount ( in millions ).\n\nyear | amortization amount ( in millions )\n---- | -----------------------------------\n2015 | $ 45\n2016 | $ 45\n2017 | $ 45\n2018 | $ 45\n2019 | $ 44"
}
{
    "_id": "dd4bef95e",
    "title": "",
    "text": "liquidity primary source of liquidity is cash flow from operations.\n over recent two-year period operations generated $ 5. 6 billion in cash.\n substantial portion of operating cash flow returned to shareholders through share repurchases and dividends.\n we also use cash from operations to fund capital expenditures and acquisitions.\n typically use combination of cash , notes payable  long-term debt  occasionally issue shares of stock to finance significant acquisitions.\n as of may 26 , 2019  had $ 399 million of cash and cash equivalents held in foreign jurisdictions.\n result tcja historic undistributed earnings of foreign subsidiaries were taxed in.\n via one-time repatriation tax in fiscal 2018.\n re-evaluated assertion concluded earnings prior to fiscal 2018 will remain permanently reinvested no longer make permanent reinvestment assertion beginning with fiscal 2018 earnings.\n accounting for recorded local country withholding taxes related to certain entities from began repatriating undistributed earnings will continue to record local country withholding taxes on all future earnings.\n result of transition tax  we may repatriate cash and cash equivalents held by foreign subsidiaries without funds subject to further.\n income tax liability ( see note 14 to consolidated financial statements in item 8 report for additional information ).\n cash flows from operations.\n during fiscal 2019  cash provided by operations was $ 2807 million compared to $ 2841 million in same period last year.\n $ 34 million decrease was driven by $ 377 million decrease in net earnings and $ 550 million change in current assets and liabilities partially offset by $ 598 million change in deferred income taxes.\n$ 550 million change in current assets and liabilities driven by $ 413 million change in timing of accounts payable including impact of longer payment terms implemented in prior fiscal years.\n change in deferred income taxes related to $ 638 million provisional benefit from revaluing net.\n deferred tax liabilities to reflect new.\n corporate tax rate result tcja in fiscal strive to grow core working capital at or below rate of growth net sales.\n for fiscal 2019  core working capital decreased 34 percent  compared to net sales increase of 7 percent.\n as of may 26 , 2019  core working capital balance totaled $ 385 million down 34 percent versus last year driven by benefits from payment terms extension program lower inventory balances.\n in fiscal 2018  core working capital decreased 27 percent compared to net sales increase of 1 percent.\n\nin millions                                                                                     | fiscal year 2019 | fiscal year 2018\n----------------------------------------------------------------------------------------------- | ---------------- | ----------------\nnet earnings including earnings attributable to redeemable and noncontrollinginterests          | $ 1786.2         | $ 2163.0\ndepreciation and amortization                                                                   | 620.1            | 618.8\nafter-taxearnings from joint ventures                                                           | -72.0 ( 72.0 )   | -84.7 ( 84.7 )\ndistributions of earnings from joint ventures                                                   | 86.7             | 113.2\nstock-based compensation                                                                        | 84.9             | 77.0\ndeferred income taxes                                                                           | 93.5             | -504.3 ( 504.3 )\npension and other postretirement benefit plan contributions                                     | -28.8 ( 28.8 )   | -31.8 ( 31.8 )\npension and other postretirement benefit plan costs                                             | 6.1              | 4.6\ndivestitures loss                                                                               | 30.0             | -\nrestructuring impairment and other exit costs                                                   | 235.7            | 126.0\nchanges in current assets and liabilities excluding the effects of acquisitions anddivestitures | -7.5 ( 7.5 )     | 542.1\nother net                                                                                       | -27.9 ( 27.9 )   | -182.9 ( 182.9 )\nnet cash provided by operating activities                                                       | $ 2807.0         | $ 2841.0"
}
{
    "_id": "dd496cbc8",
    "title": "",
    "text": "notes to consolidated financial statements 2013 ( continued ) amounts in millions except per share amounts ) cash flows for 2010 expect to contribute $ 25. 2 and $ 9. 2 to foreign pension plans and domestic pension plans.\n significant portion of contributions to foreign pension plans relate to u. k.\n pension plan.\n modifying schedule of employer contributions for u. k.\n pension plan expect to finalize during 2010.\n expect contributions to foreign pension plans to increase from current levels in 2010 and subsequent years.\n during 2009  contributed $ 31. 9 to foreign pension plans contributions to domestic pension plan negligible.\n estimated future benefit payments reflect future service appropriate expected to be paid in years indicated below.\n domestic pension plans foreign pension plans postretirement benefit plans.\n estimated future payments for postretirement benefit plans before estimated federal subsidies received under medicare prescription drug , improvement and modernization act of 2003.\n federal subsidies estimated to range from $ 0. 5 in 2010 to $ 0. 6 in 2014 estimated to be $ 2. 4 for period 2015-2019.\n savings plans sponsor defined contribution plans ( 201csavings plans 201d ) cover all domestic employees.\n savings plans permit participants make contributions on pre-tax and/or after-tax basis allows participants choose among various investment alternatives.\n match portion of participant contributions based upon years of service.\n amounts expensed for savings plans for 2009 , 2008 2007 were $ 35. 1 , $ 29. 6 $ 31. 4 ,.\n expense includes discretionary company contribution of $ 3. 8 , $ 4. 0 and $ 4. 9 offset by participant forfeitures of $ 2. 7 , $ 7. 8 , $ 6. 0 in 2009 , 2008 2007 .\n maintain defined contribution plans in various foreign countries contributed $ 25.0 $ 28. 7 and $ 26. 7 to plans in 2009 , 2008 2007  respectively.\n deferred compensation and benefit arrangements deferred compensation arrangements permit key officers and employees to defer portion of salary or incentive compensation or require us to contribute amount to participant 2019s account.\n arrangements typically provide participant receive amounts deferred plus interest upon attaining certain conditions completing certain years of service or upon retirement or termination.\n as of december 31 , 2009 and 2008 deferred compensation liability balance was $ 100. 3 and $ 107. 6 ,.\n amounts expensed for deferred compensation arrangements in 2009 , 2008 2007 were $ 11. 6 , $ 5. 7 and $ 11. 9 ,.\n deferred benefit arrangements with certain key officers and employees provide participants annual payment payable when participant attains certain age and after participant 2019s employment has terminated.\n deferred benefit liability was $ 178. 2 and $ 182. 1 as of december 31 , 2009 and 2008 ,.\n amounts expensed for deferred benefit arrangements in 2009, 2008 2007 were $ 12. 0 , $ 14. 9 $ 15. 5 ,.\n purchased life insurance policies on participants 2019 lives to assist in funding of related deferred compensation and deferred benefit liabilities.\n as of december 31 , 2009 and 2008 cash surrender value of policies was $ 119. 4 and $ 100. 2 ,.\n in addition to life insurance policies certain investments are held for purpose paying deferred compensation and deferred benefit liabilities.\n investments life insurance policies held in separate revocable trust for purpose paying deferred compensation and deferred benefit\n\nyears          | domestic pension plans | foreign pension plans | postretirement benefit plans\n-------------- | ---------------------- | --------------------- | ----------------------------\n2010           | $ 17.2                 | $ 23.5                | $ 5.8\n2011           | 11.1                   | 24.7                  | 5.7\n2012           | 10.8                   | 26.4                  | 5.7\n2013           | 10.5                   | 28.2                  | 5.6\n2014           | 10.5                   | 32.4                  | 5.5\n2015 2013 2019 | 48.5                   | 175.3                 | 24.8"
}
{
    "_id": "dd4c2069e",
    "title": "",
    "text": "state street bank issuances : has authority to issue $ 1 billion of subordinated fixed-rate, floating-rate zero-coupon bank notes with maturity of five to fifteen years.\n 5. 25% (. 25 % ) subordinated bank notes due 2018 state bank required to make semi-annual interest payments on outstanding principal balance of notes on april 15 october 15 each year notes qualify as tier 2 capital under regulatory capital guidelines.\n 5. 30% ( 5. 30 % ) subordinated notes due 2016 and floating-rate subordinated notes due 2015 state street bank required to make semi-annual interest payments on outstanding principal balance of 5. 30% ( 5. 30 % ) notes on january 15 july 15 each year beginning july 2006 quarterly interest payments on outstanding principal balance of floating-rate notes on march 8 june 8 september 8 december 8 of each year beginning march 2006.\n notes qualify as tier 2 capital under regulatory capital guidelines.\n note 10.\n commitments and contingencies off-balance sheet commitments contingencies : credit-related financial instruments include indemnified securities financing unfunded commitments to extend credit or purchase assets standby letters of credit.\n total potential loss on unfunded commitments  standby commercial letters of credit securities finance indemnifications is equal to total contractual amount not consider value of collateral.\n summary of contractual amount of credit-related , off-balance sheet financial instruments at december 31.\n amounts reported do not reflect participations to unrelated third parties.\n on behalf of customers we lend securities to creditworthy brokers other institutions.\n in certain circumstances may indemnify customers for fair market value of securities against failure of borrower to return securities.\n collateral funds received in connection with securities finance services held by us as agent not recorded in consolidated statement of condition.\nrequire borrowers provide collateral amount equal to or excess of 100% ( ) of fair market value of securities borrowed.\n borrowed securities revalued daily to determine if additional collateral necessary.\n held cash and.\n government securities totaling $ 527. 37 billion and $ 387. 22 billion as collateral for indemnified securities on loan at december 31 , 2006 and 2005  respectively.\n approximately 81% ( 81 % ) of unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from date of issue.\n many commitments expected to expire or renew without drawn upon total commitment amounts not represent future cash requirements.\n normal business provide liquidity and credit enhancements to asset-backed commercial paper programs. conduits described in note 11.\n commercial paper issuances and commitments conduits to provide funding supported by liquidity asset purchase agreements and backup liquidity lines of credit  majority provided by us.\n provide direct credit support to conduits in form of standby letters of credit.\n commitments under liquidity asset purchase agreements and backup lines of credit totaled $ 23. 99 billion at december 31, 2006 included in preceding table.\n commitments under seq 83 copyarea : 38.\n x 54.\n trimsize : 8. 25 x 10. 75 typeset state street corporation serverprocess c:\\\\fc\\\\delivery_1024177\\\\2771-1-dm_p. pdf chksum : 0 cycle 1merrill corporation 07-2771-1 thu mar 01 17:10:46 2007 ( v 2. 247w--stp1pae18 )\n\n( in millions )                       | 2006     | 2005\n------------------------------------- | -------- | --------\nindemnified securities financing      | $ 506032 | $ 372863\nliquidity asset purchase agreements   | 30251    | 24412\nunfunded commitments to extend credit | 16354    | 14403\nstandby letters of credit             | 4926     | 5027"
}
{
    "_id": "dd4c4b18c",
    "title": "",
    "text": "alexion pharmaceuticals , inc.\n notes to consolidated financial statements for years ended december 31 , 2016 , 2015 and 2014 ( amounts in millions except per share amounts ) depending upon our consolidated net leverage ratio ( calculated in accordance with credit agreement ).\n at december 31 , 2016  interest rate on outstanding loans under credit agreement was 2. 52% ( 2. 52 % ).\n obligations under credit facilities guaranteed by alexion 2019s foreign and domestic subsidiaries secured by liens on certain alexion 2019s subsidiaries 2019 equity interests  subject to certain exceptions.\n credit agreement requires us to comply with financial covenants on quarterly basis.\n under covenants we required to deliver to administrative agent not 50 days after each fiscal quarter , our quarterly financial statements  within 5 days compliance certificate.\n in november 2016  obtained waiver from necessary lenders for requirement due date for delivery of third quarter 2016 financial statements and compliance certificate extended to january 18 , 2017.\n posting of third quarter report on form 10-q on website on january 4 , 2017 satisfied financial statement covenant  simultaneously delivered required compliance certificate  as required by lenders.\n credit agreement includes negative covenants , subject to exceptions  restricting or limiting our ability and ability subsidiaries to incur additional indebtedness  grant liens  engage in certain investment , acquisition disposition transactions.\n credit agreement contains customary representations warranties , affirmative covenants events of default , including payment defaults  breach of representations warranties  covenant defaults cross defaults.\n if event of default occurs interest rate would increase administrative agent entitled to take various actions including acceleration of amounts due under loan.\nconnection entering credit agreement , paid $ 45 in financing costs amortized as interest expense over life of debt.\n amortization expense associated with deferred financing costs for years ended december 31 , 2016 and 2015 was $ 10 and $ 6 , respectively.\n amortization expense with deferred financing costs for year ended december 31 , 2014 not material.\n acquisition of synageva in june 2015  borrowed $ 3500 under term loan facility and $ 200 under revolving facility used available cash for remaining cash consideration.\n made principal payments of $ 375 during year ended december 31 , 2016.\n december 31, 2016  had $ 3081 outstanding on term loan and zero outstanding on revolving facility.\n december 31 , 2016 open letters of credit of $ 15 , borrowing availability under revolving facility was $ 485.\n fair value of long term debt  measured using level 2 inputs  approximates book value.\n contractual maturities of long-term debt obligations due subsequent to december 31 , 2016 follows:.\n based intent ability to make payments during 2017  included $ 175 within current liabilities on consolidated balance sheet as of december 31 , 2016  net of current deferred financing costs.\n 9.\n facility lease obligations new haven facility lease obligation in november 2012 entered lease agreement for office and laboratory space constructed in new haven , connecticut.\n term of lease commenced in 2015 expire in 2030  renewal option of 10 years.\n do not legally own premises deemed to be owner of building due to substantial improvements directly funded by us during construction period based on applicable accounting guidance for build-to-suit leases.\nlandlord 2019s costs constructing facility during construction period required to be capitalized as non-cash transaction offset by corresponding facility lease obligation in consolidated balance sheet.\n construction of new facility completed building placed into service in first quarter 2016.\n imputed interest rate on facility lease obligation as of december 31 , 2016 was approximately 11% ( % ).\n for year ended december 31 , 2016 and 2015  recognized $ 14 and $ 5  of interest expense associated with this arrangement.\n as of december 31 , 2016 and 2015 total facility lease obligation was $ 136 and $ 133  recorded within other current liabilities and facility lease obligation on consolidated balance sheets.\n\n2017 | $ 2014\n---- | ------\n2018 | 150\n2019 | 175\n2020 | 2756"
}
{
    "_id": "dd4c355f8",
    "title": "",
    "text": "54| | duke realty corporation annual report 2010.\n weighted average number of common shares potential diluted securities 238920 201206 154553 criteria in fasb asc 360-20 related to terms of transactions continuing involvement in management or financial assistance from seller associated with properties.\n we make judgments based on specific terms of each transaction amount total profit from transaction recognize considering factors continuing ownership interest with buyer ( 201cpartial sales 201d ) level of future involvement with property or buyer acquires assets.\n if full accrual sales criteria not met , we defer gain recognition account for continued operations of property by applying finance , installment or cost recovery methods  as appropriate until full accrual sales criteria met.\n estimated future costs incurred after completion each sale included in determination of gain on sales.\n extent property had operations prior to sale  not continuing involvement with property, gains from sales of depreciated property included in discontinued operations proceeds from sale of these held-for-rental properties classified in investing activities section of consolidated statements of cash flows.\n gains or losses from sale of properties developed or repositioned with intent to sell not for long-term rental ( 201cbuild-for-sale 201d properties ) classified as gain on sale of properties in consolidated statements of operations.\n other rental properties do not meet criteria for presentation as discontinued operations also classified as gain on sale of properties in consolidated statements of operations.\n net income ( loss ) per common share basic net income ( loss ) per common share computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share- based awards expected to vest , by weighted average number of common shares outstanding for period.\ndiluted net income ( loss ) per common share computed by dividing sum of basic net income ( loss ) attributable to common shareholders and noncontrolling interest in earnings allocable to units not owned by us ( to extent units dilutive ) , by sum of weighted average number of common shares outstanding and dilutive partnership units outstanding  potential dilutive securities for period.\n during first quarter of 2009  adopted new accounting standard ( fasb asc 260-10 ) on participating securities  applied retrospectively to prior period calculations of basic and diluted earnings per common share.\n to new standard certain share-based awards considered participating securities earn dividend equivalents not forfeited even if underlying award does not vest.\n following table reconciles components of basic and diluted net income ( loss ) per common share ( in thousands ) :\n\n| 2010               | 2009                 | 2008\n-------------------------------------------------------------------------- | ------------------ | -------------------- | --------------\nnet income ( loss ) attributable to common shareholders                    | $ -14108 ( 14108 ) | $ -333601 ( 333601 ) | $ 50408\nless : dividends on share-based awards expected to vest                    | -2513 ( 2513 )     | -1759 ( 1759 )       | -1631 ( 1631 )\nbasic net income ( loss ) attributable to common shareholders              | -16621 ( 16621 )   | -335360 ( 335360 )   | 48777\nnoncontrolling interest in earnings of common unitholders                  | -                  | -                    | 2640\ndiluted net income ( loss ) attributable to common shareholders            | $ -16621 ( 16621 ) | $ -335360 ( 335360 ) | $ 51417\nweighted average number of common shares outstanding                       | 238920             | 201206               | 146915\nweighted average partnership units outstanding                             | -                  | -                    | 7619\nother potential dilutive shares                                            | -                  | -                    | 19\nweighted average number of common shares and potential dilutive securities | 238920             | 201206               | 154553"
}
{
    "_id": "dd496d5d2",
    "title": "",
    "text": "part ii.\n item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities common stock traded on nasdaq global select market under symbol cdns.\n as of february 2 , 2019 523 registered stockholders approximately 56000 beneficial owners common stock.\n stockholder return performance graph graph compares cumulative 5-year total stockholder return common stock relative to cumulative total return nasdaq composite index s&p 500 index s&p 500 information technology index.\n graph assumes value investment in common stock each index on december 28, 2013 ( including reinvestment dividends ) was $ 100 tracks each year last day of fiscal year through december 29, 2018 for each index  last day of calendar year.\n comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index s&p 500 index s&p 500 information technology index 12/29/181/2/16 12/30/1712/28/13 12/31/161/3/15 *$ 100 invested on 12/28/13 in stock or index  including reinvestment of dividends.\n fiscal year ending december 29.\n copyright a9 2019 standard & poor 2019s  division of s&p global.\n all rights reserved.\n nasdaq compositecadence design systems , inc.\n s&p 500 s&p 500 information technology.\n stock price performance graph not indicative of future stock price performance.\n\n| 12/28/2013 | 1/3/2015 | 1/2/2016 | 12/31/2016 | 12/30/2017 | 12/29/2018\n------------------------------ | ---------- | -------- | -------- | ---------- | ---------- | ----------\ncadence design systems inc .   | $ 100.00   | $ 135.18 | $ 149.39 | $ 181.05   | $ 300.22   | $ 311.13\nnasdaq composite               | 100.00     | 112.60   | 113.64   | 133.19     | 172.11     | 165.84\ns&p 500                        | 100.00     | 110.28   | 109.54   | 129.05     | 157.22     | 150.33\ns&p 500 information technology | 100.00     | 115.49   | 121.08   | 144.85     | 201.10     | 200.52"
}
{
    "_id": "dd4bfd216",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 continued ) note 8.\n stock award plans stock-based compensation continued ) restricted stock units table summarizes restricted stock unit activity for fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ).\n remaining unrecognized compensation expense for outstanding restricted stock units  including performance-based awards as of march 31 , 2012 was $ 7. 1 million weighted-average period over cost recognized is 2. 2 years.\n weighted average grant-date fair value for restricted stock stock units granted during years ended march 31 , 2012 , 2011 , 2010 was $ 18. 13 , $ 10. 00 $ 7. 67 per share , respectively.\n total fair value of restricted stock units vested in fiscal years 2012 , 2011 , 2010 was $ 1. 5 million , $ 1. 0 million $ 0. 4 million , respectively.\n performance-based awards included in restricted stock units activity are certain awards granted in fiscal years 2012 , 2011 2010 vest subject to certain performance-based criteria.\n in june 2010 , 311000 shares of restricted stock performance-based award for potential issuance of 45000 shares of common stock issued to executive officers members senior management company vest upon achievement of prescribed service milestones by award recipients performance milestones by company.\n during year ended march 31 , 2011  company determined met prescribed performance targets portion of shares and stock options vested.\n remaining shares will vest upon satisfaction of prescribed service conditions by award recipients.\nthree months ended june 30 , 2011  company determined should have using graded vesting method instead of straight-line method to expense stock-based compensation for performance-based awards issued in june 2010.\n resulted in additional stock based compensation expense of approximately $ 0. 6 million recorded during three months ended june 30 , 2011 should have been recorded during year ended march 31 , 2011.\n company believes amount not material to march 31 , 2011 consolidated financial statements recorded adjustment in quarter ended june 30 , 2011.\n three months ended june 30 , 2011  performance-based awards of restricted stock units for potential issuance of 284000 shares of common stock issued to executive officers and senior management  would vest upon achievement of prescribed service milestones by award recipients and revenue performance milestones by company.\n as of march 31 , 2012  company determined met prescribed targets for 184000 shares underlying awards believes probable prescribed performance targets will be met for remaining 100000 shares  compensation expense recognized accordingly.\n year ended march 31 , 2012  company recorded $ 3. 3 million in stock-based compensation expense for equity awards in which prescribed performance milestones achieved or probable of achieved.\n remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3. 6 million based on company 2019s current assessment of probability of achieving performance milestones.\n weighted-average period over which cost will be recognized is 2. 1 years.\n\n| number of shares ( in thousands ) | weighted average grant date fair value ( per share )\n---------------------------------------------------------------- | --------------------------------- | ----------------------------------------------------\nrestricted stock and restricted stock units at beginning of year | 407                               | $ 9.84\ngranted                                                          | 607                               | 18.13\nvested                                                           | -134 ( 134 )                      | 10.88\nforfeited                                                        | -9 ( 9 )                          | 13.72\nrestricted stock and restricted stock units at end of year       | 871                               | $ 15.76"
}
{
    "_id": "dd497e760",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our common stock on new york stock exchange ( 201cnyse 201d ) for years 2008 and 2007.\n on february 13 , 2009  closing price of common stock was $ 28. 85 per share reported nyse.\n as of february 13 , 2009 had 397097677 outstanding shares common stock 499 registered holders.\n dividends never paid dividend on common stock.\n anticipate may retain future earnings to fund development growth business.\n indentures governing our 7. 50% ( 7. 50 % ) senior notes due 2012 ( 201c7. 50% 201c7. 50 % ) notes 201d ) 7. 125% ( 7. 125 % ) senior notes due 2012 201c7. 125 % 201d ) may prohibit us from paying dividends to stockholders unless satisfy certain financial covenants.\n loan agreement for revolving credit facility and term loan  indentures governing terms of 7. 50% ( 7. 50 % ) notes 7. 125% ( 7. 125 % ) notes contain covenants restrict ability to pay dividends unless certain financial covenants satisfied.\n spectrasite and subsidiaries classified as unrestricted subsidiaries under indentures for 7. 50% ( 7. 50 % ) notes 7. 125% ( 7. 125 % ) notes  certain spectrasite 2019s subsidiaries subject to restrictions on amount of cash they can distribute under loan agreement related to securitization transaction.\nmore information about restrictions under loan agreement for revolving credit facility term loan , notes indentures loan agreement related to securitization transaction , see item 7 annual report under caption 201cmanagement 2019s discussion analysis of financial condition results of operations 2014liquidity capital resources 2014factors affecting sources of liquidity 201d note 6 to consolidated financial statements included in annual report.\n\n2008                       | high    | low\n-------------------------- | ------- | -------\nquarter ended march 31     | $ 42.72 | $ 32.10\nquarter ended june 30      | 46.10   | 38.53\nquarter ended september 30 | 43.43   | 31.89\nquarter ended december 31  | 37.28   | 19.35\n2007                       | high    | low\nquarter ended march 31     | $ 41.31 | $ 36.63\nquarter ended june 30      | 43.84   | 37.64\nquarter ended september 30 | 45.45   | 36.34\nquarter ended december 31  | 46.53   | 40.08"
}
{
    "_id": "dd4c527f2",
    "title": "",
    "text": "visa inc.\n notes to consolidated financial statements 2014 ( continued ) september 30 , 2008 ( in millions , except as noted ) volume and support incentives company has agreements with customers for programs to build sales volume increase acceptance of payment products.\n these agreements  original terms from one to thirteen years , provide card issuance , marketing program support based on specific performance requirements.\n agreements designed to encourage customer business increase visa-branded payment volume  reducing unit transaction processing costs increasing brand awareness for visa customers.\n payments made obligations incurred under programs included on company 2019s consolidated balance sheets.\n company 2019s obligation under customer agreements amortized as reduction to revenue in same period as related revenues earned  based on management 2019s estimate of customer 2019s performance compared to terms of incentive agreement.\n agreements may or may not limit amount of customer incentive payments.\n excluding anticipated revenue from higher payments transaction volumes agreements company 2019s potential exposure under agreements with and without limits to incentive payments  estimated as follows at september 30 , 2008 : fiscal ( in millions ) volume support incentives.\n ultimate amounts to be paid under agreements may be greater than or less than estimates above.\n agreements increases in incentive payments driven by increased payment transaction volume  in event incentive payments exceed estimate payments not expected to have material effect on company 2019s financial condition , results of operations or cash flows.\n indemnification under framework agreement in connection with framework agreement between visa inc.\n and visa europe , visa europe indemnifies visa inc.\n for claims of provision of services brought by visa europe 2019s member banks against visa inc. , visa inc.\n indemnifies visa europe for any claims of provision of services brought against visa europe by visa inc.2019s customer financial institutions.\n based on current known facts, company assessed probability of loss future as remote.\n estimated maximum probability-weighted liability considered insignificant no liability accrued.\n for further information company 2019s commitments contingencies see note 4 2014visa europe , note 5 2014retrospective responsibility plan, note 11 2014debt , note 13 2014settlement guarantee management note 23 2014legal matters.\n\nfiscal ( in millions ) | volume and support incentives\n---------------------- | -----------------------------\n2009                   | $ 1088\n2010                   | 1105\n2011                   | 945\n2012                   | 798\n2013                   | 1005\nthereafter             | 3\ntotal                  | $ 4944"
}
{
    "_id": "dd4bf9c7e",
    "title": "",
    "text": "table of content part ii item 5.\n market for registrant's common equity  related stockholder matters issuer purchases of equity securities common stock traded on new york stock exchange under trading symbol 201chfc. 201d in september 2018  board of directors approved $ 1 billion share repurchase program replaced all existing share repurchase programs authorizing us to repurchase common stock in open market or privately negotiated transactions.\n timing amount of stock repurchases depend on market conditions corporate , regulatory other relevant considerations.\n program may be discontinued by board of directors.\n table includes repurchases under program during fourth quarter of 2018.\n period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum dollar value of shares be purchased under plans or programs.\n during quarter ended december 31 , 2018  102360 shares withheld from executives employees under terms share-based compensation agreements provide funds for payment of payroll income taxes due at vesting of restricted stock awards.\n as of february 13 , 2019  had approximately 97419 stockholders  including beneficial owners holding shares in street name.\n intend to consider declaration of dividend quarterly basis no assurance to future dividends dependent upon future earnings , capital requirements  financial condition other factors.\n\nperiod                             | total number ofshares purchased | average pricepaid per share | total number ofshares purchasedas part of publicly announced plans or programs | maximum dollarvalue of sharesthat may yet bepurchased under the plans or programs\n---------------------------------- | ------------------------------- | --------------------------- | ------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------\noctober 2018                       | 1360987                         | $ 66.34                     | 1360987                                                                        | $ 859039458\nnovember 2018                      | 450000                          | $ 61.36                     | 450000                                                                         | $ 831427985\ndecember 2018                      | 912360                          | $ 53.93                     | 810000                                                                         | $ 787613605\ntotal for october to december 2018 | 2723347                         |                             | 2620987                                                                        |"
}
{
    "_id": "dd4b9328a",
    "title": "",
    "text": "redemptions resulted in early extinguishment charge of $ 5 million.\n on march 22 , 2010  redeemed $ 175 million of 6. 5% ( 6. 5 % ) notes due april 15 , 2012.\n redemption resulted in early extinguishment charge of $ 16 million in first quarter of 2010.\n november 1 , 2010  redeemed all $ 400 million of outstanding 6. 65% ( 6. 65 % ) notes due january 15 , 2011.\n redemption resulted in $ 5 million early extinguishment charge.\n receivables securitization facility 2013 as of december 31 , 2011 and 2010  recorded $ 100 million as secured debt under receivables securitization facility.\n ( see further discussion of receivables securitization facility in note 10 ).\n 15.\n variable interest entities entered into various lease transactions structure leases contain variable interest entities ( vies ).\n vies created solely for purpose of doing lease transactions ( principally involving railroad equipment and facilities  including headquarters building ) have no other activities , assets or liabilities outside of lease transactions.\n within lease arrangements right to purchase some or all assets at fixed prices.\n depending on market conditions  fixed-price purchase options in leases could potentially provide benefits ; benefits not expected to be significant.\n maintain and operate assets based on contractual obligations within lease arrangements set specific guidelines consistent within railroad industry.\n no control over activities could materially impact fair value of leased assets.\n do not hold power to direct activities of vies and do not control ongoing activities significant impact on economic performance of vies.\nwe do not have obligation to absorb losses vies or right to receive benefits potentially significant not primary beneficiary do not consolidate these vies our actions decisions not significant effect on vie 2019s performance our fixed-price purchase price options not potentially significant to vie 2019s.\n future minimum lease payments with vie leases totaled $ 3. 9 billion as of december 31 , 2011.\n 16.\n leases we lease certain locomotives , freight cars  other property.\n consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million, net of $ 915 million of accumulated depreciation and $ 2520 million , net of $ 901 million of accumulated depreciation respectively for properties held under capital leases.\n charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 were follows : millions operating leases capital leases.\n majority of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010  $ 686 million in 2009.\n when cash rental payments not made straight-line basis recognize variable rental expense straight-line over lease term.\n contingent rentals and sub-rentals not significant.\n\nmillions                               | operatingleases | capitalleases\n-------------------------------------- | --------------- | -------------\n2012                                   | $ 525           | $ 297\n2013                                   | 489             | 269\n2014                                   | 415             | 276\n2015                                   | 372             | 276\n2016                                   | 347             | 262\nlater years                            | 2380            | 1179\ntotal minimum leasepayments            | $ 4528          | $ 2559\namount representing interest           | n/a             | -685 ( 685 )\npresent value of minimum leasepayments | n/a             | $ 1874"
}
{
    "_id": "dd496faa8",
    "title": "",
    "text": "fourth quarter 2010  schlumberger issued 20ac1. 0 billion 2. 75% ( 2. 75 % ) guaranteed notes due under program.\n schlumberger entered agreements to swap euro notes for us dollars date issue until maturity  making us denominated debt schlumberger pay interest in us dollars rate 2. 56% ( 2. 56 % ).\n first quarter 2009  schlumberger issued 20ac1. 0 billion 4. 50% ( 4. 50 % ) guaranteed notes due 2014 under program.\n schlumberger entered agreements to swap euro notes for us dollars date issue until maturity making us dollar denominated debt schlumberger pay interest in us dollars at rate 4. 95% ( 4. 95 % ).\n april 17 , 2008  schlumberger board directors approved $ 8 billion share repurchase program for shares schlumberger common stock acquired open market before december 31 , 2011.\n july 21 , 2011 schlumberger board directors approved extension of repurchase program to december 31 , 2013.\n schlumberger repurchased $ 7. 12 billion shares program as of december 31 , 2012.\n following table summarizes activity under share repurchase program during 2012, 2011 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share.\n 0160 cash flow provided by operations was $ 6. 8 billion in 2012 , $ 6. 1 billion in 2011 $ 5. 5 billion in 2010.\n recent years schlumberger actively managed activity levels in venezuela relative accounts receivable balance recently experienced increased delay in payment from national oil company customer.\n schlumberger operates in approximately 85 countries.\nat december 31 , 2012 five countries ( including venezuela ) accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance only one , united states  represented greater than 10% ( 10 % ).\n 0160 dividends paid during 2012 , 2011 2010 were $ 1. 43 billion , $ 1. 30 billion and $ 1. 04 billion  respectively.\n on january 17 , 2013 , schlumberger board of directors approved increase in quarterly dividend of 13. 6% (. 6 % )  to $ 0. 3125.\n january 19 , 2012 , schlumberger board directors approved increase quarterly dividend of 10% ( 10 % ) , to $ 0. 275.\n january 21, 2011  schlumberger board directors approved increase in quarterly dividend of 19% ( 19 % ) , to $ 0. 25.\n 0160 capital expenditures were $ 4. 7 billion in 2012 , $ 4. 0 billion in 2011 $ 2. 9 billion in 2010.\n capital expenditures expected to approach $ 3. 9 billion for full year 2013.\n during 2012 , 2011 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million  to postretirement benefit plans.\n us pension plans were 82% ( 82 % ) funded at december 31 , 2012 projected.\n compares to 87% ( 87 % ) funded at december 31 , 2011.\n schlumberger 2019s international defined benefit pension plans are combined 88% ( 88 % ) funded at december 31 , 2012.\n.\n schlumberger anticipates contributing approximately $ 650 million to postretirement benefit plans in 2013 subject to market and business conditions.\n 0160 $ 321 million outstanding series b debentures at december 31 , 2009.\n during 2010  remaining $ 320 million of 2.125% ( 2. 125 % ) series b convertible debentures due june 1  2023 converted into 8. 0 million shares schlumberger common stock remaining $ 1 million series b debentures redeemed for cash.\n\n| total cost of shares purchased | total number of shares purchased | average price paid per share\n---- | ------------------------------ | -------------------------------- | ----------------------------\n2012 | $ 971883                       | 14087.8                          | $ 68.99\n2011 | $ 2997688                      | 36940.4                          | $ 81.15\n2010 | $ 1716675                      | 26624.8                          | $ 64.48"
}
{
    "_id": "dd4c4e1f2",
    "title": "",
    "text": "defined contribution plan company subsidiaries have defined contribution plans all eligible employees may participate.\n. 401 ( k ) plan is contributory plan.\n matching contributions based upon employees 2019 contributions.\n after temporarily suspending all matching contributions effective july 1 , 2010 company reinstated matching contributions provides dollar for dollar ( 100% ) match on first 4% ( 4 % ) of employee contributions.\n maximum matching contribution for 2010 pro-rated to account for number of months remaining after reinstatement.\n company 2019s expenses for material defined contribution plans for years ended december 31, 2012, 2011 and 2010 were $ 42 million , $ 48 million and $ 23 million .\n beginning january 1 , 2012  company may make additional discretionary 401 ( k ) plan matching contribution to eligible employees.\n for year ended december 31 , 2012  company made no discretionary matching contributions.\n.\n share-based compensation plans incentive plans stock options  stock appreciation rights employee stock purchase plan company grants options to acquire shares of common stock to certain employees existing option holders of acquired companies merging of option plans following acquisition.\n each option granted stock appreciation right has exercise price of no less than 100% ( 100 % ) of fair market value of common stock on date of grant.\n awards have contractual life of five to ten years vest over two to four years.\n stock options and stock appreciation rights assumed or replaced with comparable stock options stock appreciation rights with change in control of company only become exercisable if holder involuntarily terminated or quits for good reason within 24 months of change in control.\n employee stock purchase plan allows eligible participants to purchase shares of company 2019s common stock through payroll deductions of up to 20% ( 20 % ) of eligible compensation on after-tax basis.\nplan participants purchase more than $ 25000 of stock in any calendar year.\n price employee pays per share is 85% ( 85 % ) of lower fair market value of company 2019s stock on close of first trading day or last trading day of purchase period.\n plan has two purchase periods first from october 1 through march 31 and second from april 1 through september 30.\n for years ended december 31 , 2012 , 2011 2010  employees purchased 1. 4 million , 2. 2 million 2. 7 million shares  at purchase prices of $ 34. 52 and $ 42. 96 , $ 30. 56 $ 35. 61 , $ 41. 79 and $ 42. 00 ,.\n company calculates value of each employee stock option  estimated on date of grant using black-scholes option pricing model.\n weighted-average estimated fair value of employee stock options granted during 2012, 2011 2010 was $ 9. 60 , $ 13. 25 $ 21. 43  using weighted-average assumptions:.\n company uses implied volatility for traded options on company 2019s stock as expected volatility assumption required in black-scholes model.\n selection of implied volatility approach based upon availability of actively traded options on company 2019s stock assessment implied volatility more representative of future stock price trends than historical volatility.\n risk-free interest rate assumption based upon average daily closing rates year for u. s.\n treasury notes life approximates expected life of option.\n dividend yield assumption based on company 2019s future expectation of dividend payouts.\n expected life of employee stock options represents average of contractual term of options weighted-average vesting period for all option tranches.\n company has applied forfeiture rates  estimated based on historical data of 13%-50% ( ) to option fair values calculated by black-scholes option pricing model.\n estimated forfeiture rates applied to grants based remaining vesting term may be revised subsequent periods if actual forfeitures differ from estimates.\n\n| 2012             | 2011             | 2010\n----------------------- | ---------------- | ---------------- | ----------------\nexpected volatility     | 24.0% ( 24.0 % ) | 28.8% ( 28.8 % ) | 41.7% ( 41.7 % )\nrisk-free interest rate | 0.8% ( 0.8 % )   | 2.1% ( 2.1 % )   | 2.1% ( 2.1 % )\ndividend yield          | 2.2% ( 2.2 % )   | 0.0% ( 0.0 % )   | 0.0% ( 0.0 % )\nexpected life ( years ) | 6.1              | 6.0              | 6.1"
}
{
    "_id": "dd497b6a0",
    "title": "",
    "text": "retail and hnw investors excluding investments ishares ) long-term aum by asset class client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total.\n blackrock serves retail hnw investors globally through separate accounts open-end closed-end funds unit trusts private investment funds.\n at december 31 , 2012 long-term assets managed for retail hnw investors totaled $ 403. 5 billion  up 11% ( 11 % )  or $ 40. 1 billion  versus year-end 2011.\n net inflows of $ 11. 6 billion in long-term products augmented by market valuation improvements of $ 28. 3 billion.\n retail hnw investors served principally through intermediaries including broker-dealers banks trust companies insurance companies independent financial advisors.\n clients invest primarily in mutual funds totaled $ 322. 4 billion  or 80% ( 80 % ) of retail hnw long-term aum at year-end remainder invested in private investment funds separately managed accounts.\n product mix well diversified 41% ( 41 % ) of long-term aum in equities 34% ( 34 % ) in fixed income 23% ( 23 % ) in multi-asset class 2% ( 2 % ) in alternatives.\n majority ( 98% ( 98 % ) ) of long-term aum invested in active products partially inflated by ishares shown separately.\n client base diversified geographically 74% ( 74 % ) of long-term aum managed for investors based in americas 19% ( 19 % ) in emea 7% ( 7 % ) in asia-pacific at year- end 2012.\n 2022.\n retail and hnw long-term inflows of $ 9.8 billion driven by demand for u.\n sector- specialty municipal fixed income mutual fund offerings income-oriented equity.\n 2012 broadened distribution of alternatives funds to bring higher alpha institutional quality hedge fund products to retail investors three mutual funds launched end of 2011 gained traction acceptance raising close to $ 0. 8 billion assets.\n.\n retail alternatives aum crossed $ 5. 0 billion threshold in 2012.\n year included launch of blackrock municipal target term trust ( 201d ) with $ 2. 1 billion assets raised largest municipal fund ever launched largest overall industry offering since 2007.\n leading u. s.\n manager by aum of separately managed accounts second largest closed-end fund manager top-ten manager of long-term open-end mutual funds2.\n 2022 international retail net inflows of $ 1. 8 billion in 2012 driven by fixed income net inflows of $ 5. 2 billion.\n investor demand remained risk-off in 2012 driven by macro political economic instability trends toward de-risking.\n equity net outflows of $ 2. 9 billion predominantly from sector-specific regional country- specific equity strategies due to uncertainty in european markets.\n international retail hnw offerings include luxembourg cross-border fund families blackrock global funds blackrock strategic funds with $ 83. 1 billion and $ 2. 4 billion of aum at year-end 2012 range of retail funds in united kingdom.\n contained 67 funds registered in 35 jurisdictions at year-end 2012.\n over 60% ( 60 % ) of funds rated by s&p.\n 2012 ranked as third largest cross border fund provider3.\nunited kingdom , we ranked among five largest fund managers3 known for innovative product offerings  especially within natural resources  european equity  asian equity equity income.\n global clientele footprint in regions reflects strong relationships with intermediaries established ability to deliver global investment expertise in funds other products tailored to local regulations requirements.\n 2 simfund , cerulli 3 lipper feri\n\n( dollar amounts in millions ) | americas | emea    | asia-pacific | total\n------------------------------ | -------- | ------- | ------------ | --------\nequity                         | $ 94805  | $ 53140 | $ 16803      | $ 164748\nfixed income                   | 121640   | 11444   | 5341         | 138425\nmulti-asset class              | 76714    | 9538    | 4374         | 90626\nalternatives                   | 4865     | 3577    | 1243         | 9685\nlong-term retail/hnw           | $ 298024 | $ 77699 | $ 27761      | $ 403484"
}
{
    "_id": "dd4ba3f54",
    "title": "",
    "text": "management 2019s discussion analysis sensitivity measures certain portfolios individual positions not included in var not most appropriate risk measure.\n other sensitivity measures analyze market risk described below.\n 10% ( 10 % ) sensitivity measures.\n table below presents market risk for inventory positions not included in var.\n market risk determined by estimating potential reduction in net revenues of 10% ( 10 % ) decline in underlying asset value.\n equity positions relate to private restricted public equity securities interests in funds invest in corporate equities real estate interests in hedge funds included in 201cfinancial instruments owned  fair value. 201d debt positions include interests in funds invest in corporate mezzanine senior debt instruments loans backed by commercial residential real estate corporate bank loans other corporate debt acquired portfolios of distressed loans.\n debt positions included in 201cfinancial instruments owned  fair value. 201d see note 6 to consolidated financial statements for further information about cash instruments.\n measures not reflect diversification benefits across asset categories or other market risk measures.\n asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2013 2012 equity 1 $ 2256 $ 2471.\n 1.\n december 2012 includes $ 208 million related to investment in ordinary shares of icbc sold in first half of 2013.\n credit spread sensitivity on derivatives borrowings.\n var excludes impact of changes in counterparty our own credit spreads on derivatives changes our own credit spreads on unsecured borrowings for fair value option elected.\n estimated sensitivity to one basis point increase in credit spreads on derivatives gain of $ 4 million and $ 3 million ( including hedges ) as of december 2013 december 2012.\nestimated sensitivity to one basis point increase in credit spreads on unsecured borrowings for fair value option elected was a gain of $ 8 million and $ 7 million ( including hedges ) as of december 2013 and december 2012 ,.\n actual net impact of change in credit spreads is also affected by liquidity  duration convexity ( sensitivity not linear to changes in yields ) of unsecured borrowings for fair value option elected  relative performance of hedges undertaken.\n interest rate sensitivity.\n as of december 2013 and december 2012  firm had $ 14. 90 billion and $ 6. 50 billion  of loans held for investment accounted for at amortized cost and included in 201creceivables from customers and counterparties  all had floating interest rates.\n as of december 2013 and december 2012  estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 136 million and $ 62 million  of additional interest income over a 12-month period  not potential impact of increase in costs to fund such loans.\n see note 8 to consolidated financial statements for further information about loans held for investment.\n goldman sachs 2013 annual report 95\n\nasset categories | asset categories |\n---------------- | ---------------- | ------\nin millions      | 2013             | 2012\nequity1          | $ 2256           | $ 2471\ndebt             | 1522             | 1676\ntotal            | $ 3778           | $ 4147"
}
{
    "_id": "dd4ba7dfc",
    "title": "",
    "text": "technical and research personnel lab facilities  expanded portfolio of patents available to via license and through cooperative development program.\n in we acquired a 20 percent interest in grt , inc.\n gtftm technology protected by intellectual property protection program.\n u. s.\n granted 17 patents for technology , another 22 pending.\n worldwide  over 300 patents issued or pending  covering over 100 countries including regional and direct foreign filings.\n another innovative technology we developing focuses on reducing processing and transportation costs of natural gas by artificially creating natural gas hydrates , more easily transportable than natural gas in gaseous form.\n like lng , gas hydrates regasified upon delivery to receiving market.\n active pilot program in place to test develop proprietary natural gas hydrates manufacturing system.\n discussion of integrated gas segment contains forward-looking statements with respect to possible expansion of lng production facility.\n factors could potentially affect possible expansion lng production facility include partner and government approvals , access to sufficient natural gas volumes through exploration or commercial negotiations with other resource owners access to sufficient regasification capacity.\n foregoing factors ( ) could cause actual results to differ materially from in forward-looking statements.\n refining , marketing and transportation refining , marketing transportation operations concentrated primarily in midwest , upper great plains , gulf coast southeast regions of u. s.\n rank as fifth largest crude oil refiner in the u. s.\n largest in midwest.\n operations include seven-plant refining network integrated terminal and transportation system supplies wholesale and marathon-brand customers our own retail operations.\nwholly-owned retail marketing subsidiary speedway superamerica llc ( 201cssa 201d ) is third largest chain of company-owned -operated retail gasoline convenience stores in u. s.\n largest in midwest.\n refining own operate seven refineries with aggregate refining capacity of 1. 188 million barrels per day ( ) of crude oil as of december 31 , 2009.\n during 2009 refineries processed 957 mbpd of crude oil 196 mbpd of other charge and blend stocks.\n table below sets location daily crude oil refining capacity of each refineries as of december 31 , 2009.\n crude oil refining capacity ( thousands of barrels per day ) 2009.\n refineries include crude oil atmospheric vacuum distillation  fluid catalytic cracking  catalytic reforming  desulfurization sulfur recovery units.\n refineries process wide variety of crude oils produce numerous refined products from transportation fuels reformulated gasolines blend- grade gasolines ultra-low sulfur diesel fuel to heavy fuel oil asphalt.\n manufacture aromatics , cumene , propane , propylene  sulfur maleic anhydride.\n garyville , louisiana refinery located along mississippi river in southeastern louisiana between new orleans and baton rouge.\n refinery predominantly processes heavy sour crude oil into products\n\n( thousands of barrels per day ) | 2009\n-------------------------------- | ----\ngaryville louisiana              | 436\ncatlettsburg kentucky            | 212\nrobinson illinois                | 206\ndetroit michigan                 | 106\ncanton ohio                      | 78\ntexas city texas                 | 76\nst . paul park minnesota         | 74\ntotal                            | 1188"
}
{
    "_id": "dd4c0bbe0",
    "title": "",
    "text": "goodwill reviewed annually during fourth quarter for impairment.\n company performs impairment analysis of other intangible assets based on occurrence of other factors.\n such factors include signifi- cant changes in membership  state funding medical contracts provider networks contracts.\n impairment loss rec- ognized if carrying value of intangible assets exceeds implied fair value.\n company recognize impair- ment losses for periods presented.\n medical claims liabilities medical services costs include claims paid claims reported but not yet paid ( inventory ) estimates for claims incurred but not yet received ( ibnr ) estimates for costs necessary to process unpaid claims.\n estimates of medical claims liabilities developed using standard actuarial methods based upon historical data for payment patterns cost trends product mix seasonality utiliza- tion of healthcare services other relevant factors including product changes.\n estimates continually reviewed adjustments if necessary reflected in period known.\n management not change actuarial methods during years presented.\n management believes amount of medical claims payable reasonable adequate to cover company 2019s liabil- ity for unpaid claims as of december 31 , 2005 actual claim payments may differ from estimates.\n revenue recognition majority of company 2019s medicaid managed care premi- um revenue received monthly based on fixed rates per member as determined by state contracts.\n some contracts allow for addi- tional premium related to certain supplemental services maternity deliveries.\n revenue recognized as earned over covered period of services.\n revenues recorded based on membership and eligibility data provided by states may be adjusted by states for updates membership eligibility.\n adjustments immaterial in relation to total revenue recorded reflected in period known.\n premiums collected in advance recorded as unearned revenue.\nspecialty services segment generates revenue under con- tracts with state local government entities health plans third-party customers.\n revenues for services recognized when services provided or as ratably earned over cov- ered period services.\n for performance-based contracts company recognize revenue subject to refund until data sufficient to measure performance.\n such amounts recorded as unearned revenue.\n revenues due to company recorded as premium related receivables net of allowance for uncol- lectible accounts based on historical trends management judgment on collectibility.\n activity in allowance for uncollectible accounts for years ended december 31 summarized below.\n significant customers centene receives majority of revenues under contracts subcontracts with state medicaid managed care programs.\n contracts expire dates between june 30, 2006 and august 31 , 2008 expected to be renewed.\n contracts with states of indiana  kansas texas wisconsin each accounted for 18% ( 18 % ) 12% ( 12 % )  22% ( 22 % ) 23% ( 23 % )  of company revenues for year ended december 31 , 2005.\n reinsurance centene purchased reinsurance from third parties to cover eligible healthcare services.\n current reinsurance program covers 90% ( ) of inpatient healthcare expenses in excess of annual deductibles of $ 300 per member up to lifetime maximum of $ 2000.\n medicaid managed care subsidiaries respon- sible for inpatient charges in excess of average daily per diem.\n reinsurance recoveries were $ 4014 , $ 3730  $ 5345 , in 2005  2004  2003 .\n reinsurance expenses were approximately $ 4105 , $ 6724 , $ 6185 in 2005  2004  2003 .\n reinsurance recoveries  net of expenses included in medical costs.\nother income ( expense ) consists principally of investment income interest expense.\n investment income derived from company 2019s cash  cash equivalents  restricted deposits investments.\n interest expense relates to borrowings under credit facility  mortgage interest  interest on capital leases credit facility fees.\n income taxes deferred tax assets liabilities recorded for future tax consequences attributable to differences between financial statement carrying amounts existing assets liabilities tax bases.\n deferred tax assets liabilities measured using enacted tax rates expected to apply to taxable income in years in temporary differences expected to be recovered or settled.\n effect on deferred tax assets liabilities of change in tax rates recognized in income in period includes enactment date of tax rate change.\n valuation allowances provided when considered more likely that deferred tax assets will not be realized.\n in determining if deductible temporary difference or net operating loss can be realized company considers future reversals of\n\n| 2005         | 2004         | 2003\n--------------------------------------- | ------------ | ------------ | ----------\nallowances beginning of year            | $ 462        | $ 607        | $ 219\namounts charged to expense              | 80           | 407          | 472\nwrite-offs of uncollectible receivables | -199 ( 199 ) | -552 ( 552 ) | -84 ( 84 )\nallowances end of year                  | $ 343        | $ 462        | $ 607"
}
{
    "_id": "dd4974620",
    "title": "",
    "text": "transaction and commercial issues in many our businesses.\n these skills are valuable resource as we monitor regulatory tariff schemes to determine capital budgeting needs integrate acquisitions.\n company expects to realize cost reduction performance improvement benefits in both earnings and cash flows ; no assurance that reductions and improvements will continue inability to sustain reductions improvements may result in less than expected earnings and cash flows in 2004 and beyond.\n asset sales during 2003 , continued initiative to sell all or part of certain company 2019s subsidiaries.\n this initiative designed to decrease company 2019s dependence on access to capital markets improve strength of balance sheet by reducing financial leverage improving liquidity.\n following chart details asset sales closed during 2003.\n sales proceeds project name date completed ( in millions ) location.\n company continues to evaluate portfolio business performance may decide to dispose of additional businesses in future.\n given improvements in liquidity lower emphasis on asset sales in future for improving liquidity strengthening balance sheet.\n for any sales in future  no guarantee that proceeds from such sale transactions will cover entire investment in subsidiaries.\n depending on businesses sold , entire or partial sale of business may change current financial characteristics of company 2019s portfolio results of operations.\n future sales may impact recurring earnings and cash flows company expect to achieve.\n subsidiary restructuring during 2003 , completed initiated restructuring transactions for several south american businesses.\n efforts focused on improving businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities.\n businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil gener in chile.\n brazil eletropaulo.\n aes has owned interest in eletropaulo since april 1998 , when company was privatized.\nfebruary 2002 aes acquired controlling interest business started consolidate it.\n aes financed significant portion acquisition eletropaulo  including common preferred shares through loans deferred purchase price financing arrangements provided brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) wholly-owned subsidiary , bndes participac 0327o 0303es s.\n ( 2018 2018bndespar 2019 2019 )  aes 2019s subsidiaries , aes elpa s. a.\n ( 2018 2018aes elpa 2019 2019 ) aes transgas empreendimentos , s.\n ( 2018 2018aes transgas 2019 2019 ).\n\nproject name                                       | date completed | sales proceeds ( in millions ) | location\n-------------------------------------------------- | -------------- | ------------------------------ | -------------------\ncilcorp/medina valley                              | january 2003   | $ 495                          | united states\naes ecogen/aes mt . stuart                         | january 2003   | $ 59                           | australia\nmountainview                                       | march 2003     | $ 30                           | united states\nkelvin                                             | march 2003     | $ 29                           | south africa\nsongas                                             | april 2003     | $ 94                           | tanzania\naes barry limited                                  | july 2003      | a340/$ 62                      | united kingdom\naes haripur private ltd/aes meghnaghat ltd         | december 2003  | $ 145                          | bangladesh\naes mtkvari/aes khrami/aes telasi                  | august 2003    | $ 23                           | republic of georgia\nmedway power limited/aes medway operations limited | november 2003  | a347/$ 78                      | united kingdom\naes oasis limited                                  | december 2003  | $ 150                          | pakistan/oman"
}
{
    "_id": "dd4c65e10",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities common stock listed on nasdaq global select market under symbol adi.\n information regarding equity compensation plans securities authorized for issuance in item 12 of annual report on form 10-k.\n issuer purchases of equity securities table below summarizes activity related stock repurchases for three months ended november 2 , 2019.\n period total number shares purchased ( 1 ) average price paid per share 2 ) total number of shares purchased part of publicly announced plans or programs 3 ) approximate dollar value of shares be purchased under plans or programs.\n 1 ) includes 81832 shares withheld from employees to satisfy employee tax obligations upon vesting of restricted stock units/ awards granted employees under equity compensation plans.\n 2 ) average price paid for shares connection with vesting of restricted stock units/awards are averages of closing stock price at vesting date used to calculate number of shares to be withheld.\n 3 ) shares repurchased stock repurchase program publicly announced on august 12 , 2004.\n august 21 , 2018  board of directors approved increase to current authorization for stock repurchase program by additional $ 2. 0 billion to $ 8. 2 billion aggregate.\n under repurchase program may repurchase outstanding shares of common stock time in open market through privately negotiated transactions.\n unless terminated earlier by resolution board of directors repurchase program expire when repurchased all shares authorized for repurchase under repurchase program.\n number of holders of record of common stock at november 22 , 2019 was 2059.\nnumber include shareholders shares held in 201cnominee 201d or 201cstreet 201d name.\n on november 1 , 2019  last reported sales price of common stock on nasdaq global select market was $ 109. 37 per share.\n\nperiod                                     | total number ofshares purchased ( 1 ) | average price paidper share ( 2 ) | total number of sharespurchased as part ofpublicly announcedplans or programs ( 3 ) | approximate dollarvalue of shares thatmay yet be purchasedunder the plans or programs\n------------------------------------------ | ------------------------------------- | --------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------\naugust 4 2019 through august 31 2019       | 199231                                | $ 109.00                          | 194849                                                                              | $ 2213017633\nseptember 1 2019 through september 28 2019 | 342313                                | $ 113.39                          | 338534                                                                              | $ 2174639499\nseptember 29 2019 through november 2 2019  | 1023202                               | $ 109.32                          | 949531                                                                              | $ 2070927831\ntotal                                      | 1564746                               | $ 110.17                          | 1482914                                                                             | $ 2070927831"
}
{
    "_id": "dd4bd2250",
    "title": "",
    "text": "state street corporation | 52 shareholder return performance presentation graph compares cumulative total shareholder return on state street's common stock to cumulative total return of s&p 500 index s&p financial index kbw bank index over five-year period.\n cumulative total shareholder return assumes investment of $ 100 in state street common stock in each index on december 31 , 2012.\n also assumes reinvestment of common stock dividends.\n s&p financial index is publicly available  capitalization-weighted index of 67 of standard & poor 2019s 500 companies 27 diversified financial services companies 23 insurance companies 17 banking companies.\n kbw bank index modified cap-weighted index of 24 exchange-listed stocks representing national money center banks leading regional institutions.\n\n| 2012  | 2013  | 2014  | 2015  | 2016  | 2017\n------------------------ | ----- | ----- | ----- | ----- | ----- | -----\nstate street corporation | $ 100 | $ 159 | $ 172 | $ 148 | $ 178 | $ 227\ns&p 500 index            | 100   | 132   | 151   | 153   | 171   | 208\ns&p financial index      | 100   | 136   | 156   | 154   | 189   | 230\nkbw bank index           | 100   | 138   | 151   | 151   | 195   | 231"
}
{
    "_id": "dd4b9c16e",
    "title": "",
    "text": "consolidated financial statements related to change in unrealized gain ( loss ) on derivatives for years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively.\n 19.\n employee savings plan ppg 2019s employee savings plan ( plan 201d ) covers all.\n employees.\n company makes matching contributions to savings plan based upon participants 2019 savings subject to certain limitations.\n for most participants not covered by collective bargaining agreement company-matching contributions established each year at discretion of company applied to maximum of 6% ( 6 % ) of eligible participant compensation.\n for those participants whose employment covered by collective bargaining agreement level of company- matching contribution determined by collective bargaining agreement.\n company-matching contribution was 100% ( % ) for 2008 and for first two months of 2009.\n company- matching contribution suspended from march 2009 through june 2010 as cost savings measure in recognition of adverse impact of global recession.\n effective july 1, 2010  company match reinstated at 50% ( 50 % ) on first 6% ( 6 % ) contributed for most employees eligible for company-matching contribution.\n.\n on january 1 , 2011  company match increased to 75% ( 75 % ) on first 6% ( 6 % ) contributed by these eligible employees.\n compensation expense and cash contributions related to company match of participant contributions to savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million .\n portion of savings plan qualifies under as employee stock ownership plan.\n tax deductible dividends on ppg shares held by savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively.\n.\nearnings ( millions ) 2010 2009 2008.\n total $ 214 $ 178 $ 165 21.\n stock-based compensation company 2019s compensation includes stock options  restricted stock units ( 201crsus 201d ) grants of contingent shares earned based on achieving targeted levels total shareholder return.\n current grants of stock options  rsus contingent shares made under ppg industries , inc.\n omnibus incentive plan ( 201cppg omnibus plan 201d ).\n shares available for future grants under ppg omnibus plan were 4. 1 million as of december 31 , 2010.\n total stock-based compensation cost was $ 52 million, $ 34 million $ 33 million in 2010, 2009 2008  respectively.\n total income tax benefit in consolidated statement of income related to stock-based compensation was $ 18 million , $ 12 million $ 12 million in 2010 , 2009 2008 .\n stock options ppg has outstanding stock option awards granted under two stock option plans : ppg industries , inc.\n stock plan ( 201cppg stock plan 201d ) ppg omnibus plan.\n employees granted options to purchase shares of common stock at prices equal to fair market value of shares on date options granted.\n options exercisable from six to 48 months after granted maximum term of 10 years.\n upon exercise stock option shares of company stock issued from treasury stock.\n ppg stock plan includes restored option provision for options originally granted prior to january 1 , 2003 allows optionee to exercise options satisfy option price by certifying ownership of mature shares of ppg common stock with equivalent market value.\n fair value of stock options issued to employees measured on date of grant recognized as expense over requisite service period.\n ppg estimates fair value of stock options using black-scholes option pricing model.\nrisk-free interest rate determined by using u. s.\n treasury yield curve at date of grant using maturity equal to expected life of option.\n expected life of options calculated using average of vesting term and maximum term , as prescribed by accounting guidance on use of simplified method for determining expected term of employee share option.\n this method used as vesting term of stock options changed to three years in 2004 and , result , historical exercise data not provide reasonable basis to estimate expected life of options.\n expected dividend yield and volatility based on historical stock prices and dividend amounts over past time periods equal in length to expected life of options.\n 66 2010 ppg annual report and form 10-k\n\n( millions )                                                       | 2010  | 2009     | 2008\n------------------------------------------------------------------ | ----- | -------- | -----\ninterest income                                                    | $ 34  | $ 28     | $ 26\nroyalty income                                                     | 58    | 45       | 52\nshare of net earnings ( loss ) of equity affiliates ( see note 6 ) | 45    | -5 ( 5 ) | 3\ngain on sale of assets                                             | 8     | 36       | 23\nother                                                              | 69    | 74       | 61\ntotal                                                              | $ 214 | $ 178    | $ 165"
}
{
    "_id": "dd4b9d6ea",
    "title": "",
    "text": "table presents net periodic pension and opeb cost/ ( benefit ) for years ended december 31 : millions 2013 2012 2011 2010.\n net periodic pension cost expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012.\n increase driven mainly by decrease in discount rate to 3. 78% ( 3. 78 % )  net periodic opeb expense expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012.\n increase in net periodic opeb cost primarily driven by decrease in discount rate to 3. 48% ( 3. 48 % ).\n cautionary information certain statements in this report  statements in other reports or information filed with sec ( information in oral statements or other written statements made ) are be forward-looking statements as defined by securities act of 1933 and securities exchange act of 1934.\nforward-looking statements information include ( a ) statements in ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; statements information under captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , b ) other statements information in this report ( including information incorporated by reference ) regarding : expectations to financial performance , revenue growth cost savings ; time by goals , targets  objectives achieved ; projections , predictions  expectations estimates forecasts business , financial operational results  future economic performance  general economic conditions ; expectations operational or service performance improvements ; expectations effectiveness of steps taken to to improve operations/or service , including capital expenditures for infrastructure improvements equipment acquisitions , strategic business acquisitions , modifications to transportation plans ( including statements in item 2 expectations related to planned capital expenditures ) ; expectations existing or proposed new products and services ; expectations impact of new regulatory activities or legislation on operations or financial results ; estimates of costs to environmental remediation restoration ; estimates expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments  contingent liabilities , labor negotiations agreements  or other matters will not have material adverse effect on our consolidated results of operations , financial condition  liquidity and other similar expressions concerning matters not historical facts.\nforward-looking statements identified by use of forward-looking terminology  such as 201cbelieves , 201d 201cexpects  201d 201cmay  201d 201cshould  201d 201cwould  201d 201cwill  201d 201cintends  201d 201cplans  201d 201cestimates  201d 201canticipates  201d 201cprojects 201d similar words  phrases or expressions.\n forward-looking statements not read as guarantee of future performance or results not necessarily accurate indications of times by such performance or results achieved.\n forward-looking statements and information subject to risks and uncertainties could cause actual performance or results to differ from expressed in statements information.\n forward-looking statements information reflect good faith consideration by management of available information may be based on underlying assumptions reasonable under circumstances.\n such information and assumptions ( forward-looking statements and information ) may be subject to variables or unknown unforeseeable events circumstances over management has little or no influence or control.\n risk factors in item 1a of this report could affect future results cause results outcomes to differ materially from those expressed or implied in forward-looking statements or information.\n to circumstances require necessary  we will update or amend these risk factors in form 10-q , form 8-k or subsequent form 10-k.\n all forward-looking statements qualified by should be read in conjunction with these risk factors.\n forward-looking statements speak only as of the date statement was made.\n we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information.\n if we do update one or more forward-looking\n\nmillions                            | est.2013 | 2012 | 2011     | 2010\n----------------------------------- | -------- | ---- | -------- | ----------\nnet periodic pension cost           | $ 111    | $ 89 | $ 78     | $ 51\nnet periodic opeb cost/ ( benefit ) | 15       | 13   | -6 ( 6 ) | -14 ( 14 )"
}
{
    "_id": "dd4bc9ca4",
    "title": "",
    "text": "note 21.\n expenses during fourth quarter of 2008  elected to provide support to investment accounts managed by ssga through purchase of asset- and mortgage-backed securities cash infusion  resulted in charge of $ 450 million.\n ssga manages investment accounts  offered to retirement plans , allow participants to purchase and redeem units at constant net asset value regardless of volatility in underlying value of assets held by account.\n accounts enter into contractual arrangements with independent third-party financial institutions agree to make up shortfall in account if all units are redeemed at constant net asset value.\n financial institutions right  under certain circumstances, to terminate guarantee future investments in account.\n during 2008 , liquidity pricing issues in fixed-income markets adversely affected market value of securities in accounts to third-party guarantors considered terminating financial guarantees with accounts.\n not statutorily contractually obligated to elected to purchase approximately $ 2. 49 billion of asset- and mortgage-backed securities from accounts identified as presenting increased risk in current market environment to contribute aggregate of $ 450 million to accounts to improve ratio of market value of accounts 2019 portfolio holdings to book value of accounts.\n no ongoing commitment or intent to provide support to these accounts.\n securities are carried in investment securities available for sale in consolidated statement of condition.\n components of other expenses were as follows for years ended december 31:.\n in september and october 2008 , lehman brothers holdings inc.  lehman brothers  and certain affiliates filed for bankruptcy or other insolvency proceedings.\n no unsecured financial exposure to lehman brothers or affiliates  indemnified certain customers in connection with these other collateralized repurchase agreements with lehman brothers entities.\nin then current market environment , market value of underlying collateral declined.\n during third quarter of 2008 , extent declines resulted in collateral value falling below indemnification obligation , we recorded a reserve to provide for estimated net exposure.\n reserve , totaled $ 200 million , based on cost of satisfying indemnification obligation net of fair value of collateral , purchased during fourth quarter of 2008.\n collateral , composed of commercial real estate loans discussed in note 5, recorded in loans and leases in consolidated statement of condition.\n\n( in millions )                     | 2008  | 2007  | 2006\n----------------------------------- | ----- | ----- | -----\ncustomer indemnification obligation | $ 200 |       |\nsecurities processing               | 187   | $ 79  | $ 37\nother                               | 505   | 399   | 281\ntotal other expenses                | $ 892 | $ 478 | $ 318"
}
{
    "_id": "dd4c19290",
    "title": "",
    "text": "notes to consolidated financial statements continued ) note 1 2014summary of significant accounting policies continued ) present value accreted over life of related lease as operating expense.\n company 2019s existing asset retirement obligations associated with commitments to return property subject to operating leases to original condition upon lease termination.\n table reconciles changes in company 2019s asset retirement liabilities for fiscal 2006 and 2005 ( in millions ) :.\n long-lived assets including goodwill other acquired intangible assets company reviews property  plant  equipment certain identifiable intangibles excluding goodwill for impairment in accordance with sfas no.\n 144 , accounting for impairment of long-lived assets for long-lived assets to be disposed of.\n long-lived assets reviewed for impairment whenever events changes circumstances indicate carrying amount asset may not be recoverable.\n recoverability assets measured by comparison carrying amount to future undiscounted cash flows assets expected generate.\n if property  plant  equipment certain identifiable intangibles impaired impairment recognized equals amount carrying value of assets exceeds fair market value.\n for three fiscal years ended september 30 , 2006  company had no material impairment of long-lived assets except for impairment of certain assets in connection with restructuring actions described in note 6 notes to consolidated financial statements.\n sfas no.\n 142 , goodwill and other intangible assets requires goodwill assets with indefinite useful lives not be amortized but tested for impairment annually or sooner whenever events changes circumstances indicate may be impaired.\n company performs goodwill impairment tests on or about august 30 of each year.\n company did not recognize goodwill or intangible asset impairment charges in 2006 , 2005  or 2004.\ncompany established reporting units current reporting structure.\n for testing goodwill for impairment goodwill allocated to reporting units to extent relates to each reporting sfas no.\n 142 requires intangible assets with definite lives be amortized over estimated useful lives reviewed for impairment accordance with sfas no.\n 144.\n company currently amortizing acquired intangible assets with definite lives over periods 3 to 10 years.\n foreign currency translation company translates assets and liabilities of international non-u. s.\n functional currency subsidiaries into u. s.\n dollars using exchange rates effect at end of each period.\n revenue and expenses for subsidiaries translated using rates approximate in effect during period.\n gains and losses from translations credited or charged to foreign currency translation\n\nasset retirement liability as of september 25 2004 | $ 8.2\n-------------------------------------------------- | ------\nadditional asset retirement obligations recognized | 2.8\naccretion recognized                               | 0.7\nasset retirement liability as of september 24 2005 | $ 11.7\nadditional asset retirement obligations recognized | 2.5\naccretion recognized                               | 0.5\nasset retirement liability as of september 30 2006 | $ 14.7"
}
{
    "_id": "dd4b957d8",
    "title": "",
    "text": "access to liquidity by issuing bonds to public private investors based on assessment of current condition credit markets.\n at december 31 , 2009  working capital surplus of approximately $ 1. 0 billion reflects decision to maintain additional cash reserves enhance liquidity response to difficult economic conditions.\n at december 31 , 2008 working capital deficit of approximately $ 100 million.\n historically working capital deficit common in industry not indicate lack of liquidity.\n maintain adequate resources when necessary access to capital to meet daily short-term cash requirements sufficient financial capacity to satisfy current liabilities.\n cash flows millions of dollars 2009 2008 2007.\n operating activities lower net income in 2009 reduction of $ 184 million in outstanding balance accounts receivable securitization program higher pension contributions of $ 72 million  changes to working capital decrease cash provided by operating activities compared to 2008.\n higher net income changes in working capital increase cash provided operating activities in 2008 compared to 2007.\n accelerated tax deductions in 2008 on new operating assets resulted in lower income tax payments in 2008 versus 2007.\n voluntary pension contributions in 2008 totaling $ 200 million other pension contributions of $ 8 million offset year-over-year increase versus 2007.\n investing activities lower capital investments higher proceeds from asset sales drove decrease in cash used in investing activities in 2009 versus 2008.\n increased capital investments lower proceeds from asset sales drove increase in cash used in investing activities in 2008 compared to 2007.\n\nmillions of dollars                     | 2009           | 2008           | 2007\n--------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities   | $ 3234         | $ 4070         | $ 3277\ncash used in investing activities       | -2175 ( 2175 ) | -2764 ( 2764 ) | -2426 ( 2426 )\ncash used in financing activities       | -458 ( 458 )   | -935 ( 935 )   | -800 ( 800 )\nnet change in cash and cash equivalents | $ 601          | $ 371          | $ 51"
}
{
    "_id": "dd4975c1e",
    "title": "",
    "text": "entergy texas , inc.\n subsidiaries management 2019s financial discussion analysis plan to spin off utility 2019s transmission business see 201cplan to spin off utility 2019s transmission business 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis for discussion matter including planned retirement of debt preferred securities.\n results of operations net income 2011 compared to 2010 net income increased by $ 14. 6 million due to higher net revenue  offset by higher taxes income higher other operation maintenance expenses  higher depreciation amortization expenses.\n 2010 compared to 2009 net income increased by $ 2. 4 million due to higher net revenue lower interest expense offset by lower other income  higher taxes higher operation maintenance expenses.\n net revenue 2011 compared to 2010 net revenue consists of operating revenues net of fuel , fuel-related expenses  gas purchased for resale  2 purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2011 to 2010.\n amount ( in millions ).\n retail electric price variance due to rate actions  annual base rate increase of $ 59 million beginning august 2010  additional increase of $ 9 million beginning may 2011 result of settlement of december 2009 rate case.\n see note 2 to financial statements for discussion of rate case settlement.\n volume/weather variance due to increase of 721 gwh , or 4. 5% ( 4. 5 % )  in billed electricity usage  effect of favorable weather on residential commercial sales compared to last year.\n usage in industrial sector increased 8. 2% ( 8. 2 % ) in chemicals and refining industries.\n purchased power capacity variance due to price increases for ongoing purchased power capacity additional capacity purchases.\n\n| amount ( in millions )\n------------------------ | ----------------------\n2010 net revenue         | $ 540.2\nretail electric price    | 36.0\nvolume/weather           | 21.3\npurchased power capacity | -24.6 ( 24.6 )\nother                    | 4.9\n2011 net revenue         | $ 577.8"
}
{
    "_id": "dd4bad3ce",
    "title": "",
    "text": "edwards lifesciences corporation notes consolidated financial statements continued 12.\n common stock company maintains nonemployee directors stock incentive compensation program ( 2018 2018nonemployee directors program 2019 ).\n under nonemployee directors program each nonemployee director may receive annually up to 10000 stock options or 4000 restricted stock units of company 2019s common stock or combination no total value of combined annual award exceed $ 0. 2 million.\n each nonemployee director may elect to receive all or portion of annual cash retainer entitled through issuance of stock options or restricted stock units.\n each option and restricted stock unit award granted in 2011 or prior vests in three equal annual installments.\n each option and restricted stock unit award granted after 2011 vests after one year.\n upon director 2019s initial election to board director receives initial grant of restricted stock units equal to fair market value on grant date of $ 0. 2 million  not to exceed 10000 shares.\n grants vest over three years from date of grant.\n under nonemployee directors program aggregate of 1. 4 million shares of company 2019s common stock authorized for issuance.\n company has employee stock purchase plan for united states employees and plan for international employees ( 2018 2018espp 2019 2019 ).\n under espp eligible employees may purchase shares of company 2019s common stock at 85% ( 85 % ) of lower fair market value of edwards lifesciences common stock on effective date of subscription or date of purchase.\n under espp employees can authorize company to withhold up to 12% ( 12 % ) of compensation for common stock purchases subject to certain limitations.\n espp available to all active employees company paid from united states payroll and eligible employees company outside united states extent permitted by local law.\nespp for united states employees qualified under section 423 of internal revenue code.\n number of shares common stock authorized for issuance under espp was 6. 6 million shares.\n fair value of each option award and employee stock purchase subscription estimated on date of grant using black-scholes option valuation model uses assumptions in following tables.\n risk-free interest rate estimated using u. s.\n treasury yield curve based on expected term of award.\n expected volatility estimated based on blend of weighted-average of historical volatility of edwards 2019 stock and implied volatility from traded options on edwards 2019 stock.\n expected term of awards granted estimated from vesting period of award, historical exercise behavior  represents period of time that awards granted expected to be outstanding.\n company uses historical data to estimate forfeitures estimated annual forfeiture rate of 5. 1% ( 5. 1 % ).\n black-scholes option pricing model used with following weighted-average assumptions for options granted during following periods : option awards.\n\n| 2013           | 2012           | 2011\n------------------------------- | -------------- | -------------- | --------------\naverage risk-free interest rate | 0.8% ( 0.8 % ) | 0.7% ( 0.7 % ) | 1.7% ( 1.7 % )\nexpected dividend yield         | none           | none           | none\nexpected volatility             | 31% ( 31 % )   | 31% ( 31 % )   | 27% ( 27 % )\nexpected life ( years )         | 4.6            | 4.6            | 4.5\nfair value per share            | $ 19.47        | $ 23.93        | $ 22.78"
}
{
    "_id": "dd4c0362a",
    "title": "",
    "text": "system energy resources , inc.\n management 2019s financial discussion analysis sources of capital system energy sources to meet capital requirements include : internally generated funds ; cash on hand ; debt issuances ; bank financing under new existing facilities.\n system energy may refinance redeem retire debt prior to maturity market conditions interest dividend rates favorable.\n all debt and common stock issuances by system energy require prior regulatory approval.\n debt issuances subject to issuance tests in bond indentures other agreements.\n system energy has sufficient capacity under these tests to meet foreseeable capital needs.\n in february 2012 system energy issued $ 50 million of 4. 02% ( 4. 02 % ) series h notes due february 2017.\n system energy used proceeds to purchase additional nuclear fuel.\n system obtained short-term borrowing authorization from ferc may borrow through october 2013 up to aggregate amount outstanding of $ 200 million.\n see note 4 to financial statements for discussion of system energy 2019s short-term borrowing limits.\n system energy obtained order from ferc authorizing long-term securities issuances.\n current long-term authorization extends through july 2013.\n system energy 2019s receivables from money pool were as as of december 31 for each following years:.\n see note 4 to financial statements for description of money pool.\n nuclear matters system energy owns and operates grand gulf.\n system energy subject to risks related to owning operating nuclear plant.\ninclude risks from use  storage handling disposal of high- level and low-level radioactive materials  regulatory requirement changes  including changes from events at other plants  limitations on amounts types of insurance commercially available for losses nuclear operations  technological and financial uncertainties related to decommissioning nuclear plants at end of licensed lives , including sufficiency of funds in decommissioning trusts.\n in unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning.\n after nuclear incident in japan from march 2011 earthquake and tsunami nrc established task force to review of processes regulations to nuclear facilities in united states.\n task force issued near term ( 90-day ) report in july 2011 made recommendations , currently being evaluated by nrc.\n anticipated nrc will issue orders and requests for information to nuclear plant licensees by end of first quarter 2012 will begin to implement task force 2019s recommendations.\n orders may require u. s.\n nuclear operators  including entergy , to undertake plant modifications or perform additional analyses could result in increased costs and capital requirements with operating entergy 2019s nuclear plants.\n\n2011             | 2010             | 2009             | 2008\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 120424         | $ 97948          | $ 90507          | $ 42915"
}
{
    "_id": "dd4bd153a",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations in 2008  sales to segment 2019s top five customers represented 45% ( 45 % ) of segment 2019s net sales.\n segment 2019s backlog was $ 2. 3 billion at december 31 , 2008  compared to $ 2. 6 billion at december 31 , 2007.\n in 2008  digital video customers increased purchases of segment 2019s products services primarily due to increased demand for digital entertainment devices  particularly ip hd/dvr devices.\n in february 2008  segment acquired assets related to digital cable set-top products of zhejiang dahua digital technology co. , ltd hangzhou image silicon ( known as dahua digital ), developer  manufacturer marketer of cable set-tops related low-cost integrated circuits for emerging chinese cable business.\n acquisition helped segment strengthen position in growing cable market in china.\n enterprise mobility solutions segment designs  manufactures  sells  installs services analog digital two-way radios , wireless lan security products  voice data communications products systems for private networks  wireless broadband systems end-to-end enterprise mobility solutions to wide range of customers  including government public safety agencies ( distributors referred to as 2018 2018government public safety market 2019 ) retail  energy utilities  transportation  manufacturing  healthcare commercial customers ( referred 2018 2018commercial enterprise market 2019 2019 ).\n in 2009  segment 2019s net sales represented 32% ( 32 % ) of company 2019s consolidated net sales  compared to 27% ( 27 % ) in 2008 21% ( 21 % ) in 2007.\n years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007.\n segment results 20142009 compared to 2008 in 2009  segment 2019s net sales were $ 7.0 billion decrease of 13% ( 13 % ) compared to net sales $ 8. 1 billion in 2008.\n 13% ( 13 % ) decrease net sales reflects 21% ( 21 % ) decrease in net sales commercial enterprise market 10% ( 10 % ) decrease in net sales government and public safety market.\n decrease in net sales to commercial enterprise market reflects decreased net sales in all regions.\n decrease in net sales to government public safety market driven by decreased net sales in emea  north america latin america partially offset by higher net sales in asia.\n segment 2019s overall net sales lower in north america  emea latin america higher in asia segment had operating earnings of $ 1. 1 billion in 2009 decrease of 29% ( 29 % ) compared to earnings $ 1. 5 billion in 2008.\n decrease due to decrease in gross margin driven by 13% ( 13 % ) decrease in net sales unfavorable product mix.\n contributing to decrease increase in reorganization of business charges higher employee severance costs.\n factors partially offset by decreased sg&a expenses r&d expenditures related to savings from cost-reduction initiatives.\n percentage of net sales in 2009 compared 2008 gross margin decreased r&d expenditures sg&a expenses increased.\n net sales in north america significant portion of segment 2019s business accounting for approximately 58% ( 58 % ) of segment 2019s net sales in 2009 compared to 57% ( 57 % ) in 2008.\n regional shift in 2009 2008 reflects 16% ( 16 % ) decline in net sales outside of north america 12% ( 12 % ) decline in net sales in north america.\n segment 2019s backlog was $ 2. 4 billion at both december 31 , 2009 and december 31 , 2008.\n in government and public safety market continued emphasis on mission-critical communication and homeland security solutions.\n2009 , led market innovation through continued success of mototrbo line delivery of apx fffd family of products.\n while spending by end customers in segment 2019s government public safety market affected by government budgets at national , state local levels , continue see demand for large-scale mission critical communications systems.\n 2009 , had significant wins across globe  including several city statewide communications systems in united states  continued success winning competitive projects with tetra systems in europe  middle east\n\n( dollars in millions ) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007\n----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------\nsegment net sales       | $ 7008                       | $ 8093                       | $ 7729                       | ( 13 ) % (  % )                       | 5% ( 5 % )\noperating earnings      | 1057                         | 1496                         | 1213                         | ( 29 ) % (  % )                       | 23% ( 23 % )"
}
{
    "_id": "dd4c092e6",
    "title": "",
    "text": ".\n employee retirement plans 2013 continued ) of equities fixed-income investments less liquid than financial instruments trade on public markets.\n potential events circumstances negative effect on estimated fair value include risks of inadequate diversification other operating risks.\n to mitigate risks investments are diversified across within asset classes in support of investment objectives.\n policies practices to address operating risks include ongoing manager oversight  plan asset class investment guidelines instructions to managers periodic compliance audit reviews to ensure adherence to policies.\n company seeks input of independent advisor to ensure investment policy appropriate.\n company sponsors post-retirement benefit plans provide medical  dental life insurance coverage for eligible retirees dependents in united states based upon age length of service.\n aggregate present value of unfunded accumulated post-retirement benefit obligation was $ 13 million at december 31 , 2010 and 2009.\n december 31 , 2010 company expected to contribute approximately $ 30 million to $ 35 million to qualified defined-benefit pension plans to meet erisa requirements in 2011.\n company also expected to pay benefits of $ 3 million and $ 10 million to participants of unfunded foreign and non-qualified ( domestic ) defined-benefit pension plans respectively in 2011.\n at december 31 , 2010 benefits expected to be paid in each next five years in aggregate for five years thereafter relating to company 2019s defined-benefit pension plans were as follows in millions : qualified non-qualified.\n.\n shareholders 2019 equity in july 2007 company 2019s board of directors authorized repurchase for retirement of up to 50 million shares of company 2019s common stock in open-market transactions.\n at december 31 , 2010 company had remaining authorization to repurchase up to 27 million shares.\n2010 company repurchased retired three million shares company common stock cash aggregating $ 45 million to offset dilutive impact 2010 grant three million shares long-term stock awards.\n company repurchased retired two million common shares 2009 nine million common shares in 2008 cash aggregating $ 11 million and $ 160 million in 2009 2008 respectively.\n basis amounts paid declared cash dividends per common share were $. 30 ( $. 30 ) in 2010 , $. 46 ( $. 30 ) in 2009 $. 925 ( $. 93 ) in 2008 respectively.\n 2009 company decreased quarterly cash dividend to $. 075 per common share from $. 235 per common share.\n masco corporation notes to consolidated financial statements 2014\n\n| qualified plans | non-qualified plans\n--------- | --------------- | -------------------\n2011      | $ 38            | $ 10\n2012      | $ 40            | $ 11\n2013      | $ 41            | $ 11\n2014      | $ 41            | $ 12\n2015      | $ 43            | $ 12\n2016-2020 | $ 235           | $ 59"
}
{
    "_id": "dd4ba3590",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities class a common stock trades on new york stock exchange under symbol 201cma 201d.\n at february 8 , 2019  73 stockholders of record for class a common stock.\n believe number of beneficial owners greater than record holders large portion of class a common stock held in 201cstreet name 201d by brokers.\n no established public trading market for class b common stock.\n approximately 287 holders of record of non-voting class b common stock as of february 8, 2019  approximately 1. 1% ( 1. 1 % ) of total outstanding equity.\n stock performance graph graph table below compare cumulative total stockholder return of mastercard 2019s class a common stock  s&p 500 financials s&p 500 index for five-year period ended december 31 , 2018.\n graph assumes $ 100 investment in class a common stock indices reinvestment of dividends.\n mastercard 2019s class b common stock not publicly traded or listed on any exchange or dealer quotation system.\n total returns to stockholders for each years presented : indexed returns base period for years ended december 31.\n\ncompany/index      | base period 2013 | base period 2014 | base period 2015 | base period 2016 | base period 2017 | 2018\n------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | --------\nmastercard         | $ 100.00         | $ 103.73         | $ 118.05         | $ 126.20         | $ 186.37         | $ 233.56\ns&p 500 financials | 100.00           | 115.20           | 113.44           | 139.31           | 170.21           | 148.03\ns&p 500 index      | 100.00           | 113.69           | 115.26           | 129.05           | 157.22           | 150.33"
}
{
    "_id": "dd4bc3bf6",
    "title": "",
    "text": "notes to consolidated financial statements 2014 ( continued ) fiscal years ended may 27 , 2007 , may 28 , 2006  may 29 , 2005 columnar amounts in millions except per share amounts due to purchase price of cattle feeding business entirely financed by company legal divestiture of cattle feeding operation not recognized as divestiture for accounting purposes assets  liabilities results of operations cattle feeding business reflected in continuing operations in company 2019s financial statements prior to october 15 , 2004.\n september 24 , 2004  company reached agreement with affiliates swift foods took control and ownership of approximately $ 300 million of net assets of cattle feeding business including feedlots live cattle.\n on october 15 , 2004  company sold feedlots to smithfield foods for approximately $ 70 million.\n transactions resulted in gain of approximately $ 19 million ( net of taxes of $ 11. 6 million ).\n company retained live cattle inventory related derivative instruments liquidated assets orderly manner over succeeding several months.\n beginning september 24 , 2004  assets liabilities results of operations including gain on sale  of cattle feeding business classified as discontinued operations.\n business during first quarter of fiscal 2007  company completed divestiture of nutritional supplement business for proceeds of approximately $ 8. 2 million in pre-tax gain of approximately $ 6. 2 million ( $ 3. 5 million after tax ).\n company reflects gain within discontinued operations.\n results of businesses divested included within discontinued operations.\n summary comparative financial results of discontinued operations.\n effective tax rate for discontinued operations significantly higher than statutory rate due to nondeductibility of certain goodwill of divested businesses.\nassets held for sale third quarter of fiscal 2006  company initiated plan to dispose of refrigerated pizza business with annual revenues less than $ 70 million.\n second quarter of fiscal 2007  company disposed this business for proceeds approximately $ 22. 0 million  resulting in no significant gain or loss.\n due to company 2019s expected significant continuing cash flows associated with this business  results of operations business included in continuing operations for all periods presented.\n assets and liabilities business classified as assets liabilities held for sale in consolidated balance sheets for all periods prior to sale.\n second quarter of fiscal 2007 company completed disposal of oat milling business for proceeds approximately $ 35. 8 million  after final working capital adjustments made third quarter\n\n| 2007           | 2006             | 2005\n--------------------------------------------------------------------- | -------------- | ---------------- | --------------\nnet sales                                                             | $ 727.6        | $ 2690.0         | $ 4131.7\nlong-lived asset impairment charge                                    | -21.1 ( 21.1 ) | -240.9 ( 240.9 ) | -59.4 ( 59.4 )\nincome from operations of discontinued operations before income taxes | 92.5           | 179.7            | 157.7\nnet gain from disposal of businesses                                  | 64.3           | 115.5            | 26.3\nincome before income taxes                                            | 135.7          | 54.3             | 124.6\nincome tax expense                                                    | -54.9 ( 54.9 ) | -109.8 ( 109.8 ) | -41.8 ( 41.8 )\nincome ( loss ) from discontinued operations net of tax               | $ 80.8         | $ -55.5 ( 55.5 ) | $ 82.8"
}
{
    "_id": "dd4bdb21a",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion and analysis scenario analyses.\n conduct various scenario analyses including comprehensive capital analysis and review ( ccar ) dodd-frank act stress tests ( dfast ) resolution and recovery planning.\n see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information.\n scenarios cover short-term and long- term time horizons using macroeconomic and firm- specific assumptions based on range of economic scenarios.\n use analyses to assist in developing longer-term balance sheet management strategy including level and composition of assets , funding equity capital.\n analyses help develop approaches for maintaining appropriate funding , liquidity capital across variety of situations including severely stressed environment.\n balance sheet allocation in addition preparing consolidated statements of financial condition in accordance with.\n gaap prepare balance sheet allocates assets to businesses non-gaap presentation may not be comparable to similar non-gaap presentations other companies.\n believe presenting assets on this basis meaningful consistent with management views manages risks associated with firm 2019s assets better enables investors to assess liquidity of firm 2019s assets.\n table below presents balance sheet allocation.\n 1.\n includes $ 17. 29 billion and $ 18. 24 billion as of december 2015 and december 2014  respectively of direct loans primarily extended to corporate and private wealth management clients accounted for at fair value.\n.\n see note 9 to consolidated financial statements for further information about loans receivable.\n description of captions in table above : 2030 global core liquid assets and cash.\n maintain liquidity to meet broad range of potential cash outflows and collateral needs in stressed environment.\n see 201cliquidity risk management 201d below for details on composition and sizing of 201cglobal core liquid assets 201d ( gcla ).\nin addition to our gcla  we maintain other operating cash balances primarily for use in specific currencies, entities or jurisdictions where not immediate access to parent company liquidity.\n 2030 secured client financing.\n we provide collateralized financing for client positions including margin loans secured by client collateral  securities borrowed resale agreements primarily collateralized by government obligations.\n client activities we required to segregate cash and securities to satisfy regulatory requirements.\n our secured client financing arrangements  generally short-term accounted for at fair value or approximate fair value include daily margin requirements to mitigate counterparty credit risk.\n 2030 institutional client services.\n maintain inventory positions to facilitate market making in fixed income  equity currency commodity products.\n market we enter into resale or securities borrowing arrangements to obtain securities to cover transactions in we or clients sold securities not yet purchased.\n receivables in institutional client services primarily relate to securities transactions.\n 2030 investing & lending.\n in we make investments and originate loans to provide financing to clients.\n these investments and loans are typically longer- term in.\n make investments directly and indirectly through funds separate accounts manage in debt securities, loans  public and private equity securities  real estate entities other investments.\n 2030 other assets.\n assets generally less liquid  non- financial assets  including property  leasehold improvements and equipment  goodwill identifiable intangible assets  income tax-related receivables  equity- method investments  assets classified as held for sale miscellaneous receivables.\n 68 goldman sachs 2015 form 10-k\n\n$ in millions                      | as of december 2015 | as of december 2014\n---------------------------------- | ------------------- | -------------------\nglobal core liquid assets ( gcla ) | $ 199120            | $ 182947\nother cash                         | 9180                | 7805\ngcla and cash                      | 208300              | 190752\nsecured client financing           | 221325              | 210641\ninventory                          | 208836              | 230667\nsecured financing agreements       | 63495               | 74767\nreceivables                        | 39976               | 47317\ninstitutional client services      | 312307              | 352751\npublic equity                      | 3991                | 4041\nprivate equity                     | 16985               | 17979\ndebt1                              | 23216               | 24768\nloans receivable2                  | 45407               | 28938\nother                              | 4646                | 3771\ninvesting & lending                | 94245               | 79497\ntotal inventory and related assets | 406552              | 432248\nother assets                       | 25218               | 22201\ntotal assets                       | $ 861395            | $ 855842"
}
{
    "_id": "dd497ff02",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.\n company 2019s common stock listed on new york stock exchange.\n prior to separation of alcoa corporation from company company 2019s common stock traded under symbol 201caa. 201d connection with separation november 1, 2016  company changed stock symbol common stock began trading under symbol 201carnc. 201d on october 5 , 2016 company 2019s common shareholders approved 1-for-3 reverse stock split of company 2019s outstanding authorized shares common stock ( 201creverse stock split 201d ).\n result reverse stock split every three shares of issued and outstanding common stock combined into one issued outstanding share common stock without change in par value per share.\n reverse stock split reduced shares common stock outstanding from approximately 1. 3 billion shares to approximately 0. 4 billion shares decreased number authorized shares common stock from 1. 8 billion to 0. 6 billion shares.\n company 2019s common stock began trading on reverse stock split-adjusted basis on october 6 , 2016.\n november 1 , 2016  company completed separation business into two independent publicly traded companies : company and alcoa corporation.\n separation effected by pro rata distribution company of 80. 1% (. % ) of outstanding shares of alcoa corporation common stock to company 2019s shareholders.\n company 2019s shareholders of record as of close of business on october 20 , 2016 ( 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of company 2019s common stock held as of record date.\n company retained 19. 9% (. % ) of outstanding common stock of alcoa corporation following separation.\ndisposition of retained shares in note c to consolidated financial statements in part ii item 8 of form 10-k.\n following table sets forth periods indicated high and low sales prices quarterly dividend amounts per share of company 2019s common stock reported on new york stock exchange adjusted to account reverse stock split effected october 6 , 2016.\n prices listed below for dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc.\n prior to separation of alcoa corporation from company november 1, 2016 not comparable to company 2019s post-separation prices.\n number of holders of record common stock was approximately 12271 as of february 16 , 2018.\n\nquarter                                           | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend\n------------------------------------------------- | --------- | -------- | ------------- | --------- | -------- | --------\nfirst                                             | $ 30.69   | $ 18.64  | $ 0.06        | $ 30.66   | $ 18.42  | $ 0.09\nsecond                                            | 28.65     | 21.76    | 0.06          | 34.50     | 26.34    | 0.09\nthird                                             | 26.84     | 22.67    | 0.06          | 32.91     | 27.09    | 0.09\nfourth ( separation occurred on november 1 2016 ) | 27.85     | 22.74    | 0.06          | 32.10     | 16.75    | 0.09\nyear                                              | $ 30.69   | $ 18.64  | $ 0.24        | $ 34.50   | $ 16.75  | $ 0.36"
}
{
    "_id": "dd4c4fc1e",
    "title": "",
    "text": "april 19, 2018  took delivery of norwegian bliss.\n finance payment due upon delivery had export financing in place for 80% ( 80 % ) contract price.\n associated $ 850. 0 million term loan bears interest at fixed rate of 3. 92% ( 3. 92 % ) maturity date april 19 , 2030.\n principal and interest payments payable semiannually.\n april 4 , 2018  redeemed $ 135. 0 million principal amount of $ 700. 0 million aggregate principal amount of outstanding 4. 75% ( 4. 75 % ) senior notes due 2021 ( 201cnotes 201d ) price equal to 100% ( 100 % ) of principal amount notes redeemed paid premium of $ 5. 1 million accrued interest of $ 1. 9 million.\n redemption resulted in write off of $ 1. 2 million of certain fees.\n following partial redemption $ 565. 0 million aggregate principal amount notes remained outstanding.\n interest expense , net for year ended december 31 , 2018 $ 270. 4 million included $ 31. 4 million amortization of deferred financing fees $ 6. 3 million loss on extinguishment of debt.\n interest expense , net for year ended december 31 , 2017 $ 267. 8 million included $ 32. 5 million amortization of deferred financing fees $ 23. 9 million loss on extinguishment of debt.\n interest expense , net for year ended december 31 , 2016 was $ 276. 9 million included $ 34. 7 million amortization of deferred financing fees $ 27. 7 million loss on extinguishment of debt.\n debt agreements contain covenants require to maintain minimum level liquidity limit net funded debt-to-capital ratio maintain certain other ratios restrict ability to pay dividends.\n ships other property equipment pledged as collateral for certain debt.\nbelieve in compliance with covenants as of december 31 , 2018.\n following scheduled principal repayments on long-term debt including capital lease obligations as of december 31 , 2018 for each next five years ( in thousands ) :.\n accrued interest liability of $ 37. 2 million and $ 31. 9 million as of december 31 , 2018 and 2017  respectively.\n 8.\n related party disclosures transactions with genting hk and apollo in december 2018  public equity offering of nclh 2019s ordinary shares owned by apollo genting hk nclh repurchased 1683168 ordinary shares sold offering for approximately $ 85. 0 million new repurchase program.\n in march 2018  public equity offering of nclh 2019s ordinary shares apollo genting hk nclh repurchased 4722312 of ordinary shares sold offering for approximately $ 263. 5 million existing share repurchase program.\n in june 2012  exercised option with genting hk to purchase norwegian sky.\n paid total amount of $ 259. 3 million to genting hk connection norwegian sky purchase agreement as of december 31 , 2016 no further payments due.\n\nyear       | amount\n---------- | ---------\n2019       | $ 681218\n2020       | 682556\n2021       | 2549621\n2022       | 494186\n2023       | 434902\nthereafter | 1767383\ntotal      | $ 6609866"
}
{
    "_id": "dd4bf01f6",
    "title": "",
    "text": "special purpose entity ( 201cspe 201d ).\n spe obtained term loan and revolving loan commitment from third party lender  secured by liens on assets spe , to finance purchase of accounts receivable , included $ 275 million term loan and $ 25 million revolving loan commitment.\n revolving loan commitment may be increased by additional $ 35 million as amounts repaid under term loan.\n quintilesims guaranteed performance of obligations of existing and future subsidiaries sell and service accounts receivable under receivables financing facility.\n assets spe not available to satisfy our obligations or obligations of subsidiaries.\n as of december 31 , 2016 , full $ 25 million of revolving loan commitment available under receivables financing facility.\n used proceeds from term loan under receivables financing facility to repay in full amount outstanding on then outstanding revolving credit facility under then outstanding senior secured credit agreement ( $ 150 million ), to repay $ 25 million of then outstanding term loan b-3 , pay related fees and expenses remainder used for general working capital purposes.\n restrictive covenants debt agreements provide for certain covenants events of default customary for similar instruments  including covenant not to exceed specified ratio of consolidated senior secured net indebtedness to consolidated ebitda  defined in senior secured credit facility covenant to maintain specified minimum interest coverage ratio.\n if event of default occurs under company 2019s or company 2019s subsidiaries 2019 financing arrangements  creditors under financing arrangements entitled to take various actions  including acceleration of amounts due under arrangements in case of lenders under revolving credit facility new term loans  other actions permitted to be taken by secured creditor.\n long-term debt arrangements contain usual restrictive covenants place limitations on ability to declare dividends.\nadditional information restrictive covenants see part ii  item 5 201cmarket for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities 2014dividend policy 201d note 11 to audited consolidated financial statements annual report on form 10-k.\n december 31 , 2016  company in compliance with financial covenants under company 2019s financing arrangements.\n years ended december 31 , 2016 , 2015 2014 cash flow from operating activities.\n 2016 compared to 2015 cash operating activities increased $ 384 million in 2016 compared 2015.\n increase cash operating activities reflects increase net income adjusted for non-cash items reconcile net income cash operating activities.\n contributing to increase lower payments for income taxes ( $ 15 million ) lower cash used in days sales outstanding ( 201cdso 201d ) accounts payable accrued expenses.\n lower cash used in dso reflects two-day increase in dso in 2016 compared to seven-day increase in dso in 2015.\n dso can shift significantly each reporting period depending on timing of cash receipts under contractual payment terms recognition of revenue over project lifecycle.\n\n( in millions )                           | year ended december 31 , 2016 | year ended december 31 , 2015 | year ended december 31 , 2014\n----------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------\nnet cash provided by operating activities | $ 860                         | $ 476                         | $ 433"
}
{
    "_id": "dd4c1846c",
    "title": "",
    "text": "notes to consolidated financial statements note 11.\n income taxes 2013 ( continued ) federal income tax return for 2006 subject to examination by irs.\n in addition for 2007 and 2008 , irs invited company to participate in compliance assurance process ( 201ccap 201d )  voluntary program for limited number large corporations.\n cap irs conducts real-time audit works with company to resolve issues prior to filing tax return.\n company agreed to participate.\n company believes this approach should reduce tax-related uncertainties.\n company and/or subsidiaries file income tax returns in various state , local and foreign jurisdictions.\n these returns  with few exceptions no longer subject to examination by taxing authorities discussed note 1 company adopted provisions of fin no.\n 48 , 201caccounting for uncertainty in income taxes , 201d on january 1 , 2007.\n result of implementation of fin no.\n 48  company recognized decrease to beginning retained earnings on january 1 , 2007 of $ 37 million.\n total amount of unrecognized tax benefits as of date of adoption was approximately $ 70 million.\n included in balance at january 1 , 2007  were $ 51 million of tax positions that if recognized would affect effective tax rate.\n reconciliation of beginning and ending amount of unrecognized tax benefits as follows : ( in millions ).\n company anticipates possible payments of approximately $ 2 million be made primarily due to conclusion of state income tax examinations within next 12 months.\n certain state and foreign income tax returns no longer subject to examination reasonable possibility that amount of unrecognized tax benefits will decrease by $ 7 million.\n at december 31 , 2007 , were $ 42 million of tax benefits that if recognized would affect effective rate.\ncompany recognizes interest accrued related to 1 unrecognized tax benefits in interest expense 2 tax refund claims in other revenues on consolidated statements of income.\n company recognizes penalties in income tax expense ( benefit ) on consolidated statements income.\n during 2007  company recorded charges of approximately $ 4 million for interest expense $ 2 million for penalties.\n provision made for expected.\n federal income tax liabilities applicable to undistributed earnings of subsidiaries except for certain subsidiaries for company intends to invest undistributed earnings indefinitely or recover undistributed earnings tax-free.\n at december 31 , 2007 company not provided deferred taxes of $ 126 million  if sold through taxable sale , on $ 361 million of undistributed earnings related to domestic affiliate.\n determination of amount unrecognized deferred tax liability related to undistributed earnings of foreign subsidiaries not practicable.\n connection with non-recurring distribution of $ 850 million to diamond offshore from foreign subsidiary portion of earnings subsidiary not previously subjected to.\n federal income tax  diamond offshore recognized $ 59 million of.\n federal income tax expense result of distribution.\n remains diamond offshore intention to indefinitely reinvest future earnings subsidiary to finance foreign activities.\n total income tax expense for years ended december 31 , 2007 , 2006 2005  different than amounts of $ 1601 million , $ 1557 million and $ 639 million , computed by applying statutory.\n federal income tax rate of 35% ( 35 % ) to income before income taxes and minority interest for each years.\n\nbalance january 1 2007                                       | $ 70\n------------------------------------------------------------ | ----------\nadditions based on tax positions related to the current year | 12\nadditions for tax positions of prior years                   | 3\nreductions for tax positions related to the current year     | -23 ( 23 )\nsettlements                                                  | -6 ( 6 )\nexpiration of statute of limitations                         | -3 ( 3 )\nbalance december 31 2007                                     | $ 53"
}
{
    "_id": "dd4c5e048",
    "title": "",
    "text": "unconditional purchase obligations entered in ordinary business prin cipally for capital projects purchase of pulpwood  logs wood chips raw materials energy services including fiber supply agree- ments to purchase pulpwood entered concurrently with 2006 transformation plan for- estland sales ( see note 7 ).\n at december 31 , 2006  total future minimum commitments under existing non-cancelable leases purchase obligations were : in millions 2007 2008 2009 2010 2011 thereafter.\n ( a ) included are $ 76 million of lease obligations related to discontinued operations businesses for sale due : 2007 2013 $ 23 million ; 2008 2013 $ 19 million ; 2009 2013 $ 15 million ; 2010 2013 $ 7 million ; 2011 2013 $ 5 million ; thereafter 2013 $ 7 million.\n ( b ) included $ 1. 3 billion of purchase obliga- tions related to discontinued operations businesses for sale due : 2007 2013 $ 335 million ; 2008 2013 $ 199 million ; 2009 2013 $ 157 million ; 2010 2013 $ 143 million ; 2011 2013 $ 141 million ; thereafter 2013 $ 331 million.\n ( c ) includes $ 2. 2 billion to fiber supply agreements entered at time transformation plan forestland sales.\n rent expense was $ 217 million , $ 216 million $ 225 million for 2006 , 2005 2004 .\n international paper entered agreement in 2000 to guarantee for fee unsecured con- tractual credit agreement between financial institution unrelated third-party customer.\n in fourth quarter of 2006  customer cancelled agreement paid company fee of $ 11 million included in cost of products sold in accompanying consolidated statement of oper- ations.\n company has no future obligations under this agreement.\nin connection with sales of businesses , property  equipment  forestlands other assets , interna- tional paper makes representations and warranties relating to such businesses or assets  may agree to indemnify buyers with tax environmental liabilities  breaches of repre- sentations warranties  other matters.\n where liabilities for such matters are determined to probable subject to reasonable estimation , accrued liabilities are recorded at time of sale as cost of transaction.\n under terms of sale agreement for bever- age packaging business , purchase price received by company is subject to post-closing adjust- ment if adjusted annualized earnings of beverage packaging business for first six months of 2007 are less than targeted amount.\n adjustment , if, would equal five times shortfall from targeted amount.\n management not believe such adjustment is probable based current projections, reasonably possible that adjustment could be required in international paper does not believe possible future unrecorded liabilities for other such matters  if would have material adverse effect on its consolidated financial statements.\n exterior siding and roofing settlements three nationwide class action lawsuits against company and masonite corp. , formerly wholly- owned subsidiary of company relating to exterior siding and roofing products manufactured by masonite settled in 1998 and 1999.\n masonite sold to premdor inc.\n in 2001.\n liability for these settlements corresponding insurance recoveries ( ) retained by company.\n first suit  entitled judy naef v.\n masonite and international paper , filed in december 1994 settled on january 15 , 1998 ( hardboard settlement ).\n plaintiffs alleged hardboard siding manufactured by masonite failed prematurely , allowing moisture intrusion caused damage to structure underneath siding.\nclass consisted of all.\n property owners having masonite hardboard siding installed on incorporated into buildings between january 1 , 1980 and january 15 , 1998.\n for siding installed between january 1  1980 and december 31 , 1989 deadline for filing claims expired january 18 , 2005 for siding installed between january 1, 1990 through january 15 , 1998 claims must be made by january 15 , 2008.\n second suit  entitled cosby , et al.\n.\n masonite corporation  al. filed in 1997 settled january 6, 1999 ( omniwood settlement ).\n plaintiffs made allegations omniwood\n\nin millions                 | 2007   | 2008  | 2009  | 2010  | 2011  | thereafter\n--------------------------- | ------ | ----- | ----- | ----- | ----- | ----------\nlease obligations ( a )     | $ 144  | $ 117 | $ 94  | $ 74  | $ 60  | $ 110\npurchase obligations ( bc ) | 2329   | 462   | 362   | 352   | 323   | 1794\ntotal                       | $ 2473 | $ 579 | $ 456 | $ 426 | $ 383 | $ 1904"
}
{
    "_id": "dd4971510",
    "title": "",
    "text": "item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities graph compares annual total return of our common stock , standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) our peer group ( 201cloews peer group 201d ) for five years ended december 31 , 2015.\n graph assumes value of investment in common stock  s&p 500 index loews peer group was $ 100 on december 31, 2010 all dividends reinvested.\n loews peer group consists of companies industry competitors of principal operating subsidiaries : ace limited ,.\n berkley corporation  chubb corporation  energy transfer partners. ensco plc  hartford financial services group , inc. kinder morgan energy partners ,.\n ( included through november 26 , 2014 acquired by kinder morgan inc. noble corporation  spectra energy corp  transocean ltd.\n travelers companies , inc.\n dividend information paid quarterly cash dividends on loews common stock each year since 1967.\n regular dividends of $ 0. 0625 per share of loews common stock paid in each calendar quarter of 2015 and 2014.\n\n| 2010  | 2011   | 2012   | 2013   | 2014   | 2015\n---------------------- | ----- | ------ | ------ | ------ | ------ | ------\nloews common stock     | 100.0 | 97.37  | 106.04 | 126.23 | 110.59 | 101.72\ns&p 500 index          | 100.0 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75\nloews peer group ( a ) | 100.0 | 101.59 | 115.19 | 145.12 | 152.84 | 144.70"
}
{
    "_id": "dd4bca942",
    "title": "",
    "text": "2010 , granted 3. 8 million rsus 1. 1 million employee sars.\n see footnote no.\n 4 , 201cshare-based compensation , 201d notes to financial statements for additional information.\n new accounting standards see footnote no.\n 1 , 201csummary of significant accounting policies , 201d notes to financial statements for information related to adoption of new accounting standards in 2010 information anticipated adoption of recently issued accounting standards.\n liquidity and capital resources cash requirements credit facilities credit facility , expires may 14, 2012  associated letters of credit  provide for $ 2. 4 billion of aggregate effective borrowings.\n borrowings under credit facility bear interest at london interbank offered rate ( libor ) plus fixed spread based on credit ratings for public debt.\n pay quarterly fees on credit facility rate based on public debt rating.\n additional information on credit facility including participating financial institutions , see exhibit 10 , 201camended and restated credit agreement , 201d to current report on form 8-k filed with sec on may 16 , 2007.\n credit facility not expire until 2012  expect may extend or replace during 2011.\n credit facility contains certain covenants  including single financial covenant limits maximum leverage ( adjusted total debt to consolidated ebitda  each defined in credit facility ) to not more than 4 to 1.\n outstanding public debt not contain corresponding financial covenant or requirement maintain certain financial ratios.\n currently satisfy covenants in credit facility and public debt instruments  including leverage covenant under credit facility do not expect covenants to restrict ability to meet anticipated borrowing and guarantee levels or increase levels need in future.\nbelieve credit facility , together with cash expect generate from operations ability to raise capital remains adequate to meet short-term and long-term liquidity requirements finance long-term growth plans meet debt service  fulfill other cash requirements.\n at year-end 2010  available borrowing capacity amounted to $ 2. 831 billion reflected borrowing capacity of $ 2. 326 billion under credit facility cash balance of $ 505 million.\n calculate borrowing capacity by taking $ 2. 404 billion of effective aggregate bank commitments under credit facility subtracting $ 78 million of outstanding letters of credit under credit facility.\n during 2010  repaid outstanding credit facility borrowings had no outstanding balance at year-end.\n anticipate available capacity will be adequate to fund liquidity needs.\n continue ample flexibility under credit facility 2019s covenants expect undrawn bank commitments under credit facility will remain available even if business conditions deteriorate markedly.\n cash from operations cash from operations , depreciation expense  amortization expense for last three fiscal years are as follows : ( $ in millions ) 2010 2009 2008.\n ratio of current assets to current liabilities was roughly 1. 4 to 1. 0 at year-end 2010 1. 2 to 1. 0 at year-end 2009.\n minimize working capital through cash management  strict credit-granting policies  aggressive collection efforts.\n have significant borrowing capacity under credit facility should need additional working capital.\n\n( $ in millions )    | 2010   | 2009  | 2008\n-------------------- | ------ | ----- | -----\ncash from operations | $ 1151 | $ 868 | $ 641\ndepreciation expense | 138    | 151   | 155\namortization expense | 40     | 34    | 35"
}
{
    "_id": "dd4c25cf2",
    "title": "",
    "text": "year ended december 31 , 2010 compared to 2009 net revenues increased $ 207. 5 million  or 24. 2% ( 24. 2 % ) to $ 1063. 9 million in 2010 from $ 856. 4 million in 2009.\n net revenues by product category summarized.\n net sales increased $ 201. 5 million  or 24. 5% ( 24. 5 % ) to $ 1024. 6 million in 2010 from $ 823. 1 million in 2009.\n increase sales reflects 2022 $ 88. 9 million  or 56. 8% ( 56. 8 % ) increase in direct to consumer sales includes 19 additional stores in 2010 ; 2022 unit growth by increased distribution new offerings in multiple product categories training, base layer  mountain  golf underwear categories offset by 2022 $ 9. 0 million decrease in footwear sales decline in running and training footwear sales.\n license revenues increased $ 6. 1 million  or 18. 1% ( 18. 1 % ) to $ 39. 4 million in 2010 from $ 33. 3 million in 2009.\n increase in license revenues result of increased sales by licensees due to increased distribution unit volume growth.\n developed our own headwear and bags  beginning 2011 products sold by us licensees.\n gross profit increased $ 120. 4 million to $ 530. 5 million in 2010 from $ 410. 1 million in 2009.\n gross profit as percentage of net revenues increased 200 basis points to 49. 9% ( 49. 9 % ) in 2010 compared to 47. 9% ( 47. 9 % ) in 2009.\nincrease in gross margin percentage driven by : 2022 100 basis point increase by increased direct to consumer higher margin sales ; 2022 50 basis point increase driven by decreased sales markdowns returns due to improved sell-through rates at retail ; 2022 50 basis point increase driven by liquidation sales related inventory reserve reversals.\n current year period benefited from reversals of inventory reserves prior year to certain cleated footwear sport specific apparel gloves.\n products difficult to liquidate at favorable prices.\n selling  general administrative expenses increased $ 93. 3 million to $ 418. 2 million in 2010 from $ 324. 9 million in 2009.\n percentage of net revenues selling  general administrative expenses increased to 39. 3% ( 39. 3 % ) in 2010 from 37. 9% ( 37. 9 % ) in 2009.\n changes attributable to 2022 marketing costs increased $ 19. 3 million to $ 128. 2 million in 2010 from $ 108. 9 million in 2009 due to increase in sponsorship of events collegiate professional teams athletes increased television digital campaign costs media campaigns for specific customers additional personnel costs.\n incurred increased expenses for performance incentive plan to prior year.\n percentage of net revenues marketing costs decreased to 12. 0% ( 12. 0 % ) in 2010 from 12. 7% ( 12. 7 % ) in 2009 due to decreased marketing costs for specific customers.\n\n( in thousands )   | year ended december 31 , 2010 | year ended december 31 , 2009 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n------------------ | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\napparel            | $ 853493                      | $ 651779                      | $ 201714                          | 30.9% ( 30.9 % )\nfootwear           | 127175                        | 136224                        | -9049 ( 9049 )                    | -6.6 ( 6.6 )\naccessories        | 43882                         | 35077                         | 8805                              | 25.1\ntotal net sales    | 1024550                       | 823080                        | 201470                            | 24.5\nlicense revenues   | 39377                         | 33331                         | 6046                              | 18.1\ntotal net revenues | $ 1063927                     | $ 856411                      | $ 207516                          | 24.2% ( 24.2 % )"
}
{
    "_id": "dd4c0119a",
    "title": "",
    "text": "performance graph comparison of five-year cumulative total return graph table compare cumulative total return citi 2019s common stock , listed on nyse under ticker symbol 201cc 201d held by 81805 common stockholders record as of january 31 , 2016 , with cumulative total return s&p 500 index s&p financial index over five-year period through december 31 , 2015.\n graph table assume $ 100 invested on december 31 , 2010 in citi 2019s common stock  s&p 500 index s&p financial index  all dividends reinvested.\n comparison of five-year cumulative total return for years ended date citi s&p 500 financials.\n\ndate        | citi   | s&p 500 | s&p financials\n----------- | ------ | ------- | --------------\n31-dec-2010 | 100.00 | 100.00  | 100.00\n30-dec-2011 | 55.67  | 102.11  | 82.94\n31-dec-2012 | 83.81  | 118.45  | 106.84\n31-dec-2013 | 110.49 | 156.82  | 144.90\n31-dec-2014 | 114.83 | 178.28  | 166.93\n31-dec-2015 | 110.14 | 180.75  | 164.39"
}
{
    "_id": "dd4b87d18",
    "title": "",
    "text": "jpmorgan chase & co. /2016 annual report 35 five-year stock performance table and graph compare five-year cumulative total return for jpmorgan chase & co.\n ( 201cjpmorgan chase 201d or 201cfirm 201d ) common stock with cumulative return of s&p 500 index , kbw bank index s&p financial index.\n s&p 500 index is referenced united states of america ( 201cu. 201d ) equity benchmark leading companies from different economic sectors.\n kbw bank index performance of banks and thrifts publicly traded in u. s.\n composed of leading national money center regional banks and thrifts.\n s&p financial index index of financial companies all components of s&p 500.\n firm component of all three industry indices.\n table and graph assume simultaneous investments of $ 100 on december 31, 2011, in jpmorgan chase common stock in each above indices.\n comparison assumes all dividends are reinvested.\n december 31 , ( in dollars ) 2011 2012 2013 2014 2015 2016.\n december 31 , ( in dollars )\n\ndecember 31 ( in dollars ) | 2011     | 2012     | 2013     | 2014     | 2015     | 2016\n-------------------------- | -------- | -------- | -------- | -------- | -------- | --------\njpmorgan chase             | $ 100.00 | $ 136.18 | $ 186.17 | $ 204.57 | $ 221.68 | $ 298.31\nkbw bank index             | 100.00   | 133.03   | 183.26   | 200.42   | 201.40   | 258.82\ns&p financial index        | 100.00   | 128.75   | 174.57   | 201.06   | 197.92   | 242.94\ns&p 500 index              | 100.00   | 115.99   | 153.55   | 174.55   | 176.95   | 198.10"
}
{
    "_id": "dd4c5a9f2",
    "title": "",
    "text": "annual goodwill impairment test from first quarter to second quarter.\n change made to align impairment testing date with long-range planning and forecasting process.\n determined this change in accounting principle was preferable under circumstances believe change in annual impairment testing date did not delay , accelerate or avoid impairment charge.\n company has option to perform qualitative assessment for both goodwill and non-amortizable intangible assets to determine if likely not impairment exists , company elects to perform quantitative assessment for annual impairment analysis.\n impairment analysis involves comparing fair value of each reporting unit or non-amortizable intangible asset to carrying value.\n if carrying value exceeds fair value , goodwill or non-amortizable intangible asset is considered impaired.\n to determine fair value of goodwill  primarily use discounted cash flow model  supported by market approach using earnings multiples of comparable global and local companies within tobacco industry.\n at december 31 , 2017  carrying value of goodwill was $ 7. 7 billion  related to ten reporting units  each of group of markets with similar economic characteristics.\n estimated fair value of each of ten reporting units exceeded carrying value as of december 31 , 2017.\n to determine fair value of non-amortizable intangible assets  primarily use discounted cash flow model applying relief-from-royalty method.\n concluded fair value of non-amortizable intangible assets exceeded carrying value.\n discounted cash flow models include management assumptions relevant for forecasting operating cash flows  subject to changes in business conditions volumes prices  costs to produce  discount rates and estimated capital needs.\nmanagement considers historical experience available information at time fair values estimated believe assumptions consistent with assumptions hypothetical marketplace participant would use.\n since march 28 , 2008 , spin-off from altria group , inc. not recorded charge to earnings for impairment of goodwill or non-amortizable intangible assets.\n marketing and advertising costs - we incur certain costs to support our products through programs include advertising , marketing  consumer engagement trade promotions.\n costs of advertising and marketing programs expensed in accordance with u. s.\n gaap.\n recognition of cost related to consumer engagement trade promotion programs contain uncertainties due to judgment required in estimating potential performance and compliance for each program.\n for volume-based incentives provided to customers management assesses estimates by customer likelihood of customer's achieving specified targets records reduction of revenue as sales are made.\n for other trade promotions management relies on estimated utilization rates developed from historical experience.\n changes in assumptions in estimating cost of individual marketing program not result in material change in financial position results of operations or operating cash flows.\n employee benefit plans - as discussed in item 8 , note 13.\n benefit plans to consolidated financial statements provide range of benefits to employees retired employees including pensions  postretirement health care postemployment benefits ( primarily severance ).\n record annual amounts relating to these plans based on calculations specified by u. s.\n.\n calculations include various actuarial assumptions discount rates  assumed rates of return on plan assets  compensation increases  mortality  turnover rates health care cost trend rates.\n review actuarial assumptions annual basis make modifications to assumptions based on current rates trends when deemed appropriate.\n as permitted by u. s.\neffect of modifications generally amortized over future periods.\n believe assumptions in calculating obligations under plans are reasonable based historical experience advice from actuaries.\n weighted-average discount rate assumptions for pensions postretirement plans follows:.\n anticipate assumption changes will decrease 2018 pre-tax pension and postretirement expense to approximately $ 164 million compared with approximately $ 199 million in 2017  excluding amounts related early retirement programs.\n anticipated decrease primarily due to higher expected return on assets of $ 21 million  lower amortization other comprehensive earnings for prior service cost of $ 12 million unrecognized actuarial gains/losses of $ 10 million partially offset by other movements of $ 8 million.\n weighted-average expected rate of return and discount rate assumptions significant effect on expense reported for employee benefit plans.\n fifty-basis-point decrease in discount rate increase 2018 pension and postretirement expense by approximately $ 38 million  fifty-basis-point increase in discount rate decrease 2018 pension and postretirement expense by approximately $ 54 million.\n fifty-basis-point decrease ( increase ) in expected return on plan assets increase decrease 2018 pension expense by approximately $ 45 million.\n see item 8 , note 13.\n benefit plans to consolidated financial statements for sensitivity discussion of assumed health care cost trend rates.\n\n| 2017             | 2016\n-------------------- | ---------------- | ----------------\npension plans        | 1.51% ( 1.51 % ) | 1.52% ( 1.52 % )\npostretirement plans | 3.79% ( 3.79 % ) | 3.68% ( 3.68 % )"
}
{
    "_id": "dd4c3e8c4",
    "title": "",
    "text": "guaranteed by company with guarantees from joint venture partners for proportionate amounts of guaranty payment company obligated to make ( see guarantee table above ).\n non-recourse mortgage debt defined as debt lenders 2019 sole recourse to borrower defaults limited to value of property collateralized by mortgage.\n lender recourse against other assets owned by borrower or constituent members borrower  except for certain specified exceptions listed in loan documents ( see footnote 7 of notes to consolidated financial statements form 10-k ).\n investments include joint ventures : venture ownership interest number of properties total gla thousands ) recourse mortgage payable ( in millions ) number of encumbered properties average interest weighted average ( months ).\n ( a ) represents company 2019s joint ventures with prudential real estate investors.\n b ) company joint ventures with riocan real estate investment trust.\n ( c ) represents company joint ventures with certain institutional investors.\n ( d ) represents company remaining joint venture with big shopping centers ( ), israeli public company ( see footnote 7 notes to consolidated financial statements form 10-k ).\n ( e ) represents company joint ventures with blackstone.\n ( f ) company joint ventures with canadian pension plan investment board.\n g ) on february 2 , 2015  company purchased remaining 66. 7% (. 7 % ) interest in 39-property kimstone portfolio for gross purchase price of $ 1. 4 billion  including assumption of $ 638. 0 million in mortgage debt ( see footnote 26 of notes to consolidated financial statements form 10-k ).\n company has various other unconsolidated real estate joint ventures with varying structures.\n as of december 31 , 2014  these other unconsolidated joint ventures had individual non-recourse mortgage loans aggregating $ 1.2 billion.\n aggregate debt as of december 31 , 2014  company 2019s unconsolidated real estate joint ventures is $ 4. 6 billion  company 2019s proportionate share debt is $ 1. 8 billion.\n of december 31 2014 loans had scheduled maturities one month to 19 years bear interest at rates from 1. 92% (. 92 % ) to 8. 39% ( 8. 39 % ).\n approximately $ 525. 7 million of aggregate outstanding loan balance matures in 2015 company 2019s proportionate share is $ 206. 0 million.\n maturing loans anticipated to be repaid with operating cash flows debt refinancing partner capital contributions  as appropriate ( see footnote 7 of notes to consolidated financial statements form 10-k ).\n\nventure                    | kimco ownership interest | number of properties | total gla ( in thousands ) | non- recourse mortgage payable ( in millions ) | number of encumbered properties | average interest rate | weighted average term ( months )\n-------------------------- | ------------------------ | -------------------- | -------------------------- | ---------------------------------------------- | ------------------------------- | --------------------- | --------------------------------\nkimpru ( a )               | 15.0% ( 15.0 % )         | 60                   | 10573                      | $ 920.4                                        | 39                              | 5.53% ( 5.53 % )      | 23.0\nriocan venture ( b )       | 50.0% ( 50.0 % )         | 45                   | 9307                       | $ 642.6                                        | 28                              | 4.29% ( 4.29 % )      | 39.9\nkir ( c )                  | 48.6% ( 48.6 % )         | 54                   | 11519                      | $ 866.4                                        | 46                              | 5.04% ( 5.04 % )      | 61.9\nbig shopping centers ( d ) | 50.1% ( 50.1 % )         | 6                    | 1029                       | $ 144.6                                        | 6                               | 5.52% ( 5.52 % )      | 22.0\nkimstone ( e ) ( g )       | 33.3% ( 33.3 % )         | 39                   | 5595                       | $ 704.4                                        | 38                              | 4.45% ( 4.45 % )      | 28.7\ncpp ( f )                  | 55.0% ( 55.0 % )         | 7                    | 2425                       | $ 112.1                                        | 2                               | 5.05% ( 5.05 % )      | 10.1"
}
{
    "_id": "dd4ba9f94",
    "title": "",
    "text": "westrock company notes to consolidated financial statements 2014 continued consistent with prior years consider portion of earnings from certain foreign subsidiaries subject to repatriation provide for taxes accordingly.\n consider unremitted earnings and all other outside basis differences from other foreign subsidiaries to indefinitely reinvested.\n not provided for any taxes due.\n as of september 30 , 2019 estimate outside basis difference in foreign subsidiaries considered indefinitely reinvested to approximately $ 1. 6 billion.\n components of outside basis difference comprised of purchase accounting adjustments, undistributed earnings  equity components.\n except for portion of earnings from certain foreign subsidiaries where provided for taxes not provided for any taxes due upon reversal of outside basis differences.\n event distribution in form of dividends or dispositions of subsidiaries may be subject to incremental.\n income taxes , adjustment for foreign tax credits withholding taxes or income taxes payable to foreign jurisdictions.\n as of september 30 , 2019  determination of amount of unrecognized deferred tax liability related to remaining undistributed foreign earnings not subject to transition tax and additional outside basis differences not practicable.\n reconciliation of beginning and ending amount of gross unrecognized tax benefits is as follows ( in millions ) :.\n 1 ) amounts in fiscal 2019 relate to kapstone acquisition.\n amounts in fiscal 2018 and 2017 relate to mps acquisition.\n 2 ) additions for tax positions taken in current fiscal year includes primarily positions taken related to foreign subsidiaries.\n 3 ) amounts in fiscal 2019 relate to settlements of state and foreign audit examinations.\n amounts in fiscal 2018 relate to settlement of state audit examinations and federal and state amended returns filed related to affirmative adjustments for reserve.\namounts in fiscal 2017 relate to settlement of federal state audit examinations with taxing authorities.\n as of september 30 , 2019 and 2018  total unrecognized tax benefits was approximately $ 224. 3 million and $ 127. 1 million , exclusive of interest and penalties.\n if prevail on all unrecognized tax benefits  approximately $ 207. 5 million and $ 108. 7 million  would benefit effective tax rate.\n regularly evaluate  assess adjust related liabilities in changing facts circumstances could cause effective tax rate to fluctuate period.\n resolution of uncertain tax positions could have adverse effect on cash flows or benefit results of operations in future periods depending ultimate resolution.\n see 201cnote 18.\n commitments contingencies 2014 brazil tax liability 201d recognize estimated interest penalties related to unrecognized tax benefits in income tax expense in consolidated statements of income.\n as of september 30 , 2019  had liabilities of $ 80. 0 million related to estimated interest and penalties for unrecognized tax benefits.\n as of september 30 , 2018 , had liabilities of $ 70. 4 million  related to estimated interest and penalties for unrecognized tax benefits.\n results of operations for fiscal year ended september 30 , 2019 , 2018 2017 include expense of $ 9. 7 million , $ 5. 8 million and $ 7. 4 million , net of indirect benefits related to estimated interest penalties liability for unrecognized tax benefits.\n as of september 30 , 2019  possible unrecognized tax benefits will decrease by up to $ 8. 7 million in next twelve months due to expiration of statues of limitations and settlement of issues.\n\n| 2019         | 2018         | 2017\n------------------------------------------------------------------------- | ------------ | ------------ | --------\nbalance at beginning of fiscal year                                       | $ 127.1      | $ 148.9      | $ 166.8\nadditions related to purchase accounting ( 1 )                            | 1.0          | 3.4          | 7.7\nadditions for tax positions taken in current year ( 2 )                   | 103.8        | 3.1          | 5.0\nadditions for tax positions taken in prior fiscal years                   | 1.8          | 18.0         | 15.2\nreductions for tax positions taken in prior fiscal years                  | ( 0.5 )      | ( 5.3 )      | ( 25.6 )\nreductions due to settlement ( 3 )                                        | ( 4.0 )      | ( 29.4 )     | ( 14.1 )\n( reductions ) additions for currency translation adjustments             | -1.7 ( 1.7 ) | -9.6 ( 9.6 ) | 2.0\nreductions as a result of a lapse of the applicable statute oflimitations | ( 3.2 )      | ( 2.0 )      | ( 8.1 )\nbalance at end of fiscal year                                             | $ 224.3      | $ 127.1      | $ 148.9"
}
{
    "_id": "dd4bd1c42",
    "title": "",
    "text": "united parcel service , inc.\n subsidiaries notes to consolidated financial statements 2014 ( continued ) table summarizes activity related to unrecognized tax benefits ( in millions ) :.\n as of december 31 , 2007  total amount gross unrecognized tax benefits if recognized affect effective tax rate was $ 134 million.\n had gross recognized tax benefits of $ 567 million recorded as of december 31 , 2007 associated with outstanding refund claims for prior tax years.\n had net receivable recorded with respect to prior year income tax matters in accompanying balance sheets.\n continuing practice to recognize interest and penalties associated with income tax matters as component of income tax expense.\n to uncertain tax benefits accrued penalties of $ 5 million interest of $ 36 million during 2007.\n as of december 31 , 2007 recognized liability for penalties of $ 6 million interest of $ 75 million.\n recognized receivable for interest of $ 116 million for recognized tax benefits associated with outstanding refund claims.\n file income tax returns in u.\n federal jurisdiction .\n state and local jurisdictions many non-u. s.\n jurisdictions.\n as of december 31 , 2007  substantially resolved all u. s.\n federal income tax matters for tax years prior to 1999.\n in third quarter of 2007  entered into joint stipulation to dismiss case with department of justice  withdrawing refund claim related to 1994 disposition of subsidiary in france.\n write-off of previously recognized tax receivable balances associated with 1994 french matter resulted in $ 37 million increase in income tax expense for quarter.\n increase offset by impact of favorable developments with other.\n federal ,.\n state  non-u. s.\n contingency matters.\nin february 2008 , irs completed audit of tax years 1999 through 2002 with limited number of issues considered by irs appeals office by 2009.\n irs in final stages of completing audit of tax years 2003 through 2004.\n anticipate irs will conclude audit of 2003 and 2004 tax years by 2009.\n with few exceptions no longer subject to u. s.\n state and local and non-u. s.\n income tax examinations by tax authorities for tax years prior to 1999  but certain u. s.\n state and local matters subject to ongoing litigation.\n number of years may elapse before uncertain tax position is audited and ultimately settled.\n difficult to predict ultimate outcome or timing of resolution for uncertain tax positions.\n reasonably possible amount unrecognized tax benefits could significantly increase or decrease within next twelve months.\n items may cause changes to unrecognized tax benefits include timing of interest deductions  deductibility of acquisition costs  consideration of filing requirements in various states allocation of income and expense between tax jurisdictions effects of terminating election to have foreign subsidiary join in filing consolidated return.\n changes could result from settlement of ongoing litigation , completion of ongoing examinations expiration of statute of limitations or other unforeseen circumstances.\n estimate of range of reasonably possible change cannot be\n\nbalance at january 1 2007                        | $ 373\n------------------------------------------------ | ----------\nadditions for tax positions of the current year  | 13\nadditions for tax positions of prior years       | 34\nreductions for tax positions of prior years for: |\nchanges in judgment or facts                     | -12 ( 12 )\nsettlements during the period                    | -49 ( 49 )\nlapses of applicable statute of limitations      | -4 ( 4 )\nbalance at december 31 2007                      | $ 355"
}
{
    "_id": "dd4c33230",
    "title": "",
    "text": "five-year performance comparison 2013 graph indicator of cumulative total shareholder returns for corporation compared to peer group index , dj trans  s&p 500.\n graph assumes $ 100 invested in common stock of union pacific corporation and each index on december 31 , 2007 all dividends reinvested.\n purchases of equity securities 2013 during 2012  repurchased 13804709 shares of common stock average price $ 115. 33.\n table presents common stock repurchases during each month for fourth quarter of 2012 : period total number of shares purchased average price paid per share total number of shares purchased part of publicly announced plan or program maximum number of shares yet be purchased under plan or program.\n total number of shares purchased during quarter includes approximately 105978 shares delivered or attested to upc by employees to pay stock option exercise prices  satisfy excess tax withholding obligations for stock option exercises or vesting of retention units pay withholding obligations for vesting of retention shares.\n on april 1 , 2011  board of directors authorized repurchase of up to 40 million shares of common stock by march 31 , 2014.\n repurchases may be made on open market or through other transactions.\n management has sole discretion determining timing and amount of transactions.\n\nperiod                   | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part of apublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b]\n------------------------ | ---------------------------------- | -------------------------- | --------------------------------------------------------------------------------- | -----------------------------------------------------------------------------\noct . 1 through oct . 31 | 1068414                            | 121.70                     | 1028300                                                                           | 16041399\nnov . 1 through nov . 30 | 659631                             | 120.84                     | 655000                                                                            | 15386399\ndec . 1 through dec . 31 | 411683                             | 124.58                     | 350450                                                                            | 15035949\ntotal                    | 2139728                            | $ 121.99                   | 2033750                                                                           | n/a"
}
{
    "_id": "dd4bc0bea",
    "title": "",
    "text": "table contents interest expense  net capitalized interest increased $ 64 million or 9. 8% (. ) to $ 710 million in 2013 from $ 646 million in 2012 due to special charges of $ 92 million to recognize post-petition interest expense on unsecured obligations plan and penalty interest related to 10. 5% (. 5 % ) secured notes and 7. 50% (. % ) senior secured notes.\n other nonoperating expense  net of $ 84 million in 2013 principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 48 million.\n other nonoperating income in 2012 of $ 280 million special credit related to settlement of commercial dispute partially offset by net foreign currency losses.\n reorganization items  net reorganization items refer to revenues  expenses ( including professional fees ) realized gains and losses provisions for losses realized direct result of chapter 11 cases.\n table summarizes components in reorganization items  net on american 2019s consolidated statements of operations for years ended december 31 , 2013 and 2012 ( in millions ) :.\n exchange for employees 2019 contributions to successful reorganization including reductions in pay and benefits american agreed to provide each employee group a deemed claim  distribution of portion of equity of reorganized entity to employees.\n each employee group received deemed claim amount based upon portion of value of cost savings provided by group through reductions to pay and benefits certain work rule changes.\n total value of deemed claim was approximately $ 1. 7 billion.\n amounts include allowed claims ( claims approved by bankruptcy court ) and estimated allowed claims relating to rejection or modification of financings related to aircraft and entry of orders treated as unsecured claims with facility agreements supporting certain issuances of special facility revenue bonds.\ndebtors recorded estimated claim associated with rejection or modification of financing or facility agreement when applicable motion filed with bankruptcy court to reject or modify financing agreement debtors believed probable motion would be approved sufficient information to estimate claim.\n see note 2 to american 2019s consolidated financial statements in part ii , item 8b for further information.\n ( 3 ) pursuant to plan debtors agreed to allow post-petition unsecured claims on obligations.\n during year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to 1990 and 1994 series of special facility revenue bonds that financed improvements at jfk , and rejected bonds financed certain improvements at ord , included in table above.\n 4 plan allowed unsecured creditors receiving aag series a preferred stock conversion discount of 3. 5% ( 3. 5 % ).\n american recorded fair value of discount upon confirmation of plan by bankruptcy court.\n\n| 2013   | 2012\n------------------------------------------------------------------------- | ------ | ------------\npension and postretirement benefits                                       | $ 2014 | $ -66 ( 66 )\nlabor-related deemed claim ( 1 )                                          | 1733   | 2014\naircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 320    | 1951\nfair value of conversion discount ( 4 )                                   | 218    | 2014\nprofessional fees                                                         | 199    | 227\nother                                                                     | 170    | 67\ntotal reorganization items net                                            | $ 2640 | $ 2179"
}
{
    "_id": "dd4bfefa8",
    "title": "",
    "text": "december 31 , 2006  company leased office laboratory facility in connecticut , additional office  distribution storage facilities in san diego  four foreign facilities in japan  singapore china netherlands under non-cancelable operating leases expire through june 2011.\n leases contain renewal options from one to five years.\n december 31 , 2006  annual future minimum payments under operating leases were ( in thousands ) :.\n rent expense , net of amortization of deferred gain on sale of property, was $ 4723041 , $ 4737218 , $ 1794234 for years ended december 31 , 2006 , january 1 , 2006 january 2, 2005 , respectively.\n 6.\n stockholders 2019 equity common stock as of december 31 , 2006  company had 46857512 shares of common stock outstanding 4814744 shares sold to employees consultants subject to restricted stock agreements.\n restricted common shares vest agreements over five years.\n all unvested shares subject to repurchase by company at original purchase price.\n as of december 31 , 2006  36000 shares of common stock were subject to repurchase.\n company issued 12000 shares for restricted stock award to employee under company 2019s new 2005 stock and incentive plan based on service performance.\n shares vest monthly over three-year period.\n stock options 2005 stock and incentive plan in june 2005 stockholders company approved 2005 stock and incentive plan ( 2005 stock plan ).\n upon adoption of 2005 stock plan issuance of options under company 2019s existing 2000 stock plan ceased.\n 2005 stock plan provides aggregate of up to 11542358 shares of company 2019s common stock be reserved and available to be issued.\n2005 stock plan provides for automatic annual increase in shares reserved for issuance by lesser of 5% ) of outstanding shares company 2019s common stock on last day of preceding fiscal year , 1200000 shares or lesser amount as determined by company 2019s board of directors.\n illumina , inc.\n notes to consolidated financial statements 2014 ( continued )\n\n2007                | 5320\n------------------- | -------\n2008                | 5335\n2009                | 5075\n2010                | 4659\n2011                | 4712\n2012 and thereafter | 12798\ntotal               | $ 37899"
}
{
    "_id": "dd4bbf4ac",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations ( continued ) npr consistent with basel committee 2019s lcr.\n  includes stringent requirements , including accelerated implementation time line modifications to definition of high-quality liquid assets expected outflow assumptions.\n we continue to analyze proposed rules analyze their impact develop strategies for compliance.\n principles of lcr consistent with our liquidity management framework ; specific calibrations of elements within final lcr rule , eligibility of assets as hqla , operational deposit requirements net outflow requirements could effect on our liquidity , funding business activities, including management composition of investment securities portfolio ability to extend committed contingent credit facilities to clients.\n in january 2014  basel committee released revised proposal with respect to net stable funding ratio , or nsfr , establish one-year liquidity standard representing proportion of long-term assets funded by long-term stable funding , scheduled for global implementation in 2018.\n revised nsfr has made favorable changes regarding treatment of operationally linked deposits reduction in funding required for certain securities.\n we continue to review specifics of basel committee's release evaluating u. s.\n implementation of this standard to analyze impact develop strategies for compliance.\n.\n banking regulators not yet issued proposal to implement nsfr.\n contractual cash obligations and other commitments following table presents our long-term contractual cash obligations , in total and by period due as of december 31 , 2013.\n these obligations recorded in our consolidated statement of condition as of that date , except for operating leases and interest portions of long-term debt and capital leases.\n contractual cash obligations.\n ) long-term debt excludes capital lease obligations ( as separate line item ) and effect of interest-rate swaps.\ninterest payments calculated at stated rate exception of floating-rate debt  for payments calculated using indexed rate in effect as of december 31 , 2013.\n table above not include obligations settled in cash  primarily in less than one year , such as client deposits , federal funds purchased  securities sold under repurchase agreements other short-term borrowings.\n additional information about deposits  federal funds purchased securities sold under repurchase agreements short-term borrowings in notes 8 and 9 to consolidated financial statements under item 8 of form 10-k.\n table not include obligations related to derivative instruments because derivative-related amounts recorded in consolidated statement of condition as of december 31, 2013 not represent amounts may ultimately be paid under contracts upon settlement.\n additional information about derivative instruments in note 16 to consolidated financial statements under item 8 form 10-k.\n have obligations under pension other post-retirement benefit plans  described in note 19 to consolidated financial statements under item 8 form 10-k  not included in above table.\n additional information about contractual cash obligations related to long-term debt operating and capital leases in notes 10 and 20 to consolidated financial statements under item 8 form 10-k.\n consolidated statement of cash flows , included under item 8 10-k provides additional liquidity information.\n following table presents commitments , other than contractual cash obligations above, in total and by duration as of december 31 , 2013.\n these commitments not recorded in consolidated statement of condition as of that date.\n\nas of december 31 2013 ( in millions ) | payments due by period total | payments due by period less than 1year | payments due by period 1-3years | payments due by period 4-5years | payments due by period over 5years\n-------------------------------------- | ---------------------------- | -------------------------------------- | ------------------------------- | ------------------------------- | ----------------------------------\nlong-term debt ( 1 )                   | $ 10630                      | $ 1015                                 | $ 2979                          | $ 2260                          | $ 4376\noperating leases                       | 923                          | 208                                    | 286                             | 209                             | 220\ncapital lease obligations              | 1051                         | 99                                     | 185                             | 169                             | 598\ntotal contractual cash obligations     | $ 12604                      | $ 1322                                 | $ 3450                          | $ 2638                          | $ 5194"
}
{
    "_id": "dd4c5bdf2",
    "title": "",
    "text": "financial statements.\n as of december 31 , 2016  had cash and cash equivalents of $ 683 million debt of $ 10478 million including current portion  net of capitalized debt issuance costs.\n of $ 683 million cash cash equivalents  approximately $ 470 million held by foreign entities subject to u. s.\n income taxation upon repatriation u.\n majority of domestic cash and cash equivalents represents net deposits-in-transit at balance sheet dates relates to daily settlement activity.\n expect cash cash equivalents plus cash flows from operations over next twelve months sufficient to fund operating cash requirements capital expenditures mandatory debt service.\n expect to continue to pay quarterly dividends.\n amount  declaration payment of future dividends at discretion of board of directors depends on investment opportunities  results of operationtt s  financial condition  cash requirements  future prospects  other factors relevant by board of directors including legal and contractual restrictions.\n payment of cash dividends may be limited by covenants in certain debt agreements.\n regular quarterly dividend of $ 0. 29 per common share payable on march 31 , 2017 to shareholders of record as of close of business on march 17 , 2017.\n cash flows from operations were $ 1925 million, $ 1131 million and $ 1165 million in 2016 , 2015 2014 respectively.\n net cash provided by operating activities consists primarily of net earnings adjusted to add backr depreciation and amortization.\n ash flows from operations increased $ 794 million in 2016 decreased $ 34 million in 2015.\n 2016 increase in cash flows from operations primarily due to increased net earnings after add back of non-cash depreciation and amortization result of sungard operations included for full year.\n2015 decrease in cash flows from operations due to tax payment of $ 88 million income taxes to sale of check warranty contracts other assets in gaming industry lower net earnings offset by changes in working capital.\n capital expenditures investing activities principal capital expenditures are for computer software ( purchased internally developed ) addrr itions to property equipment.\n invested approximately $ 616 million  $ 415 million $ 372 million in capital expenditures during 2016  2015 2014 .\n expect to invest approximately 6%-7% ( 6%-7 % ) of 2017 revenue in capital expenditures.\n used $ 0 million , $ 1720 million $ 595 million of cash during 2016  2015 2014 for acquisitions other equity investments.\n see note 3 of notes consolidated financial statements for discussion significant items.\n cash provided by net proceeds from sale of assets in 2015 relates principally to sale of check warranty contracts other assets in gaming industry discussed in note 15 of notes consolidated financial statements.\n financing for information company long-term debt financing activity see note 10 notes to consolidated financial statements.\n contractual obligations fis 2019 long-term contractual obligations include long-term debt  interest on long-term debt  lease payments on property equipment payments for data processing maintenance.\n for information company long-term aa debt see note 10 of notes consolidated financial statements.\n table summarizes fis 2019 significant contractual obligations commitments as of december 31 , 2016 ( in millions ) :.\n\ntype of obligations                 | total   | payments due in less than 1 year | payments due in 1-3 years | payments due in 3-5 years | payments due in more than 5 years\n----------------------------------- | ------- | -------------------------------- | ------------------------- | ------------------------- | ---------------------------------\nlong-term debt ( 1 )                | $ 10591 | $ 332                            | $ 1573                    | $ 2536                    | $ 6150\ninterest ( 2 )                      | 2829    | 381                              | 706                       | 595                       | 1147\noperating leases                    | 401     | 96                               | 158                       | 82                        | 65\ndata processing and maintenance     | 557     | 242                              | 258                       | 35                        | 22\nother contractual obligations ( 3 ) | 51      | 17                               | 17                        | 16                        | 1\ntotal                               | $ 14429 | $ 1068                           | $ 2712                    | $ 3264                    | $ 7385"
}
{
    "_id": "dd4bf6f9c",
    "title": "",
    "text": "stock performance graph : graph shows cumulative total shareholder return assuming investment $ 100  on december 31 , 2012 reinvestment of dividends thereafter in company 2019s common stock versus standard and poor 2019s s&p 500 retail index ( 201cs&p 500 retail index 201d ) standard and poor 2019s s&p 500 index ( 201cs&p 500 201d ).\n\ncompany/index                 | december 31 , 2012 | december 31 , 2013 | december 31 , 2014 | december 31 , 2015 | december 31 , 2016 | december 31 , 2017\n----------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ------------------ | ------------------\no 2019reilly automotive inc . | $ 100              | $ 144              | $ 215              | $ 283              | $ 311              | $ 269\ns&p 500 retail index          | 100                | 144                | 158                | 197                | 206                | 265\ns&p 500                       | $ 100              | $ 130              | $ 144              | $ 143              | $ 157              | $ 187"
}
{
    "_id": "dd4c1b19e",
    "title": "",
    "text": "alexion pharmaceuticals , inc.\n notes to consolidated financial statements 2014 continued ) for years ended december 31 , 2007 2006 , five month period ended december 31 , 2005  year ended july 31 , 2005 ( amounts in thousands  except share and per share amounts ) in 2006  completed final phase iii trial of pexelizumab.\n after reviewing results trial along with p&g  determined not to pursue further development of pexelizumab.\n effective march 30 , 2007  we p&g agreed to terminate collaboration agreement.\n relevant agreement terminated in march 2007  remaining portion of $ 10000 non-refundable up-front license fee  or $ 5343 , recognized as revenue in year ended december 31 , 2007 included in contract research revenues.\n license and research and development agreements entered into number of license , research and development manufacturing development agreements since inception.\n agreements made with research institutions , universities  contractors  collaborators  government agencies to advance obtain technologies services related to business.\n license agreements provide for initial fee annual minimum royalty payments.\n certain agreements call for future payments upon attainment of agreed upon milestones investigational new drug  application approval of biologics license application.\n agreements require minimum royalty payments based on sales of products developed from applicable technologies.\n clinical and manufacturing development agreements provide for fund manufacturing development on-going clinical trials.\n clinical trial development agreements include contract services outside contractor services including contracted clinical site services related to patient enrolment for clinical trials.\n manufacturing development agreements include clinical manufacturing manufacturing development and scale-up.\n executed large-scale product supply agreement with lonza sales ag for long-term commercial manufacture of soliris ( see note 9 ).\nto maintain rights under agreements , we may be required to provide minimum level funding or support.\n may elect to terminate arrangements.\n accordingly recognize expense related obligation related to arrangements over period of performance.\n minimum fixed payments ( assuming non-termination of agreements ) as of december 31 , 2007 , for each next five years are follows : years ending december 31 , license agreements clinical and manufacturing development agreements.\n\nyears ending december 31, | license agreements | clinical and manufacturing development agreements\n------------------------- | ------------------ | -------------------------------------------------\n2008                      | $ 707              | $ 2860\n2009                      | 552                | 3750\n2010                      | 322                | 7500\n2011                      | 300                | 7500\n2012                      | 300                | 7500"
}
{
    "_id": "dd4c5baf0",
    "title": "",
    "text": "special asset pool ( sap )  constituted 28% ( 28 % ) of citi holdings assets as of december 31 , 2009 portfolio of securities loans other assets citigroup intends to reduce over time through asset sales portfolio run-off.\n at december 31  2009 sap had $ 154 billion of assets.\n assets declined by $ 197 billion or 56% ( 56 % ) from peak levels 2007 reflecting cumulative write-downs asset sales portfolio run-off.\n assets reduced by $ 87 billion from year-ago levels.\n approximately 60% ( 60 % ) of sap assets now accounted for on accrual basis reduce income volatility.\n in millions of dollars 2009 2008 2007 % ( % ) change 2009 vs.\n 2008 change 2008 vs.\n 2007.\n 2009 vs.\n 2008 revenues net of interest expense increased $ 35. 9 billion in 2009 due to absence of significant negative revenue marks prior year.\n total negative marks were $ 1. 9 billion in 2009 compared to $ 38. 1 billion in 2008.\n revenue current year included positive $ 1. 3 billion cva on derivative positions excluding monoline insurers positive marks of $ 0. 8 billion on subprime-related direct exposures.\n positive revenues offset by negative revenues of $ 1. 5 billion on alt-a mortgages $ 1. 3 billion of write-downs on commercial real estate negative $ 1. 6 billion cva on monoline insurers and fair value option liabilities.\n revenue affected by negative marks on private equity positions write-downs on highly leveraged finance commitments.\n operating expenses decreased 9% ( 9 % ) in 2009 driven by lower compensation lower volumes transaction expenses partially offset by costs associated with.\n government loss-sharing agreement  citi exited in fourth quarter of 2009.\nprovisions for credit losses benefits claims increased $ 1. 5 billion driven by $ 4. 5 billion increased net credit losses offset by lower reserve build of $ 3. 0 billion.\n assets declined 36% ( 36 % ) versus prior year driven by amortization prepayments sales marks charge-offs.\n asset sales during fourth quarter of 2009 ( $ 10 billion ) executed at or above citi 2019s marks generating $ 800 million pretax gains for quarter.\n 2008 vs.\n 2007 revenues net interest expense decreased $ 21. 7 billion due to negative net revenue marks.\n revenue included $ 14. 3 billion write- downs on subprime-related direct exposures negative $ 6. 8 billion cva related to monoline insurers derivative positions.\n revenue negatively affected by write-downs on highly leveraged finance commitments alt-a mortgage revenue  write-downs on structured investment vehicles commercial real estate mark-to-market on auction rate securities.\n total negative marks were $ 38. 1 billion in 2008 compared to $ 20. 2 billion in 2007.\n operating expenses decreased 8% ( 8 % ) driven by lower compensation transaction expenses.\n provisions for credit losses benefits claims increased $ 2. 7 billion due to $ 2. 2 billion increase in reserve build increase in net credit losses of $ 0. 5 billion.\n assets declined 31% ( 31 % ) versus prior year driven by amortization prepayments sales marks charge-offs.\n\nin millions of dollars                                       | 2009             | 2008               | 2007               | % (  % ) change 2009 vs . 2008 | % (  % ) change 2008 vs . 2007\n------------------------------------------------------------ | ---------------- | ------------------ | ------------------ | ------------------------------ | ------------------------------\nnet interest revenue                                         | $ 3173           | $ 3332             | $ 2723             | ( 5 ) % (  % )                 | 22% ( 22 % )\nnon-interest revenue                                         | -6855 ( 6855 )   | -42906 ( 42906 )   | -20619 ( 20619 )   | 84                             | nm\nrevenues net of interest expense                             | $ -3682 ( 3682 ) | $ -39574 ( 39574 ) | $ -17896 ( 17896 ) | 91% ( 91 % )                   | nm\ntotal operating expenses                                     | $ 896            | $ 988              | $ 1070             | ( 9 ) % (  % )                 | ( 8 ) % (  % )\nnet credit losses                                            | $ 5420           | $ 909              | $ 436              | nm                             | nm\nprovision for unfunded lending commitments                   | 111              | -172 ( 172 )       | 71                 | nm                             | nm\ncredit reserve builds/ ( release )                           | -483 ( 483 )     | 2844               | 378                | nm                             | nm\nprovisions for credit losses and for benefits and claims     | $ 5048           | $ 3581             | $ 885              | 41% ( 41 % )                   | nm\n( loss ) from continuing operations before taxes             | $ -9626 ( 9626 ) | $ -44143 ( 44143 ) | $ -19851 ( 19851 ) | 78% ( 78 % )                   | nm\nincome taxes ( benefits )                                    | -4323 ( 4323 )   | -17149 ( 17149 )   | -7740 ( 7740 )     | 75                             | nm\n( loss ) from continuing operations                          | $ -5303 ( 5303 ) | $ -26994 ( 26994 ) | $ -12111 ( 12111 ) | 80% ( 80 % )                   | nm\nnet income ( loss ) attributable to noncontrolling interests | -17 ( 17 )       | -205 ( 205 )       | 149                | 92                             | nm\nnet ( loss )                                                 | $ -5286 ( 5286 ) | $ -26789 ( 26789 ) | $ -12260 ( 12260 ) | 80% ( 80 % )                   | nm\neop assets ( in billions of dollars )                        | $ 154            | $ 241              | $ 351              | ( 36 ) % (  % )                | ( 31 ) % (  % )"
}
{
    "_id": "dd4bac14a",
    "title": "",
    "text": "notes to consolidated financial statements 2014 continued ) company 2019s financial statements establishes guidelines for recognition measurement of tax position taken or expected in tax return.\n result of adoption  recorded $ 1. 5 million increase in liability for unrecognized income tax benefits accounted for as $ 1. 0 million reduction to june 1, 2007 balance of retained earnings and $ 0. 5 million reduction to june 1 , 2007 balance of additional paid-in capital.\n adoption date other long-term liabilities included liabilities for unrecognized income tax benefits of $ 3. 8 million accrued interest and penalties of $ 0. 7 million.\n reconciliation of beginning and ending amount of unrecognized tax benefits ( in thousands ) :.\n as of may 31 , 2008  total amount gross unrecognized tax benefits if recognized affect effective tax rate is $ 3. 7 million.\n recognize accrued interest related to unrecognized income tax benefits in interest expense and accrued penalty expense related to unrecognized tax benefits in sales , general administrative expenses.\n during fiscal 2008  recorded $ 0. 3 million of accrued interest and penalty expense related to unrecognized income tax benefits.\n anticipate total amount of unrecognized income tax benefits will decrease by $ 1. 1 million net of interest and penalties from foreign operations within next 12 months expiration of statute of limitations.\n conduct business globally file income tax returns in united states federal jurisdiction various state and foreign jurisdictions.\n subject to examination by taxing authorities throughout world including major jurisdictions united states and canada.\n few exceptions no longer subject to income tax examinations for years ended may 31 , 2003 and prior.\n currently under audit by internal revenue service of united states for 2004 to 2005 tax years.\nexpect examination phase audit for years 2004 to 2005 conclude in fiscal 2009.\n note 8 2014shareholders 2019 equity april 5 , 2007 board of directors approved share repurchase program authorized purchase of up to $ 100 million of global payments 2019 stock in open market or otherwise determined by us subject to market conditions business opportunities other factors.\n under authorization repurchased 2. 3 million shares common stock during fiscal 2008 at cost of $ 87. 0 million  average $ 37. 85 per share including commissions.\n as of may 31 , 2008  had $ 13. 0 million remaining under current share repurchase authorization.\n no amounts repurchased during fiscal 2007.\n note 9 2014share-based awards and options as of may 31 , 2008 had four share-based employee compensation plans.\n for all share-based awards granted after june 1 , 2006 compensation expense recognized straight-line basis.\n fair value of share- based awards granted prior to june 1, 2006 amortized as compensation expense accelerated basis from date of grant.\n no share-based compensation capitalized during fiscal 2008 , 2007  2006.\n\nbalance at june 1 2007                                       | $ 3760\n------------------------------------------------------------ | ------------\nadditions based on tax positions related to the current year | 93\nadditions for tax positions of prior years                   | 50\nreductions for tax positions of prior years                  | 2014\nsettlements with taxing authorities                          | -190 ( 190 )\nbalance at may 31 2008                                       | $ 3713"
}
{
    "_id": "dd4baf2fa",
    "title": "",
    "text": "system energy resources , inc.\n management's financial discussion analysis with syndicated bank letters of credit.\n in december 2004 system energy amended these letters of credit now expire in may 2009.\n system energy may refinance or redeem debt prior to maturity market conditions interest dividend rates favorable.\n all debt and common stock issuances by system energy require prior regulatory approval.\n debt issuances subject to issuance tests in bond indentures other agreements.\n system energy has sufficient capacity under tests to meet foreseeable capital needs.\n system energy obtained short-term borrowing authorization from ferc may borrow through march 31, 2010 up to aggregate amount of $ 200 million.\n see note 4 to financial statements for discussion of system energy's short-term borrowing limits.\n system energy obtained order from ferc authorizing long-term securities issuances.\n current long- term authorization extends through june 2009.\n system energy's receivables from money pool were as follows as of december 31 for each following years:.\n in may 2007  $ 22. 5 million of system energy's receivable from money pool replaced by note receivable from entergy new orleans.\n see note 4 to financial statements for description of money pool.\n nuclear matters system energy owns and operates grand gulf.\n system energy subject to risks related to owning operating nuclear plant.\n include risks from use  storage handling disposal of high-level and low-level radioactive materials  regulatory requirement changes including changes from events at other plants limitations on amounts types of insurance commercially available for losses connection with nuclear operations technological and financial uncertainties related to decommissioning nuclear plants at end of licensed lives including sufficiency of funds in decommissioning trusts.\nunanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning.\n environmental risks system energy's facilities operations subject to regulation by governmental authorities jurisdiction over air quality water quality control of toxic substances hazardous solid wastes other environmental matters.\n management believes system energy in substantial compliance with environmental regulations applicable to facilities operations.\n environmental regulations subject to change , future compliance costs cannot be precisely estimated.\n critical accounting estimates preparation of system energy's financial statements with accepted accounting principles requires management to apply appropriate accounting policies make estimates judgments\n\n2008             | 2007             | 2006             | 2005\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 42915          | $ 53620          | $ 88231          | $ 277287"
}
{
    "_id": "dd4b885a6",
    "title": "",
    "text": "shareholder return performance presentation graph compares cumulative total shareholder return on state street's common stock to cumulative total return s&p 500 index , s&p financial index kbw bank index over five- year period.\n cumulative total shareholder return assumes investment of $ 100 in state street common stock and in each index on december 31 , 2008 at closing price last trading day of 2008 assumes reinvestment of common stock dividends.\n s&p financial index is publicly available measure of 81 of standard & poor's 500 companies  representing 17 diversified financial services companies  22 insurance companies 19 real estate companies 23 banking companies.\n kbw bank index performance of banks and thrifts publicly traded in u. s.  composed of 24 leading national money center and regional banks and thrifts.\n\n| 2008  | 2009  | 2010  | 2011  | 2012  | 2013\n------------------------ | ----- | ----- | ----- | ----- | ----- | -----\nstate street corporation | $ 100 | $ 111 | $ 118 | $ 105 | $ 125 | $ 198\ns&p 500 index            | 100   | 126   | 146   | 149   | 172   | 228\ns&p financial index      | 100   | 117   | 132   | 109   | 141   | 191\nkbw bank index           | 100   | 98    | 121   | 93    | 122   | 168"
}
{
    "_id": "dd4c32894",
    "title": "",
    "text": "14.\n leases we lease certain locomotives  freight cars  other property.\n consolidated statement of financial position as of december 31 , 2009 and 2008 included $ 2754 million , net of $ 927 million of accumulated depreciation  and $ 2024 million , net of $ 869 million of accumulated depreciation  for properties under capital leases.\n charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31, 2009 were : millions of dollars operating leases capital leases.\n majority of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 686 million in 2009  $ 747 million in 2008  $ 810 million in 2007.\n when cash rental payments not made straight-line basis recognize variable rental expense on straight-line basis over lease term.\n contingent rentals and sub-rentals not significant.\n 15.\n commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us and subsidiaries.\n cannot fully determine effect of all asserted unasserted claims on consolidated results of operations  financial condition liquidity ; where asserted claims considered probable reasonably estimated recorded liability.\n do not expect any known lawsuits , claims  environmental costs commitments contingent liabilities  or guarantees will have material adverse effect on consolidated results of operations  financial condition or liquidity after taking account liabilities insurance recoveries previously recorded for.\npersonal injury 2013 cost of personal injuries to employees others related to our activities charged to expense based on estimates ultimate cost number of incidents each year.\n use third-party actuaries to assist measuring expense liability including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n under fela  damages assessed based on finding of fault through litigation or out-of-court settlements.\n offer comprehensive variety services rehabilitation programs for employees injured\n\nmillions of dollars                     | operatingleases | capital leases\n--------------------------------------- | --------------- | --------------\n2010                                    | $ 576           | $ 290\n2011                                    | 570             | 292\n2012                                    | 488             | 247\n2013                                    | 425             | 256\n2014                                    | 352             | 267\nlater years                             | 2901            | 1623\ntotal minimum lease payments            | $ 5312          | $ 2975\namount representing interest            | n/a             | -914 ( 914 )\npresent value of minimum lease payments | n/a             | $ 2061"
}
{
    "_id": "dd4b8a5c2",
    "title": "",
    "text": "table details growth in global weighted average berths global  north american european cruise guests over past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd.\n total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ).\n source our estimates of number of global cruise guests weighted-average supply of berths marketed globally based on data from various publicly available cruise industry trade information sources including seatrade insider cruise industry news cruise line international association.\n our estimates incorporate our own statistical analysis utilizing same publicly available cruise industry data as base.\n source : cruise line international association based on cruise guests carried for two consecutive nights for years 2009 through 2012.\n year 2013 amounts represent our estimates.\n includes united states of america canada.\n 3 ) source : clia europe , formerly european cruise council  for years 2009 through 2012.\n year 2013 amounts represent our estimates.\n north america majority of cruise guests sourced from north america represented approximately 56% ( 56 % ) of global cruise guests in 2013.\n compound annual growth rate in cruise guests sourced from this market was approximately 3. 2% ( 3. 2 % ) from 2009 to 2013.\n europe cruise guests sourced from europe represented approximately 30% ( 30 % ) of global cruise guests in 2013.\n compound annual growth rate in cruise guests sourced from this market was approximately 6. 0% ( 6. 0 % ) from 2009 to 2013.\n other markets expected industry growth in north america europe expect asia/pacific region to demonstrate higher growth rate in near term continue represent small sector compared to north america and europe.\n on industry data cruise guests sourced from asia/pacific region represented approximately 4. 5% (.5 % ) global cruise guests in 2013.\n compound annual growth rate in cruise guests from market was approximately 15% ( 15 % ) from 2011 to 2013.\n competition we compete with number cruise lines.\n princi- pal competitors are carnival corporation & plc , owns   aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line oceania cruises.\n cruise lines compete with other vacation alternatives land-based resort hotels sightseeing destinations for consumers 2019 leisure time.\n demand for activities influenced by political general economic conditions.\n com- panies vacation market dependent on consumer discretionary spending.\n operating strategies principal operating strategies are to : employees protect environment vessels organization operate  better serve global guest base grow business  enhance revenues  brands globally  expenditures ensure adequate cash and liquid- ity  goal of maximizing return on invested capital long-term shareholder value , ization maintenance of existing ships transfer of key innovations across each brand  prudently expanding fleet with new state-of- the-art cruise ships  ships deploying them into markets itineraries opportunities to optimize returns  continuing focus on existing key markets  service customer preferences expectations in innovative manner  supporting strategic focus on profitability \n\nyear | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 )\n---- | ----------------------------------------------------- | ------------------------------------------ | ------------------------ | -------------------------------- | --------------------------\n2009 | 363000                                                | 84050                                      | 17340000                 | 10198000                         | 5000000\n2010 | 391000                                                | 92300                                      | 18800000                 | 10781000                         | 5540000\n2011 | 412000                                                | 92650                                      | 20227000                 | 11625000                         | 5894000\n2012 | 425000                                                | 98650                                      | 20898000                 | 11640000                         | 6139000\n2013 | 432000                                                | 98750                                      | 21300000                 | 11816000                         | 6399000"
}
{
    "_id": "dd4c4b376",
    "title": "",
    "text": "impact on earnings of assumed 10% ( % ) change in each periods presented not significant.\n revenue included $ 100. 8 million operating income included $ 9. 0 million of unfavorable foreign currency impact during 2012 from stronger u. s.\n dollar 2012 compared to 2011.\n foreign exchange risk management policy permits use of derivative instruments forward contracts options to reduce volatility in results operations cash flows from foreign exchange rate fluctuations.\n international operations' revenues and expenses generally denominated in local currency limits economic exposure to foreign exchange risk in jurisdictions.\n do not enter into foreign currency derivative instruments for trading purposes.\n entered into foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.\n as of december 31 , 2012 notional amount of these derivatives was approximately $ 115. 6 million fair value was nominal.\n derivatives intended to hedge foreign exchange risks related to intercompany loans not designated as hedges for accounting purposes.\n\ncurrency       | 2012   | 2011   | 2010\n-------------- | ------ | ------ | ------\nreal           | $ 40.4 | $ 42.4 | $ 32.5\neuro           | 27.1   | 26.4   | 18.6\npound sterling | 18.5   | 17.6   | 9.0\nindian rupee   | 4.3    | 3.6    | 2.6\ntotal impact   | $ 90.3 | $ 90.0 | $ 62.7"
}
{
    "_id": "dd4b9beda",
    "title": "",
    "text": "17.\n leases we lease certain locomotives  freight cars  other property.\n consolidated statements of financial position as of december 31 , 2016  and 2015 included $ 1997 million , net of $ 1121 million of accumulated depreciation  and $ 2273 million , net of $ 1189 million of accumulated depreciation  for properties under capital leases.\n charge to income from depreciation for assets under capital leases included within depreciation expense in consolidated statements of income.\n future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31, 2016  were : millions operating leases capital leases.\n approximately 96% ( 96 % ) of capital lease payments relate to locomotives.\n rent expense for operating leases with terms exceeding one month was $ 535 million in 2016  $ 590 million in 2015  $ 593 million in 2014.\n when cash rental payments not made straight-line basis recognize variable rental expense straight-line basis over lease term.\n contingent rentals and sub-rentals not significant.\n 18.\n commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us and subsidiaries.\n cannot fully determine effect of all asserted unasserted claims on consolidated results of operations  financial condition liquidity.\n recorded liability where asserted claims considered probable claims reasonably estimated.\n not expect any known lawsuits , claims environmental costs commitments contingent liabilities guarantees will have material adverse effect on consolidated results of operations  financial condition liquidity after taking account liabilities insurance recoveries previously recorded for.\npersonal injury 2013 cost of personal injuries to employees others related to activities charged to expense based on estimates of ultimate cost and number of incidents each year.\n use actuarial analysis to measure expense and liability including unasserted claims.\n federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.\n under fela damages assessed based on finding of fault through litigation or out-of-court settlements.\n offer comprehensive services and rehabilitation programs for employees injured at work.\n personal injury liability not discounted to present value due to uncertainty surrounding timing of future payments.\n approximately 94% ( 94 % ) of recorded liability related to asserted claims approximately 6% ( 6 % ) related to unasserted claims at december 31 , 2016.\n uncertainty surrounding ultimate outcome of personal injury claims possible future costs to settle claims may range from approximately $ 290 million to $ 317 million.\n record accrual at low end of range no loss within range more probable.\n estimates can vary over time due to evolving trends in litigation.\n\nmillions                                | operatingleases | capitalleases\n--------------------------------------- | --------------- | -------------\n2017                                    | $ 461           | $ 221\n2018                                    | 390             | 193\n2019                                    | 348             | 179\n2020                                    | 285             | 187\n2021                                    | 245             | 158\nlater years                             | 1314            | 417\ntotal minimum lease payments            | $ 3043          | $ 1355\namount representing interest            | n/a             | -250 ( 250 )\npresent value of minimum lease payments | n/a             | $ 1105"
}
{
    "_id": "dd4ba3c48",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 table illustrates effect on net loss per share if applied fair value recognition provisions of sfas no.\n 123 to stock-based compensation.\n estimated fair value of each option calculated using black-scholes option-pricing model ( in thousands except per share amounts ).\n fair value of financial instruments 2014as of december 31 , 2002 carrying amounts of company 2019s 5. 0% ( 5. 0 % ) convertible notes  2. 25% ( 2. 25 % ) convertible notes 6. 25% ( 6. 25 % ) convertible notes senior notes were approximately $ 450. 0 million  $ 210. 9 million  $ 212. 7 million $ 1. 0 billion  fair values were $ 291. 4 million  $ 187. 2 million  $ 144. 4 million $ 780. 0 million .\n as of december 31 , 2001 carrying amount of company 2019s 5. 0% ( 5. 0 % ) convertible notes  2. 25% ( 2. 25 % ) convertible notes 6. 25% ( 6. 25 % ) convertible notes senior notes were approximately $ 450. 0 million  $ 204. 1 million  $ 212. 8 million $ 1. 0 billion  fair values of notes were $ 268. 3 million  $ 173. 1 million  $ 158. 2 million $ 805. 0 million .\n fair values determined based on quoted market prices.\n carrying values of all other financial instruments approximate related fair values as of december 31 , 2002 2001.\n retirement plan company has 401 ( k ) plan covering all employees meet age employment requirements.\n company matches 35% ( 35 % ) of participants 2019 contributions up to maximum 5% ( 5 % ) of participant 2019s compensation.\ncompany contributed approximately $ 979000 , $ 1540000 $ 1593000 to plan for years ended december 31 , 2002 , 2001 2000 , respectively.\n recent accounting pronouncements 2014in june 2001  fasb issued sfas no.\n 143 , 201caccounting for asset retirement obligations. 201d statement establishes accounting standards for recognition measurement of liabilities associated with retirement of tangible long-lived assets related asset retirement costs.\n requirements of sfas no.\n 143 effective for company as of january 1, 2003.\n company will adopt statement in first quarter of 2003 not expect impact material impact on consolidated financial position or results of operations.\n in august 2001  fasb issued sfas no.\n 144 , 201caccounting for impairment or disposal of long-lived assets. 201d sfas no.\n 144 supersedes sfas no.\n 121 , 201caccounting for impairment of long-lived assets for assets disposed 201d retains fundamental provisions.\n sfas no.\n 144 clarifies measurement and classification issues from sfas no.\n 121.\n sfas no.\n 144 supersedes accounting and reporting provisions for disposal of business segment as found in apb no.\n 30 , 201creporting results of operations 2014reporting effects of disposal of segment business extraordinary , unusual infrequently occurring events and transactions 201d.\n sfas no.\n 144 retains requirement in apb no.\n 30 to separately report discontinued operations broadens scope requirement to include more types of disposal transactions.\n scope of sfas no.\n 144 excludes goodwill and other intangible assets not to be amortized as accounting for such items prescribed by sfas no.\n 142.\n company implemented sfas no.\n144 january 1 , 2002.\n all relevant impairment assessments decisions concerning discontinued operations made under this standard in 2002.\n\n| 2002                   | 2001                 | 2000\n--------------------------------------------------------------------------------------------------------------------------------------- | ---------------------- | -------------------- | --------------------\nnet loss as reported                                                                                                                    | $ -1141879 ( 1141879 ) | $ -450094 ( 450094 ) | $ -194628 ( 194628 )\nless : total stock-based employee compensation expense determined under fair value basedmethod for all awards net of related tax effect | -38126 ( 38126 )       | -50540 ( 50540 )     | -51186 ( 51186 )\npro-forma net loss                                                                                                                      | $ -1180005 ( 1180005 ) | $ -500634 ( 500634 ) | $ -245814 ( 245814 )\nbasic and diluted net loss per share 2014as reported                                                                                    | $ -5.84 ( 5.84 )       | $ -2.35 ( 2.35 )     | $ -1.15 ( 1.15 )\nbasic and diluted net loss per share 2014pro-forma                                                                                      | $ -6.04 ( 6.04 )       | $ -2.61 ( 2.61 )     | $ -1.46 ( 1.46 )"
}
{
    "_id": "dd4be9e5a",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements loss on retirement of long-term obligations 2014loss on retirement includes cash paid to retire debt excess carrying value  cash paid to holders convertible notes note conversions non-cash charges related to write-off of deferred financing fees.\n loss on retirement includes gains from repurchasing or refinancing company 2019s debt obligations.\n earnings per common share 2014basic diluted 2014basic income from continuing operations per common share for years ended december 31 , 2012, 2011 2010 represents income from continuing operations american tower corporation divided by weighted average number of common shares outstanding period.\n diluted income from continuing operations per common share years ended december 31 , 2012 2011 2010 represents income operations american tower corporation divided by weighted average number of common shares outstanding period dilutive common share equivalents  including unvested restricted stock  shares issuable upon exercise of stock options warrants determined under treasury stock method upon conversion of company 2019s convertible notes  determined under if-converted method.\n retirement plan 2014the company has 401 ( k ) plan covering all employees meet certain age employment requirements.\n company 2019s matching contribution for years ended december 31 , 2012 , 2011 2010 is 50% ( 50 % ) up to maximum 6% ( 6 % ) of participant 2019s contributions.\n for years ended december 31 , 2012 , 2011 2010  company contributed approximately $ 4. 4 million , $ 2. 9 million $ 1. 9 million to plan  respectively.\n.\n prepaid and other current assets prepaid assets consist of following as of december 31 , ( in thousands ) :.\n december 31, 2011 balances revised to reflect purchase accounting measurement period adjustments.\n\n| 2012     | 2011 ( 1 )\n----------------------------------------------------- | -------- | ----------\nprepaid income tax                                    | $ 57665  | $ 31384\nprepaid operating ground leases                       | 56916    | 49585\nvalue added tax and other consumption tax receivables | 22443    | 81276\nprepaid assets                                        | 19037    | 28031\nother miscellaneous current assets                    | 66790    | 59997\nbalance as of december 31,                            | $ 222851 | $ 250273"
}
{
    "_id": "dd4be5a08",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements ( continued ( in thousands  except per share data ) supply chain improve manufacturing margins.\n combination of companies should facilitate manufacturing efficiencies accelerate research and development of new detector products.\n aeg was privately held group of companies headquartered in warstein , germany  with manufacturing operations in germany  china united states.\n aggregate purchase price for aeg was approximately $ 31300 ( subject to adjustment ) eur $ 24100 in cash 110 shares of hologic common stock valued at $ 5300 , approximately $ 1900 for acquisition related fees and expenses.\n company determined fair value of shares issued in with acquisition in accordance with eitf issue no.\n 99-12 , determination measurement date for market price of acquirer securities in purchase business combination.\n 110 shares subject to contingent put options holders option to resell shares company during period one year following completion acquisition if closing price of company 2019s stock falls remains below threshold price.\n put options never exercised expired on may 2 , 2007.\n acquisition provided for one-year earn out of eur 1700 ( approximately $ 2000 usd ) payable in cash if aeg calendar year 2006 earnings  exceeded pre-determined amount.\n aeg 2019s 2006 earnings did not exceed such pre-determined amounts no payment made.\n components and allocation of purchase price consists of following approximate amounts:.\n company implemented plan to restructure aeg 2019s historical activities.\n company originally recorded liability of approximately $ 2100 in accordance with eitf issue no.\n 95-3 , recognition of liabilities in connection with purchase business combination related to termination of certain employees under plan.\ncompletion of plan in fiscal 2007 company reduced liability by approximately $ 241 with corresponding reduction in goodwill.\n all amounts paid as of september 29 , 2007.\n part of aeg acquisition company acquired minority interest in equity securities of private german company.\n company estimated fair value of securities to approximately $ 1400 in original purchase price allocation.\n during year ended september 29 , 2007  company sold securities for proceeds of approximately $ 2150.\n difference of approximately $ 750 between preliminary fair value estimate and proceeds upon sale recorded as reduction of goodwill.\n final purchase price allocations completed within one year of acquisition adjustments not material impact on company 2019s financial position or results of operations.\n no other material changes to purchase price allocation disclosed in company 2019s form 10-k for year ended september 30 , 2006.\n part of purchase price allocation all intangible assets part of acquisition identified and valued.\n determined only customer relationship , trade name  developed technology and know how and in-process research and development had separately identifiable values.\n fair value of these intangible assets determined through application of income approach.\n customer relationship represents aeg 2019s high dependency on small number of large accounts.\n aeg markets products through distributors directly to own customers.\n trade name represents aeg 2019s product names company intends to continue to use.\n developed technology and know how represents currently marketable\n\nnet tangible assets acquired as of may 2 2006 | $ 24800\n--------------------------------------------- | --------------\nin-process research and development           | 600\ndeveloped technology and know how             | 1900\ncustomer relationship                         | 800\ntrade name                                    | 400\ndeferred income taxes                         | -3000 ( 3000 )\ngoodwill                                      | 5800\nestimated purchase price                      | $ 31300"
}
{
    "_id": "dd4b8a46e",
    "title": "",
    "text": "mill fourth quarter 2008.\n compares with 635000 tons total downtime in 2008 305000 tons lack-of-order downtime.\n printing papers in millions 2009 2008 2007.\n north american printing papers net sales in 2009 were $ 2. 8 billion compared with $ 3. 4 billion in 2008 $ 3. 5 billion in 2007.\n operating earnings 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for paper machine ) in 2008 $ 415 million in 2007.\n sales volumes decreased in 2009 compared 2008 reflecting weak customer demand reduced production capacity from shutdown paper machine at franklin mill december 2008 conversion bastrop mill to pulp production june 2008.\n average sales price realizations lower reflecting slight declines for uncoated freesheet paper in domestic markets significant declines in export markets.\n margins unfavorably affected by higher proportion of shipments to lower-margin export markets.\n input costs favorable due to lower wood chemical costs lower energy costs.\n freight costs lower.\n planned maintenance downtime costs 2009 comparable with 2008.\n operating costs favorable reflecting cost control efforts strong machine performance.\n lack-of-order downtime increased to 525000 tons in 2009 including 120000 tons related to shutdown paper machine at franklin mill 2008 fourth quarter from 135000 tons in 2008.\n operating earnings 2009 included $ 671 million alternative fuel mixture cred- its $ 223 million costs associated with shutdown franklin mill $ 9 million other shutdown costs operating earnings 2008 included $ 30 million costs for shutdown paper machine franklin mill.\n 2010 first-quarter sales volumes expected to increase slightly from fourth-quarter 2009 levels.\nsales price realizations should be higher reflecting full-quarter impact of sales price increases fourth quarter for converting envelope grades of uncoated free- sheet paper increase in prices to export markets.\n input costs for wood  energy chemicals expected to increase.\n planned maintenance downtime costs lower operating costs favorable.\n brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million 2008 $ 850 million in 2007.\n operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 $ 174 million in 2007.\n sales volumes increased 2009 2008 for paper and pulp reflect ing higher export shipments.\n sales price realizations lower due to competitive pressures in brazilian domestic market lower export prices unfavorable foreign exchange rates.\n margins unfavorably affected by higher proportion of lower margin export sales.\n input costs for wood chem- icals favorable offset by higher energy costs.\n maintenance downtime costs lower operating costs favorable.\n earnings 2009 adversely impacted by unfavorable foreign exchange effects.\n entering 2010 sales volumes expected to be seasonally lower compared with fourth quarter 2009.\n profit margins expected slightly higher reflecting favorable geographic sales mix improving sales price realizations in export markets offset by higher planned main- tenance outage costs.\n european papers net sales in 2009 were $ 1. 3 bil- lion compared with $ 1. 7 billion in 2008 $ 1. 5 bil- lion in 2007.\n operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses with closure of inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding charge to reduce carrying value of fixed assets at inverurie scotland mill to estimated realizable value ) in 2008 $ 171 million in 2007.\nsales volumes in 2009 lower than 2008 due to reduced sales of uncoated freesheet paper following closure inverurie mill 2009.\n average sales price realizations decreased significantly 2009 across western europe margins increased in poland russia reflecting effect local currency devaluations.\n input costs favorable as lower wood costs particularly in russia partially offset by higher energy costs in poland higher chemical costs.\n planned main- tenance downtime costs higher in 2009 than 2008 manufacturing operating costs lower.\n operating profits 2009 reflect favorable foreign exchange impacts.\n to 2010  sales volumes expected to decline from strong 2009 fourth-quarter levels despite solid customer demand.\n average sales price realizations expected to increase over quar- ter primarily in eastern europe as price increases\n\nin millions      | 2009   | 2008   | 2007\n---------------- | ------ | ------ | ------\nsales            | $ 5680 | $ 6810 | $ 6530\noperating profit | 1091   | 474    | 839"
}
{
    "_id": "dd4bb6b4a",
    "title": "",
    "text": "reach in united states  adding 1400-person direct sales force , over 300000 merchants $ 130 billion in annual payments volume.\n goodwill of $ 3. 2 billion arising from merger  included in north america segment  attributable to expected growth opportunities potential synergies from combining existing businesses assembled workforce not deductible for income tax purposes.\n due to timing merger with heartland  still in process of assigning goodwill to reporting units.\n during year ended may 31 , 2016  incurred transaction costs in connection with merger of $ 24. 4 million  recorded in selling , general administrative expenses in consolidated statements of income.\n following reflects preliminary estimated fair values of identified intangible assets ( in thousands ) :.\n preliminary estimated fair value of customer-related intangible assets determined using income approach  based on projected cash flows discounted to present value using discount rates consider timing risk of forecasted cash flows.\n discount rate used is average estimated value of market participant 2019s cost of capital and debt  derived using customary market metrics.\n other significant assumptions include terminal value margin rates  future capital expenditures future working capital requirements.\n acquired technology valued using replacement cost method required to estimate cost to construct asset of equivalent utility at prices available at time of valuation analysis with adjustments in value for physical deterioration functional and economic obsolescence.\n trademarks and trade names valued using relief-from-royalty approach.\n method assumes trade marks trade names have value to extent owner relieved of obligation to pay royalties for benefits received from them.\n method required to estimate future revenue for related brands , appropriate royalty rate weighted-average cost of capital.\ndiscount rate used is average estimated value of market participant 2019s cost of capital and debt derived using customary market metrics.\n weighted-average estimated amortization period for total acquired intangible assets is approximately 11 years.\n customer-related intangible assets have estimated amortization period 7-20 years.\n acquired technology estimated amortization period 5 years.\n trademarks and trade names estimated amortization period 7 years.\n covenants-not-to-compete amortization period 1-4 years.\n heartland 2019s revenues and operating income represented approximately 4% ( 4 % ) and less than 0. 5% ( 0. 5 % ) of total consolidated revenues and operating income for year ended may 31 , 2016.\n unaudited pro forma information shows results of operations for years ended may 31 , 2016 and may 31 , 2015 if merger with heartland occurred on june 1 , 2014.\n pro forma information reflects effects of applying accounting policies pro forma adjustments to combined historical financial information of global payments and heartland.\n pro forma adjustments include incremental amortization and depreciation expense incremental interest expense associated with new long-term debt reduction of revenues and operating expenses associated with fair value adjustments acquisition-method of accounting elimination of nonrecurring transaction costs related to merger.\n global payments.\n 2016 form 10-k annual report 2013 67\n\ncustomer-related intangible assets         | $ 977400\n------------------------------------------ | ---------\nacquired technology                        | 457000\ntrademarks and trade names                 | 176000\ncovenants-not-to-compete                   | 28640\ntotal estimated acquired intangible assets | $ 1639040"
}
{
    "_id": "dd4baf3ea",
    "title": "",
    "text": "net unfunded credit commitments.\n commitments to extend credit represent arrangements to lend funds subject to contractual conditions.\n at december 31 , 2007  commercial commitments reported net of $ 8. 9 billion of participations  assignments syndications primarily to financial services companies.\n comparable amount at december 31 , 2006 was $ 8. 3 billion.\n commitments have fixed expiration dates may require payment fee contain termination clauses in customer 2019s credit quality deteriorates.\n historical experience most commitments expire unfunded cash requirements less than total commitment.\n consumer home equity lines of credit accounted for 80% ( 80 % ) of consumer unfunded credit commitments.\n unfunded credit commitments related to market street totaled $ 8. 8 billion at december 31, 2007 and $ 5. 6 billion at december 31 , 2006 included in primarily within 201ccommercial 201d and 201cconsumer 201d categories.\n note 24 commitments and guarantees includes information regarding standby letters of credit and bankers acceptances.\n at december 31 , 2007 largest industry concentration for general medical and surgical hospitals accounted for approximately 5% ( 5 % ) of total letters of credit and bankers 2019 acceptances.\n at december 31 , 2007 pledged $ 1. 6 billion of loans to federal reserve bank ) and $ 33. 5 billion of loans to federal home loan bank ) as collateral for contingent ability to borrow if necessary.\n certain directors and executive officers of pnc and subsidiaries certain affiliated companies of were customers of had loans with subsidiary banks business.\n all loans were on substantially same terms including interest rates and collateral as prevailing time for comparable transactions other customers did not involve more than normal risk of collectibility or present other unfavorable features.\naggregate principal amounts loans were $ 13 million at december 31 , 2007 $ 18 million december 31 2006.\n during 2007 new loans $ 48 million funded repayments totaled $ 53 million.\n\ndecember 31 - in millions | 2007    | 2006\n------------------------- | ------- | -------\ncommercial                | $ 39171 | $ 31009\nconsumer                  | 10875   | 10495\ncommercial real estate    | 2734    | 2752\nother                     | 567     | 579\ntotal                     | $ 53347 | $ 44835"
}
{
    "_id": "dd4bc9f60",
    "title": "",
    "text": ".\n segment information 2013 concluded ) 1 included in net sales were export sales from u. s.\n of $ 246 million  $ 277 million $ 275 million in 2010  2009 2008  respectively.\n intra-company sales between segments represented two percent of net sales in 2010 three percent 2009 one percent in 2008.\n included in net sales were sales to one customer of $ 1993 million  $ 2053 million $ 2058 million in 2010 2009 2008  respectively.\n net sales included in segments : cabinets related products  plumbing products  decorative architectural products other specialty products.\n net sales from company 2019s operations in u. s.\n were $ 5618 million , $ 5952 million $ 7150 million in 2010  2009 2008  respectively.\n net sales  operating ( loss ) profit  property additions depreciation amortization expense for 2010  2009 2008 excluded results of businesses discontinued operations in 2010 2009 2008.\n included in segment operating ( loss ) profit for 2010 were impairment charges for goodwill other intangible assets plumbing products 2013 $ 1 million installation and other services 2013 $ 720 million.\n included in segment operating profit ( loss ) for 2009 impairment charges for goodwill : plumbing products 2013 $ 39 million other specialty products 2013 $ 223 million.\n included in segment operating profit ( loss ) for 2008 impairment charges for goodwill other intangible assets : cabinets and related products 2013 $ 59 million ; plumbing products 2013 $ 203 million installation and other services 2013 $ 52 million ; other specialty products 2013 $ 153 million.\n 7 general corporate expense , net included expenses not specifically attributable to company 2019s segments.\n( 8 ) during 2009 , company recognized curtailment loss related to plan to freeze future benefit accruals beginning january 1 , 2010 under company 2019s domestic qualified and non-qualified defined-benefit pension plans.\n see note m to consolidated financial statements.\n ( 9 ) charge for litigation settlement in 2009 relates to business unit in cabinets and related products segment.\n charge for litigation settlement 2008 relates to business unit in installation and other services segment.\n ( 10 ) see note l to consolidated financial statements.\n ( 11 ) long-lived assets of company 2019s operations in u. s.\n europe were $ 3684 million $ 617 million , $ 4628 million $ 690 million , $ 4887 million $ 770 million at december 31, 2010 , 2009 2008 , respectively.\n ( 12 ) segment assets for 2009 and 2008 excluded assets of businesses reported as discontinued operations.\n.\n other income ( expense ) , net included was as follows in millions:.\n masco corporation notes to consolidated financial statements 2014\n\n| 2010     | 2009 | 2008\n------------------------------------------------ | -------- | ---- | ----------\nincome from cash and cash investments            | $ 6      | $ 7  | $ 22\nother interest income                            | 1        | 2    | 2\nincome from financial investments net ( note e ) | 9        | 3    | 1\nother items net                                  | -9 ( 9 ) | 17   | -22 ( 22 )\ntotal other net                                  | $ 7      | $ 29 | $ 3"
}
{
    "_id": "dd4bf2852",
    "title": "",
    "text": "notional amounts derivative receivables marked to market ( 201cmtm 201d ) notional amounts ( a ) derivative receivables mtm as of december 31.\n notional amounts represent gross sum of long and short third-party notional derivative contracts  excluding written options foreign exchange spot contracts exceed possible credit losses from such transactions.\n for most derivative transactions notional principal amount not change hands ; used as reference to calculate payments.\n b firm held $ 33 billion collateral against derivative receivables as of december 31, 2005  $ 27 billion net cash received under credit support annexes to legally enforceable master netting agreements $ 6 billion other liquid securities collateral.\n benefit of $ 27 billion reflected within $ 50 billion of derivative receivables.\n excluded from $ 33 billion of collateral is $ 10 billion of collateral delivered by clients at initiation of transactions ; collateral secures exposure in derivatives portfolio should client 2019s transactions move in firm 2019s favor.\n excluded are credit enhancements in form of letters of credit surety receivables.\n c firm held $ 41 billion of collateral against derivative receivables as of december 31 , 2004 $ 32 billion in net cash received under credit support annexes to legally enforceable master netting agreements $ 9 billion other liquid securities collateral.\n benefit of $ 32 billion reflected within $ 66 billion of derivative receivables.\n excluded from $ 41 billion of collateral is $ 10 billion of collateral delivered by clients at initiation of transactions ; collateral secures exposure arise in derivatives portfolio should client 2019s transactions move in firm 2019s favor.\n excluded are credit enhancements in form of letters of credit and surety receivables.\n management 2019s discussion and analysis jpmorgan chase & co.\n68 jpmorgan chase & co.\n / 2005 annual report 1 year 2 years 5 years 10 years mdp avgavgdredre exposure profile of derivatives measures december 31 , 2005 ( in billions ) table summarizes aggregate notional amounts reported derivative receivables (. mtm or fair value of derivative contracts after effects of legally enforceable master netting agreements ) at each dates indicated : mtm of derivative receivables contracts represents cost to replace contracts at current market rates should counterparty default.\n when jpmorgan chase has more than one transaction outstanding with counter- party , and legally enforceable master netting agreement exists with counterparty , netted mtm exposure , less collateral held  represents in firm 2019s view appropriate measure of current credit risk.\n net mtm value of derivative receivables does not capture potential future variability of credit exposure.\n to capture potential future variability credit exposure firm calculates  client-by-client basis  three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) average exposure ( 201cavg 201d ).\n these measures all incorporate netting and collateral benefits  where applicable.\n peak exposure to counterparty is extreme measure of exposure calculated at 97. 5% ( 97. 5 % ) confidence level.\n total potential future credit risk in firm 2019s derivatives portfolio is not simple sum of all peak client credit risks.\n at portfolio level  credit risk is reduced by when offsetting transactions done with separate counter- parties  only one of two trades can generate credit loss  even if both counterparties default simultaneously.\nfirm refers to this effect as market diversification  market-diversified peak ( 201cmdp 201d ) measure is a portfolio aggregation of counterparty peak measures representing maximum losses at 97. 5% ( 97. 5 % ) confidence level if all coun- terparties defaulted under any one given market scenario and time frame.\n derivative risk equivalent ( 201cdre 201d ) exposure is measure expresses riskiness of derivative exposure equivalent to riskiness of loan exposures.\n measurement by equating unexpected loss in derivative counterparty exposure ( loss volatility and credit rating counterparty ) with unexpected loss in loan exposure ( only credit rating counterparty ).\n dre is less extreme measure of potential credit loss than peak primary measure used by firm for credit approval of derivative transactions.\n average exposure ( 201cavg 201d ) is measure of expected mtm value of firm 2019s derivative receivables at future time periods including benefit of collateral.\n avg exposure over total life of derivative contract is used as primary metric for pricing purposes and used to calculate credit capital and credit valuation adjustment ( 201ccva 201d ) .\n average exposure was $ 36 billion and $ 38 billion at december 31 , 2005 and 2004 , respectively compared with derivative receivables mtm net of other highly liquid collateral of $ 44 billion and $ 57 billion at december 31, 2005 and 2004 ,.\n graph below shows exposure profiles to derivatives over next 10 years as calculated by mdp , dre and avg metrics.\n all three measures generally show declining exposure after first year  if no new trades added to portfolio.\n\nas of december 31 , ( in billions )           | as of december 31 , 2005 | as of december 31 , 2004 | 2005       | 2004\n--------------------------------------------- | ------------------------ | ------------------------ | ---------- | ----------\ninterest rate                                 | $ 38493                  | $ 37022                  | $ 30       | $ 46\nforeign exchange                              | 2136                     | 1886                     | 3          | 8\nequity                                        | 458                      | 434                      | 6          | 6\ncredit derivatives                            | 2241                     | 1071                     | 4          | 3\ncommodity                                     | 265                      | 101                      | 7          | 3\ntotal                                         | $ 43593                  | $ 40514                  | 50         | 66\ncollateral held againstderivative receivables | na                       | na                       | -6 ( 6 )   | -9 ( 9 )\nexposure net of collateral                    | na                       | na                       | $ 44 ( b ) | $ 57 ( c )"
}
{
    "_id": "dd4bd18a0",
    "title": "",
    "text": "jpmorgan chase & co. /2012 annual report 167 chart shows for year ended december 31 , 2012  firm posted market risk related gains on 220 of 261 days period gains on eight days exceeding $ 200 million.\n chart includes year to date losses in synthetic credit portfolio.\n cib and credit portfolio posted market risk-related gains on 254 days period.\n inset graph looks at days firm experienced losses depicts amount by var exceeded actual loss on each days.\n losses sustained on 41 days of 261 days trading period , firm sustained losses exceeded var measure on three of days.\n losses in excess of var all occurred in second quarter of 2012 due to adverse effect of market movements on risk positions in synthetic credit portfolio held by cio.\n during year ended december 31 , 2012  cib and credit portfolio experienced seven loss days ; none losses days exceeded respective var measures.\n other risk measures debit valuation adjustment sensitivity table provides information about gross sensitivity of dva to one-basis-point increase in jpmorgan chase 2019s credit spreads.\n sensitivity represents impact from one-basis-point parallel shift in jpmorgan chase 2019s entire credit curve.\n sensitivity at single point in time multiplied by change in credit spread at single maturity point may not be representative of actual dva gain or loss realized within period.\n actual results reflect movement in credit spreads across various maturities  typically not move parallel fashion product of constantly changing exposure profile , among other factors.\n debit valuation adjustment sensitivity ( in millions ) one basis-point increase in jpmorgan chase 2019s credit spread.\n economic-value stress testing with var  stress testing important in measuring and controlling risk.\nvar reflects risk of loss due to adverse changes in markets using recent historical market behavior as indicator losses stress testing captures firm 2019s exposure to unlikely but plausible events in abnormal markets.\n firm runs weekly stress tests on market-related risks across lines business using multiple scenarios assume significant changes in risk factors credit spreads equity prices interest rates currency rates commodity prices.\n framework uses grid-based approach calculates multiple magnitudes of stress for market rallies and market sell-offs\n\n( in millions )  | one basis-point increase injpmorgan chase 2019s credit spread\n---------------- | -------------------------------------------------------------\ndecember 31 2012 | $ 34\ndecember 31 2011 | 35"
}
{
    "_id": "dd4b90684",
    "title": "",
    "text": "92  2017 form 10-k finite-lived intangible assets amortized over estimated useful lives tested for impairment if events or changes circumstances indicate asset be impaired.\n in 2016  gross customer relationship intangibles of $ 96 million related accumulated amortization $ 27 million gross intellectual property intangibles of $ 111 million accumulated amortization $ 48 million from resource industries segment impaired.\n fair value of intangibles determined to insignificant based on income approach using expected cash flows.\n fair value determination categorized as level 3 in fair value hierarchy due to use of internal projections unobservable measurement inputs.\n total impairment of $ 132 million result of restructuring activities included in other operating ( income ) expense in statement 1.\n see note 25 for information on restructuring costs.\n amortization expense related to intangible assets was $ 323 million, $ 326 million $ 337 million for 2017 , 2016 2015  respectively.\n as of december 31 , 2017 amortization expense related to intangible assets expected to be : ( millions of dollars ).\n.\n goodwill no goodwill impairments during 2017 or 2015.\n annual impairment tests in fourth quarter of 2016 indicated fair value of each reporting unit substantially above respective carrying value including goodwill exception of surface mining & technology reporting unit.\n surface mining & technology reporting unit serves mining industry part of resource industries segment.\n goodwill assigned to reporting unit from acquisition of bucyrus international  inc.\n in 2011.\n product portfolio includes large mining trucks  electric rope shovels draglines  hydraulic shovels related parts.\n surface mining & technology develops and sells technology products services to provide customer fleet management  equipment management analytics autonomous machine capabilities.\nannual impairment test completed in fourth quarter of 2016 indicated fair value of surface mining & technology below carrying value requiring second step of goodwill impairment test process.\n fair value of surface mining & technology determined primarily using income approach based on discounted ten year cash flow.\n assigned fair value to surface mining & technology 2019s assets liabilities using valuation techniques required assumptions about royalty rates dealer attrition technological obsolescence discount rates.\n resulting implied fair value of goodwill below carrying value.\n recognized goodwill impairment charge of $ 595 million resulted in goodwill of $ 629 million remaining for surface mining & technology as of october 1, 2016.\n fair value determination categorized as level 3 in fair value hierarchy due to use of internal projections unobservable measurement inputs.\n $ 17 million tax benefit associated with impairment charge.\n\n2018  | 2019  | 2020  | 2021  | 2022  | thereafter\n----- | ----- | ----- | ----- | ----- | ----------\n$ 322 | $ 316 | $ 305 | $ 287 | $ 268 | $ 613"
}
{
    "_id": "dd4979e04",
    "title": "",
    "text": "analysis of our depreciation studies.\n changes in estimated service lives of assets and related depreciation rates implemented prospectively.\n under group depreciation  historical cost ( net of salvage ) of depreciable property retired or replaced in ordinary course business charged to accumulated depreciation no gain or loss recognized.\n historical cost of certain track assets estimated using i ) inflation indices published by bureau of labor statistics and ii ) estimated useful lives of assets as determined by depreciation studies.\n indices selected because correlate with major costs of properties applicable track asset classes.\n because of number of estimates inherent in depreciation and retirement processes impossible to precisely estimate each variables until group of property is completely retired we continually monitor estimated service lives of assets and accumulated depreciation associated with each asset class to ensure depreciation rates appropriate.\n in we determine if recorded amount of accumulated depreciation is deficient ( or in excess ) of amount indicated by depreciation studies.\n any deficiency ( or excess ) is amortized as component of depreciation expense over remaining service lives of applicable classes of assets.\n for retirements of depreciable railroad properties not occur in normal course of business gain or loss may be recognized if retirement meets each of following three conditions : i ) is unusual , ii ) material in amount  iii ) varies significantly from retirement profile identified through depreciation studies.\n gain or loss recognized in other income when we sell land or dispose of assets not part of railroad operations.\n when we purchase asset  we capitalize all costs necessary to make asset ready for intended use.\n many of assets are self-constructed.\nlarge portion of capital expenditures for replacement of existing track assets other road properties typically performed by employees for track line expansion other capacity projects.\n costs directly attributable to capital projects ( including overhead costs ) are capitalized.\n direct costs capitalized as part of self- constructed assets include material  labor  work equipment.\n indirect costs capitalized if relate to construction of asset.\n general and administrative expenditures expensed as incurred.\n normal repairs and maintenance also expensed as incurred costs that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.\n costs allocated using appropriate statistical bases.\n total expense for repairs maintenance incurred was $ 2. 4 billion for 2014  $ 2. 3 billion for 2013  $ 2. 1 billion for 2012.\n assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n 13.\n accounts payable other current liabilities dec.\n 31 , dec.\n 31 , millions 2014 2013.\n\nmillions                                            | dec . 31 2014 | dec . 312013\n--------------------------------------------------- | ------------- | ------------\naccounts payable                                    | $ 877         | $ 803\ndividends payable                                   | 438           | 356\nincome and other taxes payable                      | 412           | 491\naccrued wages and vacation                          | 409           | 385\naccrued casualty costs                              | 249           | 207\ninterest payable                                    | 178           | 169\nequipment rents payable                             | 100           | 96\nother                                               | 640           | 579\ntotal accounts payable and othercurrent liabilities | $ 3303        | $ 3086"
}
{
    "_id": "dd4c50f60",
    "title": "",
    "text": "company financed acquisition with proceeds from $ 1. 0 billion three-year term loan credit facility, $ 1. 5 billion in unsecured notes  issuance of 61 million shares of aon common stock.\n outstanding hewitt stock options converted into options to purchase 4. 5 million shares of aon common stock.\n items detailed in note 9 2018 2018debt 2019 2019 and note 12 2018 2018stockholders 2019 equity 2019.\n transaction accounted for using acquisition method of accounting requires most assets acquired and liabilities assumed be recognized at fair values as of acquisition date.\n following table summarizes preliminary amounts recognized for assets acquired liabilities assumed as of acquisition date.\n certain estimated values not yet finalized subject to change could be.\n company will finalize amounts recognized as information necessary analyses is obtained.\n company expects to finalize amounts as soon as possible no later than one year from acquisition table summarizes preliminary values of assets acquired and liabilities assumed as of acquisition date ( in millions ) : amounts recorded as of acquisition.\n ( 1 ) includes cash and cash equivalents  short-term investments  client receivables other current assets  accounts payable other current liabilities.\n ( 2 ) includes deferred contract costs long-term investments.\n ( 3 ) includes unfavorable lease obligations and deferred contract revenues.\n ( 4 ) included in other current assets ( $ 31 million ) , deferred tax assets ( $ 62 million ) , other current liabilities ( $ 32 million ) deferred tax liabilities ( $ 1. 1 billion ) in company 2019s consolidated statements of financial position.\n acquired customer relationships amortized over weighted average life of 12 years.\ntechnology asset amortized over 7 years trademarks determined to have indefinite useful lives.\n goodwill is calculated as excess of consideration transferred over net assets acquired and represents synergies and other benefits expected to arise from combining operations of hewitt with operations of aon , and future economic benefits arising from other\n\n| amountsrecorded as ofthe acquisitiondate\n------------------------------------------- | ----------------------------------------\nworking capital ( 1 )                       | $ 391\nproperty equipment and capitalized software | 319\nidentifiable intangible assets:             |\ncustomer relationships                      | 1800\ntrademarks                                  | 890\ntechnology                                  | 215\nother noncurrent assets ( 2 )               | 344\nlong-term debt                              | 346\nother noncurrent liabilities ( 3 )          | 361\nnet deferred tax liability ( 4 )            | 1035\nnet assets acquired                         | 2217\ngoodwill                                    | 2715\ntotal consideration transferred             | $ 4932"
}
{
    "_id": "dd4c4c91a",
    "title": "",
    "text": "2 0 1 9 a n n u a l r e p o r t1 6 performance graph chart presents comparison for five-year period ended june 30 , 2019 of market performance of company 2019s common stock with s&p 500 index and index of peer companies selected by company.\n historic stock price performance not indicative of future stock price performance.\n comparison of 5 year cumulative total return among jack henry & associates , inc. s&p 500 index peer group information depicts line graph with values:.\n comparison assumes $ 100 invested on june 30, 2014 assumes reinvestments of dividends.\n total returns calculated according to market capitalization of peer group members at beginning of each period.\n peer companies selected in providing specialized computer software , hardware related services to financial institutions other businesses.\n some peer participant companies different for fiscal year ended 2019 compared to fiscal year ended 2018.\n company 2019s compensation committee board of directors adjusted peer participants due to consolidations industry during 2019 fiscal year.\n companies in 2019 peer group are aci worldwide , inc. black knight  inc. bottomline technologies . broadridge financial solutions  inc. cardtronics plc ; corelogic . euronet worldwide . exlservice holdings  inc. fair isaac corp. fidelity national information services  inc. fiserv  inc. fleetcor technologies  inc. global payments  inc. square , inc. ss&c technologies holdings  inc. total system services  inc. tyler technologies . verint systems  inc. wex , inc.\n companies in 2018 peer group were aci worldwide , inc. bottomline technology  inc. broadridge financial solutions ; cardtronics  inc. corelogic , inc.euronet worldwide  inc. ; fair isaac corp. ; fidelity national information services . ; fiserv  inc. ; global payments . moneygram international . ss&c technologies holdings. ; total systems services . ; tyler technologies . ; verifone\n\n| 2014   | 2015   | 2016   | 2017   | 2018   | 2019\n--------------- | ------ | ------ | ------ | ------ | ------ | ------\njkhy            | 100.00 | 110.51 | 151.12 | 182.15 | 231.36 | 240.29\n2019 peer group | 100.00 | 126.23 | 142.94 | 166.15 | 224.73 | 281.09\n2018 peer group | 100.00 | 127.40 | 151.16 | 177.26 | 228.97 | 286.22\ns&p 500         | 100.00 | 107.42 | 111.71 | 131.70 | 150.64 | 166.33"
}
{
    "_id": "dd4c4ef80",
    "title": "",
    "text": "2011 2012 2013 2014 2015 2016 comparison of five-year cumulative total shareholder return altria group , inc.\n altria peer group s&p 500 part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.\n performance graph graph compares cumulative total shareholder return of altria group , inc. 2019s common stock last ive years with cumulative total return same period of s&p 500 index and altria group  inc.\n peer group ( 1 ).\n graph assumes investment of $ 100 in common stock each indices market close december 31, 2011 reinvestment of all dividends quarterly basis.\n source : bloomberg - 201ctotal return analysis 201d calculated daily basis assumes reinvestment of dividends ex-dividend date.\n 1 ) in 2016  altria group , inc.\n peer group consisted of. s. -headquartered consumer product companies competitors to altria group , inc. 2019s tobacco operating companies subsidiaries selected basis revenue or market capitalization : campbell soup company coca-cola company colgate-palmolive company conagra brands , inc. general mills , inc. hershey company kellogg company kimberly-clark corporation  kraft heinz company mondel 0113z international , inc. pepsico , inc.\n reynolds american inc.\n note october 1 , 2012  kraft foods inc.\n kft spun off kraft foods group , inc.\n to shareholders changed name from kraft foods inc.\n to mondel 0113z international , inc.\n mdlz.\n july 2 , 2015  kraft foods group , inc.\nmerged with into wholly owned subsidiary of h. j.\n heinz holding corporation renamed kraft heinz company ( khc ).\n on june 12 , 2015  reynolds american inc.\n ( rai ) acquired lorillard .\n ( lo ).\n november 9 , 2016  conagra foods.\n ( cag ) spun off lamb weston holdings.\n ( lw ) to shareholders changed name from conagra foods.\n to conagra brands .\n ( cag ).\n altria altria group .\n group.\n peer group s&p 500\n\ndate          | altria group inc . | altria group inc . peer group | s&p 500\n------------- | ------------------ | ----------------------------- | --------\ndecember 2011 | $ 100.00           | $ 100.00                      | $ 100.00\ndecember 2012 | $ 111.77           | $ 108.78                      | $ 115.99\ndecember 2013 | $ 143.69           | $ 135.61                      | $ 153.55\ndecember 2014 | $ 193.28           | $ 151.74                      | $ 174.55\ndecember 2015 | $ 237.92           | $ 177.04                      | $ 176.94\ndecember 2016 | $ 286.61           | $ 192.56                      | $ 198.09"
}
{
    "_id": "dd4c040c0",
    "title": "",
    "text": "changes in performance retention awards during 2009 : shares ( thous. ) weighted-average grant-date fair value.\n at december 31 , 2009 $ 22 million of total unrecognized compensation expense related to nonvested performance retention awards expected to be recognized over period 1. 3 years.\n portion of expense subject to achievement of roic levels for performance stock unit grants.\n 5.\n retirement plans pension other postretirement benefits pension plans 2013 provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified ( supplemental ) pension plans.\n qualified pension benefits based on years of service highest compensation during latest years of employment specific reductions for early retirements.\n other postretirement benefits opeb ) 2013 provide defined contribution medical and life insurance benefits for eligible retirees.\n benefits funded as medical claims and life insurance premiums plan amendment effective january 1, 2010 medicare-eligible retirees enrolled in union pacific retiree medical program receive contribution to health reimbursement account used to pay eligible out-of-pocket medical expenses.\n impact of plan amendment reflected in projected benefit obligation ( pbo ) at december 31 , 2009.\n funded status required by gaap to separately recognize overfunded or underfunded status of pension and opeb plans as asset or liability.\n funded status represents difference between pbo and fair value of plan assets.\n pbo is present value of benefits earned to date by plan participants including effect of assumed future salary increases.\n pbo of opeb plan equal to accumulated benefit obligation present value of opeb liabilities not affected by salary increases.\n plan assets measured at fair value.\n use december 31 measurement date for plan assets and obligations for all retirement plans.\n\n| shares ( thous. ) | weighted-averagegrant-date fair value\n----------------------------- | ----------------- | -------------------------------------\nnonvested at january 1 2009   | 873               | $ 50.70\ngranted                       | 449               | 47.28\nvested                        | -240 ( 240 )      | 43.23\nforfeited                     | -22 ( 22 )        | 53.86\nnonvested at december 31 2009 | 1060              | $ 50.88"
}
{
    "_id": "dd4bc86ce",
    "title": "",
    "text": "entergy arkansas , inc.\n management financial discussion analysis fuel purchased power expenses increased due to increased recovery of deferred fuel purchased power costs due to increase in april 2004 in energy cost recovery rider true-ups to 2003 and 2002 energy cost recovery rider filings.\n other regulatory credits decreased due to over-recovery of grand gulf costs due to increase in grand gulf rider effective january 2004.\n 2003 compared to 2002 net revenue  entergy arkansas' measure of gross margin consists of operating revenues net of fuel , fuel-related  purchased power expenses 2 ) other regulatory credits.\n analysis of change in net revenue comparing 2003 to 2002.\n march 2002 settlement agreement resolved request for recovery of ice storm costs incurred in december 2000 with offset costs for funds to pay for future stranded costs.\n 1997 settlement provided for collection of earnings in excess of 11% ( 11 % ) return on equity in transition cost account ( tca ) to offset stranded costs if retail open access implemented.\n mid- late december 2000 two ice storms left 226000 and 212500 entergy arkansas customers without electric power in service area.\n entergy arkansas filed proposal to recover costs plus carrying charges associated with power restoration caused by ice storms.\n final storm damage cost determination reflected costs of approximately $ 195 million.\n apsc approved settlement agreement submitted in march 2002 by entergy arkansas apsc staff arkansas attorney general.\n march 2002 settlement parties agreed $ 153 million of ice storm costs be classified as incremental ice storm expenses be offset against tca on rate class basis excess of ice storm costs over amount available in tca be deferred and amortized over 30 years excess costs not allowed to included as separate component of rate base.\nallocated ice storm expenses exceeded available tca funds by $ 15. 8 million recorded as regulatory asset in june 2002.\n in accordance with settlement agreement following apsc's approval of 2001 earnings review related to tca entergy arkansas filed to return $ 18. 1 million of tca to large general service class customers paid more into tca than allocation storm costs.\n apsc approved return of funds to large general service customer class in of refund checks in august 2002.\n implementation march 2002 settlement agreement provisions tca procedure ceased with 2001 earnings evaluation.\n of remaining ice storm costs , $ 32. 2 million addressed through established ratemaking procedures including $ 22. 2 million as capital additions $ 3. 8 million of ice storm costs not recovered through rates.\n effect on net income of march 2002 settlement agreement and 2001 earnings review was a $ 2. 2 million increase in 2003  decrease in net revenue offset by decrease in operation and maintenance expenses discussed.\n\n| ( in millions )\n------------------------------- | ----------------\n2002 net revenue                | $ 1095.9\nmarch 2002 settlement agreement | -154.0 ( 154.0 )\nvolume/weather                  | -7.7 ( 7.7 )\nasset retirement obligation     | 30.1\nnet wholesale revenue           | 16.6\ndeferred fuel cost revisions    | 10.2\nother                           | 7.6\n2003 net revenue                | $ 998.7"
}
{
    "_id": "dd4b96ca0",
    "title": "",
    "text": "lkq corporation subsidiaries notes to consolidated financial statements continued ) note 5.\n long-term obligations continued ) consideration for business acquisitions completed during 2007 , 2006 2005  issued promissory notes totaling approximately $ 1. 7 million , $ 7. 2 million $ 6. 4 million , respectively.\n notes bear interest at annual rates of 3. 0% ( 3. 0 % ) to 6. 0% ( 6. 0 % )  interest payable at maturity or in monthly installments.\n assumed liabilities with business acquisition during second quarter of 2005 including promissory note with remaining principle balance of approximately $ 0. 2 million.\n annual interest rate on note  retired during 2006 , was note 6.\n commitments contingencies operating leases obligated under noncancelable operating leases for corporate office space , warehouse distribution facilities , trucks certain equipment.\n future minimum lease commitments under leases at december 31, 2007 are as follows ( in thousands ) : years ending december 31:.\n rental expense for operating leases was approximately $ 27. 4 million , $ 18. 6 million $ 12. 2 million during years ended december 31 , 2007 , 2006 2005 .\n guaranty residual values of majority of truck and equipment operating leases.\n residual values decline over lease terms to defined percentage of original cost.\n event lessor does not realize residual value when equipment sold  we responsible for portion of shortfall.\n if lessor realizes more than residual value when equipment sold  be paid amount realized over residual value.\n terminated all operating leases subject to these guaranties at december 31 , 2007  guarantied residual value would have totaled approximately $ 24. 0 million.\nlitigation related contingencies december 2 , 2005  ford global technologies , llc ( 2018 2018ford 2019 2019 ) filed complaint united states international trade commission ( 2018 2018usitc 2019 2019 ) against keystone five other respondents including four taiwan-based manufacturers.\n december 12 , 2005  ford filed amended complaint.\n both complaint complaint contended keystone other respondents infringed 14 design patents ford alleges cover eight parts 2004-2005\n\n2008                          | $ 42335\n----------------------------- | --------\n2009                          | 33249\n2010                          | 25149\n2011                          | 17425\n2012                          | 11750\nthereafter                    | 28581\nfuture minimum lease payments | $ 158489"
}
{
    "_id": "dd4b88920",
    "title": "",
    "text": "2mar201707015999 ( c ) in october 2016, accelerated share repurchase ( 2018 2018asr 2019 2019 ) agreement concluded received additional 44 thousand shares of common stock.\n shares purchased pursuant asr agreement presented in table above periods received.\n performance graph following graph compares performance our common stock with s&p 500 index s&p 500 healthcare equipment index.\n cumulative total return below assumes initial investment of $ 100 at market close december 30, 2011 reinvestment of dividends.\n comparison of 5 year cumulative total return 2011 2012 2016201520142013 edwards lifesciences corporation s&p 500 s&p 500 healthcare equipment index december 31.\n\ntotal cumulative return            | 2012     | 2013    | 2014     | 2015     | 2016\n---------------------------------- | -------- | ------- | -------- | -------- | --------\nedwards lifesciences               | $ 127.54 | $ 93.01 | $ 180.17 | $ 223.42 | $ 265.06\ns&p 500                            | 116.00   | 153.58  | 174.60   | 177.01   | 198.18\ns&p 500 healthcare equipment index | 117.42   | 150.28  | 181.96   | 194.37   | 207.46"
}
{
    "_id": "dd4c1618a",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion analysis operating expenses expenses influenced by compensation  headcount business activity.\n compensation benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.\n discretionary compensation impacted by net revenues  financial performance labor markets business mix structure of share- based compensation programs external environment.\n see 201cuse of estimates 201d for additional information about expenses from litigation regulatory proceedings.\n table below presents operating expenses and total staff ( includes employees consultants temporary staff ).\n 1.\n consists of changes in reserves related to americas reinsurance business including interest credited to policyholder account balances  expenses related to property catastrophe reinsurance claims.\n in april 2013 completed sale of majority stake in americas reinsurance business no longer consolidate this business.\n 2.\n includes provisions of $ 3. 37 billion recorded during 2015 for agreement in principle with rmbs working group.\n see note 27 to consolidated financial statements for information about agreement.\n 2015 versus 2014.\n operating expenses on consolidated statements of earnings were $ 25. 04 billion for 2015 13% ( 13 % ) higher than 2014.\n compensation and benefits expenses on consolidated statements earnings were $ 12. 68 billion for 2015 unchanged compared with 2014.\n ratio of compensation and benefits to net revenues for 2015 was 37. 5% ( 37. 5 % ) compared with 36. 8% ( 36. 8 % ) for 2014.\n total staff increased 8% ( 8 % ) during 2015 due to activity levels in certain businesses continued investment in regulatory compliance.\n non-compensation expenses on consolidated statements of earnings were $ 12.36 billion for 2015 30% ( 30 % ) higher than 2014 due to higher net provisions for mortgage-related litigation regulatory matters included in other expenses.\n increase partially offset by lower depreciation amortization expenses reflecting lower impairment charges related to consolidated investments reduction in expenses related to sale of metro in fourth quarter of 2014.\n net provisions for litigation regulatory proceedings for 2015 were $ 4. 01 billion compared with $ 754 million for 2014 primarily net provisions for mortgage-related matters ).\n 2015 included $ 148 million charitable contribution to goldman sachs gives donor-advised fund.\n compensation reduced to fund charitable contribution.\n firm asks managing directors to make recommendations regarding potential charitable recipients for contribution.\n 2014 versus 2013.\n operating expenses on consolidated statements earnings were $ 22. 17 billion for 2014 unchanged compared with 2013.\n compensation and benefits expenses on were $ 12. 69 billion for 2014 unchanged compared with 2013.\n ratio of compensation and benefits to net revenues for 2014 was 36. 8% ( 36. 8 % ) compared with 36. 9% ( 36. 9 % ) for 2013.\n total staff increased 3% ( 3 % ) during 2014.\n non-compensation expenses were $ 9. 48 billion for 2014 4% ( 4 % ) lower than 2013.\n decrease compared with 2013 included decrease in other expenses due to lower net provisions for litigation regulatory proceedings lower operating expenses related to consolidated investments decline in insurance reserves reflecting sale of americas reinsurance business in 2013.\n decreases partially offset by increase in brokerage  clearing  exchange distribution fees.\nnet provisions for litigation regulatory proceedings for 2014 were $ 754 million compared with $ 962 million 2013 ( primarily net provisions mortgage-related matters ).\n 2014 included charitable contribution $ 137 million to goldman sachs gives  donor-advised fund.\n compensation reduced to fund this charitable contribution.\n firm asks managing directors to make recommendations potential charitable recipients for this contribution.\n 58 goldman sachs 2015 form 10-k\n\n$ in millions                                    | year ended december 2015 | year ended december 2014 | year ended december 2013\n------------------------------------------------ | ------------------------ | ------------------------ | ------------------------\ncompensation and benefits                        | $ 12678                  | $ 12691                  | $ 12613\nbrokerage clearing exchange anddistribution fees | 2576                     | 2501                     | 2341\nmarket development                               | 557                      | 549                      | 541\ncommunications and technology                    | 806                      | 779                      | 776\ndepreciation and amortization                    | 991                      | 1337                     | 1322\noccupancy                                        | 772                      | 827                      | 839\nprofessional fees                                | 963                      | 902                      | 930\ninsurance reserves1                              | 2014                     | 2014                     | 176\nother expenses2                                  | 5699                     | 2585                     | 2931\ntotal non-compensation expenses                  | 12364                    | 9480                     | 9856\ntotal operating expenses                         | $ 25042                  | $ 22171                  | $ 22469\ntotal staff at period-end                        | 36800                    | 34000                    | 32900"
}
{
    "_id": "dd4b953dc",
    "title": "",
    "text": "five-year performance comparison 2013 graph indicator of cumulative total shareholder returns for corporation compared to peer group index ) , dj trans  s&p 500.\n graph assumes $ 100 invested in common stock of union pacific corporation and each index on december 31 , 2009 all dividends reinvested.\n information historical not indicative of future performance.\n purchases of equity securities 2013 during 2014  repurchased 33035204 shares of common stock at average price of $ 100. 24.\n table presents common stock repurchases during each month for fourth quarter of 2014 : period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plan or program maximum number of shares may yet be purchased under plan or program.\n total number of shares purchased during quarter includes approximately 15587 shares delivered or attested to upc by employees to pay stock option exercise prices, satisfy excess tax withholding obligations for stock option exercises or vesting of retention units  pay withholding obligations for vesting of retention shares.\n effective january 1 , 2014  board of directors authorized repurchase of up to 120 million shares of common stock by december 31 , 2017.\n repurchases may be made on open market or through other transactions.\n management has sole discretion determining timing and amount of transactions.\n\nperiod                   | total number ofsharespurchased[a] | averageprice paidpershare | total number of sharespurchased as part of apublicly announcedplan or program [b] | maximum number ofshares that may yetbe purchased under the planor program [b]\n------------------------ | --------------------------------- | ------------------------- | --------------------------------------------------------------------------------- | -----------------------------------------------------------------------------\noct . 1 through oct . 31 | 3087549                           | $ 107.59                  | 3075000                                                                           | 92618000\nnov . 1 through nov . 30 | 1877330                           | 119.84                    | 1875000                                                                           | 90743000\ndec . 1 through dec . 31 | 2787108                           | 116.54                    | 2786400                                                                           | 87956600\ntotal                    | 7751987                           | $ 113.77                  | 7736400                                                                           | n/a"
}
{
    "_id": "dd4b9ae72",
    "title": "",
    "text": "graph shows five-year comparison cumulative shareholder return common stock with cumulative total return standard & poor 2019s ( s&p ) mid cap 400 index russell 1000 index both published indices.\n comparison five-year cumulative total return from december 31 2011 to december 31  2016 assumes $ 100 invested reinvestment dividends period indexed returns.\n 2011 2012 2013 2014 2015 2016 smith ( a o ) corp s&p midcap 400 index russell 1000 index\n\ncompany/index             | baseperiod 12/31/11 | baseperiod 12/31/12 | baseperiod 12/31/13 | baseperiod 12/31/14 | baseperiod 12/31/15 | 12/31/16\n------------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | --------\na . o . smith corporation | 100.0               | 159.5               | 275.8               | 292.0               | 401.0               | 501.4\ns&p mid cap 400 index     | 100.0               | 117.9               | 157.4               | 172.8               | 169.0               | 204.1\nrussell 1000 index        | 100.0               | 116.4               | 155.0               | 175.4               | 177.0               | 198.4"
}
{
    "_id": "dd4b92e48",
    "title": "",
    "text": "grand gulf recovery variance due to increased recovery of higher costs from grand gulf uprate.\n volume/weather variance due to effects of favorable weather on residential sales and increase in industrial sales due to growth in refining segment.\n fuel recovery variance due to : 2022 deferral of increased capacity costs recovered through fuel adjustment clauses ; 2022 expiration of evangeline gas contract on january 1, 2013 ; 2022 adjustment to deferred fuel costs recorded in third quarter 2012 in accordance with rate order from puct issued in september 2012.\n see note 2 to financial statements for further discussion of puct order issued in entergy texas's 2011 rate case.\n miso deferral variance due to deferral in april 2013 approved by apsc  of costs incurred since march 2010 related to transition and implementation of joining miso rto.\n decommissioning trusts variance due to lower regulatory credits from higher realized income on decommissioning trust fund investments.\n no effect on net income as credits offset by interest and investment income.\n entergy wholesale commodities following analysis of change in net revenue comparing 2013 to 2012.\n amount ( in millions ).\n table net revenue for entergy wholesale commodities decreased by approximately $ 52 million in 2013 due to : 2022 effect of rising forward power prices on electricity derivative instruments not designated as hedges additional financial power sales conducted in fourth quarter 2013 to offset planned exercise of in-the-money protective call options to lock in margins.\n additional sales did not qualify for hedge accounting treatment increases in forward prices after sales made accounted for majority of negative mark-to-market variance.\n expected underlying transactions will result in earnings in first quarter 2014 as positions settle.\nnote 16 to financial statements for discussion derivative instruments ; 2022 decrease in net revenue compared to prior year from exercise resupply options for in purchase power agreements entergy wholesale commodities elect to supply power from another source when plant not running.\n amounts related to exercise resupply options included in gwh billed in table below ; entergy corporation subsidiaries management's financial discussion and analysis\n\n| amount ( in millions )\n------------------------------ | ----------------------\n2012 net revenue               | $ 1854\nmark-to-market                 | -58 ( 58 )\nnuclear volume                 | -24 ( 24 )\nnuclear fuel expenses          | -20 ( 20 )\nnuclear realized price changes | 58\nother                          | -8 ( 8 )\n2013 net revenue               | $ 1802"
}
{
    "_id": "dd4bef5da",
    "title": "",
    "text": "page 26 of 100 calculation of adjusted net earnings summarized.\n debt facilities refinancing interest-bearing debt at december 31 , 2010 increased $ 216. 1 million to $ 2. 8 billion from $ 2. 6 billion at december 31 , 2009.\n december 2010 ball replaced senior credit facilities due october 2011 with new senior credit facilities due december 2015.\n senior credit facilities bear interest at variable rates include $ 200 million term a loan in.\n dollars  a351 million term b loan in british sterling 20ac100 million term c loan in euros.\n facilities include 1 multi-currency  long-term revolving credit facility company up to approximately $ 850 million 2 ) french multi-currency revolving facility up to $ 150 million.\n revolving credit facilities expire december 2015.\n november 2010  ball issued $ 500 million of new 5. 75 percent senior notes due may 2021.\n net proceeds used to repay borrowings under term d loan facility for general corporate purposes.\n march 2010 ball issued $ 500 million of new 6. 75 percent senior notes due september 2020.\n company issued notice of redemption to call $ 509 million in 6. 875 percent senior notes due december 2012 at redemption price of 101. 146 percent of outstanding principal amount plus accrued interest.\n redemption of bonds occurred april 21, 2010  resulted in charge of $ 8. 1 million for call premium write off of unamortized financing costs and unamortized premiums.\n charge included in 2010 statement of earnings as component of interest expense.\n at december 31 , 2010 approximately $ 976 million available under company 2019s committed multi-currency revolving credit facilities.\n company 2019s prc operations had approximately $ 20 million available under committed credit facility of approximately $ 52 million.\naddition to long-term committed credit facilities company had $ 372 million of short-term uncommitted credit facilities available at end of 2010  $ 76. 2 million was outstanding and due on demand approximately $ 175 million of available borrowings under accounts receivable securitization program.\n in october 2010  company renewed receivables sales agreement for one year.\n size of new program will vary between maximum $ 125 million for settlement dates in january through april and maximum $ 175 million for settlement dates in remaining months.\n given free cash flow projections and unused credit facilities available until december 2015, liquidity strong expected to meet ongoing operating cash flow and debt service requirements.\n recent financial economic conditions raised concerns about credit risk with counterparties to derivative transactions , company mitigates exposure by spreading risk among various counterparties limiting exposure to any one party.\n monitor credit ratings of suppliers , customers  lenders and counterparties regular basis.\n in compliance with all loan agreements at december 31 , 2010  and all prior years met all debt payment obligations.\n u. s.\n note agreements , bank credit agreement and industrial development revenue bond agreements contain restrictions relating to dividends , investments  financial ratios  guarantees incurrence of additional indebtedness.\n additional details about debt and receivables sales agreements available in notes 12 and 6  accompanying consolidated financial statements within item 8 of report.\n\n( $ in millions except per share amounts )                   | 2010             | 2009           | 2008\n------------------------------------------------------------ | ---------------- | -------------- | ------------\nnet earnings attributable to ball corporation as reported    | $ 468.0          | $ 387.9        | $ 319.5\ndiscontinued operations net of tax                           | 74.9             | 2.2            | -4.6 ( 4.6 )\nbusiness consolidation activities net of tax                 | -9.3 ( 9.3 )     | 13.0           | 27.1\ngains and equity earnings related to acquisitions net of tax | -105.9 ( 105.9 ) | 2212           | 2212\ngain on dispositions net of tax                              | 2212             | -30.7 ( 30.7 ) | -4.4 ( 4.4 )\ndebt refinancing costs net of tax                            | 5.3              | 2212           | 2212\nadjusted net earnings                                        | $ 433.0          | $ 372.4        | $ 337.6\nper diluted share from continuing operations as reported     | $ 2.96           | $ 2.05         | $ 1.62\nper diluted share as adjusted                                | 2.36             | 1.96           | 1.74"
}
{
    "_id": "dd4bd1de6",
    "title": "",
    "text": "straight-line or accelerated basis.\n amortization expense for intangibles was approximately $ 4. 2 million , $ 4. 1 million and $ 4. 1 million during years ended december 31 , 2010 , 2009 and 2008  respectively.\n estimated annual amortization expense of december 31 , 2010 balance for years ended december 31 , 2011 through 2015 is approximately $ 4. 8 million.\n impairment of long-lived assets reviewed for possible impairment whenever events circumstances indicate carrying amount assets may not be recoverable.\n if review not recoverable carrying amount assets reduced to fair value.\n during year ended december 31 , 2010 recognized impairment charges on certain long-lived assets during normal course of business of $ 1. 3 million.\n no adjustments to carrying value of long-lived assets of continuing operations during years ended december 31 , 2009 or 2008.\n fair value of financial instruments debt is reflected on balance sheet at cost.\n market conditions as of december 31 , 2010  fair value of term loans ( note 5 , 201clong-term obligations 201d ) approximated carrying value of $ 590 million.\n at december 31 , 2009  fair value of term loans at $ 570 million was below carrying value of $ 596 million because interest rate margins below rate available in market.\n estimated fair value of term loans by calculating upfront cash payment market participant require to assume obligations.\n upfront cash payment excluding issuance costs is amount market participant able to lend at december 31 , 2010 and 2009 to entity with credit rating similar to achieve sufficient cash inflows to cover scheduled cash outflows under term loans.\n carrying amounts of cash and equivalents , net trade receivables and accounts payable approximate fair value.\napply market income approaches to value financial assets liabilities , include cash surrender value of life insurance , deferred compensation liabilities interest rate swaps.\n required fair value disclosures included in note 7, 201cfair value measurements. 201d product warranties some salvage mechanical products sold with standard six-month warranty against defects.\n additionally some remanufactured engines sold with standard three-year warranty against defects.\n record estimated warranty costs at time of sale using historical warranty claim information to project future warranty claims activity related expenses.\n changes in warranty reserve as follows ( in thousands ) :.\n self-insurance reserves self-insure portion of employee medical benefits under terms employee health insurance program.\n purchase certain stop-loss insurance to limit liability exposure.\n also self-insure portion of\n\nbalance as of january 1 2009   | $ 540\n------------------------------ | --------------\nwarranty expense               | 5033\nwarranty claims                | -4969 ( 4969 )\nbalance as of december 31 2009 | 604\nwarranty expense               | 9351\nwarranty claims                | -8882 ( 8882 )\nbusiness acquisitions          | 990\nbalance as of december 31 2010 | $ 2063"
}
{
    "_id": "dd4b90c74",
    "title": "",
    "text": "entergy new orleans , inc.\n and subsidiaries management 2019s financial discussion analysis receivables from money pool were as follows as of december 31 for each following years.\n see note 4 to financial statements for description of money pool.\n entergy new orleans has credit facility $ 25 million scheduled to expire in november 2018.\n credit facility allows to issue letters of credit against $ 10 million of borrowing capacity facility.\n as of december 31 , 2016  no cash borrowings $ 0. 8 million letter of credit outstanding under facility.\n entergy new orleans party to uncommitted letter of credit facility to post collateral to support obligations miso.\n as of december 31 , 2016  $ 6. 2 million letter of credit outstanding under entergy new orleans 2019s letter of credit facility.\n see note 4 to financial statements for additional discussion of credit facilities.\n entergy new orleans obtained authorization from ferc through october 2017 for short-term borrowings not to exceed aggregate amount $ 100 million any time outstanding.\n see note 4 to financial statements for further discussion of entergy new orleans 2019s short-term borrowing limits.\n long-term securities issuances entergy limited to amounts authorized by city council current authorization extends through june 2018.\n state local rate regulation rates entergy new orleans charges for electricity and natural gas influence financial position, results of operations  liquidity.\n entergy new orleans is regulated rates charged to customers determined in regulatory proceedings.\n governmental agency , city council , primarily responsible for approval of rates charged to customers.\n retail rates see 201calgiers asset transfer 201d below for discussion of transfer from entergy louisiana to entergy new orleans of certain assets serve algiers customers.\nmarch 2013 entergy louisiana filed rate case for algiers area in new orleans regulated by city council.\n entergy requested rate increase $ 13 million over three years including 10. 4% ( 10. 4 % ) return on common equity formula rate plan mechanism identical to lpsc request.\n january 2014 city council advisors filed direct testimony recommending rate increase $ 5. 56 million over three years including 8. 13% ( 8. 13 % ) return on common equity.\n june 2014 city council unanimously approved settlement includes : 2022 $ 9. 3 million base rate revenue increase phased in levelized basis over four years ; 2022 recovery of additional $ 853 thousand annually through miso recovery rider ; 2022 adoption of four-year formula rate plan requiring filing annual evaluation reports in may each year commencing may 2015 resulting rates implemented in october each year.\n formula rate plan includes midpoint target authorized return on common equity of 9. 95% ( 9. 95 % ) with +/- 40 basis point bandwidth.\n rate increase effective with bills rendered on and after first billing cycle of july 2014.\n additional compliance filings made with city council in october 2014 for approval of form of certain rate riders including ninemile 6 non-fuel cost recovery interim rider  allowing for contemporaneous recovery of capacity\n\n2016             | 2015             | 2014             | 2013\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 14215          | $ 15794          | $ 442            | $ 4737"
}
{
    "_id": "dd4badf40",
    "title": "",
    "text": "human capital management strategic imperative entergy engaged in strategic to optimize organization through process human capital management.\n in july 2013 management completed comprehensive review of entergy 2019s organization design processes.\n effort resulted in new internal organization structure resulted in elimination of approximately 800 employee positions.\n entergy incurred approximately $ 110 million in costs in 2013 associated with phase human capital management  primarily implementation costs  severance expenses  pension curtailment losses  special termination benefits expense corporate property , plant  equipment impairments.\n in december 2013 entergy deferred for future recovery approximately $ 45 million of costs approved by apsc and lpsc.\n see note 2 to financial statements for details deferrals note 13 financial statements for restructuring charges.\n liquidity and capital resources section discusses entergy 2019s capital structure  capital spending plans other uses of capital  sources of capital  cash flow activity in cash flow statement.\n capital structure entergy 2019s capitalization balanced between equity and debt  shown in following table.\n calculation excludes arkansas , louisiana, texas securitization bonds  non-recourse to entergy arkansas louisiana texas.\n net debt consists of debt less cash and cash equivalents.\n debt consists of notes payable and commercial paper , capital lease obligations  long-term debt  including currently maturing portion.\n capital consists of debt , common shareholders 2019 equity  subsidiaries 2019 preferred stock without sinking fund.\n net capital consists of capital less cash and cash equivalents.\nentergy uses debt to capital ratios excluding securitization bonds in analyzing financial condition believes provide useful information to investors creditors evaluating 2019s financial condition securitization bonds are non-recourse to entergy  described in note 5 to financial statements.\n entergy uses net debt to net capital ratio excluding securitization bonds analyzing financial condition believes provides useful information to investors creditors net debt indicates entergy 2019s outstanding debt position not satisfied by cash and cash equivalents on hand.\n long-term debt  including currently maturing portion makes up most of entergy 2019s total debt outstanding.\n entergy 2019s long-term debt principal maturities and estimated interest payments as of december 31 , 2013.\n to estimate future interest payments for variable rate debt  entergy used rate as of december 31 , 2013.\n amounts below include payments on entergy louisiana and system energy sale-leaseback transactions included in long-term debt on balance sheet.\n entergy corporation and subsidiaries management's financial discussion and analysis\n\n| 2013               | 2012\n------------------------------------------------------------ | ------------------ | ------------------\ndebt to capital                                              | 57.9% ( 57.9 % )   | 58.7% ( 58.7 % )\neffect of excluding securitization bonds                     | ( 1.6% ( 1.6 % ) ) | ( 1.8% ( 1.8 % ) )\ndebt to capital excluding securitization bonds ( a )         | 56.3% ( 56.3 % )   | 56.9% ( 56.9 % )\neffect of subtracting cash                                   | ( 1.5% ( 1.5 % ) ) | ( 1.1% ( 1.1 % ) )\nnet debt to net capital excluding securitization bonds ( a ) | 54.8% ( 54.8 % )   | 55.8% ( 55.8 % )"
}
{
    "_id": "dd4b8f9b4",
    "title": "",
    "text": "management 2019s priorities management re-evaluated priorities following appointment new ceo in september 2011.\n management focused on priorities : 2022 execution of geographic concentration strategy to maximize shareholder value through disciplined capital allocation including 2022 platform expansion in brazil chile colombia united states 2022 platform development in turkey  poland united kingdom corporate debt reduction return of capital to shareholders intent to initiate dividend in 2012 ; 2022 closing sales of businesses for signed agreements with counterparties exiting non-strategic markets ; 2022 optimizing profitability of operations in existing portfolio 2022 integration of dpl into portfolio implementing management realignment of businesses under two business lines : utilities and generation achieving cost savings through alignment of overhead costs with business requirements systems automation optimal allocation of business development spending ; 2022 completion of approximately 2400 mw construction program integration of new projects into existing businesses.\n during year ended december 31, 2011 projects commenced commercial operations : project location fuel aes equity interest ( percent , rounded ) aes solar ( 1 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n solar 62 50% ( 50 % ).\n trinidad ( 3 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n gas 394 10% ( 10 % ) ( 1 ) aes solar energy ltd.\n joint venture with riverstone holdings accounted for as equity method investment.\nplants came online during year include : kalipetrovo ugento soemina francavilla fontana  latina  cocomeri  francofonte scopeto  sabaudia  aprilla-1  siracusa 1-3 complex  manduria apollo rinaldone.\n ( 2 ) joint venture with i. c.\n energy.\n ( 3 ) equity method investment by aes.\n key trends uncertainties operations continue face risks as discussed in item 1a. 2014risk factors of form 10-k.\n challenges described below in 201ckey drivers of results in 2011 201d.\n continue monitor operations address challenges arise.\n operations in august 2010 esti power plant , 120 mw run-of-river hydroelectric power plant in panama taken offline due to damage to tunnel infrastructure.\n aes panama partially covered for business\n\nproject         | location | fuel  | gross mw | aes equity interest ( percent rounded )\n--------------- | -------- | ----- | -------- | ---------------------------------------\naes solar ( 1 ) | various  | solar | 62       | 50% ( 50 % )\nangamos         | chile    | coal  | 545      | 71% ( 71 % )\nchanguinola     | panama   | hydro | 223      | 100% ( 100 % )\nkumkoy ( 2 )    | turkey   | hydro | 18       | 51% ( 51 % )\nlaurel mountain | us-wv    | wind  | 98       | 100% ( 100 % )\nmaritza         | bulgaria | coal  | 670      | 100% ( 100 % )\nsao joaquim     | brazil   | hydro | 3        | 24% ( 24 % )\ntrinidad ( 3 )  | trinidad | gas   | 394      | 10% ( 10 % )"
}
{
    "_id": "dd498329c",
    "title": "",
    "text": "edwards lifesciences corporation notes consolidated financial statements 13.\n common stock company maintains nonemployee directors stock incentive compensation program ( 2018 2018nonemployee directors program 2019 ).\n under upon director 2019s initial election to board director receives initial grant of stock options or restricted stock units equal to fair market value on grant date of $ 0. 2 million  not to exceed 20000 shares.\n grants vest over three years from date of grant subject to director 2019s continued service.\n annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of company 2019s common stock  or combination no may total value of combined annual award exceed $ 0. 2 million.\n grants vest over one year from date of grant.\n under nonemployee directors program aggregate of 2. 8 million shares of company 2019s common stock authorized for issuance.\n company has employee stock purchase plan for united states employees and plan for international employees ( collectively 2018 2018espp 2019 2019 ).\n under espp  eligible employees may purchase shares of company 2019s common stock at 85% ( 85 % ) of lower of fair market value of edwards lifesciences common stock on effective date of subscription or date of purchase.\n under espp  employees can authorize company to withhold up to 12% ( 12 % ) of compensation for common stock purchases subject to certain limitations.\n espp available to all active employees company paid from united states payroll and to eligible employees company outside united states to extent permitted by local law.\n espp for united states employees qualified under section 423 of internal revenue code.\n number of shares of common stock authorized for issuance under espp was 13. 8 million shares.\nfair value of each option award and employee stock purchase subscription estimated on date of grant using black-scholes option valuation model uses assumptions in following tables.\n risk-free interest rate estimated using u. s.\n treasury yield curve based on expected term of award.\n expected volatility estimated based on blend of weighted-average of historical volatility of edwards lifesciences 2019 stock and implied volatility from traded options on edwards lifesciences 2019 stock.\n expected term of awards granted estimated from vesting period of award, historical exercise behavior , represents period of time that awards granted expected to be outstanding.\n company uses historical data to estimate forfeitures estimated annual forfeiture rate of 6. 0% ( 6. 0 % ).\n black-scholes option pricing model used with following weighted-average assumptions for options granted during following periods : option awards.\n\n| 2016           | 2015           | 2014\n------------------------------- | -------------- | -------------- | --------------\naverage risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % )\nexpected dividend yield         | none           | none           | none\nexpected volatility             | 33% ( 33 % )   | 30% ( 30 % )   | 31% ( 31 % )\nexpected life ( years )         | 4.5            | 4.6            | 4.6\nfair value per share            | $ 31.00        | $ 18.13        | $ 11.75"
}
{
    "_id": "dd4bb284c",
    "title": "",
    "text": "result effects of costa concordia incident continued instability in european eco- nomic landscape.\n we continue to believe in long term growth potential of market.\n estimate europe served by 102 ships with approximately 108000 berths at beginning of 2008 by 117 ships with approximately 156000 berths at end of 2012.\n approximately 9 ships with estimated 25000 berths expected to be in service in european cruise market between 2013 and 2017.\n following table details growth in global , north american european cruise markets in cruise guests and estimated weighted-average berths over past five years : global cruise guests ( 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests weighted-average supply of berths marketed in europe ( 1 ).\n source : our estimates of number of global cruise guests  weighted-average supply of berths marketed globally in north america europe based on combination of data from various publicly available cruise industry trade information sources including seatrade insider cruise line international association.\n our estimates incorporate our own statistical analysis utilizing same publicly available cruise industry data base.\n 2 ) source : cruise line international association based on cruise guests carried for two consecutive nights for years 2008 through 2011.\n year 2012 amounts represent our estimates see number 1 above.\n 3 ) source : clia europe , formerly european cruise council , for years 2008 through 2011.\n year 2012 amounts represent our estimates number 1.\n other markets in addition to expected industry growth in north america and europe expect asia/pacific region to demonstrate higher growth rate near term continue represent relatively small sector compared to north america europe.\n competition we compete with number of cruise lines.\nprinci- pal competitors are carnival corporation & plc , owns  , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line oceania cruises.\n cruise lines compete with other vacation alternatives land-based resort hotels sightseeing destinations for consumers 2019 leisure time.\n demand for activities is influenced by political and general economic conditions.\n com- panies within vacation market dependent on consumer discretionary spending.\n operating strategies principal operating strategies are to : 2022 protect health , safety security of guests employees protect environment in vessels organization operate  2022 strengthen support human capital to better serve global guest base grow business  2022 strengthen consumer engagement to enhance revenues  2022 increase awareness market penetration of brands globally 2022 focus on cost efficiency  manage operating expenditures ensure adequate cash and liquid- ity  goal of maximizing return on invested capital long-term shareholder value  2022 strategically invest in fleet through revit ad alization of existing ships transfer of key innovations across each brand  expanding fleet with new state-of-the-art cruise ships recently delivered on order  2022 capitalize on portability flexibility of ships by deploying them into markets and itineraries opportunities to optimize returns  continuing focus on existing key markets  2022 enhance technological capabilities to service customer preferences expectations in innovative manner  supporting strategic focus on profitability , part i 0494. indd 13 3/27/13 12:52 pm\n\nyear | global cruise guests ( 1 ) | weighted-average supply of berths marketed globally ( 1 ) | north american cruise guests ( 2 ) | weighted-average supply of berths marketed in north america ( 1 ) | european cruise guests | weighted-average supply of berths marketed in europe ( 1 )\n---- | -------------------------- | --------------------------------------------------------- | ---------------------------------- | ----------------------------------------------------------------- | ---------------------- | ----------------------------------------------------------\n2008 | 17184000                   | 347000                                                    | 10093000                           | 219000                                                            | 4500000                | 120000\n2009 | 17340000                   | 363000                                                    | 10198000                           | 222000                                                            | 5000000                | 131000\n2010 | 18800000                   | 391000                                                    | 10781000                           | 232000                                                            | 5540000                | 143000\n2011 | 20227000                   | 412000                                                    | 11625000                           | 245000                                                            | 5894000                | 149000\n2012 | 20823000                   | 425000                                                    | 12044000                           | 254000                                                            | 6040000                | 152000"
}
{
    "_id": "dd4be27ae",
    "title": "",
    "text": "net income $ 4. 6 billion translated into earnings $ 5. 79 per diluted share best- ever performance.\n freight revenues 2013 freight revenues increased 7% ( 7 % ) year-over-year to $ 19. 8 billion driven by volume growth 2% ( 2 % )  higher fuel surcharge revenue  core pricing gains.\n growth in frac sand  coal  intermodal shipments offset declines in grain  crude oil  finished vehicles  rock shipments.\n fuel prices 2013 average price diesel fuel in 2017 was $ 1. 81 per gallon increase 22% ( 22 % ) from 2016 crude oil and conversion spreads diesel increased 2017.\n higher price resulted in increased operating expenses $ 334 million ( excluding impact year- over-year volume growth ).\n gross-ton miles increased 5% ( 5 % )  drove higher fuel expense.\n fuel consumption rate as gallons of fuel consumed divided by gross ton-miles thousands improved 2% ( 2 % ).\n free cash flow 2013 cash by operating activities totaled $ 7. 2 billion  free cash flow $ 2. 2 billion after reductions of $ 3. 1 billion for cash in investing activities $ 2 billion in dividends included 10% ( 10 % ) increase in quarterly dividend per share from $ 0. 605 to $ 0. 665 declared paid in fourth quarter of 2017.\n free cash flow defined as cash provided by operating activities less cash in investing activities dividends.\n not considered financial measure under by sec regulation g and item 10 of sec regulation s-k may not be defined and calculated by other companies.\n free cash flow important to management investors in evaluating financial performance measures ability to generate cash without additional external financings.\nfree cash flow should considered in addition to rather than substitute for cash by operating activities.\n following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) :.\n 2018 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : employees , customers  shareholders communities we serve.\n continue using multi-faceted approach to safety  utilizing technology , risk assessment  training employee engagement  quality control  targeted capital investments.\n continue using expanding deployment of total safety culture and courage to care throughout operations identify and implement best practices for employee and operational safety.\n continue efforts to increase detection of rail defects ; improve close crossings educate public and law enforcement agencies about crossing safety through combination our own programs ( including risk assessment strategies ) industry programs local community activities across network.\n network operations 2013 in 2018  continue to align resources with customer demand maintain efficient network ensure surge capability of assets.\n f0b7 fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in current environment.\n could see volatile fuel prices during year  sensitive to global u.\n domestic demand  refining capacity geopolitical events weather conditions other factors.\n as prices fluctuate timing impact on earnings  fuel surcharge programs trail increases or decreases in fuel price by approximately two months.\n lower fuel prices could positive impact on economy by increasing consumer discretionary spending potentially increase demand for various consumer products transport.\n alternatively lower fuel prices could likely have negative impact on other commodities such as coal and domestic drilling-related shipments.\n\nmillions                              | 2017           | 2016           | 2015\n------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities | $ 7230         | $ 7525         | $ 7344\ncash used in investing activities     | -3086 ( 3086 ) | -3393 ( 3393 ) | -4476 ( 4476 )\ndividends paid                        | -1982 ( 1982 ) | -1879 ( 1879 ) | -2344 ( 2344 )\nfree cash flow                        | $ 2162         | $ 2253         | $ 524"
}
{
    "_id": "dd4bb016e",
    "title": "",
    "text": "table of contents company stock performance graph shows comparison of cumulative total shareholder return calculated on dividend reinvested basis for company  s&p 500 index  s&p information technology index dow jones u. s.\n technology supersector index for five years ended september 26 , 2015.\n graph assumes $ 100 invested in each company 2019s common stock s&p 500 index s&p information technology index dow jones. s.\n technology supersector index market close september 24, 2010.\n historic stock price performance not indicative of future stock price performance.\n * $ 100 invested on 9/25/10 in stock or index including reinvestment of dividends.\n data points are last day of each fiscal year for company 2019scommon stock september 30th for indexes.\n copyright a9 2015 s&p , division of mcgraw hill financial.\n all rights reserved.\n copyright a9 2015 dow jones & co.\n all rights reserved.\n september september.\n apple inc.\n | 2015 form 10-k | 21\n\n| september 2010 | september 2011 | september 2012 | september 2013 | september 2014 | september 2015\n-------------------------------------------- | -------------- | -------------- | -------------- | -------------- | -------------- | --------------\napple inc .                                  | $ 100          | $ 138          | $ 229          | $ 170          | $ 254          | $ 294\ns&p 500 index                                | $ 100          | $ 101          | $ 132          | $ 157          | $ 188          | $ 187\ns&p information technology index             | $ 100          | $ 104          | $ 137          | $ 147          | $ 190          | $ 194\ndow jones u.s . technology supersector index | $ 100          | $ 103          | $ 134          | $ 141          | $ 183          | $ 183"
}
{
    "_id": "dd4bb5efc",
    "title": "",
    "text": "value of tangible assets and identifiable intangible assets acquired was $ 17. 7 million.\n goodwill resulted from company 2019s expectation of synergies from integration of sigma-c 2019s technology with company 2019s technology and operations.\n virtio corporation , inc.\n ( virtio ) acquired virtio on may 15 , 2006 in all-cash transaction.\n reasons for acquisition.\n company believes acquisition of virtio will expand presence in electronic system level design.\n expects combination of company 2019s system studio solution with virtio 2019s virtual prototyping technology will accelerate systems to market by giving software developers ability to begin code development earlier.\n purchase price.\n company paid $ 9. 1 million in cash for outstanding shares of virtio of $ 0. 9 million deposited with escrow agent will be paid to former stockholders of virtio terms escrow agreement.\n company had prior investment in virtio of approximately $ 1. 7 million.\n total purchase consideration consisted of:.\n acquisition-related costs of $ 0. 7 million consist primarily of legal , tax and accounting fees  estimated facilities closure costs employee termination costs.\n as of october 31 , 2006 company had paid $ 0. 3 million of acquisition-related costs.\n $ 0. 4 million balance remaining at october 31, 2006 consists of professional and tax-related service fees and facilities closure costs.\n under agreement with virtio company agreed to pay up to $ 4. 3 million over three years to former stockholders based upon achievement of certain sales milestones.\n contingent consideration to additional purchase price adjustment to goodwill when if payment is made.\n company agreed to pay $ 0. 9 million in employee retention bonuses recognized as compensation expense over service period of applicable employees.\n assets acquired.\ncompany performed preliminary valuation allocated total purchase consideration to assets liabilities acquired including identifiable intangible assets based on fair values on acquisition date.\n company acquired $ 2. 5 million of intangible assets consisting of $ 1. 9 million in existing technology  $ 0. 4 million in customer relationships $ 0. 2 million in non-compete agreements amortized over five to seven years.\n company acquired tangible assets $ 5. 5 million assumed liabilities of $ 3. 2 million.\n goodwill  excess of purchase price over fair value of net tangible identifiable intangible assets acquired in merger was $ 6. 7 million.\n goodwill resulted from company 2019s expectation of synergies from integration of virtio 2019s technology with company 2019s technology operations.\n hpl technologies , inc.\n ( hpl ) company acquired hpl on december 7 , 2005 in all-cash transaction.\n reasons for acquisition.\n company believes acquisition of hpl will solidify company 2019s position as leading electronic design automation vendor in design for manufacturing\n\n| ( in thousands )\n-------------------------- | ----------------\ncash paid                  | $ 9076\nprior investment in virtio | 1664\nacquisition-related costs  | 713\ntotal purchase price       | $ 11453"
}
{
    "_id": "dd4c521c6",
    "title": "",
    "text": "some cases indemnification obligations of types described above arise under arrangements by predecessor companies for we become responsible result of acquisition.\n pnc and subsidiaries provide indemnification to directors  officers employees agents against liabilities incurred their service on behalf of or at request of pnc and subsidiaries.\n pnc and subsidiaries also advance on behalf of covered individuals costs incurred in with certain claims or proceedings subject to written undertakings by each individual to repay all amounts advanced if determined individual not entitled to indemnification.\n we generally are responsible for similar indemnifications and advancement obligations companies we acquire had to their officers directors employees agents at time of acquisition.\n we advanced such costs on behalf of several individuals with respect to pending litigation or investigations during 2012.\n not possible for us to determine aggregate potential exposure from obligation to provide this indemnity or advance such costs.\n visa indemnification our payment services business issues acquires credit and debit card transactions through visa.\n inc.\n card association its affiliates ( visa ).\n in october 2007  visa completed restructuring and issued shares of visa inc.\n common stock to its financial institution members ( visa reorganization ) in of its initial public offering ( ipo ).\n part of visa reorganization we received our proportionate share of class of visa inc.\n common stock allocated to us members.\n prior to ipo us members included pnc  were obligated to indemnify visa for judgments and settlements related to specified litigation.\n result of acquisition of national city  we became party to judgment and loss sharing agreements with visa and certain other banks.\njudgment loss sharing agreements designed to apportion financial responsibilities from potential adverse judgment or negotiated settlements related to specified litigation.\n in july 2012  visa funded $ 150 million into litigation escrow account reduced conversion rate of visa b to a shares.\n we continue to obligation to indemnify visa for judgments settlements for remaining specified litigation may have additional exposure to specified visa litigation.\n recourse repurchase obligations discussed in note 3 loan sale servicing activities variable interest entities pnc sold commercial mortgage residential mortgage home equity loans directly or indirectly through securitization loan sale transactions in we continuing involvement.\n form continuing involvement includes recourse and loan repurchase obligations associated with transferred assets.\n commercial mortgage loan recourse obligations we originate close service multi-family commercial mortgage loans sold to fnma under fnma 2019s dus program.\n participated in similar program with fhlmc.\n assume up to one-third risk of loss on unpaid principal balances through loss share arrangement.\n at december 31 , 2012 and december 31 , 2011 unpaid principal balance outstanding of loans sold participant in programs was $ 12. 8 billion and $ 13. 0 billion.\n potential maximum exposure under loss share arrangements was $ 3. 9 billion at december 31 , 2012 and $ 4. 0 billion at december 31 , 2011.\n maintain reserve for estimated losses based upon exposure.\n reserve for losses under programs totaled $ 43 million and $ 47 million as of december 31 , 2012 and 31  2011 included in other liabilities on consolidated balance sheet.\nif payment required under programs, we contractual interest in collateral underlying mortgage loans on losses occurred, although value of collateral taken account in determining our share of losses.\n our exposure activity associated with recourse obligations reported in corporate & institutional banking segment.\n table 154 : analysis of commercial mortgage recourse obligations.\n residential mortgage loan home equity repurchase obligations residential mortgage loans sold on non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans sold to investors.\n loan repurchase obligations primarily relate to situations where pnc alleged to breached origination covenants representations warranties to purchasers loans in purchase sale agreements.\n residential mortgage loans covered by loan repurchase obligations include first and second-lien mortgage loans sold through agency securitizations, non-agency securitizations  loan sale transactions.\n discussed in note 3 loans sale and servicing activities and 228 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions                                  | 2012     | 2011\n-------------------------------------------- | -------- | --------\njanuary 1                                    | $ 47     | $ 54\nreserve adjustments net                      | 4        | 1\nlosses 2013 loan repurchases and settlements | -8 ( 8 ) | -8 ( 8 )\ndecember 31                                  | $ 43     | $ 47"
}
{
    "_id": "dd4b8c25a",
    "title": "",
    "text": "operating income ( loss ) by segment summarized below:.\n increase in total operating income driven by 2022 operating income in north america operating segment decreased $ 52. 5 million to $ 408. 4 million in 2016 from $ 461. 0 million in 2015 due to decreases in gross margin consolidated results operations $ 17. 0 million expenses related to liquidation of sports authority $ 15. 2 million bad debt expense $ 1. 8 million of in-store fixture impairment.\n decrease reflects movement of $ 11. 1 million expenses from strategic shift in headcount global business from connected fitness operating segment to north america.\n decrease partially offset by increases in revenue consolidated results operations.\n 2022 operating income in emea operating segment increased $ 8. 3 million to $ 11. 4 million in 2016 from $ 3. 1 million in 2015 due to sales growth reductions in incentive compensation.\n increase offset by investments in sports marketing infrastructure for future growth.\n 2022 operating income in asia-pacific operating segment increased $ 31. 9 million to $ 68. 3 million in 2016 from $ 36. 4 million in 2015 due to sales growth reductions in incentive compensation.\n increase offset by investments in direct-to-consumer business entry into new territories.\n 2022 operating loss in latin america operating segment increased $ 3. 3 million to $ 33. 9 million in 2016 from $ 30. 6 million in 2015 due to increased investments to support growth region economic challenges in brazil.\n increase in operating loss offset by sales growth reductions in incentive compensation.\n 2022 operating loss in connected fitness segment decreased $ 24. 5 million to $ 36. 8 million in 2016 from $ 61. 3 million in 2015 driven by sales growth.\nseasonality historically , we recognized majority of net revenues significant portion of income from operations in last two quarters of year , driven primarily by increased sales volume of products during fall selling season , including higher priced cold weather products , larger proportion of higher margin direct to consumer sales.\n level of working capital generally reflects seasonality and growth in business.\n expect inventory , accounts payable certain accrued expenses to be higher in second and third quarters in preparation for fall selling season.\n\n( in thousands )       | year ended december 31 , 2016 | year ended december 31 , 2015 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n---------------------- | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\nnorth america          | $ 408424                      | $ 460961                      | $ -52537 ( 52537 )                | ( 11.4 ) % (  % )\nemea                   | 11420                         | 3122                          | 8298                              | 265.8\nasia-pacific           | 68338                         | 36358                         | 31980                             | 88.0\nlatin america          | -33891 ( 33891 )              | -30593 ( 30593 )              | -3298 ( 3298 )                    | 10.8\nconnected fitness      | -36820 ( 36820 )              | -61301 ( 61301 )              | 24481                             | 39.9\ntotal operating income | $ 417471                      | $ 408547                      | $ 8924                            | 2.2% ( 2.2 % )"
}
{
    "_id": "dd497a156",
    "title": "",
    "text": "estimated acquisition-date fair values of major classes assets acquired and liabilities assumed including reconciliation to total purchase consideration are as follows ( in thousands ) :.\n goodwill of $ 203. 8 million arising from acquisition  included in asia-pacific segment  attributable to expected growth opportunities in australia and new zealand growth opportunities operating synergies in integrated payments in existing asia-pacific and north america markets.\n goodwill associated with acquisition is not deductible for income tax.\n customer-related intangible assets have estimated amortization period of 15 years.\n acquired technology estimated amortization period 15 years.\n trade name estimated amortization period 5 years.\n note 3 2014 settlement processing assets and obligations funds settlement refers to process transferring funds for sales and credits between card issuers and merchants.\n for transactions our systems we use our internal network to provide funding instructions to financial institutions that fund merchants.\n process funds settlement under two models sponsorship model and direct membership model.\n under sponsorship model  we designated as merchant service provider by mastercard independent sales organization by visa member clearing banks sponsor us require adherence to standards of payment networks.\n in certain markets  we have sponsorship or depository and clearing agreements with financial institution sponsors.\n these agreements allow us to route transactions under members 2019 control identification numbers to clear credit card transactions through mastercard and visa.\n in this model standards of payment networks restrict us from performing funds settlement or accessing merchant settlement funds require these funds be in possession of member until merchant is funded.\n under direct membership model  we are members in various payment networks to process and fund transactions without third-party sponsorship.\nin this model , we route clear transactions directly through card brand 2019s network not restricted from performing funds settlement.\n we process transactions similarly to transactions sponsorship model.\n required to adhere to standards of payment networks we direct members.\n maintain relationships with financial institutions , may serve as our member sponsors for other card brands other markets  to assist with funds settlement.\n timing differences , interchange fees  merchant reserves exception items cause differences between amount received from payment networks and amount funded to merchants.\n intermediary balances in our settlement process for direct merchants reflected as settlement processing assets obligations on consolidated balance sheets.\n settlement processing assets obligations include components below : 2022 interchange reimbursement.\n our receivable from merchants for portion of discount fee related to reimbursement of interchange fee.\n global payments inc.\n | 2017 form 10-k annual report 2013 77\n\ncash                                       | $ 45826\n------------------------------------------ | ----------------\ncustomer-related intangible assets         | 42721\nacquired technology                        | 27954\ntrade name                                 | 2901\nother assets                               | 2337\ndeferred income tax assets ( liabilities ) | -9788 ( 9788 )\nother liabilities                          | -49797 ( 49797 )\ntotal identifiable net assets              | 62154\ngoodwill                                   | 203828\ntotal purchase consideration               | $ 265982"
}
{
    "_id": "dd4c1d2be",
    "title": "",
    "text": "table of contents certain union-represented american mainline employees covered by agreements not currently amendable.\n until agreements become amendable negotiations for jcbas will conducted outside traditional rla bargaining process no self-help permissible.\n piedmont mechanics stock clerks psa dispatchers have agreements now amendable engaged in traditional rla negotiations.\n none of unions representing our employees may lawfully engage in concerted refusals to work strikes  slow-downs sick-outs similar activity  against us.\n risk that disgruntled employees with or without union involvement could engage in more concerted refusals to work could harm operation our airline impair financial performance.\n for more discussion see part i , item 1a.\n risk factors 2013 201cunion disputes , employee strikes other labor-related disruptions may adversely affect our operations. 201d aircraft fuel operations and financial results significantly affected by availability and price of jet fuel.\n based on 2016 forecasted mainline and regional fuel consumption estimate as of december 31 , 2015 one cent per gallon increase in aviation fuel price would increase 2016 annual fuel expense by $ 44 million.\n following table shows annual aircraft fuel consumption and costs  including taxes for mainline operations for 2015 and 2014 ( gallons and aircraft fuel expense in millions ).\n year gallons average price per gallon aircraft fuel expense percent of total mainline operating expenses.\n total fuel expenses for wholly-owned and third-party regional carriers operating under capacity purchase agreements of american were $ 1. 2 billion and $ 2. 0 billion for years ended december 31 , 2015 and 2014  respectively.\nas of december 31 , 2015 , we not fuel hedging contracts outstanding to hedge our fuel consumption.\n assuming we not enter future transactions to hedge fuel consumption we will continue exposed to fluctuations in fuel prices.\n current policy is not to enter transactions to hedge fuel consumption  we review policy based on market conditions other factors.\n fuel prices fluctuated substantially over past years.\n cannot predict future availability  price volatility cost of aircraft fuel.\n natural disasters  political disruptions wars involving oil-producing countries  changes in fuel-related governmental policy  strength of u. s.\n dollar against foreign currencies  changes in access to petroleum product pipelines terminals  speculation in energy futures markets changes in aircraft fuel production capacity environmental concerns other unpredictable events may result in fuel supply shortages  additional fuel price volatility cost increases in future.\n see part i , item 1a.\n risk factors 2013 201cour business dependent on price availability of aircraft fuel.\n continued periods of high volatility in fuel costs  increased fuel prices significant disruptions in supply of aircraft fuel could have negative impact on operating results and liquidity. 201d insurance we maintain insurance of types customary in airline industry including insurance for public liability , passenger liability  property damage  all-risk coverage for damage to aircraft.\n principal coverage includes liability for injury to members public  including passengers  damage to\n\nyear | gallons | average price pergallon | aircraft fuel expense | percent of total mainline operating expenses\n---- | ------- | ----------------------- | --------------------- | --------------------------------------------\n2015 | 3611    | $ 1.72                  | $ 6226                | 21.6% ( 21.6 % )\n2014 | 3644    | 2.91                    | 10592                 | 33.2% ( 33.2 % )"
}
{
    "_id": "dd4c53260",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements brazil acquisition 2014on march 1, 2011  company acquired 100% ) of outstanding shares of company owned 627 communications sites in brazil for $ 553. 2 million  increased to $ 585. 4 million acquiring 39 additional communications sites during year ended december 31 , 2011.\n year ended december 31 , 2012 purchase price reduced to $ 585. 3 million after post- closing purchase price adjustments.\n allocation of purchase price finalized during year ended december 31 , 2012.\n table summarizes allocation of aggregate purchase consideration paid amounts of assets acquired liabilities assumed based upon estimated fair value at date of acquisition ( in thousands ) : final purchase price allocation ( 1 ) preliminary purchase price allocation ( 2 ).\n ( 1 reflected in consolidated balance sheets.\n 2 ) consolidated balance sheets form 10-k for year ended december 31 , 2011.\n ( 3 ) includes approximately $ 7. 7 million of accounts receivable  approximates value due to company under certain contractual arrangements.\n ( 4 ) consists customer-related intangibles of approximately $ 250. 0 million network location intangibles of approximately $ 118. 0 million.\n customer intangibles network location intangibles amortized straight-line basis over periods up to 20 years.\n 5 ) other long-term liabilities includes contingent amounts of approximately $ 30. 0 million related to uncertain tax positions related to acquisition non-current assets includes $ 24. 0 million related indemnification asset.\n 6 company expects goodwill recorded deductible for tax purposes.\n goodwill allocated to company 2019s international rental and management segment.\n brazil 2014vivo acquisition 2014on march 30 , 2012  company entered definitive agreement to purchase up to 1500 towers from vivo s.\n( 201cvivo 201d ).\n pursuant agreement , march 30 , 2012 , company purchased 800 communications sites for aggregate purchase price $ 151. 7 million.\n june 30 , 2012  company purchased remaining 700 communications sites aggregate purchase price $ 126. 3 million , subject to post-closing adjustments.\n company and vivo amended asset purchase agreement allow for acquisition of up to additional 300 communications sites by company , subject to regulatory approval.\n august 31 , 2012 company purchased additional 192 communications sites from vivo for aggregate purchase price $ 32. 7 million , subject to post-closing adjustments.\n\n| final purchase price allocation ( 1 ) | preliminary purchase price allocation ( 2 )\n----------------------------------- | ------------------------------------- | -------------------------------------------\ncurrent assets ( 3 )                | $ 9922                                | $ 9922\nnon-current assets                  | 71529                                 | 98047\nproperty and equipment              | 83539                                 | 86062\nintangible assets ( 4 )             | 368000                                | 288000\ncurrent liabilities                 | -5536 ( 5536 )                        | -5536 ( 5536 )\nother non-current liabilities ( 5 ) | -38519 ( 38519 )                      | -38519 ( 38519 )\nfair value of net assets acquired   | $ 488935                              | $ 437976\ngoodwill ( 6 )                      | 96395                                 | 147459"
}
{
    "_id": "dd4c4d522",
    "title": "",
    "text": "page 24 of 100 financial condition  liquidity capital resources cash flows capital expenditures liquidity primary sources of liquidity are cash by operating activities external committed borrowings.\n believe cash flows from operations cash short-term committed revolver borrowings when necessary sufficient to meet ongoing operating requirements scheduled principal interest payments on debt dividend payments anticipated capital expenditures.\n summarizes cash flows:.\n cash flows by operating activities in 2010 included use of $ 250 million related to change in accounting for accounts receivable securitization program.\n at december 31 , 2009 amount of accounts receivable sold under securitization program was $ 250 million under previous accounting guidance amount presented in consolidated balance sheet as reduction of accounts receivable result of true sale of receivables.\n upon company adoption of new prospective accounting guidance effective january 1 , 2010  amount accounts receivable sold not reflected as reduction of accounts receivable on balance sheet at december 31 , 2010 resulting in $ 250 million increase in accounts receivable corresponding working capital outflow from operating activities in statement of cash flows.\n no accounts receivable sold under securitization program at december 31 , 2010.\n excluding $ 250 million impact of additional accounts receivable from change in accounting cash flows by operations were $ 765. 2 million in 2010 compared to $ 559. 7 million in 2009 $ 627. 6 million in 2008.\n significant improvement in 2010 primarily due to higher earnings favorable working capital changes partially offset by higher pension funding.\n lower operating cash flows in 2009 compared to 2008 were result of working capital increases higher pension funding income tax payments year offset by payment of approximately $ 70 million to customer for legal settlement.\n management performance measures following financial measurements are on non-u. s.\ngaap basis be considered in connection with consolidated financial statements within item 8 of this report.\n non-u. s.\n gaap measures not considered in isolation not considered superior to , or substitute for  financial measures calculated in accordance with u. s.\n gaap.\n presentation of earnings in accordance with u. s.\n gaap available in item 8 this report.\n free cash flow management uses free cash flow measure : to evaluate company 2019s operating results  plan stock buyback levels  evaluate strategic investments 4 evaluate company 2019s ability to incur and service debt.\n free cash flow not a defined term under u. s.\n gaap , not inferred that entire free cash flow amount available for discretionary expenditures.\n company defines free cash flow as cash flow from operating activities less additions to property , plant and equipment ( capital spending ).\n free cash flow typically derived directly from company 2019s cash flow statements ; may be adjusted for items affect comparability between periods.\n\n( $ in millions )                                                                         | 2010             | 2009             | 2008\n----------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\ncash flows provided by ( used in ) operating activities including discontinued operations | $ 515.2          | $ 559.7          | $ 627.6\ncash flows provided by ( used in ) investing activities including discontinued operations | -110.2 ( 110.2 ) | -581.4 ( 581.4 ) | -418.0 ( 418.0 )\ncash flows provided by ( used in ) financing activities                                   | -459.6 ( 459.6 ) | 100.8            | -205.5 ( 205.5 )"
}
{
    "_id": "dd4bad842",
    "title": "",
    "text": "entergy texas , inc.\n subsidiaries management 2019s financial discussion analysis gross operating revenues  fuel purchased power expenses  other regulatory charges operating revenues increased due to base rate increases volume/weather effect  discussed.\n fuel purchased power expenses increased due to increase in demand increase in deferred fuel expense lower fuel refunds in 2011 versus 2010 offset by decrease in average market price of natural gas.\n other regulatory charges decreased due to distribution in first quarter 2011 of $ 17. 4 million to customers of 2007 rough production cost equalization remedy receipts.\n see note 2 to financial statements for discussion of rough production cost equalization proceedings.\n 2010 compared to 2009 net revenue consists of operating revenues net of fuel , fuel-related expenses  gas purchased for resale 2 purchased power expenses 3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2010 to 2009.\n amount ( in millions ).\n net wholesale revenue variance due to increased sales to municipal co-op customers due to addition of new contracts.\n volume/weather variance due to increased electricity usage in residential and commercial sectors 1. 5% ( 1. 5 % ) increase in customers effect of favorable weather on residential sales.\n billed electricity usage increased total of 777 gwh , or 5% ( 5 % ).\n rough production cost equalization variance due to additional $ 18. 6 million allocation in second quarter of 2009 for 2007 rough production cost equalization receipts ordered by puct to texas retail customers over originally allocated to entergy texas prior to jurisdictional separation of entergy gulf states , inc.\n into entergy gulf states louisiana and entergy texas  effective december 2007  discussed in note 2 to financial statements.\nretail electric price variance due to rate actions  including annual base rate increase of $ 59 million beginning august 2010 result settlement of december 2009 rate case.\n see note 2 to financial statements for discussion of rate case settlement.\n securitization transition charge variance due to issuance of securitization bonds.\n in november 2009  entergy texas restoration funding , llc  company wholly-owned and consolidated by entergy texas  issued securitization bonds with proceeds purchased from entergy texas transition property  right to recover from customers through transition charge amounts sufficient to service securitization bonds.\n securitization transition charge offset with increase in interest on long-term debt no impact on net income.\n see note 5 to financial statements for discussion securitization bond issuance.\n\n| amount ( in millions )\n---------------------------------- | ----------------------\n2009 net revenue                   | $ 485.1\nnet wholesale revenue              | 27.7\nvolume/weather                     | 27.2\nrough production cost equalization | 18.6\nretail electric price              | 16.3\nsecuritization transition charge   | 15.3\npurchased power capacity           | -44.3 ( 44.3 )\nother                              | -5.7 ( 5.7 )\n2010 net revenue                   | $ 540.2"
}
{
    "_id": "dd4b92b32",
    "title": "",
    "text": "black-scholes option valuation model developed for estimating fair value of traded options no vesting restrictions fully transferable.\n option valuation models require input subjective assumptions including expected stock price volatility.\n company 2019s employee stock options have characteristics different from traded options changes in subjective input assumptions can affect fair value estimate in management 2019s opinion existing models not provide reliable single measure of fair value of employee stock options.\n fair value of rsus determined based on market value at date of grant.\n total fair value of awards vested during 2008 , 2007  2006 was $ 35384 , $ 17840 , and $ 9413 ,.\n total stock based compensation expense calculated using black-scholes option valuation model in 2008 , 2007  2006 was $ 38872 , $ 22164 , and $ 11913 ,. aggregate intrinsic values of options outstanding and exercisable at december 27 , 2008 were $ 8. 2 million and $ 8. 2 million .\n aggregate intrinsic value of options exercised during year ended december 27 , 2008 was $ 0. 6 million.\n aggregate intrinsic value represents positive difference between company 2019s closing stock price on last trading day of fiscal period $ 19. 39 on december 27 , 2008  and exercise price multiplied by number of options exercised.\n as of december 27 , 2008 was $ 141. 7 million of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under stock compensation plans.\n cost expected to be recognized over five years.\n employee stock purchase plan shareholders also adopted employee stock purchase plan ( espp ).\n up to 2000000 shares of common stock reserved for espp.\nshares offered to employees at price equal to lesser of 85% ( 85 % ) fair market value stock on date of purchase or 85% ( 85 % ) value on enrollment date.\n espp intended to qualify as 201cemployee stock purchase plan 201d under section 423 internal revenue code.\n during 2008 , 2007  2006 , 362902 , 120230 , and 124693 shares  purchased under plan for total purchase price of $ 8782, $ 5730 , and $ 3569 , respectively.\n at december 27 , 2008  approximately 663679 shares available for future issuance.\n 10.\n earnings per share table sets computation of basic and diluted net income per share:\n\n| 2008             | 2007             | 2006\n---------------------------------------------- | ---------------- | ---------------- | ----------------\nweighted average fair value of options granted | $ 18.47          | $ 33.81          | $ 20.01\nexpected volatility                            | 0.3845           | 0.3677           | 0.3534\ndividend yield                                 | 3.75% ( 3.75 % ) | 0.76% ( 0.76 % ) | 1.00% ( 1.00 % )\nexpected life of options in years              | 6.0              | 6.0              | 6.3\nrisk-free interest rate                        | 2% ( 2 % )       | 4% ( 4 % )       | 5% ( 5 % )"
}
{
    "_id": "dd4b981e0",
    "title": "",
    "text": "until hedged transaction recognized in earnings.\n changes in fair value of derivatives attributable to ineffective portion of hedges or derivatives not highly effective hedges if immediately recognized in earnings.\n aggregate notional amount of outstanding foreign currency hedges at december 31 , 2012 and 2011 was $ 1. 3 billion and $ 1. 7 billion.\n aggregate notional outstanding interest rate swaps at december 31, 2012 and 2011 was $ 503 million and $ 450 million.\n derivative instruments not material impact on net earnings and comprehensive income during 2012, 2011  and 2010.\n all derivatives designated for hedge accounting.\n see note 15 for more information on fair value measurements related to derivative instruments.\n stock-based compensation 2013 compensation cost related to all share-based payments including stock options and restricted stock units measured at grant date based on estimated fair value of award.\n recognize compensation cost ratably over three-year vesting period.\n income taxes 2013 periodically assess tax filing exposures related to periods open to examination.\n based on latest information evaluate tax positions to determine position more likely than not be sustained upon examination by internal revenue service ( irs ).\n if reach more-likely-than-not determination  no benefit recorded.\n if tax position more likely than not to be sustained  record largest amount of benefit more likely than not to be realized when tax position settled.\n record interest and penalties related to income taxes as component of income tax expense on statements of earnings.\n interest and penalties not material.\n accumulated other comprehensive loss 2013 changes in balance of accumulated other comprehensive loss  net of income taxes , consisted of following ( in millions ) : postretirement benefit plan adjustments other , net accumulated comprehensive.\npostretirement benefit plan adjustments shown net of tax benefits at december 31 , 2012 , 2011  2010 of $ 7. 4 billion , $ 6. 1 billion  $ 4. 9 billion.\n tax benefits include amounts recognized on income tax returns as current deductions deferred income taxes  recognized on tax returns in future years.\n see note 7 and note 9 for more information on income taxes postretirement plans.\n recent accounting pronouncements 2013 effective january 1 , 2012  retrospectively adopted new guidance financial accounting standards board by presenting total comprehensive income components of net income other comprehensive loss in two separate consecutive statements.\n adoption guidance resulted in change in how present other comprehensive loss in consolidated financial statements impact on results of operations  financial position  cash flows.\n\n| postretirement benefit plan adjustments | other net    | accumulated other comprehensive loss\n----------------------------------- | --------------------------------------- | ------------ | ------------------------------------\nbalance at january 1 2010           | $ -8564 ( 8564 )                        | $ -31 ( 31 ) | $ -8595 ( 8595 )\nother comprehensive ( loss ) income | -430 ( 430 )                            | 15           | -415 ( 415 )\nbalance at december 31 2010         | -8994 ( 8994 )                          | -16 ( 16 )   | -9010 ( 9010 )\nother comprehensive loss            | -2192 ( 2192 )                          | -55 ( 55 )   | -2247 ( 2247 )\nbalance at december 31 2011         | -11186 ( 11186 )                        | -71 ( 71 )   | -11257 ( 11257 )\nother comprehensive ( loss ) income | -2346 ( 2346 )                          | 110          | -2236 ( 2236 )\nbalance at december 31 2012         | $ -13532 ( 13532 )                      | $ 39         | $ -13493 ( 13493 )"
}
{
    "_id": "dd4c1107c",
    "title": "",
    "text": "management 2019s discussion analysis 144 jpmorgan chase & co. /2010 annual report compared with $ 57 million for 2009.\n decreases in cio and mort- gage banking var for 2010 driven by decline in market volatility position changes.\n decline in mortgage banking var at december 31 , 2010  reflects management 2019s deci- sion to reduce risk given market volatility time.\n firm 2019s average ib and other var diversification benefit was $ 59 million or 37% ( 37 % ) of sum for 2010  compared with $ 82 million or 28% ( 28 % ) sum for 2009.\n firm experienced increase in diversification benefit in 2010 as positions changed correla- tions decreased.\n year var expo- sure can vary as positions change market volatility fluctuates diversification benefits change.\n var back-testing firm conducts daily back-testing of var against market risk- related revenue defined as change in value of : princi- pal transactions revenue for ib and cio ( less private equity gains/losses revenue from longer-term cio investments ) trading-related net interest income for ib  cio mortgage bank- ing ; ib brokerage commissions underwriting fees revenue revenue from syndicated lending facilities firm mortgage fees related income for firm 2019s mortgage pipeline warehouse loans  msrs  related hedges.\n daily firmwide market risk 2013related revenue excludes gains losses from dva.\n histogram illustrates daily market risk 2013related gains and losses for ib , cio mortgage banking positions for 2010.\n chart shows firm posted market risk 2013related gains on 248 out of 261 days 12 days exceeding $ 210 million.\n inset graph looks at days firm experienced losses depicts amount 95% ( 95 % ) confidence-level var ex- ceeded actual loss each days.\n2010  losses sustained 13 days none exceeded var measure.\n daily ib other market risk-related gains losses ( 95% ( 95 % ) confidence-level var ) year ended december 31 , 2010 average daily revenue : $ 87 million $ in millions millions daily ib other var less market risk-related losses table provides information gross sensitivity of dva to one-basis-point increase jpmorgan chase 2019s credit spreads.\n sensitivity represents impact from one-basis-point parallel shift jpmorgan chase 2019s entire credit curve.\n credit curves not typically move parallel sensitivity multiplied by change spreads single maturity point may not be representative of actual revenue recognized.\n debit valuation adjustment sensitivity 1 basis point increase december 31 , ( in millions ) jpmorgan chase 2019s credit spread.\n\ndecember 31 ( in millions ) | 1 basis point increase in jpmorgan chase 2019s credit spread\n--------------------------- | ------------------------------------------------------------\n2010                        | $ 35\n2009                        | $ 39"
}
{
    "_id": "dd4b962d2",
    "title": "",
    "text": "recognition deferred revenue related to sanofi-aventis 2019 $ 85. 0 million up-front payment decreased in 2010 compared to 2009 due to november 2009 amendments to expand extend companies 2019 antibody collaboration.\n november 2009 amendment discovery agreement sanofi-aventis funding up to $ 30 million agreed-upon costs to expand manufacturing capacity at rensselaer , new york facilities $ 23. 4 million received or receivable from sanofi-aventis as of december 31 , 2010.\n revenue related to these payments for funding from sanofi-aventis deferred recognized as collaboration revenue over related performance period recognition original $ 85. 0 million up-front payment.\n as of december 31 , 2010 , $ 79. 8 million of sanofi-aventis payments deferred recognized as revenue in future periods.\n august 2008  entered separate velocigene ae agreement with sanofi-aventis.\n in 2010 and 2009  recognized $ 1. 6 million and $ 2. 7 million  respectively in revenue related to agreement.\n bayer healthcare collaboration revenue collaboration revenue earned from bayer healthcare consisted of cost sharing of regeneron vegf trap-eye development expenses , performance milestone payments recognition of revenue related to non-refundable $ 75. 0 million up-front payment received in october 2006 and $ 20. 0 million milestone payment received in august 2007 ( revenue recognition not considered substantive ).\n years ended bayer healthcare collaboration revenue december 31.\n cost-sharing of vegf trap-eye development expenses with bayer healthcare increased in 2010 compared to 2009 due to higher internal development activities higher clinical development costs phase 3 copernicus trial in crvo.\n fourth quarter of 2010  earned two $ 10.0 million milestone payments from bayer healthcare for positive 52-week results in view 1 study and positive 6-month results in copernicus study.\n in july 2009  we earned $ 20. 0 million performance milestone payment from bayer healthcare dosing of first patient in copernicus study.\n recognition of deferred revenue related to $ 75. 0 million up-front payment and $ 20. 0 million milestone payment received in august 2007  as of december 31 , 2010 , $ 47. 0 million of payments deferred recognized as revenue in future periods.\n technology licensing revenue velocimmune ae license agreements with astrazeneca and astellas  each of $ 20. 0 million annual  non-refundable payments deferred upon receipt recognized as revenue ratably over ensuing year of each agreement.\n in 2010 and 2009  recognized $ 40. 0 million of technology licensing revenue related to these agreements.\n amendment and extension of license agreement with astellas  in august 2010  received $ 165. 0 million up-front payment deferred upon receipt recognized as revenue ratably over seven-year period beginning mid-2011.\n as of december 31 , 2010 , $ 176. 6 million of technology licensing payments deferred recognized as revenue in future periods.\n net product sales in 2010 and 2009  recognized as revenue $ 25. 3 million and $ 18. 4 million  of arcalyst ae net product sales for right of return no longer existed and rebates could be reasonably estimated.\n company had limited historical return experience for arcalyst ae beginning initial sales in 2008 through end of 2009 arcalyst ae net product sales deferred until right of return no longer existed and rebates reasonably estimated.\neffective in first quarter of 2010 , company determined it had\n\nbayer healthcare collaboration revenue                                           | bayer healthcare collaboration revenue |\n-------------------------------------------------------------------------------- | -------------------------------------- | ------\n( in millions )                                                                  | 2010                                   | 2009\ncost-sharing of regeneron vegf trap-eye development expenses                     | $ 45.5                                 | $ 37.4\nsubstantive performance milestone payments                                       | 20.0                                   | 20.0\nrecognition of deferred revenue related to up-front and other milestone payments | 9.9                                    | 9.9\ntotal bayer healthcare collaboration revenue                                     | $ 75.4                                 | $ 67.3"
}
{
    "_id": "dd4bab1f0",
    "title": "",
    "text": "connection matter could have adverse impact on consolidated cash flows results operations.\n item 4.\n submission matters to vote of security holders november 14 , 2008 stockholders voted approve merger with allied waste industries , inc.\n special meeting held for purpose.\n results voting meeting follows:.\n ( 1 ) to issue shares of republic common stock other securities convertible into exercisable for shares republic common stock contemplated by agreement plan of merger  dated june 22, 2008 amended july 31, 2008  among republic  rs merger wedge , inc wholly owned subsidiary of republic  formed for purpose merger  allied waste industries , inc.\n.\n.\n 141728743 297976 156165 ( 2 ) to adjourn special meeting if necessary solicit additional proxies in favor of foregoing proposal.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 134081897 8068370 32617 %%transmsg*** transmitting job : p14076 pcn : 035000000 ***%%pcmsg|33 |00022|yes|no|02/28/2009 17:08|0|0|page valid , no graphics -- color : d|\n\n| affirmative | against | abstentions\n----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ------- | -----------\n( 1 ) to issue shares of republic common stock and other securities convertible into or exercisable for shares of republic common stock contemplated by the agreement and plan of merger dated as of june 22 2008 as amended july 31 2008 among republic rs merger wedge inc a wholly owned subsidiary of republic formed for the purpose of the merger and allied waste industries inc . | 141728743   | 297976  | 156165\n( 2 ) to adjourn the special meeting if necessary to solicit additional proxies in favor of the foregoing proposal                                                                                                                                                                                                                                                                        | 134081897   | 8068370 | 32617"
}
{
    "_id": "dd4c397b6",
    "title": "",
    "text": "continuing to invest in people infrastructure to grow presence in lines businesses globally see opportunity for ace to grow market share at reasonable terms.\n continuing to invest in enterprise risk management capability  systems data environment  research and development capabilities.\n critical accounting estimates consolidated financial statements include amounts nature or due to requirements of accounting princi- ples accepted in u. s.\n ( gaap ) determined using best estimates assumptions.\n believe amounts in consolidated financial statements reflect best judgment , actual amounts could differ from currently presented.\n items require most subjective complex estimates are : 2022 unpaid loss loss expense reserves including long-tail asbestos environmental ( a&e ) reserves ; 2022 future policy benefits reserves ; 2022 valuation of value of business acquired ( voba ) amortization of deferred policy acquisition costs voba ; 2022 assessment of risk transfer for certain structured insurance and reinsurance contracts ; 2022 reinsurance recoverable  including provision for uncollectible reinsurance ; 2022 impairments to carrying value of investment portfolio ; 2022 valuation of deferred tax assets ; 2022 valuation of derivative instruments related to guaranteed minimum income benefits ( gmib ) ; 2022 valuation of goodwill.\n accounting policies for these items of critical importance to consolidated financial statements.\n following discussion provides more information regarding estimates assumptions required to arrive at these amounts be read in conjunction with sections entitled : prior period development , asbestos environmental other run-off liabilities , reinsurance recoverable on ceded reinsurance , investments , net realized gains ( losses )  other income and expense items.\nunpaid losses and loss expenses as an insurance and reinsurance company  we required by applicable laws regulations gaap to establish loss loss expense reserves for estimated unpaid portion of ultimate liability for losses loss expenses under our policies agreements with insured and reinsured customers.\n estimate of liabilities includes provisions for claims reported but unpaid at balance sheet date ( case reserves ) and for future obligations from claims incurred but not reported ( ibnr ) at balance sheet date ( ibnr may include provision for additional devel- opment on reported claims in case reserve potentially insufficient ).\n reserves provide for liabilities exist for company as of balance sheet date.\n loss reserve includes estimate of expenses associated with processing and settling these unpaid claims ( loss expenses ).\n at december 31 , 2008 , our gross unpaid loss and loss expense reserves were $ 37. 2 billion net unpaid loss and loss expense reserves were $ 24. 2 billion.\n with exception of certain structured settlements , for future claim payments- nable loss reserves not discounted for time value of money.\n in with such structured settlements we carry reserves of $ 106 million ( net of discount ).\n table below presents roll-forward of our unpaid losses and loss expenses for indicated periods.\n ( in millions of u. s.\n dollars ) losses reinsurance recoverable net losses.\n\n( in millions of u.s . dollars )                 | gross losses   | reinsurance recoverable | net losses\n------------------------------------------------ | -------------- | ----------------------- | --------------\nbalance at december 31 2006                      | $ 35517        | $ 13509                 | $ 22008\nlosses and loss expenses incurred                | 10831          | 3480                    | 7351\nlosses and loss expenses paid                    | -9516 ( 9516 ) | -3582 ( 3582 )          | -5934 ( 5934 )\nother ( including foreign exchange revaluation ) | 280            | 113                     | 167\nbalance at december 31 2007                      | 37112          | 13520                   | 23592\nlosses and loss expenses incurred                | 10944          | 3341                    | 7603\nlosses and loss expenses paid                    | -9899 ( 9899 ) | -3572 ( 3572 )          | -6327 ( 6327 )\nother ( including foreign exchange revaluation ) | -1367 ( 1367 ) | -387 ( 387 )            | -980 ( 980 )\nlosses and loss expenses acquired                | 386            | 33                      | 353\nbalance at december 31 2008                      | $ 37176        | $ 12935                 | $ 24241"
}
{
    "_id": "dd4986424",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014 ( continued ( in thousands, except percent and per share data ) on june 24, 2008 mastercard entered settlement agreement ( 201camerican express settlement 201d ) with american express company ( 201camerican express 201d ) relating to.\n federal antitrust litigation between mastercard and american express.\n american express settlement ended all existing litigation between mastercard and american express.\n under terms american settlement mastercard obligated to make 12 quarterly payments of up to $ 150000 per quarter beginning third quarter of 2008.\n mastercard 2019s maximum nominal payments total $ 1800000.\n amount of each quarterly payment contingent on performance of american express 2019s.\n global network services business.\n quarterly payments amount equal to 15% ( 15 % ) of american express 2019s.\n global network services billings during quarter up to maximum of $ 150000 per quarter.\n if payment for any quarter less than $ 150000 maximum payment for subsequent quarters increased by difference between $ 150000 and lesser amount paid in any quarter shortfall.\n mastercard assumes american express will achieve these financial hurdles.\n mastercard recorded present value of $ 1800000  at 5. 75%. ) discount rate  or $ 1649345 for year ended december 31 , 2008.\n in 2003  mastercard entered settlement agreement ( 201cu. s.\n merchant lawsuit settlement 201d ) related to.\n merchant lawsuit described under 201cu.\n merchant and consumer litigations 201d in note 20 ( legal and regulatory proceedings ) and contract disputes with certain customers.\n under terms.\n merchant lawsuit settlement company required to pay $ 125000 in 2003 and $ 100000 annually each december from 2004 through 2012.\nin 2003  other lawsuits initiated by merchants opted not to participate in plaintiff class in u. s.\n merchant lawsuit.\n 201copt-out 201d merchant lawsuits not covered by terms of u. s.\n merchant lawsuit settlement all individually settled.\n recorded liabilities for certain litigation settlements in prior periods.\n total liabilities for litigation settlements changed from december 31, 2006 as:.\n see note 20 ( legal and regulatory proceedings ) for additional discussion company 2019s legal proceedings.\n\nbalance as of december 31 2006                          | $ 476915\n------------------------------------------------------- | ------------------\nprovision for litigation settlements ( note 20 )        | 3400\ninterest accretion on u.s . merchant lawsuit            | 38046\npayments                                                | -113925 ( 113925 )\nbalance as of december 31 2007                          | 404436\nprovision for discover settlement                       | 862500\nprovision for american express settlement               | 1649345\nprovision for other litigation settlements              | 6000\ninterest accretion on u.s . merchant lawsuit settlement | 32879\ninterest accretion on american express settlement       | 44300\npayments on american express settlement                 | -300000 ( 300000 )\npayments on discover settlement                         | -862500 ( 862500 )\npayment on u.s . merchant lawsuit settlement            | -100000 ( 100000 )\nother payments and accretion                            | -662 ( 662 )\nbalance as of december 31 2008                          | $ 1736298"
}
{
    "_id": "dd4b8f0b8",
    "title": "",
    "text": "performance based restricted stock awards recognized using accelerated amortization method each vesting tranche valued as separate award separate vesting date consistent with estimated value award at each period end.\n compensation expense adjusted for actual forfeitures for all awards in period award forfeited.\n compensation expense for stock options recognized straight-line basis over requisite service period.\n maa presents stock compensation expense in consolidated statements of operations in \"general and administrative expenses\".\n effective january 1, 2017  company adopted 2016-09 improvements to employee share- based payment accounting allows employers to policy election to account for forfeitures as occur.\n company elected option using modified retrospective transition method cumulative effect adjustment to retained earnings no material effect on consolidated financial position or results of operations resulting from reversal of previously estimated forfeitures.\n total compensation expense under stock plan was approximately $ 10. 8 million , $ 12. 2 million $ 6. 9 million for years ended december 31 , 2017 , 2016 and 2015 .\n total compensation expense capitalized was approximately $ 0. 2 million , $ 0. 7 million and $ 0. 7 million for years ended december 31 , 2017 , 2016 2015 .\n of december 31 , 2017 total unrecognized compensation expense was approximately $ 14. 1 million.\n cost expected to be recognized over remaining weighted average period of 1. 2 years.\n total cash paid for settlement of plan shares totaled $ 4. 8 million , $ 2. 0 million and $ 1. 0 million for years ended december 31 , 2017 , 2016 and 2015 .\n information concerning grants under stock plan listed below.\nrestricted stock in general stock earned based on service condition , performance condition or market condition  or combination thereof generally vests ratably over period from 1 year to 5 years.\n service based awards earned when employee remains employed over requisite service period valued on grant date based market price of maa common stock on date of grant.\n market based awards earned when maa reaches specified stock price or specified return stock price ( price appreciation plus dividends ) valued grant date using monte carlo simulation.\n performance based awards earned when maa reaches certain operational goals funds from operations or targets valued based upon market price of maa common stock on date of grant probability of reaching stated targets.\n maa remeasures fair value of performance based awards each balance sheet date with adjustments made on cumulative basis until award settled and final compensation known.\n weighted average grant date fair value per share of restricted stock awards granted during years ended december 31 , 2017 , 2016 and 2015  was $ 84. 53 , $ 73. 20 and $ 68. 35 , respectively.\n summary of key assumptions used in valuation calculations for market based awards granted during years ended december 31, 2017 , 2016 and 2015:.\n risk free rate based on zero coupon risk-free rate.\n minimum risk free rate based on period of 0. 25 years for years ended december 31 , 2017 , 2016 and 2015.\n maximum risk free rate based on period of 3 years for years ended december 31 , 2017  2016 and 2015.\n dividend yield based on closing stock price of maa stock on date of grant.\n volatility for maa obtained by using blend of historical and implied volatility calculations.\nhistorical volatility based on standard deviation of daily total continuous returns implied volatility based on trailing month average of daily implied volatilities interpolating between volatilities implied by stock call option contracts closest to terms shown and closest to money.\n minimum volatility based on period of 3 years , 2 years 1 year for years ended december 31 , 2017 , 2016 2015 , respectively.\n maximum volatility based on period of 1 year , 1 year 2 years for years ended december 31 , 2017 , 2016 2015 ,.\n requisite service period based on criteria for separate programs according to vesting schedule.\n\n| 2017                                    | 2016                                    | 2015\n------------------------ | --------------------------------------- | --------------------------------------- | ---------------------------------------\nrisk free rate           | 0.65% ( 0.65 % ) - 1.57% ( 1.57 % )     | 0.49% ( 0.49 % ) - 1.27% ( 1.27 % )     | 0.10% ( 0.10 % ) - 1.05% ( 1.05 % )\ndividend yield           | 3.573% ( 3.573 % )                      | 3.634% ( 3.634 % )                      | 3.932% ( 3.932 % )\nvolatility               | 20.43% ( 20.43 % ) - 21.85% ( 21.85 % ) | 18.41% ( 18.41 % ) - 19.45% ( 19.45 % ) | 15.41% ( 15.41 % ) - 16.04% ( 16.04 % )\nrequisite service period | 3 years                                 | 3 years                                 | 3 years"
}
{
    "_id": "dd4ba043a",
    "title": "",
    "text": "fiscal 2006  repurchased 19 million shares common stock for aggregate purchase price $ 892 million $ 7 million settled after end of fiscal year.\n in fiscal 2005  repurchased 17 million shares common stock for aggregate purchase price $ 771 million.\n total of 146 million shares held in treasury at may 28 , 2006.\n used cash from operations to repay $ 189 million in outstanding debt in fiscal 2006.\n fiscal 2005 repaid nearly $ 2. 2 billion of debt including purchase of $ 760 million principal amount of 6 percent notes due in 2012.\n fiscal 2005 debt repurchase costs were $ 137 million $ 73 million noncash interest rate swap losses reclassified from accumulated other income $ 59 million purchase premium $ 5 million noncash unamortized cost of issuance expense.\n capital structure in millions may 28 , may 29.\n $ 2. 1 billion long-term debt maturing in next 12 months classified as current  including $ 131 million may mature in fiscal 2007 based on put rights note holders.\n believe cash flows from operations with available short- and long- term debt financing adequate to meet liquidity and capital needs for least next 12 months.\n on october 28 , 2005 repurchased significant portion of zero coupon convertible debentures put rights holders for aggregate purchase price of $ 1. 33 billion  including $ 77 million accreted original issue discount.\n debentures had aggregate prin- cipal amount at maturity of $ 1. 86 billion.\n incurred no gain or loss from repurchase.\n as of may 28 , 2006 $ 371 million in aggregate principal amount at matu- rity of debentures outstanding or $ 268 million of accreted value.\n used proceeds from issuance of commercial paper to fund purchase price deben- tures.\nreclassified remaining zero coupon convertible debentures to long-term debt based on october 2008 put rights holders.\n on march 23 , 2005  commenced cash tender offer for outstanding 6 percent notes due in 2012.\n tender offer resulted in purchase of $ 500 million principal amount of notes.\n subsequent to expiration tender offer purchased additional $ 260 million prin- cipal amount notes in open market.\n aggregate purchases resulted in debt repurchase costs discussed.\n minority interests consist of interests in certain subsidiaries held by third parties.\n general mills cereals , llc ( gmc ) our subsidiary  holds manufac- turing assets and intellectual property associated with production and retail sale of big g ready-to-eat cereals  progresso soups old el paso products.\n may 2002  one wholly owned subsidiaries sold 150000 class a preferred membership interests in gmc to unrelated third-party investor exchange for $ 150 million  in october 2004  another subsidiaries sold 835000 series b-1 preferred membership interests in gmc in exchange for $ 835 million.\n all interests in gmc  other than 150000 class a interests 835000 series b-1 interests including all managing member inter- ests held by wholly owned subsidiaries.\n in fiscal 2003  general mills capital , inc.\n ( gm capital ) subsidiary for purchasing collecting receivables sold $ 150 million of series a preferred stock to unrelated third-party investor.\n class a interests of gmc receive quarterly preferred distributions at floating rate equal to sum of three- month libor plus 90 basis points  divided by ) 0. 965.\nrate adjusted by agreement between third- party investor holding class a interests and gmc every five years beginning in june 2007.\n under certain circum- stances  gmc may be required to be dissolved and liquidated  including bankruptcy of gmc or subsidiaries  failure to deliver preferred distributions  failure to comply with portfolio requirements  breaches of covenants  lowering of senior debt rating below baa3 by moody 2019s or bbb by standard & poor 2019s  failed attempt to remarket class a inter- ests breach of gmc 2019s obligations to assist in remarketing.\n in liquidation of gmc  each member of gmc receive amount its then current capital account balance.\n managing member may avoid liquidation by exercising option to purchase class a interests.\n series b-1 interests of gmc entitled to receive quarterly preferred distributions at fixed rate of 4. 5 percent per year scheduled to be reset to new fixed rate through remarketing in october 2007.\n beginning in october 2007 managing member of gmc may elect to repurchase series b-1 interests for amount equal to holder 2019s then current capital account balance plus applicable make-whole amount.\n gmc not required to purchase series b-1 interests nor may investors put these interests to us.\n series b-1 interests be exchanged for shares of our perpetual preferred stock upon following events : senior unsecured debt rating falling below either ba3 rated by moody 2019s or bb- as rated by standard & poor 2019s or fitch , inc.\n\nin millions                       | may 282006 | may 292005\n--------------------------------- | ---------- | ----------\nnotes payable                     | $ 1503     | $ 299\ncurrent portion of long-term debt | 2131       | 1638\nlong-term debt                    | 2415       | 4255\ntotal debt                        | 6049       | 6192\nminority interests                | 1136       | 1133\nstockholders 2019 equity          | 5772       | 5676\ntotal capital                     | $ 12957    | $ 13001"
}
{
    "_id": "dd4bda464",
    "title": "",
    "text": "notes to consolidated financial statements aon 2019s european subsidiaries have a a650 million (.\n $ 942 million ) multi-currency revolving loan credit facility.\n facility mature in october 2010  unless aon extend facility.\n commitment fees of 8. 75 basis points payable on unused portion of facility.\n at december 31 , 2007  aon borrowed a376 million and $ 250 million ( $ 795 million ) under this facility.\n at december 31 , 2006 , a307 million borrowed.\n december 31 2007  $ 250 million of euro facility classified as short-term debt in consolidated statements financial position.\n aon guaranteed obligations of subsidiaries this facility.\n aon maintains $ 600 million , 5-year.\n committed bank credit facility to support commercial paper and other short-term borrowings expires in february 2010.\n facility permits issuance of up to $ 150 million in letters of credit.\n at december 31 , 2007 and 2006  aon had $ 20 million in letters of credit outstanding.\n aon current credit ratings commitment fees of 10 basis points payable on unused portion of facility.\n for both.\n euro facilities aon required to maintain consolidated net worth  of at least $ 2. 5 billion , ratio of consolidated ebitda ( to consolidated interest expense of 4 to 1 ratio of consolidated debt to ebitda not greater than 3 to 1.\n aon has other foreign facilities available include a337. 5 million ( $ 74 million ) facility , a25 million ( $ 36 million ) facility  and a20 million ( $ 29 million ) facility.\n outstanding debt securities  including aon capital 2019s not redeemable by aon prior to maturity.\n no sinking fund provisions.\n interest payable semi-annually on most debt securities.\nrepayments of long-term debt are $ 548 million  $ 382 million $ 225 million in 2010 2011 2012 .\n other information related to aon 2019s debt:.\n lease commitments aon has noncancelable operating leases for office space equipment automobiles.\n leases expire at various dates may contain renewal expansion options.\n base rental costs occupancy lease agreements provide for rent escalations from increased assessments for real estate taxes other charges.\n approximately 81% ( ) of aon 2019s lease obligations for use of office space.\n rental expense for operating leases amounted to $ 368 million  $ 350 million $ 337 million for 2007  2006 2005  after deducting rentals from subleases ( $ 40 million $ 33 million $ 29 million for 2007  2006 2005  ).\n aon corporation\n\nyears ended december 31                                    | 2007           | 2006           | 2005\n---------------------------------------------------------- | -------------- | -------------- | --------------\ninterest paid ( millions )                                 | $ 147          | $ 130          | $ 130\nweighted-average interest rates 2014 short-term borrowings | 5.1% ( 5.1 % ) | 4.4% ( 4.4 % ) | 3.5% ( 3.5 % )"
}
{
    "_id": "dd4bc5e74",
    "title": "",
    "text": "edwards lifesciences corporation notes to consolidated financial statements continued ) 12.\n employee benefit plans continued ) equity and debt securities valued at fair value based on quoted market prices on active markets traded.\n insurance contracts valued at cash surrender value contracts approximate fair value.\n following benefit payments  reflect expected future service  at december 31, 2016 expected to be paid ( in millions ) :.\n as of december 31 , 2016 expected employer contributions for 2017 are $ 6. 1 million.\n defined contribution plans company 2019s employees in united states puerto rico eligible to participate in qualified defined contribution plan.\n in united states participants may contribute up to 25% ( 25 % ) of eligible compensation subject to tax code limitation ) to plan.\n edwards lifesciences matches first 3% ( 3 % ) of participant 2019s annual eligible compensation contributed plan dollar-for-dollar basis.\n matches next 2% ( 2 % ) of participant 2019s annual eligible compensation to plan on 50% ( 50 % ) basis.\n in puerto rico participants may contribute up to 25% ( 25 % ) of annual compensation subject to tax code limitation ) to plan.\n edwards lifesciences matches first 4% ( 4 % ) of participant 2019s annual eligible compensation contributed plan 50% ( 50 % ) basis.\n company provides 2% ( 2 % ) profit sharing contribution calculated on eligible earnings for each employee.\n matching contributions to edwards lifesciences employees were $ 17. 3 million , $ 15. 3 million  $ 12. 8 million in 2016 , 2015  2014 .\n company has nonqualified deferred compensation plans for select group of employees.\n plans provide eligible participants opportunity to defer eligible compensation to future dates specified participant with return based on investment alternatives selected participant.\namount accrued under nonqualified plans was $ 46. 7 million and $ 35. 5 million at december 31 , 2016 and 2015  respectively.\n 13.\n common stock treasury stock in july 2014  board of directors approved stock repurchase program authorizing company to purchase up to $ 750. 0 million of company 2019s common stock.\n in november 2016  board approved new stock repurchase program for additional $ 1. 0 billion of repurchases of common stock.\n repurchase programs expiration date.\n stock repurchased under programs may to offset obligations under company 2019s employee stock-based benefit programs stock-based business acquisitions reduce total shares outstanding.\n during 2016 , 2015  2014  company repurchased 7. 3 million , 2. 6 million  4. 4 million shares  at aggregate cost of $ 662. 3 million , $ 280. 1 million  $ 300. 9 million  including\n\n2017      | $ 4.5\n--------- | -----\n2018      | 4.0\n2019      | 4.0\n2020      | 4.6\n2021      | 4.5\n2021-2025 | 44.6"
}
{
    "_id": "dd4bc0190",
    "title": "",
    "text": "authorized costs of $ 76 recovered via surcharge over twenty-year period beginning october 2012.\n surcharges collected as of december 31 , 2015 and 2014 were $ 4 and $ 5 , respectively.\n addition to authorized costs company expects to incur additional costs totaling $ 34  recovered from contributions by california state coastal conservancy.\n contributions collected as of december 31 , 2015 and 2014 were $ 8 and $ 5  respectively.\n regulatory balancing accounts accumulate differences between revenues recognized and authorized revenue requirements until collected from customers or refunded.\n accounts include low income programs purchased power and water accounts.\n debt expense amortized over lives of respective issues.\n call premiums on redemption of long- term debt unamortized debt expense deferred and amortized to extent recovered through future service rates.\n purchase premium recoverable through rates is recovery of acquisition premiums related to asset acquisition by company 2019s california subsidiary 2002  acquisitions in 2007 by company 2019s new jersey subsidiary.\n authorized for recovery by california new jersey costs amortized to depreciation and amortization in consolidated statements of operations through november 2048.\n tank painting costs deferred and amortized to operations and maintenance expense in consolidated statements of operations straight-line basis over periods five to fifteen years as authorized by regulatory authorities in determination of rates charged for service.\n other regulatory assets include deferred business transformation costs  construction costs for treatment facilities  property tax stabilization  employee-related costs business services project expenses coastal water project costs rate case expenditures environmental remediation costs.\n costs deferred because amounts recovered in rates or probable of recovery through rates in future periods.\nregulatory liabilities represent probable future reductions in revenues associated with amounts credited or refunded to customers through rate-making process.\n table summarizes composition regulatory liabilities as of december 31:.\n removal costs recovered through rates are estimated costs to retire assets at end of expected useful life recovered through customer rates over life assets.\n in december 2008 company 2019s subsidiary in new jersey  at direction of new jersey puc  began to depreciate $ 48 of total balance into depreciation and amortization expense in consolidated statements operations via straight line amortization through november 2048.\n pension and postretirement benefit balancing accounts represent difference between costs incurred and costs authorized by puc 2019s expected to be refunded to customers.\n\n| 2015  | 2014\n---------------------------------------------------------- | ----- | -----\nremoval costs recovered through rates                      | $ 311 | $ 301\npension and other postretirement benefitbalancing accounts | 59    | 54\nother                                                      | 32    | 37\ntotal regulatory liabilities                               | $ 402 | $ 392"
}
{
    "_id": "dd4c4f7aa",
    "title": "",
    "text": "performance graph table compares cumulative total shareholder return on our common stock with cumulative total return of standard & poor's 500 composite stock index ( \"s&p 500 index standard & poor's industrials index&p index standard & poor's consumer durables & apparel index \"s&p consumer index  from december 31 , 2012 through december 31 , 2017 , when closing price our common stock was $ 43. 94.\n graph assumes investments of $ 100 on december 31 , 2012 in our common stock and in each of three indices and reinvestment of dividends.\n table sets forth value  as of december 31 for each years indicated  of $ 100 investment made on december 31 , 2012 in each our common stock , s&p 500 index  s&p industrials index and s&p consumer durables & apparel index and includes reinvestment of dividends.\n $ 50. 00 $ 100. 00 $ 150. 00 $ 200. 00 $ 250. 00 $ 300. 00 $ 350. 00 masco s&p 500 index s&p industrials index s&p consumer durables & apparel index\n\n| 2013     | 2014     | 2015     | 2016     | 2017\n------------------------------------- | -------- | -------- | -------- | -------- | --------\nmasco                                 | $ 138.48 | $ 155.26 | $ 200.79 | $ 227.08 | $ 318.46\ns&p 500 index                         | $ 132.04 | $ 149.89 | $ 151.94 | $ 169.82 | $ 206.49\ns&p industrials index                 | $ 140.18 | $ 153.73 | $ 149.83 | $ 177.65 | $ 214.55\ns&p consumer durables & apparel index | $ 135.84 | $ 148.31 | $ 147.23 | $ 138.82 | $ 164.39"
}
{
    "_id": "dd4c49bca",
    "title": "",
    "text": "income franchise tax provisions allocable to contracts in process included in general administrative expenses.\n deferred income taxes recorded when revenues and expenses recognized in different periods for financial statement purposes than tax return purposes.\n deferred tax asset or liability account balances calculated at balance sheet date using current tax laws and rates.\n determinations of expected realizability of deferred tax assets need for valuation allowances against tax assets evaluated based upon stand-alone tax attributes of company valuation allowances of $ 21 million and $ 18 million deemed necessary as of december 31, 2012 and 2011  respectively.\n uncertain tax positions meeting more-likely-than-not recognition threshold based on merits position recognized in financial statements.\n recognize amount of tax benefit greater than 50% ( 50 % ) likely to be realized upon ultimate settlement with related tax authority.\n if tax position not meet minimum statutory threshold to avoid payment of penalties recognize expense for amount of penalty in period tax position claimed or expected to be claimed in tax return.\n penalties if probable reasonably estimable recognized as component of income tax expense.\n recognize accrued interest related to uncertain tax positions in income tax expense.\n timing and amount of accrued interest determined by applicable tax law associated with underpayment of income taxes.\n see note 11 : income taxes.\n under existing gaap changes in accruals associated with uncertainties recorded in earnings in period they determined.\n cash and cash equivalents - carrying amounts of cash cash equivalents approximate fair value due to short-term nature of items having original maturity dates of 90 days or less.\naccounts receivable - include amounts billed and currently due from customers, amounts currently due but unbilled estimated contract change amounts  claims or requests for equitable adjustment in negotiation probable of recovery amounts retained by customer pending contract completion.\n inventoried costs - relate to work in process under contracts recognize revenues using labor dollars or units of delivery as basis of percentage-of-completion calculation.\n these costs represent accumulated contract costs less cost of sales calculated using percentage-of-completion method.\n accumulated contract costs include direct production costs factory and engineering overhead production tooling costs for government contracts  allowable general and administrative expenses.\n according to company.\n government contracts customer asserts title to  or security interest in inventories related to such contracts as result of contract advances  performance-based payments progress payments.\n with industry practice inventoried costs classified as a current asset include amounts related to contracts having production cycles longer than one year.\n inventoried costs include company owned raw materials stated at lower of cost or market  generally using average cost method.\n property , plant , and equipment - depreciable properties owned by company are recorded at cost and depreciated over estimated useful lives of individual assets.\n costs incurred for computer software developed obtained for internal use are capitalized and amortized over expected useful life of software not to exceed nine years.\n leasehold improvements amortized over shorter of useful lives or term of lease.\n remaining assets depreciated using straight-line method with following lives.\n company evaluates recoverability of property , plant and equipment when changes in economic circumstances or business objectives indicate carrying value may not be recoverable.\ncompany's evaluations include estimated future cash flows  profitability other factors determining fair value.\n assumptions estimates may change over time, may or not be necessary to record impairment charges.\n\nland improvements             | years 3 | years - | years 45\n----------------------------- | ------- | ------- | --------\nbuildings and improvements    | 3       | -       | 60\ncapitalized software costs    | 3       | -       | 9\nmachinery and other equipment | 2       | -       | 45"
}
{
    "_id": "dd4c12896",
    "title": "",
    "text": "table displays expected benefit payments in years indicated : ( dollars in thousands ).\n 1 4.\n d i v i d e n d r e s t r i c t i o n s a n d s t a t u t o r y f i n a n c i a l i n f o r m a t i o n a.\n t s under bermuda law , group prohibited from declaring or paying dividend if payment reduce realizable value of assets to amount less than aggregate value of liabilities and issued share capital and share premium ( addi tional paid-in capital ) accounts.\n group 2019s ability to pay dividends and operating expenses dependent upon dividends from subsidiaries.\n payment of dividends by insurer subsidiaries limited under bermuda law and laws of var- ious u. s.\n states in which group 2019s insurance and reinsurance subsidiaries domiciled.\n limitations based upon net income and compliance with applicable policyholders 2019 surplus or minimum solvency margin and liquidity ratio requirements as determined in with relevant statutory accounting practices.\n under bermuda law , bermuda re prohibited from declaring or making payment of dividend if fails to meet minimum solvency margin or minimum liquidity ratio.\n as long-term insurer bermuda re unable to declare or pay dividend to anyone not policyholder unless after payment dividend value of assets in long-term business fund  certified by approved actuary exceeds liabilities for long-term business by at least $ 250000 minimum solvency margin.\n prior approval of bermuda monetary authority required if bermuda re 2019s dividend payments would reduce prior year-end total statutory capital by 15. 0% ( 15. 0 % ) or more.\ndelaware law provides insurance company member of insurance holding company system domi- ciled in state not pay dividends without prior notice to insurance commissioner of delaware not pay dividends without approval insurance commissioner if value of proposed dividend  together with all other dividends and distributions in preceding twelve months, exceeds greater of ( 1 ) 10% ( 10 % ) of statutory surplus or ( 2 ) net income , not including realized capital gains , each as reported in prior year 2019s statutory annual statement.\n no dividend may be paid in excess of unassigned earned surplus.\n at december 31 , 2006  everest re had $ 270. 4 million available for payment of dividends in 2007 without for prior regulatory approval.\n.\n everest re prepares statutory financial statements in accordance with accounting practices prescribed or permitted by national association of insurance commissioners ( ) and delaware insurance department.\n prescribed statutory accounting practices set forth in naic accounting practices and procedures manual.\n capital and statutory surplus of everest re was $ 2704. 1 million ( unaudited ) and $ 2327. 6 million at december 31 , 2006 and 2005  respectively.\n statutory net income of everest re was $ 298. 7 million ( unaudited ) for year ended december 31 , 2006  statutory net loss was $ 26. 9 million for year ended december 31 , 2005 and statutory net income $ 175. 8 million for year ended december 31 , 2004.\n bermuda re prepares statutory financial statements in conformity with accounting principles in bermuda insurance act 1978 , amendments and related regulations.\n statutory capital and surplus of bermuda re was $ 1893. 9 million ( unaudited ) and $ 1522. 5 million at december 31 , 2006 and 2005  respectively.\nstatutory net income of bermuda re was $ 409. 8 million ( unaudited ) for year ended december 31 , 2006 , statutory net loss was $ 220. 5 million for year ended december 31 , 2005 statutory net income $ 248. 7 million for year ended december 31 , 2004.\n 1 5.\n c o n t i n g e n c i e s ordinary course business  company involved in lawsuits  arbitrations formal and informal dispute resolution procedures  outcomes determine company 2019s rights obligations under insurance  reinsur- ance other contractual agreements.\n in some disputes  company seeks to enforce rights under agreement or collect funds owing to it.\n in other matters  company resisting attempts by others to collect funds or enforce alleged rights.\n disputes arise time to time addressed  resolved  through informal and formal means , including negotiated resolution , arbitration litigation.\n in all matters company believes that\n\n2007         | $ 117\n------------ | -----\n2008         | 140\n2009         | 203\n2010         | 263\n2011         | 328\nnext 5 years | 2731"
}
{
    "_id": "dd4c248b6",
    "title": "",
    "text": "entergy louisiana , llc subsidiaries management 2019s financial discussion analysis results of operations net income 2017 compared to 2016 net income decreased $ 305. 7 million due to effect enactment tax cuts jobs act  december 2017 resulted in decrease of $ 182. 6 million in net income 2017 effect settlement with irs related to 2010-2011 irs audit  resulted in $ 136. 1 million reduction of income tax expense in 2016.\n contributing to decrease net income were higher other operation maintenance expenses.\n decrease partially offset by higher net revenue higher other income.\n see note 3 to financial statements for discussion effects of tax cuts jobs act irs audit.\n 2016 compared to 2015 net income increased $ 175. 4 million due to settlement with irs related to 2010-2011 irs audit  resulted in $ 136. 1 million reduction of income tax expense in 2016.\n contributing to increase were lower other operation maintenance expenses higher net revenue higher other income.\n increase partially offset by higher depreciation amortization expenses  higher interest expense  higher nuclear refueling outage expenses.\n see note 3 to financial statements for discussion irs audit.\n net revenue 2017 compared to 2016 net revenue consists of operating revenues net of 1 fuel , fuel-related expenses , gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2017 to 2016.\n amount ( in millions ).\n regulatory credit resulting from reduction of federal corporate income tax rate variance due to reduction of vidalia purchased power agreement regulatory liability by $ 30.5 million reduction of louisiana act 55 financing savings obligation regulatory liabilities by $ 25 million result of enactment tax cuts and jobs act  december 2017  lowered federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ).\n effects of tax cuts and jobs act discussed in note 3 to financial statements.\n\n| amount ( in millions )\n---------------------------------------------------------------------------------- | ----------------------\n2016 net revenue                                                                   | $ 2438.4\nregulatory credit resulting from reduction of thefederal corporate income tax rate | 55.5\nretail electric price                                                              | 42.8\nlouisiana act 55 financing savings obligation                                      | 17.2\nvolume/weather                                                                     | -12.4 ( 12.4 )\nother                                                                              | 19.0\n2017 net revenue                                                                   | $ 2560.5"
}
{
    "_id": "dd4b9c02e",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries management 2019s discussion analysis net revenues in equities were $ 6. 60 billion , 4% ( 4 % ) lower than 2016  primarily due to lower commissions and fees reflecting decline in listed cash equity volumes.\n market volumes in.\n also declined.\n net revenues in equities client execution were lower reflecting lower net revenues in derivatives offset by higher net revenues in cash products.\n net revenues in securities services unchanged.\n operating expenses were $ 9. 69 billion for 2017  unchanged compared with 2016 due to decreased compensation and benefits expenses reflecting lower net revenues offset by increased technology expenses higher expenses related to cloud-based services and software depreciation increased consulting costs.\n pre-tax earnings were $ 2. 21 billion in 2017  54% ( 54 % ) lower than 2016.\n investing & lending investing lending includes investing activities origination of loans including relationship lending activities to provide financing to clients.\n investments and loans are typically longer-term in nature.\n make investments  some consolidated  including through merchant banking business special situations group in debt securities and loans  public and private equity securities  infrastructure and real estate entities.\n some investments made indirectly through funds we manage.\n make unsecured loans through digital platform goldman sachs secured loans through digital platform goldman sachs private bank select.\n table below presents operating results of investing & lending segment.\n operating environment.\n during 2018 investments in private equities benefited from company-specific events including sales  strong corporate performance investments in public equities reflected losses as global equity prices decreased.\ninvestments in debt securities loans reflected growth in loans receivables higher net interest income.\n if macroeconomic concerns affect corporate performance or origination of loans or global equity prices decline net revenues in investing & lending likely negatively impacted.\n 2017 higher global equity prices tighter credit spreads contributed to favorable environment for equity debt investments.\n results reflected net gains from company-specific events sales corporate performance.\n 2018 versus 2017.\n net revenues in investing & lending were $ 8. 25 billion for 2018 14% ( 14 % ) higher than 2017.\n net revenues in equity securities were $ 4. 46 billion 3% ( 3 % ) lower than 2017 reflecting net losses from investments in public equities ( 2018 included $ 183 million of net losses ) compared with offset by higher net gains from investments private equities ( 2018 included $ 4. 64 billion net gains ) driven by company-specific events sales corporate performance.\n 2018 60% ( % ) of net revenues in equity securities from corporate investments 40% ( 40 % ) from real estate.\n net revenues in debt securities and loans were $ 3. 80 billion  43% ( 43 % ) higher than 2017 driven by higher net interest income.\n 2018 included net interest income of approximately $ 2. 70 billion compared with $ 1. 80 billion in 2017.\n provision for credit losses was $ 674 million for 2018 compared with $ 657 million for 2017 higher provision related to consumer loan growth 2018 partially offset by impairment of $ 130 million on secured loan in 2017.\n operating expenses were $ 3.37 billion for 2018 20% ( 20 % ) higher than 2017 due to increased expenses consolidated investments digital lending deposit platform increased compensation benefits expenses reflecting higher net revenues.\n pre-tax earnings $ 4. 21 billion 2018 11% ( 11 % ) higher than 2017 versus 2016.\n net revenues in investing & lending $ 7. 24 billion 2017 70% ( 70 % ) higher than 2016.\n net revenues in equity securities $ 4. 58 billion 78% ( 78 % ) higher than 2016 reflecting significant increase in net gains from private equities ( 2017 included $ 3. 82 billion net gains ) impacted by company-specific events corporate performance.\n net gains from public equities ( 2017 included $ 762 million net gains ) higher global equity prices increased.\n 2017 64% ( 64 % ) net revenues in equity securities from corporate investments 36% ( 36 % ) from real estate.\n net revenues in debt securities loans $ 2. 66 billion  57% ( 57 % ) higher than 2016 reflecting higher net interest income ( 2017 included approximately $ 1. 80 billion net interest income ).\n 60 goldman sachs 2018 form 10-k\n\n$ in millions               | year ended december 2018 | year ended december 2017 | year ended december 2016\n--------------------------- | ------------------------ | ------------------------ | ------------------------\nequity securities           | $ 4455                   | $ 4578                   | $ 2573\ndebt securities and loans   | 3795                     | 2660                     | 1689\ntotal net revenues          | 8250                     | 7238                     | 4262\nprovision for credit losses | 674                      | 657                      | 182\noperating expenses          | 3365                     | 2796                     | 2386\npre-taxearnings             | $ 4211                   | $ 3785                   | $ 1694"
}
{
    "_id": "dd4ba73ca",
    "title": "",
    "text": "refining and wholesale marketing gross margin is difference between prices of refined products sold and costs of crude oil and other charge blendstocks refined including costs to transport inputs to refineries costs of purchased products manufacturing expenses  including depreciation.\n crack spread is a measure of difference between market prices for refined products and crude oil used as indicator of impact of price on refining margin.\n crack spreads can fluctuate significantly particularly when prices refined products not move same relationship as cost of crude oil.\n performance benchmark comparison with industry participants we calculate midwest ( chicago ).\n gulf coast crack spreads closely track our operations slate products.\n posted light louisiana sweet ( 201clls 201d ) prices 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline 2 barrels of distillate 1 barrel of residual fuel ) are used for crack spread calculation.\n following table lists calculated average crack spreads by quarter for midwest ( chicago ) gulf coast markets in 2008.\n crack spreads ( dollars per barrel ) 1st qtr 2nd qtr 3rd qtr 4th qtr 2008.\n in addition to market changes by crack spreads our refining and wholesale marketing gross margin is impacted by factors types of crude oil other charge and blendstocks processed selling prices realized for refined products impact of commodity derivative instruments used to mitigate price risk cost of purchased products for resale.\n we process significant amounts of sour crude oil can enhance our profitability compared to competitors sour crude oil typically can be purchased at discount to sweet crude.\nrefining and wholesale marketing gross margin impacted by changes in manufacturing costs primarily driven by maintenance activities at refineries and price of purchased natural gas for plant fuel.\n our 2008 refining and wholesale marketing gross margin key driver of 43 percent decrease in rm&t segment income compared to 2007.\n average refining and wholesale marketing gross margin per gallon decreased 37 percent  to 11. 66 cents in 2008 from 18. 48 cents in 2007  primarily due to significant rapid increases in crude oil prices early in 2008 lagging wholesale price realizations.\n our retail marketing gross margin for gasoline and distillates  difference between ultimate price paid by consumers and cost of refined products  including secondary transportation consumer excise taxes  also impacts rm&t segment profitability.\n on average demand increasing for years numerous factors including local competition  seasonal demand fluctuations available wholesale supply economic activity in marketing areas weather conditions impact gasoline and distillate demand year.\n in 2008  demand began to drop due to significant increases in retail petroleum prices broad slowdown in general activity.\n gross margin on merchandise sold at retail outlets historically more constant.\n profitability of our pipeline transportation operations primarily dependent on volumes shipped through our crude oil and refined products pipelines.\n volume of crude oil we transport affected by supply of refiner demand for crude oil in markets served directly by our crude oil pipelines.\n key factors in supply and demand balance are production levels of crude oil by producers  availability and cost of alternative modes of transportation  refinery and transportation system maintenance levels.\n volume of refined products we transport directly affected by production levels and user demand for refined products in markets served by our refined product pipelines.\nin most markets  demand for gasoline peaks summer declines fall winter months, distillate demand more ratable throughout year.\n as with crude oil , other transportation alternatives system maintenance levels influence refined product movements.\n integrated gas integrated gas strategy is to link stranded natural gas resources with areas where supply gap emerging due to declining production growing demand.\n integrated gas operations include marketing transportation of products manufactured from natural gas  lng methanol , primarily in u. s. , europe west africa.\n significant lng investment is 60 percent ownership in production facility in equatorial guinea  sells lng under long-term contract at prices tied to henry hub natural gas prices.\n in 2008 \n\ncrack spreads ( dollars per barrel ) | 1st qtr | 2nd qtr | 3rd qtr | 4th qtr    | 2008\n------------------------------------ | ------- | ------- | ------- | ---------- | ------\nchicago lls 6-3-2-1                  | $ 0.07  | $ 2.71  | $ 7.81  | $ 2.31     | $ 3.27\nus gulf coast lls 6-3-2-1            | $ 1.39  | $ 1.99  | $ 6.32  | ( $ 0.01 ) | $ 2.45"
}
{
    "_id": "dd4c5d80a",
    "title": "",
    "text": "comcast corporation changes in net deferred tax liability in 2015 not recorded as deferred income tax expense primarily related to decreases of $ 28 million with items in other comprehensive income ( loss ) and decreases of $ 132 million related to acquisitions in 2015.\n net deferred tax liability includes $ 23 billion related to cable franchise rights remain unchanged unless recognize impairment or dispose of cable franchise.\n as of december 31 , 2015  had federal net operating loss carryforwards of $ 135 million and state net operating loss carryforwards expire through 2035.\n december 31 2015 had foreign net operating loss carryforwards of $ 700 million related to foreign operations of nbcuni- versal  majority expire through 2025.\n determination of realization of state and foreign net operating loss carryforwards dependent on subsidiaries 2019 taxable income or loss , appor- tionment percentages  state and foreign laws change year year impact amount such carryforwards.\n recognize valuation allowance if more likely not some portion  or all of deferred tax asset will not be realized.\n as of december 31 , 2015 and 2014  valuation allowance primarily related to state and foreign net operating loss carryforwards.\n uncertain tax positions uncertain tax positions as of december 31 , 2015 totaled $ 1. 1 billion  exclude federal benefits on state tax positions recorded as deferred income taxes.\n included in uncertain tax positions was $ 220 million related to tax positions of nbcuniversal and nbcuniversal enterprise for indemnified by ge.\n if to recognize tax benefit for uncertain tax positions in future , $ 592 million would impact effective tax rate remaining amount would increase deferred income tax liability.\namount timing of recognition of tax benefit dependent on completion of examinations tax filings by tax authorities expiration of statutes of limitations.\n in 2014  we reduced accruals for uncertain tax positions related accrued interest on tax positions income tax expense decreased by $ 759 million.\n possible that certain tax contests could be resolved within next 12 months may result in decrease in effective tax rate.\n reconciliation of unrecognized tax benefits.\n as of december 31 , 2015 and 2014  accrued interest associated with tax positions was $ 510 million and $ 452 million  respectively.\n as of december 31 , 2015 and 2014 , $ 49 million and $ 44 million  respectively these amounts related to tax positions of nbcuniversal and nbcuniversal enterprise for which we been indemnified by ge.\n during 2015  irs completed examination of income tax returns for year 2013.\n various states examining our tax returns most periods relating to tax years 2000 and forward.\n tax years of state tax returns under examination vary by state.\n 109 comcast 2015 annual report on form 10-k\n\n( in millions )                                              | 2015       | 2014         | 2013\n------------------------------------------------------------ | ---------- | ------------ | ------------\nbalance january 1                                            | $ 1171     | $ 1701       | $ 1573\nadditions based on tax positions related to the current year | 67         | 63           | 90\nadditions based on tax positions related to prior years      | 98         | 111          | 201\nadditions from acquired subsidiaries                         | 2014       | 2014         | 268\nreductions for tax positions of prior years                  | -84 ( 84 ) | -220 ( 220 ) | -141 ( 141 )\nreductions due to expiration of statutes of limitations      | -41 ( 41 ) | -448 ( 448 ) | -3 ( 3 )\nsettlements with tax authorities                             | -75 ( 75 ) | -36 ( 36 )   | -287 ( 287 )\nbalance december 31                                          | $ 1136     | $ 1171       | $ 1701"
}
{
    "_id": "dd4c06532",
    "title": "",
    "text": "2009 levels returned portion assets to active service.\n end of 2010  continued to maintain in storage approximately 17% ( 17 % ) of multiple purpose locomotives 14% ( 14 % ) freight car inventory reflecting ability to leverage assets as volumes return to network.\n 2022 fuel prices 2013 fuel prices increased throughout 2010 as economy improved.\n average diesel fuel price per gallon increased nearly 20% ( 20 % ) from january to december 2010  driven by higher crude oil barrel prices and conversion spreads.\n compared to 2009  diesel fuel price per gallon consumed increased 31% ( 31 % ) driving operating expenses up by $ 566 million ( excluding impact from year-over-year volume increases ).\n to partially offset effect higher fuel prices reduced consumption rate by 3% ( 3 % ) during year  saving approximately 27 million gallons of fuel.\n use of newer more fuel efficient locomotives ; increased use of distributed locomotive power ( distributing locomotives throughout train safer more efficient train operations ) fuel conservation programs efficient network operations asset utilization contributed to improvement.\n 2022 free cash flow 2013 cash generated by operating activities ( adjusted for reclassification receivables securitization facility ) totaled $ 4. 5 billion  record free cash flow of $ 1. 4 billion in 2010.\n free cash flow defined as cash provided by operating activities ( adjusted for reclassification receivables securitization facility ) less cash used in investing activities and dividends paid.\n free cash flow not considered a financial measure under accounting principles accepted.\n sec regulation g and item 10 of sec regulation s-k.\n believe free cash flow important in evaluating financial performance measures ability to generate cash without additional external financings.\n free cash flow should be considered in addition to than substitute for cash provided by operating activities.\ntable reconciles cash by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2010 2009 2008.\n [a] effective january 1 , 2010  new accounting standard required us to account for receivables transferred under receivables securitization facility as secured borrowings in consolidated statements of financial position and as financing activities in consolidated statements of cash flows.\n receivables securitization facility included in free cash flow calculation to adjust cash by operating activities as though receivables securitization facility had been accounted for under new accounting standard for all periods presented.\n 2011 outlook 2022 safety 2013 operating safe railroad benefits employees customers shareholders  public.\n continue using multi-faceted approach to safety  utilizing technology  risk assessment quality control training engaging employees.\n continue implementing total safety culture ( tsc ) throughout operations.\n tsc designed to establish  maintain reinforce promote safe practices among co-workers.\n process allows to identify and implement best practices for employee and operational safety.\n reducing grade crossing incidents is critical aspect of safety programs continue efforts to maintain and close crossings ; install video cameras on locomotives educate public and law enforcement agencies about crossing safety through our own programs ( including risk assessment strategies ) industry programs  engaging local communities.\n 2022 transportation plan 2013 to build upon success recent years continue evaluating traffic flows and network logistic patterns  dynamic to identify additional opportunities to simplify operations remove network variability improve network efficiency and asset utilization.\n plan to adjust manpower and locomotive and rail car fleets to meet customer needs\n\nmillions                                                                                 | 2010           | 2009           | 2008\n---------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\ncash provided by operating activities                                                    | $ 4105         | $ 3204         | $ 4044\nreceivables securitization facility [a]                                                  | 400            | 184            | 16\ncash provided by operating activitiesadjusted for the receivables securitizationfacility | 4505           | 3388           | 4060\ncash used in investing activities                                                        | -2488 ( 2488 ) | -2145 ( 2145 ) | -2738 ( 2738 )\ndividends paid                                                                           | -602 ( 602 )   | -544 ( 544 )   | -481 ( 481 )\nfree cash flow                                                                           | $ 1415         | $ 699          | $ 841"
}
{
    "_id": "dd4b9f918",
    "title": "",
    "text": "graph shows five-year comparison cumulative shareholder return company's common stock with cumulative total return s&p smallcap 600 index s&p 600 electrical equipment index published indices.\n comparison five-year cumulative total return from december 31 2002 to december 31 2007 assumes $ 100 invested with reinvestment dividends period indexed returns.\n 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 smith ( a o ) corp s&p smallcap 600 index s&p 600 electrical equipment\n\ncompany/index                | baseperiod 12/31/02 | baseperiod 12/31/03 | baseperiod 12/31/04 | baseperiod 12/31/05 | baseperiod 12/31/06 | 12/31/07\n---------------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | --------\na o smith corp               | 100.00              | 132.23              | 115.36              | 138.20              | 150.26              | 142.72\ns&p smallcap 600 index       | 100.00              | 138.79              | 170.22              | 183.30              | 211.01              | 210.39\ns&p 600 electrical equipment | 100.00              | 126.12              | 152.18              | 169.07              | 228.83              | 253.33"
}
{
    "_id": "dd4977f8c",
    "title": "",
    "text": "impairment net unrealized losses on securities available for sale were as of december 31:.\n above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded remaining net unrealized loss of $ 1. 01 billion  or $ 635 million after-tax , and $ 2. 27 billion , or $ 1. 39 billion after- tax  related to reclassifications of securities for sale to securities held to maturity.\n these after-tax amounts recorded in other comprehensive income.\n decline in remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and recognition of losses from other-than-temporary impairment on securities.\n conduct periodic reviews of individual securities to assess other-than-temporary impairment exists.\n other-than-temporary impairment identified impairment is broken into credit component and non-credit component.\n credit component recognized in our consolidated statement of income  and non-credit component recognized in other comprehensive income to management does not intend to sell security ( see note 3 of notes to consolidated financial statements under item 8 ).\n assessment of other-than-temporary impairment involves evaluation of economic and security- specific factors described in note 3.\n such factors based upon estimates  by management contemplate current market conditions and security-specific performance.\n market conditions worse than management expectations other-than-temporary impairment could increase in particular credit component recognized in consolidated statement of income.\n national housing prices  to national hpi declined to approximately 30% ( 30 % ) peak-to-current.\n management estimates national housing prices will continue to decline bottom during second half of 2010  consistent with peak-to-trough housing price decline of approximately 37% ( 37 % ).\nindication of sensitivity of portfolio with significant assumptions underlying assessment of impairment , if increase default estimates to 110% ( 110 % ) of management 2019s current expectations with slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , impairment recorded in consolidated statement of income.\n excluding securities for other-than-temporary impairment recorded , management considers aggregate decline in fair value of remaining securities and resulting net unrealized losses to temporary not result of material changes in credit characteristics of securities.\n additional information about assessment of impairment provided in note 3 of notes to consolidated financial statements under item 8.\n\n( in millions )               | 2009             | 2008\n----------------------------- | ---------------- | ----------------\nfair value                    | $ 72699          | $ 54163\namortized cost                | 74843            | 60786\nnet unrealized loss pre-tax   | $ -2144 ( 2144 ) | $ -6623 ( 6623 )\nnet unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 )"
}
{
    "_id": "dd4b8cbc4",
    "title": "",
    "text": "polyplastics co.  ltd.\n leading supplier of engineered plastics in asia-pacific region venture between daicel chemical industries ltd. japan ( 55% ( 55 % ) ) ticona llc ( 45% ( 45 % ) ownership wholly-owned subsidiary of cna holdings llc ).\n polyplastics producer marketer of pom and lcp  principal production facilities in japan taiwan malaysia china.\n fortron industries llc.\n fortron leading global producer of polyphenylene sulfide ( \"pps\" ) sold under fortron ae brand used in automotive other applications especially requiring heat chemical resistance.\n fortron limited liability company members are ticona fortron inc.\n ( 50% ( 50 % ) ownership wholly-owned subsidiary of cna holdings llc ) kureha corporation ( 50% ( 50 % ) ).\n fortron's facility in wilmington north carolina.\n venture combines sales marketing distribution compounding manufacturing expertise of celanese with pps polymer technology expertise of kureha.\n china acetate strategic ventures.\n hold ownership interest in three separate acetate production ventures in china nantong cellulose fibers co.\n ltd.\n ( 31% ( 31 % ) ) kunming cellulose fibers co.\n ltd.\n 30% ( 30 % ) ) zhuhai cellulose fibers co.\n ltd.\n ( 30% ( 30 % ) ).\n china national tobacco corporation  chinese state-owned tobacco entity controls remaining ownership interest in each ventures.\n chinese acetate ventures fund operations using operating cash flow pay dividend in second quarter of each fiscal year based on ventures' performance for preceding year.\nin 2012 , 2011 2010  received cash dividends of $ 83 million , $ 78 million $ 71 million , respectively.\n during 2012  our venture's nantong facility completed expansion of acetate flake and acetate tow capacity  each by 30000 tons.\n made contributions of $ 29 million over three years related to capacity expansion nantong.\n similar expansions since ventures led to earnings growth increased dividends for company.\n according to euromonitor database services china estimated 42% ( 42 % ) share of world's 2011 cigarette consumption fastest growing area for cigarette consumption at estimated growth rate of 3. 5% ( 3. 5 % ) per year from 2011 through 2016.\n combined these ventures are leader in chinese domestic acetate production believe well positioned to supply chinese cigarette producers.\n our ownership interest in each china acetate ventures exceeds 20% ( 20 % )  account for investments using cost method of accounting cannot exercise significant influence over entities due to local government investment influence entities limitations on involvement in day-to-day operations present inability entities to provide timely financial information in accordance with generally accepted accounting principles in united states (.\n 2022 other equity method investments infraservs.\n hold indirect ownership interests in several german infraserv groups own develop industrial parks provide on-site general administrative support to tenants.\n ownership interest in equity investments in infraserv ventures are as follows : as of december 31 , 2012 ( in percentages ).\n raw materials and energy purchase variety of raw materials and energy from sources in many countries for in production processes.\n policy of maintaining when available multiple sources of supply for materials.\n, some our individual plants may have single sources of supply for raw materials , as carbon monoxide  steam acetaldehyde.\n although we able to obtain sufficient supplies of raw materials , can no assurance that unforeseen developments will not affect our raw material supply.\n even if we multiple sources of supply for raw material , no assurance that these sources can make up for loss of a major supplier.\n possible profitability will be adversely affected if we required to qualify additional sources of supply to our specifications in loss of a sole supplier.\n in, price of raw materials varies  often substantially , from year to year.\n\n| as of december 31 2012 ( in percentages )\n--------------------------------- | -----------------------------------------\ninfraserv gmbh & co . gendorf kg  | 39\ninfraserv gmbh & co . knapsack kg | 27\ninfraserv gmbh & co . hoechst kg  | 32"
}
{
    "_id": "dd4c544d0",
    "title": "",
    "text": "summary fin 48 changes during fiscal 2008 , aggregate changes in total gross amount unrecognized tax benefits summarized:.\n gross liability for unrecognized tax benefits at november 28 , 2008 of $ 139. 5 million is exclusive of interest and penalties.\n if total fin 48 gross liability for unrecognized tax benefits at november 28 , 2008 recognized in future following amounts net of estimated $ 12. 9 million benefit related to deducting such payments on future tax returns would result : $ 57. 7 million of unrecognized tax benefits decrease effective tax rate and $ 68. 9 million would decrease goodwill.\n as of november 28, 2008 combined accrued interest and penalties related to tax positions taken on tax returns included in non-current income taxes payable was approximately $ 15. 3 million.\n file income tax returns in u.\n federal basis and many u.\n state and foreign jurisdictions.\n subject to continual examination of income tax returns by irs and other domestic and foreign tax authorities.\n major tax jurisdictions are u. s. , ireland and california.\n. earliest fiscal years open for examination are 2001 , 2002 and 2005 .\n in august 2008 .\n income tax examination covering fiscal years 2001 through 2004 completed.\n accrued tax and interest related to these years was $ 100. 0 million previously reported in long-term income taxes payable.\n conjunction with resolution requested received approval from irs to repatriate certain foreign earnings in tax-free manner resulted in reduction of long-term deferred income tax liability of $ 57. 8 million.\n these liabilities on balance sheet decreased by $ 157. 8 million.\n in august 2008  paid $ 80.0 million in conjunction with resolution , credited additional paid-in-capital for $ 41. 3 million due to use of certain tax attributes related to stock option deductions , including portion of deferred tax assets not recorded in financial statements to sfas 123r made other individually immaterial adjustments to tax balances totaling $ 15. 8 million.\n net income statement tax benefit in third quarter of fiscal 2008 of $ 20. 7 million resulted.\n accounting treatment related to unrecognized tax benefits from acquired companies , including macromedia , will change when sfas 141r becomes effective.\n sfas 141r will be effective in first quarter of fiscal year 2010.\n any changes to recognition or measurement of unrecognized tax benefits will be recorded through income tax expense , currently accounting treatment require adjustment to be recognized through purchase price as adjustment to goodwill.\n timing of resolution of income tax examinations uncertain amounts ultimately paid , if any, upon resolution of issues raised by taxing authorities may differ from amounts accrued for each year.\n possible that some issues in irs and other examinations could be resolved within next 12 months , based current facts and circumstances  cannot estimate timing of resolution or range of potential changes to unrecognized tax benefits recorded as part of financial statements.\n do not expect material settlements in fiscal 2009 but inherently uncertain to determine.\n\nbeginning balance as of december 1 2007                                      | $ 201808\n---------------------------------------------------------------------------- | ----------------\ngross increases in unrecognized tax benefits 2013 prior year tax positions   | 14009\ngross increases in unrecognized tax benefits 2013 current year tax positions | 11350\nsettlements with taxing authorities                                          | -81213 ( 81213 )\nlapse of statute of limitations                                              | -3512 ( 3512 )\nforeign exchange gains and losses                                            | -2893 ( 2893 )\nending balance as of november 28 2008                                        | $ 139549"
}
{
    "_id": "dd4ba981e",
    "title": "",
    "text": "stock-based compensation 2013 several stock-based compensation plans employees non-employee directors receive stock options nonvested retention shares nonvested stock units.\n refer to nonvested shares stock units collectively as 201cretention awards.\n issue treasury shares cover option exercises stock unit vestings new shares issued when retention shares vest.\n adopted fasb statement no.\n 123 ( r )  share-based payment ( fas 123 ( r ) ) on january 1 , 2006.\n fas 123 ( r ) requires to measure recognize compensation expense for all stock-based awards to employees directors including stock options.\n compensation expense based on calculated fair value of awards measured at grant date expensed ratably over service period of awards ( generally vesting period ).\n fair value of retention awards is stock price on date of grant fair value of stock options determined black-scholes option pricing model.\n elected use modified prospective transition method permitted by fas 123 ( r ) did not restate financial results for prior periods.\n not adjustment for cumulative effect of estimated forfeitures impact not material.\n result adoption of fas 123 ( r )  recognized expense for stock options in 2006 in addition to retention awards expensed prior to 2006.\n stock-based compensation expense for year ended december 31 , 2006 was $ 22 million  after tax or $ 0. 08 per basic and diluted share.\n includes $ 9 million for stock options $ 13 million for retention awards for 2006.\n before taxes stock-based compensation expense included $ 14 million for stock options $ 21 million for retention awards for 2006.\n recorded $ 29 million of excess tax benefits as inflow of financing activities in consolidated statement of cash flows for year ended december 31 , 2006.\nprior adoption of fas 123 ( r )  applied recognition measurement principles of accounting principles board opinion no.\n 25  accounting for stock issued to employees related interpretations.\n no stock- based employee compensation expense related to stock option grants reflected in net income all options granted under plans had grant price equal to market value of common stock on date of grant.\n stock-based compensation expense related to retention shares stock units other incentive plans reflected in net income.\n table details effect on net income earnings per share compensation expense for stock-based awards including stock options recorded in years ended december 31, 2005 2004 based on fair value method under fasb statement no.\n 123 , accounting for stock-based compensation.\n pro forma stock-based compensation expense year ended december 31 , millions of dollars  except per share amounts 2005 2004.\n stock options for executives granted in 2003 and 2002 included reload feature.\n reload feature allowed executives to exercise options using shares of union pacific corporation common stock owned obtain new grant of options in amount shares used for exercise plus shares withheld for tax purposes.\n reload feature option grants only exercised if\n\npro forma stock-based compensation expense                                                                                | pro forma stock-based compensation expense |\n------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ----------\nmillions of dollars except per share amounts                                                                              | 2005                                       | 2004\nnet income as reported                                                                                                    | $ 1026                                     | $ 604\nstock-based employee compensation expense reported in net income net of tax                                               | 13                                         | 13\ntotal stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a] | -50 ( 50 )                                 | -35 ( 35 )\npro forma net income                                                                                                      | $ 989                                      | $ 582\nearnings per share 2013 basic as reported                                                                                 | $ 3.89                                     | $ 2.33\nearnings per share 2013 basic pro forma                                                                                   | $ 3.75                                     | $ 2.25\nearnings per share 2013 diluted as reported                                                                               | $ 3.85                                     | $ 2.30\nearnings per share 2013 diluted pro forma                                                                                 | $ 3.71                                     | $ 2.22"
}
{
    "_id": "dd4b8ae64",
    "title": "",
    "text": "part ii issued in initial aggregate principal amount of $ 500 million at 2. 25% ( 2. 25 % ) fixed , annual interest rate mature on may 1 , 2023.\n 2043 senior notes issued initial aggregate principal amount of $ 500 million at 3. 625% ( 3. 625 % ) fixed , annual interest rate mature on may 1 , 2043.\n interest on senior notes payable semi-annually on may 1 and november 1 of each year.\n issuance resulted in gross proceeds before expenses of $ 998 million.\n on november 1, 2011  entered committed credit facility agreement with syndicate of banks provides for up to $ 1 billion of borrowings option to increase borrowings to $ 1. 5 billion with lender approval.\n facility matures november 1 , 2017.\n for periods ended may 31 , 2015 and 2014  no amounts outstanding under committed credit facility.\n currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services .\n if long- term debt ratings to decline , facility fee and interest rate under committed credit facility would increase.\n conversely  if long-term debt rating improve , facility fee and interest rate would decrease.\n changes in long-term debt rating not trigger acceleration of maturity of then-outstanding borrowings or future borrowings under committed credit facility.\n under committed revolving credit facility agreed to various covenants.\n covenants include limits on disposal of fixed assets , amount of debt secured by liens may incur minimum capitalization ratio.\n event any borrowings outstanding under facility failed to meet covenant unable to obtain waiver from majority of banks in syndicate borrowings become immediately due and payable.\nas of may 31 , 2015  in full compliance with covenants unlikely will fail to meet covenants in foreseeable future.\n liquidity provided by $ 1 billion commercial paper program.\n during year ended may 31 , 2015  did not issue commercial paper as of may 31 , 2015 no outstanding borrowings under this program.\n may issue commercial paper or other debt securities during fiscal 2016 depending on general corporate needs.\n have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services .\n as of may 31 , 2015 had cash , cash equivalents short-term investments totaling $ 5. 9 billion  of $ 4. 2 billion held by foreign subsidiaries.\n included in cash equivalents may 31 2015 was $ 968 million of cash collateral received from counterparties result of hedging activity.\n cash equivalents and short-term investments consist primarily of deposits at major banks, money market funds  commercial paper  corporate notes u.\n treasury obligations.\n government sponsored enterprise obligations other investment grade fixed income securities.\n fixed income investments exposed to credit and interest rate risk.\n all investments are investment grade to minimize credit risk.\n individual securities have varying durations as of may 31 , 2015 weighted average remaining duration of short-term investments and cash equivalents portfolio was 79 days.\n not experienced difficulty accessing credit markets or incurred higher interest costs.\n future volatility in capital markets may increase costs with issuing commercial paper or other debt instruments or affect ability to access markets.\nbelieve existing cash , cash equivalents short-term investments cash generated by operations  access to external sources of funds described above, will sufficient to meet domestic and foreign capital needs foreseeable future.\n utilize variety tax planning financing strategies to manage worldwide cash deploy funds to locations where needed.\n routinely repatriate portion of foreign earnings for which u. s.\n taxes previously been provided.\n also indefinitely reinvest significant portion of foreign earnings  current plans do not demonstrate need to repatriate these earnings.\n require additional capital in united states, may elect to repatriate indefinitely reinvested foreign funds or raise capital united states through debt.\n if to repatriate indefinitely reinvested foreign funds , required to accrue pay additional u. s.\n taxes less applicable foreign tax credits.\n if elect raise capital in united states through debt , incur additional interest expense.\n off-balance sheet arrangements in connection with various contracts agreements  routinely provide indemnification relating to enforceability of intellectual property rights coverage for legal issues other items where acting as guarantor.\n currently have several such agreements in place.\n based on historical experience estimated probability of future loss determined fair value of such indemnification not material to financial position or results of operations.\n contractual obligations significant long-term contractual obligations as of may 31 , 2015 significant endorsement contracts  including related marketing commitments , entered into through date of this report are as follows:.\n ( 1 ) cash payments due for long-term debt include estimated interest payments.\n estimates of interest payments based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2015 ( if variable ) , timing of scheduled payments term of debt obligations.\n( 2 ) amounts listed for endorsement contracts represent approximate base compensation minimum guaranteed royalty fees we obligated to pay athlete , sport team league endorsers of our products.\n actual payments under some contracts may be higher than amounts listed as these contracts provide for bonuses paid to endorsers based upon athletic achievements/or royalties on product sales in future periods.\n actual payments under some contracts may also be lower as contracts include provisions for reduced payments if athletic performance declines in future periods.\n in addition to cash payments , we obligated to furnish endorsers with nike product for use.\n not possible to determine how much we spend on this product on annual basis contracts do not stipulate specific amount of cash spent on product.\n amount of product provided to endorsers will depend on many factors  including general playing conditions  number of sporting events our own decisions regarding product and marketing initiatives.\n costs to design , develop source purchase products furnished to endorsers are incurred over period time not necessarily tracked separately from similar costs for products sold to customers.\n\ndescription of commitment ( in millions ) | description of commitment 2016 | description of commitment 2017 | description of commitment 2018 | description of commitment 2019 | description of commitment 2020 | description of commitment thereafter | total\n----------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------------ | -------\noperating leases                          | $ 447                          | $ 423                          | $ 371                          | $ 311                          | $ 268                          | $ 1154                               | $ 2974\ncapital leases                            | 2                              | 2                              | 1                              | 2014                           | 2014                           | 2014                                 | 5\nlong-term debt ( 1 )                      | 142                            | 77                             | 55                             | 36                             | 36                             | 1451                                 | 1797\nendorsement contracts ( 2 )               | 1009                           | 919                            | 882                            | 706                            | 533                            | 2143                                 | 6192\nproduct purchase obligations ( 3 )        | 3735                           | 2014                           | 2014                           | 2014                           | 2014                           | 2014                                 | 3735\nother ( 4 )                               | 343                            | 152                            | 75                             | 72                             | 36                             | 92                                   | 770\ntotal                                     | $ 5678                         | $ 1573                         | $ 1384                         | $ 1125                         | $ 873                          | $ 4840                               | $ 15473"
}
{
    "_id": "dd4bad72a",
    "title": "",
    "text": "part i berths end of 2011.\n approximately 10 ships estimated 34000 berths expected placed in service in north american cruise market between 2012 and 2016.\n europe europe , cruising represents smaller but growing sector of vacation industry.\n experienced compound annual growth rate in cruise guests approximately 9. 6% ( 9. 6 % ) from 2007 to 2011 believe market has significant continued growth poten- tial.\n estimate europe served by 104 ships approximately 100000 berths beginning of 2007 121 ships approximately 155000 berths end of 2011.\n approximately 10 ships estimated 28000 berths expected in service in european cruise market between 2012 and 2016.\n table details growth in global , north american european cruise markets terms cruise guests estimated weighted-average berths over past five years : global cruise guests 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests ( 3 ) weighted-average supply of berths marketed in europe ( 1 ).\n source : estimates of number of global cruise guests weighted-average supply of berths marketed globally north america europe based on combination of data from various publicly available cruise industry trade information sources including seatrade insider cruise line international association.\n our estimates incorporate our own statistical analysis utilizing same publicly available cruise industry data base.\n 2 ) source : cruise line international association based on cruise guests carried for two consecutive nights for years 2007 through 2010.\n year 2011 amounts represent our estimates see number 1 above ).\n 3 ) source : european cruise council for years 2007 through 2010.\n year 2011 amounts represent our estimates see number 1 above ).\nother markets in addition to expected industry growth in north america and europe discussed , expect asia/pacific region to demonstrate higher growth rate in near term , although continue to represent relatively small sector compared to north america europe.\n we compete with number of cruise lines ; principal competitors are carnival corporation & plc , owns  , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line oceania cruises.\n cruise lines compete with other vacation alternatives land-based resort hotels sightseeing destinations for consum- ers 2019 leisure time.\n demand for activities influ- enced by political and general economic conditions.\n companies within vacation market dependent on consumer discretionary spending.\n operating strategies principal operating strategies are to : employees protect environment in vessels organization operate  better serve global guest base grow business  enhance revenues expand diversify guest mix through interna- tional guest sourcing  ensure adequate cash and liquidity  goal of maximizing return on invested capital and long-term shareholder value , brands throughout world  revitalization of existing ships transfer of key innovations across each brand  expanding fleet with new state-of-the-art cruise ships recently delivered on order  deploying them into markets and itineraries provide opportunities to optimize returns  continuing focus on existing key markets  support ongoing operations and initiatives  principal industry distribution channel  enhancing consumer outreach programs.\n\nyear | global cruiseguests ( 1 ) | weighted-averagesupplyofberthsmarketedglobally ( 1 ) | northamericancruiseguests ( 2 ) | weighted-average supply ofberths marketedin northamerica ( 1 ) | europeancruiseguests | weighted-averagesupply ofberthsmarketed ineurope ( 1 )\n---- | ------------------------- | ---------------------------------------------------- | ------------------------------- | -------------------------------------------------------------- | -------------------- | ------------------------------------------------------\n2007 | 16586000                  | 327000                                               | 10247000                        | 212000                                                         | 4080000              | 105000\n2008 | 17184000                  | 347000                                               | 10093000                        | 219000                                                         | 4500000              | 120000\n2009 | 17340000                  | 363000                                               | 10198000                        | 222000                                                         | 5000000              | 131000\n2010 | 18800000                  | 391000                                               | 10781000                        | 232000                                                         | 5540000              | 143000\n2011 | 20227000                  | 412000                                               | 11625000                        | 245000                                                         | 5894000              | 149000"
}
{
    "_id": "dd4c07ed2",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements continued ) note 15.\n commitments contingencies lease commitments we lease facilities and equipment under non-cancellable operating lease arrangements expire at various dates through 2028.\n one land lease expires in 2091.\n rent expense includes base contractual rent variable costs building expenses , utilities taxes  insurance equipment rental.\n rent expense and sublease income for leases for fiscal 2014 , 2013 2012 were as follows ( in thousands ) :.\n occupy three office buildings in san jose, california corporate headquarters located.\n reference office buildings as almaden tower east and west towers.\n in august 2014  exercised option to purchase east and west towers for total purchase price of $ 143. 2 million.\n upon purchase investment in lease receivable of $ 126. 8 million credited against total purchase price no longer required to maintain standby letter of credit as stipulated in east and west towers lease agreement.\n capitalized east and west towers as property and equipment on consolidated balance sheets at $ 144. 1 million , lesser of cost or fair value  represented total purchase price plus other direct costs associated with purchase.\n see note 6 for discussion of east and west towers purchase.\n lease agreement for almaden tower effective through march 2017.\n investors in lease receivable related to almaden tower lease in amount of $ 80. 4 million  recorded as investment in lease receivable on consolidated balance sheets.\n as of november 28 , 2014 carrying value of lease receivable related to almaden tower approximated fair value.\n under agreement for almaden tower option to purchase building at any time during lease term for $ 103. 6 million.\nif we purchase building , investment in lease receivable may be credited against purchase price.\n residual value guarantee under almaden tower obligation is $ 89. 4 million.\n almaden tower lease subject to standard covenants including certain financial ratios reported to lessor quarterly.\n as of november 28 , 2014 , we in compliance with all covenants.\n in case of default , lessor may demand purchase building for amount equal to lease balance , or require remarket or relinquish building.\n if we choose to remarket or required to do so upon relinquishing building, we bound to arrange sale of building to unrelated party and required to pay lessor any shortfall between net remarketing proceeds and lease balance , up to residual value guarantee amount less investment in lease receivable.\n almaden tower lease qualifies for operating lease accounting treatment building and related obligation not included in consolidated balance sheets.\n see note 16 for discussion of capital lease obligation.\n unconditional purchase obligations purchase obligations consist of agreements to purchase goods and services entered into in ordinary course of business.\n\n| 2014     | 2013     | 2012\n---------------------- | -------- | -------- | --------\nrent expense           | $ 111149 | $ 118976 | $ 105809\nless : sublease income | 1412     | 3057     | 2330\nnet rent expense       | $ 109737 | $ 115919 | $ 103479"
}
{
    "_id": "dd4be8866",
    "title": "",
    "text": "page 92 of 98 information required by item 10 under caption 201cdirector nominees continuing directors 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d of company 2019s proxy statement filed regulation 14a within 120 days after december 31 , 2006  incorporated herein by reference.\n item 11.\n executive compensation information required by item 11 under caption 201cexecutive compensation 201d in company 2019s proxy statement filed regulation 14a within 120 days after december 31, 2006  incorporated herein by reference.\n ball corporation 2000 deferred compensation company stock plan , ball corporation deposit share program ball corporation directors deposit share program created to encourage key executives participants to acquire larger equity ownership interest in company increase interest in company 2019s stock performance.\n non-employee directors participate in 2000 deferred compensation company stock plan.\n item 12.\n security ownership of certain beneficial owners management information required by item 12 under caption 201cvoting securities principal shareholders , 201d in company 2019s proxy statement filed regulation 14a within 120 days after december 31, 2006  incorporated herein by reference.\n securities authorized for issuance under equity compensation plans summarized below:.\n item 13.\n certain relationships related transactions information required by item 13 under caption 201cratification of appointment of independent registered public accounting firm , 201d in company 2019s proxy statement filed regulation 14a within 120 days after december 31 , 2006  incorporated herein by reference.\n item 14.\n principal accountant fees services information required by item 14 under caption 201ccertain committees of board , 201d in company 2019s proxy statement filed regulation 14a within 120 days after december 31 , 2006  incorporated herein by reference.\n\nplan category                                              | equity compensation plan information number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | equity compensation plan information weighted-average exercise price of outstanding options warrants and rights ( b ) | equity compensation plan information number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )\n---------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------\nequity compensation plans approved by security holders     | 4852978                                                                                                                               | $ 26.69                                                                                                               | 5941210\nequity compensation plans not approved by security holders | 2013                                                                                                                                  | 2013                                                                                                                  | 2013\ntotal                                                      | 4852978                                                                                                                               | $ 26.69                                                                                                               | 5941210"
}
{
    "_id": "dd497340a",
    "title": "",
    "text": "stock performance graph performance graph not deemed 201cfiled 201d for section 18 of securities exchange act of 1934 , as amended ( 201cexchange act 201d ) or otherwise subject to liabilities under section not deemed incorporated by reference into any filing of tractor supply company under securities act of 1933 , amended , or exchange act.\n following graph compares cumulative total stockholder return on our common stock from december 29 , 2012 to december 30 , 2017 ( company 2019s fiscal year-end )  with cumulative total returns of s&p 500 index and s&p retail index over same period.\n comparison assumes $ 100 invested on december 29 , 2012 , in our common stock and in each foregoing indices and case assumes reinvestment of dividends.\n historical stock price performance not indicative of future performance.\n\n| 12/29/2012 | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017\n---------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\ntractor supply company | $ 100.00   | $ 174.14   | $ 181.29   | $ 201.04   | $ 179.94   | $ 180.52\ns&p 500                | $ 100.00   | $ 134.11   | $ 155.24   | $ 156.43   | $ 173.74   | $ 211.67\ns&p retail index       | $ 100.00   | $ 147.73   | $ 164.24   | $ 207.15   | $ 219.43   | $ 286.13"
}
{
    "_id": "dd4b8f324",
    "title": "",
    "text": "investments in ecommerce technology.\n increase in operating expenses percentage of net sales for fiscal 2017 partially offset by impact of store closures in fourth quarter of fiscal 2016.\n membership and other income flat for fiscal 2018 increased $ 1. 0 billion a0for fiscal 2017 compared to same period previous fiscal year.\n fiscal 2018 included $ 387 million gain from sale of suburbia $ 47 million gain from land sale higher recycling income from sustainability efforts higher membership income from increased plus member penetration at sam's club gains less than gains recognized in fiscal 2017.\n fiscal 2017 included $ 535 million gain from sale of yihaodian business $ 194 million gain from sale of shopping malls in chile.\n for fiscal 2018 loss on extinguishment of debt was a0$ 3. 1 billion  due to early extinguishment of long-term debt allowed to retire higher rate debt to reduce interest expense in future periods.\n effective income tax rate was 30. 4% ( 30. 4 % ) for fiscal 2018 30. 3% ( 30. 3 % ) for fiscal 2017 and 2016.\n consistent year-over-year effective income tax rate may fluctuate period to period result of factors including changes in assessment of tax contingencies valuation allowances changes in tax laws outcomes of administrative audits impact of discrete items mix of earnings among u.\n operations international operations.\n reconciliation from.\n statutory rate to effective income tax rates for fiscal 2018 , 2017 2016 presented in note 9 in \"notes to consolidated financial statements\" describes impact of enactment of tax cuts and jobs act of 2017 ( \"tax act\" ) to fiscal 2018 effective income tax rate.\n result of factors reported $ 10. 5 billion and $ 14. 3 billion of consolidated net income for fiscal 2018 and 2017 respectively represents decrease of $ 3. 8 billion and $ 0.8 billion for fiscal 2018 and 2017 compared to previous fiscal year.\n diluted net income per common share to walmart ( ) was $ 3. 28 and $ 4. 38 for fiscal 2018 and 2017.\n walmart u. s.\n segment.\n net sales for walmart u. s.\n segment increased $ 10. 6 billion or 3. 5% ( 3. 5 % ) and $ 9. 5 billion or 3. 2% ( 3. 2 % ) for fiscal 2018 and 2017 compared previous fiscal year.\n increases in net sales due to increases in comparable store sales of 2. 1% ( 2. 1 % ) and 1. 6% ( 1. 6 % ) for fiscal 2018 and 2017  year-over-year growth in retail square feet of 0. 7% ( 0. 7 % ) and 1. 4% ( 1. 4 % ) for fiscal 2018 and 2017.\n fiscal 2018 sales from ecommerce acquisitions contributed to year-over-year increase.\n gross profit rate decreased 24 basis points for fiscal 2018 increased 24 basis points for fiscal 2017 compared previous.\n fiscal 2018  decrease due to strategic price investments mix impact from ecommerce.\n offsetting negative factors fiscal 2018 positive impact of savings from procuring merchandise.\n fiscal 2017 increase in gross profit rate due to improved margin in food and consumables impact savings procuring merchandise lower transportation expense from lower fuel costs.\n operating expenses as percentage of segment net sales flat for fiscal 2018 increased 101 basis points for fiscal 2017 compared previous fiscal year.\n fiscal 2018 and fiscal 2017 included charges related to discontinued real estate projects of $ 244 million and $ 249 million .\n fiscal 2017 increase driven by increase in wage expense due to investment in associate wage structure ; charge related to discontinued real estate projects ; investments in digital retail and technology.\nincrease in operating expenses percentage of segment net sales for fiscal 2017 partially offset by impact store closures in fiscal 2016.\n result of factors, segment operating income increased $ 124 million for fiscal 2018 decreased $ 1. 3 billion for fiscal 2017  respectively.\n\n( amounts in millions except unit counts )    | fiscal years ended january 31 , 2018 | fiscal years ended january 31 , 2017 | fiscal years ended january 31 , 2016\n--------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------\nnet sales                                     | $ 318477                             | $ 307833                             | $ 298378\npercentage change from comparable period      | 3.5% ( 3.5 % )                       | 3.2% ( 3.2 % )                       | 3.6% ( 3.6 % )\ncalendar comparable sales increase            | 2.1% ( 2.1 % )                       | 1.6% ( 1.6 % )                       | 1.0% ( 1.0 % )\noperating income                              | $ 17869                              | $ 17745                              | $ 19087\noperating income as a percentage of net sales | 5.6% ( 5.6 % )                       | 5.8% ( 5.8 % )                       | 6.4% ( 6.4 % )\nunit counts at period end                     | 4761                                 | 4672                                 | 4574\nretail square feet at period end              | 705                                  | 699                                  | 690"
}
{
    "_id": "dd4b9405e",
    "title": "",
    "text": "performance graph shows five-year cumulative total stockholder return on applied common stock period from october 28 , 2007 through october 28 , 2012.\n compared with cumulative total return of standard & poor 2019s 500 stock index and rdg semiconductor composite index over same period.\n comparison assumes $ 100 invested on october 28 , 2007 in applied common stock and in each foregoing indices assumes reinvestment of dividends  if.\n dollar amounts in graph rounded to nearest whole dollar.\n performance represents past performance not indication of future performance.\n comparison of 5 year cumulative total return* among applied materials , inc. , s&p 500 index rdg semiconductor composite index * $ 100 invested on 10/28/07 in stock or 10/31/07 in index  including reinvestment of dividends.\n indexes calculated on month-end basis.\n copyright a9 2012 s&p , division of mcgraw-hill companies inc.\n all rights reserved.\n dividends during fiscal 2012  applied 2019s board of directors declared three quarterly cash dividends $ 0. 09 per share each one quarterly cash dividend $ 0. 08 per share.\n fiscal 2011 , board directors declared three quarterly cash dividends $ 0. 08 per share each one quarterly cash dividend $ 0. 07 per share.\n during fiscal 2010  2019s board of directors declared three quarterly cash dividends $ 0. 07 per share each one quarterly cash dividend $ 0. 06.\n dividends declared during fiscal 2012 , 2011 and 2010 amounted to $ 438 million , $ 408 million and $ 361 million  respectively.\napplied currently anticipates continue to pay cash dividends quarterly basis in future , declaration and amount of future cash dividends at discretion of board of directors depend on applied 2019s financial condition , results of operations , capital requirements , business conditions other factors , determination cash dividends in best interests of applied 2019s stockholders.\n 10/28/07 10/26/08 10/25/09 10/31/10 10/30/11 10/28/12 applied materials , inc.\n s&p 500 rdg semiconductor composite\n\n| 10/28/2007 | 10/26/2008 | 10/25/2009 | 10/31/2010 | 10/30/2011 | 10/28/2012\n--------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\napplied materials                 | 100.00     | 61.22      | 71.06      | 69.23      | 72.37      | 62.92\ns&p 500 index                     | 100.00     | 63.90      | 70.17      | 81.76      | 88.37      | 101.81\nrdg semiconductor composite index | 100.00     | 54.74      | 68.59      | 84.46      | 91.33      | 82.37"
}
{
    "_id": "dd4bc9966",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued ) stock-based compensation 2014the company complies with provisions of sfas no.\n 148 , 201caccounting for stock-based compensation 2014transition disclosure 2014an amendment of sfas no.\n 123 , 201d provides optional transition guidance for companies adopt accounting provisions of sfas no.\n 123.\n company continues use accounting principles board opinion no.\n 25 ( apb no.\n 25 ) , 201caccounting for stock issued to employees , 201d account for equity grants awards to employees officers directors adopted disclosure-only provisions of sfas no.\n 148.\n accordance with apb no.\n 25  company recognizes compensation expense based on excess quoted stock price at grant date award measurement date over amount employee must pay to acquire stock.\n company 2019s stock option plans described in note 13.\n december 2004  fasb issued sfas no.\n 123r , 201cshare-based payment 201d ( sfas no.\n 123r )  described.\n table illustrates effect on net loss net loss per share if company applied fair value recognition provisions of sfas no.\n 123 as amended ) to stock-based compensation.\n estimated fair value of each option calculated using black-scholes option-pricing model ( in thousands  except per share amounts ).\n year ended december 31 , 2004 2003  company modified option awards to accelerate vesting recorded charges of $ 3. 0 million and $ 2. 3 million  corresponding increases to additional paid in capital in accompanying consolidated financial statements.\nfair value financial instruments 2014the carrying values company 2019s financial instruments exception long-term obligations including current portion approximate related fair values as of december 31 , 2004 and 2003.\n as of december 31 , 2004  carrying amount fair value of long-term obligations including current portion were $ 3. 3 billion and $ 3. 6 billion  respectively.\n as of december 31 , 2003 carrying amount fair value-term obligations current portion were $ 3. 4 billion and $ 3. 6 billion .\n fair values based on quoted market prices for similar instruments.\n retirement plan 2014the company has 401 ( k ) plan covering all employees meet certain age employment requirements.\n plan company matching contribution for periods prior to june 30 , 2004 was 35% ( 35 % ) maximum 5% ( 5 % ) of participant 2019s contributions.\n effective july 1 , 2004 plan amended to increase company match to 50% ( 50 % ) maximum 6% ( 6 % ) of participant 2019s contributions.\n company contributed approximately $ 533000 , $ 825000 $ 979000 to plan for years ended december 31 , 2004 , 2003 2002 .\n recent accounting pronouncements 2014in december 2004 fasb issued sfas no.\n 123r  revision of sfas no.\n 123 , 201caccounting for stock-based compensation , 201d supersedes apb no.\n 25  accounting for\n\n| 2004                 | 2003                 | 2002\n--------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | -------------------- | ----------------------\nnet loss as reported                                                                                                                    | $ -247587 ( 247587 ) | $ -325321 ( 325321 ) | $ -1163540 ( 1163540 )\nadd : stock-based employee compensation expense associated with modifications net of related tax effect included in net loss asreported | 2297                 | 2077                 |\nless : total stock-based employee compensation expense determined under fair value based method for all awards net of related taxeffect | -23906 ( 23906 )     | -31156 ( 31156 )     | -38126 ( 38126 )\npro-forma net loss                                                                                                                      | $ -269196 ( 269196 ) | $ -354400 ( 354400 ) | $ -1201666 ( 1201666 )\nbasic and diluted net loss per share 2014as reported                                                                                    | $ -1.10 ( 1.10 )     | $ -1.56 ( 1.56 )     | $ -5.95 ( 5.95 )\nbasic and diluted net loss per share pro-forma                                                                                          | $ -1.20 ( 1.20 )     | $ -1.70 ( 1.70 )     | $ -6.15 ( 6.15 )"
}
{
    "_id": "dd4b99900",
    "title": "",
    "text": "part a0ii item a05.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities our common stock listed on new york stock exchange under symbol 201ctfx. 201d as of february 19 , 2019  473 holders of record of common stock.\n greater number holders are beneficial owners shares held by brokers other financial institutions for accounts beneficial owners.\n stock performance graph graph provides comparison of five year cumulative total stockholder returns of teleflex common stock , standard a0& poor 2019s ( s&p ) 500 stock index s&p 500 healthcare equipment & supply index.\n annual changes for five-year period graph based on assumption $ 100 invested in teleflex common stock each index on december a031 , 2013 all dividends reinvested.\n market performance.\n s&p 500 healthcare equipment & supply index 100 126 134 142 186 213\n\ncompany / index                             | 2013 | 2014 | 2015 | 2016 | 2017 | 2018\n------------------------------------------- | ---- | ---- | ---- | ---- | ---- | ----\nteleflex incorporated                       | 100  | 124  | 143  | 177  | 275  | 288\ns&p 500 index                               | 100  | 114  | 115  | 129  | 157  | 150\ns&p 500 healthcare equipment & supply index | 100  | 126  | 134  | 142  | 186  | 213"
}
{
    "_id": "dd4976808",
    "title": "",
    "text": "note 8 2014 benefit plans company defined benefit pension plans covering certain employees in united states international locations.\n postretirement healthcare life insurance benefits provided to qualifying domestic retirees other postretirement benefit plans in international countries not material.\n measurement date for company 2019s employee benefit plans is september 30.\n effective january 1 , 2018  legacy.\n pension plan frozen to limit participation of employees hired or re-hired by company transfer employment to company on or after january 1 , net pension cost for years ended september 30 included components:.\n net pension cost included preceding table attributable to international plans $ 34 $ 43 $ 35 amounts for amortization of prior service credit amortization of loss represent reclassifications of prior service credits net actuarial losses recognized in accumulated other comprehensive income ( loss ) in prior periods.\n settlement losses recorded in 2018 and 2016 included lump sum benefit payments associated with company 2019s.\n supplemental pension plan.\n company recognizes pension settlements when payments from supplemental plan exceed sum of service and interest cost components of net periodic pension cost associated with plan for fiscal year.\n\n( millions of dollars )                                                                      | pension plans 2018 | pension plans 2017 | pension plans 2016\n-------------------------------------------------------------------------------------------- | ------------------ | ------------------ | ------------------\nservice cost                                                                                 | $ 136              | $ 110              | $ 81\ninterest cost                                                                                | 90                 | 61                 | 72\nexpected return on plan assets                                                               | -154 ( 154 )       | -112 ( 112 )       | -109 ( 109 )\namortization of prior service credit                                                         | -13 ( 13 )         | -14 ( 14 )         | -15 ( 15 )\namortization of loss                                                                         | 78                 | 92                 | 77\nsettlements                                                                                  | 2                  | 2014               | 7\nnet pension cost                                                                             | $ 137              | $ 138              | $ 113\nnet pension cost included in the preceding table that is attributable to international plans | $ 34               | $ 43               | $ 35"
}
{
    "_id": "dd4b94720",
    "title": "",
    "text": "devon energy corporation subsidiaries notes consolidated financial statements 2013 continued ) proved undeveloped reserves table presents changes in devon 2019s total proved undeveloped reserves during 2012 in mmboe ).\n at december 31 , 2012 devon had 840 mmboe of proved undeveloped reserves.\n 7 percent increase compared to 2011 28 percent of total proved reserves.\n drilling development activities increased devon 2019s proved undeveloped reserves 203 mmboe resulted in conversion of 90 mmboe 12 percent  of 2011 proved undeveloped reserves to developed reserves.\n costs incurred related to development conversion of devon 2019s proved undeveloped reserves were $ 1. 3 billion for 2012.\n revisions other than price decreased devon 2019s proved undeveloped reserves 16 mmboe due to evaluation of certain.\n onshore dry-gas areas not expect to develop next five years.\n largest revisions relate to dry-gas areas at carthage east texas barnett shale in north texas.\n significant amount of devon 2019s proved undeveloped reserves end of 2012 related to jackfish operations.\n at december 31 , 2012 2011 devon 2019s jackfish proved undeveloped reserves were 429 mmboe and 367 mmboe  respectively.\n development schedules for jackfish reserves controlled by need to keep processing plants at 35000 barrel daily facility capacity.\n processing plant capacity controlled by factors total steam processing capacity steam-oil ratios air quality discharge permits.\n reserves classified as proved undeveloped for more than five years.\n development schedule for reserves extends though year 2031.\n price revisions 2012 - reserves decreased 171 mmboe due to lower gas prices.\ndecrease  100 mmboe related barnett shale 25 mmboe rocky mountain area.\n 2011 - reserves decreased 21 mmboe due to lower gas prices higher oil prices.\n higher oil prices increased devon 2019s canadian royalty burden reduced devon 2019s oil reserves.\n 2010 - reserves increased 72 mmboe due to higher gas prices partially offset by effect higher oil prices.\n higher oil prices increased devon 2019s canadian royalty burden reduced devon 2019s oil reserves.\n 72 mmboe price revisions 43 mmboe related barnett shale 22 mmboe rocky mountain area.\n revisions other than price total revisions other price for 2012 2011 related to devon 2019s evaluation certain dry gas regions proved undeveloped reserves discussion.\n total revisions other than price for 2010 related to devon 2019s drilling development in barnett shale.\n\n| u.s .      | canada     | total\n-------------------------------------------------- | ---------- | ---------- | ----------\nproved undeveloped reserves as of december 31 2011 | 403        | 379        | 782\nextensions and discoveries                         | 134        | 68         | 202\nrevisions due to prices                            | -47 ( 47 ) | 9          | -38 ( 38 )\nrevisions other than price                         | -10 ( 10 ) | -6 ( 6 )   | -16 ( 16 )\nconversion to proved developed reserves            | -73 ( 73 ) | -17 ( 17 ) | -90 ( 90 )\nproved undeveloped reserves as of december 31 2012 | 407        | 433        | 840"
}
{
    "_id": "dd4ba9314",
    "title": "",
    "text": "concentration of credit risk represents accounting loss recognized at reporting date if counterparties failed to perform as contracted.\n company believes likelihood of incurring material losses due to concentration credit risk is remote.\n principal financial instruments subject to credit risk are : cash and cash equivalents - company maintains cash deposits with major banks may exceed insured limits.\n possibility of loss related to financial condition of major banks deemed minimal.\n company 2019s investment policy limits exposure to concentrations credit risk and changes in market conditions.\n accounts receivable - large number of customers in diverse industries geographies practice establishing reasonable credit lines limits credit risk.\n based on historical trends experiences allowance for doubtful accounts adequate to cover potential credit risk losses.\n foreign currency and interest rate contracts and derivatives - exposure to credit risk limited by internal policies active monitoring of counterparty risks.\n company uses diversified group of major international banks and financial institutions as counterparties.\n company does not anticipate nonperformance by these counterparties.\n cash and cash equivalents cash equivalents include highly-liquid investments with maturity of three months or less when purchased.\n accounts receivable and allowance for doubtful accounts accounts receivable are carried at face amounts less allowance for doubtful accounts.\n recorded at invoiced amount generally do not bear interest.\n company estimates balance of allowance for doubtful accounts by analyzing accounts receivable balances by age applying historical write-off and collection trend rates.\n estimates include separately providing for customer balances based on specific circumstances and credit conditions when probable balance uncollectible.\n account balances are charged off against allowance when determined receivable will not be recovered.\ncompany 2019s allowance for doubtful accounts balance includes allowance for expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million as of december 31 , 2015 and 2014 $ 14 million december 31 , 2013.\n returns and credit activity recorded directly to sales.\n table summarizes activity in allowance for doubtful accounts:.\n other amounts effects of changes in currency translations impact of allowance for returns and credits.\n inventory valuations valued at lower of cost or market.\n certain.\n inventory costs determined on last-in , first-out ( lifo ) basis.\n lifo inventories represented 39% ( 39 % ) and 37% ( 37 % ) of consolidated inventories as of december 31, 2015 and 2014 .\n lifo inventories include legacy.\n inventory acquired at fair value as of merger.\n all other inventory costs determined using average cost or first-in , first-out ( fifo ) methods.\n inventory values at fifo  shown in note 5 during fourth quarter of 2015 company improved estimates related to inventory reserves and product costing resulting in net pre-tax charge of approximately $ 6 million.\n actions resulted in charge of $ 20. 6 million related to inventory reserve calculations partially offset by gain of $ 14. 5 million related to capitalization of certain cost components into inventory.\n items reflected in note 3.\n\n( millions )      | 2015       | 2014       | 2013\n----------------- | ---------- | ---------- | ----------\nbeginning balance | $ 77       | $ 81       | $ 73\nbad debt expense  | 26         | 23         | 28\nwrite-offs        | -22 ( 22 ) | -20 ( 20 ) | -21 ( 21 )\nother ( a )       | -6 ( 6 )   | -7 ( 7 )   | 1\nending balance    | $ 75       | $ 77       | $ 81"
}
{
    "_id": "dd4c254aa",
    "title": "",
    "text": "part i item 1 entergy corporation , utility operating companies  system energy entergy wholesale commodities during 2010 entergy integrated non-utility nuclear and non-nuclear wholesale assets businesses into new organization entergy wholesale commodities.\n entergy wholesale commodities includes ownership operation of six nuclear power plants  five located in northeast united states sixth in michigan  primarily focused on selling electric power plants to wholesale customers.\n entergy wholesale commodities 2019 revenues primarily derived from sales of energy and generation capacity from these plants.\n entergy also provides operations management services including decommissioning services  to nuclear power plants owned by other utilities in united states.\n entergy also includes ownership of participation in joint ventures own non-nuclear power plants sale to wholesale customers of electric power by these plants.\n property nuclear generating stations entergy includes ownership of following nuclear power plants : power plant market service acquired location capacity- reactor type license expiration.\n entergy includes ownership of two non-operating nuclear facilities  big rock point in michigan and indian point 1 in new york acquired when entergy purchased palisades and indian point 2 nuclear plants.\n facilities in various stages of decommissioning process.\n nrc operating license for vermont yankee to expire in march 2012.\n in march 2011 nrc renewed vermont yankee 2019s operating license for additional 20 years license now expires in 2032.\n for additional discussion regarding continued operation of vermont yankee plant , see 201cimpairment of long-lived assets 201d in note 1 to financial statements.\n operating licenses for pilgrim , indian point 2  indian point 3 expire between 2012 and 2015.\nunder federal law , nuclear power plants may continue to operate beyond license expiration dates renewal applications pending nrc approval.\n various parties expressed opposition to renewal of licenses.\n respect pilgrim license renewal , atomic safety and licensing board ( aslb ) of nrc  after order denying new hearing request, terminated proceeding on pilgrim 2019s license renewal application.\n aslb process concluded proceeding , including appeals of certain aslb decisions now before nrc.\n in april 2007 , entergy submitted application to nrc to renew operating licenses for indian point 2 and 3 for additional 20 years.\n aslb admitted 21 contentions raised by state of new york or other parties combined into 16 discrete issues.\n two issues resolved , leaving 14 issues currently subject to aslb hearings.\n in july 2011  aslb granted state of new york 2019s motion for summary disposition of admitted contention challenging adequacy of section of indian point 2019s environmental analysis in fseis ( discussed ).\n section provided cost estimates for severe accident mitigation alternatives ( samas )  hardware and procedural changes could be\n\npower plant    | market | inserviceyear | acquired    | location       | capacity-reactor type       | licenseexpirationdate\n-------------- | ------ | ------------- | ----------- | -------------- | --------------------------- | ---------------------\npilgrim        | is0-ne | 1972          | july 1999   | plymouth ma    | 688 mw - boiling water      | 2012\nfitzpatrick    | nyiso  | 1975          | nov . 2000  | oswego ny      | 838 mw - boiling water      | 2034\nindian point 3 | nyiso  | 1976          | nov . 2000  | buchanan ny    | 1041 mw - pressurized water | 2015\nindian point 2 | nyiso  | 1974          | sept . 2001 | buchanan ny    | 1028 mw - pressurized water | 2013\nvermont yankee | is0-ne | 1972          | july 2002   | vernon vt      | 605 mw - boiling water      | 2032\npalisades      | miso   | 1971          | apr . 2007  | south haven mi | 811 mw - pressurized water  | 2031"
}
{
    "_id": "dd4be653e",
    "title": "",
    "text": "5.\n stock based compensation overview maa accounts for stock based employee compensation plans in accordance with accounting standards governing stock based compensation.\n standards require entity to measure cost of employee services received in exchange for award of equity instrument based on award's fair value on grant date recognize cost over period employee required to provide service in exchange for award  generally vesting period.\n liability awards issued remeasured at each reporting period.\n maa 2019s stock compensation plans consist of incentives to attract retain independent directors executive officers key employees.\n incentives granted under second amended restated 2013 stock incentive plan , stock plan  approved at 2018 annual meeting of maa shareholders.\n stock plan allows for grant of restricted stock and stock options up to 2000000 shares.\n maa believes awards align interests of employees with shareholders.\n compensation expense recognized for service based restricted stock awards using straight-line method over vesting period shares regardless of cliff or ratable vesting distinctions.\n compensation expense for market and performance based restricted stock awards recognized using accelerated amortization method with each vesting tranche valued as separate award  separate vesting date  consistent with estimated value of award at each period end.\n compensation expense adjusted for actual forfeitures for all awards in period award forfeited.\n compensation expense for stock options recognized on straight-line basis over requisite service period.\n maa presents stock compensation expense in consolidated statements of operations in \"general and administrative expenses\".\n total compensation expense under stock plan was $ 12. 9 million , $ 10. 8 million and $ 12. 2 million for years ended december 31 , 2018 , 2017 2016 , respectively.\n total compensation expense capitalized was $ 0. 5 million , $ 0. 2 million and $ 0.7 million for years ended december 31 , 2018 , 2017 2016 , respectively.\n as of december 31 , 2018  total unrecognized compensation expense was $ 13. 5 million.\n cost expected to be recognized over remaining weighted average period of 1. 1 years.\n total cash paid for settlement of plan shares totaled $ 2. 9 million , $ 4. 8 million and $ 2. 0 million for years ended december 31 , 2018 , 2017 2016  respectively.\n information concerning grants under stock plan provided below.\n restricted stock stock earned based on service condition , performance condition  market condition  or combination thereof generally vests over period from 1 year to 5 years.\n service based awards earned when employee remains employed over requisite service period valued on grant date based upon market price of maa common stock on date of grant.\n market based awards earned when maa reaches specified stock price or specified return stock price ( price appreciation plus dividends ) valued on grant date using monte carlo simulation.\n performance based awards earned when maa reaches certain operational goals funds from operations targets valued based upon market price of maa common stock on date of grant probability of reaching stated targets.\n maa remeasures fair value of performance based awards each balance sheet date with adjustments cumulative basis until award settled and final compensation known.\n weighted average grant date fair value per share of restricted stock awards granted during years ended december 31 , 2018 , 2017 2016  was $ 71. 85 , $ 84. 53 and $ 73. 20 , respectively.\n summary of key assumptions used in valuation calculations for market based awards granted during years ended december 31 , 2018 , 2017 2016.\n risk free rate based on zero coupon risk-free rate.\nminimum risk free rate based on period of 0. 25 years for years ended december 31 , 2018 , 2017 2016.\n maximum risk free rate based on period of 3 years for years ended december 31 , 2018 , 2017 2016.\n dividend yield based on closing stock price of maa stock\n\n| 2018                                    | 2017                                    | 2016\n------------------------ | --------------------------------------- | --------------------------------------- | ---------------------------------------\nrisk free rate           | 1.61% ( 1.61 % ) - 2.14% ( 2.14 % )     | 0.65% ( 0.65 % ) - 1.57% ( 1.57 % )     | 0.49% ( 0.49 % ) - 1.27% ( 1.27 % )\ndividend yield           | 3.884% ( 3.884 % )                      | 3.573% ( 3.573 % )                      | 3.634% ( 3.634 % )\nvolatility               | 15.05% ( 15.05 % ) - 17.18% ( 17.18 % ) | 20.43% ( 20.43 % ) - 21.85% ( 21.85 % ) | 18.41% ( 18.41 % ) - 19.45% ( 19.45 % )\nrequisite service period | 3 years                                 | 3 years                                 | 3 years"
}
{
    "_id": "dd497bae2",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis decrease in interest income in 2002 due to fffd interest recognized 2001 on grand gulf 1's decommissioning trust funds from final order addressing system energy's rate proceeding ; fffd interest recognized 2001 at entergy mississippi entergy new orleans on deferred system energy costs not recovered through rates ; fffd lower interest earned on declining deferred fuel balances.\n decrease in interest charges in 2002 due to : fffd decrease of $ 31. 9 million in interest on long-term debt due to retirement of long-term debt late 2001 early 2002 ; decrease of $ 76. 0 million in other interest expense due to interest recorded on system energy's reserve for rate refund in 2001.\n refund made in december 2001.\n 2001 compared to 2000 results for year ended december 31 , 2001 for u. s.\n utility affected by increase in interest charges of $ 61. 5 million due to fffd final ferc order addressing 1995 system energy rate filing ; fffd debt issued at entergy arkansas july 2001  entergy gulf states june 2000 august 2001 entergy mississippi january 2001 entergy new orleans july 2000 february 2001 ; fffd borrowings under credit facilities during 2001  at entergy arkansas.\n non-utility nuclear increase in earnings in 2002 for non-utility nuclear from $ 128 million to $ 201 million due to operation of indian point 2 vermont yankee , purchased in september 2001 july 2002.\n increase in earnings in 2001 for non-utility nuclear from $ 49 million to $ 128 million due to operation of fitzpatrick indian point 3 full year  each purchased in november 2000  operation indian point 2  purchased in september 2001.\n key performance measures for non-utility nuclear:.\n 2002 compared to 2001 fluctuations in results operations non-utility nuclear 2002 caused by acquisitions of indian point 2 vermont yankee : fffd operating revenues increased $ 411. 0 million to $ 1. 2 billion ; fffd other operation maintenance expenses increased $ 201. 8 million to $ 596. 3 million ; depreciation and amortization expenses increased $ 25. 1 million to $ 42. 8 million fuel expenses increased $ 29. 4 million to $ 105. 2 million ; nuclear refueling outage expenses increased $ 23. 9 million to $ 46. 8 million due to a\n\n| 2002         | 2001         | 2000\n---------------------------------- | ------------ | ------------ | ------------\nnet mw in operation at december 31 | 3955         | 3445         | 2475\ngeneration in gwh for the year     | 29953        | 22614        | 7171\ncapacity factor for the year       | 93% ( 93 % ) | 93% ( 93 % ) | 94% ( 94 % )"
}
{
    "_id": "dd4ba5fa2",
    "title": "",
    "text": "6.\n debt summary of outstanding debt ( in millions ) :.\n revolving credit facilities as of december 31 , 2015 aon plc had two committed credit facilities outstanding : $ 400 million.\n credit facility expiring march 2017 ( \"2017 facility\" ) and $ 900 million multi-currency.\n credit facility expiring february 2020 ( \"2020 facility\" ).\n 2020 facility entered february 2 , 2015 replaced previous 20ac650 million european credit facility.\n effective february 2 , 2016 2020 facility terms extended for 1 year expire february 2021.\n facilities included customary representations  warranties covenants including financial covenants require aon plc to maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense consolidated debt to adjusted consolidated ebitda tested quarterly.\n at december 31 , 2015 aon plc borrowings under 2017 facility or 2020 facility in compliance with financial covenants other covenants during twelve months ended december 31 , 2015.\n november 13 , 2015 aon plc issued $ 400 million of 2. 80% ( 2. 80 % ) senior notes due march 2021.\n used proceeds for general corporate purposes.\n september 30 , 2015 , $ 600 million of 3. 50% ( 3. 50 % ) senior notes issued by aon corporation matured repaid.\n on may 20 , 2015 aon plc issued $ 600 million of 4. 750% ( 4. 750 % ) senior notes due may 2045.\n company used proceeds for general corporate purposes.\n august 12 , 2014  aon plc issued $ 350 million of 3. 50% ( 3. 50 % ) senior notes due june 2024.\n 3. 50%.50 % ) notes due 2024 constitute further issuance, consolidated form single series debt securities with , $ 250 million 3. 50%. 50 % ) notes due june 2024 issued by aon plc may 20, 2014 concurrently with aon plc's issuance $ 550 million 4. 60% ( 4. 60 % ) notes due june 2044.\n aon plc used proceeds from issuances for working capital general corporate purposes.\n\nas of december 31                                             | 2015   | 2014\n------------------------------------------------------------- | ------ | ------\n5.00% ( 5.00 % ) senior notes due september 2020              | 599    | 599\n4.75% ( 4.75 % ) senior notes due 2045                        | 598    | 2014\n3.50% ( 3.50 % ) senior notes due june 2024                   | 597    | 597\n4.60% ( 4.60 % ) senior notes due june 2044                   | 549    | 549\n2.875% ( 2.875 % ) senior notes due may 2026 ( eur 500m )     | 545    | 605\n8.205% ( 8.205 % ) junior subordinated notes due january 2027 | 521    | 521\n3.125% ( 3.125 % ) senior notes due may 2016                  | 500    | 500\n2.80% ( 2.80 % ) senior notes due 2021                        | 399    | 2014\n4.00% ( 4.00 % ) senior notes due november 2023               | 349    | 349\n6.25% ( 6.25 % ) senior notes due september 2040              | 298    | 298\n4.76% ( 4.76 % ) senior notes due march 2018 ( cad 375m )     | 271    | 322\n4.45% ( 4.45 % ) senior notes due may 2043                    | 249    | 248\n4.25% ( 4.25 % ) senior notes due december 2042               | 196    | 196\n3.50% ( 3.50 % ) senior notes due september 2015              | 2014   | 599\ncommercial paper                                              | 50     | 168\nother                                                         | 16     | 31\ntotal debt                                                    | 5737   | 5582\nless short-term and current portion of long-term debt         | 562    | 783\ntotal long-term debt                                          | $ 5175 | $ 4799"
}
{
    "_id": "dd4b9b5ac",
    "title": "",
    "text": "table of contents extinguishment costs incurred repayment of aircraft secured indebtedness including cash interest charges non-cash write offs of unamortized debt issuance costs.\n result 2013 refinancing activities early extinguishment of american 2019s 7. 50% ( 7. 50 % ) senior secured notes in 2014 recognized $ 100 million less interest expense in 2014 compared to 2013 period.\n other nonoperating expense  net 2014 consisted net foreign currency losses of $ 114 million early debt extinguishment charges of $ 56 million.\n other nonoperating expense  net 2013 net foreign currency losses of $ 56 million early debt extinguishment charges of $ 29 million.\n other nonoperating expense  net increased $ 64 million or 73. 1% ( 73. 1 % ) during 2014 due to special charges early debt extinguishment increase in foreign currency losses strengthening of u.\n dollar in foreign currency transactions principally latin american markets.\n recorded $ 43 million special charge for venezuelan foreign currency losses in 2014.\n see part ii , item 7a.\n quantitative qualitative disclosures about market risk for discussion of cash held in venezuelan bolivars.\n 2014 nonoperating special items included $ 56 million related to early extinguishment of american 2019s 7. 50% ( 7. 50 % ) senior secured notes other indebtedness.\n reorganization items  net reorganization items refer to revenues expenses ( including professional fees ) realized gains losses provisions for losses realized incurred direct result of chapter 11 cases.\n table summarizes components included in reorganization items net on aag 2019s consolidated statement of operations for year ended december 31 , 2013 ( in millions ) :.\n1 in exchange for employees 2019 contributions to reorganization  including agreeing reductions in pay and benefits, agreed plan to provide each employee group a deemed claim , used to provide distribution of portion of equity of reorganized entity to employees.\n each employee group received deemed claim amount based upon portion of value of cost savings provided by group through reductions to pay and benefits work rule changes.\n total value of deemed claim was approximately $ 1. 7 billion.\n 2 amounts include allowed claims ( claims approved by bankruptcy court ) and estimated allowed claims relating to i rejection or modification of financings related to aircraft and ii entry of orders treated as unsecured claims with facility agreements supporting certain issuances of special facility revenue bonds.\n debtors recorded estimated claim associated with rejection or modification of financing or facility agreement when motion filed with bankruptcy court to reject or modify financing facility agreement debtors believed probable motion would be approved sufficient information to estimate claim.\n see note 2 to aag 2019s consolidated financial statements in part ii , item 8a for further information.\n 3 pursuant to plan debtors agreed to allow certain post-petition unsecured claims on obligations.\n during year ended december 31 , 2013  recorded reorganization charges to adjust estimated allowed claim amounts recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to 1990 and 1994 series of special facility revenue bonds that financed certain improvements at jfk , and rejected bonds that financed certain improvements at ord , included in table above.\n\n| 2013\n------------------------------------------------------------------------- | ------\nlabor-related deemed claim ( 1 )                                          | $ 1733\naircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 325\nfair value of conversion discount ( 4 )                                   | 218\nprofessional fees                                                         | 199\nother                                                                     | 180\ntotal reorganization items net                                            | $ 2655"
}
{
    "_id": "dd4c0cab8",
    "title": "",
    "text": "performance units granted to certain executives in fiscal 2014 based on one-year performance period.\n after compensation committee certified performance results, 25% ( 25 % ) of performance units converted to unrestricted shares.\n remaining 75% ( 75 % ) converted to restricted shares vest in equal installments on first three anniversaries of conversion date.\n performance units granted to certain executives during fiscal 2015 based on three-year performance period.\n after compensation committee certifies performance results for three-year period performance units earned will convert into unrestricted common stock.\n compensation committee may set range of possible performance-based outcomes for performance units.\n depending on achievement of performance measures grantee may earn up to 200% ( 200 % ) of target number of shares.\n for awards with only performance conditions recognize compensation expense over performance period using grant date fair value of award based on number of shares expected to be earned according to level of achievement of performance goals.\n if number of shares expected to be earned change during performance period make cumulative adjustment to share-based compensation expense based on revised number of shares expected to be earned.\n during fiscal 2015 certain executives granted performance units refer to as leveraged performance units  lpus.\n lpus contain market condition based on relative stock price growth over three-year performance period.\n lpus contain minimum threshold performance if not met result in no payout.\n lpus contain maximum award opportunity set as fixed dollar and fixed number of shares.\n after three-year performance period one-third of earned units converts to unrestricted common stock.\n remaining two-thirds convert to restricted stock vest in equal installments on each first two anniversaries of conversion date.\nrecognize share-based compensation expense based on grant date fair value of lpus  determined by monte carlo model  straight-line basis over requisite service period for each separately vesting portion of lpu award.\n total shareholder return units before fiscal 2015  executives granted total shareholder return ( 201ctsr 201d ) units performance-based restricted stock units earned based on total shareholder return over three-year performance period compared to companies s&p 500.\n once performance results certified  tsr units convert into unrestricted common stock.\n depending on performance grantee may earn up to 200% ( 200 % ) of target number of shares.\n target number of tsr units for each executive set by compensation committee.\n recognize share-based compensation expense based on grant date fair value of tsr units  determined by monte carlo model  straight-line basis over vesting period.\n following table summarizes changes in unvested share-based awards for years ended may 31, 2015 and 2014 ( shares in thousands ) : shares weighted-average grant-date fair value.\n global payments inc.\n | 2015 form 10-k annual report 2013 81\n\n| shares       | weighted-averagegrant-datefair value\n----------------------- | ------------ | ------------------------------------\nunvested at may 31 2013 | 1096         | $ 44\ngranted                 | 544          | 47\nvested                  | -643 ( 643 ) | 45\nforfeited               | -120 ( 120 ) | 45\nunvested at may 31 2014 | 877          | 45\ngranted                 | 477          | 72\nvested                  | -324 ( 324 ) | 46\nforfeited               | -106 ( 106 ) | 53\nunvested at may 31 2015 | 924          | $ 58"
}
{
    "_id": "dd4c29a96",
    "title": "",
    "text": "notes to consolidated financial statements 192 jpmorgan chase & co.\n / 2008 annual report consolidation analysis multi-seller conduits administered by firm not consoli- dated at december 31 , 2008 and 2007 , because each conduit had issued expected loss notes ( 201celns 201d ) , holders com- mitted to absorbing majority of expected loss of each respective conduit.\n implied support firm not have continues not intent to pro- tect eln holders from potential losses on conduits 2019 holdings has no plans to remove assets from any conduit unless required in administrator.\n should transfer occur , firm allocate losses on assets between itself and eln holders in accordance with terms of applicable eln.\n expected loss modeling in determining primary beneficiary of conduits firm uses monte carlo 2013based model to estimate expected losses of each conduits considers relative rights and obliga- tions of each variable interest holders.\n firm 2019s expected loss modeling treats all variable interests , other than elns , as its own to determine consolidation.\n variability considered in modeling of expected losses based on design of enti- ty.\n firm 2019s traditional multi-seller conduits designed to pass credit risk , not liquidity risk , to variable interest holders , assets intended to be held in conduit for longer term.\n under fin 46 ( r ) , firm required to run monte carlo-based expected loss model each time reconsideration event occurs.\napplying guidance to conduits  following events considered reconsideration events  could affect determination of primary beneficiary of conduits : 2022 new deals , including issuance of new or additional variable interests ( credit support , liquidity facilities  ) ; 2022 changes in usage , including change in level of outstand- ing variable interests ( credit support  liquidity facilities  ) ; 2022 modifications of asset purchase agreements ; 2022 sales of interests held by primary beneficiary.\n operational perspective firm does not run monte carlo-based expected loss model every time reconsideration event due to frequency occurrence.\n instead  firm runs expected loss model each quarter includes growth assump- tion for each conduit to ensure sufficient amount of elns exists for each conduit at during quarter.\n of normal quarterly modeling firm updates  when applicable inputs and assumptions used in expected loss model.\n risk ratings and loss given default assumptions are continually updated.\n total amount of expected loss notes out- standing at december 31 , 2008 and 2007 , were $ 136 million and $ 130 million , respectively.\n management concluded model assumptions used were reflective of market participants 2019 assumptions and considered probability of changes to risk ratings and loss given defaults.\n qualitative considerations multi-seller conduits designed to provide effi- cient means for clients to access commercial paper market.\n firm believes conduits disperse risk among all parties preponderance of economic risk in firm 2019s multi- seller conduits is not held by jpmorgan chase.\n consolidated sensitivity analysis on capital table below shows impact on firm 2019s reported assets , lia- bilities , tier 1 capital ratio and tier 1 leverage ratio if firm required to consolidate all multi-seller conduits it admin- isters at current carrying value.\ndecember 31 , 2008 ( in billions , except ratios ) reported pro forma ( a ) ( b ).\n ( a ) table shows impact of consolidating assets and liabilities of multi- seller conduits at current carrying value ; no income statement or capital impact at date of consolidation.\n if firm required to consolidate assets and liabilities conduits at fair value  tier 1 capital ratio be approximately 10. 8% ( 10. 8 % ).\n fair value of assets primarily based upon pricing for comparable transactions.\n fair value assets could change significantly because pricing of conduit transactions renegotiated with client  annual basis due to changes in current market conditions.\n ( b ) consolidation assumed to occur on first day of quarter , at quarter-end levels  to provide meaningful adjustment to average assets in denomi- nator of leverage ratio.\n firm could fund purchases of assets from vies should necessary.\n 2007 activity in july 2007  reverse repurchase agreement collateralized by prime residential mortgages held by firm-administered multi-seller conduit put to jpmorgan chase under deal-specific liquidity facility.\n asset transferred to and recorded by jpmorgan chase at par value based on fair value of collateral supported reverse repurchase agreement.\n during fourth quarter of 2007  additional information regarding value of collateral  including performance statistics resulted in determi- nation by firm that fair value of collateral was impaired.\n impairment losses allocated to eln holder ( party absorbs majority of expected loss from conduit ) in accor- dance with contractual provisions of eln note.\n on october 29 , 2007  certain structured cdo assets originated in second quarter of 2007 backed by subprime mortgages transferred to firm from two firm-administered multi-seller conduits.\nclear in october commercial paper investors and rating agencies increasingly concerned about cdo assets backed by subprime mortgage exposures.\n because of these concerns  to ensure continuing viability of two conduits as financing vehicles for clients investment alternatives for commercial paper investors , firm , in as administrator , transferred cdo assets out of multi-seller con- duits.\n structured cdo assets transferred to firm at\n\n( in billions except ratios ) | reported         | pro forma ( a ) ( b )\n----------------------------- | ---------------- | ---------------------\nassets                        | $ 2175.1         | $ 2218.2\nliabilities                   | 2008.2           | 2051.3\ntier 1 capital ratio          | 10.9% ( 10.9 % ) | 10.9% ( 10.9 % )\ntier 1 leverage ratio         | 6.9              | 6.8"
}
{
    "_id": "dd4c3d8a2",
    "title": "",
    "text": "note 9 : stock based compensation company granted stock option restricted stock unit ( 201crsus 201d ) awards to non-employee directors, officers key employees company terms 2007 omnibus equity compensation plan ( 201c2007 plan 201d ).\n total aggregate number of shares of common stock be issued under 2007 plan is 15. 5.\n as of december 31 , 2015 , 8. 4 shares available for grant under 2007 plan.\n shares issued under 2007 plan may be authorized-but-unissued shares company stock or reacquired shares company stock  including shares purchased by company on open market.\n company recognizes compensation expense for stock awards over vesting period of award.\n following table presents stock-based compensation expense recorded in operation maintenance expense in consolidated statements of operations for years ended december 31:.\n no significant stock-based compensation costs capitalized during years ended december 31 , 2015, 2014 2013.\n cost of services received from employees in exchange for issuance of stock options restricted stock awards measured based on grant date fair value of awards issued.\n value of stock options rsus awards at date of grant amortized through expense over three-year service period.\n all awards granted in 2015 , 2014 2013 classified as equity.\n company receives tax deduction based on intrinsic value of award at exercise date for stock options distribution date for rsus.\n for each award  throughout requisite service period company recognizes tax benefits  included in deferred income tax assets , related to compensation costs.\n tax deductions in excess of benefits recorded throughout requisite service period recorded to common stockholders 2019 equity or statement of operations presented in financing section of consolidated statements of cash flows.\ncompany stratified grant populations used historic employee turnover rates to estimate employee forfeitures.\n estimated rate compared to actual forfeitures at end of reporting period adjusted as necessary.\n stock options in 2015 , 2014 2013, company granted non-qualified stock options to certain employees under 2007 plan.\n stock options vest ratably over three-year service period beginning on january 1 of year of grant.\n awards have no performance vesting conditions grant date fair value amortized through expense over requisite service period using straight-line method included in operations maintenance expense in accompanying consolidated statements of operations.\n\n| 2015     | 2014     | 2013\n------------------------------------------- | -------- | -------- | --------\nstock options                               | $ 2      | $ 2      | $ 3\nrsus                                        | 8        | 10       | 9\nespp                                        | 1        | 1        | 1\nstock-based compensation                    | 11       | 13       | 13\nincome tax benefit                          | -4 ( 4 ) | -5 ( 5 ) | -5 ( 5 )\nstock-based compensation expense net of tax | $ 7      | $ 8      | $ 8"
}
{
    "_id": "dd4b8e802",
    "title": "",
    "text": "kimco realty corporation subsidiaries notes consolidated financial statements continued investment in retail store leases company has interests in various retail store leases anchor store premises in neighborhood community shopping centers.\n premises sublet to retailers lease stores net lease agreements.\n income from investment in retail store leases during years ended december 31 , 2008 , 2007 2006  was approximately $ 2. 7 million , $ 1. 2 million $ 1. 3 million  respectively.\n amounts represent sublease revenues years december 2008 2007 2006 of approximately $ 7. 1 million , $ 7. 7 million $ 8. 2 million  less related expenses of $ 4. 4 million , $ 5. 1 million and $ 5. 7 million  amount management estimate provides for recovery of investment over period expected remaining term of retail store leases.\n company 2019s future minimum revenues under terms non-cancelable tenant subleases future minimum obligations through remaining terms of retail store leases  no new or renegotiated leases for premises for future years are ( in millions ) : 2009 , $ 5. 6 and $ 3. 8 ; 2010 , $ 5. 4 and $ 3. 7 ; 2011 , $ 4. 5 $ 3. 1 ; 2012 , $ 2. 3 $ 2. 1 ; 2013 , $ 1. 0 and $ 1. 3 thereafter , $ 1. 4 and $ 0. 5 ,.\n leveraged lease during june 2002  company acquired a 90% ( 90 % ) equity participation interest in existing leveraged lease of 30 properties.\n properties leased under long-term bond-type net lease primary term expires in 2016  with lessee having certain renewal option rights.\n company 2019s cash equity investment was approximately $ 4. 0 million.\n equity investment reported as net investment in leveraged lease in accordance with sfas no.\n 13  accounting for leases amended ).\n from 2002 to 2007  18 properties sold proceeds from sales used to pay down mortgage debt by approximately $ 31. 2 million.\n as of december 31 , 2008  remaining 12 properties encumbered by third-party non-recourse debt of approximately $ 42. 8 million scheduled to fully amortize during primary term of lease from portion periodic net rents receivable under net lease.\n as equity participant in leveraged lease company has no recourse obligation for principal or interest payments on debt collateralized by first mortgage lien on properties and collateral assignment of lease.\n obligation offset against related net rental receivable under lease.\n at december 31 , 2008 and 2007 company 2019s net investment in leveraged lease consisted of following ( in millions ) :.\n 9.\n mortgages and other financing receivables : company has various mortgages and other financing receivables loans acquired and loans originated by company.\n for complete listing of company 2019s mortgages other financing receivables at december 31, 2008  see financial statement schedule iv on page 141 of annual report on form 10-k.\n reconciliation of mortgage loans and other financing receivables on real estate\n\n| 2008           | 2007\n------------------------------------- | -------------- | --------------\nremaining net rentals                 | $ 53.8         | $ 55.0\nestimated unguaranteed residual value | 31.7           | 36.0\nnon-recourse mortgage debt            | -38.5 ( 38.5 ) | -43.9 ( 43.9 )\nunearned and deferred income          | -43.0 ( 43.0 ) | -43.3 ( 43.3 )\nnet investment in leveraged lease     | $ 4.0          | $ 3.8"
}
{
    "_id": "dd4ba2a5a",
    "title": "",
    "text": "table provides weighted average assumptions in black-scholes option-pricing model for grants resulting weighted average grant date fair value per share of stock options granted for years ended december 31:.\n stock units during 2018 , 2017 2016 , company granted rsus to certain employees under 2007 plan and 2017 omnibus plan .\n rsus vest based on continued employment company over periods one to three years.\n\n| 2018 | 2017 | 2016\n--------------------------- | ---- | ---- | ----\nintrinsic value             | $ 9  | $ 10 | $ 18\nexercise proceeds           | 7    | 11   | 15\nincome tax benefit realized | 2    | 3    | 6"
}
{
    "_id": "dd4ba7cee",
    "title": "",
    "text": "notes to consolidated financial statements ( continued ) note 8 2014commitments and contingencies ( continued ) following table reconciles changes in company 2019s accrued warranties and related costs ( in millions ) :.\n company generally does not indemnify end-users of its operating system and application software against legal claims software infringes third-party intellectual property rights.\n other agreements by company sometimes include indemnification provisions company could be subject to costs/or damages in of infringement claim against company or indemnified third-party.\n company not required to make significant payments resulting from such infringement claim asserted against itself or indemnified third-party in opinion of management , not have potential liability related to unresolved infringement claims subject to indemnification material adverse effect on its financial condition or operating results.\n company did not record liability for infringement costs as of either september 29 , 2007 or september 30 , 2006.\n concentrations in available sources of supply of materials and product certain key components including  not  microprocessors , enclosures , certain lcds , certain optical drives , application-specific integrated circuits ( 2018 2018asics 2019 2019 ) currently obtained by company from single or limited sources subjects company to supply and pricing risks.\n many these other key components available from multiple sources including  nand flash memory , dram memory  certain lcds  times subject to industry-wide shortages significant commodity pricing fluctuations.\n in company has entered into certain agreements for supply of critical components at favorable pricing , no guarantee company to extend or renew these agreements when they expire.\n company remains subject to significant risks of supply shortages/or price increases can adversely affect gross margins and operating margins.\n, company uses components not common to global personal computer , consumer electronics mobile communication industries , new products often utilize custom components obtained from only one source until company evaluated need for and qualifies additional suppliers.\n if supply of a key single-sourced component to company delayed or curtailed , or in key manufacturing vendor delays shipments of completed products to company, company 2019s ability to ship related products in desired quantities in timely manner could be adversely affected.\n company 2019s business and financial performance could also be adversely affected depending on time required to obtain sufficient quantities from original source , or to identify obtain sufficient quantities from alternative source.\n continued availability of these components may be affected if producers to to concentrate on production of common components instead of components customized to meet company 2019s requirements.\n significant portions of company 2019s cpus , ipods  iphones , logic boards  other assembled products are now manufactured by outsourcing partners , primarily in various parts of asia.\n significant concentration of this outsourced manufacturing is currently performed by only few of company 2019s outsourcing partners , often in single locations.\n certain these outsourcing partners are sole-sourced supplier of components and manufacturing outsourcing for many of company 2019s key products , including not  assembly\n\n| 2007         | 2006         | 2005\n-------------------------------------------- | ------------ | ------------ | ------------\nbeginning accrued warranty and related costs | $ 284        | $ 188        | $ 105\ncost of warranty claims                      | -281 ( 281 ) | -267 ( 267 ) | -188 ( 188 )\naccruals for product warranties              | 227          | 363          | 271\nending accrued warranty and related costs    | $ 230        | $ 284        | $ 188"
}
{
    "_id": "dd4be2b32",
    "title": "",
    "text": "intangibles 2014 goodwill other : testing goodwill for impairment in september 2011 accounting standard update issued allows entities option to first assess qualitative factors to determine necessary to perform two-step quantitative goodwill impairment test.\n standard effective for annual and interim goodwill impairment testing beginning january 1 , 2012.\n standard not impact on financial condition  results of operations cash flows.\n note 2 : merger and acquisitions holly - frontier merger on february 21 , 2011 entered merger agreement for 201cmerger of equals 201d business combination between us and frontier for creating more diversified company broader geographic sales footprint stronger financial position efficient corporate overhead structure realizing synergies promoting accretion to earnings per share.\n legacy frontier business operations consist of crude oil refining wholesale marketing of refined petroleum products produced at el dorado and cheyenne refineries serve markets in rocky mountain plains states regions of united states.\n july 1 , 2011  north acquisition , inc. direct wholly-owned subsidiary of holly  merged with into frontier frontier surviving as wholly-owned subsidiary of holly.\n concurrent merger changed name to hollyfrontier corporation changed ticker symbol for common stock traded on new york stock exchange to 201chfc. 201d subsequent to merger following approval by post-closing board of directors of hollyfrontier  frontier merged with into hollyfrontier  hollyfrontier continuing as surviving corporation.\n accordance with merger agreement issued 102. 8 million shares of hollyfrontier common stock in exchange for outstanding shares of frontier common stock to former frontier stockholders.\n each outstanding share of frontier common stock converted into 0.4811 shares of hollyfrontier common stock fractional shares paid in cash.\n aggregate consideration paid in stock in with merger was $ 3. 7 billion.\n based on july 1 , 2011 market closing price of $ 35. 93 includes portion of fair value of outstanding equity-based awards assumed from frontier relates to pre-merger services.\n number of shares issued in connection with merger with frontier and closing market price of common stock at july 1, 2011 adjusted to reflect two-for-one stock split on august 31 , 2011.\n merger accounted for using acquisition method of accounting with holly considered acquirer of frontier for accounting purposes.\n  purchase price allocated to fair value of acquired assets and assumed liabilities at acquisition date , excess purchase price recorded as goodwill.\n goodwill resulting from merger primarily due to favorable location of acquired refining facilities and expected synergies gained from combined business operations.\n goodwill related to merger not deductible for income tax purposes.\n following table summarizes fair value estimates of frontier assets and liabilities recognized upon merger on july 1 , 2011:.\n\n| ( in millions )\n------------------------------------------------------------------- | ------------------\ncash and cash equivalents                                           | $ 872.7\naccounts receivable                                                 | 737.9\ninventories                                                         | 657.4\nproperties plants and equipment                                     | 1054.3\ngoodwill                                                            | 2254.0\nincome taxes receivable                                             | 37.8\nother assets                                                        | 32.8\naccounts payable                                                    | -1076.7 ( 1076.7 )\naccrued liabilities                                                 | -40.7 ( 40.7 )\nlong-term debt                                                      | -370.6 ( 370.6 )\nother long-term liabilities                                         | -96.1 ( 96.1 )\ndeferred income taxes                                               | -357.6 ( 357.6 )\nnet tangible and intangible assets acquired and liabilities assumed | $ 3705.2"
}
{
    "_id": "dd496dc80",
    "title": "",
    "text": "middleton's reported cigars shipment volume 2012 decreased 0. 7% ( 0. 7 % ) due to changes trade inventories offset by volume growth retail share gains.\n cigarette category marlboro's 2012 retail share performance from brand-building initiatives marlboro's new architecture.\n's retail share 2012 increased 0. 6 share points versus 2011 to 42. 6% (. 6 % ).\n january 2013 pm usa expanded distribution of marlboro southern cut nationally.\n part of marlboro gold family.\n pm usa's 2012 retail share increased 0. 8 share points versus 2011 reflecting retail share gains by marlboro and l&m in discount.\n gains partially offset by share losses on other portfolio brands.\n machine-made large cigars category black & mild's retail share 2012 increased 0. 5 share points.\n brand benefited from new untipped cigarillo varieties introduced 2011 black & mild seasonal offerings 2012 third-quarter introduction of black & mild jazz untipped cigarillos.\n december 2012 middleton announced plans to launch nationally black & mild jazz cigars in plastic tip and wood tip in first quarter of 2013.\n compares smokeable products segment results year ended december 31 , 2011 with year december 31 , 2010.\n net revenues  excise taxes decreased $ 221 million ( 1. 0% ( 1. 0 % ) ) due to lower shipment volume ( $ 1051 million ) offset by higher net pricing ( $ 830 million ) higher promotional investments.\n operating companies income increased $ 119 million ( 2. 1% (.1 % ) due to higher net pricing ( $ 831 million ) includes higher promotional investments marketing administration research savings cost reduction initiatives ( $ 198 million ) 2010 implementation costs to closure of cabarrus north carolina manufacturing facility ( $ 75 million ) offset by lower volume ( $ 527 million ) higher asset impairment exit costs due to 2011 cost reduction program ( $ 158 million ) higher per unit settlement charges ( $ 120 million ) higher charges to tobacco health judgments ( $ 87 million ) higher fda user fees ( $ 73 million ).\n 2011  total smokeable products shipment volume decreased 4. 0% ( 4. 0 % ) versus 2010.\n pm usa's domestic cigarettes shipment volume declined 4. 0% ( 4. 0 % ) versus 2010 due to retail share losses one less shipping day offset by changes in trade inventories.\n pm usa's 2011 domestic cigarette shipment volume estimated down approximately 4% ( 4 % ) versus 2010.\n total cigarette category volume for 2011 decreased approximately 3. 5% ( 3. 5 % ) versus 2010 adjusted for changes trade inventories one less shipping day.\n total premium brands shipment volume decreased 4. 3% ( 4. 3 % ).\n marlboro's shipment volume decreased 3. 8% ( 3. 8 % ) versus 2010.\n discount brands pm usa's shipment volume decreased 0. 9% ( 0. 9 % ).\n usa's shipments of premium cigarettes accounted for 93. 7% (. 7 % ) of reported domestic cigarettes shipment volume for 2011 down from 93. 9% (. 9 % ) in 2010.\n middleton's 2011 reported cigars shipment volume unchanged versus 2010.\n 2011 pm usa's retail share of cigarette category declined 0.8 share points to 49. 0% ( 49. 0 % ) due to retail share losses on marlboro.\n marlboro's 2011 retail share decreased 0. 6 share points.\n 2010  marlboro delivered record full-year retail share results at lower margin levels.\n middleton retained leading share of tipped cigarillo segment of machine-made large cigars category retail share approximately 84% ( 84 % ) in 2011.\n 2011  middleton's retail share cigar category increased 0. 3 share points to 29. 7% ( 29. 7 % ) versus 2010.\n black & mild's 2011 retail share increased 0. 5 share points brand benefited from new product introductions.\n fourth quarter of 2011 middleton broadened untipped cigarillo portfolio with new aroma wrap 2122 foil pouch packaging accompanied national introduction of black & mild wine.\n new fourth- quarter packaging roll-out included black & mild sweets and classic varieties.\n second quarter of 2011 middleton entered contract manufacturing arrangement to source production of portion cigars overseas.\n arrangement access additional production capacity in uncertain competitive environment excise tax environment benefits imported large cigars over manufactured domestically.\n smokeless products segment operating companies income grew during 2012 driven by higher pricing copenhagen and skoal's combined volume retail share performance effective cost management.\n table summarizes smokeless products segment shipment volume performance : shipment volume for years ended december 31.\n volume includes cans and packs sold promotional units excludes international volume not material to smokeless products segment.\n includes certain usstc and pm usa smokeless products.\n new types of smokeless products new packaging configurations\n\n( cans and packs in millions ) | shipment volumefor the years ended december 31 , 2012 | shipment volumefor the years ended december 31 , 2011 | shipment volumefor the years ended december 31 , 2010\n------------------------------ | ----------------------------------------------------- | ----------------------------------------------------- | -----------------------------------------------------\ncopenhagen                     | 392.5                                                 | 354.2                                                 | 327.5\nskoal                          | 288.4                                                 | 286.8                                                 | 274.4\ncopenhagenandskoal             | 680.9                                                 | 641.0                                                 | 601.9\nother                          | 82.4                                                  | 93.6                                                  | 122.5\ntotal smokeless products       | 763.3                                                 | 734.6                                                 | 724.4"
}
{
    "_id": "dd4b8f842",
    "title": "",
    "text": "tax benefits recognized for stock-based compensation during years ended december 31 , 2011 , 2010 2009  were $ 16 million , $ 6 million $ 5 million  respectively.\n amount northrop grumman shares issued before spin-off to satisfy stock-based compensation awards recorded by northrop grumman not reflected in hii 2019s consolidated financial statements.\n company realized tax benefits during year ended december 31 , 2011  of $ 2 million from exercise of stock options and $ 10 million from issuance of stock in settlement of rpsrs and rsrs.\n unrecognized compensation expense at december 31 , 2011 $ 1 million unrecognized compensation expense related to unvested stock option awards  recognized over average period of 1. 1 years.\n at december 31 , 2011 $ 19 million of unrecognized compensation expense associated with 2011 rsrs , recognized over period 2. 2 years ; $ 10 million of unrecognized compensation expense with rpsrs converted as part of spin-off  recognized over average period one year ; $ 18 million of unrecognized compensation expense associated with 2011 rpsrs recognized over period 2. 0 years.\n stock options compensation expense for outstanding converted stock options determined at time of grant by northrop grumman.\n no additional options granted during year ended december 31 , 2011.\n fair value of stock option awards expensed on straight-line basis over vesting period of options.\n fair value of each stock option award estimated on date of grant using black-scholes option pricing model based on assumptions : dividend yield 2014the dividend yield based on northrop grumman 2019s historical dividend yield level.\n volatility 2014expected volatility based on average of implied volatility from traded options and historical volatility of northrop grumman 2019s stock.\nrisk-free interest rate 2014the for periods contractual life of stock option award based on yield curve of zero-coupon u. s.\n treasury bond on date award granted with maturity equal to expected term of award.\n expected term 2014the expected term of awards granted derived from historical experience represents period of time awards granted expected to be outstanding.\n stratification of expected terms based on employee populations ( executive and non-executive ) considered in analysis.\n significant weighted-average assumptions used to value stock options granted during years ended december 31, 2010 and 2009:.\n weighted-average grant date fair value of stock options granted years ended december 31  2010 2009 was $ 11 and $ 7 , per share  respectively.\n\n| 2010           | 2009\n------------------------------ | -------------- | --------------\ndividend yield                 | 2.9% ( 2.9 % ) | 3.6% ( 3.6 % )\nvolatility rate                | 25% ( 25 % )   | 25% ( 25 % )\nrisk-free interest rate        | 2.3% ( 2.3 % ) | 1.7% ( 1.7 % )\nexpected option life ( years ) | 6              | 5 & 6"
}
{
    "_id": "dd4977456",
    "title": "",
    "text": "edwards lifesciences corporation notes to consolidated financial statements continued ) 7.\n acquisitions continued ) recorded to goodwill.\n following table summarizes fair values of assets acquired liabilities assumed ( in millions ) :.\n goodwill includes expected synergies benefits company believes result from acquisition.\n goodwill assigned to company 2019s united states segment not deductible for tax purposes.\n ipr&d capitalized at fair value as intangible asset with indefinite life assessed for impairment in subsequent periods.\n fair value of ipr&d determined using income approach.\n approach determines fair value based on cash flow projections discounted to present value using risk-adjusted rate of return.\n discount rate used determine fair value of ipr&d was 16. 5% ( 16. 5 % ).\n completion of successful design developments , bench testing  pre-clinical studies human clinical studies required prior to selling any product.\n risks and uncertainties associated with completing development reasonable period include related to design , development  manufacturability of product , success of pre-clinical clinical studies  timing of regulatory approvals.\n valuation assumed $ 97. 7 million of additional research and development expenditures incurred prior to date of product introduction company not anticipate significant changes to forecasted research and development expenditures associated with cardiaq program.\n company 2019s valuation model assumed net cash inflows commence in late 2018  if successful clinical trial experiences lead to ce mark approval.\n upon completion of development  underlying research and development intangible asset amortized over estimated useful life.\n company disclosed in early february 2017 voluntarily paused enrollment in clinical trials for edwards-cardiaq valve to perform further design validation testing on feature of valve.\ntesting completed  collaboration with clinical investigators  company decided to resume screening patients for enrollment in clinical trials.\n results of operations for cardiaq included in accompanying consolidated financial statements from date of acquisition.\n pro forma results not presented as results of cardiaq not material in relation to consolidated financial statements company.\n 8.\n goodwill other intangible assets on july 3, 2015  company acquired cardiaq ( see note 7 ).\n transaction resulted in increase to goodwill of $ 258. 9 million and ipr&d of $ 190. 0 million.\n\ncurrent assets                                 | $ 28.1\n---------------------------------------------- | --------------\nproperty and equipment net                     | 0.2\ngoodwill                                       | 258.9\nipr&d                                          | 190.0\ncurrent liabilities assumed                    | -32.9 ( 32.9 )\ndeferred income taxes                          | -66.0 ( 66.0 )\ncontingent consideration                       | -30.3 ( 30.3 )\ntotal cash purchase price                      | 348.0\nless : cash acquired                           | -27.9 ( 27.9 )\ntotal cash purchase price net of cash acquired | $ 320.1"
}
{
    "_id": "dd4b900b2",
    "title": "",
    "text": "devon energy corporation subsidiaries notes consolidated financial statements 2013 proved undeveloped reserves table presents changes in devon 2019s total proved undeveloped reserves during 2015 ( mmboe ).\n reserves decreased 45% ( 45 % ) from year-end 2014 to year-end 2015 year-end 2015 balance represents 17% ( 17 % ) of total proved reserves.\n drilling development activities increased devon 2019s undeveloped reserves 24 mmboe resulted in conversion of 182 mmboe or 26% ( 26 % ) of 2014 proved undeveloped reserves to developed reserves.\n costs incurred to develop convert devon 2019s undeveloped reserves were approximately $ 2. 2 billion for 2015.\n revisions other than price decreased devon 2019s proved undeveloped reserves 120 mmboe due to evaluations of certain properties in u.\n canada.\n largest revisions reduced reserves by 80 mmboe evaluations of jackfish bitumen reserves.\n 40 mmboe revisions recorded for u.\n properties reduction of approximately 27 mmboe represents reserves devon not expect to develop in next five years including 20 mmboe attributable to eagle ford.\n significant amount of devon 2019s proved undeveloped reserves at end of 2015 related to jackfish operations.\n at december 31 , 2015 and 2014  devon 2019s jackfish proved undeveloped reserves were 301 mmboe and 384 mmboe.\n development schedules for jackfish reserves controlled by need keep processing plants at 35 mbbl daily facility capacity.\n processing plant capacity controlled by total steam processing capacity steam-oil ratios.\n development of projects involves construction of steam injection/distribution bitumen processing facilities.\ndue to large up-front capital investments large reserves required to provide economic returns project conditions meet circumstances requiring period greater than 5 years for conversion to developed reserves.\n these reserves classified as proved undeveloped for more than five years.\n development schedule for reserves extends through to 2030.\n at end of 2015  approximately 184 mmboe of proved undeveloped reserves at jackfish remained undeveloped for five years or more since initial booking.\n no other projects have proved undeveloped reserves remained undeveloped more than five years from initial booking reserves.\n approximately 180 mmboe of proved undeveloped reserves at jackfish will require five years  from date filing to develop.\n price revisions 2015 2013 reserves decreased 302 mmboe due to lower commodity prices across all products.\n lower bitumen price increased canadian reserves due to decline in royalties increases devon 2019s after- royalty volumes.\n 2014 2013 reserves increased 9 mmboe due to higher gas prices in barnett shale anadarko basin offset by higher bitumen prices in lower after-royalty volumes  in canada.\n\n| u.s .        | canada     | total\n-------------------------------------------------- | ------------ | ---------- | ------------\nproved undeveloped reserves as of december 31 2014 | 305          | 384        | 689\nextensions and discoveries                         | 13           | 11         | 24\nrevisions due to prices                            | -115 ( 115 ) | 80         | -35 ( 35 )\nrevisions other than price                         | -40 ( 40 )   | -80 ( 80 ) | -120 ( 120 )\nconversion to proved developed reserves            | -88 ( 88 )   | -94 ( 94 ) | -182 ( 182 )\nproved undeveloped reserves as of december 31 2015 | 75           | 301        | 376"
}
{
    "_id": "dd498a3da",
    "title": "",
    "text": "american tower corporation and subsidiaries notes to consolidated financial statements 2014 continued ) term of economic rights agreement is seventy years ; tv azteca has right to purchase at fair market value economic rights from company any time during last fifty years of agreement.\n should tv azteca elect to purchase economic rights ( whole or part ) obligated to repay proportional amount of loan discussed above at time election.\n company 2019s obligation to pay tv azteca $ 1. 5 million annually reduced proportionally.\n company accounted for annual payment of $ 1. 5 million as capital lease ( initially recording asset and corresponding liability of approximately $ 18. 6 million ).\n capital lease asset and discount on note  aggregate approximately $ 30. 2 million  represent cost to acquire economic rights amortized over seventy-year life of economic rights agreement.\n quarterly basis company assesses recoverability of note receivable from tv azteca.\n as of december 31 , 2005 and 2004  company assessed recoverability note receivable tv azteca concluded no adjustment to carrying value required.\n executive officer and former director of company served as director of tv azteca from december 1999 to february 2006.\n december 31 2005 2004 company had other long-term notes receivable outstanding of approximately $ 11. 1 million and $ 11. 2 million , respectively.\n 7.\n financing arrangements outstanding amounts under company 2019s long-term financing arrangements consisted of following as of december 31 , ( in thousands ) :.\n new credit facilities 2014in october 2005  company refinanced two existing credit facilities of principal operating subsidiaries.\n company replaced existing american tower $ 1. 1 billion senior secured credit facility with new $ 1. 3 billion senior secured credit facility replaced existing spectrasite $ 900. 0 million senior secured credit facility with new $ 1.15 billion senior secured credit facility.\n result of repayment previous credit facilities , company recorded net loss on retirement of long-term obligations of $ 9. 8 million in fourth quarter 2005.\n\n| 2005               | 2004\n------------------------------------------------------------------------ | ------------------ | ------------------\namerican tower credit facility                                           | $ 793000           | $ 698000\nspectrasite credit facility                                              | 700000             |\nsenior subordinated notes                                                | 400000             | 400000\nsenior subordinated discount notes net of discount and warrant valuation | 160252             | 303755\nsenior notes net of discount and premium                                 | 726754             | 1001817\nconvertible notes net of discount                                        | 773058             | 830056\nnotes payable and capital leases                                         | 60365              | 59986\ntotal                                                                    | 3613429            | 3293614\nless current portion of other long-term obligations                      | -162153 ( 162153 ) | -138386 ( 138386 )\nlong-term debt                                                           | $ 3451276          | $ 3155228"
}
{
    "_id": "dd4972b86",
    "title": "",
    "text": "performance graph graph compares cumulative total shareholder return on pmi's common stock with cumulative total return for same period of pmi's peer group and s&p 500 index.\n graph assumes investment of $ 100 as of december 31 , 2013 in pmi common stock ( at prices quoted on new york stock exchange ) and each indices as of market close and reinvestment of dividends on quarterly basis.\n pmi pmi peer group ( 1 ) s&p 500 index.\n ( 1 ) pmi peer group in graph is same as used in prior year.\n pmi peer group established based on review of four characteristics : global presence ; focus on consumer products ; net revenues market capitalization of similar size to pmi.\n review considered primary international tobacco companies.\n result of review following companies constitute pmi peer group : altria group , inc. anheuser-busch inbev sa/nv, british american tobacco p. coca-cola company , colgate-palmolive co.  diageo plc , heineken n. v. imperial brands plc  japan tobacco inc. johnson & johnson, kimberly-clark corporation  kraft-heinz company , mcdonald's corp. mondel z international , inc. nestl e9 s. pepsico , inc. procter & gamble company  roche holding ag  unilever nv and plc.\n : figures are rounded to nearest $ 0. 10.\n\ndate             | pmi      | pmi peer group ( 1 ) | s&p 500 index\n---------------- | -------- | -------------------- | -------------\ndecember 31 2013 | $ 100.00 | $ 100.00             | $ 100.00\ndecember 31 2014 | $ 97.90  | $ 107.80             | $ 113.70\ndecember 31 2015 | $ 111.00 | $ 116.80             | $ 115.30\ndecember 31 2016 | $ 120.50 | $ 118.40             | $ 129.00\ndecember 31 2017 | $ 144.50 | $ 140.50             | $ 157.20\ndecember 31 2018 | $ 96.50  | $ 127.70             | $ 150.30"
}
{
    "_id": "dd4bac046",
    "title": "",
    "text": "company stock performance graph shows five-year comparison of cumulative total shareholder return calculated on dividend reinvested basis for company  s&p 500 composite index s&p computer hardware index  dow jones u. s.\n technology index.\n graph assumes $ 100 invested in each company 2019s common stock  s&p 500 composite index s&p computer hardware index dow jones u. s.\n technology index on september 30 , 2006.\n data points on graph are annual.\n historic stock price performance not indicative of future stock price performance.\n comparison of 5 year cumulative total return* among apple inc. s&p 500 index s&p computer hardware index dow jones us technology index sep-10sep-09sep-08sep-07sep-06 sep-11 apple inc.\n s&p 500 s&p computer hardware dow jones us technology *$ 100 invested on 9/30/06 in stock or index  including reinvestment of dividends.\n fiscal year ending september 30.\n copyright a9 2011 s&p , division of mcgraw-hill companies inc.\n all rights reserved.\n copyright a9 2011 dow jones & co.\n all rights reserved.\n september 30 , september 30 .\n\n| september 30 2006 | september 30 2007 | september 30 2008 | september 30 2009 | september 30 2010 | september 30 2011\n----------------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | -----------------\napple inc .             | $ 100             | $ 199             | $ 148             | $ 241             | $ 369             | $ 495\ns&p 500                 | $ 100             | $ 116             | $ 91              | $ 85              | $ 93              | $ 94\ns&p computer hardware   | $ 100             | $ 148             | $ 124             | $ 147             | $ 174             | $ 197\ndow jones us technology | $ 100             | $ 123             | $ 94              | $ 104             | $ 117             | $ 120"
}
{
    "_id": "dd4c2a0d6",
    "title": "",
    "text": "news corporation notes consolidated financial statements as of june 30 , 2016  company had income tax net operating loss carryforwards ( nols ) ( gross  net of uncertain tax benefits )  in various jurisdictions : jurisdiction expiration amount ( in millions ).\n utilization of nols dependent on generating sufficient taxable income from operations in respective jurisdictions nols relate  taking account limitations restrictions on ability to use them.\n certain u. s.\n federal nols acquired as part of acquisitions of move and harlequin subject to limitations under section 382 of code.\n section 382 code limits amount of acquired nols can use annual basis to offset future u. s.\n consolidated taxable income.\n nols subject to review by relevant tax authorities in jurisdictions relate.\n company recorded deferred tax asset of $ 580 million and $ 540 million ( net of approximately $ 53 million and $ 95 million  of unrecognized tax benefits ) associated with nols as of june 30, 2016 and 2015 .\n significant judgment applied in assessing ability to realize nols and other tax assets.\n management assesses available positive and negative evidence to estimate if sufficient future taxable income generated to utilize existing deferred tax assets within applicable expiration period.\n basis evaluation valuation allowances of $ 97 million and $ 304 million established to reduce deferred tax asset associated with company 2019s nols to amount more likely than not be realized as of june 30 , 2016 and 2015 .\n amount of nol deferred tax asset considered realizable could be adjusted if estimates of future taxable income during carryforward period reduced or if objective negative evidence in form of cumulative losses occurs.\n as of june 30 , 2016  company had approximately $ 1. 6 billion and $ 1.7 billion capital loss carryforwards in australia and u. k.  may be carried forward indefinitely subject to tax authority review.\n realization of capital losses dependent on generating capital gain taxable income satisfying continuity of business requirements.\n company recorded deferred tax asset of $ 803 million and $ 892 million as of june 30, 2016 2015  for these capital loss carryforwards more likely not company will not generate capital gain income in normal course business in these jurisdictions.\n valuation allowances of $ 803 million and $ 892 million established to reduce capital loss carryforward deferred tax asset to amount more likely than not be realized as of june 30 , 2016 and 2015 .\n as of june 30 , 2016  company had approximately $ 26 million of u. s.\n federal tax credit carryforward includes $ 22 million of foreign tax credits $ 4 million research & development credits expire in 2025 and 2036 .\n as of june 30, 2016  company had approximately $ 5 million of non-u. s.\n tax credit carryforwards expire in various amounts beginning in 2025 $ 8 million of state tax credit carryforwards ( net of.\n federal benefit ) balance can be carried forward indefinitely.\n accordance with company 2019s accounting policy valuation allowance of $ 5 million established to reduce deferred tax asset associated with company 2019s non-u. s.\n state credit carryforwards to amount more likely than not be realized as of june 30 , 2016.\n\njurisdiction  | expiration   | amount ( in millions )\n------------- | ------------ | ----------------------\nu.s . federal | 2021 to 2036 | $ 858\nu.s . states  | various      | 581\naustralia     | indefinite   | 452\nu.k .         | indefinite   | 134\nother foreign | various      | 346"
}
{
    "_id": "dd4c56cb2",
    "title": "",
    "text": ". s.\n equity securities and international equity securities categorized as level 1 traded on active national international exchanges valued at closing prices on last trading day of year.\n for.\n equity securities not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor  broker or investment manager.\n securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor or categorized level 3 if custodian obtains uncorroborated quotes from broker or investment manager.\n commingled equity funds are investment vehicles valued using net asset value ( nav ) provided by fund managers.\n nav is total value of fund divided by number of shares outstanding.\n funds categorized as level 1 if traded at nav on nationally recognized securities exchange or categorized level 2 if nav corroborated by observable market data (. purchases or sales activity ) able to redeem investment in near-term.\n fixed income investments categorized as level 2 valued by trustee using pricing models use verifiable observable market data (. interest rates yield curves observable commonly quoted intervals credit spreads ) bids provided by brokers or dealers or quoted prices of securities with similar characteristics.\n fixed income investments categorized at level 3 when valuations using observable inputs unavailable.\n trustee obtains pricing based on indicative quotes or bid evaluations from vendors brokers or investment manager.\n private equity funds  real estate funds hedge funds valued using nav based on valuation models of underlying securities generally include significant unobservable inputs cannot be corroborated using verifiable observable market data.\n valuations for private equity funds real estate funds determined by general partners.\ndepending on nature assets general partners may use various valuation methodologies including income and market approaches.\n market approach consists analyzing market transactions for comparable assets income approach uses earnings or net present value of estimated future cash flows adjusted for liquidity and risk factors.\n hedge funds valued by independent administrators using various pricing sources models based on nature of securities.\n private equity funds , real estate funds and hedge funds generally categorized as level 3 as cannot fully redeem investment in near-term.\n commodities traded on active commodity exchange valued at closing prices on last trading day of year.\n contributions expected benefit payments funding of qualified defined benefit pension plans determined in accordance with erisa , amended by ppa  consistent with cas and internal revenue code rules.\n in 2014  made contributions of $ 2. 0 billion related to qualified defined benefit pension plans.\n do not plan to make contributions to benefit pension plans in 2015 through 2017 because none required using current assumptions.\n table presents estimated future benefit payments  reflect expected future employee service  as of december 31 , 2014 ( in millions ) :.\n defined contribution plans maintain number defined contribution plans most with 401 ( k ) features cover substantially all employees.\n under provisions 401 plans match most employees 2019 eligible contributions at rates specified in plan documents.\n contributions were $ 385 million in 2014 , $ 383 million in 2013 and $ 380 million in 2012  majority funded in common stock.\n defined contribution plans held approximately 41. 7 million and 44. 7 million shares of common stock as of december 31 , 2014 and 2013.\n stockholders 2019 equity at december 31 , 2014 and 2013 authorized capital was of 1. 5 billion shares of common stock and 50 million shares of series preferred stock.\n316 million shares common stock issued outstanding as of december 31 , 2014 , 314 million shares considered outstanding for balance sheet presentation purposes remaining\n\n| 2015   | 2016   | 2017   | 2018   | 2019   | 2020 - 2024\n---------------------------------------- | ------ | ------ | ------ | ------ | ------ | -----------\nqualified defined benefit pension plans  | $ 2070 | $ 2150 | $ 2230 | $ 2320 | $ 2420 | $ 13430\nretiree medical and life insurance plans | 190    | 200    | 200    | 210    | 210    | 1020"
}
{
    "_id": "dd4c5923c",
    "title": "",
    "text": "grant date fair value of options estimated using black-scholes option-pricing model.\n weighted-average assumptions used in valuations for 2017  2016 2015 are : risk-free interest rate  based on.\n treasury yields  1. 7 percent  1. 9 percent 1. 9 percent ; dividend yield , 3. 6 percent  3. 8 percent 3. 1 percent expected volatility  based on historical volatility 24 percent  27 percent 28 percent.\n expected life of each option is seven years based on historical experience future exercise patterns.\n perfo rmance shares restricted stock units company 2019s incentive shares plans include performance shares awards distribute value of common stock to key management employees subject to certain operating performance conditions restrictions.\n form of distribution is primarily shares of common stock portion in cash.\n compensation expense for performance shares recognized over service period based on number of shares expected to be earned.\n performance shares awards accounted for as liabilities in accordance with asc 718 , compensation 2013 stock compensation  compensation expense adjusted at end of each reporting period to reflect change in fair value of awards.\n as of september 30 , 2016  4944575 performance shares awarded primarily in 2013 were outstanding contingent on company achieving performance objectives through 2016 provision of additional service by employees.\n objectives for shares met at 86 percent level at end of 2016  or 4252335 shares.\n 2549083 shares distributed in early 2017 1393715 issued as shares 944002 withheld for income taxes value of 211366 paid in cash.\n additional 1691986 shares distributed end of 2017 to employees who provided one additional year of service 1070264 issued as shares 616734 withheld for income taxes value of 4988 paid in cash.\n11266 shares canceled not distributed.\n rights to receive maximum of 2388125 and 2178388 common shares awarded in 2017 and 2016 under new performance shares program outstanding contingent upon company achieving performance objectives through 2019 and 2018.\n incentive shares plans include restricted stock awards distribution of common stock to key management employees subject to cliff vesting at end of service periods from three to ten years.\n fair value of restricted stock awards determined based on average high and low market prices of company 2019s common stock on date of grant compensation expense recognized ratably over applicable service period.\n in 2017  130641 shares of restricted stock vested participants fulfilling service requirements.\n 84398 shares issued 46243 shares withheld for income taxes minimum withholding requirements.\n as of september 30 , 2017 1194500 shares of unvested restricted stock outstanding.\n total fair value of shares vested under incentive shares plans was $ 245 , $ 11 $ 9  in 2017 , 2016 2015  $ 101 , $ 4 $ 5 paid in cash for tax withholding.\n as of september 30 , 2017  12. 9 million shares remained available for award under incentive shares plans.\n changes in shares outstanding but not yet earned under incentive shares plans during year ended september 30 , 2017 follow ( shares in thousands ) : average grant date shares fair value per share.\n total compensation expense for stock options and incentive shares was $ 115 , $ 159 and $ 30 for 2017 , 2016 2015  $ 5 , $ 14 $ 6 included in discontinued operations.\n decrease in expense for 2017 reflects impact changes in stock price.\n increase in expense for 2016 reflects increasing stock price in current year compared with decreasing price in 2015 overlap of awards.\nincome tax benefits in statement for compensation arrangements during 2017  2016 2015 were $ 33 , $ 45 $ 2 , respectively.\n as of september 30 , 2017  total unrecognized compensation expense to unvested shares awarded under plans was $ 149 , expected to be recognized over 1. 5 years.\n addition to employee stock option incentive shares plans in 2017 company awarded 17984 shares restricted stock 2248 restricted stock units under stock plan for non-management directors.\n as of september 30 , 2017 174335 shares available for issuance under plan.\n\n| shares         | average grant datefair value per share\n----------------- | -------------- | --------------------------------------\nbeginning of year | 7328           | $ 49.17\ngranted           | 2134           | $ 51.91\nearned/vested     | -4372 ( 4372 ) | $ 49.14\ncanceled          | -91 ( 91 )     | $ 51.18\nend of year       | 4999           | $ 50.33"
}
{
    "_id": "dd4bde6cc",
    "title": "",
    "text": "contributions expected benefit payments funding of qualified defined benefit pension plans determined in accordance with erisa , amended by ppa  consistent with cas internal revenue code rules.\n in 2015 made $ 5 million contributions to new sikorsky bargained qualified defined benefit pension plan plan to make approximately $ 25 million contributions in 2016.\n table presents estimated future benefit payments reflect expected future employee service  as of december 31 , 2015 ( in millions ) :.\n defined contribution plans maintain defined contribution plans most with 401 ( k ) features cover all employees.\n under provisions 401 k ) plans match most employees 2019 eligible contributions at rates specified in plan documents.\n contributions were $ 393 million in 2015  $ 385 million in 2014 $ 383 million in 2013 majority funded in common stock.\n defined contribution plans held approximately 40. 0 million and 41. 7 million shares of common stock as of december 31 , 2015 and 2014.\n note 12 2013 stockholders 2019 equity at december 31 , 2015 2014 authorized capital of 1. 5 billion shares of common stock 50 million shares of series preferred stock.\n 305 million shares of common stock issued outstanding as of december 31, 2015  303 million shares considered outstanding for balance sheet presentation purposes remaining shares held in separate trust.\n 316 million shares of common stock issued outstanding as of december 31 , 2014, 314 million shares considered outstanding for balance sheet presentation purposes remaining shares held in separate trust.\n no shares of preferred stock issued and outstanding at december 31 , 2015 or 2014.\n repurchases of common stock during 2015 repurchased 15. 2 million shares common stock for $ 3. 1 billion.\n during 2014 and 2013 paid $ 1. 9 billion and $ 1. 8 billion to repurchase 11. 5 million and 16.2 million shares common stock.\n on september 24 , 2015 board of directors approved $ 3. 0 billion increase to share repurchase program.\n inclusive increase total remaining authorization for future common share repurchases program was $ 3. 6 billion as of december 31 , 2015.\n repurchase common shares reduce common stock for $ 1 of par value shares repurchased excess purchase price over par value recorded as reduction of additional paid-in capital.\n due to volume repurchases under share repurchase program additional paid-in capital reduced to zero remainder excess purchase price over par value of $ 2. 4 billion and $ 1. 1 billion recorded as reduction of retained earnings in 2015 and 2014.\n paid dividends totaling $ 1. 9 billion ( $ 6. 15 per share ) in 2015, $ 1. 8 billion ( $ 5. 49 per share ) in 2014 $ 1. 5 billion ( $ 4. 78 per share ) in 2013.\n increased quarterly dividend rate in each last three years including 10% ( 10 % ) increase quarterly dividend rate fourth quarter of 2015.\n declared quarterly dividends of $ 1. 50 per share each first three quarters of 2015 $ 1. 65 per share fourth quarter of 2015 ; $ 1. 33 per share first three quarters of 2014 $ 1. 50 per share fourth quarter of 2014 ; $ 1. 15 per share each first three quarters of 2013 $ 1. 33 per share during fourth quarter of 2013.\n\n| 2016   | 2017   | 2018   | 2019   | 2020   | 2021 - 2025\n---------------------------------------- | ------ | ------ | ------ | ------ | ------ | -----------\nqualified defined benefit pension plans  | $ 2160 | $ 2240 | $ 2320 | $ 2410 | $ 2500 | $ 13670\nretiree medical and life insurance plans | 190    | 190    | 200    | 200    | 200    | 940"
}
{
    "_id": "dd4bc3fc0",
    "title": "",
    "text": "notes to audited consolidated financial statements director stock compensation subplan eastman's 2016 director stock compensation subplan \"directors' subplan ) component of 2012 omnibus plan  remains in effect until terminated by board of directors or earlier termination 2012 omnibus plan.\n directors' subplan provides for structured awards of restricted shares to non-employee members board of directors.\n restricted shares awarded subject to same terms and conditions of 2012 omnibus plan.\n not separate source of shares for grant of equity awards all shares awarded part of 10 million shares authorized under 2012 omnibus plan.\n shares of restricted stock granted on first day of non-f employee director's initial term of service shares restricted stock granted each year to each non-employee director on date of annual meeting of stockholders.\n company authorized by board of directors under 2012 omnibus plan tof provide awards to employees and non- employee members board of directors.\n company's practice to issue new shares treasury shares for equity awards require settlement by issuance of common stock to withhold or accept back shares awarded to cover related income tax obligations of employee participants.\n shares of unrestricted common stock owned by non-d employee directors not eligible to be withheld or acquired to satisfy withholding obligation related to income taxes.\n shares of unrestricted common stock owned by specified senior management level employees accepted by company to pay exercise price of stock options in accordance with terms and conditions of awards.\n2016 , 2015  2014  total share-based compensation expense ( before tax ) of approximately $ 36 million , $ 36 million  and $ 28 million  recognized in selling  general administrative exd pense in consolidated statements of earnings  comprehensive income retained earnings for all share-based awards approximately $ 7 million , $ 7 million  $ 4 million  related to stock options.\n compensation expense recognized over substantive vesting period may shorter time period than stated vesting period for qualifying termination eligible employees defined in forms award notice.\n for 2016 , 2015  2014  approximately $ 2 million , $ 2 million  $ 1 million  of stock option compensation expense recognized due to qualifying termination eligibility preceding requisite vesting period.\n stock option awards options granted annual basis to non-employee directors under directors' subplan predecessor plans compensation and management development committee of board of directors under 2012 omnibus plan predecessor plans to employees.\n option awards have exercise price equal to closing price of company's stock on date of grant.\n term of options is 10 years with vesting periods up to three years.\n vesting usually occurs ratably over vesting period or at end of vesting period.\n company utilizes black scholes merton option valuation model relies on certain assumptions to estimate option's fair value.\n weighted average assumptions used in determination of fair value for stock options awarded in 2016 , 2015 , 2014 provided in table below:.\n\nassumptions                     | 2016               | 2015               | 2014\n------------------------------- | ------------------ | ------------------ | ------------------\nexpected volatility rate        | 23.71% ( 23.71 % ) | 24.11% ( 24.11 % ) | 25.82% ( 25.82 % )\nexpected dividend yield         | 2.31% ( 2.31 % )   | 1.75% ( 1.75 % )   | 1.70% ( 1.70 % )\naverage risk-free interest rate | 1.23% ( 1.23 % )   | 1.45% ( 1.45 % )   | 1.44% ( 1.44 % )\nexpected term years             | 5.0                | 4.8                | 4.7"
}
{
    "_id": "dd4bdddee",
    "title": "",
    "text": "entergy corporation subsidiaries notes financial statements amount ( in millions ).\n subsequent closing  entergy received approximately $ 6 million from consumers energy company post-closing adjustment in asset sale agreement.\n post-closing adjustment resulted in approximately $ 6 million reduction in plant reduction in other liabilities.\n for ppa  at below-market prices at time acquisition non-utility nuclear will amortize liability to revenue over life agreement.\n amount amortized each period based upon difference between present value calculated at date acquisition each year's difference between revenue under agreement and revenue estimated market prices.\n amounts amortized to revenue were $ 53 million in 2009  $ 76 million in 2008  $ 50 million in 2007.\n amounts amortized to revenue for next five years $ 46 million for 2010  $ 43 million for 2011  $ 17 million in 2012 $ 18 million for 2013  $ 16 million for 2014.\n nypa value sharing agreements non-utility nuclear's purchase of fitzpatrick indian point 3 plants from nypa included value sharing agreements with nypa.\n october 2007  non-utility nuclear nypa amended restated value sharing agreements to clarify amend provisions original terms.\n amended value sharing agreements non-utility nuclear will make annual payments to nypa based on generation output of indian point 3 fitzpatrick plants from january 2007 through december 2014.\n non-utility nuclear pay nypa $ 6. 59 per mwh for power sold from indian point 3 up to annual cap of $ 48 million $ 3. 91 per mwh for power sold from fitzpatrick  up to annual cap of $ 24 million.\n annual payment for each year's output due by january 15 following year.\n non-utility nuclear will record liability for payments to nypa as power generated sold by indian point 3 fitzpatrick.\namount equal to liability recorded to plant asset account as contingent purchase price consideration for plants.\n in 2009 , 2008  2007 , non-utility nuclear recorded $ 72 million as plant for generation during each those years.\n amount depreciated over expected remaining useful life of plants.\n in august 2008 , non-utility nuclear entered into resolution of dispute with nypa over applicability of value sharing agreements to fitzpatrick and indian point 3 nuclear power plants after planned spin-off of non-utility nuclear business.\n under resolution  non-utility nuclear agreed not to treat separation as \"cessation event\" terminate obligation to make payments under value sharing agreements.\n after spin-off transaction  enexus continue to obligated to make payments to nypa under amended and restated value sharing agreements.\n\n| amount ( in millions )\n------------------------------------------ | ----------------------\nplant ( including nuclear fuel )           | $ 727\ndecommissioning trust funds                | 252\nother assets                               | 41\ntotal assets acquired                      | 1020\npurchased power agreement ( below market ) | 420\ndecommissioning liability                  | 220\nother liabilities                          | 44\ntotal liabilities assumed                  | 684\nnet assets acquired                        | $ 336"
}
{
    "_id": "dd4bcb0cc",
    "title": "",
    "text": "table of contents totaled absolute notional equivalent of $ 292. 3 million and $ 190. 5 million  respectively year-over-year increase primarily driven by earnings growth.\n we do not hedge long-term investment exposures.\n not use foreign exchange contracts for speculative trading purposes nor hedge foreign currency exposure in entirely offsets effects of changes in foreign exchange rates.\n regularly review hedging program assess need to utilize financial instruments to hedge currency exposures ongoing basis.\n cash flow hedging 2014hedges of forecasted foreign currency revenue may use foreign exchange purchased options or forward contracts to hedge foreign currency revenue denominated in euros, british pounds japanese yen.\n hedge these cash flow exposures to reduce risk earnings and cash flows adversely affected by changes in exchange rates.\n foreign exchange contracts  carried at fair value may have maturities between one and twelve months.\n enter into foreign exchange contracts to hedge forecasted revenue in normal course of business not speculative in nature.\n record changes in intrinsic value of cash flow hedges in accumulated other comprehensive income ( loss ) until forecasted transaction occurs.\n when forecasted transaction occurs reclassify related gain or loss on cash flow hedge to revenue.\n in event forecasted transaction not occur  or probable not occur, reclassify gain or loss on related cash flow hedge from accumulated other comprehensive income ( loss ) to interest and other income , net on consolidated statements of income.\n for fiscal year ended november 30 , 2018  no net gains or losses recognized in other income relating to hedges of forecasted transactions that did not occur.\nbalance sheet hedging 2014hedging of foreign currency assets liabilities hedge exposures related to net recognized foreign currency assets liabilities with foreign exchange forward contracts to reduce risk earnings cash flows affected by changes in foreign currency exchange rates.\n foreign exchange contracts carried at fair value with changes fair value recorded as interest other income  net.\n foreign exchange contracts not subject us to material balance sheet risk due to exchange rate movements gains losses on contracts to offset gains losses on assets liabilities hedged.\n at november 30 , 2018  outstanding balance sheet hedging derivatives had maturities of 180 days or less.\n see note 5 notes to consolidated financial statements for information hedging activities.\n interest rate risk short-term investments fixed income securities at november 30 , 2018 had debt securities classified as short-term investments of $ 1. 59 billion.\n changes in interest rates could adversely affect market value of these investments.\n table separates investments based on stated maturities to show approximate exposure to interest rates ( in millions ) :.\n sensitivity analysis performed on investment portfolio as of november 30 , 2018.\n analysis based on estimate of hypothetical changes in market value portfolio from immediate parallel shift in yield curve of various magnitudes.\n\ndue within one year             | $ 612.1\n------------------------------- | --------\ndue between one and two years   | 564.2\ndue between two and three years | 282.2\ndue after three years           | 127.7\ntotal                           | $ 1586.2"
}
{
    "_id": "dd4b954d6",
    "title": "",
    "text": "decreased production volume final aircraft deliveries completed second quarter 2012 $ 50 million from favorable resolution contractual matter second quarter 2012 ; $ 270 million for other programs ( primarily sustainment activities ) due to decreased volume.\n decreases partially offset by higher net sales $ 295 million for f-35 production contracts due to increased production volume risk retirements ; $ 245 million for c-5 program due to increased aircraft deliveries ( six aircraft delivered in 2013 compared to four 2012 ) other modernization activities $ 70 million for f-35 development contract due to increased volume.\n aeronautics 2019 operating profit for 2013 decreased $ 87 million  or 5% ( 5 % )  compared to 2012.\n decrease primarily attributable to lower operating profit $ 85 million for f-22 program includes approximately $ 50 million from favorable resolution contractual matter second quarter 2012 $ 35 million due to decreased risk retirements production volume ; $ 70 million for c-130 program due to lower risk retirements fewer deliveries offset by increased sustainment activities ; $ 65 million for c-5 program due to reducing profit booking rate third quarter 2013 lower risk retirements $ 35 million for f-16 program to fewer aircraft deliveries offset by increased sustainment activity aircraft configuration mix.\n decreases partially offset by higher operating profit approximately $ 180 million for f-35 production contracts due to increased risk retirements volume.\n operating profit comparable for f-35 development contract included adjustments of approximately $ 85 million to reflect impacts of downward revisions to profit booking rate in 2013 and 2012.\n adjustments not related to volume including net profit booking rate adjustments other matters approximately $ 75 million lower for 2013 compared backlog backlog decreased slightly in 2014 compared to 2013 primarily due to lower orders on f-16 and f-22 programs.\nbacklog decreased in 2013 compared to 2012 mainly due to lower orders on f-16 , c-5 c-130 programs partially offset by higher orders on f-35 program.\n expect aeronautics 2019 2015 net sales comparable or slightly behind 2014 due to decline in f-16 deliveries decline in f-35 development activity offset by increase in production contracts.\n operating profit expected to decrease in low single digit range due primarily to contract mix slight decrease in operating margins between years.\n information systems & global solutions is&gs business segment provides advanced technology systems expertise  integrated information technology solutions management services across broad spectrum applications for civil  defense  intelligence other government customers.\n is&gs has portfolio of many smaller contracts.\n impacted by downturn in federal agencies 2019 information technology budgets increased re-competition on existing contracts fragmentation of large contracts into smaller contracts awarded primarily on basis price.\n is&gs 2019 operating results included ( in millions ) :.\n 2014 compared to 2013 is&gs 2019 net sales decreased $ 579 million  or 7% ( 7 % )  for 2014 compared to 2013.\n decrease attributable to lower net sales of about $ 645 million for 2014 due to wind-down or completion of certain programs by reductions in direct warfighter support ( including jieddo ptds ) defense budgets tied to command and control programs ; approximately $ 490 million for 2014 due to decline in volume for ongoing programs lower funding levels programs impacted by in-theater force reductions.\n decreases partially offset by higher net sales of about $ 550 million for 2014 due to start-up of new programs  growth in recently awarded programs integration of recently acquired companies.\n\n| 2014           | 2013           | 2012\n------------------- | -------------- | -------------- | --------------\nnet sales           | $ 7788         | $ 8367         | $ 8846\noperating profit    | 699            | 759            | 808\noperating margins   | 9.0% ( 9.0 % ) | 9.1% ( 9.1 % ) | 9.1% ( 9.1 % )\nbacklog at year-end | $ 8700         | $ 8300         | $ 8700"
}
{
    "_id": "dd4bd4618",
    "title": "",
    "text": "reinsurance commissions  fees revenue increased 1% ( 1 % ) driven by favorable foreign currency translation of 2% ( 2 % ) partially offset by 1% ( 1 % ) decline in dispositions  net acquisitions other.\n organic revenue flat from strong growth in capital market transactions advisory business partially offset by declines in global facultative placements.\n operating income increased $ 120 million  or 10% ( 10 % )  from 2010 to $ 1. 3 billion in 2011.\n 2011 operating income margins were 19. 3% ( 19. 3 % )  up 70 basis points from 18. 6% ( 18. 6 % ) in 2010.\n operating margin improvement driven by revenue growth reduced costs of restructuring initiatives realization benefits restructuring plans partially offset by negative impact of expense increases related to investment business lease termination costs legacy receivables write-off  foreign currency exchange rates.\n hr solutions.\n in october 2010 completed acquisition of hewitt  world leading human resource consulting outsourcing companies.\n hewitt operates globally together with aon 2019s existing consulting outsourcing operations under newly created aon hewitt brand.\n hewitt 2019s operating results included in aon 2019s results of operations beginning october 1 , 2010.\n hr solutions segment generated 40% ( 40 % ) of consolidated total revenues in 2011 provides broad range of human capital services 2022 health and benefits advises clients about structure fund administer employee benefit programs attract retain motivate employees.\n benefits consulting includes health and welfare  executive benefits  workforce strategies productivity  absence management  benefits administration  data-driven health  compliance  employee commitment  investment advisory elective benefits services.\n effective january 1 , 2012 line of business included in results of risk solutions segment.\n2022 retirement specializes in global actuarial services defined contribution consulting investment consulting tax erisa consulting pension administration.\n 2022 compensation focuses on compensatory advisory/counsel including compensation planning design executive reward strategies salary survey benchmarking market share studies sales force effectiveness special expertise in financial services technology industries.\n 2022 strategic human capital delivers advice to complex global organizations on talent  change organizational effectiveness issues including talent strategy acquisition  executive on-boarding performance management leadership assessment development communication strategy workforce training change management.\n 2022 benefits administration applies hr expertise through defined benefit ( pension ) defined contribution ( 401 ( k ) ) health welfare administrative services.\n our model replaces resource-intensive processes administer benefit plans with more efficient effective less costly solutions.\n 2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data administer benefits payroll other human resources processes\n\nyears ended december 31, | 2011             | 2010             | 2009\n------------------------ | ---------------- | ---------------- | ----------------\nrevenue                  | $ 4501           | $ 2111           | $ 1267\noperating income         | 448              | 234              | 203\noperating margin         | 10.0% ( 10.0 % ) | 11.1% ( 11.1 % ) | 16.0% ( 16.0 % )"
}
{
    "_id": "dd4c4d248",
    "title": "",
    "text": "$ 190 million or 30% ( 30 % ) of pre-tax earnings before equity earnings.\n during 2009 second quarter evaluation of company 2019s etienne mill in france company determined future realization of previously recorded deferred tax assets in france including net operating loss carryforwards no longer met 201cmore likely not 201d standard for asset recognition.\n charge of $ 156 million before and after taxes recorded to establish valuation allowance for 100% ( 100 % ) of these assets.\n in 2009  result of agree- ments on 2004 and 2005.\n federal income tax audits  related state income tax effects $ 26 million credit recorded.\n 2008 income tax provision of $ 162 million included $ 207 million benefit related to special items $ 175 million tax benefit related to restructuring and other charges $ 23 mil- lion tax benefit for impairment of certain non-u. s.\n assets $ 29 million tax expense for.\n taxes on gain in company 2019s joint venture $ 40 million tax benefit related to restructuring of company 2019s international operations $ 2 mil- lion other expense.\n excluding impact spe- cial items tax provision was $ 369 million  or 31. 5% ( 31. 5 % ) of pre-tax earnings before equity earnings.\n company recorded income tax provision for 2007 of $ 415 million including $ 41 million benefit related to effective settlement of tax audits $ 8 million of other tax benefits.\n excluding impact of special items tax provision was $ 423 million or 30% ( 30 % ) of pre-tax earnings before equity earnings.\n international paper has.\n federal and non-u. s.\nnet operating loss carryforwards approximately $ 452 million expire 2010 through 2019 2013 $ 8 million  2020 through 2029 2013 $ 29 million indefinite carryforwards $ 415 million.\n international paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions approx $ 204 million expire 2010 through 2019 2013 $ 75 million 2020 through 2029 2013 $ 129 million.\n international paper has approx $ 273 million of.\n federal  non-u.\n state tax credit carryforwards expire 2010 through 2019 2013 $ 54 million  2020 through 2029 2013 $ 32 million indefinite carryforwards 2013 $ 187 mil- lion.\n international paper has $ 2 million state capital loss carryforwards expire 2010 through 2019.\n deferred income taxes not provided for tempo- rary differences approximately $ 3. 5 billion , $ 2. 6 billion and $ 3. 7 billion as of december 31 , 2009 , 2008 2007  representing earnings of non-u.\n subsidiaries intended to be permanently reinvested.\n computation of potential deferred tax liability with undistributed earnings basis differences not practicable.\n note 11 commitments contingent liabilities certain property , machinery equipment leased under cancelable and non-cancelable agree- ments.\n unconditional purchase obligations entered into in ordinary course of business for capital projects purchase of pulpwood , logs wood chips  raw materials  energy services including fiber supply agree- ments to purchase pulpwood entered into concurrently with company 2019s 2006 trans- formation plan forestland sales.\ndecember 31 , 2009  total future minimum commitments under existing non-cancelable operat- ing leases purchase obligations were : in millions 2010 2011 2012 2013 2014 thereafter obligations $ 177 $ 148 $ 124 $ 96 $ 79 $ 184 purchase obligations ( a ) 2262 657 623 556 532 3729.\n ) includes $ 2. 8 billion to fiber supply agreements at company 2019s 2006 transformation plan forestland sales.\n rent expense was $ 216 million , $ 205 million $ 168 million for 2009 , 2008 2007 , respectively.\n connection with sales of businesses , property  equipment  forestlands other assets , interna- tional paper makes representations warranties relating to businesses assets  may agree to indemnify buyers tax environmental liabilities  breaches of representations warranties other matters.\n where liabilities for matters probable subject to reasonable estimation  accrued liabilities recorded at time of sale as cost of transaction.\n may 2008  recovery boiler at company 2019s vicksburg , mississippi facility exploded resulting in one fatality injuries to employees contractors\n\nin millions                | 2010   | 2011  | 2012  | 2013  | 2014  | thereafter\n-------------------------- | ------ | ----- | ----- | ----- | ----- | ----------\nlease obligations          | $ 177  | $ 148 | $ 124 | $ 96  | $ 79  | $ 184\npurchase obligations ( a ) | 2262   | 657   | 623   | 556   | 532   | 3729\ntotal                      | $ 2439 | $ 805 | $ 747 | $ 652 | $ 611 | $ 3913"
}
{
    "_id": "dd4c608ac",
    "title": "",
    "text": "supplementary information on oil gas producing activities unaudited ) summary of changes in standardized measure discounted future net cash flows relating to proved oil gas reserves ( in millions ) 2004 2003 2002 sales transfers of oil gas produced  net of production  transportation administrative costs $ ( 2715 ) $ ( 2487 ) $ ( 1983 ) net changes in prices production transportation administrative costs related to future production 950 1178 2795.\n\n( in millions )                                                                                           | 2004             | 2003             | 2002\n--------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\nsales and transfers of oil and gas produced net of production transportation and administrative costs     | $ -2715 ( 2715 ) | $ -2487 ( 2487 ) | $ -1983 ( 1983 )\nnet changes in prices and production transportation and administrative costs related to future production | 950              | 1178             | 2795\nextensions discoveries and improved recovery less related costs                                           | 1352             | 618              | 1032\ndevelopment costs incurred during the period                                                              | 711              | 802              | 499\nchanges in estimated future development costs                                                             | -556 ( 556 )     | -478 ( 478 )     | -297 ( 297 )\nrevisions of previous quantity estimates                                                                  | 494              | 348              | 311\nnet changes in purchases and sales of minerals in place                                                   | 33               | -531 ( 531 )     | 737\nnet change in exchanges of minerals in place                                                              | 2013             | 403              | 2013\naccretion of discount                                                                                     | 790              | 807              | 417\nnet change in income taxes                                                                                | -529 ( 529 )     | 65               | -1288 ( 1288 )\ntiming and other                                                                                          | -62 ( 62 )       | -165 ( 165 )     | 2\nnet change for the year                                                                                   | 468              | 560              | 2225\nbeginning of year                                                                                         | 6001             | 5441             | 3216\nend of year                                                                                               | $ 6469           | $ 6001           | $ 5441\nnet change for the year from discontinued operations                                                      | $ 2013           | $ -384 ( 384 )   | $ 212"
}
{
    "_id": "dd4bc3ac0",
    "title": "",
    "text": "( a ) excludes discontinued operations.\n b ) earnings before interest expense taxes as percent of average total assets.\n ( c ) total debt as percent of sum of total debt , shareholders 2019 equity non-current deferred income tax liabilities.\n results above include impact of specified items detailed below.\n additional discussion regarding specified items in fiscal years 2017 , 2016 2015 provided in item 7.\n management 2019s discussion and analysis of financial condition and results of operations.\n item 7.\n management 2019s discussion analysis of financial condition results operations commentary should be read in conjunction with consolidated financial statements accompanying notes.\n tables certain columns may not add due to use of rounded numbers for disclosure purposes.\n percentages earnings per share amounts calculated from underlying amounts.\n references to years relate to fiscal years  end on september 30.\n company overview description of company business segments becton , dickinson and company ( 201cbd 201d ) is global medical technology company in development  manufacture sale of of medical supplies  devices  laboratory equipment diagnostic products used by healthcare institutions life science researchers clinical laboratories pharmaceutical industry general public.\n company's organizational structure based upon two principal business segments  bd medical ( 201cmedical 201d ) and bd life sciences ( 201clife sciences 201d ).\n 2019s products manufactured sold worldwide.\n products marketed in united states internationally through independent distribution channels directly to end-users by bd independent sales representatives.\norganize operations outside united states as follows : europe ; ema ( includes commonwealth of independent states  middle east africa ) ; greater asia ( includes japan asia pacific ) ; latin america ( includes mexico  central america  caribbean  south america ) ; canada.\n continue pursue growth opportunities in emerging markets , include geographic regions : eastern europe middle east  africa  latin america certain countries within asia pacific.\n primarily focused on certain countries whose healthcare systems expanding , in particular  china india.\n strategic objectives bd remains focused on delivering sustainable growth shareholder value  making appropriate investments for future.\n bd management operates business consistent with core strategies : 2022 to increase revenue growth by focusing on core products  services solutions deliver greater benefits to patients  healthcare workers researchers;\n\nmillions of dollars except per share amounts            | years ended september 30 2017 | years ended september 30 2016 | years ended september 30 2015 | years ended september 30 2014 | years ended september 30 2013\n------------------------------------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | -----------------------------\ntotal specified items                                   | $ 1466                        | $ 1261                        | $ 1186                        | $ 153                         | $ 442\nafter-tax impact of specified items                     | $ 971                         | $ 892                         | $ 786                         | $ 101                         | $ 279\nimpact of specified items on diluted earnings per share | $ -4.34 ( 4.34 )              | $ -4.10 ( 4.10 )              | $ -3.79 ( 3.79 )              | $ -0.51 ( 0.51 )              | $ -1.40 ( 1.40 )\nimpact of dilution from share issuances                 | $ -0.54 ( 0.54 )              | $ 2014                        | $ -0.02 ( 0.02 )              | $ 2014                        | $ 2014"
}
{
    "_id": "dd4bea9d6",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles approximately $ 75. 0 million network location intangibles approximately $ 72. 7 million.\n customer-related intangibles network location intangibles amortized straight-line basis over up to 20 years.\n company expects goodwill recorded deductible for tax purposes.\n goodwill allocated to company 2019s international rental and management segment.\n september 12 , 2012  company entered definitive agreement to purchase approximately 348 additional communications sites from telef f3nica mexico.\n on september 27 , 2012 and december 14, 2012  company completed purchase of 279 and 2 communications sites  for aggregate purchase price of $ 63. 5 million ( including value added tax of $ 8. 8 million ).\n following table summarizes preliminary allocation of aggregate purchase consideration paid amounts of assets acquired liabilities assumed based upon estimated fair value at date of acquisition ( in thousands ) : preliminary purchase price allocation.\n consists of customer-related intangibles of approximately $ 10. 7 million network location intangibles approximately $ 10. 4 million.\n customer-related intangibles network location intangibles amortized straight-line basis over up to 20 years.\n company expects goodwill recorded deductible for tax purposes.\n goodwill allocated to company 2019s international rental and management segment.\n november 16 , 2012  company entered agreement to purchase up to 198 additional communications sites from telef f3nica mexico.\n on december 14 , 2012  company completed purchase of 188 communications sites  for aggregate purchase price of $ 64. 2 million ( including value added tax of $ 8. 9 million ).\n\n| preliminary purchase price allocation\n--------------------------------- | -------------------------------------\ncurrent assets                    | $ 8763\nnon-current assets                | 2332\nproperty and equipment            | 26711\nintangible assets ( 1 )           | 21079\nother non-current liabilities     | -1349 ( 1349 )\nfair value of net assets acquired | $ 57536\ngoodwill ( 2 )                    | 5998"
}
{
    "_id": "dd4c4fec6",
    "title": "",
    "text": "stock performance graph graph shows comparison of cumulative total stockholder returns for common stock nasdaq stock market index nasdaq pharmaceutical index  from initial public offering july 27 , 2000 through december 26 , 2003.\n graph assumes $ 100 invested on july 27 , 2000  in common stock and each index all dividends reinvested.\n no cash dividends declared on common stock.\n stockholder returns over period not indicative of future stockholder returns.\n comparison of total return among illumina , inc. nasdaq composite index nasdaq pharmaceutical index december 26 , 2003december 27 , 2002december 28 , 2001december 29 , 2000july 27 , 2000 illumina , inc.\n nasdaq composite index nasdaq pharmaceutical index july 27 , december 29 , december 28 , december 27 , december 26 , 2000 2000 2001 2002 2003.\n\n| july 27 2000 | december 29 2000 | december 28 2001 | december 27 2002 | december 26 2003\n--------------------------- | ------------ | ---------------- | ---------------- | ---------------- | ----------------\nillumina inc .              | 100.00       | 100.39           | 71.44            | 19.50            | 43.81\nnasdaq composite index      | 100.00       | 63.84            | 51.60            | 35.34            | 51.73\nnasdaq pharmaceutical index | 100.00       | 93.20            | 82.08            | 51.96            | 74.57"
}
{
    "_id": "dd4bdf86a",
    "title": "",
    "text": "entergy corporation notes to consolidated financial statements annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2004 for next five years as follows:.\n in november 2000  entergy's non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.\n entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from date closing eight annual installments of $ 20 million commencing eight years from date closing.\n notes stated interest rate implicit interest rate of 4. 8% (. 8 % ).\n accordance purchase agreement with nypa purchase of indian point 2 in 2001 resulted in entergy's non-utility nuclear business liable to nypa for additional $ 10 million per year for 10 years beginning september 2003.\n liability recorded upon purchase of indian point 2 in september 2001 included in note payable to nypa balance.\n in july 2003  payment of $ 102 million made prior to maturity on note payable to nypa.\n provision in letter of credit supporting notes if domestic utility companies or system energy default on other indebtedness entergy could be required to post collateral to support letter of credit.\n covenants entergy corporation notes require maintain consolidated debt ratio of 65% ( 65 % ) or less of total capitalization.\n if entergy's debt ratio exceeds this limit or entergy or domestic utility companies default other indebtedness or in bankruptcy or insolvency proceedings acceleration of notes' maturity dates may occur.\n long-term securities issuances of entergy corporation , entergy gulf states , entergy louisiana  entergy mississippi  system energy limited to amounts authorized by sec.\ncurrent sec order  without further authorization entergy corporation cannot incur additional indebtedness or issue other securities unless it and public utility subsidiaries maintain common equity ratio of at least 30% ( 30 % ) and b security to be issued if rated ) and all outstanding securities of entergy corporation rated are rated investment grade by least one nationally recognized statistical rating agency.\n current sec orders without further authorization entergy gulf states , entergy louisiana and entergy mississippi cannot incur additional indebtedness or issue other securities unless issuer and entergy corporation maintains common equity ratio of at least 30% ( 30 % ) and security to be issued if rated ) and all outstanding securities of issuer other than preferred stock of entergy gulf states ) all outstanding securities entergy corporation are rated are rated investment grade.\n junior subordinated deferrable interest debentures implementation of fin 46 entergy implemented fasb interpretation no.\n 46 , \"consolidation of variable interest entities\" effective december 31 , 2003.\n fin 46 requires existing unconsolidated variable interest entities to be consolidated by primary beneficiaries if entities do not disperse risks among investors.\n variable interest entities ( vies ) generally are entities not have sufficient equity to finance operations without additional financial support from equity interest holders and/or group of equity interest holders collectively not able to exercise control over entity.\n primary beneficiary is party that absorbs majority of entity's expected losses , receives majority of expected residual returns  or both result of holding variable interest.\n company may have interest in vie through ownership or other contractual rights or obligations.\nentergy louisiana capital i entergy arkansas capital i entergy gulf states capital i ( trusts ) established as financing subsidiaries of entergy louisiana entergy arkansas gulf states\n\n| ( in thousands )\n---- | ----------------\n2005 | $ 467298\n2006 | $ 75896\n2007 | $ 199539\n2008 | $ 747246\n2009 | $ 512584"
}
{
    "_id": "dd496eee6",
    "title": "",
    "text": "backlog applied manufactures systems to meet demand represented by order backlog and customer commitments.\n backlog consists of : ( 1 ) orders for written authorizations accepted assigned shipment dates within next 12 months  or shipment occurred but revenue not recognized ; ( 2 ) contractual service revenue and maintenance fees earned within next 12 months.\n backlog by reportable segment as of october 27 , 2013 and october 28 , 2012 was follows : 2013 2012 ( in millions , except percentages ).\n applied 2019s backlog on date not indicative of actual sales for future periods due to potential for customer changes in delivery schedules or cancellation of orders.\n customers may delay delivery products or cancel orders prior to shipment subject to possible cancellation penalties.\n delays in delivery schedules/or reduction of backlog during period could have adverse effect on applied 2019s business results of operations.\n manufacturing , raw materials supplies applied 2019s manufacturing activities consist primarily of assembly , test integration of proprietary commercial parts , components subassemblies ( collectively  parts ) used to manufacture systems.\n applied implemented distributed manufacturing model manufacturing supply chain activities conducted in various countries including united states  europe  israel  singapore  taiwan other countries in asia  assembly some systems completed at customer sites.\n applied uses numerous vendors  including contract manufacturers to supply parts assembly services for manufacture support of products.\n applied efforts to assure parts available from multiple qualified suppliers not always possible.\n some key parts may be obtained from single supplier or limited group of suppliers.\napplied seeks to reduce costs lower risks of manufacturing service interruptions by : 1 selecting qualifying alternate suppliers for key parts 2 monitoring financial condition of key suppliers 3 maintaining appropriate inventories of key parts 4 qualifying new parts timely basis 5 ) locating manufacturing operations in close proximity to suppliers customers.\n research , development engineering applied 2019s long-term growth strategy requires continued development of new products.\n company 2019s significant investment in research , development engineering ( rd&e ) enabled it to deliver new products technologies before emergence strong demand  allowing customers to incorporate these products into manufacturing plans at early stage in technology selection cycle.\n applied works closely with global customers to design systems processes meet planned technical production requirements.\n product development engineering organizations located primarily in united states  europe , israel  taiwan  china.\n in applied outsources certain rd&e activities  some performed outside united states  primarily in india.\n process support customer demonstration laboratories located in united states  china  taiwan  europe  israel.\n applied 2019s investments in rd&e for product development engineering programs to create improve products technologies over last three years were : $ 1. 3 billion ( 18 percent of net sales ) in fiscal 2013 , $ 1. 2 billion ( 14 percent of net sales ) in fiscal 2012  $ 1. 1 billion ( 11 percent of net sales ) in fiscal 2011.\n applied spent average of 14 percent of net sales in rd&e over last five years.\n in addition to rd&e for specific product technologies applied maintains ongoing programs for automation control systems  materials research  environmental control applicable to its products.\n\n| 2013   | 2012           |        | ( in millions except percentages )\n---------------------------------- | ------ | -------------- | ------ | ----------------------------------\nsilicon systems group              | $ 1295 | 55% ( 55 % )   | $ 705  | 44% ( 44 % )\napplied global services            | 591    | 25% ( 25 % )   | 580    | 36% ( 36 % )\ndisplay                            | 361    | 15% ( 15 % )   | 206    | 13% ( 13 % )\nenergy and environmental solutions | 125    | 5% ( 5 % )     | 115    | 7% ( 7 % )\ntotal                              | $ 2372 | 100% ( 100 % ) | $ 1606 | 100% ( 100 % )"
}
{
    "_id": "dd4c59b2e",
    "title": "",
    "text": "security ownership of 5% ( 5 % ) holders, directors nominees executive officers name beneficial owner shares common stock beneficially owned ( 1 ) percent common stock outstanding.\n current executive officers directors group ( 15 persons ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 9378423 ( 15 ) 1. 09% ( 1. 09 % ) 1 ) represents shares of common stock held/or options held by individuals exercisable at table date or within 60 days thereafter.\n not include options restricted stock units vest after 60 days.\n share numbers adjusted to reflect company 2019s two-for-one stock split in february 2005.\n 2 ) based form 13g/a filed february 14, 2005 by fmr corp.\n.\n address 82 devonshire street  boston , ma 02109 .\n 3 ) based form 13f filed january 25, 2006 by barclays global investors.\n investors address 45 fremont street  san francisco, ca 94105.\n 4 ) includes 120000 shares of common stock.\n jobs right to acquire by exercise stock options.\n 5 ) includes 220000 shares of common stock mr.\n campbell right to acquire by exercise stock options.\n 6 ) excludes 600000 unvested restricted stock units.\n 7 ) includes 40000 shares of common stock mr.\n drexler holds indirectly 180000 shares of common stock mr.\n drexler right to acquire by exercise of stock options.\n ( 8 ) consists of 60000 shares of common stock mr.\n right to acquire by exercise stock options.\n( 9 ) includes 1900000 shares common stock mr.\n johnson right acquire stock options excludes 450000 unvested restricted stock units.\n ( 10 ) includes 2000 shares common stock dr.\n levinson holds indirectly 100000 shares common stock dr.\n levinson right acquire exercise stock options.\n ( 11 ) excludes 450000 unvested restricted stock units.\n ( 12 ) excludes 400000 unvested restricted stock units.\n\nname of beneficial owner fidelity investments                          | name of beneficial owner 57162311 | -2 ( 2 )   | 6.65% ( 6.65 % )\n---------------------------------------------------------------------- | --------------------------------- | ---------- | ----------------\nalliancebernstein lp                                                   | 48637731                          | -3 ( 3 )   | 5.66% ( 5.66 % )\nsteven p . jobs                                                        | 5546451                           | -4 ( 4 )   | *\nwilliam v . campbell                                                   | 221004                            | -5 ( 5 )   | *\ntimothy d . cook                                                       | 12597                             | -6 ( 6 )   | *\nmillard s . drexler                                                    | 220000                            | -7 ( 7 )   | *\nalbert a . gore jr .                                                   | 60000                             | -8 ( 8 )   | *\nronald b . johnson                                                     | 2049890                           | -9 ( 9 )   | *\narthur d . levinson                                                    | 362400                            | -10 ( 10 ) | *\npeter oppenheimer                                                      | 149768                            | -11 ( 11 ) | *\nphilip w . schiller                                                    | 256                               | -12 ( 12 ) | *\neric e . schmidt                                                       | 12284                             | -13 ( 13 ) | *\njerome b . york                                                        | 80000                             | -14 ( 14 ) | *\nall current executive officers and directors as a group ( 15 persons ) | 9378423                           | -15 ( 15 ) | 1.09% ( 1.09 % )"
}
{
    "_id": "dd4b97722",
    "title": "",
    "text": "n o t e s t c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s continued ) ace limited and subsidiaries share-based compensation expense for stock options and shares issued under employee stock purchase plan ( ) amounted to $ 24 million ( $ 22 million after tax or $ 0. 07 per basic and diluted share ) $ 23 million ( $ 21 million after tax or $ 0. 06 per basic and diluted share ) $ 20 million ( $ 18 million after tax or $ 0. 05 per basic and diluted share ) for years ended december 31 , 2008 , 2007  2006 .\n for years december 2006 expense for restricted stock was $ 101 million ( $ 71 million after tax ), $ 77 million ( $ 57 million after tax ) $ 65 million ( $ 49 million after tax ).\n during 2004  company established ace limited 2004 long-term incentive plan ( 2004 ltip ).\n approved by became effective february 25 , 2004.\n continue in effect until terminated by board.\n plan replaced ace limited 1995 long-term incentive plan  1995 outside directors plan  1998 long incentive plan 1999 replacement long-term incentive plan prior plans outstanding awards.\n during company 2019s 2008 annual general meeting shareholders voted to increase number of common shares authorized to be issued under 2004 ltip from 15000000 to 19000000 common shares.\n under 2004 ltip  total of 19000000 common shares company authorized to be issued pursuant to awards made as stock options , stock appreciation rights  performance shares  performance units  restricted stock  restricted stock units.\nmaximum number of shares delivered to participants and beneficiaries under 2004 ltip equal to sum of : ( i ) 19000000 shares ; and ( ii ) any shares represented by awards granted under prior plans forfeited , expired or canceled after effective date of 2004 ltip , without delivery of shares or result in forfeiture of shares back to company to extent such shares added back to reserve under terms applicable prior plan.\n as of december 31 , 2008 , total of 10591090 shares remain available for future issuance under this plan.\n under 2004 ltip , 3000000 common shares authorized to be issued under espp.\n as of december 31 , 2008 , total of 989812 common shares remain available for issuance under espp.\n stock options company 2019s 2004 ltip provides for grants of incentive and non-qualified stock options at option price per share of 100 percent of fair value of company 2019s common shares on date of grant.\n stock options generally granted with 3-year vesting period and 10-year term.\n stock options vest in equal annual installments over respective vesting period  also requisite service period.\n included in company 2019s share-based compensation expense in year ended december 31 , 2008 , is cost related to unvested portion of 2005-2008 stock option grants.\n fair value of stock options estimated on date of grant using black-scholes option-pricing model assumptions noted in following table.\n risk-free inter- est rate based on u.\n treasury yield curve in effect at time of grant.\n expected life ( estimated period of time from grant to exercise date ) estimated using historical exercise behavior of employees.\nexpected volatility calculated as blend of historical volatility based on daily closing prices over period equal to expected life assumption , b ) long- term historical volatility based on daily closing prices over period from ace 2019s initial public trading date through most recent quarter  c ) implied volatility from ace 2019s publicly traded options.\n fair value of options issued estimated on date of grant using black-scholes option-pricing model with weighted-average assumptions used for grants for years indicated:.\n\n| 2008               | 2007               | 2006\n----------------------- | ------------------ | ------------------ | ------------------\ndividend yield          | 1.80% ( 1.80 % )   | 1.78% ( 1.78 % )   | 1.64% ( 1.64 % )\nexpected volatility     | 32.20% ( 32.20 % ) | 27.43% ( 27.43 % ) | 31.29% ( 31.29 % )\nrisk-free interest rate | 3.15% ( 3.15 % )   | 4.51% ( 4.51 % )   | 4.60% ( 4.60 % )\nforfeiture rate         | 7.5% ( 7.5 % )     | 7.5% ( 7.5 % )     | 7.5% ( 7.5 % )\nexpected life           | 5.7 years          | 5.6 years          | 6 years"
}
{
    "_id": "dd4c00056",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements 2014 continued ) 7.\n financing arrangements outstanding amounts company 2019s long-term financing arrangements consisted following as of december 31 , ( in thousands ) :.\n credit facilities 2014in october 2005  company refinanced two existing credit facilities principal operating subsidiaries.\n replaced american tower $ 1. 1 billion senior secured credit facility with new $ 1. 3 billion senior secured credit facility replaced existing spectrasite $ 900. 0 million senior secured credit facility with new $ 1. 15 billion senior secured credit facility.\n february 2007 company secured additional $ 550. 0 million credit facilities drew down $ 250. 0 million of existing revolving loans under american tower credit facility.\n see note 19. year ended december 31 , 2006 company drew down remaining amount under delayed draw term loan component american tower credit facility drew down $ 25. 0 million delayed draw term loan component spectrasite credit facility to finance debt redemptions repurchases.\n october 27 , 2006  remaining $ 175. 0 million undrawn portion of delayed draw term loan component spectrasite facility canceled terms.\n as of december 31 , 2006  american tower credit facility consists of : 2022 $ 300. 0 million revolving credit facility  against approximately $ 17. 8 million undrawn letters of credit outstanding at december 31 , 2006  maturing on october 27 , 2010 ; 2022 $ 750. 0 million term loan fully drawn  maturing october 27 , 2010 ; 2022 $ 250. 0 million delayed draw term loan  fully drawn  maturing on october 27 , 2010.\n borrowers under american tower credit facility include ati , american tower , l. p.  american tower international , inc.\n american tower llc.\ncompany borrowers 2019 restricted subsidiaries ( defined in loan agreement ) guaranteed all loans under credit facility.\n loans secured by liens on security interests in all assets borrowers restricted subsidiaries carrying value aggregating approximately $ 4. 5 billion at december 31 , 2006.\n as of december 31 , 2006  spectrasite credit facility consists of following : 2022 a $ 250. 0 million revolving credit facility  against approximately $ 4. 6 million of undrawn letters of credit outstanding at december 31 , 2006  maturing on october 27, 2010;\n\n| 2006               | 2005\n------------------------------------------------------------------------ | ------------------ | ------------------\namerican tower credit facility                                           | $ 1000000          | $ 793000\nspectrasite credit facility                                              | 725000             | 700000\nsenior subordinated notes                                                | 325075             | 400000\nsenior subordinated discount notes net of discount and warrant valuation |                    | 160252\nsenior notes net of discount and premium                                 | 728507             | 726754\nconvertible notes net of discount                                        | 704596             | 773058\nnotes payable and capital leases                                         | 59838              | 60365\ntotal                                                                    | 3543016            | 3613429\nless current portion of other long-term obligations                      | -253907 ( 253907 ) | -162153 ( 162153 )\nlong-term obligations                                                    | $ 3289109          | $ 3451276"
}
{
    "_id": "dd4bade46",
    "title": "",
    "text": "factors , including market price of common stock , general economic market conditions applicable legal requirements.\n repurchase program may be commenced  suspended or discontinued any time.\n in fiscal 2019 , repurchased approximately 2. 1 million shares of common stock for aggregate cost of $ 88. 6 million.\n in fiscal 2018 , repurchased approximately 3. 4 million shares common stock for aggregate cost of $ 195. 1 million.\n as of september 30 , 2019 , had approximately 19. 1 million shares of common stock available for repurchase under program.\n anticipate will to fund capital expenditures  interest payments  dividends stock repurchases  pension payments  working capital needs  note repurchases restructuring activities repayments of current long-term debt other corporate actions for foreseeable future from cash from operations , borrowings under credit facilities  proceeds from a/r sales agreement  proceeds from issuance of debt or equity securities other additional long-term debt financing  including new or amended facilities.\n continually review capital structure conditions in private and public debt markets to optimize mix of indebtedness.\n reviews may seek to refinance existing indebtedness to extend maturities reduce borrowing costs improve terms and composition of indebtedness.\n contractual obligations summarize enforceable legally binding contractual obligations at september 30 , 2019 , effect obligations expected on liquidity and cash flow in future periods in following table.\n certain amounts in table based on management 2019s estimates assumptions about obligations  including duration  possibility of renewal , anticipated actions by third parties other factors  including estimated minimum pension plan contributions estimated benefit payments related to postretirement obligations , supplemental retirement plans deferred compensation plans.\nestimates assumptions subjective enforceable legally binding obligations pay in future periods may vary from presented in table.\n ( 1 ) includes only principal payments owed on our debt assuming all long-term debt held to maturity excluding scheduled payments.\n excluded $ 163. 5 million of fair value of debt step-up, deferred financing costs unamortized bond discounts from table to arrive at actual debt obligations.\n see 201cnote 13.\n debt 201d of notes to consolidated financial statements for information on interest rates apply to various debt instruments.\n ( 2 ) see 201cnote 15.\n operating leases 201d notes consolidated financial statements for additional information.\n ( 3 ) fair value step-up of $ 16. 9 million excluded.\n see 201cnote 13.\n debt 2014 capital lease other indebtedness 201d of notes to consolidated financial statements for additional information.\n ( 4 ) purchase obligations include agreements to purchase goods or services enforceable legally binding specify significant terms including fixed or minimum quantities to be purchased ; fixed  minimum variable price provision approximate timing of transaction.\n purchase obligations exclude agreements cancelable without penalty.\n ( 5 ) included in table future estimated minimum pension plan contributions estimated benefit payments related to postretirement obligations supplemental retirement plans deferred compensation plans.\n estimates based on factors discount rates expected returns on plan assets.\n future contributions subject to changes in underfunded status based on factors investment performance  discount rates returns on plan assets changes in legislation.\n possible assumptions may change actual market performance may vary or may decide to contribute different amounts.\n excluded $ 237.2 million multiemployer pension plan withdrawal liabilities recorded september 30 , 2019  including estimate accumulated funding deficiency due to lack of\n\n( in millions )                                                                   | payments due by period total | payments due by period fiscal 2020 | payments due by period fiscal 2021and 2022 | payments due by period fiscal 2023and 2024 | payments due by period thereafter\n--------------------------------------------------------------------------------- | ---------------------------- | ---------------------------------- | ------------------------------------------ | ------------------------------------------ | ---------------------------------\nlong-term debt including current portionexcluding capital lease obligations ( 1 ) | $ 9714.1                     | $ 550.8                            | $ 939.8                                    | $ 2494.3                                   | $ 5729.2\noperating lease obligations ( 2 )                                                 | 930.4                        | 214.3                              | 316.4                                      | 193.6                                      | 206.1\ncapital lease obligations ( 3 )                                                   | 168.9                        | 6.4                                | 8.7                                        | 2.9                                        | 150.9\npurchase obligations and other ( 4 ) ( 5 ) ( 6 )                                  | 2293.5                       | 1607.0                             | 292.5                                      | 206.7                                      | 187.3\ntotal                                                                             | $ 13106.9                    | $ 2378.5                           | $ 1557.4                                   | $ 2897.5                                   | $ 6273.5"
}
{
    "_id": "dd4b9445a",
    "title": "",
    "text": "page 20 of 100 segment sales were $ 100. 7 million lower in 2009 than 2008 primarily result of impact lower aluminum prices offset by increase in sales volumes.\n higher sales volumes 2009 result of incremental volumes from four plants purchased from ab inbev partially offset by plant closures lower sales volumes in existing business.\n segment earnings in 2010 were $ 122. 3 million higher than 2009 due to net $ 85 million impact related higher sales volumes $ 45 million of product mix improved manufacturing performance with higher production.\n 2010 improvement effect of $ 7 million out-of-period inventory charge in 2009.\n details of out-of-period adjustment included in note 7 to consolidated financial statements item 8 report.\n segment earnings in 2009 higher than 2008 due to $ 12 million earnings contribution from four acquired plants approximately $ 21 million savings with plant closures.\n partially offsetting favorable impacts were lower carbonated soft drink and beer can sales volumes ( excluding newly acquired plants ) approximately $ 25 million to higher cost inventories in first half of 2009.\n metal beverage packaging , europe.\n details items included in note 5 to consolidated financial statements item 8 report.\n metal beverage packaging , europe segment includes metal beverage packaging products manufactured in europe.\n ball packaging europe has manufacturing plants in germany  united kingdom france netherlands poland serbia second largest metal beverage container business in europe.\n segment sales in 2010 decreased $ 41. 9 million compared to 2009 primarily due to unfavorable foreign exchange effects of $ 93 million price and mix changes partially offset by higher sales volumes.\n segment sales in 2009 compared to 2008 were $ 129. 2 million lower due to $ 110 million of unfavorable foreign exchange effects partially offset by better commercial terms.\nsales volumes in 2009 flat compared to prior year.\n segment earnings 2010 decreased $ 1. 9 million compared to 2009  primarily result of $ 28 million increase related to higher sales volumes offset by $ 18 million negative effects from foreign currency translation $ 12 million higher inventory and other costs.\n 2009 sales volumes consistent with prior year adverse effects of foreign currency translation europe conversion of euro to u. s.\n dollar reduced segment earnings by $ 8 million.\n contributing to lower segment earnings higher cost inventory carried into 2009 change in sales mix partially offset by better commercial terms in contracts.\n january 18 , 2011  ball acquired aerocan s. a. s.\n ( aerocan )  leading european supplier of aluminum aerosol cans and bottles for 20ac222. 4 million ( approximately $ 300 million ) in cash and assumed debt.\n aerocan manufactures extruded aluminum aerosol cans and bottles aluminum slugs make for customers personal care , pharmaceutical , beverage food industries.\n operates three aerosol can manufacturing plants 2013 one each in czech republic , france united kingdom 2013 51 percent owner of joint venture aluminum slug plant in france.\n four plants employ approximately 560 people.\n acquisition of aerocan allow ball to enter growing part of metal packaging industry broaden company 2019s market development efforts into new customer base.\n\n( $ in millions )                  | 2010         | 2009     | 2008\n---------------------------------- | ------------ | -------- | --------\nnet sales                          | $ 1697.6     | $ 1739.5 | $ 1868.7\nsegment earnings                   | $ 212.9      | $ 214.8  | $ 230.9\nbusiness consolidation costs ( a ) | -3.2 ( 3.2 ) | 2212     | 2212\ntotal segment earnings             | $ 209.7      | $ 214.8  | $ 230.9"
}
{
    "_id": "dd4c16644",
    "title": "",
    "text": "52 s&p global 2018 annual report cash consideration received for instances service components sold separately.\n if fair value to customer for each service not objectively determinable we make best estimate of services 2019 stand-alone selling price record revenue as earned over service period.\n receivables record receivable when customer billed or revenue recognized prior to billing customer.\n for multi- year agreements invoice customers annually at beginning of each annual period.\n opening balance of accounts receivable  net of allowance for doubtful accounts was $ 1319 million as of january 1 , 2018.\n contract assets assets include unbilled amounts from company transfers service to customer before customer pays consideration or before payment due.\n as of december 31 , 2018 and 2017  contract assets were $ 26 million and $ 17 million  respectively included in accounts receivable in consolidated balance sheets.\n unearned revenue record unearned revenue when cash payments received or due in advance of performance.\n increase in unearned revenue balance for year ended december 31 , 2018 primarily driven by cash payments received or due in advance of satisfying performance obligations offset by $ 1. 5 billion of revenues recognized included in unearned revenue balance at beginning of period.\n remaining performance obligations represent transaction price of contracts for work not yet performed.\n as of december 31 , 2018 aggregate amount of transaction price allocated to remaining performance obligations was $ 1. 4 billion.\n expect to recognize revenue on approximately half and three-quarters of remaining performance obligations over next 12 and 24 months remainder recognized thereafter.\n do not disclose value of unfulfilled performance obligations for contracts with original expected length of one year or less and ii ) contracts where revenue is usage-based royalty promised in exchange for license of intellectual property.\ncosts to obtain contract recognize asset for incremental costs of obtaining contract with customer if expect benefit of costs longer than one year.\n determined certain sales commission programs meet requirements to be capitalized.\n total capitalized costs to obtain contract were $ 101 million as of december 31 , 2018  included in prepaid and other current assets and non-current assets on consolidated balance sheets.\n asset amortized over period consistent with transfer to customer of goods or services to asset relates , calculated based on customer term and average life of products and services underlying contracts.\n expense recorded within selling and general expenses.\n expense sales commissions when incurred if amortization period one year or less.\n costs recorded within selling and general expenses.\n presentation of net periodic pension cost and net periodic postretirement benefit cost during first quarter of 2018  adopted new accounting guidance requiring net periodic benefit cost for retirement and postretirement plans other than service cost component be included outside of operating profit ; costs included in other income , net in consolidated statements of income.\ncomponents of other income , net for year ended december 31 are as follows : assets and liabilities held for sale and discontinued operations assets liabilities held for sale we classify a disposal group to be sold as held for sale in period all criteria are met : management , authority to approve action , commits to plan to sell disposal group ; disposal group available for immediate sale in present condition subject to terms usual and customary for sales disposal group ; active program to locate buyer and other actions required to complete plan to sell disposal group initiated ; sale of disposal group is probable , transfer of disposal group expected to qualify for recognition as completed sale within one year , except if events or circumstances beyond control extend period of time required to sell disposal group beyond one year ; disposal group actively marketed for sale at price reasonable in relation to current fair value ; actions required to complete plan indicate unlikely significant changes to plan will be made or plan will be withdrawn.\n disposal group classified as held for sale initially measured at lower of its carrying value or fair value less costs to sell.\n any loss resulting from this measurement is recognized in period in held for sale criteria are met.\n gains not recognized on sale of disposal group until date of sale.\n ( in millions ) 2018 2017 2016 other components of net periodic benefit cost $ ( 30 ) $ ( 27 ) $ ( 28 ).\n\n( in millions )                               | 2018         | 2017         | 2016\n--------------------------------------------- | ------------ | ------------ | ------------\nother components of net periodic benefit cost | $ -30 ( 30 ) | $ -27 ( 27 ) | $ -28 ( 28 )\nnet loss from investments                     | 5            | 2014         | 2014\nother income net                              | $ -25 ( 25 ) | $ -27 ( 27 ) | $ -28 ( 28 )"
}
{
    "_id": "dd4ba2d20",
    "title": "",
    "text": "bhge 2018 form 10-k | 39 outstanding under commercial paper program.\n maximum combined borrowing under 2017 credit agreement and commercial paper program is $ 3 billion.\n if market conditions change revenue reduced or operating costs increase cash flows and liquidity could be reduced.\n it could cause rating agencies to lower our credit rating.\n no ratings triggers accelerate maturity of borrowings under committed credit facility.\n downgrade in credit ratings could increase cost of borrowings under credit facility could limit or preclude ability to issue commercial paper.\n occur we could seek alternative sources of funding including borrowing under credit facility.\n during year ended december 31 , 2018 used cash to fund variety of activities including working capital needs restructuring costs capital expenditures  repayment of debt payment of dividends distributions ge share repurchases.\n believe cash on hand , cash flows from operations and available credit facility will provide sufficient liquidity to manage global cash needs.\n cash flows cash flows provided by ( used in ) each type of activity were as follows for years ended december 31:.\n operating activities largest source of operating cash is payments from customers largest component is collecting cash related to product or services sales including advance payments or progress collections for work performed.\n primary use of operating cash is to pay suppliers , employees  tax authorities others for wide range of material and services.\n cash flows from operating activities generated cash of $ 1762 million and used cash of $ 799 million for years ended december 31 , 2018 and 2017  respectively.\n cash flows from operating activities increased $ 2561 million in 2018 driven by better operating performance.\n cash inflows supported by strong working capital cash flows especially in fourth quarter of 2018 including approximately $ 300 million for progress collection payment from customer.\ncash flows from operating activities for 2018 and 2017 are payments of $ 473 million and $ 612 million primarily for employee severance restructuring activities merger related costs.\n cash flows from operating activities used $ 799 million generated $ 262 million for years ended december 31 , 2017 and 2016 .\n cash flows from operating activities decreased $ 1061 million in 2017 driven by $ 1201 million negative impact from ending receivables monetization program fourth quarter restructuring related payments year.\n cash outflows partially offset by strong working capital cash flows  especially in fourth quarter of 2017.\n cash flows from operating activities for 2017 and 2016 are payments of $ 612 million and $ 177 million for employee severance restructuring activities merger related costs.\n investing activities cash flows from investing activities used cash of $ 578 million , $ 4123 million $ 472 million for years ended december 31 , 2018 , 2017 2016 .\n principal recurring investing activity is funding of capital expenditures to ensure appropriate levels types of machinery and equipment to generate revenue from operations.\n expenditures for capital assets totaled $ 995 million , $ 665 million and $ 424 million for 2018 , 2017 and 2016  partially offset by cash flows from sale of property , plant and equipment of $ 458 million , $ 172 million and $ 20 million in 2018  2017 2016 .\n proceeds from disposal of assets related primarily\n\n( in millions )      | 2018           | 2017           | 2016\n-------------------- | -------------- | -------------- | ------------\noperating activities | $ 1762         | $ -799 ( 799 ) | $ 262\ninvesting activities | -578 ( 578 )   | -4123 ( 4123 ) | -472 ( 472 )\nfinancing activities | -4363 ( 4363 ) | 10919          | -102 ( 102 )"
}
{
    "_id": "dd49811d6",
    "title": "",
    "text": "notes to consolidated financial statements 2014 continued ) connection with discover related purchases sold contractual rights to future commissions on discover transactions certain isos.\n contractual rights sold totaled $ 7. 6 million during year ended may 31, 2008 and $ 1. 0 million during fiscal 2009.\n sale proceeds collected in installments over periods three to nine months.\n during fiscal 2009  collected $ 4. 4 million proceeds included in proceeds from sale of investment and contractual rights in consolidated statement of cash flows.\n not recognize gains on sales of contractual rights at time of sale.\n proceeds deferred recognized as reduction of related commission expense.\n during fiscal 2009 recognized $ 1. 2 million of deferred sales proceeds as other long-term liabilities.\n other 2008 acquisitions during fiscal 2008  acquired majority of assets of euroenvios money transfer , s.\n and euroenvios conecta , s. refer to as lfs spain.\n lfs spain two privately- held corporations in money transmittal and ancillary services from spain to settlement locations primarily in latin america.\n purpose of acquisition was to further strategy of expanding customer base and market share by opening additional branch locations.\n during fiscal 2008  acquired series of money transfer branch locations in united states.\n purpose acquisitions to increase market presence of dolex-branded money transfer offering.\n following table summarizes preliminary purchase price allocations of fiscal 2008 business acquisitions ( in thousands ) :.\n customer-related intangible assets have amortization periods of up to 14 years.\n contract-based intangible assets have amortization periods of 3 to 10 years.\n business acquisitions not significant to consolidated financial statements not provided pro forma information relating to acquisitions.\nduring fiscal 2008 , acquired customer list long-term merchant referral agreement in our canadian merchant services channel for $ 1. 7 million.\n value assigned to customer list of $ 0. 1 million expensed immediately.\n remaining value assigned to merchant referral agreement amortized straight-line basis over useful life of 10 years.\n fiscal 2007 on july 24 , 2006  completed purchase of fifty-six percent ownership interest in asia-pacific merchant acquiring business of hongkong and shanghai banking corporation limited  hsbc asia pacific.\n business provides card payment processing services to merchants in asia-pacific region.\n\n\n| total\n---------------------------------------------------------------- | --------------\ngoodwill                                                         | $ 13536\ncustomer-related intangible assets                               | 4091\ncontract-based intangible assets                                 | 1031\nproperty and equipment                                           | 267\nother current assets                                             | 502\ntotal assets acquired                                            | 19427\ncurrent liabilities                                              | -2347 ( 2347 )\nminority interest in equity of subsidiary ( at historical cost ) | -486 ( 486 )\nnet assets acquired                                              | $ 16594"
}
{
    "_id": "dd4b89bcc",
    "title": "",
    "text": "compared to earlier levels.\n pre-tax non-cash impairments of certain mineral rights real estate discussed under caption fffdland and development impairments fffd not included in segment income.\n liquidity and capital resources on january 29 , 2018  announced definitive agreement signed for to acquire all outstanding shares of kapstone for $ 35. 00 per share assumption of approximately $ 1. 36 billion in net debt for total enterprise value of approximately $ 4. 9 billion.\n transaction march 6 , 2018  issued $ 600. 0 million aggregate principal amount of 3. 75% ( 3. 75 % ) senior notes due 2025 and $ 600. 0 million aggregate principal amount of 4. 0% ( 4. 0 % ) senior notes due 2028 in unregistered offering pursuant to rule 144a regulation s under securities act of 1933  as amended ( fffdsecurities act fffd ).\n on march 7 , 2018  entered into delayed draw credit facilities ( defined ) provide for $ 3. 8 billion of senior unsecured term loans.\n november 2, 2018  connection with closing of kapstone acquisition  drew upon facility in full.\n proceeds of delayed draw credit facilities ) and other sources of cash used to pay consideration for kapstone acquisition  repay existing indebtedness of kapstone pay fees expenses incurred connection with kapstone acquisition.\n fund working capital requirements , capital expenditures , mergers , acquisitions investments  restructuring activities  dividends stock repurchases from net cash provided by operating activities  borrowings under credit facilities  proceeds from new a/r sales agreement proceeds from sale of property , plant and equipment removed from service proceeds received in connection with issuance of debt and equity securities.\n see fffdnote 13.\ndebt fffdtt of notes to consolidated financial statements for additional information.\n funding for domestic operations future expected from sources liquidity within domestic operations including cash cash equivalents available borrowings under credit facilities.\n foreign cash and cash equivalents not expected key source of liquidity to domestic operations.\n at september 30 , 2018  excluding delayed draw credit facilities had approximately $ 3. 2 billion availability under committed credit facilities primarily under revolving credit facility majority matures on july 1 , 2022.\n liquidity may be used for ongoing working capital needs other general corporate purposes including acquisitions  dividends stock repurchases.\n restrictive covenants govern maximum availability under credit facilities.\n we test report compliance with covenants required in compliance with all covenants at september 30 , 2018.\n september 30 had $ 104. 9 million of outstanding letters of credit not drawn cash and cash equivalents were $ 636. 8 million at september 30 , 2018 and $ 298. 1 million at september 30 , 2017.\n used significant portion of cash and cash equivalents on hand at september 30 , 2018 in connection with closing of kapstone acquisition.\n approximately 20% ( 20 % ) of cash cash equivalents at september 30  2018 held outside of u.\n at september 30 , 2018 total debt was $ 6415. 2 million , $ 740. 7 million of was current.\n at september 30 , 2017 total debt was $ 6554. 8 million , $ 608. 7 million of was current.\n cash flow activityy.\n net cash provided by operating activities during fiscal 2018 increased $ 520. 4 million from fiscal 2017 due to higher cash earnings lower cash taxes impact tax act.\n net cash provided operating activities during fiscal 2017 increased $ 212. 1 million from fiscal 2016 primarily due to $ 111.6 million net increase cash flow from working capital changes plus higher after-tax cash proceeds land development segment accelerated monetization.\n changes in working capital fiscal 2018  2017 2016 included\n\n( in millions )                           | year ended september 30 , 2018 | year ended september 30 , 2017 | year ended september 30 , 2016\n----------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nnet cash provided by operating activities | $ 2420.9                       | $ 1900.5                       | $ 1688.4\nnet cash used for investing activities    | $ -1298.9 ( 1298.9 )           | $ -1285.8 ( 1285.8 )           | $ -1351.4 ( 1351.4 )\nnet cash used for financing activities    | $ -755.1 ( 755.1 )             | $ -655.4 ( 655.4 )             | $ -231.0 ( 231.0 )"
}
{
    "_id": "dd4bf8928",
    "title": "",
    "text": "contractual cash flows summary of contractual payment obligations related to consolidated debt contingent consideration  operating leases other commitments long-term liabilities at september 30 , 2011 ( see notes 9 and 13 to consolidated financial statements annual report ) ( in thousands ) :.\n ( 1 ) cash premiums related to 201cif converted 201d value of 2007 convertible notes exceed aggregate principal balance using closing stock price of $ 17. 96 on september 30 , 2011.\n actual amount of cash premium calculated based on 20 day average stock price prior to maturity.\n $ 1. 00 change in stock price would change 201cif converted 201d value of cash premium of total aggregate principle amount of remaining convertible notes by approximately $ 2. 8 million.\n ( 2 ) other commitments consist of contractual license and royalty payments  other purchase obligations.\n 3 ) contingent consideration related to business combinations recorded at fair value actual results could differ.\n 4 ) other long-term liabilities includes gross unrecognized tax benefits executive deferred compensation classified as beyond five years due to uncertain nature of commitment.\n ( 5 ) amounts do not include potential cash payments for pending acquisition of aati.\n critical accounting estimates discussion analysis of financial condition results of operations based upon consolidated financial statements prepared in accordance with gaap.\n preparation financial statements requires to make estimates judgments affect reported amounts of assets , liabilities  revenues expenses  related disclosure of contingent assets liabilities.\n sec defined critical accounting policies as most important to portrayal of financial condition and results require most difficult , complex or subjective judgments or estimates.\nbased on definition , we believe our critical accounting policies include policies revenue recognition , allowance for doubtful accounts , inventory valuation  business combinations  valuation of long-lived assets  share-based compensation  income taxes  goodwill and intangibles  loss contingencies.\n ongoing basis  we evaluate judgments and estimates underlying all our accounting policies.\n these estimates underlying assumptions affect assets and liabilities reported , disclosures reported amounts revenues and expenses.\n estimates assumptions based on our best judgments.\n we evaluate estimates assumptions using historical experience other factors including current economic environment , believe to reasonable under circumstances.\n adjust estimates assumptions when facts and circumstances dictate.\n future events effects cannot be determined with precision  actual results could differ significantly from estimates.\n page 80 skyworks / annual report 2011\n\nobligation                                               | payments due by period total | payments due by period less than 1year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period thereafter\n-------------------------------------------------------- | ---------------------------- | -------------------------------------- | -------------------------------- | -------------------------------- | ---------------------------------\nshort-term debt obligations                              | $ 26677                      | $ 26677                                | $ 2014                           | $ 2014                           | $ 2014\ncash premium on convertible notes due march 2012 ( 1 )   | 23558                        | 23558                                  | 2014                             | 2014                             | 2014\nother commitments ( 2 )                                  | 5170                         | 3398                                   | 1772                             | 2014                             | 2014\noperating lease obligations                              | 37788                        | 8247                                   | 13819                            | 9780                             | 5942\ncontingent consideration for business combinations ( 3 ) | 59400                        | 58400                                  | 1000                             | 2014                             | 2014\nother long-term liabilities ( 4 )                        | 34199                        | 2683                                   | 769                              | 146                              | 30601\ntotal ( 5 )                                              | $ 186792                     | $ 122963                               | $ 17360                          | $ 9926                           | $ 36543"
}
{
    "_id": "dd4bd711a",
    "title": "",
    "text": "table of contents adobe inc.\n notes to consolidated financial statements continued ) table below represents preliminary purchase price allocation to acquired net tangible and intangible assets of marketo based on estimated fair values as of acquisition date and associated estimated useful lives at date.\n fair values assigned to assets acquired liabilities assumed based on management 2019s best estimates assumptions as of reporting date considered preliminary pending finalization of valuation analyses to intangible assets acquired deferred revenue tax liabilities assumed including calculation of deferred tax assets liabilities.\n ( in thousands ) amount weighted average useful life ( years ).\n non-deductible for tax-purposes.\n identifiable intangible assets 2014customer relationships consist of marketo 2019s contractual relationships customer loyalty related to enterprise commercial customers technology partner relationships.\n estimated fair value of customer contracts relationships determined based on projected cash flows attributable to asset.\n purchased technology acquired of marketo 2019s cloud-based engagement marketing software platform.\n estimated fair value of purchased technology determined based on expected future cost savings from ownership asset.\n backlog relates to subscription contracts professional services.\n non-compete agreements include agreements with key marketo employees preclude them from competing against marketo for two years from acquisition date.\n trademarks include marketo trade name known in marketing ecosystem.\n amortize fair value of intangible assets on straight-line basis over respective estimated useful lives.\n goodwill 2014approximately $ 3. 46 billion allocated to goodwill  allocated in full to digital experience reportable segment.\n goodwill represents excess of purchase price over fair value of underlying acquired net tangible and intangible assets.\nfactors contributed to recognition of goodwill included securing buyer-specific synergies increase revenue profits not otherwise available to marketplace participant  acquiring talented workforce cost savings opportunities.\n net liabilities assumed 2014marketo 2019s tangible assets liabilities as of october 31 , 2018 reviewed adjusted to fair value as necessary.\n net liabilities assumed included $ 100. 1 million in accrued expenses , $ 74. 8 million in deferred revenue $ 182. 6 million in deferred tax liabilities partially offset by $ 54. 9 million in cash cash equivalents $ 72. 4 million in trade receivables acquired.\n deferred revenue 2014included in net liabilities assumed is marketo 2019s deferred revenue represents advance payments from customers related to subscription contracts professional services.\n estimated obligation related to deferred revenue using cost build-up approach.\n cost build-up approach determines fair value by estimating direct and indirect costs related to supporting obligation plus assumed operating margin.\n sum of costs assumed operating profit approximates  amount marketo would required to pay third party to assume obligation.\n estimated costs to fulfill obligation based on near-term projected cost structure for subscription professional services.\n recorded adjustment to reduce marketo 2019s carrying value of deferred revenue to $ 74. 8 million  represents our estimate of fair value of contractual obligations assumed based on preliminary valuation.\n\n( in thousands )                     | amount             | weighted average useful life ( years )\n------------------------------------ | ------------------ | --------------------------------------\ncustomer contracts and relationships | $ 576900           | 11\npurchased technology                 | 444500             | 7\nbacklog                              | 105800             | 2\nnon-competition agreements           | 12100              | 2\ntrademarks                           | 328500             | 9\ntotal identifiable intangible assets | 1467800            |\nnet liabilities assumed              | -191288 ( 191288 ) | n/a\ngoodwill ( 1 )                       | 3459751            | n/a\ntotal estimated purchase price       | $ 4736263          |"
}
{
    "_id": "dd4bb66cc",
    "title": "",
    "text": "operating expenses millions 2010 2009 2008 % ( % ) change 2010 v 2009 2008.\n operating expenses increased $ 1. 2 billion in 2010 versus 2009.\n fuel price per gallon increased 31% ( 31 % ) year accounting for $ 566 million of increase.\n wage and benefit inflation  depreciation  volume-related costs  property taxes contributed to higher expenses 2010 2009.\n cost savings from productivity improvements better resource utilization offset increases.\n operating expenses decreased $ 3. 1 billion in 2009 versus 2008.\n fuel price per gallon declined 44% ( 44 % ) during 2009 decreasing operating expenses by $ 1. 3 billion compared to 2008.\n cost savings from lower volume productivity improvements better resource utilization decreased operating expenses in 2009.\n lower casualty expense from improving trends safety performance decreased operating expenses 2009.\n wage and benefit inflation offset reductions.\n compensation and benefits 2013 compensation benefits include wages payroll taxes health and welfare costs pension costs postretirement benefits incentive costs.\n general wage benefit inflation increased costs by approximately $ 190 million in 2010 compared to 2009.\n volume- related expenses higher equity incentive compensation drove costs up.\n workforce levels declined 1% ( 1 % ) in 2010 compared to 2009 network efficiencies productivity initiatives 13% ( 13 % ) increase in volume levels with fewer employees.\n lower volume productivity initiatives led to 10% ( 10 % ) decline in workforce in 2009 compared to 2008 saving $ 516 million year.\n general wage benefit inflation increased expenses partially offsetting savings.\n fuel 2013 fuel includes locomotive fuel gasoline for highway non-highway vehicles heavy equipment.\n higher diesel fuel prices averaged $ 2.29 per gallon including taxes transportation costs ) in 2010 compared to $ 1. 75 per gallon 2009 increased expenses $ 566 million.\n volume  measured by gross ton-miles increased 10% ( 10 % ) in 2010 versus 2009 driving fuel expense up $ 166 million.\n use of newer fuel efficient locomotives fuel conservation programs efficient network operations drove 3% ( 3 % ) improvement fuel consumption rate in 2010 resulting in $ 40 million cost savings versus 2009 2009 average fuel price.\n lower diesel fuel prices averaged $ 1. 75 per gallon including taxes transportation costs in 2009 compared to $ 3. 15 per gallon in 2008 reduced expenses $ 1. 3 billion in 2009.\n volume  measured by gross ton-miles decreased 17% ( 17 % ) in 2009 lowering expenses $ 664 million compared to 2008.\n fuel consumption rate improved 4% ( 4 % ) in 2009  $ 147 million cost savings versus 2008 2008 average fuel price.\n consumption rate savings versus 2008 lower 2009 fuel price $ 68 million.\n newer fuel efficient locomotives  reflecting locomotive acquisitions recent years impact smaller fleet due to storage of older locomotives increased use of 2010 operating expenses\n\nmillions                         | 2010    | 2009    | 2008    | % (  % ) change 2010 v 2009 | % (  % ) change2009 v 2008\n-------------------------------- | ------- | ------- | ------- | --------------------------- | --------------------------\ncompensation and benefits        | $ 4314  | $ 4063  | $ 4457  | 6% ( 6 % )                  | ( 9 ) % (  % )\nfuel                             | 2486    | 1763    | 3983    | 41                          | -56 ( 56 )\npurchased services and materials | 1836    | 1644    | 1928    | 12                          | -15 ( 15 )\ndepreciation                     | 1487    | 1427    | 1366    | 4                           | 4\nequipment and other rents        | 1142    | 1180    | 1326    | -3 ( 3 )                    | -11 ( 11 )\nother                            | 719     | 687     | 840     | 5                           | -18 ( 18 )\ntotal                            | $ 11984 | $ 10764 | $ 13900 | 11% ( 11 % )                | ( 23 ) % (  % )"
}
{
    "_id": "dd4c58382",
    "title": "",
    "text": "items on consolidated financial statements adjusted from amounts in earnings release , including reduction of full year 2016 gross profit and income from operations by $ 2. 9 million , reduction of net income by $ 1. 7 million.\n ( 1 ) working capital defined as current assets minus current liabilities.\n\n( in thousands )                        | at december 31 , 2016 | at december 31 , 2015 | at december 31 , 2014 | at december 31 , 2013 | at december 31 , 2012\n--------------------------------------- | --------------------- | --------------------- | --------------------- | --------------------- | ---------------------\ncash and cash equivalents               | $ 250470              | $ 129852              | $ 593175              | $ 347489              | $ 341841\nworking capital ( 1 )                   | 1279337               | 1019953               | 1127772               | 702181                | 651370\ninventories                             | 917491                | 783031                | 536714                | 469006                | 319286\ntotal assets                            | 3644331               | 2865970               | 2092428               | 1576369               | 1155052\ntotal debt including current maturities | 817388                | 666070                | 281546                | 151551                | 59858\ntotal stockholders 2019 equity          | $ 2030900             | $ 1668222             | $ 1350300             | $ 1053354             | $ 816922"
}
{
    "_id": "dd4bac8ca",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements continued ) in thousands except per share data ) fiscal 2007 acquisition : acquisition of biolucent , inc.\n on september 18 , 2007 company completed acquisition of biolucent , inc.\n ( 201cbiolucent 201d ) definitive agreement dated june 20 , 2007.\n results of operations for biolucent included in company 2019s consolidated financial statements from date acquisition part of mammography/breast care business segment.\n company concluded acquisition of biolucent not represent material business combination no pro forma financial information provided.\n biolucent  located in aliso viejo , california develops markets sells mammopad breast cushions to decrease discomfort with mammography.\n prior to acquisition biolucent 2019s primary research development efforts directed at brachytherapy business focused on breast cancer therapy.\n prior acquisition biolucent spun-off brachytherapy technology business to holders of biolucent 2019s outstanding shares of capital stock.\n company only acquired biolucent 2019s mammopad cushion business related assets.\n company invested $ 1000 in spun-off brachytherapy business in exchange for shares of preferred stock issued by new business.\n aggregate purchase price for biolucent was approximately $ 73200 approximately $ 6800 in cash 2314 shares of hologic common stock valued at approximately $ 63200 , debt assumed paid off of approximately $ 1600 $ 1600 for acquisition related fees and expenses.\n company determined fair value of shares issued in connection with acquisition accordance with eitf issue no.\n 99-12 , determination of measurement date for market price of acquirer securities issued in purchase business combination.\nacquisition provides for up to two annual earn-out payments not to exceed $ 15000 aggregate based on biolucent 2019s achievement of certain revenue targets.\n company considered provision of eitf issue no.\n 95-8 , accounting for contingent consideration paid to shareholders of acquired enterprise in purchase business combination concluded this contingent consideration will represent additional purchase price.\n goodwill will increased by amount of additional consideration  if any when it becomes due and payable.\n as of september 27 , 2008  company not recorded amounts for these potential earn-outs.\n allocation of purchase price based upon estimates of fair value of assets acquired and liabilities assumed as of september 18 , 2007.\n components and allocation of purchase price consists of following approximate amounts:.\n of purchase price allocation all intangible assets part of acquisition were identified and valued.\n determined only customer relationship , trade name developed technology and know-how had separately identifiable values.\n fair value of these intangible assets determined through application of income approach.\n customer relationship represents large customer base expected to purchase disposable mammopad product on regular basis.\n trade name represents the\n\nnet tangible assets acquired as of september 18 2007 | $ 2800\n---------------------------------------------------- | --------------\ndeveloped technology and know how                    | 12300\ncustomer relationship                                | 17000\ntrade name                                           | 2800\ndeferred income tax liabilities net                  | -9500 ( 9500 )\ngoodwill                                             | 47800\nfinal purchase price                                 | $ 73200"
}
{
    "_id": "dd4bf83c4",
    "title": "",
    "text": "performance graph graph compares yearly change in cumulative total stockholder return for last five full fiscal years  based upon market price of our common stock , with cumulative total return on nasdaq composite index (. s.\n companies ) and peer group , nasdaq medical equipment-sic code 3840-3849 index , of medical equipment companies for period.\n performance graph assumes investment of $ 100 on march 31 , 2010 in our common stock , nasdaq composite index (.\n companies ) peer group index , and reinvestment of any all dividends.\n graph not 201csoliciting material 201d under regulation 14a or 14c of rules under securities exchange act of 1934  not deemed filed with securities and exchange commission not to be incorporated by reference in filings under securities act of 1933 , as amended , or exchange act made before or after date hereof irrespective of general incorporation language in filing.\n transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038  is our stock transfer agent.\n\n| 3/31/2010 | 3/31/2011 | 3/31/2012 | 3/31/2013 | 3/31/2014 | 3/31/2015\n------------------------------------------- | --------- | --------- | --------- | --------- | --------- | ---------\nabiomed inc                                 | 100       | 140.79    | 215.02    | 180.91    | 252.33    | 693.60\nnasdaq composite index                      | 100       | 115.98    | 128.93    | 136.26    | 175.11    | 204.38\nnasdaq medical equipment sic code 3840-3849 | 100       | 108.31    | 115.05    | 105.56    | 123.18    | 118.95"
}
{
    "_id": "dd4c178a0",
    "title": "",
    "text": "valuation allowance as of 30 september 2016 of $ 155. 2 related to tax benefit on federal capital loss carryforward of $ 48. 0 , tax benefit of foreign loss carryforwards of $ 37. 7 , capital assets of $ 58. 0 generated from loss recorded on exit from energy-from-waste business in 2016.\n if events warrant reversal of valuation allowance result in reduction of tax expense.\n likely not future earnings and reversal of deferred tax liabilities sufficient to utilize deferred tax assets  net of existing valuation allowance at 30 september 2016.\n deferred tax liability associated with unremitted earnings of foreign entities decreased due to dividend to repatriate cash from foreign subsidiary in south korea.\n amount impacted by ongoing activity including earnings , dividend payments tax credit adjustments  currency translation impacting undistributed earnings of foreign subsidiaries and corporate joint ventures not considered indefinitely reinvested outside of u. s.\n record u.\n income taxes on undistributed earnings of foreign subsidiaries and corporate joint ventures unless earnings indefinitely reinvested outside u. s.\n cumulative undistributed earnings considered indefinitely reinvested in foreign subsidiaries corporate joint ventures included in retained earnings on consolidated balance sheets amounted to $ 6300. 9 as of 30 september 2016.\n estimated $ 1467. 8.\n income and foreign withholding taxes due if earnings remitted as dividends after payment of all deferred taxes.\n reconciliation of beginning and ending amount of unrecognized tax benefits:.\n at 30 september 2016 and 2015  had $ 106. 9 and $ 97. 5 of unrecognized tax benefits , excluding interest and penalties , of which $ 64. 5 and $ 62.5 , impact effective tax rate if recognized.\n interest penalties related to unrecognized tax benefits recorded component of income tax expense totaled $ 2. 3 in 2016  $ ( 1. 8 ) in 2015  $ 1. 2 in 2014.\n accrued balance for interest penalties was $ 9. 8 $ 7. 5 as of 30 september 2016 2015.\n\nunrecognized tax benefits                       | 2016         | 2015           | 2014\n----------------------------------------------- | ------------ | -------------- | --------------\nbalance at beginning of year                    | $ 97.5       | $ 108.7        | $ 124.3\nadditions for tax positions of the current year | 15.0         | 6.9            | 8.1\nadditions for tax positions of prior years      | 3.8          | 7.5            | 4.9\nreductions for tax positions of prior years     | -.3 ( .3 )   | -7.9 ( 7.9 )   | -14.6 ( 14.6 )\nsettlements                                     | -5.6 ( 5.6 ) | -.6 ( .6 )     | 2014\nstatute of limitations expiration               | -3.0 ( 3.0 ) | -11.2 ( 11.2 ) | -14.0 ( 14.0 )\nforeign currency translation                    | -.5 ( .5 )   | -5.9 ( 5.9 )   | 2014\nbalance at end of year                          | $ 106.9      | $ 97.5         | $ 108.7"
}
{
    "_id": "dd4bd7318",
    "title": "",
    "text": "31 , 2015  price was r$ 218/mwh.\n after expiration of contract with eletropaulo  tiet ea's strategy is to contract most of physical guarantee  described in regulatory framework section below sell remaining portion in spot market.\n tiet ea's strategy is reassessed according to changes in market conditions , hydrology other factors.\n tiet ea continuously selling available energy from 2016 forward through medium-term bilateral contracts of three to five years.\n as of december 31 , 2016  ea's contracted portfolio position is 95% ( 95 % ) and 88% ( 88 % ) with average prices of r$ 157/ mwh and r$ 159/mwh ( inflation adjusted until december 2016 ) for 2016 and 2017  respectively.\n brazil is mostly hydro-based country with energy prices tied to hydrological situation deterioration of hydrology since 2014 caused increase in energy prices.\n tiet ea closely monitoring and analyzing system supply conditions to support energy commercialization decisions.\n under concession agreement  tiet ea obligation to increase capacity by 15% ( 15 % ).\n tiet ea other concession generators not yet met this requirement due to regulatory , environmental  hydrological fuel constraints.\n state of s e3o paulo not sufficient potential for wind power small remaining potential for hydro projects.\n capacity increases state mostly derived from thermal gas capacity projects.\n due to complex process to obtain environmental license for coal projects tiet ea decided to fulfill obligation with gas-fired projects in line with federal government plans.\n petrobras refuses to supply natural gas offer capacity in pipelines and regasification terminals.\n no regulations for natural gas swaps in place unfeasible to bring natural gas to aes tiet ea.\nlegal case initiated by state of s e3o paulo requiring investment performed.\n tiet ea in process analyzing options to meet obligation.\n uruguaiana is a 640 mw gas-fired combined cycle power plant in town of uruguaiana state of rio grande do sul commissioned in december 2000.\n aes manages has 46% ( 46 % ) economic interest in plant remaining interest held by bndes.\n plant's operations suspended in april 2009 due to unavailability of gas.\n aes evaluated alternatives to bring gas supply competitive to uruguaiana.\n challenges is capacity restrictions on argentinean pipeline especially during winter season when gas demand in argentina high.\n plant operated short-term basis during february and march 2013  march through may 2014 february through may 2015 due to short-term supply lng for.\n plant did not operate in 2016.\n uruguaiana continues to work toward securing gas long-term basis.\n market structure 2014 brazil has installed capacity of 150136 mw  65% ( 65 % ) hydroelectric , 19% ( 19 % ) thermal 16% ( 16 % ) renewable ( biomass and wind ).\n brazil's national grid divided into four subsystems.\n tiet ea in southeast uruguaiana in south subsystems national grid.\n regulatory framework 2014 in brazil ministry of mines and energy determines maximum amount of energy plant can sell  called physical guarantee  represents long-term average expected energy production of plant.\n under current rules physical guarantee can be sold to distribution companies through long- term regulated auctions or under unregulated bilateral contracts with large consumers or energy trading companies.\n national system operator ( ) responsible for coordinating and controlling operation of national grid.\nons dispatches generators based on hydrological conditions reservoir levels electricity demand prices of fuel and thermal generation.\n given importance of hydro generation in country ons sometimes reduces dispatch of hydro facilities increases dispatch of thermal facilities to protect reservoir levels in system.\n in brazil  system operator controls all hydroelectric generation dispatch and reservoir levels.\n mechanism as energy reallocation mechanism ( \"mre\" ) created to share hydrological risk across mre hydro generators.\n if hydro plants generate less than total mre physical guarantee hydro generators may need to purchase energy in short-term market to fulfill contract obligations.\n when total hydro generation is higher than total mre physical guarantee surplus proportionally shared among participants they able to make extra revenue selling excess energy on spot market.\n consequences of unfavorable hydrology are i thermal plants more expensive ii lower hydropower generation with deficits in mre iii high spot prices.\n aneel defines spot price cap for electricity in brazilian market.\n spot price caps as defined by aneel average spot prices by calendar year are as follows ( r$ /.\n\nyear                               | 2017 | 2016 | 2015 | 2014\n---------------------------------- | ---- | ---- | ---- | ----\nspot price cap as defined by aneel | 534  | 423  | 388  | 822\naverage spot rate                  |      | 94   | 287  | 689"
}
{
    "_id": "dd4be4f72",
    "title": "",
    "text": "positions and collateral of defaulting firm at each respective clearing organization  taking account cross-margining loss sharing payments , participating clearing organizations has remaining liquidating surplus , and any other participating clearing organization has remaining liquidating deficit , additional surplus from liquidation shared with other clearing house to extent remaining liquidating deficit.\n remaining surplus funds passed to bankruptcy trustee.\n mf global bankruptcy trust.\n company provided a $ 550. 0 million financial guarantee to bankruptcy trustee of mf global to accelerate distribution of funds to mf global customers.\n in trustee distributed more property in second or third interim distributions than permitted by bankruptcy code and cftc regulations , company will make cash payment to trustee for amount erroneous distribution or distributions up to $ 550. 0 million in aggregate.\n payment only made after trustee makes reasonable efforts to collect property erroneously distributed to customer ( s ).\n if payment is made by company company may have right to seek reimbursement of erroneously distributed property from applicable customer ( s ).\n guarantee does not cover distributions made by trustee to customers on basis of claims filed in bankruptcy.\n trustee has now made payments to nearly all customers on basis of claims  company believes likelihood of payment to trustee is very remote.\n guarantee liability estimated to be immaterial at december 31 , 2012.\n family farmer and rancher protection fund.\n in april 2012  company established family farmer and rancher protection fund ( fund ).\n fund designed to provide payments  up to certain maximum levels to family farmers , ranchers and other agricultural industry participants who use cme group agricultural products and who suffer losses to segregated account balances due to cme clearing member becoming insolvent.\nunder terms of fund  farmers ranchers eligible for up to $ 25000 per participant.\n farming ranching cooperatives eligible for up to $ 100000 per cooperative.\n fund has aggregate maximum payment amount of $ 100. 0 million.\n if payments participants exceed this amount, payments be pro-rated.\n clearing members customers must register in advance with company provide documentation to substantiate eligibility.\n peregrine financial group , inc.\n ( pfg ) filed for bankruptcy protection on july 10, 2012.\n pfg not of cme 2019s clearing members customers not registered for fund.\n not technically eligible for payments from fund.\n fund newly implemented pfg 2019s customers included many agricultural industry participants for program designed  company decided to waive certain terms and conditions of fund solely in connection with pfg bankruptcy eligible family farmers ranchers agricultural cooperatives could apply for receive benefits from cme.\n based on number of pfg customers applied estimated size of claims company recorded liability in amount of $ 2. 1 million at december 31 , 2012.\n 16.\n redeemable non-controlling interest following summarizes changes in redeemable non-controlling interest for years presented.\n non- controlling interests not contain redemption features presented in statements of equity.\n contribution by dow jones.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2014 2014 675. 0 distribution to dow jones.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2014 2014 ( 607. 5 ) allocation of stock- compensation.\n.\n.\n.\n 2014 0. 1 2014 total comprehensive income attributable to redeemable non- controlling interest.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 10. 5 2. 6 december 31.\n.\n.\n.\n.\n.\n.\n.\n.\n 80. 8 $ 70. 3 68. 1\n\n( in millions )                                                                | 2012   | 2011   | 2010\n------------------------------------------------------------------------------ | ------ | ------ | ----------------\nbalance at january 1                                                           | $ 70.3 | $ 68.1 | $ 2014\ncontribution by dow jones                                                      | 2014   | 2014   | 675.0\ndistribution to dow jones                                                      | 2014   | 2014   | -607.5 ( 607.5 )\nallocation of stock-based compensation                                         | 2014   | 0.1    | 2014\ntotal comprehensive income attributable to redeemable non-controlling interest | 10.5   | 2.1    | 0.6\nbalance at december 31                                                         | $ 80.8 | $ 70.3 | $ 68.1"
}
{
    "_id": "dd4b96e3a",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands, except percent and per share data ) table summarizes expected benefit payments through 2019 for pension plans including payments expected paid from company 2019s general assets.\n majority of benefit payments made in form lump-sum distributions actual benefit payments may differ from expected benefit payments.\n all company 2019s.\n employees eligible to participate in defined contribution savings plan ( 201csavings plan 201d ) sponsored by company.\n savings plan allows employees to contribute portion of base compensation on pre-tax and after-tax basis in accordance with specified guidelines.\n company matches percentage of employees 2019 contributions up to certain limits.\n in 2007 and prior years company could contribute to savings plan discretionary profit sharing component linked to company performance during prior year.\n beginning in 2008  discretionary profit sharing amount related to prior year company performance paid directly to employees as short-term cash incentive bonus than contribution to savings plan.\n company has several defined contribution plans outside of united states.\n company 2019s contribution expense related to all defined contribution plans was $ 40627 , $ 35341 and $ 26996 for 2009 , 2008 2007  respectively.\n note 13.\n postemployment and postretirement benefits company maintains postretirement plan ( 201cpostretirement plan 201d ) providing health coverage and life insurance benefits for all.\n employees hired before july 1 , 2007.\n company amended life insurance benefits under postretirement plan effective january 1 , 2007.\n impact net of taxes of amendment was increase of $ 1715 to accumulated other comprehensive income in 2007.\n in 2009 company recorded $ 3944 benefit expense result of enhanced postretirement medical benefits under postretirement plan provided to employees participate in voluntary transition program.\n\n2010      | $ 18181\n--------- | -------\n2011      | 27090\n2012      | 21548\n2013      | 25513\n2014      | 24002\n2015-2019 | 128494"
}
{
    "_id": "dd4bd4730",
    "title": "",
    "text": "notes to consolidated financial statements 2014 continued ) merchant acquiring business in united kingdom to partnership.\n hsbc uk entered ten-year marketing alliance with partnership hsbc uk will refer customers to partnership for payment processing services in united kingdom.\n on june 23 , 2008  entered new five year , $ 200 million term loan to fund portion of acquisition.\n funded remaining purchase price with excess cash and existing credit facilities.\n term loan bears interest  election prime rate or london interbank offered rate plus margin based on leverage position.\n as of july 1, 2008  interest rate on term loan was 3. 605% ( 3. 605 % ).\n term loan calls for quarterly principal payments of $ 5 million beginning with quarter ending august 31 , 2008 increasing to $ 10 million beginning quarter ending august 31 , 2010 $ 15 million beginning quarter ending august 31 , 2011.\n partnership agreement includes provisions hsbc uk may compel us to purchase at fair value additional membership units from hsbc uk ( 201cput option 201d ).\n hsbc uk may exercise put option on fifth anniversary of closing acquisition and each anniversary thereafter.\n exercising put option hsbc uk can require us to purchase annual basis up to 15% ( 15 % ) of total membership units.\n additionally on tenth anniversary of closing and each tenth anniversary thereafter hsbc uk may compel us to purchase all membership units at fair value.\n not redeemable until june 2013 estimate maximum total redemption amount of minority interest under put option would be $ 421. 4 million  as of may 31 , 2008.\n purpose of acquisition was to establish presence in united kingdom.\nkey factors contributed to decision to acquisition include historical prospective financial statement analysis hsbc uk 2019s market share and retail presence in united kingdom.\n purchase price determined by analyzing historical prospective financial statements applying relevant purchase price multiples.\n purchase price totaled $ 441. 1 million , consisting of $ 438. 6 million cash consideration plus $ 2. 5 million of direct out of pocket costs.\n acquisition recorded using purchase method of accounting purchase price allocated to assets acquired and liabilities assumed based on estimated fair values at date of acquisition.\n following table summarizes preliminary purchase price allocation:.\n due to recent timing of transaction allocation of purchase price is preliminary.\n all goodwill associated with acquisition is expected to be deductible for tax purposes.\n customer-related intangible assets have amortization periods of up to 13 years.\n contract-based intangible assets have amortization periods of 7 years.\n trademark has amortization period of 5 years.\n\n| total\n---------------------------------------------------------------- | ----------------\ngoodwill                                                         | $ 294741\ncustomer-related intangible assets                               | 116920\ncontract-based intangible assets                                 | 13437\ntrademark                                                        | 2204\nproperty and equipment                                           | 26955\nother current assets                                             | 100\ntotal assets acquired                                            | 454357\nminority interest in equity of subsidiary ( at historical cost ) | -13257 ( 13257 )\nnet assets acquired                                              | $ 441100"
}
{
    "_id": "dd4bee4e6",
    "title": "",
    "text": "agreements.\n deferred financing costs to $ 51 million and $ 60 million  net of accumulated amortization as of december 31 , 2007 and 2006 .\n amortization of financing costs totaled $ 13 million , $ 15 million $ 14 million in 2007  2006 2005  included in interest expense on statements of operations.\n amortization of property and equipment under capital leases totaled $ 2 million , $ 2 million $ 3 million in 2007, 2006 2005  included in depreciation and amortization on consolidated state- ments of operations.\n 5 stockholders 2019 equity seven hundred fifty million shares of common stock par value of $ 0. 01 per share  authorized 522. 6 million and 521. 1 million outstanding as of december 31 , 2007 and 2006 .\n fifty million shares of no par value preferred stock authorized 4. 0 million shares out- standing as of december 31 , 2007 and 2006.\n dividends required to distribute 90% ( 90 % ) of annual taxable income  excluding net capital gain to qualify as reit.\n policy on common dividends to distribute 100% ( 100 % ) of estimated annual taxable income  including net capital gain unless contractually restricted.\n for preferred dividends  pay quarterly dividend  less of amount taxable income unless contractu- ally restricted.\n amount of dividends determined by host 2019s board of directors.\n all dividends declared in 2007 , 2006 2005 determined to be ordinary income.\n table presents amount of common and preferred dividends declared per share:.\n class e preferred stock 8 7/8% ( 7/8 % ) 2. 22 2. 22 2. 22 common stock on april 10 , 2006  issued approximately 133.5 million com- mon shares for acquisition of hotels from starwood hotels & resorts.\n see note 12  acquisitions-starwood acquisition.\n during 2006  converted convertible subordinated debentures into 24 million shares common stock.\n remainder redeemed for $ 2 million in april 2006.\n see note 4  debt.\n preferred stock one class publicly-traded preferred stock outstanding : 4034400 shares of 8 7/8% ( 7/8 % ) class e preferred stock.\n holders preferred stock entitled to receive cumulative cash dividends at 8 7/8% ( 7/8 % ) per annum of $ 25. 00 per share liqui- dation preference payable quarterly in arrears.\n after june 2, 2009 option to redeem class e preferred stock for $ 25. 00 per share plus accrued and unpaid dividends to date of redemption.\n preferred stock ranks senior to common stock authorized series junior participating preferred stock.\n preferred stockholders have no voting rights.\n accrued preferred dividends at december 31 , 2007 and 2006 approximately $ 2 million.\n during 2006 and 2005  redeemed all outstanding shares of class c and b cumulative preferred stock.\n fair value of preferred stock ( equal to redemption price ) exceeded carrying value of class c and b preferred stock by approximately $ 6 million and $ 4 million .\n amounts represent origi- nal issuance costs.\n original issuance costs for class c and b preferred stock reflected in determination of net income available to common stockholders calculating basic and diluted earnings per share in respective years of redemption.\n stockholders rights plan in 1998  board of directors adopted stockholder rights plan dividend of one preferred stock purchase right distributed for each outstanding share of com- mon stock.\nright exercisable entitles holder to buy 1/1000th of a share of series junior participating pre- ferred stock of ours at exercise price of $ 55 per share , subject to adjustment.\n rights exercisable 10 days after person or group acquired beneficial ownership of at least 20% ( 20 % )  or began tender or exchange offer for 20% ( 20 % )  of our com- mon stock.\n shares owned by person or group on november 3 , 1998 and held continuously thereafter exempt for determining beneficial ownership under rights plan.\n rights non-voting expire on november 22 , 2008  unless exercised or previously redeemed by us for $. 005 each.\n if involved in merger or other business combina- tions not approved by board of directors  each right entitles holder  acquiring person or group to purchase common stock of our company or acquiror value of twice exercise price of right.\n stock repurchase plan board of directors authorized program to repur- chase up to $ 500 million of common stock.\n common stock may be purchased in open market or through private trans- actions  dependent upon market conditions.\n plan does not obligate us to repurchase specific number of shares may be suspended at any time at management 2019s discretion.\n 6 income taxes elected to be treated as a reit effective january 1 , 1999  pursuant to.\n internal revenue code of 1986  amended.\n corporation that elects reit status and meets tax law requirements regarding distribution of taxable income to stockholders complies with other requirements ( relating to nature of assets and sources of revenues ) not subject to federal and state income taxation on operating income distributed to stockholders.\npaying federal state income taxes on retained income we subject to taxes on 201cbuilt-in-gains 201d from sales assets.\n taxable reit subsidiaries subject to federal  state foreign 63h o s t h o t e l s & r e s o r t s 2 0 0 7 60629p21-80x4 4/8/08 4:02 pm page 63\n\n| 2007   | 2006  | 2005\n---------------------------------------- | ------ | ----- | -----\ncommon stock                             | $ 1.00 | $ .76 | $ .41\nclass b preferred stock 10% ( 10 % )     | 2014   | 2014  | .87\nclass c preferred stock 10% ( 10 % )     | 2014   | .625  | 2.50\nclass e preferred stock 87/8% ( 87/8 % ) | 2.22   | 2.22  | 2.22"
}
{
    "_id": "dd4bb2c98",
    "title": "",
    "text": "goldman sachs group , inc.\n and subsidiaries management 2019s discussion analysis risk committee board and risk governance committee ( delegated authority firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement.\n in  market risk management ( through delegated authority risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels.\n purpose of firmwide limits is to assist senior management in controlling overall risk profile.\n sub-limits are set below approved level of risk limits.\n sub-limits set desired maximum of exposure managed by any particular business day-to-day basis without additional senior management approval , leaving day-to-day decisions to individual desk managers and traders.\n accordingly sub-limits are a management tool to ensure appropriate escalation than establish maximum risk tolerance.\n sub-limits distribute risk among various businesses consistent with level of activity and client demand , taking into account relative performance of each area.\n market risk limits monitored daily by market risk management  responsible for identifying and escalating  timely instances where limits exceeded.\n when risk limit exceeded (. due to positional changes or changes in market conditions  increased volatilities changes in correlations ), escalated to senior managers in market risk management and/or appropriate risk committee.\n such instances remediated by inventory reduction and/or temporary or permanent increase to risk limit.\n model review and validation our var and stress testing models regularly reviewed by market risk management and enhanced in to incorporate changes in composition of positions in market risk measures  variations in market conditions.\n prior to implementing significant changes to assumptions/or models  model risk management performs model validations.\nchanges to var and stress testing models reviewed with chief risk officer and chief financial officer approved by firmwide risk committee.\n see 201cmodel risk management 201d for further information about review validation of models.\n systems significant investment in technology to monitor market risk including : 2030 independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors each position ; 2030 ability to report many different views of risk measures (. by desk  business product type entity ) 2030 ability to produce ad hoc analyses timely.\n metrics analyze var at firmwide level more detailed levels including by risk category  business  region.\n tables below present average daily var period-end var  high and low var for period.\n diversification effect in represents difference between total var and sum of vars for four risk categories.\n effect arises because four market risk categories not perfectly correlated.\n table below presents average daily var by risk category.\n average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016  due to reductions across all risk categories partially offset by decrease in diversification effect.\n overall decrease primarily due to lower levels of volatility.\n average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 due to reductions across all risk categories partially offset by decrease in diversification effect.\n overall decrease primarily due to reduced exposures.\n goldman sachs 2017 form 10-k 91\n\n$ in millions          | year ended december 2017 | year ended december 2016 | year ended december 2015\n---------------------- | ------------------------ | ------------------------ | ------------------------\ninterest rates         | $ 40                     | $ 45                     | $ 47\nequity prices          | 24                       | 25                       | 26\ncurrency rates         | 12                       | 21                       | 30\ncommodity prices       | 13                       | 17                       | 20\ndiversification effect | -35 ( 35 )               | -45 ( 45 )               | -47 ( 47 )\ntotal                  | $ 54                     | $ 63                     | $ 76"
}
{
    "_id": "dd4bfc870",
    "title": "",
    "text": "marathon oil corporation notes to consolidated financial statements stock appreciation rights 2013 prior to 2005 granted sars under 2003 plan.\n no stock appreciation rights granted under 2007 plan.\n similar to stock options stock appreciation rights represent right to receive payment equal to excess of fair market value of shares of common stock on date right exercised over grant price.\n under 2003 plan certain sars granted as stock-settled sars others granted in tandem with stock options.\n sars granted under 2003 plan vest over three-year period maximum term of ten years from date granted.\n stock-based performance awards 2013 prior to 2005 granted stock-based performance awards under 2003 plan.\n no stock-based performance awards granted under 2007 plan.\n 2005  discontinued granting stock-based performance awards instead now grant cash-settled performance units to officers.\n all stock-based performance awards granted under 2003 plan either vested or forfeited.\n no outstanding stock-based performance awards.\n restricted stock 2013 grant restricted stock restricted stock units under 2007 plan previously granted awards under 2003 plan.\n in 2005  compensation committee began granting time-based restricted stock to certain u. s. -based officers of marathon consolidated subsidiaries part of annual long-term incentive package.\n restricted stock awards to officers vest three years from date of grant contingent on recipient 2019s continued employment.\n also grant restricted stock to certain non-officer employees and restricted stock units to certain international employees ( 201crestricted stock awards 201d ) based on performance within guidelines and for retention purposes.\nrestricted stock awards to non-officers vest in one-third increments over three-year period contingent on recipient continued employment certain restricted stock awards granted in 2008 vest over four-year period contingent on recipient continued employment.\n prior to vesting all restricted stock recipients have right to vote stock receive dividends.\n non-vested shares not transferable held by transfer agent.\n common stock units 2013 maintain equity compensation program for non-employee directors under 2007 plan and previously under 2003 plan.\n all non-employee directors other than chairman receive annual grants of common stock units required to hold units until leave board of directors.\n when dividends paid on marathon common stock directors receive dividend equivalents in additional common stock units.\n total stock-based compensation expense employee stock-based compensation expense was $ 43 million , $ 66 million and $ 78 million in 2008 , 2007 and 2006.\n total related income tax benefits were $ 16 million  $ 24 million $ 29 million.\n in 2008 2007 cash received upon exercise of stock option awards was $ 9 million and $ 27 million.\n tax benefits realized for deductions during 2008 and 2007 in excess of stock-based compensation expense for options exercised other stock-based awards vested totaled $ 7 million and $ 30 million.\n cash settlements of stock option awards totaled $ 1 million in 2007.\n no cash settlements in 2008.\n stock option awards during 2008 2007 2006 granted stock option awards to both officer and non-officer employees.\n weighted average grant date fair value of awards based on black-scholes assumptions:.\n\n| 2008           | 2007           | 2006\n--------------------------------------------------------------------- | -------------- | -------------- | --------------\nweighted average exercise price per share                             | $ 51.74        | $ 60.94        | $ 37.84\nexpected annual dividends per share                                   | $ 0.96         | $ 0.96         | $ 0.80\nexpected life in years                                                | 4.8            | 5.0            | 5.1\nexpected volatility                                                   | 30% ( 30 % )   | 27% ( 27 % )   | 28% ( 28 % )\nrisk-free interest rate                                               | 3.1% ( 3.1 % ) | 4.1% ( 4.1 % ) | 5.0% ( 5.0 % )\nweighted average grant date fair value of stock option awards granted | $ 13.03        | $ 17.24        | $ 10.19"
}
{
    "_id": "dd4bd4262",
    "title": "",
    "text": "issuer purchases of equity securities table provides information about purchases us during three months ended december 31 , 2013 of equity securities registered us to section 12 exchange act : period total number of shares purchased 1 average price paid per share total number of shares purchased as part of publicly announced plans or programs 1 ) 2 ) dollar value of shares purchased under plans or programs 1 ).\n as announced on may 1 , 2013  april 2013  board of directors replaced approved share repurchase authorization of up to $ 1 billion with current authorization for repurchases of up to $ 1 billion of common shares exclusive shares repurchased with employee stock plans expiring june 30 , 2015.\n under current share repurchase authorization  shares may be purchased at prevailing prices in open market , by block purchases  or in privately-negotiated transactions  subject to regulatory restrictions on volume  pricing  timing.\n as of february 1 , 2014  remaining authorized amount under current authorization totaled approximately $ 580 million.\n excludes 0. 1 million shares repurchased in connection with employee stock plans.\n\nperiod        | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announcedplans or programs ( 1 ) ( 2 ) | dollar value of shares that may yet be purchased under the plans orprograms ( 1 )\n------------- | -------------------------------------- | ---------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------\noctober 2013  | 0                                      | $ 0                          | 0                                                                                           | $ 781118739\nnovember 2013 | 1191867                                | 98.18                        | 1191867                                                                                     | 664123417\ndecember 2013 | 802930                                 | 104.10                       | 802930                                                                                      | 580555202\ntotal         | 1994797                                | $ 100.56                     | 1994797                                                                                     |"
}
{
    "_id": "dd4b86b98",
    "title": "",
    "text": "26 | 2009 annual report fiscal 2008  revenues credit union systems and services business segment increased 14% ( 14 % ) from fiscal 2007.\n all revenue components segment experienced growth fiscal 2008.\n license revenue generated largest dollar growth revenue episys ae , flagship core processing system at larger credit unions experienced strong sales year.\n support and service revenue  largest component of total revenues credit union segment experienced 34 percent growth in eft support 10 percent growth in in-house support.\n gross profit business segment increased $ 9344 in fiscal 2008 compared to fiscal 2007 due primarily to increase in license revenue carries highest margins.\n liquidity capital resources historically generated positive cash flow from operations used funds from operations short-term borrowings on revolving credit facility to meet capital requirements.\n expect trend to continue future.\n company 2019s cash and cash equivalents increased to $ 118251 at june 30 , 2009 from $ 65565 at june 30 , 2008.\n table summarizes net cash from operating activities statement of cash flows : 2009 2008 2007.\n year ended june 30  cash provided by operations increased $ 25587 to $ 206588 for fiscal year ended june 30 , 2009 compared to $ 181001 fiscal year ended june 30 , 2008.\n increase primarily attributable to decrease in receivables compared to same period a year ago of $ 21214.\n decrease result of fiscal 2010 annual software maintenance billings provided to customers earlier prior year allowed more cash collected before end fiscal year than previous years.\n collected more cash overall related to revenues recognized in subsequent periods current year than fiscal 2008.\n cash used in investing activities for fiscal year ended june 2009 was $ 59227 includes $ 3027 in contingent consideration paid on prior years 2019 acquisitions.\ncash used in investing activities for fiscal year ended june 2008 was $ 102148 includes payments for acquisitions of $ 48109 , plus $ 1215 contingent consideration paid on prior years 2019 acquisitions.\n capital expenditures for fiscal 2009 were $ 31562 compared to $ 31105 for fiscal 2008.\n cash used for software development in fiscal 2009 was $ 24684 compared to $ 23736 prior year.\n net cash used in financing activities for current fiscal year was $ 94675 includes repurchase of 3106 shares of common stock for $ 58405, payment of dividends of $ 26903 $ 13489 net repayment on revolving credit facilities.\n cash used financing activities partially offset by proceeds of $ 3773 from exercise of stock options sale of common stock ( through employee stock purchase plan ) $ 348 excess tax benefits from stock option exercises.\n during fiscal 2008 , net cash used in financing activities for fiscal year was $ 101905 includes repurchase of 4200 shares of common stock for $ 100996  payment of dividends of $ 24683 $ 429 net repayment on revolving credit facilities.\n cash used financing activities partially offset by proceeds of $ 20394 from exercise of stock options sale of common stock $ 3809 excess tax benefits from stock option exercises.\n beginning during fiscal 2008  us financial markets largest us financial institutions shaken by negative developments in home mortgage industry mortgage markets  particularly markets for subprime mortgage-backed securities.\n these developments resulted in broad  global economic downturn.\n we  experienced effects of downturn not experienced significant issues with current collection efforts believe future impact to liquidity minimized by cash generated by recurring sources of revenue due to access to available lines of credit.\n\n2008                                   | year ended june 30 2009 2008 | year ended june 30 2009 2008 | year ended june 30 2009\n-------------------------------------- | ---------------------------- | ---------------------------- | -----------------------\nnet income                             | $ 103102                     | $ 104222                     | $ 104681\nnon-cash expenses                      | 74397                        | 70420                        | 56348\nchange in receivables                  | 21214                        | -2913 ( 2913 )               | -28853 ( 28853 )\nchange in deferred revenue             | 21943                        | 5100                         | 24576\nchange in other assets and liabilities | -14068 ( 14068 )             | 4172                         | 17495\nnet cash from operating activities     | $ 206588                     | $ 181001                     | $ 174247"
}
{
    "_id": "dd4ba111e",
    "title": "",
    "text": "2014 , company closed thirteen acquisitions regulated water wastewater systems for total aggregate purchase price $ 9.\n assets acquired principally plant , totaled $ 17.\n liabilities assumed totaled $ 8  including $ 5 contributions in aid of construction assumed debt $ 2.\n 2013  company closed fifteen acquisitions regulated water wastewater systems for total aggregate net purchase price $ 24.\n assets acquired primarily utility plant  totaled $ 67.\n liabilities assumed totaled $ 43  including $ 26 contributions in aid construction assumed debt $ 13.\n included in totals was company 2019s november 14, 2013 acquisition of capital stock of dale service corporation ( 201cdale 201d ) regulated wastewater utility company  for total cash purchase price $ 5 ( net of cash acquired $ 7 )  plus assumed liabilities.\n dale acquisition accounted for as business combination ; operating results from november 14, 2013 included in company 2019s results of operations.\n purchase price allocated to net tangible and intangible assets based upon estimated fair values at date of acquisition.\n company 2019s regulatory practice followed property , plant equipment ( rate base ) considered fair value for business combination purposes.\n regulatory assets liabilities acquired recorded at book value subject to regulatory approval where applicable.\n acquired debt valued consistent with company 2019s level 3 debt.\n see note 17 2014fair value of financial instruments.\n non-cash assets acquired in dale acquisition  primarily utility plant , totaled $ 41 ; liabilities assumed totaled $ 36  including debt assumed $ 13 contributions $ 19.\n divestitures in november 2014  company completed sale of terratec , previously included in market-based businesses.\npost-close adjustments  net proceeds from sale totaled $ 1 , company recorded pretax loss on sale of $ 1.\n table summarizes operating results of discontinued operations in consolidated statements operations for years ended december 31:.\n provision for income taxes of discontinued operations includes recognition of tax expense related to difference between tax basis and book basis of assets upon sales of terratec resulted in taxable gains  election made under section 338 ( h ) ( 10 ) of internal revenue code to treat sales as asset sales.\n no assets or liabilities of discontinued operations in consolidated balance sheets as of december 31 , 2015 and 2014.\n\n| 2014       | 2013\n----------------------------------------------------- | ---------- | ----------\noperating revenues                                    | $ 13       | $ 23\ntotal operating expenses net                          | 19         | 26\nloss from discontinued operations before income taxes | -6 ( 6 )   | -3 ( 3 )\nprovision ( benefit ) for income taxes                | 1          | -1 ( 1 )\nloss from discontinued operations net of tax          | $ -7 ( 7 ) | $ -2 ( 2 )"
}
{
    "_id": "dd4c1bb3a",
    "title": "",
    "text": "april 2009  fasb issued additional guidance under asc 820 provides guidance on estimat- ing fair value of asset or liability ( financial or nonfinancial ) when volume and level of activity for asset liability significantly decreased on identifying transactions not orderly.\n application of requirements guidance not material effect on accompanying consolidated financial statements.\n august 2009 fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d amends asc 820 providing clarification for cir- cumstances in quoted price in active market for identical liability not available.\n company included disclosures required by guidance in consolidated financial statements.\n accounting for uncertainty in income taxes june 2006  fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ).\n guid- ance prescribes recognition threshold and measurement attribute for financial statement recognition and measurement of tax position taken or expected to be taken in tax returns.\n financial statement effects of tax position may be recognized only when determined it is 201cmore likely than not 201d based on technical merits tax position will be sustained upon examination by relevant tax authority.\n amount recognized measured as largest amount of tax benefits exceed 50% ( 50 % ) probability of being recognized.\n guidance expands income tax disclosure requirements.\n international paper applied provisions of guidance begin ning in first quarter of 2007.\n adoption guidance resulted in charge to beginning bal- ance of retained earnings of $ 94 million at date of adoption.\n note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 presented on pages 47 and 48.\njanuary 1, 2008  company changed method allocating overhead expenses to business segments to increase expense amounts allocated in reports reviewed chief executive officer facilitate performance comparisons with other companies.\n company revised presentation of industry segment operat- ing profit to reflect change allocation method adjusted comparative prior period information.\n note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations computed by dividing earnings by weighted average number of common shares outstanding.\n diluted earnings per common share computed assuming all potentially dilutive securities including 201cin-the-money 201d stock options converted into common shares at beginning of each year.\n computation of diluted earnings per share reflects inclusion of contingently convertible securities in periods when dilutive.\n reconciliation of amounts included in computation basic earnings per common share from continuing operations diluted earnings per common share operations as fol in millions except per share amounts 2009 2008 2007.\n average common shares outstanding 2013 assuming dilution 428. 0 421. 0 433. 0 basic earnings ( loss ) per common share from continuing operations $ 1. 56 $ ( 3. 02 ) $ 2. 83 diluted earnings ( loss ) per common share from continuing operations $ 1. 55 $ ( 3. 02 ) $ 2. 81 ) securities not included in table in periods when anti- dilutive.\n b ) options to purchase 22. 2 million , 25. 1 million 17. 5 million shares for years ended december 31 , 2009 , 2008 2007  not included in computation of diluted common shares outstanding because exercise price exceeded average market price of company 2019s common stock for each reporting date.\nnote 5 restructuring other charges footnote discusses restructuring other charges recorded for each three years included in period ended december 31 , 2009.\n\n\nin millions except per share amounts                                  | 2009   | 2008             | 2007\n--------------------------------------------------------------------- | ------ | ---------------- | ------\nearnings ( loss ) from continuing operations                          | $ 663  | $ -1269 ( 1269 ) | $ 1215\neffect of dilutive securities ( a )                                   | 2013   | 2013             | 2013\nearnings ( loss ) from continuing operations 2013 assumingdilution    | $ 663  | $ -1269 ( 1269 ) | $ 1215\naverage common shares outstanding                                     | 425.3  | 421.0            | 428.9\neffect of dilutive securities restricted performance share plan ( a ) | 2.7    | 2013             | 3.7\nstock options ( b )                                                   | 2013   | 2013             | 0.4\naverage common shares outstanding 2013 assuming dilution              | 428.0  | 421.0            | 433.0\nbasic earnings ( loss ) per common share from continuing operations   | $ 1.56 | $ -3.02 ( 3.02 ) | $ 2.83\ndiluted earnings ( loss ) per common share from continuing operations | $ 1.55 | $ -3.02 ( 3.02 ) | $ 2.81"
}
{
    "_id": "dd4b8f518",
    "title": "",
    "text": "stockholder return performance graph graph compares cumulative 5-year stockholder return on our common stock relative to cumulative return nasdaq composite index s&p 400 information technology index.\n graph assumes value investment in common stock and each index on december 31, 2011 ( including reinvestment dividends ) was $ 100 tracks each year last day of fiscal year through december 31 , 2016 for each index last day of calendar year.\n comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index s&p 400 information technology cadence design systems  inc.\n nasdaq composite s&p 400 information technology 12/31/1612/28/13 1/2/1612/31/11 1/3/1512/29/12 *$ 100 invested on 12/31/11 in stock or index  including reinvestment of dividends.\n indexes calculated on month-end basis.\n copyright a9 2017 standard & poor 2019s  division of s&p global.\n all rights reserved.\n stock price performance graph not indicative of future stock price performance.\n\n| 12/31/2011 | 12/29/2012 | 12/28/2013 | 1/3/2015 | 1/2/2016 | 12/31/2016\n------------------------------ | ---------- | ---------- | ---------- | -------- | -------- | ----------\ncadence design systems inc .   | 100.00     | 129.23     | 133.94     | 181.06   | 200.10   | 242.50\nnasdaq composite               | 100.00     | 116.41     | 165.47     | 188.69   | 200.32   | 216.54\ns&p 400 information technology | 100.00     | 118.41     | 165.38     | 170.50   | 178.74   | 219.65"
}
{
    "_id": "dd4b8b742",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities at january 25 , 2019  26812 holders record of our common stock par value $ 1 per share.\n common stock traded on new york stock exchange ( nyse ) under symbol lmt.\n information dividends paid on lockheed martin common stock past two years : common stock - dividends paid per share.\n stockholder return performance graph graph compares total return cumulative basis of $ 100 invested in lockheed martin common stock december 31, 2013 to standard and poor 2019s ( s&p ) 500 index s&p aerospace & defense index.\n s&p aerospace & defense index comprises arconic inc. general dynamics corporation harris corporation huntington ingalls industries  l3 technologies , inc. lockheed martin corporation northrop grumman corporation raytheon company textron inc. boeing company transdigm group inc. united technologies corporation.\n stockholder return performance graph not guarantee of future performance.\n\nquarter | dividends paid per share 2018 | dividends paid per share 2017\n------- | ----------------------------- | -----------------------------\nfirst   | $ 2.00                        | $ 1.82\nsecond  | 2.00                          | 1.82\nthird   | 2.00                          | 1.82\nfourth  | 2.20                          | 2.00\nyear    | $ 8.20                        | $ 7.46"
}
{
    "_id": "dd4b94928",
    "title": "",
    "text": "subject to fluctuation amount realized in subsequent sale of investment may differ from current reported value.\n fluctuations in market price of security may result from perceived changes in underlying economic characteristics of issuer relative price of alternative investments general market conditions.\n table below summarizes equity investments subject to equity price fluctuations at december 31 , 2012.\n equity investments included in other assets in consolidated balance sheets.\n ( in millions ) carrying unrealized net tax.\n do not hedge against equity price risk.\n equity investments assessed for other-than- temporary impairment on quarterly basis.\n\n( in millions )                            | costbasis | fairvalue | carryingvalue | unrealizedgainnet of tax\n------------------------------------------ | --------- | --------- | ------------- | ------------------------\nbm&fbovespa s.a .                          | $ 262.9   | $ 690.6   | $ 690.6       | $ 271.4\nbolsa mexicana de valores s.a.b . de c.v . | 17.3      | 29.3      | 29.3          | 7.6\nimarex asa                                 | 2014      | 1.8       | 1.8           | 1.1"
}
{
    "_id": "dd4c066e0",
    "title": "",
    "text": "e d u l e i v ace limited subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c n c e r n n n s u r e premiums earned years ended december 31, 2009  2008 2007 ( in millions u. s.\n dollars  except percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed.\n\nfor the years ended december 31 2009 2008 and 2007 ( in millions of u.s . dollars except for percentages ) | direct amount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net\n---------------------------------------------------------------------------------------------------------- | ------------- | ------------------------ | ---------------------------- | ---------- | -----------------------------------\n2009                                                                                                       | $ 15415       | $ 5943                   | $ 3768                       | $ 13240    | 28% ( 28 % )\n2008                                                                                                       | $ 16087       | $ 6144                   | $ 3260                       | $ 13203    | 25% ( 25 % )\n2007                                                                                                       | $ 14673       | $ 5834                   | $ 3458                       | $ 12297    | 28% ( 28 % )"
}
{
    "_id": "dd4c44684",
    "title": "",
    "text": "2015  management actions primarily sale or transfer to held-for-sale of approximately $ 1. 5 billion of delinquent residential first mortgages including $ 0. 9 billion in fourth quarter associated with transfer of citifinancial loans to held-for-sale primary driver of improvement in delinquencies within citi holdings 2019 residential first mortgage portfolio.\n credit performance quarter to quarter could impacted by delinquent loan sales or transfers to held-for-sale overall trends in hpi and interest rates.\n north america residential first mortgages 2014state delinquency trends tables set six.\n states regions with highest concentration of citi 2019s residential first mortgages.\n total ( 5 ) $ 51. 5 100% ( 100 % ) 0. 7% ( 0. 7 % ) 1% ( 1 % ) 738 $ 60. 1 100% ( 100 % ) 2. 1% ( 2. 1 % ) 4% ( 4 % ) 715 totals may not sum due to rounding.\n 1 states included as part of region based on citi 2019s view of similar hpi region.\n 2 ending net receivables.\n excludes loans in canada and puerto rico  loans guaranteed by.\n government agencies loans recorded at fair value loans subject to long term standby commitments.\n excludes balances for which fico or ltv data unavailable.\n ltv ratios ( loan balance divided by appraised value ) calculated at origination updated by applying market price data.\n new york , new jersey  connecticut  florida illinois are judicial states.\n improvement in state trends 2015 primarily due to sale or transfer to held-for-sale of residential first mortgages including transfer of citifinancial residential first mortgages to held-for-sale in fourth quarter of 2015.\nforeclosures majority of citi 2019s foreclosure inventory residential first mortgages.\n at december 31 , 2015 citi foreclosure inventory included approximately $ 0. 1 billion  or 0. 2% (. 2 % )  of total residential first mortgage portfolio compared to $ 0. 6 billion  or 0. 9% ( 0. 9 % )  at december 31, 2014 based on dollar amount of ending net receivables of loans in foreclosure inventory excluding loans guaranteed by u. s.\n government agencies loans subject to ltscs.\n north america consumer mortgage quarterly credit trends 2014net credit losses delinquencies 2014home equity citi 2019s home equity loan portfolio fixed-rate home equity loans and loans extended under home equity lines of credit.\n fixed-rate home equity loans are fully amortizing.\n home equity lines of credit allow for amounts drawn for period with payment interest only end draw period-outstanding amount converted to amortizing loan interest-only payment feature during revolving period standard.\n after conversion home equity loans typically have 20-year amortization period.\n as of december 31 , 2015  citi 2019s home equity loan portfolio of $ 22. 8 billion consisted of $ 6. 3 billion of fixed-rate home equity loans and $ 16. 5 billion of loans extended under home equity lines of credit.\n\nin billions of dollars state ( 1 ) | in billions of dollars enr ( 2 ) | in billions of dollars enrdistribution | in billions of dollars 90+dpd% ( 90+dpd % ) | in billions of dollars %ltv >100% ( >100 % ) ( 3 ) | in billions of dollars refreshedfico | in billions of dollars enr ( 2 ) | in billions of dollars enrdistribution | in billions of dollars 90+dpd% ( 90+dpd % ) | %ltv >100% ( >100 % ) ( 3 ) | refreshedfico\n---------------------------------- | -------------------------------- | -------------------------------------- | ------------------------------------------- | -------------------------------------------------- | ------------------------------------ | -------------------------------- | -------------------------------------- | ------------------------------------------- | --------------------------- | -------------\nca                                 | $ 19.2                           | 37% ( 37 % )                           | 0.2% ( 0.2 % )                              | 1% ( 1 % )                                         | 754                                  | $ 18.9                           | 31% ( 31 % )                           | 0.6% ( 0.6 % )                              | 2% ( 2 % )                  | 745\nny/nj/ct ( 4 )                     | 12.7                             | 25                                     | 0.8                                         | 1                                                  | 751                                  | 12.2                             | 20                                     | 1.9                                         | 2                           | 740\nva/md                              | 2.2                              | 4                                      | 1.2                                         | 2                                                  | 719                                  | 3.0                              | 5                                      | 3.0                                         | 8                           | 695\nil ( 4 )                           | 2.2                              | 4                                      | 1.0                                         | 3                                                  | 735                                  | 2.5                              | 4                                      | 2.5                                         | 9                           | 713\nfl ( 4 )                           | 2.2                              | 4                                      | 1.1                                         | 4                                                  | 723                                  | 2.8                              | 5                                      | 3.0                                         | 14                          | 700\ntx                                 | 1.9                              | 4                                      | 1.0                                         | 2014                                               | 711                                  | 2.5                              | 4                                      | 2.7                                         | 2014                        | 680\nother                              | 11.0                             | 21                                     | 1.3                                         | 2                                                  | 710                                  | 18.2                             | 30                                     | 3.3                                         | 7                           | 677\ntotal ( 5 )                        | $ 51.5                           | 100% ( 100 % )                         | 0.7% ( 0.7 % )                              | 1% ( 1 % )                                         | 738                                  | $ 60.1                           | 100% ( 100 % )                         | 2.1% ( 2.1 % )                              | 4% ( 4 % )                  | 715"
}
{
    "_id": "dd4b985b4",
    "title": "",
    "text": "3.\n discontinued operations second quarter of 2012  board of directors authorized sale of homecare business  previously reported as part of merchant gases operating segment.\n business accounted for as discontinued operation.\n third quarter of 2012  sold majority of homecare business to linde group for sale proceeds of 20ac590 million ( $ 777 ) recognized gain of $ 207. 4 ( $ 150. 3 after-tax , or $. 70 per share ).\n sale proceeds included 20ac110 million ( $ 144 ) contingent on outcome of retender arrangements.\n proceeds reflected in payables and accrued liabilities on consolidated balance sheet as of 30 september 2013.\n based on outcome retenders contractually required to return proceeds to linde group.\n fourth quarter of 2014 made payment to settle liability recognized gain of $ 1. 5.\n third quarter of 2012 impairment charge of $ 33. 5 ( $ 29. 5 after-tax , or $. 14 per share ) recorded to write down remaining business primarily in united kingdom and ireland to estimated net realizable value.\n fourth quarter of 2013  additional charge of $ 18. 7 ( $ 13. 6 after-tax , or $. 06 per share ) recorded to update estimate of net realizable value.\n first quarter of 2014  sold remaining portion of homecare business for a36. 1 million ( $ 9. 8 ) recorded gain on sale of $ 2. 4.\n entered into operations guarantee related to obligations under certain homecare contracts assigned connection with transaction.\n refer to note 16 , commitments and contingencies  for additional information.\n results of discontinued operations summarized below:.\n assets and liabilities classified as discontinued operations for homecare business at 30 september 2013 consisted of $ 2.5 trade receivables , net , $ 2. 4 payables accrued liabilities.\n as 30 september 2014  no assets or liabilities classified discontinued operations.\n\n| 2014  | 2013             | 2012\n---------------------------------------------------------------------- | ----- | ---------------- | -------\nsales                                                                  | $ 8.5 | $ 52.3           | $ 258.0\nincome before taxes                                                    | $ .7  | $ 3.8            | $ 68.1\nincome tax provision                                                   | 2014  | .2               | 20.8\nincome from operations of discontinued operations                      | .7    | 3.6              | 47.3\ngain ( loss ) on sale of business and impairment/write-down net of tax | 3.9   | -13.6 ( 13.6 )   | 120.8\nincome ( loss ) from discontinued operations net of tax                | $ 4.6 | $ -10.0 ( 10.0 ) | $ 168.1"
}
{
    "_id": "dd4c11b12",
    "title": "",
    "text": "federal realty investment trust schedule iii summary real estate accumulated depreciation three years ended december 31 2006 reconciliation accumulated depreciation amortization thousands ).\n\nbalance december 31 2003                                             | $ 514177\n-------------------------------------------------------------------- | ----------------\nadditions during period 2014depreciation and amortization expense    | 82551\ndeductions during period 2014disposition and retirements of property | -1390 ( 1390 )\nbalance december 31 2004                                             | 595338\nadditions during period 2014depreciation and amortization expense    | 83656\ndeductions during period 2014disposition and retirements of property | -15244 ( 15244 )\nbalance december 31 2005                                             | 663750\nadditions during period 2014depreciation and amortization expense    | 89564\ndeductions during period 2014disposition and retirements of property | -12807 ( 12807 )\nbalance december 31 2006                                             | $ 740507"
}
{
    "_id": "dd4bd6c1a",
    "title": "",
    "text": "management 2019s discussion analysis 130 jpmorgan chase & co. /2013 annual report wholesale credit portfolio credit environment remained favorable 2013 driving increase in commercial client activity.\n discipline in underwriting across all areas lending key point focus consistent with evolving market conditions firm 2019s risk management activities.\n wholesale portfolio actively managed by conducting ongoing in-depth reviews of credit quality industry  product client concentrations.\n year wholesale criticized assets nonperforming assets decreased from higher levels 2012 including reduction in nonaccrual loans by 39% ( 39 % ).\n as of december 31, 2013 wholesale exposure ( primarily cib , cb am ) increased by $ 13. 7 billion from december 31  2012 driven by increases of $ 11. 4 billion in lending-related commitments $ 8. 4 billion in loans reflecting increased client activity primarily in cb and am.\n increases partially offset by $ 9. 2 billion decrease in derivative receivables.\n derivative receivables decreased due to reductions in interest rate derivatives increase interest rates reductions in commodity derivatives market movements.\n decreases partially offset by increase in equity derivatives rise in equity markets.\n wholesale credit portfolio december 31 , credit exposure nonperforming ( d ).\nreceivables from customers other b ) 26744 23648 2014 2014 total wholesale credit- related assets 414067 411814 1459 1956 lending-related commitments 446232 434814 206 355 total wholesale credit exposure $ 860299 $ 846628 $ 1665 $ 2311 credit portfolio management derivatives notional  net ( c ) $ ( 27996 ) $ ( 27447 ) $ ( 5 ) $ ( 25 ) liquid securities cash collateral against derivatives ( 14435 ) ( 15201 ) ) during 2013 certain loans from restructurings previously classified performing reclassified as nonperforming loans.\n prior periods revised to conform current presentation.\n b ) receivables from customers includes margin loans to prime retail brokerage customers classified in accrued interest accounts receivable on consolidated balance sheets.\n ( c ) represents net notional amount of protection purchased sold through credit derivatives manage performing nonperforming wholesale credit exposures derivatives not qualify for hedge accounting.\n.\n excludes synthetic credit portfolio.\n additional information see credit derivatives on pages 137 2013138 note 6 on pages 220 2013233 annual report.\n d ) excludes assets acquired in loan satisfactions.\n\ndecember 31 , ( in millions )                                        | december 31 , 2013 | december 31 , 2012 | 2013       | 2012\n-------------------------------------------------------------------- | ------------------ | ------------------ | ---------- | ------------\nloans retained                                                       | $ 308263           | $ 306222           | $ 821      | $ 1434\nloans held-for-sale                                                  | 11290              | 4406               | 26         | 18\nloans at fair value ( a )                                            | 2011               | 2555               | 197        | 265\nloans 2013 reported                                                  | 321564             | 313183             | 1044       | 1717\nderivative receivables                                               | 65759              | 74983              | 415        | 239\nreceivables from customers and other ( b )                           | 26744              | 23648              | 2014       | 2014\ntotal wholesale credit-related assets                                | 414067             | 411814             | 1459       | 1956\nlending-related commitments                                          | 446232             | 434814             | 206        | 355\ntotal wholesale credit exposure                                      | $ 860299           | $ 846628           | $ 1665     | $ 2311\ncredit portfolio management derivatives notional net ( c )           | $ -27996 ( 27996 ) | $ -27447 ( 27447 ) | $ -5 ( 5 ) | $ -25 ( 25 )\nliquid securities and other cash collateral held against derivatives | -14435 ( 14435 )   | -15201 ( 15201 )   | na         | na"
}
{
    "_id": "dd4b9f4ea",
    "title": "",
    "text": "devon energy corporation subsidiaries notes consolidated financial statements 2013 continued proved undeveloped reserves table presents changes in devon 2019s total proved undeveloped reserves during 2013 in mmboe ).\n at december 31 , 2013 devon had 701 mmboe of proved undeveloped reserves.\n 17 percent decrease compared to 2012 24 percent of total proved reserves.\n drilling development activities increased devon 2019s proved undeveloped reserves 95 mmboe resulted in conversion of 147 mmboe 18 percent of 2012 proved undeveloped reserves to proved developed reserves.\n costs incurred related to development conversion of devon 2019s undeveloped reserves were $ 1. 9 billion for 2013.\n revisions other than price decreased devon 2019s proved undeveloped reserves 78 mmboe due to evaluations of certain.\n onshore dry-gas areas not expect develop next five years.\n largest revisions relate to dry-gas areas in cana-woodford shale western oklahoma carthage east texas barnett shale north texas.\n significant amount of devon 2019s proved undeveloped reserves at end of 2013 related to jackfish operations.\n at december 31 , 2013 and 2012  devon 2019s jackfish proved undeveloped reserves were 441 mmboe and 429 mmboe  respectively.\n development schedules for jackfish reserves controlled by need to keep processing plants at 35000 barrel daily facility capacity.\n processing plant capacity controlled by factors total steam processing capacity steam-oil ratios air quality discharge permits.\n reserves classified as proved undeveloped for more than five years.\n development schedule for reserves extends though year 2031.\n price revisions 2013 2013 reserves increased 94 mmboe due to higher gas prices.\nincrease , 43 mmboe related barnett shale 19 mmboe rocky mountain area.\n 2012 2013 reserves decreased 171 mmboe due to lower gas prices.\n decrease , 100 mmboe related barnett shale 25 mmboe rocky mountain area.\n 2011 2013 reserves decreased 21 mmboe due to lower gas prices higher oil prices.\n higher oil prices increased devon 2019s canadian royalty burden reduced devon 2019s oil reserves.\n revisions other than price total revisions other than price for 2013, 2012 2011 primarily related to devon 2019s evaluation certain dry gas regions largest revisions in cana-woodford shale , barnett shale carthage\n\n| u.s .        | canada     | total\n-------------------------------------------------- | ------------ | ---------- | ------------\nproved undeveloped reserves as of december 31 2012 | 407          | 433        | 840\nextensions and discoveries                         | 57           | 38         | 95\nrevisions due to prices                            | 1            | -10 ( 10 ) | -9 ( 9 )\nrevisions other than price                         | -91 ( 91 )   | 13         | -78 ( 78 )\nconversion to proved developed reserves            | -116 ( 116 ) | -31 ( 31 ) | -147 ( 147 )\nproved undeveloped reserves as of december 31 2013 | 258          | 443        | 701"
}
{
    "_id": "dd4c3d2d0",
    "title": "",
    "text": "item 1b.\n unresolved staff comments item 2.\n properties table below provides summary containerboard mills principal products produced each mill 2019s year-end 2011 annual practical maximum capacity based paper machines 2019 production capabilities  reported af&pa location function capacity ( tons ) counce  tn.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n kraft linerboard mill 1043000 valdosta  ga.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n kraft linerboard mill 556000 tomahawk  wi.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n semi-chemical medium mill 538000 filer city .\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n semi-chemical medium mill 438000.\n own four containerboard mills 44 corrugated manufacturing operations ( 37 corrugated plants seven sheet plants ).\n own one warehouse miscellaneous other property includes sales offices woodlands management offices.\n sales offices woodlands management offices one four employees serve administrative offices.\n pca leases space four corrugated plants, 23 sheet plants  six regional design centers other distribution centers warehouses facilities.\n equipment leased facilities virtually all cases  owned by pca except forklifts other rolling stock generally leased.\nwe lease cutting rights to approximately 88000 acres of timberland near our valdosta mill ( 77000 acres ) and counce mill ( 11000 acres ).\n average  cutting rights agreements have terms with approximately 12 years remaining.\n our corporate headquarters located in lake forest , illinois.\n headquarters facility leased for next ten years with provisions for two additional five year lease extensions.\n item 3.\n legal proceedings during september and october 2010 , pca and eight other u. s.\n and canadian containerboard producers named as defendants in five class action lawsuits in united states district court for northern district of illinois, alleging violations of sherman act.\n lawsuits consolidated in single complaint under caption kleen products llc v packaging corp.\n of america et al.\n consolidated complaint alleges defendants conspired to limit supply of containerboard  purpose conspiracy was to artificially increase prices of containerboard products during period from august 2005 to time of filing complaints.\n complaint filed as class action suit on behalf of all purchasers of containerboard products during period.\n complaint seeks treble damages and costs  including attorney 2019s fees.\n defendants 2019 motions to dismiss complaint denied by court in april 2011.\n pca believes allegations without merit and will defend lawsuit vigorously.\n lawsuit in early stages of discovery  pca unable to predict ultimate outcome or estimate range of reasonably possible losses.\n pca party to various other legal actions in ordinary course of our business.\n these legal actions cover broad variety of claims spanning our entire business.\n of date of filing believe not reasonably possible that resolution of these legal actions will or have material adverse effect on our financial condition , results of operations or cash flows.\n\nlocation      | function kraft linerboard mill kraft linerboard mill semi-chemical medium mill semi-chemical medium mill | capacity ( tons ) 1043000 556000 538000 438000\n------------- | -------------------------------------------------------------------------------------------------------- | ----------------------------------------------\ncounce tn     | valdosta ga                                                                                              | tomahawk wi\nfiler city mi | filer city mi                                                                                            | filer city mi\ntotal         |                                                                                                          | 2575000"
}
{
    "_id": "dd4c2596e",
    "title": "",
    "text": "liquidity monitoring and measurement stress testing liquidity stress testing performed for each citi 2019s major entities , operating subsidiaries/or countries.\n stress testing and scenario analyses intended to quantify potential impact of liquidity event on balance sheet and liquidity position  identify viable funding alternatives.\n scenarios include assumptions about significant changes in key funding sources  market triggers ( credit ratings )  potential uses of funding political and economic conditions in certain countries.\n conditions include expected and stressed market conditions company- specific events.\n liquidity stress tests conducted to ascertain potential mismatches between liquidity sources and uses over variety of time horizons ( overnight one week two weeks one month three months one year ) over variety of stressed conditions.\n liquidity limits are set accordingly.\n to monitor liquidity entity stress tests and potential mismatches calculated with varying frequencies several tests performed daily.\n given range of potential stresses citi maintains contingency funding plans on consolidated basis for individual entities.\n these plans specify wide range of readily available actions for variety of adverse market conditions or idiosyncratic stresses.\n short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal measures citi developed for 30-day stress scenario citi also monitors liquidity by reference to lcr  calculated to. s.\n lcr rules.\n lcr designed to ensure banks maintain adequate level of hqla to meet liquidity needs under acute 30-day stress scenario.\nlcr calculated by dividing hqla by estimated net outflows over stressed 30-day period net outflows determined by applying prescribed outflow factors to various categories of liabilities deposits  unsecured and secured wholesale borrowings unused lending commitments derivatives- related exposures partially offset by inflows from assets maturing within 30 days.\n banks required to calculate add-on to address potential maturity mismatches between contractual cash outflows and inflows within 30-day period in determining total net outflows.\n minimum lcr requirement is 100% ( 100 % ) effective january 2017.\n in december 2016 federal reserve board adopted final rules require additional disclosures relating to lcr of large financial institutions including citi.\n final rules require citi to disclose components of its average hqla , lcr and inflows and outflows each quarter.\n final rules require disclosure of citi 2019s calculation of maturity mismatch add-on other qualitative disclosures.\n effective date for these disclosures is april 1 , 2017.\n table below sets forth components of citi 2019s lcr calculation and hqla in excess of net outflows for periods indicated : in billions of dollars dec.\n 31 , sept.\n 30 , dec.\n 31.\n amounts set in table are presented on average basis.\n citi 2019s lcr increased year-over-year and sequentially.\n increase year-over-year driven by increase in hqla and reduction in net outflows.\n sequentially  increase driven by slight reduction in net outflows hqla remained largely unchanged.\nlong-term liquidity measurement : net stable funding ratio ( nsfr ) in second quarter of 2016 , federal reserve board , fdic and occ issued proposed rule to implement basel iii nsfr requirement.\n u. s. -proposed nsfr consistent with basel committee 2019s final nsfr rules.\n nsfr assesses availability of bank 2019s stable funding against required level.\n bank 2019s available stable funding include portions of equity, deposits long-term debt , required stable funding based on liquidity characteristics of assets , derivatives commitments.\n standardized weightings required to applied to various asset and liabilities classes.\n ratio of available stable funding to required stable funding required to be greater than 100% ( 100 % ).\n citi believes compliant with proposed u. s.\n nsfr rules as of december 31 , 2016 , will need to evaluate any final version of rules , expected to be released during 2017.\n proposed rules require full implementation of u. s.\n nsfr beginning january 1 , 2018.\n\nin billions of dollars         | dec . 31 2016  | sept . 30 2016 | dec . 31 2015\n------------------------------ | -------------- | -------------- | --------------\nhqla                           | $ 403.7        | $ 403.8        | $ 389.2\nnet outflows                   | 332.5          | 335.3          | 344.4\nlcr                            | 121% ( 121 % ) | 120% ( 120 % ) | 113% ( 113 % )\nhqla in excess of net outflows | $ 71.3         | $ 68.5         | $ 44.8"
}
{
    "_id": "dd4c5eaa2",
    "title": "",
    "text": "entity transfers of inventory income tax effects continue deferred until inventory sold to third party.\n cadence adopted new standard first day of fiscal 2018 using modified retrospective transition approach recorded cumulative-effect adjustment to decrease retained earnings $ 8. 3 million.\n adjustment includes write-off of income tax consequences deferred from prior intra-entity transfers assets other than inventory and new deferred tax assets for amounts not recognized under u.\n.\n anticipate potential for increased volatility in future effective tax rates from adoption guidance.\n stock-based compensation in may 2017  fasb issued asu 2017-09 , 201ccompensation 2014stock compensation ( topic 718 ) : scope of modification accounting , 201d guidance about changes to terms or conditions of share-based payment award require entity to apply modification accounting.\n cadence adopted standard first day of fiscal 2018.\n adoption standard impact cadence 2019s consolidated financial statements or related disclosures.\n cumulative effect adjustments to retained earnings table presents cumulative effect adjustments net of income tax effects to beginning retained earnings for new accounting standards adopted by cadence first day of fiscal 2018 : retained earnings ( in thousands ).\n cumulative effect adjustment from adoption of revenue from contracts with customers ( topic 606 ) net of related income tax effect of $ 17. 5 million.\n new accounting standards not yet adopted leases in february 2016  fasb issued asu 2016-02 , 201cleases ( topic 842 ) , 201d requiring recognition of lease liabilities and right-of-use assets on balance sheet by lessees for all leases with term longer than 12 months.\n new standard effective for cadence in first quarter of fiscal 2019.\nmodified retrospective approach required  applying new standard to leases existing as of date of initial application.\n entity may choose to apply standard as of either effective date or beginning of earliest comparative period presented in financial statements.\n cadence adopted new standard on december 30 , 2018 , first day of fiscal 2019  used effective date as date of initial application.\n consequently financial information not be updated and disclosures required under new standard not provided for dates and periods prior to first quarter of fiscal 2019.\n cadence elected certain practical expedients permitted under transition guidance within new standard  allowed cadence to carry forward prior conclusions about lease identification and classification.\n\n| retained earnings ( in thousands )\n--------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------\nbalance december 30 2017 as previously reported                                                                                   | $ 341003\ncumulative effect adjustment from the adoption of new accounting standards:                                                       |\nrevenue from contracts with customers ( topic 606 ) *                                                                             | 91640\nfinancial instruments 2014overall ( subtopic 825-10 ) : recognition and measurement of financial assets and financial liabilities | 2638\nincome taxes ( topic 740 ) : intra-entity transfers of assets other than inventory                                                | -8349 ( 8349 )\nbalance december 30 2017 as adjusted                                                                                              | 426932\nnet income                                                                                                                        | 345777\nbalance december 29 2018                                                                                                          | $ 772709"
}
{
    "_id": "dd4b92240",
    "title": "",
    "text": "credit commitments lines of credit table summarizes citigroup 2019s credit commitments as of december 31 , 2009 and december 31 , 2008 : in millions of dollars u.\n outside of december 31 , december 31.\n majority of unused commitments contingent upon customers 2019 maintaining specific credit standards.\n commercial commitments have floating interest rates fixed expiration dates may require payment of fees.\n such fees ( net of certain direct costs ) are deferred and  upon exercise commitment , amortized over life of loan or if exercise remote amortized over commitment period.\n commercial and similar letters of credit commercial letter of credit is instrument citigroup substitutes its credit for that customer to customer finance purchase of goods or incur other commitments.\n citigroup issues letter on behalf of client to supplier agrees to pay supplier upon presentation of documentary evidence supplier has performed in accordance with terms of letter of credit.\n when letter of credit drawn, customer required to reimburse citigroup.\n one- to four-family residential mortgages one- to four-family residential mortgage commitment is written confirmation from citigroup to seller of property that bank will advance specified sums enabling buyer to complete purchase.\n revolving open-end loans secured by one- to four-family residential properties revolving-end loans properties are essentially home equity lines of credit.\n home equity line of credit is a loan secured by primary residence or second home to extent of excess of fair market value over debt outstanding for first mortgage.\n commercial real estate , construction and land development commercial real estate  construction land development include unused portions of commitments to extend credit for financing commercial and multifamily residential properties land development projects.\n both secured-by-real-estate and unsecured commitments included in line  undistributed loan proceeds , where obligation to advance for construction progress payments.\nthis line includes extensions of credit once funded classified as total loans , net on consolidated balance sheet.\n credit card lines citigroup provides credit to customers by issuing credit cards.\n credit card lines are unconditionally cancellable by issuer.\n commercial and other consumer loan commitments commercial loan commitments include overdraft and liquidity facilities commercial commitments to make or purchase loans purchase third-party receivables provide note issuance or revolving underwriting facilities invest in form of equity.\n amounts include $ 126 billion and $ 170 billion with original maturity of less than one year at december 31, 2009 and december 31 , 2008 , respectively.\n included in line item are highly leveraged financing commitments , agreements provide funding to borrower with higher levels of debt ( measured by ratio of debt capital to equity capital borrower ) than normal for other companies.\n this type of financing commonly employed in corporate acquisitions , management buy-outs similar transactions.\n\nin millions of dollars                                                         | u.s .    | outside of u.s . | december 31 2009 | december 31 2008\n------------------------------------------------------------------------------ | -------- | ---------------- | ---------------- | ----------------\ncommercial and similar letters of credit                                       | $ 1321   | $ 5890           | $ 7211           | $ 8215\none- to four-family residential mortgages                                      | 788      | 282              | 1070             | 937\nrevolving open-end loans secured by one- to four-family residential properties | 20914    | 3002             | 23916            | 25212\ncommercial real estate construction and land development                       | 1185     | 519              | 1704             | 2702\ncredit card lines                                                              | 649625   | 135870           | 785495           | 1002437\ncommercial and other consumer loan commitments                                 | 167510   | 89832            | 257342           | 309997\ntotal                                                                          | $ 841343 | $ 235395         | $ 1076738        | $ 1349500"
}
{
    "_id": "dd4c1fb36",
    "title": "",
    "text": "management 2019s discussion analysis institutional client services institutional client services segment comprised of : fixed income  currency commodities client execution.\n includes client execution activities related to making markets in interest rate products  credit products mortgages  currencies commodities.\n 2030 interest rate products.\n government bonds  money market instruments commercial paper  treasury bills repurchase agreements highly liquid securities instruments  interest rate swaps  options derivatives.\n 2030 credit products.\n investment-grade corporate securities  high-yield securities  credit derivatives  bank bridge loans municipal securities  emerging market distressed debt  trade claims.\n 2030 mortgages.\n commercial mortgage-related securities  loans derivatives residential mortgage-related securities , loans and derivatives ( including.\n government agency-issued collateralized mortgage obligations  other prime  subprime alt-a securities loans ) asset-backed securities , loans derivatives.\n 2030 currencies.\n most currencies including growth-market currencies.\n 2030 commodities.\n crude oil petroleum products  natural gas  base  precious other metals  electricity  coal  agricultural other commodity products.\n equities.\n includes client execution activities related making markets in equity products commissions fees from executing clearing institutional client transactions on major stock  options futures exchanges worldwide otc transactions.\n equities includes securities services business  provides financing  securities lending prime brokerage services to institutional clients including hedge funds  mutual funds pension funds foundations generates revenues primarily in form of interest rate spreads fees.\n table below presents operating results of institutional client services segment.\n.\nnet revenues related to americas reinsurance business were $ 317 million for 2013 $ 1. 08 billion 2012.\n april 2013 completed sale of majority stake americas reinsurance business no longer consolidate business.\n 42 goldman sachs 2014 annual report\n\n$ in millions                                          | year ended december 2014 | year ended december 2013 | year ended december 2012\n------------------------------------------------------ | ------------------------ | ------------------------ | ------------------------\nfixed income currency and commodities client execution | $ 8461                   | $ 8651                   | $ 9914\nequities client execution1                             | 2079                     | 2594                     | 3171\ncommissions and fees                                   | 3153                     | 3103                     | 3053\nsecurities services                                    | 1504                     | 1373                     | 1986\ntotal equities                                         | 6736                     | 7070                     | 8210\ntotal net revenues                                     | 15197                    | 15721                    | 18124\noperating expenses                                     | 10880                    | 11792                    | 12490\npre-tax earnings                                       | $ 4317                   | $ 3929                   | $ 5634"
}
{
    "_id": "dd4be7d3a",
    "title": "",
    "text": "required under terms preferred stock to pay scheduled quarterly dividends subject to legally available funds.\n for preferred stock remains outstanding we will not declare  pay or set apart funds for payment any dividend or other distribution any junior stock or parity stock neither we nor subsidiaries will subject to exceptions , redeem  purchase or acquire for consideration junior stock or parity stock through sinking fund or otherwise unless we paid or set apart funds for payment of all accumulated and unpaid dividends shares preferred stock and parity stock for all preceding dividend periods.\n pursuant to policy paid quarterly dividends of $ 0. 265625 per share on preferred stock on february 1 , 2009 , may 1 , 2009  august 3 , 2009 and november 2 , 2009 similar quarterly dividends during each quarter of 2008.\n annual cash dividend declared and paid during years ended december 31 , 2009 and 2008 were $ 10 million and $ 10 million  respectively.\n on january 5 , 2010  declared cash dividend of $ 0. 265625 per share on preferred stock amounting to $ 3 million and cash dividend of $ 0. 04 per share on series common stock amounting to $ 6 million.\n both cash dividends for period from november 2 , 2009 to january 31 , 2010 paid on february 1, 2010 to holders of record as of january 15 , 2010.\n february 1 , 2010 announced would elect to redeem all outstanding preferred stock on february 22 , 2010.\n holders preferred stock have right to convert shares time prior to 5:00 p. m. , new york city time  on february 19 , 2010 , business day preceding february 22 , 2010 redemption date.\nbased on number of outstanding shares as of december 31 , 2009 considering redemption of preferred stock , cash dividends paid in 2010 expected to result in annual dividend payments less than paid 2009.\n amount available pay cash dividends restricted by senior credit agreement.\n decision to declare pay dividends future at discretion of board of directors depend on results of operations  cash requirements  financial condition  contractual restrictions other factors board directors relevant.\n celanese purchases of equity securities table below information regarding repurchases of series a common stock during three months ended december 31 , 2009 : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased part of publicly announced program approximate dollar value of shares remaining be purchased under program.\n ( 1 ) relates to shares employees elected withheld to cover statutory minimum withholding requirements for personal income taxes related to vesting of restricted stock units.\n no shares purchased during three months ended december 31 , 2009 under previously announced stock repurchase plan.\n %%transmsg*** transmitting job : d70731 pcn : 033000000 ***%%pcmsg|33 |00012|yes|no|02/10/2010 05:41|0|0|page is valid , no graphics -- color : n|\n\nperiod             | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced program | approximate dollar value of shares remaining that may be purchased under the program\n------------------ | -------------------------------------- | ---------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------\noctober 1-31 2009  | 24980                                  | $ 24.54                      | -                                                                      | $ 122300000.00\nnovember 1-30 2009 | -                                      | $ -                          | -                                                                      | $ 122300000.00\ndecember 1-31 2009 | 334                                    | $ 32.03                      | -                                                                      | $ 122300000.00"
}
{
    "_id": "dd4bd9a46",
    "title": "",
    "text": "part ii item 5 2013 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities ( a ) 1 ) our common stock listed on new york stock exchange traded under symbol 201cpnc. 201d at close of business february 15 , 2013  75100 common shareholders of record.\n holders pnc common stock entitled to receive dividends when declared by board of directors out of funds legally available for purpose.\n board of directors may not pay or set apart dividends on common stock until dividends for all past dividend periods on series outstanding preferred stock paid or declared set apart for payment.\n board intends to continue policy of paying quarterly cash dividends.\n amount future dividends depend on economic market conditions  financial condition operating results  other factors including contractual restrictions applicable government regulations policies ( relating ability of bank non- bank subsidiaries to pay dividends to parent company regulatory capital limitations ).\n amount of dividend subject to results federal reserve 2019s 2013 comprehensive capital analysis and review ( ccar ) supervisory assessment of capital adequacy described under 201csupervision and regulation 201d in item 1 report.\n federal reserve power to prohibit us from paying dividends without approval.\n for further information concerning dividend restrictions restrictions on loans  dividends advances from bank subsidiaries to parent company  see 201csupervision and regulation 201d in item 1 report , 201cfunding and capital sources 201d in consolidated balance sheet review section , 201cliquidity risk management 201d risk management section  201ctrust preferred securities 201d in off-balance sheet arrangements variable interest entities section of item 7 report  note 14 capital securities of subsidiary trusts perpetual trust securities note 22 regulatory matters in notes to consolidated financial statements in item 8 report  include here by reference.\ninclude reference additional information relating pnc common stock under caption 201ccommon stock prices/dividends declared 201d in statistical information ( unaudited ) section of item 8 report.\n include reference information regarding compensation plans under pnc equity securities authorized for issuance as of december 31 , 2012 in table ( with introductory paragraph notes ) in item 12 of report.\n registrar , stock transfer agent , dividend disbursing agent is : computershare trust company , n.\n 250 royall street canton , ma 02021 800-982-7652 include reference information under caption 201ccommon stock performance graph 201d at end of item 5.\n ) ( 2 ) none.\n b ) not applicable.\n c ) details of repurchases of pnc common stock during fourth quarter of 2012 included in following table : in thousands , except per share data 2012 period ( a ) total shares purchased b ) average paid per total shares purchased part of publicly announced programs c ) maximum number of shares yet be purchased under programs.\n in addition to repurchases of pnc common stock during fourth quarter of 2012 included table pnc redeemed all 5001 shares of series m preferred stock on december 10 , 2012 described below.\n part of national city transaction  established pnc non-cumulative perpetual preferred stock , series m ( 201cseries m preferred stock 201d )  mirrored former national city non-cumulative perpetual preferred stock , series e.\n on december 10 , 2012 pnc issued $ 500. 1 million aggregate liquidation amount ( 5001 shares ) of series m preferred stock to national city preferred capital trust i ( 201ctrust 201d ) as required pursuant to settlement of stock purchase contract agreement between trust and pnc dated as of january 30 , 2008.\nupon issuance  pnc redeemed all 5001 shares of series m preferred stock from trust december 10 , 2012 at redemption price equal to $ 100000 per share.\n ( b ) includes pnc common stock purchased under program referred to in note ( c ) table and pnc common stock purchased connection with employee benefit plans.\n note 15 employee benefit plans and note 16 stock based compensation plans in notes consolidated financial statements in item 8 report include additional information regarding employee benefit plans use pnc common stock.\n ( c ) current stock repurchase program allows to purchase up to 25 million shares on open market or in privately negotiated transactions.\n program authorized october 4, 2007 remain in effect until fully utilized or modified , superseded or terminated.\n extent timing of share repurchases program depend on factors including market general economic conditions  economic capital regulatory capital considerations  alternative uses of capital  potential impact on credit ratings  contractual regulatory limitations  including impact of federal reserve 2019s supervisory assessment of capital adequacy program.\n pnc financial services group , inc.\n 2013 form 10-k 27\n\n2012 period ( a )  | total sharespurchased ( b ) | averagepricepaid pershare | total sharespurchased aspartofpubliclyannouncedprograms ( c ) | maximumnumber ofshares thatmay yet bepurchasedundertheprograms ( c )\n------------------ | --------------------------- | ------------------------- | ------------------------------------------------------------- | --------------------------------------------------------------------\noctober 1 2013 31  | 13                          | $ 60.05                   |                                                               | 22552\nnovember 1 2013 30 | 750                         | $ 55.08                   | 750                                                           | 21802\ndecember 1 2013 31 | 292                         | $ 55.74                   | 251                                                           | 21551\ntotal              | 1055                        | $ 55.32                   | 1001                                                          |"
}
{
    "_id": "dd4b8f41e",
    "title": "",
    "text": "impairments recorded in income from continuing operations.\n statement provides guidance for testing goodwill for impairment.\n company had $ 3. 2 billion of goodwill at december 31 , 2001.\n goodwill amortization was $ 62 million for year ended december 31 , 2001.\n company assessing impact of sfas no.\n 142 on financial position and results of operations.\n in june 2001  fasb issued sfas no.\n 143 , 2018 2018accounting for asset retirement obligations , 2019 2019 addresses financial accounting and reporting for obligations associated with retirement of tangible long-lived assets and associated asset retirement costs.\n statement effective for financial statements for fiscal years after june 15 , 2002.\n statement requires recognition of legal obligations associated with retirement of long-lived asset except for certain obligations of lessees.\n company assessing impact of sfas no.\n 143 on financial position and results of operations.\n in december 2001 fasb revised earlier conclusion , derivatives implementation group ( 2018 2018dig 2019 2019 ) issue c-15  related to contracts involving purchase or sale of electricity.\n contracts for purchase or sale electricity forward and option contracts including capacity contracts may qualify for normal purchases and sales exemption not required to be accounted for as derivatives under sfas no.\n 133.\n for contracts to qualify for exemption must meet criteria include requirement for physical delivery of electricity to purchased or sold under contract only in normal course of business.\n contracts price based on underlying not clearly related to electricity sold or or denominated in currency foreign to buyer or seller not considered normal purchases and normal sales required to be accounted for as derivatives under sfas no.\n 133.\n revised conclusion effective beginning april 1 , 2002.\ncompany assessing impact of revised dig issue c-15 on financial condition results operations.\n 2001 compared to 2000 revenues increased $ 1. 8 billion  or 24% ( 24 % ) to $ 9. 3 billion in 2001 from $ 7. 5 billion in 2000.\n increase revenues due to acquisition of new businesses new operations from greenfield projects positive improvements from existing operations.\n excluding businesses acquired or commenced commercial operations in 2001 or 2000 revenues increased 5% ( 5 % ) to $ 7. 1 billion in 2001.\n table shows revenue each segment:.\n contract generation revenues increased $ 800 million  or 47% ( 47 % ) to $ 2. 5 billion in 2001 from $ 1. 7 billion in 2000 principally from addition of revenues to businesses acquired during 2001 or 2000.\n excluding businesses 2001 contract generation revenues increased 2% ( 2 % ) to $ 1. 7 billion in 2001.\n increase in contract generation revenues due primarily to increases in south america  europe/africa asia.\n south america contract generation revenues increased $ 472 million due to acquisition of gener full year of operations at uruguaiana offset by reduced revenues at from electricity rationing in brazil.\n europe/africa contract generation revenues increased $ 88 million acquisition of controlling interest in kilroot during 2000 largest contributor to increase.\n in asia contract generation segment revenues increased $ 96 million increased operations from ecogen peaking plant most significant contributor\n\n| 2001          | 2000          | % (  % ) change\n------------------- | ------------- | ------------- | ---------------\ncontract generation | $ 2.5 billion | $ 1.7 billion | 47% ( 47 % )\ncompetitive supply  | $ 2.7 billion | $ 2.4 billion | 13% ( 13 % )\nlarge utilities     | $ 2.4 billion | $ 2.1 billion | 14% ( 14 % )\ngrowth distribution | $ 1.7 billion | $ 1.3 billion | 31% ( 31 % )"
}
{
    "_id": "dd4c1e48e",
    "title": "",
    "text": "estimate future cash flows beyond 12 months due to uncertainties in timing tax audit outcomes.\n remaining unrecognized tax liability classified in other liabilities.\n report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense.\n for fiscal 2017  recognized net benefit of $ 5. 6 million tax-related net interest and penalties had $ 23. 1 million of accrued interest and penalties as of may 28 , 2017.\n fiscal 2016 recognized net benefit of $ 2. 7 million tax-related net interest penalties had $ 32. 1 million of accrued interest and penalties as of may 29 , 2016.\n.\n leases  other commitments contingencies company leases for warehouse space equipment.\n rent expense under all operating leases from continuing operations was $ 188. 1 million in fiscal 2017  $ 189. 1 million in fiscal 2016  $ 193. 5 million in fiscal 2015.\n some operating leases require property taxes  insurance  maintenance costs in addition to rent payments.\n contingent escalation rent in excess of minimum rent payments sublease income in rent expense insignificant.\n noncancelable future lease commitments are operating capital in millions leases.\n depreciation on capital leases recorded as deprecia- tion expense in results of operations.\n as of may 28 , 2017 issued guarantees and comfort letters of $ 504. 7 million for debt other obligations of consolidated subsidiaries guarantees comfort letters of $ 165. 3 million for debt obligations of non-consolidated affiliates.\n off-balance sheet arrangements limited to future payments under non-cancelable operating leases totaled $ 500. 7 million as of may 28 , 2017.\n note 16.\nbusiness segment geographic information operate in consumer foods industry.\n third quarter of fiscal 2017  announced new global orga- nization structure to streamline leadership enhance global scale drive improved operational agility maximize growth capabilities.\n result of global reorganization beginning third quarter of fiscal 2017  reported results for four operating segments : north america retail , 65. 3 percent of fiscal 2017 consolidated net sales ; convenience stores & foodservice , 12. 0 percent of fiscal 2017 consolidated net sales ; europe & australia , 11. 7 percent of fiscal 2017 consolidated net sales ; asia & latin america , 11. 0 percent of fiscal 2017 consoli- dated net sales.\n restated net sales by seg- ment and segment operating profit amounts to reflect new operating segments.\n segment changes no effect on previously reported consolidated net sales  operating profit net earnings attributable to general mills or earnings per share.\n north america retail operating segment consists of former u. s.\n retail operating units canada region.\n north america retail operating seg ment former.\n meals operating unit.\n baking operating unit combined into one operating unit.\n meals & baking.\n convenience stores & foodservice operating segment unchanged.\n europe & australia operating segment consists of former europe region.\n asia & latin america operating segment former asia/pacific and latin america regions.\n under new organization structure chief operating decision maker assesses performance makes decisions about resources allocated to segments at north america retail , convenience stores & foodservice , europe & australia  asia & latin america operating segment level.\nnorth america retail operating segment reflects business with wide variety of grocery stores mass merchandisers membership stores natural food chains drug , dollar discount chains e-commerce gro- cery providers.\n product categories in business 84 general mills\n\nin millions                                       | operating leases | capital leases\n------------------------------------------------- | ---------------- | --------------\nfiscal 2018                                       | $ 118.8          | $ 0.4\nfiscal 2019                                       | 101.7            | 0.4\nfiscal 2020                                       | 80.7             | 0.2\nfiscal 2021                                       | 60.7             | 0.1\nfiscal 2022                                       | 49.7             | 2014\nafter fiscal 2022                                 | 89.1             | 0.1\ntotal noncancelable future lease commitments      | $ 500.7          | $ 1.2\nless : interest                                   |                  | -0.1 ( 0.1 )\npresent value of obligations under capital leases |                  | $ 1.1"
}
{
    "_id": "dd4ba276c",
    "title": "",
    "text": "table of contents ( 4 decline in cash flows driven by timing of inventory purchases at end of 2014 versus 2013.\n to manage working capital and operating cash needs we monitor cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable based on rolling three-month average.\n components of cash conversion cycle are:.\n ( 1 ) represents rolling three-month average of balance of trade accounts receivable  net period divided by average daily net sales for same three-month period.\n incorporates components other miscellaneous receivables.\n ( 2 ) represents rolling three-month average of balance of merchandise inventory end period divided by average daily cost of goods sold for same three-month period.\n ( 3 ) represents rolling three-month average of combined balance of accounts payable-trade , excluding cash overdrafts and accounts payable-inventory financing end period divided by average daily cost of goods sold for same three-month period.\n cash conversion cycle remained at 21 days at december 31 , 2015 and december 31 , 2014.\n increase in dso driven by higher accounts receivable balance at december 31 , 2015 higher public segment sales longer to pay corporate slower government payments in certain states due to budget issues increase in net sales and related accounts receivable for third-party services such as software assurance and warranties.\n these services have unfavorable impact on dso as receivable recognized on balance sheet on gross basis corresponding sales amount in statement of operations recorded on net basis.\nservices have favorable impact on dpo as payable recognized on balance sheet without corresponding cost of sale in statement of operations cost paid to vendor or third-party service provider recorded as reduction to net sales.\n impact services on dpo dpo increased due to mix of payables with vendors longer payment terms.\n cash conversion cycle decreased to 21 days at december 31 , 2014 compared to 23 days december 31 2013 primarily driven by improvement in dso.\n decline in dso driven by improved collections and early payments from certain customers.\n timing of inventory receipts at end of 2014 favorable impact on dio unfavorable impact on dpo.\n investing activities net cash used investing increased $ 189. 6 million in 2015 compared to 2014.\n increase due to completion acquisition of kelway by purchasing remaining 65% ( 65 % ) of outstanding common stock on august 1 , 2015.\n capital expenditures increased $ 35. 1 million to $ 90. 1 million from $ 55. 0 million for 2015 and 2014 for new office location increase in spending related to improvements to information technology systems.\n net cash used in investing activities increased $ 117. 7 million in 2014 compared to 2013.\n paid $ 86. 8 million in fourth quarter of 2014 to acquire 35% ( 35 % ) non-controlling interest in kelway.\n capital expenditures increased $ 7. 9 million to $ 55. 0 million from $ 47. 1 million in 2014 and 2013 primarily for improvements to information technology systems.\n financing activities net cash used financing increased $ 114. 5 million in 2015 compared to 2014.\n increase driven by share repurchases during year ended december 31 , 2015 resulted in increase in cash used for financing activities of $ 241. 3 million.\nmore information on share repurchase program see item 5 , 201cmarket for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities. 201d increase partially offset by changes in accounts payable-inventory financing resulted in increase in cash for financing activities $ 20. 4 million  net impact of debt transactions resulted in cash outflows $ 7. 1 million $ 145. 9 million during years\n\n( in days )                                 | december 31 , 2015 | december 31 , 2014 | december 31 , 2013\n------------------------------------------- | ------------------ | ------------------ | ------------------\ndays of sales outstanding ( dso ) ( 1 )     | 48                 | 42                 | 44\ndays of supply in inventory ( dio ) ( 2 )   | 13                 | 13                 | 14\ndays of purchases outstanding ( dpo ) ( 3 ) | -40 ( 40 )         | -34 ( 34 )         | -35 ( 35 )\ncash conversion cycle                       | 21                 | 21                 | 23"
}
{
    "_id": "dd4970c32",
    "title": "",
    "text": "table of contents tceq harris county pollution control services department ( hcpcs ) ( houston terminal ).\n outstanding noe from tceq outstanding vn from hcpcs alleging excess emissions from tank 003 during hurricane harvey.\n working with pertinent authorities to resolve these matters.\n item 4.\n mine safety disclosures part ii item 5.\n market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities our common stock trades on nyse under trading symbol 201cvlo. 201d as of january 31 , 2019 5271 holders of record of common stock.\n dividends considered quarterly by board of directors paid only when approved by board depend on financial condition  results of operations cash flows  prospects industry conditions capital requirements other factors restrictions board deems relevant.\n no assurance will pay dividend at rates paid historically or in future.\n following table discloses purchases of shares of common stock made by us or on our behalf during fourth quarter of 2018.\n period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares may yet be purchased under plans or programs ( b ).\n shares reported in column represent purchases settled in fourth quarter of 2018 relating to i purchases of shares in open-market transactions to meet obligations under stock-based compensation plans ii purchases of shares from employees and non-employee directors in connection with exercise of stock options  vesting of restricted stock  other stock compensation transactions in accordance with terms of stock-based compensation plans.\n( b ) january 23, 2018 , announced board of directors authorized purchase of up to $ 2. 5 billion of outstanding common stock ( 2018 program ) no expiration date in addition to remaining amount available under $ 2. 5 billion program authorized september 21 , 2016 ( 2016 program ).\n during fourth quarter of 2018  completed purchases under 2016 program.\n as of december 31 , 2018  had $ 2. 2 billion remaining available for purchase under 2018 program.\n\nperiod        | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )\n------------- | ------------------------------ | -------------------------- | -------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------\noctober 2018  | 939957                         | $ 87.23                    | 8826                                                                                   | 931131                                                                       | $ 2.7 billion\nnovember 2018 | 3655945                        | $ 87.39                    | 216469                                                                                 | 3439476                                                                      | $ 2.4 billion\ndecember 2018 | 3077364                        | $ 73.43                    | 4522                                                                                   | 3072842                                                                      | $ 2.2 billion\ntotal         | 7673266                        | $ 81.77                    | 229817                                                                                 | 7443449                                                                      | $ 2.2 billion"
}
{
    "_id": "dd4c2093c",
    "title": "",
    "text": "exposed to market risk from changes in interest foreign exchange rates commod- ity equity prices.\n changes in these factors could cause fl uctuations in our earnings and cash fl.\n in normal course of business we actively manage exposure to these market risks by entering into vari- ous hedging transactions , authorized under established policies clear controls on activities.\n counterparties in transactions are generally highly rated institutions.\n establish credit limits for each counterparty.\n hedging transactions include not limited to variety of derivative fi nancial instruments.\n for information on interest rate  foreign exchange  commodity price equity instrument risk  see note 7 to consolidated financial statements on page 61 of this report.\n value at risk estimates in table below intended to mea- sure maximum potential fair value we could lose in one day from adverse changes in market interest rates foreign exchange rates commodity prices equity prices under normal market conditions.\n monte carlo value-at-risk ( var ) methodology used to quantify market risk for exposures.\n models assumed normal market conditions used 95 percent confi - dence level.\n var calculation used historical interest for- eign exchange rates  commodity equity prices from past year to estimate potential volatility correlation of rates in future.\n market data drawn from riskmetrics 2122 data set.\n calculations not intended to represent actual losses in fair value expect to incur.\n hedging instrument ( derivative ) inversely cor- relates with underlying exposure expect any loss or gain in fair value of derivatives would be generally off set by increase or decrease in fair value of underlying exposure.\n positions included in calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; com- modity swaps , futures and options ; equity instru- ments.\ncalculations do not include underlying foreign exchange commodities or equity-related positions off set by market-risk-sensitive instruments.\n table below presents estimated maximum potential var from one-day loss in fair value for interest rate  foreign currency commodity equity market-risk-sensitive instruments outstanding as of may 28 , 2017 , may 29 , 2016 , average fair value impact during year ended may 28 , 2017.\n quantitative and qualitative disclosures about market risk 44 general mills\n\nin millions                  | fair value impact may 28 2017 | fair value impact averageduringfiscal 2017 | fair value impact may 29 2016\n---------------------------- | ----------------------------- | ------------------------------------------ | -----------------------------\ninterest rate instruments    | $ 25.1                        | $ 26.5                                     | $ 33.3\nforeign currency instruments | 24.6                          | 22.9                                       | 27.6\ncommodity instruments        | 3.2                           | 2.5                                        | 3.3\nequity instruments           | 1.3                           | 1.4                                        | 1.7"
}
{
    "_id": "dd4bdbc06",
    "title": "",
    "text": "unusual , ( ii ) is material in amount ( iii ) varies significantly from retirement profile identified through depreciation studies.\n gain or loss recognized in other income when we sell land or dispose of assets not part of railroad operations.\n when we purchase asset  we capitalize all costs necessary to make asset ready for intended use.\n many our assets are self-constructed.\n large portion of capital expenditures for replacement of existing road infrastructure assets ( program projects ) typically performed by employees for track line expansion ( capacity projects ).\n costs directly attributable or overhead costs relate directly to capital projects are capitalized.\n direct costs capitalized as part of self-constructed assets include material labor work equipment.\n indirect costs capitalized if relate to construction of asset.\n costs allocated using appropriate statistical bases.\n general and administrative expenditures expensed as incurred.\n normal repairs and maintenance also expensed as incurred costs incurred that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.\n assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n.\n accounts payable and other current liabilities dec.\n 31 .\n millions of dollars 2009 2008.\n 12.\n financial instruments strategy and risk 2013 may use derivative financial instruments in limited instances for other than trading purposes to assist in managing exposure to fluctuations in interest rates fuel prices.\n not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.\nderivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item hedged , at inception and throughout hedged period.\n we document nature and relationships between hedging instruments and hedged items at inception our risk-management objectives  strategies for hedge transactions  method of assessing hedge effectiveness.\n changes in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.\n we may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates and fuel prices ; use of these instruments may limit future benefits from favorable interest rate and fuel price movements.\n\nmillions of dollars                                  | dec . 31 2009 | dec . 31 2008\n---------------------------------------------------- | ------------- | -------------\naccounts payable                                     | $ 612         | $ 629\naccrued wages and vacation                           | 339           | 367\naccrued casualty costs                               | 379           | 390\nincome and other taxes                               | 224           | 207\ndividends and interest                               | 347           | 328\nequipment rents payable                              | 89            | 93\nother                                                | 480           | 546\ntotal accounts payable and other current liabilities | $ 2470        | $ 2560"
}
{
    "_id": "dd4c4ab38",
    "title": "",
    "text": "item 2.\n properties principal offices located in boston , southborough and woburn , massachusetts ; atlanta , georgia ; cary , north carolina ; mexico city , mexico ; sao paulo , brazil.\n details of offices provided below:.\n facility in woburn contains total 163000 square feet of space.\n approximately 57100 square feet space occupied by lease administration office and broadcast division , we lease remaining space to unaffiliated tenants.\n in addition to principal offices maintain 15 regional area offices in united states operate tower leasing and services businesses.\n believe owned and leased facilities suitable and adequate to meet anticipated needs.\n established office in delhi , india pursue business opportunities in india and southeast asia  international business development group based in london , england.\n interests in communications sites of variety of ownership interests , including leases created by long-term ground lease agreements , easements , licenses or rights-of-way granted by government entities.\n pursuant to loan agreement for securitization  tower sites subject to securitization are subject to mortgages , deeds of trust and deeds to secure loan.\n typical tower site consists of compound enclosing tower site , tower structure , one or more equipment shelters house variety of transmitting , receiving switching equipment.\n three principal types of towers : guyed , self- supporting lattice , and monopole.\n guyed tower includes series of cables attaching separate levels tower to anchor foundations in ground.\n guyed tower can reach heights of up to 2000 feet.\n guyed tower site for typical broadcast tower can consist of tract of land of up to 20 acres.\n2022 lattice tower tapers from bottom up has three or four legs.\n lattice tower can reach heights up to 1000 feet.\n depending on height tower , lattice tower site for wireless communications tower can consist of tract of land of 10000 square feet for rural site or less than 2500 square feet for metropolitan site.\n 2022 monopole is tubular structure used to address space constraints or aesthetic concerns.\n monopoles have heights from 50 to 200 feet.\n monopole tower site used in metropolitan areas for wireless communications tower can consist of tract of land of less than 2500 square feet.\n\nlocation            | function                                                                                                | size ( square feet ) | property interest\n------------------- | ------------------------------------------------------------------------------------------------------- | -------------------- | -----------------\nboston ma           | corporate headquarters us tower division headquarters and american tower international headquarters     | 19600                | leased\nsouthborough ma     | information technology data center                                                                      | 13900                | leased\nwoburn ma           | us tower division lease administration site leasing management and broadcast division headquarters      | 57800                | owned ( 1 )\natlanta ga          | us tower division accounting services headquarters                                                      | 21400                | leased\ncary north carolina | us tower division new site development site operations and structural engineering services headquarters | 17500                | leased\nmexico city mexico  | mexico headquarters                                                                                     | 11000                | leased\nsao paulo brazil    | brazil headquarters                                                                                     | 5200                 | leased"
}
{
    "_id": "dd4be9d60",
    "title": "",
    "text": "interest rate to variable interest rate based on three-month libor plus 2. 05% ( 2. 05 % ) ( 2. 34% ( 2. 34 % ) as of october 31 , 2009 ).\n if libor changes by 100 basis points , our annual interest expense would change by $ 3. 8 million.\n foreign currency exposure described in note 2i.\n notes to consolidated financial statements in item 8 of annual report on form 10-k  we regularly hedge non-u. s.\n dollar-based exposures by entering forward foreign currency exchange contracts.\n terms contracts for periods matching duration underlying exposure range from one month to twelve months.\n largest foreign currency exposure is the euro  because european operations have highest proportion of local currency denominated expenses.\n relative to foreign currency exposures at october 31 , 2009 and november 1, 2008 , 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over year not expose us to significant losses in earnings or cash flows because we hedge high proportion of year-end exposures against fluctuations in foreign currency exchange rates.\n market risk associated with derivative instruments results from currency exchange rate or interest rate movements expected to offset market risk of underlying transactions , assets and liabilities hedged.\n counterparties to agreements foreign exchange instruments consist major international financial institutions with high credit ratings.\n not believe significant risk of nonperformance by counterparties because continually monitor credit ratings counterparties.\n contract or notional amounts of derivative financial instruments provide one measure of volume of transactions do not represent our exposure to credit risk.\namounts potentially subject to credit risk ( from possible inability of counterparties to meet terms contracts ) limited to amounts  counterparties 2019 obligations under contracts exceed our obligations to counterparties.\n table illustrates effect 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates relative to.\n dollar  on fair value of forward exchange contracts as of october 31 , 2009 and november 1, 2008:.\n fair value of forward exchange contracts after 10% ( 10 % ) unfavorable movement in foreign currency exchange rates liability.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 20132 $ ( 9457 ) fair value of forward exchange contracts after 10% ( 10 % ) favorable movement in foreign currency exchange rates.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ ( 6781 ) $ ( 38294 ) calculation assumes each exchange rate would change in same direction relative to u.\n dollar.\n direct effects of changes in exchange rates changes affect volume of sales or foreign currency sales price as competitors 2019 products become more or less attractive.\n sensitivity analysis of effects of changes in foreign currency exchange rates not factor in potential change in sales levels or local currency selling prices.\n\n| october 31 2009  | november 1 2008\n----------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ------------------\nfair value of forward exchange contracts asset ( liability )                                                                              | $ 6427           | $ -23158 ( 23158 )\nfair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ) | $ 20132          | $ -9457 ( 9457 )\nfair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability             | $ -6781 ( 6781 ) | $ -38294 ( 38294 )"
}
{
    "_id": "dd496ddd4",
    "title": "",
    "text": "note 17.\n accumulated other comprehensive losses : pmi's accumulated comprehensive losses , net of taxes consisted of following:.\n reclassifications from other comprehensive earnings movements in accumulated other comprehensive losses related tax impact  for components due to current period activity and reclassifications to income statement shown on consolidated statements of comprehensive earnings for years ended december 31 , 2015  2014  2013.\n movement in currency translation adjustments for year ended december 31  2013  impacted by purchase of remaining shares of mexican tobacco business.\n $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains transferred from other comprehensive earnings to marketing , administration and research costs in consolidated statements of earnings for years ended december 31 , 2015 , 2014 and 2013  upon liquidation of subsidiaries.\n for additional information see note 13.\n benefit plans and note 15.\n financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments.\n note 18.\n colombian investment and cooperation agreement : on june 19 , 2009 pmi announced signed agreement with republic of colombia  departments of colombia and capital district of bogota to promote investment and cooperation colombian tobacco market fight counterfeit and contraband tobacco products.\n investment cooperation agreement provides $ 200 million in funding to colombian governments over 20-year period to address issues mutual interest combating illegal cigarette trade threat of counterfeit tobacco products increasing quality and quantity of locally grown tobacco.\n result of investment cooperation agreement pmi recorded pre-tax charge of $ 135 million in operating results of latin america & canada segment during second quarter of 2009.\ndecember 31 , 2015 and 2014  pmi had $ 73 million and $ 71 million  respectively discounted liabilities associated with colombian investment cooperation agreement.\n discounted liabilities primarily reflected in other long-term liabilities on consolidated balance sheets expected paid through 2028.\n note 19.\n rbh legal settlement : july 31 , 2008  rothmans inc.\n ( \"rothmans ) announced finalization of cad 550 million settlement ( or approximately $ 540 million based prevailing exchange rate ) between itself rothmans , benson & hedges inc.\n ( \"rbh\" ) one government of canada all 10 provinces  other.\n settlement resolved royal canadian mounted police's investigation relating to products exported from canada by rbh during 1989-1996 period.\n rothmans' sole holding was 60% ( 60 % ) interest in rbh.\n remaining 40% ( 40 % ) interest rbh owned by pmi.\n\n( losses ) earnings ( in millions )          | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013\n-------------------------------------------- | ------------------------ | ------------------------ | ----------------\ncurrency translation adjustments             | $ -6129 ( 6129 )         | $ -3929 ( 3929 )         | $ -2207 ( 2207 )\npension and other benefits                   | -3332 ( 3332 )           | -3020 ( 3020 )           | -2046 ( 2046 )\nderivatives accounted for as hedges          | 59                       | 123                      | 63\ntotal accumulated other comprehensive losses | $ -9402 ( 9402 )         | $ -6826 ( 6826 )         | $ -4190 ( 4190 )"
}
{
    "_id": "dd4bb8436",
    "title": "",
    "text": "cgmhi committed long-term financing facilities with unaffiliated banks.\n at december 31 , 2010  cgmhi had drawn down full $ 900 million available under facilities $ 150 million guaranteed by citigroup.\n bank can terminate facilities by giving cgmhi one-year prior notice.\n company issues fixed and variable rate debt in range of currencies.\n uses derivative contracts  primarily interest rate swaps to convert portion of fixed rate debt to variable rate debt variable rate debt to fixed rate debt.\n maturity structure of derivatives corresponds to maturity structure of debt being hedged.\n company uses other derivative contracts to manage foreign exchange impact of certain debt issuances.\n at december 31 , 2010 company overall weighted average interest rate for long-term debt was 3. 53% ( 3. 53 % ) on contractual basis and 2. 78% ( 2. 78 % ) including effects of derivative contracts.\n aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows : long-term debt at december 31, 2010 and december 31, 2009 includes $ 18131 million and $ 19345 million  respectively of junior subordinated debt.\n company formed statutory business trusts under laws of state of delaware.\n trusts exist for exclusive purposes of issuing trust securities representing undivided beneficial interests in assets trust ; investing gross proceeds trust securities in junior subordinated deferrable interest debentures ) of parent engaging in only those activities necessary or incidental.\n upon approval from federal reserve citigroup has right to redeem these securities.\n citigroup contractually agreed not to redeem or purchase 6. 50% (. 50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056  6.45% ( 6. 45 % ) enhanced trust preferred securities citigroup capital xvi before december 31 , 2046  6. 35% ( 6. 35 % ) enhanced trust securities citigroup capital xvii before march 15 , 2057  6. 829% ( 6. 829 % ) fixed rate/floating rate enhanced trust securities citigroup capital xviii before june 28 , 2047  7. 250% ( 7. 250 % ) enhanced trust securities citigroup capital xix before august 15 , 2047  7. 875% ( 7. 875 % ) enhanced trust securities citigroup capital xx before december 15, 2067  8. 300% ( 8. 300 % ) fixed rate/floating rate enhanced trust securities citigroup capital xxi before december 21 , 2067  unless certain conditions  described in exhibit 4. 03 to citigroup 2019s current report on form 8-k filed september 18 , 2006  exhibit 4. 02 2019s report form 8-k filed november 28 , 2006  exhibit 4. 02 citigroup 2019s current report form 8-k filed march 8 , 2007  exhibit 4. 02 citigroup current report form 8-k filed july 2 , 2007  exhibit 4. 02 citigroup report form 8-k filed august 17 , 2007  exhibit 4. 2 to citigroup 2019s current report form 8-k filed november 27 , 2007  and exhibit 4. 2 to citigroup 2019s current report form 8-k filed december 21 , 2007  met.\n agreements for benefit of holders of citigroup 2019s 6. 00% ( 6. 00 % ) junior subordinated deferrable interest debentures due 2034.\n citigroup owns all voting securities of these subsidiary trusts.\nsubsidiary trusts have no assets , operations revenues cash flows other than related to issuance  administration  repayment of subsidiary trusts subsidiary trusts 2019 common securities.\n subsidiary trusts 2019 obligations are fully unconditionally guaranteed by citigroup.\n\nin millions of dollars | 2011    | 2012    | 2013    | 2014    | 2015    | thereafter\n---------------------- | ------- | ------- | ------- | ------- | ------- | ----------\nbank                   | $ 35066 | $ 38280 | $ 8013  | $ 7620  | $ 6380  | $ 17875\nnon-bank               | 15213   | 25950   | 7858    | 5187    | 3416    | 18381\nparent company         | 21194   | 30004   | 21348   | 19096   | 12131   | 88171\ntotal                  | $ 71473 | $ 94234 | $ 37219 | $ 31903 | $ 21927 | $ 124427"
}
{
    "_id": "dd4b9fb70",
    "title": "",
    "text": "entergy louisiana , inc.\n management's financial discussion analysis setting rates.\n use of proceeds reduced rate base no change in rate base reflected for ratemaking purposes.\n sec approval for additional return of equity capital expired.\n entergy louisiana's receivables from payables to money pool were as of december 31 for each following years:.\n money pool activity used $ 81. 9 million of operating cash flow in 2004 provided $ 60. 2 million in 2003 used $ 15. 0 million in 2002.\n see note 4 to domestic utility companies system energy financial statements for description of money pool.\n investing activities decrease of $ 25. 1 million in net cash used investing in 2004 due to decreased spending on customer service projects offset by increases in spending on transmission projects and fossil plant projects.\n increase of $ 56. 0 million in net cash investing activities in 2003 due to increased spending on customer service , transmission  nuclear projects.\n financing activities decrease of $ 404. 4 million in net cash used financing activities in 2004 due to 2022 net issuance of $ 98. 0 million of long-term debt in 2004 compared to retirement of $ 261. 0 million in 2022 principal payment of $ 14. 8 million in 2004 for waterford lease obligation compared to principal payment of $ 35. 4 million in 2003 ; 2022 decrease of $ 29. 0 million in common stock dividends paid.\n decrease of $ 105. 5 million in net cash used by financing activities in 2003 due to 2022 decrease of $ 125. 9 million in common stock dividends paid ; 2022 repurchase of $ 120 million of common stock from entergy corporation in 2002.\n decrease in net cash used in 2003 partially offset by 2022 retirement in 2003 of $ 150 million of 8. 5% ( 8.5 % ) series first mortgage bonds compared net retirement $ 134. 6 million first mortgage bonds 2002 ; 2022 principal payments $ 35. 4 million 2003 waterford 3 lease obligation compared to principal payments $ 15. 9 million 2002.\n see note 5 domestic utility companies system energy financial statements for details long-term debt.\n uses capital entergy louisiana requires capital resources for 2022 construction other capital investments ; 2022 debt preferred stock maturities ; 2022 working capital purposes including financing fuel purchased power costs ; 2022 dividend interest payments.\n\n2004             | 2003             | 2002             | 2001\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n$ 40549          | ( $ 41317 )      | $ 18854          | $ 3812"
}
{
    "_id": "dd4bb3b48",
    "title": "",
    "text": "advance auto parts , inc.\n subsidiaries notes consolidated financial statements december 28 , 2013 , december 29 , 2012 december 31 , 2011 ( in thousands except per share data ) in july 2012  fasb issued asu no.\n 2012-02 201cintangible-goodwill other 2013 testing indefinite-lived intangible assets for impairment. 201d asu 2012-02 modifies requirement to test intangible assets not subject to amortization based on events or changes in circumstances indicate asset is impaired requiring test only if more likely than not asset is impaired.\n asu 2012-02 provides entities option of performing qualitative assessment to determine if more likely fair value of intangible asset less than carrying amount basis for determining necessary quantitative impairment test.\n asu 2012-02 effective for fiscal years after september 15 , 2012 early adoption permitted.\n adoption asu 2012-02 no impact on company 2019s consolidated financial condition  results of operations or cash flows.\n 3.\n inventories , net : merchandise inventory company used lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 28 , 2013 and december 29 , 2012.\n lifo company 2019s cost of sales reflects costs of most recently purchased inventories inventory carrying balance represents costs for inventories purchased in fiscal 2013 and prior years.\n company recorded reduction to cost of sales of $ 5572 and $ 24087 in fiscal 2013 and fiscal 2012 .\n company 2019s overall costs to acquire inventory for same or similar products generally decreased historically as company leverage continued growth execution merchandise strategies supply chain efficiencies.\n in fiscal 2011  company recorded increase to cost of sales of $ 24708 due to increase in supply chain costs and inflationary pressures affecting certain product categories.\nproduct cores remaining inventories comprised of product cores , non-consumable portion of certain parts and batteries valued under first-in , first-out ( 201cfifo 201d ) method.\n product cores included as part of company 2019s merchandise costs either passed to customer or returned to vendor.\n product cores not subject to frequent cost changes like company 2019s other merchandise inventory no material difference when applying lifo or fifo valuation method.\n inventory overhead costs purchasing and warehousing costs included in inventory as of december 28 , 2013 and december 29, 2012 were $ 161519 and $ 134258 , respectively.\n inventory balance and inventory reserves inventory balances at end of fiscal 2013 and 2012 were as follows : december 28 , december 29.\n inventory quantities tracked through perpetual inventory system.\n company completes physical inventories and other targeted inventory counts in store locations to ensure accuracy of perpetual inventory quantities of merchandise and core inventory locations.\n distribution centers pdq company uses cycle counting program to ensure accuracy of perpetual inventory quantities of merchandise and product core inventory.\n reserves for estimated shrink established based on results of physical inventories conducted by company with independent third party in all company 2019s stores over year other targeted inventory counts in stores results from recent cycle counts in distribution facilities and historical and current loss trends.\n\n| december 282013 | december 292012\n---------------------------------------- | --------------- | ---------------\ninventories at fifo net                  | $ 2424795       | $ 2182419\nadjustments to state inventories at lifo | 131762          | 126190\ninventories at lifo net                  | $ 2556557       | $ 2308609"
}
{
    "_id": "dd4b8d90c",
    "title": "",
    "text": "nike , inc.\n notes to consolidated financial statements 2014 ( continued ) such agreements in place.\n based on company 2019s historical experience and estimated probability of future loss, company determined fair value of such indemnifications not material to company 2019s financial position or results of operations.\n business company involved in various legal proceedings involving contractual and employment relationships  product liability claims , trademark rights , other matters.\n company does not believe any pending legal proceedings material impact on company 2019s financial position or results of operations.\n note 16 2014 restructuring charges during fourth quarter of fiscal 2009  company took necessary steps to streamline management structure enhance consumer focus drive innovation quickly to market establish scalable , long-term cost structure.\n result company reduced global workforce by approximately 5% ( 5 % ) incurred pre-tax restructuring charges of $ 195 million  primarily of severance costs related to workforce reduction.\n nearly all restructuring activities completed in fourth quarter of fiscal 2009 , company does not expect to recognize additional costs in future periods to actions.\n restructuring charge reflected in corporate expense line in segment presentation of pre-tax income in note 19 2014 operating segments related information.\n activity in restructuring accrual for year ended may 31 , 2009 is as follows ( in millions ) :.\n accrual balance as of may 31 , 2009 will be relieved throughout fiscal year 2010 and early 2011 , as severance payments are completed.\n restructuring accrual included in accrued liabilities in consolidated balance sheet.\n as part of restructuring activities company reorganized nike brand operations geographic structure.\n in fiscal 2009 , 2008 and 2007  nike brand operations organized into four geographic regions :., europe  middle east and africa ( collectively 201cemea 201d ) , asia pacific  americas.\n fourth quarter of 2009  company initiated reorganization of nike brand business into new operating model.\n result reorganization beginning first quarter of fiscal 2010  nike brand operations will consist of six geographies : north america western europe central/eastern europe greater china japan  emerging markets.\n note 17 2014 divestitures on december 17 , 2007  company completed sale of starter brand business to iconix brand group  inc.\n for $ 60. 0 million in cash.\n transaction resulted in gain of $ 28. 6 million during year ended may 31 , 2008.\n\nrestructuring accrual 2014 june 1 2008             | $ 2014\n-------------------------------------------------- | --------------\nseverance and related costs                        | 195.0\ncash payments                                      | -29.4 ( 29.4 )\nnon-cash stock option and restricted stock expense | -19.5 ( 19.5 )\nforeign currency translation and other             | 3.5\nrestructuring accrual 2014 may 31 2009             | $ 149.6"
}
{
    "_id": "dd4c0748c",
    "title": "",
    "text": "h e d u l e i v ace limited subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c n c r n n n s u e premiums earned years ended december 31, 2010  2009  2008 ( in millions u. s.\n dollars  except percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed.\n\nfor the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages ) | directamount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net\n---------------------------------------------------------------------------------------------------------- | ------------ | ------------------------ | ---------------------------- | ---------- | -----------------------------------\n2010                                                                                                       | $ 15780      | $ 5792                   | $ 3516                       | $ 13504    | 26% ( 26 % )\n2009                                                                                                       | $ 15415      | $ 5943                   | $ 3768                       | $ 13240    | 28% ( 28 % )\n2008                                                                                                       | $ 16087      | $ 6144                   | $ 3260                       | $ 13203    | 25% ( 25 % )"
}
{
    "_id": "dd4976a9c",
    "title": "",
    "text": "graph compares 5-year return to shareholders cadence design systems , inc. 2019s common stock relative to returns s & p 500 index nasdaq composite index s & p information technology index.\n graph assumes value investment in company 2019s common stock indexes ( including reinvestment dividends ) was $ 100 on december 29 , 2001 tracks through december 30 , 2006.\n comparison of 5 year cumulative return* among cadence design systems  inc. s & p 500 index  nasdaq composite index s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems .\n nasdaq composite s information technology s p 500 * $ 100 invested on 12/29/01 in stock or 12/31/01 in index-incuding reinvestment of dividends.\n indexes calculated on month-end basis.\n copyright b7 2007 , standard & poor 2019s  division of mcgraw-hill companies .\n rights reserved.\n www. researchdatagroup. com/s&p. htm december 29 , december 28 , january 3 , 1  december 31  december 30.\n\n| december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006\n---------------------------- | ---------------- | ---------------- | -------------- | -------------- | ---------------- | ----------------\ncadence design systems inc . | 100.00           | 54.38            | 81.52          | 61.65          | 75.54            | 79.96\ns & p 500                    | 100.00           | 77.90            | 100.24         | 111.15         | 116.61           | 135.03\nnasdaq composite             | 100.00           | 71.97            | 107.18         | 117.07         | 120.50           | 137.02\ns & p information technology | 100.00           | 62.59            | 92.14          | 94.50          | 95.44            | 103.47"
}
{
    "_id": "dd4c129b8",
    "title": "",
    "text": "liabilities related insurance receivables applicable make estimates for matters previously not susceptible of reasonable estimates significant judicial ruling judgment significant settlement significant regulatory development changes in applicable law.\n future adverse ruling, settlement unfavorable development could result in future charges material adverse effect on company 2019s results operations cash flows particular period.\n specific factor could increase company 2019s estimate of future asbestos-related liabilities is pending congressional consideration of legislation to reform asbestos- related litigation pertinent information from process.\n for detailed discussion of legal proceedings involving company associated accounting estimates see discussion in note 11 to consolidated financial statements of annual report on form 10-k.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n 3m 2019s general offices corporate research laboratories division laboratories located in st.\n paul , minnesota.\n in united states 3m has 15 sales offices in 12 states operates 59 manufacturing facilities in 23 states.\n internationally 3m has 173 sales offices.\n operates 80 manufacturing converting facilities in 29 countries outside united states.\n 3m owns substantially all of physical properties.\n 3m 2019s physical facilities suitable for purposes for designed.\n 3m is global enterprise by substantial intersegment cooperation properties often used by multiple business segments.\n item 3.\n legal proceedings.\n discussion of legal matters incorporated by reference from part ii , item 8 , note 11 , 201ccommitments and contingencies 201d  of document considered integral part of part i , item 3 , 201clegal proceedings 201d.\n item 4.\n submission of matters to vote of security holders.\n in quarter ended december 31 , 2005.\n part ii item 5.\nmarket for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.\n equity compensation plans 2019 information incorporated by reference from part iii  item 12  security ownership of certain beneficial owners management document integral part of item 5.\n at january 31 , 2006 approximately 125823 shareholders of record.\n 3m 2019s stock listed on new york stock exchange .\n pacific exchange . chicago stock exchange . swx swiss exchange.\n cash dividends declared paid totaled $. 42 per share for each quarter of 2005 $. 36 per share each quarter of 2004.\n stock price comparisons follow : stock price comparisons ( nyse composite transactions ) ( per share amounts ) quarter second quarter quarter fourth quarter year.\n\n( per share amounts ) | first quarter | second quarter | third quarter | fourth quarter | year\n--------------------- | ------------- | -------------- | ------------- | -------------- | -------\n2005 high             | $ 87.45       | $ 86.21        | $ 76.74       | $ 79.84        | $ 87.45\n2005 low              | 80.73         | $ 72.25        | 70.41         | 69.71          | 69.71\n2004 high             | $ 86.20       | $ 90.29        | $ 90.11       | $ 83.03        | $ 90.29\n2004 low              | 74.35         | 80.90          | 77.20         | 73.31          | 73.31"
}
{
    "_id": "dd4c2e58c",
    "title": "",
    "text": "consolidated financial statements 2014 continued ) fiscal years ended may 27 , 2007 , may 28 , 2006  may 29 , 2005 columnar amounts in millions except per share amounts 6.\n impairment of debt and equity securities during fiscal 2005  company determined carrying values of investments in two unrelated equity method investments bio-fuels venture and malt venture were-than-temporarily impaired recognized pre-tax impairment charges totaling $ 71. 0 million ( $ 65. 6 million after tax ).\n fiscal 2006  company recognized additional impairment charges totaling $ 75. 8 million ( $ 73. 1 million after tax ) of investments in malt venture and unrelated investment in foreign prepared foods business due to declines in estimated proceeds from disposition of investments.\n investment in foreign prepared foods business disposed of in fiscal 2006.\n extent of impairments determined based upon company 2019s assessment of recoverability of investments expected proceeds of planned dispositions investments.\n fiscal 2007  company completed disposition of equity method investment in malt venture for proceeds of approximately $ 24 million  including notes other receivables totaling approximately $ 7 million.\n transaction resulted in pre-tax gain of approximately $ 4 million  related tax benefit of approximately $ 4 million.\n charges subsequent gain on disposition reflected in equity method investment earnings ( loss ) in consolidated statements of earnings.\n company held at may 28 , 2006 , subordinated notes in original principal amount of $ 150 million plus accrued interest of $ 50. 4 million from swift foods.\n during company fourth quarter of fiscal 2005  swift foods effected changes in capital structure.\n company determined fair value of subordinated notes impaired.\ndate company initially determined value of notes impaired through second quarter of fiscal 2006  company believed impairment available-for-sale security to be temporary.\n company reduced carrying value note by $ 35. 4 million recorded cumulative after-tax charges of $ 21. 9 million in accumulated other comprehensive income as of end of second quarter of fiscal 2006.\n during second half of fiscal 2006  due to company 2019s consideration of current conditions related to debtor 2019s business and changes in company 2019s intended holding period for investment company determined impairment was other-than-temporary.\n company reduced carrying value of notes to approximately $ 117 million recognized impairment charges totaling $ 82. 9 million in selling , general and administrative expenses including reclassification of cumulative after-tax charges of $ 21. 9 million from accumulated other comprehensive income  in fiscal 2006.\n during second quarter of fiscal 2007  company closed on sale of notes for approximately $ 117 million  net of transaction expenses no additional gain or loss.\n 7.\n inventories major classes of inventories:.\n raw materials and packaging includes grain , fertilizer , crude oil , other trading and merchandising inventory of $ 691. 0 million and $ 542. 1 million as of end of fiscal year 2007 and 2006  respectively.\n\n| 2007     | 2006\n--------------------------- | -------- | --------\nraw materials and packaging | $ 1154.2 | $ 985.0\nwork in progress            | 95.2     | 97.4\nfinished goods              | 1008.1   | 923.6\nsupplies and other          | 91.0     | 124.6\ntotal                       | $ 2348.5 | $ 2130.6"
}
{
    "_id": "dd4bf1dc6",
    "title": "",
    "text": "january 2016 , company issued $ 800 million debt securities $ 400 million aggregate principal three year fixed rate note with coupon rate of 2. 00% ( 2. 00 % ) and $ 400 million aggregate principal seven year fixed rate note coupon rate of 3. 25% ( 3. 25 % ).\n proceeds used to repay portion of company 2019s outstanding commercial paper , repay remaining term loan balance , for general corporate purposes.\n company 2019s public notes and 144a notes may be redeemed by company at its option at redemption prices include accrued and unpaid interest make-whole premium.\n upon occurrence change of control accompanied downgrade of notes below investment grade rating , within specified time period , company required to offer to repurchase public notes and 144a notes at price equal to 101% ( 101 % ) of aggregate principal amount , plus accrued and unpaid interest to date of repurchase.\n public notes and 144a notes are senior unsecured unsubordinated obligations of company rank equally with all other senior and unsubordinated indebtedness company.\n company entered into registration rights agreement in connection with issuance of 144a notes.\n subject to certain limitations in registration rights agreement  company agreed to ) file registration statement ( 201cexchange offer registration statement 201d ) with respect to registered offers to exchange 144a notes for exchange notes ( 201cexchange notes 201d ) , terms identical material respects to new 10-year notes and new 30-year notes , applicable , except exchange notes not contain transfer restrictions not provide for increase in interest rate in certain circumstances ) use commercially reasonable efforts to cause exchange offer registration statement to be declared effective within 270 days after date of issuance of 144a notes.\nuntil time exchange offer registration statement declared effective , 144a notes may only be sold in accordance with rule 144a or regulation s of securities act of 1933 , as amended.\n private notes company 2019s private notes may be redeemed by company at its option at redemption prices include accrued and unpaid interest and make-whole premium.\n upon specified changes of control involving company company required to offer to repurchase private notes at price equal to 100% ( % ) of aggregate principal amount plus accrued and unpaid interest to date of repurchase.\n company required to make similar offer to repurchase private notes upon specified merger events or asset sales involving company, when accompanied by downgrade of private notes below investment grade rating  within specified time period.\n private notes are unsecured senior obligations of company rank equal in right of payment with all other senior indebtedness of company.\n private notes unconditionally guaranteed by subsidiaries company in certain circumstances as described in note purchase agreements as amended.\n other debt during 2015  company acquired beneficial interest in trust owning leased naperville facility resulting in debt assumption of $ 100. 2 million and addition of $ 135. 2 million in property , plant and equipment.\n certain administrative , divisional  and research and development personnel based at naperville facility.\n cash paid of transaction was $ 19. 8 million.\n assumption of debt and majority of property , plant and equipment addition represented non-cash financing and investing activities.\n remaining balance on assumed debt settled in december 2017 reflected in \"other\" line of table above at december 31 , 2016.\n covenants future maturities company in compliance with all covenants under company 2019s outstanding indebtedness at december 31 , 2017.\nof december 31 , 2017  aggregate annual maturities long-term debt next five years were : ( millions ).\n\n2018 | $ 550\n---- | -----\n2019 | 397\n2020 | 300\n2021 | 1017\n2022 | 497"
}
{
    "_id": "dd4c4bc68",
    "title": "",
    "text": "part ii item 5 2014market for registrant 2019s common equity related stockholder matters ( a ) market information.\n common stock company traded on new york stock exchange ( nyse ) under symbol 2018 2018aes 2019 2019.\n following tables set forth high and low sale prices for common stock as reported by nyse for periods indicated.\n price range of common stock.\n ( b ) holders.\n as of march 2 , 2002  9967 record holders of company 2019s common stock , par value $ 0. 01 per share.\n ( c ) dividends.\n under terms company 2019s corporate revolving loan and letters of credit facility of $ 850 million entered with commercial bank syndicate other bank agreements company limited in amount of cash dividends allowed to pay.\n company precluded from paying cash dividends on common stock under terms guaranty to utility customer in connection with aes thames project in event certain net worth and liquidity tests company not met.\n company met these tests all times since guaranty.\n ability of company 2019s project subsidiaries to declare pay cash dividends company subject to limitations in project loans , governmental provisions other agreements entered by project subsidiaries.\n limitations permit payment of cash dividends out of current cash flow for quarterly , semiannual or annual periods only at end of such periods after payment of principal and interest on project loans due at end of such periods  in certain cases after providing for debt service reserves.\n\n2001 first quarter | high $ 60.15 | low $ 41.30 | 2000 first quarter | high $ 44.72 | low $ 34.25\n------------------ | ------------ | ----------- | ------------------ | ------------ | -----------\nsecond quarter     | 52.25        | 39.95       | second quarter     | 49.63        | 35.56\nthird quarter      | 44.50        | 12.00       | third quarter      | 70.25        | 45.13\nfourth quarter     | 17.80        | 11.60       | fourth quarter     | 72.81        | 45.00"
}
{
    "_id": "dd4c0dc24",
    "title": "",
    "text": "2022 selling costs increased $ 5. 4 million to $ 17. 1 million in 2005 from $ 11. 7 million in 2004.\n increase due to increased headcount sales force and startup costs with international growth initiatives.\n percentage of net revenues selling costs increased to 6. 1% ( 6. 1 % ) in 2005 from 5. 7% ( 5. 7 % ) in 2004 due to increased costs.\n 2022 payroll and related costs ( excluding marketing and selling ) increased $ 8. 6 million to $ 26. 9 million in 2005 from $ 18. 3 million in 2004.\n increase 2005 due to initiatives : build team to design and source footwear line for fall 2006 season added personnel to information technology team company-wide initiative upgrade information systems incurred equity compensation costs added personnel to operate 3 new retail outlet stores invested in personnel to enhance compliance function operate as public company.\n percentage of net revenues payroll and related costs ( excluding marketing selling ) increased to 9. 6% ( 9. 6 % ) in 2005 from 8. 9% ( 8. 9 % ) in 2004 due.\n 2022 other corporate costs increased $ 7. 2 million to $ 25. 5 million in 2005  from $ 18. 3 million in 2004.\n increase attributable to higher costs support footwear initiative  freight and duty related to increased canada sales  expansion of leased corporate office space and distribution facility  necessary costs associated with being public company.\n percentage of net revenues other corporate costs were 9. 1% ( 9. 1 % ) in 2005 slight increase from 8. 9% ( 8. 9 % ) in 2004 due to items.\n income from operations increased $ 10. 5 million  or 41. 4% ( 41. 4 % ) to $ 35. 9 million in 2005 from $ 25. 4 million in 2004.\n income from operations as percentage of net revenues increased to 12. 7% ( 12.7 % ) in 2005 from 12. 4% (. 4 % ) in 2004.\n increase result of increase gross margin offset by increase selling general administrative expenses percentage of net revenues.\n interest expense net increased $ 1. 6 million to $ 2. 9 million in 2005 from $ 1. 3 million in 2004.\n increase due to higher average borrowings higher effective interest rate under revolving credit facility repaid in november 2005 with proceeds from initial public offering.\n provision for income taxes increased $ 5. 5 million to $ 13. 3 million in 2005 from $ 7. 8 million in 2004.\n year ended december 31, 2005 effective tax rate was 40. 2% ( 40. 2 % ) compared to 32. 3% ( 32. 3 % ) in 2004.\n increase due to increase effective state tax rate reduced state tax credits income before taxes.\n net income increased $ 3. 4 million to $ 19. 7 million in 2005 from $ 16. 3 million in 2004 result of factors.\n year ended december 31 , 2004 compared to december 31 2003 net revenues increased $ 89. 8 million  or 77. 8% ( 77. 8 % )  to $ 205. 2 million in 2004 from $ 115. 4 million in 2003.\n increase result of increases in net sales and license revenues in product category table.\n\n( in thousands )   | year ended december 31 , 2004 | year ended december 31 , 2003 | year ended december 31 , $ change | year ended december 31 , % (  % ) change\n------------------ | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------\nmens               | $ 151962                      | $ 92197                       | $ 59765                           | 64.8% ( 64.8 % )\nwomens             | 28659                         | 10968                         | 17691                             | 161.3% ( 161.3 % )\nyouth              | 12705                         | 8518                          | 4187                              | 49.2% ( 49.2 % )\naccessories        | 7548                          | 2072                          | 5476                              | 264.3% ( 264.3 % )\ntotal net sales    | 200874                        | 113755                        | 87119                             | 76.6% ( 76.6 % )\nlicense revenues   | 4307                          | 1664                          | 2643                              | 158.8% ( 158.8 % )\ntotal net revenues | $ 205181                      | $ 115419                      | $ 89762                           | 77.8% ( 77.8 % )"
}
{
    "_id": "dd4bcf62c",
    "title": "",
    "text": "reconciliation of total unrecognized tax benefits for year : ( in thousands ).\n included in balance of unrecognized tax benefits at december 31 , 2008 are $ 5. 6 million of tax benefits if recognized  affect effective tax rate.\n also included in tax benefits december 2008 are $ 5. 0 million of tax benefits if recognized  result in decrease to goodwill recorded in purchase business combinations  and $ 1. 9 million of tax benefits if recognized result in adjustments to other tax accounts  primarily deferred taxes.\n company believes possible that uncertain tax positions of approximately $ 2. 6 million as of december 31 , 2008 will be resolved within next twelve months.\n company recognizes interest and penalties related to unrecognized tax benefits as income tax expense.\n company recorded interest of $ 171000 during 2008.\n penalties recorded during 2008 were insignificant.\n in total as of december 31 , 2008 company recognized liability for penalties of $ 498000 and interest of $ 1. 8 million.\n company subject to taxation in u. s.\n various states and foreign jurisdictions.\n company 2019s 2005 through 2008 tax years open to examination by internal revenue service.\n 2005 and 2006 federal returns under examination.\n company has various foreign subsidiaries with tax filings under examination numerous foreign and state tax filings subject to examination for various years.\n.\n pension and profit-sharing plans company has 401 ( k ) /profit-sharing plans for all qualifying full-time domestic employees permit participants make contributions by salary reduction pursuant to section 401 ( k ) of internal revenue code.\ncompany makes matching contributions on behalf each eligible participant amount equal to 100% ( 100 % ) of first 3% ( 3 % ) and additional 25% ( 25 % ) of next 5% ( 5 % ) , for maximum total of 4. 25% ( 4. 25 % ) of employee 2019s compensation.\n company may make discretionary profit sharing contribution 0% ( 0 % ) to 5% ( 5 % ) based on participant 2019s eligible compensation , provided employee is employed at end of year worked at least 1000 hours.\n qualifying domestic employees of company 2019s ansoft subsidiary , acquired on july 31 , 2008, participate in 401 ( k ) plan.\n no matching employer contribution associated with this plan.\n company maintains defined contribution pension arrangements for international employees.\n expenses related to company 2019s retirement programs were $ 3. 7 million in 2008 , $ 4. 7 million in 2007 $ 4. 1 million in 2006.\n 11.\n non-compete and employment agreements employees company signed agreements agreed not to disclose trade secrets or confidential information legally permitted restrict engagement in or connection with any business competitive with company while employed by company (\n\nunrecognized tax benefit 2014january 1 2008                        | $ 7928\n------------------------------------------------------------------ | --------------\nansoft unrecognized tax benefit 2014acquired july 31 2008          | 3525\ngross increases 2014tax positions in prior period                  | 2454\ngross decreases 2014tax positions in prior period                  | -1572 ( 1572 )\ngross increases 2014tax positions in current period                | 2255\nreductions due to a lapse of the applicable statute of limitations | -1598 ( 1598 )\nchanges due to currency fluctuation                                | -259 ( 259 )\nsettlements                                                        | -317 ( 317 )\nunrecognized tax benefit 2014december 31 2008                      | $ 12416"
}
{
    "_id": "dd4bba5ce",
    "title": "",
    "text": "pension plan assets pension assets include public equities  government corporate bonds  cash cash equivalents private real estate funds private partnerships hedge funds other assets.\n plan assets held in a master trust overseen by company's investment committee.\n all assets externally managed through active and passive strategies.\n managers may only invest in asset classes for they appointed.\n investment committee responsible for setting policy framework for management of plan assets.\n investment committee set minimum and maximum permitted values for each asset class in company's pension plan master trust for year ended december 31 , 2018 as.\n general objectives of company's pension asset strategy are to earn rate of return over time to satisfy benefit obligations plans meet minimum erisa funding requirements maintain sufficient liquidity to pay benefits address other cash requirements within master trust.\n specific investment objectives include reducing volatility of pension assets to benefit obligations achieving competitive  total investment return diversification between within asset classes managing other risks.\n investment objectives for each asset class determined based on specific risks and investment opportunities identified.\n decisions regarding investment policies and asset allocation made with understanding of historical and prospective return and risk characteristics of various asset classes effect of asset allocations on funded status  future company contributions  projected expenditures  including benefits.\n company updates asset allocations periodically.\n company uses various analytics to determine optimal asset mix considers plan obligation characteristics , duration  liquidity characteristics  funding requirements  expected rates of return  regular rebalancing  distribution of returns.\nallocations to each asset class could vary from target allocations due to investment strategy changes short-term market value fluctuations  length of time to fully implement investment allocation positions real estate alternative investments timing of benefit payments and company contributions.\n taking account asset allocation ranges company determines specific allocation of master trust's investments within various asset classes.\n master trust utilizes select investment strategies  executed through separate account or fund structures with external investment managers experience and expertise in appropriate asset classes and styles.\n selection of investment managers is done with evaluation of performance and risk  fiduciary responsibility  investment management experience review of investment managers' policies and processes.\n investment performance is monitored frequently against benchmarks tracked to compliance guidelines with assistance third party consultants and performance evaluation tools and metrics.\n plan assets are stated at fair value.\n company employs variety of pricing sources to estimate fair value of pension plan assets including independent pricing vendors  dealer or counterparty-supplied valuations  third- party appraisals  appraisals prepared by company's investment managers or other experts.\n investments in equity securities , common and preferred are valued at last reported sales price when active market exists.\n securities for which official or last trade pricing on active exchange is available are classified as level 1.\n if closing prices not available , securities valued at last trade price , if reasonable or broker's quote in non-active market typically categorized as level 2.\n investments in fixed-income securities generally valued by independent pricing services or dealers markets in such securities.\n pricing methods based upon market transactions for comparable securities and relationships between securities recognized by institutional traders fixed-income securities typically categorized as level 2.\n\nu.s . equities          | range 15 | range - | range 36% ( 36 % )\n----------------------- | -------- | ------- | ------------------\ninternational equities  | 10       | -       | 29% ( 29 % )\nfixed income securities | 25       | -       | 50% ( 50 % )\nalternative investments | 10       | -       | 25% ( 25 % )"
}
{
    "_id": "dd4b8cc96",
    "title": "",
    "text": "fiscal 2013 , we entered asr with financial institution to repurchase $ 125 million of our common stock.\n in exchange for up-front payment of $ 125 million  financial institution committed to deliver shares during asr 2019s purchase period ended march 30 , 2013.\n total shares delivered under asr was 2. 5 million at average price $ 49. 13 per share.\n fiscal 2013  in addition to shares repurchased under asr we repurchased and retired 1. 1 million shares of our common stock at cost of $ 50. 3 million  average $ 44. 55 per share  including commissions.\n note 10 2014share-based awards and options non-qualified stock options and restricted stock granted to officers  key employees directors under global payments inc.\n 2000 long-term incentive plan  amended and restated ( 201c2000 plan 201d ) global payments inc.\n amended and restated 2005 incentive plan ( 201c2005 plan 201d ) amended restated 2000 non-employee director stock option plan ( 201cdirector stock option plan 201d ) global payments inc.\n 2011 incentive plan ( 201c2011 plan 201d ) collectively 201cplans 201d ).\n no further grants made under 2000 plan after 2005 plan effective director stock option plan expired terms on february 1 , 2011.\n no future grants under 2000 plan , 2005 plan or director stock option 2011 plan permits grants of equity to employees  officers  directors consultants.\n total of 7. 0 million shares of our common stock reserved and made available for issuance pursuant to awards granted under 2011 plan.\ntable summarizes share-based compensation expense related income tax benefit recognized for stock options  restricted stock  performance units tsr units  shares issued under our employee stock purchase plan ( each as described below ).\n 2015 2014 2013 ( in millions ).\n we grant share-based awards to plans under our 201clong-term incentive plan. 201d awards held in escrow released upon grantee 2019s satisfaction of conditions of award certificate.\n restricted stock and restricted stock units we grant restricted stock restricted stock units.\n restricted stock awards vest over a period of time  if grantee not employed by us on vesting date shares are forfeited.\n restricted shares cannot be sold or transferred until they vested.\n restricted stock granted before fiscal 2015 vests in equal installments on each first four anniversaries of grant date.\n restricted stock granted during fiscal 2015 will either vest in equal installments on each first three anniversaries of grant date or cliff vest at end of three-year service period.\n grant date fair value of restricted stock  based on quoted market value of our common stock at closing of award date recognized as share-based compensation expense on straight-line basis over vesting period.\n performance units certain executives granted up to three types of performance units under our long-term incentive plan.\n performance units are performance-based restricted stock units after performance period convert into common shares.\n number of shares dependent upon achievement of certain performance measures during performance period.\n target number of performance units and market-based performance measures ( 201cat threshold , 201d 201ctarget  201d 201cmaximum 201d ) set by compensation committee of our board of directors.\nperformance units converted after compensation committee certifies performance pre-established goals.\n 80 2013 global payments inc.\n 2015 form 10-k annual report\n\n| 2015           | 2014 ( in millions ) | 2013\n-------------------------------- | -------------- | -------------------- | --------------\nshare-based compensation expense | $ 21.1         | $ 29.8               | $ 18.4\nincome tax benefit               | $ -6.9 ( 6.9 ) | $ -7.1 ( 7.1 )       | $ -5.6 ( 5.6 )"
}
{
    "_id": "dd4c5699c",
    "title": "",
    "text": "september 2015  company entered into treasury lock hedges with total notional amount $ 1. 0 billion  reducing risk of changes in benchmark index component of 10-year treasury yield.\n company designated derivatives as cash flow hedges.\n october 13 , 2015  conjunction with pricing of $ 4. 5 billion senior notes  company terminated treasury lock contracts for cash settlement payment of $ 16 million recorded as component of other comprehensive earnings reclassified as adjustment to interest expense over ten years related interest payments hedged recognized in income.\n foreign currency risk exposed to foreign currency risks from normal business operations.\n risks include translation of local currency balances of foreign subsidiaries  transaction gains and losses associated with intercompany loans with foreign subsidiaries transactions denominated in currencies other than location's functional currency.\n manage exposure to risks through combination of normal operating activities use of foreign currency forward contracts and non- derivative investment hedges.\n contracts denominated in currencies of major industrial countries.\n exposure to foreign currency exchange risks generally arises from non-u. s.\n operations  extent conducted in local currency.\n changes in foreign currency exchange rates affect translations of revenues denominated in currencies other than u. s.\n dollar.\n during years ended december 31 , 2017 , 2016 2015  generated approximately $ 1830 million , $ 1909 million and $ 1336 million  respectively in revenues denominated in currencies other than u. s.\n dollar.\n major currencies to revenues exposed are brazilian real , euro  british pound sterling indian rupee.\n10% ( 10 % ) move in average exchange rates for these currencies ( assuming simultaneous immediate 10% % change in all rates for relevant period ) would resulted in increase or ( decrease ) in reported revenues for years ended december 31 , 2017 , 2016 2015 ( in millions ) :.\n results operations impacted by currency fluctuations, international operations' revenues and expenses generally denominated in local currency reduces economic exposure to foreign exchange risk in jurisdictions.\n revenues included $ 16 million favorable and $ 100 million unfavorable net earnings included $ 2 million favorable and $ 10 million unfavorable respectively of foreign currency impact during 2017 and 2016 resulting from changes in u. s.\n dollar years compared preceding year.\n in 2018  expect minimal foreign currency impact on earnings.\n foreign exchange risk management policy permits use of derivative instruments  forward contracts options , to reduce volatility in results operations cash flows from foreign exchange rate fluctuations.\n do not enter into foreign currency derivative instruments for trading purposes or engage in speculative activity.\n periodically enter into foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.\n not have these derivatives as of december 31 , 2017.\n company utilizes non-derivative net investment hedges to reduce volatility in income statement caused by changes in foreign currency exchange rates ( see note 11 of notes to consolidated financial statements ).\n\ncurrency                   | 2017  | 2016  | 2015\n-------------------------- | ----- | ----- | -----\npound sterling             | $ 42  | $ 47  | $ 34\neuro                       | 35    | 38    | 33\nreal                       | 39    | 32    | 29\nindian rupee               | 14    | 12    | 10\ntotal increase or decrease | $ 130 | $ 129 | $ 106"
}
{
    "_id": "dd4c63b10",
    "title": "",
    "text": "interest payments increased in 2015 due to higher level debt outstanding.\n interest payments remained flat in 2014.\n increase in income tax payments 2015 due to higher taxable income from operations offset by timing of tax deductions.\n decrease in income tax payments 2014 due to settlement of tax disputes repatriation of foreign earnings in 2013.\n decrease partially offset by higher taxable income from operations net impact of economic stimulus legis- lation 2014.\n expect income tax payments to increase in 2016 due to higher taxable income from operations.\n investing activities net cash used in investing activities in 2015 consisted of cash paid for capital expenditures, intangible assets  acquisitions purchases of investments partially offset by proceeds from sales of businesses investments.\n net cash used in investing activities 2014 consisted primarily of cash paid for capital expenditures intangible assets.\n net cash used investing activities 2013 sisted primarily of cash paid for capital expenditures  acquisitions construction of real estate properties purchases of investments cash paid for intangible assets.\n capital expenditures most significant recurring investing activity capital expenditures in cable communications segment  expect this will continue in future.\n table below summarizes capital expenditures incurred in cable communications segment in 2015 , 2014 2013.\n cable communications capital expenditures increased in 2015 and 2014 due to increased spending on customer premise equipment related x1 platform wireless gateways  continued investment in network infrastructure capacity increased investment in support capital expand cloud-based initiatives investment expand business services.\n capital expenditures in nbcuniversal segments increased 13. 5% ( 13. 5 % ) to $ 1. 4 billion in 2015 and 5. 3% ( 5. 3 % ) to $ 1.2 billion in 2014 due to continued investment in universal theme parks including purchase of land in 2015.\n capital expenditures for 2016 focused on continued deployment of x1 platform and cloud dvr technology  acceleration of wireless gateways  network infrastructure to increase network capacity expansion of business services.\n capital expenditures for subsequent years depend on numerous factors including acquisitions  competition  changes in technology  regulatory changes timing rate of deployment of new services  capacity required for existing services.\n expect to con- tinue to invest in existing and new attractions at universal theme parks.\n developing universal theme park in beijing , china.\n expect development park to continue in 2016.\n cash paid for intangible assets in 2015 , 2014 2013  cash consisted primarily of expenditures for software.\n comcast 2015 annual report on form 10-k 64\n\nyear ended december 31 ( in millions ) | 2015   | 2014   | 2013\n-------------------------------------- | ------ | ------ | ------\ncable distribution system              | $ 2424 | $ 2047 | $ 1819\ncustomer premise equipment             | 3698   | 3397   | 2990\nother equipment                        | 756    | 613    | 527\nbuildings and building improvements    | 156    | 97     | 67\ntotal                                  | $ 7034 | $ 6154 | $ 5403"
}
{
    "_id": "dd4978b44",
    "title": "",
    "text": "aon has contractual contingent guarantees for premium payments owed by clients to insurance companies.\n maximum exposure to contractual guarantees was approximately $ 48 million at december 31 , 2011.\n aon has provided commitments to fund limited partnerships in it has interest in general partners request funding.\n some these commitments have specific expiration dates maximum potential funding under commitments was $ 64 million at december 31 , 2011.\n during 2011  company funded $ 15 million of these commitments.\n aon expects as prudent business interests additional guarantees and indemnifications may be issued.\n 17.\n related party transactions during 2011  company  provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity controlled by one of company 2019s stockholders.\n these transactions were negotiated at arms-length basis and contain customary terms and conditions.\n during 2011  commissions and fee revenue from these transactions was approximately $ 9 million.\n 18.\n segment information company has two reportable operating segments : risk solutions and hr solutions.\n unallocated income and expenses  combined with operating segments and after elimination of intersegment revenues and expenses total to amounts in consolidated financial statements.\n reportable operating segments determined using management approach consistent with basis aon 2019s chief operating decision maker ( 2018 2019 ) uses financial information for allocating resources and assessing performance.\n codm assesses performance based on operating segment operating income and accounts for intersegment revenue as if revenue from third parties and at management believes current market prices.\n company does not present net assets by segment as this information not reviewed by codm.\nrisk solutions acts as advisor insurance reinsurance broker , helping clients manage risks  via consultation negotiation placement of insurance risk with insurance carriers through aon 2019s global distribution network.\n hr solutions partners with organizations to solve complex benefits , talent related financial challenges improve business performance by designing  implementing  communicating administering human capital , retirement  investment management health care  compensation talent management strategies.\n aon 2019s total revenue is as follows ( in millions ) :.\n\nyears ended december 31  | 2011       | 2010       | 2009\n------------------------ | ---------- | ---------- | ----------\nrisk solutions           | $ 6817     | $ 6423     | $ 6305\nhr solutions             | 4501       | 2111       | 1267\nintersegment elimination | -31 ( 31 ) | -22 ( 22 ) | -26 ( 26 )\ntotal operating segments | 11287      | 8512       | 7546\nunallocated              | 2014       | 2014       | 49\ntotal revenue            | $ 11287    | $ 8512     | $ 7595"
}
{
    "_id": "dd4c528e2",
    "title": "",
    "text": "shareholder return performance line graph compares annual percentage change ball corporation fffds cumulative total shareholder return common stock with cumulative total return dow jones containers & packaging index s&p composite 500 stock index for five-year period ended december 31 , 2012.\n assumes $ 100 invested december 31, 2007  all dividends reinvested.\n dow jones containers & packaging index total return weighted by market capitalization.\n total return to stockholders assumes $ 100 investment 12/31/07 ) total return analysis.\n source : bloomberg l. p.\n aecharts\n\n| 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012\n---------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nball corporation             | $ 100.00   | $ 93.28    | $ 117.01   | $ 155.14   | $ 164.09   | $ 207.62\ndj us containers & packaging | $ 100.00   | $ 61.55    | $ 84.76    | $ 97.78    | $ 96.27    | $ 107.76\ns&p 500                      | $ 100.00   | $ 61.51    | $ 75.94    | $ 85.65    | $ 85.65    | $ 97.13"
}
{
    "_id": "dd4c455c0",
    "title": "",
    "text": "notes to consolidated financial statements union pacific corporation and subsidiary companies for this report unless context otherwise requires references to 201ccorporation 201d , 201cupc 201d , 201cwe 201d  201cus 201d  201cour 201d mean union pacific corporation and subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.\n 1.\n nature of operations operations and segmentation 2013 we are class i railroad operates in united states.\n 32094 route miles  linking pacific coast gulf coast ports with midwest eastern united states gateways several corridors to key mexican gateways.\n serve western two- thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast  pacific coast  southeast southwest  canada  mexico.\n export and import traffic moved through gulf coast pacific coast ports across mexican canadian borders.\n railroad , along with subsidiaries rail affiliates is our one reportable operating segment.\n revenues analyzed by commodity group analyze net financial results of railroad as one segment due to integrated nature of rail network.\n following table provides revenue by commodity group : millions of dollars 2009 2008 2007.\n revenues principally derived from customers domiciled in united states ultimate points of origination or destination for some products transported outside united.\n basis presentation 2013 consolidated financial statements presented in accordance with accounting principles generally accepted in united states of america ( gaap ) as codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).\nsubsequent events evaluation 2013 evaluated effects of all subsequent events through february 5 , 2010  date of this report concurrent with date file report with u.\n securities and exchange commission ( sec ).\n 2.\n significant accounting policies change in accounting principle 2013 historically accounted for rail grinding costs as capital asset.\n beginning first quarter of 2010  change accounting policy for rail grinding costs\n\nmillions of dollars      | 2009    | 2008    | 2007\n------------------------ | ------- | ------- | -------\nagricultural             | $ 2666  | $ 3174  | $ 2605\nautomotive               | 854     | 1344    | 1458\nchemicals                | 2102    | 2494    | 2287\nenergy                   | 3118    | 3810    | 3134\nindustrial products      | 2147    | 3273    | 3077\nintermodal               | 2486    | 3023    | 2925\ntotal freight revenues   | $ 13373 | $ 17118 | $ 15486\nother revenues           | 770     | 852     | 797\ntotal operating revenues | $ 14143 | $ 17970 | $ 16283"
}
{
    "_id": "dd4ba0ca0",
    "title": "",
    "text": "note 11 2013 stock-based compensation 2014 , 2013 2012 recorded non-cash stock-based compensation expense totaling $ 164 million  $ 189 million $ 167 million  included component of other unallocated net on statements of earnings.\n net impact to earnings for respective years was $ 107 million , $ 122 million $ 108 million.\n as of december 31 , 2014 $ 91 million unrecognized compensation cost related to nonvested awards expected to be recognized over period 1. 6 years.\n received cash from exercise stock options totaling $ 308 million $ 827 million $ 440 million during 2014 , 2013 2012.\n income tax liabilities for 2014 , 2013 2012 reduced by $ 215 million , $ 158 million $ 96 million due to recognized tax benefits on stock-based compensation arrangements.\n stock-based compensation plans approved by stockholders authorized to grant key employees stock-based incentive awards including options to purchase common stock stock appreciation rights  restricted stock units ( rsus ) performance stock units ( psus ) other stock units.\n exercise price of options to purchase common stock not less than fair market value of stock on date of grant.\n no award of stock options fully vested prior to third anniversary of grant no portion of stock option grant become vested in less than one year.\n minimum vesting period for restricted stock or stock units payable in stock is three years.\n award agreements provide for shorter or pro-rated vesting periods vesting following termination of employment death  disability  divestiture  retirement change of control layoff.\n maximum term of stock option or other award is 10 years.\n at december 31 , 2014  inclusive shares reserved for outstanding stock options , rsus psus  had 19 million shares reserved for issuance under plans.\nat december 31 , 2014 , 7. 8 million shares reserved for issuance remained available for grant under stock-based compensation plans.\n we issue new shares upon exercise of stock options or when restrictions on rsus and psus satisfied.\n table summarizes activity related to nonvested rsus during 2014 : number of rsus ( in thousands ) weighted average grant-date fair value per share.\n rsus valued based on fair value of common stock on date of grant.\n employees granted rsus receive right to receive shares of stock after completion vesting period ; shares not issued employees cannot sell or transfer shares prior to vesting no voting rights until rsus vest  generally three years from date award.\n employees granted rsus receive dividend-equivalent cash payments only upon vesting.\n for awards grant-date fair value equal to closing market price of common stock on date of grant less discount to reflect delay in payment of dividend-equivalent cash payments.\n recognize grant-date fair value of rsus  less estimated forfeitures, as compensation expense ratably over requisite service period beginning with rsus granted in 2013 shorter than vesting period if employee is retirement eligible on date of grant or become retirement eligible before end of vesting period.\n\n| number of rsus ( in thousands ) | weighted average grant-date fair value pershare\n----------------------------- | ------------------------------- | -----------------------------------------------\nnonvested at december 31 2011 | 4302                            | $ 78.25\ngranted                       | 1987                            | 81.93\nvested                        | -1299 ( 1299 )                  | 80.64\nforfeited                     | -168 ( 168 )                    | 79.03\nnonvested at december 31 2012 | 4822                            | $ 79.10\ngranted                       | 1356                            | 89.24\nvested                        | -2093 ( 2093 )                  | 79.26\nforfeited                     | -226 ( 226 )                    | 81.74\nnonvested at december 31 2013 | 3859                            | $ 82.42\ngranted                       | 745                             | 146.85\nvested                        | -2194 ( 2194 )                  | 87.66\nforfeited                     | -84 ( 84 )                      | 91.11\nnonvested at december 31 2014 | 2326                            | $ 97.80"
}
{
    "_id": "dd4c3ee78",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 continued ) note 8.\n goodwill in-process research and development continued ) company has no accumulated impairment losses on goodwill.\n company performed step 0 qualitative assessment during annual impairment review for fiscal 2015 as of october 31 , 2014 concluded not likely not fair value of company 2019s single reporting unit less than carrying amount.\n two-step goodwill impairment test for reporting unit not necessary in fiscal 2015.\n described in note 3.\n 201cacquisitions , 201d in july 2014 company acquired ecp and ais recorded $ 18. 5 million of ipr&d.\n estimated fair value of ipr&d determined using probability-weighted income approach discounts expected future cash flows to present value.\n projected cash flows from expandable catheter pump technology based on certain key assumptions including estimates of future revenue and expenses account stage of development of technology at acquisition date time and resources needed to complete development.\n company used discount rate of 22. 5% ( 22. 5 % ) cash flows probability adjusted to reflect risks of product commercialization company believes appropriate representative of market participant assumptions.\n carrying value of company 2019s ipr&d assets and change in balance for year ended march 31, 2015 as follows : march 31 , ( in $ 000 2019s ).\n note 9.\n stockholders 2019 equity class b preferred stock company authorized 1000000 shares of class b preferred stock , $. 01 par value  board of directors can set designation rights privileges.\n no shares of class b preferred stock issued or outstanding.\n stock repurchase program in november 2012 company 2019s board of directors authorized stock repurchase program for up to $ 15. 0 million of common stock.\ncompany financed stock repurchase program with available cash.\n year ended march 31 , 2013 company repurchased 1123587 shares for $ 15. 0 million open market purchases at average cost $ 13. 39 per share including commission expense.\n company completed purchase of common stock under stock repurchase program in january 2013.\n note 10.\n stock award plans compensation stock award plans company grants stock options restricted stock awards to employees others.\n all outstanding stock options as of march 31 , 2015 granted with exercise price equal to fair market value on date of grant.\n outstanding stock options if not exercised expire 10 years from date of grant.\n company 2019s 2008 stock incentive plan ( 201cplan 201d ) authorizes grant of variety of equity awards to company officers  directors employees consultants advisers including awards of unrestricted and restricted stock  restricted stock units  incentive nonqualified stock options to purchase shares common stock performance share awards stock appreciation rights.\n plan provides options only granted at current market value on date of grant.\n each share of stock issued pursuant to stock option or stock appreciation right counts as one share against maximum number of shares issuable under plan each share stock issued\n\n| march 31 2015 ( in $ 000 2019s )\n----------------------------------- | --------------------------------\nbeginning balance                   | $ 2014\nadditions                           | 18500\nforeign currency translation impact | -3789 ( 3789 )\nending balance                      | $ 14711"
}
{
    "_id": "dd4bdbed6",
    "title": "",
    "text": "possible such matters resolved in next twelve months , but do not anticipate resolution matters material impact on our results operations or financial position.\n foreign jurisdictions have statutes of limitations ranging from 3 to 5 years.\n years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 canada ( 2002 onward france ( 2006 ) germany ( 2005 italy ( 2005 japan ( 2002 onward puerto rico ( 2005 singapore ( 2003 switzerland ( 2006 onward ) united kingdom ( 2006 onward ).\n our tax returns currently under examination in various foreign jurisdictions.\n most significant foreign tax jurisdiction under examination is united kingdom.\n possible such audits resolved in next twelve months, but not anticipate resolution audits material impact on our results operations or financial position.\n 13.\n capital stock and earnings per share authorized to issue 250 million shares of preferred stock , none issued or outstanding as of december 31 , 2008.\n numerator for basic and diluted earnings per share is net earnings available to common stockholders.\n denominator for basic earnings per share is weighted average number of common shares outstanding during period.\n denominator for diluted earnings per share is weighted average shares outstanding adjusted for effect of dilutive stock options and other equity awards.\n following reconciliation of weighted average shares for basic and diluted share computations for years ending december 31 ( in millions ) :.\n weighted average shares outstanding for basic net earnings per share 227. 3 235. 5 243. 0 effect of dilutive stock options and other equity awards 1. 0 2. 0 2. 4 weighted average shares outstanding for diluted net earnings per share 228. 3 237. 5 245.for year ended december 31 , 2008  average of 11. 2 million options to purchase shares common stock not included in computation diluted earnings per share as exercise prices options greater than average market price of common stock.\n years ended december 31 , 2007 and 2006 , average of 3. 1 million and 7. 6 million options  respectively not included.\n during 2008  repurchased approximately 10. 8 million shares of common stock at average price $ 68. 72 per share for total cash outlay of $ 737. 0 million , including commissions.\n in april 2008  board of directors authorized $ 1. 25 billion share repurchase program expires december 31 , 2009.\n approximately $ 1. 13 billion remains authorized under plan.\n.\n segment data design , develop , manufacture and market orthopaedic and dental reconstructive implants , spinal implants , trauma products related surgical products include surgical supplies instruments to aid in orthopaedic surgical procedures post-operation rehabilitation.\n provide other healthcare-related services.\n revenue related to these services represents less than 1 percent of total net sales.\n manage operations through three major geographic segments americas  principally united states includes north, central south american markets ; europe  principally europe includes middle east and africa ; asia pacific  primarily japan includes other asian and pacific markets.\n structure basis for reportable segment information.\n management evaluates operating segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration and other expenses  inventory step-up , in-process research and development write-offs intangible asset amortization expense.\nglobal operations include research development engineering medical education brand management corporate legal finance human resource functions u. s.\n puerto rico-based manufacturing operations logistics.\n intercompany transactions eliminated from segment operating profit.\n management reviews accounts receivable inventory property plant equipment goodwill intangible assets by reportable segment exclusive of u. s puerto rico-based manufacturing operations logistics corporate assets.\n z m e r h o l d i n g s  c.\n 2 0 0 8 f o r m 1 0 - a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 058000000 ***%pcmsg|58 |00011|yes|no|02/24/2009 19:25|0|0|page valid no graphics color : d|\n\n| 2008  | 2007  | 2006\n---------------------------------------------------------------------- | ----- | ----- | -----\nweighted average shares outstanding for basic net earnings per share   | 227.3 | 235.5 | 243.0\neffect of dilutive stock options and other equity awards               | 1.0   | 2.0   | 2.4\nweighted average shares outstanding for diluted net earnings per share | 228.3 | 237.5 | 245.4"
}
{
    "_id": "dd4bf0a20",
    "title": "",
    "text": "fleet automation 66% ( 66 % ) of residential routes converted to automated single driver trucks.\n by converting residential routes to automated service we reduce labor costs improve driver productivity create safer work environment for employees.\n communities using automated vehicles have higher participation rates in recycling programs complementing our initiative to expand recycling capabilities.\n fleet conversion to compressed natural gas ( cng ) 12% ( 12 % ) of our fleet operates on natural gas.\n we expect to continue gradual fleet conversion to cng , preferred alternative fuel technology as part of ordinary annual fleet replacement process.\n believe gradual fleet conversion is prudent to realize full value of previous fleet investments.\n approximately 50% ( 50 % ) of replacement vehicle purchases during 2013 were cng vehicles.\n believe using cng vehicles provides competitive advantage in communities with strict clean emission objectives environment.\n upfront costs higher expect using natural gas will reduce overall fleet operating costs through lower fuel expenses.\n standardized maintenance industry trade publication we operate eighth largest vocational fleet in united states.\n as of december 31 , 2013  average fleet age in years , by line of business  was : approximate number of vehicles average age.\n through standardization of core functions  believe we can minimize variability in maintenance processes resulting in higher vehicle quality extending service life of fleet.\n believe operating more reliable , safer efficient fleet will lower operating costs.\n completed implementation of standardized maintenance programs for approximately 45% ( 45 % ) of fleet maintenance operations as of december 31 , 2013.\n cash utilization strategy components cash utilization strategy include increasing free cash flow improving return on invested capital.\n definition of free cash flow not measure determined in with united states accepted accounting principles.\ngaap ) , is cash provided by operating activities less purchases of property equipment , plus proceeds from sales of property equipment presented in consolidated statements of cash flows.\n for discussion reconciliation of free cash flow  read 201cfree cash flow 201d section of management 2019s discussion and analysis of financial condition results of operations in item 7 of form 10-k.\n believe free cash flow drives shareholder value provides useful information regarding recurring cash by operations.\n free cash flow demonstrates our ability to execute cash utilization strategy  includes investments in acquisitions returning majority of free cash flow to shareholders through dividends share repurchases.\n committed to efficient capital structure maintaining investment grade rating.\n manage free cash flow by ensuring capital expenditures and operating asset levels are appropriate in light existing business and growth opportunities closely managing working capital  consists primarily of accounts receivable , accounts payable  accrued landfill and environmental costs.\n\n| approximate number of vehicles | average age\n----------- | ------------------------------ | -----------\nresidential | 7600                           | 7\ncommercial  | 4300                           | 6\nindustrial  | 3600                           | 9\ntotal       | 15500                          | 7"
}
{
    "_id": "dd4982158",
    "title": "",
    "text": "stock price performance graph shows comparison of cumulative total return on our common stock , standard & poor's 500 index standard & poor's 500 retail index.\n graph assumes value of investment in common stock each index was $ 100 on december 30 , 2006  dividends reinvested.\n comparison based on historical data not to forecast possible future performance common stock.\n comparison of cumulative total return among advance auto parts , inc. s&p 500 index s&p 500 retail index company/index advance auto parts s&p 500 index retail index december 30, $ 100. 00 100. 00 100. 00 december 29 , $ 108. 00 104. 24 january 3 , $ 97. 26 january 2, $ 116. 01 january 1 , $ 190. 41 101. 84 december 31 , $ 201. 18 104. 81.\n stock price performance graph shows comparison of cumulative total return on common stock  standard & poor's 500 index standard poor's 500 retail index.\n graph assumes value of investment in common stock each index was $ 100 on december 30 , 2006 dividends reinvested.\n comparison based solely on historical data not intended to forecast possible future performance of common stock.\n comparison of cumulative total return among advance auto parts , inc. s&p 500 index s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100. 00 100. 00 100. 00 december 29 , $ 108. 00 104. 24 january 3 , $ 97. 26 january 2 , $ 116. 01 january 1 , $ 190. 41 101. 84 december 31 , $ 201. 18 104. 81\n\ncompany/index      | december 30 2006 | december 29 2007 | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011\n------------------ | ---------------- | ---------------- | -------------- | -------------- | -------------- | ----------------\nadvance auto parts | $ 100.00         | $ 108.00         | $ 97.26        | $ 116.01       | $ 190.41       | $ 201.18\ns&p 500 index      | 100.00           | 104.24           | 65.70          | 78.62          | 88.67          | 88.67\ns&p retail index   | 100.00           | 82.15            | 58.29          | 82.36          | 101.84         | 104.81"
}
{
    "_id": "dd4c5fbdc",
    "title": "",
    "text": "entergy corporation subsidiaries management 2019s financial discussion analysis result of entergy louisiana and entergy gulf states louisiana business combination  results of operations for 2015 include two items occurred in october 2015 : 1 ) deferred tax asset net increase in tax basis of approximately $ 334 million 2 ) regulatory liability of $ 107 million ( $ 66 million net-of-tax ) of customer credits realized by electric customers of entergy louisiana  consistent with terms stipulated settlement in business combination proceeding.\n see note 2 to financial statements for discussion of business combination customer credits.\n results operations for 2015 include sale in december 2015 of 583 mw rhode island state energy center for realized gain of $ 154 million ( $ 100 million net-of-tax ) on sale $ 77 million ( $ 47 million net-of-tax ) write-off regulatory charges recognize portion of assets associated with waterford 3 replacement steam generator project no longer probable of recovery.\n see note 14 to financial statements for discussion rhode island state energy center sale.\n see note 2 financial statements for discussion waterford 3 write-off.\n results of operations for 2014 include $ 154 million ( $ 100 million net-of-tax ) of charges related to vermont yankee from effects updated decommissioning cost study completed third quarter 2014 reassessment of assumptions regarding timing of decommissioning cash flows severance employee retention costs.\n see note 14 to financial statements for discussion of charges.\n results operations for 2014 include $ 56. 2 million ( $ 36. 7 million net-of-tax ) write-off in 2014 of entergy mississippi 2019s regulatory asset associated with new nuclear generation development costs result of joint stipulation with mississippi public utilities staff  approved by mpsc  entergy mississippi agreed not to pursue recovery of costs deferred by mpsc order in new nuclear generation docket.\n see note 2 to financial statements for discussion new nuclear generation development costs joint stipulation.\n net revenue utility following analysis of change in net revenue comparing 2015 to 2014.\n amount ( in millions ).\n retail electric price variance primarily due to : 2022 formula rate plan increases at entergy louisiana  approved by lpsc  effective december 2014 january 2015 ; 2022 increase in energy efficiency rider revenue due to increases energy efficiency rider at entergy arkansas  approved by apsc  effective july 2015 and july 2014, new energy efficiency riders at entergy louisiana entergy mississippi began fourth quarter 2014 ; 2022 annual net rate increase at entergy mississippi of $ 16 million  effective february 2015  result of mpsc order june 2014 rate case.\n see note 2 to financial statements discussion of rate regulatory proceedings.\n\n| amount ( in millions )\n------------------------------------------------- | ----------------------\n2014 net revenue                                  | $ 5735\nretail electric price                             | 187\nvolume/weather                                    | 95\nwaterford 3 replacement steam generator provision | -32 ( 32 )\nmiso deferral                                     | -35 ( 35 )\nlouisiana business combination customer credits   | -107 ( 107 )\nother                                             | -14 ( 14 )\n2015 net revenue                                  | $ 5829"
}
{
    "_id": "dd4c3946e",
    "title": "",
    "text": "acquired represented by allied 2019s infrastructure of market-based collection routes related integrated waste transfer and disposal channels , value included in goodwill.\n all goodwill and other intangible assets from allied acquisition not deductible for income tax purposes.\n pro forma information consolidated financial statements for republic include operating results of allied from december 5 , 2008 , date of acquisition.\n following pro forma information presented assuming acquisition completed as of january 1 , 2008.\n unaudited pro forma information prepared for illustrative purposes not to indicative of results of operations occurred had acquisition consummated at beginning of periods or of future results of combined operations.\n pro forma results do not give effect to all cost savings or incremental costs result of integration and consolidation of acquisition ( in millions , except share and per share amounts ).\n year ended december 31 , ( unaudited ).\n unaudited pro forma financial information includes adjustments for amortization of identifiable intangible assets  accretion of discounts to fair value associated with debt , environmental , self-insurance other liabilities , accretion of capping , closure and post-closure obligations amortization of related assets  provision for income taxes.\n restructuring charges result of 2008 allied acquisition  committed to restructuring plan related to corporate overhead administrative operating functions.\n plan included closing corporate office in florida , consolidating administrative functions to arizona , former headquarters of allied  reducing staffing levels.\n plan included closing and consolidating certain operating locations terminating certain leases.\n during years ended december 31 , 2010 and 2009  incurred $ 11. 4 million , net of adjustments , and $ 63.2 million , respectively of restructuring integration charges related to our integration of allied.\n charges adjustments primarily related to severance employee termination relocation benefits consulting professional fees.\n substantially all charges recorded in our corporate segment.\n do not expect to incur additional charges to complete plan.\n expect remaining charges paid during 2011.\n republic services , inc.\n notes to consolidated financial statements  continued\n\n| year ended december 31 2008 ( unaudited )\n-------------------------- | -----------------------------------------\nrevenue                    | $ 9362.2\nnet income                 | 285.7\nbasic earnings per share   | 0.76\ndiluted earnings per share | 0.75"
}
{
    "_id": "dd4b93e60",
    "title": "",
    "text": "entergy corporation subsidiaries management 2019s financial discussion analysis net revenue utility analysis of change in net revenue comparing 2014 to 2013.\n amount ( in millions ).\n retail electric price variance due to 2022 increases in energy efficiency rider at entergy arkansas  approved by apsc  effective july 2013 july 2014.\n energy efficiency revenues offset by costs other operation maintenance expenses minimal effect on net income ; 2022 effect of apsc 2019s order in entergy arkansas 2019s 2013 rate case  annual base rate increase effective january 2014 offset by miso rider provide customers credits in rates for transmission revenue through miso ; 2022 formula rate plan increase at entergy mississippi  approved by mspc  effective september 2013 ; 2022 increase in entergy mississippi 2019s storm damage rider  approved by mpsc  effective october 2013.\n increase storm damage rider offset by other operation maintenance expenses no effect on net income ; 2022 annual base rate increase at entergy texas effective april 2014 result puct 2019s order september 2013 rate case ; 2022 formula rate plan increase at entergy louisiana  approved by lpsc  effective december 2014.\n see note 2 to financial statements for discussion of rate proceedings.\n asset retirement obligation affects net revenue entergy records regulatory debit or credit for difference between asset retirement obligation-related expenses trust earnings plus asset retirement obligation- related costs collected revenue.\n variance caused by increases in regulatory credits decreases in decommissioning trust earnings increases in depreciation accretion expenses increases in regulatory credits realign asset retirement obligation regulatory assets regulatory treatment.\nvolume/weather variance due to increase of 3129 gwh , or 3% ( 3 % )  in billed electricity usage due to increase in sales to industrial customers and effect of favorable weather on residential sales.\n increase in industrial sales due to expansions  recovery of major refining customer from unplanned outage in 2013  continued moderate growth in manufacturing sector.\n miso deferral variance due to deferral in 2014 of non-fuel miso-related charges  approved by lpsc and mpsc , partially offset by deferral in april 2013 approved by apsc , of costs incurred from march 2010 through december 2012 related to transition and implementation of joining miso\n\n| amount ( in millions )\n--------------------------- | ----------------------\n2013 net revenue            | $ 5524\nretail electric price       | 135\nasset retirement obligation | 56\nvolume/weather              | 36\nmiso deferral               | 16\nnet wholesale revenue       | -29 ( 29 )\nother                       | -3 ( 3 )\n2014 net revenue            | $ 5735"
}
{
    "_id": "dd4bab3e4",
    "title": "",
    "text": "12.\n brokerage receivables and brokerage payables company has receivables payables for financial instruments sold to purchased from brokers  dealers customers  arise in ordinary course of business.\n citi exposed to risk of loss from inability of brokers dealers customers to pay for purchases or deliver financial instruments sold  citi would to sell or purchase financial instruments at prevailing market prices.\n credit risk reduced to exchange or clearing organization acts as counterparty replaces broker  dealer customer in question.\n citi to protect from risks customer activities by requiring customers to maintain margin collateral in compliance with regulatory internal guidelines.\n margin levels monitored daily customers deposit additional collateral as required.\n where customers meet collateral requirements citi may liquidate sufficient underlying financial instruments to bring customer into compliance with required margin level.\n exposure to credit risk impacted by market volatility  may impair ability clients to satisfy obligations to citi.\n credit limits established closely monitored for customers for brokers dealers engaged in forwards  futures other transactions credit sensitive.\n brokerage receivables and brokerage payables consisted of following:.\n total brokerage payables ( 1 ) $ 64571 $ 61342 ( 1 ) includes brokerage receivables and payables recorded by citi broker-dealer entities accounted for in accordance with aicpa accounting guide for brokers dealers in securities as codified in asc 940-320.\n\nin millions of dollars                                      | december 31 , 2018 | december 31 , 2017\n----------------------------------------------------------- | ------------------ | ------------------\nreceivables from customers                                  | $ 14415            | $ 19215\nreceivables from brokers dealers and clearing organizations | 21035              | 19169\ntotal brokerage receivables ( 1 )                           | $ 35450            | $ 38384\npayables to customers                                       | $ 40273            | $ 38741\npayables to brokers dealers and clearing organizations      | 24298              | 22601\ntotal brokerage payables ( 1 )                              | $ 64571            | $ 61342"
}
{
    "_id": "dd4c016fe",
    "title": "",
    "text": ".\n investments.\n fixed maturity equity security investments available for sale at market value reflect unrealized appreciation depreciation temporary changes in market value during period shareholders 2019 equity  net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in consolidated balance sheets.\n fixed maturity equity securities carried at fair value reflect fair value re- measurements as net realized capital gains losses in consolidated statements of operations comprehensive income ( loss ).\n company records changes in fair value for fixed maturities available for sale at market value through shareholders 2019 equity  net of taxes in accumulated other comprehensive income ( loss ) cash flows from investments used to settle reserve for losses loss adjustment expense liabilities.\n company anticipates holding investments for extended period cash flow from interest maturities fund projected payout of liabilities.\n fixed maturities carried at fair value represent portfolio of convertible bond securities characteristics similar to equity securities foreign denominated fixed maturity securities used to settle loss and loss adjustment reserves in same currency.\n company carries all equity securities at fair value except for mutual fund investments underlying investments of fixed maturity securities.\n for equity securities available for sale at fair value company reflects changes in value as net realized capital gains and losses securities may be sold in near term depending on financial market conditions.\n interest income on all fixed maturities dividend income on all equity securities included as part of net investment income in consolidated statements of operations comprehensive income ( loss ).\n unrealized losses on fixed maturities other-than-temporary related to credit quality of security charged to net income ( loss ) as net realized capital losses.\n short-term investments stated at cost  approximates market value.\ngains or losses on sales of investments determined on identified cost.\n for non- publicly traded securities market prices determined through pricing models evaluate securities relative to.\n treasury yield curve  account issue type credit quality cash flow characteristics of each security.\n for publicly traded securities market value based on quoted market prices or valuation models use observable market inputs.\n when sector financial markets is inactive or illiquid company may use own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.\n retrospective adjustments employed to recalculate values of asset-backed securities.\n each acquisition lot reviewed to recalculate effective yield.\n recalculated effective yield used to derive book value as if new yield applied at time of acquisition.\n outstanding principal factors from time of acquisition to adjustment date used to calculate prepayment history for all applicable securities.\n conditional prepayment rates computed with life to date factor histories weighted average maturities used to effect calculation of projected and prepayments for pass-through security types.\n other invested assets include limited partnerships and rabbi trusts.\n limited partnerships accounted for under equity method of accounting can be recorded on monthly or quarterly.\n.\n uncollectible receivable balances.\n company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management assessment of collectability of outstanding balances.\n such reserves presented in table below for periods indicated.\n\n( dollars in thousands )                        | years ended december 31 , 2014 | years ended december 31 , 2013\n----------------------------------------------- | ------------------------------ | ------------------------------\nreinsurance receivables and premium receivables | $ 29497                        | $ 29905"
}
{
    "_id": "dd4b994c8",
    "title": "",
    "text": "result of transaction  recognized net gain of approximately $ 1. 3 billion , including $ 1. 2 billion recognized in 2016.\n net gain represents $ 2. 5 billion fair value of shares of lockheed martin common stock exchanged and retired as part of exchange offer  plus $ 1. 8 billion one-time special cash payment , less net book value of is&gs business of about $ 3. 0 billion at august 16 , 2016 and other adjustments of about $ 100 million.\n in 2017  recognized additional gain of $ 73 million  reflects certain post-closing adjustments including tax adjustments and final determination of net working capital.\n classified operating results of former is&gs business as discontinued operations in consolidated financial statements accordance with.\n divestiture of business represented strategic shift major effect on operations and financial results.\n cash flows generated by is&gs business not reclassified in consolidated statements of cash flows retained this cash as part of transaction.\n operating results  prior to august 16, 2016 divestiture date, of is&gs business reflected within net earnings from discontinued operations for year ended december 31 , 2016 are as follows ( in millions ) :.\n operating results of is&gs business reported as discontinued operations different than results previously reported for is&gs business segment.\n results reported within net earnings from discontinued operations only include costs directly attributable to is&gs business exclude certain corporate overhead costs previously allocated to is&gs business.\n reclassified $ 82 million in 2016 of corporate overhead costs from is&gs business to other unallocated , net on consolidated statement of earnings.\n retained all assets and obligations related to pension benefits earned by former is&gs business salaried employees through date of divestiture.\nnon-service portion of net pension costs (. , interest cost  actuarial gains and losses expected return on plan assets ) for plans reclassified from operating results of is&gs business segment reported as reduction to fas/cas pension adjustment.\n net pension costs were $ 54 million for year ended december 31 , 2016.\n service portion of net pension costs related to is&gs business 2019s salaried employees transferred to leidos included in operating results is&gs business classified as discontinued operations costs no longer incurred by us.\n significant severance charges related to is&gs business historically recorded at lockheed martin corporate office.\n charges reclassified into operating results is&gs business  classified as discontinued operations  excluded from operating results of our continuing operations.\n severance charges reclassified were $ 19 million in 2016.\n financial information related to cash flows generated by is&gs business  depreciation and amortization  capital expenditures  other non-cash items  included in consolidated statement of cash flows for years ended december 31 , 2016 not significant.\n\nnet sales                                                 | $ 3410\n--------------------------------------------------------- | --------------\ncost of sales                                             | -2953 ( 2953 )\nseverance charges                                         | -19 ( 19 )\ngross profit                                              | 438\nother income net                                          | 16\noperating profit                                          | 454\nearnings from discontinued operations before income taxes | 454\nincome tax expense                                        | -147 ( 147 )\nnet gain on divestiture of discontinued operations        | 1205\nnet earnings from discontinued operations                 | $ 1512"
}
{
    "_id": "dd4c00844",
    "title": "",
    "text": "credit agency ratings long-term debt credit ratings as of february 16, 2007 were ba3 with negative outlook , b creditwatch negative b with negative outlook  reported by moody 2019s investors service , standard & poor 2019s fitch ratings .\n downgrade in credit ratings could affect ability to access capital could result in stringent covenants higher interest rates new indebtedness.\n contractual obligations summarizes estimated contractual obligations at december 31, 2006 effect on liquidity cash flow in future periods:.\n contingent acquisition payments 2 47. 2 34. 2 20. 8 2. 5 2. 0 3. 1 109. 8 1 holders of $ 400. 0 4. 50% ( 4. 50 % ) notes may require us to repurchase notes for cash at par in march 2008.\n notes mature in 2023 if not converted or repurchased.\n structured certain acquisitions with additional contingent purchase price obligations to reduce potential risk with negative future performance of acquired entity.\n all payments are contingent upon achieving projected operating performance targets satisfying other conditions in related agreements subject to revisions as earn-out periods progress.\n see note 18 to consolidated financial statements for further information.\n not included obligations under pension and postretirement benefit plans in contractual obligations table.\n funding policy funded pension plan is to contribute amounts necessary to satisfy minimum pension funding requirements plus additional amounts time to time as appropriate to improve plans 2019 funded status.\n funded status of pension plans dependent upon factors including returns on invested assets  market interest rates levels voluntary contributions to plans.\n declines in long-term interest rates negative impact on funded status of plans.\n for 2007  do not expect to contribute to domestic pension plans expect to contribute $ 20. 6 to foreign pension plans.\nnot included deferred tax obligations in contractual obligations table timing of future payments uncertain.\n derivatives hedging activities periodically enter into interest rate swap agreements forward contracts to manage exposure to interest rate fluctuations mitigate foreign exchange volatility.\n in may 2005  terminated long-term interest rate swap agreements covering $ 350. 0 6. 25% ( 6. 25 % ) senior unsecured notes and $ 150. 0 of $ 500. 0 7. 25% ( 7. 25 % ) senior unsecured notes.\n interest rate swap termination net cash receipts were $ 1. 1, recorded as offset to interest expense over remaining life of related debt.\n entered into foreign currency transactions foreign currencies bought or sold forward.\n contracts entered to meet currency requirements specific transactions.\n changes in value of forward contracts recorded in other income or expense.\n as of december 31 , 2006 and 2005  had contracts covering $ 0. 2 and $ 6. 2 , respectively  notional amount currency fair value of forward contracts negligible.\n terms of 4. 50% ( 4. 50 % ) notes include two embedded derivative instruments terms of 4. 25% ( 4. 25 % ) notes and series b preferred stock each include one embedded derivative instrument.\n fair value of derivatives on december 31 , 2006 negligible.\n interpublic group of companies , inc.\n subsidiaries management 2019s discussion analysis of financial condition and results of operations 2014 ( continued ) amounts in millions  except per share amounts ) %%transmsg*** transmitting job : y31000 pcn : 036000000 ***%pcmsg|36 |00005|yes|no|02/28/2007 01:12|0|0|page valid  no graphics -- color : d|\n\n| 2007  | 2008  | 2009    | 2010    | 2011    | thereafter | total\n------------------------------------------ | ----- | ----- | ------- | ------- | ------- | ---------- | --------\nlong-term debt1                            | $ 2.6 | $ 2.8 | $ 257.0 | $ 240.9 | $ 500.0 | $ 1247.9   | $ 2251.2\ninterest payments                          | 122.0 | 116.1 | 107.1   | 93.6    | 75.1    | 74.1       | 588.0\nnon-cancelable operating lease obligations | 292.3 | 265.2 | 237.4   | 207.9   | 181.9   | 861.2      | 2045.9\ncontingent acquisition payments2           | 47.2  | 34.2  | 20.8    | 2.5     | 2.0     | 3.1        | 109.8"
}
{
    "_id": "dd4b95e86",
    "title": "",
    "text": "humana inc.\n notes consolidated financial statements 2014 total intrinsic value of stock options exercised 2007 was $ 133. 9 million  compared with $ 133. 7 million 2006 $ 57. 8 million 2005.\n cash received from stock option exercises years ended december 31  2007  2006 2005 totaled $ 62. 7 million  $ 49. 2 million  $ 36. 4 million .\n total compensation expense related to nonvested options was $ 23. 6 million at december 31 , 2007.\n expect to recognize compensation expense over average period approximately 1. 6 years.\n restricted stock awards granted with fair value equal to market price common stock on date of grant.\n compensation expense recorded straight-line over vesting period generally three years from date of grant.\n weighted average grant date fair value of restricted stock awards was $ 63. 59 , $ 54. 36 , $ 32. 81 for years ended december 31 , 2007 2006 2005 .\n activity for restricted stock awards for year ended december 31  2007 : shares weighted average grant-date fair value.\n value of shares vested years ended december 31 2007 2006 2005 was $ 3. 4 million , $ 2. 3 million  $ 0. 6 million .\n total compensation expense related to nonvested restricted stock awards not yet recognized was $ 44. 7 million at december 31 , 2007.\n expect to recognize this compensation expense over weighted average period approximately 1. 4 years.\n no other contractual terms covering restricted stock awards once vested.\n\n| shares           | weighted average grant-date fair value\n---------------------------------------------- | ---------------- | --------------------------------------\nnonvested restricted stock at december 31 2006 | 1107455          | $ 45.86\ngranted                                        | 852353           | 63.59\nvested                                         | -51206 ( 51206 ) | 56.93\nforfeited                                      | -63624 ( 63624 ) | 49.65\nnonvested restricted stock at december 31 2007 | 1844978          | $ 53.61"
}
{
    "_id": "dd4b9e234",
    "title": "",
    "text": "table of contents ended december 31 , 2015 and 2014 .\n increase in cash provided by accounts payable-inventory financing due to new vendor added to existing inventory financing agreement.\n for description inventory financing transactions impacting each period see note 6 ( inventory financing agreements ) to consolidated financial statements.\n for description debt transactions impacting each period see note 8 ( long-term debt ) consolidated financial statements.\n net cash used in financing activities decreased $ 56. 3 million in 2014 compared to 2013.\n decrease driven by debt refinancing transactions and july 2013 ipo , generated net proceeds of $ 424. 7 million after deducting underwriting discounts , expenses transaction costs.\n net impact of debt transactions resulted in cash outflows of $ 145. 9 million and $ 518. 3 million during 2014 and 2013  cash used each period to reduce total long-term debt.\n for description of debt transactions impacting each period see note 8 ( long-term debt ) to consolidated financial statements.\n long-term debt financing arrangements as of december 31 , 2015  total indebtedness of $ 3. 3 billion  $ 1. 6 billion was secured indebtedness.\n at december 31 , 2015  in compliance with covenants under credit agreements and indentures.\n amount of cdw 2019s restricted payment capacity under senior secured term loan facility was $ 679. 7 million at december 31 , 2015.\n for further details debt transactions see note 8 ( long-term debt ) to consolidated financial statements.\n during year ended december 31 , 2015  following events occurred debt structure : 2022 on august 1, 2015  consolidated kelway 2019s term loan and kelway 2019s revolving credit facility.\n kelway 2019s term loan denominated in british pounds.\nkelway revolving credit facility multi-currency kelway permitted to borrow aggregate amount a350. 0 million ( $ 73. 7 million ) as of december 31 , 2015.\n 2022 on march 3 , 2015  completed issuance of $ 525. 0 million principal amount 5. 0% ( 5. 0 % ) senior notes due 2023 mature on september 1 , 2023.\n 2022 march 3 , 2015  redeemed remaining $ 503. 9 million aggregate principal amount of 8. 5% ( 8. 5 % ) senior notes due 2019  plus accrued unpaid interest through date of redemption , april 2 , 2015.\n inventory financing agreements entered agreements with financial intermediaries facilitate purchase of inventory from suppliers under certain terms and conditions.\n amounts classified separately as accounts payable-inventory financing on consolidated balance sheets.\n incur interest expense agreements balances paid when due.\n for further details see note 6 ( inventory financing agreements ) to accompanying consolidated financial statements.\n contractual obligations future obligations under contracts relating to debt and interest payments  operating leases asset retirement obligations.\n estimated future payments  based on undiscounted amounts under contractual obligations existed as of december 31 , 2015  follows:.\n\n( in millions )                    | payments due by period total | payments due by period < 1 year | payments due by period 1-3 years | payments due by period 4-5 years | payments due by period > 5 years\n---------------------------------- | ---------------------------- | ------------------------------- | -------------------------------- | -------------------------------- | --------------------------------\nterm loan ( 1 )                    | $ 1703.4                     | $ 63.9                          | $ 126.3                          | $ 1513.2                         | $ 2014\nkelway term loan ( 1 )             | 90.9                         | 13.5                            | 77.4                             | 2014                             | 2014\nsenior notes due 2022 ( 2 )        | 852.0                        | 36.0                            | 72.0                             | 72.0                             | 672.0\nsenior notes due 2023 ( 2 )        | 735.1                        | 26.3                            | 52.5                             | 52.5                             | 603.8\nsenior notes due 2024 ( 2 )        | 859.7                        | 31.6                            | 63.3                             | 63.3                             | 701.5\noperating leases ( 3 )             | 143.2                        | 22.5                            | 41.7                             | 37.1                             | 41.9\nasset retirement obligations ( 4 ) | 1.8                          | 0.8                             | 0.5                              | 0.3                              | 0.2\ntotal                              | $ 4386.1                     | $ 194.6                         | $ 433.7                          | $ 1738.4                         | $ 2019.4"
}
{
    "_id": "dd4bbff2e",
    "title": "",
    "text": "pollutants discharged to waters united states remediation of waters affected by discharge.\n we in compliance with all material requirements with various regulations.\n united states congress considering legislation to reduce emissions of greenhouse gases  including carbon dioxide and methane.\n state and regional initiatives to regulate greenhouse gas emissions underway.\n we monitoring federal and state legislation to assess potential impact on our operations.\n recent calculation of direct greenhouse gas emissions for oneok and oneok partners estimated to be less than 6 million metric tons of carbon dioxide equivalents annual basis.\n will continue efforts to quantify direct greenhouse gas emissions report emissions as required by mandatory reporting rule including rules anticipated to be issued by epa in mid-2009.\n superfund - comprehensive environmental response , compensation and liability act  known as cercla superfund imposes liability  without regard to fault or legality original act on certain classes of persons contributed to release of hazardous substance into environment.\n these persons include owner or operator of facility where release companies that disposed or arranged for disposal of hazardous substances found at facility.\n under cercla persons may be liable for costs of cleaning up hazardous substances released environment damages to natural resources costs of certain health studies.\n chemical site security - united states department of homeland security ) released interim rule in april 2007 requires companies to provide reports on sites where certain chemicals  including many hydrocarbon products stored.\n we completed homeland security assessments our facilities assigned to one of four risk-based tiers from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk.\n majority of our facilities were not tiered.\nwaiting for homeland security 2019s analysis to determine if tiered facilities require site security plans possible physical security enhancements.\n climate change - our environmental climate change strategy focuses on steps to minimize impact of operations on environment.\n strategies include : developing maintaining accurate greenhouse gas emissions inventory  according to rules anticipated to issued by epa in mid-2009 ; ii improving efficiency of pipelines  natural gas processing facilities natural gas liquids fractionation facilities ; iii developing technologies for emission control ; iv developing technologies to capture carbon dioxide reaching atmosphere v ) analyzing options for future energy investment.\n subsidiaries of oneok partners participate in processing transmission sectors ldcs in distribution segment participate in distribution sector of epa 2019s natural gas star program to voluntarily reduce methane emissions.\n subsidiary in our oneok partners 2019 segment honored in 2008 as 201cnatural gas star gathering and processing partner of the year 201d for efforts to address environmental issues through voluntary implementation of emission-reduction opportunities.\n continue to focus on maintaining low rates of lost-and- unaccounted-for methane gas through expanded implementation of best practices to limit release of methane during pipeline facility maintenance operations.\n recent calculation of annual lost-and-unaccounted-for natural gas , for all business operations  is less than 1 percent of total throughput.\n employees employed 4742 people at january 31 , 2009 , including 739 people employed by kansas gas service , subject to collective bargaining contracts.\n following table sets forth contracts with collective bargaining units at january 31 , employees contract expires.\n\nunion                                           | employees | contract expires\n----------------------------------------------- | --------- | ----------------\nunited steelworkers of america                  | 414       | june 30 2009\ninternational union of operating engineers      | 13        | june 30 2009\ninternational brotherhood of electrical workers | 312       | june 30 2010"
}
{
    "_id": "dd4be17fa",
    "title": "",
    "text": "2022 lower 2008 storage margins related to storage risk management positions impact of changes in natural gas prices ; 2022 fewer opportunities to optimize storage capacity due to significant decline in natural gas prices second half of 2008 ; decrease of $ 9. 7 million in physical storage margins due to lower cost market write-down on natural gas inventory decrease of $ 2. 1 million due to colder weather market conditions increased supply cost of managing peaking and load-following services fewer opportunities to increase margins through optimization activities first quarter of 2008 ; offset by increase of $ 15. 8 million from changes in unrealized fair value of derivative instruments associated with storage marketing activities improved marketing margins benefited from price movements optimization activities.\n operating costs decreased due to lower employee-related costs depreciation expense.\n 2007 vs.\n 2006 - net margin decreased due to : 2022 decrease of $ 22. 0 million in transportation margins  net of hedging activities  associated with changes in unrealized fair value of derivative instruments impact of force majeure event on cheyenne plains gas pipeline ; 2022 decrease of $ 5. 0 million in retail activities from lower physical margins due to market conditions increased competition ; 2022 decrease of $ 4. 3 million in financial trading margins partially offset by 2022 increase of $ 4. 9 million in storage and marketing margins  net of hedging activities related to increase in physical storage margins  net hedging activity due to higher realized seasonal storage spreads optimization activities partially offset by decrease in marketing margins net increase in cost associated with managing peaking and load following services slightly offset by higher demand fees collected for services.\n in september 2007  portion of volume contracted under firm transportation agreement with cheyenne plains gas pipeline company curtailed due to fire at cheyenne plains pipeline compressor station.\nfire damaged instrumentation electrical wiring causing cheyenne plains gas pipeline company to declare force majeure event on pipeline.\n firm commitment hedged in with statement 133.\n discontinuance of fair value hedge accounting on portion firm commitment impacted by force majeure event resulted in loss of approximately $ 5. 5 million recognized in third quarter of 2007 $ 2. 4 million insurance proceeds recovered recognized in first quarter of 2008.\n cheyenne plains gas pipeline company resumed full operations in november 2007.\n operating costs decreased due to decreased legal employee-related costs reduced ad-valorem tax expense.\n selected operating information - table sets selected operating information for energy services segment for periods indicated.\n natural gas in storage at december 31 , 2008  was 81. 9 bcf  compared with 66. 7 bcf at december 31 , 2007.\n december 31 , 2008 total natural gas storage capacity under lease was 91 bcf  compared with 96 bcf at december 31 natural gas volumes marketed decreased slightly during 2008  compared with 2007 due to increased injections in third quarter of 2008.\n demand for natural gas impacted by weather-related events in third quarter of 2008 including 15 percent decrease in cooling degree-days demand disruption caused by hurricane ike.\n\noperating information               | years ended december 31 , 2008 | years ended december 31 , 2007 | years ended december 31 , 2006\n----------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nnatural gas marketed ( bcf )        | 1160                           | 1191                           | 1132\nnatural gas gross margin ( $ /mcf ) | $ 0.07                         | $ 0.19                         | $ 0.22\nphysically settled volumes ( bcf )  | 2359                           | 2370                           | 2288"
}
{
    "_id": "dd4bec2fe",
    "title": "",
    "text": "future payments not paid early redemption discounted at fixed spread over comparable treasury security.\n unamortized discount and debt issuance costs amortized over remaining term of 2022 notes.\n 2021 notes.\n in may 2011 company issued $ 1. 5 billion aggregate unsecured unsubordinated obligations.\n notes issued as two separate series of senior debt securities including $ 750 million of 4. 25% ( 4. 25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes repaid in may 2013 at maturity.\n net proceeds to fund repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co.\n interest on 4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually on may 24 and november 24 each year commenced november 24 , 2011 approximately $ 32 million per year.\n 2021 notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.\n unamortized discount and debt issuance costs amortized over remaining term of 2021 notes.\n 2019 notes.\n december 2009 company issued $ 2. 5 billion unsecured unsubordinated obligations.\n notes issued as three separate series of senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes  repaid in december 2014 at maturity $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2019 ( 201c2019 notes 201d ).\nproceeds of offering used to repay borrowings under cp program finance acquisition of barclays global investors from on december 1 , 2009 for general corporate purposes.\n interest on 2019 notes of approximately $ 50 million per year payable semi-annually arrears on june 10 and december 10 each year.\n notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.\n unamortized discount and debt issuance costs amortized over remaining term of 2019 notes.\n 2017 notes.\n in september 2007  company issued $ 700 million principal amount of 6. 25% ( 6. 25 % ) senior unsecured unsubordinated notes maturing on september 15 , 2017 ( 201c2017 notes 201d ).\n portion of net proceeds of 2017 notes used to fund initial cash payment for acquisition of fund-of-funds business of quellos remainder used for general corporate purposes.\n interest payable semi-annually arrears on march 15 and september 15 each year or approximately $ 44 million per year.\n 2017 notes may be redeemed prior to maturity whole or part at option of company at 201cmake-whole 201d redemption price.\n unamortized discount and debt issuance costs amortized over remaining term of 2017 notes.\n 13.\n commitments contingencies operating lease commitments company leases primary office spaces under agreements expire through 2035.\n future minimum commitments under operating leases : ( in millions ).\n rent expense and certain office equipment expense under lease agreements amounted to $ 134 million , $ 136 million and $ 132 million in 2016 , 2015 2014  respectively.\n investment commitments.\n at december 31 , 2016  company had $ 192 million of capital commitments to fund sponsored investment funds including consolidated vies.\nfunds include private equity funds real assets funds opportunistic funds.\n amount excludes additional commitments by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have legal obligation to fund respective commitments of such funds funds.\n in addition to capital commitments of $ 192 million  company had approximately $ 12 million of contingent commitments for certain funds investment periods expired.\n timing of funding of commitments unknown commitments callable on demand at any time prior to expiration of commitment.\n unfunded commitments not recorded on consolidated statements of financial condition.\n commitments do not include potential future commitments approved by company not yet legally binding.\n company intends to make additional capital commitments to fund additional investment products for  with  clients.\n contingencies contingent payments related to business acquisitions.\n in with certain acquisitions blackrock required to make contingent payments  subject to achieving specified performance targets may include revenue related to acquired contracts or new capital commitments for certain products.\n fair value of remaining aggregate contingent payments at december 31 , 2016 totaled $ 115 million included in other liabilities on consolidated statement of financial condition.\n other contingent payments.\n company acts as portfolio manager in series derivative transactions has maximum potential exposure of $ 17 million between company and counterparty.\n see note 7 , derivatives and hedging  for further discussion.\n legal proceedings.\n blackrock receives subpoenas or other requests for information from various.\n federal , state governmental domestic international regulatory authorities\n\nyear       | amount\n---------- | ------\n2017       | 142\n2018       | 135\n2019       | 125\n2020       | 120\n2021       | 112\nthereafter | 404\ntotal      | $ 1038"
}
{
    "_id": "dd49899f8",
    "title": "",
    "text": "refinance indebtedness matured fourth quarter of 2014.\n interest payable semi-annually arrears march 18 and september 18 each year or approximately $ 35 million per year.\n 2024 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.\n unamortized discount and debt issuance costs amortized over remaining term of 2024 notes.\n 2022 notes.\n in may 2012  company issued $ 1. 5 billion aggregate principal amount unsecured unsubordinated obligations.\n notes issued as two separate series of senior debt securities including $ 750 million of 1. 375% ( 1. 375 % ) notes  repaid june 2015 at maturity and $ 750 million of 3. 375% ( 3. 375 % ) notes maturing june 2022 ( 201c2022 notes 201d ).\n net proceeds to fund repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates for general corporate purposes.\n interest on 2022 notes approximately $ 25 million per year payable semi-annually june 1 and december 1 each year.\n 2022 notes may be redeemed prior to maturity in whole or in part option company at 201cmake-whole 201d redemption price.\n 201cmake-whole 201d redemption price represents price  subject to specific terms of 2022 notes related indenture greater of ( a ) par value and ( b ) present value of future payments not be paid because of early redemption discounted at fixed spread over comparable treasury security.\n unamortized discount and debt issuance costs amortized over remaining term of 2022 notes.\n 2021 notes.\n in may 2011  company issued $ 1. 5 billion in aggregate principal amount of unsecured unsubordinated obligations.\nnotes issued as two series senior debt securities including $ 750 million of 4. 25% ( 4. 25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes repaid may 2013 at maturity.\n net proceeds fund repurchase of blackrock 2019s series b from affiliates merrill lynch & co. .\n interest on 4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually on may 24 and november 24 each year approximately $ 32 million per year.\n 2021 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.\n unamortized discount and debt issuance costs amortized over remaining term of 2021 notes.\n 2019 notes.\n in december 2009  company issued $ 2. 5 billion in unsecured and unsubordinated obligations.\n notes issued as three separate series of senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes  repaid december 2014 at maturity $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2019 ( 201c2019 notes 201d ).\n net proceeds used to repay borrowings under cp program finance portion acquisition of barclays global investors from barclays december 1 , 2009 for general corporate purposes.\n interest on 2019 notes of approximately $ 50 million per year payable semi-annually arrears on june 10 and december 10 each year.\n notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.\nunamortized discount and debt issuance costs amortized over remaining term of 2019 notes.\n 13.\n commitments contingencies operating lease commitments company leases primary office spaces under agreements expire through 2043.\n future minimum commitments under operating leases as follows : ( in millions ).\n in may 2017  company entered agreement with 50 hymc owner llc  for lease of approximately 847000 square feet of office space at 50 hudson yards, new york .\n term of lease is twenty years from rental payments begin expected to occur in may 2023  option to renew for specified term.\n lease requires annual base rental payments of approximately $ 51 million per year during first five years lease term increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1. 2 billion in base rent over twenty-year term ).\n lease classified as operating lease not recorded as liability on consolidated statements of financial condition.\n rent expense certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million $ 136 million in 2017 , 2016 2015  respectively.\n investment commitments.\n at december 31 , 2017  company had $ 298 million of various capital commitments to fund sponsored investment funds including consolidated vies.\n funds include private equity funds  real assets funds  opportunistic funds.\n amount excludes additional commitments by consolidated funds of funds to underlying third-party funds third-party noncontrolling interest holders have legal obligation to fund commitments funds.\n timing of funding of commitments unknown commitments callable on demand at any time prior to expiration of commitment.\n unfunded commitments not recorded on consolidated statements of financial condition.\ncommitments not include potential future commitments approved by company not yet legally binding.\n company intends to make additional capital commitments to fund additional investment products for with clients.\n contingencies contingent payments related to business acquisitions.\n with certain acquisitions blackrock required to make contingent payments subject to achieving specified performance targets may include revenue related to acquired contracts or new capital commitments for certain products.\n fair value of remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million  including $ 128 million related to first reserve transaction included in other liabilities on consolidated statements of financial condition.\n\nyear       | amount\n---------- | ------\n2018       | 141\n2019       | 132\n2020       | 126\n2021       | 118\n2022       | 109\nthereafter | 1580\ntotal      | $ 2206"
}
{
    "_id": "dd4b90ada",
    "title": "",
    "text": "noted above result of sales regulated subsidiaries presented as discontinued operations for all periods.\n amounts statistics tables in section refer only to on-going operations unless otherwise noted.\n following table sets forth regulated businesses operating revenue for 2012 number of customers from continuing operations estimate of population served as of december 31 , 2012 : operating revenues ( in millions ) % ( % ) of total number of customers % ) of total estimated population served ( in millions ) % ( % ) of total.\n ( a ) includes illinois-american water company ilawc american lake water company  regulated subsidiary in illinois.\n ( b ) west virginia-american water company  wvawc  subsidiary bluefield valley water works company.\n ( c ) includes data from operating subsidiaries in states : georgia , hawaii , iowa , kentucky, maryland , michigan, new york  tennessee virginia.\n approximately 87. 7% ( 87. 7 % ) of operating revenue from regulated businesses in 2012 generated from approximately 2. 7 million customers in seven largest states operating revenues.\n in fiscal year 2012  no single customer accounted for more than 10% ( 10 % ) of annual operating revenue.\n overview networks facilities water supply regulated businesses operate in approximately 1500 communities in 16 states in united states.\n primary operating assets include 80 surface water treatment plants  500 groundwater treatment plants  1000 groundwater wells  100 wastewater treatment facilities  1200 treated water storage facilities 1300 pumping stations  90 dams 46000 miles of mains and collection pipes.\n regulated utilities own all assets used by regulated businesses.\n generally own land and physical assets used to store  extract treat source water.\ntypically  we do not own water itself , held in public trust allocated to us through contracts allocation rights by federal state agencies or through ownership of water rights to local law.\n maintaining reliability of our networks is a key activity of our regulated businesses.\n we have ongoing infrastructure renewal programs in all states in our regulated businesses operate.\n these programs consist of rehabilitation of existing mains and replacement of mains end of useful service lives.\n our ability to meet existing future water demands of customers depends on adequate supply of water.\n drought  governmental restrictions  overuse of sources of water  protection of threatened species or habitats or other factors may limit availability of ground and surface water.\n we employ variety of measures to ensure adequate sources of water supply  short-term and long-term.\n geographic diversity of our service areas to mitigate economic effect of weather extremes\n\nnew jersey                    | operating revenues ( in millions ) $ 639.0 | % (  % ) of total 24.9% ( 24.9 % ) | number of customers 639838 | % (  % ) of total 20.3% ( 20.3 % ) | estimated population served ( in millions ) 2.5 | % (  % ) of total 21.9% ( 21.9 % )\n----------------------------- | ------------------------------------------ | ---------------------------------- | -------------------------- | ---------------------------------- | ----------------------------------------------- | ----------------------------------\npennsylvania                  | 557.7                                      | 21.7% ( 21.7 % )                   | 658153                     | 20.8% ( 20.8 % )                   | 2.2                                             | 19.3% ( 19.3 % )\nmissouri                      | 279.5                                      | 10.9% ( 10.9 % )                   | 455730                     | 14.4% ( 14.4 % )                   | 1.5                                             | 13.2% ( 13.2 % )\nillinois ( a )                | 256.4                                      | 10.0% ( 10.0 % )                   | 308014                     | 9.8% ( 9.8 % )                     | 1.2                                             | 10.5% ( 10.5 % )\nindiana                       | 198.7                                      | 7.8% ( 7.8 % )                     | 289068                     | 9.2% ( 9.2 % )                     | 1.2                                             | 10.5% ( 10.5 % )\ncalifornia                    | 193.3                                      | 7.5% ( 7.5 % )                     | 174188                     | 5.5% ( 5.5 % )                     | 0.6                                             | 5.3% ( 5.3 % )\nwest virginia ( b )           | 125.0                                      | 4.9% ( 4.9 % )                     | 172159                     | 5.4% ( 5.4 % )                     | 0.6                                             | 5.3% ( 5.3 % )\nsubtotal ( top seven states ) | 2249.6                                     | 87.7% ( 87.7 % )                   | 2697150                    | 85.4% ( 85.4 % )                   | 9.8                                             | 86.0% ( 86.0 % )\nother ( c )                   | 314.8                                      | 12.3% ( 12.3 % )                   | 461076                     | 14.6% ( 14.6 % )                   | 1.6                                             | 14.0% ( 14.0 % )\ntotal regulated businesses    | $ 2564.4                                   | 100.0% ( 100.0 % )                 | 3158226                    | 100.0% ( 100.0 % )                 | 11.4                                            | 100.0% ( 100.0 % )"
}
{
    "_id": "dd4c55f88",
    "title": "",
    "text": "notes to consolidated financial statements derivatives with credit-related contingent features firm 2019s derivatives transacted under bilateral agreements with counterparties may require firm to post collateral or terminate transactions based on changes in firm 2019s credit ratings.\n firm assesses impact of bilateral agreements by determining collateral or termination payments assuming downgrade by all rating agencies.\n downgrade by any one rating agency  depending on agency 2019s relative ratings firm at time downgrade may have impact comparable to impact downgrade by all rating agencies.\n table below presents aggregate fair value of net derivative liabilities under agreements ( excluding application collateral posted to reduce liabilities ) related aggregate fair value of assets posted as collateral  additional collateral or termination payments could have called at reporting date by counterparties in one-notch and two-notch downgrade in firm 2019s credit ratings.\n additional collateral or termination payments for one-notch downgrade 1534 1303 additional collateral or termination payments for two-notch downgrade 2500 2183 credit derivatives firm enters into broad array of credit derivatives in locations around world to facilitate client transactions manage credit risk associated with market- making investing lending activities.\n credit derivatives actively managed based on firm 2019s net risk position.\n credit derivatives are individually negotiated contracts can have various settlement and payment conventions.\n credit events include failure to pay  bankruptcy  acceleration of indebtedness  restructuring  repudiation dissolution of reference entity.\n credit default swaps.\n single-name credit default swaps protect buyer against loss of principal on bonds  loans or mortgages ( reference obligations ) in event issuer ( reference entity ) of reference obligations suffers a credit event.\nbuyer of protection pays initial or periodic premium to seller and receives protection for period of contract.\n if no credit event , defined in contract, seller of protection makes no payments to buyer of protection.\n if credit event occurs , seller of protection required to make payment to buyer of protection , calculated in accordance with terms of contract.\n credit indices , baskets and tranches.\n credit derivatives may reference basket of single-name credit default swaps or broad-based index.\n if credit event occurs in underlying reference obligations, protection seller pays protection buyer.\n payment is typically a pro-rata portion of transaction 2019s total notional amount based on underlying defaulted reference obligation.\n in certain transactions , credit risk of basket or index is separated into various portions ( tranches ) each having different levels of subordination.\n most junior tranches cover initial defaults once losses exceed notional amount of junior tranches , excess loss covered by next most senior tranche in capital structure.\n total return swaps.\n total return swap transfers risks relating to economic performance of reference obligation from protection buyer to protection seller.\n typically protection buyer receives from protection seller floating rate of interest and protection against reduction in fair value of reference obligation  in return protection seller receives cash flows associated with reference obligation  plus any increase in fair value of reference obligation.\n credit options.\n in credit option , option writer assumes obligation to purchase or sell reference obligation at specified price or credit spread.\n option purchaser buys right  but does not assume obligation to sell reference obligation to or purchase from  option writer.\n payments on credit options depend either on particular credit spread or price of reference obligation.\nfirm economically hedges exposure to written credit derivatives primarily by offsetting purchased credit derivatives with identical underlyings.\n substantially all firm 2019s purchased credit derivative transactions are with financial institutions subject to stringent collateral thresholds.\n in , upon of specified trigger event , firm may take possession of reference obligations underlying particular written credit derivative , may , upon liquidation reference obligations recover amounts on underlying reference obligations in event of default.\n 140 goldman sachs 2012 annual report\n\nin millions                                                             | as of december 2012 | as of december 2011\n----------------------------------------------------------------------- | ------------------- | -------------------\nnet derivative liabilities under bilateral agreements                   | $ 27885             | $ 35066\ncollateral posted                                                       | 24296               | 29002\nadditional collateral or termination payments for a one-notch downgrade | 1534                | 1303\nadditional collateral or termination payments for a two-notch downgrade | 2500                | 2183"
}
{
    "_id": "dd4bebf02",
    "title": "",
    "text": "assumptions constant table reflects one hundred basis point increase and decrease in estimated long-term rate of return on plan assets on estimated 2011 pension expense ( in millions ) : change in long-term rate of return on plan assets.\n estimated future contributions estimate contributions of approximately $ 403 million in 2011 compared with $ 288 million in goodwill and other intangible assets goodwill represents excess of cost over fair market value of net assets acquired.\n classify intangible assets acquired as trademarks , customer relationships , technology  non-compete agreements  or other purchased intangibles.\n goodwill and other intangible balances at december 31 , 2010 increased to $ 8. 6 billion and $ 3. 6 billion  respectively compared to $ 6. 1 billion and $ 791 million  respectively at december 31 , 2009 primarily result of hewitt acquisition.\n goodwill not amortized we test it for impairment annually in fourth quarter.\n quarter also test acquired trademarks ( not amortized ) for impairment.\n test more frequently if indicators of impairment or business circumstances suggest carrying value of goodwill or trademarks may not be recoverable.\n indicators may include sustained significant decline in share price and market capitalization decline in expected future cash flows significant adverse change in legal factors or business climate.\n no events occurred during 2010 or 2009 indicate existence of impairment with respect to reported goodwill or trademarks.\n perform impairment reviews at reporting unit level.\n reporting unit is operating segment or one level below operating segment ( referred to as 2018 2018component 2019 ).\n component of operating segment is reporting unit if component constitutes business for which discrete financial information is available and segment management regularly reviews operating results of component.\noperating segment deemed to be a reporting unit if all components similar , if none of components is a reporting unit , or if segment comprises only a single component.\n goodwill impairment test is a two step analysis.\n step one requires fair value of each reporting unit to compared to its book value.\n management must apply judgment in determining estimated fair value of reporting units.\n if fair value of reporting unit determined greater than carrying value reporting unit , goodwill and trademarks deemed not to be impaired no further testing necessary.\n if fair value of reporting unit less than carrying value, we perform step two.\n step two uses calculated fair value of reporting unit to perform hypothetical purchase price allocation to fair value of assets and liabilities of reporting unit.\n difference between fair value of reporting unit calculated in step one and fair value of underlying assets and liabilities reporting unit is implied fair value of reporting unit 2019s goodwill.\n charge recorded in financial statements if carrying value of reporting unit 2019s goodwill greater than implied fair value.\n\nincrease ( decrease ) in expense | change in long-term rateof return on plan assets increase | change in long-term rateof return on plan assets decrease\n-------------------------------- | --------------------------------------------------------- | ---------------------------------------------------------\nu.s . plans                      | $ -14 ( 14 )                                              | $ 14\nu.k . plans                      | -35 ( 35 )                                                | 35\nthe netherlands plan             | -5 ( 5 )                                                  | 5\ncanada plans                     | -2 ( 2 )                                                  | 2"
}
{
    "_id": "dd4bc6a5e",
    "title": "",
    "text": "working on site.\n company resolved five of eight pending lawsuits from matter believes has adequate insurance to resolve remaining matters.\n company believes settlement of lawsuits not have material adverse effect on consolidated financial statements.\n during 2009 third quarter , in connection with environmental site remediation action under cer- cla , international paper submitted to epa a feasibility study for this site.\n epa intends to select proposed remedial action alternative from study present proposal for public comment.\n not currently possible to determine final remedial action required company has accrued  as of december 31 , 2009 , estimate of minimum costs could required for this site.\n when remediation plan finalized by epa possible remediation costs could be sig- nificantly higher than amounts currently recorded.\n exterior siding and roofing litigation international paper established reserves relating to settlement  during 1998 and 1999 , of three nationwide class action lawsuits against com- pany and masonite corp. former wholly-owned subsidiary of company.\n settlements relate to 1 ) exterior hardboard siding installed during 1980 2019s and 1990 2019s hardboard claims ) ; 2 ) omniwood siding installed during 1990 2019s ( omniwood claims ) ; and 3 ) woodruf roofing installed during 1980 2019s and 1990 2019s ( woodruf claims ).\n all hardboard claims required to be made by january 15 , 2008  all omniwood and woodruf claims required made by jan- uary 6 , 2009.\n following table presents analysis of total reserve activity related to hardboard , omniwood and woodruf settlements for years ended december 31 , 2009 , 2008 and 2007 : in millions total.\n company believes aggregate reserve balance remaining at december 31 , 2009 is adequate to cover final settlement of remaining claims.\ncompany involved in inquiries , administrative proceedings litigation relating to contracts  sales of property intellectual property environmental safety matters tax  personal injury labor employment other matters  some allege substantial monetary damages.\n proceeding litigation uncertainty, company believes outcome of lawsuits or claims pending or threatened all combined not have material adverse effect on its consolidated financial statements.\n note 12 variable interest entities preferred securities of subsidiaries variable interest entities in connection with 2006 sale of approximately 5. 6 million acres of forestlands  international paper received installment notes ( timber notes ) total- ing approximately $ 4. 8 billion.\n timber notes  do not require principal payments prior to august 2016 maturity supported by irrev- ocable letters of credit obtained by buyers forestlands.\n during 2006 fourth quarter  interna- tional paper contributed timber notes to newly formed entities ( borrower entities ) in exchange for class a and class b interests in entities.\n subsequently international paper contributed $ 200 million class a interests in borrower enti- ties  along with approximately $ 400 million of international paper promissory notes to other newly formed entities ( investor entities ) in exchange for class a and class b interests in entities simultaneously sold its class a interest in investor entities to third party investor.\n at december 31 , 2006 , international paper held class b interests in borrower entities and class b interests in investor entities valued at approx- imately $ 5. 0 billion.\n international paper has no obligation to make further capital contributions to entities did not provide financial or other support during 2009 , 2008 or 2007 not previously contractually required.\nbased on analysis of these entities under guidance considers potential magnitude of variability in structure and which party bears majority of gains or losses , international paper determined it not primary beneficiary of these entities\n\nin millions              | total\n------------------------ | ----------\nbalance december 31 2006 | $ 124\npayments                 | -78 ( 78 )\nbalance december 31 2007 | 46\nadditional provision     | 82\npayments                 | -87 ( 87 )\nbalance december 31 2008 | 41\npayments                 | -38 ( 38 )\nbalance december 31 2009 | $ 3"
}
{
    "_id": "dd4c6528a",
    "title": "",
    "text": "duke realty corporation annual report , 200844 estimated with reasonable accuracy.\n percentage of completion estimates based on comparison of contract expenditures incurred to estimated final costs.\n changes in job performance , job conditions and estimated profitability may result in revisions to costs and income recognized in period revisions determined.\n unbilled receivables on construction contracts totaled $ 22. 7 million and $ 33. 1 million at december 31 , 2008 and 2007 , respectively.\n property sales gains on sales of all properties recognized in accordance with sfas 66.\n specific timing of sale measured against criteria in sfas 66 related to terms of transactions continuing involvement in management or financial assistance from seller associated with properties.\n we make judgments based on specific terms of each transaction amount total profit from transaction recognize considering factors continuing ownership interest with buyer ( 201cpartial sales 201d ) level of future involvement with property or buyer acquires assets.\n if sales criteria not met  defer gain recognition account for continued operations of property by applying finance , installment or cost recovery methods  appropriate until full accrual sales criteria met.\n estimated future costs incurred after completion of each sale included in determination of gain on sales.\n gains from sales of depreciated property included in discontinued operations proceeds from sale of held-for-rental properties classified in investing activities section of consolidated statements of cash flows.\n gains or losses from sale of properties developed or repositioned with intent to sell and not for long-term rental ( 201cbuild-for- sale 201d properties ) classified as gain on sale of build-for-sale properties in consolidated statements of operations.\n all activities and proceeds received from development and sale of these buildings classified in operating activities section of consolidated statements of cash flows.\nnet income per common share basic net income computed by dividing net income available for common shareholders by weighted average number of common shares outstanding for period.\n diluted net income share computed by dividing sum net income available for common shareholders and minority interest in earnings to units not owned by us by sum of weighted average number of common shares outstanding and minority units outstanding including potential dilutive securities for period.\n table reconciles components of basic and diluted net income per common share ( in thousands ) :.\n weighted average number of common shares and potential dilutive securities 155041 149614 149393 ( 1 ) excludes ) 7731 , 780 and 719 of anti-dilutive shares for years ended december 31 , 2008 , 2007 2006 .\n also excludes 3. 75% ( 3. 75 % ) exchangeable senior notes due november 2011 ( 201cexchangeable notes 201d ) issued in 2006  anti-dilutive effect on earnings per share for years ended december 31, 2008 , 2007 2006.\n joint venture partner in option to convert portion of ownership to our common shares.\n effect of option on earnings per share was anti-dilutive for years ended december 31 , 2008 , 2007 and 2006.\n\n| 2008    | 2007     | 2006\n-------------------------------------------------------------------------- | ------- | -------- | --------\nbasic net income available for common shareholders                         | $ 56616 | $ 217692 | $ 145095\nminority interest in earnings of common unitholders                        | 2968    | 14399    | 14238\ndiluted net income available for common shareholders                       | $ 59584 | $ 232091 | $ 159333\nweighted average number of common shares outstanding                       | 146915  | 139255   | 134883\nweighted average partnership units outstanding                             | 7619    | 9204     | 13186\ndilutive shares for stock-based compensation plans ( 1 )                   | 507     | 1155     | 1324\nweighted average number of common shares and potential dilutive securities | 155041  | 149614   | 149393"
}
{
    "_id": "dd4b9ea7c",
    "title": "",
    "text": "management 2019s discussion analysis net interest income 2012 versus 2011.\n net interest income on consolidated statements of earnings was $ 3. 88 billion for 2012 , 25% ( 25 % ) lower than 2011.\n decrease 2011 primarily due to lower average yields on financial instruments owned  at fair value  collateralized agreements.\n 2011 versus 2010.\n net interest income on consolidated statements earnings was $ 5. 19 billion for 2011 , 6% ( 6 % ) lower than 2010.\n decrease 2010 primarily due to higher interest expense to long-term borrowings higher dividend expense to financial instruments sold not yet purchased partially offset by increase in interest income from higher yielding collateralized agreements.\n operating expenses operating expenses influenced by compensation , headcount business activity.\n compensation benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.\n discretionary compensation impacted by level net revenues overall financial performance prevailing labor markets business mix structure of share-based compensation programs external environment.\n in context difficult economic financial conditions firm launched initiative during second quarter of 2011 to identify areas operate more efficiently reduce operating expenses.\n during 2012 and 2011  announced targeted annual run rate compensation and non-compensation reductions of approximately $ 1. 9 billion in aggregate.\n table below presents operating expenses total staff.\n total staff at period-end 2 32400 33300 35700 1.\n related revenues included in 201cmarket making 201d on consolidated statements of earnings.\n.\n includes employees , consultants temporary staff.\n 48 goldman sachs 2012 annual report\n\n$ in millions                                    | year ended december 2012 | year ended december 2011 | year ended december 2010\n------------------------------------------------ | ------------------------ | ------------------------ | ------------------------\ncompensation and benefits                        | $ 12944                  | $ 12223                  | $ 15376\nu.k . bank payrolltax                            | 2014                     | 2014                     | 465\nbrokerage clearing exchange anddistribution fees | 2208                     | 2463                     | 2281\nmarket development                               | 509                      | 640                      | 530\ncommunications and technology                    | 782                      | 828                      | 758\ndepreciation and amortization                    | 1738                     | 1865                     | 1889\noccupancy                                        | 875                      | 1030                     | 1086\nprofessional fees                                | 867                      | 992                      | 927\ninsurance reserves1                              | 598                      | 529                      | 398\nother expenses                                   | 2435                     | 2072                     | 2559\ntotal non-compensation expenses                  | 10012                    | 10419                    | 10428\ntotal operating expenses                         | $ 22956                  | $ 22642                  | $ 26269\ntotal staff atperiod-end2                        | 32400                    | 33300                    | 35700"
}
{
    "_id": "dd498e52a",
    "title": "",
    "text": "pnc financial services group , inc.\n 2013 form 10-k 155 other legal proceedings material adverse effect on our financial position.\n we cannot now determine whether not claims asserted against us or others indemnification obligations , in proceedings or other matters described or otherwise material adverse effect on our results of operations in future reporting period  depend on amount loss from claim and amount income reported for reporting period.\n note 20 commitments in normal course of business  have various commitments outstanding  certain not included on our consolidated balance sheet.\n following table presents our outstanding commitments to extend credit with significant other commitments as of december 31 , 2018 and 2017 , respectively.\n table 94 : commitments to extend credit and other commitments in millions december 31 december 31.\n commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions.\n commitments have fixed expiration dates may require payment fee  contain termination clauses in customer 2019s credit quality deteriorates.\n net outstanding standby letters of credit we issue standby letters of credit and share in risk of standby letters of credit issued by other financial institutions  to support obligations of customers to third parties , insurance requirements and facilitation of transactions involving capital markets product execution.\n approximately 91% ( 91 % ) of our net outstanding standby letters of credit were rated as pass at both december 31 , 2018 and 2017 , remainder rated as criticized.\n internal credit rating of pass indicates expected risk of loss low , rating of criticized indicates higher degree of risk.\nif customer fails to meet financial or performance obligation to third party under terms contract or need to support remarketing program , upon draw by beneficiary , subject to terms letter of credit , we obligated to make payment.\n standby letters of credit outstanding on december 31 , 2018 had terms ranging from less than one year to six years.\n as of december 31 , 2018  assets of $ 1. 1 billion secured certain specifically identified standby letters of credit.\n portion of remaining standby letters of credit issued on behalf of specific customers secured by collateral or guarantees secure customers 2019 other obligations to us.\n carrying amount of liability for obligations related to standby letters of credit and participations letters credit was $. 2 billion at december 31 , 2018 included in other liabilities on consolidated balance sheet.\n\nin millions                                              | december 31 2018 | december 312017\n-------------------------------------------------------- | ---------------- | ---------------\ncommitments to extend credit                             |                  |\ntotal commercial lending                                 | $ 120165         | $ 112125\nhome equity lines of credit                              | 16944            | 17852\ncredit card                                              | 27100            | 24911\nother                                                    | 5069             | 4753\ntotal commitments to extend credit                       | 169278           | 159641\nnet outstanding standby letters of credit ( a )          | 8655             | 8651\nreinsurance agreements ( b )                             | 1549             | 1654\nstandby bond purchase agreements ( c )                   | 1000             | 843\nother commitments ( d )                                  | 1130             | 1732\ntotal commitments to extend credit and other commitments | $ 181612         | $ 172521"
}
{
    "_id": "dd4b94a7c",
    "title": "",
    "text": "notes to consolidated financial statements credit agreement provides loans bear interest at rates based at company 2019s option , on one of two specified base rates plus margin based on certain formulas defined in credit agreement.\n credit agreement contains commitment fee on amount unused commitment credit agreement ranging from 0. 125% ( 0. 125 % ) to 0. 625% ( 0. 625 % ) per annum.\n applicable interest rate and commitment fee vary depending on ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc.\n for company 2019s non-credit enhanced , long- term , senior , unsecured debt.\n credit agreement contains usual restrictive covenants for facilities type include limitations on company 2019s ability to create liens or other encumbrances enter into sale and leaseback transactions enter consolidations , mergers or transfers of all or assets.\n credit agreement requires company to maintain ratio of total indebtedness to total capitalization  credit of sixty percent or less.\n credit agreement contains customary events of default permit lenders to accelerate repayment of loans including failure to make timely payments credit agreement or other material indebtedness failure to satisfy covenants credit agreement change in control of company specified events of bankruptcy and insolvency.\n no amounts outstanding under credit agreement at december 31 , on november 12 , 2010 , ppg completed public offering of $ 250 million in aggregate principal amount of its 1. 900% ( 1. 900 % ) notes due 2016 ( 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of 3. 600% ( 3. 600 % ) notes due 2020 ( 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of its 5. 500% ( 5.500 % ) notes due 2040 ( 201c2040 notes 201d ).\n notes issued pursuant to indenture dated march 18 , 2008 ( 201coriginal indenture 201d ) between company and bank of new york mellon trust company , n. a. , as trustee ( 201ctrustee 201d ) supplemented by first supplemental indenture dated march 18 , 2008 between company trustee ( 201cfirst supplemental indenture 201d ) and second supplemental indenture november 12, 2010 between company and trustee ( 201csecond supplemental indenture 201d and  together with original indenture and first supplemental indenture , 201cindenture 201d ).\n company may issue additional debt original indenture.\n indenture governing these notes contains covenants limit company 2019s ability to  incur liens securing indebtedness  engage in sale-leaseback transactions  enter into consolidations , mergers , conveyances , transfers or leases of all or all company 2019s assets.\n terms of notes require company to make offer to repurchase notes upon change of control triggering event ( as defined in second supplemental indenture ) at price equal to 101% ( 101 % ) of principal amount plus accrued and unpaid interest.\n cash proceeds from this notes offering was $ 983 million ( net of discount and issuance costs ).\n discount and issuance costs related to notes  totaled $ 17 million  will be amortized to interest expense over respective terms of notes.\n ppg 2019s non-u. s.\n operations have uncommitted lines of credit totaling $ 791 million of $ 31 million was used as of december 31 , 2010.\n these uncommitted lines of credit subject to cancellation not subject to commitment fees.\nshort-term debt outstanding as of december 31 , 2010 and 2009  was : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0. 8% ( 0. 8 % ) as of dec.\n 31 , 2009 $ 2014 $ 110 other weighted average 3. 39% ( 3. 39 % ) as of dec.\n 31 , 2010 and 2. 2% ( 2. 2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg in compliance with restrictive covenants under credit agreements, loan agreements indentures.\n company 2019s revolving credit agreements include financial ratio covenant.\n covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related to pensions and postretirement benefit adjustments.\n as of december 31 , 2010  total indebtedness was 45% ( 45 % ) of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related pensions postretirement benefit adjustments.\n all company 2019s debt agreements contain cross- default provisions.\n default on debt service payment of $ 10 million or more for longer than grace period usually 10 days ) under one agreement may result in default under other agreements.\n none of company 2019s primary debt obligations secured or guaranteed by company 2019s affiliates.\n interest payments in 2010 , 2009 and 2008 totaled $ 189 million , $ 201 million and $ 228 million .\n 2010 annual report form 10-k 43.\n credit agreement provides loans will bear interest at rates based at company 2019s option on one of two specified base rates plus margin based on certain formulas defined in credit agreement.\n credit agreement contains commitment fee on unused commitment credit agreement ranging from 0. 125%. to 0. 625% ( 0.625 % ) per annum.\n applicable interest rate commitment fee vary depending on ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc.\n for company 2019s non-credit enhanced , long- term , senior , unsecured debt.\n credit agreement contains usual restrictive covenants for facilities its type include limitations on company 2019s ability to create liens other encumbrances  enter into sale and leaseback transactions enter consolidations , mergers or transfers of all or assets.\n credit agreement requires company to maintain ratio of total indebtedness to total capitalization  of sixty percent or less.\n credit agreement contains customary events of default permit lenders to accelerate repayment of loans , including failure to make timely payments due credit agreement other material indebtedness  failure to satisfy covenants in credit agreement change in control of company specified events of bankruptcy and insolvency.\n no amounts outstanding under credit agreement at december 31 , on november 12 , 2010 , ppg completed public offering of $ 250 million in aggregate principal amount of 1. 900% ( 1. 900 % ) notes due 2016 ( 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of 3. 600% ( 3. 600 % ) notes due 2020 ( 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of 5. 500% ( 5. 500 % ) notes due 2040 ( 201c2040 notes 201d ).\n these notes issued pursuant to indenture dated of march 18 , 2008 ( 201coriginal indenture 201d ) between company and bank of new york mellon trust company .trustee ( 201ctrustee 201d ) supplemented by first supplemental indenture dated march 18 , 2008 between company trustee ( 201cfirst supplemental indenture 201d ) and second supplemental indenture november 12 , 2010 between company trustee ( 201csecond supplemental indenture 201d  together with original indenture and first supplemental indenture , 201cindenture 201d ).\n company may issue additional debt pursuant original indenture.\n indenture governing these notes contains covenants limit company 2019s ability to incur liens securing indebtedness  engage in sale-leaseback transactions  enter consolidations , mergers  conveyances  transfers or leases of all or company 2019s assets.\n terms of notes require company to make offer to repurchase notes upon change of control triggering event ( defined in second supplemental indenture ) at price equal to 101% ( 101 % ) of principal amount plus accrued and unpaid interest.\n cash proceeds from notes offering was $ 983 million ( net of discount and issuance costs ).\n discount and issuance costs related to notes totaled $ 17 million  will be amortized to interest expense over terms of notes.\n ppg 2019s non-u.\n operations have uncommitted lines of credit totaling $ 791 million of $ 31 million used as of december 31 , 2010.\n uncommitted lines of credit subject to cancellation not subject to commitment fees.\n short-term debt outstanding as of december 31 , 2010 and 2009  was as follows : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0. 8% ( 0. 8 % ) as of dec.\n 31 , 2009 $ 2014 $ 110 other  weighted average 3. 39% ( 3. 39 % ) as of dec.\n 31 , 2010 and 2. 2% ( 2.2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg in compliance with restrictive covenants under credit agreements , loan agreements indentures.\n company 2019s revolving credit agreements include financial ratio covenant.\n covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding accumulated other comprehensive income loss ) related to pensions postretirement benefit adjustments.\n as of december 31 , 2010 , total indebtedness was 45% ( 45 % ) of company 2019s total capitalization excluding other income loss ) related pensions postretirement benefit adjustments.\n all company 2019s debt agreements contain cross- default provisions.\n provisions provide default on debt service payment of $ 10 million or more for longer than grace period ( usually 10 days ) one agreement may result in default under other agreements.\n none of company 2019s primary debt obligations secured or guaranteed by company 2019s affiliates.\n interest payments in 2010 , 2009 2008 totaled $ 189 million , $ 201 million $ 228 million , respectively.\n 2010 ppg annual report and form 10-k 43\n\n( millions )                                                                                          | 2010   | 2009\n----------------------------------------------------------------------------------------------------- | ------ | -----\n20ac650 million revolving credit facility 0.8% ( 0.8 % ) as of dec . 31 2009                          | $ 2014 | $ 110\nother weighted average 3.39% ( 3.39 % ) as of dec . 31 2010 and 2.2% ( 2.2 % ) as of december 31 2009 | 24     | 158\ntotal                                                                                                 | $ 24   | $ 268"
}
{
    "_id": "dd4ba534a",
    "title": "",
    "text": "( $ 125 million ) higher maintenance outage costs ( $ 18 million ).\n operating profits 2012 include costs $ 184 million acquisition integration of temple-inland mill divestiture costs $ 91 million costs restructuring of european packaging busi ness $ 17 million $ 3 million gain for other items operating costs in 2011 included costs signing agreement to acquire temple-inland $ 20 million gain $ 7 million for other items.\n industrial packaging.\n north american industr packaging net sales were $ 11. 6 billion in 2012 compared with $ 8. 6 billion in 2011 $ 8. 4 billion in 2010.\n operating profits in 2012 were $ 1. 0 billion ( $ 1. 3 billion exclud- ing costs acquisition integration of temple-inland mill divestiture costs ) compared with $ 1. 1 billion ( including excluding costs signing agree- ment to acquire temple-inland in 2011 $ 763 million ( $ 776 million excluding facility closure costs ) in 2010.\n sales volumes for legacy business flat in 2012 compared with 2011.\n average sales price lower due to export containerboard sales prices bottomed out first quarter climbed steadily rest of year.\n input costs lower for recycled fiber  wood natural gas higher for starch.\n freight costs increased.\n plan- ned maintenance downtime costs higher than 2011.\n operating costs higher due to routine inventory valuation adjustments operating profits 2012 benefited from $ 235 million of temple-inland synergies.\n market-related downtime in 2012 was about 570000 tons compared with 380000 tons in 2011.\n operating profits 2012 included $ 184 million costs acquisition integration of temple-inland $ 91 million costs divestiture of three containerboard mills.\n operating profits in 2011 included charges $ 20 million for costs signing agreement to acquire temple- inland.\nto 2013  sales volumes first quarter compared with fourth quarter 2012 expected to increase slightly for boxes due to higher shipping days.\n average sales price realizations reflect pass-through to box customers of containerboard price increase implemented 2012.\n input costs expected higher for recycled fiber  wood starch.\n planned maintenance downtime costs expected $ 26 million higher with outages scheduled at eight mills compared with six mills 2012 fourth quarter.\n manufacturing operating costs expected lower.\n european industr packaging net sales were $ 1. 0 billion in 2012 compared with $ 1. 1 billion in 2011 $ 990 million in 2010.\n operating profits 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding gain for bargain purchase price adjustment on acquisition joint venture in turkey costs closure of etienne mill in france in 2009 ) in 2011 $ 70 mil- lion ( $ 73 million before closure costs for etienne mill ) in 2010.\n sales volumes 2012 lower than 2011 reflecting decreased demand for packaging industrial market due to weaker economic environment in southern europe.\n demand for pack- aging in agricultural markets flat year- over-year.\n average sales margins increased due to sales price increases 2011 2012 lower board costs.\n other input costs higher primarily for energy and distribution.\n operat- ing profits 2012 included net gain of $ 10 million for insurance settlement offset by addi- tional operating costs related to earthquakes in northern italy affected san felice box plant.\n first quarter of 2013 sales volumes expected stable reflecting seasonal decrease in market demand in agricultural markets offset by increase in industrial markets.\n average sales margins expected to improve due to lower input costs for containerboard.\n other input costs about flat.\noperating costs expected higher reflecting absence earthquake insurance settlement received in 2012 fourth quar- asian industr ia l packaging net sales operating profits include results sca pack- aging since acquisition june 30 , 2010 includ impact incremental integration costs.\n net sales for packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 $ 255 million in 2010.\n operating profits packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 loss of $ 7 million ( loss $ 4 million excluding facility closure costs ) in 2010.\n operating profits impacted by higher average sales margins 2012 compared 2011 benefit offset by lower sales volumes higher raw material costs operating costs.\n first quarter of 2013 sales volumes average sales margins expected decrease due to seasonality.\n net sales distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 $ 240 million in 2010.\n operating profits $ 3 million in 2012 compared with $ 3 million in 2011 about breakeven in 2010.\n\nin millions      | 2012    | 2011    | 2010\n---------------- | ------- | ------- | ------\nsales            | $ 13280 | $ 10430 | $ 9840\noperating profit | 1066    | 1147    | 826"
}
{
    "_id": "dd4bd677e",
    "title": "",
    "text": "part i item 1 entergy corporation , utility operating companies  system energy asbestos litigation ( entergy arkansas , entergy gulf states louisiana  entergy louisiana  entergy mississippi  entergy new orleans  entergy texas ) numerous lawsuits filed in federal and state courts primarily in texas and louisiana  primarily by contractor employees worked in 1940-1980s timeframe against entergy gulf states louisiana entergy texas  lesser extent other utility operating companies  as premises owners of power plants for damages caused by alleged exposure to asbestos.\n many other defendants named in lawsuits.\n currently approximately 500 lawsuits involving approximately 5000 claimants.\n management believes adequate provisions established to cover exposure.\n negotiations continue with insurers to recover reimbursements.\n management believes loss exposure will continue to be handled ultimate resolution of matters not material to financial position or results of operation of utility operating companies.\n employment and labor-related proceedings ( entergy corporation , entergy arkansas  entergy gulf states louisiana  entergy louisiana entergy mississippi  entergy new orleans entergy texas  system energy ) registrant subsidiaries other entergy subsidiaries responding to various lawsuits in state and federal courts other labor-related proceedings filed by current and former employees.\n amount of damages sought not specified in these proceedings.\nactions include allegations of wrongful employment actions ; wage disputes claims under fair labor standards act or state counterparts ; claims of race , gender disability discrimination ; disputes under collective bargaining agreements ; unfair labor practice proceedings administrative proceedings before national labor relations board ; claims of retaliation ; claims for benefits under entergy corporation sponsored plans.\n entergy and registrant subsidiaries responding to suits proceedings deny liability to claimants.\n employees employees integral part of entergy 2019s commitment to serving customers.\n as of december 31 , 2011  entergy subsidiaries employed 14682 people.\n utility.\n approximately 5300 employees represented by international brotherhood of electrical workers  utility workers union of america  international brotherhood of teamsters  united government security officers of america  international union , security , police , fire professionals of america.\n\nentergy arkansas              | 1357\n----------------------------- | -----\nentergy gulf states louisiana | 805\nentergy louisiana             | 937\nentergy mississippi           | 736\nentergy new orleans           | 342\nentergy texas                 | 674\nsystem energy                 | -\nentergy operations            | 2867\nentergy services              | 3138\nentergy nuclear operations    | 3709\nother subsidiaries            | 117\ntotal entergy                 | 14682"
}
{
    "_id": "dd4c0632a",
    "title": "",
    "text": "standardized maintenance based industry trade publication  we operate eighth largest vocational fleet in united states.\n as of december 31 , 2014  average fleet age in years  by line of business  was : approximate number of vehicles approximate average age.\n through standardization of core functions  we believe we can minimize variability in maintenance processes in higher vehicle quality extending service life of fleet.\n believe operating more reliable , safer efficient fleet will lower operating costs.\n implemented standardized maintenance programs for approximately 60% ( 60 % ) of fleet maintenance operations as of december 31 , 2014.\n cash utilization strategy key components cash utilization strategy include increasing free cash flow improving return on invested capital.\n definition of free cash flow  not measure determined with united states generally accepted accounting principles.\n is cash provided by operating activities less purchases of property and equipment plus proceeds from sales of property and equipment in consolidated statements of cash flows.\n for discussion reconciliation of free cash flow  read 201cfree cash flow 201d section of management 2019s discussion and analysis of financial condition and results of operations in item 7 of form 10-k.\n believe free cash flow drives shareholder value provides useful information regarding recurring cash provided by operations.\n free cash flow demonstrates ability to execute cash utilization strategy includes investments in acquisitions returning majority of free cash flow to shareholders through dividends and share repurchases.\n committed to efficient capital structure maintaining investment grade credit ratings.\n manage free cash flow by ensuring capital expenditures and operating asset levels appropriate in light existing business and growth opportunities closely managing working capital  consists primarily of accounts receivable , accounts payable , accrued landfill and environmental costs.\ndividends july 2003 board of directors initiated quarterly cash dividend of $ 0. 04 per share.\n quarterly dividend increased time to time latest increase july 2014 to $ 0. 28 per share representing 7. 7% ( 7. 7 % ) increase over prior year.\n last 5 years dividend increased at compounded annual growth rate of 8. 1% ( 8. 1 % ).\n expect to continue paying quarterly cash dividends may consider additional dividend increases if enhance shareholder value.\n share repurchases october 2013  board of directors added $ 650 million to existing share repurchase authorization originally approved november 2010.\n from november 2010 to december 31, 2014 used $ 1439. 5 million to repurchase 46. 6 million shares of common stock at weighted average cost per share of $ 30. 88.\n as of december 31 , 2014 $ 360. 2 million remaining under share repurchase authorization.\n during 2015  expect to use remaining authorization to repurchase more of outstanding common stock.\n\n| approximate number of vehicles | approximate average age\n----------- | ------------------------------ | -----------------------\nresidential | 7600                           | 7\ncommercial  | 4300                           | 7\nindustrial  | 3900                           | 9\ntotal       | 15800                          | 7.5"
}
{
    "_id": "dd4bcb644",
    "title": "",
    "text": "notes consolidated financial statements march 18 , 2008  ppg completed public offering $ 600 million aggregate principal amount 5. 75% ( 5. 75 % ) notes due 2013 ( 201c2013 notes 201d ), $ 700 million aggregate principal amount 6. 65% ( 6. 65 % ) notes due 2018 ( 201c2018 notes 201d ) $ 250 million aggregate principal amount 7. 70% ( 7. 70 % ) notes due 2038 ( 201c2038 notes 201d together 2013 notes and 2018 notes , 201cnotes 201d ).\n notes offered company pursuant existing shelf registration.\n proceeds of offering $ 1538 million ( net of discount and issuance costs ) additional borrowings $ 195 million under 20ac650 million revolving credit facility used to repay existing debt including certain short-term debt amounts outstanding under 20ac1 billion bridge loan.\n no further amounts can be borrowed under 20ac1 billion bridge loan.\n discount and issuance costs related to notes  totaled $ 12 million  amortized to interest expense over respective lives of notes.\n short-term debt outstanding as of december 31 , 2008 and 2007  follows : ( millions ) 2008 2007.\n total $ 784 $ 1818 ( 1 ) borrowings under facility have term of 30 days rolled over monthly until facility expires 2010.\n ppg compliance with restrictive covenants under various credit agreements, loan agreements indentures.\n company 2019s revolving credit agreements include financial ratio covenant.\n covenant requires amount total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding portion accumulated other comprehensive income ( loss ) related to pensions postretirement benefit adjustments.\nof december 31, 2008 total indebtedness was 45% ( 45 % ) of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related to pensions postretirement benefit adjustments.\n all company 2019s debt agreements contain cross- default provisions.\n default on debt service payment of $ 10 million or more for longer than grace period usually 10 days ) one agreement may result in default under other agreements.\n none company 2019s primary debt obligations secured or guaranteed by 2019s affiliates.\n interest payments in 2008 , 2007 2006 totaled $ 228 million , $ 102 million $ 90 million.\n rental expense for operating leases was $ 267 million , $ 188 million $ 161 million in 2008  2007 2006.\n primary leased assets include paint stores  transportation equipment  warehouses distribution facilities office space  including company 2019s corporate headquarters in pittsburgh , pa.\n minimum lease commitments for operating leases initial or remaining lease terms in excess of one year as of december 31 , 2008 are in millions $ 126 in 2009 , $ 107 in 2010 , $ 82 in 2011 , $ 65 in 2012  $ 51 in 2013 $ 202 thereafter.\n company had outstanding letters of credit of $ 82 million as of december 31 , 2008.\n letters of credit secure company 2019s performance to third parties under self-insurance programs other commitments in ordinary of business.\n as of december 31 , 2008 and 2007 guarantees outstanding were $ 70 million.\n guarantees relate primarily to debt of certain entities in which ppg has ownership interest selected customers of company 2019s businesses.\n portion of debt secured by assets of related entities.\ncarrying values guarantees were $ 9 million and $ 3 million as of december 31 , 2008 and 2007  fair values were $ 40 million and $ 17 million  as of december 31 , 2008 2007.\n company believe loss related to letters of credit or guarantees likely.\n 10.\n financial instruments  excluding derivative financial instruments included in ppg 2019s financial instrument portfolio are cash cash equivalents  cash held in escrow  marketable equity securities  company-owned life insurance short- long-term debt instruments.\n fair values financial instruments approximated carrying values except for long-term debt ( excluding capital lease obligations ) had carrying and fair values totaling $ 3122 million and $ 3035 million  respectively as of december 31 , 2008.\n corresponding amounts as of december 31 , 2007  were $ 1201 million and $ 1226 million .\n fair values debt instruments based on discounted cash flows interest rates available for instruments same remaining maturities.\n 2008 ppg annual report and form 10-k 45\n\n( millions )                                                                                        | 2008   | 2007\n--------------------------------------------------------------------------------------------------- | ------ | ------\n20ac1 billion bridge loan agreement 5.2% ( 5.2 % )                                                  | $ 2014 | $ 1047\nu.s . commercial paper 5.3% ( 5.3 % ) as of dec . 31 2008                                           | 222    | 617\n20ac650 million revolving credit facility weighted average 2.9% ( 2.9 % ) as of dec . 31 2008 ( 1 ) | 200    | 2014\nother weighted average 4.0% ( 4.0 % ) as of dec . 31 2008                                           | 362    | 154\ntotal                                                                                               | $ 784  | $ 1818"
}
{
    "_id": "dd4c55196",
    "title": "",
    "text": "notes to financial statements reduction of debt or accrued interest.\n new esop shares released considered outstanding computing earnings per common share.\n unreleased new shares not outstanding.\n pensions other postretirement benefits in september 2006 fasb issued sfas no.\n 158 , 201cemployers 2019 accounting for defined benefit pension postretirement plans amendment of fasb statements no.\n 87 , 88  106  132 ( r ). 201d under new standard company must recognize net liability asset to report funded status of defined benefit pension postretirement benefit plans on balance sheets recognize changes in funded status year changes through charges credits to comprehensive income.\n sfas no.\n 158 change how pensions postretirement benefits accounted for reported in income statement.\n ppg adopted recognition disclosure provisions of sfas no.\n 158 as of dec.\n 31 , 2006.\n table presents impact of applying sfas no.\n 158 on individual line items in balance sheet as of dec.\n 31 , 2006 : ( millions ) balance sheet caption : before application of sfas no.\n 158 ( 1 ) adjustments application of sfas no.\n 158.\n other postretirement benefits ( 619 ) ( 409 ) ( 1028 ) accumulated comprehensive loss 480 505 985 ( 1 ) represents balances recorded under accounting standards prior to adoption of sfas no.\n 158.\n see note 13 , 201cpensions other postretirement benefits , 201d for additional information.\n derivative financial instruments hedge activities company recognizes all derivative instruments as assets or liabilities at fair value on balance sheet.\n accounting for changes in fair value of derivative depends on use of derivative.\nextent derivative effective as cash flow hedge of exposure to future changes in value, change in fair value derivative deferred in accumulated other comprehensive ( loss ) income.\n any portion ineffective reported in earnings immediately.\n derivative effective as hedge of exposure to future changes in fair value change in derivative 2019s fair value offset in statement of income by change in fair value of item being hedged.\n derivative or financial instrument effective as hedge of net investment in foreign operation change in derivative 2019s fair value deferred as unrealized currency translation adjustment in accumulated other comprehensive ( loss ) income.\n product warranties company accrues for product warranties at time associated products are sold based on historical claims experience.\n as of dec.\n 31 , 2006 and 2005  reserve for product warranties was $ 10 million and $ 4 million , respectively.\n pretax charges against income for product warranties in 2006 , 2005 and 2004 totaled $ 4 million , $ 5 million and $ 4 million.\n cash outlays related to product warranties were $ 5 million , $ 4 million and $ 4 million in 2006 , 2005 and 2004 .\n $ 7 million of warranty obligations assumed as part of company 2019s 2006 business acquisitions.\n asset retirement obligations asset retirement obligation represents legal obligation associated with retirement of tangible long-lived asset incurred upon acquisition , construction , development or normal operation of long-lived asset.\n recognize asset retirement obligations in period in they incurred if reasonable estimate of fair value can be made.\n asset retirement obligation adjusted for changes in fair value.\n associated estimated asset retirement costs capitalized as part of carrying amount of long-lived asset and depreciated over its useful life.\nppg 2019s asset retirement obligations associated with closure of certain assets used in chemicals manufacturing process.\n as of dec.\n 31 , 2006 and 2005 accrued asset retirement obligation was $ 10 million as of dec.\n 31 , 2004 it was $ 9 million.\n in march 2005 , fasb issued fasb interpretation ( 201cfin 201d ) no.\n 47 , 201caccounting for conditional asset retirement obligations , interpretation of fasb statement no.\n 143 201d.\n fin no.\n 47 clarifies term conditional asset retirement obligation as used in sfas no.\n 143 , 201caccounting for asset retirement obligations 201d  provides guidance to when entity sufficient information to estimate fair value of asset retirement obligation.\n effective dec.\n 31 , 2005 , ppg adopted provisions of fin no.\n 47.\n only conditional asset retirement obligation relates to possible future abatement of asbestos in certain ppg production facilities.\n asbestos in production facilities arises from application of normal customary building practices past when facilities constructed.\n asbestos encapsulated in place no current legal requirement to abate.\n no requirement to abate current plans or intention to abate timing , method and cost of future abatement if are not 40 2006 ppg annual report and form 10-k 4282_txt\n\n( millions ) balance sheet caption:  | before application of sfas no . 158 ( 1 ) | adjustments  | after application of sfas no . 158\n------------------------------------ | ----------------------------------------- | ------------ | ----------------------------------\nother assets                         | $ 494                                     | $ 105        | $ 599\ndeferred income tax liability        | -193 ( 193 )                              | 57           | -136 ( 136 )\naccrued pensions                     | -371 ( 371 )                              | -258 ( 258 ) | -629 ( 629 )\nother postretirement benefits        | -619 ( 619 )                              | -409 ( 409 ) | -1028 ( 1028 )\naccumulated other comprehensive loss | 480                                       | 505          | 985"
}
{
    "_id": "dd4b8c6e2",
    "title": "",
    "text": "table contents valero energy corporation notes to consolidated financial statements continued ) 11.\n equity share activity activity in number of shares of common stock and treasury stock follows ( in millions ) : common treasury.\n preferred stock 20 million shares of preferred stock authorized par value of $ 0. 01 per share.\n no shares preferred stock outstanding as of december 31 , 2018 or 2017.\n treasury stock purchase shares of common stock as authorized under common stock purchase program described below ) meet obligations under employee stock-based compensation plans.\n july 13 , 2015  board of directors authorized to purchase $ 2. 5 billion outstanding common stock no expiration date completed program during 2017.\n september 21 , 2016  board of directors authorized purchase of additional $ 2. 5 billion no expiration date completed program during 2018.\n january 23 , 2018  board of directors authorized purchase of additional $ 2. 5 billion ( 2018 program ) with no expiration date.\n years ended december 31 , 2018 , 2017  and 2016  purchased $ 1. 5 billion , $ 1. 3 billion , and $ 1. 3 billion  of common stock under programs.\n as of december 31 , 2018  approval under 2018 program to purchase approximately $ 2. 2 billion of common stock.\n common stock dividends january 24 , 2019  board of directors declared quarterly cash dividend of $ 0. 90 per common share payable on march 5 , 2019 to holders of record at close of business on february 13 , 2019.\n valero energy partners lp units on september 16 , 2016  vlp entered equity distribution agreement vlp offered and sold common units aggregate offering price of up to $ 350 million based on amounts prices terms determined by market conditions other factors at time of\n\n| commonstock | treasurystock\n------------------------------------------------------------- | ----------- | -------------\nbalance as of december 31 2015                                | 673         | -200 ( 200 )\ntransactions in connection withstock-based compensation plans | 2014        | 1\nstock purchases under purchase program                        | 2014        | -23 ( 23 )\nbalance as of december 31 2016                                | 673         | -222 ( 222 )\ntransactions in connection withstock-based compensation plans | 2014        | 1\nstock purchases under purchase programs                       | 2014        | -19 ( 19 )\nbalance as of december 31 2017                                | 673         | -240 ( 240 )\nstock purchases under purchase programs                       | 2014        | -16 ( 16 )\nbalance as of december 31 2018                                | 673         | -256 ( 256 )"
}
{
    "_id": "dd4bd135a",
    "title": "",
    "text": "4 4 m a n a g e m e n t 2019 s d i s c u s s i o n notes to table ( continued ) ( a ) ) management believes operating income  adjusted and operating margin  are effective indicators of blackrock 2019s financial performance over time.\n management believes operating income  operating margin  provide useful disclosure to investors.\n operating income  adjusted : bgi transaction and integration costs recorded in 2010 and 2009 consist of advisory payments , compensation expense  legal fees  marketing promotional , occupancy consulting expenses with bgi transaction.\n restructuring charges recorded in 2009 and 2008 consist of compensation costs , occupancy costs professional fees.\n expenses associated with restructuring transaction integration costs deemed non-recurring by management excluded from operating income  adjusted to enhance comparability information to current reporting periods.\n management believes operating margins exclusive of these costs are useful measures in evaluating blackrock 2019s operating performance for respective periods.\n portion of compensation expense associated with long-term incentive plans ( 201cltip 201d ) funded through distribution to participants of shares of blackrock stock held by pnc and a merrill lynch cash compensation contribution  portion of received excluded because these charges do not impact blackrock 2019s book value.\n compensation expense associated with appreciation/ ( depreciation ) on investments related to certain blackrock deferred compensation plans excluded as returns on investments set for these plans offset this expense  are reported in non-operating income ( expense ).\n operating margin , as adjusted : operating income used for measuring operating margin  adjusted is equal to operating income  as adjusted , excluding impact of closed-end fund launch costs and commissions.\nmanagement believes excluding such costs and commissions useful because these costs can fluctuate revenues associated with expenditure costs not fully impact company 2019s results until future periods.\n operating margin , adjusted allows company to compare performance period-to-period by adjusting for items may not recur recur infrequently or fluctuate based on market movements , restructuring charges  transaction integration costs  closed-end fund launch costs commissions paid to certain employees as compensation fluctua- tions in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans.\n company uses operating margin  adjusted to monitor corporate performance efficiency benchmark to compare performance to other companies.\n management uses both gaap and non-gaap financial measures in evaluating financial performance of blackrock.\n non-gaap measure may pose limitations does not include all company 2019s revenues and expenses.\n revenue used for operating margin  adjusted excludes distribution servicing costs paid to related parties other third parties.\n management believes excluding such costs useful to blackrock creates consistency in treatment for certain contracts for similar services  accounted for under gaap on net basis within investment advisory , administration fees securities lending revenue.\n amortization of deferred sales commissions excluded from revenue used for operating margin measurement  adjusted because such costs over time offset distribution fee revenue earned by company.\n reimbursable property management compensation represented com- pensation and benefits paid to personnel of metric property management , inc.\n 201cmetric 201d ) subsidiary of blackrock realty advisors , inc.\n 201crealty 201d ).\n prior to transfer in 2008 employees retained on metric 2019s payroll when certain properties acquired by realty 2019s clients.\nrelated compensation benefits reimbursed by realty 2019s clients excluded from revenue for operating margin  not bear economic cost to blackrock.\n for blackrock excludes from revenue for operating margin costs related to these items as proxy for offsetting revenues.\n ( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests  adjusted non net income loss ) interests ( 201cnci 201d ) equals non-operating income ( expense )  gaap basis less net income ( loss ) attributable to nci  gaap adjusted for compensation expense associated with depreciation/ appreciation ) on investments related to certain blackrock deferred compensation plans.\n compensation expense offset recorded in operating income.\n compensation expense included in non-operating income ( expense )  less net income ( loss ) attributable to nci  to offset returns on investments set aside for these plans  reported in non-operating income ( expense ) , gaap basis.\n non-operating income ( expense ) ( 1 ) 36 ( 28 ) ( 422 ) compensation expense related to ( appreciation ) / depreciation on deferred compensation plans ( 11 ) ( 18 ) 38 non-operating income ( expense )  less net income ( loss ) attributable to nci  adjusted $ 25 ( $ 46 ) ( $ 384 ) ( 1 ) net of net income ( loss ) attributable to non-controlling interests.\n management believes non-operating income ( expense )  less net income ( loss ) attributable to nci  adjusted provides for comparability of information to prior periods effective measure for reviewing blackrock 2019s non-operating contribution to results.\ncompensation expense associated with appreciation ) /depreciation on investments related to deferred compensation plans included in operating income offsets gain/ ( loss ) on investments set aside for these plans management believes non-operating income ( expense ) less net income ( loss ) attributable to nci  as adjusted provides useful measure for management and investors of blackrock 2019s non-operating results impact book value.\n\n( dollar amounts in millions )                                                                | yearended december 31 , 2010 | yearended december 31 , 2009 | yearended december 31 , 2008\n--------------------------------------------------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------\nnon-operating income ( expense ) gaap basis                                                   | $ 23                         | $ -6 ( 6 )                   | $ -577 ( 577 )\nless : net income ( loss ) attributable to nci                                                | -13 ( 13 )                   | 22                           | -155 ( 155 )\nnon-operating income ( expense ) ( 1 )                                                        | 36                           | -28 ( 28 )                   | -422 ( 422 )\ncompensation expense related to ( appreciation ) /depreciation on deferred compensation plans | -11 ( 11 )                   | -18 ( 18 )                   | 38\nnon-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted     | $ 25                         | $ -46 ( 46 )                 | $ -384 ( 384 )"
}
{
    "_id": "dd497b29a",
    "title": "",
    "text": "repurchase equity securities table provides information purchases equity securities during fourth quarter 2008 : number of shares purchased average paid per share2 total number of shares purchased part publicly announced plans or programs maximum number of shares yet be purchased under plans programs.\n total1.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 47022 $ 5. 18 2014 2014 1 consists restricted shares common stock withheld under terms grants under employee stock compensation plans offset tax withholding obligations occurred upon vesting release restricted shares during each month fourth quarter 2008 ( 201cwithheld shares 201d ).\n 2 average price per month of withheld shares calculated by dividing aggregate value tax withholding obligations each month by aggregate number of shares common stock withheld each month.\n\n| total number of shares purchased | average price paid per share2 | total number of shares purchased as part of publicly announced plans or programs | maximum number ofshares that may yet be purchased under the plans or programs\n------------- | -------------------------------- | ----------------------------- | -------------------------------------------------------------------------------- | -----------------------------------------------------------------------------\noctober 1-31  | 29704                            | $ 5.99                        | 2014                                                                             | 2014\nnovember 1-30 | 4468                             | $ 3.24                        | 2014                                                                             | 2014\ndecember 1-31 | 12850                            | $ 3.98                        | 2014                                                                             | 2014\ntotal1        | 47022                            | $ 5.18                        | 2014                                                                             | 2014"
}
{
    "_id": "dd4b8d15a",
    "title": "",
    "text": "table of contents ( 2 ) includes capitalized lease obligations of $ 3. 2 million and $ 0. 1 million as of december 31 , 2015 and 2014  respectively included in other liabilities on consolidated balance sheet.\n ( 3 ) ebitda defined as consolidated net income before interest expense  income tax expense  depreciation and amortization.\n adjusted ebitda  measure defined in our credit agreements means ebitda adjusted for certain items described in table below.\n included reconciliation of ebitda and adjusted ebitda in table below.\n both ebitda and adjusted ebitda are considered non-gaap financial measures.\n non-gaap financial measure is numerical measure of company 2019s performance  financial position or cash flows excludes or includes amounts not normally included or excluded in most directly comparable measure calculated presented in accordance with gaap.\n non-gaap measures used by us may differ from similar measures used by other companies similar terms used identify measures.\n believe ebitda and adjusted ebitda provide helpful information operating performance cash flows including ability to meet future debt service  capital expenditures working capital requirements.\n adjusted ebitda primary measure used in certain key covenants and definitions in credit agreement governing our senior secured term loan facility ( 201cterm loan 201d ) including excess cash flow payment provision  restricted payment covenant net leverage ratio.\n these covenants and definitions are material components of term loan used in determining interest rate term loan  ability to make certain investments incur additional debt  make restricted payments  dividends share repurchases  required to make additional principal prepayments on term loan beyond quarterly amortization payments.\n for further details regarding term loan  see note 8 ( long-term debt ) to accompanying consolidated financial statements.\nunaudited table reconciliations of net income to ebitda and ebitda to adjusted ebitda for periods presented:.\n net loss on extinguishment of long-term debt ) 24. 3 90. 7 64. 0 17. 2 118. 9 loss income from equity investments ) 10. 1 ( 2. 2 ) ( 0. 6 ) ( 0. 3 ) ( 0. 1 ) acquisition and integration expenses c ) 10. 2 2014 gain on remeasurement of equity investment d ) ( 98. 1 ) 2014 other adjustments e ) 6. 9 9. 2 82. 7 23. 9 21. 6 adjusted ebitda f ) $ 1018. 5 $ 907. 0 $ 808. 5 $ 766. 6 $ 717. 3 during years ended december 31, 2015 2014 2013 2012  2011  recorded net losses on extinguishments of long-term debt.\n losses difference between amount paid upon extinguishment including call premiums expenses to debt holders agents and net carrying amount of extinguished debt  adjusted for unamortized deferred financing costs.\n ( b ) represents our share of net income/loss from equity investments.\n 35% ( 35 % ) share of kelway 2019s net loss includes 35% ( 35 % ) share of expense related to equity awards granted by to kelway coworkers in july 2015 prior to acquisition.\n c ) includes expenses related to acquisition of kelway.\n d ) represents gain from remeasurement of previously held 35% ( 35 % ) equity investment to fair value upon completion of acquisition of kelway.\n\n( in millions )                                    | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011\n-------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------\nnet income                                         | $ 403.1                        | $ 244.9                        | $ 132.8                        | $ 119.0                        | $ 17.1\ndepreciation and amortization                      | 227.4                          | 207.9                          | 208.2                          | 210.2                          | 204.9\nincome tax expense                                 | 243.9                          | 142.8                          | 62.7                           | 67.1                           | 11.2\ninterest expense net                               | 159.5                          | 197.3                          | 250.1                          | 307.4                          | 324.2\nebitda                                             | 1033.9                         | 792.9                          | 653.8                          | 703.7                          | 557.4\nnon-cash equity-based compensation                 | 31.2                           | 16.4                           | 8.6                            | 22.1                           | 19.5\nnet loss on extinguishment of long-term debt ( a ) | 24.3                           | 90.7                           | 64.0                           | 17.2                           | 118.9\nloss ( income ) from equity investments ( b )      | 10.1                           | -2.2 ( 2.2 )                   | -0.6 ( 0.6 )                   | -0.3 ( 0.3 )                   | -0.1 ( 0.1 )\nacquisition and integration expenses ( c )         | 10.2                           | 2014                           | 2014                           | 2014                           | 2014\ngain on remeasurement of equity investment ( d )   | -98.1 ( 98.1 )                 | 2014                           | 2014                           | 2014                           | 2014\nother adjustments ( e )                            | 6.9                            | 9.2                            | 82.7                           | 23.9                           | 21.6\nadjusted ebitda ( f )                              | $ 1018.5                       | $ 907.0                        | $ 808.5                        | $ 766.6                        | $ 717.3"
}
{
    "_id": "dd4be3da2",
    "title": "",
    "text": "part ii  item 8 schlumberger limited subsidiaries shares common stock stated in millions ) issued treasury shares outstanding.\n see notes consolidated financial statements\n\n| issued | in treasury  | shares outstanding\n------------------------------------------------ | ------ | ------------ | ------------------\nbalance january 1 2007                           | 1334   | -156 ( 156 ) | 1178\nshares sold to optionees less shares exchanged   | 2013   | 14           | 14\nshares issued under employee stock purchase plan | 2013   | 2            | 2\nstock repurchase program                         | 2013   | -16 ( 16 )   | -16 ( 16 )\nissued on conversions of debentures              | 2013   | 18           | 18\nbalance december 31 2007                         | 1334   | -138 ( 138 ) | 1196\nshares sold to optionees less shares exchanged   | 2013   | 5            | 5\nshares issued under employee stock purchase plan | 2013   | 2            | 2\nstock repurchase program                         | 2013   | -21 ( 21 )   | -21 ( 21 )\nissued on conversions of debentures              | 2013   | 12           | 12\nbalance december 31 2008                         | 1334   | -140 ( 140 ) | 1194\nshares sold to optionees less shares exchanged   | 2013   | 4            | 4\nvesting of restricted stock                      | 2013   | 1            | 1\nshares issued under employee stock purchase plan | 2013   | 4            | 4\nstock repurchase program                         | 2013   | -8 ( 8 )     | -8 ( 8 )\nbalance december 31 2009                         | 1334   | -139 ( 139 ) | 1195"
}
{
    "_id": "dd497b524",
    "title": "",
    "text": "comparison of cumulative return among lkq corporation , nasdaq stock market ( u. s. ) index peer group.\n this stock performance information is \"furnished\" not deemed \"soliciting material\" or subject to rule 14a , not deemed \"filed\" for purposes section 18 securities exchange act of 1934 or subject to liabilities of section , not deemed incorporated by reference in any filing under securities act of 1933 or securities exchange act of 1934 , made before or after date of this report irrespective of general incorporation by reference language in filing , except extent it specifically incorporates information by reference.\n information about our common stock issued under equity compensation plans as of december 31, 2016 included in part iii , item 12 of annual report on form 10-k incorporated herein by reference.\n\n| 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016\n--------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nlkq corporation | $ 100      | $ 140      | $ 219      | $ 187      | $ 197      | $ 204\ns&p 500 index   | $ 100      | $ 113      | $ 147      | $ 164      | $ 163      | $ 178\npeer group      | $ 100      | $ 111      | $ 140      | $ 177      | $ 188      | $ 217"
}
{
    "_id": "dd49759bc",
    "title": "",
    "text": "n o t e s t o t e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 2013 ( continued ) ace limited and subsidiaries excluded from adjusted weighted-average shares outstanding and assumed conversions is impact of securities anti-dilutive during respective years.\n for years ended december 31 , 2010 , 2009  2008  potential anti-dilutive share conversions were 256868 shares , 1230881 shares  and 638401 shares  respectively.\n 19.\n related party transactions ace foundation 2013 bermuda is unconsolidated not-for-profit organization to fund charitable causes in bermuda.\n trustees of ace management.\n company maintains non-interest bear- ing demand note receivable from ace foundation 2013 bermuda balance was $ 30 million and $ 31 million  at december 31 , 2010 and 2009 .\n receivable included in other assets in consolidated balance sheets.\n borrower used related proceeds to finance investments in bermuda real estate some rented to ace employees at rates established by independent professional real estate appraisers.\n borrower uses income from investments to repay note and fund charitable activities.\n company reports demand note at lower of principal value or fair value of assets held by borrower to repay loan including real estate properties.\n 20.\n statutory financial information company 2019s insurance and reinsurance subsidiaries subject to insurance laws and regulations in jurisdictions they operate.\n regulations include restrictions limit amount of dividends or other distributions loans or cash advances available to shareholders without prior approval of insurance regulatory authorities.\nno statutory restrictions on payment of dividends from retained earnings by bermuda subsidiaries as minimum statutory capital and surplus requirements satisfied by share capital and additional paid-in capital of bermuda subsidiaries.\n company 2019s u. s.\n subsidiaries file financial statements in with statutory accounting practices permitted by insurance regulators.\n statutory accounting differs from gaap in reporting of certain reinsurance contracts  investments subsidiaries acquis- ition expenses fixed assets deferred income taxes other items.\n statutory capital and surplus of u. s.\n subsidiaries met regulatory requirements for 2010  2009 2008.\n amount dividends available to be paid in 2011  without prior approval from state insurance departments totals $ 850 million.\n table presents combined statutory capital surplus statutory net income of bermuda and u. s.\n subsidiaries at for years ended december 31 , 2010  2009  2008.\n permitted by restructuring in company 2019s u. s.\n subsidiaries discount certain a&e liabilities  increased statutory capital and surplus by approximately $ 206 million , $ 215 million  and $ 211 million at december 31, 2010  2009  2008 .\n company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations.\n some jurisdictions impose complex regulatory requirements on insurance companies other jurisdictions impose fewer requirements.\n in some countries company must obtain licenses governmental authorities to conduct local insurance business.\n these licenses may be subject to reserves minimum capital and solvency tests.\n jurisdictions may impose fines  censure criminal sanctions for violation of regulatory requirements.\n\n( in millions of u.s . dollars ) | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | 2008\n-------------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------\nstatutory capital and surplus    | $ 11798                   | $ 9164                    | $ 6205                    | $ 6266                    | $ 5885                    | $ 5368\nstatutory net income             | $ 2430                    | $ 2369                    | $ 2196                    | $ 1047                    | $ 904                     | $ 818"
}
{
    "_id": "dd4bc314c",
    "title": "",
    "text": "reconciliation of beginning and ending unrecognized tax benefits , for periods indicated , is as follows:.\n entire amount unrecognized tax benefits would affect effective tax rate if recognized.\n in 2010 , company favorably settled 2003 and 2004 irs audit.\n company recorded net overall tax benefit including accrued interest of $ 25920 thousand.\n company to down $ 12356 thousand fin 48 reserve established regarding 2003 and 2004 irs audit.\n company no longer subject to.\n federal , state and local or foreign income tax examinations by tax authorities for years before 2007.\n company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes.\n during years ended december 31, 2010, 2009 and 2008, company accrued and recognized net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties.\n included within 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to 2003 and 2004 irs audit.\n company not aware of any positions for possible that total amounts unrecognized tax benefits will significantly increase or decrease within twelve months of reporting date.\n for.\n income tax purposes company has foreign tax credit carryforwards of $ 55026 thousand begin to expire in 2014.\n for.\n tax company has $ 41693 thousand of alternative minimum tax credits that do not expire.\n management believes more likely than not company will realize benefits of net deferred tax assets and no valuation allowance recorded for periods presented.\ntax benefits $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 2009 included within additional paid-in capital shareholders 2019 equity section consolidated balance sheets.\n\n( dollars in thousands )                                     | 2010             | 2009             | 2008\n------------------------------------------------------------ | ---------------- | ---------------- | -------\nbalance at january 1                                         | $ 29010          | $ 34366          | $ 29132\nadditions based on tax positions related to the current year | 7119             | 6997             | 5234\nadditions for tax positions of prior years                   | -                | -                | -\nreductions for tax positions of prior years                  | -                | -                | -\nsettlements with taxing authorities                          | -12356 ( 12356 ) | -12353 ( 12353 ) | -\nlapses of applicable statutes of limitations                 | -                | -                | -\nbalance at december 31                                       | $ 23773          | $ 29010          | $ 34366"
}
{
    "_id": "dd496ce98",
    "title": "",
    "text": "republic services , inc.\n notes to consolidated financial statements 2014 ( continued ) 16.\n financial instruments fuel hedges entered multiple swap agreements cash flow hedges to mitigate exposure related to changes in diesel fuel prices.\n swaps qualified for effective hedges of changes in prices forecasted diesel fuel purchases ( fuel hedges ).\n table summarizes outstanding fuel hedges as of december 31 , 2016 : year gallons hedged weighted average contract price per gallon.\n if national.\n on-highway average price for gallon diesel fuel published by department of energy exceeds contract price per gallon receive difference between average price and contract price ( multiplied by notional gallons ) from counterparty.\n if average price less than contract price per gallon pay difference to counterparty.\n fair values of fuel hedges determined using standard option valuation models with assumptions about commodity prices based underlying markets ( level 2 fair value hierarchy ).\n aggregate fair values of outstanding fuel hedges as of december 31 , 2016 and 2015 were current liabilities of $ 2. 7 million and $ 37. 8 million  recorded in other accrued liabilities in consolidated balance sheets.\n ineffective portions of changes in fair values resulted in gain of $ 0. 8 million for year ended december 31 , 2016  loss of $ 0. 4 million and $ 0. 5 million for years ended december 31 , 2015 2014  recorded in other income  net in consolidated statements of income.\n total gain ( loss ) recognized in other comprehensive income ( loss ) for fuel hedges ( effective portion ) was $ 20. 7 million , $ ( 2. 0 ) million and $ ( 24. 2 ) million , for years ended december 31 , 2016 , 2015 2014 .\nclassify cash inflows outflows from fuel hedges within operating activities in unaudited consolidated statements of cash flows.\n recycling commodity hedges revenue from sale of recycled commodities is primarily from sales of old corrugated containers old newsprint.\n use derivative instruments swaps costless collars designated as cash flow hedges to manage exposure to changes in prices of these commodities.\n during 2016  entered into multiple agreements related to forecasted occ sales.\n agreements qualified for designated as effective hedges of changes in prices of certain forecasted recycling commodity sales ( commodity hedges ).\n entered into costless collar agreements on forecasted sales of occ.\n agreements involve combining purchased put option giving right to sell occ at established floor strike price with written call option obligating us to deliver occ at established cap strike price.\n puts and calls have same settlement dates net settled in cash on such dates same terms to expiration.\n contemporaneous combination of options resulted in no net premium for us represents costless collars.\n under agreements  make or receive no payments as long as settlement price between floor price and cap price ; if settlement price above cap , pay counterparty amount equal to excess of settlement price over cap times monthly volumes hedged.\n if settlement price below floor , counterparty will pay us deficit of settlement price below floor times monthly volumes hedged.\n objective of agreements is to reduce variability of cash flows for forecasted sales of occ between two designated strike prices.\n\nyear | gallons hedged | weighted average contractprice per gallon\n---- | -------------- | -----------------------------------------\n2017 | 12000000       | $ 2.92\n2018 | 3000000        | 2.61"
}
{
    "_id": "dd4c3e3e2",
    "title": "",
    "text": "notes to consolidated financial statements gains losses on financial assets liabilities accounted for at fair value under option table presents gains losses recognized firm electing to apply fair value option to certain financial assets liabilities.\n gains losses included in 201cmarket making 201d 201cother principal transactions. table includes gains losses on embedded derivative component of hybrid financial instruments in unsecured short-term borrowings unsecured long-term borrowings.\n gains losses would have recognized under other.\n if firm not elected to account for entire hybrid instrument at fair value.\n amounts table exclude contractual interest included in 201cinterest income 201d 201cinterest expense  for all instruments other than hybrid financial instruments.\n see note 23 for further information about interest income interest expense.\n gains/ ( losses ) on financial assets liabilities at fair value under fair value option year ended december in millions 2012 2011 2010 receivables from customers counterparties 1 $ 190 $ 97 $ ( 97 ).\n.\n consists of gains/ ( losses ) on certain reinsurance contracts certain transfers accounted for as receivables purchases.\n.\n includes gains/ ( losses ) on embedded derivative component of hybrid financial instruments of $ ( 814 ) million , $ 2. 01 billion , $ ( 1. 49 ) billion as of december 2012 , 2011 2010  respectively.\n 3.\n includes gains/ ( losses ) on embedded derivative component of hybrid financial instruments of $ ( 887 ) million , $ 1. 80 billion $ ( 1. 32 ) billion as of december 2012 , 2011 2010  respectively.\n.\n consists of gains/ ( losses ) on certain insurance contracts.\n.\nconsists of gains/ losses ) on resale repurchase agreements  securities borrowed loaned deposits.\n excluding gains losses on instruments accounted for under fair value option described above, 201cmarket making 201d 201cother principal transactions 201d represent gains losses on 201cfinancial instruments owned at fair value 201d 201cfinancial instruments sold not yet purchased at fair value. 201d 150 goldman sachs 2012 annual report\n\nin millions                                   | gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december 2012 | gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december 2011 | gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december 2010\n--------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------\nreceivables from customers andcounterparties1 | $ 190                                                                                                                              | $ 97                                                                                                                               | $ -97 ( 97 )\nother secured financings                      | -190 ( 190 )                                                                                                                       | -63 ( 63 )                                                                                                                         | -227 ( 227 )\nunsecured short-term borrowings2              | -973 ( 973 )                                                                                                                       | 2149                                                                                                                               | -1455 ( 1455 )\nunsecured long-term borrowings3               | -1523 ( 1523 )                                                                                                                     | 2336                                                                                                                               | -1169 ( 1169 )\nother liabilities and accrued expenses4       | -1486 ( 1486 )                                                                                                                     | -911 ( 911 )                                                                                                                       | 50\nother5                                        | -81 ( 81 )                                                                                                                         | 90                                                                                                                                 | -10 ( 10 )\ntotal                                         | $ -4063 ( 4063 )                                                                                                                   | $ 3698                                                                                                                             | $ -2908 ( 2908 )"
}
{
    "_id": "dd4b8ff9a",
    "title": "",
    "text": "facility maturity date october 2016.\n maturity date company's revolving credit facility extended to october 2018 facility increased to $ 900 million from $ 600 million.\n amended credit agreement consists of term c-2 loan facility term c-3 loan facility $ 900 million revolving credit facility.\n net deferred financing costs : net financing costs ( in $ millions ).\n ( 1 ) relates to issuance of 4. 625% ( 4. 625 % ) notes.\n ( 2 ) relates to $ 400 million prepayment of term c loan facility with proceeds from 4. 625% ( 4. 625 % ) notes.\n ( 3 ) relates to september 2013 amendment to celanese us existing senior secured credit facilities to reduce interest rates certain borrowings creating term c-2 loan facility due 2016.\n ( 4 ) includes $ 6 million to issuance of 3. 250% ( 3. 250 % ) notes $ 4 million related to september 24, 2014 amendment to celanese us existing senior secured credit facilities.\n ( 5 ) includes $ 4 million related to 6. 625% ( 6. 625 % ) notes redemption $ 1 million to term c-2 loan facility conversion.\n of december 31 , 2014 margin for borrowings under term c-2 loan facility was 2. 0% ( 2. 0 % ) above euro interbank offered rate ( \"euribor margin for borrowings under term c-3 loan facility 2. 25% ( 2. 25 % ) above libor ( for us dollars ) 2. 25% ( 2. 25 % ) above euribor ( for euros ).\n of december 31 , 2014 margin for borrowings under revolving credit facility was 1. 5% ( 1. 5 % ) above libor.\n margin for borrowings revolving credit facility subject to increase or decrease based on changes in corporate credit ratings of celanese us.\nterm loan borrowings under amended credit agreement subject to amortization at 1% ( 1 % ) of initial principal amount per annum payable quarterly.\n company pays quarterly commitment fees on unused portion of revolving credit facility of 0. 25% ( 0. 25 % ) per annum.\n amended credit agreement guaranteed by celanese and certain domestic subsidiaries of celanese us secured by lien on all assets of celanese us guarantors subject to certain agreed exceptions ( including for certain real property shares of foreign subsidiaries ) pursuant to guarantee and collateral agreement dated april 2 as condition to borrowing funds or requesting letters of credit issued under revolving credit facility company's first lien senior secured leverage ratio ( calculated as of last day of most recent fiscal quarter for financial statements delivered under revolving facility ) cannot exceed threshold as specified below.\n company's first lien senior secured leverage ratio must be maintained at or below threshold while amounts outstanding under revolving credit facility.\n\n| net deferred financing costs ( in $ millions )\n---------------------------------------------------------- | ----------------------------------------------\nas of december 31 2011                                     | 28\nfinancing costs deferred ( 1 )                             | 8\naccelerated amortization due to refinancing activity ( 2 ) | -1 ( 1 )\namortization                                               | -5 ( 5 )\nas of december 31 2012                                     | 30\nfinancing costs deferred ( 3 )                             | 2\naccelerated amortization due to refinancing activity       | 2014\namortization                                               | -5 ( 5 )\nas of december 31 2013                                     | 27\nfinancing costs deferred ( 4 )                             | 10\naccelerated amortization due to refinancing activity ( 5 ) | -5 ( 5 )\namortization                                               | -5 ( 5 )\nas of december 31 2014                                     | 27"
}
{
    "_id": "dd4c53d0a",
    "title": "",
    "text": "american tower corporation subsidiaries notes consolidated financial statements company expects unrecognized tax benefits to change over next 12 months if tax matters settle with applicable taxing jurisdiction or if statute of limitations lapses.\n impact of changes to recorded uncertain tax positions could range from zero to $ 10. 8 million.\n reconciliation of beginning and ending unrecognized tax benefits for years ended december 31 , ( in thousands ) :.\n during years ended december 31 , 2016 , 2015 2014  statute of limitations on certain unrecognized tax benefits lapsed certain positions settled resulted in decrease of $ 3. 2 million , $ 3. 5 million $ 5. 3 million , in liability for uncertain tax benefits reduced income tax provision.\n company recorded penalties and tax-related interest expense to tax provision of $ 9. 2 million , $ 3. 2 million and $ 6. 5 million for years ended december 31 , 2016 , 2015 2014 ,.\n due to expiration of statute of limitations in certain jurisdictions company reduced liability for penalties and income tax-related interest expense related to uncertain tax positions during years ended december 31 , 2016 , 2015 and 2014 by $ 3. 4 million , $ 3. 1 million and $ 9. 9 million , respectively.\n as of december 31 , 2016 and 2015  total accrued income tax-related interest and penalties included in consolidated balance sheets were $ 24. 3 million and $ 20. 2 million , respectively.\n company has filed for prior taxable years  for taxable year ended december 31 , 2016 will file numerous consolidated and separate income tax returns  including.\n federal and state tax returns foreign tax returns.\n company subject to examination in u.\nvarious state and foreign jurisdictions for certain tax years.\n result of company 2019s ability to carryforward federal , state foreign nols  applicable tax years remain open to examination years after loss carryforwards used or expired.\n company regularly assesses likelihood of additional assessments in tax jurisdictions examinations.\n company believes adequate provisions made for income taxes for all periods through december 31 , 2016.\n 13.\n stock-based compensation summary of stock-based compensation plans 2014the company maintains equity incentive plans provide for grant of stock-based awards to directors  officers and employees.\n 2007 equity incentive plan ( 201c2007 plan 201d ) provides for grant of non-qualified and incentive stock options restricted stock units , restricted stock and other stock-based awards.\n exercise prices in non-qualified incentive stock options not less than fair value of underlying common stock on date of grant.\n equity awards vest ratably  over four years for rsus and stock options and three years for psus.\n stock options expire 10 years from date of grant.\n as of december 31 , 2016  company had ability to grant stock-based awards with aggregate of 9. 5 million shares of common stock under 2007 plan.\n company maintains employee stock purchase plan ( 201cespp 201d ) eligible employees may purchase shares of company 2019s common stock on last day of each bi-annual offering period at discount of lower of closing market value on first or last day of offering period.\n offering periods run from june 1 through november 30 and december 1 through may 31 of each year.\n during years ended december 31 , 2016 , 2015 and 2014  company recorded and capitalized stock-based compensation expenses ( in thousands ) :\n\n| 2016           | 2015           | 2014\n-------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\nbalance at january 1                                                                   | $ 28114        | $ 31947        | $ 32545\nadditions based on tax positions related to the current year                           | 82912          | 5042           | 4187\nadditions for tax positions of prior years                                             | 2014           | 2014           | 3780\nforeign currency                                                                       | -307 ( 307 )   | -5371 ( 5371 ) | -3216 ( 3216 )\nreduction as a result of the lapse of statute of limitations and effective settlements | -3168 ( 3168 ) | -3504 ( 3504 ) | -5349 ( 5349 )\nbalance at december 31                                                                 | $ 107551       | $ 28114        | $ 31947"
}
{
    "_id": "dd4bb6c12",
    "title": "",
    "text": "sources uses of cash ( in millions ) summary cash flows for each period follows : years ended in millions ) dec 29  dec 30 dec 31.\n md&a consolidated results analysis 40\n\nyears ended ( in millions )                            | dec 292018       | dec 302017       | dec 312016\n------------------------------------------------------ | ---------------- | ---------------- | ----------------\nnet cash provided by operating activities              | $ 29432          | $ 22110          | $ 21808\nnet cash used for investing activities                 | -11239 ( 11239 ) | -15762 ( 15762 ) | -25817 ( 25817 )\nnet cash provided by ( used for ) financing activities | -18607 ( 18607 ) | -8475 ( 8475 )   | -5739 ( 5739 )\nnet increase ( decrease ) in cash and cash equivalents | $ -414 ( 414 )   | $ -2127 ( 2127 ) | $ -9748 ( 9748 )"
}
{
    "_id": "dd4c16536",
    "title": "",
    "text": "performance graph graph compares total return  assuming reinvestment of dividends on investment in company  based on performance of company's common stock with total return of standard & poor's 500 composite stock index dow jones united states travel and leisure index for five year period by measuring changes in common stock prices from december 31 , 2012 to december 31 , 2017.\n stock performance graph assumes for value of company's common stock and each index was $ 100 on december 31 , 2012 all dividends were reinvested.\n past performance not indicator of future results.\n\n| 12/12  | 12/13  | 12/14  | 12/15  | 12/16  | 12/17\n----------------------------- | ------ | ------ | ------ | ------ | ------ | ------\nroyal caribbean cruises ltd . | 100.00 | 142.11 | 251.44 | 313.65 | 260.04 | 385.47\ns&p 500                       | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14\ndow jones us travel & leisure | 100.00 | 145.48 | 169.28 | 179.27 | 192.85 | 238.77"
}
{
    "_id": "dd4c3fcce",
    "title": "",
    "text": "secured financing conducted through citi 2019s broker-dealer subsidiaries to facilitate customer matched-book activity fund portion trading inventory.\n secured financing appears as a liability on citi 2019s consolidated balance sheet ( 201csecurities loaned or sold under agreements to repurchase 201d ).\n as of december 31 , 2010  secured financing was $ 189. 6 billion averaged approximately $ 207 billion during quarter ended december 31 , 2010.\n secured financing at december 31 , 2010 increased by $ 35 billion from $ 154. 3 billion at december 31 , 2009.\n during same period reverse repos and securities borrowing increased by $ 25 billion.\n majority of secured financing collateralized by highly liquid government , government-backed government agency securities.\n collateral comes from citi 2019s trading assets and secured lending  part of citi 2019s client matched-book activity citi borrows lends similar asset types secured basis.\n minority of secured financing collateralized by less liquid collateral  supports citi 2019s trading assets business of secured lending to customers part of citi 2019s client matched-book activity.\n less liquid secured borrowing calibrated by asset quality  tenor counterparty exposure  including sensitive to ratings stresses to increase reliability of funding.\n citi believes potential mitigants available in event of stress on secured financing markets for less liquid collateral.\n citi 2019s significant liquidity resources in non-bank entities as of december 31 , 2010 supplemented by collateralized liquidity transfers between entities provide cushion.\n within matched-book activity secured lending positions  carefully managed in collateral and tenor could be to provide additional liquidity under stress.\nciti has excess funding capacity for less liquid collateral with existing counterparties accessed during potential dislocation.\n citi to adjust size of select trading books mitigation.\n at december 31 , 2010 commercial paper outstanding for citigroup 2019s non- bank entities and bank subsidiaries was as follows : in billions of dollars non-bank bank 1 ) citigroup.\n includes $ 15 billion of commercial paper related to vies consolidated effective january 1 , 2010 with adoption of sfas 166/167.\n other short-term borrowings of approximately $ 54 billion ( in secured financing and short-term borrowings table include $ 42. 4 billion of borrowings from banks and other market participants includes borrowings from federal home loan banks.\n a decrease of approximately $ 11 billion compared to year-end 2009.\n average balance of borrowings from banks market participants for quarter ended december 31 , 2010 was approximately $ 43 billion.\n other short-term borrowings include $ 11. 7 billion of broker borrowings at december 31, 2010 averaged approximately $ 13 billion for quarter ended december 31 2010.\n see notes 12 and 19 to consolidated financial statements for further information on citigroup 2019s and affiliates 2019 outstanding long-term debt and short-term borrowings.\n liquidity transfer between entities liquidity transferable within non-bank  subject to regulatory restrictions and standard legal terms.\n non-bank can transfer excess liquidity into citi 2019s bank subsidiaries citibank .\n citigroup 2019s bank subsidiaries  including citibank. can lend to citigroup parent and broker-dealer in accordance with section 23a of federal reserve act.\n as of december 31 , 2010 amount available for lending under section 23a was approximately $ 26. 6 billion provided funds are collateralized appropriately.\n\nin billions of dollars | non-bank | bank   | -1 ( 1 ) | total citigroup\n---------------------- | -------- | ------ | -------- | ---------------\ncommercial paper       | $ 9.7    | $ 15.0 |          | $ 24.7"
}
{
    "_id": "dd4bbf57e",
    "title": "",
    "text": "item 1a.\n risk factors to other information in this report following risk factors should be considered when evaluating investment in our securities.\n if circumstances by individual risk factors materialize  our business , financial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.\n risks to business fluctuations in financial markets could result in investment losses.\n prolonged severe disruptions in overall public debt and equity markets , as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio.\n financial markets improved since 2008 , could deteriorate in future.\n could disruption in individual market sectors in energy sector in recent years.\n declines in financial markets could result in significant realized unrealized losses on investments could material adverse impact on our results of operations , equity  business insurer financial strength debt ratings.\n our results could be adversely affected by catastrophic events.\n exposed to unpredictable catastrophic events  including weather-related natural catastrophes acts of terrorism.\n material reduction in operating results by one or more catastrophes could inhibit ability to pay dividends or to meet interest and principal payment obligations.\n illustration during past five calendar years pre-tax catastrophe losses , net of reinsurance , were as follows:.\n losses from future catastrophic events could exceed our projections.\n we use projections of possible losses from future catastrophic events varying types magnitudes as strategic underwriting tool.\n use these loss projections to estimate potential catastrophe losses in certain geographic areas decide on placement of retrocessional coverage or other actions to limit extent of potential losses in given geographic area.\nloss projections are approximations reliant on mix of quantitative and qualitative processes actual losses may exceed projections by material amount resulting in material adverse effect on financial condition and results of operations.\n\ncalendar year:          | pre-tax catastrophe losses\n----------------------- | --------------------------\n( dollars in millions ) |\n2017                    | $ 1472.6\n2016                    | 301.2\n2015                    | 53.8\n2014                    | 56.3\n2013                    | 194.0"
}
{
    "_id": "dd4be3974",
    "title": "",
    "text": "kendal vroman , 39 mr.\n vroman served our managing director , commodity products , otc services & information products since february 2010.\n.\n vroman previously served managing director chief corporate development officer from 2008 to 2010.\n.\n vroman joined us in 2001 since held positions of increasing responsibility including recently managing director, corporate development managing director  information and technology services.\n scot.\n warren , 47 mr.\n warren served managing director, equity index products index services since february 2010.\n.\n warren previously served managing director  equity products since 2007.\n prior.\n warren worked for goldman sachs as president  manager trading and business analysis team.\n.\n warren managed equity option execution clearing businesses for abn amro in chicago senior consultant for arthur andersen & co.\n for financial services firms.\n financial information about geographic areas business cme group does not track revenues based upon geographic location.\n we do  track trading volume generated outside of traditional.\n trading hours through international telecommunication hubs.\n customers can directly access our exchanges throughout world.\n following table shows percentage of total trading volume on globex electronic trading platform generated during non-u. s.\n hours through international hubs.\n available information our web site is www. cmegroup. com.\n information available on web site does not constitute part of this document.\n we make available on web site annual reports on form 10-k  quarterly reports on form 10-q  current reports on form 8-k amendments to reports as soon as reasonably practicable after we electronically file or furnish such materials to sec.\ncorporate governance materials  including corporate governance principles director conflict of interest policy  board of directors code of ethics categorical independence standards  employee code of conduct charters for standing committees board found on our web site.\n copies materials available to shareholders free of charge upon written request to shareholder relations and member services  attention ms.\n beth hausoul , cme group inc. 20 south wacker drive , chicago, illinois 60606.\n\n| 2010         | 2009       | 2008\n-------------------------------------- | ------------ | ---------- | ------------\ntrading during non-u.s . hours         | 13% ( 13 % ) | 9% ( 9 % ) | 11% ( 11 % )\ntrading through telecommunication hubs | 8            | 7          | 8"
}
{
    "_id": "dd4c58d46",
    "title": "",
    "text": "alcoa and subsidiaries file income tax returns in.\n federal jurisdiction various states foreign jurisdictions.\n with few minor exceptions alcoa no longer subject to income tax examinations by tax authorities for years prior to 2006.\n all.\n tax years prior to 2015 audited by internal revenue service.\n various state foreign jurisdiction tax authorities examining alcoa 2019s income tax returns for tax years through 2014.\n reconciliation of beginning and ending amount of unrecognized tax benefits ( excluding interest and penalties ) follows:.\n for all periods portion of balance at end of year pertains to state tax liabilities presented before offset for federal tax benefits.\n effect of unrecognized tax benefits  if recorded impact annual effective tax rate for 2015 , 2014  2013 would be approximately 12% ( 12 % ), 4% ( 4 % ) and ( 1 ) % ( % )  of pretax book income ( loss ).\n alcoa not anticipate changes in unrecognized tax benefits material impact on statement of consolidated operations during 2016 ( see other matters in note n for matter for no reserve recognized ).\n alcoa 2019s policy to recognize interest and penalties related to income taxes as component of provision for income taxes on statement of consolidated operations.\n in 2015 , 2014  2013  alcoa recognized $ 8 , $ 1 , $ 2 ,  in interest and penalties.\n due to expiration of statute of limitations , settlements with tax authorities refunded overpayments alcoa also recognized interest income of $ 2 , $ 5 , $ 12 in 2015 , 2014  2013 .\n as of december 31 , 2015 and 2014  amount accrued for payment of interest and penalties was $ 9.\n.\nreceivables sale of receivables programs alcoa has arrangement with three financial institutions to sell certain customer receivables without recourse on revolving basis.\n sale completed through bankruptcy remote special purpose entity  consolidated subsidiary of alcoa.\n arrangement provides for minimum funding $ 200 up to maximum $ 500 for receivables sold.\n on march 30 , 2012  alcoa initially sold $ 304 of customer receivables in exchange for $ 50 cash and $ 254 deferred purchase price.\n alcoa received additional net cash funding of $ 200 for receivables sold ( $ 1258 in draws and $ 1058 in repayments ) since program 2019s inception ( no draws or repayments in 2015 ) including $ 40 ( $ 710 in draws and $ 670 in repayments ) in 2014.\n as of december 31 , 2015 and 2014  deferred purchase price receivable was $ 249 and $ 356  respectively included in other receivables on consolidated balance sheet.\n deferred purchase price receivable reduced as collections of underlying receivables occur ; revolving program sale of new receivables result in increase in deferred purchase price receivable.\n net change in deferred purchase price receivable reflected in decrease ( increase ) in receivables line item on statement of consolidated cash flows.\n activity reflected as operating cash flow because related customer receivables result of operating activity with insignificant short-term interest rate risk.\n\ndecember 31,                                    | 2015     | 2014       | 2013\n----------------------------------------------- | -------- | ---------- | --------\nbalance at beginning of year                    | $ 35     | $ 63       | $ 66\nadditions for tax positions of the current year | 2        | 2          | 2\nadditions for tax positions of prior years      | 15       | 5          | 11\nreductions for tax positions of prior years     | -2 ( 2 ) | -4 ( 4 )   | -2 ( 2 )\nsettlements with tax authorities                | -2 ( 2 ) | -29 ( 29 ) | -8 ( 8 )\nexpiration of the statute of limitations        | -1 ( 1 ) | -          | -2 ( 2 )\nforeign currency translation                    | -4 ( 4 ) | -2 ( 2 )   | -4 ( 4 )\nbalance at end of year                          | $ 43     | $ 35       | $ 63"
}
{
    "_id": "dd4be6340",
    "title": "",
    "text": "table sets components of foreign currency translation adjustments for fiscal 2012 , 2011 and 2010 ( in thousands ) :.\n stock repurchase program to designed to return value to stockholders minimize dilution from stock issuances we repurchase shares in open market and enter structured repurchase agreements with third-parties.\n authorization to repurchase shares to cover on-going dilution not subject to expiration.\n repurchase program limited to covering net dilution from stock issuances subject to business conditions and cash flow requirements as determined by board of directors.\n during third quarter of fiscal 2010  board of directors approved amendment to stock repurchase program in april 2007 from non-expiring share-based authority to time-constrained dollar-based authority.\n amendment board directors granted authority to repurchase up to $ 1. 6 billion in common stock through end of fiscal 2012.\n during second quarter of fiscal 2012  exhausted our $ 1. 6 billion authority granted board in fiscal in april 2012  board of directors approved new stock repurchase program granting authority to repurchase up to $ 2. 0 billion in common stock through end of fiscal 2015.\n new stock repurchase program similar to previous $ 1. 6 billion stock repurchase program.\n during fiscal 2012 , 2011 2010  entered into structured repurchase agreements with large financial institutions provided financial institutions with prepayments totaling $ 405. 0 million , $ 695. 0 million and $ 850 million ,.\n of $ 405. 0 million of prepayments during fiscal 2012 , $ 100. 0 million was under new $ 2. 0 billion stock repurchase program remaining $ 305. 0 million was under our previous $ 1. 6 billion authority.\n of $ 850.0 million prepayments during fiscal 2010 , $ 250. 0 million under stock repurchase program prior to program amendment in third quarter of fiscal 2010 remaining $ 600. 0 million under amended $ 1. 6 billion time-constrained dollar-based authority.\n enter into agreements to advantage repurchasing shares at guaranteed discount to volume weighted average price ( 201cvwap 201d ) of our common stock over specified period of time.\n only enter transactions when discount receive higher than foregone return on cash prepayments to financial institutions.\n no explicit commissions or fees on structured repurchases.\n under terms agreements no requirement for financial institutions to return portion of prepayment to us.\n financial institutions agree to deliver shares at monthly intervals during contract term.\n parameters to calculate number of shares deliverable are : total notional amount of contract , number of trading days in contract , number of trading days in interval average vwap of our stock during interval less agreed upon discount.\n during fiscal 2012  repurchased approximately 11. 5 million shares at average price of $ 32. 29 through structured repurchase agreements during fiscal 2012.\n during fiscal 2011 , repurchased approximately 21. 8 million shares at average price of $ 31. 81 through structured repurchase agreements during fiscal 2011.\n during fiscal 2010 , repurchased approximately 31. 2 million shares at average price per share of $ 29. 19 through structured repurchase agreements during fiscal 2009 and fiscal 2010.\n for fiscal 2012 , 2011 and 2010 , prepayments classified as treasury stock on consolidated balance sheets at payment date only shares physically delivered by november 30 , 2012 , december 2 , 2011 and december 3 , 2010 excluded from computation of earnings per share.\nnovember 30, 2012  $ 33. 0 million prepayments remained under agreements.\n december 2 , 2011 december 3 , 2010  no prepayments remained under agreements.\n table contents adobe systems incorporated notes to consolidated financial statements continued )\n\n| 2012           | 2011           | 2010\n--------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\nbeginning balance                                                                       | $ 10580        | $ 7632         | $ 10640\nforeign currency translation adjustments                                                | -2225 ( 2225 ) | 5156           | -4144 ( 4144 )\nincome tax effect relating to translation adjustments forundistributed foreign earnings | 1314           | -2208 ( 2208 ) | 1136\nending balance                                                                          | $ 9669         | $ 10580        | $ 7632"
}
{
    "_id": "dd4c5b532",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements thousands except share per share data ) continued note 7.\n restructuring other charges previously announced restructuring programs table depicts activity for restructuring programs through december 3 , 1999 : accrued balance at balance at november 27 total cash december 3 1998 charges payments adjustments 1999.\n as of december 3 , 1999 approximately $ 0. 8 million accrued restructuring costs remain related to company 2019s fiscal 1998 restructuring program.\n balance comprised of $ 0. 3 million severance related charges $ 0. 1 million lease termination costs $ 0. 4 million canceled contracts.\n majority of accrual expected be paid by first quarter of fiscal 2000.\n cash payments for twelve months ended december 3 , 1999 related to fiscal 1998 restructuring were $ 0. 7 million , $ 3. 6 million  $ 0. 4 million for severance related charges lease termination costs canceled contracts costs.\n adjustments related to fiscal 1998 restructuring made during year consisted of $ 0. 4 million estimated lease termination costs $ 0. 3 mil- lion to other charges.\n included in accrual balance as of november 27 , 1998 were lease termination costs related to restructuring programs in fiscal 1994 and 1995.\n cash payments for twelve months ended december 3 , 1999 related to both restructuring programs were $ 1. 5 million.\n third and fourth quarters of fiscal 1999 company recorded adjustments to accrual balance of approximately $ 1. 2 million related to programs.\n adjustment of $ 0. 6 million made in third quarter of fiscal 1999 due to company 2019s success terminating lease agreement earlier than contract term specified.\n $ 0.6 million reduced from restructuring accrual relating to expired lease termination costs for two facilities from merger with frame in fiscal 1995.\n as of december 3, 1999 no accrual balances remain related to aldus and frame mergers.\n other charges during third and fourth quarters of fiscal 1999  company recorded other charges of $ 8. 4 million unusual in nature.\n charges included $ 2. 0 million with cancellation of contract and $ 2. 2 million for accelerated depreciation related to adjustment of useful life of certain assets decisions by management restructuring program.\n company incurred nonrecurring compensation charge totaling $ 2. 6 million for terminated employee incurred consulting fees of $ 1. 6 million to assist in restructuring company 2019s operations.\n\n| accrued balance at november 27 1998 | total charges | cash payments    | adjustments      | accrued balance at december 3 1999\n------------------------------------------ | ----------------------------------- | ------------- | ---------------- | ---------------- | ----------------------------------\naccrual related to previous restructurings | $ 8867                              | $ 2014        | $ -6221 ( 6221 ) | $ -1874 ( 1874 ) | $ 772"
}
{
    "_id": "dd4c3dc30",
    "title": "",
    "text": "assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n 12.\n accounts payable and other current liabilities dec.\n 31 , dec.\n 31 , millions 2010 2009.\n 13.\n financial instruments strategy and risk 2013 may use derivative financial instruments in limited instances for other than trading purposes to managing exposure to fluctuations in interest rates fuel prices.\n not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.\n derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item being hedged at inception and throughout hedged period.\n document nature and relationships between hedging instruments and hedged items at inception risk- management objectives strategies for hedge transactions method of assessing hedge effectiveness.\n changes in fair market value of derivative financial instruments not qualify for hedge accounting charged to earnings.\n may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use derivative financial instruments may limit future benefits from favorable interest rate fuel price movements.\n market and credit risk 2013 address market risk related to derivative financial instruments by selecting instruments with value fluctuations correlate with underlying hedged item.\n manage credit risk related to derivative financial instruments minimal by requiring high credit standards for counterparties and periodic settlements.\n at december 31 , 2010 and 2009  not required to provide collateral  nor received collateral  relating to hedging activities.\ndetermination of fair value 2013 determine fair values of derivative financial instrument positions based upon current fair values quoted by recognized dealers or present value expected future cash flows.\n interest rate fair value hedges 2013 manage exposure to fluctuations in interest rates by adjusting proportion of fixed and floating rate debt instruments within debt portfolio over given period.\n manage mix of fixed and floating rate debt through issuance of targeted amounts each as debt matures or require incremental borrowings.\n employ derivatives  primarily swaps , as tools to obtain targeted mix.\n obtain flexibility in managing interest costs and interest rate mix within debt portfolio by evaluating issuance of and managing outstanding callable fixed-rate debt securities.\n swaps allow to convert debt from fixed rates to variable rates hedge risk of changes in debt 2019s fair value attributable to changes in interest rates.\n account for swaps as fair value hedges using short-cut method ; do not record ineffectiveness within consolidated financial statements.\n\nmillions                                            | dec . 31 2010 | dec . 31 2009\n--------------------------------------------------- | ------------- | -------------\naccounts payable                                    | $ 677         | $ 612\ndividends and interest                              | 383           | 347\naccrued wages and vacation                          | 357           | 339\nincome and other taxes                              | 337           | 224\naccrued casualty costs                              | 325           | 379\nequipment rents payable                             | 86            | 89\nother                                               | 548           | 480\ntotal accounts payable and other currentliabilities | $ 2713        | $ 2470"
}
{
    "_id": "dd4c14146",
    "title": "",
    "text": "total intrinsic value of options exercised (.\n difference between market price at exercise and price paid by employee ) during fiscal 2011 , 2010 and 2009 was $ 96. 5 million , $ 29. 6 million and $ 4. 7 million ,.\n total proceeds received by company from exercise these options during fiscal 2011  2009 was $ 217. 4 million , $ 240. 4 million and $ 15. 1 million ,.\n proceeds from stock option exercises employee stock plans in company 2019s statement of cash flows of $ 217. 2 million , $ 216. 1 million and $ 12. 4 million for fiscal 2011  2010 2009 are net of value of shares surrendered by employees in limited circumstances to satisfy exercise price of options satisfy employee tax obligations upon vesting of restricted stock units with exercise stock options granted to company 2019s employees under equity compensation plans.\n withholding amount based on company 2019s minimum statutory withholding requirement.\n summary of company 2019s restricted stock unit award activity as of october 29 , 2011 and changes during year ended is presented below : restricted outstanding weighted- average grant- date fair value per share.\n as of october 29 , 2011  was $ 88. 6 million of total unrecognized compensation cost related to unvested share-based awards stock options and restricted stock units.\n cost expected to be recognized over period of 1. 3 years.\n total grant-date fair value of shares vested during fiscal 2011 , 2010 and 2009 was approximately $ 49. 6 million , $ 67. 7 million and $ 74. 4 million ,.\n common stock repurchase program company 2019s program in place since august 2004.\n board of directors authorized company to repurchase $ 5 billion of company 2019s common stock under program.\nunder program , company may repurchase outstanding shares common stock in open market and through privately negotiated transactions.\n unless terminated earlier by resolution company 2019s board of directors , repurchase program will expire when company repurchased all shares authorized under program.\n as of october 29 , 2011 , company had repurchased total approximately 125. 0 million shares common stock for approximately $ 4278. 5 million under program.\n additional $ 721. 5 million remains available for repurchase shares under current authorized program.\n repurchased shares are held as authorized but unissued shares of common stock.\n future common stock repurchases dependent upon factors  including cash available company in united states company 2019s financial performance , outlook liquidity.\n company also repurchases shares in settlement of employee tax withholding obligations due upon vesting of restricted stock units  or in certain limited circumstances to satisfy exercise price of options granted to company 2019s employees under company 2019s equity compensation plans.\n analog devices , inc.\n notes to consolidated financial statements 2014 ( continued )\n\n| restricted stock units outstanding | weighted- average grant- date fair value per share\n----------------------------------------------------- | ---------------------------------- | --------------------------------------------------\nrestricted stock units outstanding at october 30 2010 | 1265                               | $ 28.21\nunits granted                                         | 898                                | $ 34.93\nrestrictions lapsed                                   | -33 ( 33 )                         | $ 24.28\nunits forfeited                                       | -42 ( 42 )                         | $ 31.39\nrestricted stock units outstanding at october 29 2011 | 2088                               | $ 31.10"
}
{
    "_id": "dd4be2862",
    "title": "",
    "text": "other expense , net : company's other expense consists of following:.\n income tax provision : company recorded income tax expense of $ 77. 2 million had income before income taxes of $ 322. 5 million for year ended december 31 , 2013 , representing effective tax rate of 23. 9% ( 23. 9 % ).\n during year ended december 31 , 2012  company recorded income tax expense of $ 90. 1 million had income before income taxes of $ 293. 5 million  effective tax rate of 30. 7% ( 30. 7 % ).\n in december 2013  company received notice from irs joint committee on taxation took no exception to company's tax returns filed for 2009 and 2010.\n $ 11. 0 million tax benefit recognized in company's 2013 financial results as company had settled uncertainty regarding realization of refund claims filed in connection with 2009 and 2010 returns.\n. largest jurisdiction where company receives such tax credit availability of research and development credit expired at end of 2011 tax year.\n in january 2013  u. s.\n congress passed legislation reinstated research and development credit retroactive to 2012.\n income tax provision for year ended december 31 , 2013 includes approximately $ 2. 3 million related to reinstated research and development credit for 2012 activity.\n decrease in effective tax rate from prior year primarily due to release of uncertain tax position, reinstatement of u. s.\n research and development credit cash repatriation activities.\n to rate effective tax rates for years ended december 31 , 2013 and 2012 were impacted by lower statutory tax rates in company 2019s foreign jurisdictions , domestic manufacturing deduction and tax benefits associated with merger of company 2019s japan subsidiaries in 2010.\n net income : company 2019s net income for year ended december 31 , 2013 was $ 245.3 million compared net income $ 203. 5 million year ended december 31 , 2012.\n diluted earnings per share $ 2. 58 year ended december 31 , 2013 $ 2. 14 year ended december 31 , 2012.\n weighted average shares computing diluted earnings per share 95. 1 million and 95. 0 million years ended december 31 , 2013 2012  respectively.\n table of contents\n\n( in thousands )             | year ended december 31 , 2013 | year ended december 31 , 2012\n---------------------------- | ----------------------------- | -----------------------------\nforeign currency losses net  | $ -1115 ( 1115 )              | $ -1401 ( 1401 )\nother income ( expense ) net | 69                            | -4 ( 4 )\ntotal other expense net      | $ -1046 ( 1046 )              | $ -1405 ( 1405 )"
}
{
    "_id": "dd4b87796",
    "title": "",
    "text": "years ended december 31 , 2013 , 2012  2011  recognized approximately $ 6. 5 million , $ 5. 1 million $ 4. 7 million of compensation expense  respectively for options.\n as of december 31 , 2013  approximately $ 20. 3 million of total unrecognized compensation cost related to unvested stock options expected recognized over average period three years.\n stock-based compensation effective january 1 , 1999  implemented deferred compensation plan covering certain employees  including executives.\n shares issued under deferred plan granted to certain employees including executives vesting annually upon completion service period or meeting established financial performance criteria.\n annual vesting occurs at rates from 15% ( 15 % ) to 35% ( 35 % ) once performance criteria reached.\n summary of restricted stock as of december 31 , 2013 , 2012 2011 charges during years ended presented below.\n weighted average fair value of restricted stock granted during year $ 17386949 $ 7023942 $ 21768084 fair value of restricted stock vested during years ended december 31 , 2013 , 2012 2011 was $ 1. 6 million , $ 22. 4 million $ 4. 3 million , respectively.\n as of december 31 , 2013  $ 17. 8 million of total unrecognized compensation cost related to unvested restricted stock expected to be recognized over average period approximately 2. 7 years.\n for years ended december 31 , 2013 , 2012 2011 , approximately $ 4. 5 million , $ 4. 1 million $ 3. 4 million  capitalized to assets associated with compensation expense related to long-term compensation plans , restricted stock and stock options.\n granted ltip units  include bonus , time-based performance based awards  with fair value of $ 27.1 million , zero and $ 8. 5 million as of 2013 , 2012 2011 , respectively.\n grant date fair value of ltip unit awards calculated in accordance with asc 718.\n third party consultant determined fair value of ltip units to discount from sl green's common stock price.\n discount calculated by considering uncertainty ltip units will reach parity with other common partnership units illiquidity due to transfer restrictions.\n as of december 31 , 2013  $ 5. 0 million of total unrecognized compensation expense related to time-based and performance based awards expected to be recognized over weighted average period of approximately 1. 5 years.\n during years ended december 31 , 2013 , 2012 2011  recorded compensation expense related to bonus , time-based performance based awards of approximately $ 27. 3 million , $ 12. 6 million $ 8. 5 million , respectively.\n 2010 notional unit long-term compensation plan in december 2009  compensation committee company's board of directors approved general terms of sl green realty corp.\n 2010 notional unit long-term compensation program 2010 long-term compensation plan.\n 2010 long-term compensation plan long-term incentive compensation plan award recipients could earn  aggregate from approximately $ 15. 0 million up to approximately $ 75. 0 million of ltip units in operating partnership based on stock price appreciation over three years beginning december 1 , 2009 ; if maximum performance achieved approximately $ 25. 0 million of awards could be earned after second year additional approximately $ 25. 0 million of awards could be earned after third year.\n to achieve maximum performance under 2010 long-term compensation plan  aggregate stock price appreciation during performance period had to equal or exceed 50% ( 50 % ).\ncompensation committee determined maximum performance achieved at or after beginning each second and third years of performance period for full performance period  366815 ltip units , 385583 ltip units and 327416 ltip units earned under 2010 long-term compensation plan in december 2010 , 2011 and 2012 , respectively.\n in accordance with original terms program , 50% ( 50 % ) ltip units vested on december 17 , 2012 ( accelerated from original january 1 , 2013 vesting date )  25% ( 25 % ) ltip units vested on december 11 , 2013 ( accelerated from original january 1 , 2014 vesting date ) remainder scheduled to vest on january 1 , 2015 based\n\n| 2013           | 2012               | 2011\n----------------------------------------------------------------------- | -------------- | ------------------ | --------------\nbalance at beginning of year                                            | 2804901        | 2912456            | 2728290\ngranted                                                                 | 192563         | 92729              | 185333\ncancelled                                                               | -3267 ( 3267 ) | -200284 ( 200284 ) | -1167 ( 1167 )\nbalance at end of year                                                  | 2994197        | 2804901            | 2912456\nvested during the year                                                  | 21074          | 408800             | 66299\ncompensation expense recorded                                           | $ 6713155      | $ 6930381          | $ 17365401\nweighted average fair value of restricted stock granted during the year | $ 17386949     | $ 7023942          | $ 21768084"
}
{
    "_id": "dd4ba6da8",
    "title": "",
    "text": "adobe systems incorporated notes to consolidated financial statements continued accounting for uncertainty in income taxes during fiscal 2013 and 2012  our aggregate changes in total unrecognized tax benefits summarized as ( in thousands ) :.\n as of november 29 , 2013  combined accrued interest and penalties related to tax positions taken on our tax returns included in non-current income taxes payable was approximately $ 11. 4 million.\n we file income tax returns in u. s.\n federal basis and in many u.\n state and foreign jurisdictions.\n subject to continual examination of income tax returns by irs domestic and foreign tax authorities.\n major tax jurisdictions are u. s. , ireland and california.\n for. earliest fiscal years open for examination are 2005 , 2006 and 2010 .\n we regularly assess likelihood of outcomes from these examinations to determine adequacy of provision for income taxes and reserved for potential adjustments from current examinations.\n believe such estimates to be reasonable ; no assurance that final determination of these examinations will not have adverse effect on operating results and financial position.\n in july 2013  u.\n income tax examination covering fiscal years 2008 and 2009 completed.\n accrued tax and interest related to these years was $ 48. 4 million previously reported in long-term income taxes payable.\n settled tax obligation resulting from this examination with cash and income tax assets totaling $ 41. 2 million  resulting $ 7. 2 million income tax benefit recorded in third quarter of fiscal 2013.\n timing of resolution of income tax examinations uncertain as are amounts and timing of tax payments part of audit settlement process.\n these events could cause large fluctuations in balance sheet classification of current and non-current assets and liabilities.\nbelieve within next 12 months , possible either certain audits conclude or statutes of limitations on certain income tax examination periods expire , or both.\n given uncertainties described above, can determine range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million.\n note 10.\n restructuring fiscal 2011 restructuring plan in fourth quarter of fiscal 2011  initiated restructuring plan of reductions in workforce consolidation of facilities to align resources around digital media and digital marketing strategies.\n during fiscal 2013 continued to implement restructuring activities under plan.\n total costs incurred to date and expected to be incurred for closing redundant facilities are $ 12. 2 million as all facilities under plan exited as of november 29 , 2013.\n other restructuring plans restructuring plans include other adobe plans other plans associated with certain acquisitions substantially complete.\n continue to make cash outlays to settle obligations under these plans, current impact to consolidated financial statements not significant.\n other restructuring plans primarily consist of 2009 restructuring plan , implemented in fourth quarter of fiscal 2009  to align costs connection with fiscal 2010 operating plan.\n\n| 2013             | 2012\n---------------------------------------------------------------------------- | ---------------- | ----------------\nbeginning balance                                                            | $ 160468         | $ 163607\ngross increases in unrecognized tax benefits 2013 prior year tax positions   | 20244            | 1038\ngross increases in unrecognized tax benefits 2013 current year tax positions | 16777            | 23771\nsettlements with taxing authorities                                          | -55851 ( 55851 ) | -1754 ( 1754 )\nlapse of statute of limitations                                              | -4066 ( 4066 )   | -25387 ( 25387 )\nforeign exchange gains and losses                                            | -1474 ( 1474 )   | -807 ( 807 )\nending balance                                                               | $ 136098         | $ 160468"
}
{
    "_id": "dd4ba5d86",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our class a common stock on new york stock exchange ( nyse ) for years 2005 and 2004.\n on march 9 , 2006  closing price of our class a common stock was $ 29. 83 per share reported on nyse.\n as of march 9 , 2006  had 419677495 outstanding shares of class a common stock 687 registered holders.\n in february 2004  all outstanding shares of class b common stock converted into shares class a common stock one-for-one basis occurrence 201cdodge conversion event 201d defined in charter.\n in february 2004  all outstanding shares of class c common stock converted into shares of class a common stock one-for-one basis.\n in august 2005 amended and restated charter to eliminate class b common stock and class c common stock.\n information under 201csecurities authorized for issuance under equity compensation plans 201d from definitive proxy statement incorporated reference into item 12 of annual report.\n dividends never paid dividend on any class of common stock.\n anticipate may retain future earnings to fund development growth of business.\n indentures governing 7. 50% ( 7. 50 % ) senior notes due 2012 ( 7. 50% 7. 50 % ) and 7. 125% ( 7. 125 % ) senior notes due 2012 7. 125%. 125 % ) may prohibit us from paying dividends to stockholders unless satisfy certain financial covenants.\ncredit facilities indentures governing our debt securities contain covenants restrict our subsidiaries from making direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests  capital stock or other equity interests.\n under our credit facilities , borrower subsidiaries may pay cash dividends or make other distributions to us in credit facility only if no default exists created.\n indenture governing of ati 7. 25% ( 7. 25 % ) senior subordinated notes due 2011 ( ati 7. 25% ( 7. 25 % ) notes ) prohibit ati and certain other subsidiaries guaranteed notes ( sister guarantors ) from paying dividends making other payments or distributions to unless certain financial covenants satisfied.\n indentures governing our 7. 50% ( 7. 50 % ) notes and 7. 125% ( 7. 125 % ) notes contain restrictive covenants  prohibit restricted subsidiaries under indentures from paying dividends making other payments or distributions to unless certain financial covenants satisfied.\n for more information about restrictions under credit facilities notes indentures , see note 7 to our consolidated financial statements in this annual report section entitled 201cmanagement 2019s\n\n2005                       | high    | low\n-------------------------- | ------- | -------\nquarter ended march 31     | $ 19.28 | $ 17.30\nquarter ended june 30      | 21.16   | 16.28\nquarter ended september 30 | 25.20   | 20.70\nquarter ended december 31  | 28.33   | 22.73\n2004                       | high    | low\nquarter ended march 31     | $ 13.12 | $ 9.89\nquarter ended june 30      | 16.00   | 11.13\nquarter ended september 30 | 15.85   | 13.10\nquarter ended december 31  | 18.75   | 15.19"
}
{
    "_id": "dd4c23f60",
    "title": "",
    "text": "notes to consolidated financial statements at price equal to 101% ( 101 % ) of principal amount plus accrued and unpaid interest.\n cash proceeds from sale of notes was $ 983 million ( net of discount and issuance costs ).\n discount and issuance costs related to notes totaled $ 17 million amortized to interest expense over respective terms of notes.\n in august 2010  ppg entered three-year credit agreement with banks financial institutions ( 201ccredit agreement 201d ).\n credit agreement provides for $ 1. 2 billion unsecured revolving credit facility.\n credit agreement company terminated 20ac650 million and $ 1 billion revolving credit facilities each set to expire in 2011.\n no outstanding amounts due under revolving facility at times termination.\n company ability to increase size of credit agreement by up to additional $ 300 million subject to receipt of lender commitments and other conditions.\n credit agreement will terminate all amounts outstanding due and payable on august 5 , 2013.\n credit agreement provides loans bear interest at rates based at company 2019s option  on one of two specified base rates plus margin based on certain formulas defined in credit agreement.\n credit agreement contains commitment fee on amount unused commitment credit agreement ranging from 0. 125% ( 0. 125 % ) to 0. 625% ( 0. 625 % ) per annum.\n applicable interest rate and fee vary depending on ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc.\n for company 2019s non-credit enhanced , long- term , senior , unsecured debt.\n no amounts outstanding under credit agreement at december 31 , 2011 ; available borrowing rate on one month .\n dollar denominated borrowing would have been 1. 05 percent.\ncredit agreement contains restrictive covenants for facilities its type include with limitations on company 2019s ability to create liens or other encumbrances  enter into sale and leaseback transactions enter consolidations  mergers or transfers of all or its assets.\n credit agreement requires company to maintain ratio of total indebtedness to total capitalization  of 60 percent or less.\n credit agreement contains customary events of default permit lenders to accelerate repayment of loans  including failure to make timely payments agreement or other material indebtedness failure to satisfy covenants credit agreement change in control of company events of bankruptcy and insolvency.\n ppg 2019s non-u. s.\n operations have uncommitted lines of credit totaling $ 679 million of $ 36 million was used as of december 31 , 2011.\n these uncommitted lines of credit are subject to cancellation not subject to commitment fees.\n short-term debt outstanding as of december 31 , 2011 and 2010  was as follows : ( millions ) 2011 2010 other  weighted average 3. 72% ( 3. 72 % ) as of dec.\n 31 , 2011 and 3. 39% ( 3. 39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with restrictive covenants under its various credit agreements , loan agreements and indentures.\n company 2019s revolving credit agreements include financial ratio covenant.\n covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding portion of accumulated other comprehensive income ( loss ) related to pensions and postretirement benefit adjustments.\nas of december 31 , 2011  total indebtedness was 43 percent of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related to pensions postretirement benefit adjustments.\n all company 2019s debt agreements contain cross-default provisions.\n provisions default on debt service payment of $ 10 million or more for longer than grace period usually 10 days ) under one agreement may result in default under other agreements.\n none of company 2019s primary debt obligations secured or guaranteed by company 2019s affiliates.\n interest payments in 2011 , 2010 2009 totaled $ 212 million , $ 189 million and $ 201 million  respectively.\n in october 2009  company entered agreement with counterparty to repurchase 1. 2 million shares of company 2019s stock 1. 1 million shares purchased in open market ( 465006 of shares purchased as of december 31, 2009 at weighted average price of $ 56. 66 per share ).\n counterparty held shares until september 2010 when company paid $ 65 million took possession shares.\n in december 2008  company entered agreement with counterparty to repurchase 1. 5 million 44 2011 ppg annual report form 10-k.\n notes to consolidated financial statements at price equal to 101% ( % ) of principal amount plus accrued and unpaid interest.\n cash proceeds from sale of notes was $ 983 million ( net of discount and issuance costs ).\n discount and issuance costs related to notes totaled $ 17 million  will amortized to interest expense over terms of notes.\n in august 2010  ppg entered three-year credit agreement with banks financial institutions ( 201ccredit agreement 201d ).\n credit agreement provides for $ 1. 2 billion unsecured revolving credit facility.\nconnection with entering into credit agreement , company terminated its 20ac650 million and $ 1 billion revolving credit facilities each set to expire in 2011.\n no outstanding amounts due under either revolving facility at times termination.\n company has ability to increase size of credit agreement by up to additional $ 300 million , subject to receipt of lender commitments and other conditions.\n credit agreement will terminate all amounts outstanding due and payable on august 5 , 2013.\n credit agreement provides loans bear interest at rates based  at company 2019s option , on one of two specified base rates plus margin based on certain formulas defined in credit agreement.\n credit agreement contains commitment fee on amount unused commitment under credit agreement ranging from 0. 125% (. ) to 0. 625% ( 0. 625 % ) per annum.\n applicable interest rate and fee vary depending on ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc.\n for company 2019s non-credit enhanced , long- term , senior , unsecured debt.\n no amounts outstanding under credit agreement at december 31 , 2011 ; available borrowing rate on one month ,.\n dollar denominated borrowing would have been 1. 05 percent.\n credit agreement contains usual customary restrictive covenants for facilities type include limitations on company 2019s 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 all assets.\n credit agreement requires company to maintain ratio of total indebtedness to total capitalization  credit agreement of 60 percent or less.\ncredit agreement contains customary events of default permit lenders to accelerate repayment of loans including failure to make timely payments due or other material indebtedness failure to satisfy covenants in credit agreement change in control of company events of bankruptcy and insolvency.\n ppg 2019s non-u. s.\n operations have uncommitted lines of credit totaling $ 679 million of $ 36 million used as of december 31 , 2011.\n these uncommitted lines of credit subject to cancellation not subject to commitment fees.\n short-term debt outstanding as of december 31 , 2011 and 2010 was as follows : ( millions ) 2011 2010 other  weighted average 3. 72% ( 3. 72 % ) as of dec.\n 31 , 2011 and 3. 39% ( 3. 39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg in compliance with restrictive covenants under credit agreements, loan agreements indentures.\n company 2019s revolving credit agreements include financial ratio covenant.\n covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related to pensions and postretirement benefit adjustments.\n as of december 31 , 2011 total indebtedness was 43 percent of company 2019s total capitalization excluding accumulated other comprehensive income loss ) related to pensions postretirement benefit adjustments.\n all company 2019s debt agreements contain cross-default provisions.\n provisions provide default on debt service payment of $ 10 million or more for longer than grace period usually 10 days ) one agreement may result in event default under other agreements.\n none of company 2019s primary debt obligations are secured or guaranteed by company 2019s affiliates.\ninterest payments in 2011, 2010 2009 totaled $ 212 million , $ 189 million $ 201 million , respectively.\n in october 2009  company entered agreement with counterparty to repurchase up to 1. 2 million shares of company 2019s stock 1. 1 million shares purchased in open market ( 465006 shares purchased as of december 31 , 2009 at weighted average price of $ 56. 66 per share ).\n counterparty held shares until september 2010 company paid $ 65 million took possession of shares.\n december 2008  company entered agreement with counterparty to repurchase 1. 5 million 44 2011 ppg annual report form 10-k\n\n( millions )                                                                                            | 2011 | 2010\n------------------------------------------------------------------------------------------------------- | ---- | ----\nother weighted average 3.72% ( 3.72 % ) as of dec . 31 2011 and 3.39% ( 3.39 % ) as of december 31 2010 | 33   | 24\ntotal                                                                                                   | $ 33 | $ 24"
}
{
    "_id": "dd4b8b15c",
    "title": "",
    "text": "stock performance graph graph sets cumulative total shareholder return on our series a , series b series c common stock compared with cumulative total return of companies in standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and peer group of companies of cbs corporation class b common stock  news corporation class a common stock scripps network interactive , inc. time warner , inc.  viacom , inc.\n class b common stock walt disney company.\n graph assumes $ 100 invested on september 18 , 2008 , date our common stock began trading , in each our series a stock series b common stock series c common stock , s&p 500 index , and stock of peer group companies  including reinvestment of dividends  for period september 18 , 2008 through december 31 , 2008 years ended december 31 , 2009 , 2010  2011  2012.\n december 31 , december 31 .\n equity compensation plan information information regarding securities authorized for issuance under equity compensation plans set in our definitive proxy statement for 2013 annual meeting of stockholders under caption 201csecurities authorized for issuance under equity compensation plans , 201d incorporated herein by reference.\n\n| december 312008 | december 312009 | december 312010 | december 312011 | december 312012\n---------- | --------------- | --------------- | --------------- | --------------- | ---------------\ndisca      | $ 102.53        | $ 222.09        | $ 301.96        | $ 296.67        | $ 459.67\ndiscb      | $ 78.53         | $ 162.82        | $ 225.95        | $ 217.56        | $ 327.11\ndisck      | $ 83.69         | $ 165.75        | $ 229.31        | $ 235.63        | $ 365.63\ns&p 500    | $ 74.86         | $ 92.42         | $ 104.24        | $ 104.23        | $ 118.21\npeer group | $ 68.79         | $ 100.70        | $ 121.35        | $ 138.19        | $ 190.58"
}
{
    "_id": "dd4be0972",
    "title": "",
    "text": "jpmorgan chase & co. /2017 annual report 89 table reflects firm 2019s assessed level of capital allocated to each line of business as of dates indicated.\n line of business equity ( allocated capital ).\n planning and stress testing comprehensive capital analysis review federal reserve requires large bank holding companies , including firm , to submit capital plan annual basis.\n federal reserve uses ccar and dodd-frank act stress test processes to ensure large bhcs have sufficient capital during economic and financial stress  have robust forward-looking capital assessment and planning processes in address each bhc 2019s unique risks to absorb losses under certain stress scenarios.\n through ccar  federal reserve evaluates each bhc 2019s capital adequacy and internal capital adequacy assessment processes ( 201cicaap 201d ) plans to make capital distributions  dividend payments or stock repurchases.\n on june 28 , 2017  federal reserve informed firm it did not object to firm 2019s 2017 capital plan.\n for information on actions taken by firm 2019s board of directors following 2017 ccar results , see capital actions on pages 89-90.\n firm 2019s ccar process integrated into employs same methodologies utilized in firm 2019s icaap process  discussed.\n internal capital adequacy assessment process semiannually firm completes icaap  provides management view of impact of severe unexpected events on earnings , balance sheet positions  reserves and capital.\n firm 2019s icaap integrates stress testing protocols with capital planning.\n process assesses potential impact of alternative economic and business scenarios on firm 2019s earnings and capital.\n economic scenarios  parameters underlying scenarios defined centrally applied uniformly across businesses.\nscenarios articulated in macroeconomic factors key drivers of business results ; global market shocks generate short-term severe trading losses idiosyncratic operational risk events.\n scenarios intended to capture stress key vulnerabilities idiosyncratic risks facing firm.\n defining broad scenarios actual events can be worse.\n management considers additional stresses outside scenarios as necessary.\n results reviewed by management audit committee.\n capital actions preferred stock dividends declared were $ 1. 7 billion for year ended december 31 , 2017.\n october 20 , 2017 firm issued $ 1. 3 billion of fixed- to-floating rate non-cumulative preferred stock , series cc  initial dividend rate of 4. 625% ( 4. 625 % ).\n on december 1 , 2017 firm redeemed all $ 1. 3 billion of outstanding 5. 50% ( 5. 50 % ) non-cumulative preferred stock , series o.\n for additional information on firm 2019s preferred stock see note 20.\n trust preferred securities on december 18 , 2017 delaware trusts issued seven series of outstanding trust preferred securities liquidated $ 1. 6 billion of trust preferred and $ 56 million of common securities issued cancelled junior subordinated debentures held by each trust issuer distributed pro rata to holders of corresponding series trust preferred common securities.\n firm redeemed $ 1. 6 billion of trust preferred securities in year ended december 31 , 2016.\n common stock dividends firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook  desired dividend payout ratio  capital objectives alternative investment opportunities.\n september 19 , 2017 firm announced board of directors increased quarterly common stock dividend to $ 0. 56 per share  effective with dividend paid on october 31 , 2017.\nfirm 2019s dividends subject to board of directors 2019 approval quarterly basis.\n for information dividend restrictions  see note 20 and note 25.\n\n( in billions )                       | january 12018 | december 31 , 2017 | december 31 , 2016\n------------------------------------- | ------------- | ------------------ | ------------------\nconsumer & community banking          | $ 51.0        | $ 51.0             | $ 51.0\ncorporate & investment bank           | 70.0          | 70.0               | 64.0\ncommercial banking                    | 20.0          | 20.0               | 16.0\nasset & wealth management             | 9.0           | 9.0                | 9.0\ncorporate                             | 79.6          | 79.6               | 88.1\ntotal common stockholders 2019 equity | $ 229.6       | $ 229.6            | $ 228.1"
}
{
    "_id": "dd4ba9b70",
    "title": "",
    "text": "notes receivable in 2014  entered $ 3. 0 million promissory note with privately held company recorded at cost.\n interest rate promissory note is 8. 0% ( 8. 0 % ) per annum payable quarterly.\n all unpaid principal and accrued interest promissory note due and payable earlier of august 26 , 2017  or upon default.\n 5.\n commitments contingencies operating leases lease various operating spaces in north america , europe asia australia under non-cancelable operating lease arrangements expire various dates through 2024.\n arrangements require us to pay certain operating expenses  taxes , repairs  insurance contain renewal and escalation clauses.\n recognize rent expense under arrangements on straight-line basis over term of lease.\n as of december 31 , 2015  aggregate future minimum payments under non-cancelable operating leases consist of following ( in thousands ) : years ending december 31.\n rent expense for all operating leases amounted to $ 6. 7 million , $ 3. 3 million and $ 3. 6 million for years ended december 31 , 2015 , 2014 2013  respectively.\n financing obligation 2014build-to-suit lease in august 2012  executed lease for building under construction in santa clara , california headquarters.\n lease term is 120 months commenced august 2013.\n based on terms lease agreement due to involvement in aspects construction financial involvement in structural elements of asset construction  decisions related to tenant improvement costs purchasing insurance not reimbursable by buyer-lessor landlord ) deemed owner of building ( for accounting purposes only ) during construction period.\n continue to maintain involvement in property post construction completion lack transferability of risks and rewards of ownership due to required maintenance of $ 4.0 million letter of credit  ability option to sublease our portion of leased building for fees higher than base rate.\n due to continued involvement in property lack of transferability of risks rewards ownership to landlord post construction we account for building and related improvements as lease financing obligation.\n as of december 31 , 2015 and 2014  recorded assets of $ 53. 4 million  total costs of building and improvements incurred including costs paid by lessor ( legal owner ) and additional improvement costs paid by us corresponding financing obligation of $ 42. 5 million and $ 43. 6 million  respectively.\n as of december 31 , 2015 , $ 1. 3 million and $ 41. 2 million recorded as short-term and long-term financing obligations.\n land lease expense under lease financing obligation included in rent expense above amounted to $ 1. 3 million and $ 1. 2 million for years ended december 31 , 2015 and 2014 .\n no land lease expense for year ended december 31 , 2013.\n\n2016                                | $ 6306\n----------------------------------- | -------\n2017                                | 6678\n2018                                | 6260\n2019                                | 5809\n2020                                | 5580\nthereafter                          | 21450\ntotal minimum future lease payments | $ 52083"
}
{
    "_id": "dd4be5256",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis methodology of computing massachusetts state income taxes from legislation passed third quarter 2008  resulted in income tax benefit of approximately $ 18. 8 million.\n factors partially offset by income taxes recorded by entergy power generation , llc  prior to liquidation from redemption payments received investment in entergy nuclear power marketing , llc third quarter 2008  resulted in income tax expense of approximately $ 16. 1 million ; book and tax differences for utility plant items state income taxes at utility operating companies  including flow-through treatment of entergy arkansas write-offs.\n effective income tax rate for 2007 was 30. 7% ( 30. 7 % ).\n reduction in effective income tax rate versus federal statutory rate of 35% ( 35 % ) in 2007 primarily due to reduction in income tax expense due to step-up in tax basis on indian point 2 non-qualified decommissioning trust fund from restructuring trusts reduced deferred taxes trust fund reduced current tax expense ; resolution of tax audit issues 2002-2003 audit cycle ; adjustment to state income taxes for non-utility nuclear reflect effect change in methodology of computing new york state income taxes state taxing authority ; book and tax differences related to allowance for equity funds used during construction ; amortization of investment tax credits.\n factors partially offset by book and tax differences for utility plant items state income taxes at utility operating companies.\n see note 3 to financial statements for reconciliation of federal statutory rate of 35. 0% ( 35. 0 % ) to effective income tax rates  for additional discussion regarding income taxes.\n liquidity capital resources section discusses entergy's capital structure , capital spending plans other uses of capital , sources of capital  cash flow activity in cash flow statement.\ncapital structure entergy's capitalization balanced between equity and debt  shown in following table.\n decrease in debt to capital percentage from 2008 to 2009 primarily result of increase in shareholders' equity due to increase in retained earnings  offset by repurchases of common stock  decrease in borrowings under entergy corporation's revolving credit facility.\n increase in debt to capital percentage from 2007 to 2008 result of additional borrowings under entergy corporation's revolving credit facility.\n\n| 2009             | 2008             | 2007\n---------------------------------------------- | ---------------- | ---------------- | ----------------\nnet debt to net capital at the end of the year | 53.5% ( 53.5 % ) | 55.6% ( 55.6 % ) | 54.7% ( 54.7 % )\neffect of subtracting cash from debt           | 3.8% ( 3.8 % )   | 4.1% ( 4.1 % )   | 2.9% ( 2.9 % )\ndebt to capital at the end of the year         | 57.3% ( 57.3 % ) | 59.7% ( 59.7 % ) | 57.6% ( 57.6 % )"
}
{
    "_id": "dd4bc7db4",
    "title": "",
    "text": "measure cash flow as net cash provided by operating activities reduced by expenditures for property additions.\n use non-gaap financial measure cash to focus management investors on cash available for debt repayment dividend distributions acquisition opportunities share repurchases.\n cash flow metric reconciled to comparable gaap measure .\n year-over-year change 22. 4 % ( % ) 87. 5 % ( % ) year-over-year changes in cash flow driven by improved performance in working capital from benefit pringles acquisition changes in level of capital expenditures during three-year period.\n investing activities net cash used in investing activities for 2012 amounted to $ 3245 million increase of $ 2658 million compared with 2011 attributable to $ 2668 acquisition of pringles capital spending 2012 included investments in supply chain infrastructure support capacity requirements in certain markets including pringles.\n continued investment in information technology infrastructure related to reimplementation upgrade of sap platform.\n net cash used in investing activities of $ 587 million in 2011 increased by $ 122 million compared with 2010  reflecting capital projects for reimplementation upgrade of sap platform investments in supply chain.\n cash paid for additions to properties as percentage of net sales decreased to 3. 8% ( 3. 8 % ) in 2012  from 4. 5% ( 4. 5 % ) in 2011 increase from 3. 8% ( 3. 8 % ) in financing activities in february 2013 issued $ 250 million of two-year floating-rate u. s.\n dollar notes  $ 400 million of ten-year 2. 75% ( 2. 75 % ) u. s.\n dollar notes.\n proceeds from notes used for general corporate purposes  including with cash on hand repayment of $ 750 million aggregate principal amount of 4. 25% ( 4. 25 % ) u. s.\n dollar notes due march 2013.\nfloating-rate notes bear interest equal to three-month libor plus 23 basis points subject to quarterly reset.\n notes contain covenants limit ability kellogg company and restricted subsidiaries to incur liens or enter into sale and lease-back transactions change of control provision.\n net cash provided by financing activities was $ 1317 for 2012  compared to $ 957 and $ 439 for 2011 and 2010 .\n increase in cash from financing in 2012 primarily due to issuance of debt related to acquisition of pringles.\n total debt was $ 7. 9 billion at year-end 2012 and $ 6. 0 billion at year-end 2011.\n in march 2012 entered into interest rate swaps on $ 500 million five-year 1. 875% ( 1. 875 % ) fixed rate.\n dollar notes due 2016 $ 500 million ten-year 4. 15% ( 4. 15 % ) fixed rate.\n dollar notes due 2019 and $ 500 million of $ 750 million seven-year 4. 45% ( 4. 45 % ) fixed rate.\n dollar notes due 2016.\n interest rate swaps converted notes from fixed rates to floating rate obligations through maturity.\n in may 2012 issued $ 350 million of three-year 1. 125% ( 1. 125 % ) u.\n dollar notes  $ 400 million of five-year 1. 75% ( 1. 75 % ) u.\n dollar notes and $ 700 million of ten-year 3. 125% ( 3. 125 % ) u.\n dollar notes  in aggregate net proceeds after debt discount of $ 1. 442 billion.\n proceeds notes used for general corporate purposes including financing portion of acquisition of pringles.\n in may 2012 issued.\n $ 300 million of two-year 2. 10% ( 2.10 % ) fixed rate canadian dollar notes proceeds for general corporate purposes included repayment of intercompany debt.\n repayment resulted in cash for portion acquisition of pringles.\n in december 2012 repaid $ 750 million five-year 5. 125% ( 5. 125 % ).\n dollar notes at maturity with commercial paper.\n in february 2011 entered interest rate swaps on $ 200 million of $ 750 million seven-year 4. 45% ( 4. 45 % ) fixed rate.\n dollar notes due 2016.\n interest rate swaps converted notes from fixed rate to floating rate obligation through maturity.\n april 2011 repaid $ 945 million ten-year 6. 60% ( 6. 60 % ).\n dollar notes at maturity with commercial paper.\n in may 2011 issued $ 400 million of seven-year 3. 25% ( 3. 25 % ) fixed rate.\n dollar notes proceeds of $ 397 million for general corporate purposes and repayment of commercial paper.\n during 2011 entered into interest rate swaps with amounts totaling $ 400 million converted notes from fixed rate to floating rate obligation through maturity.\n november 2011 issued $ 500 million of five-year 1. 875% ( 1. 875 % ) fixed rate.\n.\n dollar notes proceeds of $ 498 million for general corporate purposes and repayment of commercial paper.\n during 2012  entered into interest rate swaps converted notes from fixed rate to floating rate obligation through maturity.\n in april 2010 board of directors approved share repurchase program authorizing to repurchase shares of common stock amounting to $ 2. 5 billion during 2010 through 2012.\n three year authorization replaced previous share buyback programs authorized stock repurchases of up to $ 1. 1 billion for 2010 and $ 650 million for 2009.\nunder program we repurchased approximately 1 million, 15 million 21 million shares of common stock for $ 63 million , $ 793 million and $ 1. 1 billion during 2012 , 2011 2010  respectively.\n in december 2012 board of directors approved share repurchase program authorizing us to repurchase shares common stock amounting to $ 300 million during 2013.\n paid quarterly dividends to shareholders totaling $ 1. 74 per share in 2012  $ 1. 67 per share in 2011 $ 1. 56 per share in 2010.\n total cash paid for dividends increased by 3. 0% ( 3. 0 % ) in 2012 and 3. 4% ( 3. 4 % ) in 2011.\n in march 2011 entered unsecured four- year credit agreement allows us to borrow revolving credit basis up to $ 2. 0 billion.\n long-term debt agreements contain customary covenants limit kellogg company subsidiaries from incurring certain liens or entering into certain sale and lease-back transactions.\n some agreements contain change in control provisions.\n do not contain acceleration of maturity clauses dependent on credit ratings.\n change in credit ratings could limit access to.\n short-term debt market/or increase cost of refinancing long-term debt future.\n under circumstances continue to access to four-year credit agreement  expires in march 2015.\n this source of liquidity is unused and available on unsecured basis not currently plan to use it.\n capital and credit markets  including commercial paper markets continued to experience instability and disruption as.\n global economies underwent period of extreme uncertainty.\n throughout period uncertainty continued to access to u.  european canadian commercial paper markets.\n commercial paper and term debt credit ratings not affected by changes in credit environment.\nmonitor financial strength of third-party financial institutions , including those hold our cash and cash equivalents those serve as counterparties to our credit facilities , derivative financial instruments , other arrangements.\n in compliance with all covenants as of december 29 , 2012.\n continue to believe we will be able to meet interest and principal repayment obligations maintain debt covenants for foreseeable future , while still meeting operational needs , including pursuit of selected bolt-on acquisitions.\n this accomplished through strong cash flow , short- term borrowings , maintenance of credit facilities on global basis.\n\n( dollars in millions )                   | 2012             | 2011             | 2010\n----------------------------------------- | ---------------- | ---------------- | ------------\nnet cash provided by operating activities | $ 1758           | $ 1595           | $ 1008\nadditions to properties                   | -533 ( 533 )     | -594 ( 594 )     | -474 ( 474 )\ncash flow                                 | $ 1225           | $ 1001           | $ 534\nyear-over-year change                     | 22.4% ( 22.4 % ) | 87.5% ( 87.5 % ) |"
}
{
    "_id": "dd4970d36",
    "title": "",
    "text": "15.\n commitments contingencies in ordinary course business  company involved in lawsuits  arbitrations other formal and informal dispute resolution procedures outcomes determine company 2019s rights obligations under insurance reinsurance agreements.\n in some disputes company seeks to enforce rights under agreement or collect funds owing to it.\n in other matters company resisting attempts by others to collect funds or enforce alleged rights.\n these disputes arise time to resolved through informal and formal means  including negotiated resolution , arbitration litigation.\n in all matters company believes its positions are legally commercially reasonable.\n company considers statuses of proceedings when determining reserves for unpaid loss loss adjustment expenses.\n aside from litigation arbitrations related to insurance reinsurance agreements company not a party to any other material litigation or arbitration.\n company entered into separate annuity agreements with prudential insurance of america ( 201cthe prudential 201d ) additional unaffiliated life insurance company in company purchased annuity contracts or become assignee of annuity proceeds meant to settle claim payment obligations in future.\n in both instances company would become contingently liable if prudential or unaffiliated life insurance company unable to make payments related to respective annuity contract.\n table below presents estimated cost to replace all such annuities for which company was contingently liable for periods indicated:.\n 16.\n share-based compensation plans company has 2010 stock incentive plan ( 201c2010 employee plan 201d ) , 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ).\n2010 employee plan  4000000 common shares authorized to be granted as non- qualified share options  incentive share options share appreciation rights  restricted share awards performance share unit awards to officers key employees company.\n at december 31 , 2017  2553473 remaining shares available to be granted under 2010 employee plan.\n 2010 employee plan replaced 2002 employee plan  replaced 1995 employee plan ; no further awards granted under 2002 employee plan or 1995 employee plan.\n through december 31 , 2017  only non-qualified share options  restricted share awards performance share unit awards granted under employee plans.\n 2009 director plan 37439 common shares authorized to be granted as share options or restricted share awards to non-employee directors company.\n at december 31 , 2017 34957 remaining shares available to be granted under 2009 director plan.\n 2009 director plan replaced 1995 director plan  expired.\n under 2003 director plan 500000 common shares authorized to be granted as share options or share awards to non-employee directors company.\n at december 31 , 2017 346714 remaining shares available to be granted under 2003 director plan.\n\n( dollars in thousands )                    | at december 31 , 2017 | at december 31 , 2016\n------------------------------------------- | --------------------- | ---------------------\nthe prudential insurance company of america | $ 144618              | $ 146507\nunaffiliated life insurance company         | 34444                 | 33860"
}
{
    "_id": "dd4be493c",
    "title": "",
    "text": "notes to consolidated financial statements jpmorgan chase & co.\n 150 jpmorgan chase & co.\n / 2007 annual report expected loss modeling in 2006 , firm restructured four multi-seller conduits it administers.\n restructurings included enhancing firm 2019s expected loss model.\n in determining primary beneficiary of conduits administers, firm uses monte carlo 2013based model to estimate expected losses of each conduits and considers rela- tive rights and obligations of variable interest holders.\n variability considered in modeling of expected losses based on design of entity.\n firm 2019s traditional multi-seller conduits designed to pass credit risk , not liquidity risk , to vari- able interest holders , assets intended to be held in conduit for longer term.\n under fin 46r , firm required to run monte carlo-based expected loss model each time reconsideration event occurs.\n applying guidance conduits following events considered to reconsideration events could affect determination of primary beneficiary of conduits : 2022 new deals , including issuance of new or additional variable interests ( credit support  liquidity facilities  ) ; 2022 changes in usage , including change in level of outstand- ing variable interests ( credit support liquidity facilities  ) ; 2022 modifications of asset purchase agreements ; 2022 sales of interests held by primary beneficiary.\n operational perspective firm does not run monte carlo-based expected loss model every time reconsidera- tion event due to frequency of occurrence.\n instead  firm runs expected loss model each quarter includes growth assumption for each conduit to ensure sufficient amount of elns exists for each conduit at any point during quarter.\n part of normal quarterly model review  firm reassesses underlying assumptions and inputs of expected loss model.\nsecond half of 2007 , assumptions in model adjusted to reflect current market conditions.\n specifically , risk ratings and loss given default assumptions relating to residential subprime mortgage exposures modified.\n for other nonmortgage-related asset classes , firm determined assumptions in model required little adjustment.\n result of updates to model  fourth quarter of 2007 terms of elns renegotiated to increase level of commit- ment and funded amounts provided by eln holders.\n total expected loss notes outstanding at december 31 , 2007 and 2006 , were $ 130 million and $ 54 million , respectively.\n management concluded model assumptions reflective of market participant 2019s assumptions and considered probability of recurrence of recent market events.\n qualitative considerations multi-seller conduits designed to provide efficient means for clients to access commercial paper market.\n firm believes conduits disperse risk among all parties preponderance of economic risk in firm 2019s multi-seller conduits not held by jpmorgan chase.\n percentage of assets in multi-seller conduits firm views as client-related represent 99% ( 99 % ) and 98% ( 98 % ) of total conduits 2019 holdings at december 31 , 2007 and 2006 , respectively.\n consolidated sensitivity analysis on capital possible firm could be required to consolidate a vie if determined firm became primary beneficiary of vie under provisions of fin 46r.\n factors involved in determination of whether or not a vie should be consolidated dis- cussed above and in note 1 on page 108 of annual report.\n table below shows impact on firm 2019s reported assets , liabilities , net income , tier 1 capital ratio and tier 1 leverage ratio if firm required to consolidate all multi-seller conduits it administers.\n of or for year ending december 31 , 2007.\nfirm could fund purchases of assets from vies necessary.\n investor intermediation as financial intermediary , firm creates types of vies structures transactions , typically derivative structures , with vies to meet investor needs.\n firm may provide liquidity and other support.\n risks in derivative instruments or liq- uidity commitments are managed similarly to other credit , market liquidity risks to firm exposed.\n principal types of vies for firm engaged activities are municipal bond vehicles , credit-linked note vehicles collateralized debt obligation vehicles.\n municipal bond vehicles firm created secondary market trusts that provide short-term investors with qualifying tax-exempt investments allow investors in tax-exempt securities to finance investments at short-term tax-exempt rates.\n in typical transaction vehicle pur- chases fixed-rate longer-term highly rated municipal bonds funds purchase by issuing two types of securities : 1 ) putable floating- rate certificates and 2 ) inverse floating-rate residual interests ( 201cresid ual interests 201d.\n maturity of each putable floating-rate certifi- cates and residual interests is equal to life of vehicle, maturity of underlying municipal bonds is longer.\n holders of putable floating-rate certificates may 201cput 201d  or tender  certifi- cates if remarketing agent cannot remarket float- ing-rate certificates to another investor.\n liquidity facility conditionally obligates liquidity provider to fund purchase of tendered floating-rate certificates.\n upon termination of vehicle  if pro- ceeds from sale of underlying municipal bonds not suffi- cient to repay liquidity facility liquidity provider has recourse either to excess collateralization in vehicle or residual interest holders for reimbursement.\nthird-party holders of residual interests in vehicles could experience losses if face amount putable floating-rate cer- tificates exceeds market value of municipal bonds upon termi- nation vehicle.\n certain vehicles require smaller initial invest- ment by residual interest holders do not result in excess collateralization.\n for these vehicles exists reimbursement obli-\n\n( in billions except ratios ) | reported       | pro forma\n----------------------------- | -------------- | --------------\nassets                        | $ 1562.1       | $ 1623.9\nliabilities                   | 1438.9         | 1500.9\nnet income                    | 15.4           | 15.2\ntier 1 capital ratio          | 8.4% ( 8.4 % ) | 8.4% ( 8.4 % )\ntier 1 leverage ratio         | 6.0            | 5.8"
}
{
    "_id": "dd4bd7926",
    "title": "",
    "text": "page 31 of 98 details about company 2019s receivables sales agreement debt available in notes 6 and 12 accompanying consolidated financial statements within item 8 report.\n other liquidity items cash payments for long-term debt maturities rental payments under noncancellable operating leases purchase obligations at december 31 , 2006 summarized in table:.\n total payments on contractual obligations $ 10772. 0 $ 2907. 5 $ 3768. 1 $ 2741. 4 $ 1355. 0 ( a ) amounts in local currencies translated at year-end exchange rates.\n b ) for variable rate facilities amounts based on interest rates at year end.\n c ) company 2019s purchase obligations include contracted amounts for aluminum  steel plastic resin other direct materials.\n included commitments for purchases of natural gas electricity  aerospace technologies contracts other less significant items.\n variable prices usage involved management 2019s best estimates used.\n circumstances early termination of contracts may not result in penalties actual payments could vary.\n contributions to company 2019s defined benefit pension plans  not including unfunded german plans expected to be $ 69. 1 million in 2007.\n estimate may change based on plan asset performance.\n benefit payments related to plans expected to be $ 62. 6 million , $ 65. 1 million  $ 68. 9 million  $ 73. 9 million $ 75. 1 million for years ending december 31 , 2007 through 2011  $ 436. 7 million combined for 2012 through 2016.\n payments to participants in unfunded german plans expected to be $ 24. 6 million , $ 25. 1 million , $ 25. 5 million , $ 25. 9 million $ 26. 1 million in years 2007 through 2011  total of $ 136. 6 million thereafter.\nreduced share repurchase program 2006 to $ 45. 7 million net of issuances compared to $ 358. 1 million net repurchases 2005 $ 50 million 2004.\n net repurchases 2006 not include forward contract december 2006 for repurchase of 1200000 shares.\n contract settled january 5, 2007 for $ 51. 9 million cash.\n 2007 expect to repurchase approximately $ 175 million  net of issuances reduce debt levels by more $ 125 million.\n annual cash dividends paid on common stock were 40 cents per share in 2006 2005 35 cents per share in 2004.\n total dividends paid $ 41 million in 2006  $ 42. 5 million in 2005 $ 38. 9 million in 2004.\n\n( $ in millions )                         | payments due by period ( a ) total | payments due by period ( a ) less than1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years\n----------------------------------------- | ---------------------------------- | -------------------------------------------- | -------------------------------------- | -------------------------------------- | ----------------------------------------------\nlong-term debt                            | $ 2301.6                           | $ 38.5                                       | $ 278.4                                | $ 972.9                                | $ 1011.8\ncapital lease obligations                 | 7.6                                | 2.7                                          | 2.4                                    | 0.4                                    | 2.1\ninterest payments on long-term debt ( b ) | 826.5                              | 138.8                                        | 259.4                                  | 204.8                                  | 223.5\noperating leases                          | 185.9                              | 45.0                                         | 58.5                                   | 38.7                                   | 43.7\npurchase obligations ( c )                | 7450.4                             | 2682.5                                       | 3169.4                                 | 1524.6                                 | 73.9\ntotal payments on contractual obligations | $ 10772.0                          | $ 2907.5                                     | $ 3768.1                               | $ 2741.4                               | $ 1355.0"
}
{
    "_id": "dd4beee14",
    "title": "",
    "text": "eog resources , inc.\n supplemental information to consolidated financial statements continued ) net proved undeveloped reserves.\n following table presents changes in eog's total proved undeveloped reserves during 2018 , 2017 2016 ( in mboe ) :.\n for twelve-month period ended december 31 , 2018 , total puds increased by 217 mmboe to 1380 mmboe.\n eog added approximately 31 mmboe of puds through drilling activities but significant expenditures remained for completion.\n based on technology employed by eog to identify and record puds ( discussion on pages f-36 and f-37 of annual report on form 10-k ) eog added 460 mmboe.\n pud additions primarily in permian basin, anadarko basin , eagle ford rocky mountain area  80% ( 80 % ) of additions were crude oil and condensate.\n during 2018 , eog drilled and transferred 266 mmboe of puds to proved developed reserves at total capital cost of $ 2745 million.\n all puds , including drilled but uncompleted wells scheduled for completion within five years of original reserve booking.\n for twelve-month period ended december 31 , 2017 , total puds increased by 110 mmboe to 1163 mmboe.\n eog added approximately 38 mmboe of puds through drilling activities but significant expenditures remained for completion.\n on technology employed by eog to identify and record puds eog added 199 mmboe.\n pud additions primarily in permian basin eagle ford rocky mountain area 74% ( 74 % ) of additions were crude oil and condensate.\n2017 , eog drilled transferred 153 mmboe of puds to proved developed reserves total capital cost of $ 1440 million.\n revisions of puds totaled positive 33 mmboe  primarily due to updated type curves improved performance offsetting wells in permian basin , impact of increases in average crude oil and natural gas prices december 31 , 2017 , reserves estimation compared prices prior year estimate lower costs.\n 2017  eog sold or exchanged 8 mmboe of puds primarily in permian basin.\n for twelve-month period ended december 31, 2016 total puds increased by 7 mmboe to 1053 mmboe.\n eog added approximately 21 mmboe of puds through drilling activities wells drilled but significant expenditures remained for completion.\n based technology employed eog to identify record puds , eog added 117 mmboe.\n pud additions primarily in permian basin lesser rocky mountain area  82% ( 82 % ) of additions were crude oil and condensate.\n 2016  eog drilled transferred 149 mmboe of puds to proved developed reserves total capital cost of $ 1230 million.\n revisions of puds totaled positive 64 mmboe  primarily due to improved well performance primarily in delaware basin  lower production costs  partially offset by impact of decreases in average crude oil natural gas prices in december 31 , 2016 , reserves estimation compared to prices prior year estimate.\n 2016  eog sold 46 mmboe of puds primarily in haynesville play.\n\n| 2018               | 2017               | 2016\n--------------------------------------- | ------------------ | ------------------ | ------------------\nbalance at january 1                    | 1162635            | 1053027            | 1045640\nextensions and discoveries              | 490725             | 237378             | 138101\nrevisions                               | -8244 ( 8244 )     | 33127              | 64413\nacquisition of reserves                 | 311                | 2014               | 2014\nsale of reserves                        | 2014               | -8253 ( 8253 )     | -45917 ( 45917 )\nconversion to proved developed reserves | -265718 ( 265718 ) | -152644 ( 152644 ) | -149210 ( 149210 )\nbalance at december 31                  | 1379709            | 1162635            | 1053027"
}
{
    "_id": "dd4bcdcaa",
    "title": "",
    "text": "fidelity national information services , inc.\n subsidiaries notes to consolidated financial statements - continued summarizes aggregate maturities of our debt and capital leases on stated contractual maturities  excluding unamortized non-cash bond premiums and discounts net of $ 30 million as of december 31 , 2017 ( in millions ) :.\n no mandatory principal payments on revolving loan balance outstanding loan due and payable at scheduled maturity date occurs at august 10 , 2021.\n may redeem 2018 notes , 2020 notes , 2021 notes , 2021 euro notes  2022 notes , 2022 gbp notes , 2023 notes  2024 notes , 2024 euro notes  2025 notes , 2026 notes  2046 notes at option in whole or in part  at any time from time to time  at redemption price equal to greater of 100% ( 100 % ) of principal amount to be redeemed make-whole amount calculated as described in related indenture in each case plus accrued and unpaid interest to excluding date of redemption  no make-whole amount paid for redemptions of 2020 notes  2021 notes  2021 euro notes 2022 gbp notes during one month prior to maturity 2022 notes two months prior to maturity 2023 notes , 2024 notes  2024 euro notes  2025 notes  2026 notes during three months prior to maturity 2046 notes during six months prior to maturity.\n debt issuance costs of $ 53 million , net of accumulated amortization  remain capitalized as of december 31 , 2017  related to all above outstanding debt.\n monitor financial stability of counterparties on ongoing basis.\n lender commitments under undrawn portions of revolving loan comprised of diversified set of financial institutions , domestic and international.\nfailure of single lender to perform obligations under revolving loan not adversely impact our ability to fund operations.\n fair value of company 2019s long-term debt estimated to be approximately $ 156 million higher than carrying value as of december 31 , 2017.\n estimate based on quoted prices of senior notes and trades of other debt in close proximity to december 31 , 2017  considered level 2-type measurements.\n estimate subjective involves uncertainties significant judgment in interpretation of current market data.\n values presented not necessarily indicative of amounts company could realize or settle currently.\n\n| total\n--------------------------------------------------- | ----------\n2018                                                | $ 1045\n2019                                                | 44\n2020                                                | 1157\n2021                                                | 1546\n2022                                                | 705\nthereafter                                          | 4349\ntotal principal payments                            | 8846\ndebt issuance costs net of accumulated amortization | -53 ( 53 )\ntotal long-term debt                                | $ 8793"
}
{
    "_id": "dd4bb7018",
    "title": "",
    "text": "hologic , inc.\n notes to consolidated financial statements 2014 ( continued ) ( in thousands except per share data ) future minimum lease payments under all company 2019s operating leases are approximately as follows:.\n company subleases portion of bedford facility received rental income of $ 277 , $ 410 $ 682 for fiscal years 2004 , 2003 2002  recorded as offset to rent expense in accompanying statements of income.\n rental expense , net of sublease income  was approximately $ 4660 , $ 4963 , $ 2462 for fiscal 2004 , 2003 2002 ,.\n 9.\n business segments geographic information company reports segment information in accordance with sfas no.\n 131 , disclosures about segments of enterprise related information.\n operating segments identified as components of enterprise separate discrete financial information available for evaluation by chief operating decision maker group decisions allocate resources assess performance.\n company 2019s chief decision-maker  defined under sfas no.\n 131 is chief executive officer.\n company viewed operations manages business as four principal operating segments : manufacture and sale of mammography products , osteoporosis assessment products  digital detectors other products.\n result of company 2019s implementation of company wide integrated software application in fiscal 2003  identifiable assets for four principal operating segments only consist of inventories , intangible assets  property and equipment.\n company presented all other assets as corporate assets.\n prior periods restated to conform to this presentation.\n intersegment sales and transfers not significant.\n\nfiscal years ending                                        | amount\n---------------------------------------------------------- | -------\nseptember 24 2005                                          | $ 4848\nseptember 30 2006                                          | 4672\nseptember 29 2007                                          | 3680\nseptember 27 2008                                          | 3237\nseptember 26 2009                                          | 3158\nthereafter                                                 | 40764\ntotal ( not reduced by minimum sublease rentals of $ 165 ) | $ 60359"
}
{
    "_id": "dd4b8bd14",
    "title": "",
    "text": "10-k altria ar release tuesday  february 27 , 2018 10:00pm andra design llc relative percentages of operating companies income ( loss ) to each reportable segment all other category as follows:.\n for items affecting comparability relative percentages operating companies income ( loss ) each reportable segment see note 15.\n narrative description of business portions information called for this item included in operating results by business segment in item 7.\n management 2019s discussion analysis of financial condition results of operations annual report on form 10-k ( 201citem 7 201d ).\n tobacco space altria group , inc. 2019s tobacco operating companies include pm usa usstc subsidiaries of ust , middleton  nu mark nat sherman.\n altria group distribution company provides sales distribution services to altria group , inc. 2019s tobacco operating companies.\n products altria group. tobacco subsidiaries include smokeable tobacco products cigarettes manufactured sold by pm usa nat sherman machine- made large cigars pipe tobacco sold by middleton premium cigars sold by nat sherman ; smokeless tobacco products sold by usstc innovative tobacco products e-vapor products sold by nu mark.\n cigarettes : pm usa largest cigarette company united states.\n marlboro  principal cigarette brand pm usa largest-selling cigarette brand united states for over 40 years.\n nat sherman sells all super premium cigarettes united states.\n total smokeable products segment 2019s cigarettes shipment volume in united states was 116. 6 billion units in 2017  decrease of 5. 1% ( 5. 1 % ) from cigars : middleton in manufacture sale of machine-made large cigars pipe tobacco.\nmiddleton contracts with third-party importer supply majority of cigars sells substantially all cigars to customers in united states.\n black & mild is principal cigar brand of middleton.\n nat sherman sources cigars from third-party suppliers sells all cigars to customers in united states.\n total smokeable products segment 2019s cigars shipment volume was approximately 1. 5 billion units in 2017 increase of 9. 9% ( 9. 9 % ) from 2016.\n smokeless tobacco products : usstc leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products.\n smokeless products segment includes premium brands, copenhagen and skoal  value brands  red seal and husky.\n all smokeless tobacco products manufactured and sold to customers in united states.\n total smokeless products segment 2019s shipment volume was 841. 3 million units in 2017 decrease of 1. 4% ( 1. 4 % ) from 2016.\n innovative tobacco products : nu mark participates in e-vapor category developed and commercialized other innovative tobacco products.\n nu mark sources production e-vapor products through overseas contract manufacturing arrangements.\n in 2013 nu mark introduced markten e-vapor products.\n in april 2014 nu mark acquired e-vapor business of green smoke , inc.\n affiliates 201cgreen smoke 201d ) began selling e-vapor products in 2009.\n 2017 altria group  inc. subsidiaries purchased intellectual property related to innovative tobacco products.\n in december 2013 altria group. subsidiaries entered agreements with philip morris international inc.\n 201cpmi 201d altria group.2019s subsidiaries provide exclusive license to pmi to sell nu mark 2019s e-vapor products outside united states pmi 2019s subsidiaries provide exclusive license to altria group , inc. 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in united states.\n in july 2015  altria group  inc.\n announced expansion strategic framework with pmi to include joint research , development technology-sharing agreement.\n under agreement altria group . 2019s subsidiaries and pmi collaborate to develop e-vapor products for commercialization in united states by. subsidiaries and markets outside united states by pmi.\n agreement provides for exclusive technology cross licenses  technical information sharing cooperation on scientific assessment  regulatory engagement approval related to e-vapor products.\n in fourth quarter of 2016  pmi submitted modified risk tobacco product ( 201cmrtp 201d ) application for electronically heated tobacco product with united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products filed pre-market tobacco product application in first quarter of 2017.\n upon regulatory authorization by fda altria group  inc. 2019s subsidiaries will have exclusive license to sell this heated tobacco product in united states.\n distribution altria group . 2019s tobacco subsidiaries sell tobacco products principally to wholesalers distributors large retail organizations chain stores armed services.\n market for tobacco products is highly competitive characterized by brand recognition loyalty product quality  taste  price  product innovation  marketing  packaging distribution constituting significant methods of competition.\npromotional activities include in certain instances permitted by law , allowances  distribution of incentive items  price promotions product promotions  coupons other discounts.\n\n| 2017               | 2016               | 2015\n------------------ | ------------------ | ------------------ | ------------------\nsmokeable products | 85.8% ( 85.8 % )   | 86.2% ( 86.2 % )   | 87.4% ( 87.4 % )\nsmokeless products | 13.2               | 13.1               | 12.8\nwine               | 1.5                | 1.8                | 1.8\nall other          | -0.5 ( 0.5 )       | -1.1 ( 1.1 )       | -2.0 ( 2.0 )\ntotal              | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % )"
}
{
    "_id": "dd4bb4da4",
    "title": "",
    "text": "facility considered 201cdebt 201d for support agreement between american water and awcc functional equivalent of guarantee by american water of awcc 2019s payment obligations under credit facility.\n company acquired additional revolving line of credit keystone acquisition.\n total commitment under credit facility was $ 16 million $ 2 million outstanding as of december 31 , 2015.\n table summarizes information company 2019s aggregate credit facility commitments letter of credit sub-limits available funds under revolving credit facilities outstanding amounts commercial paper outstanding borrowings under facilities as of december 31, 2015 and 2014 : credit facility commitment available credit facility capacity letter of credit available letter of credit capacity outstanding commercial ( net of discount ) credit line borrowing ( in millions ) december 31 , 2015.\n.\n.\n.\n.\n $ 1266 $ 1182 $ 150 $ 68 $ 626 $ 2 december 31 , 2014.\n.\n.\n.\n.\n $ 1250 $ 1212 $ 150 $ 112 $ 450 $ 2014 weighted-average interest rate on awcc short-term borrowings for years ended december 31, 2015 and 2014 was approximately 0. 49% ( 0. 49 % ) and 0. 31% ( 0. 31 % )  respectively.\n interest accrues on keystone revolving line of credit daily at rate per annum equal to 2. 75% ( 2. 75 % ) above greater one month or one day libor.\n capital structure table indicates percentage of capitalization represented by components capital structure as of december 31:.\n changes in capital structure between periods mainly attributable to changes in outstanding commercial paper balances.\n debt covenants debt agreements contain financial and non-financial covenants.\n not in compliance with covenants event may create event of default under debt agreement subsidiaries may restricted ability to pay dividends issue new debt or access revolving credit facility.\nfor two smaller operating companies  we informed counterparties we will provide only unaudited financial information at subsidiary level  resulted in technical non-compliance with reporting requirements under debt agreements with respect to $ 8 million of outstanding debt.\n do not believe this event will materially impact us.\n long-term debt indentures contain covenants limit company from issuing debt secured by company 2019s assets  subject to certain exceptions.\n failure to comply with covenants could accelerate repayment obligations.\n certain long-term notes and revolving credit facility require us to maintain ratio of consolidated debt to consolidated capitalization ( defined in relevant documents ) of not more than 0. 70 to 1. 00.\n on december 31 , 2015, our ratio was 0. 56 to 1. 00 were in compliance with covenant.\n\n| 2015             | 2014             | 2013\n----------------------------------------------------------------- | ---------------- | ---------------- | ----------------\ntotal common stockholders' equity                                 | 43.5% ( 43.5 % ) | 45.2% ( 45.2 % ) | 44.6% ( 44.6 % )\nlong-term debt and redeemable preferred stock at redemption value | 50.6% ( 50.6 % ) | 50.1% ( 50.1 % ) | 49.3% ( 49.3 % )\nshort-term debt and current portion of long-term debt             | 5.9% ( 5.9 % )   | 4.7% ( 4.7 % )   | 6.1% ( 6.1 % )\ntotal                                                             | 100% ( 100 % )   | 100% ( 100 % )   | 100% ( 100 % )"
}
{
    "_id": "dd4972a1e",
    "title": "",
    "text": "investing activities year ended 30 september 2014  cash used for investing activities was $ 1638. 0  primarily capital expenditures for plant and equipment.\n year ended 30 september 2013  cash used for investing activities was $ 1697. 0  primarily capital expenditures for plant and equipment acquisitions.\n year ended 30 september 2012 cash used for investing activities was $ 2435. 2  primarily capital expenditures for plant and equipment  acquisitions  investments in unconsolidated affiliates.\n refer to capital expenditures section for additional detail.\n capital expenditures expenditures detailed in following table:.\n utilize non-gaap measure in computation of capital expenditures include spending associated with facilities accounted for as capital leases purchases of noncontrolling interests.\n certain contracts associated with facilities built to provide product to specific customer required be accounted for as leases spending reflected as use of cash within cash provided operating activities if arrangement qualifies as capital lease.\n payment for subsidiary shares from noncontrolling interests subsidiary accounted for as equity transaction reflected as financing activity in statement of cash flows.\n presentation non-gaap measure intended to enhance usefulness of information providing measure management uses internally evaluate manage expenditures.\n capital expenditures on gaap basis in 2014 totaled $ 1682. 2  compared to $ 1747. 8 in 2013.\n decrease of $ 65. 6 primarily due to acquisitions in 2013.\n additions to plant and equipment support of merchant gases and tonnage gases businesses.\n additions to plant and equipment included support capital of routine  ongoing nature including expenditures for distribution equipment and facility improvements.\n spending in 2014 and 2013 included plant and equipment provide oxygen for coal gasification in china  hydrogen to global market  renewable energy in u.\n2013  completed three acquisitions aggregate cash use  net of cash acquired  $ 224. 9.\n fourth quarter acquired air separation unit integrated gases liquefier in guiyang , china.\n third quarter acquired epco , largest independent.\n producer of liquid carbon dioxide ( co2 ) , wcg.\n 2012 acquired controlling stake in indura s. a.\n for $ 690.\n dupont de nemours and co. , inc. 2019s 50% ( 50 % ) interest in joint venture , da nanomaterials for $ 147.\n purchased 25% ( 25 % ) equity interest in abdullah hashim industrial gases & equipment co.\n ltd.\n ( ahg ) unconsolidated affiliate , for $ 155.\n refer to note 5 , business combinations  note 7 , summarized financial information of equity affiliates consolidated financial statements for additional details acquisitions investments.\n capital expenditures on non-gaap basis in 2014 totaled $ 1885. 1 compared to $ 1996. 7 in 2013.\n capital lease expenditures of $ 202. 4 decreased by $ 32. 5  reflecting lower project spending.\n 2015 outlook excluding acquisitions capital expenditures for new plant and equipment in 2015 gaap basis expected between $ 1650 and $ 1800  non-gaap basis expected between $ 1700 and $ 1900.\n non-gaap capital expenditures include spending associated with facilities accounted for as capital leases expected between $ 50 and $ 100.\n majority of total capital expenditures expected for new plants.\n anticipated capital expenditures funded principally with cash from continuing operations.\n intend to continue to evaluate acquisition opportunities investments in equity affiliates.\n financing activities for year ended 2014  cash used by financing activities was $ 504.primarily attributable to cash pay dividends of $ 627. 7  partially offset by proceeds from stock option exercises $ 141. 6.\n our borrowings ( short- and long-term proceeds net repayments ) were net source of cash issuance of $ 1. 1 included $ 148. 7 of net commercial paper short-term debt issuances debt proceeds from issuance of\n\n| 2014         | 2013         | 2012\n--------------------------------------------------------- | ------------ | ------------ | --------\nadditions to plant and equipment                          | $ 1684.2     | $ 1524.2     | $ 1521.0\nacquisitions less cash acquired                           | 2014         | 224.9        | 863.4\ninvestments in and advances to unconsolidated affiliates  | -2.0 ( 2.0 ) | -1.3 ( 1.3 ) | 175.4\ncapital expenditures on a gaap basis                      | $ 1682.2     | $ 1747.8     | $ 2559.8\ncapital lease expenditures ( a )                          | 202.4        | 234.9        | 212.2\npurchase of noncontrolling interests in asubsidiary ( a ) | .5           | 14.0         | 6.3\ncapital expenditures on a non-gaap basis                  | $ 1885.1     | $ 1996.7     | $ 2778.3"
}
{
    "_id": "dd4c417e0",
    "title": "",
    "text": "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) market and lease unused tower space on broadcast towers ( economic rights ).\n tv azteca retains title to these towers responsible for operation and maintenance.\n company entitled to 100% ( % ) of revenues from leases with tenants on unused space responsible for incremental operating expenses associated with tenants.\n term of economic rights agreement is seventy years ; tv azteca has right to purchase  at fair market value economic rights from company any time during last fifty years of agreement.\n should tv azteca elect to purchase economic rights ( in whole or part ), obligated to repay proportional amount of loan discussed above at time of election.\n company 2019s obligation to pay tv azteca $ 1. 5 million annually reduced proportionally.\n company accounted for annual payment of $ 1. 5 million as capital lease ( initially recording asset and corresponding liability of approximately $ 18. 6 million ).\n capital lease asset and discount on note  aggregate approximately $ 30. 2 million , represent cost to acquire economic rights amortized over seventy-year life of economic rights agreement.\n quarterly basis company assesses recoverability of note receivable from tv azteca.\n as of december 31 , 2007 and 2006  company assessed recoverability note receivable from tv azteca concluded no adjustment to carrying value required.\n former executive officer and former director of company served as director of tv azteca from december 1999 to february 2006.\n as of december 31 , 2007 and 2006  company also had other long-term notes receivable outstanding of approximately $ 4. 3 million and $ 11. 0 million , respectively.\n.\nderivative financial instruments company enters interest rate protection agreements to manage exposure on variable rate debt under credit facilities manage variability in cash flows relating to forecasted interest payments.\n under agreements company exposed to credit risk extent counterparty fails to meet terms contract.\n exposure limited to current value of contract at time counterparty fails perform.\n company believes contracts as of december 31 , 2007 and 2006 are with credit worthy institutions.\n december 31 2007 2006 carrying amounts of company 2019s derivative financial instruments  with estimated fair values of related assets reflected in notes receivable other long-term assets ( liabilities ) reflected in other long-term liabilities in accompanying consolidated balance sheet  are as follows ( in thousands except percentages ) : as of december 31 , 2007 notional amount interest rate term carrying amount and fair value.\n\nas of december 31 2007       | notional amount | interest rate    | term             | carrying amount and fair value\n---------------------------- | --------------- | ---------------- | ---------------- | ------------------------------\ninterest rate swap agreement | $ 150000        | 3.95% ( 3.95 % ) | expiring in 2009 | $ -369 ( 369 )\ninterest rate swap agreement | 100000          | 4.08% ( 4.08 % ) | expiring in 2010 | -571 ( 571 )\ntotal                        | $ 250000        |                  |                  | $ -940 ( 940 )"
}
{
    "_id": "dd49818fc",
    "title": "",
    "text": "entergy texas , inc.\n management's financial discussion analysis fuel and purchased power expenses increased due to increase in power purchases purchased power agreements between entergy gulf states louisiana and entergy texas increase in average market prices of purchased power and natural gas offset by decrease in deferred fuel expense decreased recovery from customers of fuel costs.\n other regulatory charges increased due to increase of $ 6. 9 million in recovery of bond expenses related to securitization bonds.\n recovery effective july 2007.\n see note 5 to financial statements for additional information regarding securitization bonds.\n 2007 compared to 2006 net revenue consists of operating revenues net of fuel , fuel-related expenses , gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges.\n analysis of change in net revenue comparing 2007 to 2006.\n amount ( in millions ).\n purchased power capacity variance due to changes in purchased power capacity costs included in calculation in 2007 compared to 2006 bill generation costs between entergy texas entergy gulf states louisiana.\n securitization transition charge variance due to issuance of securitization bonds.\n in june 2007  egsrf i , company wholly-owned consolidated by entergy texas  issued securitization bonds with proceeds purchased from entergy texas transition property  right to recover from customers through transition charge amounts sufficient to service securitization bonds.\n see note 5 to financial statements for details of securitization bond issuance.\n volume/weather variance due to increased electricity usage on billed retail sales  effects of favorable weather in 2007 compared to 2006.\n increase due to increase in usage during unbilled sales period.\n retail electricity usage increased total of 139 gwh in all sectors.\nsee \"critical accounting estimates\" below note 1 to financial statements for discussion accounting for unbilled revenues.\n transmission revenue variance due to increase in rates effective june 2007 new transmission customers late 2006.\n base revenue variance due to transition to competition rider began march 2006.\n refer to note 2 financial statements for discussion of rate increase.\n gross operating revenues  fuel purchased power expenses other regulatory charges gross operating revenues decreased primarily due to decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates fuel refunds.\n decrease partially offset by $ 39 million increase in net revenue increase of $ 44 million in wholesale revenues including $ 30 million from system agreement cost equalization payments from entergy arkansas.\n receipt of such payments being\n\n| amount ( in millions )\n-------------------------------- | ----------------------\n2006 net revenue                 | $ 403.3\npurchased power capacity         | 13.1\nsecuritization transition charge | 9.9\nvolume/weather                   | 9.7\ntransmission revenue             | 6.1\nbase revenue                     | 2.6\nother                            | -2.4 ( 2.4 )\n2007 net revenue                 | $ 442.3"
}
{
    "_id": "dd4b995e0",
    "title": "",
    "text": "devon energy corporation subsidiaries notes consolidated financial statements 2014 continued ) proved undeveloped reserves table presents changes in total proved undeveloped reserves during 2011 ( in mmboe ).\n at december 31 , 2011  devon had 782 mmboe proved undeveloped reserves.\n represents 6% ( 6 % ) decrease compared to 2010 26% ( 26 % ) of total proved reserves.\n drilling activities increased devon 2019s proved undeveloped reserves 148 mmboe resulted in conversion of 130 mmboe 16% ( 16 % ) of 2010 proved undeveloped reserves to developed reserves.\n revisions other than price decreased devon 2019s proved undeveloped reserves 51 mmboe due to evaluation of certain u. s.\n onshore dry-gas areas not expect to develop next five years.\n largest revisions relate to dry-gas areas at carthage east texas barnett shale in north texas.\n significant amount of devon 2019s proved undeveloped reserves end of 2011 related to jackfish operations.\n december 31 , 2011 2010  devon 2019s jackfish proved undeveloped reserves were 367 mmboe and 396 mmboe.\n development schedules for jackfish reserves controlled by need to keep processing plants at 35000 barrel daily facility capacity.\n processing plant capacity controlled by total steam processing capacity steam-oil ratios air quality discharge permits.\n reserves classified as proved undeveloped for more than five years.\n development schedule for reserves extends though year 2025.\n price revisions 2011 2014reserves decreased 21 mmboe due to lower gas prices higher oil prices.\n higher oil prices increased devon 2019s canadian royalty burden reduced devon 2019s oil reserves.\n2010 2014reserves increased 72 mmboe due to higher gas prices offset by higher oil prices.\n higher oil prices increased devon 2019s canadian royalty burden reduced 2019s oil reserves.\n 72 mmboe price revisions 43 related to barnett shale 22 to rocky mountain area.\n 2009 2014reserves increased 177 mmboe due to higher oil prices offset by lower gas prices.\n increase in oil reserves related to devon 2019s jackfish thermal heavy oil reserves in canada.\n end of 2008 331 mmboe reserves related to jackfish not considered proved.\n due to higher prices reserves considered proved as of december 31 , 2009.\n lower gas prices caused devon 2019s reserves to decrease 116 mmboe related to its u. s.\n reserves.\n revisions other than price total revisions other price for 2011 related to devon 2019s evaluation of certain dry gas regions proved undeveloped reserves discussion.\n total revisions other than price for 2010 and 2009 related to devon 2019s drilling and development in barnett shale.\n\n| u.s . onshore | canada     | north america\n-------------------------------------------------- | ------------- | ---------- | -------------\nproved undeveloped reserves as of december 31 2010 | 411           | 420        | 831\nextensions and discoveries                         | 118           | 30         | 148\nrevisions due to prices                            | -2 ( 2 )      | -14 ( 14 ) | -16 ( 16 )\nrevisions other than price                         | -56 ( 56 )    | 5          | -51 ( 51 )\nconversion to proved developed reserves            | -68 ( 68 )    | -62 ( 62 ) | -130 ( 130 )\nproved undeveloped reserves as of december 31 2011 | 403           | 379        | 782"
}
{
    "_id": "dd4baa548",
    "title": "",
    "text": "management 2019s discussion analysis of financial condition results of operations 2013 continued ) ( amounts in millions  except per share amounts ) corporate other expenses increased slightly 2013 by $ 3. 5 to $ 140. 8 compared to 2012  primarily due to increase in salaries related expenses mainly attributable to higher base salaries  benefits temporary help partially offset by lower severance expenses decrease in office general expenses.\n liquidity capital resources cash flow overview tables summarize key financial data relating to liquidity  capital resources uses of capital.\n 1 reflects net income adjusted for depreciation amortization of fixed assets intangible assets amortization of restricted stock non-cash compensation non-cash gain ) loss related to early extinguishment of debt  deferred income taxes.\n 2 reflects changes in accounts receivable  expenditures billable to clients other current assets accounts payable accrued liabilities.\n operating activities net cash provided by operating activities 2014 was $ 669. 5 , improvement of $ 76. 6 compared to 2013  primarily result of increase in net income offset by increase in working capital usage of $ 121. 5.\n due to seasonality of business typically generate cash from working capital second half of year use cash from working capital first half year largest impacts in first fourth quarters.\n net working capital usage in 2014 impacted by media businesses.\n net cash provided by operating activities during 2013 was $ 592. 9 , increase of $ 235. 7 compared to 2012  primarily result of improvement in working capital usage of $ 283. 6  offset by decrease in net income.\n improvement in working capital in 2013 impacted by media businesses ongoing focus on working capital management at agencies.\n timing of media buying on behalf clients affects working capital operating cash flow.\nin most our businesses , agencies enter commitments to pay production media costs on behalf of clients.\n extent we pay production media charges after received funds from clients.\n amounts involved exceed our revenues affect level of accounts receivable  expenditures billable to clients  accounts payable accrued liabilities.\n our assets include cash received and accounts receivable from clients for pass-through arrangements, liabilities include amounts owed on behalf clients to media production suppliers.\n accrued liabilities affected by timing of certain other payments.\n for example annual cash incentive awards accrued throughout year generally paid during first quarter of subsequent year.\n investing activities net cash used in investing activities during 2014 primarily related to payments for capital expenditures acquisitions.\n capital expenditures of $ 148. 7 related primarily to computer hardware software leasehold improvements.\n made payments of $ 67. 8 related to acquisitions completed during 2014, net of cash acquired.\n\ncash flow data                                                                           | years ended december 31 , 2014 | years ended december 31 , 2013 | years ended december 31 , 2012\n---------------------------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------\nnet income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 831.2                        | $ 598.4                        | $ 697.2\nnet cash used in working capital b2                                                      | -131.1 ( 131.1 )               | -9.6 ( 9.6 )                   | -293.2 ( 293.2 )\nchanges in other non-current assets and liabilities using cash                           | -30.6 ( 30.6 )                 | 4.1                            | -46.8 ( 46.8 )\nnet cash provided by operating activities                                                | $ 669.5                        | $ 592.9                        | $ 357.2\nnet cash used in investing activities                                                    | -200.8 ( 200.8 )               | -224.5 ( 224.5 )               | -210.2 ( 210.2 )\nnet cash ( used in ) provided by financing activities                                    | -343.9 ( 343.9 )               | -1212.3 ( 1212.3 )             | 131.3"
}
{
    "_id": "dd4c03562",
    "title": "",
    "text": "we in normal business operations have issued product warranties related to equipment sales.\n contracts contain standard terms and conditions typically include warranty and indemnification to buyer that goods and services purchased do not infringe on third-party intellectual property rights.\n provision for estimated future costs to warranties not material to consolidated financial statements.\n do not expect any sum pay in with guarantees and warranties material adverse effect on our consolidated financial condition , liquidity or results of operations.\n unconditional purchase obligations obligated to make future payments under unconditional purchase obligations as summarized below.\n approximately $ 4000 of our unconditional purchase obligations relate to helium purchases include crude feedstock supply to multiple helium refining plants in north america refined helium purchases from sources around world.\n rare byproduct of natural gas production in energy sector helium sourcing agreements are medium- to long-term contain take-or-pay provisions.\n refined helium distributed globally sold as merchant gas primarily under medium-term requirements contracts.\n contract terms in energy sector longer than merchant helium is rare gas used in applications with few or no substitutions of unique physical and chemical properties.\n approximately $ 330 of long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen carbon monoxide syngas ) facilities.\n price of feedstock supply principally related to price of natural gas.\n long-term take-or-pay sales contracts to hyco customers generally matched to term of feedstock supply obligations provide recovery of price increases in feedstock supply.\n due to matching of long-term feedstock supply obligations to customer sales contracts do not believe these purchase obligations material effect on our financial condition or results of operations.\nunconditional purchase obligations include product supply purchase commitments electric power natural gas supply purchase obligations primarily pass-through contracts with customers.\n purchase commitments to spend approximately $ 350 for additional plant equipment included in purchase obligations in 2017.\n purchase commitments totaling approximately $ 500 in 2017 and 2018 to long-term sale of equipment project for saudi aramco 2019s jazan oil refinery.\n 18.\n capital stock common stock authorized common stock consists of 300 million shares par value $ 1 per share.\n as of 30 september 2016  249 million shares issued 217 million outstanding.\n on 15 september 2011 board of directors authorized repurchase of up to $ 1000 of outstanding common stock.\n repurchase shares pursuant to rules 10b5-1 and 10b-18 under securities exchange act of 1934 through repurchase agreements established with brokers.\n did not purchase outstanding shares during fiscal year 2016.\n at 30 september 2016 $ 485. 3 in share repurchase authorization remains.\n\n2017       | $ 942\n---------- | ------\n2018       | 525\n2019       | 307\n2020       | 298\n2021       | 276\nthereafter | 2983\ntotal      | $ 5331"
}
{
    "_id": "dd4b9452c",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis annually beginning 2006 if power market prices drop below ppa prices.\n price not fixed table not report power from plant as sold forward after 2005.\n under ppas with nypa for output of power from indian point 3 and fitzpatrick  non-utility nuclear business obligated to produce at average capacity factor of 85% ( 85 % ) with financial true-up payment to nypa should nypa's cost to purchase power due to output shortfall higher than ppas' price.\n calculation of true-up payments based on two two-year periods.\n for first period through november 20 , 2002 indian point 3 and fitzpatrick operated at 95% ( 95 % ) and 97% ( 97 % )  under true-up formula.\n credits of up to 5% ( 5 % ) reflecting period one generation above 85% ( 85 % ) can used to offset output shortfalls in second period runs through end of ppas december 31 , 2004.\n entergy monitors industry trends to determine asset impairments or other losses from decline in value or cancellation of merchant power projects records provisions for impairments losses.\n marketing trading earnings of entergy's energy commodity services segment exposed to commodity price market risks through entergy's 50%-owned unconsolidated investment in entergy-koch.\n entergy-koch trading ( ekt ) uses value-at-risk models as measure of market risk of loss in fair value for ekt's natural gas and power trading portfolio.\n actual future gains and losses in portfolios will differ from estimated based upon actual fluctuations in market rates  operating exposures timing changes in portfolio of derivative financial instruments during year.\nmanage portfolio , ekt enters into derivative contractual transactions in accordance with policy approved by trading committee of governing board of entergy-koch.\n trading portfolio consists of physical financial natural gas and power other energy weather-related contracts.\n these contracts take many forms , including futures , forwards , swaps , options.\n characteristics of ekt's value-at-risk method use of method are : fffd value-at-risk used in conjunction with stress testing , position reporting  profit and loss reporting to measure control risk in trading mark-to-market portfolios.\n fffd ekt estimates value-at-risk using model based on j. p.\n morgan's risk metrics methodology combined with monte carlo simulation approach.\n fffd ekt estimates daily value-at-risk for natural gas and power using 97. 5% ( 97. 5 % ) confidence level.\n ekt's daily value-at-risk measure indicates if prices moved against positions , loss in neutralizing portfolio not expected to exceed calculated value-at-risk.\n fffd ekt seeks to limit daily value-at-risk day to certain dollar amount approved by trading committee.\n ekt's value-at-risk measures , calls daily earnings at risk ( de@r ) , for trading portfolio were as follows:.\n ekt's de@r increased in 2002 compared to 2001 as result of increase in size of position held increase in volatility of natural gas prices in latter of year.\n for all derivative contractual transactions , ekt exposed to losses in event of nonperformance by counterparties to transactions.\n relevant considerations when assessing ekt's credit risk exposure include:\n\n| 2002           | 2001\n--------------------------- | -------------- | -------------\nde@r at end of period       | $ 15.2 million | $ 5.5 million\naverage de@r for the period | $ 10.8 million | $ 6.4 million"
}
{
    "_id": "dd4bed3b6",
    "title": "",
    "text": "purchased scrap metal from third-parties ) divested or permanently closed in december 2014 ( see global rolled products below ).\n intersegment sales for segment improved 12% ( 12 % ) in 2014 compared with 2013  due to increase in average realized price  higher regional premiums higher demand from midstream and downstream businesses.\n atoi for primary metals segment decreased $ 439 in 2015 compared with 2014  caused by lower average realized aluminum price lower energy sales , higher energy costs ( mostly in spain 2014 interruptibility rights more favorable 2015 structure ) unfavorable impact related to curtailment of s e3o lu eds smelter.\n negative impacts offset by net favorable foreign currency movements due to stronger u. s.\n dollar against major currencies  net productivity improvements  absence of write-off of inventory related to permanent closure of portovesme , point henry  massena east smelters ( $ 44 ) lower equity loss related to joint venture in saudi arabia  absence of restart costs for one of potlines previously shut down due to period instability.\n atoi for this segment climbed $ 614 in 2014 compared with 2013  related to higher average realized aluminum price ; energy sales in brazil ; net productivity improvements net favorable foreign currency movements due to stronger u. s.\n dollar against major currencies lower costs for carbon and alumina absence of costs related to planned maintenance outage in 2013 at power plant in australia.\n positive impacts slightly offset by unfavorable impact associated with 2013 and 2014 capacity reductions described including write-off of inventory related to permanent closure of portovesme , point henry  massena east smelters $ 44 higher energy costs ( particularly in spain ) , labor , and maintenance.\nin 2016 , aluminum production approximately 450 kmt lower third-party sales reflect absence of approximately $ 400 result of 2015 curtailment and closure actions.\n energy sales in brazil negatively impacted by decline in energy prices net productivity improvements anticipated.\n global rolled products.\n * generally average realized price per metric ton of aluminum includes two elements : a ) price of metal ( underlying base metal component plus regional premium 2013 see footnote to table in primary metals above for description of two components ), and b ) conversion price , represents incremental price over metal price component associated with converting primary aluminum into sheet and plate.\n metal price component is pass- through to this segment 2019s customers with limited exception (. g., fixed-priced contracts  certain regional premiums ).\n segment represents alcoa 2019s midstream operations produces aluminum sheet and plate for variety of end markets.\n approximately one-half of third-party shipments in segment consist of sheet sold directly to customers in packaging end market for production of aluminum cans ( beverage , food  pet food ).\n seasonal increases in can sheet sales generally experienced in second and third quarters of year.\n segment also includes sheet and plate sold directly to customers and through distributors related to aerospace , automotive , commercial transportation , building and construction , industrial products ( mainly used in production of machinery and equipment consumer durables ) end markets.\n small portion of segment also produces aseptic foil for packaging end market.\n customer base for flat-rolled products large, significant amount of sales of sheet and plate to relatively small number of customers.\n sales and costs and expenses of this segment transacted in local currency of respective operations mostly u. s.\ndollar , euro , russian ruble , brazilian real , and british pound.\n\n| 2015   | 2014   | 2013\n-------------------------------------------------------------- | ------ | ------ | ------\nthird-party aluminum shipments ( kmt )                         | 1775   | 1964   | 1905\nalcoa 2019s average realized price per metric ton of aluminum* | $ 3514 | $ 3743 | $ 3730\nthird-party sales                                              | $ 6238 | $ 7351 | $ 7106\nintersegment sales                                             | 125    | 185    | 178\ntotal sales                                                    | $ 6363 | $ 7536 | $ 7284\natoi                                                           | $ 244  | $ 245  | $ 292"
}
{
    "_id": "dd4bb1762",
    "title": "",
    "text": "depending senior unsecured debt ratings.\n facilities require maintenance of minimum net worth and debt to net worth coverage ratio.\n at december 31 , 2006 in compliance with these covenants.\n facilities not include other financial restrictions , credit rating triggers rating-dependent pricing ) or other provision require posting of collateral.\n in addition to revolving credit facilities had $ 150 million in uncommitted lines of credit available including $ 75 million expires in march 2007 and $ 75 million expiring in may 2007.\n neither lines of credit used as of december 31 , 2006.\n must have equivalent credit available under five-year facilities to draw on these $ 75 million lines.\n dividend restrictions 2013 subject to certain restrictions related to payment of cash dividends to shareholders due to minimum net worth requirements under credit facilities.\n retained earnings available for dividends was $ 7. 8 billion and $ 6. 2 billion at december 31 , 2006 and 2005.\n not expect restrictions material adverse effect on consolidated financial condition results of operations or liquidity.\n declared dividends of $ 323 million in 2006 and $ 316 million in 2005.\n shelf registration statement 2013 under current shelf registration statement may issue any combination of debt securities, preferred stock , common stock  or warrants for debt securities preferred stock in or more offerings.\n at december 31 , 2006 had $ 500 million remaining for issuance under current shelf registration statement.\n no immediate plans to issue securities ; routinely consider evaluate opportunities to replace existing debt or access capital through issuances of debt securities under shelf registration may issue debt securities at any time.\n.\n leases we lease certain locomotives , freight cars  other property.\nminimum lease payments for operating capital leases with initial non-cancelable lease terms excess one year as of december 31 , 2006 were : millions of dollars operating leases capital leases.\n rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005  $ 651 million in 2004.\n when cash rental payments not made straight-line recognize variable rental expense straight-line over lease term.\n contingent rentals sub-rentals not significant.\n\nmillions of dollars                     | operatingleases | capital leases\n--------------------------------------- | --------------- | --------------\n2007                                    | $ 624           | $ 180\n2008                                    | 546             | 173\n2009                                    | 498             | 168\n2010                                    | 456             | 148\n2011                                    | 419             | 157\nlater years                             | 2914            | 1090\ntotal minimum lease payments            | $ 5457          | $ 1916\namount representing interest            | n/a             | -680 ( 680 )\npresent value of minimum lease payments | n/a             | $ 1236"
}
{
    "_id": "dd4b98d7a",
    "title": "",
    "text": "consolidated results of operations  financial condition liquidity ; to extent possible where unasserted claims considered probable claims reasonably estimated we recorded a liability.\n do not expect known lawsuits , claims  environmental costs commitments contingent liabilities or guarantees have material adverse effect on our consolidated results of operations financial condition liquidity after taking account liabilities previously recorded for.\n personal injury 2013 cost of personal injuries to employees others related to activities charged to expense based on estimates of ultimate cost and number of incidents each year.\n use third-party actuaries to assist measuring expense and liability including unasserted claims.\n compensation for work-related accidents governed by federal employers 2019 liability act ( fela ).\n under fela damages assessed based on finding of fault through litigation or out-of-court settlements.\n our personal injury liability activity : millions of dollars 2006 2005 2004.\n personal injury liability discounted to present value using applicable.\n treasury rates.\n approximately 87% ( 87 % ) of recorded liability related to asserted claims approximately 13% ( 13 % ) related to unasserted claims.\n personal injury accruals higher in 2004 due to 1998 crossing accident verdict upheld in 2004 and 2004 derailment near san antonio.\n asbestos 2013 defendant in lawsuits in which current and former employees allege exposure to asbestos.\n received claims for asbestos exposure not been litigated.\n claims lawsuits ( collectively referred to as 201cclaims 201d ) allege occupational illness resulting from exposure to asbestos- containing products.\n in most cases claimants do not have credible medical evidence of physical impairment from alleged exposures.\nmost claims filed against us not specify amount alleged damages.\n during 2004  we engaged third party with experience estimating resolution costs for asbestos- related claims to assist assessing number and value of unasserted claims through 2034 based on our average claims experience over multi-year period.\n we increased our liability in 2004 for asbestos- related claims in fourth quarter of 2004.\n liability for resolving both asserted and unasserted claims based on assumptions : 2022 number of future claims received consistent with historical averages.\n 2022 number of claims filed against us will decline each year.\n 2022 average settlement values for asserted and unasserted claims equivalent to historical averages.\n 2022 percentage of claims dismissed in future equivalent to historical averages.\n\nmillions of dollars                           | 2006         | 2005         | 2004\n--------------------------------------------- | ------------ | ------------ | ------------\nbeginning balance                             | $ 619        | $ 639        | $ 619\naccruals                                      | 240          | 247          | 288\npayments                                      | -228 ( 228 ) | -267 ( 267 ) | -268 ( 268 )\nending balance at december 31                 | $ 631        | $ 619        | $ 639\ncurrent portion ending balance at december 31 | $ 233        | $ 274        | $ 274"
}
{
    "_id": "dd496e0d6",
    "title": "",
    "text": "table presents var our trading activities  measured by our var methodology for periods indicated : value-at-risk.\n we back-test estimated one-day var daily basis.\n information reviewed to confirm all relevant trading positions are properly modeled.\n for years ended december 31 , 2008 and 2007 , we experience actual trading losses in excess of our end-of-day var estimate.\n asset and liability management activities primary objective is to provide sustainable growing net interest revenue , or nir  under varying economic environments while protecting economic values of balance sheet assets and liabilities from adverse effects of changes in interest rates.\n most of our nir is earned from investment of deposits by our core investment servicing and investment management businesses.\n we structure balance sheet assets to conform to characteristics of balance sheet liabilities manage overall interest-rate risk position in context of current anticipated market conditions within internally-approved risk guidelines.\n overall interest-rate risk position maintained within policies approved by board and guidelines established monitored by alco.\n global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk.\n manage consolidated balance sheet related nir  global treasury has authority to take limited amount of interest-rate risk based on market conditions views about direction of global interest rates over short-term and long-term time horizons.\n global treasury manages our exposure to changes in interest rates on consolidated basis organized into three regional treasury units , north america , europe asia/pacific  to reflect growing global nature of exposures capture impact of change in regional market environments on total risk position.\n investment activities and use of derivative financial instruments are primary tools in managing interest-rate risk.\ninvest in financial instruments with currency  repricing maturity characteristics appropriate to manage overall interest-rate risk position.\n addition to on-balance sheet assets use certain derivatives  primarily interest-rate swaps to alter interest-rate characteristics of specific balance sheet assets or liabilities.\n use of derivatives subject to alco-approved guidelines.\n additional information about use derivatives in note 17 of notes to consolidated financial statements in form 10-k under item 8.\n result of growth in non-u. s.\n operations non-u. s.\n dollar denominated customer liabilities significant portion of consolidated balance sheet.\n growth results in exposure to changes in shape level of non-u. s.\n dollar yield curves include in consolidated interest-rate risk management process.\n no one individual measure can assess all exposures to changes in interest rates use several quantitative measures in assessment of current potential future exposures to changes in interest rates impact on net interest revenue and balance sheet values.\n net interest revenue simulation primary tool in evaluation of potential range of possible net interest revenue results under variety of interest-rate environments.\n use market valuation and duration analysis to assess changes in economic value of balance sheet assets and liabilities caused by assumed changes in interest rates.\n gap analysis 2014the difference between amount of balance sheet assets and liabilities re-pricing within specified time period 2014is used as measurement of interest-rate risk position.\n\nyears ended december 31 ( inmillions ) | 2008 annual average | 2008 maximum | 2008 minimum | 2008 annual average | 2008 maximum | minimum\n-------------------------------------- | ------------------- | ------------ | ------------ | ------------------- | ------------ | -------\nforeign exchange products              | $ 1.8               | $ 4.7        | $ .3         | $ 1.8               | $ 4.0        | $ .7\ninterest-rate products                 | 1.1                 | 2.4          | .6           | 1.4                 | 3.7          | .1"
}
{
    "_id": "dd49732c0",
    "title": "",
    "text": "z i m m e r h o l d i n g s  n.\n n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k table sets operating profit margin by cost of products sold.\n in cost product sold segment for years ended december 31 , 2003  losses on foreign exchange hedge contracts increased 2002 and 2001 : in 2003 relative to 2002.\n fourth quarter  company reported operating profit as percent of net sales 47. 1 percent for asia pacific.\n operating profit for americas as percentage of net sales increased to 48. 3 percent in 2002 from 47. 4 percent in year ended december 31, 2003 2001 reflecting improved gross profit margins due to higher 2002 average selling prices increased sales of higher margin operating profit for net products lower selling expenses as percent of sales sales increased due to improved gross margins lower costs associated with.\n distributor higher average selling prices increased sales of higher network.\n americas invest in strategic margin products  leveraged operating expenses initiatives mis technologies  field sales personnel  favorable impact of change in accounting principle for medical education programs new product launches.\n.\n change in accounting principle for operating profit for asia pacific as percentage of net instruments increased operating profit by 1. 7 percentage sales increased to 46. 1 percent in 2002 from 45. 4 percent.\n sales growth  increased in 2001.\n increase reflects lower selling  general and standalone average selling prices of 4 percent in 2003 administrative expenses as percent of sales in japan favorable effects of volume and mix , 15 percent increase in result of sales force and dealer reorganization  2003 represent significant factors in improved offset by lower gross profit margins result of lower yen operating profit in americas.\n reconstructive implant hedge gains compared to 2001.\nsales grow higher rate than trauma orthopaedic operating profit for europe percentage of net sales surgical products operating profit margins increased to 24. 4 percent in 2002 from 19. 5 percent in 2001 improve reconstructive product sales earn due to improved gross profit margins higher gross margins.\n case in 2003  zimmer average selling prices favorable product country mix standalone reconstructive implant sales growth of 22 percent leveraging sales growth in europe controlled compared with total zimmer standalone sales growth increases in operating expenses improved efficiency 19 percent.\n in fourth quarter company reported utilization of instruments ( frequent use operating profit percent of net sales 50. 4 percent for instruments fewer placements less expense ).\n americas.\n operating profit for europe percentage of net sales liquidity capital resources increased due to improved gross profit margins driven by cash flows operations were $ 494. 8 million higher zimmer standalone average selling prices in 2003 compared with $ 220. 2 million in 2002.\n principal favorable product country mix leveraged operating source of cash was net earnings before cumulative effect of expenses favorable impact of change in accounting principle of $ 291. 2 million.\n non-cash accounting principle for instruments.\n change in expenses period included depreciation accounting for instruments increased operating profit by amortization expense of $ 103. 3 million  centerpulse inventory 1. 4 percentage points.\n increases in zimmer standalone step-up of $ 42. 7 million centerpulse in-process research average selling prices in europe of 2 percent in 2003 development write-offs of $ 11. 2 million.\n working capital effect of volume mix , 19 percent increase in 2003 management  collection of $ 20. 0 million key factors in improved operating profit.\n cash related to centerpulse tax loss carryforwards contributing improvement lower contributed $ 80.4 million to operating cash flow.\n growth in operating expenses.\n fourth quarter working capital key management focus.\n company reported operating profit as percent of net sales at december 31 , 2003  company had 62 days of sales of 24. 7 percent for europe.\n outstanding in accounts receivable unfavorable to prior operating profit for asia pacific percentage of year by 10 days.\n acquired centerpulse businesses net sales decreased due to less favorable rates negative impact of 10 days due to centerpulse 2019s business hedge contracts year compared to prior year mix greater proportion of european revenue partially offset by increased zimmer standalone average payment terms longer than u. s.\n selling prices leveraged operating expenses.\n change december 31 , 2003  company had 232 days of inventory in accounting for instruments immaterial effect on hand compared to 247 days end of 2002.\n operating profit for asia pacific.\n increases zimmer reduction due to improved inventory standalone average selling prices in asia pacific of 1 percent management acquired dental and spinal businesses volume and mix improvements of 4 percent in 2003 fewer days of inventory.\n contributed modest improvement offset by higher\n\nyear ended december 31, | 2003             | 2002             | 2001\n----------------------- | ---------------- | ---------------- | ----------------\namericas                | 51.2% ( 51.2 % ) | 48.3% ( 48.3 % ) | 47.4% ( 47.4 % )\neurope                  | 26.3             | 24.4             | 19.5\nasia pacific            | 45.3             | 46.1             | 45.4"
}
{
    "_id": "dd4ba299c",
    "title": "",
    "text": "latin american investments 2009  company acquired land parcel in rio clara , brazil through consolidated joint venture company has 70% ( % ) controlling ownership interest for purchase price of 3. 3 million brazilian reals ( approximately usd $ 1. 5 million ).\n parcel will be developed into 48000 square foot retail shopping center.\n 2009  company acquired land parcel in san luis potosi , mexico unconsolidated joint venture company has noncontrolling interest for aggregate purchase price approximately $ 0. 8 million.\n company recognized equity in income from unconsolidated mexican investments in real estate joint ventures of approximately $ 7. 0 million , $ 17. 1 million , and $ 5. 2 million during 2009 , 2008 and 2007.\n company recognized equity in income from unconsolidated chilean investments real estate joint ventures approximately $ 0. 4 million , $ 0. 2 and $ 0. 1 million during 2009  2008 2007.\n company 2019s revenues from consolidated mexican subsidiaries aggregated approximately $ 23. 4 million , $ 20. 3 million , $ 8. 5 million during 2009 , 2008 2007.\n company revenues from consolidated brazilian subsidiaries aggregated approximately $ 1. 5 million and $ 0. 4 million during 2009 and 2008.\n revenues from consolidated chilean subsidiaries aggregated less than $ 100000 during 2009 and 2008.\n mortgages financing receivables 2009 company provided financing to five borrowers for aggregate amount approximately $ 8. 3 million.\n 2009 company received aggregate of approximately $ 40. 4 million fully paid down outstanding balance on four mortgage receivables.\n as of december 31 , 2009 company had 37 loans with total commitments of up to $ 178. 9 million  approximately $ 131. 3 million funded.\navailability under company 2019s revolving credit facilities expected to sufficient to fund remaining commitments.\n ( see note 10 of notes to consolidated financial statements in annual report on form 10-k. ) asset impairments continuous basis , management assesses indicators  including property operating performance general market conditions , value of company 2019s assets ( including related amortizable intangible assets or liabilities ) may be impaired.\n to extent impairment occurred, carrying value of asset adjusted to to reflect estimated fair value of asset.\n during 2009 , economic conditions continued experience volatility resulting in declines in real estate and equity markets.\n year over year increases in capitalization rates , discount rates vacancies deterioration of real estate market fundamentals  negatively impacted net operating income and leasing contributed to declines in real estate markets general.\n result of volatility declining market conditions described company 2019s strategy in relation to certain non-retail assets , company recognized non-cash impairment charges during 2009 , aggregating approximately $ 175. 1 million , before income tax benefit of approximately $ 22. 5 million noncontrolling interests of approximately $ 1. 2 million.\n details of non-cash impairment charges as follows ( in millions ) :.\n ( see notes 2 , 6 , 8 , 9 , 10 11 of notes to consolidated financial statements in annual report on form 10-k. )\n\nimpairment of property carrying values       | $ 50.0\n-------------------------------------------- | -------\nreal estate under development                | 2.1\ninvestments in other real estate investments | 49.2\nmarketable securities and other investments  | 30.1\ninvestments in real estate joint ventures    | 43.7\ntotal impairment charges                     | $ 175.1"
}
{
    "_id": "dd4bdd420",
    "title": "",
    "text": "goodwill assigned to reporting segments on date of acquisition.\n we evaluate goodwill for impairment by comparing fair value of reporting segments to its carrying value  including associated goodwill.\n to determine fair values use market approach based on comparable publicly traded companies in similar lines businesses and income approach based on estimated discounted future cash flows.\n cash flow assumptions consider historical and forecasted revenue , operating costs other relevant factors.\n amortize intangible assets with finite lives over estimated useful lives review them for impairment whenever impairment indicator exists.\n monitor events and changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.\n when such events changes circumstances occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.\n if future undiscounted cash flows less than carrying amount of assets, recognize impairment loss based on excess of carrying amount over fair value of assets.\n did not recognize intangible asset impairment charges in fiscal 2012 , 2011 or 2010.\n intangible assets amortized over estimated useful lives of 1 to 13 years.\n amortization based on pattern in economic benefits of intangible asset will be consumed.\n weighted average useful lives of intangible assets was as follows : weighted average useful life ( years ).\n software development costs capitalization of software development costs for software to be sold , leased marketed begins upon establishment of technological feasibility  generally completion of working prototype certified as no critical bugs release candidate.\n amortization begins once software is ready for intended use  generally based on pattern in economic benefits be consumed.\n to date  software development costs incurred between completion of working prototype and general availability of related product not been material.\n internal use software we capitalize costs associated with customized internal-use software systems reached application development stage.\n capitalized costs include external direct costs in developing or obtaining applications and payroll payroll-related expenses for employees  directly associated with development applications.\n capitalization of costs begins when preliminary project stage complete ceases at project substantially complete and ready for intended purpose.\n income taxes use asset and liability method of accounting for income taxes.\n under method income tax expense recognized for amount of taxes payable or refundable for current year.\n deferred tax assets and liabilities recognized for expected future tax consequences of temporary differences between financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards.\n record valuation allowance to reduce deferred tax assets to amount for realization more likely than not.\n table of contents adobe systems incorporated notes to consolidated financial statements ( continued )\n\n| weighted averageuseful life ( years )\n------------------------------------ | -------------------------------------\npurchased technology                 | 5\ncustomer contracts and relationships | 10\ntrademarks                           | 7\nacquired rights to use technology    | 9\nlocalization                         | 1\nother intangibles                    | 3"
}
{
    "_id": "dd4c34dec",
    "title": "",
    "text": "notes to consolidated financial statements ) management performs detailed reviews of receivables monthly quarterly basis to assess adequacy of allowances based on historical current trends factors affecting credit losses to determine if impairment occurred.\n receivable is impaired when probable all amounts related to receivable not be collected according to contractual terms agreement.\n in circumstances where company aware of specific customer 2019s inability to meet financial obligations, specific reserve recorded against amounts due to reduce net recognized receivable to amount reasonably expected to be collected.\n additions to allowances for doubtful accounts maintained through adjustments to provision for credit losses charged to current period earnings ; amounts uncollectable charged directly against allowances amounts recovered on previously charged-off accounts increase allowances.\n net charge-offs include principal amount of losses charged off charged-off interest and fees.\n recovered interest and fees previously charged-off recorded through allowances for doubtful accounts increase allowances.\n finance receivables assessed for charge- off when account becomes 120 days past due charged-off typically within 60 days of asset repossession.\n contract receivables related to equipment leases generally charged-off when account becomes 150 days past due contract receivables related to franchise finance and van leases charged off up to 180 days past asset return.\n for finance and contract receivables customer bankruptcies generally charged-off upon notification associated debt not being reaffirmed or no later than 180 days past due.\n snap-on does not believe its trade accounts , finance or contract receivables represent significant concentrations of credit risk because of diversified portfolio of individual customers and geographical areas.\n see note 3 for further information on receivables and allowances for doubtful accounts.\naccrued liabilities : supplemental balance sheet information for 201cother accrued liabilities 201d as of 2012 and 2011 year end follows : ( amounts in millions ) 2012 2011.\n inventories : snap-on values inventory at lower of cost or market adjusts for value of inventory estimated to be excess , obsolete or unmarketable.\n snap-on records allowances for excess and obsolete inventory based on historical estimated future demand and market conditions.\n allowances for raw materials based on analysis of raw material age actual physical inspection of raw material for fitness for use.\n evaluating adequacy of allowances for work-in-progress finished goods management reviews product stock-keeping units by product category and product life cycle.\n cost adjustments for each product category/product life-cycle state established maintained based on historical experience forecasted sales and promotions technological obsolescence inventory age other actual known conditions circumstances.\n should product marketability and raw material fitness for use be affected by conditions different from management estimates further adjustments to inventory allowances may be required.\n snap-on adopted 201clast-in , first-out 201d ( 201d ) inventory valuation method in 1973 for.\n locations.\n snap-on 2019s.\n inventories accounted for consist of purchased product and inventory manufactured at company heritage.\n manufacturing facilities ( primarily hand tools and tool storage ).\n snap-on began acquiring businesses in 1990 2019s company retained 201cfirst-in , first-out 201d ) inventory valuation methodology used by predecessor businesses prior to acquisition snap company does not adopt lifo inventory valuation methodology for new acquisitions.\n see note 4 for further information on inventories.\n 72 snap-on incorporated\n\n( amounts in millions )                | 2012    | 2011\n-------------------------------------- | ------- | -------\nincome taxes                           | $ 19.6  | $ 11.7\naccrued restructuring                  | 7.2     | 8.4\naccrued warranty                       | 18.9    | 18.6\ndeferred subscription revenue          | 24.8    | 24.9\naccrued property payroll and other tax | 32.9    | 30.4\naccrued selling and promotion expense  | 26.6    | 29.1\nother                                  | 117.9   | 132.8\ntotal other accrued liabilities        | $ 247.9 | $ 255.9"
}
{
    "_id": "dd4b8b29c",
    "title": "",
    "text": "cash flows from operating activities fluctuate period to period pension funding decisions  tax timing differences other items impact cash flows.\n in 2007 and 2006  company made discretionary contributions of $ 200 million to u. s.\n qualified pension plan  in 2005 made discretionary contributions totaling $ 500 million.\n in 2007  cash flows operating activities increased $ 436 million including increase in net income of $ 245 million.\n gain from sale of businesses included in increases net income pre-tax gain from sale businesses must be subtracted to reflect operating cash flows.\n cash proceeds from sale of pharmaceuticals business shown as part of cash from investing activities ; when related taxes paid required to be shown as part of cash operating activities.\n operating cash flows for 2007 penalized due to cash income tax payments of approximately $ 630 million in 2007 related to sale of global branded pharmaceuticals business.\n non-pharmaceutical related cash income tax payments approximately $ 475 million lower than 2006 due to normal timing differences in tax payments benefited cash flows.\n accounts receivable and inventory increases reduced cash flows in 2007  decreased cash flow less than in 2006  in year-on-year benefit to cash flows of $ 323 million.\n category 201cother-net 201d in table reflects changes in other asset and liability accounts including impact of cash payments made in with 3m 2019s restructuring actions ( note 4 ).\n in 2006  cash flows operating activities decreased $ 365 million.\n decrease due to increase of approximately $ 600 million in tax payments in 2006 compared with 2005.\n higher tax payments in 2006 primarily related to company 2019s repatriation of $ 1. 7 billion of foreign earnings in united states provisions american jobs creation act of 2004.\ncategory 201cother-net 201d table reflects changes in asset and liability accounts including outstanding liabilities at december 31 , 2006  related to 3m 2019s restructuring actions ( note 4 ).\n cash flows from investing activities : years ended december 31.\n investments in property , plant equipment enable growth in diverse markets meet product demand increasing manufacturing efficiency.\n in 2007  numerous plants opened or expanded internationally.\n included two facilities in korea ( respirator manufacturing facility optical plant ) optical plant in poland industrial adhesives/tapes facilities in brazil and philippines plant in russia ( corrosion protection industrial adhesive tapes  respirators ) plant in china ( optical systems industrial adhesives tapes personal care ) expansion in canada ( construction and home improvement business ) investments in india , mexico other countries.\n 3m expanded manufacturing capabilities in u. s. including investments in industrial adhesives/tapes and optical.\n 3m exited several high-cost underutilized manufacturing facilities streamlined supply chains by relocating equipment from one facility to another.\n streamlining work primarily occurred inside u. s.\n addition to through plant construction.\n result of increased activity capital expenditures were $ 1. 422 billion in 2007  increase of $ 254 million compared to 2006.\n company expects capital expenditures to total approximately $ 1. 3 billion to $ 1. 4 billion in 2008.\n refer to preceding 201ccapital spending/net property , plant and equipment 201d section for more detail.\n refer to note 2 for information on 2007 , 2006 and 2005 acquisitions.\n note 2 provides information on proceeds from sale of businesses.\n company actively considering additional acquisitions , investments strategic alliances may divest certain businesses.\npurchases of marketable securities investments proceeds from sale maturities ) primarily attributable to asset-backed securities agency securities corporate medium-term note securities auction rate securities other securities classified as available-for-sale.\n refer to note 9 for details about 3m 2019s diversified marketable securities portfolio totaled $ 1. 059 billion as of december 31 , 2007.\n purchases of marketable securities net of sales maturities totaled $ 429 million for 2007 $ 637 million for 2006.\n purchases investments in 2005 include purchase of 19% ( 19 % ) of ti&m beteiligungsgesellschaft mbh\n\n( millions )                                                                                     | 2007             | 2006             | 2005\n------------------------------------------------------------------------------------------------ | ---------------- | ---------------- | ----------------\npurchases of property plant and equipment ( pp&e )                                               | $ -1422 ( 1422 ) | $ -1168 ( 1168 ) | $ -943 ( 943 )\nproceeds from sale of pp&e and other assets                                                      | 103              | 49               | 41\nacquisitions net of cash acquired                                                                | -539 ( 539 )     | -888 ( 888 )     | -1293 ( 1293 )\nproceeds from sale of businesses                                                                 | 897              | 1209             | 2014\npurchases and proceeds from sale or maturities of marketable securities and investments 2014 net | -406 ( 406 )     | -662 ( 662 )     | -46 ( 46 )\nnet cash used in investing activities                                                            | $ -1367 ( 1367 ) | $ -1460 ( 1460 ) | $ -2241 ( 2241 )"
}
{
    "_id": "dd4c4b268",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 19.\n commitments contingencies litigation 2014the company periodically becomes involved in various claims , lawsuits proceedings incidental to its business.\n opinion of management , after consultation with counsel, no matters pending that would adverse outcome materially impact company 2019s consolidated financial position , results of operations or liquidity.\n tristar litigation 2014the company involved in several lawsuits against tristar investors llp affiliates ( 201ctristar 201d ) in various states regarding single tower sites where tristar taken land interests under company 2019s owned managed sites company believes tristar induced landowner to breach obligations to company.\n  on february 16 , 2012 , tristar brought federal action against company in united states district court for northern district of texas ( 201cdistrict court 201d )  tristar alleged company made misrepresentations to landowners competing with tristar for land under company 2019s owned managed sites.\n january 22 , 2013 , company filed amended answer counterclaim against tristar employees , denying tristar 2019s claims asserting tristar engaged in unlawful activity  including : i ) entering agreements not to compete for land under certain towers ; ii ) making widespread misrepresentations to landowners regarding tristar company.\n pursuant settlement agreement dated july 9 , 2014 , all pending state and federal actions between company tristar dismissed with prejudice without payment of damages.\n lease obligations 2014the company leases certain land , office tower space under operating leases that expire over various terms.\n many leases contain renewal options with specified increases in lease payments upon exercise renewal option.\nescalation clauses in operating leases excluding tied to cpi or inflation-based indices recognized straight-line basis over non-cancellable term leases.\n future minimum rental payments under non-cancellable leases include payments for certain renewal periods at company 2019s option because failure to renew could in loss of communications sites and revenues from tenant leases assured company will renew leases.\n payments at december 31 , 2014 are as follows ( in thousands ) : year ending december 31.\n aggregate rent expense ( including effect straight-line rent expense ) under operating leases for years ended december 31 , 2014 , 2013 2012 approximated $ 655. 0 million , $ 495. 2 million and $ 419. 0 million  respectively.\n\n2015       | $ 574438\n---------- | ---------\n2016       | 553864\n2017       | 538405\n2018       | 519034\n2019       | 502847\nthereafter | 4214600\ntotal      | $ 6903188"
}
{
    "_id": "dd4bb77ca",
    "title": "",
    "text": "jpmorgan chase & co. /2010 annual report 219 note 13 2013 securities financing activities enters into resale agreements , repurchase agreements  securities borrowed transactions loaned transactions ( collectively, 201csecurities financing agree- ments 201d ) to finance firm 2019s inventory positions  ac- quire securities cover short positions accommodate customers 2019 financing needs settle other securities obligations.\n securities financing agreements treated as collateralized financings on firm 2019s consolidated balance sheets.\n resale and repurchase agreements carried at amounts securities be sold or repurchased  plus accrued interest.\n securities borrowed loaned transactions carried at amount of cash collateral advanced or received.\n where appropriate under applicable ac- counting guidance resale and repurchase agreements with same counterparty reported on net basis.\n fees received or paid securities financing agreements recorded in interest income or interest expense.\n firm elected fair value option for certain securities financing agreements.\n discussion fair value option see note 4 on pages 187 2013189 of annual report.\n securities financing agreements for fair value option elected reported within securities purchased under resale agreements ; loaned or sold under repurchase agreements ; securities borrowed on consolidated bal- ance sheets.\n for agreements carried at fair value  current-period interest accruals recorded within interest income and interest expense  changes in fair value reported in principal transactions revenue.\n for financial instru- ments containing embedded derivatives separately accounted for in with accounting guidance for hybrid instruments all changes in fair value  including interest elements reported in principal transactions revenue.\ntable details firm 2019s securities financing agree- ments  all accounted for as collateralized financings during periods presented.\n ( a ) includes resale agreements of $ 20. 3 billion and $ 20. 5 billion accounted for at fair value at december 31 , 2010 and 2009 ,.\n ( b ) includes securities borrowed of $ 14. 0 billion and $ 7. 0 billion accounted for at fair value at december 31 , 2010 and 2009 .\n ( c ) includes repurchase agreements of $ 4. 1 billion and $ 3. 4 billion accounted for at fair value at december 31, 2010 and 2009 ,.\n amounts reported in table reduced by $ 112. 7 billion and $ 121. 2 billion at december 31 , 2010 and 2009  as result of agreements meet conditions for net presentation under accounting guidance.\n jpmorgan chase 2019s policy is to take possession  where possible of securities purchased under resale agreements and securi- ties borrowed.\n firm monitors market value of un- derlying securities from counterparties and requests additional collateral or returns portion of collateral when appropriate market value.\n margin levels established based upon counterparty and type of collateral and moni- tored ongoing to protect against declines in collat- eral value in default.\n jpmorgan chase enters into master netting agreements and other collateral arrangements with resale agreement and securities bor- rowed counterparties  provide for right to liquidate purchased or borrowed securities in customer default.\n result of firm 2019s credit risk mitigation practices on resale borrowed agreements firm did not hold reserves for credit impairment on these agreements as of december 31 , 2010 and 2009.\nfurther discussion of assets pledged collateral received in securities financing agreements see note 31 pages 280 2013 281 annual report.\n\ndecember 31 ( in millions )                        | 2010     | 2009\n-------------------------------------------------- | -------- | --------\nsecurities purchased under resale agreements ( a ) | $ 222302 | $ 195328\nsecurities borrowed ( b )                          | 123587   | 119630\nsecurities sold under repurchase agreements ( c )  | $ 262722 | $ 245692\nsecurities loaned                                  | 10592    | 7835"
}
{
    "_id": "dd4baa340",
    "title": "",
    "text": "$ 25. 7 million cash including $ 4. 2 million taxes 1373609 hep 2019s common units fair value $ 53. 5 million.\n roadrunner / beeson pipelines transaction december 1 , 2009 hep acquired two newly constructed pipelines for $ 46. 5 million 65- mile 16-inch crude oil pipeline 201croadrunner pipeline 201d ) connects navajo refinery lovington facility to terminus centurion pipeline l. p. 2019s pipeline between west texas and cushing, oklahoma 37- mile 8-inch crude oil pipeline connects hep 2019s new mexico crude oil gathering system to navajo refinery lovington facility ( 201cbeeson pipeline 201d ).\n tulsa west loading racks transaction august 1 , 2009 hep acquired truck rail loading/unloading facilities tulsa west facility for $ 17. 5 million.\n racks load refined products lube oils tulsa west facility onto rail cars tanker trucks.\n lovington-artesia pipeline transaction june 1 , 2009 hep acquired newly constructed 16-inch intermediate pipeline for $ 34. 2 million runs 65 miles from navajo refinery 2019s crude oil distillation vacuum facilities lovington , new mexico to petroleum refinery artesia , new mexico.\n slc pipeline joint venture interest march 1 , 2009 hep acquired 25% ( 25 % ) joint venture interest in slc pipeline  new 95-mile intrastate pipeline system jointly owned with plains.\nslc pipeline commenced operations march 2009 allows refineries in salt lake city area including our woods cross refinery to ship crude oil into salt lake city from utah terminus frontier pipeline crude oil from wyoming and utah via plains 2019 rocky mountain pipeline.\n hep 2019s capitalized joint venture contribution was $ 25. 5 million.\n rio grande pipeline sale december 1 , 2009 hep sold 70% % ) interest in rio grande pipeline company ) to subsidiary of enterprise products partners lp for $ 35 million.\n results of operations rio grande presented in discontinued operations.\n accounting for sale hep recorded gain of $ 14. 5 million receivable of $ 2. 2 million final distribution from rio grande.\n net asset balance of rio grande at december 1 , 2009 was $ 22. 7 million cash of $ 3. 1 million , $ 29. 9 million in properties and equipment  net $ 10. 3 million in equity representing bp , plc 2019s 30% % ) noncontrolling interest.\n table provides income statement information related to hep 2019s discontinued operations : year ended december 31 , 2009 ( in thousands ).\n transportation agreements hep serves refineries under long-term pipeline terminal , tankage throughput agreements expiring 2019 through 2026.\n under agreements we pay hep fees to transport  store throughput volumes of refined product and crude oil on hep 2019s pipeline terminal , tankage loading rack facilities minimum annual payments to hep.\n agreements agreed upon tariff rates subject to annual tariff rate adjustments on july 1 based upon percentage change in producer price index ( ) or federal energy\n\n| year ended december 31 2009 ( in thousands )\n----------------------------------------------------------- | --------------------------------------------\nincome from discontinued operations before income taxes     | $ 5367\nincome tax expense                                          | -942 ( 942 )\nincome from discontinued operations net                     | 4425\ngain on sale of discontinued operations before income taxes | 14479\nincome tax expense                                          | -1978 ( 1978 )\ngain on sale of discontinued operations net                 | 12501\nincome from discontinued operations net                     | $ 16926"
}
{
    "_id": "dd4bc2d32",
    "title": "",
    "text": "long-term product offerings include active and index strategies.\n active strategies seek to earn attractive returns in excess market benchmark or performance hurdle while maintaining appropriate risk profile.\n we offer two types of active strategies : rely on fundamental research and utilize quantitative models portfolio construction.\n index strategies track returns of corresponding index  by investing in same underlying securities within index or subset securities selected similar risk and return profile index.\n index strategies include non-etf index products and ishares etfs.\n althoughmany clients use both active and index strategies  application strategies may differ.\n for clients may use index products to gain exposure to market or asset class.\n institutional non-etf index assignments large ( multi-billion dollars ) reflect low fee rates.\n potential to exaggerate significance of net flows in institutional index products on blackrock 2019s revenues earnings.\n equity year-end 2015 equity aum totaled $ 2. 424 trillion  reflecting net inflows of $ 52. 8 billion.\n net inflows included $ 78. 4 billion and $ 4. 2 billion into ishares and active products .\n ishares net inflows driven by core series and flows into broad developed market equity exposures active net inflows reflected demand for international equities.\n ishares active net inflows partially offset by non-etf index net outflows of $ 29. 8 billion.\n blackrock 2019s effective fee rates fluctuate due to changes in aummix.\n approximately half of blackrock 2019s equity aum is tied to international markets, including emerging markets , have higher fee rates than.\n equity strategies.\n fluctuations in international equity markets  do not consistently move in tandemwith u. s.\nmarkets impact blackrock 2019s equity fee rates revenues.\n fixed income aum ended 2015 at $ 1. 422 trillion  increasing $ 28. 7 billion or 2% ( 2 % ) from december 31 , 2014.\n increase aum reflected $ 76. 9 billion net inflows offset by $ 48. 2 billion net market depreciation foreign exchange movements.\n 2015 active net inflows of $ 35. 9 billion diversified across fixed income offerings strong flows into unconstrained total return high yield strategies.\n flagship funds include unconstrained strategic income opportunities fixed income strategies funds net inflows of $ 7. 0 billion and $ 3. 7 billion ; total return fund net inflows $ 2. 7 billion high yield bond fund net inflows of $ 3. 5 billion.\n fixed income ishares net inflows of $ 50. 3 billion led by flows into core corporate high yield bond funds.\n active ishares net inflows partially offset by non-etf index net outflows of $ 9. 3 billion.\n multi-asset class blackrock 2019s multi-asset class teammanages balanced funds bespoke mandates for diversified client base leverages investment expertise in global equities bonds currencies commodities extensive risk management capabilities.\n investment solutions include long-only portfolios alternative investments tactical asset allocation overlays.\n component changes in multi-asset class aum for 2015 presented below.\n ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836.\n( 1 ) amounts represent $ 366 million of aum acquired in futureadvisor acquisition in october 2015.\n futureadvisor acquisition amount not include aum held in ishares holdings.\n multi-asset class net inflows reflected institutional demand for solutions-based advice $ 17. 4 billion net inflows from institutional clients.\n defined contribution plans of institutional clients significant driver of flows contributed $ 7. 3 billion to institutional multi-asset class net new business in 2015 primarily into target date target risk product offerings.\n retail net outflows of $ 1. 3 billion due to large single-client transition out of mutual funds into ishares across asset classes.\n retail flows reflected demand for multi-asset income fund family raised $ 4. 6 billion in 2015.\n company 2019s multi-asset class strategies include : 2022 asset allocation balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end  growth in aum driven by net new business of $ 12. 9 billion.\n strategies combine equity  fixed income alternative components for investors seeking tailored solution specific benchmark within risk budget.\n strategies minimize downside risk through diversification  derivatives strategies tactical asset allocation decisions.\n flagship products include global allocation andmulti-asset income suites.\n\n( in millions )               | december 312014 | net inflows ( outflows ) | acquisition ( 1 ) | market change    | fx impact          | december 312015\n----------------------------- | --------------- | ------------------------ | ----------------- | ---------------- | ------------------ | ---------------\nasset allocation and balanced | $ 183032        | $ 12926                  | $ 2014            | $ -6731 ( 6731 ) | $ -3391 ( 3391 )   | $ 185836\ntarget date/risk              | 128611          | 218                      | 2014              | -1308 ( 1308 )   | -1857 ( 1857 )     | 125664\nfiduciary                     | 66194           | 3985                     | 2014              | 627              | -6373 ( 6373 )     | 64433\nfutureadvisor                 | 2014            | 38                       | 366               | -1 ( 1 )         | 2014               | 403\nmulti-asset                   | $ 377837        | $ 17167                  | $ 366             | $ -7413 ( 7413 ) | $ -11621 ( 11621 ) | $ 376336"
}
{
    "_id": "dd4c04f66",
    "title": "",
    "text": "table summarizes activity rsus with performance conditions for year ended december 31 , shares ( in thousands ) weighted average grant date fair value ( per share ).\n as of december 31 , 2017 , $ 6 million of total unrecognized compensation cost related to nonvested rsus  with and without performance conditions expected to be recognized over weighted-average remaining life of 1. 5 years.\n total fair value of rsus  with and without performance conditions vested was $ 16 million , $ 14 million $ 12 million for years ended december 31 , 2017 , 2016 2015 .\n if dividends paid shares company common stock before rsus distributed company credits liability for value dividends paid if rsus shares company common stock.\n when rsus distributed company pays participant lump sum cash payment equal to value dividend equivalents accrued.\n company accrued dividend equivalents totaling less than $ 1 million , $ 1 million and $ 1 million to accumulated deficit in accompanying consolidated statements of changes in stockholders 2019 equity for years ended december 31 , 2017  2016 2015 .\n employee stock purchase plan company maintains nonqualified employee stock purchase plan ( 201cespp 201d ) employee participants may use payroll deductions to acquire company common stock at lesser of 90% ( 90 % ) of fair market value common stock at beginning or end of three-month purchase period.\n on february 15 , 2017 board adopted american water works company , inc.\n subsidiaries 2017 nonqualified employee stock purchase plan  approved by stockholders on may 12 , 2017 took effect on august 5 , 2017.\n prior plan terminated as to new purchases of company stock effective august 31 , 2017.\n as of december 31 , 2017 were 2. 0 million shares of common stock reserved for issuance under.\nespp considered compensatory.\n during years ended december 31 , 2017 , 2016 2015  company issued 93 thousand , 93 thousand 98 thousand shares , respectively under espp.\n\n| shares ( in thousands ) | weightedaverage grantdate fair value ( per share )\n--------------------------------------- | ----------------------- | --------------------------------------------------\nnon-vested total as of december 31 2016 | 309                     | $ 55.94\ngranted                                 | 186                     | 63.10\nvested                                  | -204 ( 204 )            | 46.10\nforfeited                               | -10 ( 10 )              | 70.50\nnon-vested total as of december 31 2017 | 281                     | $ 67.33"
}
{
    "_id": "dd4b986b8",
    "title": "",
    "text": "described borrowings extended on non-recourse basis.\n no credit or market risk exposure to us on assets terms of amlf permit exclusion of assets from regulatory leverage and risk-based capital calculations.\n interest rate on borrowings set by federal reserve bank we earn net interest revenue by earning spread on difference between yield earn on assets and rate pay on borrowings.\n for 2008  earned net interest revenue with facility of approximately $ 68 million.\n maintain commercial paper program can issue up to $ 3 billion with original maturities of up to 270 days from date of issue.\n at december 31 , 2008 and 2007 , $ 2. 59 billion and $ 2. 36 billion  respectively of commercial paper outstanding.\n state street bank has board authority to issue bank notes up to aggregate of $ 5 billion  including up to $ 2. 48 billion of senior notes under fdic 2019s temporary liquidity guarantee program instituted by fdic in october 2008 for qualified senior debt issued through june 30 , 2009  up to $ 1 billion of subordinated bank notes ( see note 10 ).\n at december 31 , 2008 and 2007  no notes payable outstanding at december 31 , 2008 , all $ 5 billion available for issuance.\n state street bank maintains line of credit of cad $ 800 million , or approximately $ 657 million  to support canadian securities processing operations.\n line of credit has no stated termination date cancelable by either party with prior notice.\n at december 31 , 2008  no balance due on this line of credit.\n note 9.\n restructuring charges in december 2008 implemented plan to reduce expenses from operations and support long- term growth.\n plan recorded aggregate restructuring charges of $ 306 million in consolidated statement of income.\nprimary component plan was involuntary reduction of approximately 7% ( % ) of global workforce reduction expect to completed by end of first quarter of 2009.\n other components plan included costs related to lease and software license terminations  restructuring of agreements with technology providers other costs.\n of aggregate restructuring charges of $ 306 million , $ 243 million related to severance  portion paid in lump sum or over defined period portion provide related benefits and outplacement services for approximately 2100 employees identified for involuntary termination plan ; $ 49 million to future lease obligations write-offs of capitalized assets including $ 23 million for impairment of other intangible assets ; $ 10 million costs with information technology $ 4 million other restructuring costs.\n severance component included $ 47 million to accelerated vesting of equity-based compensation.\n in december 2008  approximately 620 employees involuntarily terminated and left state street.\n following table presents activity in related balance sheet reserve for 2008.\n ( in millions ) severance lease and write-offs information technology other total.\n\n( in millions )             | severance  | lease and asset write-offs | information technology | other    | total\n--------------------------- | ---------- | -------------------------- | ---------------------- | -------- | ----------\ninitial accrual             | $ 250      | $ 42                       | $ 10                   | $ 4      | $ 306\npayments and adjustments    | -20 ( 20 ) | -25 ( 25 )                 | -10 ( 10 )             | -1 ( 1 ) | -56 ( 56 )\nbalance at december 31 2008 | $ 230      | $ 17                       | 2014                   | $ 3      | $ 250"
}
{
    "_id": "dd4c41a88",
    "title": "",
    "text": "part ii item 5.\n market for registrant 2019s common equity related stockholder matters recent sales of unregistered securities during fourth quarter of 2003 , aes issued aggregated 20. 2 million shares of common stock in exchange for $ 20 million aggregate principal amount of senior notes.\n shares issued without registration reliance upon section 3 ( a ) ( 9 ) under securities act of 1933.\n market information common stock traded on new york stock exchange ( 2018 2018nyse 2019 2019 ) under symbol 2018 2018aes. 2019 2019 tables set high and low sale prices for common stock as reported by nyse for periods indicated.\n price range of common stock.\n holders as of march 3 , 2004  9026 record holders of common stock  par value $ 0. 01 per share.\n dividends under terms senior secured credit facilities , entered with commercial bank syndicate not allowed to pay cash dividends.\n under terms guaranty provided to utility customer connection with aes thames project , precluded from paying cash dividends on common stock if not meet certain net worth and liquidity tests.\n project subsidiaries 2019 ability to declare and pay cash dividends subject to limitations in project loans , governmental provisions other agreements project subsidiaries subject to.\n see item 12 ( d ) of form 10-k for information regarding securities authorized for issuance under equity compensation plans.\n\n2003 first quarter | high $ 4.04 | low $ 2.72 | 2002 first quarter | high $ 17.84 | low $ 4.11\n------------------ | ----------- | ---------- | ------------------ | ------------ | ----------\nsecond quarter     | 8.37        | 3.75       | second quarter     | 9.17         | 3.55\nthird quarter      | 7.70        | 5.91       | third quarter      | 4.61         | 1.56\nfourth quarter     | 9.50        | 7.57       | fourth quarter     | 3.57         | 0.95"
}
{
    "_id": "dd4ba3126",
    "title": "",
    "text": "2022 expand client relationships - market we serve gravitate beyond single-application purchases to multi-solution partnerships.\n market dynamics shift we expect clients prospects to rely more on our multidimensional service offerings.\n our leveraged solutions and processing expertise can produce value and cost savings for clients through efficient operating processes improved service quality convenience for clients customers.\n 2022 build global diversification - continue to deploy resources in global markets expect to achieve meaningful scale.\n revenues by segment table summarizes our revenues by reporting segment ( in millions ) :.\n integrated financial solutions ( \"ifs\" ) ifs segment focused on serving north american regional community bank and savings institutions for transaction account processing , payment solutions  channel solutions digital channels  fraud , risk management compliance solutions lending and wealth and retirement solutions corporate liquidity  capitalizing on trend to outsource these solutions.\n clients segment include regional community banks , credit unions commercial lenders government institutions  merchants other commercial organizations.\n markets primarily served through integrated solutions characterized by multi-year processing contracts generate recurring revenues.\n predictable nature of cash flows segment provides opportunities for investments in innovation  integration  information and security  compliance in cost-effective manner.\n solutions in segment include : 2022 core processing and ancillary applications.\n our core processing software applications designed to run banking processes for financial institution clients including deposit and lending systems  customer management  other central management systems serving as system of record for processed activity.\n diverse selection of market- focused core systems enables fis to compete effectively in wide range of markets.\n offer services ancillary to primary applications including branch automation  back-office support systems compliance support.\n 2022 digital solutions  including internet , mobile and ebanking.\ncomprehensive suite of retail delivery applications enables financial institutions to integrate streamline customer-facing operations back-office processes improving customer interaction across all channels ( e. g. , branch offices  internet  atm  mobile  call centers ).\n fis' focus on consumer access driven significant market innovation with multi-channel multi-host solutions strategy provides tight integration of services seamless customer experience.\n fis is leader in mobile banking solutions electronic banking enabling clients to manage banking payments through internet mobile devices accounting software telephone.\n corporate electronic banking solutions provide commercial treasury capabilities cash management services multi-bank collection disbursement services address specialized needs of corporate clients.\n fis systems provide full accounting reconciliation for transactions  serving also as system of record.\n\n| 2017   | 2016   | 2015\n--------------------------- | ------ | ------ | ------\nifs                         | $ 4630 | $ 4525 | $ 3809\ngfs                         | 4138   | 4250   | 2361\ncorporate and other         | 355    | 466    | 426\ntotal consolidated revenues | $ 9123 | $ 9241 | $ 6596"
}
{
    "_id": "dd4c4f4c6",
    "title": "",
    "text": "goldman sachs group , inc.\n subsidiaries notes to consolidated financial statements note 10.\n collateralized agreements financings are securities purchased under agreements to resell resale securities borrowed.\n collateralized financings are securities sold under agreements to repurchase ) securities loaned other secured financings.\n firm enters into transactions to facilitate client activities invest excess cash acquire securities cover short positions finance firm activities.\n collateralized agreements financings presented on net-by-counterparty basis when legal right of setoff exists.\n interest on collateralized agreements financings recognized over life of transaction included in 201cinterest income 201d and 201cinterest expense , 201d.\n see note 23 for information about interest income interest expense.\n table presents carrying value of resale repurchase agreements securities borrowed loaned transactions.\n $ in millions 2015 2014 securities purchased under agreements to resell 1 $ 120905 $ 127938 securities borrowed 2 172099 160722 securities sold under agreements to repurchase 1 86069 88215 securities loaned 2 3614 5570 1.\n all resale agreements repurchase agreements carried at fair value under fair value option.\n see note 8 for information about valuation techniques significant inputs determine fair value.\n.\n as of december 2015 and december 2014 , $ 69. 80 billion and $ 66. 77 billion of securities borrowed  $ 466 million and $ 765 million of securities loaned were at fair value  respectively.\nresale and repurchase agreements resale agreement is transaction firm purchases financial instruments from seller  typically in exchange for cash , simultaneously enters agreement to resell same or substantially same financial instruments to seller at stated price plus accrued interest at future date.\n repurchase agreement is transaction firm sells financial instruments to buyer  typically in exchange for cash  simultaneously enters agreement to repurchase same or same financial instruments from buyer at stated price plus accrued interest at future date.\n financial instruments purchased or sold in resale repurchase agreements typically include u. s.\n government and federal agency , investment-grade sovereign obligations.\n firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements.\n to mitigate credit exposure  firm monitors market value of financial instruments daily delivers or obtains additional collateral due to changes in market value financial instruments  appropriate.\n for resale agreements  firm typically requires collateral with fair value approximately equal to carrying value of relevant assets in consolidated statements of financial condition.\n repurchase and resale agreements ( including 201crepos- and reverses-to-maturity 201d ) involve legal transfer of ownership of financial instruments, accounted for as financing arrangements because require financial instruments to be repurchased or resold at maturity of agreement.\n repo-to-maturity is transaction firm transfers security under agreement to repurchase security where maturity date of repurchase agreement matches maturity date of underlying security.\n prior to january 2015 , repos-to- maturity were accounted for as sales.\n firm had no repos-to-maturity as of december 2015 and december 2014.\nsee note 3 information changes to accounting for repos-to-maturity effective january 2015.\n goldman sachs 2015 form 10-k 159\n\n$ in millions                                    | as of december 2015 | as of december 2014\n------------------------------------------------ | ------------------- | -------------------\nsecurities purchased under agreements to resell1 | $ 120905            | $ 127938\nsecurities borrowed2                             | 172099              | 160722\nsecurities sold under agreements to repurchase1  | 86069               | 88215\nsecurities loaned2                               | 3614                | 5570"
}
{
    "_id": "dd4b9f152",
    "title": "",
    "text": "united parcel service , inc.\n subsidiaries notes to consolidated financial statements capital lease obligations certain property , plant equipment subject to capital leases.\n some obligations associated with capital leases legally defeased.\n recorded value of property  plant equipment subject to capital leases as of december 31 ( in millions ) :.\n capital lease obligations principal payments due at various dates from 2016 through 3005.\n facility notes bonds entered agreements with municipalities to finance construction of or improvements to facilities support our.\n domestic package supply chain & freight operations in united states.\n facilities located around airport properties in louisville, kentucky ; dallas , texas ; philadelphia , pennsylvania.\n arrangements enter lease or loan agreement covers debt service obligations on bonds issued by municipalities 2022 bonds with principal balance of $ 149 million issued by louisville regional airport authority associated with worldport facility in louisville , kentucky.\n bonds due in january 2029  bear interest variable rate  average interest rates for 2015 and 2014 were 0. 03% ( 0. 03 % ) and 0. 05% ( 0. 05 % ) .\n 2022 bonds with principal balance of $ 42 million due in november 2036 issued by louisville regional airport authority associated with our air freight facility in louisville , kentucky.\n bonds bear interest variable rate average interest rates for 2015 and 2014 were 0. 02% ( 0. 02 % ) and 0. 05% ( 0. 05 % ) .\n 2022 bonds principal balance of $ 29 million issued by dallas / fort worth international airport facility improvement corporation associated with our dallas , texas airport facilities.\nbonds due may 2032 bear interest variable rate variable cash flows on obligation swapped to fixed 5. 11% ( 5. 11 % ).\n 2022 bonds with principal balance of $ 100 million issued by delaware county , pennsylvania industrial development authority associated with philadelphia , pennsylvania airport facilities.\n bonds due in december 2015  had variable interest rate average interest rates for 2015 and 2014 were 0. 02% ( 0. 02 % ) and 0. 04% ( 0. 04 % )  respectively.\n as of december 2015  $ 100 million bonds repaid in full.\n 2022 in september 2015  agreement with delaware county, pennsylvania industrial development authority  philadelphia pennsylvania airport facilities  for bonds issued with principal balance of $ 100 million.\n bonds due september 2045  bear interest variable rate.\n average interest rate for 2015 was 0. 00% ( 0. 00 % ).\n pound sterling notes pound sterling notes consist of two separate tranches 2022 notes with principal amount of a366 million accrue interest at 5. 50% ( 5. 50 % ) fixed rate  due in february 2031.\n these notes not callable.\n 2022 notes with principal amount of a3455 million accrue interest at 5. 125% ( 5. 125 % ) fixed rate  due in february 2050.\n notes callable at option at redemption price equal to greater of 100% ( 100 % ) of principal amount and accrued interest , or sum of present values of remaining scheduled payout of principal and interest discounted to date of redemption at benchmark.\n government bond yield plus 15 basis points and accrued interest.\n\n| 2015         | 2014\n------------------------------------------------------ | ------------ | ------------\nvehicles                                               | $ 74         | $ 86\naircraft                                               | 2289         | 2289\nbuildings                                              | 207          | 197\naccumulated amortization                               | -849 ( 849 ) | -781 ( 781 )\nproperty plant and equipment subject to capital leases | $ 1721       | $ 1791"
}
{
    "_id": "dd4bcc45e",
    "title": "",
    "text": "notes to consolidated financial statements 2013 ( continued ) amounts in millions except per share amounts ) estimated future benefit payments expected paid presented below.\n domestic pension plan foreign pension plans domestic postretirement benefit plan.\n estimated future payments for domestic postretirement benefit plan net of estimated.\n federal subsidies expected received under medicare prescription drug , improvement and modernization act of 2003  total no more than $ 0. 3 in any individual year.\n savings plans sponsor defined contribution plans ( 201csavings plans 201d ) cover all domestic employees.\n savings plans permit participants make contributions pre-tax and/or after-tax basis allow choose among various investment alternatives.\n match portion of participant contributions based upon years of service.\n amounts expensed for savings plans for 2018 , 2017 2016 were $ 52. 6 , $ 47. 2 and $ 47. 0 , respectively.\n expenses include discretionary company contribution of $ 6. 7 , $ 3. 6 and $ 6. 1 offset by participant forfeitures of $ 5. 8, $ 4. 6 $ 4. 4 in 2018 , 2017 2016 .\n maintain defined contribution plans in various foreign countries contributed $ 51. 3 , $ 47. 4 $ 44. 5 to these plans in 2018, 2017 2016.\n deferred compensation and benefit arrangements arrangements permit key officers employees to defer portion of salary or incentive compensation or require to contribute amount to participant 2019s account.\n arrangements may provide participants with amounts deferred plus interest upon attaining certain conditions completing certain number of years of service attaining certain age or upon retirement or termination.\n as of december 31 , 2018 and 2017  deferred compensation and deferred benefit liability balance was $ 196. 2 and $ 213. 2 , respectively.\nexpensed for deferred compensation benefit arrangements in 2018 , 2017 2016 were $ 10. 0 , $ 18. 5 $ 18. 5 , respectively.\n purchased life insurance policies on participants 2019 lives to assist in funding related deferred compensation deferred benefit liabilities.\n as of december 31 , 2018 2017  cash surrender value of policies was $ 177. 3 and $ 177. 4 , respectively.\n long-term disability plan provides income replacement benefits to eligible participants unable to perform job duties or job related to education  training experience.\n all income replacement benefits are fully insured no related obligation required as of december 31 , 2018 and 2017.\n in addition to income replacement benefits plan participants may remain covered for certain health life insurance benefits up to normal retirement age recorded obligation of $ 5. 9 and $ 8. 4 as of december 31 , 2018 and 2017 .\n\nyears       | domesticpension plan | foreignpension plans | domestic postretirementbenefit plan\n----------- | -------------------- | -------------------- | -----------------------------------\n2019        | $ 14.5               | $ 21.7               | $ 3.0\n2020        | 8.8                  | 18.7                 | 2.8\n2021        | 8.0                  | 19.8                 | 2.6\n2022        | 8.3                  | 20.9                 | 2.4\n2023        | 7.8                  | 21.8                 | 2.2\n2024 - 2028 | 36.7                 | 117.2                | 9.8"
}
{
    "_id": "dd4ba13ee",
    "title": "",
    "text": "entergy arkansas 2019s receivables from payables to money pool were as follows as of december 31 for each following years.\n see note 4 to financial statements for description money pool.\n entergy arkansas has a credit facility $ 150 million to expire august 2022.\n entergy arkansas also has $ 20 million credit facility to expire april 2018. $ 150 million credit facility permits issuance of letters of credit against $ 5 million of borrowing capacity facility.\n as of december 31 , 2017  no cash borrowings and no letters of credit outstanding under credit facilities.\n entergy arkansas is a party to uncommitted letter of credit facility to post collateral support obligations to miso.\n as of december 31 , 2017  $ 1 million letter of credit was outstanding under entergy arkansas 2019s uncommitted letter of credit facility.\n see note 4 to financial statements for discussion credit facilities.\n entergy arkansas nuclear fuel company variable interest entity has credit facility $ 80 million to expire in may 2019. a0as of december 31 , 2017 , $ 50 million in letters of credit support commercial paper issued and $ 24. 9 million in loans were outstanding under entergy arkansas nuclear fuel company variable interest entity credit facility.\n see note 4 to financial statements for discussion nuclear fuel interest entity credit facility.\n entergy arkansas obtained authorizations from ferc through october 2019 for short-term borrowings not to exceed aggregate $ 250 million outstanding borrowings by nuclear fuel company variable interest entity.\n see note 4 to financial statements for discussion of entergy arkansas 2019s short-term borrowing limits.\n long-term securities issuances of entergy arkansas are limited to amounts authorized by apsc  current authorization extends through december 2018.\n entergy arkansas , inc.\nsubsidiaries management 2019s financial discussion analysis state local rate regulation fuel-cost recovery retail rates 2015 base rate filing april 2015 entergy arkansas filed with apsc for general change in rates charges tariffs.\n filing notified apsc of entergy arkansas 2019s intent to implement forward test year formula rate plan arkansas legislation passed 2015 requested retail rate increase of $ 268. 4 million net increase in revenue of $ 167 million.\n filing requested 10. 2% ( 10. 2 % ) return on common equity.\n september 2015 apsc staff intervenors filed direct testimony apsc staff recommending revenue requirement of $ 217. 9 million 9. 65% ( 9. 65 % ) return on common equity.\n december 2015 entergy arkansas , apsc staff intervenors rate case filed with apsc joint motion for approval of settlement case proposed retail rate increase of approximately $ 225 million net increase in revenue of approximately $ 133 million authorized return on common equity of 9. 75% ( 9. 75 % ) formula rate plan tariff provides +/- 50 basis point band around 9. 75% ( 9. 75 % ) allowed return on common equity.\n significant portion of rate increase related to entergy arkansas 2019s acquisition in march 2016 of union power station power block 2 for base purchase price of $ 237 million.\n settlement agreement provided for amortization over 10-year period of $ 7. 7 million of previously-incurred costs related to ano post-fukushima compliance $ 9. 9 million previously-incurred costs related ano flood barrier compliance.\n settlement hearing held in january 2016.\n february 2016 apsc approved settlement with one exception reduced retail rate increase proposed settlement by $ 5 million.\n settling parties agreed to apsc modifications in february 2016.\nnew rates effective february 24 , 2016 began billing first billing cycle of april 2016.\n march 2016 , entergy arkansas made compliance filing regarding\n\n2017             | 2016             | 2015             | 2014\n---------------- | ---------------- | ---------------- | ----------------\n( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )\n( $ 166137 )     | ( $ 51232 )      | ( $ 52742 )      | $ 2218"
}
{
    "_id": "dd4b94ce8",
    "title": "",
    "text": "52 2013 ppg annual report form 10-k repatriation of undistributed earnings of non-u.\n subsidiaries as of december 31 , 2013 and december 31 , 2012 would have resulted in.\n tax cost of approximately $ 250 million and $ 110 million.\n company files federal state local income tax returns in numerous domestic foreign jurisdictions.\n most tax jurisdictions returns subject to examination by relevant tax authorities for years after returns filed.\n company no longer subject to examinations by tax authorities in major tax jurisdiction for years before 2006.\n internal revenue service completed examination of company 2019s.\n federal income tax returns filed for years through 2010.\n examination of company 2019s.\n federal income tax return for 2011 underway expected to be finalized during 2014.\n reconciliation of total amounts unrecognized tax benefits ( excluding interest and penalties ) as of december 31.\n company expects any possible change in amount of unrecognized tax benefits in next 12 months not be significant.\n total amount of unrecognized tax benefits if recognized affect effective tax rate was $ 81 million as of december 31 , 2013.\n company recognizes accrued interest penalties related to unrecognized tax benefits in income tax expense.\n as of december 31 , 2013, 2012 2011  company had liabilities for estimated interest penalties on unrecognized tax benefits of $ 9 million , $ 10 million $ 15 million.\n company recognized $ 2 million and $ 5 million of income in 2013 and 2012 related to reduction of estimated interest and penalties.\n company recognized no income or expense for estimated interest and penalties during year ended december 31 , 2011.\n 13.\n pensions other postretirement benefits defined benefit plans defined benefit pension plans cover certain employees worldwide.\nprincipal defined benefit pension plans are in u. s. , canada  netherlands u. k.\n represent approximately 91% ( 91 % ) of projected benefit obligation at december 31 , 2013  u. s.\n defined benefit pension plans represent majority.\n ppg sponsors welfare benefit plans provide postretirement medical life insurance benefits for certain u. s.\n canadian employees and dependents.\n programs require retiree contributions based retiree-selected coverage levels for certain retirees dependents provide for sharing of future benefit cost increases between ppg and participants management discretion.\n company right to modify or terminate benefit plans future.\n salaried and certain hourly employees in u.\n hired after october 1 , 2004 or rehired after october 1 , 2012 not eligible for postretirement medical benefits.\n salaried employees in u.\n hired , rehired or transferred to salaried status after january 1, 2006  certain u. s.\n hourly employees hired in 2006 or thereafter eligible to participate in defined contribution retirement plan.\n employees not eligible for defined benefit pension plan benefits.\n plan design changes in january 2011  company approved amendment to u. s.\n defined benefit pension plans represented about 77% ( 77 % ) of total. s.\n projected benefit obligation at december 31 , 2011.\n depending affected employee's combined age years of service to ppg change resulted in certain employees no longer accruing benefits under this plan as of december 31 , 2011 remaining employees will no longer accrue benefits plan as of december 31 , 2020.\n affected employees will participate in company 2019s defined contribution retirement plan from date benefit under defined benefit plan is frozen.\ncompany remeasured projected benefit obligation of amended plan lowered 2011 pension expense by approximately $ 12 million.\n company made similar changes to other u. s.\n defined benefit pension plans in 2011.\n company recognized curtailment loss special termination benefits associated with plan amendments of $ 5 million in 2011.\n company plans to continue reviewing potentially changing other ppg defined benefit plans future.\n separation merger of commodity chemicals business on january 28 , 2013 ppg completed separation commodity chemicals business merger of subsidiary holding ppg commodity chemicals business with subsidiary georgia gulf  discussed in note 22, 201cseparation merger transaction. 201d ppg transferred defined benefit pension plan other postretirement benefit liabilities for affected employees in u. s.  canada  taiwan separation resulting in net partial settlement loss of $ 33 million notes consolidated financial statements\n\n( millions )                                                       | 2013       | 2012       | 2011\n------------------------------------------------------------------ | ---------- | ---------- | ----------\nbalance at january 1                                               | $ 82       | $ 107      | $ 111\nadditions based on tax positions related to the current year       | 12         | 12         | 15\nadditions for tax positions of prior years                         | 9          | 2          | 17\nreductions for tax positions of prior years                        | -10 ( 10 ) | -12 ( 12 ) | -19 ( 19 )\npre-acquisition unrecognized tax benefits                          | 2014       | 2          | 2014\nreductions for expiration of the applicable statute of limitations | -10 ( 10 ) | -6 ( 6 )   | -7 ( 7 )\nsettlements                                                        | 2014       | -23 ( 23 ) | -8 ( 8 )\nforeign currency translation                                       | 2          | 2014       | -2 ( 2 )\nbalance at december 31                                             | $ 85       | $ 82       | $ 107"
}
{
    "_id": "dd4c065fa",
    "title": "",
    "text": "cdw corporation subsidiaries notes to consolidated financial statements holders of class b common units connection distribution subject to vesting provisions previously applicable to holder class b common units.\n class b common unit holders received 3798508 shares of restricted stock class b common units not yet vested at time distribution.\n for year ended december 31 , 2013  1200544 shares of restricted stock vested/settled 5931 shares forfeited.\n as of december 31 , 2013 , 2592033 shares of restricted stock outstanding.\n stock options connection with ipo company issued 1268986 stock options to class b common unit holders to preserve fully diluted equity ownership percentage.\n options issued with per-share exercise price equal to ipo price of $ 17. 00 subject to same vesting provisions as class b common units.\n company granted 19412 stock options under 2013 ltip during year ended december 31, 2013.\n restricted stock units ( 201crsus 201d ) connection with ipo  company granted 1416543 rsus under 2013 ltip at weighted- average grant-date fair value of $ 17. 03 per unit.\n rsus cliff-vest at end of four years.\n valuation information company attributes value of equity-based compensation awards to various periods during recipient must perform services to vest in award using straight-line method.\n post-ipo equity awards company elected use black-scholes option pricing model to estimate fair value of stock options granted.\n black-scholes option pricing model incorporates assumptions including volatility , expected term  risk-free interest rates dividend yields.\n assumptions used to value stock options granted during year ended december 31 , 2013 presented below.\n year ended december 31 , assumptions 2013.\n expected term ( in years ) ( 3 ).\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 5. 4 ( 1 ) based assessment of two-year, five-year implied volatility for company 2019s selected peer group  adjusted for company 2019s leverage.\n ( 2 ) based on composite u. s.\n treasury rate.\n ( 3 ) expected term calculated using simplified method.\n method defines expected term as average of option 2019s contractual term option 2019s weighted-average vesting period.\n company utilizes this method limited historical stock option data sufficient to derive reasonable estimate of expected stock option term.\n\nassumptions                            | year ended december 31 2013\n-------------------------------------- | ---------------------------\nweighted-average grant date fair value | $ 4.75\nweighted-average volatility ( 1 )      | 35.00% ( 35.00 % )\nweighted-average risk-free rate ( 2 )  | 1.58% ( 1.58 % )\ndividend yield                         | 1.00% ( 1.00 % )\nexpected term ( in years ) ( 3 )       | 5.4"
}
{
    "_id": "dd4bca866",
    "title": "",
    "text": "2016 compared with 2015 net gains on investments of $ 57 million 2016 decreased $ 52 million from 2015 due to lower net gains 2016.\n net gains investments 2015 included $ 40 million gain related to bkca acquisition $ 35 million unrealized gain on private equity investment.\n interest dividend income increased $ 14 million from 2015 due to higher dividend income in 2016.\n 2015 compared with 2014 net gains on investments of $ 109 million 2015 decreased $ 45 million from 2014 due to lower net gains in 2015.\n net gains investments 2015 included $ 40 million gain related to bkca acquisition $ 35 million unrealized gain on private equity investment.\n net gains investments 2014 included positive impact of monetization of nonstrategic opportunistic private equity investment.\n interest expense decreased $ 28 million from 2014 due to repayments of long-term borrowings in fourth quarter of 2014.\n income tax expense.\n see non-gaap financial measures for further information reconciliation of adjusted items.\n net net income ( loss ) attributable to nci.\n company 2019s tax rate affected by tax rates in foreign jurisdictions relative amount income earned jurisdictions company expects to be consistent in near term.\n significant foreign jurisdictions lower statutory tax rates than.\n federal statutory rate of 35% ( 35 % ) include united kingdom  channel islands ireland canada.\n.\n income taxes not provided for certain undistributed foreign earnings indefinitely reinvested outside united states.\n 2016.\n income tax expense ) reflected 2022 net noncash benefit of $ 30 million associated with revaluation of deferred income tax liabilities ; 2022 benefit from $ 65 million of nonrecurring items including resolution of certain outstanding tax matters.\n as adjusted effective tax rate of 29. 6% 29.6 % ) for 2016 excluded net noncash benefit of $ 30 million not cash flow impact ensure comparability among periods presented.\n 2015.\n income tax expense ( gaap ) reflected : 2022 net noncash benefit of $ 54 million  associated with revaluation of deferred income tax liabilities ; 2022 benefit from $ 75 million of nonrecurring items due to realization of losses from changes in company 2019s organizational tax structure resolution of outstanding tax matters.\n as adjusted effective tax rate of 28. 4% ( 28. 4 % ) for 2015 excluded net noncash benefit of $ 54 million not cash flow impact ensure comparability among periods.\n 2014.\n income tax expense ( gaap ) reflected : 2022 $ 94 million tax benefit  due to resolution of outstanding tax matters related to acquisition of bgi , including mentioned $ 50 million tax benefit ( see executive summary for information ) ; 2022 $ 73 million net tax benefit related to several favorable nonrecurring items ; 2022 net noncash benefit of $ 9 million associated with revaluation of deferred income tax liabilities.\n as adjusted effective tax rate of 26. 6% ( 26. 6 % ) for 2014 excluded $ 9 million net noncash benefit not cash flow impact ensure comparability among periods presented $ 50 million tax benefit above.\n $ 50 million general and administrative expense and $ 50 million tax benefit excluded from adjusted results no impact on blackrock 2019s book value.\n balance sheet overview adjusted balance sheet following table presents reconciliation of consolidated statement of financial condition on gaap basis to consolidated statement of financial condition , excluding impact of separate account assets separate account collateral under securities lending agreements ( related to lending separate account securities ) separate account liabilities collateral liabilities under securities lending agreements consolidated sponsored investment funds , including consolidated vies.\ncompany presents adjusted balance sheet additional information to enable investors to exclude certain\n\n( in millions )                                   | gaap 2016        | gaap 2015        | gaap 2014        | gaap 2016        | gaap 2015        | 2014\n------------------------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------\noperating income ( 1 )                            | $ 4570           | $ 4664           | $ 4474           | $ 4674           | $ 4695           | $ 4563\ntotal nonoperating income ( expense ) ( 1 ) ( 2 ) | -108 ( 108 )     | -69 ( 69 )       | -49 ( 49 )       | -108 ( 108 )     | -70 ( 70 )       | -56 ( 56 )\nincome before income taxes ( 2 )                  | $ 4462           | $ 4595           | $ 4425           | $ 4566           | $ 4625           | $ 4507\nincome tax expense                                | $ 1290           | $ 1250           | $ 1131           | $ 1352           | $ 1312           | $ 1197\neffective tax rate                                | 28.9% ( 28.9 % ) | 27.2% ( 27.2 % ) | 25.6% ( 25.6 % ) | 29.6% ( 29.6 % ) | 28.4% ( 28.4 % ) | 26.6% ( 26.6 % )"
}
{
    "_id": "dd4c22fb6",
    "title": "",
    "text": "approved by board of directors april 21 , 2004 expired april 30 , 2006.\n sources uses in financing activities during 2005 related primarily to uses for payment of dividend ( $ 54. 0 million ) stock repurchase ( $ 26. 7 million ) source cash from issuance of common shares related to exercise employee stock options , related tax benefit  employee stock purchase plan ( $ 9. 7 million ).\n cash dividends paid to shareholders were $ 162. 5 million , $ 107. 9 million , $ 54. 0 million during fiscal years 2007 , 2006  2005  respectively.\n believe existing cash balances and cash flow from operations sufficient to meet projected capital expenditures  working capital other cash requirements at least through end of fiscal 2010.\n contractual obligations commercial commitments future commitments of garmin  as of december 29 , 2007  aggregated by type of contractual obligation.\n operating leases describes lease obligations associated with garmin facilities in u. s. , taiwan  u. k.  canada.\n purchase obligations aggregate of purchase orders outstanding on december 29, 2007 ; obligations created paid off within 3 months during normal course of manufacturing business.\n off-balance sheet arrangements not off-balance sheet arrangements.\n item 7a.\n quantitative qualitative disclosures about market risk market sensitivity market risk primarily in connection with pricing of products services purchase of raw materials.\n product pricing raw materials costs significantly influenced by semiconductor market conditions.\n historically during cyclical industry downturns to offset pricing declines for products through combination improved product mix success in obtaining price reductions in raw materials costs.\n inflation not believe inflation material effect on business , financial condition or results of operations.\nif costs subject to significant inflationary pressures , we may not fully offset higher costs through price increases.\n inability or failure could adversely affect business , financial condition results of operations.\n foreign currency exchange rate risk operation of garmin 2019s subsidiaries in international markets results in exposure to movements in currency exchange rates.\n generally not significantly affected by foreign exchange fluctuations\n\ncontractual obligations | payments due by period total | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years\n----------------------- | ---------------------------- | --------------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------\noperating leases        | $ 43438                      | $ 6581                                  | $ 11582                          | $ 9263                           | $ 16012\npurchase obligations    | 5078                         | 422                                     | 2251                             | 2405                             | 0\ntotal                   | $ 48516                      | $ 7003                                  | $ 13833                          | $ 11668                          | $ 16012"
}
{
    "_id": "dd4c2fb80",
    "title": "",
    "text": "projected payments relating to liabilities for next five years ending december 31 , 2012 period from 2013 to 2017 are as follows ( in thousands ) :.\n ( 18 ) concentration of risk company generates significant revenue from large customers no customers accounted for more than 10% ( 10 % ) of total revenue or total segment revenue in years ended december 31 , 2007 , 2006 2005.\n financial instruments potentially subject company to concentrations credit risk consist primarily of cash equivalents and trade receivables.\n company places cash equivalents with high credit quality financial institutions limits credit exposure with any one financial institution.\n concentrations of credit risk to trade receivables limited because large geographically diverse customers company 2019s customer base  spreading trade receivables credit risk.\n company controls credit risk through monitoring procedures.\n ( 19 ) segment information upon completion certegy merger  company implemented new organizational structure resulted in new operating segment structure beginning with reporting of first quarter 2006 results.\n effective as of february 1 , 2006 , company 2019s operating segments are tps and lps.\n structure reflects businesses operated and managed.\n primary components of tps segment  includes certegy 2019s card and check services  financial institution processing component former financial institution software services segment fis operations acquired from efunds , are enterprise solutions , integrated financial solutions international businesses.\n primary components of lps segment are mortgage information services businesses , includes mortgage lender processing component financial institution software services fis former lender services , default management , information services segments of fis.\n fidelity national information services , inc.\n subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued )\n\n2008        | $ 980\n----------- | ------\n2009        | 1185\n2010        | 978\n2011        | 1022\n2012        | 1425\n2013 - 2017 | $ 8147"
}
{
    "_id": "dd496fea4",
    "title": "",
    "text": "ability to restructure or refinance debt depend on condition capital markets and our financial condition.\n any refinancing of debt could be at higher interest rates may require to comply with more onerous covenants could restrict business operations.\n failure to make payments of interest and principal on outstanding indebtedness timely likely result in reduction of credit rating could harm ability to incur additional indebtedness.\n if cash flows and available cash insufficient to meet debt service obligations we could face substantial liquidity problems might be required to dispose of material assets or operations to meet debt service other obligations.\n may not be to consummate dispositions or to obtain proceeds these proceeds may not be adequate to meet debt service obligations due.\n item 1b.\n unresolved staff comments item 2.\n properties summary of significant locations at december 31 , 2013 shown in following table.\n all facilities are leased  except for 165000 square feet of our office in alpharetta , georgia.\n square footage amounts are net of space sublet or part of facility restructuring.\n chicago , illinois ( 1 ) 36000 ( 1 ) includes approximately 25000 square footage related to g1 execution services , llc.\n entered definitive agreement to sell g1 execution services , llc to affiliate of susquehanna.\n lease assigned to susquehanna upon closing of sale on february 10  all facilities used by trading and investing or balance sheet management segments  in to corporate/other category.\n all other leased facilities with space of less than 25000 square feet not listed by location.\n in addition to significant facilities we also lease all 30 e*trade branches  ranging in space from approximately 2500 to 8000 square feet.\n believe our facilities space is adequate to meet needs in 2014.\nitem 3.\n legal proceedings on october 27 , 2000 , ajaxo , inc.\n ( 201cajaxo 201d ) filed complaint in superior court for state of california , county of santa clara.\n ajaxo sought damages non-monetary relief for company 2019s alleged breach of non-disclosure agreement with ajaxo pertaining to certain wireless technology ajaxo offered company damages other relief against company for alleged misappropriation of ajaxo 2019s trade secrets.\n following jury trial , judgment entered in 2003 in favor of ajaxo against company for $ 1. 3 million for breach of ajaxo non-disclosure agreement.\n jury found in favor of ajaxo on claim against company for misappropriation of trade secrets , trial court denied ajaxo 2019s requests for additional damages relief.\n december 21 , 2005 , california court of appeal affirmed award against company for breach of nondisclosure agreement but remanded case to trial court for limited purpose of determining additional damages ajaxo may be entitled to result of jury 2019s previous finding in favor of ajaxo on claim against company for misappropriation of trade secrets.\n company paid ajaxo full amount due on judgment , case remanded back to trial court , may 30 , 2008 , jury returned a\n\nlocation               | approximate square footage\n---------------------- | --------------------------\nalpharetta georgia     | 254000\njersey city new jersey | 107000\narlington virginia     | 102000\nsandy utah             | 66000\nmenlo park california  | 63000\nnew york new york      | 39000\nchicago illinois ( 1 ) | 36000"
}
{
    "_id": "dd4b8fe50",
    "title": "",
    "text": "management 2019s discussion analysis value company 2019s obligation relating asbestos claims under ppg settlement arrangement.\n legal settlements net insurance included aftertax charges $ 80 million for marvin legal settlement net insurance recoveries $ 11 million $ 37 million impact federal glass class action antitrust legal settlement.\n results reportable business segments net sales segment income ( millions ) 2006 2005.\n industrial coatings sales increased $ 315 million or 11% ( 11 % ) in 2006.\n sales increased 4% ( 4 % ) due to acquisitions  4% ( 4 % ) due increased volumes in automotive , industrial packaging coatings operating segments 2% ( 2 % ) due to higher selling prices industrial packaging coatings businesses 1% ( 1 % ) due positive effects foreign currency translation.\n segment income increased $ 65 million in 2006.\n increase income primarily due to impact increased sales volume lower overhead manufacturing costs impact acquisitions.\n segment income reduced by adverse impact inflation offset by higher selling prices.\n performance applied coatings sales increased $ 420 million or 16% ( 16 % ) in 2006.\n sales increased 8% ( 8 % ) due to acquisitions  4% ( 4 % ) due to higher selling prices in refinish , aerospace architectural coatings operating segments 3% ( 3 % ) due to increased volumes in aerospace architectural coatings businesses 1% ( 1 % ) due to positive effects foreign currency translation.\n segment income increased $ 50 million in 2006.\n increase segment income primarily due to impact increased sales volume higher selling prices offset impact inflation.\n segment income reduced by increased overhead costs support growth architectural coatings business.\n optical specialty materials sales increased $ 134 million or 15% ( 15 % ) in 2006.\nsales increased 10% ( 10 % ) due to higher volumes particularly in optical products fine chemicals 5% ( 5 % ) due to acquisitions in optical products business.\n segment income increased $ 65 million in 2006.\n absence of 2005 charge for asset impairment fine chemicals business increased segment income $ 27 million.\n remaining $ 38 million increase due to increased volumes lower manufacturing costs absence of 2005 hurricane costs of $ 3 million net of 2006 insurance recoveries partially offset by increased overhead costs in optical products business support growth negative impact inflation.\n commodity chemicals sales decreased $ 48 million or 3% ( 3 % ) in 2006.\n sales decreased 4% ( 4 % ) due to lower chlor-alkali volumes increased 1% ( 1 % ) due to higher selling prices.\n segment income decreased $ 28 million in 2006.\n year- over-year decline due primarily to lower sales volumes higher manufacturing costs reduced production levels.\n absence of 2005 charges for direct costs related hurricanes increased segment income by $ 29 million.\n impact higher selling prices lower inflation natural gas costs insurance recovery of $ 10 million related to 2005 hurricane losses increased segment income in 2006.\n fourth-quarter chlor-alkali sales volumes earnings negatively impacted by production outages at several customers last two months 2006.\n uncertain when customers return to normal level production may impact sales earnings chlor-alkali business early 2007.\n glass sales increased $ 15 million or 1% ( 1 % ) in 2006.\n sales increased 1% ( 1 % ) due to improved volumes organic growth acquisition.\n slight positive impact on sales due to foreign currency translation offset slight decline in pricing.\n volumes increased in performance glazings  automotive replacement glass services fiber glass businesses.\n automotive oem glass volume declined during 2006.\npricing up in performance glazings declined in other glass businesses.\n segment income increased $ 25 million in 2006.\n increase segment income primarily result of higher equity earnings from asian fiber glass joint ventures higher royalty income lower manufacturing natural gas costs offset negative impacts of higher inflation lower margin mix of sales reduced selling prices.\n fiber glass operating segment made progress during 2006 in achieving multi-year plan to improve profitability cash flow.\n transformation of supply chain includes production of more focused product mix at each manufacturing plant manufacturing cost reduction initiatives improved equity earnings from asian joint ventures primary focus represent critical success factors in plan.\n during 2006  new joint venture in china started producing high labor content fiber glass reinforcement products allow to refocus u. s.\n production capacity on higher margin  direct process products.\n 2006 earnings improvement by fiber glass operating segment accounted for bulk of 2006 improvement in glass reportable business segment income.\n 20 2006 ppg annual report and form 10-k 4282_txt\n\n( millions )                     | net sales 2006 | net sales 2005 | net sales 2006 | 2005\n-------------------------------- | -------------- | -------------- | -------------- | -----\nindustrial coatings              | $ 3236         | $ 2921         | $ 349          | $ 284\nperformance and applied coatings | 3088           | 2668           | 514            | 464\noptical and specialty materials  | 1001           | 867            | 223            | 158\ncommodity chemicals              | 1483           | 1531           | 285            | 313\nglass                            | 2229           | 2214           | 148            | 123"
}
{
    "_id": "dd4b97600",
    "title": "",
    "text": "analysis of our depreciation studies.\n changes in estimated service lives of assets and related depreciation rates implemented prospectively.\n under group depreciation  historical cost ( net of salvage ) of depreciable property retired or replaced in ordinary course business charged to accumulated depreciation no gain or loss recognized.\n historical cost of certain track assets estimated using i ) inflation indices published by bureau of labor statistics and ii ) estimated useful lives of assets as determined by depreciation studies.\n indices selected because correlate with major costs of properties applicable track asset classes.\n because of number of estimates inherent in depreciation and retirement processes impossible to precisely estimate each variables until group of property is completely retired we continually monitor estimated service lives of assets and accumulated depreciation associated with each asset class to ensure depreciation rates appropriate.\n in we determine if recorded amount of accumulated depreciation is deficient ( or in excess ) of amount indicated by depreciation studies.\n any deficiency ( or excess ) is amortized as component of depreciation expense over remaining service lives of applicable classes of assets.\n for retirements of depreciable railroad properties not occur in normal course of business gain or loss may be recognized if retirement meets each of following three conditions : i ) is unusual , ii ) material in amount  iii ) varies significantly from retirement profile identified through depreciation studies.\n gain or loss recognized in other income when we sell land or dispose of assets not part of railroad operations.\n when we purchase asset  we capitalize all costs necessary to make asset ready for intended use.\n many of assets are self-constructed.\nlarge portion of capital expenditures for replacement of existing track assets other road properties typically performed by employees for track line expansion other capacity projects.\n costs directly attributable to capital projects ( including overhead costs ) are capitalized.\n direct costs capitalized as part of self- constructed assets include material  labor  work equipment.\n indirect costs capitalized if relate to construction of asset.\n general administrative expenditures expensed as incurred.\n normal repairs and maintenance also expensed as incurred costs that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.\n these costs allocated using appropriate statistical bases.\n total expense for repairs maintenance incurred was $ 2. 3 billion for 2013  $ 2. 1 billion for 2012  $ 2. 2 billion for 2011.\n assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.\n amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.\n 12.\n accounts payable other current liabilities dec.\n 31 , dec.\n 31 , millions 2013 2012.\n\nmillions                                            | dec . 31 2013 | dec . 312012\n--------------------------------------------------- | ------------- | ------------\naccounts payable                                    | $ 803         | $ 825\nincome and other taxes payable                      | 491           | 368\naccrued wages and vacation                          | 385           | 376\ndividends payable                                   | 356           | 318\naccrued casualty costs                              | 207           | 213\ninterest payable                                    | 169           | 172\nequipment rents payable                             | 96            | 95\nother                                               | 579           | 556\ntotal accounts payable and othercurrent liabilities | $ 3086        | $ 2923"
}
{
    "_id": "dd4be9338",
    "title": "",
    "text": "commitment expiration per period commercial commitments after millions total 2015 2016 2017 2018 2019 2019.\n [a none credit facility used as of december 31 , 2014.\n $ 400 million of receivables securitization facility utilized as of december 31 , 2014 accounted for as debt.\n full program matures in july 2017.\n includes guaranteed obligations related to equipment financings and affiliated operations.\n [d none letters of credit drawn upon as of december 31 , 2014.\n off-balance sheet arrangements guarantees 2013 at december 31 , 2014  2013  contingently liable for $ 82 million and $ 299 million in guarantees.\n recorded liabilities of $ 0. 3 million and $ 1 million for fair value of obligations as of december 31, 2014  and 2013 .\n entered into contingent guarantees in normal course of business include guaranteed obligations related to equipment financings and affiliated operations.\n final guarantee expires in 2022.\n not aware of existing event of default require to satisfy guarantees.\n not expect guarantees material adverse effect on consolidated financial condition results of operations or liquidity.\n other matters labor agreements 2013 approximately 85% ( 85 % ) of 47201 full-time-equivalent employees represented by 14 major rail unions.\n on january 1 , 2015 current labor agreements subject to modification began current round of negotiations with unions.\n existing agreements remain in effect until new agreements reached or railway labor act 2019s procedures ( include mediation  cooling-off periods possibility presidential emergency boards congressional intervention ) exhausted.\n contract negotiations continue for extended period time rarely experience work stoppages while negotiations pending.\n inflation 2013 long periods of inflation increase asset replacement costs for capital-intensive companies.\nresult  assuming we replace all operating assets at current price levels , depreciation charges ( on inflation-adjusted basis ) greater than historically reported amounts.\n derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist managing exposure to fluctuations in interest rates fuel prices.\n not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.\n derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item hedged  at inception and throughout hedged period.\n document nature relationships between hedging instruments and hedged items at inception risk-management objectives strategies for hedge transactions method of assessing hedge effectiveness.\n changes in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.\n may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use of these derivative financial instruments may limit future benefits from favorable price movements.\n market and credit risk 2013 address market risk related to derivative financial instruments by selecting instruments with value fluctuations that correlate with underlying hedged item.\n manage credit risk related to derivative financial instruments minimal by requiring high credit standards for counterparties periodic settlements.\n at december 31 , 2014 and 2013  not required to provide collateral  nor had received collateral  relating to hedging activities.\n\nother commercial commitmentsmillions    | total  | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period 2017 | amount of commitment expiration per period 2018 | amount of commitment expiration per period 2019 | amount of commitment expiration per period after2019\n--------------------------------------- | ------ | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------------\ncredit facilities [a]                   | $ 1700 | $ -                                             | $ -                                             | $ -                                             | $ -                                             | $ 1700                                          | $ -\nreceivables securitization facility [b] | 650    | -                                               | -                                               | 650                                             | -                                               | -                                               | -\nguarantees [c]                          | 82     | 12                                              | 26                                              | 10                                              | 11                                              | 8                                               | 15\nstandby letters of credit [d]           | 40     | 34                                              | 6                                               | -                                               | -                                               | -                                               | -\ntotal commercialcommitments             | $ 2472 | $ 46                                            | $ 32                                            | $ 660                                           | $ 11                                            | $ 1708                                          | $ 15"
}
{
    "_id": "dd4ba203c",
    "title": "",
    "text": "additions to property , plant equipment are significant use of cash and cash equivalents.\n following table shows capital expenditures related to continuing operations by segment reconciles to additions to property  plant equipment presented in consolidated statements of cash flows for 2014 , 2013 2012:.\n as of december 31 , 2014  repurchased total 121 million common shares at cost of $ 4. 7 billion  including 29 million shares at cost of $ 1 billion in first six months of 2014 14 million shares cost $ 500 million in third quarter of 2013.\n see item 8.\n financial statements supplementary data 2013 note 22 to consolidated financial statements for discussion of purchases of common stock.\n liquidity capital resources main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , continued access to capital markets , committed revolving credit facility sales of non-strategic assets.\n working capital requirements supported by these sources may issue commercial paper backed by $ 2. 5 billion revolving credit facility to meet short-term cash requirements.\n of alternatives available discussed access to capital markets through shelf registration discussed below believe short-term and long-term liquidity adequate to fund current operations near-term and long-term funding requirements including capital spending programs  dividend payments  defined benefit plan contributions  repayment of debt maturities other amounts paid in connection with contingencies.\n at december 31 , 2014  had approximately $ 4. 9 billion of liquidity of $ 2. 4 billion in cash and cash equivalents $ 2. 5 billion availability under revolving credit facility.\n 201coutlook 201d targeting $ 3. 5 billion budget for 2015.\n based on projected 2015 cash outlays for capital program and dividends expect to outspend cash flows from operations for the year.\nconstantly monitoring available liquidity during 2015 flexibility to adjust budget throughout year in response to commodity price environment.\n continue to drive fundamentals of expense management , including organizational capacity and operational reliability.\n capital resources credit arrangements and borrowings in may 2014 , amended $ 2. 5 billion unsecured revolving credit facility extended maturity to may 2019.\n see note 16 to consolidated financial statements for additional terms and rates.\n at december 31 , 2014 , no borrowings against revolving credit facility no amounts outstanding under u. s.\n commercial paper program backed by revolving credit facility.\n at december 31, 2014 , had $ 6391 million in long-term debt outstanding , $ 1068 million due within one year , of majority due in fourth quarter of 2015.\n not any triggers on corporate debt would cause event of default in case of downgrade of credit ratings.\n shelf registration have universal shelf registration statement filed with sec , under , as \"well-known seasoned issuer\" for purposes of sec rules , have ability to issue and sell indeterminate amount of various types of debt and equity securities from time to time.\n\n( in millions )                           | year ended december 31 , 2014 | year ended december 31 , 2013 | year ended december 31 , 2012\n----------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------\nnorth america e&p                         | $ 4698                        | $ 3649                        | $ 3988\ninternational e&p                         | 534                           | 456                           | 235\noil sands mining                          | 212                           | 286                           | 188\ncorporate                                 | 51                            | 58                            | 115\ntotal capital expenditures                | 5495                          | 4449                          | 4526\nchange in capital expenditure accrual     | -335 ( 335 )                  | -6 ( 6 )                      | -165 ( 165 )\nadditions to property plant and equipment | $ 5160                        | $ 4443                        | $ 4361"
}
{
    "_id": "dd4bdd6dc",
    "title": "",
    "text": "68 2012 ppg annual report form 10-k december 31 , 2012 , 2011 2010 was $ ( 30 ) million , $ 98 million $ 65 million .\n cumulative tax benefit related to adjustment for pension postretirement benefits at december 31 , 2012 2011 was approximately $ 960 million $ 990 million.\n no tax ( cost ) benefit related to change in unrealized gain ( loss ) on marketable securities for year ended december 31 , 2012.\n tax ( cost ) benefit related change in unrealized gain ( loss ) on marketable securities for years ended december 31 , 2011 2010 was $ ( 0. 2 ) million and $ 0. 6 million .\n tax benefit related to change in unrealized gain ( loss ) on derivatives for years ended december 31 , 2012  2011 2010 was $ 4 million , $ 19 million $ 1 million ,.\n 18.\n employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers all.\n employees.\n company makes matching contributions to savings plan management's discretion based upon participants 2019 savings subject to limitations.\n for most participants not covered by collective bargaining agreement company-matching contributions established each year at discretion company applied to participant savings up to maximum of 6% ( 6 % ) of eligible participant compensation.\n for those participants employment covered by collective bargaining agreement level of company-matching contribution determined by relevant collective bargaining agreement.\n company-matching contribution suspended from march 2009 through june 2010 as cost savings measure recognition adverse impact of global recession.\n effective july 1 , 2010 company match reinstated at 50% ( % ) on first 6% ( 6 % ) of compensation contributed for most employees eligible for company-matching contribution feature.\n included union represented employees collective bargaining agreements.\njanuary 1 , 2011  company match increased to 75% ( 75 % ) on first 6% ( 6 % ) of compensation contributed by eligible employees level maintained throughout 2012.\n compensation expense and cash contributions related to company match participant contributions to savings plan for 2012 , 2011 2010 totaled $ 28 million , $ 26 million $ 9 million.\n portion of savings plan qualifies as employee stock ownership plan.\n dividends on ppg shares held by portion savings plan totaling $ 18 million , $ 20 million $ 24 million for 2012 , 2011 2010 were tax deductible for.\n federal tax purposes.\n 19.\n other earnings.\n 20.\n stock-based compensation compensation includes stock options  restricted stock units ( 201crsus 201d ) grants of contingent shares earned based on achieving targeted levels total shareholder return.\n all current grants of stock options , rsus contingent shares made under ppg industries , inc.\n amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) amended restated effective april 21 , 2011.\n shares available for future grants under omnibus plan were 8. 5 million as of december 31 , 2012.\n total stock-based compensation cost was $ 73 million , $ 36 million and $ 52 million in 2012, 2011 2010 .\n stock-based compensation expense increased year over year due to increase in expected payout percentage of 2010 performance-based rsu grants and ppg's total shareholder return performance in 2012 in comparison with standard & poors ( s&p ) 500 index increased expense related to outstanding grants of contingent shares.\ntotal income tax benefit recognized in consolidated statement of income related to stock-based compensation was $ 25 million , $ 13 million and $ 18 million in 2012 , 2011 2010 , respectively.\n stock options ppg has outstanding stock option awards granted under two stock option plans : ppg industries , inc.\n stock plan ( 201cppg stock plan 201d ) and ppg amended omnibus plan.\n under ppg stock plan certain employees company granted options to purchase shares common stock at prices equal to fair market value of shares on date options granted.\n options are exercisable from six to 48 months after granted maximum term of 10 years.\n upon exercise of stock option  shares of company stock are issued from treasury stock.\n ppg stock plan includes restored option provision for options granted prior to january 1, 2003 allows optionee to exercise options satisfy option cost by certifying ownership of mature shares of ppg common stock with market value equal to option cost.\n fair value of stock options issued to employees is measured on date of grant recognized as expense over requisite service period.\n ppg estimates fair value of stock options using black-scholes option pricing model.\n risk- free interest rate determined by using u. s.\n treasury yield table of contents\n\n( millions )                                              | 2012  | 2011  | 2010\n--------------------------------------------------------- | ----- | ----- | -----\nroyalty income                                            | $ 51  | $ 55  | $ 58\nshare of net earnings of equity affiliates ( see note 5 ) | 11    | 37    | 45\ngain on sale of assets                                    | 4     | 12    | 8\nother                                                     | 83    | 73    | 69\ntotal                                                     | $ 149 | $ 177 | $ 180"
}
{
    "_id": "dd4be0a9e",
    "title": "",
    "text": "average 7. 1 in 2000.\n top 100 largest clients used average 11. 3 products in 2001  up from average 11. 2 in 2000.\n state street benefits from ability derive revenue from transaction flows clients.\n occurs through management of cash positions including deposit balances short-term investment activities using state street 2019s balance sheet capacity.\n significant foreign currency transaction volumes provide potential for foreign exchange trading revenue.\n fee revenue total operating fee revenuewas $ 2. 8 billion in 2001  compared to $ 2. 7 billion in 2000 increase of 6% ( 6 % ).\n adjusted for formation of citistreet growth in fee revenue was 8% ( 8 % ).\n growth in servicing fees of $ 199million  or 14% ( 14 % ) primary contributor to increase in fee revenue.\n growth reflects large client wins installed latter half of 2000 continuing throughout 2001 strength in fee revenue from securities lending.\n declines in equity market values worldwide offset growth in servicing fees.\n management fees down 5% ( 5 % )  adjusted for formation citistreet reflecting decline in theworldwide equitymarkets.\n foreign exchange trading revenue down 5% ( 5 % ) reflecting lower currency volatility processing fees other revenue up 21% ( 21 % ) primarily due to gains on sales of investment securities.\n servicing and management fees function of factors including mix and volume of assets under custody and assets under management  securities positions held  portfolio transactions  types of products and services used by clients.\n state street estimates study 2000 10% ( 10 % ) increase or decrease in worldwide equity values cause change in state street 2019s total revenue of approximately 2% ( 2 % ).\n if bond values increase or decrease by 10% ( 10 % )  state street anticipate change of approximately 1% ( 1 % ) in total revenue.\nsecurities lending revenue 2001 increased 40% ( 40 % ) over 2000.\n reflected in servicing fees management fees.\n function of volume of securities lent interest rate spreads.\n volumes increased 2001 year-over-year increase primarily due to wider interest rate spreads from unusual occurrence of eleven reductions in u.\n federal funds target rate during 2001.\n f e e r e v n u e ( dollars in millions ) 2001 ( 1 ) 2000 1999 ( 2 ) change adjusted change 00-01 ( 3 ).\n 1 ) 2001 results exclude write-off of state street 2019s total investment in bridge $ 50 million 2 ) 1999 results exclude one-time charge of $ 57 million related to repositioning investment portfolio 3 ) 2000 results adjusted for formation of citistreet 4 state street corporation\n\n( dollars in millions )   | 2001 ( 1 ) | 2000   | 1999 ( 2 ) | change 00-01 | adjusted change 00-01 ( 3 )\n------------------------- | ---------- | ------ | ---------- | ------------ | ---------------------------\nservicing fees            | $ 1624     | $ 1425 | $ 1170     | 14% ( 14 % ) | 14% ( 14 % )\nmanagement fees           | 511        | 581    | 600        | -12 ( 12 )   | -5 ( 5 )\nforeign exchange trading  | 368        | 387    | 306        | -5 ( 5 )     | -5 ( 5 )\nprocessing fees and other | 329        | 272    | 236        | 21           | 21\ntotal fee revenue         | $ 2832     | $ 2665 | $ 2312     | 6            | 8"
}
{
    "_id": "dd4bf1cfe",
    "title": "",
    "text": "changes in fair value of funded unfunded credit products classified in principal transactions in citi 2019s consolidated statement of income.\n related interest revenue measured based on contractual interest rates reported as interest revenue on trading account assets or loan interest depending on balance sheet classifications credit products.\n changes in fair value for years ended december 31 , 2018 and 2017 due to instrument-specific credit risk totaled loss of $ 27 million gain of $ 10 million.\n investments in unallocated precious metals citigroup invests in precious metals accounts ( gold  silver platinum palladium ) commodity foreign currency trading activities or to hedge exposures from structured liabilities.\n under asc 815  investment bifurcated into debt host contract and commodity forward derivative instrument.\n citigroup elects fair value option for debt host contract reports debt contract within trading account assets on company consolidated balance sheet.\n total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $ 0. 4 billion and $ 0. 9 billion at december 31 , 2018 and 2017 .\n amounts expected to fluctuate based on trading activity future periods.\n trading citi trades unallocated precious metals investments executes forward purchase forward sale derivative contracts with trading counterparties.\n when citi sells unallocated precious metals investment citi 2019s receivable from depository bank repaid citi derecognizes investment in unallocated precious metal.\n forward purchase or sale contract with trading counterparty indexed to unallocated precious metals accounted for as derivative  at fair value through earnings.\n as of december 31 , 2018  approximately $ 13. 7 billion and $ 10. 3 billion in notional amounts of forward purchase and forward sale derivative contracts outstanding.\ninvestments in private equity real estate ventures equity method investments citigroup invests in private real estate ventures for earning investment returns for capital appreciation.\n company elected fair value option for certain ventures investments similar to many private equity hedge fund activities in citi 2019s investment companies reported at fair value.\n fair value option brings consistency in accounting evaluation of investments.\n all investments ( debt and equity ) in private equity real estate entities accounted for at fair value.\n these investments classified as investments on citigroup 2019s consolidated balance sheet.\n changes in fair values investments classified in other revenue in company 2019s consolidated statement of income.\n citigroup elected fair value option for certain non-marketable equity securities risk managed with derivative instruments accounted for at fair value through earnings.\n securities classified as trading account assets on citigroup 2019s consolidated balance sheet.\n changes in fair value of securities related derivative instruments recorded in principal transactions.\n effective january 1, 2018 under asu 2016-01 and asu 2018-03  fair value option election no longer required to measure these non-marketable equity securities through earnings.\n see note 1 to consolidated financial statements for additional details.\n certain mortgage loans held-for-sale citigroup elected fair value option for certain purchased originated prime fixed-rate conforming adjustable-rate first mortgage loans hfs.\n loans intended for sale or securitization hedged with derivative instruments.\n company elected fair value option to mitigate accounting mismatches in hedge accounting complex achieve operational simplifications.\n table provides information about certain mortgage loans hfs carried at fair value:.\n changes in fair values of these mortgage loans reported in other revenue in company 2019s consolidated statement of income.\nno net change in fair value during years ended december 31 , 2018 2017 due to instrument-specific credit risk.\n related interest income measured based on contractual interest rates reported as interest revenue in consolidated statement of income.\n\nin millions of dollars                                                                                               | december 312018 | december 31 2017\n-------------------------------------------------------------------------------------------------------------------- | --------------- | ----------------\ncarrying amount reported on the consolidated balance sheet                                                           | $ 556           | $ 426\naggregate fair value in excess of ( less than ) unpaid principal balance                                             | 21              | 14\nbalance of non-accrual loans or loans more than 90 days past due                                                     | 2014            | 2014\naggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 2014            | 2014"
}
{
    "_id": "dd4c53bca",
    "title": "",
    "text": "residential mortgage-backed securities at december 31 , 2012  our portfolio was comprised of $ 31. 4 billion fair value of us government agency-backed securities and $ 6. 1 billion fair value of non-agency ( private issuer ) securities.\n agency securities generally collateralized by 1-4 family  conforming fixed-rate residential mortgages.\n non-agency securities also generally collateralized by 1-4 family residential mortgages.\n mortgage loans underlying non-agency securities generally non-conforming. original balances in excess of amount qualifying for agency securities ) predominately have interest rates fixed for period of time after rate adjusts to floating rate based upon contractual spread indexed to market rate. or interest rates fixed for term of loan.\n all non-agency securities are senior tranches in securitization structure at origination had credit protection in form of credit enhancement, over- collateralization and/or excess spread accounts.\n during 2012  recorded otti credit losses of $ 99 million on non-agency residential mortgage-backed securities.\n all losses associated with securities rated below investment grade.\n as of december 31 , 2012 noncredit portion of impairment recorded in accumulated other comprehensive income for non-agency residential mortgage- backed securities for which recorded otti credit loss totaled $ 150 million related securities had fair value of $ 3. 7 billion.\n fair value of sub-investment grade investment securities for not recorded otti credit loss of december 31  2012 totaled $ 1. 9 billion  with unrealized net gains of $ 114 million.\n commercial mortgage-backed securities fair value of non-agency commercial mortgage- backed securities portfolio was $ 5.9 billion at december 31 , 2012 consisted of fixed-rate  private-issuer securities collateralized by non-residential properties retail properties office buildings multi-family housing.\n agency commercial mortgage-backed securities portfolio was $ 2. 0 billion fair value at december 31 , 2012 of multi-family housing.\n all securities are most senior tranches in subordination structure.\n no otti credit losses on commercial mortgage- backed securities during 2012.\n asset-backed securities fair value of asset-backed securities portfolio was $ 6. 5 billion at december 31 , 2012 consisted of fixed-rate and floating-rate private-issuer securities collateralized by consumer credit products including residential mortgage loans credit cards automobile loans student loans.\n all securities are senior tranches in securitization structure have credit protection in of credit enhancement  over-collateralization excess spread accounts.\n recorded otti credit losses of $ 11 million on asset- backed securities during 2012.\n securities collateralized by first lien and second lien residential mortgage loans rated below investment grade.\n as of december 31 , 2012 noncredit portion of impairment recorded in accumulated other comprehensive income for asset-backed securities for recorded otti credit loss totaled $ 52 million related securities had fair value of $ 603 million.\n for sub-investment grade investment securities ( available for sale held to maturity ) not recorded otti loss through december 31 , 2012 fair value was $ 47 million unrealized net losses of $ 3 million.\n results security-level assessments indicate will recover cost basis of these securities.\n note 8 investment securities in notes to consolidated financial statements item 8 report provides additional information on otti losses detail regarding process for assessing otti.\nif current housing economic conditions worsen market volatility illiquidity worsen or market interest rates increase valuation of our investment securities portfolio could be adversely affected we could incur additional credit losses impact consolidated income statement.\n loans held for sale table 15 : loans held for sale in millions december 31 31.\n stopped originating commercial mortgage loans for sale at fair value in 2008 continue pursuing opportunities to reduce positions at appropriate prices.\n at december 31 , 2012  balance to loans was $ 772 million compared to $ 843 million at december 31, 2011.\n sold $ 32 million in unpaid principal balances of commercial mortgage loans held for sale carried at fair value in 2012 sold $ 25 million in 2011.\n pnc financial services group , inc.\n 2013 form 10-k 49\n\nin millions                                      | december 312012 | december 312011\n------------------------------------------------ | --------------- | ---------------\ncommercial mortgages at fair value               | $ 772           | $ 843\ncommercial mortgages at lower of cost or market  | 620             | 451\ntotal commercial mortgages                       | 1392            | 1294\nresidential mortgages at fair value              | 2096            | 1415\nresidential mortgages at lower of cost or market | 124             | 107\ntotal residential mortgages                      | 2220            | 1522\nother                                            | 81              | 120\ntotal                                            | $ 3693          | $ 2936"
}
{
    "_id": "dd4c17b16",
    "title": "",
    "text": "5.\n commitments contingencies rental expense related to office , warehouse space real estate amounted to $ 608 , $ 324 , $ 281 for years ended december 25 , 2004 , december 27 , 2003  december 28 , 2002 ,.\n future minimum lease payments as follows : at december 25 , 2004 , company expects future costs of approximately $ 900 for completion facility expansion in olathe , kansas.\n certain cash balances of gel held as collateral by bank securing payment united kingdom value-added tax requirements.\n these amounted to $ 1457 and $ 1602 at december 25, 2004 and december 27, 2003 , reported as restricted cash.\n in normal course business  company and subsidiaries are parties to various legal claims , actions  complaints  including matters involving patent infringement other intellectual property claims other risks.\n not possible to predict with certainty not company subsidiaries successful in these legal matters or if not impact might be.\n company 2019s management does not expect results in legal proceedings have material adverse effect on company 2019s results of operations , financial position or cash flows.\n 6.\n employee benefit plans gii sponsors employee retirement plan under employees may contribute up to 50% ( 50 % ) of annual compensation subject to internal revenue code maximum limitations gii contributes specified percentage of each participant 2019s annual compensation up to certain limits as defined in plan.\n gel has defined contribution plan under employees may contribute up to 5% ( 5 % ) of annual compensation.\n both gii and gel contribute amount determined annually at discretion of board of directors.\nyears ended december 25 , 2004 , december 27 , 2003  december 28 , 2002  expense related to plans of $ 5183 , $ 4197 , $ 2728 ,  charged to operations.\n company 2019s foreign subsidiaries participate in local defined benefit pension plans.\n contributions calculated by formulas consider final pensionable salaries.\n neither obligations nor contributions for years ended december 25 , 2004  27  2003 28 , 2002 significant.\n\nyear       | amount\n---------- | ------\n2005       | $ 512\n2006       | 493\n2007       | 493\n2008       | 474\n2009       | 474\nthereafter | 3452"
}
{
    "_id": "dd4c5a574",
    "title": "",
    "text": "summary of stock-based performance award and restricted stock award activity.\n stock awards weighted average grant date fair value restricted awards.\n additional shares issued in 2006 and 2007 because performance targets exceeded for 36-month performance periods to 2003 and 2004 grants.\n during 2007 , 2006 2005 weighted average grant date fair value of restricted stock awards was $ 54. 97 , $ 40. 45 $ 27. 21.\n vesting date fair value of stock-based performance awards during 2007  2006 2005 was $ 38 million , $ 21 million $ 5 million.\n vesting date fair value of restricted stock awards 2007 2006 2005 was $ 29 million , $ 32 million $ 13 million.\n as of december 31 , 2007 $ 37 million of unrecognized compensation cost related to restricted stock awards expected to be recognized over average period of 1. 4 year.\n 25.\n stockholders 2019 equity common stock 2013 on april 25 , 2007  marathon 2019s stockholders approved increase in authorized shares of common stock from 550 million to 1. 1 billion shares company 2019s board of directors declared two-for-one split of 2019s common stock.\n stock split effected in form of stock dividend distributed on june 18 , 2007  to stockholders of record at close of business on may 23 , 2007.\n stockholders received one additional share of marathon oil corporation common stock for each share common stock held as of close of business on record date.\n shares of common stock issued or issuable for stock-based awards under marathon 2019s incentive compensation plans proportionately increased in accordance with terms of plans.\n common stock per share except par value ) information for all periods restated in consolidated financial statements notes reflect stock split.\n2007 , 2006 2005  marathon had common stock issuances addition to shares issued for employee stock-based awards : 2022 on october 18 , 2007 , acquisition of western note 6, marathon distributed 29 million shares common stock valued $ 55. 70 per share to western 2019s shareholders.\n 2022 on june 30 , 2005 , acquisition of ashland 2019s minority interest in mpc 6 marathon distributed 35 million shares common stock valued $ 27. 23 per share to ashland 2019s shareholders.\n marathon 2019s board of directors authorized repurchase of up to $ 5 billion common stock.\n purchases program may be in open market transactions  block purchases or privately negotiated transactions.\n company use cash on hand , cash generated from operations  proceeds from potential asset sales cash from available borrowings to acquire shares.\n program may be changed based company 2019s financial condition or changes market conditions subject to termination prior to completion.\n repurchase program does not include specific price targets or timetables.\n as of december 31 , 2007  company had acquired 58 million common shares at cost of $ 2. 520 billion program including 16 million common shares acquired during 2007 cost $ 822 million 42 million common shares acquired 2006 cost $ 1. 698 billion.\n\nunvested at december 31 2005 | stock-based performance awards 897200 | weightedaverage grantdate fair value $ 14.97 | restricted stock awards 1971112 | weightedaverage grantdate fair value $ 23.97\n---------------------------- | ------------------------------------- | -------------------------------------------- | ------------------------------- | --------------------------------------------\ngranted                      | 135696 ( a )                          | 38.41                                        | 437960                          | 40.45\nvested                       | -546896 ( 546896 )                    | 19.15                                        | -777194 ( 777194 )              | 20.59\nforfeited                    | -12000 ( 12000 )                      | 16.81                                        | -79580 ( 79580 )                | 26.55\nunvested at december 31 2006 | 474000                                | 16.81                                        | 1552298                         | 30.21\ngranted                      | 393420 ( a )                          | 44.13                                        | 572897                          | 54.97\nvested                       | -867420 ( 867420 )                    | 29.20                                        | -557096 ( 557096 )              | 28.86\nforfeited                    | 2013                                  | 2013                                         | -40268 ( 40268 )                | 34.55\nunvested at december 31 2007 | 2013                                  | 2013                                         | 1527831                         | 39.87"
}
{
    "_id": "dd4b92be6",
    "title": "",
    "text": "note 3.\n business combinations purchase combinations.\n during fiscal years presented company made purchase acquisitions.\n for each acquisition excess of purchase price over estimated value net tangible assets acquired allocated to various intangible assets primarily of developed technology  customer contract-related assets goodwill.\n values assigned to developed technologies related to each acquisition based upon future discounted cash flows to existing products 2019 projected income streams.\n goodwill  excess of purchase consideration over fair value of tangible identifiable intangible assets acquired in acquisitions not be amortized.\n goodwill not deductible for tax purposes.\n amounts allocated to purchased in-process research and developments determined through established valuation techniques in high-technology industry expensed upon acquisition because technological feasibility not established no future alternative uses existed.\n consolidated financial statements include operating results of each business from date of acquisition.\n company not consider acquisitions material to results of operations not presenting pro forma statements of operations for fiscal years ended october 31 , 2006 , 2005 2004.\n fiscal 2006 acquisitions sigma-c software ag ( sigma-c ) company acquired sigma-c on august 16 , 2006 in all-cash transaction.\n reasons for acquisition.\n sigma-c provides simulation software allows semiconductor manufacturers suppliers to develop optimize process sequences for optical lithography  e-beam lithography next-generation lithography technologies.\n company believes acquisition will tighter integration between design and manufacturing tools allowing company customers to perform more accurate design layout analysis with 3d lithography simulation understand issues affect ic wafer yields.\n purchase price.\n company paid $ 20. 5 million in cash for outstanding shares and shareholder notes of which $ 2.05 million deposited with escrow agent paid per escrow agreement.\n company believes escrow amount will be paid.\n total purchase consideration consisted of:.\n acquisition-related costs of $ 2. 1 million consist primarily of legal , tax accounting fees estimated facilities closure costs employee termination costs.\n as of october 31 , 2006  company paid $ 0. 9 million of acquisition-related costs.\n $ 1. 2 million balance remaining at october 31, 2006 primarily consists of legal tax accounting fees estimated facilities closure costs employee termination costs.\n assets acquired.\n company performed preliminary valuation allocated total purchase consideration to assets liabilities.\n company acquired $ 6. 0 million of intangible assets $ 3. 9 million in existing technology $ 1. 9 million in customer relationships $ 0. 2 million in trade names amortized over five years.\n company acquired assets of $ 3. 9 million assumed liabilities of $ 5. 1 million result transaction.\n goodwill  excess of purchase price over\n\n| ( in thousands )\n------------------------- | ----------------\ncash paid                 | $ 20500\nacquisition-related costs | 2053\ntotal purchase price      | $ 22553"
}
{
    "_id": "dd4ba0b10",
    "title": "",
    "text": "10-k altria release tuesday february 27, 2018 10:00pm andra design llc performance stock units : january 2017 altria group.\n granted aggregate 187886 performance stock units to eligible employees.\n payout performance stock units requires achievement of certain performance measures predetermined at time of grant over three-year performance cycle.\n performance measures consist of altria group. adjusted diluted earnings per share ( compounded annual growth rate. total shareholder return relative to predetermined peer group.\n performance stock units subject to forfeiture if employment conditions not met.\n at december 31 , 2017 altria group.\n 170755 performance stock units remaining weighted-average grant date fair value of $ 70. 39 per performance stock unit.\n fair value performance stock units at date of grant net of estimated forfeitures amortized to expense over performance period.\n altria group.\n recorded pre-tax compensation expense related to performance stock units for year ended december 31 , 2017 of $ 6 million.\n unamortized compensation expense related to altria group. performance stock units was $ 7 million at december 31 , 2017.\n altria group.\n not grant performance stock units during 2016 and 2015.\n 12.\n earnings per share basic and diluted eps calculated following:.\n net earnings attributable to altria group , inc.\n $ 10222 $ 14239 $ 5241 less : distributed and undistributed earnings attributable to share-based awards ( 14 ) ( 24 ) ( 10 ) earnings for basic and diluted eps $ 10208 $ 14215 $ 5231 weighted-average shares for basic and diluted eps 1921 1952 1961\n\n( in millions )                                                                  | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015\n-------------------------------------------------------------------------------- | -------------------------------------- | -------------------------------------- | --------------------------------------\nnet earnings attributable to altria group inc .                                  | $ 10222                                | $ 14239                                | $ 5241\nless : distributed and undistributed earnings attributable to share-based awards | -14 ( 14 )                             | -24 ( 24 )                             | -10 ( 10 )\nearnings for basic and diluted eps                                               | $ 10208                                | $ 14215                                | $ 5231\nweighted-average shares for basic and diluted eps                                | 1921                                   | 1952                                   | 1961"
}
{
    "_id": "dd4bce7a4",
    "title": "",
    "text": "global business , many transactions and calculations where ultimate tax outcome uncertain.\n some uncertainties arise as consequence of cost reimbursement arrangements among related entities.\n although company believes estimates reasonable , no assurance can be given that final tax outcome not different than reflected in historical income tax provisions accruals.\n such differences could material impact on company 2019s income tax provision and operating results in period determination made.\n on november 4 , 2007 ( first day of 2008 fiscal year ) company adopted new accounting principles on accounting for uncertain tax positions.\n these principles require companies to determine whether 201cmore likely not tax position will be sustained upon examination by appropriate taxing authorities before benefit recorded in financial statements.\n uncertain income tax position not recognized if less than 50% ( 50 % ) likelihood of being sustained.\n no changes to company 2019s liabilities for uncertain tax positions result of adoption of these provisions.\n as of october 30 , 2010 and october 31 , 2009 , company had liability of $ 18. 4 million and $ 18. 2 million , respectively for gross unrealized tax benefits, if settled in company 2019s favor , would lower company 2019s effective tax rate in period recorded.\n in addition as of october 30 , 2010 and october 31 , 2009  company had liability of approximately $ 9. 8 million and $ 8. 0 million , respectively for interest and penalties.\n total liability as of october 30 , 2010 and october 31 , 2009 of $ 28. 3 million and $ 26.2 million , for uncertain tax positions classified as non-current  included in other non-current liabilities  because company believes ultimate payment or settlement of liabilities not occur within next twelve months.\n prior to adoption of these provisions these amounts included in current income tax payable.\n company includes interest and penalties related to unrecognized tax benefits within provision for taxes in condensed consolidated statements of income no change in classification made upon adopting these provisions.\n condensed consolidated statements of income for fiscal years 2010 , 2009 and 2008 include $ 1. 8 million, $ 1. 7 million and $ 1. 3 million  of interest and penalties related to these uncertain tax positions.\n due to complexity associated with tax uncertainties company cannot make reliable estimate period in expects to settle liabilities associated with these uncertain tax positions.\n following table summarizes changes in total amounts of uncertain tax positions for fiscal 2008 through fiscal 2010.\n fiscal years 2004 and 2005 irs examination during fourth quarter of fiscal 2007  irs completed field examination of company 2019s fiscal years 2004 and 2005.\n on january 2 , 2008  irs issued report for fiscal 2004 and 2005  included proposed adjustments related to these two fiscal years.\n company recorded taxes and penalties related to certain these proposed adjustments.\n four items with additional potential total tax liability of $ 46 million.\n company concluded based on discussions with tax advisors these four items not likely to result in additional tax liability.\n company not recorded additional tax liability for these items appealing these proposed adjustments through normal processes for resolution of differences between irs and taxpayers.\n company 2019s initial meetings with appellate division of irs held during fiscal analog devices , inc.\n notes consolidated financial statements 2014 continued\n\nbalance november 3 2007             | $ 9889\n----------------------------------- | -------\nadditions for tax positions of 2008 | 3861\nbalance november 1 2008             | 13750\nadditions for tax positions of 2009 | 4411\nbalance october 31 2009             | 18161\nadditions for tax positions of 2010 | 286\nbalance october 30 2010             | $ 18447"
}
{
    "_id": "dd4c2d40c",
    "title": "",
    "text": "notes to consolidated financial statements.\n morgan chase & co.\n 98.\n morgan chase.\n / 2003 annual report securities financing activities jpmorgan chase enters into resale repurchase agreements securities borrowed securities loaned transactions to finance firm 2019s inventory positions  acquire securities to cover short positions settle other securities obligations.\n firm enters into transactions to accommodate customers 2019 needs.\n securities purchased under resale agreements ( 201cresale agreements 201d ) and securities sold under repurchase agreements ( 201d ) treated as collateralized financing transactions carried on consolidated bal- ance sheet at amounts securities be subsequently sold or repurchased plus accrued interest.\n where appropriate resale and repurchase agreements with same counterparty reported on net basis in accordance with fin 41.\n jpmorgan chase takes possession of securities purchased under resale agreements.\n daily basis monitors market value of underlying collateral received from counterparties of. s.\n non-u. s.\n govern- ment and agency securities requests additional collateral when necessary.\n similar transactions not meet sfas 140 definition of repurchase agreement accounted for as 201cbuys 201d and 201csells 201d rather than financing transactions.\n transactions accounted for as purchase ( sale ) of underlying securities with forward obligation to sell ( purchase ) securities.\n forward purchase ( sale ) obligation  derivative recorded on consolidated balance sheet at fair value  changes in fair value recorded in trading revenue.\n notional amounts of these transactions accounted for as purchases under sfas 140 were $ 15 billion and $ 8 billion at december 31 , 2003 and 2002  respectively.\namounts transactions accounted for as sales under sfas 140 were $ 8 billion and $ 13 billion at december 31 , 2003 and 2002  respectively.\n based on short-term duration contracts unrealized gain or loss insignificant.\n securities borrowed and lent recorded at cash collateral advanced or received.\n securities bor- rowed consist primarily of government and equity securities.\n jpmorgan chase monitors market value of securities borrowed and lent daily calls for additional col- lateral when appropriate.\n fees received or paid recorded in interest income or interest expense.\n jpmorgan chase pledges financial instruments to collateralize repurchase agreements and other securities financ ings.\n pledged securities can be sold or repledged by secured party identified as financial instruments owned ( pledged to parties on consolidated balance sheet.\n at december 31 , 2003 firm had received securities as col- lateral be repledged delivered used with fair value of approximately $ 210 billion.\n collateral obtained under resale or securities-borrowing agreements.\n approximately $ 197 billion repledged , delivered or used generally as collateral under repur- chase agreements securities-lending agreements or cover short sales.\n consolidated financial statements.\n morgan chase & co.\n loans reported at principal amount outstanding net of allowance for loan losses unearned income and net deferred loan fees.\n loans held for sale carried at lower of aggregate cost or fair value.\n loans classified as 201ctrading 201d for secondary market trading activities where positions bought and sold to make profits from short-term movements in price.\n loans held for trading purposes included in trading assets carried at fair value gains and losses included in trading revenue.\ninterest income recognized using interest method  or basis approximating level rate of return over term loan.\n nonaccrual loans are those accrual of interest discontinued.\n loans ( other than certain consumer loans discussed below ) placed on nonaccrual status immediately if management full payment of principal or interest in doubt or when principal or interest 90 days or more past due and collateral  insufficient to cover prin- cipal and interest.\n interest accrued but not collected at date loan placed on nonaccrual status reversed against interest income.\n amortization of net deferred loan fees suspended.\n interest income on nonaccrual loans recognized only to extent received in cash.\n where doubt regarding ultimate collectibility of loan principal , all cash received applied to reduce carrying value of loan.\n loans restored to accrual status only when interest and principal payments brought current and future payments reasonably assured.\n consumer loans charged to allowance for loan losses upon reaching specified stages of delinquency in accor- dance with federal financial institutions examination council ( 201cffiec 201d ) policy.\n for credit card loans charged off at earlier of 180 days past due or within 60 days from notification of filing of bankruptcy.\n residential mortgage products charged off to net realizable value at 180 days past due.\n other consumer products charged off to net realizable value if collateralized ) at 120 days past due.\n accrued interest on residential mortgage products , automobile financings and certain other consumer loans accounted for in accordance with nonaccrual loan policy note 11\n\ndecember 31 ( in millions )                  | 2003     | 2002\n-------------------------------------------- | -------- | --------\nsecurities purchased under resale agreements | $ 62801  | $ 57645\nsecurities borrowed                          | 41834    | 34143\nsecurities sold under repurchase agreements  | $ 105409 | $ 161394\nsecurities loaned                            | 2461     | 1661"
}
{
    "_id": "dd4bcf794",
    "title": "",
    "text": "revenue per car 2010 2009 2008 % ( % ) change 2010 v 2009.\n agricultural products 2013 higher volume  fuel surcharges price improvements increased agricultural freight revenue in 2010 versus 2009.\n increased shipments from midwest to export ports pacific northwest heightened demand in mexico drove higher corn and feed grain shipments 2010.\n increased corn feed grain shipments into ethanol plants in california idaho growth in ethanol shipments contributed to increase.\n 2009 some ethanol plants ceased operations due to lower ethanol margins contributed to favorable year-over-year comparison.\n strong export demand for u. s.\n wheat via gulf ports increased shipments of wheat food grains compared 2009.\n declines in domestic wheat food shipments offset growth in export shipments.\n new business in feed and animal protein shipments increased agricultural shipments 2010 2009.\n lower volume fuel surcharges decreased agricultural freight revenue 2009 versus 2008.\n price improvements offset declines.\n lower demand in export domestic markets led to fewer shipments of corn and feed grains down 11% ( 11 % ) in 2009 compared to 2008.\n weaker worldwide demand reduced export shipments of wheat food grains 2009 versus 2008.\n automotive 2013 37% ( 37 % ) and 24% ( 24 % ) increases in shipments of finished vehicles automotive parts in 2010 core pricing gains fuel surcharges improved automotive freight revenue from weak 2009 levels.\n economic conditions 2009 led to poor auto sales reduced vehicle production reduced shipments of finished vehicles parts declines in shipments finished vehicles auto parts lower fuel surcharges reduced freight revenue 2009 compared 2008.\n vehicle shipments down 35% ( 35 % ) parts down 24% ( 24 % ).\n core pricing gains partially offset declines.\nvolume declines resulted from economic conditions reduced sales vehicle production.\n two major domestic automotive manufacturers declared bankruptcy in second quarter of 2009 , affecting production levels.\n although federal car allowance rebate system ( 201ccash for clunkers 201d program ) helped stimulate vehicle sales shipments in third quarter 2009, production cuts soft demand year offset program 2019s benefits.\n 2010 agricultural revenue 2010 automotive revenue\n\naverage revenue per car | 2010   | 2009   | 2008   | % (  % ) change 2010 v 2009 | % (  % ) change 2009 v 2008\n----------------------- | ------ | ------ | ------ | --------------------------- | ---------------------------\nagricultural            | $ 3286 | $ 3080 | $ 3352 | 7% ( 7 % )                  | ( 8 ) % (  % )\nautomotive              | 2082   | 1838   | 2017   | 13                          | -9 ( 9 )\nchemicals               | 2874   | 2761   | 2818   | 4                           | -2 ( 2 )\nenergy                  | 1697   | 1543   | 1622   | 10                          | -5 ( 5 )\nindustrial products     | 2461   | 2388   | 2620   | 3                           | -9 ( 9 )\nintermodal              | 974    | 896    | 955    | 9                           | -6 ( 6 )\naverage                 | $ 1823 | $ 1718 | $ 1848 | 6% ( 6 % )                  | ( 7 ) % (  % )"
}
{
    "_id": "dd4bddce0",
    "title": "",
    "text": "westrock company notes to consolidated financial statements table summarizes weighted average life allocation to intangible assets recognized in mps acquisition , excluding goodwill ( in millions ) : weighted avg.\n amounts recognized as acquisition.\n none of intangibles has significant residual value.\n amortizing customer relationship intangibles over estimated useful lives from 13 to 16 years straight-line basis because amortization pattern not reliably determinable.\n star pizza acquisition on march 13, 2017  completed star pizza acquisition.\n transaction provided leadership position in fast growing small-run pizza box market increases vertical integration.\n purchase price was $ 34. 6 million , net of $ 0. 7 million working capital settlement.\n fully integrated approximately 22000 tons of containerboard used by star pizza annually.\n included financial results of acquired assets since date acquisition in corrugated packaging segment.\n purchase price allocation for acquisition primarily included $ 24. 8 million of customer relationship intangible assets and $ 2. 2 million of goodwill.\n amortizing customer relationship intangibles over 10 years straight-line basis because amortization pattern not reliably determinable.\n fair value assigned to goodwill primarily attributable to buyer-specific synergies expected arise after acquisition (. enhanced reach of combined organization other synergies ) assembled work force.\n goodwill and intangibles are amortizable for income tax purposes.\n packaging acquisition on january 19 , 2016  completed packaging acquisition.\n entities acquired provide value-added folding carton and litho-laminated display packaging solutions.\n purchase price was $ 94. 1 million , net of cash received of $ 1. 7 million , working capital settlement $ 3. 5 million escrow receipt in first quarter of fiscal 2017.\ntransaction subject to election under section 338 ( h ) ( 10 ) of code increases u. s.\n tax basis in acquired u. s.\n entities.\n believe transaction provided us with attractive complementary customers , markets facilities.\n included financial results of acquired entities since date acquisition in consumer packaging segment.\n purchase price allocation for acquisition included $ 55. 0 million of property , plant and equipment , $ 10. 5 million of customer relationship intangible assets , $ 9. 3 million of goodwill $ 25. 8 million of liabilities , including $ 1. 3 million of debt.\n amortizing customer relationship intangibles over estimated useful lives from 9 to 15 years based on straight-line basis because amortization pattern not reliably determinable.\n fair value assigned to goodwill attributable to buyer-specific synergies expected after acquisition (. enhanced reach of combined organization other synergies ) assembled work force.\n goodwill and intangibles of u. s.\n entities amortizable for income tax purposes.\n sp fiber on october 1, 2015 completed sp fiber acquisition in stock purchase.\n transaction included acquisition of mills in dublin , ga and newberg , or, produce lightweight recycled containerboard and kraft and bag paper.\n newberg mill produced newsprint.\n part of transaction acquired sp fiber's 48% ( 48 % ) interest in gps.\n gps is joint venture providing steam to dublin mill and electricity to georgia power.\n purchase price was $ 278. 8 million , net of cash received of $ 9. 2 million and working capital\n\n| weighted avg.life | amountsrecognized as ofthe acquisitiondate\n------------------------- | ----------------- | ------------------------------------------\ncustomer relationships    | 14.6              | $ 1008.7\ntrademarks and tradenames | 3.0               | 15.2\nphoto library             | 10.0              | 2.5\ntotal                     | 14.4              | $ 1026.4"
}
{
    "_id": "dd4ba5822",
    "title": "",
    "text": "company recognizes effect of income tax positions only if sustaining positions more likely than not.\n changes in recognition or measurement reflected in period change in judgment occurs.\n company records penalties and interest related to unrecognized tax benefits in income taxes in company 2019s consolidated statements of income.\n changes in accounting principles business combinations noncontrolling interests on january 1 , 2009  company adopted revised principles related to business combinations and noncontrolling interests.\n revised principle on business combinations applies to all transactions or events in entity obtains control over one or more businesses.\n requires acquirer to recognize assets acquired liabilities assumed noncontrolling interest in acquiree at acquisition date, measured at fair values date.\n business combinations achieved in stages require recognition of identifiable assets and liabilities noncontrolling interest in acquiree , at full amounts of fair values when control is obtained.\n revision changes requirements for recognizing assets acquired and liabilities assumed arising from contingencies requires direct acquisition costs to be expensed.\n provides changes to income tax accounting for business combinations apply to both new and previously existing business combinations.\n in april 2009  additional guidance issued revised business combination guidance related to accounting for contingent liabilities assumed in business combination.\n company adopted this guidance in conjunction with adoption of revised principles related to business combinations.\n adoption of revised principles business combinations not material impact on consolidated financial statements.\n revised principle related to noncontrolling interests establishes accounting and reporting standards for noncontrolling interests in subsidiary and for deconsolidation of subsidiary.\nrevised principle clarifies noncontrolling interest in subsidiary is ownership interest in consolidated entity should be reported as separate component of equity in consolidated statements financial position.\n revised principle requires retrospective adjustments for all periods of stockholders 2019 equity and net income for noncontrolling interests.\n to financial reporting changes principle provides for significant changes in accounting related to changes in ownership of noncontrolling interests.\n changes in controlling financial interests in consolidated subsidiaries not result in loss of control accounted for as equity transactions similar to treasury stock transactions.\n if change in ownership of consolidated subsidiary results in loss of control and deconsolidation retained ownership interests are remeasured at fair value with gain or loss reported in net income.\n previous periods noncontrolling interests for operating subsidiaries reported in other general expenses in consolidated statements of income.\n prior period amounts restated to conform to current year 2019s presentation.\n principal effect on prior years 2019 balance sheets related to adoption of new guidance related to noncontrolling interests summarized ( in millions ).\n revised principle requires net income adjusted to include net income attributable to noncontrolling interests and new separate caption for net income attributable to aon stockholders presented in consolidated statements of income.\n adoption of new guidance increased net income by $ 16 million and $ 13 million for 2008 and 2007.\n\n\nas of december 31                                          | 2008   | 2007\n---------------------------------------------------------- | ------ | ------\nequity as previously reported                              | $ 5310 | $ 6221\nincrease for reclassification of non-controlling interests | 105    | 40\nequity as adjusted                                         | $ 5415 | $ 6261"
}
{
    "_id": "dd4975e94",
    "title": "",
    "text": "table details cash capital investments for years ended december 31 , 2006 , 2005 2004.\n millions of dollars 2006 2005 2004.\n in 2007  expect total capital investments to be approximately $ 3. 2 billion  may include long- term leases.\n investments used to maintain track structures continue capacity expansions on main lines corridors remove bottlenecks upgrade augment equipment customer needs build improve facilities terminals develop implement new technologies.\n designed investments to maintain infrastructure for safety enhance customer service promote growth improve operational fluidity.\n expect to fund 2007 cash capital investments through cash generated from operations , sale or lease of operating and non-operating properties cash on hand at december 31 , 2006.\n expect these sources continue provide sufficient funds to meet expected capital requirements for 2007.\n for years ended december 31 , 2006  2005 2004  ratio of earnings to fixed charges was 4. 4 , 2. 9 , 2. 1 ,.\n increases in 2006 and 2005 driven by higher net income.\n ratio of earnings to fixed charges computed on consolidated basis.\n earnings represent income from continuing operations less equity earnings net of distributions plus fixed charges and income taxes.\n fixed charges represent interest charges  amortization of debt discount  estimated amount representing interest portion of rental charges.\n see exhibit 12 for calculation of ratio of earnings to fixed charges.\n financing activities credit facilities 2013 on december 31 , 2006  had $ 2 billion in revolving credit facilities available including $ 1 billion under five-year facility expiring in march 2009 and $ 1 billion under five-year facility expiring in march 2010 \"facilities\" ).\n facilities designated for general corporate purposes support issuance of commercial paper.\n neither facilities drawn on in 2006.\ncommitment fees interest rates payable under facilities similar to fees rates comparably rated investment-grade borrowers.\n facilities allow for borrowings at floating rates based on london interbank offered rates plus spread  depending upon senior unsecured debt ratings.\n facilities require maintenance of minimum net worth debt to net worth coverage ratio.\n at december 31 , 2006 in compliance with these covenants.\n facilities not include other financial restrictions credit rating triggers rating-dependent pricing other provision require posting of collateral.\n in addition to revolving credit facilities had $ 150 million in uncommitted lines of credit available including $ 75 million expires in march 2007 $ 75 million expiring in may 2007.\n neither of lines of credit used as of december 31 , 2006.\n must have equivalent credit available under five-year facilities to draw on these $ 75 million lines.\n dividends 2013 on january 30 , 2007 increased quarterly dividend to $ 0. 35 per share  payable beginning april 2, 2007 to shareholders of record on february 28 , 2007.\n expect to fund increase in quarterly dividend through cash from operations sale or lease of operating non-operating properties cash on hand at december 31 , 2006.\n dividend restrictions 2013 subject to certain restrictions related to payment of cash dividends to shareholders due to minimum net worth requirements under credit facilities.\n retained earnings available\n\nmillions of dollars                | 2006   | 2005   | 2004\n---------------------------------- | ------ | ------ | ------\ntrack                              | $ 1487 | $ 1472 | $ 1328\ncapacity and commercial facilities | 510    | 509    | 347\nlocomotives and freight cars       | 135    | 98     | 125\nother                              | 110    | 90     | 76\ntotal                              | $ 2242 | $ 2169 | $ 1876"
}
{
    "_id": "dd4c4befc",
    "title": "",
    "text": "entergy corporation subsidiaries notes financial statements rate 2. 04% ( 2. 04 % ).\n principal amount not due until date given in tables above entergy louisiana investment recovery funding expects make principal payments on bonds over next five years amounts $ 21. 7 million for 2017 , $ 22. 3 million for 2018 , $ 22. 7 million for 2019 , $ 23. 2 million for 2020  $ 11 million for 2021.\n proceeds entergy louisiana investment recovery funding purchased from entergy louisiana investment recovery property  right to recover from customers through investment recovery charge amounts sufficient to service bonds.\n accordance financing order entergy louisiana apply proceeds from sale investment recovery property as reimbursement for previously-incurred investment recovery costs.\n investment recovery property reflected as regulatory asset on consolidated entergy louisiana balance sheet.\n creditors of entergy louisiana not have recourse to assets or revenues of entergy louisiana investment recovery funding  including investment recovery property creditors entergy louisiana investment recovery funding not recourse assets revenues entergy louisiana.\n entergy louisiana has no payment obligations to entergy louisiana investment recovery funding except remit investment recovery charge collections.\n entergy new orleans securitization bonds - hurricane isaac may 2015 city council issued financing order authorizing issuance of securitization bonds to recover entergy new orleans 2019s hurricane isaac storm restoration costs of $ 31. 8 million  including carrying costs costs of funding replenishing storm recovery reserve amount $ 63. 9 million  approximately $ 3 million up-front financing costs associated with securitization.\n july 2015  entergy new orleans storm recovery funding i. company wholly owned consolidated by entergy new orleans issued $ 98.7 million storm cost recovery bonds.\n bonds have coupon of 2. 67% ( 2. % ).\n principal amount not due until date given in tables above entergy new orleans storm recovery funding expects make principal payments on bonds over next five years amounts $ 10. 6 million for 2017 , $ 11 million for 2018 , $ 11. 2 million for 2019  $ 11. 6 million for 2020  $ 11. 9 million for 2021.\n proceeds entergy new orleans storm recovery funding purchased from entergy new orleans storm recovery property  right to recover from customers through storm recovery charge amounts sufficient to service securitization bonds.\n storm recovery property reflected as regulatory asset on consolidated entergy new orleans balance sheet.\n creditors of entergy new orleans not have recourse to assets or revenues of entergy new orleans storm recovery funding including storm recovery property creditors recourse assets revenues entergy new orleans.\n entergy new orleans has no payment obligations to entergy new orleans storm recovery funding except remit storm recovery charge collections.\n entergy texas securitization bonds - hurricane rita april 2007 puct issued financing order authorizing issuance securitization bonds to recover $ 353 million of entergy texas 2019s hurricane rita reconstruction costs up to $ 6 million transaction costs offset by $ 32 million related deferred income tax benefits.\n june 2007  entergy gulf states reconstruction funding i , llc  company now wholly-owned consolidated by entergy texas issued $ 329. 5 million senior secured transition bonds ( securitization bonds ) amount ( in thousands ).\n\n| amount ( in thousands )\n------------------------------------------------- | -----------------------\nsenior secured transition bonds series a:         |\ntranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013 | $ 93500\ntranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018 | 121600\ntranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022    | 114400\ntotal senior secured transition bonds             | $ 329500"
}
{
    "_id": "dd4984020",
    "title": "",
    "text": "pension expense.\n ) effective in 2016  company began to measure service cost interest cost components by applying spot rates along yield curve to relevant projected cash flows provides better measurement of costs.\n company accounted for this as change in accounting estimate for on prospective basis.\n change not affect measurement total benefit obligation.\n 2016 vs.\n 2015 pension expense , excluding special items decreased from prior year due to adoption of spot rate approach reduced service cost interest cost impact from expected return on assets demographic gains partially offset by impact adoption of new mortality tables for major plans.\n special items of $ 7. 3 included pension settlement losses of $ 6. 4  special termination benefits of $ 2. 0  curtailment gains of $ 1. 1.\n resulted from recent business restructuring and cost reduction actions.\n 2015 vs.\n 2014 decrease in pension expense  excluding special items due to impact from expected return on assets  40 bp reduction in weighted average compensation increase assumption  lower service cost and interest cost.\n decrease partially offset by impact of higher amortization of actuarial losses resulted primarily from 60 bp decrease in weighted average discount rate.\n special items of $ 35. 2 included pension settlement losses of $ 21. 2  special termination benefits of $ 8. 7 , curtailment losses of $ 5. 3.\n resulted from recent business restructuring cost reduction actions.\n 2017 outlook in 2017 pension expense , excluding special items  estimated to be approximately $ 70 to $ 75 , increase of $ 10 to $ 15 from 2016  resulting primarily from decrease in discount rates  offset by favorable asset experience  effects of versum spin-off adoption of new mortality tables.\npension settlement losses $ 10 to $ 15 expected dependent on timing retirements.\n in 2017  expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016.\n net actuarial losses of $ 484 recognized in accumulated comprehensive income in 2016 primarily attributable to lower discount rates improved mortality projections.\n actuarial gains/losses amortized into pension expense over prospective periods not offset by future gains or losses.\n future changes in discount rate actual returns on plan assets different from expected returns impact actuarial gains/losses and amortization in years beyond 2017.\n during first quarter of 2017 company expects to record curtailment loss estimated $ 5 to $ 10 related to employees transferring to versum.\n loss reflected in results from discontinued operations on consolidated income statements.\n continue evaluate opportunities to manage liabilities associated with pension plans.\n pension funding funding includes contributions to funded plans and benefit payments for unfunded plans primarily non-qualified plans.\n funding policy is contributions combined with appreciation earnings sufficient to pay benefits without creating unnecessary surpluses.\n make contributions to satisfy legal funding requirements while managing capacity to benefit from tax deductions attributable to plan contributions.\n with assistance third party actuaries analyze liabilities demographics of each plan guide level of contributions.\n during 2016 and 2015  cash contributions to funded plans and benefit payments for unfunded plans were $ 79. 3 and $ 137. 5  respectively.\n for 2017  cash contributions to defined benefit plans estimated to be $ 65 to $ 85.\n estimate based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans\n\n| 2016           | 2015           | 2014\n-------------------------------------------------------------------- | -------------- | -------------- | --------------\npension expense                                                      | $ 68.1         | $ 135.6        | $ 135.9\nspecial terminations settlements and curtailments ( included above ) | 7.3            | 35.2           | 5.8\nweighted average discount rate ( a )                                 | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % )\nweighted average expected rate of return on plan assets              | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % )\nweighted average expected rate of compensation increase              | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % )"
}
{
    "_id": "dd4c31af2",
    "title": "",
    "text": "table 46 : allowance for loan lease losses.\n includes charge-offs of $ 134 million alignment with interagency guidance on practices for loans lines of credit related consumer lending in first quarter of 2013.\n provision for credit losses totaled $ 643 million for 2013 compared to $ 987 million for 2012.\n primary driver of decrease was improved credit quality improved commercial loan risk factors lower consumer loan delinquencies improvements in expected cash flows for purchased impaired loans.\n 2013 provision for commercial lending credit losses decreased by $ 102 million or 74% ( 74 % ) from 2012.\n provision for consumer lending credit losses decreased $ 242 million or 29% ( 29 % ) from 2012.\n december 31 , 2013 total nonperforming loans was 117% ( 117 % ).\n comparable amount for december 31  2012 was 124% ( 124 % ).\n ratios are 72% ( 72 % ) and 79% ( 79 % ) respectively excluding $ 1. 4 billion and $ 1. 5 billion  of alll at december 31 , 2013 december 31 2012 allocated to consumer loans lines of credit not secured by residential real estate purchased impaired loans.\n excluded consumer loans lines of credit not secured by real estate charged off after 120 to 180 days past due not on nonperforming status.\n excluded purchased impaired loans considered performing regardless of delinquency status as interest accreted based on estimate expected cash flows additional allowance recorded when cash flows below recorded investment.\n see table 35 credit risk management section for additional information.\n alll balance increases or decreases across periods in relation to fluctuating risk factors asset quality trends charge-offs changes in aggregate portfolio balances.\nduring 2013 , improving asset quality trends  including delinquency status improving economic conditions  realization of previously estimated losses through charge-offs  impact of alignment with interagency guidance overall portfolio growth  result in alll balance declining $. 4 billion , or 11% ( 11 % ) to $ 3. 6 billion as of december 31 , 2013 compared to december 31 , 2012.\n see note 7 allowances for loan and lease losses unfunded loan commitments letters of credit note 6 purchased loans in notes to consolidated financial statements in item 8 of report regarding changes in alll allowance for unfunded loan commitments letters of credit.\n operational risk management operational risk is risk of loss from inadequate or failed internal processes systems human factors external events.\n includes losses non- compliance with laws or regulations  failure to fulfill fiduciary responsibilities litigation or other legal actions.\n operational risk may occur in any business activities manifests itself in various ways including : 2022 transaction processing errors 2022 unauthorized transactions fraud by employees third parties 2022 material disruption in business activities 2022 system breaches misuse of sensitive information 2022 regulatory or governmental actions fines or penalties 2022 significant legal expenses  judgments or settlements.\n pnc 2019s operational risk management is inclusive of technology risk management  compliance business continuity risk.\n operational risk management focuses on balancing business needs  regulatory expectations risk management priorities through adaptive proactive program designed to provide strong governance model  sound consistent risk management processes transparent operational risk reporting across enterprise.\n pnc board determines strategic approach to operational risk via establishment of operational risk appetite appropriate risk management structure.\n includes establishment of risk metrics limits reporting structure to identify understand manage operational risks.\nexecutive management responsibility for operational risk management.\n executive management team responsible monitoring significant risks key controls related issues through management reporting governance structure of risk committees sub-committees.\n risk management operational risk management functions responsible for developing maintaining 84 pnc financial services group , inc.\n 2013 form 10-k\n\ndollars in millions                                                         | 2013             | 2012\n--------------------------------------------------------------------------- | ---------------- | ----------------\njanuary 1                                                                   | $ 4036           | $ 4347\ntotal net charge-offs                                                       | -1077 ( 1077 )   | -1289 ( 1289 )\nprovision for credit losses                                                 | 643              | 987\nnet change in allowance for unfunded loan commitments and letters of credit | 8                | -10 ( 10 )\nother                                                                       | -1 ( 1 )         | 1\ndecember 31                                                                 | $ 3609           | $ 4036\nnet charge-offs to average loans ( for the year ended ) ( a )               | .57% ( .57 % )   | .73% ( .73 % )\nallowance for loan and lease losses to total loans                          | 1.84             | 2.17\ncommercial lending net charge-offs                                          | $ -249 ( 249 )   | $ -359 ( 359 )\nconsumer lending net charge-offs                                            | -828 ( 828 )     | -930 ( 930 )\ntotal net charge-offs                                                       | $ -1077 ( 1077 ) | $ -1289 ( 1289 )\nnet charge-offs to average loans ( for the year ended )                     |                  |\ncommercial lending                                                          | .22% ( .22 % )   | .35% ( .35 % )\nconsumer lending ( a )                                                      | 1.07             | 1.24"
}
{
    "_id": "dd4c38834",
    "title": "",
    "text": "entergy corporation subsidiaries management's financial discussion analysis income ( deductions ) changed from $ 47. 6 million in 2002 to ( $ 36. 0 million ) in 2003 due to decrease in \"miscellaneous - net\" $ 107. 7 million accrual in second quarter of 2003 loss associated with final non decision disallowing abeyed river bend plant costs.\n see note 2 to consolidated financial statements for details river bend abeyed plant costs.\n decrease partially offset by increase in interest dividend income implementation of sfas 143.\n interest on long-term debt decreased from $ 462. 0 million in 2002 to $ 433. 5 million in 2003 due to redemption refinancing of long-term debt.\n non-utility nuclear key performance measures for-utility nuclear.\n 2004 compared to 2003 decrease in earnings for non-utility nuclear from $ 300. 8 million to $ 245. 0 million due to $ 154. 5 million net-of-tax cumulative effect of change in accounting principle increased earnings in first quarter of 2003 upon implementation of sfas 143.\n see \"critical accounting estimates - sfas 143\" for discussion implementation sfas 143.\n earnings before cumulative effect of accounting change increased by $ 98. 7 million due to : 2022 lower operation maintenance expenses decreased from $ 681. 8 million in 2003 to $ 595. 7 million in 2004 from charges recorded in 2003 with voluntary severance program ; 2022 higher revenues increased from $ 1. 275 billion in 2003 to $ 1. 342 billion in 2004 from higher contract pricing.\naddition of support services contract for cooper nuclear station increased generation in 2004 due to power uprates completed 2003 fewer planned unplanned outages 2004 contributed to higher revenues ; 2022 miscellaneous income from reduction in decommissioning liability for plant  discussed in note 8 to consolidated financial statements.\n partially offsetting increase were 2022 higher income taxes increased from $ 88. 6 million in 2003 to $ 142. 6 million in 2004 ; 2022 higher depreciation expense increased from $ 34. 3 million in 2003 to $ 48. 9 million in 2004 due to additions to plant in service.\n 2003 compared to 2002 increase in earnings for non-utility nuclear from $ 200. 5 million to $ 300. 8 million primarily due to $ 154. 5 million net-of-tax cumulative effect of change in accounting principle recognized in first quarter of 2003 upon implementation of sfas 143.\n see \"critical accounting estimates - sfas 143\" for discussion implementation sfas 143.\n income before cumulative effect accounting change decreased by $ 54. 2 million.\n decrease primarily due to $ 83. 0 million ( $ 50. 6 million net-of-tax ) of charges voluntary severance program.\n operation and maintenance expenses in 2003 per mwh of generation in line with 2002 operation maintenance.\n\n| 2004         | 2003         | 2002\n---------------------------------- | ------------ | ------------ | ------------\nnet mw in operation at december 31 | 4058         | 4001         | 3955\naverage realized price per mwh     | $ 41.26      | $ 39.38      | $ 40.07\ngeneration in gwh for the year     | 32524        | 32379        | 29953\ncapacity factor for the year       | 92% ( 92 % ) | 92% ( 92 % ) | 93% ( 93 % )"
}
{
    "_id": "dd4b8c340",
    "title": "",
    "text": "customer demand.\n compared with 555000 tons total downtime in 2006 150000 tons related to lack-of-orders.\n printing papers in millions 2007 2006 2005.\n north american printing papers net sales in 2007 were $ 3. 5 billion compared with $ 4. 4 billion in 2006 (. 5 excluding coated super- calendered papers business and $ 4. 8 billion in 2005 ( $ 3. 2 billion excluding super business.\n sales volumes decreased in 2007 versus 2006 due to reduced production capacity from conversion of paper machine at pensacola mill to production lightweight linerboard for industrial packaging segment.\n average sales price realizations increased reflecting benefits from price increases 2007.\n lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006.\n operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding coated supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding coated supercalendered papers business.\n benefits from improved average sales price realizations offset effects of higher input costs for wood  energy  freight.\n mill operations favorable prior year due to improvements in machine performance and energy conservation efforts.\n sales volumes for first quarter of 2008 expected to increase slightly mix of prod- ucts sold improve.\n demand for printing papers in north america steady.\n price increases for cut-size paper and roll stock announced expected effective late in first quarter.\n planned mill maintenance outage costs should same as in fourth quarter raw material costs expected to continue increase primarily for wood and energy.\n brazil ian papers net sales for 2007 of $ 850 mil- lion higher than $ 495 million in 2006 and $ 465 million in 2005.\ncompared with 2006 aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized second half 2006 first half 2007.\n excluding impact luiz antonio acquisition sales volumes increased for cut size offset paper.\n operating profits for 2007 of $ 246 mil- lion up from $ 122 million in 2006 $ 134 mil- lion in 2005 benefits from higher sales prices favorable manufacturing costs parti ally offset by higher input costs.\n contributions luiz antonio acquisition increased net sales by $ 350 million earnings $ 80 million in 2007.\n entering 2008 sales volumes for uncoated freesheet paper and pulp should be seasonally lower.\n average price realizations flat mar gins expected reflect less favorable product mix.\n energy costs primarily for hydroelectric power expected to increase reflecting lack of rainfall in brazil latter part 2007.\n european papers net sales in 2007 were $ 1. 5 bil- lion compared with $ 1. 3 billion in 2006 $ 1. 2 bil- lion in 2005.\n sales volumes in 2007 higher than 2006 at eastern european mills reflecting stronger market demand improved efficiencies lower in western europe closure of marasquel mill in 2006.\n average sales price real- izations increased in 2007 in east- ern and western european markets.\n operating profits of $ 214 million in 2007 increased from loss of $ 16 million in 2006 earnings $ 88 million in 2005.\n loss in 2006 reflects impact of $ 128 million impairment charge to reduce carrying value of fixed assets at saillat, france mill.\n excluding charge improvement in 2007 reflects contribution from higher net sales partially offset by higher input costs for wood  energy freight.\nto first quarter of 2008  sales volumes expected stable in western europe seasonally weaker in eastern europe russia.\n average price realizations expected remain flat.\n wood costs expected to increase especially in russia due to strong demand tariff increases energy costs anticipated seasonally higher.\n asian printing papers net sales approx- $ 20 million in 2007 compared with $ 15 mil- lion in 2006 $ 10 million in 2005.\n operating earnings increased slightly in 2007 close to breakeven in all periods.\n. s.\n market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 2005 respectively.\n sales volumes in 2007 up from 2006 levels primarily for paper\n\nin millions      | 2007   | 2006   | 2005\n---------------- | ------ | ------ | ------\nsales            | $ 6530 | $ 6700 | $ 6980\noperating profit | $ 1101 | $ 636  | $ 434"
}
{
    "_id": "dd4bc33e0",
    "title": "",
    "text": "printing papers demand for products corre- lated with changes in commercial printing advertising activity direct mail volumes uncoated cut-size products changes in white- collar employment levels affect usage of copy laser printer paper.\n pulp affected by changes in currency rates producers in regions.\n principal cost drivers include manufacturing efficiency raw material energy costs freight costs.\n pr int ing papers net sales for 2012 flat with 2011 increased 5% ( 5 % ) from 2010.\n operat- ing profits 2012 31% ( 31 % ) lower than 2011 25% ( 25 % ) higher than 2010.\n excluding facility closure costs impairment costs operating profits 2012 30% ( 30 % ) lower than 2011 25% ( 25 % ) lower than 2010.\n benefits from higher sales volumes ( $ 58 mil- lion ) offset by lower sales price real- izations unfavorable product mix ( $ 233 million ) higher operating costs ( $ 30 million ) higher maintenance outage costs ( $ 17 million ) higher input costs ( $ 32 million ) other items ( $ 6 million ).\n operating profits 2011 included $ 24 million gain related to repurposing of franklin , virginia mill fluff pulp $ 11 million impairment charge related to inverurie , scotland mill closed in 2009.\n printing.\n north american pr int ing papers net sales were $ 2. 7 billion in 2012 $ 2. 8 billion in 2011 $ 2. 8 billion in 2010.\n operating profits in 2012 were $ 331 million compared with $ 423 million ( $ 399 million excluding $ 24 million gain repurposing franklin , virginia mill in 2011 $ 18 million ( $ 333 million excluding facility clo- sure costs ) in 2010.\n sales volumes 2012 flat with 2011.\n average sales margins lower due to lower export sales prices higher export sales volume.\ninput costs higher for wood chemicals partially offset by lower purchased pulp costs.\n freight costs increased due to higher oil prices.\n manufacturing operating costs favorable reflecting strong mill performance.\n planned main- tenance downtime costs slightly higher in 2012.\n no market-related downtime taken in 2012 or 2011.\n first quarter of 2013 sales volumes expected to increase compared with fourth quar ter 2012 reflecting seasonally stronger demand.\n average sales price realizations expected flat for domestic export uncoated freesheet roll cutsize paper stable.\n input costs increase for energy chemicals wood.\n planned maintenance downtime costs expected about $ 19 million lower with outage at georgetown mill versus outages at courtland eastover mills in fourth quarter 2012.\n braz ian papers net sales for 2012 were $ 1. 1 bil- lion compared with $ 1. 2 billion in 2011 $ 1. 1 bil- lion in 2010.\n operating profits for 2012 were $ 163 million compared with $ 169 million in 2011 $ 159 million in 2010.\n sales volumes in 2012 higher than 2011 as international paper improved segment position in brazilian market despite weaker year-over-year conditions markets.\n average sales price realizations improved for domestic uncoated freesheet paper benefit offset by declining prices for exported paper.\n margins affected by increased proportion of sales to higher- margin domestic market.\n raw material costs increased for wood chemicals costs for purchased pulp decreased.\n operating costs planned maintenance downtime costs lower than 2011.\n 2013 sales volumes in first quarter expected to lower than fourth quarter 2012 due to seasonally weaker customer demand for uncoated freesheet paper.\nsales price realizations expected to increase in brazilian domestic market due to announced sales price increase for uncoated free- sheet paper  benefit partially offset by pricing pressures in export markets.\n average sales margins expected negatively impacted by less favorable geographic mix.\n input costs expected flat due to lower energy costs offset by higher costs for wood  purchased pulp chemicals utilities.\n planned maintenance outage costs should be $ 4 million lower with no outages scheduled in first quarter.\n operating costs favorably impacted by savings start-up new biomass boiler at mogi guacu mill.\n european papers net sales in 2012 were $ 1. 4 bil- lion compared with $ 1. 4 billion in 2011 $ 1. 3 bil- lion in 2010.\n operating profits in 2012 were $ 179 million compared with $ 196 million ( $ 207 million excluding asset impairment charges related ) in 2011 $ 197 million ( $ 199 million excluding asset impairment charge ) in 2010.\n sales volumes in 2012 compared 2011 higher for uncoated freesheet paper in europe and russia sales volumes for pulp lower in both regions.\n average sales price realizations for uncoated\n\nin millions      | 2012   | 2011   | 2010\n---------------- | ------ | ------ | ------\nsales            | $ 6230 | $ 6215 | $ 5940\noperating profit | 599    | 872    | 481"
}
{
    "_id": "dd4b93500",
    "title": "",
    "text": "expected term 2014 company uses historical employee exercise option expiration data to estimate expected term assumption for black-scholes grant-date valuation.\n company believes historical data is best estimate of expected term of new option , generally employees exhibit similar exercise behavior.\n risk-free interest rate 2014 yield on zero-coupon u. s.\n treasury securities for period commensurate with expected term assumption is used as risk-free interest rate.\n expected dividend yield 2014 expected dividend yield calculated by annualizing cash dividend declared by company 2019s board of directors for current quarter dividing result by closing stock price on date of grant.\n until company 2019s board of directors declares cash dividend for amount different from current quarter 2019s cash dividend  current dividend used in deriving assumption.\n cash dividends not paid on options , restricted stock or restricted stock units.\n in connection with acquisition , company granted restricted stock awards to replace outstanding restricted stock awards of linear employees.\n restricted stock awards entitle recipients to voting nonforfeitable dividend rights from date of grant.\n stock-based compensation expensexp p amount of stock-based compensation expense recognized during period based on value of awards expected to vest.\n forfeitures estimated at time of grant revised  if necessary in subsequent periods if actual forfeitures differ from estimates.\n term 201cforfeitures 201d distinct from 201ccancellations 201d or 201cexpirations 201d represents only unvested portion of surrendered stock-based award.\n based on analysis of historical forfeitures company applied annual forfeitureff rate of 5. 0% ( 5. 0 % ) to all unvested stock-based awards as of november 2, 2019.\n analysis will re-evaluated quarterly forfeiture rate adjusted as necessary.\nactual expense recognized over vesting period only for those awards that vest.\n total stock-based compensation expense recognized is as follows:.\n as of november 2 , 2019 and november 3 , 2018 , company capitalized $ 6. 8 million and $ 7. 1 million  of stock-based compensation in inventory.\n additional paid-in-capital ( apic ) pp poolp ) company adopted asu 2016-09 during fiscal 2018.\n asu 2016-09 eliminated apic pool requires excess tax benefits and tax deficiencies recorded in income statement when awards settled.\n adoption company recorded total excess tax benefits of $ 28. 7 million and $ 26. 2 million in fiscal 2019 and fiscal 2018 from stock-based compensation payments within income tax expense in consolidated statements of income.\n for fiscal 2017  apic pool represented excess tax benefits related to stock compensation available to absorb future tax deficiencies.\n if future tax deficiencies greater than available apic pool  company recorded excess as income tax expense in consolidated statements of income.\n for fiscal 2017  company had sufficient apic pool to cover tax deficiencies recorded these deficiencies did not affect results of operations.\n analog devices.\n notes to consolidated financial statements 2014 ( )\n\n| 2019     | 2018     | 2017\n-------------------------------------------- | -------- | -------- | --------\ncost of sales                                | $ 20628  | $ 18733  | $ 12569\nresearch and development                     | 75305    | 81444    | 51258\nselling marketing general and administrative | 51829    | 50988    | 40361\nspecial charges                              | 2538     | 2014     | 2014\ntotal stock-based compensation expense       | $ 150300 | $ 151165 | $ 104188"
}
{
    "_id": "dd4bb6942",
    "title": "",
    "text": "28 , 35  or 90 days.\n funds with failed auctions not accessible until successful auction or buyer found outside auction process.\n based on broker- dealer valuation models analysis of other-than-temporary impairment factors auction rate securities with original par value $ 34 million written-down to estimated fair value $ 16 million as of december 31 , 2007.\n write-down resulted in 201cother-than-temporary 201d impairment charge of approximately $ 8 million ( pre-tax ) in net income temporary impairment charge of $ 10 million ( pre-tax ) as unrealized loss within other comprehensive income for 2007.\n as of december 31 , 2007 investments in auction rate securities in loss position for less than six months.\n auction securities classified as non-current marketable securities as of december 31 , 2007 preceding table.\n 3m reviews impairments above in accordance with emerging issues task force ( eitf ) 03-1 fsp sfas 115-1 and 124-1 , 201cthe meaning of other-than-temporary-impairment application to certain investments , 201d determine classification of impairment as 201ctemporary 201d or 201cother-than-temporary. 201d temporary impairment charge results in unrealized loss recorded in other comprehensive income component of stockholders 2019 equity.\n unrealized loss not reduce net income for applicable accounting period loss not viewed as other-than-temporary.\n company believes portion of impairment of auction rate securities investments is temporary portion other-than-temporary.\n factors evaluated to differentiate between temporary and other-than-temporary include projected future cash flows  credit ratings actions  assessment credit quality of underlying collateral.\n balance at december 31 , 2007 for marketable securities and short-term investments by contractual maturity shown below.\nactual maturities differ from contractual maturities issuers securities right to prepay obligations without prepayment penalties.\n dec.\n 31 , ( millions ) 2007.\n predetermined intervals usually every 7\n\n( millions )                             | dec . 31 2007\n---------------------------------------- | -------------\ndue in one year or less                  | $ 231\ndue after one year through three years   | 545\ndue after three years through five years | 221\ndue after five years                     | 62\ntotal marketable securities              | $ 1059"
}
{
    "_id": "dd4b9ad82",
    "title": "",
    "text": "table summarizes changes in total unrealized tax benefits for fiscal 2009 through fiscal 2011.\n fiscal years 2004 and 2005 irs examination during fourth quarter of fiscal 2007  internal revenue service ( irs ) completed field examination of company 2019s fiscal years 2004 and 2005.\n on january 2 , 2008 irs issued report for fiscal 2004 and 2005  included four proposed adjustments related to these two fiscal years company protested to irs appeals office.\n two of unresolved matters were one-time issues pertain to section 965 of internal revenue code related to beneficial tax treatment of dividends paid from foreign owned companies under american jobs creation act.\n other matters pertained to computation of research and development ( r&d ) tax credit and certain profits earned from manufacturing activities outside united states.\n company recorded tax liability for portion of proposed r&d tax credit adjustment.\n these four items had additional potential tax liability of $ 46 million.\n company concluded discussions tax advisors these items not likely to result in additional tax liability.\n company did not record tax liability for these items.\n during second quarter of fiscal 2011  company reached settlement with irs appeals office on three of four items under protest.\n remaining unresolved matter is a one-time issue pertaining to section 965 of internal revenue code related to beneficial tax treatment of dividends from foreign owned companies under american jobs creation act.\n company will file a petition with tax court to this open matter.\n potential liability for this adjustment is $ 36. 5 million.\n company concluded tax advisors this item not likely to result in additional tax liability.\n company has not recorded additional tax liability for this issue.\nfiscal years 2006 and 2007 irs examination third quarter of fiscal 2009 , irs completed field examination of company 2019s fiscal years 2006 and 2007.\n irs and company agreed on treatment of issues included in issue resolutions agreement related to 2006 and 2007 tax returns.\n no agreement reached on tax treatment of issues for fiscal 2006 and fiscal 2007 years , including same r&d tax credit and foreign manufacturing issues mentioned related to fiscal 2004 and 2005 , pricing of intercompany sales ( transfer pricing ) deductibility of certain stock option compensation expenses.\n company recorded taxes related to portion of proposed r&d tax credit adjustment.\n these four items had additional potential total tax liability of $ 195 million.\n company concluded  based discussions with tax advisors these items not likely to result in additional tax liability.\n company did not record additional tax liability for these items appealed proposed adjustments through normal processes for resolution of differences between irs and taxpayers.\n second quarter of fiscal 2011, company reached agreement with irs appeals office on three of four protested items , two were same issues settled relating to 2004 and 2005 fiscal years.\n transfer pricing remained only item under protest with irs appeals office related to fiscal analog devices , inc.\n notes to consolidated financial statements 2014 ( continued )\n\nbalance november 1 2008                             | $ 13750\n--------------------------------------------------- | ----------------\nadditions for tax positions of 2009                 | 4411\nbalance october 31 2009                             | 18161\nadditions for tax positions of 2010                 | 286\nbalance october 30 2010                             | $ 18447\nadditions for tax positions related to prior years  | 9265\nreductions for tax positions related to prior years | -17677 ( 17677 )\nsettlements with taxing authorities                 | -370 ( 370 )\nbalance october 29 2011                             | $ 9665"
}
{
    "_id": "dd4c37394",
    "title": "",
    "text": "mastercard incorporated notes to consolidated financial statements 2014 in thousands except percent per share data ) company make contributions to postretirement plan other than funding benefits payments.\n following table summarizes expected net benefit payments from company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments.\n company provides limited postemployment benefits to eligible former.\n employees primarily severance under formal severance plan ( 201cseverance plan 201d ).\n company accounts for severance expense by accruing expected cost of severance benefits to former employees after employment over relevant service periods.\n company updates assumptions in determining severance accrual by evaluating actual severance activity and long-term trends underlying assumptions.\n company recorded incremental severance expense ( benefit ) related to severance plan of $ 3471 , $ 2643 and $ ( 3418 )  during years 2009 , 2008 2007.\n these amounts part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 2007 included in general and administrative expenses in consolidated statements of operations.\n note 14.\n debt on april 28 , 2008  company extended committed unsecured revolving credit facility  dated as of april 28 , 2006 ( 201ccredit facility 201d ) for additional year.\n new expiration date of credit facility is april 26 , 2011.\n available funding under credit facility remain at $ 2500000 through april 27 , 2010 decrease to $ 2000000 during final year of credit facility agreement.\n other terms and conditions in credit facility remain unchanged.\n company 2019s option to request each lender under credit facility extend commitment provided pursuant to original terms of credit facility agreement.\nborrowings under facility available to provide liquidity in settlement failures by mastercard international customers subject to limit of $ 500000  for general corporate purposes.\n facility fee and borrowing cost contingent upon company 2019s credit rating.\n at december 31 , 2009  facility fee was 7 basis points on total commitment  or approximately $ 1774 annually.\n interest on borrowings under credit facility charged at london interbank offered rate ( libor ) plus applicable margin of 28 basis points or alternative base rate utilization fee of 10 basis points charged if outstanding borrowings exceed 50% ( 50 % ) of commitments.\n credit facility company agreed to pay upfront fees of $ 1250 and administrative fees of $ 325  amortized over five years.\n facility and other fees with credit facility totaled $ 2222 , $ 2353 and $ 2477 for each years ended december 31 , 2009 , 2008 and 2007 .\n mastercard in compliance with covenants credit facility had no borrowings under credit facility at december 31 , 2009 or december 31 , 2008.\n majority of credit facility lenders are members or affiliates of members of mastercard international.\n in june 1998  mastercard international issued ten-year unsecured , subordinated notes ( ) paying fixed interest rate of 6. 67% ( 6. 67 % ) per annum.\n mastercard repaid entire principal amount of $ 80000 on june 30 , 2008 terms notes.\n interest expense on notes was $ 2668 and $ 5336 for each of years ended december 31 , 2008 and 2007 .\n\n| benefit payments | expected subsidy receipts | net benefit payments\n-------------- | ---------------- | ------------------------- | --------------------\n2010           | $ 2714           | $ 71                      | $ 2643\n2011           | 3028             | 91                        | 2937\n2012           | 3369             | 111                       | 3258\n2013           | 3660             | 134                       | 3526\n2014           | 4019             | 151                       | 3868\n2015 2013 2019 | 22686            | 1071                      | 21615"
}
{
    "_id": "dd4c109d8",
    "title": "",
    "text": "adverse development to one claim in 2008 favorable developments in three cases in 2009.\n other costs lower in 2009 compared to 2008 driven by decrease in expenses for freight property damages  employee travel utilities.\n higher bad debt expense in 2008 due to uncertain impact recessionary economy drove favorable year-over-year comparison.\n additional expense of $ 30 million to transaction with pacer international , inc.\n higher property taxes offset lower costs 2009.\n other costs higher in 2008 compared to 2007 due to increase in bad debts state local taxes loss damage expenses utility costs other miscellaneous expenses totaling $ 122 million.\n personal injury costs ( including asbestos-related claims ) $ 8 million lower in 2008 compared to 2007.\n reduction reflects improvements in safety experience lower estimated costs to resolve claims actuarial studies personal injury expense annual reviews of asbestos-related claims 2008 2007.\n year-over-year comparison includes negative impact of adverse development associated with one claim in 2008.\n environmental toxic tort expenses $ 7 million lower in 2008 compared to 2007.\n non-operating items millions of dollars 2009 2008 2007 % ( % ) change 2009 v 2008 % ( % ) change 2008 v 2007.\n other income 2013 income increased $ 103 million in 2009 compared to 2008 due to higher gains from real estate sales included $ 116 million pre-tax gain from land sale to regional transportation district ( rtd ) in colorado lower interest expense on sale of receivables program lower interest rates lower outstanding balance.\n reduced rental licensing income lower returns on cash investments reflecting lower interest rates partially offset increases.\n other income decreased in 2008 compared to 2007 due to lower gains from real estate sales decreased returns on cash investments reflecting lower interest rates.\nhigher rental licensing income lower interest expense sale of receivables program offset decreases.\n interest expense 2013 interest expense increased 2009 versus 2008 due to higher weighted- average debt levels.\n 2009 weighted-average debt level $ 9. 6 billion including restructuring of locomotive leases may 2009 compared to $ 8. 3 billion in 2008.\n effective interest rate 6. 3% ( 6. 3 % ) in 2009 compared to 6. 1% ( 6. 1 % ) in 2008.\n interest expense increased 2008 versus 2007 due to higher weighted-average debt level $ 8. 3 billion compared to $ 7. 3 billion in 2007.\n lower effective interest rate 6. 1% ( 6. 1 % ) in 2008 compared to 6. 6% ( 6. 6 % ) in 2007 offset effects higher weighted-average debt level.\n income taxes 2013 income taxes lower in 2009 compared to 2008 by lower pre-tax income.\n effective tax rate 36. 5% ( 36. 5 % ) compared to 36. 1% ( 36. 1 % ) in 2008.\n income taxes higher in 2008 compared 2007 by higher pre-tax income.\n effective tax rates 36. 1% ( 36. 1 % ) 38. 4% ( 38. 4 % ) in 2008 2007.\n lower effective tax rate 2008 resulted from reductions in tax expense related to federal audits state tax law changes.\n effective tax rate 2007 increased by illinois legislation increased deferred tax expense third quarter 2007.\n\nmillions of dollars | 2009           | 2008           | 2007           | % (  % ) change 2009 v 2008 | % (  % ) change 2008 v 2007\n------------------- | -------------- | -------------- | -------------- | --------------------------- | ---------------------------\nother income        | $ 195          | $ 92           | $ 116          | 112 % (  % )                | ( 21 ) % (  % )\ninterest expense    | -600 ( 600 )   | -511 ( 511 )   | -482 ( 482 )   | 17                          | 6\nincome taxes        | -1089 ( 1089 ) | -1318 ( 1318 ) | -1154 ( 1154 ) | -17 ( 17 )                  | 14"
}
{
    "_id": "dd4c31818",
    "title": "",
    "text": "contractual obligations.\n table shows contractual obligations for period indicated:.\n ( 1 ) interest expense on 6. 6% ( 6. 6 % ) long term notes assumed to be fixed through contractual term.\n ( 2 ) loss and lae reserves represent best estimate of losses from claim and related settlement costs.\n amounts and timing of payments are estimates variability of resolving claims changes in market conditions make timing of cash flows uncertain.\n ultimate amount and timing of loss and lae payments could differ from estimates.\n contractual obligations for senior notes long term notes junior subordinated debt are responsibility of holdings.\n sufficient cash flow  liquidity investments access to capital markets to satisfy these obligations.\n holdings depends upon dividends from everest re , operating insurance subsidiary for funding capital contributions from group access to capital markets.\n operating insurance and reinsurance subsidiaries have sufficient cash flow liquidity investments to settle outstanding reserves for losses lae.\n management believes we entities have sufficient financial resources to meet all obligations.\n dividends.\n during 2007 , 2006 2005  declared and paid shareholder dividends of $ 121. 4 million , $ 39. 0 million $ 25. 4 million  respectively.\n as insurance holding company partially dependent on dividends and other permitted pay- ments from subsidiaries to pay cash dividends to shareholders.\n payment of dividends to group by holdings and holdings by everest re subject to delaware regulatory restrictions payment dividends to group by bermuda re subject to bermuda insurance regulatory restrictions.\nmanagement expects absent extraordinary catastrophe losses restrictions not affect everest re 2019s ability to declare pay dividends support holdings 2019 general corporate needs holdings bermuda re ability declare pay dividends support group 2019s general corporate needs.\n years ended december 31 , 2007  2006 2005  everest re paid divi- dends to holdings of $ 245. 0 million , $ 100. 0 million $ 75. 0 million  respectively.\n years ended december 31 , 2007 , 2006 2005  bermuda re paid dividends to group of $ 0. 0 million , $ 60. 0 million $ 45. 0 million  respectively.\n see item 1 , 201cbusiness 2013 regulatory matters 2013 dividends 201d note 16 notes to consolidated financial statements.\n application of new accounting standards.\n november 2005  fasb issued fasb staff position ( 201cfsp 201d ) fas 115-1 , 201cthe meaning of other-than-temporary impairment application to certain investments 201d ( 201cfas 115-1 201d ) effective for reporting periods after december 15 , 2005.\n fas 115-1 addresses determination when investment considered impaired impairment other than temporary measurement of impairment loss.\n fas 115-1 includes accounting considerations recognition of other-than-temporary impairment requires dis- closures about unrealized losses not recognized as other-than-temporary impairments.\n company adopted fas 115-1 effective january 1 , 2006.\n company believes all unrealized losses in investment portfolio are temporary.\n\n( dollars in millions )                | payments due by period total | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years\n-------------------------------------- | ---------------------------- | --------------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------\n8.75% ( 8.75 % ) senior notes          | $ 200.0                      | $ -                                     | $ 200.0                          | $ -                              | $ -\n5.40% ( 5.40 % ) senior notes          | 250.0                        | -                                       | -                                | -                                | 250.0\njunior subordinated debt               | 329.9                        | -                                       | -                                | -                                | 329.9\n6.6% ( 6.6 % ) long term notes         | 400.0                        | -                                       | -                                | -                                | 400.0\ninterest expense ( 1 )                 | 2243.0                       | 77.2                                    | 145.7                            | 119.5                            | 1900.6\nemployee benefit plans                 | 2.4                          | 2.4                                     | -                                | -                                | -\noperating lease agreements             | 32.0                         | 8.5                                     | 16.3                             | 3.7                              | 3.5\ngross reserve for losses and lae ( 2 ) | 9040.6                       | 2053.2                                  | 3232.3                           | 1077.1                           | 2678.1\ntotal                                  | $ 12497.9                    | $ 2141.3                                | $ 3594.3                         | $ 1200.3                         | $ 5562.0"
}
{
    "_id": "dd4bc8c64",
    "title": "",
    "text": "non-operating investment activity resulted in net losses $ 12. 7 million in 2009 $ 52. 3 million in 2008.\n improvement of nearly $ 40 million attributable to reduction in temporary impairments on investments in sponsored mutual funds 2009 versus 2008.\n table details mutual fund investment gains and losses in millions ) past two years.\n lower income of $ 16 million from money market holdings due to lower interest rate environment offset improvement with fund investments.\n no impairment of mutual fund investments at december 31 , 2009.\n 2009 provision for income taxes of pretax income is 37. 1% ( 37. 1 % ) down from 38. 4% ( 38. 4 % ) in 2008. 9% (. 9 % ) lower than estimate of 38. 0% ( 38. 0 % ) for 2010 effective tax rate.\n 2009 provision includes reductions of prior years 2019 tax provisions nonrecurring benefits lowered 2009 effective tax rate by 1. 0% ( 1. 0 % ).\n 2008 versus 2007.\n investment advisory revenues decreased 6. 3% ( 6. 3 % ) or $ 118 million  to $ 1. 76 billion in 2008 average assets under management decreased $ 16 billion to $ 358. 2 billion.\n average annualized fee rate earned on assets was 49. 2 basis points in 2008 down from 50. 2 basis points in 2007 lower equity market valuations resulted in percentage assets attributable to lower fee fixed income portfolios.\n stress on financial markets lower equity valuations resulted in lower average assets lower investment advisory fees lower net income.\n net revenues decreased 5% ( 5 % )  or $ 112 million to $ 2. 12 billion.\n operating expenses were $ 1. 27 billion in 2008 up 2. 9% ( 2. 9 % ) or $ 36 million from 2007.\n net operating income for 2008 decreased $ 147.9 million or 14. 8% (. 8 % ) to $ 848. 5 million.\n higher operating expenses in 2008 decreased market valuations 2008 lowered assets under management advisory revenues resulted in 2008 operating margin to 40. 1% (. 1 % ) from 44. 7% (. 7 % ) in 2007.\n non-operating investment losses in 2008 were $ 52. 3 million compared to investment income $ 80. 4 million in 2007.\n investment losses 2008 include non-cash charges of $ 91. 3 million for temporary impairment of firm investments in sponsored mutual funds.\n net income 2008 fell 27% ( 27 % ) or nearly $ 180 million from 2007.\n diluted earnings per share after new accounting guidance 2009 decreased to $ 1. 81  down $. 59 or 24. 6% (. 6 % ) from $ 2. 40 in 2007.\n non-operating charge temporary impairments of sponsored mutual fund investments reduced diluted earnings per share by $. 21 in 2008.\n investment advisory revenues from.\n price mutual funds decreased 8. 5% (. 5 % ) or $ 114. 5 million to $ 1. 24 billion.\n average mutual fund assets were $ 216. 1 billion in 2008 down $ 16. 7 billion from 2007.\n mutual fund assets at december 31  2008 were $ 164. 4 billion  down $ 81. 6 billion from 2007.\n net inflows to mutual funds 2008 were $ 3. 9 billion  including $ 1. 9 billion to money funds $ 1. 1 billion bond funds $. 9 billion to stock funds.\n value  equity index 500 emerging markets stock funds add $ 4. 1 billion mid-cap growth and equity income stock funds had net redemptions of $ 2. 2 billion.\nnet fund inflows of $ 6. 2 billion originated in target-date retirement funds invest in other.\n rowe price funds.\n fund net inflow amounts in 2008 net of $ 1. 3 billion transferred to target-date trusts from retirement funds.\n decreases in market valuations income not reinvested lowered mutual fund assets under management by $ 85. 5 billion 2008.\n investment advisory revenues on other investment portfolios decreased $ 3. 6 million to $ 522. 2 million.\n average assets portfolios were $ 142. 1 billion 2008 up slightly from $ 141. 4 billion in 2007.\n minor changes each less than 1% ( 1 % ) attributable to declining equity market valuations cash flows among separate account subadvised portfolios.\n net inflows  primarily from institutional investors were $ 13. 2 billion 2008 including $ 1. 3 billion transferred from retirement funds to target-date trusts.\n decreases in market valuations net income lowered assets under management portfolios by $ 55. 3 billion 2008.\n management 2019s discussion & analysis 21\n\n| 2008             | 2009             | change\n----------------------------------------------- | ---------------- | ---------------- | ------------\nother than temporary impairments recognized     | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2\ncapital gain distributions received             | 5.6              | 2.0              | -3.6 ( 3.6 )\nnet gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 )     | 7.4              | 11.9\nnet loss recognized on fund holdings            | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5"
}
{
    "_id": "dd4c50394",
    "title": "",
    "text": "five-year stock performance graph graph illustrates cumulative total shareholder return on snap-on common stock since december 31  2008 assuming dividends reinvested.\n graph compares snap-on 2019s performance to standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) peer group.\n snap-on incorporated total shareholder return ( 1 ) fiscal year ended 2 ) snap-on incorporated peer group ( 3 ) s&p 500.\n 1 assumes $ 100 invested december 31, 2008 dividends reinvested quarterly.\n 2 company's fiscal year ends saturday or nearest to december 31 each year ; for calculation fiscal year end assumed december 31.\n 3 ) peer group consists of : stanley black & decker , inc. danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. pentair ltd.  spx corporation w.\n grainger , inc.\n 24 snap-on incorporated 2009 2010 2011 2012 2013 snap-on incorporated peer group s&p 500\n\nfiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500\n----------------------- | ------------------- | ---------------- | --------\ndecember 31 2008        | $ 100.00            | $ 100.00         | $ 100.00\ndecember 31 2009        | 111.40              | 127.17           | 126.46\ndecember 31 2010        | 153.24              | 169.36           | 145.51\ndecember 31 2011        | 140.40              | 165.85           | 148.59\ndecember 31 2012        | 223.82              | 195.02           | 172.37\ndecember 31 2013        | 315.72              | 265.68           | 228.19"
}
{
    "_id": "dd4bdf95a",
    "title": "",
    "text": "loss on contract may be recorded if necessary remaining deferred implementation revenues typically recognized over remaining service period through termination date.\n connection with long-term outsourcing service agreements customized implementation efforts often necessary to set up clients and human resource or benefit programs on our systems and operating processes.\n for outsourcing services sold separately or accounted for as separate unit accounting specific incremental direct costs of implementation incurred prior to services commencing are generally deferred and amortized over period related ongoing services revenue recognized.\n deferred costs assessed for recoverability on periodic basis to extent deferred cost exceeds related deferred revenue.\n pensions sponsor defined benefit pension plans throughout world.\n most significant plans located in u. s. , u. k.  netherlands and canada.\n significant u. s. k. netherlands canadian pension plans closed to new entrants.\n ceased crediting future benefits relating to salary and service for our u. s. u. k. netherlands canadian plans to extent statutorily permitted.\n in 2016 estimate pension and post-retirement net periodic benefit cost for major plans to increase by $ 15 million to benefit of approximately $ 54 million.\n increase benefit primarily due to change in approach to measuring service and interest cost.\n effective december 31 , 2015 for 2016 expense elected to utilize full yield curve approach in estimation of service and interest cost components of net periodic pension and post-retirement benefit cost for major pension other post-retirement benefit plans by applying specific spot rates along yield curve used in determination benefit obligation to relevant projected cash flows.\nin 2015 and prior years  estimated components of net periodic pension and post-retirement benefit cost by applying single weighted-average discount rate  derived from yield curve used to measure benefit obligation at beginning of period.\n made this change to improve correlation between projected benefit cash flows and corresponding yield curve spot rates provide more precise measurement of service and interest costs.\n change not affect measurement of projected benefit obligation as change in service cost and interest cost offset in actuarial ( gain ) loss recorded in other comprehensive income.\n accounted for this change as change in estimate will account for it prospectively.\n recognition of gains and losses prior service certain changes in value of obligation and value of plan assets  occur due to factors changes in discount rate actuarial assumptions actual demographic experience/or plan asset performance not immediately recognized in net income.\n such changes recognized in other comprehensive income amortized into net income as part of net periodic benefit cost.\n unrecognized gains and losses deferred in other comprehensive income  amortized into compensation and benefits expense as component of periodic pension expense based on average life expectancy of u. s. , netherlands , canada , u. k.\n plan members.\n amortize any prior service expense or credits result of plan changes over period consistent with amortization of gains and losses.\n as of december 31 , 2015  our pension plans have deferred losses not yet recognized through income in consolidated financial statements.\n amortize unrecognized actuarial losses outside of corridor  defined as 10% ( 10 % ) of greater of market-related value of plan assets or projected benefit obligation.\n to extent not offset by future gains incremental amortization as calculated above will continue to affect future pension expense until fully amortized.\ntable discloses unrecognized actuarial gains and losses, number of years amortizing experience loss estimated 2016 amortization of loss by country ( amounts in millions ) :.\n unrecognized prior service cost ( income ) at december 31, 2015 was $ 9 million , $ 46 million , and $ ( 7 ) million in u. s. , u. k.\n other plans , respectively.\n for u. s.\n pension plans use market-related valuation of assets approach to determine expected return on assets component of net periodic benefit cost recognized in consolidated statements of income.\n approach\n\n| u.k .   | u.s .  | other\n--------------------------------------- | ------- | ------ | -------\nunrecognized actuarial gains and losses | $ 1511  | $ 1732 | $ 382\namortization period ( in years )        | 10 - 32 | 7 - 28 | 15 - 41\nestimated 2016 amortization of loss     | $ 37    | $ 52   | $ 10"
}
{
    "_id": "dd4b9c40c",
    "title": "",
    "text": "58| | duke realty corporation annual report 2009 recognized loss of $ 1. 1 million upon acquisition represents difference between fair value of recognized assets and carrying value of pre-existing equity interest.\n acquisition date fair value of net recognized assets compared to acquisition date carrying value of outstanding advances and accrued interest  acquisition date carrying value of pre-existing equity interests shown as ( in thousands ) :.\n since april 1 , 2009  results of operations for both acquired entities included in continuing operations consolidated financial statements.\n due to significant pre-existing ownership and financing positions in two acquired entities inclusion of results of operations not have material effect on operating income.\n acquisitions acquired income producing real estate related assets of $ 32. 1 million , $ 60. 5 million and $ 219. 9 million in 2009 , 2008 2007 .\n in december 2007  to establish property positions around strategic port locations purchased portfolio of five industrial buildings in seattle , virginia houston  approximately 161 acres of undeveloped land and 12-acre container storage facility in houston.\n total price was $ 89. 7 million financed in part through assumption of secured debt fair value of $ 34. 3 million.\n of total purchase price  $ 64. 1 million allocated to in-service real estate assets  $ 20. 0 million to undeveloped land and container storage facility $ 5. 4 million allocated to lease related intangible assets remaining amount allocated to acquired working capital related assets and liabilities.\n results of operations for acquired properties since date of acquisition included in continuing rental operations in consolidated financial statements.\n all other acquisitions not individually material.\n disposed of income producing real estate related assets with gross proceeds of $ 267.0 million  $ 426. 2 million $ 590. 4 million in 2009 , 2008 2007  respectively.\n sold five properties in 2009 seven properties in 2008 to unconsolidated joint venture.\n gross proceeds totaled $ 84. 3 million $ 226. 2 million for years ended december 31 , 2009 2008.\n in march 2007  capital recycling program sold portfolio of eight suburban office properties totaling 894000 square feet in cleveland market.\n sales price totaled $ 140. 4 million  received net proceeds of $ 139. 3 million.\n sold portfolio of twelve flex and light industrial properties in july 2007 totaling 865000 square feet in st.\n louis market sales price $ 65. 0 million  received net proceeds of $ 64. 2 million.\n other dispositions not individually material.\n related party transactions provide property management  leasing  construction other tenant related services to unconsolidated companies have equity interests.\n for years ended december 31 , 2009  2008 2007  earned management fees of $ 8. 4 million , $ 7. 8 million $ 7. 1 million  leasing fees of $ 4. 2 million , $ 2. 8 million $ 4. 2 million construction and development fees of $ 10. 2 million , $ 12. 7 million $ 13. 1 million from these companies.\n recorded fees based on contractual terms approximate market rates for types\n\nnet fair value of acquired assets and liabilities                   | $ 206852\n------------------------------------------------------------------- | ------------------\nless advances to acquired entities eliminated upon consolidation    | -173006 ( 173006 )\nless acquisition date carrying value of equity in acquired entities | -34908 ( 34908 )\nloss on business combination                                        | $ -1062 ( 1062 )"
}
{
    "_id": "dd49877e8",
    "title": "",
    "text": "our variable-rate home equity lines of credit have seven or ten year draw period  followed by 20 year amortization term.\n we have home equity lines credit where borrowers pay interest only and where borrowers pay principal and interest.\n based upon outstanding balances at december 31 , 2011 table presents periods when home equity lines of credit draw periods to end.\n home equity lines of credit - draw period end dates in millions interest only product principal and interest product.\n ( a ) includes approximately $ 306 million , $ 44 million , $ 60 million , $ 100 million, and $ 246 million of home equity lines of credit with balloon payments with draw periods to end in 2012 , 2013  2014  2015  2016.\n view home equity lines of credit where borrowers paying principal and interest under draw period as less risky than paying interest only these borrowers have demonstrated ability to make level of principal and interest payments.\n based outstanding balances excluding purchased impaired loans at december 31 , 2011  for home equity lines of credit for which borrower can no longer draw (. draw period ended or borrowing privileges terminated ) approximately 4. 32% ( 4. 32 % ) were 30-89 days past due approximately 5. 57% ( 5. 57 % ) were greater than or equal to 90 days past due.\n when borrower becomes 60 days past due , we terminate borrowing privileges privileges not reinstated.\n we continue collection/recovery processes may include loss mitigation loan modification in loan classified as tdr.\n see note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in notes to consolidated financial statements in item 8 of this report for additional information.\nloan modifications troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based commitment to help eligible homeowners borrowers avoid foreclosure  where appropriate.\n initially borrower evaluated for modification under government program.\n if borrower not qualify under government program, borrower then evaluated under pnc program.\n our programs utilize temporary and permanent modifications typically reduce interest rate  extend term/or defer principal.\n temporary and permanent modifications under programs involving change to loan terms generally classified as tdrs.\n certain payment plans trial payment arrangements do not include contractual change to loan terms may be classified as tdrs.\n additional detail on tdrs discussed below in note 5 asset quality allowances for loan and lease losses unfunded loan commitments letters of credit in notes to consolidated financial statements in item 8 of report.\n temporary modification  with term between three and 60 months  involves change in original loan terms for period of time reverts to original loan terms as of specific date or occurrence of event  as failure to pay in accordance with terms of modification.\n typically these modifications are for period of up to 24 months after interest rate reverts to original loan rate.\n permanent modification  with term greater than 60 months , is modification in terms of original loan are changed.\n permanent modifications include government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs.\n for consumer loan programs  residential mortgages home equity loans lines  we will enter into temporary modification when borrower has indicated temporary hardship willingness to bring current delinquent loan balance.\n examples of this situation often include delinquency due to illness or death in family  loss of employment.\npermanent modifications entered into when confirmed borrower not possess income necessary to continue making loan payments at current amount  expectation is payments at lower amounts can be made.\n residential mortgage and home equity loans and lines modified with changes in terms for up to 60 months  majority involve periods three to 24 months.\n monitor success rates delinquency status of loan modification programs to assess effectiveness in serving customers 2019 needs mitigating credit losses.\n following tables provide number of accounts and unpaid principal balance of modified consumer real estate related loans number of accounts and unpaid principal balance of modified loans 60 days or more past due as of six months , nine months twelve months after modification date.\n 78 pnc financial services group , inc.\n 2013 form 10-k\n\nin millions         | interest only product | principal and interest product\n------------------- | --------------------- | ------------------------------\n2012                | $ 904                 | $ 266\n2013                | 1211                  | 331\n2014                | 2043                  | 598\n2015                | 1988                  | 820\n2016 and thereafter | 6961                  | 5601\ntotal ( a )         | $ 13107               | $ 7616"
}
{
    "_id": "dd4c57ee6",
    "title": "",
    "text": "years.\n company not have robust annuitization experience because most clients 2019 policyholders not yet eligible to annuitize utilizing gmib.\n for certain clients several years of annuitization experience 2013 for clients annuitization function reflects actual experience has maximum annuitization rate per annum of 8 percent ( higher maximum applies in first year policy eligible to annuitize utilizing gmib 2013 over 13 percent ).\n for most clients no currently observable relevant annuitization behavior data we use weighted aver- age ( with heavier weighting on observed experience noted ) of three different annuitization functions with maximum annuitization rates per annum of 8 percent , 12 percent and 30 percent  ( with significantly higher rates in first year policy eligible to annuitize utilizing gmib ).\n gmib reinsurance treaties include claim limits to protect ace in event actual annuitization behavior significantly higher than expected.\n during 2010  company made changes to assumptions ( primarily annuitization and lapse ) and methods to calculate fair value.\n changes net effect of fair value of liability by $ 98 million ( dollar impact of each change measured in quarter in change implemented ).\n during 2010  recorded realized losses of $ 64 million due to increasing net fair value of reported glb reinsurance liabilities from impact of falling interest rates.\n excludes realized losses of $ 150 mil- lion during 2010 on derivative hedge instruments held to partially offset risk in va guarantee reinsurance portfolio.\n these derivatives do not receive hedge accounting treatment.\n refer to 201cnet realized gains ( losses ) 201d for breakdown of realized gains on glb reinsurance and realized losses on derivatives for 2010 and 2009.\n ace tempest life re employs strategy to manage financial market and policyholder behavior risks in reinsurance of va guarantees.\nrisk management begins underwriting prospective client guarantee design focus on protecting ace 2019s position from policyholder options anti-selective behavior could adversely impact our obligation.\n second layer of risk management is structure of reinsurance contracts.\n all va guarantee reinsurance contracts include annual or aggregate claim limit ( s ).\n exact limits vary by contract examples typical con- tract provisions include : 2022 annual claim limits  percentage of reinsured account or guaranteed value  for gmdbs and gmibs ; 2022 annual annuitization rate limits  percentage of annuitization eligible account or guaranteed value  for gmibs ; 2022 per policy claim limits  percentage of guaranteed value  for gmabs.\n third layer of risk management is hedging strategy focused mitigating long-term economic losses at portfolio level.\n ace tempest life re owned financial market instruments part of hedging strategy with fair value of $ 21 million and $ 47 million at december 31 , 2010 , and 2009 , respectively.\n instruments substantially collateralized by counterparties  daily basis.\n we limit aggregate amount of variable annuity reinsurance guarantee risk willing to assume.\n last substantive u. s.\n transaction quoted mid-2007 last transaction in japan quoted in late 2007.\n aggregate number of policyholders decreasing through policyholder withdrawals and deaths rate 5-10 per- cent annually.\n glb claims cannot occur for reinsured policy until reached end of 201cwaiting period 201d.\n majority of policies we reinsure reach end of 201cwaiting periods 201d in 2013 or later  as shown in table below.\n year of first payment eligibility percent of living benefit account values.\n\nyear of first payment eligibility | percent ofliving benefitaccount values\n--------------------------------- | --------------------------------------\n2010 and prior                    | 1% ( 1 % )\n2011                              | 0% ( 0 % )\n2012                              | 7% ( 7 % )\n2013                              | 24% ( 24 % )\n2014                              | 19% ( 19 % )\n2015                              | 5% ( 5 % )\n2016                              | 6% ( 6 % )\n2017                              | 18% ( 18 % )\n2018 and after                    | 20% ( 20 % )\ntotal                             | 100% ( 100 % )"
}
{
    "_id": "dd4ba1ef2",
    "title": "",
    "text": "shareowner return performance graph performance graph and related information not deemed 201csoliciting material 201d or to be 201cfiled 201d with sec , nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended , except company specifically incorporates such information into such filing.\n graph shows five year comparison of cumulative total shareowners 2019 returns for class b common stock , standard & poor 2019s 500 index , and dow jones transportation average.\n comparison of total cumulative return on investment , is change in quarterly stock price plus reinvested dividends for each quarterly periods , assumes $ 100 invested on december 31 , 2009 in standard & poor 2019s 500 index , dow jones transportation average , and class b common stock.\n\n| 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014\n-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------\nunited parcel service inc .      | $ 100.00   | $ 130.29   | $ 135.35   | $ 140.54   | $ 205.95   | $ 223.79\nstandard & poor 2019s 500 index  | $ 100.00   | $ 115.06   | $ 117.48   | $ 136.26   | $ 180.38   | $ 205.05\ndow jones transportation average | $ 100.00   | $ 126.74   | $ 126.75   | $ 136.24   | $ 192.61   | $ 240.91"
}
{
    "_id": "dd4c529be",
    "title": "",
    "text": "years ended december 31 , 2007 , 2006 2005 , $ 0. 5 million , $ 0. 8 million and $ 1. 4 million , respectively  of depreciation and amortization on assets under capital leases included in depreciation amortization expense.\n sponsorships other marketing commitments within normal course business  company enters into contractual commitments to promote company 2019s brand and products.\n commitments include sponsorship agreements with teams athletes collegiate professional levels  official supplier agreements  athletic event sponsorships other marketing commitments.\n schedule of company 2019s future minimum payments under sponsorship marketing agreements as of december 31, 2007 : ( in thousands ) december 31.\n amounts listed above are minimum obligations required be paid under company 2019s sponsorship marketing agreements.\n some agreements provide for additional incentives based on performance achievements while wearing using company 2019s products may include product supply obligations over terms agreements.\n company involved in routine legal matters incidental to business.\n management believes ultimate resolution of current proceedings claims not have material adverse effect on company 2019s consolidated financial position , results of operations or cash flows.\n certain key executives party to agreements with company include severance benefits upon involuntary termination or change in ownership company.\n 8.\n stockholders 2019 equity in november 2005  company completed initial public offering issued additional 9. 5 million shares of common stock.\n part initial public offering , 1. 2 million outstanding shares of convertible common stock held by rosewood entities converted to class a common stock on three-for-one basis.\n company received proceeds of $ 112. 7 million net of $ 10. 8 million in stock issue costs used to repay $ 25. 0 million term note , balance outstanding under revolving credit facility of $ 12. 2 million , series a preferred stock of $ 12.0 million.\n recapitalization initial public offering , company 2019s stockholders approved amended restated charter provides for issuance of up to 100. 0 million shares of class a common stock and 16. 2 million shares of class b convertible common stock , par value $ 0. 0003 1/3 per share , permits amendments to charter without stockholder approval to increase or decrease aggregate number of shares of stock authorized , or number of shares of stock any class or series of stock authorized , classify or reclassify unissued shares of stock.\n initial public offering , 1. 0 million shares of class b convertible common stock converted into shares class a common stock one-for-one basis stock sale.\n\n( in thousands )                                              | december 31 2007\n------------------------------------------------------------- | ----------------\n2008                                                          | $ 14684\n2009                                                          | 14660\n2010                                                          | 13110\n2011                                                          | 10125\n2012 and thereafter                                           | 1005\ntotal future minimum sponsorship and other marketing payments | $ 53584"
}
{
    "_id": "dd4baca00",
    "title": "",
    "text": "visa inc.\n notes to consolidated financial statements 2014 continued september 30 , 2013 market condition based on company 2019s total shareholder return ranked against other companies in standard & poor 2019s 500 index.\n fair value of performance- based shares market condition estimated on grant date using monte carlo simulation model.\n grant-date fair value of performance-based shares in fiscal 2013 , 2012 2011 was $ 164. 14 , $ 97. 84 $ 85. 05 per share.\n earned performance shares granted in fiscal 2013 and 2012 vest three years from initial grant date.\n performance shares granted in fiscal 2011 vest in two equal installments approximately two and three years from grant dates.\n performance awards subject to earlier vesting full under certain conditions.\n compensation cost for performance-based shares estimated based on target performance.\n recorded net of estimated forfeitures adjusted as appropriate throughout performance period.\n at september 30 , 2013  $ 15 million of total unrecognized compensation cost related to unvested performance-based shares expected to be recognized over weighted-average period of approximately 1. 0 years.\n note 17 2014commitments contingencies commitments.\n company leases premises equipment world with varying expiration dates.\n company incurred total rent expense of $ 94 million , $ 89 million $ 76 million in fiscal 2013 , 2012 2011 .\n future minimum payments on leases  marketing sponsorship agreements per fiscal year at september 30 , 2013  as follows.\n select sponsorship agreements require company to spend certain minimum amounts for advertising marketing promotion over life of contract.\n for commitments where individual years of spend not specified in contract company estimated timing of when amounts be spent.\naddition to fixed payments, select sponsorship agreements require company to undertake marketing, promotional other activities up to stated monetary values to support events company sponsoring.\n stated monetary value of activities typically represents value in marketplace, may be significantly in excess of actual costs incurred by company.\n client incentives.\n company has agreements with financial institution clients business partners for programs designed to build payments volume  increase visa-branded card product acceptance win merchant routing transactions.\n these agreements  with original terms from one to thirteen years  can provide card issuance conversion support  volume/growth targets marketing program support based on specific performance requirements.\n agreements designed to encourage client business increase visa-branded payment and transaction volume , reducing per-unit transaction processing costs increasing brand awareness for all visa clients.\n payments made qualify for capitalization , obligations incurred under programs reflected on consolidated balance sheet.\n client incentives recognized primarily as a reduction\n\n( in millions )            | 2014  | 2015  | 2016  | 2017 | 2018 | thereafter | total\n-------------------------- | ----- | ----- | ----- | ---- | ---- | ---------- | -----\noperating leases           | $ 100 | $ 77  | $ 43  | $ 35 | $ 20 | $ 82       | $ 357\nmarketing and sponsorships | 116   | 117   | 61    | 54   | 54   | 178        | 580\ntotal                      | $ 216 | $ 194 | $ 104 | $ 89 | $ 74 | $ 260      | $ 937"
}
{
    "_id": "dd4978f5e",
    "title": "",
    "text": "masco corporation notes to consolidated financial statements continued ) h.\n goodwill other intangible assets continued ) goodwill at december 31 , accumulated impairment losses goodwill at december 31 , 2010 additions ) discontinued operations b ) pre-tax impairment charge other c ) goodwill at december 31 , cabinets related products.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 587 $ ( 364 ) $ 223 $ 2014 $ 2014 $ ( 44 ) $ 2 $ 181.\n additions include acquisitions.\n during 2011 company reclassified goodwill related to business units for sale.\n subsequent reclassification company recognized charge for business units expected to be divested at loss ; charge included write-down of goodwill of $ 13 million.\n c includes effect of foreign currency translation purchase price adjustments related to prior-year acquisitions.\n fourth quarters of 2012 and 2011 company completed annual impairment testing of goodwill other indefinite-lived intangible assets.\n impairment test in 2012 indicated no impairment of goodwill for company 2019s reporting units.\n impairment test in 2011 indicated goodwill recorded for certain company 2019s reporting units was impaired.\n company recognized non-cash  pre-tax impairment charges in continuing operations for goodwill of $ 486 million ( $ 330 million , after tax ) for 2011.\n 2011 pre-tax impairment charge in cabinets related products segment relates to european ready-to- assemble cabinet manufacturer reflects declining demand for certain products decreased operating margins.\n pre-tax impairment charge in decorative architectural products segment relates to builders 2019 hardware business reflects increasing competitive conditions for business.\npre-tax impairment charge in other specialty products segment relates to north american window and door business reflects weak new home construction activity in western u. s. reduced repair and remodel activity expectation recovery slower than anticipated.\n company assessed long-lived assets associated business units determined no impairment necessary at december 31 , 2011.\n other indefinite-lived intangible assets were $ 132 million and $ 174 million at december 31 , 2012 and 2011  included registered trademarks.\n in 2012 and 2011 impairment test indicated registered trademark for north american business unit in other specialty products segment and trademark north american business unit plumbing products segment ( 2011 only ) impaired due to changes in long-term outlook for business units.\n company recognized non-cash  pre-tax impairment charges for other indefinite- lived intangible assets of $ 42 million ( $ 27 million , after tax ) and $ 8 million ( $ 5 million, after tax ) in 2012 and 2011 .\n in 2010  company recognized non-cash pre-tax impairment charges for other indefinite-lived intangible assets of $ 10 million ( $ 6 million after tax ) related to installation and other services segment ( $ 9 million pre-tax ) and plumbing products segment ( $ 1 million pre-tax ).\n\n| gross goodwill at december 31 2010 | accumulated impairment losses | net goodwill at december 31 2010 | additions ( a ) | discontinued operations ( b ) | pre-tax impairment charge | other ( c ) | net goodwill at december 31 2011\n--------------------------------- | ---------------------------------- | ----------------------------- | -------------------------------- | --------------- | ----------------------------- | ------------------------- | ----------- | --------------------------------\ncabinets and related products     | $ 587                              | $ -364 ( 364 )                | $ 223                            | $ 2014          | $ 2014                        | $ -44 ( 44 )              | $ 2         | $ 181\nplumbing products                 | 536                                | -340 ( 340 )                  | 196                              | 9               | 2014                          | 2014                      | -4 ( 4 )    | 201\ninstallation and other services   | 1819                               | -762 ( 762 )                  | 1057                             | 2014            | -13 ( 13 )                    | 2014                      | 2014        | 1044\ndecorative architectural products | 294                                | 2014                          | 294                              | 2014            | 2014                          | -75 ( 75 )                | 2014        | 219\nother specialty products          | 980                                | -367 ( 367 )                  | 613                              | 2014            | 2014                          | -367 ( 367 )              | 2014        | 246\ntotal                             | $ 4216                             | $ -1833 ( 1833 )              | $ 2383                           | $ 9             | $ -13 ( 13 )                  | $ -486 ( 486 )            | $ -2 ( 2 )  | $ 1891"
}
{
    "_id": "dd4c11dd8",
    "title": "",
    "text": "notes consolidated financial statements 2014 ( continued ) note 12 2014related party transactions settling money transfer transactions purchase foreign currency from consultoria internacional casa de cambio ( 201ccisa 201d )  mexican company partially owned by employees.\n as of march 31 , 2008 .\n fal lim f3n cortes  10% ( % ) shareholder of cisa no longer employee no longer considered cisa related party.\n purchased 6. 1 billion mexican pesos for $ 560. 3 million during ten months ended march 31, 2008 and 8. 1 billion mexican pesos for $ 736. 0 million during fiscal 2007 from cisa.\n currency transactions executed at prevailing market exchange rates.\n money transfer transactions settled at destination facilities owned by cisa.\n incurred related settlement expenses included in cost of service in consolidated statements of income of $ 0. 5 million in ten months ended march 31 , 2008.\n in fiscal 2007 and 2006 incurred related settlement expenses included in cost of service in consolidated statements of income of $ 0. 7 and $ 0. 6 million  respectively.\n normal course business periodically utilize services of contractors provide software development services.\n one of employees  hired in april 2005  also employee , officer  and part owner of firm provides such services.\n services firm primarily relate to software development with planned next generation front-end processing system in united states.\n during fiscal 2008  capitalized fees paid to this firm of $ 0. 3 million.\n as of may 31 , 2008 and 2007  capitalized amounts paid to firm of $ 4. 9 million and $ 4. 6 million  included in property and equipment in consolidated balance sheets.\n expensed amounts paid to this firm of $ 0. 3 million , $ 0. 1 million and $ 0.5 million in years ended may 31 , 2008 , 2007 2006 , respectively.\n note 13 2014commitments contingencies leases conduct major part of operations using leased facilities equipment.\n many leases have renewal purchase options provide pay cost of property taxes  insurance maintenance.\n rent expense on all operating leases for fiscal 2008 , 2007 2006 was $ 30. 4 million , $ 27. 1 million , $ 24. 4 million , respectively.\n future minimum lease payments for all noncancelable leases at may 31 , 2008 were follows : operating leases.\n party to other claims lawsuits incidental to our business.\n opinion of management , reasonably possible outcome of such matters , individually aggregate  not have material adverse impact on financial position  liquidity results of operations.\n\n| operating leases\n----------------------------------- | ----------------\n2009                                | $ 22883\n2010                                | 16359\n2011                                | 11746\n2012                                | 5277\n2013                                | 3365\nthereafter                          | 7816\ntotal future minimum lease payments | $ 67446"
}
{
    "_id": "dd4be1b9c",
    "title": "",
    "text": "american tower corporation and subsidiaries notes to consolidated financial statements.\n acquisitions 2014during year ended december 31 , 2010 , company acquired 548 towers through multiple acquisitions in united states for aggregate purchase price of $ 329. 3 million contingent consideration of approximately $ 4. 6 million.\n acquisition towers consistent with company 2019s strategy to expand in selected geographic areas accounted for as business combinations.\n following table summarizes preliminary allocation of aggregate purchase consideration paid amounts of assets acquired liabilities assumed based on estimated fair value of acquired assets assumed liabilities at date of acquisition ( in thousands ) : purchase price allocation.\n 1 consists of customer relationships of approximately $ 205. 4 million network location intangibles of approximately $ 55. 5 million.\n customer relationships network location intangibles amortized straight-line basis over period 20 years.\n 2 goodwill expected to be deductible for income tax purposes.\n goodwill allocated to domestic rental and management segment.\n allocation of purchase price finalized upon completion of analyses of fair value of assets acquired liabilities assumed.\n south africa acquisition 2014on november 4 , 2010  company entered definitive agreement with cell c ( pty ) limited to purchase up to approximately 1400 existing towers  to 1800 additional towers under construction or will be constructed for aggregate purchase price of up to approximately $ 430 million.\n company anticipates closing purchase of up to 1400 existing towers during 2011  subject to customary closing conditions.\n other transactions transaction 2014on september 3 , 2010  company entered definitive agreement to purchase exclusive use rights for towers in colombia from colombia telecomunicaciones s.\n.\n until 2023 , when ownership of towers will transfer to company at no additional cost.\npursuant agreement  company completed purchase of exclusive use rights for 508 towers for aggregate purchase price of $ 86. 8 million during year ended december 31 , 2010.\n company expects to complete purchase exclusive use rights for additional 180 towers by end of 2011 , subject to customary closing conditions.\n transaction accounted for as capital lease , aggregated purchase price allocated to property equipment non-current assets.\n joint venture with mtn group 2014on december 6 , 2010 , company entered definitive agreement with mtn group limited ( 201cmtn group 201d ) to establish joint venture in ghana ( 201ctowerco ghana 201d ).\n towerco ghana , managed by company owned by holding company wholly owned american tower subsidiary hold 51% ( 51 % ) share wholly owned mtn group subsidiary ( 201cmtn ghana 201d ) hold 49% ( 49 % ) share.\n transaction involves sale of up to 1876 of mtn ghana 2019s existing sites to\n\n| purchase price allocation\n--------------------------------- | -------------------------\nnon-current assets                | $ 442\nproperty and equipment            | 64564\nintangible assets ( 1 )           | 260898\ncurrent liabilities               | -360 ( 360 )\nlong-term liabilities             | -7802 ( 7802 )\nfair value of net assets acquired | $ 317742\ngoodwill ( 2 )                    | 16131"
}
{
    "_id": "dd4bcfd48",
    "title": "",
    "text": "operating lease agreements.\n included in amounts was contingent rent expense of $ 3. 6 million , $ 2. 0 million and $ 0. 6 million for years ended december 31 , 2011 , 2010 and 2009 , respectively.\n operating lease obligations above do not include contingent rent.\n sponsorships other marketing commitments within normal course of business , company enters into contractual commitments to promote company 2019s brand and products.\n commitments include sponsorship agreements with teams athletes on collegiate and professional levels , official supplier agreements  athletic event sponsorships other marketing commitments.\n schedule of company 2019s future minimum payments under sponsorship and other marketing agreements as of december 31, 2011 : ( in thousands ).\n amounts listed above are minimum obligations required to be paid under company 2019s sponsorship other marketing agreements.\n amounts do not include additional performance incentives and product supply obligations under certain agreements.\n not possible to determine how much company will spend on product supply obligations annual basis as contracts do not stipulate specific cash amounts to spent on products.\n amount of product provided to sponsorships depends on factors including general playing conditions  number of sporting events company 2019s decisions regarding product and marketing initiatives.\n costs to design , develop , source purchase products furnished to endorsers incurred over period of time not necessarily tracked separately from similar costs incurred for products sold to customers.\n company involved in routine legal matters incidental to business.\n company believes ultimate resolution of current proceedings claims will not have material adverse effect on its consolidated financial position , results of operations or cash flows.\n in connection with contracts agreements company agreed to indemnify counterparties against certain third party claims relating to infringement of intellectual property rights other items.\nindemnification obligations not apply in situations counterparties negligent engage in willful misconduct or act in bad faith.\n based on company 2019s historical experience and estimated probability future loss company determined fair value of indemnifications not material to its consolidated financial position or results of operations.\n 9.\n stockholders 2019 equity company 2019s class a common stock and class b convertible common stock have authorized number shares 100. 0 million and 11. 3 million shares  respectively each par value of $ 0. 0003 1/3 per share.\n holders of class a common stock and class b convertible common stock have identical rights including liquidation preferences except holders of class a common stock entitled to one vote per share and holders class b convertible common stock entitled to 10 votes per share on all matters submitted stockholder vote.\n class b convertible common stock only held by kevin plank\n\n2012                                                          | $ 52855\n------------------------------------------------------------- | --------\n2013                                                          | 46910\n2014                                                          | 42514\n2015                                                          | 22689\n2016                                                          | 3580\n2017 and thereafter                                           | 966\ntotal future minimum sponsorship and other marketing payments | $ 169514"
}
{
    "_id": "dd4b9ee6e",
    "title": "",
    "text": "american tower corporation and subsidiaries notes to consolidated financial statements recognizing customer revenue , company must assess collectability of amounts billed and portion recognized on straight-line basis.\n this assessment takes customer credit risk business industry conditions into consideration to determine collectability of amounts billed.\n extent amounts  based on management estimates may not be collectible , recognition is deferred until uncertainty resolved.\n any amounts previously recognized as revenue subsequently determined to be uncollectible are charged to bad debt expense.\n accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from customer 2019s inability to make required payments and reserves for amounts invoiced whose collectability not reasonably assured.\n allowances generally estimated based on payment patterns , days past due collection history  incorporate changes in economic conditions may not be reflected in historical trends such as customers in bankruptcy  liquidation reorganization.\n receivables are written-off against allowances when determined uncollectible.\n determination includes analysis consideration of particular conditions of account.\n changes in allowances were as follows for years ended december 31 , ( in thousands ) :.\n company 2019s largest international customer is iusacell , brand name under group of companies controlled by grupo iusacell .\n.\n 201cgrupo iusacell 201d ) operates.\n iusacell represented approximately 4% ( 4 % ) of company 2019s total revenue for year ended december 31 , 2010.\n grupo iusacell engaged in refinancing of majority of.\n dollar denominated debt  connection with process two of legal entities of group including grupo iusacell , voluntarily filed for pre-packaged concurso mercantil ( process equivalent to chapter 11 of u. s.\nbankruptcy law ) backing of majority of financial creditors in december 2010.\n as of december 31 , 2010  iusacell notes receivable , net , and related assets ( include financing lease commitments and deferred rent asset primarily long-term ) were $ 19. 7 million and $ 51. 2 million , respectively.\n functional currency 2014as result of changes to organizational structure of company 2019s subsidiaries in latin america in 2010 , company determined effective january 1 , 2010, functional currency of foreign subsidiary in brazil is brazilian real.\n all assets and liabilities held by subsidiary in brazil translated into u. s.\n dollars at exchange rate at end of applicable reporting period.\n revenues and expenses translated at average monthly exchange rates cumulative translation effect included in stockholders 2019 equity.\n change in functional currency from u.\n dollars to brazilian real gave rise to increase in net value of certain non-monetary assets and liabilities.\n aggregate impact on such assets and liabilities was $ 39. 8 million with offsetting increase in accumulated other comprehensive income ( loss ).\n result of renegotiation of company 2019s agreements with largest international customer , iusacell , included converting all of iusacell 2019s contractual obligations to company from u. s.\n dollars to mexican pesos , company determined effective april 1, 2010 , functional currency of certain foreign subsidiaries in mexico is mexican peso.\n all assets and liabilities held by subsidiaries in mexico translated into u. s.\n dollars at exchange rate effect at end of applicable reporting period.\n revenues and expenses translated at average monthly exchange rates cumulative translation effect included in stockholders 2019 equity.\n change in functional\n\n| 2010             | 2009           | 2008\n-------------------------- | ---------------- | -------------- | --------------\nbalance as of january 1,   | $ 28520          | $ 11482        | $ 8850\ncurrent year increases     | 16219            | 26771          | 12059\nrecoveries and other       | -22234 ( 22234 ) | -9733 ( 9733 ) | -9427 ( 9427 )\nbalance as of december 31, | $ 22505          | $ 28520        | $ 11482"
}
{
    "_id": "dd4c346bc",
    "title": "",
    "text": "credit rating company $ 200 million term loan interest rate libor plus margin 175 basis points maturity dates in 2017.\n proceeds from borrowings used available cash to fund acquisition of temple- inland.\n during 2012  international paper repaid $ 1. 2 billion term loan.\n international paper utilizes interest rate swaps to change mix fixed variable rate debt manage interest expense.\n december 31 , 2012  international paper had interest rate swaps total notional amount $ 150 million maturities in 2013 ( see note 14 derivatives hedging activities on pages 70 through 74 of item 8.\n financial statements supplementary data ).\n during 2012 existing swaps amortization of deferred gains on previously terminated swaps decreased weighted average cost of debt from 6. 8% ( 6. 8 % ) to effective rate 6. 6% ( 6. 6 % ).\n inclusion offsetting interest income from short- term investments reduced effective rate to 6. 2% ( 6. 2 % ).\n other financing activities 2012 included issuance of approximately 1. 9 million shares of treasury stock  net restricted stock withholding 1. 0 million shares of common stock for incentive plans stock options exercises generated approximately $ 108 million of cash.\n payment of restricted stock withholding taxes totaled $ 35 million.\n off-balance sheet variable interest entities information off-balance interest entities in note 12 variable interest entities preferred securities subsidiaries on pages 67 through 69 of item 8.\n financial statements supplementary data for discussion.\n liquidity capital resources outlook for 2015 capital expenditures long-term debt international paper expects to meet projected capital expenditures service existing debt meet working capital dividend requirements during 2015 through current cash balances cash from operations.\n company has existing credit facilities totaling $ 2. 0 billion nothing used.\n company in compliance with all debt covenants at december 31 , 2014.\ncompany 2019s financial covenants require minimum net worth $ 9 billion total debt-to- capital ratio less than 60% ( 60 % ).\n net worth defined as sum of common stock paid-in capital retained earnings less treasury stock plus cumulative goodwill impairment charges.\n calculation excludes accumulated other comprehensive income/ loss nonrecourse financial liabilities of special purpose entities.\n total debt-to-capital ratio defined as total debt divided by sum total debt plus net worth.\n at december 31 , 2014  international paper 2019s net worth was $ 14. 0 billion total-debt- to-capital ratio was 40% ( 40 % ).\n company will rely upon debt capital markets for majority of necessary long-term funding not by operating cash flows.\n funding decisions guided by capital structure planning objectives.\n primary goals are to maximize financial flexibility preserve liquidity while reducing interest expense.\n majority of international paper 2019s debt accessed through global public capital markets wide base investors.\n maintaining investment grade credit rating important element of 2019s financing strategy.\n at december 31, 2014 company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s.\n contractual obligations for future payments under existing debt lease commitments purchase obligations at december 31 , 2014 were as follows:.\n ( a ) total debt includes scheduled principal payments only.\n ( b ) represents debt obligations borrowed from non-consolidated variable interest entities for international paper has intends to legal right to offset these obligations with investments held in entities.\n in consolidated balance sheet at december 31, 2014  international paper offset approximately $ 5. 2 billion of interests in entities against this $ 5.3 billion debt obligations held by entities ( see note 12 variable interest entities preferred securities of subsidiaries pages 67 through 69 item 8.\n financial statements supplementary data ).\n ( c ) includes $ 2. 3 billion relating to fiber supply agreements 2006 transformation plan forestland sales 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging recycling business.\n ( d ) not included in above table due to uncertainty amount timing payment unrecognized tax benefits of approximately $ 119 million.\n discussed in note 12 variable interest entities preferred securities of subsidiaries pages 67 through 69 item 8.\n financial statements supplementary data , connection with 2006 international paper installment sale of forestlands , received $ 4. 8 billion of installment notes ( or timber notes ) contributed to certain non- consolidated borrower entities.\n installment notes mature in august 2016 ( unless extended ).\n deferred\n\nin millions                                 | 2015   | 2016   | 2017  | 2018   | 2019   | thereafter\n------------------------------------------- | ------ | ------ | ----- | ------ | ------ | ----------\nmaturities of long-term debt ( a )          | $ 742  | $ 543  | $ 71  | $ 1229 | $ 605  | $ 6184\ndebt obligations with right of offset ( b ) | 2014   | 5202   | 2014  | 2014   | 2014   | 2014\nlease obligations                           | 142    | 106    | 84    | 63     | 45     | 91\npurchase obligations ( c )                  | 3266   | 761    | 583   | 463    | 422    | 1690\ntotal ( d )                                 | $ 4150 | $ 6612 | $ 738 | $ 1755 | $ 1072 | $ 7965"
}
{
    "_id": "dd4bd43b6",
    "title": "",
    "text": "( 201cati 201d ) spectrasite communications , llc ( 201cspectrasite 201d ).\n conduct international operations through subsidiary , american tower international , inc. conducts operations through various international operating subsidiaries.\n international operations consist primarily of operations in mexico brazil  also include operations in india  established in second half of 2007.\n operate in two business segments : rental and management and network development services.\n for more information about business segments financial information about geographic areas operate see item 7 of annual report under caption 201cmanagement 2019s discussion analysis of financial condition results of operations 201d note 18 to consolidated financial statements in annual report.\n products and services rental and management primary business is communications site leasing business  conduct through rental and management segment.\n segment accounted for approximately 97% ( 97 % ), 98% ( 98 % ) and 98% ( 98 % ) of total revenues for years ended december 31 , 2008 , 2007 2006 ,.\n rental and management segment comprised of domestic and international site leasing business  including operation of wireless communications towers , broadcast communications towers das networks  rooftop management.\n wireless communications towers. leading owner and operator of wireless communications towers in united states , mexico brazil  based on number of towers and revenue.\n also own and operate communications towers in india  commenced operations in second half of 2007.\n owned wireless communications towers manage wireless communications sites for property owners in united states , mexico brazil.\n approximately 92% ( 92 % ) , 91% ( 91 % ) and 91% ( 91 % ) of rental and management segment revenue attributable to wireless communications towers for years ended december 31 , 2008 , 2007 2006 .\ndecember 31, 2008 wireless communications tower portfolio included country number owned sites approx ) coverage area united states.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 19400 coverage spans 49 states district of columbia ; 90% ( 90 % ) network provides coverage top 100 markets core areas high traffic interstate corridors.\n mexico.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2500 coverage concentrated populated areas including mexico city  monterrey  guadalajara acapulco.\n brazil.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1100 coverage concentrated major metropolitan areas central southern brazil  including sao paulo  rio de janeiro  brasilia curitiba.\n india.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 200 initial-phase coverage operations established second half of 2007 ).\n lease space wireless communications towers customers diverse range wireless industries including personal communications services cellular enhanced specialized mobile radio  wimax.\n paging fixed microwave.\n major domestic wireless customers include at&t mobility  sprint nextel  verizon wireless merger with alltel january 2009 ) t-mobile usa.\n international wireless customers include grupo iusacell ( iusacell celular unefon in mexico ) nextel international in mexico brazil  telefonica ( movistar in mexico vivo brazil ) america movil ( telcel in mexico claro in brazil ) telecom italia mobile tim ) brazil.\n year ended december 31.\n 201cati 201d ) spectrasite communications  llc ( 201cspectrasite 201d ).\nconduct international operations through subsidiary  american tower international , inc. conducts operations through various international operating subsidiaries.\n international operations consist primarily of operations in mexico brazil  also include operations in india  established in second half of 2007.\n operate in two business segments : rental and management and network development services.\n for more information about business segments financial information about geographic areas operate see item 7 of annual report under caption 201cmanagement 2019s discussion and analysis of financial condition results of operations 201d note 18 to consolidated financial statements in annual report.\n products services rental and management primary business is communications site leasing business  conduct through rental and management segment.\n segment accounted for approximately 97% ( 97 % ), 98% ( 98 % ) and 98% ( 98 % ) of total revenues for years ended december 31 , 2008 , 2007 2006 .\n rental and management segment comprised of domestic and international site leasing business including operation of wireless communications towers  broadcast communications towers das networks  rooftop management.\n wireless communications towers. leading owner and operator of wireless communications towers in united states , mexico brazil  based on number of towers revenue.\n also own and operate communications towers in india  commenced operations in second half of 2007.\n wireless communications towers also manage wireless communications sites for property owners in united states , mexico brazil.\n approximately 92% ( 92 % ) , 91% ( 91 % ) and 91% ( 91 % ) of rental and management segment revenue attributable to wireless communications towers for years ended december 31 , 2008 , 2007 and 2006 .\n as of december 31 , 2008  wireless communications tower portfolio included : country number of owned sites ( approx ) coverage area united states.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 19400 coverage spans 49 states district of columbia ; 90% ( 90 % ) network provides coverage top 100 markets core areas high traffic interstate corridors.\n mexico.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 2500 coverage concentrated highly populated areas including mexico city  monterrey  guadalajara acapulco.\n brazil.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 1100 coverage concentrated major metropolitan areas central southern brazil  including sao paulo rio de janeiro  brasilia curitiba.\n india.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 200 initial-phase coverage operations established second half of 2007 ).\n lease space wireless communications towers customers diverse range wireless industries including personal communications services cellular  enhanced specialized mobile radio  wimax.\n paging fixed microwave.\n major domestic wireless customers include at&t mobility sprint nextel  verizon wireless merger with alltel january 2009 ) t-mobile usa.\n major international wireless customers include grupo iusacell iusacell celular unefon mexico ) nextel international in mexico brazil telefonica ( movistar in mexico vivo in brazil ) america movil ( telcel in mexico claro brazil ) telecom italia mobile tim brazil.\n year ended december 31\n\ncountry       | number of owned sites ( approx ) | coverage area\n------------- | -------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------\nunited states | 19400                            | coverage spans 49 states and the district of columbia ; 90% ( 90 % ) of network provides coverage in the top 100 markets or core areas such as high traffic interstate corridors .\nmexico        | 2500                             | coverage primarily concentrated in highly populated areas including mexico city monterrey guadalajara and acapulco .\nbrazil        | 1100                             | coverage primarily concentrated in major metropolitan areas in central and southern brazil including sao paulo rio de janeiro brasilia and curitiba .\nindia         | 200                              | initial-phase coverage ( operations established in the second half of 2007 ) ."
}
{
    "_id": "dd4bad180",
    "title": "",
    "text": "course business we actively manage exposure to market risks by entering into hedging transactions  authorized under established policies clear controls on activities.\n counterparties in transactions are generally highly rated institutions.\n we establish credit limits for each counterparty.\n our hedging transactions include not to variety of derivative financial instruments.\n for information on interest rate  foreign exchange  commodity price  equity instrument risk see note 7 to consolidated financial statements in item 8 of this report.\n value at risk estimates in table below to measure maximum potential fair value we could lose from adverse changes in market interest rates foreign exchange rates commodity prices equity prices under normal market conditions.\n monte carlo value-at-risk ( var ) methodology used to quantify market risk for exposures.\n models assumed normal market conditions used 95 percent confidence level.\n var calculation used historical interest foreign exchange rates  commodity and equity prices from past year to estimate potential volatility correlation of rates in future.\n market data drawn from riskmetrics 2122 data set.\n calculations not intended to represent actual losses in fair value we expect to incur.\n since hedging instrument ( derivative ) inversely correlates with underlying exposure expect any loss or gain in fair value of derivatives would be generally offset by increase or decrease in fair value of underlying exposure.\n positions included in calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; commodity swaps , futures  options ; equity instruments.\n calculations do not include underlying foreign exchange and commodities or equity-related positions that offset by these market-risk-sensitive instruments.\ntable presents estimated maximum potential from one-day loss in fair value for our interest rate foreign currency commodity equity market-risk-sensitive instruments outstanding as of may 27 , 2018 and may 28 , 2017  and average fair value impact during year ended may 27 , 2018.\n\nin millions                  | fair value impact may 27 2018 | fair value impact averageduringfiscal 2018 | fair value impact may 282017\n---------------------------- | ----------------------------- | ------------------------------------------ | ----------------------------\ninterest rate instruments    | $ 33.2                        | $ 27.5                                     | $ 25.1\nforeign currency instruments | 21.3                          | 23.1                                       | 24.6\ncommodity instruments        | 1.9                           | 2.1                                        | 3.2\nequity instruments           | 2.0                           | 1.4                                        | 1.3"
}
{
    "_id": "dd4c37498",
    "title": "",
    "text": "analog devices , inc.\n notes to consolidated financial statements 2014 summary of company 2019s restricted stock unit award activity as of october 31 , 2015 changes during fiscal year ended presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share.\n as of october 31 , 2015  $ 108. 8 million of total unrecognized compensation cost related to unvested share- based awards stock options and restricted stock units.\n cost expected to be recognized over period of 1. 3 years.\n total grant-date fair value of shares vested during fiscal 2015, 2014 2013 was approximately $ 65. 6 million , $ 57. 4 million and $ 63. 9 million , respectively.\n common stock repurchase program company 2019s common stock repurchase program in place since august 2004.\n board of directors authorized company to repurchase $ 5. 6 billion of company 2019s common stock under program.\n company may repurchase outstanding shares of common stock in open market and through privately negotiated transactions.\n unless terminated by resolution board of directors repurchase program will expire when company repurchased all shares authorized under program.\n as of october 31 , 2015  company had repurchased total of approximately 140. 7 million shares of common stock for approximately $ 5. 0 billion under program.\n additional $ 544. 5 million remains available for repurchase of shares under current authorized program.\n repurchased shares held as authorized but unissued shares of common stock.\n company also repurchases shares in settlement of employee minimum tax withholding obligations due upon vesting of restricted stock units or exercise of stock options.\n withholding amount based on employees minimum statutory withholding requirement.\nfuture common stock repurchases dependent upon factors , including company's financial performance , outlook  liquidity amount of cash company has available in united states.\n preferred stock company has 471934 authorized shares of $ 1. 00 par value preferred stock , none is issued or outstanding.\n board of directors authorized to fix designations  relative rights  preferences limitations on preferred stock at time of issuance.\n 4.\n industry , segment geographic information company operates and tracks results in one reportable segment based on aggregation of six operating segments.\n company designs , develops , manufactures markets broad range of integrated circuits ( ics ).\n chief executive officer identified as company's chief operating decision maker.\n company determined all company operating segments share similar economic characteristics  meet criteria for operating segments to be aggregated into one reportable segment , : 2022 primary source of revenue for each operating segment is sale of integrated circuits.\n 2022 integrated circuits sold by each company operating segments manufactured using similar semiconductor manufacturing processes raw materials in company 2019s own production facilities or by third-party wafer fabricators using proprietary processes.\n 2022 company sells products to tens of thousands of customers worldwide.\n many customers use products spanning all operating segments in wide range of applications.\n 2022 integrated circuits marketed by each company operating segments sold globally through direct sales force , third-party distributors , independent sales representatives via our website to same types of customers.\n all company operating segments share similar long-term financial model similar economic characteristics.\n causes for variation in operating and financial performance same among company operating segments include factors as ( i ) life cycle and price and cost fluctuations  ii ) number of competitors  iii ) product\n\n| restrictedstock unitsoutstanding ( in thousands ) | weighted-average grant-date fair valueper share\n----------------------------------------------------- | ------------------------------------------------- | -----------------------------------------------\nrestricted stock units outstanding at november 1 2014 | 3188                                              | $ 43.46\nunits granted                                         | 818                                               | $ 52.25\nrestrictions lapsed                                   | -1151 ( 1151 )                                    | $ 39.72\nforfeited                                             | -157 ( 157 )                                      | $ 45.80\nrestricted stock units outstanding at october 31 2015 | 2698                                              | $ 47.59"
}
{
    "_id": "dd4c5179e",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 ( continued ) note 10.\n commitments and contingencies description of company 2019s significant arrangements company is a guarantor.\n indemnifications 2014in many sales transactions  company indemnifies customers against possible claims patent infringement caused by company 2019s products.\n indemnifications within sales contracts usually do not include limits on claims.\n company never incurred material costs to defend lawsuits or settle patent infringement claims related to sales transactions.\n company enters agreements with other companies ordinary business typically with underwriters, contractors  clinical sites customers include indemnification provisions.\n under provisions company generally indemnifies and holds harmless indemnified party for losses suffered or incurred by indemnified party result its activities.\n indemnification provisions generally survive termination of underlying agreement.\n maximum potential amount of future payments company could required to make under these indemnification provisions is unlimited.\n abiomed never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements.\n estimated fair value of these agreements is immaterial.\n company has no liabilities recorded for these agreements as of march 31 , 2012.\n clinical study agreements 2014in company 2019s clinical study agreements abiomed agreed to indemnify participating institutions against losses incurred for claims related to personal injury of subjects taking part in study relate to uses of company 2019s devices in accordance with clinical study agreement, protocol for device abiomed 2019s instructions.\n indemnification provisions within company 2019s clinical study agreements do not generally include limits on claims.\n company never incurred material costs related to indemnification provisions in clinical study agreements.\nfacilities leases 2014the company rents danvers , massachusetts facility under operating lease agreement expires february 28 , 2016.\n monthly rent under facility lease is follows : 2022 base rent for november 2008 through june 2010 was $ 40000 per month ; 2022 base rent for july 2010 through february 2014 is $ 64350 per month ; 2022 base rent for march 2014 through february 2016 $ 66000 per month.\n company has rights to terminate facility lease early subject to payment specified termination fee based on timing termination outlined in lease amendment.\n company has lease for european headquarters in aachen , germany.\n lease payments are approximately 36000 20ac ( euro ) ( approximately.\n $ 50000 at march 31 , 2012 exchange rates ) per month lease term expires in december 2012.\n july 2008  company entered lease agreement for lease of 33000 square foot manufacturing facility in athlone , ireland.\n lease agreement for term of 25 years commencing july 18 , 2008.\n company relocated production equipment from athlone  ireland to aachen and danvers facilities fully vacated athlone facility in first quarter of fiscal 2011.\n in march 2011  company terminated lease agreement paid termination fee of approximately $ 0. 8 million of early termination lease.\n total rent expense for company 2019s operating leases in consolidated statements of operations approximated $ 1. 6 million , $ 2. 7 million and $ 2. 2 million for fiscal years ended march 31 , 2012 , 2011 , and 2010 .\n future minimum lease payments under significant non-cancelable operating leases as of march 31 , 2012 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000s ).\n\nfiscal year ending march 31,        | operating leases ( in $ 000s )\n----------------------------------- | ------------------------------\n2013                                | 1473\n2014                                | 964\n2015                                | 863\n2016                                | 758\n2017                                | 32\nthereafter                          | 128\ntotal future minimum lease payments | $ 4218"
}
{
    "_id": "dd4b9b7f0",
    "title": "",
    "text": "note 6 allowance uncollectible accounts following table changes allowances uncollectible accounts years ended december 31.\n note 7 regulatory assets regulatory assets assets costs recovery customers future rates.\n majority regulatory assets return.\n following table composition regulatory assets december 31 2018 2017 deferred pension expense.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 362 $ removal costs recoverable.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 292 269 regulatory balancing accounts.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n project.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n 85 89 expense.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n106 112 total regulatory assets.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n.\n $ 1156 $ 1061 company 2019s deferred pension expense includes portion underfunded status probable recovery through rates future periods of $ 352 million and $ 270 million as of december 31, 2018 2017.\n remaining portion is pension expense excess of amount contributed to pension plans deferred by subsidiaries recovered in future service rates as contributions made to pension plan.\n removal costs recoverable rates represent costs incurred for removal of property, plant equipment other retirement costs.\n regulatory balancing accounts accumulate differences between revenues recognized authorized revenue requirements until collected from customers or refunded.\n regulatory balancing accounts include low income programs purchased power and water accounts.\n san clemente dam project costs represent costs incurred deferred by company 2019s utility subsidiary in california efforts investigate alternatives remove dam due to potential earthquake flood safety concerns.\n june 2012 california public utilities commission ( 201ccpuc 201d ) issued decision authorizing project to reroute carmel river remove san clemente dam.\n project includes company 2019s utility subsidiary in california california state conservancy national marine fisheries services.\n under order 2019s terms cpuc authorized recovery for\n\n| 2018         | 2017         | 2016\n--------------------------------- | ------------ | ------------ | ------------\nbalance as of january 1           | $ -42 ( 42 ) | $ -40 ( 40 ) | $ -39 ( 39 )\namounts charged to expense        | -33 ( 33 )   | -29 ( 29 )   | -27 ( 27 )\namounts written off               | 34           | 30           | 29\nrecoveries of amounts written off | -4 ( 4 )     | -3 ( 3 )     | -3 ( 3 )\nbalance as of december 31         | $ -45 ( 45 ) | $ -42 ( 42 ) | $ -40 ( 40 )"
}
{
    "_id": "dd4bea09e",
    "title": "",
    "text": "restrictive covenants terms 2017 credit facility our senior unsecured notes include restrictions and covenants may limit  our ability to pay dividends , make certain types investments  incur additional indebtedness incur liens enter negative pledge agreements dispose of assets  require compliance with financial ratios relating to maximum ratio of total indebtedness to total asset value , minimum ratio of ebitda to fixed charges  maximum ratio of secured indebtedness to total asset value maximum ratio of unsecured indebtedness to unencumbered asset value.\n dividend restriction provides we will not during default continuing  make distributions with to common stock or other equity interests , except to enable company to continue to qualify as a reit for federal income tax purposes.\n as of december a031 , 2017 and 2016 , we in compliance with all such covenants.\n junior subordinated deferrable interest debentures in june a02005  company and operating partnership issued $ 100. 0 a0million in unsecured trust preferred securities through newly formed trust , sl a0green capital trust i , trust  wholly-owned subsidiary of operating partnership.\n securities mature in 2035 bear interest at floating rate of 125 a0basis points over three-month libor.\n interest payments may be deferred for up to eight consecutive quarters if operating partnership exercises right to defer such payments.\n trust preferred securities are redeemable at option of operating partnership , in whole or in part  with no prepayment premium.\n we do not consolidate trust even variable interest entity not the primary beneficiary.\n because trust not consolidated  we recorded debt on consolidated balance sheets related payments are classified as interest expense.\n interest rate risk exposed to changes in interest rates primarily from variable rate debt.\n exposure to interest rate fluctuations managed through interest rate derivative instru- ments and/or variable rate debt and preferred equity investments.\n hypothetical 100 a0basis point increase in interest rates curve for a02017 would increase consolidated annual interest cost , net of interest income from variable rate debt and preferred equity investments by $ 2. 7 a0mil- lion increase share of joint venture annual interest cost by $ 17. 2 a0million.\n at december a031 , 2017 , 61. 5% ( 61. 5 % ) of our $ 2. 1 a0bil- lion debt and preferred equity portfolio indexed to libor.\n recognize most derivatives on balance sheet at fair value.\n derivatives not hedges adjusted to fair value through income.\n if derivative considered hedge depending on changes in fair value derivative offset against change in fair value of hedged asset  liability firm commitment through earnings or recog- nized in other comprehensive income until hedged item recognized in earnings.\n ineffective portion of derivative change in fair value immediately recognized in a0earnings.\n long-term debt of $ 4. 3 a0billion bears interest at fixed rates fair value of instruments affected by changes in market interest rates.\n variable rate debt and variable rate joint venture debt as of december a031, 2017 bore interest based on spread of libor plus 100 a0basis points to libor plus 415 a0basis points.\ncontractual obligations combined aggregate principal maturities of mortgages other loans payable  2017 credit facility senior unsecured notes ( net of discount ) trust preferred securities share of joint venture debt including as-of-right extension options put options  estimated interest expense obligations under capital lease ground leases  as of december a031 , 2017 follows ( in a0thousands ) :.\n\n| 2018     | 2019      | 2020      | 2021     | 2022      | thereafter | total\n---------------------------------- | -------- | --------- | --------- | -------- | --------- | ---------- | ----------\nproperty mortgages and other loans | $ 153593 | $ 42289   | $ 703018  | $ 11656  | $ 208003  | $ 1656623  | $ 2775182\nmra facilities                     | 90809    | 2014      | 2014      | 2014     | 2014      | 2014       | 90809\nrevolving credit facility          | 2014     | 2014      | 2014      | 2014     | 2014      | 40000      | 40000\nunsecured term loans               | 2014     | 2014      | 2014      | 2014     | 2014      | 1500000    | 1500000\nsenior unsecured notes             | 250000   | 2014      | 250000    | 2014     | 800000    | 100000     | 1400000\ntrust preferred securities         | 2014     | 2014      | 2014      | 2014     | 2014      | 100000     | 100000\ncapital lease                      | 2387     | 2411      | 2620      | 2794     | 2794      | 819894     | 832900\nground leases                      | 31049    | 31066     | 31436     | 31628    | 29472     | 703254     | 857905\nestimated interest expense         | 226815   | 218019    | 184376    | 163648   | 155398    | 281694     | 1229950\njoint venture debt                 | 200250   | 717682    | 473809    | 449740   | 223330    | 2119481    | 4184292\ntotal                              | $ 954903 | $ 1011467 | $ 1645259 | $ 659466 | $ 1418997 | $ 7320946  | $ 13011038"
}
{
    "_id": "dd4bdcf70",
    "title": "",
    "text": "as of december 31 , 2013 2012  liabilities associated with unrecognized tax benefits not material.\n we subsidiaries file income tax returns in u.\n federal jurisdiction foreign jurisdictions.\n with few exceptions statute of limitations no longer open for u. s.\n federal or non-u. s.\n income tax examinations for years before 2010 respect to refunds.\n.\n income taxes and foreign withholding taxes not provided on earnings of $ 222 million, $ 211 million  $ 193 million not distributed by non-u. s.\n companies as of december 31, 2013  2012  2011.\n intention is to permanently reinvest these earnings indefinitely postponing remittance u.\n if earnings remitted estimate additional income taxes after foreign tax credits approximately $ 50 million in 2013  $ 45 million in 2012  $ 41 million in 2011.\n federal and foreign income tax payments  net of refunds received were $ 787 million in 2013  $ 890 million in 2012  $ 722 million in 2011.\n 2013 net payments reflect $ 550 million refund from irs attributable to tax-deductible discretionary pension contributions fourth quarter of 2012 2012 net payments reflect $ 153 million refund from irs related to 2011 capital loss carryback claim 2011 net payments reflect $ 250 million refund from irs related to estimated taxes paid for 2010.\n as of december 31 , 2013 2012  had federal and foreign taxes receivable of $ 313 million and $ 662 million recorded within other current assets on balance sheet primarily attributable to tax-deductible discretionary pension contributions in fourth quarter of 2013 and 2012 debt exchange transaction in fourth quarter of 2012.\n note 9 2013 debt long-term debt consisted of following ( in millions ) :.\n in december 2012  issued notes totaling $ 1.3 billion fixed interest rate of 4. 07% ( 4. 07 % ) maturing december 2042 ( new notes ) in exchange for outstanding notes totaling $ 1. 2 billion interest rates ranging from 5. 50% ( 5. 50 % ) to 8. 50% ( 8. 50 % ) maturing 2023 to 2040 ( old notes ).\n connection with exchange  paid premium of $ 393 million $ 225 million paid in cash $ 168 million in form of new notes.\n premium  in addition to $ 194 million in remaining unamortized discounts related to old notes amortized as additional interest expense over term of new notes using effective interest method.\n may option redeem some or all new notes by paying principal amount of notes redeemed plus make-whole premium and accrued and unpaid interest.\n interest on new notes payable on june 15 and december 15 of each year beginning june 15 , 2013.\n new notes are unsecured senior obligations rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness.\n in september 2011  issued $ 2. 0 billion of long-term notes in registered public offering october 2011  used portion of proceeds to redeem all $ 500 million long-term notes maturing in 2013.\n in 2011  repurchased $ 84 million of long-term notes through open-market purchases.\n paid premiums of $ 48 million connection with early extinguishments of debt recognized in other non-operating income ( expense ) net.\n at december 31 , 2013 and 2012  had in place with group of banks $ 1. 5 billion revolving credit facility expires august 2016.\n may request banks may grant  discretion increase to credit facility by additional amount up to $ 500 million.\n no borrowings outstanding under credit facility through december 31 , 2013.\nborrowings under credit facility unsecured bear interest at rates based  our option on eurodollar rate or base rate , as defined in credit facility.\n each bank 2019s obligation to make loans under credit facility is subject\n\n| 2013         | 2012\n--------------------------------------------------------------------------- | ------------ | ------------\nnotes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042 | $ 5642       | $ 5642\nnotes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2016 to 2036 | 916          | 930\nnotes with a rate of 7.38% ( 7.38 % ) due 2013                              | 2014         | 150\nother debt                                                                  | 476          | 478\ntotal long-term debt                                                        | 7034         | 7200\nless : unamortized discounts                                                | -882 ( 882 ) | -892 ( 892 )\ntotal long-term debt net of unamortized discounts                           | 6152         | 6308\nless : current maturities of long-term debt                                 | 2014         | -150 ( 150 )\ntotal long-term debt net                                                    | $ 6152       | $ 6158"
}
{
    "_id": "dd4c091f6",
    "title": "",
    "text": "liabilities recognized of consolidating entities do not represent additional claims on general assets company.\n creditors entities have claims only on assets of specific variable interest entities to they have advanced credit.\n obligations commitments ongoing operations company enters into arrangements obligate company to make future payments under contracts debt agreements, lease agreements  unconditional purchase obligations (. obligations to transfer funds in future for fixed minimum quantities of goods or services at fixed minimum prices  201ctake-or-pay contracts ).\n unconditional purchase obligation arrangements are entered into by company in normal course of business to ensure adequate levels of sourced product available company.\n capital lease and debt obligations , totaled $ 3. 5 billion at may 25 , 2008 , currently recognized as liabilities in company 2019s consolidated balance sheet.\n operating lease obligations and unconditional purchase obligations  totaled $ 1. 7 billion at may 25 , 2008  not recognized as liabilities in company 2019s consolidated balance sheet accounting principles.\n summary of company 2019s contractual obligations at end of fiscal 2008 was as follows ( including obligations of discontinued operations ) :.\n purchase obligations noted in table do not reflect approximately $ 374 million of open purchase orders some are not legally binding.\n these purchase orders settlable in ordinary course business in less than one year.\n company is also contractually obligated to pay interest on long-term debt obligations.\n weighted average interest rate of long-term debt obligations outstanding as of may 25 , 2008 was approximately 7. 2% ( 7. 2 % ).\n company consolidates assets and liabilities of certain entities from which it leases corporate aircraft.\nentities determined to be variable interest entities company determined to be primary beneficiary of entities.\n amounts reflected in contractual obligations of long-term debt  in table above include $ 54 million of liabilities of these variable interest entities to creditors of entities.\n long-term debt recognized result of consolidating entities not represent additional claims on general assets of company.\n creditors entities have claims only on assets of specific variable interest entities.\n as of may 25 , 2008 , company obligated to make rental payments of $ 67 million to variable interest entities , of $ 7 million due in less than one year , $ 13 million due in one to three years , $ 47 million due in three to five years.\n such amounts not reflected in table  above.\n of ongoing operations  company enters into arrangements obligate company to make future cash payments only upon occurrence of future event ( e. g., guarantee debt or lease payments of third party should third party be unable to perform ).\n in accordance with generally accepted accounting principles following commercial commitments not recognized as liabilities in company 2019s\n\n( $ in millions ) contractual obligations | ( $ in millions ) total | ( $ in millions ) less than 1 year | ( $ in millions ) 1-3 years | ( $ in millions ) 3-5 years | after 5 years\n----------------------------------------- | ----------------------- | ---------------------------------- | --------------------------- | --------------------------- | -------------\nlong-term debt                            | $ 3531.4                | $ 15.4                             | $ 521.6                     | $ 751.8                     | $ 2242.6\nlease obligations                         | 514.9                   | 89.2                               | 148.1                       | 106.9                       | 170.7\npurchase obligations                      | 1199.6                  | 1078.6                             | 104.0                       | 16.3                        | 0.7\ntotal                                     | $ 5245.9                | $ 1183.2                           | $ 773.7                     | $ 875.0                     | $ 2414.0"
}
{
    "_id": "dd4ba75b4",
    "title": "",
    "text": "foodservice sales volumes increased in 2012 compared with 2011.\n average sales margins higher reflecting sales price increases for pass-through earlier cost increases.\n raw material costs for board and resins lower.\n operating costs and distribution costs higher.\n u.\n shorewood business sold december 31 , 2011 non-u. s.\n business sold in january first quarter of 2013 coated paperboard sales volumes expected to increase slightly from fourth quarter of 2012.\n average sales price realizations expected slightly lower margins benefit from favorable product mix.\n input costs expected higher for energy and wood.\n no planned main- tenance outages scheduled in first quarter.\n january 2013 company announced perma nent shutdown of coated paperboard machine at augusta mill with annual capacity of 140000 tons.\n foodservice sales volumes expected to increase.\n average sales margins expected to decrease due to sales price decreases january contract open- ers.\n input costs for board and resin expected lower operating costs expected to decrease.\n european consumer packaging net sales in 2012 were $ 380 million compared with $ 375 million in 2011 $ 345 million in 2010.\n operating profits in 2012 $ 99 million compared with $ 93 million in 2011 $ 76 million in 2010.\n sales volumes 2012 increased from 2011.\n average sales price realizations higher in russian markets lower in european markets.\n input costs decreased primarily for wood planned maintenance downtime costs lower in 2012 than 2011.\n first quarter of 2013 sales volumes expected to decrease in europe and russia.\n average sales price realizations expected higher in russia offset by decreases in europe.\n input costs expected to increase for wood and chemicals.\n no maintenance outages scheduled for first quarter.\n asian consumer packaging net sales were $ 830 million in 2012 compared with $ 855 million in 2011 and $ 705 million in 2010.\noperating profits 2012 $ 4 million compared with $ 35 million 2011 $ 34 million in 2010.\n sales volumes increased 2012 2011 partially due to start-up new coated paperboard machine.\n average sales price realizations significantly lower partially offset by lower input costs for purchased pulp.\n start-up costs for new coated paperboard machine impacted operating profits 2012.\n first quarter of 2013 sales volumes expected to increase slightly.\n average sales price realizations for folding carton board bristols board expected lower reflecting increased competitive pressures seasonally weaker market demand.\n input costs should be higher for pulp and chemicals.\n costs related to ramp-up of new coated paperboard machine should be lower.\n distribution xpedx  distribution business one of north america 2019s leading business-to-business distributors to manufacturers facility managers printers providing customized solutions to improve efficiency reduce costs deliver results.\n customer demand sensitive to changes economic conditions consumer behavior segment specific activity including advertising promotional spending government spending domestic manufacturing activity.\n distribution 2019s margins stable across economic cycle.\n providing customers with best choice for value in products supply chain services key competitive factor.\n efficient customer service cost-effective logis- tics focused working capital management key factors in segment 2019s profitability.\n distribution.\n 2019s 2012 annual sales decreased 9% ( 9 % ) from 2011 decreased 10% ( 10 % ) from 2010.\n operating profits 2012 were $ 22 million ( $ 71 million exclud- ing reorganization costs ) compared with $ 34 million ( $ 86 million excluding reorganization costs ) in 2011 $ 78 million in 2010.\n annual sales of printing papers graphic arts supplies equipment totaled $ 3. 5 billion in 2012 compared with $ 4. 0 billion in 2011 $ 4. 2 billion in 2010 reflecting declining demand exiting of unprofitable businesses.\ntrade margins percent sales for printing papers even with 2011 and 2010.\n revenue from packaging prod- ucts flat at $ 1. 6 billion in 2012 and 2011 up slightly compared to $ 1. 5 billion 2010.\n pack- aging margins increased 2012 2011 2010 reflecting strategic sourcing initiatives.\n facility supplies annual revenue $ 0. 9 billion in 2012 down compared to $ 1. 0 bil- lion in 2011 2010.\n operating profits 2012 included $ 49 million reorganization costs for severance professional services asset write-downs compared with $ 52\n\nin millions      | 2012   | 2011   | 2010\n---------------- | ------ | ------ | ------\nsales            | $ 6040 | $ 6630 | $ 6735\noperating profit | 22     | 34     | 78"
}
{
    "_id": "dd4bdbf80",
    "title": "",
    "text": "host hotels & resorts , inc. subsidiaries notes to consolidated financial statements 2014 ( ) cash paid for income taxes  net of refunds received was $ 40 million , $ 15 million , and $ 9 million in 2017 , 2016  and 2015 .\n reconciliation of beginning and ending amount of unrecognized tax benefits is as follows ( in millions ) :.\n uncertain tax position amounts  if recognized impact reconciliation between income tax provision calculated at statutory.\n federal income tax rate of 35% ( 35 % ) ( 21% ( 21 % ) beginning with calendar year 2018 ) and actual income tax provision recorded each year.\n as of december 31 , 2017 tax years subject to examination by major tax jurisdictions include 2014-2017.\n no material interest or penalties recorded for years ended december 31 , 2017 , 2016  2015.\n 7.\n leases taxable reit subsidiaries leases we lease all hotels to wholly owned subsidiary qualifies as taxable reit subsidiary due to federal income tax restrictions on reit ability to derive revenue directly from operation and management of hotel.\n ground leases as of december 31 , 2017  all or portion of 26 of hotels are subject to ground leases with multiple renewal options accounted for as operating leases.\n for lease agreements with scheduled rent increases recognize lease expense ratably over term of lease.\n certain leases contain provisions for payment of contingent rentals based on percentage of sales in excess of stipulated amounts.\n have leases on facilities used in former restaurant business  all subsequently subleased.\n these leases and subleases contain one or more renewal options generally for five- or ten-year periods.\n restaurant leases are accounted for as operating leases.\ncontingent liability related to leases is $ 9 million as of december 31 , 2017.\n consider likelihood of material funding related to leases to be remote.\n our leasing activity includes those entered into by our hotels for various types of equipment , computer equipment , vehicles telephone systems.\n equipment leases are accounted for as operating or capital leases, depending upon characteristics of lease arrangement.\n equipment leases characterized as capital leases classified as furniture and equipment depreciated over life of lease.\n amortization expense applicable to capitalized leases is included in depreciation expense.\n\n| 2017 | 2016\n---------------------- | ---- | ----\nbalance at january 1   | $ 11 | $ 11\nbalance at december 31 | $ 11 | $ 11"
}
{
    "_id": "dd4c3b1d8",
    "title": "",
    "text": "morgan stanley notes to consolidated financial statements 2014 ( continued ) senior debt securities denominated in non-u.\n dollar currencies may structured to provide return equity-linked , credit-linked commodity-linked or linked to other index (. consumer price index ).\n senior debt may be structured to be callable by company or extendible at option of holders senior debt securities.\n debt containing provisions allow holders to put or extend notes aggregated $ 2902 million at december 31 , 2015 and $ 2175 million at december 31 , 2014.\n in certain circumstances purchasers may be entitled to cause repurchase of notes.\n aggregated value of notes subject to these arrangements was $ 650 million at december 31 , 2015 and $ 551 million at december 31 , 2014.\n subordinated debt and junior subordinated debentures issued to meet capital requirements of company or regulated subsidiaries primarily.\n dollar denominated.\n during 2015  morgan stanley capital trusts vi and vii redeemed all issued and outstanding 6. 60% ( 6. 60 % ) capital securities  company concurrently redeemed related underlying junior subordinated debentures.\n senior debt 2014structured borrowings.\n company 2019s index-linked , equity-linked or credit-linked borrowings include structured instruments whose payments and redemption values linked to performance of specific index (. standard & poor 2019s 500 ) , basket of stocks  specific equity security  credit exposure or basket of credit exposures.\n to minimize exposure from movements in underlying index  equity  credit or other position  company entered into swap contracts and purchased options that convert borrowing costs into floating rates based upon libor.\n company carries entire structured borrowings at fair value.\nswaps purchased options to economically hedge embedded features are derivatives carried at fair value.\n changes in fair value related to notes economic hedges reported in trading revenues.\n see note 3 for further information on structured borrowings.\n subordinated debt junior subordinated debentures.\n included in long-term borrowings are subordinated notes of $ 10404 million contractual weighted average coupon of 4. 45% ( 4. 45 % ) at december 31, 2015 and $ 8339 million contractual weighted average coupon of 4. 57% ( 4. 57 % ) at december 31 , 2014.\n junior subordinated debentures outstanding company were $ 2870 million at december 31, 2015 contractual weighted average coupon of 6. 22% ( 6. 22 % ) at december 31, 2015 $ 4868 million at december 31 , 2014 contractual weighted average coupon of 6. 37% ( 6. 37 % ) at december 31 , 2014.\n maturities of subordinated junior subordinated notes range from 2022 to 2067 maturities of certain junior subordinated debentures can be extended to 2052 at company 2019s option.\n asset liability management.\n securities inventories not financed by secured funding sources majority of company 2019s assets financed with deposits short-term funding  floating rate long-term debt or fixed rate long-term debt swapped to floating rate.\n fixed assets financed with fixed rate long-term debt.\n company uses interest rate swaps to match borrowings to duration holding period interest rate characteristics of assets funded manage interest rate risk.\n swaps convert certain company 2019s fixed rate borrowings into floating rate obligations.\n for non-u.\n dollar currency borrowings not used to fund assets in same currency company entered into currency swaps convert borrowings into.\n dollar obligations.\ncompany 2019s use of swaps for asset liability management affected effective average borrowing rate.\n effective rate.\n\n| 2015           | 2014           | 2013\n----------------------------------------------------------------------------------------- | -------------- | -------------- | --------------\nweighted average coupon of long-term borrowings at period-end ( 1 )                       | 4.0% ( 4.0 % ) | 4.2% ( 4.2 % ) | 4.4% ( 4.4 % )\neffective average borrowing rate for long-term borrowings after swaps at period-end ( 1 ) | 2.1% ( 2.1 % ) | 2.3% ( 2.3 % ) | 2.2% ( 2.2 % )"
}
{
    "_id": "dd4c0c5ea",
    "title": "",
    "text": "russia europe.\n average sales price realizations for uncoated freesheet paper decreased in europe russia reflecting weak economic conditions soft market demand.\n in russia sales prices in rubles increased improvement masked by impact currency depreciation against u. s.\n dollar.\n input costs higher for wood europe russia offset by lower chemical costs.\n planned maintenance downtime costs $ 11 million lower in 2014 than 2013.\n manufacturing operating costs favorable.\n entering 2015  sales volumes in first quarter expected seasonally weaker in russia flat in europe.\n average sales price realizations for uncoated freesheet paper expected remain steady in europe increase in russia.\n input costs lower for oil and wood offset by higher chemicals costs.\n indian papers net sales were $ 178 million in 2014  $ 185 million ( $ 174 million excluding excise duties 2013 ) in 2013 $ 185 million ( $ 178 million excluding excise duties ) in 2012.\n operating profits were $ 8 million ( loss of $ 12 million excluding gain resolution legal contingency ) in 2014 loss of $ 145 million ( loss $ 22 million excluding goodwill trade name impairment charges ) in 2013 loss of $ 16 million in 2012.\n average sales price realizations improved in 2014 compared with 2013 due to impact of price increases 2013.\n sales volumes flat reflecting weak economic conditions.\n input costs higher primarily for wood.\n operating costs planned maintenance downtime costs lower in 2014.\n first quarter of 2015  sales volumes expected be seasonally higher.\n average sales price realizations expected to decrease due to competitive pressures.\n asian printing papers net sales were $ 59 million in 2014  $ 90 million in 2013 $ 85 million in 2012.\n operating profits were $ 0 million in 2014 $ 1 million in both 2013 and 2012.\n u. s.\npulp net sales $ 895 million in 2014 compared with $ 815 million 2013 $ 725 million in 2012.\n operating profits $ 57 million 2014 compared with $ 2 million in 2013 loss $ 59 million in 2012.\n sales volumes 2014 increased from 2013 for fluff pulp and market pulp reflecting improved market demand.\n average sales price realizations increased significantly for fluff pulp prices for market pulp higher.\n input costs for wood and energy higher.\n operating costs lower planned maintenance downtime costs $ 1 million higher.\n compared with fourth quarter 2014 sales volumes first quarter of 2015 expected to decrease for market pulp slightly higher for fluff pulp.\n average sales price realizations expected stable for fluff pulp and softwood market pulp hardwood market pulp prices expected to improve.\n input costs flat.\n planned maintenance downtime costs about $ 13 million higher than fourth quarter of 2014.\n consumer packaging demand pricing correlate with consumer spending general economic activity.\n prices volumes major factors affecting profitability consumer packaging raw material energy costs freight costs manufacturing efficiency product mix.\n consumer packaging net sales 2014 decreased 1% ( 1 % ) from 2013 increased 7% ( 7 % ) from 2012.\n operating profits increased 11% ( 11 % ) from 2013 decreased 34% ( 34 % ) from 2012.\n excluding sheet plant closure costs costs associated permanent shutdown of paper machine augusta georgia mill costs related to sale of shorewood business 2014 operating profits 11% ( 11 % ) lower than 2013 30% ( 30 % ) lower than 2012.\n benefits from higher average sales price realizations favorable mix ( $ 60 million ) offset by lower sales volumes ( $ 11 million ) higher operating costs ( $ 9 million ) higher planned maintenance downtime costs ( $ 12 million ) higher input costs ( $ 43 million ) higher other costs ( $ 7 million ).\noperating profits 2014 include $ 8 million costs with sheet plant closures operating profits 2013 include costs $ 45 million to permanent shutdown paper machine at augusta , georgia mill $ 2 million costs sale of shorewood business.\n consumer packaging.\n north american consumer packaging net sales were $ 2. 0 billion in 2014 compared with $ 2. 0 billion 2013 $ 2. 0 billion in 2012.\n operating profits were $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 compared with $ 63 million ( $ 110 million excluding paper machine shutdown costs costs sale of shorewood business ) in 2013 $ 165 million ( $ 162 million excluding gain sale shorewood business 2012 ).\n coated paperboard sales volumes 2014 lower than 2013 reflecting weaker market demand.\n business took 41000 tons market-related downtime in 2014 compared with 24000 tons in 2013.\n average sales price realizations increased year-\n\nin millions      | 2014   | 2013   | 2012\n---------------- | ------ | ------ | ------\nsales            | $ 3403 | $ 3435 | $ 3170\noperating profit | 178    | 161    | 268"
}
{
    "_id": "dd4b9fe5e",
    "title": "",
    "text": "weighted average fair value of options granted during 2010 , 2009 2008 estimated to be $ 7. 84 , $ 7. 18 $ 3. 84 , using black-scholes option pricing model with assumptions.\n at december 31 , 2010 2009  total unrecognized compensation cost to non-vested stock awards is $ 129. 3 million and $ 93. 5 million  expected to be recognized in pre-tax income over average period 1. 7 years.\n company granted total 1. 5 million restricted stock awards at prices from $ 25. 76 to $ 28. 15 various dates in 2010.\n awards vest annually over three years.\n granted 0. 9 million performance restricted stock units during 2010.\n granted at maximum achievable level number of shares vest based on specific revenue and ebitda goals for periods from 2010 through 2012.\n during 2009  granted 0. 5 million shares of restricted stock at price of $ 22. 55 vest annually over 3 years.\n on october 1 , 2009  granted 0. 4 million restricted stock units at price $ 24. 85 per share vested over six months.\n on march 20 , 2008  granted 0. 4 million shares of restricted stock at price $ 38. 75 vest quarterly over 2 years.\n on july 2, 2008 . 2 million shares canceled and assumed by lps.\n remaining unvested restricted shares converted by conversion factor of 1. 7952.\n awards vested as of october 1 , 2009 under change in control provisions due to metavante acquisition.\n on october 27 , 2008  granted 0. 8 million shares of restricted stock at price of $ 14. 35 vest annually over 3 years.\n as of december 31 , 2010 and 2009  have approximately 2.2 million and 1. 4 million unvested restricted shares remaining.\n as of december 31 , 2010 have 0. 6 million restricted stock units not vested.\n share repurchase plans october 25 , 2006 board of directors approved plan authorizing repurchases up to $ 200. 0 million common stock ( 201cold plan 201d ).\n april 17 , 2008  board of directors approved plan authorizing repurchases up to additional $ 250. 0 million common stock ( 201cnew plan 201d ).\n under new plan repurchased 5. 8 million shares stock for $ 226. 2 million  average price $ 38. 97 for year ended december 31 , 2008.\n year ended december 31 , 2008 repurchased additional 0. 2 million shares stock for $ 10. 0 million average price $ 40. 56 under old plan.\n during 2007  company repurchased 1. 6 million shares at average price $ 49. 15 under old plan.\n february 4, 2010 board of directors approved plan authorizing repurchases of up to 15. 0 million shares common stock in open market at prevailing market prices or privately negotiated transactions through january 31 , 2013.\n repurchased 1. 4 million shares common stock for $ 32. 2 million  average price $ 22. 97 through march 31 , 2010.\n no additional shares repurchased under this plan during year ended december 31 , 2010.\n approximately 13. 6 million shares common stock remain available to repurchase under plan as of december 31 , 2010.\n may 25 , 2010 board of directors authorized leveraged recapitalization plan to repurchase up to $ 2. 5 billion common stock at price range of $ 29. 00 2014 $ 31.00 per share common stock through modified 201cdutch auction 201d tender offer 201ctender offer 201d ).\n commenced july 6 , 2010 expired august 3 , 2010.\n oversubscribed $ 29. 00  resulting purchase 86. 2 million shares including 6. 4 million shares underlying unexercised stock options.\n repurchased shares added to treasury stock.\n fidelity national information services , inc.\n subsidiaries notes consolidated financial statements 2014 continued ) %%transmsg*** transmitting job : g26369 pcn : 087000000 ***%%pcmsg|87 |00008|yes|no|03/28/2011 17:32|0|0|page valid, no graphics -- color : n|\n\n| 2010             | 2009             | 2008\n---------------------------------------- | ---------------- | ---------------- | ----------------\nrisk free interest rate                  | 1.1% ( 1.1 % )   | 2.3% ( 2.3 % )   | 2.8% ( 2.8 % )\nvolatility                               | 35.6% ( 35.6 % ) | 35.0% ( 35.0 % ) | 26.0% ( 26.0 % )\ndividend yield                           | 0.7% ( 0.7 % )   | 1.0% ( 1.0 % )   | 1.0% ( 1.0 % )\nweighted average expected life ( years ) | 4.4              | 5.0              | 5.3"
}
{
    "_id": "dd4bc9326",
    "title": "",
    "text": "list of distribution locations including approximate square footage and if location leased or owned:.\n longview , texas ( c ) 63000 owned ) frankfort , new york , distribution center began receiving merchandise in fourth quarter of fiscal 2018 expected to begin shipping merchandise to stores in first quarter of fiscal 2019.\n b ) leased distribution center in hagerstown as extension of existing owned hagerstown location not considered separate distribution center.\n c ) mixing center to process high-volume bulk products.\n company 2019s store support center occupies approximately 260000 square feet of owned building space in brentwood , tennessee company 2019s merchandising innovation center occupies approximately 32000 square feet of leased building space in nashville , tennessee.\n company also leases approximately 8000 square feet of building space for petsense corporate headquarters  in scottsdale , arizona.\n item 3.\n legal proceedings company involved in litigation matters in ordinary course of business.\n company believes estimated loss related to matters adequately provided for in accrued liabilities to extent probable reasonably estimable.\n company expects these matters will be resolved without material adverse effect on consolidated financial position, results of operations or cash flows.\n item 4.\n mine safety disclosures not applicable.\n\ndistribution facility location | approximate square footage | owned/leased facility\n------------------------------ | -------------------------- | ---------------------\nfrankfort new york ( a )       | 924000                     | owned\nfranklin kentucky              | 833000                     | owned\npendleton indiana              | 764000                     | owned\nmacon georgia                  | 684000                     | owned\nwaco texas                     | 666000                     | owned\ncasa grande arizona            | 650000                     | owned\nhagerstown maryland ( b )      | 482000                     | owned\nhagerstown maryland ( b )      | 309000                     | leased\nwaverly nebraska               | 592000                     | owned\nseguin texas ( c )             | 71000                      | owned\nlakewood washington            | 64000                      | leased\nlongview texas ( c )           | 63000                      | owned"
}
{
    "_id": "dd4c4af66",
    "title": "",
    "text": "annual maturities as of december 31 , 2006 scheduled:.\n holders of $ 400. 0 4. 50% ( 4. 50 % ) notes may require to repurchase 4. 50% ( 4. 50 % ) notes for cash at par in march 2008.\n notes mature in 2023 if not converted or repurchased.\n redemption of long-term debt in august 2005 redeemed remainder of 7. 875% ( 7. 875 % ) senior unsecured notes with aggregate principal amount of $ 250. 0 at maturity for total cost of $ 258. 6  included principal amount notes , accrued interest to redemption date prepayment penalty of $ 1. 4.\n redeem notes used proceeds from sale and issuance july 2005 of $ 250. 0 floating rate senior unsecured notes due 2008.\n december 2006 exchanged all $ 250. 0 floating rate notes due 2008 for $ 250. 0 aggregate principal amount floating rate notes due 2010.\n new floating rate notes mature november 15 , 2010 bear interest at per annum rate equal to three-month libor plus 200 basis points , 125 basis points less than interest rate on old floating rate notes.\n exchange made early participation payment of $ 41. 25 ( actual amount ) in cash per $ 1000 ( actual amount ) principal amount of old floating rate notes for total payment of $ 10. 3.\n accordance with eitf issue no.\n 96-19 , debtor 2019s accounting for modification or exchange of debt instruments ( 96-19 201d ) transaction treated as exchange of debt for accounting purposes present value of remaining cash flows under terms original instrument not substantially different from new instrument.\n new floating rate notes reflected on consolidated balance sheet net of $ 10.early participation payment  amortized over life of new floating rate notes as discount using effective interest method recorded in interest expense.\n direct fees associated with exchange of $ 3. 5 reflected in interest expense.\n 4. 25% ( 4. 25 % ) and 4. 50% ( 4. 50 % ) convertible senior notes in november 2006 exchanged $ 400. 0 of 4. 50% ( 4. 50 % ) convertible senior notes due 2023 ( 201c4. 50% ( 201c4. 50 % ) notes 201d ) for $ 400. 0 aggregate principal amount of 4. 25% ( 4. 25 % ) convertible senior notes due 2023 201c4. 25%. 25 % notes 201d.\n required by eitf 96-19  exchange treated as extinguishment of 4. 50% ( 4. 50 % ) notes and issuance of 4. 25% ( 4. 25 % ) notes for accounting purposes because present value of remaining cash flows plus fair value of embedded conversion option under terms original instrument different from new instrument.\n 4. 25% ( 4. 25 % ) notes reflected on consolidated balance sheet at fair value at issuance  or $ 477. 0.\n recorded non-cash charge in fourth quarter of 2006 of $ 77. 0 reflecting difference between fair value of new debt and carrying value of old debt.\n difference fair value amortized through march 15 , 2012 first date holders may require to repurchase 4. 25% ( 4. 25 % ) notes  in reduction of reported interest expense in future periods.\n recorded non-cash charge of $ 3. 8 for extinguishment of unamortized debt issuance costs related to exchanged 4. 50% ( 4. 50 % ) notes.\n 4. 25% ( 4. 25 % ) notes convertible into common stock at conversion price of $ 12.42 per share subject to adjustment specified circumstances including payment cash dividends common stock.\n conversion rate of new notes subject to adjustment for certain events from stock splits combinations stock dividends certain cash dividends other actions modify capital notes to consolidated financial statements 2014 ( continued ) amounts in millions except per share amounts ) %%transmsg*** transmitting job : y31000 pcn : 072000000 ***%%pcmsg|72 |00009|yes|no|02/28/2007 01:12|0|0|page valid , no graphics -- color : d|\n\n2007                 | $ 2.6\n-------------------- | --------\n20081                | 2.8\n2009                 | 257.0\n2010                 | 240.9\n2011                 | 500.0\nthereafter           | 1247.9\ntotal long-term debt | $ 2251.2"
}
{
    "_id": "dd4bb3648",
    "title": "",
    "text": "fair value of financial instruments believe fair values of current assets current liabilities approximate reported carrying amounts.\n fair values of non-current financial assets , liabilities derivatives shown in following table.\n we value notes other receivables based on expected future cash flows dis- counted at risk-adjusted rates.\n determine valuations for long-term debt other long-term liabilities based on quoted market prices or expected future payments dis- counted at risk-adjusted rates.\n derivative instruments during 2003  entered into interest rate swap agreement under receive floating rate of interest and pay fixed rate of interest.\n swap modifies interest rate exposure by converting note receivable with fixed rate to floating rate.\n aggregate notional amount of swap is $ 92 million matures in 2010.\n swap classified as fair value hedge under fas no.\n 133 , 201caccounting for derivative instruments and hedging activities 201d ( 201cfas no.\n 133 201d ) change in fair value of swap  change in fair value of underlying note receivable recognized in interest income.\n fair value of swap was $ 1 million asset at year-end 2005  $ 3 million liability at year-end 2004.\n hedge highly effective no net gain or loss reported during 2005 , 2004  2003.\n during 2005  entered into two interest rate swap agreements to manage volatil- ity of u.\n treasury component of interest rate risk associated with forecasted issuance our series f senior notes and exchange of series c and e senior notes for new series g senior notes.\n both swaps designated as cash flow hedges under fas no.\n 133 terminated upon pricing of notes.\n both swaps effective in offsetting fluctuations in u. s.\n treasury component.\n no net gain or loss reported in earnings during 2005.\ntotal amount for swaps recorded in other comprehensive income net loss of $ 2 million during 2005  amortized to interest expense using interest method over life of notes.\n at year-end 2005  six outstanding interest rate swap agreements to manage interest rate risk with residual interests retain with timeshare note sales.\n historically required by purchasers rating agen- cies to utilize interest rate swaps to protect excess spread within sold note pools.\n aggregate notional amount of swaps is $ 380 million expire through 2022.\n swaps not accounted for as hedges under fas no.\n 133.\n fair value of swaps is net asset of $ 5 million at year-end 2005 net asset of approximately $ 3 million at year-end 2004.\n recorded $ 2 million net gain during 2005 and 2004  $ 3 million net gain during 2003.\n during 2005 , 2004 2003  entered into interest rate swaps to manage interest rate risk with forecasted timeshare note sales.\n during 2005  one swap designated as cash flow hedge under fas no.\n 133 effective in offsetting interest rate fluctuations.\n amount ineffectiveness immaterial.\n second swap in 2005 did not qualify for hedge accounting.\n non-qualifying swaps resulted in loss of $ 3 million during 2005  gain of $ 2 million during 2004 loss of $ 4 million during 2003.\n amounts included in gains from sales of timeshare notes receivable.\n during 2005 , 2004 2003  entered into forward foreign exchange contracts to manage foreign currency exposure related to certain monetary assets.\n aggregate dollar equivalent of notional amount of contracts is $ 544 million at year-end 2005.\n forward exchange contracts not qualify as hedges in accordance with fas no.\n 133.\n fair value of forward contracts is liability of $ 2 million at year-end 2005 zero at year-end 2004.\n recorded $ 26 million gain 2005 $ 3 million and $ 2 million net loss during 2004 and 2003 respectively relating to these forward foreign exchange contracts.\n net gains and losses for all years offset by income and losses from translating related monetary assets in foreign currencies into.\n dollars.\n during 2005  2004 2003  entered into foreign exchange option and forward contracts to hedge potential volatility of earnings and cash flows associated with variations in foreign exchange rates.\n aggregate dollar equivalent of notional amounts contracts is $ 27 million at year-end 2005.\n contracts have terms less than one year classified as cash flow hedges.\n changes in fair values recorded as component of other comprehensive income.\n fair value of option contracts approximately zero at year-end 2005 and 2004.\n during 2004 certain derivatives no longer effective in offsetting hedged item.\n cash flow hedge accounting treatment discontinued ineffective con- tracts resulted in loss of $ 1 million reported in earnings for 2004.\n remaining hedges effective no net gain or loss reported in earnings for 2005 , 2004  2003.\n as of year-end 2005 no deferred gains or losses on existing contracts accumulated in other comprehensive income expect to reclassify into earnings next year.\n during 2005  entered into forward foreign exchange contracts to manage currency exchange rate volatility associated with certain investments in foreign operations.\n one contract designated as hedge in net investment of foreign operation under fas no.\n 133.\n hedge effective resulted in $ 1 million net loss in cumulative translation adjustment at year-end 2005.\n certain contracts did not qualify as hedges under fas no.\n 133 resulted in gain of $ 3 million for 2005.\n contracts offset losses associated with translation adjustments for various investments in for- eign operations.\ncontracts have aggregate dollar equivalent of notional amounts $ 229 million fair value approximately zero at year-end 2005.\n contingencies guarantees issue guarantees to lenders hotel owners primarily to obtain long-term management contracts.\n guarantees have stated maximum funding term of five years or less.\n terms guarantees to lenders require to fund if cash flows from hotel operations inadequate to cover annual debt service or to repay loan at end of term.\n guarantees to hotel owners require to fund if hotels not attain specified levels of 5 0 | m a r r i o t t i n t e r n a t i o n a l , i n c.\n 2 0 0 5\n\n( $ in millions )                              | 2005 carrying amount | 2005 fair value | 2005 carrying amount | fair value\n---------------------------------------------- | -------------------- | --------------- | -------------------- | ----------\nnotes and other long-term assets               | $ 1374               | $ 1412          | $ 1702               | $ 1770\nlong-term debt and other long-term liabilities | $ 1636               | $ 1685          | $ 848                | $ 875\nderivative instruments                         | $ 6                  | $ 6             | $ 2014               | $ 2014"
}
{
    "_id": "dd4c14862",
    "title": "",
    "text": "10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc verdicts appealed , remains risk relief may not be obtainable in all cases.\n risk substantially reduced given 47 states and puerto rico limit dollar amount of bonds or require no bond at all.\n discussed below tobacco litigation plaintiffs challenged constitutionality of florida 2019s bond cap statute in several cases plaintiffs may challenge state bond cap statutes in other jurisdictions.\n such challenges may include applicability of state bond caps in federal court.\n states , including florida , may seek to repeal or alter bond cap statutes through legislation.\n altria group , inc.\n cannot predict outcome of such challenges , possible consolidated results of operations , cash flows or financial position of altria group , inc. , or one more its subsidiaries  could be affected in particular fiscal quarter or fiscal year by unfavorable outcome of one or more such challenges.\n altria group , inc.\n and subsidiaries record provisions in consolidated financial statements for pending litigation when determine unfavorable outcome probable and amount loss can be reasonably estimated.\n at present time  reasonably possible unfavorable outcome case may occur  except to extent discussed in note 18.\n contingencies : ( i ) management concluded not probable loss incurred in pending tobacco-related cases ; ( ii ) management unable to estimate possible loss or range of loss result from unfavorable outcome in pending tobacco-related cases ; ( iii ) accordingly management not provided amounts in consolidated financial statements for unfavorable outcomes , if any.\n litigation defense costs are expensed as incurred.\n altria group , inc.\n and subsidiaries achieved substantial success in managing litigation.\nnevertheless , litigation subject to uncertainty significant challenges remain.\n possible consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries, could be materially affected in particular fiscal quarter or fiscal year by unfavorable outcome or settlement of pending litigation.\n altria group , inc.\n and each its subsidiaries as defendant believe  each advised by counsel cases, it has valid defenses to litigation pending against it valid bases for appeal of adverse verdicts.\n each companies defended  and will continue to defend  vigorously against litigation challenges.\n altria group , inc.\n and its subsidiaries may enter into settlement discussions in particular cases if believe in best interests of altria group , inc.\n to.\n overview of altria group , inc.\npm usa tobacco- related litigation types number of cases : claims related to tobacco products fall within categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring brought on behalf of class of individual plaintiffs including cases aggregated claims of individual plaintiffs tried in single proceeding ; ( iii ) health care cost recovery cases by governmental domestic foreign ) plaintiffs seeking reimbursement for health care expenditures caused by cigarette smoking disgorgement of profits ; ( iv ) class action suits alleging terms 201clights 201d and 201cultra lights 201d deceptive unfair trade practices , common law statutory fraud  unjust enrichment  breach of warranty violations of racketeer influenced corrupt organizations act ( 201crico 201d ) ; ( v ) other tobacco-related litigation described below.\n plaintiffs 2019 theories of recovery defenses raised in pending smoking and health , health care cost recovery 201clights/ultra lights 201d cases discussed below.\n table below lists number of certain tobacco-related cases pending in united states against pm usa  altria group , inc.\n as of december 31 , 2017 , 2016 and.\n 1 ) not include 2414 cases by flight attendants seeking compensatory damages for personal injuries caused by exposure to environmental tobacco smoke ( 201cets 201d ).\n flight attendants allege members of ets smoking and health class action in florida  settled in 1997 (.\n terms court-approved settlement allowed class members to file individual lawsuits seeking compensatory damages prohibited from seeking punitive damages.\nnot include individual smoking health cases by behalf plaintiffs in florida state federal courts following decertification of engle case ( discussed below in smoking and health litigation - engle class action ).\n 2 ) includes one case 30 civil actions tried in six consolidated trials in west virginia ( re tobacco litigation ).\n pm usa defendant in nine of 30 cases.\n parties agreed to resolve cases for immaterial amount notified court.\n see health care cost recovery litigation - federal government 2019s lawsuit below.\n international tobacco-related cases : as of january 29, 2018 pm usa named defendant in 10 health care cost recovery actions in canada eight of also name altria group , inc.\n as defendant.\n pm usa and altria group  inc.\n also named defendants in seven smoking and health class actions in various canadian provinces.\n see guarantees similar matters below for discussion of distribution agreement between altria group , inc.\n and pmi provides for indemnities for certain liabilities concerning tobacco products.\n\n| 2017 | 2016 | 2015\n----------------------------------------------------------------------- | ---- | ---- | ----\nindividual smoking and health cases ( 1 )                               | 92   | 70   | 65\nsmoking and health class actions and aggregated claims litigation ( 2 ) | 4    | 5    | 5\nhealth care cost recovery actions ( 3 )                                 | 1    | 1    | 1\n201clights/ultra lights 201d class actions                              | 3    | 8    | 11"
}
{
    "_id": "dd4b9362c",
    "title": "",
    "text": "f-80 www. thehartford. com hartford financial services group , inc.\n notes to consolidated financial statements continued ) 14.\n commitments contingencies future minimum lease commitments as of december 31 , 2016 operating leases.\n [1] excludes expected future minimum sublease income of approximately $ 2 , $ 2 , $ 2  $ 2 , $ 0 $ 0 in 2017 , 2018  2019 2020  2021 thereafter.\n company 2019s lease commitments consist primarily of lease agreements for office space  automobiles  office equipment expire at various dates.\n unfunded commitments as of december 31, 2016 company has outstanding commitments totaling $ 1. 6 billion  $ 1. 2 billion committed to fund limited partnership other alternative investments called partnership commitment period fund purchase of new investments partnership expenses.\n $ 313 of outstanding commitments relate to funding obligations private placement securities.\n remaining outstanding commitments of $ 95 relate to mortgage loans company expecting to fund in first half of 2017.\n guaranty funds other insurance-related assessments in all states insurers licensed to transact certain classes of insurance required to become members of guaranty fund.\n in most states event insolvency of insurer insurance guaranty funds may assess members to pay covered claims of insolvent insurers.\n assessments based on each member 2019s proportionate share of written premiums in state for classes of insurance in insolvent insurer engaged.\n assessments generally limited for year to one or two percent of premiums written per year depending on state.\n some states permit member insurers to recover assessments paid through surcharges on policyholders or full or partial premium tax offsets other states permit recovery of assessments through rate filing process.\nliabilities for guaranty fund other insurance-related assessments accrued when assessment probable , reasonably estimated when event obligating company to pay imposed or probable assessment occurred.\n liabilities for guaranty funds other insurance- related assessments not discounted included as part of other liabilities in consolidated balance sheets.\n as of december 31 , 2016 and 2015 liability balance was $ 134 and $ 138 , respectively.\n as of december 31 , 2016 2015 amounts related to premium tax offsets of $ 34 and $ 44 , included in other assets.\n derivative commitments company 2019s derivative agreements contain provisions tied to financial strength ratings  set by nationally recognized statistical agencies of individual legal entity entered derivative agreement.\n if legal entity 2019s financial strength fall below certain ratings counterparties to derivative agreements could demand immediate ongoing full collateralization in certain instances enable counterparties to terminate agreements demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement.\n settlement amount determined by netting derivative positions transacted under each agreement.\n if termination rights exercised by counterparties could impact legal entity 2019s ability to conduct hedging activities by increasing associated costs decreasing willingness of counterparties to transact with legal entity.\n aggregate fair value of all derivative instruments with credit-risk-related contingent features in net liability position as of december 31 , 2016 was $ 1. 4 billion.\n of this $ 1. 4 billion legal entities posted collateral of $ 1. 7 billion in normal course of business.\n in company has posted collateral of $ 31 associated with customized gmwb derivative.\nbased on derivative market values as of december 31 , 2016 , downgrade of one level below current financial strength ratings by either moody 2019s or s&p would not require additional assets posted as collateral.\n market values december 31  2016  downgrade of two levels below current financial strength ratings by either moody 2019s or s&p would require additional $ 10 of assets posted as collateral.\n collateral amounts could change as derivative market values change , result of changes in hedging activities or changes in contractual terms negotiated.\n nature of collateral we post , when required is primarily in form of.\n treasury bills ,.\n treasury notes and government agency securities.\n guarantees in selling businesses or entities to third parties  company agreed to indemnify purchasers for losses arising subsequent to closing due to breaches of representations and warranties with respect business or entity being sold or covenants and obligations of company and/or subsidiaries.\n these obligations typically subject to time limitations , defined by contract or operation of law  statutes of limitation.\n in some cases maximum potential obligation is subject to contractual limitations , in other cases such limitations not specified or applicable.\n company does not expect to make payments on these guarantees and not carrying liabilities associated with these guarantees.\n\n| operating leases\n-------------------------------- | ----------------\n2017                             | $ 42\n2018                             | 35\n2019                             | 28\n2020                             | 20\n2021                             | 10\nthereafter                       | 28\ntotal minimum lease payments [1] | $ 163"
}
{
    "_id": "dd4c57946",
    "title": "",
    "text": "38| | duke realty corporation annual report 2012 dependent upon factors including availability of credit to potential buyers to purchase properties at prices acceptable.\n we believe we demonstrated ability to generate significant liquidity through disposition of non-strategic properties , potential future adverse changes to market and economic conditions could negatively impact our ability to dispose of such properties.\n transactions with unconsolidated entities transactions with unconsolidated partnerships and joint ventures provide source of liquidity.\n we will sell properties to unconsolidated entities  while retaining continuing interest in entity receive proceeds commensurate to interests we not own.\n unconsolidated entities will obtain debt financing distribute to us and joint venture partners all or portion of proceeds from debt financing.\n uses of liquidity principal uses of liquidity include : 2022 property investment ; 2022 leasing/capital costs ; 2022 dividends and distributions to shareholders unitholders ; 2022 long-term debt maturities ; 2022 opportunistic repurchases of outstanding debt and preferred stock ; 2022 other contractual obligations.\n property investment pursue asset repositioning strategy increasing investment concentration in industrial and medical office properties reducing investment concentration in suburban.\n office properties.\n we evaluate development and acquisition opportunities based upon market outlook  including general economic conditions , supply long-term growth potential.\n our ability to make future property investments  dependent upon identifying suitable acquisition and development opportunities dependent upon continued access to longer-term sources of liquidity  including issuances of debt or equity securities generating cash flow by disposing of selected properties.\n leasing/capital costs tenant improvements leasing commissions related to initial leasing of newly completed or vacant space in acquired properties are referred to as first generation expenditures.\nexpenditures included within development of real estate investments deferred leasing costs in consolidated statements of cash flows.\n tenant improvements and leasing costs to re-let rental space previously under lease to tenants are referred as second generation expenditures.\n building improvements not specific to any tenant but improve integral components of real estate properties are also second generation expenditures.\n principal uses of liquidity is to fund second generation leasing/capital expenditures of real estate investments.\n as illustrated in tables below significantly reduced such expenditures in 2012 direct result of repositioning investment concentration in office properties in accordance with asset strategy.\n summary of second generation capital expenditures by type of expenditure ( in thousands ) :\n\n| 2012    | 2011    | 2010\n------------------------------------- | ------- | ------- | -------\nsecond generation tenant improvements | $ 26643 | $ 50079 | $ 36676\nsecond generation leasing costs       | 31059   | 38130   | 39090\nbuilding improvements                 | 6182    | 11055   | 12957\ntotal                                 | $ 63884 | $ 99264 | $ 88723"
}
{
    "_id": "dd4bc93f8",
    "title": "",
    "text": "ireland.\n holdings ireland , everest dublin holdings , ireland re and ireland insurance conduct business in ireland subject to taxation in ireland.\n aavailable information.\n company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8-k , proxy statements amendments to reports available free of charge through company 2019s internet website at http://www. everestre. com soon after reports electronically filed with securities and exchange commission ( 201csec 201d ).\n item 1a.\n risk factors other information in report following risk factors should be considered when evaluating investment in our securities.\n if circumstances by individual risk factors materialize , our business , financial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.\n risks relating to business fluctuations in financial markets could result in investment losses.\n prolonged severe disruptions in overall public and private debt and equity markets, occurred during 2008 , could result in significant realized and unrealized losses in investment portfolio.\n financial markets improved since 2008 , could deteriorate in future.\n could disruption in individual market sectors , occurred in energy sector in recent years.\n declines in financial markets could result in significant realized unrealized losses on investments material adverse impact on results of operations , equity , business and insurer financial strength debt ratings.\n results could be adversely affected by catastrophic events.\n exposed to unpredictable catastrophic events , including weather-related other natural catastrophes , acts of terrorism.\n material reduction in operating results caused by more catastrophes could inhibit ability to pay dividends or to meet interest and principal payment obligations.\nillustration past five calendar years  pre-tax catastrophe losses  net of reinsurance  were as follows:.\n losses from future catastrophic events could exceed projections.\n we use projections of possible losses from future catastrophic events varying types magnitudes as strategic underwriting tool.\n use loss projections to estimate potential catastrophe losses in certain geographic areas decide on placement of retrocessional coverage or other actions to limit extent potential losses in given geographic area.\n loss projections are approximations  reliant on mix of quantitative and qualitative processes actual losses may exceed projections by material amount resulting in material adverse effect on financial condition results of operations.\n\ncalendar year:          | pre-tax catastrophe losses\n----------------------- | --------------------------\n( dollars in millions ) |\n2018                    | $ 1800.2\n2017                    | 1472.6\n2016                    | 301.2\n2015                    | 53.8\n2014                    | 56.3"
}
{
    "_id": "dd4c56e56",
    "title": "",
    "text": "fair value measurements of borrowings under our credit agreement and receivables facility classified as level 2 within fair value hierarchy determined based upon significant inputs observable in market  including interest rates on recent financing transactions with similar terms and maturities.\n estimated fair value by calculating upfront cash payment market participant require at december 31 , 2016 to assume these obligations.\n fair value of our notes classified as level 1 value hierarchy determined based upon observable market inputs including quoted market prices in active market.\n fair value of our euro notes determined based upon observable market inputs including quoted market prices in market not active classified as level 2 within fair value hierarchy.\n note 12.\n commitments contingencies operating leases obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities  trucks certain equipment.\n future minimum lease commitments under these leases at december 31, 2016 are as follows ( in thousands ) : years ending december 31:.\n rental expense for operating leases was approximately $ 211. 5 million , $ 168. 4 million and $ 148. 5 million during years ended december 31 , 2016 , 2015 and 2014  respectively.\n guarantee residual values of majority of our truck and equipment operating leases.\n residual values decline over lease terms to defined percentage of original cost.\n in lessor not realize residual value when equipment sold we responsible for portion of shortfall.\n if lessor realizes more than residual value when equipment sold  we be paid amount realized over residual value.\n terminated all operating leases subject to these guarantees at december 31 , 2016  portion of guaranteed residual value would have totaled approximately $ 59. 0 million.\nnot recorded liability for guaranteed residual value of equipment under operating leases as recovery on disposition of equipment under leases expected to approximate guaranteed residual value.\n litigation and related contingencies have certain contingencies resulting from litigation , claims other commitments subject to environmental and pollution control laws and regulations incident to ordinary course of business.\n expect resolution of such contingencies will not materially affect our financial position , results of operations or cash flows.\n\n2017                          | $ 200450\n----------------------------- | ---------\n2018                          | 168926\n2019                          | 136462\n2020                          | 110063\n2021                          | 82494\nthereafter                    | 486199\nfuture minimum lease payments | $ 1184594"
}
{
    "_id": "dd4970318",
    "title": "",
    "text": "( in millions ) 2010 2009 2008.\n operating activities net cash increased by $ 374 million to $ 3547 million in 2010 compared to 2009.\n increase attributable to improvement in operating working capital balances of $ 570 million $ 187 million to lower net income tax payments 2009.\n partially offsetting improvements was net reduction in cash from operations of $ 350 million related to defined benefit pension plan.\n reduction result of increased contributions to pension trust of $ 758 million compared to 2009 partially offset by increase in cas costs recovered on contracts.\n operating working capital accounts consists of receivables  inventories  accounts payable  customer advances and amounts in excess of costs incurred.\n improvement in cash operating working capital due to decline in 2010 accounts receivable balances compared to 2009 increase in 2010 customer advances and amounts in excess of costs incurred balances compared to 2009.\n improvements partially offset by decline in accounts payable balances in 2010 2009.\n decline in accounts receivable due to higher collections on programs at electronic systems , is&gs  space systems business areas.\n increase in customer advances and amounts in excess of costs incurred attributable to increase on government and commercial satellite programs at space systems and air mobility programs at aeronautics partially offset by decrease on programs at electronic systems.\n decrease in accounts payable attributable to timing of accounts payable activities across all segments.\n net cash operating activities decreased by $ 1248 million to $ 3173 million in 2009 compared to 2008.\n decline attributable to increase in contributions to defined benefit pension plan of $ 1373 million compared 2008 and increase in operating working capital accounts of $ 147 million.\n partially offsetting items was impact of lower net income tax payments in 2009 compared to 2008 $ 319 million.\ndecline in cash by operating working capital due to growth of receivables on programs in ms2 and gt&l lines business at electronic systems increase in inventories on combat aircraft programs at aeronautics offset by increases in customer advances excess of costs on government satellite programs at space systems timing of accounts payable activities.\n investing activities capital expenditures 2013 majority of capital expenditures relate to facilities infrastructure equipment to support new and existing programs across business segments.\n incur capital expenditures for support programs general enterprise infrastructure.\n capital expenditures for property , plant equipment amounted to $ 820 million in 2010, $ 852 million in 2009  $ 926 million in 2008.\n expect operating cash flows will continue to sufficient to fund annual capital expenditures next years.\n acquisitions , divestitures other activities 2013 acquisition activities include acquisition of businesses investments in affiliates.\n amounts paid in 2010 of $ 148 million related to investments in affiliates.\n paid $ 435 million in 2009 for acquisition activities compared with $ 233 million in 2008.\n in 2010 received proceeds of $ 798 million from sale of eig  net of $ 17 million in transaction costs ( note 2.\n no material divestiture activities in 2009 and 2008.\n during 2010 increased short-term investments by $ 171 million compared to increase of $ 279 million in 2009.\n financing activities share activity dividends 2013 during 2010  2009 2008  repurchased 33. 0 million , 24. 9 million 29. 0 million shares of common stock for $ 2483 million , $ 1851 million  $ 2931 million.\n shares repurchased in 2010 , 0. 9 million shares for $ 63 million repurchased in december settled paid for in january 2011.\noctober 2010  board of directors approved new share repurchase program for repurchase common stock time-to-time  up to authorized amount of $ 3. 0 billion ( see note 12 ).\n under program we discretion to determine dollar amount of shares to be repurchased timing of repurchases in compliance with applicable law regulation.\n repurchased total of 11. 2 million shares under program for $ 776 million  as of december 31 , 2010  remained $ 2224 million available for additional share repurchases.\n connection with approval new share repurchase program board terminated previous share repurchase program.\n cash received from issuance common stock with stock option exercises during 2010 , 2009  2008 totaled $ 59 million , $ 40 million , $ 250 million.\n activities resulted in issuance of 1. 4 million shares , 1. 0 million shares , 4. 7 million shares during respective periods.\n\n( in millions )                           | 2010           | 2009           | 2008\n----------------------------------------- | -------------- | -------------- | --------------\nnet cash provided by operating activities | $ 3547         | $ 3173         | $ 4421\nnet cash used for investing activities    | -319 ( 319 )   | -1518 ( 1518 ) | -907 ( 907 )\nnet cash used for financing activities    | -3363 ( 3363 ) | -1476 ( 1476 ) | -3938 ( 3938 )"
}
{
    "_id": "dd4bb05e2",
    "title": "",
    "text": "american tower corporation subsidiaries notes to consolidated financial statements 2014 continued basis step-up from corporate restructuring represents tax effects of increasing basis for tax purposes of certain company 2019s assets with spin-off from american radio systems corporation  former parent company.\n at december 31 , 2003  company had net federal state operating loss carryforwards available to reduce future taxable income of approximately $ 0. 9 billion and $ 1. 5 billion  respectively.\n if not utilized company 2019s net operating loss carryforwards expire ( in thousands ) :.\n no.\n 109 201caccounting for income taxes , 201d requires companies record valuation allowance when 201cmore likely some portion or all deferred tax assets not be realized. 201d at december 31 , 2003  company provided valuation allowance of approximately $ 156. 7 million  primarily related to net state deferred tax assets , capital loss carryforwards lost tax benefit costs associated with tax refund claims.\n company not provided valuation allowance for remaining net deferred tax assets  primarily tax refund claims federal net operating loss carryforwards  as management believes company successful with tax refund claims sufficient time to realize federal net operating loss carryforwards during twenty-year tax carryforward period.\n company intends to recover portion of deferred tax asset through tax refund claims  related to certain federal net operating losses  filed during 2003 part of tax planning strategy implemented in 2002.\n recoverability of remaining net deferred tax asset assessed utilizing stable state ( no growth ) projections based current operations.\n projections show significant decrease in depreciation interest expense in later years of carryforward period result of significant portion of assets fully depreciated during first fifteen years carryforward period debt repayments reducing interest expense.\nrecoverability of net deferred tax asset not dependent on material improvements to operations  material asset sales or non-routine transactions.\n based on current outlook of future taxable income during carryforward period management believes net deferred tax asset will be realized.\n realization of company 2019s deferred tax assets dependent upon ability to generate approximately $ 1. 0 billion in taxable income from january 1 , 2004 to december 31 , 2023.\n if company unable to generate sufficient taxable income future or carry back losses it will be required to reduce net deferred tax asset through charge to income tax expense in decrease in stockholders 2019 equity.\n depending on resolution of verestar bankruptcy proceedings company may be entitled to worthless stock or bad debt deduction for investment in verestar.\n no income tax benefit provided for these potential deductions due to uncertainty surrounding bankruptcy proceedings.\n 13.\n stockholders 2019 equity preferred stock as of december 31 , 2003 company authorized to issue up to 20. 0 million shares of $. 01 par value preferred stock.\n as of december 31 , 2003 and 2002 no preferred shares issued or outstanding.\n\nyears ended december 31, | federal  | state\n------------------------ | -------- | ---------\n2004 to 2008             | $ 1451   | $ 483578\n2009 to 2013             | 12234    | 66666\n2014 to 2018             | 10191    | 235589\n2019 to 2023             | 903010   | 728139\ntotal                    | $ 926886 | $ 1513972"
}
{
    "_id": "dd4b9ed6a",
    "title": "",
    "text": "analog devices , inc.\n notes to consolidated financial statements 2014 continued ) depreciation expense for property , plant and equipment was $ 134. 5 million , $ 130. 1 million and $ 114. 1 million in fiscal 2016 , 2015 and 2014  respectively.\n company reviews property , plant and equipment for impairment whenever events or changes circumstances indicate carrying amount of assets may not be recoverable.\n recoverability of assets determined by comparison of carrying amount to future undiscounted cash flows assets expected to generate over remaining economic lives.\n if assets impaired  impairment recognized in earnings equals amount by carrying value of assets exceeds fair value determined by quoted market price or value determined by discounted cash flow technique.\n if assets not impaired  but useful lives decreased remaining net book value is depreciated over revised useful life.\n not recorded material impairment charges related to property , plant and equipment in fiscal 2016 , fiscal 2015 or fiscal 2014.\n.\n goodwill intangible assets goodwill company evaluates goodwill for impairment annually whenever events or changes circumstances suggest carrying value of goodwill may not be recoverable.\n company tests goodwill for impairment at reporting unit level ( operating segment or one level below operating segment ) on annual basis on first day of fourth quarter ( or about august 1 ) or more frequently if indicators of impairment exist.\n for company 2019s latest annual impairment assessment as of july 31 , 2016  company identified reporting units to be its seven operating segments.\n performance of test involves two-step process.\n first step quantitative impairment test involves comparing fair values of applicable reporting units with aggregate carrying values including goodwill.\n company determines fair value of reporting units using weighting of income and market approaches.\nunder income approach , company uses discounted cash flow methodology requires management to make significant estimates and assumptions related to forecasted revenues  gross profit margins  operating income margins  working capital cash flow  perpetual growth rates  long-term discount rates , others.\n for market approach , company uses guideline public company method.\n method company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as reporting units  to create valuation multiples applied to operating performance of reporting unit being tested  to obtain respective fair values.\n to assess reasonableness of calculated reporting unit fair values , company reconciles aggregate fair values of reporting units determined to current market capitalization  allowing for reasonable control premium.\n if carrying amount of reporting unit , calculated using approaches, exceeds reporting unit 2019s fair value , company performs second step of goodwill impairment test to determine amount of impairment loss.\n second step goodwill impairment test involves comparing implied fair value of affected reporting unit 2019s goodwill with carrying value of reporting unit.\n no impairment of goodwill in any of fiscal years presented.\n company 2019s next annual impairment assessment performed as of first day of fourth quarter of fiscal year ending october 28 , 2017 ( fiscal 2017 ) unless indicators arise require company to reevaluate at earlier date.\n following table presents changes in goodwill during fiscal 2016 and fiscal 2015:.\n ( 1 ) amount in fiscal 2015 represents changes to goodwill as result of finalizing acquisition accounting related to hittite acquisition.\n ( 2 ) represents goodwill related to other acquisitions not material to company individual or aggregate basis.\nintangible assets company reviews finite-lived intangible assets for impairment whenever events changes circumstances indicate carrying value of assets may not be recoverable.\n recoverability assets determined by comparison of carrying value to estimated future undiscounted cash flows assets expected to generate over remaining\n\n| 2016           | 2015\n------------------------------------------------------- | -------------- | --------------\nbalance at beginning of year                            | $ 1636526      | $ 1642438\nacquisition of hittite ( note 6 ) ( 1 )                 | 2014           | -1105 ( 1105 )\ngoodwill adjustment related to other acquisitions ( 2 ) | 44046          | 3663\nforeign currency translation adjustment                 | -1456 ( 1456 ) | -8470 ( 8470 )\nbalance at end of year                                  | $ 1679116      | $ 1636526"
}
{
    "_id": "dd49889a4",
    "title": "",
    "text": "goodwill goodwill represents excess of solexa purchase price over sum amounts assigned to assets acquired less liabilities assumed.\n company believes acquisition of solexa will produce significant benefits : 2022 increased market presence and opportunities.\n combination of company and solexa should increase combined company 2019s market presence and opportunities for growth in revenue , earnings stockholder return.\n company believes solexa technology is complementary to company 2019s portfolio of products and services will enhance company 2019s capabilities to service existing customers accelerate develop- ment of additional technologies  products and services.\n company believes integrating solexa 2019s capabilities with company 2019s technologies will better position company to address emerging biomarker research and development in-vitro and molecular diag- nostic markets.\n company began to recognize revenue from products shipped result of acquisition during first quarter of 2007.\n 2022 operating efficiencies.\n combination of company and solexa provides opportunity for potential economies of scale and cost savings.\n company believes these primary factors support goodwill recognized as result of purchase price paid for solexa  in relation to other acquired tangible and intangible assets  including in-process research and development.\n unaudited pro forma information shows results of company 2019s operations for specified reporting periods as though acquisition occurred as of beginning of period ( in thousands  except per share data ) : year ended december 30 , year ended december 31.\n pro forma results prepared for comparative purposes only not necessarily indicative of actual results of operations had acquisition taken place beginning of periods presented or results may occur in future.\n pro forma results exclude $ 303. 4 million non-cash acquired ipr&d charge recorded upon closing of acquisition during first quarter of 2007.\ninvestment in solexa november 12, 2006  company entered definitive securities purchase agreement with solexa company invested approximately $ 50 million in solexa exchange for 5154639 newly issued shares of solexa common stock conjunction with merger of two companies.\n investment valued at $ 67. 8 million as of december 31 , 2006  represented market value of $ 13. 15 per share solexa common stock.\n investment eliminated part company 2019s purchase accounting upon closing merger january 26 , 2007.\n illumina , inc.\n notes to consolidated financial statements 2014 ( continued )\n\n| year ended december 30 2007 | year ended december 31 2006\n------------------------------------- | --------------------------- | ---------------------------\nrevenue                               | $ 366854                    | $ 187103\nnet income ( loss )                   | $ 17388                     | $ -38957 ( 38957 )\nnet income ( loss ) per share basic   | $ 0.32                      | $ -0.68 ( 0.68 )\nnet income ( loss ) per share diluted | $ 0.29                      | $ -0.68 ( 0.68 )"
}
{
    "_id": "dd4b94ff4",
    "title": "",
    "text": "82 | 2017 form 10-k reconciliation of beginning and ending amount gross unrecognized tax benefits for uncertain tax positions including positions impacting only timing tax benefits follows.\n reconciliation of unrecognized tax benefits:1 years a0ended a0december a031.\n 1 foreign currency impacts included within each line applicable.\n 2 includes cash payment or reduction of assets to settle liability.\n classify interest and penalties on income taxes as component of provision for income taxes.\n recognized net provision for interest and penalties of $ 38 million , $ 34 million $ 20 million during years ended december 31 , 2017, 2016 2015  respectively.\n total interest and penalties accrued $ 157 million and $ 120 million as of december a031 , 2017 and 2016 .\n on january 31 , 2018 received revenue agent 2019s report from irs indicating end of field examination of.\n income tax returns for 2010 to 2012.\n audits of 2007 to 2012 including impact of loss carryback to 2005 irs proposed to tax in united states profits earned from certain parts transactions by csarl based on irs examination team 2019s application of 201csubstance-over-form 201d or 201cassignment-of-income 201d judicial doctrines.\n contesting proposed increases to tax and penalties for these years of approximately $ 2. 3 billion.\n believe relevant transactions complied with applicable tax laws did not violate judicial doctrines.\n filed.\n income tax returns on same basis for years after 2012.\n information available do not anticipate significant increase or decrease to unrecognized tax benefits for matter within next 12 months.\n believe ultimate disposition of matter not have material adverse effect on consolidated financial position liquidity or results of operations.\nexception of loss carryback to 2005 , tax years prior to 2007 generally no longer subject to u. s.\n tax assessment.\n in major non-u. s.\n jurisdictions including australia brazil china germany japan mexico switzerland singapore u. k. , tax years typically subject to examination for three to ten years.\n due to uncertainty related to timing and potential outcome of audits  cannot estimate range of possible change in unrecognized tax benefits in next 12 months.\n\n( millions of dollars )                                       | years ended december 31 , 2017 | years ended december 31 , 2016\n------------------------------------------------------------- | ------------------------------ | ------------------------------\nbalance at january 1,                                         | $ 1032                         | $ 968\nadditions for tax positions related to current year           | 270                            | 73\nadditions for tax positions related to prior years            | 20                             | 55\nreductions for tax positions related to prior years           | -27 ( 27 )                     | -36 ( 36 )\nreductions for settlements2                                   | -9 ( 9 )                       | -24 ( 24 )\nreductions for expiration of statute of limitations           | 2014                           | -4 ( 4 )\nbalance at december 31,                                       | $ 1286                         | $ 1032\namount that if recognized would impact the effective tax rate | $ 1209                         | $ 963"
}
{
    "_id": "dd4ba90f8",
    "title": "",
    "text": "2011 compared to 2010 is&gs 2019 net sales 2011 decreased $ 540 million or 5% ( 5 % ) compared to 2010.\n decrease attributable to lower volume of approximately $ 665 million due to absence of dris program 2010.\n census decline in activities on jtrs program.\n decrease partially offset by increased net sales on numerous programs.\n is&gs 2019 operating profit for 2011 increased $ 60 million or 7% ( 7 % ) compared to 2010.\n operating profit increased approximately $ 180 million due to volume retirement of risks in 2011 absence of reserves recognized in 2010 on numerous programs ( including odin ( $ 60 million ) twic automated flight service station programs ).\n increases in operating profit partially offset by absence of dris program decline in activities on jtrs program of about $ 120 million.\n adjustments not related to volume including net profit rate adjustments approximately $ 130 million higher in 2011 compared to 2010.\n backlog backlog decreased in 2012 compared to 2011 due to substantial completion of programs in 2011 ( odin .\n census  jtrs ).\n decrease in backlog 2011 due to declining activities on jtrs program other smaller programs.\n expect is&gs 2019 net sales to decline in 2013 in mid single digit percentage range compared to 2012 due to continued downturn in federal information technology budgets.\n operating profit expected to decline in 2013 in mid single digit percentage range consistent with expected decline in net sales margins comparable with 2012 results.\n missiles and fire control mfc business segment provides air and missile defense systems ; tactical missiles air-to-ground precision strike weapon systems ; fire control systems ; mission operations support  readiness  engineering support  integration services ; logistics technical services ; manned and unmanned ground vehicles.\nmfc 2019s major programs include pac-3  thaad multiple launch rocket system mlrs hellfire javelin joint air-to-surface standoff missile jassm apache fire control system sniper ae  low altitude navigation targeting infrared for night ( lantirn ae ) sof clss.\n mfc 2019s operating results included in millions ) :.\n 2012 compared to 2011 mfc 2019s net sales for 2012 comparable to 2011.\n sales decreased approximately $ 130 million due to lower volume risk retirements on services programs $ 60 million due to lower volume from fire control systems programs ( primarily sniper ae lantirn ae apache ).\n decreases offset by higher net sales of $ 95 million due to higher volume from tactical missile programs primarily javelin hellfire $ 80 million for air and missile defense programs ( primarily pac-3 thaad ).\n mfc 2019s operating profit for 2012 increased $ 187 million or 17% ( 17 % ) compared to 2011.\n increase attributable to higher risk retirements volume of $ 95 million from tactical missile programs javelin hellfire increased risk retirements volume $ 60 million for air and missile defense programs primarily thaad pac-3 $ 45 million from resolution of contractual matters.\n partially offsetting increases was lower risk retirements volume on various programs including $ 25 million for services programs.\n adjustments not related to volume  including net profit booking rate adjustments other matters described were approximately $ 145 million higher for 2012 compared to 2011.\n\n| 2012             | 2011             | 2010\n------------------- | ---------------- | ---------------- | ----------------\nnet sales           | $ 7457           | $ 7463           | $ 6930\noperating profit    | 1256             | 1069             | 973\noperating margins   | 16.8% ( 16.8 % ) | 14.3% ( 14.3 % ) | 14.0% ( 14.0 % )\nbacklog at year-end | 14700            | 14400            | 12800"
}
{
    "_id": "dd4c5f290",
    "title": "",
    "text": "united parcel service , inc.\n subsidiaries notes to consolidated financial statements 2014 ( continued ) ups class b common stock first or last day of each quarterly period.\n employees purchased 1. 8 , 1. 9 , 2. 0 million shares at average prices of $ 64. 20 , $ 66. 64 , $ 64. 54 per share during 2007, 2006  2005  respectively.\n compensation cost measured for fair value of employees 2019 purchase rights under discounted employee stock purchase plan using black-scholes option pricing model.\n weighted average assumptions calculated weighted average fair value of employees 2019 purchase rights granted follows:.\n includes 10% ( 10 % ) discount from market price.\n expected volatilities based on historical price volatility on publicly-traded class b shares.\n expected dividend yield based on recent historical dividend yields for stock  changes in dividend policy.\n risk-free interest rate based on term structure of interest rates on.\n treasury securities at time of option grant.\n expected life represents three month option period applicable to purchase rights.\n note 12.\n segment geographic information report operations in three segments :.\n domestic package operations , international package operations  supply chain & freight operations.\n package operations represent most significant business broken into regional operations around world.\n regional operations managers responsible for both domestic and export operations within geographic area.\n.\n domestic package operations include time-definite delivery of letters  documents  packages throughout united states.\n international package international package operations include delivery to more than 200 countries and territories worldwide including shipments wholly outside united states shipments with origin or distribution outside united states.\n international package reporting segment includes operations of europe , asia  americas operating segments.\nsupply chain & freight includes forwarding and logistics operations , ups freight  other aggregated business units.\n our forwarding and logistics business provides services in more than 175 countries territories worldwide includes supply chain design and management  freight distribution  customs brokerage  mail and consulting services.\n ups freight offers ltl and tl services to customers in north america.\n other aggregated business units include mail boxes , etc.\n ( franchisor of mail boxes .\n ups store ) ups capital.\n\n| 2007               | 2006               | 2005\n----------------------------------------------- | ------------------ | ------------------ | ------------------\nexpected dividend yield                         | 2.13% ( 2.13 % )   | 1.79% ( 1.79 % )   | 1.62% ( 1.62 % )\nrisk-free interest rate                         | 4.60% ( 4.60 % )   | 4.59% ( 4.59 % )   | 2.84% ( 2.84 % )\nexpected life in years                          | 0.25               | 0.25               | 0.25\nexpected volatility                             | 16.26% ( 16.26 % ) | 15.92% ( 15.92 % ) | 15.46% ( 15.46 % )\nweighted average fair value of purchase rights* | $ 9.80             | $ 10.30            | $ 9.46"
}
{
    "_id": "dd4c0d9f4",
    "title": "",
    "text": "contractual obligations following table includes aggregated information about citigroup 2019s contractual obligations impact its short- and long-term liquidity and capital needs.\n table includes information about payments due under specified contractual obligations , aggregated by type of contractual obligation.\n includes maturity profile of company 2019s consolidated long-term debt , operating leases other long-term liabilities.\n company 2019s capital lease obligations included in purchase obligations in table.\n citigroup 2019s contractual obligations include purchase obligations enforceable and legally binding for company.\n for table purchase obligations included through termination date of agreements, even if contract renewable.\n many purchase agreements for goods or services include clauses allow company to cancel agreement with specified notice ; that impact not included in table ( unless citigroup notified counterparty of intention to terminate agreement ).\n other liabilities reflected on company 2019s consolidated balance sheet include obligations for goods and services already received  litigation settlements  uncertain tax positions other long-term liabilities incurred and will be paid in cash.\n excluded from table are obligations generally short term in nature , including deposit liabilities securities sold under agreements to repurchase.\n table excludes certain insurance and investment contracts subject to mortality and morbidity risks or without defined maturities timing of payments and withdrawals uncertain.\n liabilities related to these insurance and investment contracts included on consolidated balance sheet as insurance policy and claims reserves , contractholder funds , separate and variable accounts.\n citigroup 2019s funding policy for pension plans is to fund to minimum amounts required by applicable laws and regulations.\n at december 31 , 2008  no minimum required contributions  no contributions currently planned for u. s.\n pension plans.\nno amounts included in table below for future contributions to u. s.\n pension plans.\n for non-u. s.\n plans  discretionary contributions in 2009 anticipated to be approximately $ 167 million amount included in purchase obligations in table below.\n estimated pension plan contributions subject to change contribution decisions affected by factors market performance regulatory legal requirements management 2019s ability to change funding policy.\n for additional information company 2019s retirement benefit obligations see note 9 to consolidated financial statements on page 144.\n ( 1 ) for additional information about long-term debt and trust preferred securities see note 20 to consolidated financial statements on page 169.\n ( 2 ) relates to accounts payable and accrued expenses included in other liabilities in company 2019s consolidated balance sheet.\n included are various litigation settlements.\n\nin millions of dollars at year end                                                | contractual obligations by year 2009 | contractual obligations by year 2010 | contractual obligations by year 2011 | contractual obligations by year 2012 | contractual obligations by year 2013 | contractual obligations by year thereafter\n--------------------------------------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------------\nlong-term debt obligations ( 1 )                                                  | $ 88472                              | $ 41431                              | $ 42112                              | $ 27999                              | $ 25955                              | $ 133624\noperating lease obligations                                                       | 1470                                 | 1328                                 | 1134                                 | 1010                                 | 922                                  | 3415\npurchase obligations                                                              | 2214                                 | 750                                  | 700                                  | 444                                  | 395                                  | 1316\nother liabilities reflected on the company 2019s consolidated balance sheet ( 2 ) | 38221                                | 792                                  | 35                                   | 36                                   | 38                                   | 3193\ntotal                                                                             | $ 130377                             | $ 44301                              | $ 43981                              | $ 29489                              | $ 27310                              | $ 141548"
}
{
    "_id": "dd4bf81e4",
    "title": "",
    "text": "( 1 ) represents anticipated repayment date ; final legal maturity date march 15 , 2043.\n ( 2 ) represents anticipated repayment date final legal maturity date march 15 , 2048.\n ( 3 ) acquisition of mipt october 1 , 2013 assumed approximately $ 1. 49 billion aggregate principal amount of secured notes , $ 250. 0 million repaid in august 2014.\n gtp notes anticipated repayment dates beginning june 15 , 2016.\n ( 4 ) assumed acquisition of br towers denominated in brl.\n br towers debenture amortizes through october 2023.\n br towers credit facility amortizes through january 15, ( 5 ) assumed unison acquisition anticipated repayment dates april 15 , 2017 , april 15 , 2020 april 15 , 2020  final maturity date april 15 , 2040.\n ( 6 ) denominated in mxn.\n ( 7 ) denominated in zar amortizes through march 31 , 2020.\n ( 8 ) denominated in cop amortizes through april 24 , 2021.\n ( 9 ) reflects balances owed to joint venture partners in ghana and uganda.\n ghana loan denominated in ghs uganda loan denominated in usd.\n ( 10 ) on february 11, 2015  redeemed outstanding 4. 625% ( 4. 625 % ) notes terms.\n ( 11 ) includes payments under non-cancellable initial terms payments for certain renewal periods at option , expect to renew failure to renew could result in loss of communications sites and related revenues from tenant leases.\n( 12 ) represents asset retirement obligations excludes other non-current liabilities in consolidated balance sheet primarily our straight-line rent liability for cash payments included in operating lease payments and unearned revenue not payable in cash.\n ( 13 ) excludes $ 26. 6 million of liabilities for unrecognized tax positions and $ 24. 9 million of accrued income tax related interest and penalties in consolidated balance sheet uncertain when and if amounts may be settled.\n settlement amounts could require use of cash flows from operations.\n expect unrecognized tax benefits to change over next 12 months if certain tax matters settle with applicable taxing jurisdiction during this timeframe.\n based on status of items uncertainty with outcome timing of audit settlements unable to estimate impact of such changes if to previously recorded uncertain tax positions.\n off-balance sheet arrangements.\n no material off-balance sheet arrangements as defined in item 303 ( a ) ( 4 ) ( ii ) of sec regulation s-k.\n interest rate swap agreements.\n entered into interest rate swap agreements to manage exposure to variability in interest rates on debt in colombia and south africa.\n all interest rate swap agreements designated as cash flow hedges have aggregate notional amount of $ 79. 9 million , interest rates ranging from 5. 74% ( 5. 74 % ) to 7. 83% ( 7. 83 % ) expiration dates through april 2021.\n in february 2014  repaid costa rica loan terminated associated interest rate swap agreements.\n in connection with entering into colombian credit facility in october 2014 , terminated pre-existing interest rate\n\ncontractual obligations                        | 2015      | 2016      | 2017      | 2018      | 2019      | thereafter | total\n---------------------------------------------- | --------- | --------- | --------- | --------- | --------- | ---------- | ----------\nlong-term obligations excluding capital leases | 888810    | 753045    | 700608    | 1787451   | 3159286   | 7188751    | 14477951\ncash interest expense                          | 550000    | 517000    | 485000    | 399000    | 315000    | 654000     | 2920000\ncapital lease payments ( including interest )  | 15589     | 14049     | 12905     | 12456     | 10760     | 173313     | 239072\ntotal debt service obligations                 | 1454399   | 1284094   | 1198513   | 2198907   | 3485046   | 8016064    | 17637023\noperating lease payments ( 11 )                | 574438    | 553864    | 538405    | 519034    | 502847    | 4214600    | 6903188\nother non-current liabilities ( 12 ) ( 13 )    | 11082     | 20480     | 5705      | 13911     | 4186      | 1860071    | 1915435\ntotal                                          | $ 2039919 | $ 1858438 | $ 1742623 | $ 2731852 | $ 3992079 | $ 14090735 | $ 26455646"
}
{
    "_id": "dd49827d4",
    "title": "",
    "text": "aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2016 , 2015 , and 2014 reconciliation of beginning and ending amounts of unrecognized tax benefits for periods indicated ( in millions ) :.\n company and subsidiaries currently under examination by relevant taxing authorities for various tax years.\n company regularly assesses potential outcome of these examinations in each taxing jurisdictions when determining adequacy of amount unrecognized tax benefit recorded.\n difficult to predict final outcome or timing of resolution of uncertain tax position , we believe we have appropriately accrued for our uncertain tax benefits.\n audit outcomes and timing of audit settlements future events impact previously recorded unrecognized tax benefits and range of anticipated increases or decreases in unrecognized tax benefits subject to significant uncertainty.\n possible that ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts could be material be estimated as of december 31 , 2016.\n effective tax rate and net income in future period could be materially impacted.\n 22.\n discontinued operations brazil distribution 2014 due to portfolio evaluation in first half 2016  management decided to pursue strategic shift of distribution companies in brazil , aes sul and eletropaulo.\n disposal of sul completed in october 2016.\n in december 2016 , eletropaulo underwent corporate restructuring expected to provide more liquidity of shares.\n aes continuing to pursue strategic options for eletropaulo to complete strategic shift to reduce aes 2019 exposure to brazilian distribution business  including preparation for listing shares into novo mercado , listing segment of brazilian stock exchange with highest standards of corporate governance.\n company executed agreement for sale of wholly-owned subsidiary aes sul in june 2016.\nreported results of operations financial position of aes sul as discontinued operations in consolidated financial statements for all periods.\n meeting held-for-sale criteria company recognized after tax loss of $ 382 million pretax impairment charge of $ 783 million offset by tax benefit of $ 266 million related to impairment sul long lived assets tax benefit $ 135 million for deferred taxes related to investment in aes sul.\n prior to impairment charge in second quarter carrying value of aes sul asset group of $ 1. 6 billion greater than approximate fair value less costs to sell.\n impairment charge limited to carrying value long lived assets of aes sul disposal group.\n on october 31 , 2016 company completed sale of aes sul received final proceeds less costs to sell of $ 484 million excluding contingent consideration.\n upon disposal sul incurred additional after- tax loss on sale of $ 737 million.\n cumulative impact to earnings of impairment and loss on sale was $ 1. 1 billion.\n includes reclassification of approximately $ 1 billion of cumulative translation losses net reduction to company 2019s stockholders 2019 equity of $ 92 million.\n pretax loss attributable to aes for years ended december 31, 2016 and 2015 was $ 1. 4 billion and $ 32 million  respectively.\n 2019s pretax gain attributable to aes for year ended december 31 , 2014 was $ 133 million.\n prior to classification as discontinued operations sul reported in brazil sbu reportable segment.\n discussed in note 1 2014general summary of significant accounting policies effective july 1 , 2014 company prospectively adopted asu no.\n 2014-08.\n discontinued operations prior to adoption.\n 2014-08 include results of cameroon , saurashtra various u.\nwind projects each sold in first half cameroon 2014 september 2013  company executed agreements for sale of 56% ( 56 % ) equity interests in businesses cameroon : sonel , integrated utility , kribi , gas and light fuel oil plant , dibamba , heavy\n\ndecember 31,                                | 2016       | 2015       | 2014\n------------------------------------------- | ---------- | ---------- | ----------\nbalance at january 1                        | $ 373      | $ 394      | $ 392\nadditions for current year tax positions    | 8          | 7          | 7\nadditions for tax positions of prior years  | 1          | 12         | 14\nreductions for tax positions of prior years | -1 ( 1 )   | -7 ( 7 )   | -2 ( 2 )\neffects of foreign currency translation     | 2          | -7 ( 7 )   | -3 ( 3 )\nsettlements                                 | -13 ( 13 ) | -19 ( 19 ) | -2 ( 2 )\nlapse of statute of limitations             | -1 ( 1 )   | -7 ( 7 )   | -12 ( 12 )\nbalance at december 31                      | $ 369      | $ 373      | $ 394"
}
{
    "_id": "dd49891e2",
    "title": "",
    "text": "management 2019s discussion analysis 78 jpmorgan chase & co. /2018 form 10-k treasury and cio overview treasury cio responsible for measuring monitoring reporting managing firm 2019s liquidity  funding capital  structural interest rate foreign exchange risks.\n risks managed by treasury and cio arise from activities by firm 2019s four major reportable business segments serve client bases generate on- and off- balance sheet assets and liabilities.\n treasury and cio achieve firm 2019s asset-liability management objectives by investing in high- quality securities managed for longer-term firm 2019s investment securities portfolio.\n treasury and cio use derivatives to meet firm 2019s asset- liability management objectives.\n for further information on derivatives refer to note 5.\n treasury and cio manage firm 2019s cash position through depositing at central banks investing in short-term instruments.\n for information on liquidity funding risk  refer to liquidity risk management on pages 95 2013100.\n for information on interest rate  foreign exchange other risks  refer to market risk management on pages 124 2013131.\n investment securities portfolio consists of agency nonagency mortgage-backed securities .\n non-u.\n government securities  obligations of u.\n states municipalities  other abs corporate debt securities.\n at december 31 , 2018  investment securities portfolio was $ 260. 1 billion  average credit rating of securities portfolio was aa+ ( based upon external ratings where available where not available based primarily internal ratings correspond to ratings as defined by s&p and moody 2019s ).\n refer to note 10 for further information on firm 2019s investment securities portfolio.\nincome statement balance sheet data year ended december 31  ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 permitted new hedge accounting guidance firm elected transfer certain investment securities from htm to afs first quarter of 2018.\n additional information refer to notes 1 and 10.\n management 2019s discussion analysis 78 jpmorgan chase & co. /2018 form 10-k treasury and cio overview treasury cio responsible for measuring monitoring reporting managing firm 2019s liquidity  funding capital  structural interest rate foreign exchange risks.\n risks managed by treasury and cio arise from activities firm 2019s four major reportable business segments serve client bases generate on- and off- balance sheet assets liabilities.\n treasury cio achieve firm asset-liability management objectives investing in high- quality securities managed for longer-term firm investment securities portfolio.\n treasury cio use derivatives meet firm 2019s asset- liability management objectives.\n further information on derivatives refer to note 5.\n treasury and cio manage firm 2019s cash position through depositing at central banks investing in short-term instruments.\n further information on liquidity funding risk refer to liquidity risk management on pages 95 2013100.\ninformation on interest rate foreign exchange other risks refer to market risk management pages 124 2013131.\n investment securities portfolio consists of agency nonagency mortgage-backed securities u.\n non-u.\n government securities obligations of u.\n states municipalities other abs corporate debt securities.\n december 31 , 2018 investment securities portfolio was $ 260. 1 billion  average credit rating securities portfolio aa+ ( based external ratings where available not available primarily internal ratings correspond ratings defined by s&p moody 2019s ).\n refer to note 10 for further information firm 2019s investment securities portfolio.\n selected income statement balance sheet data year ended december 31  ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities period-end ) 228681 200247 236670 htm investment securities period-end ) 31434 47733 50168 investment securities portfolio period 2013end ) 260115 247980 286838 permitted new hedge accounting guidance firm elected transfer certain investment securities from htm to afs first quarter of 2018.\n additional information refer to notes 1 10.\n\nas of or for the year ended december 31 ( in millions )               | 2018           | 2017         | 2016\n--------------------------------------------------------------------- | -------------- | ------------ | ------\ninvestment securities gains/ ( losses )                               | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132\navailable-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449         | 219345       | 226892\nheld-to-maturity ( 201chtm 201d ) investment securities ( average )   | 31747          | 47927        | 51358\ninvestment securities portfolio ( average )                           | 235197         | 267272       | 278250\nafs investment securities ( period-end )                              | 228681         | 200247       | 236670\nhtm investment securities ( period-end )                              | 31434          | 47733        | 50168\ninvestment securities portfolio ( period 2013end )                    | 260115         | 247980       | 286838"
}
{
    "_id": "dd4b8883a",
    "title": "",
    "text": "maturity requirements on long-term debt as of december 31 , 2018 by year are follows ( in thousands ) : years ending december 31.\n credit facility party to credit facility agreement with bank of america , n. a. , as administrative agent  syndicate of financial institutions as lenders other agents ( amended 201ccredit facility 201d ).\n as of december 31 , 2018  credit facility provided for secured financing comprised of $ 1. 5 billion revolving credit facility ( 201crevolving credit facility 201d ) ; ii ) $ 1. 5 billion term loan ( 201cterm a loan 201d ), iii ) $ 1. 37 billion term loan ( 201cterm a-2 loan 201d ) iv ) $ 1. 14 billion term loan facility ( 201cterm b-2 loan 201d ) v ) $ 500 million term loan ( 201cterm b-4 loan 201d ).\n substantially all assets of domestic subsidiaries pledged as collateral under credit facility.\n borrowings outstanding under credit facility as of december 31 , 2018 reflect amounts borrowed for acquisitions and other activities completed in 2018  including reduction to interest rate margins to term a loan  term a-2 loan  term b-2 loan revolving credit facility  extension of maturity dates of term a loan term a-2 loan revolving credit facility increase in total financing capacity credit facility to approximately $ 5. 5 billion in june 2018.\n in october 2018  entered into additional term loan under credit facility amount of $ 500 million ( 201cterm b-4 loan 201d ).\n used proceeds from term b-4 loan to pay down portion of balance outstanding under revolving credit facility.\n credit facility provides for interest rate  at our election of either libor or base rate  each case plus margin.\nas of december 31 , 2018 interest rates on term a loan term a-2 loan term b-2 loan term b-4 loan were 4. 02% ( 4. 02 % ) , 4. 01% ( 4. 01 % ) , 4. 27% ( 4. 27 % ) and 4. 27% ( 4. 27 % )  interest rate on revolving credit facility was 3. 92% ( 3. 92 % ).\n required to pay quarterly commitment fee unused portion of revolving credit facility at applicable rate per annum ranging from 0. 20% ( 0. 20 % ) to 0. 30% ( 0. 30 % ) depending on leverage ratio.\n term a loan term a-2 loan mature revolving credit facility expires on january 20 , 2023.\n term b-2 loan matures april 22 , 2023.\n term b-4 loan matures october 18 , 2025.\n term a loan and term a-2 loan principal amounts must be repaid in quarterly installments 0. 625% ( 0. 625 % ) of principal through june 2019  increasing to 1. 25% ( 1. 25 % ) of principal through june 2021  to 1. 875% ( 1. 875 % ) of principal through june 2022 to 2. 50% ( 2. 50 % ) of principal through december 2022  remaining principal balance due upon maturity in january 2023.\n term b-2 loan principal repaid in quarterly installments 0. 25% ( 0. 25 % ) of principal through march 2023  remaining principal balance due upon maturity in april 2023.\n term b-4 loan principal repaid in quarterly installments 0. 25% ( 0. 25 % ) of principal through september 2025  remaining principal balance due upon maturity in october 2025.\n may issue standby letters of credit of up to $ 100 million under revolving credit facility.\n outstanding letters of credit reduce borrowings available.\nborrowings under revolving credit facility limited by covenants under 201ccompliance with covenants. 201d total available commitments under revolving credit facility at december 31, 2018 were $ 783. 6 million.\n global payments inc.\n | 2018 form 10-k annual report 2013 85\n\n2019                | $ 124176\n------------------- | ---------\n2020                | 159979\n2021                | 195848\n2022                | 267587\n2023                | 3945053\n2024 and thereafter | 475000\ntotal               | $ 5167643"
}
{
    "_id": "dd4bc641e",
    "title": "",
    "text": "divestiture of information systems & global solutions business on august 16 , 2016  completed previously announced divestiture of is&gs business  merged with subsidiary of leidos  in reverse morris trust transaction ( 201ctransaction 201d ).\n transaction completed in multi- step process initially contributed is&gs business to abacus innovations corporation ( abacus ) , wholly owned subsidiary of lockheed martin created facilitate transaction common stock of abacus distributed to participating lockheed martin stockholders through exchange offer.\n under terms exchange offer lockheed martin stockholders had option to exchange shares of lockheed martin common stock for shares abacus common stock.\n conclusion exchange offer all shares of abacus common stock exchanged for 9369694 shares of lockheed martin common stock held by lockheed martin stockholders elected participate exchange.\n shares of lockheed martin common stock exchanged and accepted retired  reducing number of shares of common stock outstanding by approximately 3% ( 3 % ).\n following exchange offer abacus merged with subsidiary of leidos  abacus continuing as surviving corporation and wholly-owned subsidiary of leidos.\n part of merger  each share of abacus common stock automatically converted into one share of leidos common stock.\n did not receive any shares of leidos common stock as part of transaction and do not hold any shares of leidos or abacus common stock following transaction.\n based on opinion of outside tax counsel subject customary qualifications factual representations exchange offer and merger qualify as tax-free transactions to lockheed martin and stockholders  except extent cash paid to lockheed martin stockholders in lieu of fractional shares.\n connection with transaction  abacus borrowed aggregate principal amount of approximately $ 1.84 billion under term loan facilities with third party financial institutions proceeds used to one-time special cash payment of $ 1. 80 billion to lockheed martin pay associated borrowing fees and expenses.\n entire special cash payment used to repay debt  pay dividends repurchase stock during third and fourth quarters of 2016.\n obligations under abacus term loan facilities guaranteed by leidos part of transaction.\n result of transaction recognized net gain of approximately $ 1. 2 billion.\n net gain represents $ 2. 5 billion fair value of shares of lockheed martin common stock exchanged and retired exchange offer  plus $ 1. 8 billion one-time special cash payment , less net book value of is&gs business of about $ 3. 0 billion at august 16 , 2016 other adjustments of about $ 100 million.\n final gain subject to certain post-closing adjustments  including final working capital , indemnification  tax adjustments  expect to complete in 2017.\n classified operating results of is&gs business as discontinued operations in consolidated financial statements in accordance with u. s.\n gaap  divestiture business represented strategic shift major effect on operations and financial results.\n cash flows generated by is&gs business not reclassified in consolidated statements of cash flows retained this cash as part of transaction.\n carrying amounts of major classes of is&gs business assets and liabilities classified as assets and liabilities of discontinued operations as of december 31 , 2015 are as follows ( in millions ) :.\n\nreceivables net                                           | $ 807\n--------------------------------------------------------- | ----------------\ninventories net                                           | 143\nother current assets                                      | 19\nproperty plant and equipment net                          | 101\ngoodwill                                                  | 2881\nintangible assets                                         | 125\nother noncurrent assets                                   | 54\ntotal assets of the disposal group                        | $ 4130\naccounts payable                                          | $ -229 ( 229 )\ncustomer advances and amounts in excess of costs incurred | -285 ( 285 )\nsalaries benefits and payroll taxes                       | -209 ( 209 )\nother current liabilities                                 | -225 ( 225 )\ndeferred income taxes                                     | -145 ( 145 )\nother noncurrent liabilities                              | -60 ( 60 )\ntotal liabilities of the disposal group                   | $ -1153 ( 1153 )"
}
{
    "_id": "dd4b97cc2",
    "title": "",
    "text": "56 / 57 management 2019s discussion analysis of financial condition results of operations junior subordinate deferrable interest debentures in june 2005  issued $ 100. 0 a0million of trust preferred securities  reflected on balance sheet as junior subordinate deferrable interest debentures.\n proceeds used to repay revolving credit facility.\n $ 100. 0 a0million of junior subordi- nate deferrable interest debentures have 30-year term ending july 2035.\n bear interest at fixed rate of 5. 61% ( 5. 61 % ) for first 10 years ending july 2015.\n thereafter rate float at three month libor plus 1. 25% ( 1. 25 % ).\n securities redeemable at par.\n restrictive covenants terms of 2011 revolving credit facility certain senior unsecured notes include restrictions covenants may limit ability to pay dividends ( discussed ) make certain types of investments incur additional indebtedness incur liens enter negative pledge agreements disposition of assets require compliance with financial ratios including minimum tangible net worth  maximum ratio of total indebtedness to total asset value minimum ratio of ebitda to fixed charges maximum ratio of unsecured indebtedness to unencumbered asset value.\n dividend restriction referred provides not during in default  make distributions with respect common stock or other equity interests except to enable continue qualify as reit for federal income tax purposes.\n as of december a031 , 2011 and 2010  in compli- ance with all such covenants.\n market rate risk exposed to changes in interest rates primarily from floating rate borrowing arrangements.\n use interest rate deriv- ative instruments to manage exposure to interest rate changes.\na0hypothetical 100 a0basis point increase in interest rates for 2011 and 2010  increase our annual interest cost by approximately $ 12. 3 a0million and $ 11. 0 a0mil- lion increase our share of joint venture annual interest cost by approximately $ 4. 8 a0million and $ 6. 7 a0million  respectively.\n recognize all derivatives on balance sheet at fair value.\n derivatives not hedges must be adjusted to fair value through income.\n if derivative is hedge  depending changes in fair value derivative offset against change in fair value hedged asset  liability firm commitment through earnings or recognized in other comprehensive income until hedged item recognized in earnings.\n ineffective portion of derivative 2019s change in fair value recognized immediately in earnings.\n approximately $ 4. 8 a0billion of long- term debt bore interest a0at fixed rates fair value of instru ments affected by changes in market interest rates.\n interest rate on our variable rate debt and joint venture debt as of december 2011 ranged from libor plus 150 points to libor plus 350 points.\n contractual obligations combined aggregate principal maturities of mortgages and other loans payable  2011 revolving credit facility , senior unsecured notes net discount )  trust preferred securities share of joint venture debt  including as- of-right extension options  estimated interest expense ( based on weighted average interest rates for quarter )  obligations under capital lease and ground leases  as of december 2011 are as follows ( in thousands ) :.\n\n| 2012     | 2013      | 2014      | 2015     | 2016      | thereafter | total\n-------------------------- | -------- | --------- | --------- | -------- | --------- | ---------- | ----------\nproperty mortgages         | $ 52443  | $ 568649  | $ 647776  | $ 270382 | $ 556400  | $ 2278190  | $ 4373840\nrevolving credit facility  | 2014     | 2014      | 2014      | 2014     | 350000    | 2014       | 350000\ntrust preferred securities | 2014     | 2014      | 2014      | 2014     | 2014      | 100000     | 100000\nsenior unsecured notes     | 119423   | 2014      | 98578     | 657      | 274804    | 777194     | 1270656\ncapital lease              | 1555     | 1555      | 1555      | 1592     | 1707      | 42351      | 50315\nground leases              | 33429    | 33429     | 33429     | 33429    | 33533     | 615450     | 782699\nestimated interest expense | 312672   | 309280    | 269286    | 244709   | 212328    | 470359     | 1818634\njoint venture debt         | 176457   | 93683     | 123983    | 102476   | 527814    | 800102     | 1824515\ntotal                      | $ 695979 | $ 1006596 | $ 1174607 | $ 653245 | $ 1956586 | $ 5083646  | $ 10570659"
}
{
    "_id": "dd4bf0872",
    "title": "",
    "text": "evaluation of management performance personnel committee approved annual incentive plan payouts to each named executive officer for 2017 : named executive officer base salary target as percentage of base salary payout as percentage of target 2017 annual incentive award.\n nuclear retention plan mr. a0bakken participates in nuclear retention plan  retention plan for officers leaders with expertise in nuclear industry.\n personnel committee authorized plan to attract retain key management employee talent in nuclear power field field requires unique technical expertise in great demand in utility industry.\n plan provides for bonuses paid annually over three-year employment period bonus opportunity dependent on participant 2019s management level and continued employment.\n each annual payment equal to amount from 15% ( 15 % ) to 30% ( 30 % ) of employee 2019s base salary as of date of enrollment in plan.\n mr. a0bakken 2019s participation in plan commenced in may 2016 terms conditions plan in may 2017, 2018 , 2019  subject to continued employment mr. a0bakken will receive cash bonus equal to 30% ( 30 % ) of his base salary as of may a01 , 2016.\n plan does not allow for accelerated or prorated payout upon termination.\n three-year coverage period and percentage of base salary payable under plan consistent with terms of participation of other senior nuclear officers participate in plan.\n in may 2017  mr.\n bakken received cash bonus of $ 181500 equaled 30% ( 30 % ) of his may a01 , 2016  base salary of $ 605000.\n long-term incentive compensation entergy corporation 2019s goal for long-term incentive compensation is to focus executive officers on building shareholder value increase executive officers 2019 ownership of entergy corporation 2019s common stock to align interest with entergy corporation shareholders.\nlong-term incentive compensation programs  entergy corporation uses mix of performance units , restricted stock  stock options.\n performance units deliver majority of total target long-term incentive awards.\n for periods through end of 2017  performance units reward named executive officers basis total shareholder return  measure of stock price appreciation and dividend payments  in relation to companies in philadelphia utility index.\n beginning with 2018-2020 performance period cumulative utility earnings metric added to long-term performance unit program to supplement relative total shareholder return measure historically used program each measure equally weighted.\n restricted stock ties executive officers 2019 long-term financial interest to long-term financial interests of entergy corporation 2019s shareholders.\n stock options provide direct incentive to increase value of entergy corporation 2019s common stock.\n entergy corporation seeks to allocate total value of long-term incentive compensation 60% ( 60 % ) to performance units 40% ( 40 % ) to combination of stock options and restricted stock  equally divided in value  based on value compensation model seeks deliver.\n awards for individual named executive officers may vary from target result of individual performance  promotions  internal pay equity.\n performance units for 2015-2017 performance period awarded under 2011 equity ownership plan and long-term cash incentive plan ( 201c2011 equity ownership plan 201d ) performance units for\n\nnamed executive officer    | base salary | target as percentage of base salary | payout as percentage of target | 2017 annualincentive award\n-------------------------- | ----------- | ----------------------------------- | ------------------------------ | --------------------------\na . christopher bakken iii | $ 620125    | 70% ( 70 % )                        | 129% ( 129 % )                 | $ 559973\nmarcus v . brown           | $ 630000    | 70% ( 70 % )                        | 129% ( 129 % )                 | $ 568890\nleo p . denault            | $ 1230000   | 135% ( 135 % )                      | 129% ( 129 % )                 | $ 2142045\nhaley r . fisackerly       | $ 355300    | 40% ( 40 % )                        | 119% ( 119 % )                 | $ 169123\nandrew s . marsh           | $ 600000    | 70% ( 70 % )                        | 129% ( 129 % )                 | $ 541800\nphillip r . may jr .       | $ 366150    | 60% ( 60 % )                        | 137% ( 137 % )                 | $ 300000\nsallie t . rainer          | $ 328275    | 40% ( 40 % )                        | 119% ( 119 % )                 | $ 156259\ncharles l . rice jr .      | $ 286424    | 40% ( 40 % )                        | 79% ( 79 % )                   | $ 91000\nrichard c . riley          | $ 344200    | 40% ( 40 % )                        | 204% ( 204 % )                 | $ 280661\nroderick k . west          | $ 675598    | 70% ( 70 % )                        | 129% ( 129 % )                 | $ 610065"
}
{
    "_id": "dd4c1dff2",
    "title": "",
    "text": "domestic utility companies system energy notes to financial statements derived from another portion entity apply sfas 71 should not be written off ; considered regulatory assets of segment apply sfas 71.\n see note 2 to domestic utility companies system energy financial statements for discussion of transition to competition activity in retail regulatory jurisdictions served by domestic.\n only texas has enacted retail open access law but entergy believes significant issues remain to be addressed by regulators enacted law not provide sufficient detail to determine impact on entergy gulf states' regulated operations.\n cash and cash equivalents entergy considers all unrestricted highly liquid debt instruments purchased with original maturity of three months or less to be cash equivalents.\n investments with original maturities more than three months classified as other temporary investments on balance sheet.\n entergy applies provisions of sfas 115 , 201caccounting for investments for certain debt and equity securities , 201d accounting for investments in decommissioning trust funds.\n entergy records decommissioning trust funds at fair value on balance sheet.\n as of december 31 , 2002 2001  fair value of securities held in such funds differs from amounts deposited plus earnings on deposits by following ( in millions ) :.\n in accordance with regulatory treatment for decommissioning trust funds entergy arkansas , entergy gulf states  entergy louisiana have recorded offsetting amount of unrealized gains/ ( losses ) on investment securities in accumulated depreciation.\n nonregulated entergy gulf states recorded offsetting amount of unrealized gains/ ( losses ) in other deferred credits.\n system energy's offsetting amount of unrealized gains/ ( losses ) on investment securities is in other regulatory liabilities.\nderivatives hedging entergy implemented sfas 133 , 201caccounting for derivative instruments hedging activities 201d on january 1 , 2001.\n statement requires all derivatives recognized in balance sheet , as assets or liabilities  at fair value.\n changes in fair value of derivatives recorded each period in current earnings or other comprehensive income  depending on derivative designated part of hedge transaction type of hedge transaction.\n for cash-flow hedge transactions in which entergy hedging variability of cash flows related to variable-rate asset , liability , or forecasted transaction , changes in fair value of derivative instrument reported in other comprehensive income.\n gains and losses on derivative instrument reported in other comprehensive income reclassified as earnings in periods earnings impacted by variability of cash flows of hedged item.\n ineffective portions of all hedges recognized in current- period earnings.\n contracts for commodities delivered in quantities expected to be used or sold in ordinary course of business , including certain purchases and sales of power and fuel , not classified as derivatives.\n\n| 2002       | 2001\n------------------- | ---------- | ---------\nentergy arkansas    | $ 35.3     | $ 69.8\nentergy gulf states | $ 1.4      | $ 18.5\nentergy louisiana   | ( $ 0.3 )  | $ 8.2\nsystem energy       | ( $ 14.5 ) | ( $ 1.6 )"
}
{
    "_id": "dd4bf31da",
    "title": "",
    "text": "five-year performance comparison 2013 graph indicator of cumulative total shareholder returns for corporation compared to peer group index , dj trans , s&p 500.\n graph assumes $ 100 invested in common stock of union pacific corporation and each index on december 31 , 2010 all dividends reinvested.\n information historical not indicative of future performance.\n purchases of equity securities 2013 during 2015  repurchased 36921641 shares of common stock at average price of $ 99. 16.\n table presents common stock repurchases during each month for fourth quarter of 2015 : period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plan or program maximum number of shares remaining under plan or program.\n total number of shares purchased during quarter includes approximately 32086 shares delivered or attested to upc by employees to pay stock option exercise prices  satisfy excess tax withholding obligations for stock option exercises or vesting of retention units  pay withholding obligations for vesting of retention shares.\n effective january 1 , 2014  board of directors authorized repurchase of up to 120 million shares of common stock by december 31 , 2017.\n repurchases may be made on open market or through other transactions.\n management has sole discretion determining timing and amount of transactions.\n\nperiod                   | total number of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]\n------------------------ | ------------------------------------ | ---------------------------- | ----------------------------------------------------------------------------------- | ----------------------------------------------------------------\noct . 1 through oct . 31 | 3247731                              | $ 92.98                      | 3221153                                                                             | 56078192\nnov . 1 through nov . 30 | 2325865                              | 86.61                        | 2322992                                                                             | 53755200\ndec . 1 through dec . 31 | 1105389                              | 77.63                        | 1102754                                                                             | 52652446\ntotal                    | 6678985                              | $ 88.22                      | 6646899                                                                             | n/a"
}
{
    "_id": "dd4c66176",
    "title": "",
    "text": "reflects contribution from higher net sales  offset by higher input costs for energy  wood freight.\n entering 2007  earnings in first quarter expected to improve compared with 2006 fourth quarter due to reduced manufacturing costs reflecting completion of mill opti- mization project in brazil fourth quarter.\n sales volumes expected be seasonally better in.\n uncoated paper and market pulp businesses seasonally weaker in russian paper business.\n average sales price realizations should improve as implement announced price increases in europe and brazil.\n average price realizations expected to remain flat.\n wood costs higher due to supply difficulties in winter months energy costs mixed.\n first-quarter 2007 acquisition of luiz antonio mill in brazil will provide incremental earnings.\n during 2007 pensacola , florida mill will converted to produce container- board  reducing future.\n production capacity for uncoated freesheet paper.\n industrial packaging demand for packaging products correlated with non-durable industrial goods pro- duction in united states demand for processed foods poultry  meat agricultural products.\n addition to prices volumes major factors affecting profitability of industrial pack- aging are raw material energy costs  manufacturing efficiency product mix.\n industrial packaging net sales for 2006 increased 6% ( 6 % ) compared with 2005 and 8% ( 8 % ) compared with 2004.\n operating profits in 2006 were 82% ( 82 % ) higher than in 2005 7% ( 7 % ) higher than in 2004.\nbenefits from improved price realizations ( $ 156 million ) sales volume increases ( $ 29 million ) favorable mix ( $ 21 million ) reduced market related downtime ( $ 25 million ) strong mill performance ( $ 43 million ) partially offset by higher raw material costs ( $ 12 million ) higher freight costs ( $ 48 million ) higher converting operations costs ( $ 21 mil- lion ) other costs ( $ 26 million ).\n gain of $ 13 million recognized in 2006 related to sale of property in spain.\n segment took 135000 tons of downtime in 2006 none market-related compared with 370000 tons downtime in 2005 included 230000 tons of lack-of-order downtime.\n industrial packaging in millions 2006 2005 2004.\n.\n containerboard net sales for 2006 were $ 955 million  compared with $ 895 million in 2005 $ 950 million for 2004.\n average sales price realizations in first quarter of 2006 below first-quarter 2005 levels improved during second quarter higher than 2005 for remainder of year.\n sales volumes higher throughout 2006.\n operating profits in 2006 more double 2005 levels 68% ( 68 % ) higher than 2004.\n favorable impacts of higher average sales price realizations higher sales volumes reduced lack-of-order downtime strong mill performance partially offset by higher input costs for freight  chemicals energy.\n.\n converting operations net sales totaled $ 2. 8 billion in 2006  $ 2. 6 billion in 2005 $ 2. 3 bil- lion in 2004.\n sales volumes throughout year in 2006 above 2005 levels reflecting solid market demand for boxes and packaging solutions.\n first two quarters of 2006 margins favorable as average sales prices outpaced containerboard cost increases average margins to decline in third quarter as containerboard increases outpaced increase box prices.\noperating profits 2006 decreased 72% ( 72 % ) from 2005 86% ( 86 % ) from 2004 levels primarily due to higher distribution utility raw material costs inventory adjustment charges.\n european container net sales for 2006 were $ 1. 0 billion  compared with $ 883 million in 2005 $ 865 million in 2004.\n increase principally due to contributions moroccan box plants acquired fourth quarter 2005 sales volumes rest of business slightly higher.\n operating profits 2006 up 31% ( 31 % ) compared with 2005 6% ( 6 % ) compared with 2004.\n increase included $ 13 million gain on sale of property in spain increased contributions from moroccan acquisition offset by higher energy costs.\n international paper distribution lim- ited  asian box containerboard business had net sales for 2006 of $ 182 million.\n 2005  net sales were $ 104 million subsequent to international paper 2019s acquisition of majority interest august 2005.\n business generated small operating profit in 2006 compared with small loss in 2005.\n\nin millions      | 2006   | 2005   | 2004\n---------------- | ------ | ------ | ------\nsales            | $ 4925 | $ 4625 | $ 4545\noperating profit | $ 399  | $ 219  | $ 373"
}
{
    "_id": "dd4c030c6",
    "title": "",
    "text": "management 2019s discussion analysis 74 jpmorgan chase & co. /2017 annual report treasury and cio overview treasury cio responsible for measuring monitoring reporting managing firm 2019s liquidity  funding structural interest rate foreign exchange risks executing firm 2019s capital plan.\n risks managed by treasury and cio arise from activities by firm 2019s four major reportable business segments serve client bases  generate on- and off-balance sheet assets liabilities.\n treasury and cio achieve firm 2019s asset-liability management objectives by investing in high- quality securities managed for longer-term of firm 2019s investment securities portfolio.\n treasury and cio use derivatives to meet firm 2019s asset- liability management objectives.\n for further information on derivatives see note 5.\n investment securities portfolio consists of agency nonagency mortgage- backed securities  u. s.\n non-u. s.\n government securities  obligations of u. s.\n states municipalities  other abs corporate debt securities.\n at december 31 , 2017 , investment securities portfolio was $ 248. 0 billion  average credit rating of securities portfolio was aa+ ( based upon external ratings where available not based primarily internal ratings correspond to ratings defined by s&p and moody 2019s ).\n see note 10 for further information on details firm 2019s investment securities portfolio.\n information on liquidity funding risk  see liquidity risk management on pages 92 201397.\n for information on interest rate , foreign exchange other risks see market risk management on pages 121-128.\n selected income statement and balance sheet data of for year ended december 31 , ( in millions ) 2017 2016 2015.\nafs investment securities average ) 219345 226892 264758 htm average ) 47927 51358 50044 portfolio average ) 267272 278250 314802 afs investment securities period-end ) 200247 236670 238704 htm period-end ) 47733 50168 49073 investment securities portfolio period 2013end ) 247980 286838 287777\n\nas of or for the year ended december 31 ( in millions ) | 2017         | 2016   | 2015\n------------------------------------------------------- | ------------ | ------ | ------\nsecurities gains/ ( losses )                            | $ -78 ( 78 ) | $ 132  | $ 190\nafs investment securities ( average )                   | 219345       | 226892 | 264758\nhtm investment securities ( average )                   | 47927        | 51358  | 50044\ninvestment securities portfolio ( average )             | 267272       | 278250 | 314802\nafs investment securities ( period-end )                | 200247       | 236670 | 238704\nhtm investment securities ( period-end )                | 47733        | 50168  | 49073\ninvestment securities portfolio ( period 2013end )      | 247980       | 286838 | 287777"
}
{
    "_id": "dd4ba785c",
    "title": "",
    "text": "interest rate derivatives.\n connection with issuance of floating rate debt in august and october 2008 company entered three interest rate swap contracts  cash flow hedges, for hedging against change in interest payments due to fluctuations in underlying benchmark rate.\n in december 2010  company approved plan to refinance term loan in january 2011 resulting in $ 8. 6 million loss on derivative instruments ineffectiveness on associated interest rate swap contract.\n to mitigate counterparty credit risk interest rate swap contracts required collateralization by both counterparties for swaps 2019 aggregate net fair value during respective terms.\n collateral maintained in form cash adjusted daily basis.\n in february 2010  company entered forward starting interest rate swap contract cash flow hedge for hedging against change in interest payments due to fluctuations in underlying benchmark rate between date swap and forecasted issuance of fixed rate debt in march 2010.\n swap was highly effective.\n foreign currency derivatives.\n connection with purchase of bm&fbovespa stock in february 2008, cme group purchased put option to hedge against changes in fair value of bm&fbovespa stock from foreign currency rate fluctuations between u. s.\n dollar and brazilian real ( brl ) beyond option 2019s exercise price.\n lehman brothers special financing inc.\n ( lbsf ) sole counterparty to option contract.\n on september 15 , 2008  lehman brothers holdings inc.\n lehman ) filed for protection under chapter 11 of united states bankruptcy code.\n bankruptcy filing lehman was event of default gave company right to terminate put option agreement with lbsf.\n in march 2010  company recognized $ 6. 0 million gain on derivative instruments result of settlement from lehman bankruptcy proceedings.\n.\ncapital stock shares outstanding.\n table presents information regarding capital stock:.\n cme group has no shares of preferred stock issued outstanding.\n associated trading rights.\n members of cme , cbot  nymex comex own or lease trading rights entitle them to access trading floors  discounts on trading fees right to vote on certain exchange matters as provided for by rules of exchange and cme group 2019s subsidiaries 2019 organizational documents.\n each class of cme group class b common stock associated with membership in specific division for trading at cme.\n cme trading right is separate asset not part of or evidenced by associated share of class b common stock cme group.\n class b common stock of cme group intended only to ensure class b shareholders cme group retain rights representation on board of directors approval rights core rights described below.\n trading rights at cbot evidenced by class b memberships in cbot nymex by class a memberships in nymex comex by comex division memberships in comex.\n members of cbot , nymex comex exchanges not have rights to elect members board of directors not entitled to receive dividends or other distributions on memberships.\n company required to have at least 10 cbot directors ( defined by bylaws ) until 2012 annual meeting.\n\n( in thousands )       | december 31 , 2010 | december 31 , 2009\n---------------------- | ------------------ | ------------------\nshares authorized      | 1000000            | 1000000\nclass a common stock   | 66847              | 66511\nclass b-1 common stock | 0.6                | 0.6\nclass b-2 common stock | 0.8                | 0.8\nclass b-3 common stock | 1.3                | 1.3\nclass b-4 common stock | 0.4                | 0.4"
}
{
    "_id": "dd4c4c53c",
    "title": "",
    "text": "item 5.\n market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities graph compares annual total return of our common stock  standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) peer group ( 201cloews peer group 201d ) for five years ended december 31 , 2009.\n graph assumes value of investment in common stock s&p 500 index loews peer group was $ 100 on december 31, 2004 all dividends reinvested.\n loews peer group consists of companies industry competitors of principal operating subsidiaries : ace limited ,.\n berkley corporation  cabot oil & gas corporation chubb corporation  energy transfer partners. ensco international incorporated  hartford financial services group , inc. kinder morgan energy partners . noble corporation  range resources corporation spectra energy corporation ( included from december 14, 2006 trading ) transocean , ltd.\n travelers companies , inc.\n dividend information paid quarterly cash dividends on loews common stock each year since 1967.\n regular dividends of $ 0. 0625 per share of loews common stock paid in each calendar quarter of 2009 and 2008.\n paid quarterly cash dividends on former carolina group stock until separation.\n regular dividends of $ 0. 455 per share of former carolina group stock paid in first and second quarters of 2008.\n\n| 2004   | 2005   | 2006   | 2007   | 2008   | 2009\n---------------------- | ------ | ------ | ------ | ------ | ------ | ------\nloews common stock     | 100.00 | 135.92 | 179.47 | 219.01 | 123.70 | 160.62\ns&p 500 index          | 100.00 | 104.91 | 121.48 | 128.16 | 80.74  | 102.11\nloews peer group ( a ) | 100.00 | 133.59 | 152.24 | 174.46 | 106.30 | 136.35"
}
{
    "_id": "dd4bf4576",
    "title": "",
    "text": "2022 failure of our information systems to function or penetration by outside parties intent to corrupt them or failure to comply with privacy laws and regulations could result in business disruption  litigation regulatory action loss of revenue  assets personal confidential data.\n we use information systems to manage business processes collect interpret business data communicate internally externally with employees suppliers customers others.\n some these information systems are managed by third-party service providers.\n we have backup systems business continuity plans in place we protect our systems and data from unauthorized access.\n failure of systems to function or penetration systems by outside parties intent on extracting corrupting information disrupting business processes could place us at competitive disadvantage result in loss of revenue assets personal sensitive data litigation regulatory action cause damage to reputation brands result in significant remediation other costs.\n failure to protect personal data respect rights of data subjects could subject us to substantial fines under regulations eu general data protection regulation.\n 2022 we may be required to replace third-party contract manufacturers or service providers with our own resources.\n in certain instances  we contract with third parties to manufacture products product parts provide other services.\n may be unable to renew these agreements on satisfactory terms for numerous reasons including government regulations.\n costs may increase significantly if we must replace third parties with our own resources.\n item 1b.\n unresolved staff comments.\n item 2.\n properties.\n at december 31, 2017 we operated and owned 46 manufacturing facilities maintained contract manufacturing relationships with 25 third-party manufacturers across 23 markets.\n we work with 38 third-party operators in indonesia who manufacture our hand-rolled cigarettes.\n pmi-owned manufacturing facilities eema asia america canada total.\n ( 1 ) includes facilities that produced heated tobacco units in 2017.\nin 2017 , 23 facilities each manufactured over 10 billion cigarettes eight facilities each produced over 30 billion units.\n largest factories in karawang and sukorejo ( indonesia ) , izmir ( turkey ), krakow ( poland ) , st.\n petersburg krasnodar ( russia ), batangas marikina ( philippines ), berlin ( germany ), kharkiv ( ukraine ) kutna hora ( czech republic ).\n smallest factories mostly in latin america and asia , where due to tariff constraints established small manufacturing units in individual markets.\n we will continue to optimize manufacturing base , consideration evolution of trade blocks.\n plants and properties owned or leased operated by subsidiaries maintained in good condition believed to suitable adequate for present needs.\n integrating production of heated tobacco units into existing manufacturing facilities progressing with plans to build manufacturing capacity for other rrp platforms.\n\n| eu ( 1 ) | eema | asia | latinamerica&canada | total\n---------------- | -------- | ---- | ---- | ------------------- | -----\nfully integrated | 7        | 8    | 9    | 7                   | 31\nmake-pack        | 3        | 2014 | 1    | 2                   | 6\nother            | 3        | 1    | 3    | 2                   | 9\ntotal            | 13       | 9    | 13   | 11                  | 46"
}
{
    "_id": "dd4bad2b6",
    "title": "",
    "text": "notes to consolidated financial statements 236 jpmorgan chase & co. /2010 annual report table below sets forth accretable yield activity for firm 2019s pci consumer loans for years ended december 31 , 2010 , 2009 and.\n ( a ) other changes in expected cash flows may vary from period to period as firm continues refine cash flow model updates model assumptions.\n for years ended december 31 , 2010 and 2009 , other changes in expected cash flows principally driven by changes in prepayment assumptions , reclassification to nonaccretable difference.\n such changes expected to insignificant impact on accretable yield percentage.\n factors most significantly affect estimates of gross cash flows expected collected  accretable yield balance include : ( i ) changes in benchmark interest rate indices for variable rate products option arm and home equity loans ; ( ii ) changes in prepayment assump- tions.\n to date decrease in accretable yield percentage primarily related to decrease in interest rates on vari- able-rate loans lesser extent  extended loan liquida- tion periods.\n certain events  periods affect timing of expected cash flows but not amount of cash expected received (. accretable yield balance ).\n extended loan liquidation periods reduce accretable yield percentage because same accretable yield balance recognized against higher-than-expected loan balance over longer-than-expected period of time.\n\nyear ended december 31 , ( in millions except ratios ) | year ended december 31 , 2010 | year ended december 31 , 2009 | 2008\n------------------------------------------------------ | ----------------------------- | ----------------------------- | ----------------\nbalance january 1                                      | $ 25544                       | $ 32619                       | $ 2014\nwashington mutual acquisition                          | 2014                          | 2014                          | 39454\naccretion into interest income                         | -3232 ( 3232 )                | -4363 ( 4363 )                | -1292 ( 1292 )\nchanges in interest rates on variable rate loans       | -819 ( 819 )                  | -4849 ( 4849 )                | -5543 ( 5543 )\nother changes in expected cash flows ( a )             | -2396 ( 2396 )                | 2137                          | 2014\nbalance december 31                                    | $ 19097                       | $ 25544                       | $ 32619\naccretable yield percentage                            | 4.35% ( 4.35 % )              | 5.14% ( 5.14 % )              | 5.81% ( 5.81 % )"
}
{
    "_id": "dd4c2c9e4",
    "title": "",
    "text": "reclassifications format changes made to prior years 2019 conform to 2015 presentation.\n.\n investments.\n fixed maturity equity security investments available for sale at market value reflect unrealized appreciation depreciation result of temporary changes in market value during period shareholders 2019 equity  net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in consolidated balance sheets.\n fixed maturity equity securities carried at fair value reflect fair value re- measurements as net realized capital gains losses in consolidated statements of operations comprehensive income ( loss ).\n company records changes in fair value for fixed maturities available for sale at market value through shareholders 2019 equity  net of taxes in accumulated other comprehensive income ( loss ) cash flows from investments used to settle reserve for losses loss adjustment expense liabilities.\n company anticipates holding these investments for extended period cash flow from interest maturities fund projected payout of liabilities.\n fixed maturities carried at fair value represent portfolio of convertible bond securities characteristics similar to equity securities foreign denominated fixed maturity securities used to settle loss loss adjustment reserves in same currency.\n company carries all equity securities at fair value except for mutual fund investments underlying investments of fixed maturity securities.\n for equity securities  available for sale at fair value company reflects changes in value as net realized capital gains losses securities may be sold in near term depending on financial market conditions.\n interest income on all fixed maturities dividend income on all equity securities included as part of net investment income in consolidated statements of operations comprehensive income ( loss ).\nunrealized losses on fixed maturities deemed other-than-temporary related to credit quality of security charged to net income ( loss ) as net realized capital losses.\n short-term investments stated at cost  approximates market value.\n realized gains or losses on sales of investments determined on of identified cost.\n for non- publicly traded securities market prices determined through pricing models evaluate securities relative to.\n treasury yield curve  account issue type credit quality cash flow characteristics of each security.\n for publicly traded securities market value based on quoted market prices or valuation models use observable market inputs.\n when sector financial markets inactive or illiquid company may use own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.\n retrospective adjustments employed to recalculate values of asset-backed securities.\n each acquisition lot reviewed to recalculate effective yield.\n recalculated effective yield used to derive book value as if new yield applied at time of acquisition.\n outstanding principal factors from time of acquisition to adjustment date used to calculate prepayment history for all applicable securities.\n conditional prepayment rates computed with life to date factor histories and weighted average maturities used to effect calculation of projected prepayments for pass-through security types.\n other invested assets include limited partnerships and trusts.\n limited partnerships accounted for under equity method of accounting can be recorded on monthly or quarterly.\n.\n uncollectible receivable balances.\n company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management assessment of collectability of outstanding balances.\n such reserves presented in table below for periods indicated.\n\n( dollars in thousands )                        | years ended december 31 , 2015 | years ended december 31 , 2014\n----------------------------------------------- | ------------------------------ | ------------------------------\nreinsurance receivables and premium receivables | $ 22878                        | $ 29497"
}
{
    "_id": "dd4c2f676",
    "title": "",
    "text": "marathon oil corporation notes to consolidated financial statements reported as discontinued operations in consolidated statements income statements cash flows for all periods presented.\n discontinued operations 2014revenues and pretax income associated with discontinued irish and gabonese operations shown in following table : ( in millions ) 2009 2008 2007.\n angola disposition 2013 july 2009  agreement to sell undivided 20 percent outside- operated interest in production sharing contract and joint operating agreement in block 32 offshore angola for $ 1. 3 billion  excluding purchase price adjustments at closing effective date of january 1, 2009.\n sale closed received net proceeds of $ 1. 3 billion in february 2010.\n pretax gain on sale approximately $ 800 million.\n retained 10 percent outside-operated interest in block 32.\n gabon disposition 2013 december 2009 closed sale of operated fields offshore gabon  receiving net proceeds of $ 269 million after closing adjustments.\n $ 232 million pretax gain on disposition reported in discontinued operations for 2009.\n permian basin disposition 2013 june 2009 closed sale of operated and portion of outside- operated permian basin producing assets in new mexico and west texas for net proceeds after closing adjustments of $ 293 million.\n $ 196 million pretax gain on sale recorded.\n ireland dispositions 2013 april 2009 closed sale of operated properties in ireland for net proceeds of $ 84 million after adjusting for cash held by sold subsidiary.\n $ 158 million pretax gain on sale recorded.\n result sale terminated pension plan in ireland incurring charge of $ 18 million.\n june 2009 agreement to sell subsidiary holding 19 percent outside-operated interest in corrib natural gas development offshore ireland.\nproceeds estimated to range between $ 235 million and $ 400 million subject to timing first commercial gas at corrib and closing adjustments.\n at closing on july 30 , 2009  initial $ 100 million payment plus closing adjustments received.\n fair value of proceeds estimated $ 311 million.\n fair value anticipated sale proceeds includes $ 100 million received at closing  $ 135 million minimum amount due at earlier of first gas or december 31 , 2012  iii range zero to $ 165 million contingent proceeds subject to timing first commercial gas.\n $ 154 million impairment of for sale asset recognized in discontinued operations in second quarter of 2009 ( see note 16 ) fair value of disposal group less than net book value.\n final proceeds range between $ 135 million minimum amount to $ 300 million due on earlier of first commercial gas or december 31 , 2012.\n fair value of expected final proceeds recorded as asset at closing.\n new public information in fourth quarter of 2009  writeoff recorded on contingent portion of proceeds ( see note 10 ).\n existing guarantees of subsidiaries 2019 performance issued to irish government entities remain in place after sales until purchasers issue similar guarantees to replace.\n guarantees  related to asset retirement obligations natural gas production levels indemnified by purchasers.\n fair value of guarantees not significant.\n norwegian disposition 2013 on october 31 , 2008  closed sale of norwegian outside-operated e&p properties and undeveloped offshore acreage in heimdal area of norwegian north sea for net proceeds of $ 301 million  pretax gain of $ 254 million as of december 31 , 2008.\n pilot travel centers disposition 2013 on october 8 , 2008  completed sale of 50 percent ownership interest in ptc.\n sale proceeds were $ 625 million  pretax gain on sale of $ 126 million.\npreceding sale , we received $ 75 million partial redemption of our ownership interest from ptc accounted for as return of investment.\n was investment of our rm&t segment.\n\n( in millions )                                | 2009  | 2008  | 2007\n---------------------------------------------- | ----- | ----- | -----\nrevenues applicable to discontinued operations | $ 188 | $ 439 | $ 456\npretax income from discontinued operations     | $ 80  | $ 221 | $ 281"
}
{
    "_id": "dd4c5614a",
    "title": "",
    "text": "supplemental financial information common stock performance graph compares performance of investment in firm 2019s common stock from december 26 , 2008 ( last trading day before firm 2019s 2009 fiscal year ) through december 31 , 2013 , with s&p 500 index and s&p 500 financials index.\n graph assumes $ 100 invested on december 26 , 2008 in each of firm 2019s common stock , s&p 500 index s&p 500 financials index , dividends reinvested on date of payment without payment commissions.\n performance in graph represents past performance not indication of future performance.\n goldman sachs group , inc.\n s&p 500 index s&p 500 financials index dec-09 dec-10 dec-11 dec-12 dec-13dec-08 table below shows cumulative total returns in dollars of firm 2019s common stock , s&p 500 index and s&p 500 financials index for goldman sachs 2019 last five fiscal year ends , assuming $ 100 invested on december 26, 2008 in each of firm 2019s common stock , s&p 500 index s&p 500 financials index , dividends reinvested on date of payment without payment commissions.\n performance in table represents past performance not indication of future performance.\n 218 goldman sachs 2013 annual report\n\n| 12/26/08 | 12/31/09 | 12/31/10 | 12/31/11 | 12/31/12 | 12/31/13\n----------------------------- | -------- | -------- | -------- | -------- | -------- | --------\nthe goldman sachs group inc . | $ 100.00 | $ 224.98 | $ 226.19 | $ 123.05 | $ 176.42 | $ 248.36\ns&p 500 index                 | 100.00   | 130.93   | 150.65   | 153.83   | 178.42   | 236.20\ns&p 500 financials index      | 100.00   | 124.38   | 139.47   | 115.67   | 148.92   | 201.92"
}
{
    "_id": "dd4b9b4c6",
    "title": "",
    "text": "prior year incurred losses was $ 135. 6 million unfavorable in 2006 , $ 26. 4 million favorable in 2005 $ 249. 4 million unfavorable in 2004.\n losses result of reserve development noted above inher- ent uncertainty in establishing loss lae reserves.\n reserves for asbestos and environmental losses loss adjustment expenses as of year end 2006 7. 4% (. 4 % ) of reserves reflect estimate for company 2019s ultimate liability for a&e claims for ulti- mate value cannot be estimated using traditional reserving techniques.\n company 2019s a&e liabilities stem from mt.\n mckinley 2019s direct insurance business and everest re 2019s assumed reinsurance business.\n significant uncertainties in estimating company 2019s potential losses from a&e claims.\n see item 7 , 201cmanagement 2019s discussion analysis of financial condition results of operations 2014asbestos and environmental exposures 201d note 3 of notes to consolidated financial statements.\n.\n mckinley 2019s book of direct a&e exposed insurance small homogenous.\n arises from limited period effective 1978 to 1984.\n book based principally on excess liability policies limiting exposure analysis to lim- ited number of policies and forms.\n result focused structure company believes able to comprehen- sively analyze exposures identify analyze actively monitor claims unusual exposure including policies exposed to pay expenses in addition to policy limits or non-products asbestos claims.\n company endeavors to be actively engaged with every insured account posing significant potential asbestos exposure to.\n.\n engagement can take form of pursuing final settlement , negotiation  litigation or monitoring of claim activity under settlement in place ( 201csip 201d ) agreements.\nsip agreements condition insurer 2019s payment upon actual claim experience of insured may have annual payment caps or other measures to control insurer 2019s payments.\n company 2019s mt.\n mckinley operation managing eight sip agreements , three were executed prior to acquisition of mt.\n mckinley in 2000.\n company 2019s preference with to coverage settlements is to exe- cute settlements call for fixed schedule of payments , such settlements eliminate future uncertainty.\n company has enhanced classification of insureds by exposure characteristics over time , analysis by insured for those it considers to more exposed or active.\n those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with emphasis on monitoring characteristics , may indicate increasing exposure or levels of activity.\n company focuses on enhancement of detailed estimation processes to evaluate potential exposure of policyholders , including those not reported significant a&e losses.\n everest re 2019s book of assumed reinsurance is concentrated within modest number of a&e exposed relationships.\n arises from limited period , 1977 to 1984.\n book of business concentrated company managing a&e exposures for many years , its claim staff is familiar with ceding companies generated most of liabilities in past and most likely to generate future liabilities.\n company 2019s claim staff developed familiarity with nature of business written by its ceding companies and claims handling and reserving practices of those companies.\n this level of familiarity enhances quality of company 2019s analysis of exposure through those companies.\n result company believes it can identify those claims on has unusual exposure , such as non-products asbestos claims , for concentrated attention.\nin setting reserves for reinsurance liabilities , company relies on claims data supplied and by ceding companies and brokers.\n this furnished information not always timely or accurate can impact accuracy company 2019s ultimate loss projections.\n following table summarizes composition of company 2019s total reserves for a&e losses , gross and net of reinsurance , for years ended december 31:.\n ( 1 ) additional reserves are case specific reserves determined by company to needed over and above those reported by ceding company.\n 81790fin_a 4/13/07 11:08 am page 15\n\n( dollars in millions )                                                           | 2006             | 2005             | 2004\n--------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------\ncase reserves reported by ceding companies                                        | $ 135.6          | $ 125.2          | $ 148.5\nadditional case reserves established by the company ( assumed reinsurance ) ( 1 ) | 152.1            | 157.6            | 151.3\ncase reserves established by the company ( direct insurance )                     | 213.7            | 243.5            | 272.1\nincurred but not reported reserves                                                | 148.7            | 123.3            | 156.4\ngross reserves                                                                    | 650.1            | 649.6            | 728.3\nreinsurance receivable                                                            | -138.7 ( 138.7 ) | -199.1 ( 199.1 ) | -221.6 ( 221.6 )\nnet reserves                                                                      | $ 511.4          | $ 450.5          | $ 506.7"
}
{
    "_id": "dd4be0b84",
    "title": "",
    "text": "entergy corporation and subsidiaries management's financial discussion analysis expenses related to voluntary severance program offered to employees.\n approximately 200 employees from non-utility nuclear business and 150 employees in utility business accepted voluntary severance program offers.\n net revenue utility following analysis of change in net revenue comparing 2008 to 2007.\n amount ( in millions ).\n purchased power capacity variance primarily due to higher capacity charges.\n portion of variance due to amortization of deferred capacity costs offset in base revenues due to base rate increases implemented to recover incremental deferred and ongoing purchased power capacity charges.\n volume/weather variance primarily due to effect of less favorable weather compared to same period in 2007 decreased electricity usage during unbilled sales period.\n hurricane gustav and hurricane ike , hit utility's service territories in september 2008 , contributed estimated $ 46 million to decrease in electricity usage.\n industrial sales depressed by continuing effects of hurricanes especially latter part of year overall decline of economy leading to lower usage latter part year affecting large customer industrial segment small and mid-sized industrial customers.\n decreases in electricity usage partially offset by increase in residential and commercial customer electricity usage during periods year not affected by hurricanes.\n retail electric price variance primarily due to : increase in attala power plant costs recovered through power management rider by entergy mississippi.\n net income effect of this recovery limited to portion representing allowed return on equity with remainder offset by attala power plant costs in other operation and maintenance expenses , depreciation expenses , taxes other than income taxes ; storm damage rider effective in october 2007 at entergy mississippi ; energy efficiency rider effective in november 2007 at entergy arkansas.\nestablishment of storm damage rider energy efficiency rider results in increase in rider revenue corresponding increase in other operation maintenance expense no impact on net income.\n retail electric price variance partially offset by absence of interim storm recoveries through formula rate plans at entergy louisiana entergy gulf states louisiana ceased upon act 55 financing of storm costs in third quarter 2008 ; credit passed on to customers result of act 55 storm cost financings.\n refer to \"liquidity and capital resources - hurricane katrina hurricane rita\" below note 2 to financial statements for discussion of interim recovery of storm costs act 55 storm cost financings.\n\n| amount ( in millions )\n------------------------ | ----------------------\n2007 net revenue         | $ 4618\npurchased power capacity | -25 ( 25 )\nvolume/weather           | -14 ( 14 )\nretail electric price    | 9\nother                    | 1\n2008 net revenue         | $ 4589"
}
{
    "_id": "dd4bde4e2",
    "title": "",
    "text": "notes to consolidated financial statements under regulatory framework for prompt corrective action applicable to gs bank usa  to meet quantitative requirements for 201cwell-capitalized 201d depository institution  gs bank usa required to maintain tier 1 capital ratio at least 6% ( 6 % )  total capital ratio least 10% ( 10 % ) tier 1 leverage ratio 5% ( 5 % ).\n gs bank usa agreed with federal reserve board to maintain minimum capital ratios in excess of these 201cwell- capitalized 201d levels.\n for period time gs bank usa expected to maintain tier 1 capital ratio at least 8% ( 8 % )  total capital ratio least 11% ( 11 % ) tier 1 leverage ratio least 6% ( 6 % ).\n in table below gs bank usa in compliance with minimum capital requirements as of december 2013 and december 2012.\n table presents information regarding gs bank usa 2019s regulatory capital ratios under basel i  implemented by federal reserve board.\n information as of december 2013 reflects revised market risk regulatory capital requirements  effective on january 1 , 2013.\n changes resulted in increased regulatory capital requirements for market risk.\n information as of december 2012 prior to implementation of revised market risk regulatory capital requirements.\n revised capital framework applicable to gs bank usa  advanced approach banking organization under framework.\n gs bank usa informed by federal reserve board completed satisfactory parallel run  required of advanced approach banking organizations under revised capital framework  changes to calculations of rwas will take effect beginning with second quarter of 2014.\n under revised capital framework  as of january 1 , 2014  gs bank usa became subject to new minimum cet1 ratio requirement of 4% ( 4 % )  increasing to 4. 5% ( 4. 5 % ) in 2015.\nrevised capital framework changes standards for 201cwell-capitalized 201d status under prompt corrective action regulations beginning january 1 , 2015 by introducing cet1 ratio requirement of 6. 5% ( 6. 5 % ) increasing tier 1 capital ratio requirement from 6% ( 6 % ) to 8% ( 8 % ).\n commencing january 1 , 2018 advanced approach banking organizations must have supplementary leverage ratio of 3% ( 3 % ) or greater.\n basel committee published final guidelines for calculating incremental capital requirements for domestic systemically important banking institutions ( d-sibs ).\n guidelines complementary to framework outlined for g-sibs.\n impact of guidelines on regulatory capital requirements of gs bank usa will depend on implemented by banking regulators in united states.\n deposits of gs bank usa are insured by fdic to by law.\n federal reserve board requires depository institutions to maintain cash reserves with federal reserve bank.\n amount deposited by firm 2019s depository institution held at federal reserve bank was approximately $ 50. 39 billion and $ 58. 67 billion as of december 2013 and december 2012 exceeded required reserve amounts by $ 50. 29 billion and $ 58. 59 billion as of december 2013 and 2012.\n transactions between gs bank usa and its subsidiaries and group inc.\n subsidiaries affiliates gs bank usa are regulated by federal reserve board.\n regulations limit types and amounts of transactions ( including credit extensions from gs bank usa ) require transactions to be on market terms or better to gs bank usa.\n firm 2019s principal non-u. s.\n bank subsidiary , gsib , is a wholly-owned credit institution regulated by prudential regulation authority ( pra ) and financial conduct authority ( fca ) subject to minimum capital requirements.\ndecember 2013 december 2012 , gsib compliance with regulatory capital requirements.\n goldman sachs 2013 annual report 193\n\n$ in millions         | as of december 2013 | as of december 2012\n--------------------- | ------------------- | -------------------\ntier 1 capital        | $ 20086             | $ 20704\ntier 2 capital        | $ 116               | $ 39\ntotal capital         | $ 20202             | $ 20743\nrisk-weighted assets  | $ 134935            | $ 109669\ntier 1 capital ratio  | 14.9% ( 14.9 % )    | 18.9% ( 18.9 % )\ntotal capital ratio   | 15.0% ( 15.0 % )    | 18.9% ( 18.9 % )\ntier 1 leverage ratio | 16.9% ( 16.9 % )    | 17.6% ( 17.6 % )"
}
{
    "_id": "dd4bd73ea",
    "title": "",
    "text": "distribution xpedx , our north american merchant distribution business distributes products services to customer markets including commercial printers with printing papers graphic pre-press  printing presses post-press equipment ; building services away-from-home markets with facility supplies manufacturers with packaging supplies equipment ; growing number of customers  exclusively provide distribution capabilities including warehousing delivery services.\n xpedx leading wholesale distribution marketer in these customer product segments in north america operating 122 warehouse locations 130 retail stores in united states, mexico cana- forest products international paper owns manages approx- 200000 acres of forestlands develop- ment properties in united states  mostly south.\n remaining forestlands managed as portfolio to optimize economic value to shareholders.\n most portfolio represents prop- erties likely to be sold to investors other buyers for various purposes.\n specialty businesses other chemicals : business sold in first quarter of 2007.\n ilim holding s.\n october 2007  international paper and ilim holding s.\n ilim completed 50:50 joint venture to operate pulp and paper business in russia.\n ilim 2019s facilities include three paper mills in bratsk , ust-ilimsk koryazhma , russia combined total pulp and paper capacity of over 2. 5 million tons.\n ilim has exclusive harvesting rights on timberland forest areas exceeding 12. 8 million acres ( 5. 2 million hectares ).\n products brand designations are trademarks of international paper or related company.\n industry segment results industrial packaging demand for industrial packaging products correlated with non-durable industrial goods pro- duction  demand for processed foods , poultry  meat agricultural products.\naddition to prices volumes major factors affecting profitability industrial packaging are raw material energy costs freight costs manufacturing effi- ciency product mix.\n industrial packaging results for 2009 and 2008 include cbpr business acquired 2008 third quarter.\n net sales 2009 increased 16% ( 16 % ) to $ 8. 9 billion compared with $ 7. 7 billion in 2008 69% ( 69 % ) compared with $ 5. 2 billion in 2007.\n operating profits 95% ( 95 % ) higher in 2009 than 2008 double 2007 levels.\n benefits from higher year-over-year shipments  including impact of cbpr business ( $ 11 million ) favorable operating costs ( $ 294 million ) lower raw material freight costs ( $ 295 million ) offset by lower price realizations ( $ 243 million ) higher corporate overhead allocations ( $ 85 million ) incremental integration costs acquisition cbpr business ( $ 3 million ) higher other costs ( $ 7 million ).\n operating profits 2009 included gain of $ 849 million alternative fuel mix- ture credits.\n plant closure costs of $ 653 million costs shutdown of eti- enne mill of $ 87 million.\n industrial packaging in millions 2009 2008 2007.\n north american industrial packaging results include net sales operating profits of cbpr business from august 4 2008 acquis ition date.\n net sales were $ 7. 6 billion in 2009 com pared with $ 6. 2 billion in 2008 $ 3. 9 billion in 2007.\n operating profits 2009 were $ 791 million ( $ 682 million excluding alternative fuel mixture cred- its mill closure costs costs cbpr integration ) compared with $ 322 million ( $ 414 million excluding charges write-up of cbpr inventory to fair value cbpr integration costs facility closure costs in 2008 $ 305 million in 2007.\nexcluding effect cbpr acquisition, con- tainerboard box shipments lower in 2009 compared with 2008 reflecting weaker customer demand.\n average sales price realizations- nificantly lower for containerboard boxes due to weaker world-wide economic conditions.\n average sales margins for boxes\n\nin millions      | 2009   | 2008   | 2007\n---------------- | ------ | ------ | ------\nsales            | $ 8890 | $ 7690 | $ 5245\noperating profit | 761    | 390    | 374"
}
{
    "_id": "dd4bbc5d6",
    "title": "",
    "text": "general mills 2014 annual report 23 gross margin declined 1 percent fiscal 2014 versus fiscal 2013.\n gross margin percent of net sales 36 percent flat compared to fiscal 2013.\n selling , general administrative ( sg&a ) expenses decreased $ 78 million fiscal 2014 versus fiscal 2013.\n decrease sg&a expenses driven by 3 percent decrease advertising and media expense smaller contribution to general mills foundation decrease in incentive compensation expense lower pension expense compared to fiscal 2013.\n fiscal 2014 recorded $ 39 million charge related to venezuela currency devaluation compared to $ 9 million charge fiscal 2013.\n recorded $ 12 million inte- gration costs fiscal 2013 related to acquisition of yoki.\n sg&a expenses percent of net sales decreased 1 percent compared to fiscal 2013.\n restructuring , impairment  other exit costs totaled $ 4 million fiscal 2014.\n restructuring charge related to productivity and cost savings plan approved fourth quarter of fiscal 2012.\n restructuring actions completed fiscal 2014.\n fiscal 2014 paid $ 22 million in cash related to restructuring actions.\n fiscal 2014 recorded divestiture gain of $ 66 million related to sale of certain grain elevators.\n retail segment.\n no divestitures in fiscal 2013.\n net for fiscal 2014 totaled $ 302 million $ 15 million lower than fiscal 2013.\n average interest rate decreased 41 basis points including effect mix of debt generating $ 31 million decrease in net interest.\n average interest bearing instruments increased $ 367 million $ 16 million increase in net interest.\n consolidated effective tax rate for fiscal 2014 was 33. 3 percent compared to 29. 2 percent fiscal 2013.\n.1 percentage point increase related to restructuring general mills cereals , llc ( gmc ) subsidiary first quarter 2013 resulted in $ 63 million decrease to deferred income tax liabilities related to tax basis investment in gmc distributed assets non-cash reduction to income taxes.\n fiscal 2013 recorded $ 34 million decrease in income tax expense increase in deferred tax assets related to actions to restore tax benefits medicare part d subsidies reduced in fiscal 2010 with patient protection and affordable care act amended by health care and education reconciliation act of 2010.\n fiscal 2013 tax expense includes $ 12 million charge with liquidation of corporate investment.\n after-tax earnings from joint ventures for fiscal 2014 decreased to $ 90 million compared to $ 99 million in fiscal 2013 driven by increased consumer spending at cereal partners worldwide ( cpw ) unfavorable foreign currency exchange from- dazs japan  inc.\n hdj.\n change in net sales for each joint venture set forth in table : joint venture change in net sales reported constant currency basis fiscal 2014 fiscal 2014 vs.\n 2013 vs.\n 2013 cpw ( 1 ) % ( % ) flat.\n fiscal 2014 cpw net sales declined by 1 percent- age point due to unfavorable foreign currency exchange.\n contribution from volume growth flat compared to fiscal 2013.\n fiscal 2014 net sales for hdj decreased 8 percentage points from fiscal 2013 11 percentage points of contributions from volume growth offset by 17 percentage points net sales decline from unfa- vorable foreign currency exchange 2 percentage points of net sales decline to unfavorable net price realization and mix.\n average diluted shares outstanding decreased by 20 million in fiscal 2014 from fiscal 2013 due to repurchase of 36 million shares offset by issuance of 7 million shares related to stock compensation plans.\nfiscal 2014 consolidated balance sheet analysis cash equivalents increased $ 126 million from fiscal 2013.\n receivables increased $ 37 million from 2013 driven by timing of sales.\n inventories increased $ 14 million from 2013.\n prepaid expenses current assets decreased $ 29 million from 2013 due to decrease in other receivables related to liquidation of corporate investment.\n land  buildings equipment increased $ 64 million from fiscal 2013 $ 664 million capital expenditures\n\ncpw            | as reported fiscal 2014 vs . 2013 ( 1 ) % (  % ) | constant currency basis fiscal 2014 vs . 2013 flat |\n-------------- | ------------------------------------------------ | -------------------------------------------------- | --------\nhdj            | -8 ( 8 )                                         | 9                                                  | % (  % )\njoint ventures | ( 2 ) % (  % )                                   | 2                                                  | % (  % )"
}
{
    "_id": "dd4ba8f36",
    "title": "",
    "text": "13.\n pension other postretirement benefit plans company has defined benefit pension plans covering eligible employees in united states and international subsidiaries.\n result of plan design changes approved in 2011  beginning january 1 , 2013  active participants in merck 2019s primary.\n defined benefit pension plans accruing pension benefits using new cash balance formulas based on age  service  pay interest.\n during transition period from january 1 , 2013 through december 31 , 2019 , participants earn greater of benefit as calculated under employee 2019s legacy final average pay formula or new cash balance formula.\n for all years of service after december 31 , 2019 participants earn future benefits under only cash balance formula.\n company provides medical benefits  principally to eligible.\n retirees their dependents  through other postretirement benefit plans.\n company uses december 31 as year-end measurement date for all pension plans other postretirement benefit plans.\n net periodic benefit cost benefit cost for pension other postretirement benefit plans following components:.\n increase in net periodic benefit cost for pension other postretirement benefit plans in 2013 compared with 2012 is attributable to change in discount rate.\n net periodic benefit cost attributable to.\n pension plans in was $ 348 million in 2013 , $ 268 million in 2012 $ 406 million in in connection with restructuring actions ( see note 3 ), termination charges recorded in 2013 , 2012 2011 on pension other postretirement benefit plans related to expanded eligibility for certain employees exiting merck.\n with restructuring activities curtailments were recorded in 2013 , 2012 2011 on pension other postretirement benefit plans.\n settlements were recorded in 2013 , 2012 2011 on certain domestic and international pension plans.\n table of contents\n\nyears ended december 31        | pension benefits 2013 | pension benefits 2012 | pension benefits 2011 | pension benefits 2013 | pension benefits 2012 | 2011\n------------------------------ | --------------------- | --------------------- | --------------------- | --------------------- | --------------------- | ------------\nservice cost                   | $ 682                 | $ 555                 | $ 619                 | $ 102                 | $ 82                  | $ 110\ninterest cost                  | 665                   | 661                   | 718                   | 107                   | 121                   | 141\nexpected return on plan assets | -1097 ( 1097 )        | -970 ( 970 )          | -972 ( 972 )          | -126 ( 126 )          | -136 ( 136 )          | -142 ( 142 )\nnet amortization               | 336                   | 185                   | 201                   | -50 ( 50 )            | -35 ( 35 )            | -17 ( 17 )\ntermination benefits           | 58                    | 27                    | 59                    | 50                    | 18                    | 29\ncurtailments                   | -23 ( 23 )            | -10 ( 10 )            | -86 ( 86 )            | -11 ( 11 )            | -7 ( 7 )              | 1\nsettlements                    | 23                    | 18                    | 4                     | 2014                  | 2014                  | 2014\nnet periodic benefit cost      | $ 644                 | $ 466                 | $ 543                 | $ 72                  | $ 43                  | $ 122"
}
{
    "_id": "dd4c5a7ea",
    "title": "",
    "text": "entergy mississippi , inc.\n management 2019s financial discussion analysis results of operations net income 2016 compared to 2015 net income increased $ 16. 5 million due to lower operation maintenance expenses higher net revenues lower effective income tax rate  partially offset by higher depreciation and amortization expenses.\n 2015 compared to 2014 net income increased $ 17. 9 million due to write-off in 2014 of regulatory assets associated with new nuclear generation development costs joint stipulation with mississippi public utilities staff approved by mpsc partially offset by higher depreciation amortization expenses higher taxes income taxes higher other operation maintenance expenses lower net revenue.\n see note 2 to financial statements for discussion of new nuclear generation development costs joint stipulation.\n net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).\n analysis of change in net revenue comparing 2016 to 2015.\n amount ( in millions ).\n retail electric price variance due to $ 19. 4 million net annual increase in revenues  approved by mpsc effective with first billing cycle of july 2016 increase in revenues collected through storm damage rider.\n see note 2 to financial statements for discussion on formula rate plan storm damage rider.\n volume/weather variance due to increase of 153 gwh , or 1% ( 1 % )  in billed electricity usage  including increase in industrial usage partially offset by effect of less favorable weather on residential and commercial sales.\n increase in industrial usage due to expansion projects in pulp and paper industry  increased demand for existing customers in metals industry new customers in wood products industry.\n\n| amount ( in millions )\n--------------------- | ----------------------\n2015 net revenue      | $ 696.3\nretail electric price | 12.9\nvolume/weather        | 4.7\nnet wholesale revenue | -2.4 ( 2.4 )\nreserve equalization  | -2.8 ( 2.8 )\nother                 | -3.3 ( 3.3 )\n2016 net revenue      | $ 705.4"
}
{
    "_id": "dd4b94266",
    "title": "",
    "text": "expenses incurred by logistics subsidiaries for external transportation increased crew transportation lodging due to volumes slower network.\n higher consulting fees higher contract expenses ( including equipment maintenance ) increased costs compared to 2013.\n locomotive freight car material expenses increased in 2014 compared to 2013 due to additional volumes impact of activating stored equipment operational issues demand slower network.\n expenses for purchased services increased 10% ( 10 % ) in 2013 compared to 2012 due to logistics management fees increase in locomotive overhauls repairs on jointly owned property.\n depreciation 2013 majority of depreciation relates to road property including rail  ties  ballast other track material.\n depreciation up 7% ( 7 % ) compared to 2013.\n higher depreciable asset base  higher ongoing capital spending drove increase.\n depreciation up 1% ( 1 % ) in 2013 compared to 2012.\n recent depreciation studies allowed longer estimated service lives for certain equipment partially offset impact of higher depreciable asset base larger capital spending.\n equipment and other rents 2013 equipment other rents expense includes rental expense railroad pays for freight cars owned by other railroads private companies ; freight car  intermodal locomotive leases office other rent expenses.\n higher intermodal volumes longer cycle times increased short-term freight car rental expense in 2014 compared to 2013.\n lower equipment leases offset higher freight car rental expense exercised purchase options on leased equipment.\n additional container costs from logistics management arrangement increased automotive shipments offset by lower cycle times drove $ 51 million increase in short-term freight car rental expense in 2013 versus 2012.\n lower locomotive freight car lease expenses partially offset higher freight car rental expense.\n2013 expenses include state local taxes  freight equipment property damage  utilities insurance personal injury  environmental  employee travel  telephone cellular  computer software  bad debt general expenses.\n higher property taxes  personal injury expense utilities costs offset by lower environmental expense costs damaged freight drove increase in other costs in 2014 compared to 2013.\n higher property taxes costs damaged freight property increased other costs 2013 compared 2012.\n improvement in safety performance lower estimated liability for personal injury reduced personal injury expense year-over-year partially offset increases in other costs.\n non-operating items millions 2014 2013 2012 % ( % ) change 2014 v 2013 % % ) change 2013 v 2012.\n other income 2013 increased in 2014 versus 2013 due to higher gains from real estate sales sale of permanent easement.\n gains partially offset by higher environmental costs on non-operating property 2014 lower lease income due to $ 17 million settlement land lease contract in 2013.\n other income increased 2013 versus 2012 due to higher gains from real estate sales increased lease income favorable impact from $ 17 million settlement land lease contract.\n increases partially offset by interest received from tax refund in 2012.\n\nmillions         | 2014           | 2013           | 2012           | % (  % ) change 2014 v 2013 | % (  % ) change2013 v 2012\n---------------- | -------------- | -------------- | -------------- | --------------------------- | --------------------------\nother income     | $ 151          | $ 128          | $ 108          | 18% ( 18 % )                | 19% ( 19 % )\ninterest expense | -561 ( 561 )   | -526 ( 526 )   | -535 ( 535 )   | 7                           | -2 ( 2 )\nincome taxes     | -3163 ( 3163 ) | -2660 ( 2660 ) | -2375 ( 2375 ) | 19% ( 19 % )                | 12% ( 12 % )"
}
{
    "_id": "dd4ba72a8",
    "title": "",
    "text": "clearing firm required to deposit maintain balances in cash ,.\n government securities certain foreign government securities  bank letters of credit other approved investments to satisfy performance bond guaranty fund requirements.\n all non-cash deposits are marked-to-market haircut daily basis.\n securities deposited by clearing firms not reflected in consolidated financial statements clearing house not earn interest on these deposits.\n balances may fluctuate over time due to investment choices changes in contributions required.\n rules regulations of cbot require collateral for delivery of physical commodities maintenance of capital requirements deposits on pending arbitration matters.\n to satisfy clearing firms accounts trade certain cbot products have deposited cash ,.\n treasury securities letters of credit.\n clearing house marks-to-market open positions at least once a day ( twice a day for futures and options contracts ) require payment from clearing firms whose positions lost value make payments to clearing firms positions gained value.\n clearing house capability to mark-to-market more frequently as market conditions warrant.\n under unlikely scenario of simultaneous default by every clearing firm open positions with unrealized losses maximum exposure related to positions other than credit default interest rate swap contracts be one half day of changes in fair value of all open positions  before considering clearing houses 2019 ability to access defaulting clearing firms 2019 collateral deposits.\n for cleared credit default swap and interest rate swap contracts  maximum exposure related to cme 2019s guarantee be one full day of changes in fair value of all open positions before considering cme 2019s ability to access defaulting clearing firms 2019 collateral.\n during 2017  clearing house transferred average of approximately $ 2.4 billion a day through clearing system for settlement from firms lost value to gained value.\n clearing house reduces guarantee exposure through initial maintenance performance bond requirements mandatory guaranty fund contributions.\n company believes guarantee liability is immaterial not recorded liability at december 31 , 2017.\n at december 31 , 2016  performance bond and guaranty fund contribution assets on consolidated balance sheets included cash u. s.\n treasury u. s.\n government agency securities with maturity dates 90 days or less.\n u. s.\n treasury and. s.\n government agency securities purchased by cme discretion using cash collateral.\n benefits  including interest earned  risks of ownership accrue to cme.\n interest earned included in investment income on consolidated statements of income.\n no u. s.\n treasury and u. s.\n government agency securities held at december 31 , 2017.\n amortized cost and fair value of securities at december 31, 2016 were as follows : ( in millions ) amortized.\n cme designated as systemically important financial market utility by financial stability oversight council maintains cash account at federal reserve bank of chicago.\n at december 31 , 2017 and december 31, 2016 cme maintained $ 34. 2 billion and $ 6. 2 billion  within cash account at federal reserve bank of chicago.\n clearing firms option may instruct cme to deposit cash held into ief programs.\n total principal in ief programs was $ 1. 1 billion at december 31 , 2017 and $ 6. 8 billion at december 31\n\n( in millions )                    | 2016 amortizedcost | 2016 fairvalue\n---------------------------------- | ------------------ | --------------\nu.s . treasury securities          | $ 5548.9           | $ 5549.0\nu.s . government agency securities | 1228.3             | 1228.3"
}
{
    "_id": "dd4bccc06",
    "title": "",
    "text": "2 in 2013  our principal u. k subsidiary agreed with trustees of one u. k.\n plans to contribute average of $ 11 million per year to pension plan for next three years.\n trustees plan have rights to request u. k.\n subsidiary advance amount equal to actuarially determined winding-up deficit.\n as of december 31 , 2015  estimated winding-up deficit was a3240 million ( $ 360 million at december 31 , 2015 exchange rates ).\n trustees plan accepted agreed-upon schedule of contributions not requested winding-up deficit be paid.\n 3 purchase obligations are as agreements to purchase goods and services enforceable and legally binding specifies significant terms including what is to be purchased  price approximate timing of transaction.\n most purchase obligations related to purchases of information technology services or other service contracts.\n ( 4 ) excludes $ 12 million of unfunded commitments related to investment in limited partnership due to inability to estimate period s ) when limited partnership request funding.\n 5 ) excludes $ 218 million of liabilities for uncertain tax positions due to inability to estimate period when potential cash settlements made.\n financial condition at december 31 , 2015  net assets were $ 6. 2 billion  total assets minus total liabilities decrease from $ 6. 6 billion at december 31 , 2014.\n decrease due primarily to share repurchases of $ 1. 6 billion  dividends of $ 323 million  increase in accumulated other comprehensive loss of $ 289 million related to increase in post- retirement benefit obligation partially offset by net income of $ 1. 4 billion for year ended december 31 , 2015.\n working capital increased by $ 77 million from $ 809 million at december 31 , 2014 to $ 886 million at december 31 , 2015.\naccumulated comprehensive loss increased $ 289 million at december 31 , 2015 compared to december 31 , 2014  primarily driven by : 2022 negative net foreign currency translation adjustments of $ 436 million  attributable to strengthening of u. s.\n dollar against certain foreign currencies , 2022 decrease of $ 155 million in net post-retirement benefit obligations , 2022 net financial instrument losses of $ 8 million.\n review by segment general we serve clients through following segments : 2022 risk solutions acts as advisor and insurance and reinsurance broker , helping clients manage risks  via consultation  negotiation and placement of insurance risk with insurance carriers through global distribution network.\n 2022 hr solutions partners with organizations to solve complex benefits , talent related financial challenges improve business performance by designing implementing communicating administering human capital , retirement , investment management  health care  compensation talent management strategies.\n risk solutions.\n demand for property and casualty insurance rises as economic activity increases and falls as activity decreases affecting commissions and fees by brokerage business.\n economic activity impacts property and casualty insurance described as exposure units  closely correlated\n\nyears ended december 31 ( millions except percentage data ) | 2015             | 2014             | 2013\n----------------------------------------------------------- | ---------------- | ---------------- | ----------------\nrevenue                                                     | $ 7426           | $ 7834           | $ 7789\noperating income                                            | 1506             | 1648             | 1540\noperating margin                                            | 20.3% ( 20.3 % ) | 21.0% ( 21.0 % ) | 19.8% ( 19.8 % )"
}
{
    "_id": "dd4b86df0",
    "title": "",
    "text": "all goodwill intangible assets recorded related to acquisition of allied not deductible for tax purposes.\n pro forma information consolidated financial statements for republic include operating results of allied from date of acquisition.\n following pro forma information presented assuming merger completed as of january 1 , 2007.\n unaudited pro forma information below prepared for illustrative purposes not to indicative of results of operations had acquisition consummated at beginning of periods presented or of future results of combined operations ( in millions , except share per share amounts ).\n year ended december 31 , year ended december 31 , ( unaudited ) unaudited ).\n above unaudited pro forma financial information includes adjustments for amortization of identifiable intangible assets , accretion of discounts to fair value associated with debt , environmental , self-insurance other liabilities  accretion of capping , closure post-closure obligations amortization of related assets  provision for income taxes.\n assets held for sale as condition of merger with allied in december 2008  reached settlement with doj requiring us to divest of certain operations serving fifteen metropolitan areas including los angeles , ca san francisco , ca denver , co atlanta , ga northwestern indiana lexington , ky flint , mi cape girardeau , mo charlotte , nc cleveland , oh philadelphia , pa greenville-spartanburg , sc fort worth , houston lubbock , tx.\n settlement requires us to divest 87 commercial waste collection routes , nine landfills ten transfer stations , with ancillary assets in three cases access to landfill disposal capacity.\nclassified assets liabilities expect to divest ( including accounts receivable property equipment goodwill accrued landfill environmental costs ) as assets held for sale in consolidated balance sheet at december 31 , 2008.\n assets held for sale related to operations republic 2019s prior to merger with allied adjusted to lower carrying amounts or estimated fair values less costs to sell resulted recognizing asset impairment loss of $ 6. 1 million in consolidated statement of income for year ended december 31 , 2008.\n assets held for sale related to operations allied 2019s prior to merger recorded at estimated fair values in consolidated balance sheet as of december 31 , 2008 in accordance with purchase method of accounting.\n in february 2009 entered agreement to divest assets to waste connections , inc.\n assets covered agreement include six municipal solid waste landfills six collection operations three transfer stations across seven markets : los angeles ca denver  co houston  tx lubbock  tx greenville-spartanburg  sc charlotte  nc flint , mi.\n transaction with waste connections subject to closing conditions regarding due diligence regulatory approval other customary matters.\n closing expected to occur in second quarter of 2009.\n republic services , inc.\n subsidiaries notes to consolidated financial statements %%transmsg*** transmitting job : p14076 pcn : 106000000 ***%pcmsg|104 |00046|yes|no|02/28/2009 21:07|0|0|page valid  no graphics -- color : d|\n\n| year ended december 31 2008 ( unaudited ) | year ended december 31 2007 ( unaudited )\n------------------------------------------------------------------ | ----------------------------------------- | -----------------------------------------\nrevenue                                                            | $ 9362.2                                  | $ 9244.9\nincome from continuing operations available to common stockholders | 285.7                                     | 423.2\nbasic earnings per share                                           | .76                                       | 1.10\ndiluted earnings per share                                         | .75                                       | 1.09"
}
{
    "_id": "dd4989e76",
    "title": "",
    "text": "table of contents item 7 2013 management 2019s discussion analysis of financial condition results of operations liquidity capital resources recorded net earnings $ 35. 4 million or $ 1. 18 per share in 2004 compared with $ 52. 2 million or $ 1. 76 per share in 2003 $ 51. 3 million or $ 1. 86 per share in 2002.\n net earnings 2004 negatively impacted by cost increases to steel and freight manufacturing inefficiencies first nine months year in ashland city plant higher selling , general administrative expense ( sg&a ).\n net earnings flat in 2003 compared with 2002 lower earnings per share amount in 2003 compared 2002 reflected full-year impact of stock offering in may 2002.\n individual segment performance discussed later section.\n working capital , excluding short-term debt was $ 339. 8 million at december 31 , 2004 compared with $ 305. 9 million and $ 225. 1 million at december 31 , 2003 december 31 , 2002.\n $ 33. 9 million increase in 2004 reflects $ 44. 9 million higher receivable balances due to longer payment terms both businesses higher sales levels in fourth quarter.\n offsetting increase receivable balances $ 13. 5 million lower inventory levels split equally between water systems and electrical products $ 14. 3 million higher accounts payable balances.\n $ 80. 8 million increase in 2003 reflects $ 46. 6 million higher inventory balances due to extensive manufacturing repositioning in electric motor business new product introductions manufacturing consolidation in water systems business.\n receivable balances $ 21. 2 million higher due to price increases with new product introductions in water systems business increase in international sales  longer payment terms.\n $ 13. 1 million increase in accounts payable balances offset by $ 9. 4 million in restructuring expenses paid in 2003.\nreducing working capital major initiatives in 2005.\n cash provided by operating activities during 2004 was $ 67. 2 million compared with $ 29. 0 million during 2003 and $ 116. 0 million during 2002.\n despite lower earnings in 2004 smaller investment in working capital explains majority of improvement in cash flow compared with 2003.\n higher investment in working capital in 2003 explains majority of difference between 2003 and capital expenditures were $ 48. 5 million in 2004 same as in 2003 and approximately $ 2. 2 million higher than in 2002.\n increase in 2003 associated with new product launches in water systems business.\n projecting 2005 capital expenditures to approximately $ 55 million same as projected 2005 depreciation expense.\n believe present facilities and planned capital expenditures sufficient to provide adequate capacity for operations in 2005.\n in june 2004  completed $ 265 million , five-year revolving credit facility with eight banks.\n new facility expires on june 10 , 2009 replaced $ 250 million credit facility expired on august 2, 2004 terminated on june 10 , 2004.\n new facility backs up commercial paper and credit line borrowings.\n long-term nature facility commercial paper and credit line borrowings now classified as long-term debt.\n at december 31 , 2004 had available borrowing capacity of $ 153. 9 million under facility.\n believe combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance existing operations for foreseeable future.\n advantage of low long-term borrowing rates issued $ 50. 0 million in senior notes with two insurance companies in june 2003.\n notes range in maturity between 2013 and 2016 carry weighted average interest rate of slightly less than 4. 5 percent.\n proceeds of notes used to repay commercial paper and borrowing under credit facility.\nleverage  measured by ratio total debt to capitalization was 32 percent at end of 2004 and end of 2003.\n aggregate contractual obligations summary of contractual obligations as of december 31 , 2004  is as follows:.\n\n( dollars in millions ) contractual obligation | ( dollars in millions ) total | ( dollars in millions ) less than 1 year | ( dollars in millions ) 1 - 3 years | ( dollars in millions ) 3 - 5 years | more than 5 years\n---------------------------------------------- | ----------------------------- | ---------------------------------------- | ----------------------------------- | ----------------------------------- | -----------------\nlong-term debt                                 | $ 275.1                       | $ 8.6                                    | $ 13.8                              | $ 138.2                             | $ 114.5\ncapital leases                                 | 6.0                           | 2014                                     | 2014                                | 6.0                                 | 2014\noperating leases                               | 62.9                          | 14.4                                     | 20.7                                | 11.6                                | 16.2\npurchase obligations                           | 177.3                         | 176.6                                    | 0.7                                 | 2014                                | 2014\ntotal                                          | $ 521.3                       | $ 199.6                                  | $ 35.2                              | $ 155.8                             | $ 130.7"
}
{
    "_id": "dd4bd0162",
    "title": "",
    "text": "united parcel service , inc.\n subsidiaries management's discussion analysis of financial condition results of operations liquidity capital resources operating activities summary of significant sources ( uses ) of cash from operating activities ( amounts in millions ) :.\n ( a ) represents depreciation and amortization , gains and losses on derivative and foreign exchange transactions , deferred income taxes , provisions for uncollectible accounts  pension and postretirement benefit expense  stock compensation expense impairment charges other non-cash items.\n cash from operating activities remained strong throughout 2011 to 2013 period.\n operating cash flow impacted in 2013  compared with 2012 by lower contributions into defined benefit pension and postretirement benefit plans ; partially offset by tnt express transaction-related charges  changes in income tax receivables and payables.\n paid termination fee to tnt express of 20ac200 million ( $ 268 million ) under agreement to terminate merger protocol in first quarter of 2013.\n cash payments for income taxes increased in 2013 compared with 2012  impacted by timing of current tax deductions.\n except for discretionary or accelerated fundings of plans contributions to company-sponsored pension plans varied based on minimum funding requirements present for individual pension plans.\n 2022 in 2013  any required  nor discretionary , contributions to primary company-sponsored pension plans in.\n 2022 in 2012  made $ 355 million required contribution to ups ibt pension plan.\n in 2011  made $ 1. 2 billion contribution to ups ibt pension plan  satisfied 2011 contribution requirements approximately $ 440 million in contributions not have required until after 2011.\n 2022 remaining contributions in 2011 through 2013 period largely due to contributions to international pension plans and.\n postretirement medical benefit plans.\ndiscussed in 201ccontractual commitments 201d section , minimum funding requirements next years  primarily related to ups ibt pension , ups retirement ups pension plans.\n as of december 31 , 2013 , total worldwide holdings of cash and cash equivalents was $ 4. 665 billion.\n approximately 45%-55% ( 45%-55 % ) of cash cash equivalents held by foreign subsidiaries year.\n amount of cash held by u. s.\n and foreign subsidiaries fluctuates year due to variety of factors  including timing of cash receipts and disbursements in normal course of business.\n cash provided by operating activities in united states primary source of funds to finance domestic operating needs , capital expenditures share repurchases dividend payments to shareowners.\n extent amounts represent previously untaxed earnings , cash held by foreign subsidiaries be subject to tax if amounts repatriated in form of dividends ; not all international cash balances to be repatriated in form of dividend if returned to u. s.\n when amounts earned by foreign subsidiaries expected to be indefinitely reinvested  no accrual for taxes provided.\n\n| 2013         | 2012         | 2011\n---------------------------------------------------------------------- | ------------ | ------------ | --------------\nnet income                                                             | $ 4372       | $ 807        | $ 3804\nnon-cash operating activities ( a )                                    | 3318         | 7313         | 4578\npension and postretirement plan contributions ( ups-sponsored plans )  | -212 ( 212 ) | -917 ( 917 ) | -1436 ( 1436 )\nincome tax receivables and payables                                    | -155 ( 155 ) | 280          | 236\nchanges in working capital and other noncurrent assets and liabilities | 121          | -148 ( 148 ) | -12 ( 12 )\nother operating activities                                             | -140 ( 140 ) | -119 ( 119 ) | -97 ( 97 )\nnet cash from operating activities                                     | $ 7304       | $ 7216       | $ 7073"
}
{
    "_id": "dd4974062",
    "title": "",
    "text": "note 17 financial derivatives use derivative financial instruments ) to manage exposure to interest rate market credit risk reduce effects changes in interest rates on net income fair value of assets liabilities cash flows.\n also enter into derivatives with customers to facilitate risk management activities.\n derivatives represent contracts between parties require little or no initial net investment result in one party delivering cash or another asset to other party based on notional amount underlying as specified in contract.\n derivative transactions often measured in terms of notional amount  amount not exchanged not recorded on balance sheet.\n notional amount is basis to underlying applied to determine required payments under derivative contract.\n underlying is referenced interest rate ( commonly libor ) security price  credit spread or other index.\n residential commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments.\n following table presents notional amounts gross fair values of all derivative assets liabilities held by pnc : table 127 : total gross derivatives.\n ( a ) included in other assets on consolidated balance sheet.\n ( b ) included in other liabilities on consolidated balance sheet.\n all derivatives carried on consolidated balance sheet at fair value.\n derivative balances presented on consolidated balance sheet on net basis consideration effects of legally enforceable master netting agreements related cash collateral exchanged with counterparties.\n further discussion regarding rights of setoff associated with legally enforceable master netting agreements included in offsetting , counterparty credit risk  contingent features section below.\n exposure related to risk participations sold protection discussed in credit derivatives section below.\n nonperformance risk  including credit risk  included in determination of estimated net fair value of derivatives.\n further discussion on how derivatives accounted for included in note 1 accounting policies.\nderivatives designated as hedging instruments under gaap derivatives to manage interest rate risk asset and liability risk management activities are designated as accounting hedges under gaap.\n derivatives hedging risks with changes in fair value of assets or liabilities considered fair value hedges  derivatives hedging variability of expected future cash flows considered cash flow hedges  derivatives hedging net investment in foreign subsidiary considered net investment hedges.\n designating derivatives as accounting hedges allows for gains and losses on derivatives recognized in income statement in same period hedged items affect earnings.\n pnc financial services group , inc.\n 2013 form 10-k 189\n\nin millions                                                  | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | december 31 2013 liabilityfairvalue ( b ) | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | liabilityfairvalue ( b )\n------------------------------------------------------------ | ---------------------------------------- | ------------------------------------- | ----------------------------------------- | ---------------------------------------- | ------------------------------------- | ------------------------\nderivatives designated as hedging instruments under gaap     | $ 36197                                  | $ 1189                                | $ 364                                     | $ 29270                                  | $ 1872                                | $ 152\nderivatives not designated as hedging instruments under gaap | 345059                                   | 3604                                  | 3570                                      | 337086                                   | 6696                                  | 6458\ntotal gross derivatives                                      | $ 381256                                 | $ 4793                                | $ 3934                                    | $ 366356                                 | $ 8568                                | $ 6610"
}
{
    "_id": "dd4bbee44",
    "title": "",
    "text": "increased over 4% ( 4 % ) in 2005  costs for trucking services intermodal carriers remained flat reduced expenses network inefficiencies.\n higher diesel fuel prices increased sales use taxes 2005 resulted in higher state local taxes.\n contract expenses for equipment maintenance services increased 2005.\n 2005 january west coast storm hurricanes katrina rita contributed to higher expenses 2005 net of insurance settlements received ).\n partially offsetting increases reduction in relocation expenses higher relocation costs moving support personnel to omaha  nebraska during 2004.\n non-operating items millions of dollars 2006 2005 2004 % ( % ) change 2006 v 2005 % ( % ) change 2005 v 2004.\n other income 2013 lower net gains from non-operating asset sales higher expenses due to rising interest rates sale of receivables program resulted reduction in other income in 2006 partially offset by higher rental income for right-of-way including 2006 settlements of rate disputes prior years ) cash investment returns due to higher interest rates.\n 2005  other income increased higher gains from real estate sales offset by higher expenses due to rising interest rates sale of receivables program.\n interest expense 2013 lower interest expense in 2006 2005 due to declining weighted-average debt levels of $ 7. 1 billion , $ 7. 8 billion  $ 8. 1 billion in 2006  2005 2004.\n higher effective interest rate of 6. 7% ( 6. 7 % ) in 2006  compared 6. 5% ( 6. 5 % ) in 2005 and 2004 partially offset effects declining debt level.\n income taxes 2013 income tax expense $ 509 million higher in 2006 than 2005.\n higher pre-tax income resulted in additional taxes of $ 414 million and $ 118 million increase from one-time reduction in 2005.\n effective tax rate was 36.4% ( 36. 4 % ) and 28. 6% ( 28. 6 % ) in 2006 and 2005  respectively.\n income taxes greater in 2005 than 2004 due to higher pre-tax income offset by previously reported reduction in income tax expense.\n quarterly report on form 10-q quarter ended june 30 , 2005  corporation analyzed impact final settlements of pre-1995 tax years on recorded estimates deferred tax assets liabilities.\n completed analysis of final settlements for pre-1995 tax years internal revenue service examination reports for tax years 1995 through 2002 considered in review re-evaluation of corporation 2019s estimated deferred tax assets liabilities as of september 30, 2005  resulting in income tax expense reduction of $ 118 million in\n\nmillions of dollars | 2006         | 2005         | 2004         | % (  % ) change 2006 v 2005 | % (  % ) change 2005 v 2004\n------------------- | ------------ | ------------ | ------------ | --------------------------- | ---------------------------\nother income        | $ 118        | $ 145        | $ 88         | ( 19 ) % (  % )             | 65% ( 65 % )\ninterest expense    | -477 ( 477 ) | -504 ( 504 ) | -527 ( 527 ) | -5 ( 5 )                    | -4 ( 4 )\nincome taxes        | -919 ( 919 ) | -410 ( 410 ) | -252 ( 252 ) | 124                         | 63"
}
{
    "_id": "dd4970098",
    "title": "",
    "text": "item 7.\n management 2019s discussion analysis of financial condition results of operations management 2019s discussion analysis of financial condition results of operations ( md&a ) provided in addition to accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition  cash flows.\n md&a organized follows : 2022 overview.\n discussion of our business analysis of financial other highlights affecting company provide context for remainder of md&a.\n 2022 critical accounting estimates.\n accounting important to understanding assumptions judgments in reported financial results forecasts.\n 2022 results of operations.\n analysis of financial results comparing 2013 to 2012 comparing 2012 to 2022 liquidity and capital resources.\n analysis of changes in balance sheets cash flows  discussion of financial condition potential sources of liquidity.\n 2022 fair value of financial instruments.\n discussion of methodologies used in valuation of financial instruments.\n 2022 contractual obligations and off-balance-sheet arrangements.\n overview of contractual obligations  contingent liabilities  commitments  off-balance-sheet arrangements outstanding as of december 28 , 2013  including expected payment schedule.\n various sections of md&a contain forward-looking statements involve risks uncertainties.\n words as 201canticipates , 201d 201cexpects  201d 201cintends  201cplans  201cbelieves  201d 201cseeks  201d 201cestimates  201d 201ccontinues  201d 201cmay  201d 201cwill  201d 201cshould  variations of such words similar expressions intended to identify forward-looking statements.\nstatements refer to projections of future financial performance , anticipated growth trends in businesses, uncertain events or assumptions  other characterizations of future events circumstances are forward-looking statements.\n such statements based on current expectations could be affected by uncertainties and risk factors described throughout this filing particularly in 201crisk factors 201d in part i , item 1a of form 10-k.\n actual results may differ materially  these forward-looking statements do not reflect potential impact of divestitures , mergers  acquisitions or other business combinations not completed as of february 14, 2014.\n overview results of operations for each period were follows:.\n revenue for 2013 was down 1% ( 1 % ) from 2012.\n pccg experienced lower platform unit sales in first half year saw offsetting growth in back half as pc market stabilization.\n dcg continued to benefit from build internet cloud computing strength of product portfolio resulting in increased platform volumes for dcg for year.\n higher factory start-up costs for next-generation 14nm process technology led to decrease in gross margin compared to 2012.\n in response to current business environment to align resources management approved restructuring actions including targeted workforce reductions exit of certain businesses and facilities.\n these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013.\n table of contents\n\n( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change\n------------------------------------------------ | ------------------------------- | -------------------------------- | ------------------------- | ------------------------------- | ------------------------------- | ----------------\nnet revenue                                      | $ 13834                         | $ 13483                          | $ 351                     | $ 52708                         | $ 53341                         | $ -633 ( 633 )\ngross margin                                     | $ 8571                          | $ 8414                           | $ 157                     | $ 31521                         | $ 33151                         | $ -1630 ( 1630 )\ngross margin percentage                          | 62.0% ( 62.0 % )                | 62.4% ( 62.4 % )                 | ( 0.4 ) % (  % )          | 59.8% ( 59.8 % )                | 62.1% ( 62.1 % )                | ( 2.3 ) % (  % )\noperating income                                 | $ 3549                          | $ 3504                           | $ 45                      | $ 12291                         | $ 14638                         | $ -2347 ( 2347 )\nnet income                                       | $ 2625                          | $ 2950                           | $ -325 ( 325 )            | $ 9620                          | $ 11005                         | $ -1385 ( 1385 )\ndiluted earnings per common share                | $ 0.51                          | $ 0.58                           | $ -0.07 ( 0.07 )          | $ 1.89                          | $ 2.13                          | $ -0.24 ( 0.24 )"
}
{
    "_id": "dd4c2a40a",
    "title": "",
    "text": "for estimates of our oil sands mining reserves 33 years experience in petroleum engineering conducted surface mineable oil sands evaluations since 1986.\n member of spe  served as regional director from 1998 through 2001 registered practicing professional engineer in province of alberta.\n audits of estimates third-party consultants engaged to provide independent estimates for fields 80 percent of our total proved reserves over rolling four-year period for auditing in-house reserve estimates.\n met goal for four-year period ended december 31 , 2011.\n established tolerance level of 10 percent initial estimates by third-party consultants accepted if within 10 percent of our internal estimates.\n should third-party consultants 2019 initial analysis fail to reach tolerance level team and consultants re-examine information request additional data refine analysis if appropriate.\n resolution process continued until both estimates within 10 percent.\n process not result in significant changes to reserve estimates in 2011 or 2009.\n no third-party audits performed in 2010.\n during 2011  netherland , sewell & associates , inc.\n ( 201cnsai 201d ) prepared certification of december 31 , 2010 reserves for alba field in equatorial guinea.\n nsai summary report filed as exhibit to annual report on form 10-k.\n senior members of nsai team have over 50 years of industry experience worked for large international oil and gas companies before joining nsai.\n team lead has master of science in mechanical engineering member of spe.\n senior technical advisor has bachelor of science degree in geophysics member of society of exploration geophysicists, american association of petroleum geologists and european association of geoscientists and engineers.\n both licensed in state of texas.\n ryder scott company ( 201cryder scott 201d ) performed audits of several our fields in 2011 and 2009.\nsummary report on audits in 2011 exhibit to annual report on form 10-k.\n team lead for ryder scott has over 20 years industry experience worked for major international oil and gas company before ryder scott.\n has bachelor of science degree in mechanical engineering member of spe registered professional engineer in texas.\n corporate reserves group performs separate detailed technical reviews of reserve estimates for significant fields acquired recently or properties with other indicators excessively short or long lives performance above or below expectations changes in economic or operating conditions.\n changes in proved undeveloped reserves as of december 31 , 2011  395 mmboe of proved undeveloped reserves reported decrease of 10 mmboe from december 31 2010.\n table shows changes in total proved undeveloped reserves for 2011.\n significant additions to undeveloped reserves 2011 include 91 mmboe due to acreage acquisition in eagle ford shale 26 mmboe related to anadarko woodford shale development 10 mmboe for development drilling in bakken shale play 8 mmboe for additional drilling in norway.\n 139 mmboe transferred from proved undeveloped to developed reserves due to startup jackpine upgrader expansion in canada.\n costs incurred in 2011 , 2010 2009 to development proved undeveloped reserves were $ 1107 million , $ 1463 million and $ 792 million.\n projects can remain in proved undeveloped reserves for extended periods in certain situations behind-pipe zones where reserves not accessed until primary producing zone depletes large development projects more than five years to complete timing of when additional gas compression needed.\n of 395 mmboe of proved undeveloped reserves at year end 2011 34 percent volume associated with projects included in proved reserves for more than five years.\nmajority of volume related to compression project in equatorial guinea sanctioned by our board of directors in 2004 expected to be completed by 2016.\n performance field exceeded expectations , estimates of initial dry gas place increased by roughly 10 percent between 2004 and 2010.\n production not expected to experience natural decline from facility-limited plateau production until 2014, or possibly 2015.\n timing of installation of compression driven by reservoir performance.\n\nbeginning of year                          | 405\n------------------------------------------ | ------------\nrevisions of previous estimates            | 15\nimproved recovery                          | 1\npurchases of reserves in place             | 91\nextensions discoveries and other additions | 49\ntransfer to proved developed               | -166 ( 166 )\nend of year                                | 395"
}
{
    "_id": "dd4bb82e2",
    "title": "",
    "text": "note 2 2013 earnings per share weighted average number of shares outstanding used to compute earnings per common share follows ( in millions ) :.\n compute basic and diluted earnings per common share by dividing net earnings by weighted average number of common shares outstanding for periods presented.\n calculation of diluted earnings per common share includes dilutive effects for assumed vesting of outstanding restricted stock units ( rsus ) performance stock units ( psus ) exercise of outstanding stock options based on treasury stock method.\n no significant anti-dilutive equity awards for years ended december 31, 2018 , 2017 2016.\n note 3 2013 acquisition and divestitures consolidation of awe management limited on august 24, 2016 increased ownership interest in awe joint venture operates united kingdom 2019s nuclear deterrent program from 33% ( 33 % ) to 51% ( 51 % ).\n began consolidating awe operating results include 100% ( 100 % ) of awe 2019s sales 51% ( 51 % ) of operating profit.\n prior to increasing ownership interest accounted for investment in awe using equity method of accounting.\n recognized only 33% ( 33 % ) of awe 2019s earnings or losses no sales.\n prior to august 24 , 2016  obtained control recorded 33% ( 33 % ) of awe 2019s net earnings in operating results subsequent to august 24 , 2016 recognized 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of operating profit.\n accounted for transaction as 201cstep acquisition 201d.\n requires to consolidate and record assets and liabilities of awe at fair value.\n recorded intangible assets of $ 243 million related to customer relationships  $ 32 million of net liabilities noncontrolling interests of $ 107 million.\nintangible assets amortized over eight years in accordance with pattern economic benefit reflected by future net cash flows.\n in 2016  recognized non-cash net gain of $ 104 million associated with obtaining controlling interest in awe , consisted of $ 127 million pretax gain in operating results of space business segment and $ 23 million of tax-related items at corporate office.\n gain represented fair value of our 51% ( 51 % ) interest in awe , less carrying value of previously held investment in awe and deferred taxes.\n gain recorded in other income , net on consolidated statements of earnings.\n fair value of awe ( including intangible assets ) , controlling interest , and noncontrolling interests determined using income approach.\n divestiture of information systems & global solutions business on august 16 , 2016  divested former is&gs business , merged with leidos , in reverse morris trust transaction ( 201ctransaction 201d ).\n transaction completed in multi-step process initially contributed is&gs business to abacus innovations corporation ( abacus ) , wholly owned subsidiary of lockheed martin to facilitate transaction common stock of abacus distributed to participating lockheed martin stockholders through exchange offer.\n under terms exchange offer lockheed martin stockholders had option to exchange shares of lockheed martin common stock for shares of abacus common stock.\n at conclusion of exchange offer all shares of abacus common stock exchanged for 9369694 shares of lockheed martin common stock held by lockheed martin stockholders in exchange.\n shares of lockheed martin common stock exchanged and accepted retired , reducing number of shares of common stock outstanding by approximately 3% ( 3 % ).\nfollowing exchange offer , abacus merged with subsidiary of leidos , abacus continuing as surviving corporation and wholly-owned subsidiary of leidos.\n part merger each share of abacus common stock automatically converted into one share of leidos common stock.\n we not receive shares of leidos common stock part of transaction and do not hold shares of leidos or abacus common stock following transaction.\n based on opinion of outside tax counsel subject to customary qualifications factual representations exchange offer and merger qualify as tax-free transactions to lockheed martin and stockholders , except to cash paid to lockheed martin stockholders in lieu of fractional shares.\n transaction abacus borrowed aggregate principal amount of approximately $ 1. 84 billion under term loan facilities with third party financial institutions proceeds used to one-time special cash payment of $ 1. 80 billion to lockheed martin and to pay associated borrowing fees and expenses.\n entire special cash payment used to repay debt  pay dividends repurchase stock during third and fourth quarters of 2016.\n obligations under abacus term loan facilities guaranteed by leidos part of transaction.\n\n| 2018  | 2017  | 2016\n------------------------------------------------------------------- | ----- | ----- | -----\nweighted average common shares outstanding for basic computations   | 284.5 | 287.8 | 299.3\nweighted average dilutive effect of equity awards                   | 2.3   | 2.8   | 3.8\nweighted average common shares outstanding for diluted computations | 286.8 | 290.6 | 303.1"
}
{
    "_id": "dd4b9df82",
    "title": "",
    "text": "operated factory stores as of march 29 , 2014:.\n ( a ) includes australia , china , hong kong , japan , malaysia , south korea  taiwan.\n our factory stores in americas offer selections menswear , womenswear childrenswear  accessories  home furnishings  fragrances.\n ranging in size from approximately 2700 to 20000 square feet  average of approximately 10400 square feet  stores principally located in major outlet centers in 40 states in u. s. , canada  puerto rico.\n factory stores in europe offer selections menswear, womenswear childrenswear  accessories home furnishings  fragrances.\n ranging in size from approximately 1400 to 19700 square feet  average of approximately 7000 square feet  stores located in 12 countries  principally in major outlet centers.\n factory stores in asia offer selections menswear , womenswear  childrenswear  accessories  fragrances.\n ranging in size from approximately 1100 to 11800 square feet  average of approximately 6200 square feet  stores primarily located throughout china and japan , in hong kong  in or near other major cities in asia and australia.\n factory stores principally located in major outlet centers.\n obtain products from suppliers product licensing partners other retail stores and e-commerce operations serve as secondary distribution channel for excess and out-of-season products.\n concession-based shop-within-shops terms trade for largely conducted on concession basis  inventory continues to owned by us ( not department store ) until ultimate sale to end consumer.\n salespeople involved in sales transactions are generally our employees not department store.\nas of march 29 , 2014 , we had 503 concession-based shop-within-shops at 243 retail locations dedicated to our products located in asia , australia new zealand europe.\n size of concession-based shop-within-shops ranges from 140 to 7400 square feet.\n we may share cost of building-out shop-within-shops with department store partners.\n e-commerce websites in addition to stores our retail segment sells products online through our e-commerce channel includes : 2022 north american e-commerce sites at www. ralphlauren. com and www. clubmonaco. com  club monaco site in canada at www. clubmonaco. ca ; 2022 ralph lauren e-commerce sites in europe  including www. ralphlauren. co. uk ( servicing united kingdom ) www. ralphlauren. fr ( servicing belgium  france italy luxembourg netherlands portugal spain )  www. ralphlauren. de ( servicing germany austria ) ; 2022 ralph lauren e-commerce sites in asia , including www. ralphlauren. co. jp servicing japan www. ralphlauren. co. kr servicing south korea.\n ralph lauren e-commerce sites in u. s. , europe  asia offer customers access to broad array of ralph lauren , rrl , polo , denim & supply apparel , accessories , fragrance  home products  reinforce luxury image of our brands.\n investing in e-commerce operations remains primary focus extension of investment in integrated omni-channel strategy operate our overall retail business e-commerce operations interdependent with physical stores.\n club monaco e-commerce sites in u. s.\ncanada offer domestic canadian customers access to our club monaco global assortment of womenswear , menswear  accessories product lines , select online exclusives.\n\nlocation     | factory stores\n------------ | --------------\nthe americas | 150\neurope       | 50\nasia ( a )   | 35\ntotal        | 235"
}
{
    "_id": "dd4b8f1c6",
    "title": "",
    "text": "sales unregistered securities not applicable.\n repurchase equity securities table provides information regarding purchases equity securities during period from october 1  2016 to december 31 , 2016.\n total number of shares units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number approximate dollar value ) of shares units ) be purchased under plans or programs 3.\n 1 included shares of common stock  par value $ 0. 10 per share , withheld under terms grants under employee stock-based compensation plans to offset tax withholding obligations occurred upon vesting and release of restricted shares ( 201cwithheld shares 201d ).\n repurchased no withheld shares in october 2016 , 1353 withheld shares in november 2016 10749 withheld shares in december 2016  for total of 12102 withheld shares during three-month period.\n 2 average price per share for each months fiscal quarter and three-month period calculated by dividing sum of applicable period aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under share repurchase program described in note 5 to consolidated financial statements by sum of number of withheld shares and number of shares acquired in share repurchase program.\n 3 in february 2016  board authorized share repurchase program to repurchase up to $ 300. 0 million , excluding fees  of common stock ( 201c2016 share repurchase program 201d ).\n on february 10 , 2017  announced board approved new share repurchase program to repurchase up to $ 300. 0 million , excluding fees of common stock.\nnew authorization in addition to amounts remaining for repurchase under 2016 share repurchase program.\n no expiration date associated with share repurchase programs.\n\n| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( orapproximate dollar value ) of shares ( or units ) that may yet be purchasedunder the plans orprograms3\n--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------\noctober 1 - 31  | 2099169                                       | $ 22.28                                   | 2099169                                                                                     | $ 218620420\nnovember 1 - 30 | 1454402                                       | $ 22.79                                   | 1453049                                                                                     | $ 185500851\ndecember 1 - 31 | 1269449                                       | $ 23.93                                   | 1258700                                                                                     | $ 155371301\ntotal           | 4823020                                       | $ 22.87                                   | 4810918                                                                                     |"
}
{
    "_id": "dd4c14416",
    "title": "",
    "text": "abiomed , inc.\n subsidiaries notes to consolidated financial statements 2014 continued ) note 15.\n commitments contingencies ) company applies disclosure provisions of fin no.\n 45 , guarantor 2019s accounting disclosure requirements for guarantees  including guarantees of indebtedness of others interpretation of fasb statements no.\n 5 , 57 107 rescission of fasb interpretation no.\n 34 ( fin no.\n 45 ) to agreements guarantee or indemnification clauses.\n disclosure provisions expand required by sfas no.\n 5 , accounting for contingencies requiring guarantors disclose certain types of guarantees even if likelihood of requiring guarantor 2019s performance remote.\n addition to product warranties description of arrangements company is guarantor.\n indemnifications 2014in many sales transactions company indemnifies customers against possible claims patent infringement caused by company 2019s products.\n indemnifications within sales contracts usually do not include limits on claims.\n company never incurred material costs to defend lawsuits or settle patent infringement claims related to sales transactions.\n under provisions of fin no.\n 45 , intellectual property indemnifications require disclosure only.\n company enters into agreements with other companies in ordinary course business typically with underwriters, contractors  clinical sites customers include indemnification provisions.\n under provisions company generally indemnifies holds harmless indemnified party for losses suffered incurred by indemnified party activities.\n indemnification provisions survive termination of underlying agreement.\n maximum potential amount of future payments company required to make under indemnification provisions is unlimited.\n abiomed never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements.\n estimated fair value of these agreements is minimal.\ncompany has no liabilities recorded for these agreements as of march 31 , 2008.\n clinical study agreements 2014in abiomed agreed to indemnify participating institutions against losses incurred for claims related to personal injury of subjects in study to uses of company 2019s devices in accordance with clinical study agreement  protocol for device abiomed 2019s instructions.\n indemnification provisions within clinical study agreements not include limits on claims.\n company never incurred material costs related to indemnification provisions in clinical study agreements.\n facilities leases 2014as of march 31 , 2008 company had entered into leases for facilities  including primary operating facility in danvers , massachusetts with terms through fiscal 2010.\n danvers lease may be extended at company 2019s option for two successive additional periods of five years each with monthly rent charges determined based on current fair rental values.\n company 2019s lease for aachen location expires in december 2012.\n total rent expense under these leases  in consolidated statements of operations approximated $ 2. 2 million , $ 1. 6 million , and $ 1. 3 million for fiscal years ended march 31 , 2008 , 2007 and 2006 .\n future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2008 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000 2019s ).\n litigation 2014from company is involved in legal and administrative proceedings and claims of various types.\nany litigation contains element of uncertainty , management believes outcome of each such other proceedings or claims pending or known to be threatened , or all combined , not expected to have material adverse effect on company 2019s financial position , cash flow and results.\n\nfiscal year ending march 31,        | operating leases ( in $ 000 2019s )\n----------------------------------- | -----------------------------------\n2009                                | 2544\n2010                                | 2220\n2011                                | 1287\n2012                                | 973\n2013                                | 730\nthereafter                          | 2014\ntotal future minimum lease payments | $ 7754"
}
{
    "_id": "dd4c4dfcc",
    "title": "",
    "text": "item 2.\n properties principal offices located in boston , southborough woburn , massachusetts ; atlanta , georgia ; mexico city , mexico ; sao paulo , brazil.\n details of offices provided below:.\n ( 1 ) of total 30000 square feet in current leasehold consolidating operations into 20000 square feet during 2004 offering remaining 10000 square feet for re-lease or sub-lease.\n seven additional area offices in united states tower leasing and services businesses operated local basis.\n offices located in ontario , california ; marietta , georgia ; crest hill , illinois ; worcester , massachusetts ; new hudson , michigan ; mount pleasant , south carolina ; kent , washington.\n maintain smaller field offices within each areas at locations as needed time to.\n interests in individual communications sites of variety of fee and leasehold interests in land and/or buildings ( rooftops ).\n of approximately 15000 towers portfolio approximately 16% ( 16 % ) located on parcels of land we own approximately 84% ( 84 % ) located on parcels of land have leasehold interests created by long-term lease agreements , private easements easements , licenses or rights-of-way granted by government entities  or sites we manage for third parties.\n in rural areas wireless communications site typically consists of 10000 square foot tract supports towers , equipment shelters guy wires to stabilize structure broadcast tower site consists of tract of land of up to twenty-acres.\n less than 2500 square feet required for monopole or self-supporting tower structure typically used in metropolitan areas for wireless communication tower sites.\nland leases have initial term five years with three or four additional automatic renewal periods of five years  for total of twenty to twenty-five years.\n pursuant to our credit facilities  lenders have liens on all towers , leasehold interests  tenant leases contracts relating to management of towers for others.\n we believe our owned and leased facilities are suitable adequate to meet our anticipated needs.\n item 3.\n legal proceedings we periodically become involved in claims and lawsuits incidental to our business.\n believe after consultation with counsel no matters pending would adverse outcome material impact on our consolidated financial position , results of operations or liquidity.\n item 4.\n submission of matters to vote of security holders\n\nlocation     | function                                    | size ( square feet )               | property interest\n------------ | ------------------------------------------- | ---------------------------------- | -----------------\nboston       | corporate headquarters ; us tower division  | 30000 ( 1 )                        | leased\nsouthborough | data center                                 | 13900                              | leased\nwoburn       | lease administration                        | 34000                              | owned\natlanta      | us tower and services division ; accounting | 17900 ( rental ) 4800 ( services ) | leased\nmexico city  | mexico headquarters                         | 12300                              | leased\nsao paulo    | brazil headquarters                         | 3200                               | leased"
}
{
    "_id": "dd4c246b8",
    "title": "",
    "text": "company 2019s stock performance graph compares cumulative total return of company 2019s common stock with cumulative total return of i nasdaq stock market-united states , and ii nasdaq biotechnology index.\n graph assumes $ 100 invested on july 31 , 2001 in each of company 2019s common stock , stocks nasdaq stock market-united states and stocks nasdaq biotechnology index , and b ) reinvestment of dividends.\n comparison of 65 month cumulative total return* among alexion pharmaceuticals , inc. , nasdaq composite index and nasdaq biotechnology index alexion pharmaceuticals , inc.\n nasdaq composite nasdaq biotechnology.\n\n| 7/02   | 7/03   | 7/04   | 7/05   | 12/05  | 12/06  | 12/07\n----------------------------- | ------ | ------ | ------ | ------ | ------ | ------ | ------\nalexion pharmaceuticals inc . | 100.00 | 108.38 | 102.64 | 167.89 | 130.56 | 260.41 | 483.75\nnasdaq composite              | 100.00 | 128.98 | 142.51 | 164.85 | 168.24 | 187.43 | 204.78\nnasdaq biotechnology          | 100.00 | 149.29 | 146.51 | 176.75 | 186.10 | 183.89 | 187.04"
}
{
    "_id": "dd4c57766",
    "title": "",
    "text": "undesignated hedges was $ 41. 2 million and $ 42. 1 million  respectively.\n fair value of hedging instruments in company 2019s consolidated balance sheets as of october 29 , 2011 and october 30 , 2010 immaterial.\n interest rate exposure management 2014 on june 30 , 2009 company entered interest rate swap transactions related to outstanding 5. 0% ( 5. 0 % ) senior unsecured notes company swapped $ 375 million fixed rate debt at 5. 0% ( 5. 0 % ) into floating interest rate debt through july 1 , 2014.\n terms swaps company will receive on $ 375 million notional amount 5. 0% ( 5. 0 % ) annual interest payment paid in two installments 1st of every january and july  commencing january 1, 2010 through ending on maturity date ; pay on $ 375 million notional amount annual three month libor plus 2. 05% ( 2. 05 % ) ( 2. 42% ( 2. 42 % ) as of october 29, 2011 ) interest payment  payable in four installments 1st of every january , april  july october  commencing october 1 , 2009 ending maturity date.\n libor- based rate set quarterly three months prior to date interest payment.\n company designated swaps as fair value hedges.\n fair value of swaps at inception was zero subsequent changes in fair value interest rate swaps reflected in carrying value interest rate swaps on balance sheet.\n carrying value of debt on balance sheet adjusted by equal and offsetting amount.\n gain or loss on hedged item fixed-rate borrowings ) attributable to hedged benchmark interest rate risk and offsetting gain or loss on related interest rate swaps for fiscal year 2011 and fiscal year 2010 were as follows : statement of income.\namounts earned and owed under swap agreements accrued each period reported in interest expense.\n no ineffectiveness recognized in any periods presented.\n market risk associated with company 2019s derivative instruments results from currency exchange rate or interest rate movements expected to offset market risk of underlying transactions , assets and liabilities being hedged.\n counterparties to agreements relating to company 2019s derivative instruments consist of major international financial institutions with high credit ratings.\n based on credit ratings counterparties as of october 29 , 2011 , not believe significant risk of nonperformance by them.\n none of company 2019s derivative transactions subject to collateral or other security arrangements and none contain provisions dependent on company 2019s credit ratings from any credit rating agency.\n contract or notional amounts of derivative financial instruments provide one measure of volume of transactions , do not represent amount of company 2019s exposure to credit risk.\n amounts potentially subject to credit risk ( arising from possible inability of counterparties to meet terms of contracts ) generally limited to amounts , if any , by which counterparties 2019 obligations under contracts exceed obligations of company to counterparties.\n of company does not consider risk of counterparty default to be significant.\n company records fair value of derivative financial instruments in consolidated financial statements in other current assets , other assets or accrued liabilities , depending on net position , regardless of purpose or intent for holding derivative contract.\n changes in fair value of derivative financial instruments recognized periodically in earnings or in shareholders 2019 equity as component of oci.\n changes in fair value of cash flow hedges recorded in oci and reclassified into earnings when underlying contract matures.\nchanges in fair values of derivatives not qualifying for hedge accounting reported in earnings.\n total notional amounts of derivative instruments hedging instruments as of october 29 , 2011 and october 30, 2010 were $ 375 million of interest rate swap agreements accounted for as fair value hedges $ 153. 7 million $ 139. 9 million  cash flow hedges denominated in euros british pounds analog devices .\n notes to consolidated financial statements 2014\n\nstatement of income classification | statement of income loss on swaps | statement of income gain on note | statement of income net income effect | statement of income gain on swaps | loss on note       | net income effect\n---------------------------------- | --------------------------------- | -------------------------------- | ------------------------------------- | --------------------------------- | ------------------ | -----------------\nother income                       | $ -4614 ( 4614 )                  | $ 4614                           | $ 2014                                | $ 20692                           | $ -20692 ( 20692 ) | $ 2014"
}
{
    "_id": "dd4b8d39e",
    "title": "",
    "text": "table summarizes changes in company 2019s valuation allowance:.\n included in 2013 is discrete tax benefit totaling $ 2979 associated with entity re-organization within company 2019s market-based segment allowed for utilization of state net operating loss carryforwards and release of associated valuation allowance.\n note 14 : employee benefits pension and other postretirement benefits company maintains noncontributory defined benefit pension plans covering eligible employees of regulated utility and shared services operations.\n benefits plans based on employee 2019s years of service and compensation.\n pension plans closed for all employees.\n closed for most employees hired after january 1 , 2006.\n union employees hired after january 1 , 2001 had accrued benefit frozen receive benefit as lump sum upon termination or retirement.\n union employees hired after january 1 , 2001 and non-union employees hired after january 1 , 2006 provided with 5. 25% (. % ) of base pay defined contribution plan.\n company does not participate in multiemployer plan.\n company 2019s pension funding practice is to contribute greater of minimum amount required by employee retirement income security act of 1974 or normal cost.\n company will consider additional contributions if needed to avoid 201cat risk 201d status and benefit restrictions under pension protection act of 2006.\n company may consider increased contributions based on other financial requirements and plans 2019 funded position.\n pension plan assets invested in actively managed indexed investments including equity and bond mutual funds fixed income securities guaranteed interest contracts with insurance companies real estate investment trusts.\n pension expense in excess of amount contributed to pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions made to plans.\nsee note 6 company has unfunded noncontributory supplemental non-qualified pension plans additional retirement benefits to certain employees.\n company maintains other postretirement benefit plans providing varying medical life insurance to eligible retirees.\n retiree welfare plans closed for union employees hired after january 1 , 2006.\n plans closed for non-union employees hired after january 1  2002.\n company 2019s policy is to fund other postretirement benefit costs for rate-making purposes.\n assets plans invested in equity mutual funds bond mutual funds fixed income securities.\n\nbalance at january 1 2011                 | $ 23788\n----------------------------------------- | --------------\nincreases in current period tax positions | 1525\ndecreases in current period tax positions | -3734 ( 3734 )\nbalance at december 31 2011               | $ 21579\nincreases in current period tax positions | 0\ndecreases in current period tax positions | -2059 ( 2059 )\nbalance at december 31 2012               | $ 19520\nincreases in current period tax positions | 0\ndecreases in current period tax positions | -5965 ( 5965 )\nbalance at december 31 2013               | $ 13555"
}
{
    "_id": "dd4baa80e",
    "title": "",
    "text": "third-party sales for segment increased 4% ( 4 % ) in 2014 compared with 2013  primarily due to higher volumes acquisition of firth rixson ( $ 81 2014see ).\n higher volumes mostly related to aerospace ( commercial ) and commercial transportation end markets offset by lower volumes in industrial gas turbine end market.\n engineered products and solutions segment increased $ 16 in 2015 compared with 2014  principally result of net productivity improvements across most businesses, positive contribution from inorganic growth overall higher volumes in segment organic businesses.\n positive impacts partially offset by unfavorable price/product mix, higher costs related to growth projects  net unfavorable foreign currency movements  primarily related to weaker euro.\n atoi for segment climbed $ 10 in 2014 compared with 2013  mainly due to net productivity improvements across all businesses overall higher volumes partially offset by higher costs  primarily labor  unfavorable product in 2016 demand in commercial aerospace end market expected to remain strong driven by significant order backlog.\n third-party sales include positive impact due to full year of sales related to acquisitions of rti and tital.\n net productivity improvements anticipated pricing pressure across all markets expected.\n transportation and construction solutions.\n segment represents portion of alcoa 2019s downstream operations produces products used mostly in nonresidential building and construction commercial transportation end markets.\n products include integrated aluminum structural systems , architectural extrusions  forged aluminum commercial vehicle wheels sold directly to customers and through distributors.\n small part of segment also produces aluminum products for industrial products end market.\n sales and costs expenses segment transacted in local currency of respective operations mostly u.\n dollar , euro  brazilian real.\nthird-party sales for transportation and construction solutions segment decreased 7% ( 7 % ) in 2015 compared with 2014  driven by unfavorable foreign currency movements caused weaker euro brazilian real  lower volume related to building and construction end market  offset by higher volume commercial transportation end market.\n third-party sales for segment increased 4% ( 4 % ) in 2014 compared with 2013  mostly result of higher volume commercial transportation and building and construction end markets offset by lower volume in industrial products market.\n atoi transportation and construction solutions segment declined $ 14 in 2015 compared with 2014 due to higher costs net unfavorable foreign currency movements weaker euro brazilian real  unfavorable price/product mix.\n negative impacts offset by net productivity improvements across all businesses.\n atoi segment improved $ 13 in 2014 compared with 2013  principally attributable to net productivity improvements across all businesses higher volumes  partially offset by unfavorable product mix higher costs  primarily labor.\n in 2016  non-residential building and construction end market expected to improve through growth in north america slightly offset by overall weakness in europe.\n north america build rates in commercial\n\n| 2015   | 2014   | 2013\n----------------- | ------ | ------ | ------\nthird-party sales | $ 1882 | $ 2021 | $ 1951\natoi              | $ 166  | $ 180  | $ 167"
}